BlackRock Liquidity Funds - FedFund (BUPXX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02354

Name of Fund: BlackRock Liquidity Funds

California Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 10/31/2016

Date of reporting period: 04/30/2016

Item 1 – Report to Stockholders

APRIL 30, 2016        

  SEMI-ANNUAL REPORT (UNAUDITED)   BLACKROCK^®

BlackRock Liquidity Funds

▶     Federal Trust Fund

▶    FedFund

▶     TempCash

▶     TempFund

▶     T-Fund

▶     Treasury Trust Fund

▶    MuniCash

▶    MuniFund

▶    California Money Fund

▶    New York Money Fund

Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee

Table of Contents

	Page
The Markets in Review	3
Semi-Annual Report:
Money Market Overview	4
Fund Information	5
Disclosure of Expenses	9
Financial Statements:
Schedules of Investments	11
Statements of Assets and Liabilities	52
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	62
Notes to Financial Statements	92
Officers and Trustees	111
Additional Information	112

2 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

The Markets in Review

Dear Shareholder,

Diverging monetary policies and shifting economic outlooks across regions have been the overarching themes driving financial markets over the past couple of years. Investors spent most of 2015 anticipating the end of the Federal Reserve’s (the “Fed”) near-zero interest rate policy as U.S. growth outpaced other developed markets. The Fed ultimately hiked rates in December, whereas the European Central Bank and the Bank of Japan took additional steps to stimulate growth, even introducing negative interest rates. The U.S. dollar had strengthened considerably ahead of these developments, causing profit challenges for U.S. companies that generate revenues overseas, and pressuring emerging market currencies and commodities prices.

Global market volatility increased in the latter part of 2015 and spilled over into early 2016. Oil prices were a key factor behind the instability after collapsing in mid-2015 due to excess global supply. China, one of the world’s largest consumers of oil, was another notable source of stress for financial markets. Signs of slowing economic growth, a depreciating yuan and declining confidence in the country’s policymakers stoked investors’ worries about the potential impact of China’s weakness on the global economy. Risk assets (such as equities and high yield bonds) suffered in this environment.

After a painful start to the new year, fears of a global recession began to fade as the first quarter wore on, allowing markets to calm and risk assets to rebound. Central bank stimulus in Europe and Japan, combined with a more tempered outlook for rate hikes in the United States, helped bolster financial markets. A softening in U.S. dollar strength offered some relief to U.S. exporters and emerging market economies. Oil prices found firmer footing as global supply showed signs of leveling off.

The selloff in risk assets at the turn of the year brought valuations to more reasonable levels, creating some appealing entry points for investors in 2016. Nonetheless, slow but relatively stable growth in the United States is countered by a less optimistic global economic outlook and uncertainties around the efficacy of China’s policy response, the potential consequences of negative interest rates in Europe and Japan, and a host of geopolitical risks.

For the 12 months ended April 30, 2016, higher-quality assets such as municipal bonds, U.S. Treasuries and investment grade corporate bonds generated positive returns, while riskier assets such as non-U.S. and small cap equities broadly declined.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to adjust accordingly as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2016
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	0.43%	1.21%
U.S. small cap equities (Russell 2000® Index)	(1.90)	(5.94)
International equities (MSCI Europe, Australasia, Far East Index)	(3.07)	(9.32)
Emerging market equities (MSCI Emerging Markets Index)	(0.13)	(17.87)
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)	0.14	0.15
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)	3.76	3.74
U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index)	2.82	2.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	3.52	5.16
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	2.38	(1.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Money Market Overview

      For the Six-Month Period Ended April 30, 2016

After seven years of near-zero interest rate policy, the Federal Open Market Committee (the “FOMC”) in a unanimous decision raised the target range for the federal funds rate by 25 basis points (0.25%) to 0.25-0.50% at its December 2015 meeting. The FOMC was clear in its expectation that the future removal of monetary accommodation would likely be gradual and dependent on incoming data. Following broader financial market turmoil in early 2016, the FOMC left rates unchanged for the remainder of the six-month period ended April 30, 2016 and tempered its outlook for the future path of interest rates.

