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
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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\VWDQFHLQODWH WRVXSSRUWVORZLQJHFRQRPLFJURZWK$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,
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2 T HIS P A G EIS NOT P ART O F YOUR F U ND R E P ORT Table of Contents
Page 7KH0DUNHWVLQ5HYLHZ 2 Annual Report: Money Market Overview 4 Fund Information 6 'LVFORVXUHRI([SHQVHV 10 Financial Statements: Schedules of Investments 12 Statements of Assets and Liabilities 65 Statements of Operations 69 Statements of Changes in Net Assets 71 Financial Highlights 76 Notes to Financial Statements 130 5HSRUWRI,QGHSHQGHQW5HJLVWHUHG3XEOLF$FFRXQWLQJ)LUP 144 ,PSRUWDQW7D[,QIRUPDWLRQ 145 Disclosure of Investment Advisory Agreement 146 7UXVWHHDQG2I¿FHU,QIRUPDWLRQ 150 Additional Information 154 *ORVVDU\RI7HUPV8VHGLQWKLV5HSRUW 156
3 Money Market Overview For the 12-Month Period Ended October 31, 2020
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LQYHVWPHQWREMHFWLYHLVWRVHHNDVKLJKDOHYHORIFXUUHQWLQFRPHDVLVFRQVLVWHQWZLWKOLTXLGLW\DQGVWDELOLW\RISULQFLSDO CURRENT SEVEN-DAY YIELDS PORTFOLIO COMPOSITION 7-Day 7-Day Percent of SEC Yields Yields Asset Type Net Assets Institutional Time Deposits 27 Administration &RPPHUFLDO3DSHU 24 Capital &HUWL¿FDWHVRI'HSRVLW 19 Cash Management 5HSXUFKDVH$JUHHPHQWV 16 &DVK5HVHUYH 867UHDVXU\2EOLJDWLRQV 11 Dollar 0XQLFLSDO%RQGV 1 3ULYDWH&OLHQW (a) &RUSRUDWH%RQGV ² 86*RYHUQPHQW6SRQVRUHG$JHQF\2EOLJDWLRQV ² (a) 7KH'D\6(& WKH'D\6(& T-Fund 7)XQG¶V WKH³)XQG´ LQYHVWPHQWREMHFWLYHLVWRVHHNFXUUHQWLQFRPHDVLVFRQVLVWHQWZLWKOLTXLGLW\DQGVWDELOLW\RISULQFLSDO CURRENT SEVEN-DAY YIELDS PORTFOLIO COMPOSITION 7-Day 7-Day Percent of SEC Yields Yields Asset Type Net Assets Institutional 867UHDVXU\2EOLJDWLRQV 65 Administration 5HSXUFKDVH$JUHHPHQWV 31 Capital Other Assets Less Liabilities 4 Cash Management &DVK5HVHUYH Dollar 3UHPLHU Select 7KH'D\6(& Treasury Trust Fund 7UHDVXU\7UXVW)XQG¶V WKH³)XQG´ 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LQYHVWPHQWREMHFWLYHLVWRVHHNDVKLJKDOHYHORIFXUUHQWLQFRPHH[HPSWIURPIHGHUDOLQFRPHWD[DVLVFRQVLVWHQWZLWKOLTXLGLW\DQGVWDELOLW\RISULQFLSDO CURRENT SEVEN-DAY YIELDS PORTFOLIO COMPOSITION 7-Day 7-Day Percent of SEC Yields Yields Asset Type Net Assets Institutional 9DULDEOH5DWH'HPDQG1RWHV 77 Administration 0XQLFLSDO%RQGV 20 Dollar &ORVHG(QG,QYHVWPHQW&RPSDQLHV 3 3UHPLHU Other Assets Less Liabilities ²(a) 3ULYDWH&OLHQW Select (a) 5HSUHVHQWVOHVVWKDQRIWKH)XQG VQHWDVVHWV 7KH'D\6(& California Money Fund &DOLIRUQLD0RQH\)XQG¶V WKH³)XQG´ LQYHVWPHQWREMHFWLYHLVWRVHHNDVKLJKDOHYHORIFXUUHQWLQFRPHWKDWLVH[HPSWIURPIHGHUDOLQFRPHWD[DQGWRWKHH[WHQWSRVVLEOHIURP &DOLIRUQLD6WDWHSHUVRQDOLQFRPHWD[DVLVFRQVLVWHQWZLWKOLTXLGLW\DQGVWDELOLW\RISULQFLSDO CURRENT SEVEN-DAY YIELDS PORTFOLIO COMPOSITION 7-Day 7-Day Percent of SEC Yields Yields Asset Type Net Assets Institutional 9DULDEOH5DWH'HPDQG1RWHV 90 3UHPLHU 0XQLFLSDO%RQGV 7 &ORVHG(QG,QYHVWPHQW&RPSDQLHV 3 7KH'D\6(& WKH'D\6(& 8 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Fund Information as of October 31, 2020 (continued) New York Money Fund 1HZ CURRENT SEVEN-DAY YIELDS PORTFOLIO COMPOSITION 7-Day 7-Day Percent of SEC Yields Yields Asset Type Net Assets Institutional 9DULDEOH5DWH'HPDQG1RWHV 3UHPLHU 0XQLFLSDO%RQGV 16 7KH'D\6(& WKH'D\6(& 3DVWSHUIRUPDQFHLVQRWDQLQGLFDWLRQRIIXWXUHUHVXOWV (a) 5HSUHVHQWVOHVVWKDQRIWKH)XQG VQHWDVVHWV F U ND IN F O RMATION 9 Disclosure of Expenses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³([SHQVHV3DLG'XULQJWKH3HULRG´ 7KHH[SHQVHH[DPSOHVDOVRSURYLGHLQIRUPDWLRQDERXWK\SRWKHWLFDODFFRXQWYDOXHVDQGK\SRWKHWLFDOH[SHQVHVEDVHGRQD)XQG¶VDFWXDOH[SHQVHUDWLRDQGDQDVVXPHGUDWH RIUHWXUQRISHU\HDUEHIRUHH[SHQVHV,QRUGHUWRDVVLVWVKDUHKROGHUVLQFRPSDULQJWKHRQJRLQJH[SHQVHVRILQYHVWLQJLQWKHVH)XQGVDQGRWKHUIXQGVFRPSDUHWKH K\SRWKHWLFDOH[DPSOHVZLWKWKHK\SRWKHWLFDOH[DPSOHVWKDWDSSHDULQVKDUHKROGHUUHSRUWVRIRWKHUIXQGV 7KHH[SHQVHVVKRZQLQWKHH[SHQVHH[DPSOHVDUHLQWHQGHGWRKLJKOLJKWVKDUHKROGHUV¶RQJRLQJFRVWVRQO\DQGGRQRWUHÀHFWWUDQVDFWLRQDOH[SHQVHVVXFKDVVDOHVFKDUJHV LIDQ\7KHUHIRUHWKHK\SRWKHWLFDOH[DPSOHVDUHXVHIXOLQFRPSDULQJRQJRLQJH[SHQVHVRQO\DQGZLOOQRWKHOSVKDUHKROGHUVGHWHUPLQHWKHUHODWLYHWRWDOH[SHQVHVRIRZQLQJ GLIIHUHQWIXQGV,IWKHVHWUDQVDFWLRQDOH[SHQVHVZHUHLQFOXGHGVKDUHKROGHUH[SHQVHVZRXOGKDYHEHHQKLJKHU Expense Examples Actual Hypothetical (a) Beginning Ending Expenses Paid Beginning Ending Expenses Paid Account Value Account Value During the Account Value Account Value During the Annualized (05/01/20) (10/31/20) Period (b) (05/01/20) (10/31/20) Period (b) Expense Ratio Federal Trust Fund Institutional Administration Cash Management &DVK5HVHUYH Dollar 3UHPLHU FedFund Institutional Administration Capital Cash Management &DVK5HVHUYH Dollar 3UHPLHU 3ULYDWH&OLHQW Select TempCash Institutional Dollar 3UHPLHU TempFund Institutional Administration Capital Cash Management &DVK5HVHUYH Dollar 3ULYDWH&OLHQW (a) +\SRWKHWLFDODQQXDOUHWXUQEHIRUHH[SHQVHVLVFDOFXODWHGE\SURUDWLQJWKHQXPEHURIGD\VLQWKHPRVWUHFHQW¿VFDOKDOI\HDUGLYLGHGE\ (b) )RUHDFKFODVVRID)XQGH[SHQVHVDUHHTXDOWRWKHDQQXDOL]HGH[SHQVHUDWLRIRUWKHFODVVPXOWLSOLHGE\WKHDYHUDJHDFFRXQWYDOXHRYHUWKHSHULRGPXOWLSOLHGE\ WRUHÀHFWWKHRQH half year period shown) H[FHSWIRU&DSLWDO6KDUHVof TempFundZKLFKLVPXOWLSOLHGE\ WRUHÀHFWWKHSHULRGVLQFHWKHUHFRPPHQFHPHQWGDWHRI-XO\WR2FWREHU 10 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Disclosure of Expenses (continued) Expense Examples (continued) Actual Hypothetical (a) Beginning Ending Expenses Paid Beginning Ending Expenses Paid Account Value Account Value During the Account Value Account Value During the Annualized (05/01/20) (10/31/20) Period (b) (05/01/20) (10/31/20) Period (b) Expense Ratio T-Fund Institutional Administration Capital Cash Management &DVK5HVHUYH Dollar 3UHPLHU Select Treasury Trust Fund Institutional Administration Capital Cash Management &DVK5HVHUYH Dollar 3UHPLHU Select MuniCash Institutional Dollar 3UHPLHU MuniFund Institutional Administration Dollar 3UHPLHU 3ULYDWH&OLHQW Select California Money Fund Institutional 3UHPLHU New York Money Fund Institutional 3UHPLHU (a) +\SRWKHWLFDODQQXDOUHWXUQEHIRUHH[SHQVHVLVFDOFXODWHGE\SURUDWLQJWKHQXPEHURIGD\VLQWKHPRVWUHFHQW¿VFDOKDOI\HDUGLYLGHGE\ (b) )RUHDFKFODVVRID)XQGH[SHQVHVDUHHTXDOWRWKHDQQXDOL]HGH[SHQVHUDWLRIRUWKHFODVVPXOWLSOLHGE\WKHDYHUDJHDFFRXQWYDOXHRYHUWKHSHULRGPXOWLSOLHGE\ WRUHÀHFWWKHRQH half year period shown) H[FHSWIRU&DSLWDO6KDUHVof Treasury Trust FundZKLFKLVPXOWLSOLHGE\ WRUHÀHFWWKHSHULRGVLQFHWKHUHFRPPHQFHPHQWGDWHRI2FWREHUWR2FWREHU 31, 2020) D I SCL OSURE O F E X PENS E S 11 Schedule of Investments Federal Trust Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Government Sponsored Agency Obligations — 34.0% U.S. Government Sponsored Agency Obligations (continued) )HGHUDO)DUP&UHGLW%DQN'LVFRXQW1RWHV(a): )HGHUDO+RPH/RDQ%DQN9DULDEOH5DWH 86' 15,400 Notes(b): 16,570 16,567,929 /,%2586'0RQWK 25,000 86' 4,020 4,020,000 /,%2586'0RQWK 4,415 4,406,366 17,000 34,000 33,975,350 62)5 14,625 14,625,000 /,%2586'0RQWK 23,235 23,211,300 21,350 21,350,000 31,325 /,%2586'0RQWK 26,645 26,623,255 13,160 13,160,000 17,766,029 62)5 4,970 4,970,000 )HGHUDO)DUP&UHGLW%DQN9DULDEOH5DWH 62)5 30,200 Notes(b): /,%2586'0RQWK 62)5 2,050 2,050,000 /,%2586'0RQWK 62)5 9,130 9,130,000 62)5 14,305 14,305,000 62)5 7,135 7,135,000 62)5 11,015 11,015,000 867UHDVXU\0RQWK%LOO0RQH\0DUNHW /,%2586'0RQWK 12 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) Federal Trust Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Treasury Obligations (continued) U.S. Treasury Obligations (continued) 867UHDVXU\0RQWK%LOO0RQH\0DUNHW Total U.S. Treasury Obligations — 62.8% Total Investments — 96.8% (Cost: $4,461,051,215)(c) 4,461,051,215 Other Assets Less Liabilities — 3.2% 147,411,937 Net Assets — 100.0% (a) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (b) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH (c) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 4,461,051,215 ² 4,461,051,215 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 13 Schedule of Investments FedFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Government Sponsored Agency Obligations — 22.5% U.S. Government Sponsored Agency Obligations (continued) )HGHUDO)DUP&UHGLW%DQN 867UHDVXU\0RQWK%LOO0RQH\0DUNHW 86' 14 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) FedFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Government Sponsored Agency Obligations (continued) U.S. Treasury Obligations (continued) 62)5 86' 75,000 75,000,000 86' 374,340 374,270,266 62)5 62)5 255,915 255,915,000 17,700 17,697,660 62)5 150,000 150,000,000 62)5 75,000 75,000,000 62)5 91,000 91,000,000 )HGHUDO+RPH/RDQ0RUWJDJH&RUS 225,593,326 )HGHUDO+RPH/RDQ0RUWJDJH&RUS9DULDEOH 5DWH1RWHV(b): 62)5 741,555 741,555,000 6,231,640 62)5 155,000 2,195,705 62)5 1,143,535 1,143,535,000 1,500,414 62)5 500,000 500,000,000 1,407,610 62)5 200,000 200,000,000 221,325 62)5 270,000 270,000,000 2,437,205 62)5 62)5 300,000 300,000,000 2,023,000 2,022,244,747 62)5 477,670 477,670,000 62)5 297,000 297,000,000 3,711,165 3,709,222,476 62)5 375,000 375,000,000 Federal National Mortgage Association Variable 779,935 5DWH1RWHV(b): 2,074,000 62)5 1,176,590 1,175,544,142 62)5 702,000 702,000,000 37,250 62)5 1,063,000 1,063,000,000 440,790 440,304,151 62)5 690,000 690,000,000 546,640 546,036,265 62)5 232,000 232,000,000 867UHDVXU\1RWHV 62)5 119,060 119,066,106 62)5 475,000 475,000,000 62)5 390,105 390,101,012 62)5 925,995 925,995,000 73,500 73,519,519 62)5 600,000 600,000,000 264,370 62)5 75,000 75,000,000 146,175 146,476,759 62)5 19,110 19,110,000 20,924,629 Total U.S. Government Sponsored Agency Obligations — 22.5% 867UHDVXU\0RQWK%LOO0RQH\0DUNHW (Cost: $36,972,920,489)...... (b) 563,740 563,633,203 Total Investments — 95.9% (Cost: $157,376,429,604) 157,376,429,604 Other Assets Less Liabilities — 4.1% Net Assets — 100.0% (a) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (b) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH S C HEDU LES O F I NVES T MENTS 15 Schedule of Investments (continued) FedFund October 31, 2020 Repurchase Agreements 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 867UHDVXU\ %DQNRI$PHULFD 2EOLJDWLRQVGXH 6HFXULWLHV,QF 500,000 500,000 WR 540,000,271 510,000,000 867UHDVXU\ 2EOLJDWLRQVWR GXHWR (a) 300,000 300,000 300,001,750 265,291,020 306,000,004 867UHDVXU\2EOLJDWLRQ 37,000 37,000 37,000,216 GXH 35,155,900 37,740,022 867UHDVXU\2EOLJDWLRQ 50,000 50,000 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60,000 60,000,350 61,200,010 867UHDVXU\ 2EOLJDWLRQVWR GXHWR 105,000 105,000 105,000,613 107,100,012 867UHDVXU\ 2EOLJDWLRQVWR GXHWR 40,000 40,000 40,000,300 40,277,100 867UHDVXU\ 2EOLJDWLRQVWR GXH WR 400,000 400,000 400,003,000 867UHDVXU\ 2EOLJDWLRQVWR GXHWR 500,000 500,000 500,009,722 501,522,200 510,000,077 S C HEDU LES O F I NVES T MENTS 17 Schedule of Investments (continued) FedFund October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQV86 Treasury Obligations DQG&RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 500,000 500,000 500,004,444 ± ± 1,605,000 ± ± 867UHDVXU\ Credit Agricole Corporate 2EOLJDWLRQVWR DQG,QYHVWPHQW%DQN GXH WR SA (a) 50,000 50,000 50,000,292 46,676,315 51,000,000 867UHDVXU\2EOLJDWLRQ 600,000 600,000 600,009,333 GXH 561,941,300 ± ± 650,000 ± ± 867UHDVXU\ 2EOLJDWLRQVWR GXHWR Credit 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325,000 306,991,503 331,500,026 867UHDVXU\2EOLJDWLRQ 17,000 17,000 17,000,099 GXH 13,051,600 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXH WR (c) 450,000 450,000 450,002,250 463,500,000 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR 24,000 24,000 24,354,142 ± ± ± ± 47,773,602 ± ± (a) 7UDGHGLQDMRLQWDFFRXQW (b) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (c) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 157,376,429,604 ² 157,376,429,604 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 23 Schedule of Investments TempCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value &HUWLÀFDWHVRI'HSRVLW³ Yankee (continued) 86' 35,000 35,092,926 Domestic — 0.9%(a) Skandinaviska (QVNLOGD %DQNHQ$%1HZ %DQNRI$PHULFD1$ 160,962,264 /,%2586'0RQWK Yankee — 16.9%(c) 35,000 %DQNRI0RQWUHDO&KLFDJR(a): 6ZHG%DQN,QF1HZ (a) 50,000 /,%2586'0RQWK (a) 29,000 29,030,752 7RWDO&HUWLÀFDWHVRI'HSRVLW — 19.3% /,%2586'0RQWK (Cost: $2,056,787,733) (a) 49,000 /,%2586'0RQWK Commercial Paper — 24.4% (a) 60,000 59,999,995 $OSLQH6HFXULWL]DWLRQ/WG(d) 25,000 Credit Industriel et Commercial SA, New York(a): %DQNRI1RYD6FRWLD 7KH /,%2586' /,%2586'0RQWK 0RQWK (a) 50,000 40,000 40,009,995 %DQTXH et Caisse d (SDUJQH de l (WDW /,%2586'0RQWK (b) 46,000 45,996,279 29,500 %HGIRUG5RZ)XQGLQJ&RUS Credit Suisse AG, New York: (b) 50,000 49,999,167 50,000 50,061,263 (b) 50,000 49,955,747 62)5 (a) 20,000 /,%2586'0RQWK '1%%DQN$6$1HZ 24 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Commercial Paper (continued) &URZQ3RLQW&DSLWDO&R//&(b)(d): Insurance — 0.3% 86' 70,000 69,963,262 0HWURSROLWDQ/LIH*OREDO)XQGLQJ, /,%25 30,000 86'0RQWK (a)(d) 86' 35,000 35,015,179 '1%%DQN$6$ /,%2586'0RQWK (a) 55,000 55,024,994 Total Corporate Bonds — 0.3% Glencove)XQGLQJ'$& /,%2586':HHN (Cost: $35,010,411) 35,015,179 (a) 43,000 43,000,000 +6%&%DQNSOF(a): /,%2586'0RQWK Municipal Bonds — 1.2% 40,000 Arizona — 0.1% /,%2586'0RQWK 40,000 40,034,169 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ /,%2586'0RQWK %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 30,000 6WDWHV6HULHV0,= 5%95'1 0L]XKR&DSLWDO0DUNHWV//&/2& 0LWVXELVKL8)-7UXVW %DQNLQJ&RUS (d)(e)(f) (b) 24,000 1DWLRQDO$XVWUDOLD%DQN/WG(a): Other — 0.8%(d)(e)(f) /,%2586'0RQWK 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV /,%2586'0RQWK 6WDWHV6HULHV0,= 5%95'1 14,000 0L]XKR&DSLWDO0DUNHWV//&/2& 15:%DQN(b): 14,790 14,790,000 100,000 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ 45,000 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 2QWDULR7HDFKHUV )LQDQFH7UXVW 6WDWHV6HULHV0,= 5%95'1 (b)(d) 50,000 49,955,041 0L]XKR&DSLWDO0DUNHWV//&/2& 2YHUVHD&KLQHVH%DQNLQJ&RUS/WG /,%25 16,000 16,000,000 86'0RQWK (a) 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ 3URYLQFHRI%ULWLVK&ROXPELD&DQDGD %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV (b) 27,000 26,990,151 6WDWHV6HULHV0,= 5%95'1 363&DSLWDO,QF(b)(d) 32,569,621 0L]XKR%DQN/WG/2& 31,095 31,095,000 5LGJH¿HOG)XQGLQJ&R//&(b) 7D[DEOH0XQLFLSDO)XQGLQJ7UXVW7HQGHU (d) 59,500 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV Societe Generale SA: 9DULRXV6WDWHV6HULHV5%95'1 (b) 100,000 %DUFOD\V%DQNSOF/2& 10,000 10,000,000 (b) 200,000 199,996,945 7D[DEOH0XQLFLSDO)XQGLQJ7UXVW7HQGHU /,%2586'0RQWK 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV (a) 47,996,373 9DULRXV6WDWHV6HULHV5%95'1 Svenska Handelsbanken$% /,%2586' %DUFOD\V%DQNSOF/2& 17,000 17,000,000 (a) 0RQWK 41,000 (b) 7KXQGHU%D\)XQGLQJ//& 32,000 Texas — 0.3% 7RURQWR'RPLQLRQ%DQN 7KH 7D[DEOH6HULHV;) 7HQGHU2SWLRQ (b) 140,000 139,997,550 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 8%6$* 6WDWHV5%95'1 0L]XKR&DSLWDO0DUNHWV (b) 60,200 60,172,649 //&/2& (d)(e)(f) 27,935 27,935,000 /,%2586'0RQWK (a) 40,000 40,021,912 Total Municipal Bonds — 1.2% /,%2586'0RQWK (Cost: $125,110,000) 125,110,000 (a) 50,000 50,024,976 /,%2586'0RQWK Time Deposits — 30.0% (a) 50,000 49,999,997 $%1$052%DQN19 (a) :HVWSDF%DQNLQJ&RUS : 150,000 150,000,000 /,%2586'0RQWK 250,000 250,000,000 50,000 50,005,496 %DQTXH NationaleGX&DQDGD 250,000 250,000,000 /,%2586'0RQWK %DUFOD\V%DQNSOF 250,000 250,000,000 30,000 30,013,591 Credit Agricole&RUSRUDWHDQG,QYHVWPHQW%DQN /,%2586'0RQWK SA: 49,000 49,036,042 :HVWSDF6HFXULWLHV1=/WG /,%2586' 130,000 130,000,000 (a) 0RQWK 54,000 54,010,793 .%&%DQN19 450,000 450,000,000 Total Commercial Paper — 24.4% Landesbank Hessen-Thuringen *LUR]HQWUDOH: (Cost: $2,592,827,035) 2,593,620,767 65,000 65,000,000 64,000 64,000,000 65,000 65,000,000 S C HEDU LES O F I NVES T MENTS 25 Schedule of Investments (continued) TempCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Time Deposits (continued) U.S. Treasury Obligations — 11.1% 86' 64,000 64,000,000 867UHDVXU\%LOOV(b): 0L]XKR%DQN/WG 209,000 209,000,000 86' 75,000 5R\DO%DQNRI&DQDGD 250,000 250,000,000 50,000 49,997,135 Skandinaviska (QVNLOGD %DQNHQ$% 330,000 330,000,000 152,000 Svenska Handelsbanken$% 300,000 300,000,000 74,000 Total Time Deposits — 30.0% 74,000 73,975,334 (Cost: $3,193,365,000) 3,193,365,000 53,000 100,000 99,962,264 U.S. Government Sponsored Agency Obligations — 0.1% 120,000 8QLWHG6WDWHV,QWHUQDWLRQDO'HYHORSPHQW )LQDQFH&RUS9DULDEOH5DWH1RWHV Total U.S. Treasury Obligations — 11.1% 0RQWK7UHDVXU\%LOO5DWH (Cost: $1,181,416,917) (a) 7,500 7,500,000 Total Repurchase Agreements — 12.0% Total U.S. Government Sponsored Agency Obligations — 0.1% (Cost: $1,277,500,000) 1,277,500,000 (Cost: $7,500,000) ...... 