We believe at least one 25 basis point (0.25%) rate hike in 2016 is possible should recent upward pressure on inflation prove lasting and labor market and financial conditions remain supportive of such an action. This possibility, combined with the expectation that money market reform to be implemented in 2016 may cause a shift in flows from prime to government money funds, is likely to keep demand skewed toward shorter tenors in fixed rate securities as investors maintain a defensive posture.

In the Eurozone, the European Central Bank (“ECB”) provided additional stimulus on multiple occasions during the period. The deposit rate was reduced by 20 basis points (0.20%) to a negative 0.40%, while the refinancing and marginal lending rates were each lowered by five basis points (0.05%) to 0.00% and 0.25%, respectively. The size and scope of the ECB’s bond-buying program were also expanded, with the inclusion of non-financial Eurozone corporate bonds. At the ECB’s most recent meeting, President Draghi offered guidance that rates would stay low (or move lower) for an extended period of time.

The Bank of England left its benchmark rate unchanged at 0.50%. On June 23, 2016, the United Kingdom will vote on its continued membership or a “Brexit” from the European Union. The upcoming referendum has been a key focus for investors and has served as a deterrent to the further normalization of monetary policy.

London Interbank Offered Rates (“LIBOR”) moved higher over the period as a result of the hike in rates by the FOMC and speculation of another possible rate hike from the FOMC later this year. The benchmark three-month LIBOR ended the period at 0.637%, which is just over 30 basis points (0.30%) higher than it had been six months prior.

The short-term tax-exempt market ended the six-month period with the SIFMA Index, which represents the average yield on 7-day variable rate demand note (“VRDN”) securities, at a multi-year high of 0.41%, well above the six-month average of 0.10%. VRDN new issuance remained light as municipal issuers continued to lock in low fixed rates through longer-dated bond deals. However, over the past six months, the tax-exempt industry experienced outflows of approximately 11%, or $27 billion, due to pending money fund reform. Roughly half of those outflows occurred during the month of March 2016, which caused dealer VRDN inventories to increase substantially, forcing dealers to reset levels aggressively higher in order to attract the interest of taxable crossover buyers. Overall, variable rates in the tax-exempt space, which had been overdue for an adjustment higher since the Committee voted to increase the target range for the overnight federal funds rate to 0.25% to 0.50% in December 2015, are now anticipated to be more closely aligned with short-term taxable rates.

In the primary note market, the Municipal Market Advisors AAA General Obligation One-Year Index ended the six-month period at 0.56%, reflective of the selectivity of investors with regard to purchases of one-year maturities. Ahead of “note season” in June, when municipalities issue the bulk of their one-year tax and revenue anticipation notes, municipal note issuance is anticipated to remain light as municipalities continue to assess their operating cash needs and formulate their budgets for the upcoming fiscal year. However, we expect one-year levels to continue to move higher throughout the summer as issuers will need to offer greater yield premiums to entice buyers to extend out to the full year maturity. Also, short-term tax-exempt industry assets are expected to decrease further over the coming months as money continues to move out of municipal money funds and into government funds as a result of technical provisions of the money fund reform that becomes effective in October. Due to this widespread uncertainty over shareholder activity, and in addition to the possibility of a further hike in short-term rates by the Fed, we expect an upward bias on short-term municipal rates throughout the remainder of 2016 as municipal money fund investors remain defensively positioned, favoring higher levels of liquidity and shorter weighted average maturities.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Fund Information as of April 30, 2016

Federal Trust Fund

Federal Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.17	%		0.17	%
Dollar		0.00	%		0.00	%
Cash Management		0.00	%		0.00	%
Cash Reserve		0.00	%		0.00	%
Administration		0.07	%		0.07	%