7,500,000 Total Investments — 98.4% (Cost: $10,469,517,096)(g) 10,472,364,549 Other Assets Less Liabilities — 1.6% Net Assets — 100.0% (a) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH (b) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (c) ,VVXHULVD86EUDQFKRIDIRUHLJQGRPLFLOHGEDQN (d) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (e) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (f) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (g) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV Repurchase Agreements 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value &RUSRUDWH'HEW 2EOLJDWLRQVWR %DQNRI$PHULFD GXHWR 6HFXULWLHV,QF (a) 23,000 23,000 23,011,347 20,765,002 24,150,190 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (a) ± ± 61,000 65,950,295 ± ± &RUSRUDWH'HEW 2EOLJDWLRQVWR GXH WR %DUFOD\V%DQNSOF (b) &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 15,000 15,000 15,000,317 16,763,371 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (a) 15,000 15,000 15,021,421 15,750,000 26 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempCash October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQGXH (a) 13,000 13,000 13,020,316 13,907,031 13,910,000 ± ± 135,673,371 ± ± 867UHDVXU\2EOLJDWLRQ %DUFOD\V&DSLWDO,QF (a) 30,000 30,000 30,010,792 GXH 36,314,000 &RUSRUDWH'HEW 2EOLJDWLRQGXH (a) 13,000 13,000 13,020,316 12,327,643 13,910,000 ± ± 43,000 ± ± 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQV WR GXHWR %133DULEDV6$ (b) 11,000 11,000 11,000,110 11,793,201 ± ± 867UHDVXU\ 2EOLJDWLRQVWR Citigroup Global Markets, GXHWR ,QF (c) 90,000 90,000 90,000,525 867UHDVXU\2EOLJDWLRQ 13,000 13,000 GXH 12,096,000 13,260,061 867UHDVXU\ Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 12,000 12,000 10,620,900 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR (a) 5,000 5,000 5,004,590 54,327,710 5,350,203 ± ± 120,000 122,792,790 ± ± 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR Credit Suisse Securities GXHWR 86$//& (a) 75,000 75,000 75,154,745 306,725,323 ± ± &RUSRUDWH'HEW 2EOLJDWLRQVWR +6%&6HFXULWLHV86$ GXHWR ,QF (b) 10,000 10,000 10,000,111 10,500,000 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 11,500 11,500 11,500,179 12,124,031 ± ± 21,500 22,624,031 ± ± S C HEDU LES O F I NVES T MENTS 27 Schedule of Investments (continued) TempCash October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 867UHDVXU\ 2EOLJDWLRQVWR -30RUJDQ6HFXULWLHV GXHWR LLC 93,000 93,000 93,000,543 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQV WR GXHWR 157,000 157,000 160,140,000 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 30,736,730 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 1,000 1,000 1,000,014 1,070,000 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (a) 100,000 100,000 100,009,500 102,051,261 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (a) 50,000 50,000 50,005,375 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (a) 30,000 30,000 30,043,374 32,547,353 ± ± 439,000 ± ± 867UHDVXU\ 2EOLJDWLRQVWR 0L]XKR6HFXULWLHV86$ GXHWR LLC (a) 50,000 50,000 45,700,300 51,000,074 ± ± &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR 7'6HFXULWLHV86$//& (b) 3,000 3,000 3,000,033 3,079,776 3,150,000 ± ± 867UHDVXU\ 2EOLJDWLRQVWR :HOOV)DUJR6HFXULWLHV GXHWR LLC (c) 25,000 25,000 25,000,146 23,614,724 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR 125,000 125,000 125,000,937 127,500,000 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 97,000 97,000 122,670,713 103,790,001 28 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempCash October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value &RUSRUDWH'HEW 2EOLJDWLRQV WR GXHWR 12,000 12,000 12,011,610 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR 12,000 12,000 12,011,610 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVGXH 40,000 40,000 40,046,000 WR 42,041,204 42,000,000 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXH WR 15,000 15,000 17,250,001 ± ± 326,000 341,720,001 ± ± 1,277,500 1,342,030,930 ± ± (a) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (b) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH (c) 7UDGHGLQDMRLQWDFFRXQW Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 10,472,364,549 ² 10,472,364,549 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 29 Schedule of Investments TempFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value &HUWLÀFDWHVRI'HSRVLW³ Yankee (continued) 1RUGHD%DQNAbp, New York: Domestic — 1.0%(a) 86' 54,200 54,293,465 %DQNRI$PHULFD1$ /,%2586'0RQWK /,%2586'0RQWK (a) 50,000 86' 40,000 40,013,533 5R\DO%DQNRI&DQDGD1HZ .RRNPLQ%DQN1HZ 30 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Commercial Paper (continued) Commercial Paper (continued) &DQDGD,(b) 86' 8%6$* &'3)LQDQFLDO,QF,(b)(d) 24,000 ,(b) 86' 74,000 Chariot Funding LLC(b): /,%2586'0RQWK , , (a) 40,000 40,021,912 , 95,660 95,622,533 /,%2586'0RQWK , (a) &LWLJURXS*OREDO0DUNHWV,QF, 50,000 50,024,975 (b) /,%2586'0RQWK , &RPPRQZHDOWK%DQNRI$XVWUDOLD /,%2586' (a) 50,000 49,999,997 0RQWK ,(a) 22,000 22,009,966 :HVWSDF%DQNLQJ&RUS &33,%&DSLWDO,QF 62)5 , /,%2586'0RQWK , (a) (a)(d) 32,500 32,506,006 50,000 &URZQ3RLQW&DSLWDO&R//&, Total Commercial Paper — 23.5% (b)(d) 50,000 49,953,037 (Cost: $2,737,764,162) '1%%DQN$6$ /,%2586'0RQWK ,(a) 55,000 55,024,994 Corporate Bonds — 0.3% FMS :HUWPDQDJHPHQW,(b) 90,000 Glencove)XQGLQJ'$& /,%2586':HHN Insurance — 0.3% ,(a) 50,000 50,000,000 0HWURSROLWDQ/LIH*OREDO)XQGLQJ, /,%25 86'0RQWK (a)(d) 35,635 35,650,455 +6%&%DQNSOF(a): /,%2586'0RQWK , 53,500 53,557,653 Total Corporate Bonds — 0.3% /,%2586'0RQWK , (Cost: $35,645,600) 35,650,455 40,000 40,034,169 , /,%2586'0RQWK Municipal Bonds — 1.0% 30,000 /OR\GV%DQNSOF /,%2586'0RQWK Other — 0.7%(d)(e)(f) ,(a) 50,000 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ Matchpoint)LQDQFHSOF,(b) 50,000 49,973,942 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 0LWVXELVKL8)-7UXVW %DQNLQJ&RUS , 6WDWHV6HULHV0,= 5%95'1 (b) 24,000 0L]XKR&DSLWDO0DUNHWV//&/2& 1DWLRQDO$XVWUDOLD%DQN/WG(a): 19,000 19,000,000 /,%2586'0RQWK , 0L]XKR)ORDWHU5HVLGXDO7UXVW7HQGHU2SWLRQ %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 6WDWHV6HULHV0,= 5%95'1 /,%2586'0RQWK , 0L]XKR%DQN/WG/2& 31,095 31,095,000 7D[DEOH0XQLFLSDO)XQGLQJ7UXVW7HQGHU /,%2586'0RQWK , 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 14,000 9DULRXV6WDWHV6HULHV5%95'1 15:%DQN(b): %DUFOD\V%DQNSOF/2& 10,400 10,400,000 , 100,000 7D[DEOH0XQLFLSDO)XQGLQJ7UXVW7HQGHU , 45,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 2QWDULR7HDFKHUV )LQDQFH7UXVW, 9DULRXV6WDWHV6HULHV5%95'1 (b)(d) 50,000 49,955,041 %DUFOD\V%DQNSOF/2& 17,000 17,000,000 3URYLQFHRI%ULWLVK&ROXPELD&DQDGD, 7D[DEOH6HULHV;) 7HQGHU2SWLRQ (b) 27,000 26,990,151 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 363&DSLWDO,QF(b)(d): 6WDWHV5%95'1 0L]XKR&DSLWDO0DUNHWV , 65,000 64,997,595 //&/2& 4,790 4,790,000 , 25,000 , 32,420 32,409,673 Texas — 0.3% (b)(d) 5LGJH¿HOG)XQGLQJ&R//& : 7D[DEOH6HULHV;) 7HQGHU2SWLRQ , %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV , 59,500 6WDWHV5%95'1 0L]XKR&DSLWDO0DUNHWV Societe Generale SA: //&/2& (d)(e)(f) (b) , 100,000 Total Municipal Bonds — 1.0% (b) , 200,000 199,996,667 (Cost: $111,135,000) 111,135,000 /,%2586'0RQWK , (a) 47,996,373 Time Deposits — 26.6% Svenska Handelsbanken$% /,%2586' 0RQWK , (a) 42,650 $%1$052%DQN19 200,000 200,000,000 7KXQGHU%D\)XQGLQJ//&,(b) 32,100 250,000 250,000,000 7RURQWR'RPLQLRQ%DQN 7KH , %DQTXH NationaleGX&DQDGD 250,000 250,000,000 (b) 140,000 139,997,550 %DUFOD\V%DQNSOF 130,000 130,000,000 S C HEDU LES O F I NVES T MENTS 31 Schedule of Investments (continued) TempFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Time Deposits (continued) U.S. Treasury Obligations — 11.4% Credit Agricole&RUSRUDWHDQG,QYHVWPHQW%DQN 867UHDVXU\%LOOV(b): SA: 86' 75,000 86' 55,000 130,000 130,000,000 101,000 .%&%DQN19 450,000 450,000,000 150,000 Landesbank Hessen-Thuringen *LUR]HQWUDOH: 403,302 70,000 70,000,000 77,974,000 55,127 70,000 70,000,000 204,000 203,923,019 69,000 69,000,000 130,000 0L]XKR%DQN/WG 199,000 199,000,000 5R\DO%DQNRI&DQDGD 200,000 200,000,000 Total U.S. Treasury Obligations — 11.4% (Cost: $1,329,028,464) Skandinaviska (QVNLOGD %DQNHQ$% 320,000 320,000,000 Total Repurchase Agreements — 15.9% Svenska Handelsbanken$% 350,000 350,000,000 (Cost: $1,845,000,000) Total Time Deposits — 26.6% Total Investments — 98.0% (Cost: $3,093,826,000) (g) (Cost: $11,398,074,496) Other Assets Less Liabilities — 2.0% 230,140,270 U.S. Government Sponsored Agency Obligations — 0.0% 8QLWHG6WDWHV,QWHUQDWLRQDO'HYHORSPHQW Net Assets — 100.0% 11,631,035,369 )LQDQFH&RUS9DULDEOH5DWH1RWHV 0RQWK7UHDVXU\%LOO5DWH (a) 5,500 5,500,000 Total U.S. Government Sponsored Agency Obligations — 0.0% (Cost: $5,500,000) ...... 5,500,000 (a) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH (b) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (c) ,VVXHULVD86EUDQFKRIDIRUHLJQGRPLFLOHGEDQN (d) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (e) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (f) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (g) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV Repurchase Agreements 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 867UHDVXU\ 2EOLJDWLRQVWR %DQNRI$PHULFD GXHWR 6HFXULWLHV,QF (a) 150,000 150,000 132,645,510 153,000,002 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 51,545,651 ± ± 204,545,653 ± ± 32 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempFund October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR %DUFOD\V%DQNSOF (c) &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (c) 42,000 42,000 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 13,000 13,000 13,020,316 16,526,953 ± ± 139,000 ± ± 867UHDVXU\2EOLJDWLRQ %DUFOD\V&DSLWDO,QF (b) 30,000 30,000 30,010,792 GXH 36,314,000 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 13,000 13,000 13,020,316 14,156,951 ± ± 43,000 44,756,979 ± ± 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQV86 Treasury Obligations DQG&RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR %133DULEDV6$ (c) 34,000 34,000 34,000,340 32,536,137 ± ± 867UHDVXU\ 2EOLJDWLRQVWR Citigroup Global Markets, GXHWR ,QF (a) 90,000 90,000 90,000,525 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXH WR 39,000 39,000 39,000,293 41,730,001 867UHDVXU\ 2EOLJDWLRQVWR GXHWR (c) 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR (b) 5,000 5,000 5,004,590 5,355,105 ± ± 220,000 ± ± 867UHDVXU\ Credit Agricole Corporate 2EOLJDWLRQVWR DQG,QYHVWPHQW%DQN GXH WR SA (a) 145,000 145,000 135,361,312 147,900,000 ± ± S C HEDU LES O F I NVES T MENTS 33 Schedule of Investments (continued) TempFund October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR Credit Suisse Securities GXHWR 86$//& (b) 91,719,613 ± ± 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR +6%&6HFXULWLHV86$ GXHWR ,QF (c) 25,000 25,000 23,243,626 26,250,001 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXH WR (c) 30,297,349 ± ± 53,500 56,547,350 ± ± 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR -30RUJDQ6HFXULWLHV GXHWR LLC 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR (b) 59,000 59,000 59,002,069 1,959,662,410 61,950,000 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (c) 2,500 2,500 2,500,036 2,675,001 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 100,000 100,000 100,009,500 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 50,000 50,000 50,005,375 120,916,191 53,707,311 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (b) 65,000 65,000 70,379,701 ± ± 457,500 ± ± 867UHDVXU\ 2EOLJDWLRQVWR 0L]XKR6HFXULWLHV86$ GXHWR LLC (c) 71,000 71,000 71,000,907 66,153,600 72,420,097 34 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) TempFund October 31, 2020 5HSXUFKDVH$JUHHPHQWV Collateral Proceeds Position Coupon Purchase Maturity Par At Value Including Received, Counterparty Rate Date Date (000) (000) Interest Position Original Par At Value 867UHDVXU\ 2EOLJDWLRQVWR GXHWR (c) 16,296,300 867UHDVXU\2EOLJDWLRQ (b) GXH 7,119,500 ± ± 97,000 ± ± &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR 7'6HFXULWLHV86$//& (c) 20,000 20,000 20,000,222 19,007,000 21,000,273 ± ± 867UHDVXU\ 2EOLJDWLRQVWR :HOOV)DUJR6HFXULWLHV GXHWR LLC (a) 25,000 25,000 25,000,146 23,614,724 86*RYHUQPHQW Sponsored Agency 2EOLJDWLRQVWR GXHWR 125,000 125,000 125,000,937 127,500,001 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR (c) 144,000 144,000 144,001,600 197,440,590 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR 12,000 12,000 12,011,610 &RUSRUDWH'HEW 2EOLJDWLRQVWR GXHWR 12,000 12,000 12,011,610 86*RYHUQPHQW Sponsored Agency Obligations and &RUSRUDWH'HEW 2EOLJDWLRQVGXH 40,000 40,000 40,046,000 WR 42,051,972 42,000,001 ± ± 374,760,001 ± ± 1,931,394,936 ± ± 7UDGHGLQDMRLQWDFFRXQW (b) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (c) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH S C HEDU LES O F I NVES T MENTS 35 Schedule of Investments (continued) TempFund October 31, 2020 Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² ² 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 36 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments T-Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Treasury Obligations — 65.3% U.S. Treasury Obligations (continued) 867UHDVXU\%LOOV(a): 86' 500,000 499,391,167 86' 262,520 867UHDVXU\1RWHV 36,770 36,769,734 771,235 261,660 757,000 756,952,204 3,157,234 3,157,007,001 767,235 767,916,793 3,364,275 3,364,030,454 3,042,530 324,500 909,215 300,000 299,972,250 142,000 142,474,096 867UHDVXU\0RQWK%LOO0RQH\0DUNHW (b) 550,660 Net Assets — 100.0% 106,366,331,567 (a) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (b) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH S C HEDU LES O F I NVES T MENTS 37 Schedule of Investments (continued) T-Fund 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9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² ² 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 42 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments Treasury Trust Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value U.S. Treasury Obligations — 97.2% U.S. Treasury Obligations (continued) 867UHDVXU\%LOOV(a): 86' 1,163,764,713 86' 351,605 351,349,667 350,000 477,390,275 797,400 797,374,716 1,375,000 1,374,914,211 867UHDVXU\1RWHV 50,105 2,220,702,621 50,000 49,937,337 3,407,621,533 12,330 12,346,749 77,435 77,693,532 2,610,000 2,609,759,592 867UHDVXU\0RQWK%LOO0RQH\0DUNHW 950,000 Total Investments — 97.2% (Cost: $56,370,037,236) 56,370,037,236 Other Assets Less Liabilities — 2.8% 1,629,594,535 Net Assets — 100.0% 57,999,631,771 (a) 5DWHVDUHWKHFXUUHQWUDWHRUDUDQJHRIFXUUHQWUDWHVDVRISHULRGHQG (b) 9DULDEOHUDWHVHFXULW\,QWHUHVWUDWHUHVHWVSHULRGLFDOO\7KHUDWHVKRZQLVWKHHIIHFWLYHLQWHUHVWUDWHDVRISHULRGHQG6HFXULW\GHVFULSWLRQDOVRLQFOXGHVWKHUHIHUHQFHUDWHDQGVSUHDGLISXEOLVKHG DQGDYDLODEOH Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 56,370,037,236 ² 56,370,037,236 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 43 Schedule of Investments MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Municipal Bonds — 96.6% California (continued) California Health Facilities Financing Authority, Alabama — 0.5%(a)(b) 6HULHV&5%95'1 %DQNRI0RQWUHDO Alabama Federal Aid Highway Finance, Tender /2& (b) 86' 27,115 27,115,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV California Health Facilities Financing 9DULRXV6WDWHV6HULHV;)5% $XWKRULW\6HULHV%5%95'1 95'1 &LWLEDQN1$/,4 (c) 86' 5,000 5,000,000 (b) 7,015 7,015,000 +RPHZRRG$ODEDPD7HQGHU2SWLRQ%RQG California Health Facilities Financing 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV $XWKRULW\6HULHV&5%95'1 6HULHV**295'1 5R\DO%DQN (b) 14,170 14,170,000 RI&DQDGD/2& (c) 4,000 4,000,000 California Health Facilities Funding Authority, 0RELOH'RZQWRZQ5HGHYHORSPHQW$XWKRULW\ 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6HULHV$5%95'1 %DQNRI$PHULFD &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 5% 1$/2& 95'1 -30RUJDQ&KDVH%DQN1$/,4 (a)(b)(c) 4,600 4,600,000 Alaska — 2.8%(b) &DOLIRUQLD3ROOXWLRQ&RQWURO)LQDQFLQJ $XWKRULW\6HULHV %5%95'1 $ODVND+RXVLQJ)LQDQFH&RUS6HULHV$ (b) 7,900 7,900,000 5%95'1 )HGHUDO+RPH/RDQ%DQN California Statewide Communities Development 6%3$ 13,945 13,945,000 $XWKRULW\6HULHV%5%95'1 :HOOV $ODVND+RXVLQJ)LQDQFH&RUS6HULHV% )DUJR%DQN1$/2& (b) 3,500 3,500,000 5%95'1 )HGHUDO+RPH/RDQ%DQN California Statewide Communities Development 6%3$ 19,290 19,290,000 $XWKRULW\6HULHV%%5%95'1 (DVW $ODVND+RXVLQJ)LQDQFH&RUS6HULHV' :HVW%DQN/2& (b) 30,000 30,000,000 5%95'1 )HGHUDO+RPH/RDQ%DQN 6%3$ 23,645 23,645,000 &DOLIRUQLD8QLYHUVLW\RI6FLHQFHV 0HGLFLQH 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV $ODVND+RXVLQJ)LQDQFH&RUS6HULHV $ &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 5% 5%95'1 :HOOV)DUJR%DQN1$6%3$ 95'1 0L]XKR&DSLWDO0DUNHWV//&/2& 26,590 26,590,000 (a)(b)(c) 4,035 4,035,000 $ODVND+RXVLQJ)LQDQFH&RUS6HULHV % City of Los Angeles Department of Airports, 5%95'1 :HOOV)DUJR%DQN1$6%3$ 6HULHV$ %DQNRI$PHULFD1$/2& 7,250 7,249,623 $ODVND+RXVLQJ)LQDQFH&RUS6HULHV % &LW\RI0RGHVWR6HULHV$&2395'1 5%95'1 )HGHUDO+RPH/RDQ%DQN -30RUJDQ&KDVH%DQN1$/2& 6%3$ (b) 5,000 5,000,000 $ODVND+RXVLQJ)LQDQFH&RUS6HULHV ' )RQWDQD&DOLIRUQLD8QLYHUVLW\6FKRRO'LVWULFW 5%95'1 )HGHUDO+RPH/RDQ%DQN 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6%3$ 15,495 15,495,000 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 146,995,000 ;) *295'1 %DUFOD\V%DQNSOF Arizona — 0.2%(b) /,4 (a)(b)(c) $UL]RQD+HDOWK)DFLOLWLHV$XWKRULW\6HULHV ,PSHULDO,UULJDWLRQ'LVWULFW(OHFWULF7HQGHU &5%95'1 %DQNRI$PHULFD1$ 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV /2& 4,165 4,165,000 9DULRXV6WDWHV6HULHV;0 Industrial Development Authority of the County 5%95'1 5R\DO%DQNRI&DQDGD/,4 RI 11,165,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV California — 7.8% &HUWL¿FDWHV9DULRXV6WDWHV6HULHV *295'1 -30RUJDQ&KDVH%DQN1$ %D\$UHD7ROO$XWKRULW\6HULHV&5% /,4 (a)(b)(c) 7,700 7,700,000 95'1 %DQNRI7RN\R0LWVXELVKL8)-/WG Los Angeles Community Facilities District, /2& (b) 3,000 3,000,000 6HULHV %DQNRI$PHULFD1$/2& %D\$UHD7ROO$XWKRULW\6HULHV(5% 7,310 7,309,912 95'1 %DQNRI7RN\R0LWVXELVKL8)-/WG /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU /2& (b) 6\VWHP6HULHV6XE6HULHV% %D\$UHD7ROO$XWKRULW\7HQGHU2SWLRQ%RQG 5%95'1 %DUFOD\V%DQNSOF6%3$ 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV (b) 3,000 3,000,000 6HULHV;* 5%95'1 %DQNRI /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU $PHULFD1$/,4 (a)(b)(c) 1,050 1,050,000 6\VWHP6HULHV%6XE6HULHV% &DOLIRUQLD(GXFDWLRQDO)DFLOLWLHV 5%95'1 5R\DO%DQNRI&DQDGD6%3$ $XWKRULW\6HULHV%5%95'1 (b) 3,500 3,500,000 (b) California Health Facilities Financing Authority, /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU 6\VWHP6HULHV%5%95'1 5R\DO 6HULHV +5%95'1 :HOOV)DUJR %DQNRI&DQDGD6%3$ (b) 5,100 5,100,000 %DQN1$/2& (b) 4,700 4,700,000 /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU 6\VWHP6HULHV%5%95'1 %DQN RI7KH:HVW6%3$ (b) 11,500 11,500,000 44 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value California (continued) Colorado — 2.3% /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU %RXOGHU/DULPHU :HOG&RV7HQGHU2SWLRQ System, Series 2002A, Sub-Series A-6, %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 5%95'1 %DQNRI$PHULFD1$6%3$ 6WDWHV6HULHV**295'1 5R\DO (b) 86' 1,600 1,600,000 %DQNRI&DQDGD/2& (a)(b)(c) 86' 5,670 5,670,000 /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU %RXOGHU9DOOH\&RORQ\6FKRRO'LVWULFW7HQGHU System, Series 2019A, Sub-Series A-1, 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 5%95'1 7RURQWR'RPLQLRQ%DQN6%3$ 9DULRXV6WDWHV6HULHV**2 (b) 17,030 17,030,000 95'1 5R\DO%DQNRI&DQDGD/2& 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ (a)(b)(c) 5,000 5,000,000 &DOLIRUQLD6HULHV$5%95'1 31& &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP %DQN1$6%3$ (b) 16,370 16,370,000 6HULHV$5%95'1 %DQNRI$PHULFD 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ 1$6%3$ (b) 47,295 47,295,000 &DOLIRUQLD6HULHV&5%95'1 &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP (b) 11,000 11,000,000 6HULHV%5%95'1 /DQGHVEDQN 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ +HVVHQ7KXULQJHQ*LUR]HQWUDOH6%3$ &DOLIRUQLD6HULHV'5%95'1 (b) (b) 26,000 26,000,000 &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ 6HULHV$5%95'1 7'%DQN1$ &DOLIRUQLD6HULHV(5%95'1 6%3$ (b) 195 195,000 (b) 16,375 16,375,000 &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ 6HULHV &5%95'1 6XPLWRPR0LWVXL &DOLIRUQLD6HULHV$5%95'1 %DQNLQJ6%3$ (b) 27,445 27,445,000 7RURQWR'RPLQLRQ%DQN6%3$ Colorado Health Facilities Authority, Tender (b) 11,695 11,695,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV Mount San Antonio California Community 9DULRXV6WDWHV6HULHV;)5% &ROOHJH'LVWULFW7HQGHU2SWLRQ%RQG7UXVW 95'1 -30RUJDQ&KDVH%DQN1$/,4 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV (a)(b)(c) 5,345 5,345,000 *295'1 5R\DO%DQNRI&DQDGD &RXQW\RI$UDSDKRH6HULHV5%95'1 /,4 (a)(b)(c) 5,600 5,600,000 )UHGGLH0DF/2& (b) 9,275 9,275,000 0XQLFLSDO,PSURYHPHQW&RUSRI/RV$QJHOHV Denver Colorado City & County, Tender Option 6HULHV$ 86%DQN1$/2& %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 11,250 6WDWHV6HULHV;)5%95'1 1DWRPDV8QLYHUVLW\6FKRRO'LVWULFW7HQGHU &LWLEDQN1$/,4 (a)(b)(c) 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 5HJLRQDO7UDQVSRUWDWLRQ'LVWULFW6DOHV7D[ 9DULRXV6WDWHV6HULHV ;* 6HULHV$5%(d) 5,000 5,000,000 *295'1 %DQNRI$PHULFD1$/,4 6KHULGDQ5HGHYHORSPHQW$JHQF\6HULHV (a)(b)(c) $95'1 -30RUJDQ&KDVH%DQN 6DQ'LHJR&RXQW\5HJLRQDO7UDQVSRUWDWLRQ 1$/2& (b) 5,015 5,015,000 &RPPLVVLRQ6HULHV'5%95'1 119,925,000 6WDWH6WUHHW%DQN 7UXVW&R6%3$ Connecticut — 2.7%(b) (b) Connecticut Housing Finance Authority, Series Santa Clara Valley Transportation Authority, )6XE6HULHV)5%95'1 +HODED 6HULHV&5%95'1 7'%DQN1$ 6%3$6%3$ 6%3$ (b) 9,200 9,200,000 Connecticut Housing Finance Authority, Series 6WDWHRI&DOLIRUQLD6HULHV&*295'1 )6XE6HULHV)5%95'1 %DUFOD\V 7'%DQN1$/2& (b) 30,300 30,300,000 %DQNSOF6%3$ 22,930 22,930,000 6WDWHRI&DOLIRUQLD6HULHV$*295'1 Connecticut Housing Finance Authority, &LWLEDQN1$/2& (b) 5,005 5,005,000 6HULHV 6XE6HULHV'5%95'1 8QLYHUVLW\RI&DOLIRUQLD6HULHV$/5% 6WDWH6WUHHW%DQN 7UXVW&R6%3$ 95'1(b) 2,630 2,630,000 25,000 25,000,000 8QLYHUVLW\RI&DOLIRUQLD6HULHV$/5% Connecticut Housing Finance Authority, Series 95'1(b) 5%95'1 %DUFOD\V%DQNSOF6%3$ 8QLYHUVLW\RI&DOLIRUQLD6HULHV$ 10,000 9,997,240 &RQQHFWLFXW,QQRYDWLRQV,QF6HULHV5% 8QLYHUVLW\RI&DOLIRUQLD7HQGHU2SWLRQ%RQG 95'1 7'%DQN1$/2& 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV &RQQHFWLFXW6WDWH7HQGHU2SWLRQ%RQG7UXVW 6HULHV<; 5%95'1 %DUFOD\V 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV %DQNSOF/,4 (a)(b)(c) **295'1 5R\DO%DQNRI 402,795,715 &DQDGD/2& (a)(c) 4,000 4,000,000 141,175,000 Delaware — 0.0% 'HODZDUH6WDWH(FRQRPLF'HYHORSPHQW $XWKRULW\6HULHV 5%95'1 0 7 %DQN/2& (b) 400 400,000 S C HEDU LES O F I NVES T MENTS 45 Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value District of Columbia — 0.4% Georgia — 2.2%(b) 'LVWULFWRI&ROXPELD6HULHV $5%95'1 $WODQWD:DWHU :DVWH:DWHU7HQGHU 7'%DQN1$/2& (b) 86' 11,555 11,555,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 'LVWULFWRI&ROXPELD6HULHV5% 9DULRXV6WDWHV6HULHV;) 5% 95'1 %DQNRI$PHULFD1$/2& 95'1 -30RUJDQ&KDVH%DQN1$/,4 (b) 5,110 5,110,000 (a)(c) 86' 13,000 13,000,000 'LVWULFWRI&ROXPELD6HULHV$5% %URRNKDYHQ'HYHORSPHQW$XWKRULW\7HQGHU 795 797,959 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 'LVWULFWRI&ROXPELD:DWHU 6HZHU$XWKRULW\ 9DULRXV6WDWHV6HULHV ;* 6HULHV%5%95'1 7'%DQN1$ 5%95'1 %DQNRI$PHULFD1$/,4 6%3$ (b) (a)(c) 2,450 2,450,000 %URRNKDYHQ'HYHORSPHQW$XWKRULW\7HQGHU 22,442,959 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV Florida — 5.1%(b) 9DULRXV6WDWHV6HULHV ;0 &DSH&RUDO:DWHU 6HZHU7HQGHU2SWLRQ 5%95'1 %DQNRI$PHULFD1$/,4 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV (a)(c) 3,000 3,000,000 6WDWHV6HULHV<;5%95'1 %XUNH&RXQW\'HYHORSPHQW$XWKRULW\7HQGHU %DUFOD\V%DQNSOF/2& (a) 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV (c) 9DULRXV6WDWHV6HULHV(5% &RXQW\RI3DOP%HDFK6HULHV5%95'1 95'1 5R\DO%DQNRI&DQDGD/2& 1RUWKHUQ7UXVW&R/2& 7,200 7,200,000 (a)(c) 5,000 5,000,000 (VFDPELD&RXQW\+HDOWK)DFLOLWLHV$XWKRULW\ Cobb County Hospital Authority, Series 2006, 6HULHV%5%95'1 7'%DQN1$ 5%95'1 5R\DO%DQNRI&DQDGD/2& 6%3$ 19,430 19,430,000 2,450 2,450,000 )ORULGD+RXVLQJ)LQDQFH&RUS6HULHV Development Authority of Monroe County 05%95'1 )UHGGLH0DF/,4 7KH 6HULHV %5%95'1 -30RUJDQ 10,075 10,075,000 &KDVH%DQN1$/2& 32,445 32,445,000 Highlands County Health Facilities Authority, Gainesville & Hall County Development 6HULHV,5%95'1 26,410 26,410,000 $XWKRULW\6HULHV%5%95'1 7' Highlands County Health Facilities Authority, %DQN1$6%3$ 6HULHV,5%95'1 *HRUJLD0XQLFLSDO(OHFWULF$XWKRULW\7HQGHU Hillsborough County Industrial Development 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV $XWKRULW\6HULHV%5%95'1 7' 9DULRXV6WDWHV6HULHV ;* %DQN1$/2& 5%95'1 %DQNRI$PHULFD1$/2& Hillsborough County Industrial Development (a)(c) 2,230 2,230,000 $XWKRULW\6HULHV'5%95'1 7' Heard County Development Authority, Tender %DQN1$/2& 14,600 14,600,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 0LDPL'DGH&RXQW\:DWHU 6HZHU7HQGHU 9DULRXV6WDWHV6HULHV(5% 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Series 5%95'1 1RUWKHUQ7UXVW&R/2& Illinois Development Finance Authority, 6HULHV6XE6HULHV'5%95'1 ,OOLQRLV)LQDQFH$XWKRULW\6HULHV5% 95'1 %02+DUULV%DQN1$/2& 11,225 11,225,000 46 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Illinois (continued) Indiana (continued) ,OOLQRLV)LQDQFH$XWKRULW\6HULHV$5% Indiana Housing & Community Development 95'1 -30RUJDQ&KDVH%DQN1$/2& $XWKRULW\6HULHV&5%95'1 7' 86' 4,100 4,100,000 %DQN1$/,4 86' 3,775 3,775,000 ,OOLQRLV)LQDQFH$XWKRULW\6HULHV&6XE 54,750,000 6HULHV%5%95'1 -30RUJDQ&KDVH Iowa — 4.3%(b) %DQN1$6%3$ 25,045 25,045,000 ,RZD)LQDQFH$XWKRULW\6HULHV% ,OOLQRLV)LQDQFH$XWKRULW\6HULHV&6XE 5%95'1 %DQNRI$PHULFD1$/2& 6HULHV$5%95'1 1RUWKHUQ7UXVW&R 20,910 20,910,000 6%3$ 7,055 7,055,000 ,RZD)LQDQFH$XWKRULW\6HULHV%5% ,OOLQRLV)LQDQFH$XWKRULW\6HULHV&5% 95'1 53,625 53,625,000 95'1 -30RUJDQ&KDVH%DQN1$6%3$ ,RZD)LQDQFH$XWKRULW\6HULHV5% 34,610 34,610,000 95'1 .RUHD'HYHORSPHQW%DQN/2& ,OOLQRLV)LQDQFH$XWKRULW\6HULHV' (a) 90,325 90,325,000 5%95'1 %DQNRI$PHULFD1$/2& ,RZD)LQDQFH$XWKRULW\6HULHV%5% 7,000 7,000,000 95'1 7'%DQN1$/2& ,OOLQRLV)LQDQFH$XWKRULW\6HULHV (5% ,RZD)LQDQFH$XWKRULW\6HULHV$5% 95'1 -30RUJDQ&KDVH%DQN1$/2& 95'1 ,RZD)LQDQFH$XWKRULW\6HULHV(5% Illinois Finance Authority, Tender Option 95'1 )DQQLH0DH/,4 %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV ,RZD)LQDQFH$XWKRULW\6HULHV&5% 6WDWHV6HULHV;/5%95'1 95'1 -30RUJDQ&KDVH%DQN1$/2& -30RUJDQ&KDVH%DQN1$/,4 6,260 6,260,000 (a)(c) 7,500 7,500,000 ,RZD)LQDQFH$XWKRULW\6HULHV( Illinois Finance Authority, Tender Option 5%95'1 7'%DQN1$6%3$ %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 4,100 4,100,000 6WDWHV6HULHV;/5%95'1 -30RUJDQ&KDVH%DQN1$/,4 220,610,000 (a)(c) 16,150 16,150,000 Kansas — 0.4% ,OOLQRLV)LQDQFH$XWKRULW\7HQGHU2SWLRQ%RQG .DQVDV'HYHORSPHQW)LQDQFH$XWKRULW\6HULHV 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV 55% 6HULHV ;05%95'1 :HOOV 7RSHND.DQVDV8WLOLW\7HQGHU2SWLRQ%RQG )DUJR%DQN1$/,4 (a)(c) 23,420 23,420,000 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV Illinois Housing Development Authority, Series 6WDWHV6HULHV;) 5%95'1 6XE6HULHV$5%95'1 )HGHUDO -30RUJDQ&KDVH%DQN1$/,4 +RPH/RDQ%DQN6%3$ 12,500 12,500,000 (a)(b)(c) Illinois State Toll Highway Authority, Tender :\DQGRWWH&RXQW\.DQVDV86'7HQGHU2SWLRQ 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV 9DULRXV6WDWHV6HULHV;) 6WDWHV6HULHV**295'1 5R\DO 5%95'1 7RURQWR'RPLQLRQ%DQN/,4 %DQNRI&DQDGD/2& (a)(b)(c) 6,500 6,500,000 (a)(c) 1,140 1,140,000 19,920,000 Illinois State Toll Highway Authority, Tender Kentucky — 1.6% 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV .HQWXFN\(FRQRPLF'HYHORSPHQW)LQDQFLQJ 9DULRXV6WDWHV6HULHV ;)5% $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW 95'1 -30RUJDQ&KDVH%DQN1$/,4 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV (a)(c) 3,340 3,340,000 ;*5%95'1 %DQNRI$PHULFD :LOO&RXQW\,OO7HQGHU2SWLRQ%RQG7UXVW 1$/2& (a)(b)(c) 4,960 4,960,000 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV /RXLVYLOOH -HIIHUVRQ&RXQW\0HWURSROLWDQ **295'1 5R\DO%DQNRI Sewer District, Series 2020, &DQDGD/2& (a)(c) 3,000 3,000,000 10,000 10,000,060 /RXLVYLOOH -HIIHUVRQ&RXQW\0HWURSROLWDQ Indiana — 1.1%(b) 6HZHU'LVWULFW6HULHV %DQNRI Indiana Finance Authority, Series 2005A-1, $PHULFD1$/2& 10,000 9,999,920 5%95'1 %DQNRI$PHULFD1$6%3$ /RXLVYLOOHDQG-HIIHUVRQ&RXQW\0HWURSROLWDQ 21,700 21,700,000 6HZHU'LVWULFW6HULHV%$1 Indiana Finance Authority, Series 2011D, 52,340 54,733,602 5%95'1 1RUWKHUQ7UXVW&R6%3$ 8QLYHUVLW\RI/RXLVYLOOH7HQGHU2SWLRQ%RQG 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV ,QGLDQD)LQDQFH$XWKRULW\6HULHV%5% 6HULHV;05%95'1 5R\DO 95'1 -30RUJDQ&KDVH%DQN1$6%3$ %DQNRI&DQDGD/,4 (a)(b)(c) 2,730 2,730,000 12,300 12,300,000 Indiana Housing & Community Development Louisiana — 1.8%(b) $XWKRULW\6HULHV%5%95'1 7' /RXLVLDQD3XEOLF)DFLOLWLHV$XWKRULW\6HULHV %DQN1$/,4 10,150 10,150,000 5%95'1 7,750 7,750,000 /RXLVLDQD3XEOLF)DFLOLWLHV$XWKRULW\6HULHV %5%95'1 5,300 5,300,000 S C HEDU LES O F I NVES T MENTS 47 Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Louisiana (continued) /RXLVLDQD3XEOLF)DFLOLWLHV$XWKRULW\6HULHV %RDUGRI7UXVWHHVRI0LFKLJDQ6WDWH8QLYHUVLW\ &5%95'1 86' 2,600 2,600,000 6HULHV) 86' 13,260 /RXLVLDQD3XEOLF)DFLOLWLHV$XWKRULW\6HULHV %RDUGRI7UXVWHHVRI0LFKLJDQ6WDWH8QLYHUVLW\ $5%95'1 6HULHV) 21,170 /RXLVLDQD3XEOLF)DFLOLWLHV$XWKRULW\6HULHV .HQW+RVSLWDO)LQDQFH$XWKRULW\6HULHV& 5%95'1 5%95'1 %DQNRI1HZ 48 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Mississippi (continued) Nevada (continued) 0LVVLVVLSSL%XVLQHVV)LQDQFH&RUS6HULHV /DV9HJDV9DOOH\:DWHU'LVWULFW6HULHV ,5%95'1 86' 1,300 1,300,000 $ 6XPLWRPR0LWVXL%DQNLQJ/2& 0LVVLVVLSSL%XVLQHVV)LQDQFH&RUS6HULHV 86' 26,720 26,716,152 %5%95'1 1HYDGD6\VWHPRI+LJKHU(GXFDWLRQ7HQGHU 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 153,430,000 9DULRXV6WDWHV6HULHV;) Missouri — 1.9%(b) &2395'1 %DUFOD\V%DQNSOF/,4 &LW\RI.DQVDV&LW\6HULHV(5% (a)(b)(c) 3,975 3,975,000 95'1 6XPLWRPR0LWVXL%DQNLQJ/2& 7,765 7,765,000 123,750,572 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV New Hampshire — 0.1% $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW 1HZ+DPSVKLUH+HDOWKDQG(GXFDWLRQ)DFLOLWLHV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV $XWKRULW\$FW6HULHV$5%95'1 ;)5%95'1 5R\DO%DQNRI 6WDWH6WUHHW%DQN 7UXVW&R6%3$ &DQDGD/,4 (a)(c) 14,000 14,000,000 (b) 3,325 3,325,000 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV New Jersey — 1.2% $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW &RXQW\RI0HUFHU6HULHV$%$1*2 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV 39,544 ;*5%95'1 &LWLEDQN1$ &RXQW\RI0LGGOHVH[6HULHV%$1*2 /2& (a)(c) 5,000 5,000,000 6,000 6,061,453 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV 1HZ-HUVH\(FRQRPLF'HYHORSPHQW$XWKRULW\ $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV &5%95'1 5R\DO%DQNRI ;; 5%95'1 %DUFOD\V%DQNSOF &DQDGD/2& (a)(c) 14,000 14,000,000 /2& (a)(b)(c) 11,545 11,545,000 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV 1HZ-HUVH\(FRQRPLF'HYHORSPHQW$XWKRULW\ $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV ;*5%95'1 %DQNRI$PHULFD ;)5%95'1 %DUFOD\V%DQNSOF 1$/2& (a)(c) 7,500 7,500,000 /2& (a)(b)(c) 2,740 2,740,000 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV 1HZ-HUVH\6WDWH+RXVLQJ 0RUWJDJH)LQDQFH $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW $JHQF\7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV &5%95'1 5R\DO%DQNRI&DQDGD (a)(c) 5%95'1 5R\DO%DQNRI&DQDGD/,4 /2& 51,500 51,500,000 (a)(b)(c) 99,765,000 63,169,346 Nebraska — 1.7% /LQFROQ1HEUDVND(OHFWULF6HULHV $PKHUVW'HYHORSPHQW&RUS6HULHV$ -30RUJDQ&KDVH%DQN1$/2& 5%95'1 0DQXIDFWXUHUV 7UDGHUV7UXVW 30,500 &R/2& (b) 2,000 2,000,000 Nebraska Investment Finance Authority, Series %DWWHU\3DUN&LW\$XWKRULW\6HULHV ' &5%95'1 )HGHUDO+RPH/RDQ 5%95'1 7'%DQN1$6%3$ %DQN6%3$ (b) 14,600 14,600,000 (b) 340 340,000 2PDKD3XEOLF3RZHU'LVWULFW6HULHV %HWKOHKHP&HQWUDO6FKRRO'LVWULFW6HULHV $ %DQNRI$PHULFD1$6%3$ $%$1*2 6,000 6,044,134 14,000 13,999,034 City of New York, Series 2005F, Sub-Series 2PDKD3XEOLF3RZHU'LVWULFW6HULHV )*295'1 6XPLWRPR0LWVXL%DQNLQJ $ %DQNRI$PHULFD1$6%3$ /2& (b) 2,500 2,500,000 14,000 City of New York, Series 2006I, Sub-Series 2PDKD3XEOLF3RZHU'LVWULFW(OHFWULF7HQGHU ,*295'1 7'%DQN1$/2& 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV (b) 9DULRXV6WDWHV6HULHV;)5% City of New York, Series 2012G, Sub-Series 95'1 &LWLEDQN1$/,4 (a) **295'1 &LWLEDQN1$/2& (b)(c) 5,400 5,400,000 (b) 9,520 9,520,000 2PDKD6FKRRO'LVWULFW6HULHV%*2 City of New York, Series 2012G, Sub-Series **295'1 &LWLEDQN1$/2& (b) 32,015 32,015,000 Nevada — 2.4% City of New York, Series 2014I, Sub-Series /DV9HJDV9DOOH\:DWHU'LVWULFW6HULHV ,*295'1 &LWLEDQN1$/2& $ 6XPLWRPR0LWVXL%DQNLQJ/2& (b) 25,550 25,550,000 43,065 43,064,570 City of New York, Series 2017A, Sub- /DV9HJDV9DOOH\:DWHU'LVWULFW6HULHV 6HULHV$*295'1 &LWLEDQN1$/2& $ 6XPLWRPR0LWVXL%DQNLQJ/2& (b) 44,195 44,195,000 50,000 &LW\RI1HZ S C HEDU LES O F I NVES T MENTS 49 Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value New York (continued) New York (continued) &LW\RI1HZ 50 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value New York (continued) North Dakota (continued) New York State Dormitory Authority, Tender North Dakota Housing Finance Agency, Series 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV +5%95'1 )HGHUDO+RPH/RDQ 9DULRXV6WDWHV6HULHV;)5% %DQN6%3$ 86' 2,745 2,745,000 95'1 -30RUJDQ&KDVH%DQN1$/,4 24,095,000 (a)(b)(c) 86' 3,000 3,000,000 Ohio — 1.9% New York State Housing Finance Agency, %HUHD2KLR&LW\6FKRRO'LVWULFW7HQGHU2SWLRQ 6HULHV$5%95'1 /DQGHVEDQN %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV +HVVHQ7KXULQJHQ*LUR]HQWUDOH/2& 6WDWHV6HULHV**295'1 5R\DO (b) 7,945 7,945,000 %DQNRI&DQDGD/2& (a)(b)(c) 4,050 4,050,000 1HZ Par (000) Par (000) Security Par (000) Value Security Par (000) Value Pennsylvania (continued) Pennsylvania (continued) (PPDXV*HQHUDO$XWKRULW\6HULHV :LONHV%DUUH$UHD6FKRRO'LVWULFW7HQGHU 5%95'1 :HOOV)DUJR%DQN1$6%3$ 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV (b) 86' 39,710 39,710,000 Various States, Series 2019, GO, *HLVLQJHU$XWKRULW\3HQQV\OYDQLD+HDOWK 95'1 %DQNRI$PHULFD1$/2& 6\VWHP7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV (a)(b)(c) 86' &HUWL¿FDWHV9DULRXV6WDWHV6HULHV ;)5%95'1 5R\DO%DQNRI&DQDGD Rhode Island — 0.2% /,4 (a)(b)(c) 4,000 4,000,000 5KRGH,VODQG+HDOWK (GXFDWLRQ%XLOGLQJ *HLVLQJHU$XWKRULW\3HQQV\OYDQLD+HDOWK &RUS7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6\VWHP7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 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County Industrial Development 6HULHV%5%95'1 14,400 14,400,000 $XWKRULW\6HULHV5%95'1 7'%DQN South Dakota Housing Development Authority, 1$6%3$ (b) 6HULHV'5%95'1 )HGHUDO+RPH Oklahoma Development Finance Authority, /RDQ%DQN6%3$ 7,600 7,600,000 6HULHV( 12,500 12,500,000 3HQQV\OYDQLD6WDWH+RXVLQJ)LQDQFH$JHQF\ 22,000,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV Tennessee — 0.7% &HUWL¿FDWHV9DULRXV6WDWHV6HULHV &ODUNVYLOOH3XEOLF%XLOGLQJ$XWKRULW\6HULHV ;)5%95'1 -30RUJDQ&KDVH 5%95'1 %DQNRI$PHULFD1$ %DQN1$/,4 (a)(b)(c) 3,035 3,035,000 /2& (b) 2,620 2,620,000 3HQQV\OYDQLD6WDWH+RXVLQJ)LQDQFH$JHQF\ Memphis Sanitary Sewer System, Tender 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 9DULRXV6WDWHV6HULHV;) ;/5%95'1 :HOOV)DUJR%DQN1$ 5%95'1 5R\DO%DQNRI&DQDGD/,4 /,4 (a)(b)(c) 1,625 1,625,000 (a)(b)(c) 4,340 4,340,000 3HQQV\OYDQLD6WDWH8QLYHUVLW\ 7KH 6HULHV Metropolitan Government of Nashville (5% 275 279,230 'DYLGVRQ&RXQW\6HULHV% 3HQQV\OYDQLD7XUQSLNH&RPPLVVLRQ6HULHV -30RUJDQ&KDVH%DQN1$6%3$ $5%95'1 %DUFOD\V%DQNSOF/2& (b) Tennessee Housing Development Agency 3KLODGHOSKLD$XWKRULW\IRU,QGXVWULDO7HQGHU 5HVLGHQW7HQGHU2SWLRQ%RQG7UXVW 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV 9DULRXV6WDWHV6HULHV ;)5% <;5%95'1 %DUFOD\V%DQN 95'1 0L]XKR&DSLWDO0DUNHWV//&/2& SOF/,4 (a)(b)(c) 10,400 10,400,000 (a)(b)(c) 3,930 3,930,000 6SRUWV ([KLELWLRQ$XWKRULW\RI3LWWVEXUJKDQG Texas — 9.8% $OOHJKHQ\&RXQW\6HULHV$5%95'1 $ELOHQH7H[DV7HQGHU2SWLRQ%RQG7UXVW (b) 2,610 2,610,000 31&%DQN1$6%3$ 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV :HVWPRUHODQG&RXQW\0XQL$XWKRULW\7HQGHU **295'1 5R\DO%DQNRI 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV &DQDGD/2& (a)(b)(c) 12,355 12,355,000 9DULRXV6WDWHV6HULHV<; $XVWLQ(OHFWULF8WLOLW\6\VWHP7HQGHU2SWLRQ 5%95'1 %DUFOD\V%DQNSOF/2& %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV (a)(b)(c) 6WDWHV6HULHV;)5%95'1 -30RUJDQ&KDVH%DQN1$/,4 (a)(b)(c) 27,745 27,745,000 %H[DU&RXQW\+RXVLQJ)LQDQFH&RUS6HULHV 5%95'1 )DQQLH0DH/2& (b) 2,720 2,720,000 52 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Texas (continued) &LW\RI$XVWLQ6HULHV$5%95'1 3RUWRI$UWKXU1DYLJDWLRQ'LVWULFW,QGXVWULDO &LWLEDQN1$/2& (b) 86' 14,645 14,645,000 'HYHORSPHQW&RUS6HULHV&5% &LW\RI$XVWLQ:DWHU :DVWHZDWHU6\VWHP 95'1(b) 86' 1,500 1,500,000 6HULHV5%95'1 %DUFOD\V%DQNSOF 3RUWRI$UWKXU1DYLJDWLRQ'LVWULFW,QGXVWULDO /2& (b) 'HYHORSPHQW&RUS6HULHV$5% &LW\RI*DUODQG6HULHV %DQNRI$PHULFD 95'1(b) 3,000 3,000,000 1$/2& 17,300 17,299,377 3RUWRI$UWKXU1DYLJDWLRQ'LVWULFW,QGXVWULDO City of Garland, Series 2020 (Sumitomo Mitsui 'HYHORSPHQW&RUS6HULHV5% %DQNLQJ/2& 6,000 95'1(b) 9,500 9,500,000 City of Garland, Series 2020 (Sumitomo Mitsui 5HG5LYHU(GXFDWLRQ)LQDQFH&RUS6HULHV %DQNLQJ/2& 5%95'1 7'%DQN1$6%3$ &LW\RI1HZ%UDXQIHOV8WLOLW\6\VWHP6HULHV (b) 20,000 20,000,000 $ -30RUJDQ&KDVH%DQN1$6%3$ 6DQ$QWRQLR(OHFWULF *DV6HULHV% 10,000 9,999,550 6WDWH6WUHHW%DQN 7UXVW&R6%3$ City of San Antonio, Series 2013, GO, 770 6DQ$QWRQLR+RXVLQJ7UXVW)LQDQFH&RUS &LW\RI6DQ$QWRQLR6HULHV$ %DQNRI 6HULHV$5%95'1 8QLWHG)LGHOLW\ $PHULFD1$6%3$ 50,000 50,004,150 %DQN/2& (b) &LW\RI6DQ$QWRQLR6HULHV$ %DQNRI 6DQ$QWRQLR+RXVLQJ7UXVW)LQDQFH&RUS $PHULFD1$6%3$ 7,000 7,000,497 6HULHV%5%95'1 8QLWHG)LGHOLW\ &LW\RI6DQ$QWRQLR6HULHV$ %DQNRI %DQN/2& (b) 2,000 2,000,000 $PHULFD1$6%3$ 32,500 32,497,043 6RXWK7H[DV&RPPXQLW\&ROOHJH'LVWULFW 'DOODV$UHD5DSLG7UDQVLW6HULHV,,$ 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV -30RUJDQ&KDVH%DQN1$6%3$ &HUWL¿FDWHV9DULRXV6WDWHV6HULHV* 3,500 3,499,954 *295'1 5R\DO%DQNRI&DQDGD 'DOODV7H[DV,QGHSHQGHQW6FKRRO'LVWULFW /2& (a)(b)(c) 7,135 7,135,000 6HULHV$ -30RUJDQ&KDVH%DQN1$ 6WDWHRI7H[DV6HULHV%*295'1 /2& 10,000 6WDWH6WUHHW%DQN 7UXVW&R6%3$ 'DOODV7H[DV:DWHU:RUNV 6ZHDU6\VWHP (b) 1,040 1,040,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6WDWHRI7H[DV6HULHV$*295'1 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 6WDWH6WUHHW%DQN 7UXVW&R6%3$ ;) 5%95'1 &LWLEDQN1$/,4 (b) (a)(b)(c) 6,000 6,000,000 6WDWHRI7H[DV6HULHV$*295'1 Harris County Health Facilities Development 6WDWH6WUHHW%DQN 7UXVW&R6%3$ &RUS6HULHV$5%95'1 (b) 9,625 9,625,000 (b) 9,690 9,690,000 6WDWHRI7H[DV6HULHV$*295'1 .DW\,QGHSHQGHQW6FKRRO'LVWULFW6HULHV 6WDWH6WUHHW%DQN 7UXVW&R6%3$ *2 1,500 1,520,249 (b) /DPDU7H[DV&RQV,QGHSHQGHQW6FKRRO 6WDWHRI7H[DV6HULHV*295'1 'LVWULFW7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV )HGHUDO+RPH/RDQ%DQN/,4 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV* (b) 1,215 1,215,000 *295'1 5R\DO%DQNRI&DQDGD/2& 6WDWHRI7H[DV6HULHV7$1 (a)(b)(c) 7,740 7,740,000 50,000 51,532,770 /DUHGR7H[DV7HQGHU2SWLRQ%RQG7UXVW 7DUUDQW&RXQW\&XOWXUDO(GXFDWLRQ)DFLOLWLHV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV )LQDQFH&RUS6HULHV$5%95'1 **295'1 5R\DO%DQNRI&DQDGD 7'%DQN1$/2& (b) 17,125 17,125,000 /2& (a)(b)(c) 10,520 10,520,000 7H[DV:DWHU'HYHORSPHQW%RDUG7HQGHU /HDQGHU7H[DV,QGHSHQGHQW6FKRRO'LVWULFW 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 9DULRXV6WDWHV6HULHV;) &HUWL¿FDWHV9DULRXV6WDWHV6HULHV* 5%95'1 7RURQWR'RPLQLRQ%DQN/,4 *295'1 5R\DO%DQNRI&DQDGD/2& (a)(b)(c) 300 300,000 (a)(b)(c) 2,000 2,000,000 Tomball Independent School District, Series 1RUWK%HQG:DWHU$XWKRULW\7H[DV:DWHU *2 375 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 8QLYHUVLW\RI7H[DV6\VWHP 7KH 6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV $ 23,000 22,994,549 ;)5%95'1 -30RUJDQ&KDVH 8QLYHUVLW\RI7H[DV6\VWHP 7KH 6HULHV %DQN1$/,4 (a)(b)(c) 16,520 16,520,000 $ 15,500 15,495,769 1RUWK7H[DV$XWKRULW\7HQGHU2SWLRQ%RQG 505,644,459 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV Utah — 1.8%(b) 6HULHV(95'1 5R\DO%DQNRI &RXQW\RI8WDK6HULHV&5% &DQDGD/2& (a)(b)(c) 11,000 11,000,000 95'1 %02+DUULV%DQN1$6%3$ 3DVDGHQD,QGHSHQGHQW6FKRRO'LVWULFW6HULHV 71,275 71,275,000 %*295'1 -30RUJDQ&KDVH &RXQW\RI8WDK6HULHV(5%95'1 %DQN1$6%3$ (b) 20,965 20,965,000 -30RUJDQ&KDVH%DQN1$6%3$ S C HEDU LES O F I NVES T MENTS 53 Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Utah (continued) Washington (continued) &RXQW\RI8WDK6HULHV&5%95'1 7' :DVKLQJWRQ6WDWH+HDOWK&DUH)DFLOLWLHV %DQN1$6%3$ 86' 3,900 3,900,000 $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW &RXQW\RI:HEHU6HULHV&5%95'1 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV %DQNRI1HZ 8WDK&RXQW\+RVSLWDO7HQGHU2SWLRQ%RQG 37,649,242 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV West Virginia — 0.4% 6HULHV 5%95'1 :HOOV)DUJR%DQN :HVW9LUJLQLD+RVSLWDO)LQDQFH$XWKRULW\6HULHV 1$/,4 (a)(c) 1,910 1,910,000 &5%95'1 7'%DQN1$/2& 92,770,000 (b) 22,955 22,955,000 (b) Wisconsin — 1.6%(b) )DLUID[&RXQW\,QGXVWULDO'HYHORSPHQW 8QLYHUVLW\RI:LVFRQVLQ+RVSLWDOV &OLQLFV $XWKRULW\6HULHV&5%95'1 6HULHV %5%95'1 86%DQN1$ 3,665 3,665,000 /2& 26,750 26,750,000 )DLUID[&RXQW\,QGXVWULDO'HYHORSPHQW 8QLYHUVLW\RI:LVFRQVLQ+RVSLWDOV &OLQLFV $XWKRULW\6HULHV&5%95'1 6HULHV&5%95'1 %02+DUULV%DQN 16,500 16,500,000 1$6%3$ 12,300 12,300,000 +DPSWRQ5RDGV7UDQVSRUW$FFRXQWDQW7HQGHU :LVFRQVLQ+RXVLQJ (FRQRPLF'HYHORSPHQW 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV $XWKRULW\6HULHV'5%95'1 5R\DO 9DULRXV6WDWHV6HULHV;) %DQNRI&DQDGD6%3$ 9,200 9,200,000 5%95'1 %DQNRI$PHULFD1$/,4 :LVFRQVLQ+RXVLQJ (FRQRPLF'HYHORSPHQW (a)(c) 4,400 4,400,000 $XWKRULW\6HULHV&5%95'1 5R\DO /RXGRXQ&RXQW\(FRQRPLF'HYHORSPHQW %DQNRI&DQDGD6%3$ $XWKRULW\6HULHV$5%95'1 :LVFRQVLQ+RXVLQJ (FRQRPLF'HYHORSPHQW $XWKRULW\6HULHV %5%95'1 )HGHUDO /RXGRXQ&RXQW\(FRQRPLF'HYHORSPHQW +RPH/RDQ%DQN6%3$ 17,400 17,400,000 $XWKRULW\6HULHV)5%95'1 1RUIRON(FRQRPLF'HYHORSPHQW$XWKRULW\ Wyoming — 0.2% 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV :\RPLQJ&RPPXQLW\'HYHORSPHQW$XWKRULW\ &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 6HULHV5%95'1 5R\DO%DQNRI ;*5%95'1 %DUFOD\V%DQNSOF &DQDGD6%3$ (b) 9,750 9,750,000 (a)(c) /,4 Total Municipal Bonds — 96.6% 9LUJLQLD&RPPRQZHDOWK7UDQVSRUWDWLRQ%RDUG (Cost: $4,989,528,032) 7UXVW7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV Closed-End Investment Companies — 3.3%(b) ;) 5%95'1 5R\DO%DQNRI&DQDGD /,4 (a)(c) 6,000 6,000,000 California — 1.0% 60,340,000 1XYHHQ&DOLIRUQLD$07)UHH4XDOLW\0XQLFLSDO Washington — 0.7% ,QFRPH)XQG6HULHV95'3 &LWLEDQN 1$/2& 25,000 25,000,000 .LQJ&RXQW\6FKRRO'LVWULFW1R 1XYHHQ&DOLIRUQLD$07)UHH4XDOLW\ /DNH:DVKLQJWRQ6HULHV*2 Municipal Income Fund, Series 2016, 1,405 1,409,126 95'3 6XPLWRPR0LWVXL%DQNLQJ/2& .LQJ&RXQW\:DVKLQJWRQ+RXVLQJ$XWKRULW\ (a) 25,000 25,000,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 50,000,000 ;/5%95'1 :HOOV)DUJR%DQN1$ New York — 1.8% (a)(b)(c) /,4 5,300 5,300,000 1XYHHQ$07)UHH4XDOLW\0XQLFLSDO,QFRPH 6WDWHRI:DVKLQJWRQ6HULHV5&*2 )XQG6HULHV95'3 6XPLWRPR0LWVXL 3,000 3,023,077 %DQNLQJ/2& 14,300 14,300,000 6WDWHRI:DVKLQJWRQ6HULHV5'*2 1XYHHQ1HZ 54 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniCash (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Security Par (000) Value Other — 0.5% Nuveen AMT-Free Municipal Credit Income )XQG6HULHV95'3 &LWLEDQN1$ /2& 86' 19,000 19,000,000 1XYHHQ$07)UHH4XDOLW\0XQLFLSDO,QFRPH )XQG6HULHV95'3 &LWLEDQN1$ /2& (a) 6,900 6,900,000 25,900,000 Total Closed-End Investment Companies — 3.3% (Cost: $169,700,000) 169,700,000 Total Investments — 99.9% (Cost: $5,159,228,032)(e) 5,159,363,435 Other Assets Less Liabilities — 0.1% 4,379,977 Net Assets — 100.0% 5,163,743,412 (a) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (b) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (c) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (d) 86*RYHUQPHQWVHFXULWLHVKHOGLQHVFURZDUHXVHGWRSD\LQWHUHVWRQWKLVVHFXULW\DVZHOODVWRUHWLUHWKHERQGLQIXOODWWKHGDWHLQGLFDWHGW\SLFDOO\DWDSUHPLXPWRSDU (e) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 5,159,363,435 ² 5,159,363,435 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 55 Schedule of Investments MuniFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value (a) Municipal Bonds — 97.0% Maryland — 3.2% 0DU\ODQG+HDOWK +LJKHU(GXFDWLRQDO)DFLOLWLHV Alaska — 0.6% $XWKRULW\6HULHV'5%95'1 7' $ODVND+RXVLQJ)LQDQFH&RUS6HULHV $ %DQN1$/2& 86' 700 700,000 5%95'1 :HOOV)DUJR%DQN1$6%3$ 0DU\ODQG+HDOWK +LJKHU(GXFDWLRQDO)DFLOLWLHV (a) 86' 475 475,000 $XWKRULW\6HULHV5%95'1 0 7 (c) (a) %DQN/2& 1,725 1,725,000 Colorado — 2.0% &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP 2,425,000 6HULHV%5%95'1 Landesbank Massachusetts — 4.1% Hessen-Thuringen *LUR]HQWUDOH6%3$ %RVWRQ:DWHU 6HZHU&RPPLVVLRQ6HULHV 500 500,000 $ 6WDWH6WUHHW%DQN 7UXVW&R/2& &LW\RI&RORUDGR6SULQJV8WLOLWLHV6\VWHP 2,000 2,000,000 6HULHV &5%95'1 6XPLWRPR0LWVXL 0DVVDFKXVHWWV%D\7UDQVSRUWDWLRQ$XWKRULW\ %DQNLQJ6%3$ 5 5,000 6HULHV$6XE6HULHV$5%95'1 Colorado Health Facilities Authority, Tender 6WDWH6WUHHW%DQN 7UXVW&R6%3$ 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV (a) 1,100 1,100,000 9DULRXV6WDWHV6HULHV;)5% 3,100,000 95'1 -30RUJDQ&KDVH%DQN1$/,4 Michigan — 6.6% (b)(c) 1,000 1,000,000 %RDUGRI7UXVWHHVRI0LFKLJDQ6WDWH8QLYHUVLW\ 1,505,000 6HULHV) 2,000 2,000,000 Connecticut — 0.9%(a) 8QLYHUVLW\RI0LFKLJDQ6HULHV%5% Connecticut Housing Finance Authority, Series 95'1(a) 3,000 3,000,000 &6XE6HULHV&5%95'1 5R\DO 5,000,000 %DQNRI&DQDGD6%3$ 400 400,000 Minnesota — 5.6%(a) Connecticut Housing Finance Authority, Series )6XE6HULHV)5%95'1 Helaba &LW\RI0LQQHDSROLV6HULHV %5% 6%3$6%3$ 300 300,000 95'1 :HOOV)DUJR%DQN1$6%3$ 2,500 2,500,000 700,000 &LW\RI5RFKHVWHU6HULHV$5%95'1 District of Columbia — 2.4%(a) 1,750 1,750,000 'LVWULFWRI&ROXPELD6HULHV$5%95'1 4,250,000 0DQXIDFWXUHUV 7UDGHUV7UXVW&R/2& Missouri — 4.0% 900 900,000 0HWURSROLWDQ:DVK7UDQVSRUWDWLRQ$XWKRULW\ 0LVVRXUL6WDWH+HDOWK (GXFDWLRQ)DFLOLWLHV 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV $XWKRULW\7HQGHU2SWLRQ%RQG7UXVW &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV &5%95'1 5R\DO%DQNRI&DQDGD ;*5%95'1 %DQNRI$PHULFD1$ (a)(b)(c) (b)(c) /2& 3,000 3,000,000 /2& 950 950,000 Nevada — 2.8% Florida — 4.5%(a) /DV9HJDV9DOOH\:DWHU'LVWULFW6HULHV $ 6XPLWRPR0LWVXL%DQNLQJ/2& &LW\RI*DLQHVYLOOH8WLOLWLHV6\VWHP6HULHV 1,500 1,500,000 $5%95'1 6WDWH6WUHHW%DQN 7UXVW&R6%3$ 900 900,000 1HYDGD6\VWHPRI+LJKHU(GXFDWLRQ7HQGHU Highlands County Health Facilities Authority, 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV 9DULRXV6WDWHV6HULHV;) 6HULHV,5%95'1 2,500 2,500,000 &2395'1 %DUFOD\V%DQNSOF/,4 3,400,000 (a)(b)(c) 600 600,000 Illinois — 0.7% 2,100,000 ,OOLQRLV)LQDQFH$XWKRULW\6HULHV&6XE New Hampshire — 2.2% 6HULHV%5%95'1 -30RUJDQ&KDVH 1HZ+DPSVKLUH+HDOWKDQG(GXFDWLRQ)DFLOLWLHV %DQN1$6%3$ (a) 565 565,000 $XWKRULW\$FW6HULHV$5%95'1 Iowa — 2.9%(a) 6WDWH6WUHHW%DQN 7UXVW&R6%3$ ,RZD)LQDQFH$XWKRULW\6HULHV%5% (a) 1,700 1,700,000 95'1 )HGHUDO+RPH/RDQ%DQN6%3$ New York — 17.3% 475 475,000 %HWKOHKHP&HQWUDO6FKRRO'LVWULFW6HULHV ,RZD)LQDQFH$XWKRULW\6HULHV$5% $%$1*2 1,000 1,007,200 95'1 1,700 1,700,000 City of New York, Series 2006I, Sub-Series 2,175,000 ,*295'1 7'%DQN1$/2& Kansas — 1.3% (a) 2,100 2,100,000 :\DQGRWWH&RXQW\.DQVDV86'7HQGHU2SWLRQ City of New York, Series 2012G, Sub-Series %RQG7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV **295'1 0L]XKR%DQN/WG/2& 6WDWHV6HULHV**295'1 5R\DO (a) %DQNRI&DQDGD/2& (a)(b)(c) 1,000 1,000,000 Metropolitan Transportation Authority, Series $5%95'1 7'%DQN1$/2& (a) 20 20,000 56 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) MuniFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value New York (continued) Texas — 10.0% New York City Transitional Finance Authority, %H[DU&RXQW\+RXVLQJ)LQDQFH&RUS6HULHV 6HULHV$6XE6HULHV$5%95'1 5%95'1 )DQQLH0DH/2& -30RUJDQ&KDVH%DQN1$6%3$ (a) 86' (a) 86' 700 700,000 &LW\RI$XVWLQ6HULHV$5%95'1 New York City Transitional Finance Authority &LWLEDQN1$/2& (a) 150 150,000 )XWXUH7D[6HFXUHG6HULHV6XE &LW\RI6DQ$QWRQLR6HULHV$ %DQNRI 6HULHV'5%95'1 0L]XKR%DQN/WG $PHULFD1$6%3$ 1,500 1,500,000 6%3$ (a) 1,500 1,500,000 'DOODV$UHD5DSLG7UDQVLW6HULHV,,$ New York City Transitional Finance Authority -30RUJDQ&KDVH%DQN1$6%3$ )XWXUH7D[6HFXUHG6HULHV 6XE 500 500,000 6HULHV$5%95'1 -30RUJDQ&KDVH 3RUWRI$UWKXU1DYLJDWLRQ'LVWULFW,QGXVWULDO %DQN1$6%3$ (a) 1,100 1,100,000 'HYHORSPHQW&RUS6HULHV$5% 1HZ 2,990,000 Total Municipal Bonds — 97.0% Oregon — 3.7% (Cost: $73,422,419) 73,422,419 Oregon State Facilities Authority, Series %5%95'1 7'%DQN1$/2& (a) Pennsylvania — 4.6% &LW\RI3KLODGHOSKLD6HULHV$7$1 1,500 1,536,952 6SRUWV ([KLELWLRQ$XWKRULW\RI3LWWVEXUJKDQG $OOHJKHQ\&RXQW\6HULHV$5%95'1 31&%DQN1$6%3$ (a) 1,920 1,920,000 3,456,952 S C HEDU LES O F I NVES T MENTS 57 Schedule of Investments (continued) MuniFund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Security Par (000) Value Closed-End Investment Companies — 2.9% New York — 2.9%(a) 1XYHHQ$07)UHH4XDOLW\0XQLFLSDO,QFRPH )XQG6HULHV95'3 6XPLWRPR0LWVXL %DQNLQJ/2& 86' 700 700,000 1XYHHQ1HZ 2,200,000 Total Closed-End Investment Companies — 2.9% (Cost: $2,200,000) 2,200,000 Total Investments — 99.9% (Cost: $75,622,419)(d) 75,622,419 Other Assets Less Liabilities — 0.1% Net Assets — 100.0% 75,704,913 (a) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (b) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (c) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (d) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² 75,622,419 ² 75,622,419 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 58 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments California Money Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Municipal Bonds — 96.7% California (continued) (DVW%D\0XQLFLSDO8WLOLW\'LVWULFW:DWHU California — 96.7% 6\VWHP6HULHV$5%95'1 :HOOV Abag)LQDQFH$XWKRULW\IRU1RQSUR¿W&RUS )DUJR%DQN1$6%3$ (a) 86' 6,335 6,335,000 6HULHV $5%95'1 %DQNRI$PHULFD (DVWHUQ0XQLFLSDO:DWHU'LVWULFW6HULHV$ 1$/2& (a) 86' 900 900,000 5%95'1 %DQNRI$PHULFD1$6%3$ Abag)LQDQFH$XWKRULW\IRU1RQSUR¿W&RUS (a) 6HULHV &5%95'1 &LWLEDQN1$ )RQWDQD&DOLIRUQLD8QLYHUVLW\6FKRRO'LVWULFW /2& (a) 1,450 1,450,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV %D\$UHD7ROO$XWKRULW\6HULHV&5% &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 95'1 6XPLWRPR0LWVXL%DQNLQJ/2& ;) *295'1 %DUFOD\V%DQNSOF (a) /,4 (a)(b)(c) 3,000 3,000,000 %D\$UHD7ROO$XWKRULW\7HQGHU2SWLRQ%RQG *LOUR\&DOLIRUQLD8QL¿HG6FKRRO'LVWULFW 7UXVW5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6HULHV;* 5%95'1 %DQNRI &HUWL¿FDWHV9DULRXV6WDWHV6HULHV $PHULFD1$/,4 (a)(b)(c) 4,200 4,200,000 *295'1 5R\DO%DQNRI&DQDGD/,4 California Health Facilities Financing (a)(b)(c) 2,000 2,000,000 $XWKRULW\6HULHV%5%95'1 Hartnell Community College District, Tender (a) 2,350 2,350,000 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV California Health Facilities Financing Authority, 9DULRXV6WDWHV6HULHV;) 6HULHV &5%95'1 86%DQN1$ *295'1 7RURQWR'RPLQLRQ%DQN/,4 /2& (a) 1,340 1,340,000 (a)(b)(c) 1,150 1,150,000 California Health Facilities Financing Authority, /RQJ%HDFK&DOLIRUQLD&RPPXQLW\&ROOHJH 6HULHV%5%95'1 %DQNRI0RQWUHDO 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV /2& (a) 2,535 2,535,000 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV California Health Facilities Financing Authority, *295'1 -30RUJDQ&KDVH%DQN1$ 6HULHV&5%95'1 %DQNRI0RQWUHDO /,4 (a)(b)(c) 2,695 2,695,000 /2& (a) /RQJ%HDFK&DOLIRUQLD8QLYHUVLW\6FKRRO California Health Facilities Financing 'LVWULFW7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV $XWKRULW\6HULHV&5%95'1 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV (a) ;)*295'1 7'%DQN1$/,4 California Municipal Finance Authority, Series (a)(b)(c) 1,610 1,610,000 $5%95'1(a) 7,350 7,350,000 Los Angeles California Housing Department, &DOLIRUQLD3ROOXWLRQ&RQWURO)LQDQFLQJ 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV $XWKRULW\6HULHV %5%95'1 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 5% (a) 3,100 3,100,000 95'1 -30RUJDQ&KDVH%DQN1$/,4 California Statewide Communities Development (a)(b)(c) $XWKRULW\6HULHV%5%95'1 :HOOV /RV$QJHOHV&DOLIRUQLD8QL¿HG6FKRRO'LVWULFW )DUJR%DQN1$/2& (a) 2,500 2,500,000 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV California Statewide Communities Development &HUWL¿FDWHV9DULRXV6WDWHV6HULHV $XWKRULW\6HULHV&5%95'1 ;0*295'1 -30RUJDQ&KDVH 1RUWKHUQ7UXVW&R/2& (a) 5,995 5,995,000 %DQN1$/,4 (a)(b)(c) 2,225 2,225,000 &DOLIRUQLD8QLYHUVLW\RI6FLHQFHV 0HGLFLQH /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV 6\VWHP6HULHV%6XE6HULHV% &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 5% 5%95'1 5R\DO%DQNRI&DQDGD6%3$ 95'1 0L]XKR&DSLWDO0DUNHWV//&/2& (a) 1,000 1,000,000 (a)(b)(c) /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU &KLQR9DOOH\&DOLIRUQLD8QL¿HG6FKRRO'LVWULFW 6\VWHP6HULHV%6XE6HULHV 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV %5%95'1 &LWLEDQN1$6%3$ &HUWL¿FDWHV9DULRXV6WDWHV6HULHV (a) 1,900 1,900,000 ;0*295'1 7RURQWR'RPLQLRQ /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU %DQN/,4 (a)(b)(c) 3,940 3,940,000 6\VWHP6HULHV%5%95'1 %DQN &LW\ &RXQW\RI6DQ)UDQFLVFR6HULHV% RI7KH:HVW6%3$ (a) 7,000 7,000,000 5%95'1 %DQNRI$PHULFD1$/2& /RV$QJHOHV'HSDUWPHQWRI:DWHU 3RZHU (a) 450 450,000 System, Series 2019A, Sub-Series City of Los Angeles, Series 2020, TAN, $5%95'1 7'%DQN1$6%3$ 2,000 2,047,996 (a) 1,900 1,900,000 County of Los Angeles, Series 2020-21A, TAN, 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ 1,000 &DOLIRUQLD6HULHV(5%95'1 &RXQW\RI5LYHUVLGH6HULHV7$1 (a) 10,000 10,000,000 2,000 2,049,641 0HWURSROLWDQ:DWHU'LVWULFWRI6RXWKHUQ 'HO0DU&DOLIRUQLD7HQGHU2SWLRQ%RQG7UXVW &DOLIRUQLD6HULHV$5%95'1 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV 7RURQWR'RPLQLRQ%DQN6%3$ ;* 95'1 %DQNRI$PHULFD1$ (a) 4,510 4,510,000 /2& (a)(b)(c) 2,655 2,655,000 0XQLFLSDO,PSURYHPHQW&RUSRI/RV$QJHOHV 6HULHV$ 86%DQN1$/2& 3,000 S C HEDU LES O F I NVES T MENTS 59 Schedule of Investments (continued) California Money Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value California (continued) California (continued) 1RUWKHUQ&DOLIRUQLD3RZHU$JHQF\6HULHV 6DQ0DWHR&DOLIRUQLD8QL¿HG6FKRRO'LVWULFW $5%95'1 %DQNRI$PHULFD1$ 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV /2& (a) 86' 450 450,000 &HUWL¿FDWHV9DULRXV6WDWHV6HULHV 2UDQJH&RXQW\:DWHU'LVWULFW6HULHV ;) *295'1 -30RUJDQ&KDVH $&2395'1 &LWLEDQN1$/2& %DQN1$/,4 (a)(b)(c) 86' 4,357 4,357,000 (a) 1,700 1,700,000 6DQWD%DUEDUD&DOLIRUQLD8QL¿HG6FKRRO 5HJHQWVRIWKH8QLYHUVLW\RI&DOLIRUQLD0HGLFDO 'LVWULFW7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV &HQWHU3RROHG6HULHV%6XE6HULHV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV %5%95'1(a) 3,965 3,965,000 *295'1 -30RUJDQ&KDVH%DQN1$ 6DFUDPHQWR0XQLFLSDO8WLOLW\'LVWULFW7HQGHU /,4 (a)(b)(c) 2SWLRQ%RQG7UXVW5HFHLSWV&HUWL¿FDWHV Santa Clara Valley Transportation Authority, 9DULRXV6WDWHV6HULHV;) 6HULHV'5%95'1 7'%DQN1$ 5%95'1 7RURQWR'RPLQLRQ%DQN/,4 6%3$ (a) 2,100 2,100,000 (a)(b)(c) 4,000 4,000,000 6WDWHRI&DOLIRUQLD6HULHV%*295'1 Sacramento Transportation Authority, Series 86%DQN1$/2& (a) 1,960 1,960,000 $5%95'1 6XPLWRPR0LWVXL 6WDWHRI&DOLIRUQLD6HULHV%*2 %DQNLQJ/2& (a) 1,540 1,540,000 95'1 08)*8QLRQ%DQN1$/2& Sacramento Transportation Authority, Series (a) 1,900 1,900,000 $5%95'1 6XPLWRPR0LWVXL 8QLYHUVLW\RI&DOLIRUQLD6HULHV$/5% %DQNLQJ/2& (a) 3,375 3,375,000 95'1(a) 6DQ'LHJR&RXQW\5HJLRQDO7UDQVSRUWDWLRQ 8QLYHUVLW\RI&DOLIRUQLD6HULHV$/5% &RPPLVVLRQ6HULHV$5%95'1 95'1(a) -30RUJDQ&KDVH%DQN1$6%3$ :HVWHUQ0XQLFLSDO:DWHU'LVWULFW)DFLOLWLHV (a) 500 500,000 $XWKRULW\6HULHV$5%95'1 7' 6DQ'LHJR3XEOLF)DFLOLWLHV)LQDQFLQJ$XWKRULW\ %DQN1$/2& (a) 6HULHV% %DQNRI$PHULFD1$/2& 2,000 Total Municipal Bonds — 96.7% 6DQ)UDQFLVFR&DOLIRUQLD%D\$UHD5DSLG (Cost: $148,626,923) 7UDQVLW'LVWULFW7HQGHU2SWLRQ%RQG7UXVW 5HFHLSWV&HUWL¿FDWHV9DULRXV6WDWHV6HULHV Closed-End Investment Companies — 3.3% ;) *295'1 &LWLEDQN1$ California — 3.3% (a)(b)(c) /,4 200 200,000 1XYHHQ&DOLIRUQLD$07)UHH4XDOLW\0XQLFLSDO San Francisco City & County Airport Comm- ,QFRPH)XQG6HULHV95'3 &LWLEDQN San Francisco International Airport, Series 1$/2& (a) 5,000 5,000,000 %5%95'1 %DUFOD\V%DQNSOF/2& (a) 1,200 1,200,000 Total Closed-End Investment Companies — 3.3% San Francisco City & County Airport Comm- (Cost: $5,000,000) 5,000,000 San Francisco International Airport, Series &5%95'1 6XPLWRPR0LWVXL Total Investments — 100.0% %DQNLQJ/2& (a) 300 300,000 (Cost: $153,626,923)(d) 6DQ-RVH&DOLIRUQLD8QL¿HG6FKRRO'LVWULFW Other Assets Less Liabilities — 0.0% 7HQGHU2SWLRQ%RQG7UXVW5HFHLSWV &HUWL¿FDWHV9DULRXV6WDWHV6HULHV Net Assets — 100.0% 153,666,226 ;)*295'1 7RURQWR'RPLQLRQ %DQN/,4 (a)(b)(c) (a) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (b) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (c) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (d) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV 60 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) California Money Fund October 31, 2020 Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² ² 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV S C HEDU LES O F I NVES T MENTS 61 Schedule of Investments New York Money Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Municipal Bonds — 93.9% New York (continued) 1HZ 62 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Schedule of Investments (continued) New York Money Fund (Percentages shown are based on Net Assets) October 31, 2020 Par (000) Par (000) Security Par (000) Value Security Par (000) Value New York (continued) New York (continued) New York State Dormitory Authority, Series New York State Housing Finance Agency, %5%95'1 %DQNRI$PHULFD1$ 6HULHV$5%95'1 Landesbank /2& (a) 86' 240 240,000 Hessen-Thuringen *LUR]HQWUDOH LOC), New York State Dormitory Authority, Series (a) 86' 1,000 1,000,000 &5%95'1 %DQNRI$PHULFD1$ New York State Housing Finance Agency, /2& (a) 1,620 1,620,000 6HULHV$5%95'1 )UHGGLH0DF New York State Dormitory Authority, Series /,4 (a) 300 300,000 '5%95'1 7'%DQN1$/2& 1HZ /2& (a) 400 400,000 New York State Housing Finance Agency, Closed-End Investment Companies — 6.0% 6HULHV$5%95'1 Landesbank New York — 6.0% Hessen-Thuringen *LUR]HQWUDOH LOC), 1XYHHQ1HZ 6HULHV/5%95'1 %DQNRI$PHULFD (a) 1$/2& 235 235,000 Total Closed-End Investment Companies — 6.0% New York State Housing Finance Agency, (Cost: $9,000,000) 9,000,000 6HULHV$5%95'1 )DQQLH0DH (a) /2& Total Investments — 99.9% New York State Housing Finance Agency, (Cost: $149,880,766)(d) 6HULHV $5%95'1 )DQQLH0DH (a) Other Assets Less Liabilities — 0.1% /2& 4,500 4,500,000 Net Assets — 100.0% (a) 9DULDEOHUDWHVHFXULW\5DWHDVRISHULRGHQGDQGPDWXULW\LVWKHGDWHWKHSULQFLSDORZHGFDQEHUHFRYHUHGWKURXJKGHPDQG (b) 7KHVHVHFXULWLHVDUHVKRUWWHUPÀRDWLQJUDWHFHUWL¿FDWHVLVVXHGE\WHQGHURSWLRQERQGWUXVWVDQGDUHVHFXUHGE\WKHXQGHUO\LQJPXQLFLSDOERQGVHFXULWLHV (c) 6HFXULW\H[HPSWIURPUHJLVWUDWLRQSXUVXDQWWR5XOH$XQGHUWKH6HFXULWLHV$FWRI DVDPHQGHG7KHVHVHFXULWLHVPD\EHUHVROGLQWUDQVDFWLRQVH[HPSWIURPUHJLVWUDWLRQWRTXDOL¿HG LQVWLWXWLRQDOLQYHVWRUV (d) &RVWIRU86IHGHUDOLQFRPHWD[SXUSRVHV S C HEDU LES O F I NVES T MENTS 63 Schedule of Investments (continued) New York Money Fund October 31, 2020 Fair Value Hierarchy as of Period End 9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV)RUGHVFULSWLRQRIWKHLQSXWOHYHOVDQGLQIRUPDWLRQDERXWWKH)XQG¶VSROLF\UHJDUGLQJYDOXDWLRQ RI¿QDQFLDOLQVWUXPHQWVUHIHUWRWKH1RWHVWR)LQDQFLDO6WDWHPHQWV 7KHIROORZLQJWDEOHVXPPDUL]HVWKH)XQG¶VLQYHVWPHQWVFDWHJRUL]HGLQWKHGLVFORVXUHKLHUDUFK\7KHEUHDNGRZQRIWKH)XQG VLQYHVWPHQWVLQWRPDMRUFDWHJRULHVLV GLVFORVHGLQWKH6FKHGXOHRI,QYHVWPHQWVDERYH Level 1 Level 2 Level 3 Total Assets: Investments: Short-Term Securities ² ² 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 64 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Assets and Liabilities October 31, 2020 Federal Trust Fund FedFund TempCash TempFund T-Fund ASSETS ,QYHVWPHQWVDWYDOXH²XQDI¿OLDWHG(a) 4,461,051,215 69,431,995,777 Cash 109,650,264 266,243,127 5HSXUFKDVHDJUHHPHQWVDWYDOXH²XQDI¿OLDWHG(b) ² 1,277,500,000 5HFHLYDEOHV ± ± ± ± ± Investments sold 205,799,990 ² ² Capital shares sold 27,507,534 3,133,143,296 ,QWHUHVW²XQDI¿OLDWHG 467,023 24,776,901 3,135,593 3UHSDLGH[SHQVHV 353,119 194,261 1,073,612 5,453,361 Total assets 11,765,629,530 LIABILITIES 3D\DEOHV ± ± ± ± ± Investments purchased 33,455,000 1,557,630,195 119,947,127 129,942,721 Capital shares redeemed 50 2,533,072,471 27,513,534 971,059 1,912,756,733 Custodian fees 33,913 471,379 Income dividend distributions ² ² 790,399 ² ² Management fees 1,531,362 1,636,923 13,957,909 7UXVWHHV DQG2I¿FHU VIHHV 60,076 6,076 6,114 42,193 3ULQWLQJDQGSRVWDJHIHHV 23,639 50,345 3URIHVVLRQDOIHHV 42,206 213,205 54,426 59,026 5HJLVWUDWLRQIHHV ² 515,196 ² Service and distribution fees 111,146 16,247,054 44 941,010 4,934,135 Transfer agent fees 24,412 27,510 134,490 379,717 2WKHUDFFUXHGH[SHQVHV 144,956 7,345 296,365 1,763,602 Total liabilities 34,441,670 4,133,216,605 150,072,532 134,594,161 1(7$66(76 11,631,035,369 106,366,331,567 NET ASSETS CONSIST OF 3DLGLQFDSLWDO 4,607,724,177 10,636,270,264 11,627,744,457 106,355,330,413 Accumulated earnings 3,290,912 11,001,154 1(7$66(76 11,631,035,369 106,366,331,567 (a),QYHVWPHQWVDWFRVW²XQDI¿OLDWHG 4,461,051,215 9,192,017,096 9,553,074,496 69,431,995,777 (b)5HSXUFKDVHDJUHHPHQWVDWFRVW²XQDI¿OLDWHG ² 1,277,500,000 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 65 Statements of Assets and Liabilities (continued) October 31, 2020 Federal Trust Fund FedFund TempCash TempFund T-Fund NET ASSET VALUE Institutional Net assets Shares outstanding (c) 141,070,636,544 10,920,360,529 Net asset value Administration Net assets ² 9,524,024 Shares outstanding (c) ² 9,516,393 Net asset value ² Capital Net assets ² ² Shares outstanding (c) ² ² 3,220,320 Net asset value ² ² Cash Management Net assets ² 1,009,514,016 Shares outstanding (c) ² Net asset value ² Cash Reserve Net assets 425,324 5,079,902,544 ² Shares outstanding (c) 425,255 5,079,391,990 ² 5,539,253 Net asset value ² Dollar Net assets 17,939 670,204,744 Shares outstanding (c) 2,991,591,607 17,923 106,719,740 Net asset value Premier Net assets 36,506 36,504 36,513 ² 36,504 Shares outstanding (c) 36,500 36,500 ² 36,500 Net asset value ² Private Client Net assets ² 252,273 ² 1,043,033 ² Shares outstanding (c) ² 252,247 ² ² Net asset value ² ² ² Select Net assets ² ² ² Shares outstanding (c) ² 301,795,730 ² ² 30,440,677 Net asset value ² ² ² (c) 8QOLPLWHGQXPEHURIVKDUHVDXWKRUL]HGQRSDUYDOXH 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 66 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Assets and Liabilities (continued) October 31, 2020 Treasury Trust California New York Fund MuniCash MuniFund Money Fund Money Fund ASSETS ,QYHVWPHQWVDWYDOXH²XQDI¿OLDWHG(a) 56,370,037,236 5,159,363,435 75,622,419 Cash ² 73,153 5HFHLYDEOHV ± ± ± ± ± Investments sold 169,063,950 ² ² ² Capital shares sold 195,051 ² ² ² ,QWHUHVW²XQDI¿OLDWHG 5,235,623 49,755 From the Manager ² ² 14,521 ² ² Investment adviser ² ² 152 ² ² 3UHSDLGH[SHQVHV 2,152,925 106,474 50,109 Total assets 150,075,212 LIABILITIES %DQNRYHUGUDIW ² ² ² ² 3D\DEOHV ± ± ± ± ± Investments purchased 7,015,242 ² ² ² Capital shares redeemed 75,000 ² ² ² Custodian fees 336,632 49,124 6,322 9,511 4,963 Income dividend distributions ² 19,070 269 453 Management fees ² 1,013 2,014 7UXVWHHV DQG2I¿FHU VIHHV 26,696 217 3ULQWLQJDQGSRVWDJHIHHV 26,400 19,523 21,204 21,113 3URIHVVLRQDOIHHV 93,031 69,077 41,774 60,161 5HJLVWUDWLRQIHHV ² 1,377 Service and distribution fees 3,367 17,266 ² 94 Transfer agent fees 99,171 12,321 1,149 2WKHUDFFUXHGH[SHQVHV 212,905 5,265 3,513 977 Total liabilities 107,754 93,045 1(7$66(76 57,999,631,771 5,163,743,412 75,704,913 153,666,226 NET ASSETS CONSIST OF 3DLGLQFDSLWDO 57,995,519,711 5,163,616,933 Accumulated earnings (loss) 4,112,060 126,479 (269 ) 6,044 1(7$66(76 57,999,631,771 5,163,743,412 75,704,913 153,666,226 (a),QYHVWPHQWVDWFRVW²XQDI¿OLDWHG 56,370,037,236 75,622,419 153,626,923 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 67 Statements of Assets and Liabilities (continued) October 31, 2020 Treasury Trust California Money New York Money Fund MuniCash MuniFund Fund Fund NET ASSET VALUE Institutional Net assets 56,400,526,030 5,160,530,919 153,629,735 149,945,667 Shares outstanding (b) 56,396,527,343 Net asset value Administration Net assets ² ² ² Shares outstanding (b) ² 156,410 ² ² Net asset value ² ² ² Capital Net assets ² ² ² ² Shares outstanding (b) 250,001 ² ² ² ² Net asset value ² ² ² ² Cash Management Net assets ² ² ² ² Shares outstanding (b) 53,097,317 ² ² ² ² Net asset value ² ² ² ² Cash Reserve Net assets ² ² ² ² Shares outstanding (b) 102,976,917 ² ² ² ² Net asset value ² ² ² ² Dollar Net assets 3,175,995 ² ² Shares outstanding (b) 939,174,197 3,175,646 ² ² Net asset value ² ² Premier Net assets 36,503 36,513 36,491 36,500 Shares outstanding (b) 36,500 36,493 36,500 36,492 36,500 Net asset value Private Client Net assets ² ² 291,724 ² ² Shares outstanding (b) ² ² 291,616 ² ² Net asset value ² ² ² ² Select Net assets ² ² ² Shares outstanding (b) ² 1,936,160 ² ² Net asset value ² ² ² (b) 8QOLPLWHGQXPEHURIVKDUHVDXWKRUL]HGQRSDUYDOXH 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 68 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Operations Federal Trust Fund FedFund TempCash TempFund T-Fund INVESTMENT INCOME ––––– ,QWHUHVW²XQDI¿OLDWHG 31,219,437 1,020,019,026 109,159,247 Total investment income 31,219,437 1,020,019,026 109,159,247 (;3(16(6 Management 9,740,144 259,777,730 23,011,727 161,115,619 5HJLVWUDWLRQ 499,225 1,132,935 6HUYLFHDQGGLVWULEXWLRQ²FODVVVSHFL¿F 241,025 44 3,417,929 14,697,070 Transfer agent 1,239,436 3URIHVVLRQDO 79,550 7UXVWHHVDQG2I¿FHU 505,199 129,439 127,024 456,594 Custodian 1,259,262 136,960 160,500 997,405 3ULQWLQJDQGSRVWDJH 13,792 160,266 9,425 131,766 Miscellaneous 109,317 7RWDOH[SHQVHV 10,652,391 24,022,399 27,493,736 Less: ± ± ± ± ± )HHVZDLYHGDQGRUUHLPEXUVHGE\WKH0DQDJHU (2,669,123 ) (5,220,759 ) (16,323,373 ) 6HUYLFHDQGGLVWULEXWLRQIHHVZDLYHGDQGRUUHLPEXUVHG²FODVVVSHFL¿F (112,024 ) (6) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income REALIZED AND UNREALIZED GAIN (LOSS) $ 671,876 $ 27,444,938 $ (781,370 ) $ (888,222 ) $ 11,254,508 1HWUHDOL]HGJDLQ ORVV IURP ,QYHVWPHQWV²XQDI¿OLDWHG (1,220,250 ) 11,162,632 3D\PHQWE\DI¿OLDWH ² ² ² 14,497 (1,220,250 ) 1HWFKDQJHLQXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ RQLQYHVWPHQWV ² ² (73,119 ) ² 1(7,1&5($6(,11(7$66(765(68/7,1*)52023(5$7,216 24,020,069 Suppression logic for footnote 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 69 Statements of Operations (continued) Year Ended October 31, 2020 Treasury Trust California New York Fund MuniCash MuniFund Money Fund Money Fund INVESTMENT INCOME ––––– ,QWHUHVW²XQDI¿OLDWHG 1,263,461 2,152,641 Total investment income 1,263,461 2,152,641 (;3(16(6 Management 505,317 933,156 6HUYLFHDQGGLVWULEXWLRQ²FODVVVSHFL¿F 4,374,722 6,635 ² ² 5HJLVWUDWLRQ 177,107 70,352 95,926 Custodian 140,790 14,520 7UXVWHHVDQG2I¿FHU 10,725 11,732 3URIHVVLRQDO 295,992 124,913 56,794 95,967 Transfer agent 29,260 12,350 3,315 3,902 3ULQWLQJDQGSRVWDJH 69,095 14,266 10,312 7,442 Miscellaneous 290,560 73,553 13,191 7RWDOH[SHQVHV 15,766,276 1,404,067 Less: ± ± ± ± ± )HHVZDLYHGDQGRUUHLPEXUVHGE\WKH0DQDJHU (11,410,701 ) (4,472,475 ) (551,007 ) 6HUYLFHDQGGLVWULEXWLRQIHHVZDLYHGDQGRUUHLPEXUVHG²FODVVVSHFL¿F (23,537 ) ² ² 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG 97,344,777 11,290,412 300,312 552,466 442,391 Net investment income 272,160,341 963,149 1,600,175 REALIZED AND UNREALIZED GAIN (LOSS) $ 5,555,006 $ (77,475 ) $ 7,714 $ 5,081 $ 2,910 1HWUHDOL]HGJDLQIURPLQYHVWPHQWV 5,555,006 46,530 7,714 4,451 ² 1HWFKDQJHLQXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ RQLQYHVWPHQWV ² (124,005 ) ² 630 2,910 1(7,1&5($6(,11(7$66(765(68/7,1*)52023(5$7,216 277,715,347 1,605,256 1,542,990 Suppression logic for footnote 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 70 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Changes in Net Assets Federal Trust Fund FedFund INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income 66,974,536 1HWUHDOL]HGJDLQ 4,500,454 Net increase in net assets resulting from operations 24,020,069 67,157,626 DISTRIBUTIONS TO SHAREHOLDERS (a) Institutional (23,011,396 ) (64,640,720 ) (669,745,146 ) (1,709,971,371 ) Administration (53,405,549) Capital ² ² (159,322,016) Cash Management (44,364 ) (205,923 ) &DVK5HVHUYH (11,900 ) Dollar (66,472 ) (217,261 ) (40,565,639) 3UHPLHU (235 ) (232 ) 3ULYDWH&OLHQW ² ² (951 ) (5,702 ) Select ² ² (3,014,409) Decrease in net assets resulting from distributions to shareholders (23,593,524 ) (66,974,536 ) (770,411,739 ) CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions 446,167,544 24,206,521,354 NET ASSETS Total increase in net assets 1,062,251,392 446,350,634 24,211,294,354 %HJLQQLQJRI\HDU 3,546,211,760 111,904,555,253 (QGRI\HDU 3,546,211,760 111,904,555,253 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 71 Statements of Changes in Net Assets (continued) TempCash TempFund INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income 293,120,921 1HWUHDOL]HGJDLQ ORVV (1,220,250) 917,720 1HWFKDQJHLQXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ 2,095,321 (73,119 ) Net increase in net assets resulting from operations DISTRIBUTIONS TO SHAREHOLDERS (a) Institutional (179,979,611) Administration ² ² (366,136 ) (565,276 ) Capital ² ² (467) ² Cash Management ² ² &DVK5HVHUYH ² ² (30,920 ) (105,199 ) Dollar (112 ) (2,440 ) (537,055 ) 3UHPLHU (309) (199) ² ² 3ULYDWH&OLHQW ² ² (12,766 ) Select ² ² ² (5) Decrease in net assets resulting from distributions to shareholders (293,120,921) CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions 603,276,726 (1,710,131,706 ) NET ASSETS Total increase (decrease) in net assets 269,094,035 %HJLQQLQJRI\HDU 10,035,707,464 11,361,941,334 (QGRI\HDU 10,035,707,464 11,631,035,369 11,361,941,334 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 72 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Changes in Net Assets (continued) T-Fund Treasury Trust Fund INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income 272,160,341 766,253,135 1HWUHDOL]HGJDLQ 3,559,276 5,555,006 Net increase in net assets resulting from operations 1,531,475,126 277,715,347 DISTRIBUTIONS TO SHAREHOLDERS (a) Institutional (1,253,377,617 ) (741,963,297 ) Administration (3,593,535 ) (2,705,419) Capital (224,500,604) ² ² Cash Management (3,577,313 ) (123,299 ) (305,549 ) &DVK5HVHUYH (2,625,690) (424,419) (1,293,406) Dollar (3,976,267 ) (13,904,914) 3UHPLHU (224 ) Select (263,265 ) (497,351 ) Decrease in net assets resulting from distributions to shareholders (277,044,630) (766,253,135) CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions 6,494,614,343 NET ASSETS Total increase in net assets 6,497,724,273 17,679,549,091 %HJLQQLQJRI\HDU 71,665,397,710 (QGRI\HDU 106,366,331,567 57,999,631,771 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 73 Statements of Changes in Net Assets (continued) MuniCash MuniFund INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income 963,149 3,326,322 1HWUHDOL]HGJDLQ ORVV 46,530 (55,451 ) 7,714 1,155 1HWFKDQJHLQXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ (124,005 ) ² ² Net increase in net assets resulting from operations 3,327,477 DISTRIBUTIONS TO SHAREHOLDERS (a) )URPQHWLQYHVWPHQWLQFRPHDQGQHWUHDOL]HGJDLQ Institutional (30,647,703 ) (64,136,910 ) (3,023,212 ) Administration ² ² (225,733 ) Dollar (10,533 ) (25,575 ) (19,306 ) 3UHPLHU (202 ) (114 ) (207 ) (119 ) 3ULYDWH&OLHQW ² ² (926 ) Select ² ² (4,101 ) From return of capital: ±±±± Institutional ² ² (139,677 ) ² Administration ² ² ² Dollar ² ² ² 3UHPLHU ² ² (66 ) ² 3ULYDWH&OLHQW ² ² (521 ) ² Select ² ² (3,167 ) ² Decrease in net assets resulting from distributions to shareholders (64,162,599 ) (3,326,322 ) CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions (21,345,744 ) 1,190,645,713 (141,446,074 ) 2,149,102 NET ASSETS Total increase (decrease) in net assets 1,190,722,021 2,150,257 %HJLQQLQJRI\HDU 3,994,444,609 217,302,940 (QGRI\HDU 5,163,743,412 75,704,913 217,302,940 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 74 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Statements of Changes in Net Assets (continued) California Money Fund New York Money Fund INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income 1,600,175 3,470,737 1HWUHDOL]HGJDLQ 4,451 ² ² ² 1HWFKDQJHLQXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ 630 591 2,910 53 Net increase in net assets resulting from operations 1,605,256 1,542,990 DISTRIBUTIONS TO SHAREHOLDERS (a) Institutional (3,470,643 ) 3UHPLHU (167 ) (94 ) (197 ) (111 ) Decrease in net assets resulting from distributions to shareholders (1,600,175 ) (3,470,737 ) (1,540,079 ) CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions (243,663,265 ) NET ASSETS Total increase (decrease) in net assets (93,556,173 ) 197,471,971 %HJLQQLQJRI\HDU 397,324,410 169,292,624 46,066,369 (QGRI\HDU 153,666,226 397,324,410 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL S T ATEMENTS 75 Financial Highlights (For a share outstanding throughout each period) Federal Trust Fund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ ORVV (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) ² (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 3,442,530 2,996,754 2,756,560 3,142,077 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 76 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Federal Trust Fund Administration Net asset value, beginning of year Net investment income 1HWUHDOL]HGgain (loss) (a) (a) ² Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) ² (c) ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 42,205 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 77 Financial Highlights (continued) (For a share outstanding throughout each period) Federal Trust Fund Cash Management Net asset value, beginning of period (b) Net investment income 1HWUHDOL]HGJDLQ (b) ² Net increase from investment operations Distributions (c) ±±±±± From net investment income (d) )URPQHWUHDOL]HGJDLQ (d) ² (d) ² Total distributions Net asset value, end of period Total Return (e) ² %DVHGRQQHWDVVHWYDOXH (f) Ratios to Average Net Assets 7RWDOH[SHQVHV (g) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (g) Net investment income (g) Supplemental Data Net assets, end of period (000) 13,175 15,174 31,560 (a) &RPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) $JJUHJDWHWRWDOUHWXUQ (g) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 78 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Federal Trust Fund &DVK5HVHUYH Net asset value, beginning of period (b) Net investment income 1HWUHDOL]HGgain ² Net increase from investment operations Distributions (c) ±±±±± From net investment income (d) )URPQHWUHDOL]HGJDLQ (d) ² (d) ² Total distributions Net asset value, end of period Total Return (e) ² %DVHGRQQHWDVVHWYDOXH (f) Ratios to Average Net Assets 7RWDOH[SHQVHV (g) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (g) Net investment income (g) Supplemental Data Net assets, end of period (000) 425 374 447 499 (a) &RPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) $JJUHJDWHWRWDOUHWXUQ (g) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 79 Financial Highlights (continued) (For a share outstanding throughout each period) Federal Trust Fund Dollar Net asset value, beginning of year (a) Net investment income 1HWUHDOL]HGgain (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income (c) )URPQHWUHDOL]HGJDLQ (c) ² (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 11,152 13,751 133,962 242,959 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 80 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Federal Trust Fund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HGJDLQ (b) Net increase from investment operations Distributions (c) ±± From net investment income )URPQHWUHDOL]HGJDLQ (d) Total distributions Net asset value, end of period Total Return (e) %DVHGRQQHWDVVHWYDOXH (f) Ratios to Average Net Assets 7RWDOH[SHQVHV (g) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (g) Net investment income (g) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) $JJUHJDWHWRWDOUHWXUQ (g) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 81 Financial Highlights (For a share outstanding throughout each period) FedFund Institutional Net asset value, beginning of year Net investment income 054 1HWUHDOL]HGJDLQ ORVV (a) Net increase from investment operations 4 Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 93,106,503 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 82 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) FedFund Administration Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) 2 (a) Net increase from investment operations 6 Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 2,977,997 2,500,290 2,436,503 1,693,932 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 83 Financial Highlights (continued) (For a share outstanding throughout each period) FedFund Capital Net asset value, beginning of period Net investment income 1HWUHDOL]HG gain (loss) 09 Net increase from investment operations 0 Distributions (b) ±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² Total distributions Net asset value, end of period Total Return (c) %DVHGRQQHWDVVHWYDOXH (d) Ratios to Average Net Assets 7RWDOH[SHQVHV (e) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (e) Net investment income (e) Supplemental Data Net assets, end of period (000) &RPPHQFHPHQWRIRSHUDWLRQV (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) $JJUHJDWHWRWDOUHWXUQ (e) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 84 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) FedFund Cash Management Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain 3 (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 377,591 154,607 90,565 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 85 Financial Highlights (continued) (For a share outstanding throughout each period) FedFund &DVK5HVHUYH Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) 2 (a) (a) Net increase from investment operations 2 Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 5,079,903 4,907,193 1,649,400 220,572 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 86 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) FedFund Dollar Net asset value, beginning of year Net investment income 1HWUHDOL]HGgain (loss) 09 (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 2,307,110 1,776,032 2,029,496 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 87 Financial Highlights (continued) (For a share outstanding throughout each period) FedFund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HG gain (b) Net increase from investment operations Distributions (c) ±± From net investment income )URPQHWUHDOL]HGJDLQ ² Total distributions Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 88 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) FedFund 3ULYDWH&OLHQW Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain 2 (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 252 230 1,945 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 89 Financial Highlights (continued) (For a share outstanding throughout each period) FedFund Select Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 256,241 195,297 340,742 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 90 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (For a share outstanding throughout each period) TempCash Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV Net increase from investment operations Distributions (a) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (b) ()(b) ² ² Total distributions Net asset value, end of year Total Return (c) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 10,035,653 1,713,352 72,311 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (b) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 91 Financial Highlights (continued) (For a share outstanding throughout each period) TempCash Dollar Net asset value, beginning of year (a) Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (a) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income (a) Supplemental Data Net assets, end of year (000) 15 22,566 25,994 (a) ,QFOXGHVDQRQUHFXUULQJLQFRPHSD\PHQWZKLFKLPSDFWHGQHWLQYHVWPHQWLQFRPHSHUVKDUHWRWDOUHWXUQDQGWKHQHWLQYHVWPHQWLQFRPHUDWLR([FOXGLQJWKLVRQHWLPHSD\PHQWWKHQHW LQYHVWPHQWLQFRPHSHUVKDUHWKHWRWDOUHWXUQDQGWKHQHWLQYHVWPHQWLQFRPHUDWLRZHUHDQGUHVSHFWLYHO\ (b)'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 92 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) TempCash 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (b) ±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) Total distributions Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 93 Financial Highlights (For a share outstanding throughout each period) TempFund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (a) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ()(b) ² ² Total distributions Net asset value, end of year Total Return (c) ² %DVHGRQQHWDVVHWYDOXH (d) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 10,609,770 12,325,770 12,940,766 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (b) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 94 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) TempFund Administration Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (a) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (b) ² ² Total distributions Net asset value, end of year Total Return (c) ² %DVHGRQQHWDVVHWYDOXH (d) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 9,524 42,214 23,965 106,520 15,197 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (b) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 95 Financial Highlights (continued) (For a share outstanding throughout each period) TempFund Capital 3HULRGIURP (a) WR Net asset value, beginning of period Net investment income 1HWUHDOL]HGDQGXQUHDOL]HG ORVV Net increase from investment operations Distributions (b) ± From net investment income )URPQHWUHDOL]HGJDLQ Total distributions Net asset value, end of period Total Return (c) %DVHGRQQHWDVVHWYDOXH (d)(e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 3,223 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) $JJUHJDWHWRWDOUHWXUQ (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 96 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) TempFund Cash Management Net asset value, beginning of year 0 (a) Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (b) ±±±±± From net investment income (c) )URPQHWUHDOL]HGJDLQ (c) ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 632,405 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 97 Financial Highlights (continued) (For a share outstanding throughout each period) TempFund &DVK5HVHUYH Net asset value, beginning of year 0 Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 5,544 4,296 4,320 3,341 5,630 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 98 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) TempFund Dollar Net asset value, beginning of year 00 Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ Net increase from investment operations Distributions (a) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (b) ² ² Total distributions Net asset value, end of year Total Return (c) ² %DVHGRQQHWDVVHWYDOXH (d) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 91,943 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (b) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 99 Financial Highlights (continued) (For a share outstanding throughout each period) TempFund 3ULYDWH&OLHQW Net asset value, beginning of year 0 (a) Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV Net increase from investment operations Distributions (b) ±±±±± From net investment income (c) )URPQHWUHDOL]HGJDLQ ()(c) ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 1,043 1,165 2,042 1,295 1,649 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 100 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (For a share outstanding throughout each period) T-Fund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 57,671,676 53,092,342 53,764,049 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 101 Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund Administration Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 924,933 75,294 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 102 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund Capital Net asset value, beginning of period 0 Net investment income 1HWUHDOL]HG gain (loss) (b) Net increase from investment operations Distributions (c) ±±± From net investment income )URPQHWUHDOL]HGJDLQ (d) (d) Total distributions Net asset value, end of period Total Return (e) %DVHGRQQHWDVVHWYDOXH (f) (g) Ratios to Average Net Assets 7RWDOH[SHQVHV (h) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (h) Net investment income (h) Supplemental Data Net assets, end of period (000) &RPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ (g) $JJUHJDWHWRWDOUHWXUQ (h) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 103 Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund Cash Management Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 1,009,514 1,035,657 600,314 1,133,743 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 104 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund &DVK5HVHUYH Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (loss) (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 123,57 239,734 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 105 Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund Dollar Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 670,205 1,230,374 2,927,646 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 106 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HG gain (b) Net increase from investment operations Distributions (c) ±± From net investment income )URPQHWUHDOL]HGJDLQ (d) Total distributions Net asset value, end of period Total Return (e) %DVHGRQQHWDVVHWYDOXH (f) (g) Ratios to Average Net Assets 7RWDOH[SHQVHV (h) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (h) Net investment income (h) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ (g) $JJUHJDWHWRWDOUHWXUQ (h) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 107 Financial Highlights (continued) (For a share outstanding throughout each period) T-Fund Select Net asset value, beginning of year Net investment income 1HWUHDOL]HG gain (a) (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ (c) (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 30,444 14,769 19,710 75,759 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 108 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (For a share outstanding throughout each period) Treasury Trust Fund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ ORVV (a) (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 56,400,526 30,530,122 24,157,325 20,911,540 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 109 Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund Administration Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ ORVV (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 465,703 476,145 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 110 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund Capital 3HULRGIURP (a) WR Net asset value, beginning of period (b) Net investment income 1HWUHDOL]HGJDLQ (b) Net increase from investment operations Net asset value, end of period Total Return (c) ² %DVHGRQQHWDVVHWYDOXH (d) Ratios to Average Net Assets 7RWDOH[SHQVHV (e) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (e) Net investment loss (e) Supplemental Data Net assets, end of period (000) 250 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (d) $JJUHJDWHWRWDOUHWXUQ (e) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 111 Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund Cash Management Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ ORVV (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 53,101 36,492 21,110 16,561 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 112 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund &DVK5HVHUYH Net asset value, beginning of period Net investment income 1HWUHDOL]HGJDLQ ORVV (b) (b) Net increase from investment operations Distributions (c) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (d) (d) (d) Total distributions Net asset value, end of period Total Return (e) ² %DVHGRQQHWDVVHWYDOXH (f) Ratios to Average Net Assets 7RWDOH[SHQVHV (g) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (g) Net investment income (g) Supplemental Data Net assets, end of period (000) 74,034 1,002 3,635 (a) &RPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (e) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (f) $JJUHJDWHWRWDOUHWXUQ (g) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 113 Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund Dollar Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ ORVV (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 939,241 977,335 420,095 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 114 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HGJDLQ (b) Net increase from investment operations Distributions (c) ±± From net investment income )URPQHWUHDOL]HGJDLQ ² Total distributions Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 115 Financial Highlights (continued) (For a share outstanding throughout each period) Treasury Trust Fund Select Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) (c) (c) Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 103,647 39,675 79,910 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 116 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (For a share outstanding throughout each period) MuniCash Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ (a) (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 5,160,531 3,992,552 4,096,900 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ (f) ,QFOXGHVUHRUJDQL]DWLRQFRVWVDVVRFLDWHGZLWKWKH)XQG VUHRUJDQL]DWLRQ:LWKRXWWKHVHFRVWVWRWDOH[SHQVHVIRUWKH,QVWLWXWLRQDOFODVVZRXOGKDYHEHHQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 117 Financial Highlights (continued) (For a share outstanding throughout each period) MuniCash Dollar Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 3,176 2,207 1,623 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) ,QFOXGHVSD\PHQWUHFHLYHGIURPDQDI¿OLDWHZKLFKKDGQRLPSDFWRQWKH)XQG¶VWRWDOUHWXUQ (f) ,QFOXGHVUHRUJDQL]DWLRQFRVWVDVVRFLDWHGZLWKWKH)XQG VUHRUJDQL]DWLRQ :LWKRXWWKHVHFRVWVWRWDOH[SHQVHVIRUWKH'ROODUFODVVZRXOGKDYHEHHQ 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 118 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) MuniCash 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV (b) Net increase from investment operations Distributions from net investment income (c) Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 36 36 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 119 Financial Highlights (For a share outstanding throughout each period) MuniFund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGJDLQ (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year 0 0 0 0 0 Total Return (d) ² ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 194,629 191,172 146,316 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 120 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) MuniFund Administration Net asset value, beginning of year 0 0 0 0 0 Net investment income 1HWUHDOL]HGJDLQ (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 156 16,537 21,554 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 121 Financial Highlights (continued) (For a share outstanding throughout each period) MuniFund Dollar Net asset value, beginning of year 0 0 0 0 0 Net investment income 1HWUHDOL]HGgain (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year 0 0 0 0 0 Total Return (d) ² ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 4,462 4,592 5,724 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 122 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) MuniFund 3UHPLHU 3HULRGIURP Net asset value, beginning of period 0 0 Net investment income 1HWUHDOL]HGgain (b) Net increase from investment operations Distributions (c) ±± From net investment income )URPQHWUHDOL]HGJDLQ ² From return of capital ² Total distributions Net asset value, end of period 00 0 Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 123 Financial Highlights (continued) (For a share outstanding throughout each period) MuniFund 3ULYDWH&OLHQW Net asset value, beginning of year 0 0 0 0 0 Net investment income 1HWUHDOL]HGgain (a) (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year 0 0 0 0 0 Total Return (d) ² ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 292 291 319 330 350 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 124 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) MuniFund Select Net asset value, beginning of year 0 0 0 00 00 (a) Net investment income 1HWUHDOL]HGJDLQ (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income (c) )URPQHWUHDOL]HGJDLQ ² (c) From return of capital ² ² ² ² Total distributions Net asset value, end of year 0 0 00 0 0 Total Return (d) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 1,937 2,662 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 125 Financial Highlights (For a share outstanding throughout each period) California Money Fund Institutional Net asset value, beginning of year 0 0 10 Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV (a) Net increase from investment operations Distributions (b) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² ² Total distributions Net asset value, end of year 0 0 Total Return (c) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 153,630 169,293 30,459 41,192 (a) $PRXQWLVOHVVWKDQSHUVKDUH (b) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (c) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 126 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) California Money Fund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV (b) Net increase from investment operations Distributions from net investment income (c) Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 36 36 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVOHVVWKDQSHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 127 Financial Highlights (For a share outstanding throughout each period) New York Money Fund Institutional Net asset value, beginning of year Net investment income 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV Net increase from investment operations Distributions (a) ±±±±± From net investment income )URPQHWUHDOL]HGJDLQ ² ² ² ² From return of capital ² ² ² Total distributions Net asset value, end of year Total Return (b) ² %DVHGRQQHWDVVHWYDOXH Ratios to Average Net Assets 7RWDOH[SHQVHV 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG Net investment income Supplemental Data Net assets, end of year (000) 149,946 243,502 46,066 (a) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (b) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV 128 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Financial Highlights (continued) (For a share outstanding throughout each period) New York Money Fund 3UHPLHU 3HULRGIURP Net asset value, beginning of period Net investment income (b) (b) 1HWUHDOL]HGDQGXQUHDOL]HGJDLQ ORVV Net increase from investment operations Distributions from net investment income (c) Net asset value, end of period Total Return (d) %DVHGRQQHWDVVHWYDOXH (e) Ratios to Average Net Assets 7RWDOH[SHQVHV (f) 7RWDOH[SHQVHVDIWHUIHHVZDLYHGDQGRUUHLPEXUVHG (f) Net investment income (f) Supplemental Data Net assets, end of period (000) 37 37 (a) 5HFRPPHQFHPHQWRIRSHUDWLRQV (b) $PRXQWLVJUHDWHUWKDQ SHUVKDUH (c) 'LVWULEXWLRQVIRUDQQXDOSHULRGVGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQV (d) :KHUHDSSOLFDEOHDVVXPHVWKHUHLQYHVWPHQWRIGLVWULEXWLRQV (e) $JJUHJDWHWRWDOUHWXUQ (f) $QQXDOL]HG 6HHQRWHVWR¿QDQFLDOVWDWHPHQWV F INANC IAL HI G H L I G H TS 129 Notes to Financial Statements 1. ORGANIZATION %ODFN5RFN/LTXLGLW\)XQGV WKH³7UXVW´ LVUHJLVWHUHGXQGHUWKH,QYHVWPHQW&RPSDQ\$FWRI DVDPHQGHG WKH³ $FW´ DVDQRSHQHQGPDQDJHPHQWLQYHVWPHQW FRPSDQ\7KH7UXVWLVRUJDQL]HGDVD'HODZDUHVWDWXWRU\ WUXVW7KHIROORZLQJHDFKRIZKLFKLVDVHULHVRIWKH7UXVW DUHUHIHUUHGWRKHUHLQFROOHFWLYHO\DVWKH³)XQGV´RU individually as a “Fund”: 'LYHUVL¿FDWLRQ )XQG1DPH &ODVVL¿FDWLRQ Federal Trust Fund 'LYHUVL¿HG FedFund 'LYHUVL¿HG TempCash 'LYHUVL¿HG TempFund 'LYHUVL¿HG T-Fund 'LYHUVL¿HG Treasury Trust Fund 'LYHUVL¿HG MuniCash 'LYHUVL¿HG MuniFund 'LYHUVL¿HG California Money Fund 1RQ'LYHUVL¿HG (a) New York Money Fund 1RQ'LYHUVL¿HG (a) (a)&DOLIRUQLD0RQH\)XQGDQG1HZ (DFK)XQGRIIHUVPXOWLSOHFODVVHVRIVKDUHVDOWKRXJKFHUWDLQVKDUHFODVVHVPD\QRWEHRXWVWDQGLQJDWWKHUHSRUWGDWH(DFK)XQGRIIHUVWKHIROORZLQJFODVVHVRIVKDUHV ,QVWLWXWLRQDO6KDUHV$GPLQLVWUDWLRQ6KDUHV&DSLWDO6KDUHV&DVK0DQDJHPHQW6KDUHV&DVK5HVHUYH6KDUHV'ROODU6KDUHV3ULYDWH&OLHQW6KDUHVDQG6HOHFW6KDUHV 7HPS)XQG7)XQG0XQL)XQG&DOLIRUQLD0RQH\)XQGDQG1HZ )HGHUDO7UXVW)XQG)HG)XQG7)XQGDQG7UHDVXU\7UXVW)XQG HDFKRSHUDWHDVD³JRYHUQPHQWPRQH\PDUNHWIXQG´XQGHU5XOHDXQGHUWKH $FW(DFK)XQGLVQRW VXEMHFWWROLTXLGLW\IHHVRUWHPSRUDU\VXVSHQVLRQVRIUHGHPSWLRQVGXHWRGHFOLQHVLQD)XQG VZHHNO\OLTXLGDVVHWV 0XQL)XQG RSHUDWHVDVD³UHWDLOPRQH\PDUNHWIXQG´XQGHU5XOHDXQGHUWKH $FW 2Q2FWREHU7HPS&DVK7HPS)XQGDQG0XQL&DVKDQGRQ2FWREHU&DOLIRUQLD0RQH\)XQGDQG1HZ :LWKUHVSHFWWRHDFKRI7HPS&DVK7HPS)XQG0XQL&DVK0XQL)XQG&DOLIRUQLD0RQH\)XQGDQG1HZ 7KH)XQGVWRJHWKHUZLWKFHUWDLQRWKHUUHJLVWHUHGLQYHVWPHQWFRPSDQLHVDGYLVHGE\%ODFN5RFN$GYLVRUV//& WKH0DQDJHU RULWVDI¿OLDWHVDUHLQFOXGHGLQDFRPSOH[RI HTXLW\PXOWLDVVHWLQGH[DQGPRQH\PDUNHWIXQGVUHIHUUHGWRDVWKH%ODFN5RFN0XOWL$VVHW&RPSOH[ 2. SIGNIFICANT ACCOUNTING POLICIES 7KH¿QDQFLDOVWDWHPHQWVDUHSUHSDUHGLQFRQIRUPLW\ZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD ³86*$$3´ ZKLFKPD\UHTXLUH PDQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIDVVHWVDQGOLDELOLWLHVLQWKH¿QDQFLDOVWDWHPHQWVGLVFORVXUHRIFRQWLQJHQWDVVHWVDQG OLDELOLWLHVDWWKHGDWHRIWKH¿QDQFLDOVWDWHPHQWVDQGWKHUHSRUWHGDPRXQWVRILQFUHDVHVDQGGHFUHDVHVLQQHWDVVHWVIURPRSHUDWLRQVGXULQJWKHUHSRUWLQJSHULRG$FWXDO UHVXOWVFRXOGGLIIHUIURPWKRVHHVWLPDWHV(DFK)XQGLVFRQVLGHUHGDQLQYHVWPHQWFRPSDQ\XQGHU86*$$3DQGIROORZVWKHDFFRXQWLQJDQGUHSRUWLQJJXLGDQFHDSSOLFDEOH WRLQYHVWPHQWFRPSDQLHV%HORZLVDVXPPDU\RIVLJQL¿FDQWDFFRXQWLQJSROLFLHV Investment Transactions and Income Recognition:)RU¿QDQFLDOUHSRUWLQJSXUSRVHVLQYHVWPHQWWUDQVDFWLRQVDUHUHFRUGHGRQWKHGDWHVWKHWUDQVDFWLRQVDUHH[HFXWHG 5HDOL]HGJDLQVDQGORVVHVRQLQYHVWPHQWWUDQVDFWLRQVDUHGHWHUPLQHGRQWKHLGHQWL¿HGFRVWEDVLV,QWHUHVWLQFRPHLQFOXGLQJDPRUWL]DWLRQDQGDFFUHWLRQRISUHPLXPVDQG GLVFRXQWVRQGHEWVHFXULWLHVLVUHFRJQL]HGGDLO\RQDQDFFUXDOEDVLV,QFRPHH[SHQVHVDQGUHDOL]HGDQGXQUHDOL]HGJDLQVDQGORVVHVDUHDOORFDWHGGDLO\WRHDFKFODVVEDVHG RQLWVUHODWLYHQHWDVVHWV Distributions:'LVWULEXWLRQVIURPQHWLQYHVWPHQWLQFRPHDUHGHFODUHGGDLO\DQGSDLGPRQWKO\'LVWULEXWLRQVRIFDSLWDOJDLQVDUHGLVWULEXWHGDWOHDVWDQQXDOO\DQGDUHUHFRUGHG RQWKHH[GLYLGHQGGDWHV7KHSRUWLRQRIGLVWULEXWLRQVLIDQ\WKDWH[FHHGVDIXQG¶VFXUUHQWDQGDFFXPXODWHGHDUQLQJVDQGSUR¿WVDVPHDVXUHGRQDWD[EDVLVFRQVWLWXWHD QRQWD[DEOHUHWXUQRIFDSLWDO7KHFKDUDFWHUDQGWLPLQJRIGLVWULEXWLRQVDUHGHWHUPLQHGLQDFFRUGDQFHZLWK86IHGHUDOLQFRPHWD[UHJXODWLRQVZKLFKPD\GLIIHUIURP86 *$$3 130 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) Liquidity Fees:$Q\OLTXLGLW\IHHVLPSRVHGRQWKHYDOXHRIVKDUHVUHGHHPHGLQWKHHYHQWWKDWTempCash, TempFund, MuniCash, MuniFund, California Money Fund or New Recent Accounting Standards: TempCashKDVDGRSWHG)LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUG$FFRXQWLQJ6WDQGDUGV8SGDWHWRDPHQGWKHDPRUWL]DWLRQSHULRG IRUFHUWDLQSXUFKDVHGFDOODEOHGHEWVHFXULWLHVKHOGDWDSUHPLXP8QGHUWKHQHZVWDQGDUGTempCashKDVFKDQJHGWKHDPRUWL]DWLRQSHULRGIRUWKHSUHPLXPRQFHUWDLQ SXUFKDVHGFDOODEOHGHEWVHFXULWLHVZLWKQRQFRQWLQJHQWFDOOIHDWXUHVWRWKHHDUOLHVWFDOOGDWH,QDFFRUGDQFHZLWKWKHWUDQVLWLRQSURYLVLRQVRIWKHVWDQGDUGTempCash applied WKHDPHQGPHQWVRQDPRGL¿HGUHWURVSHFWLYHEDVLVEHJLQQLQJZLWKWKH¿VFDOSHULRGHQGHG2FWREHU7KHDGMXVWHGFRVWEDVLVRIVHFXULWLHVDW2FWREHU LV This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the NAV of 7HPS&DVK ,QGHPQLÀFDWLRQV ,QWKHQRUPDOFRXUVHRIEXVLQHVVD)XQGHQWHUVLQWRFRQWUDFWVWKDWFRQWDLQDYDULHW\RIUHSUHVHQWDWLRQVWKDWSURYLGHJHQHUDOLQGHPQL¿FDWLRQ$)XQG¶V PD[LPXPH[SRVXUHXQGHUWKHVHDUUDQJHPHQWVLVXQNQRZQEHFDXVHLWLQYROYHVIXWXUHSRWHQWLDOFODLPVDJDLQVWD)XQGZKLFKFDQQRWEHSUHGLFWHGZLWKDQ\FHUWDLQW\ Other:([SHQVHVGLUHFWO\UHODWHGWRD)XQGRULWVFODVVHVDUHFKDUJHGWRWKDW)XQGRUWKHDSSOLFDEOHFODVV([SHQVHVGLUHFWO\UHODWHGWRWKH)XQGVDQGRWKHUVKDUHGH[SHQVHV SURUDWHGWRWKH)XQGVDUHDOORFDWHGGDLO\WRHDFKFODVVEDVHGRQWKHLUUHODWLYHQHWDVVHWVRURWKHUDSSURSULDWHPHWKRGV2WKHURSHUDWLQJH[SHQVHVVKDUHGE\VHYHUDOIXQGV including other funds managed by the ManagerDUHSURUDWHGDPRQJWKRVHIXQGVRQWKHEDVLVRIUHODWLYHQHWDVVHWVRURWKHUDSSURSULDWHPHWKRGV 3.INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS Investment Valuation Policies (TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund): The investments of TempCash, TempFund, MuniCash&DOLIRUQLD0RQH\)XQGDQG1HZ Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of TempCash, TempFund, MuniCash, California Money Fund DQG1HZ • ,QYHVWPHQWVDUHYDOXHGRQWKHEDVLVRISULFHVSURYLGHGE\GHDOHUVRUSULFLQJVHUYLFHV,QGHWHUPLQLQJWKHYDOXHRIDSDUWLFXODULQYHVWPHQWSULFLQJVHUYLFHVPD\XVH 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FUHGLWTXDOLW\LQIRUPDWLRQSHUFHLYHGPDUNHWPRYHPHQWVQHZVDQGRWKHUUHOHYDQWLQIRUPDWLRQ&HUWDLQ¿[HGLQFRPHVHFXULWLHVLQFOXGLQJDVVHW EDFNHGDQGPRUWJDJHUHODWHGVHFXULWLHVPD\EHYDOXHGEDVHGRQYDOXDWLRQPRGHOVWKDWFRQVLGHUWKHHVWLPDWHGFDVKÀRZVRIHDFKWUDQFKHRIWKHHQWLW\HVWDEOLVKD EHQFKPDUN\LHOGDQGGHYHORSDQHVWLPDWHGWUDQFKHVSHFL¿FVSUHDGWRWKHEHQFKPDUN\LHOGEDVHGRQWKHXQLTXHDWWULEXWHVRIWKHWUDQFKH7KHDPRUWL]HGFRVWPHWKRG RIYDOXDWLRQPD\EHXVHGZLWKUHVSHFWWRGHEWREOLJDWLRQVZLWKVL[W\GD\VRUOHVVUHPDLQLQJWRPDWXULW\ • Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing VHUYLFHV,QGHWHUPLQLQJWKHYDOXHRIDSDUWLFXODULQYHVWPHQWSULFLQJVHUYLFHVPD\XVHFHUWDLQLQIRUPDWLRQZLWKUHVSHFWWRWUDQVDFWLRQVLQVXFKLQYHVWPHQWVTXRWDWLRQV IURPGHDOHUVSULFLQJPDWUL[HVPDUNHWWUDQVDFWLRQVLQFRPSDUDEOHLQYHVWPHQWVDQGLQIRUPDWLRQZLWKUHVSHFWWRYDULRXVUHODWLRQVKLSVEHWZHHQLQYHVWPHQWV Investment Valuation Policies (Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund and MuniFund):86*$$3GH¿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air Value Hierarchy:9DULRXVLQSXWVDUHXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV7KHVHLQSXWVWRYDOXDWLRQWHFKQLTXHVDUHFDWHJRUL]HGLQWRDIDLUYDOXH KLHUDUFK\FRQVLVWLQJRIWKUHHEURDGOHYHOVIRU¿QDQFLDOUHSRUWLQJSXUSRVHVDVIROORZV • /HYHO²8QDGMXVWHGSULFHTXRWDWLRQVLQDFWLYHPDUNHWVH[FKDQJHVIRULGHQWLFDODVVHWVRUOLDELOLWLHVWKDWHDFK)XQGKDVWKHDELOLW\WRDFFHVV • /HYHO²2WKHUREVHUYDEOHLQSXWV LQFOXGLQJEXWQRWOLPLWHGWRTXRWHGSULFHVIRUVLPLODUDVVHWVRUOLDELOLWLHVLQPDUNHWVWKDWDUHDFWLYHTXRWHGSULFHVIRULGHQWLFDORU VLPLODUDVVHWVRUOLDELOLWLHVLQPDUNHWVWKDWDUHQRWDFWLYHLQSXWVRWKHUWKDQTXRWHGSULFHVWKDWDUHREVHUYDEOHIRUWKHDVVHWVRUOLDELOLWLHV VXFKDVLQWHUHVWUDWHV\LHOG FXUYHVYRODWLOLWLHVSUHSD\PHQWVSHHGVORVVVHYHULWLHVFUHGLWULVNVDQGGHIDXOWUDWHV RURWKHUPDUNHW±FRUURERUDWHGLQSXWV N O TES TO FI N A N C IAL S T ATEMEN TS 131 Notes to Financial Statements (continued) • /HYHO ²8QREVHUYDEOHLQSXWVEDVHGRQWKHEHVWLQIRUPDWLRQDYDLODEOHLQWKHFLUFXPVWDQFHVWRWKHH[WHQWREVHUYDEOHLQSXWVDUHQRWDYDLODEOH LQFOXGLQJWKH*OREDO 9DOXDWLRQ&RPPLWWHH VDVVXPSWLRQVXVHGLQGHWHUPLQLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV 7KHKLHUDUFK\JLYHVWKHKLJKHVWSULRULW\WRXQDGMXVWHGTXRWHGSULFHVLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV /HYHOPHDVXUHPHQWV DQGWKHORZHVWSULRULW\WR XQREVHUYDEOHLQSXWV /HYHOPHDVXUHPHQWV $FFRUGLQJO\WKHGHJUHHRIMXGJPHQWH[HUFLVHGLQGHWHUPLQLQJIDLUYDOXHLVJUHDWHVWIRULQVWUXPHQWVFDWHJRUL]HGLQ/HYHO 7KHLQSXWVXVHGWRPHDVXUHIDLUYDOXHPD\IDOOLQWRGLIIHUHQWOHYHOVRIWKHIDLUYDOXHKLHUDUFK\,QVXFKFDVHVIRUGLVFORVXUHSXUSRVHVWKHIDLUYDOXHKLHUDUFK\FODVVL¿FDWLRQLV GHWHUPLQHGEDVHGRQWKHORZHVWOHYHOLQSXWWKDWLVVLJQL¿FDQWWRWKHIDLUYDOXHPHDVXUHPHQWLQLWVHQWLUHW\ 7KHFDWHJRUL]DWLRQRIDYDOXHGHWHUPLQHGIRU¿QDQFLDOLQVWUXPHQWV LVEDVHGRQWKHSULFLQJWUDQVSDUHQF\RIWKH ¿QDQFLDOLQVWUXPHQWVDQGLVQRWQHFHVVDULO\DQLQGLFDWLRQRIWKHULVNVDVVRFLDWHGZLWKLQYHVWLQJLQWKRVHVHFXULWLHV 4. SECURITIES AND OTHER INVESTMENTS Repurchase Agreements:5HSXUFKDVHDJUHHPHQWVDUHFRPPLWPHQWVWRSXUFKDVHDVHFXULW\IURPDFRXQWHUSDUW\ZKRDJUHHVWRUHSXUFKDVHWKHVDPHVHFXULW\DWDPXWXDOO\ DJUHHGXSRQGDWHDQGSULFH2QDGDLO\EDVLVWKHFRXQWHUSDUW\LVUHTXLUHGWRPDLQWDLQHOLJLEOHFROODWHUDOVXEMHFWWRWKHDJUHHPHQWDQGLQYDOXHQROHVVWKDQWKHDJUHHGXSRQ UHSXUFKDVHDPRXQW5HSXUFKDVHDJUHHPHQWVPD\EHWUDGHGELODWHUDOO\LQDWULSDUW\DUUDQJHPHQWRUPD\EHFHQWUDOO\FOHDUHGWKURXJKDVSRQVRULQJDJHQW6XEMHFWWRWKH custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared repurchase agreements, a third party custodian maintains accounts to KROGFROODWHUDOIRUDIXQGDQGLWVFRXQWHUSDUWLHV7\SLFDOO\DIXQGDQGFRXQWHUSDUW\DUHQRWSHUPLWWHGWRVHOOUHSOHGJHRUXVHWKHFROODWHUDODEVHQWDGHIDXOWE\WKHFRXQWHUSDUW\ RUDIXQGUHVSHFWLYHO\A Fund, along with other registered investment companies advised by the Manager, may transfer uninvestedFDVKLQWRDVLQJOHMRLQWWUDGLQJDFFRXQW ZKLFKLVWKHQLQYHVWHGLQRQHRUPRUHUHSXUFKDVHDJUHHPHQWVAs of period end, FedFund, TempCash, TempFund and T-Fund invested in repurchase agreements through MRLQWWUDGLQJDFFRXQWV ,QWKHHYHQWWKHFRXQWHUSDUW\GHIDXOWVDQGWKHIDLUYDOXHRIWKHFROODWHUDOGHFOLQHV DIXQGFRXOGH[SHULHQFHORVVHVGHOD\VDQGFRVWVLQOLTXLGDWLQJWKHFROODWHUDO 5HSXUFKDVHDJUHHPHQWVDUHHQWHUHGLQWRE\DIXQGXQGHU0DVWHU5HSXUFKDVH$JUHHPHQWV HDFKDQ³05$´ 7KH05$SHUPLWVDIXQGXQGHUFHUWDLQFLUFXPVWDQFHVLQFOXGLQJ DQHYHQWRIGHIDXOW VXFKDVEDQNUXSWF\RULQVROYHQF\ WRRIIVHWSD\DEOHVDQGRUUHFHLYDEOHVZLWKFROODWHUDOKHOGE\DQGRUSRVWHGWRWKHFRXQWHUSDUW\$VDUHVXOWRQHVLQJOH QHWSD\PHQWLVFUHDWHG%DQNUXSWF\RULQVROYHQF\ODZVRIDSDUWLFXODUMXULVGLFWLRQPD\LPSRVHUHVWULFWLRQVRQRUSURKLELWLRQVDJDLQVWVXFKDULJKWRIRIIVHWLQWKHHYHQWRIWKH 05$FRXQWHUSDUW\¶VEDQNUXSWF\RULQVROYHQF\%DVHGRQWKHWHUPVRIWKH05$DIXQGUHFHLYHVVHFXULWLHVDVFROODWHUDOZLWKDPDUNHWYDOXHLQH[FHVVRIWKHUHSXUFKDVHSULFH DWPDWXULW\8SRQDEDQNUXSWF\RULQVROYHQF\RIWKH05$FRXQWHUSDUW\DIXQGZRXOGUHFRJQL]HDOLDELOLW\ZLWKUHVSHFWWRVXFKH[FHVVFROODWHUDO7KHOLDELOLW\UHÀHFWVDIXQG¶V REOLJDWLRQXQGHUEDQNUXSWF\ODZWRUHWXUQWKHH[FHVVWRWKHFRXQWHUSDUW\ 5.INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Investment Advisory: The Trust, on behalf of the Funds, entered into a management agreement with the Manager, the Trust’s investment adviser and an indirect, wholly- RZQHGVXEVLGLDU\RI%ODFN5RFN,QF %ODFN5RFN WRSURYLGHLQYHVWPHQWDGYLVRU\DGPLQLVWUDWLRQDQGDFFRXQWLQJVHUYLFHVWRWKH)XQGV 8QGHUWKHPDQDJHPHQWDJUHHPHQWWKH0DQDJHULVHQWLWOHGWRUHFHLYHWKHIROORZLQJDQQXDOIHHVFRPSXWHGGDLO\DQGSDLGPRQWKO\EDVHGXSRQHDFK)XQG¶VDYHUDJHGDLO\ net assets: Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund Calculation A &DOFXODWLRQ% 0DQDJHPHQW)HHVDUHHTXDOWRFDOFXODWLRQ$SOXVFDOFXODWLRQ% RIWKH¿UVW%LOOLRQ(a) RIWKH¿UVW%LOOLRQ(b) RIWKHQH[W%LOOLRQ(a) RIWKHQH[W%LOOLRQ(b) RIWKHQH[W%LOOLRQ(a) RIWKHQH[W%LOOLRQ(b) RIWKHQH[W%LOOLRQ(a) RIDPRXQWVLQH[FHVVRI%LOOLRQ(b) RIWKHQH[W%LOOLRQ(a) RIWKHQH[W%LOOLRQ(a) RIWKHQH[W%LOOLRQ(a) RIDPRXQWVLQH[FHVVRI%LOOLRQ(a) %DVHGRQWKHFRPELQHGDYHUDJHQHWDVVHWVRI)HGHUDO7UXVW)XQG)HG)XQG7)XQGDQG7UHDVXU\7UXVW)XQG (b)%DVHGRQWKHDYHUDJHGDLO\QHWDVVHWVRIWKH)XQGZKRVHPDQDJHPHQWIHHLVEHLQJFDOFXODWHG 132 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) 7HPS&DVK, MuniCash and MuniFund Management Fees RIWKH¿UVW%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIDPRXQWVLQH[FHVVRI%LOOLRQ 7HPS)XQG Management Fees RIWKH¿UVW%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIDPRXQWVLQH[FHVVRI%LOOLRQ California Money Fund and New York Money Fund Management Fees RIWKH¿UVW%LOOLRQ RIWKHQH[W%LOOLRQ RIWKHQH[W%LOOLRQ RIDPRXQWVLQH[FHVVRI%LOOLRQ Service and Distribution Fees:7KH7UXVWRQEHKDOIRIWKH)XQGVHQWHUHGLQWRDVHSDUDWH'LVWULEXWLRQ$JUHHPHQW'LVWULEXWLRQ3ODQVDQG6KDUHKROGHU6HUYLFH3ODQVZLWK %ODFN5RFN,QYHVWPHQWV//& ³%5,/´ DQDI¿OLDWHRI%ODFN5RFN3XUVXDQWWRWKH6HOHFW6KDUHV'LVWULEXWLRQ3ODQDQGWKH3ULYDWH&OLHQW6KDUHV'LVWULEXWLRQ3ODQWKH7UXVWPD\ SD\%5,/DIHHIRUGLVWULEXWLRQDQGVDOHVVXSSRUWVHUYLFHV,QDGGLWLRQWKH7UXVWPD\SD\VHUYLFHRUJDQL]DWLRQVLQFOXGLQJDI¿OLDWHVRIWKH0DQDJHUIHHVIRUSURYLGLQJFHUWDLQ VHUYLFHV ³VKDUHKROGHUVHUYLFHV´ WRWKHLUFXVWRPHUVZKRRZQVKDUHVRIWKH)XQGV3XUVXDQWWRLWVUHVSHFWLYH6KDUHKROGHU6HUYLFHV3ODQHDFKRIWKH&DSLWDO'ROODU&DVK 0DQDJHPHQW&DVK5HVHUYH$GPLQLVWUDWLRQ6HOHFWDQG3ULYDWH&OLHQW6KDUHFODVVHVDUHFXUUHQWO\SD\LQJIHHVWRVHUYLFHRUJDQL]DWLRQVZKLFKPD\LQFOXGHDI¿OLDWHVRIWKH 0DQDJHU7KHIHHVDUHDFFUXHGGDLO\DQGSDLGPRQWKO\DWDQQXDOUDWHVEDVHGXSRQWKHDYHUDJHGDLO\QHWDVVHWVRIWKHVKDUHVDVIROORZV Service Distribution Fees(a) Fees(a) Administration ² Capital ² Cash Management ² &DVK5HVHUYH ² Dollar ² 3ULYDWH&OLHQW Select (a)'XHWRFHUWDLQFRQWUDFWXDODQGYROXQWDU\ZDLYHUVWKHDERYHVWDWHGUDWHVPD\EHUHGXFHG )RUWKH \HDUHQGHG2FWREHUWKHIROORZLQJWDEOHVKRZVWKHFODVVVSHFL¿FVHUYLFHDQGGLVWULEXWLRQIHHVERUQHGLUHFWO\E\HDFKVKDUHFODVVRIHDFK)XQG Cash $GPLQLVWUDWLRQ Capital 0DQDJHPHQW Cash Reserve Dollar Private Client Select Total Federal Trust Fund 90,991 ² 97,7 1,617 50,619 ² ² 241,025 FedFund 2,203,539 21,105,593 2,346,346 TempCash ² ² ² ² 44 ² ² 44 TempFund 50,071 295 3,043,042 23,356 237,265 63,900 ² 3,417,929 T-Fund 637,265 6,026,969 5,141,545 ² 14,697,070 Treasury Trust Fund 460,045 3 417,047 2,627,677 ² 691,650 4,374,722 MuniCash ² ² ² ² 6,635 ² ² 6,635 MuniFund ² ² ² 11,505 2,474 20,726 3XUVXDQWWRZULWWHQDJUHHPHQWVFHUWDLQ¿QDQFLDOLQWHUPHGLDULHVVRPHRIZKLFKPD\EHDI¿OLDWHVSURYLGHWKH)XQGVZLWKVXEDFFRXQWLQJUHFRUGNHHSLQJ VXEWUDQVIHUDJHQF\DQGRWKHUDGPLQLVWUDWLYHVHUYLFHVZLWKUHVSHFWWRVHUYLFLQJRIXQGHUO\LQJLQYHVWRUDFFRXQWV)RUWKHVHVHUYLFHVWKHVHHQWLWLHVUHFHLYHDQDVVHWEDVHG IHHRUDQDQQXDOIHHSHUVKDUHKROGHUDFFRXQWZKLFKZLOOYDU\GHSHQGLQJRQVKDUHFODVVDQGRUQHWDVVHWV)RUWKH\HDUHQGHG2FWREHUWKH)XQGVdid not pay any DPRXQWVWRDI¿OLDWHVLQUHWXUQIRUWKHVHVHUYLFHV N O TES TO FI N A N C IAL S T ATEMEN TS 133 Notes to Financial Statements (continued) Expense Limitations, Waivers and Reimbursements::LWKUHVSHFWWRHDFK)XQGWKH0DQDJHUDVLQYHVWPHQWDGYLVHUDQGDGPLQLVWUDWRUKDVFRQWUDFWXDOO\DJUHHGWR UHGXFHLWVIHHVDQGRUUHLPEXUVHRUGLQDU\RSHUDWLQJH[SHQVHVWRHQVXUHWKDWWKHFRPELQHG³0DQDJHPHQW)HHV´DQG³0LVFHOODQHRXV2WKHU([SHQVHV´H[FOXGLQJVHUYLFH IHHVGLVWULEXWLRQIHHVDQGDQ\H[WUDRUGLQDU\H[SHQVHVGRQRWH[FHHGRIWKHDYHUDJHGDLO\QHWDVVHWVRI7HPS&DVKDQG7HPS)XQG RIWKHDYHUDJHGDLO\QHW DVVHWVRI )HG)XQG7)XQG)HGHUDO7UXVW)XQGDQG7UHDVXU\7UXVW)XQGDQGRIWKHDYHUDJHGDLO\QHWDVVHWVRI0XQL&DVK0XQL)XQG&DOLIRUQLD0RQH\)XQGDQG 1HZ 7KHVHDPRXQWVDUHLQFOXGHGLQIHHVZDLYHGDQGRUUHLPEXUVHGE\WKH0DQDJHULQWKH6WDWHPHQWVRI2SHUDWLRQV)RUWKH\HDU HQGHG2FWREHUWKHDPRXQWVZDLYHG DQGRUUHLPEXUVHGZHUHDVIROORZV Federal Trust Fund 2,669,123 FedFund TempCash 5,220,759 TempFund T-Fund 16,323,373 Treasury Trust Fund 10,602,123 MuniCash MuniFund California Money Fund New York Money Fund 7KH0DQDJHU KDVDOVRYROXQWDULO\DJUHHGWRZDLYHDQGRUUHLPEXUVHDSRUWLRQRILWVLQYHVWPHQWDGYLVRU\IHHWRHQDEOHWKH)XQGVWRPDLQWDLQPLQLPXPOHYHOVRIGDLO\QHW LQYHVWPHQWLQFRPHLIDSSOLFDEOH7KHVHDPRXQWVLIDQ\DUHUHSRUWHGLQWKH6WDWHPHQWVRI2SHUDWLRQVDVIHHVZDLYHGDQGRUUHLPEXUVHGE\WKH0DQDJHU7KH0DQDJHUPD\ GLVFRQWLQXHWKHZDLYHUDQGRUUHLPEXUVHPHQWDWDQ\WLPH)RUWKH\HDU HQGHG2FWREHUWKHDPRXQWVZDLYHGDQGRUUHLPEXUVHGZHUHDVIROORZV Treasury Trust Fund MuniCash MuniFund 15,299 California Money Fund 71,327 New York Money Fund 55,264 ,QDGGLWLRQ%5,/KDVFRQWUDFWXDOO\DJUHHGWRZDLYHVHUYLFHDQGRUGLVWULEXWLRQIHHVWKURXJK)HEUXDU\VRWKDWWKHQHWDQQXDOIXQGRSHUDWLQJH[SHQVHVH[FOXGLQJ H[WUDRUGLQDU\H[SHQVHVRIWKH6HOHFW6KDUHVDQG 3ULYDWH&OLHQW6KDUHVGRQRWH[FHHGDQGRIWKHDYHUDJHGDLO\QHWDVVHWVRIWKHVKDUHVUHVSHFWLYHO\ 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 FRPPHQFHPHQWRIDVXFFHVVLYHRQH\HDUSHULRG)RUWKH\HDUHQGHG2FWREHUWKHDPRXQWVZDLYHGDQGRUUHLPEXUVHGZHUHDVIROORZV Cash Service and Distribution Fees Waived $GPLQLVWUDWLRQ Capital 0DQDJHPHQW Cash Reserve Dollar Private Client Select Total Federal Trust Fund ² ² ² 1,617 ² ² 1,745 FedFund ² ² 31 ² 55,107 261,050 TempFund 1,499 ² ² 4,027 1,954 26,312 ² 33,792 T-Fund ² ² 262 ² ² 6,257 266,507 Treasury Trust Fund 5,312 ² ² ² ² 16,209 MuniFund ² ² ² ² ² 1,076 2,294 :LWKUHVSHFWWRHDFK)XQGWKH0DQDJHUDQG%5,/KDYHDOVRYROXQWDULO\DJUHHGWRZDLYHDSRUWLRQRI WKHLUUHVSHFWLYHIHHVDQGRUUHLPEXUVHRSHUDWLQJH[SHQVHVWRHQDEOHWKH )XQGV VKDUHFODVVHVWRPDLQWDLQPLQLPXPOHYHOVRIQHWLQYHVWPHQWLQFRPH7KHVHDPRXQWVLIDQ\ DUHUHSRUWHGLQWKH6WDWHPHQWVRI2SHUDWLRQVDVVHUYLFHDQGGLVWULEXWLRQ IHHVZDLYHG²FODVVVSHFL¿F7KH0DQDJHUDQG%5,/PD\GLVFRQWLQXHWKH YROXQWDU\ZDLYHUDQGRU UHLPEXUVHPHQWDWDQ\WLPH)RUWKH\HDUHQGHG2FWREHUWKH DPRXQWVZDLYHGDQGRUUHLPEXUVHGZHUHDVIROORZV Cash Service and Distribution Fees Waived $GPLQLVWUDWLRQ Capital 0DQDJHPHQW Cash Reserve Dollar Private Client Select Total Federal Trust Fund 23,5 ² ² 26,946 ² ² 110,279 FedFund 742,232 1,040,707 6 1,262,003 TempCash ² ² ² ² 6 ² ² 6 TempFund 313 ² 4,359 44,507 7,046 ² T-Fund 115,755 ² Treasury Trust Fund 3 93,020 190,471 ² MuniCash ² ² ² ² ² ² MuniFund 5,239 ² ² ² 21,243 134 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) Interfund Lending: ,QDFFRUGDQFHZLWKDQH[HPSWLYHRUGHU WKH³2UGHU´ IURPWKH866HFXULWLHVDQG([FKDQJH&RPPLVVLRQ ³6(&´ HDFK)XQGPD\SDUWLFLSDWHLQDMRLQW OHQGLQJDQGERUURZLQJIDFLOLW\IRUWHPSRUDU\SXUSRVHV WKH³,QWHUIXQG/HQGLQJ3URJUDP´ VXEMHFWWRFRPSOLDQFHZLWKWKHWHUPVDQGFRQGLWLRQVRIWKH2UGHUDQGWRWKHH[WHQW SHUPLWWHGE\HDFK)XQG¶VLQYHVWPHQWSROLFLHVDQGUHVWULFWLRQV(DFK)XQGLVFXUUHQWO\SHUPLWWHGWR ERUURZ XQGHUWKH,QWHUIXQG/HQGLQJ3URJUDP $OHQGLQJ%ODFN5RFNIXQGPD\OHQGLQDJJUHJDWHXSWRRILWVQHWDVVHWVEXWPD\QRWOHQGPRUHWKDQRILWVQHWDVVHWVWRDQ\RQHERUURZLQJIXQGWKURXJKWKH,QWHUIXQG /HQGLQJ3URJUDP$ERUURZLQJ%ODFN5RFNIXQGPD\QRWERUURZWKURXJKWKH,QWHUIXQG/HQGLQJ3URJUDPRUIURPDQ\RWKHUVRXUFHPRUHWKDQRILWVWRWDODVVHWV RUDQ\ ORZHUWKUHVKROGSURYLGHGIRUE\WKH IXQG¶VLQYHVWPHQWUHVWULFWLRQV ,IDERUURZLQJ%ODFN5RFNIXQG¶VWRWDORXWVWDQGLQJERUURZLQJVH[FHHGRILWVWRWDODVVHWVHDFKRILWV RXWVWDQGLQJLQWHUIXQGORDQVZLOOEHVXEMHFWWRFROODWHUDOL]DWLRQRIDWOHDVWRIWKHRXWVWDQGLQJSULQFLSDOYDOXHRIWKHORDQ$OOLQWHUIXQGORDQVDUHIRUWHPSRUDU\RUHPHUJHQF\ 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 UDWHDVFDOFXODWHGDFFRUGLQJWRDIRUPXODHVWDEOLVKHGE\WKH%RDUG 'XULQJWKH\HDUHQGHG2FWREHUWKH)XQGVGLGQRWSDUWLFLSDWHLQWKH,QWHUIXQG/HQGLQJ3URJUDP 7UXVWHHVDQG2IÀFHUV &HUWDLQWUXVWHHVDQGRURI¿FHUVRIWKH7UXVWDUHGLUHFWRUVDQGRURI¿FHUVRI%ODFN5RFNRULWVDI¿OLDWHV7KH)XQGVUHLPEXUVHWKH0DQDJHUIRUDSRUWLRQ of the compensation paid to the 7UXVW V&KLHI&RPSOLDQFH2I¿FHUZKLFKLVLQFOXGHGLQ7UXVWHHVDQG2I¿FHULQWKH6WDWHPHQWVRI2SHUDWLRQV During the year ended October 31, 2020, TempFund and T-Fund received a reimbursement RI DQG UHVSHFWLYHO\IURPDQDI¿OLDWH which is included in SD\PHQWVE\DI¿OLDWHVLQWKH6WDWHPHQWVRI2SHUDWLRQVUHODWHGWRoperating HYHQWV 7KH)XQGVPD\SXUFKDVHVHFXULWLHVIURPRUVHOOVHFXULWLHVWRDQDI¿OLDWHGIXQGSURYLGHGWKHDI¿OLDWLRQLVGXHVROHO\WRKDYLQJDFRPPRQLQYHVWPHQWDGYLVHUFRPPRQRI¿FHUV RUFRPPRQWUXVWHHV)RUWKH\HDUHQGHG2FWREHUWKHSXUFKDVHDQGVDOHWUDQVDFWLRQVDQGDQ\QHWUHDOL]HGJDLQV ORVVHV ZLWKDI¿OLDWHGIXQGVLQFRPSOLDQFHZLWK 5XOHDXQGHUWKH $FWZHUHDVIROORZV Net Realized Gain Purchases Sales (Loss) MuniCash 1,150,344,221 ² MuniFund 44,651,624 132,677,554 ² California Money Fund 197,642,305 ² New York Money Fund 240,511,366 ² 6.INCOME TAX INFORMATION ,WLVHDFK)XQG¶VSROLF\WRFRPSO\ZLWKWKHUHTXLUHPHQWVRIWKH,QWHUQDO5HYHQXH&RGHRI DVDPHQGHGDSSOLFDEOHWRUHJXODWHGLQYHVWPHQWFRPSDQLHVDQGWRGLVWULEXWH VXEVWDQWLDOO\DOORILWVWD[DEOHLQFRPHWRLWVVKDUHKROGHUV7KHUHIRUHQR86IHGHUDOLQFRPHWD[SURYLVLRQLVUHTXLUHG (DFK )XQG¿OHV86IHGHUDODQGYDULRXVVWDWHDQGORFDOWD[UHWXUQV1RLQFRPHWD[UHWXUQVDUHFXUUHQWO\XQGHUH[DPLQDWLRQ7KHVWDWXWHRIOLPLWDWLRQVRQHDFK)XQG¶V86 IHGHUDOWD[UHWXUQVJHQHUDOO\UHPDLQVRSHQIRUDSHULRGRIWKUHH¿VFDO\HDUVDIWHUWKH\DUH¿OHG7KHVWDWXWHVRIOLPLWDWLRQVRQHDFK)XQG¶VVWDWHDQGORFDOWD[UHWXUQVPD\ UHPDLQRSHQIRUDQDGGLWLRQDO\HDUGHSHQGLQJXSRQWKHMXULVGLFWLRQ 0DQDJHPHQWKDVDQDO\]HGWD[ODZVDQGUHJXODWLRQVDQGWKHLUDSSOLFDWLRQWRWKH )XQGVDVRI2FWREHULQFOXVLYHRIWKHRSHQWD[UHWXUQ\HDUVDQGGRHVQRWEHOLHYH WKDWWKHUHDUHDQ\XQFHUWDLQWD[SRVLWLRQVWKDWUHTXLUHUHFRJQLWLRQRIDWD[OLDELOLW\LQWKH)XQGV¶¿QDQFLDOVWDWHPHQWV N O TES TO FI N A N C IAL S T ATEMEN TS 135 Notes to Financial Statements (continued) 7KHWD[FKDUDFWHURIGLVWULEXWLRQVSDLGZDVDVIROORZV 7D[([HPSW /RQJ7HUP&DSLWDO ,QFRPH(a) 2UGLQDU\,QFRPH Gains Return of Capital Total Federal Trust Fund ² 23,593,524 ² ² 23,593,524 ² 66,974,536 ² ² 66,974,536 FedFund ² 770,411,739 ² ² 770,411,739 ² ² ² TempCash ² ² ² ² ² ² TempFund ² ² ² ² 293,120,921 ² ² 293,120,921 T-Fund ² 155,633 ² ² ² ² Treasury Trust Fund ² 277,043,103 1,527 ² 277,044,630 ² 766,253,135 ² ² 766,253,135 MuniCash ² ² ² ² 176,930 ² 64,162,599 MuniFund 965,530 152,416 3,326,322 ² ² ² 3,326,322 California Money Fund 1,600,175 ² ² ² 1,600,175 3,470,737 ² ² ² 3,470,737 New York Money Fund 1,540,079 ² ² ² 1,540,079 ² ² ² (a) 7KH)XQGVGHVLJQDWHWKHVHDPRXQWVSDLGGXULQJWKH¿VFDO\HDUHQGHG2FWREHUDVH[HPSWLQWHUHVWGLYLGHQG $VRISHULRGHQGWKHWD[FRPSRQHQWVRIDFFXPXODWHG HDUQLQJV ORVV ZHUHDVIROORZV Undistributed Undistributed Non-expiring Undistributed Tax- Ordinary /RQJ7HUP Capital Loss Net Unrealized H[HPSW,QFRPH ,QFRPH Capital Gains Carryforwards (a) Gains (Losses) (b) Total Federal Trust Fund ² ² ² ² FedFund ² 16,554,411 439,274 ² (514,717 ) TempCash ² ² (1,225,712 ) TempFund ² ² 3,290,912 T-Fund ² 11,001,491 ² ² (337 ) 11,001,154 Treasury Trust Fund ² 4,115,193 ² ² (3,133 ) 4,112,060 MuniCash ² ² ² 135,400 126,479 MuniFund ² ² ² ² (269 ) (269 ) California Money Fund 356 4,410 ² ² 6,044 New York Money Fund ² ² ² ² (a) $PRXQWVDYDLODEOHWRRIIVHWIXWXUHUHDOL]HGFDSLWDOJDLQV (b) 7KHGLIIHUHQFHEHWZHHQERRNEDVLVDQGWD[EDVLVQHWXQUHDOL]HGJDLQV ORVVHV ZDVDWWULEXWDEOHSULPDULO\WRWKHWD[GHIHUUDORIORVVHVRQZDVKVDOHVDQGWKHWLPLQJRIGLVWULEXWLRQV 'XULQJWKH\HDUHQGHG 2FWREHUWKH)XQGVOLVWHGEHORZXWLOL]HGWKHIROORZLQJDPRXQWVRIWKHLUUHVSHFWLYHFDSLWDOORVVFDUU\IRUZDUGV California MuniFund MuniCash Money Fund $PRXQWXWLOL]HG 3,026 46,530 41 136 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) $VRI2FWREHU JURVVXQUHDOL]HGDSSUHFLDWLRQDQGGHSUHFLDWLRQEDVHGRQFRVWRILQYHVWPHQWV LQFOXGLQJVKRUWSRVLWLRQVDQGGHULYDWLYHVLIDQ\ IRU86IHGHUDOLQFRPH WD[SXUSRVHVZHUHDVIROORZV FedFund T-Fund Treasury Trust Fund 7D[FRVW 157,376,944,321 56,370,040,369 *URVVXQUHDOL]HGDSSUHFLDWLRQ ² ² ² *URVVXQUHDOL]HGGHSUHFLDWLRQ (514,717 ) (337 ) (3,133 ) 1HWXQUHDOL]HGDSSUHFLDWLRQ GHSUHFLDWLRQ (514,717 ) (337 ) (3,133) 7. 