Portfolio Composition	Percent of Net Assets
U.S. Government Sponsored Agency Obligations	81%
U.S. Treasury Obligations	19
Total	100%

FedFund

FedFund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.25	%		0.25	%
Dollar		0.04	%		0.04	%
Cash Management		0.04	%		0.04	%
Cash Reserve		0.04	%		0.04	%
Administration		0.14	%		0.14	%
Select		0.04	%		0.04	%
Private Client		0.04	%		0.04	%
Premier		0.04	%		0.04	%

Portfolio Composition	Percent of Net Assets
Repurchase Agreements	59%
U.S. Government Sponsored Agency Obligations	37
U.S. Treasury Obligations	3
Other Assets Less Liabilities	1
Total	100%

TempCash

TempCash’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.35	%		0.35	%
Dollar		0.11	%		0.11	%

Portfolio Composition	Percent of Net Assets
Time Deposits	41%
Repurchase Agreements	20
Commercial Paper	18
Municipal Bonds	13
Certificates of Deposit	8
Total	100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 5

Fund Information (continued) as of April 30, 2016

TempFund

TempFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.42	%		0.42	%
Dollar		0.17	%		0.17	%
Cash Management		0.00	%		0.00	%
Cash Reserve		0.02	%		0.02	%
Administration		0.32	%		0.32	%
Select		0.00	%		0.00	%
Private Client		0.00	%		0.00	%
Premier		0.00	%		0.00	%

Portfolio Composition	Percent of Net Assets
Time Deposits	35%
Certificates of Deposit	34
Commercial Paper	25
Repurchase Agreements	6
Municipal Bonds	—*
U.S.Treasury Obligations	—*
Corporate Notes	—*
Total	100%

* Representing less than 0.5% of the Fund’s net assets.

T-Fund

T-Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.20	%		0.20	%
Dollar		0.04	%		0.04	%
Cash Management		0.04	%		0.04	%
Cash Reserve		0.04	%		0.04	%
Administration		0.10	%		0.10	%
Select		0.04	%		0.04	%
Premier		0.04	%		0.04	%

Portfolio Composition	Percent of Net Assets
U.S. Treasury Obligations	54%
Repurchase Agreements	45
Other Assets Less Liabilities	1
Total	100%

Treasury Trust Fund

Treasury Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.17	%		0.17	%
Dollar		0.04	%		0.04	%
Cash Management		0.04	%		0.04	%
Cash Reserve		0.04	%		0.04	%
Administration		0.07	%		0.07	%
Select		0.04	%		0.04	%

Portfolio Composition	Percent of Net Assets
U.S. Treasury Obligations	104%
Liabilities in Excess of Other Assets	(4)
Total	100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

6 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Fund Information (continued) as of April 30, 2016

MuniCash

MuniCash’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.18	%		0.18	%
Dollar		0.00	%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	72%
Municipal Bonds	18
Commercial Paper	9
Other Assets less Liabilities	1
Total	100%

MuniFund

MuniFund’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.19	%		0.19	%
Dollar		0.00	%		0.00	%
Cash Management		0.00	%		0.00	%
Administration		0.09	%		0.09	%
Select		0.00	%		0.00	%
Private Client		0.00	%		0.00	%
Premier		0.00	%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	75%
Commercial Paper	12
Municipal Bonds	11
Closed-Ended Investment Companies	2
Total	100%

California Money Fund

California Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from California State personal income tax, as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield			7-Day Yield
Institutional		0.23	%		0.23	%
Dollar		0.00	%		0.00	%
Administration		0.13	%		0.13	%
Select		0.00	%		0.00	%
Private Client		0.00	%		0.00	%
Premier		0.00	%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	66%
Municipal Bonds	24
Commercial Paper	4
Closed-Ended Investment Companies	2
Municipal Put Bonds	2
Other Assets Less Liabilities	2
Total	100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 7