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RIWKRVHFRXQWHUSDUWLHV)LQDQFLDODVVHWVZKLFKSRWHQWLDOO\H[SRVHWKH)XQGVWRPDUNHWLVVXHUDQGFRXQWHUSDUW\FUHGLWULVNVFRQVLVWSULQFLSDOO\RI¿QDQFLDOLQVWUXPHQWVDQG UHFHLYDEOHVGXHIURPFRXQWHUSDUWLHV7KHH[WHQWRIWKH)XQGV¶H[SRVXUHWRPDUNHWLVVXHUDQGFRXQWHUSDUW\FUHGLWULVNVZLWKUHVSHFWWRWKHVH¿QDQFLDODVVHWVLVDSSUR[LPDWHO\ WKHLUYDOXHUHFRUGHGLQWKH6WDWHPHQWVRI$VVHWVDQG/LDELOLWLHVOHVVDQ\FROODWHUDOKHOGE\WKH)XQGV Concentration Risk:$GLYHUVL¿HGSRUWIROLRZKHUHWKLVLVDSSURSULDWHDQGFRQVLVWHQWZLWKDIXQG VREMHFWLYHVPLQLPL]HVWKHULVNWKDWDSULFHFKDQJHRIDSDUWLFXODULQYHVWPHQW ZLOOKDYHDPDWHULDOLPSDFWRQWKH1$9RIDIXQG7KHLQYHVWPHQWFRQFHQWUDWLRQVZLWKLQFHUWDLQ)XQG VSRUWIROLRVDUHGLVFORVHGLQLWV6FKHGXOHRI,QYHVWPHQWV MuniCash, MuniFund, California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of VWDWHV:KHQD)XQGFRQFHQWUDWHVLWVLQYHVWPHQWVLQWKLVPDQQHULWDVVXPHVWKHULVNWKDWHFRQRPLFUHJXODWRU\SROLWLFDORUVRFLDOFRQGLWLRQVDIIHFWLQJWKDWVWDWHRUJURXSRI VWDWHVFRXOGKDYHDVLJQL¿FDQWLPSDFWRQWKHIXQGDQGFRXOGDIIHFWWKHLQFRPHIURPRUWKHYDOXHRUOLTXLGLW\RIWKHIXQG¶VSRUWIROLR,QYHVWPHQWSHUFHQWDJHVLQVSHFL¿FVWDWHV RU86WHUULWRULHVDUHSUHVHQWHGLQWKH6FKHGXOHVRI,QYHVWPHQWV &HUWDLQ)XQGVLQYHVWDVLJQL¿FDQWSRUWLRQRIWKHLUDVVHWVLQ ¿[HGLQFRPH VHFXULWLHV DQGRU XVHGHULYDWLYHV WLHGWRWKH¿[HGLQFRPHPDUNHWV&KDQJHVLQPDUNHWLQWHUHVWUDWHVRU HFRQRPLFFRQGLWLRQVPD\ DIIHFWWKHYDOXHDQGRUOLTXLGLW\RIVXFK LQYHVWPHQWV,QWHUHVWUDWHULVNLVWKHULVNWKDWSULFHVRIERQGVDQGRWKHU¿[HGLQFRPHVHFXULWLHVZLOOLQFUHDVH DVLQWHUHVWUDWHVIDOODQGGHFUHDVHDVLQWHUHVWUDWHVULVH7KH)XQGVPD\EHVXEMHFWWRDJUHDWHUULVNRIULVLQJLQWHUHVWUDWHVGXHWRWKHFXUUHQWSHULRGRIKLVWRULFDOO\ORZUDWHV LIBOR Transition Risk:7KH8QLWHG.LQJGRP¶V)LQDQFLDO&RQGXFW$XWKRULW\DQQRXQFHGDSKDVHRXWRIWKH/RQGRQ,QWHUEDQN2IIHUHG5DWH ³/,%25´ E\WKHHQGRI DQGLWLVH[SHFWHGWKDW/,%25ZLOOFHDVHWREHSXEOLVKHGDIWHUWKDWWLPH7KH)XQGVPD\EHH[SRVHGWR¿QDQFLDOLQVWUXPHQWVWLHGWR/,%25WRGHWHUPLQHSD\PHQWREOLJDWLRQV N O TES TO FI N A N C IAL S T ATEMEN TS 137 Notes to Financial Statements (continued) ¿QDQFLQJWHUPVKHGJLQJVWUDWHJLHVRULQYHVWPHQWYDOXH7KHWUDQVLWLRQSURFHVVDZD\IURP/,%25PLJKWOHDGWRLQFUHDVHGYRODWLOLW\DQGLOOLTXLGLW\LQPDUNHWVIRUDQGUHGXFHWKH HIIHFWLYHQHVVRIQHZKHGJHVSODFHGDJDLQVWLQVWUXPHQWVZKRVHWHUPVFXUUHQWO\LQFOXGH/,%257KHXOWLPDWHHIIHFWRIWKH/,%25WUDQVLWLRQSURFHVVRQWKH)XQGVLVXQFHUWDLQ 8. CAPITAL SHARE TRANSACTIONS 7KH7UXVW¶V'HFODUDWLRQRI7UXVWSHUPLWVWKH7UXVWHHVWRLVVXHDQXQOLPLWHGQXPEHURIIXOODQGIUDFWLRQDOVKDUHVRIEHQH¿FLDOLQWHUHVW VKDUHV DQGWRFODVVLI\RUUHFODVVLI\DQ\ XQLVVXHGVKDUHVLQWRRQHRUPRUHDGGLWLRQDOFODVVHVRIVKDUHV 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, UHVSHFWLYHO\VLQFHVKDUHVDUHVROGDQGUHGHHPHGDWSHUVKDUHIRU)HGHUDO7UXVW)XQG)HG)XQG7)XQG7UHDVXU\7UXVW)XQGDQG0XQL)XQG Transactions in capital shares for each class were as follows: d Year Ended 10/31/20 10/31/19 Federal Trust Fund Institutional Shares sold 21,076,697,710 12,704,112,763 Shares issued in reinvestment of distributions Shares redeemed Net increase 1,045,179,160 445,597,912 Administration Shares sold Shares issued in reinvestment of distributions Shares redeemed (131,764,321) (170,753,243) Net increase (decrease) (2,057,930) Cash Management Shares sold 202,720 Shares issued in reinvestment of distributions 3 ² Shares redeemed Net decrease (1,030,752) &DVK5HVHUYH Shares sold 40,756 772 Shares issued in reinvestment of distributions 1,904 9,105 Shares redeemed (774 ) Net increase 42,522 9,103 Dollar Shares sold Shares issued in reinvestment of distributions 65,711 Shares redeemed (36,956,122) Net increase (decrease) 3UHPLHU Shares sold ² 36,500 (a) Net increase ² 36,500 Total Net Increase 446,167,544 FedFund Institutional Shares sold 1,130,219,642,439 Shares issued in reinvestment of distributions Shares redeemed Net increase Administration Shares sold Shares issued in reinvestment of distributions Shares redeemed Net increase 370,346,479 Capital Shares sold 16,299,159,211 Shares issued in reinvestment of distributions 49,232,126 159,322,052 Shares redeemed Net increase 3,167,603,946 138 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) d Year Ended 10/31/20 10/31/19 Cash Management Shares sold Shares issued in reinvestment of distributions 1,030,206 Shares redeemed Net increase 222,967,444 &DVK5HVHUYH Shares sold Shares issued in reinvestment of distributions 14 227 Shares redeemed Net increase 172,449,315 3,257,557,945 Dollar Shares sold 11,131,375,296 12,221,791,437 Shares issued in reinvestment of distributions 4,575,944 Shares redeemed Net increase 3UHPLHU Shares sold ² 36,500 (a) Net increase ² 36,500 3ULYDWH&OLHQW Shares sold Shares issued in reinvestment of distributions 950 5,702 Shares redeemed (27,273 ) (544,339 ) Net increase (decrease) 22,630 Select Shares sold 1,032,175,203 Shares issued in reinvestment of distributions Shares redeemed Net increase 45,567,979 Total Net Increase 24,206,521,354 T-Fund Institutional Shares sold Shares issued in reinvestment of distributions Shares redeemed (613,291,766,321 ) Net increase Administration Shares sold 500,364,405 Shares issued in reinvestment of distributions 45,935 Shares redeemed Net decrease (191,173,663 ) Capital Shares sold Shares issued in reinvestment of distributions 224,499,974 Shares redeemed (17,752,714,576) (15,425,120,574) Net increase (decrease) (631,050,562 ) Cash Management Shares sold Shares issued in reinvestment of distributions 2,319,312 Shares redeemed (2,734,516,096 ) Net increase (decrease) 435,293,679 &DVK5HVHUYH Shares sold Shares issued in reinvestment of distributions 193,103 1,592,195 Shares redeemed (2,332,436,703 ) Net decrease (66,753,716) Dollar Shares sold Shares issued in reinvestment of distributions Shares redeemed (6,573,759,591 ) Net decrease (124,301,531 ) N O TES TO FI N A N C IAL S T ATEMEN TS 139 Notes to Financial Statements (continued) d Year Ended 10/31/20 10/31/19 3UHPLHU Shares sold ² 36,500 (a) Net increase ² 36,500 Select Shares sold Shares issued in reinvestment of distributions 36,791 263,265 Shares redeemed Net increase (decrease) 15,672,557 (4,941,042 ) Total Net Increase 6,494,614,343 Treasury Trust Fund Institutional Shares sold Shares issued in reinvestment of distributions 56,945,929 144,120,420 Shares redeemed Net increase 17,671,615,767 Administration Shares sold 1,479,240,375 Shares issued in reinvestment of distributions 1,527,137 1,719,579 Shares redeemed (1,546,612,399 ) Net increase (decrease) 52,055,301 Capital(b) Shares sold 250,001 ² Shares issued in reinvestment of distributions ² ² Net increase 250,001 ² Cash Management Shares sold 134,302,699 59,530,319 Shares issued in reinvestment of distributions 11,613 20,116 Shares redeemed (117,705,993 ) (36,904,423 ) Net increase 22,646,012 &DVK5HVHUYH Shares sold 603,230,416 459,595,250 Shares issued in reinvestment of distributions Shares redeemed Net increase Dollar Shares sold 5,007,927,072 3,303,440,917 Shares issued in reinvestment of distributions 1,501,352 Shares redeemed (5,046,5 ) Net increase (decrease) 495,250,400 3UHPLHU Shares sold ² 36,500 (a) Net increase ² 36,500 Select Shares sold Shares issued in reinvestment of distributions 137,163 Shares redeemed (293,459,746) (235,401,422) Net increase (decrease) 65,377,479 Total Net Increase MuniFund Institutional Shares sold 159,672,919 Shares issued in reinvestment of distributions 476,704 1,242,612 Shares redeemed Net increase (decrease) 3,455,164 Administration Shares sold 26,169,972 Shares issued in reinvestment of distributions 79,039 Shares redeemed (37,950,705 ) Net decrease (15,317,576) (1,049,530) 140 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) d Year Ended 10/31/20 10/31/19 Dollar Shares sold 2,674,954 Shares redeemed (2,259,927) Net increase 311,959 216,257 3UHPLHU Shares sold ² 36,500 (a) Net increase ² 36,500 3ULYDWH&OLHQW Shares sold ² Shares issued in reinvestment of distributions 1,447 Shares redeemed (302 ) (31,511 ) Net increase (decrease) 1,213 Select Shares sold 13,690,420 33,405,411 Shares issued in reinvestment of distributions Shares redeemed (13,941,139 ) (33,907,617 ) Net decrease (243,451) Total Net Increase (Decrease) (141,446,074 ) 2,149,102 Transactions in capital shares for each class of TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund were as follows: d Year Ended Year Ended 10/31/20 10/31/19 Shares $PRXQW Shares $PRXQW TempCash Institutional Shares sold 19,367,271,033 17,927,742,344 17,936,454,621 Shares issued in reinvestment of distributions 4,953,207 7,979,923 Shares redeemed Net increase 603,276,614 5,157,999,464 Dollar Shares sold 1 ² ² ² Shares issued in reinvestment of distributions 112 112 2,439 Net increase 113 112 2,439 3UHPLHU Shares sold ² ² (a) 36,500 (a) Net increase ² ² 36,500 Total Net Increase 603,276,726 TempFund Institutional Shares sold 63,603,396,011 90,665,754,560 Shares issued in reinvestment of distributions Shares redeemed (63,294,006,472 ) (63,334,527,532 ) (92,556,540,240 ) Net increase (decrease) 321,064,559 Administration Shares sold 43,349,196 43,373,336 Shares issued in reinvestment of distributions 171,309 439,267 439,512 Shares redeemed (191,013,635 ) (25,556,176 ) (25,570,432 ) Net increase (decrease) (32,671,622 ) Capital (c) Shares sold ² ² Shares issued in reinvestment of distributions 442 442 ² ² Shares redeemed (2,614,040 ) (2,616,295 ) ² ² Net increase 3,220,320 3,223,362 ² ² Cash Management Shares sold 207,090,363 Shares issued in reinvestment of distributions 2,994,154 11,905,542 Shares redeemed (197,010,664 ) (197,116,973 ) Net decrease (7,902,979 ) N O TES TO FI N A N C IAL S T ATEMEN TS 141 Notes to Financial Statements (continued) d Year Ended Year Ended 10/31/20 10/31/19 Shares $PRXQW Shares $PRXQW &DVK5HVHUYH Shares sold 6,775,904 5,062,279 5,065,053 Shares issued in reinvestment of distributions 30,503 102,293 102,346 Shares redeemed (5,560,790 ) (5,565,003 ) (5,192,201 ) Net increase (decrease) 1,245,600 1,246,243 (24,653 ) Dollar Shares sold 113,631,275 51,470,637 Shares issued in reinvestment of distributions 505,136 505,429 Shares redeemed (53,960,274 ) Net increase (decrease) 26,931,242 (657,614 ) 3ULYDWH&OLHQW Shares sold 31,607,652 31,602,734 6,341,325 Shares issued in reinvestment of distributions 12,653 12,661 32,331 32,349 Shares redeemed (7,249,660 ) Net decrease (122,543 ) (157,133 ) Select (d) Shares sold ² ² ² ² Shares issued in reinvestment of distributions ² ² 6 5 Shares redeemed ² ² (643 ) (643 ) Net decrease ² ² (637 ) Total Net Increase (Decrease) 31 (1,709,274,570 ) (1,710,131,706 ) MuniCash Institutional Shares sold 41,440,031,637 41,446,367,361 32,005,274,124 Shares issued in reinvestment of distributions 12,236,952 Shares redeemed Net increase (decrease) (22,391,439 ) (22,314,446 ) 1,190,294,507 Dollar Shares sold 2,962,222 Shares issued in reinvestment of distributions 10,532 10,533 25,542 25,545 Shares redeemed (2,060,196 ) (2,060,562 ) (2,672,705 ) (2,673,061 ) Net increase 314,671 314,706 3UHPLHU Shares sold ² ² 36,493 (a) 36,500 (a) Net increase ² ² 36,493 36,500 Total Net Increase (Decrease) (21,345,744 ) 1,190,532,447 1,190,645,713 California Money Fund Institutional Shares sold 3,336,333,399 3,336,763,012 Shares issued in reinvestment of distributions 1,291,015 1,291,144 2,594,245 2,594,765 Shares redeemed (4,203,640,454 ) Net increase (decrease) (243,663,265 ) 227,949,103 227,994,695 3UHPLHU Shares sold ² ² 36,492 (a) 36,500 (a) Net increase ² ² 36,492 36,500 Total Net Increase (Decrease) (243,663,265 ) New York Money Fund Institutional Shares sold 1,349,794,100 1,349,797,466 Shares issued in reinvestment of distributions 535,501 535,502 Shares redeemed Net increase (decrease) 3UHPLHU Shares sold ² ² 36,500 (a) 36,500 (a) Net increase ² ² 36,500 36,500 Total Net Increase (Decrease) (a) 3HULRG-XO\ UHFRPPHQFHPHQWRIRSHUDWLRQV WR2FWREHU IRU3UHPLHU6KDUHV (b) 3HULRG2FWREHU UHFRPPHQFHPHQWRIRSHUDWLRQV WR2FWREHUIRU&DSLWDO6KDUHV 142 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Notes to Financial Statements (continued) (c)3HULRG-XO\ UHFRPPHQFHPHQWRIRSHUDWLRQV WR2FWREHUIRU&DSLWDO6KDUHV (d)7KHUHZHUHQR6HOHFW6KDUHVRXWVWDQGLQJIRUWKHSHULRGHQGHG2FWREHU $VRI2FWREHUVKDUHVRZQHGE\%ODFN5RFN)LQDQFLDO0DQDJHPHQW,QFDQDI¿OLDWHRIWKH)XQGVZHUHDVIROORZV 3UHPLHU Federal Trust Fund 36,500 FedFund 36,500 TempCash T-Fund 36,500 Treasury Trust Fund 36,500 MuniCash 36,493 MuniFund 36,500 California Money Fund 36,492 New York Money Fund 36,500 9. SUBSEQUENT EVENTS 0DQDJHPHQWKDVHYDOXDWHGWKHLPSDFWRIDOOVXEVHTXHQWHYHQWVRQWKH)XQGVWKURXJKWKHGDWHWKH¿QDQFLDOVWDWHPHQWVZHUHLVVXHGDQGKDVGHWHUPLQHGWKDWWKHUHZHUHQR VXEVHTXHQWHYHQWVUHTXLULQJDGMXVWPHQWRUDGGLWLRQDOGLVFORVXUHLQWKH¿QDQFLDOVWDWHPHQWV N O TES TO FI N A N C IAL S T ATEMEN TS 143 Report of Independent Registered Public Accounting Firm To the Shareholders of Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund, and New York 0RQH\)XQGDQGWKH%RDUGRI7UXVWHHVRI%ODFN5RFN/LTXLGLW\)XQGV Opinion on the Financial Statements and Financial Highlights :HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDWHPHQWVRIDVVHWVDQGOLDELOLWLHVRI)HGHUDO7UXVW)XQG)HG)XQG7HPS&DVK7HPS)XQG7)XQG7UHDVXU\7UXVW)XQG0XQL&DVK 0XQL)XQG&DOLIRUQLD0RQH\)XQGDQG1HZ Basis for Opinion 7KHVH¿QDQFLDOVWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWVDUHWKHUHVSRQVLELOLW\RIWKH)XQGV¶PDQDJHPHQW2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKH)XQGV¶¿QDQFLDO VWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWVEDVHGRQRXUDXGLWV:HDUHDSXEOLFDFFRXQWLQJ¿UPUHJLVWHUHGZLWKWKH3XEOLF&RPSDQ\$FFRXQWLQJ2YHUVLJKW%RDUG 8QLWHG6WDWHV 3&$2% DQGDUHUHTXLUHGWREHLQGHSHQGHQWZLWKUHVSHFWWRWKH)XQGVLQDFFRUGDQFHZLWKWKH86IHGHUDOVHFXULWLHVODZVDQGWKHDSSOLFDEOHUXOHVDQGUHJXODWLRQVRIWKH 6HFXULWLHVDQG([FKDQJH&RPPLVVLRQDQGWKH3&$2% :HFRQGXFWHGRXUDXGLWVLQDFFRUGDQFHZLWKWKHVWDQGDUGVRIWKH3&$2%7KRVHVWDQGDUGVUHTXLUHWKDWZHSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXW ZKHWKHUWKH¿QDQFLDOVWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWVDUHIUHHRIPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRHUURURUIUDXG7KH)XQGVDUHQRWUHTXLUHGWRKDYHQRUZHUHZH HQJDJHGWRSHUIRUPDQDXGLWRIWKHLULQWHUQDOFRQWURORYHU¿QDQFLDOUHSRUWLQJ$VSDUWRIRXUDXGLWVZHDUHUHTXLUHGWRREWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWURORYHU¿QDQFLDO UHSRUWLQJEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH)XQGV¶LQWHUQDOFRQWURORYHU¿QDQFLDOUHSRUWLQJ$FFRUGLQJO\ZHH[SUHVVQRVXFKRSLQLRQ 2XUDXGLWVLQFOXGHGSHUIRUPLQJSURFHGXUHVWRDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKH¿QDQFLDOVWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWVZKHWKHUGXHWRHUURURUIUDXG DQGSHUIRUPLQJSURFHGXUHVWKDWUHVSRQGWRWKRVHULVNV6XFKSURFHGXUHVLQFOXGHGH[DPLQLQJRQDWHVWEDVLVHYLGHQFHUHJDUGLQJWKHDPRXQWVDQGGLVFORVXUHVLQWKH ¿QDQFLDOVWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWV2XUDXGLWVDOVRLQFOXGHGHYDOXDWLQJWKHDFFRXQWLQJSULQFLSOHVXVHGDQGVLJQL¿FDQWHVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODV HYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKH¿QDQFLDOVWDWHPHQWVDQG¿QDQFLDOKLJKOLJKWV2XUSURFHGXUHVLQFOXGHGFRQ¿UPDWLRQRIVHFXULWLHVRZQHGDVRI2FWREHUE\ FRUUHVSRQGHQFHZLWKWKHFXVWRGLDQDQGEURNHUV ZKHQUHSOLHVZHUHQRWUHFHLYHGIURPEURNHUVZHSHUIRUPHGRWKHUDXGLWLQJSURFHGXUHV:HEHOLHYHWKDWRXUDXGLWVSURYLGH DUHDVRQDEOHEDVLVIRURXURSLQLRQ 'HORLWWH 7RXFKH//3 %RVWRQ0DVVDFKXVHWWV December 21, 2020 :HKDYHVHUYHGDVWKHDXGLWRURIRQHRUPRUH%ODFN5RFNLQYHVWPHQWFRPSDQLHVVLQFH 144 202 0 B L A C K R OCK A NNU AL R E P O R T TO S HAR E H O LDERS Important Tax Information (unaudited) )RUWKH¿VFDO\HDUHQGHG2FWREHUWKH)XQGVKHUHE\GHVLJQDWHWKHIROORZLQJPD[LPXPDPRXQWVDOORZDEOHDVEXVLQHVVLQWHUHVWLQFRPHHOLJLEOHWREHWUHDWHGDVD VHFWLRQ M LQWHUHVWGLYLGHQG Fund Interest Dividends Federal Trust Fund FedFund TempCash TempFund T-Fund Treasury Trust Fund )RUWKH¿VFDO\HDUHQGHG2FWREHUWKH)XQGVKHUHE\GHVLJQDWHWKHIROORZLQJPD[LPXPDPRXQWVDOORZDEOHDVLQWHUHVWUHODWHGGLYLGHQGVDQGTXDOL¿HGVKRUWWHUP FDSLWDOJDLQVHOLJLEOHIRUH[HPSWLRQIURP86ZLWKKROGLQJWD[IRUQRQUHVLGHQWDOLHQVDQGIRUHLJQFRUSRUDWLRQV ,QWHUHVW5HODWHG Fund Dividends Federal Trust Fund 24,020,070 FedFund 770,411,739 TempCash 42,165,714 TempFund T-Fund Treasury Trust Fund 7KH)XQGVKHUHE\GHVLJQDWHWKHIROORZLQJDPRXQWRIGLVWULEXWLRQVIURPGLUHFWIHGHUDOREOLJDWLRQLQWHUHVWIRUWKH¿VFDO\HDUHQGHG2FWREHU Federal Obligation Fund Interest Federal Trust Fund FedFund 452,046,234 TempCash TempFund 659,093 T-Fund Treasury Trust Fund 7KHODZYDULHVLQHDFKVWDWHDVWRZKHWKHUDQGZKDWSHUFHQWRIRUGLQDU\LQFRPHGLYLGHQGVDWWULEXWHWRIHGHUDOREOLJDWLRQVLVH[HPSWIURPVWDWHLQFRPHWD[6KDUHKROGHUVDUH DGYLVHGWRFKHFNZLWKWKHLUWD[DGYLVHUVWRGHWHUPLQHLIDQ\SRUWLRQRIWKHGLYLGHQGVUHFHLYHGLVH[HPSWIURPVWDWHLQFRPHWD[ 7KHIROORZLQJGLVWULEXWLRQDPRXQWVDUHKHUHE\GHVLJQDWHGIRUWKH¿VFDO\HDUHQGHG2FWREHU Short-Term Capital Gain 5DWH/RQJ7HUP Fund Dividends Capital Gain Dividends Federal Trust Fund 245,330 ² FedFund 15,653,242 ² TempCash ² TempFund 917,720 ² T-Fund 155,633 Treasury Trust Fund 1,527 MuniFund ² I MPO RTANT T A X INFO RMATION 145 Disclosure of Investment Advisory Agreement 7KH%RDUGRI7UXVWHHV WKH³%RDUG´WKHPHPEHUVRIZKLFKDUHUHIHUUHGWRDV³%RDUG0HPEHUV´ RI%ODFN5RFN/LTXLGLW\)XQGV WKH³7UXVW´ PHWRQ$SULO WKH³$SULO Meeting”) and May 11-13, 2020 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) between the Trust, on behalf of each VHULHVRIWKH7UXVW HDFKD³)XQG´DQGWRJHWKHUWKH³)XQGV´ DQG%ODFN5RFN$GYLVRUV//& 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THIS PAGE INTENTIONALLY LEFT BLANK. Notice to Shareholders The following applies to TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund:7KLVUHSRUWLVLQWHQGHGIRUFXUUHQWKROGHUV,WLVQRW DXWKRUL]HGIRUXVHDVDQRIIHURIVDOHRUDVROLFLWDWLRQRIDQRIIHUWREX\VKDUHVRIWKH)XQGVXQOHVVSUHFHGHGRUDFFRPSDQLHGE\WKH)XQGV¶FXUUHQWSURVSHFWXV The following applies to Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund:7KLVUHSRUWLVLQWHQGHGIRUFXUUHQWKROGHUV,WLVQRWDXWKRUL]HGIRUXVHDVDQ RIIHURIVDOHRUDVROLFLWDWLRQRIDQRIIHUWREX\VKDUHVRIWKH)XQGVXQOHVVSUHFHGHGRUDFFRPSDQLHGE\WKH)XQGV¶FXUUHQWSURVSHFWXV The following applies to MuniFund:7KLVUHSRUWLVLQWHQGHGIRUFXUUHQWKROGHUV,WLVQRWDXWKRUL]HGIRUXVHDVDQRIIHURIVDOHRUDVROLFLWDWLRQRIDQRIIHUWREX\VKDUHVRI WKH)XQGXQOHVVSUHFHGHGRUDFFRPSDQLHGE\WKH)XQG¶VFXUUHQWSURVSHFWXV Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 626-1960. Each Fund’s current 7-day yield more closely reflects the current earnings of a Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change. BRLF-10/20-AR Go paperless. . . It’s Easy, Economical and Green! Go to www.blackrock.com/edelivery