Fund Information (concluded) as of April 30, 2016

    New York Money Fund

New York Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from New York State and New York City personal income taxes, as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.19%		0.19%
Cash Management	0.00%		0.00%
Administration	0.09%		0.09%
Select	0.00%		0.00%
Private Client	0.00%		0.00%
Premier	0.00%		0.00%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	83%
Municipal Bonds	11
Closed-End Investment Companies	6
Total	100%

On July 28, 2015, the Board of Trustees of the Trust (the “Board”) approved the following:

• Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund revised its investment policy to meet the definition of a “government money market fund” under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”). Each Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the Fund’s weekly liquid assets. These changes became effective on October 1, 2015.

• Effective October 1, 2015, TempCash may invest only in securities that, under normal circumstances, will mature (without reference to interest rate adjustment dates), or are subject to an unconditional demand feature that is exercisable and payable, within 5 business days or less.

• The Board and the Board of Trustees of Funds For Institutions Series (the “Target Trust”), approved the reorganization of FFI Institutional Tax-Exempt Fund (the “Target Fund”), a series of the Target Trust, with and into MuniCash (the “Acquiring Fund”), with the Acquiring Fund continuing as the surviving fund after the reorganization. At a special shareholder meeting on December 17, 2015, the requisite shareholders of the Target Fund approved the reorganization, which was completed on January 25, 2016.

On November 2, 2015, Bank of America reached an agreement to transfer the investment management responsibilities of BofA Global Capital Management (“BofA”) and its affiliates to BlackRock Advisors, LLC (the “Manager”). In connection with this transaction, the Manager proposed to reorganize (the “Reorganizations”) certain series of the BofA Funds Series Trust (the “Target Funds”) into certain funds managed by the Manager (the “Acquiring Funds”).

The Board of Trustees of the Target Funds at a meeting held on December 10, 2015 and the Board of the Acquiring Funds at a meeting held on December 14-15, 2015 approved the Reorganizations. At a special shareholder meeting on March 31, 2016, the requisite shareholders of the Target Funds approved each Reorganization, which was completed on April 18, 2016.

Target Funds	Acquiring Funds
BofA Government Reserves	Federal Trust Fund
BofA Government Plus Reserves	FedFund
BofA Cash Reserves	TempFund
BofA Money Market Reserves	TempFund
BofA Treasury Reserves	T-Fund

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

8 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including advisory fees, service and distribution fees, including 12b-1 fees, and other fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on November 1, 2015 and held through April 30, 2016) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

    Expense Examples

	Actual			Hypothetical2
	Beginning Account Value November 1, 2015	Ending Account Value April 30, 2016	Expenses Paid During the  Period1	Beginning Account Value November 1, 2015	Ending Account Value April 30, 2016	Expenses Paid During the  Period1	Annualized Expense Ratio
Federal Trust Fund
Institutional	$1,000.00	$1,000.50	$0.95	$1,000.00	$1,023.92	$0.96	0.19%
Dollar	$1,000.00	$1,000.00	$1.79	$1,000.00	$1,023.07	$1.81	0.36%
Cash Management	$1,000.00	$1,000.00	$0.80	$1,000.00	$1,024.07	$0.81	0.16%
Cash Reserve	$1,000.00	$1,000.00	$0.79	$1,000.00	$1,024.08	$0.80	0.16%
Administration	$1,000.00	$1,000.10	$1.49	$1,000.00	$1,023.37	$1.51	0.30%
FedFund
Institutional	$1,000.00	$1,000.80	$0.95	$1,000.00	$1,023.92	$0.96	0.19%
Dollar	$1,000.00	$1,000.10	$1.69	$1,000.00	$1,023.17	$1.71	0.34%
Cash Management	$1,000.00	$1,000.10	$1.84	$1,000.00	$1,023.02	$1.86	0.37%
Cash Reserve	$1,000.00	$1,000.10	$1.64	$1,000.00	$1,023.22	$1.66	0.33%
Administration	$1,000.00	$1,000.40	$1.29	$1,000.00	$1,023.57	$1.31	0.26%
Select	$1,000.00	$1,000.10	$1.64	$1,000.00	$1,023.22	$1.66	0.33%
Private Client	$1,000.00	$1,000.10	$1.64	$1,000.00	$1,023.22	$1.66	0.33%
Premier	$1,000.00	$1,000.10	$1.64	$1,000.00	$1,023.22	$1.66	0.33%
TempCash
Institutional	$1,000.00	$1,001.10	$0.80	$1,000.00	$1,024.07	$0.81	0.16%
Dollar	$1,000.00	$1,000.20	$1.64	$1,000.00	$1,023.22	$1.66	0.33%
TempFund
Institutional	$1,000.00	$1,001.60	$0.90	$1,000.00	$1,023.97	$0.91	0.18%
Dollar	$1,000.00	$1,000.50	$1.99	$1,000.00	$1,022.87	$2.01	0.40%
Cash Management	$1,000.00	$1,000.00	$2.49	$1,000.00	$1,022.38	$2.51	0.50%
Cash Reserve	$1,000.00	$1,000.10	$2.24	$1,000.00	$1,022.63	$2.26	0.45%
Administration	$1,000.00	$1,001.10	$1.39	$1,000.00	$1,023.47	$1.41	0.28%
Select	$1,000.00	$1,000.00	$2.39	$1,000.00	$1,022.48	$2.41	0.48%
Private Client	$1,000.00	$1,000.00	$2.44	$1,000.00	$1,022.43	$2.46	0.49%
Premier	$1,000.00	$1,000.00	$2.19	$1,000.00	$1,022.68	$2.21	0.44%

¹  For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

²  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 9

    Expense Examples (concluded)

	Actual			Hypothetical2
	Beginning Account Value November 1, 2015	Ending Account Value April 30, 2016	Expenses Paid During the  Period1	Beginning Account Value November 1, 2015	Ending Account Value April 30, 2016	Expenses Paid During the  Period1	Annualized Expense Ratio
T-Fund
Institutional	$1,000.00	$1,000.60	$0.90	$1,000.00	$1,023.97	$0.91	0.18%
Dollar	$1,000.00	$1,000.10	$1.44	$1,000.00	$1,023.42	$1.46	0.29%
Cash Management	$1,000.00	$1,000.10	$1.44	$1,000.00	$1,023.42	$1.46	0.29%
Cash Reserve	$1,000.00	$1,000.10	$1.49	$1,000.00	$1,023.37	$1.51	0.30%
Administration	$1,000.00	$1,000.20	$1.29	$1,000.00	$1,023.57	$1.31	0.26%
Select	$1,000.00	$1,000.10	$1.44	$1,000.00	$1,023.42	$1.46	0.29%
Premier	$1,000.00	$1,000.10	$1.44	$1,000.00	$1,023.42	$1.46	0.29%
Treasury Trust Fund
Institutional	$1,000.00	$1,000.50	$0.85	$1,000.00	$1,024.02	$0.86	0.17%
Dollar	$1,000.00	$1,000.10	$1.14	$1,000.00	$1,023.72	$1.16	0.23%
Cash Management	$1,000.00	$1,000.10	$1.29	$1,000.00	$1,023.57	$1.31	0.26%
Cash Reserve	$1,000.00	$1,000.10	$0.98	$1,000.00	$1,017.73	$0.99	0.26%
Administration	$1,000.00	$1,000.20	$1.14	$1,000.00	$1,023.72	$1.16	0.23%
Select	$1,000.00	$1,000.10	$1.30	$1,000.00	$1,023.57	$1.31	0.26%
MuniCash
Institutional	$1,000.00	$1,000.30	$0.55	$1,000.00	$1,024.32	$0.55	0.11%
Dollar	$1,000.00	$1,000.10	$0.70	$1,000.00	$1,024.17	$0.70	0.14%
MuniFund
Institutional	$1,000.00	$1,000.30	$0.35	$1,000.00	$1,024.52	$0.35	0.07%
Dollar	$1,000.00	$1,000.20	$0.50	$1,000.00	$1,024.37	$0.50	0.10%
Cash Management	$1,000.00	$1,000.20	$0.50	$1,000.00	$1,024.37	$0.50	0.10%
Administration	$1,000.00	$1,000.20	$0.50	$1,000.00	$1,024.37	$0.50	0.10%
Select	$1,000.00	$1,000.20	$0.50	$1,000.00	$1,024.37	$0.50	0.10%
Private Client	$1,000.00	$1,000.20	$0.45	$1,000.00	$1,024.42	$0.45	0.09%
Premier	$1,000.00	$1,000.20	$0.35	$1,000.00	$1,024.52	$0.35	0.07%
California Money Fund
Institutional	$1,000.00	$1,000.30	$0.50	$1,000.00	$1,024.37	$0.50	0.10%
Dollar	$1,000.00	$1,000.00	$0.20	$1,000.00	$1,024.66	$0.20	0.04%
Administration	$1,000.00	$1,000.20	$0.65	$1,000.00	$1,024.22	$0.65	0.13%
Select	$1,000.00	$1,000.00	$0.99	$1,000.00	$1,023.87	$1.01	0.20%
Private Client	$1,000.00	$1,000.00	$0.75	$1,000.00	$1,024.12	$0.75	0.15%
Premier	$1,000.00	$1,000.00	$0.75	$1,000.00	$1,024.12	$0.75	0.15%
New York Money Fund
Institutional	$1,000.00	$1,000.30	$0.55	$1,000.00	$1,024.32	$0.55	0.11%
Cash Management	$1,000.00	$1,000.10	$0.85	$1,000.00	$1,024.02	$0.86	0.17%
Administration	$1,000.00	$1,000.20	$0.60	$1,000.00	$1,024.27	$0.60	0.12%
Select	$1,000.00	$1,000.10	$0.70	$1,000.00	$1,024.17	$0.70	0.14%
Private Client	$1,000.00	$1,000.10	$0.70	$1,000.00	$1,024.17	$0.70	0.14%
Premier	$1,000.00	$1,000.10	$0.70	$1,000.00	$1,024.17	$0.70	0.14%

¹  For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

²  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

10 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	Federal Trust Fund
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Farm Credit Bank Bonds:
0.50%, 5/04/16	$	500	$	500,004
0.45%, 5/06/16		3,588		3,588,013
0.45%, 6/20/16		20,000		20,001,256
0.46%, 7/12/16		1,000		1,000,062
0.55%, 8/16/16		3,000		3,000,658
Federal Farm Credit Bank Discount Notes: (a)
0.20%, 5/04/16		64,711		64,709,814
0.20%, 5/05/16		40,567		40,566,008
0.33%, 5/09/16		864		863,937
0.24%, 5/24/16		200,000		199,969,334
0.24%, 5/31/16		75,000		74,985,000
0.24%, 6/03/16		10,000		9,997,867
0.49%, 6/03/16		15,000		14,993,263
0.44%, 6/16/16		3,599		3,596,931
0.35%, 6/17/16		5,660		5,657,414
0.36%, 7/01/16		9,880		9,873,973
0.39%, 7/12/16		10,860		10,851,312
0.39%, 7/14/16		5,000		4,996,046
0.55%, 7/14/16		7,000		6,992,032
0.39%, 7/19/16		16,394		16,379,610
0.48%, 7/27/16		20,095		20,071,204
0.49%, 8/02/16		17,997		17,973,754
0.48%, 8/03/16		17,854		17,831,157
0.49%, 8/05/16		17,000		16,977,333
0.48%, 8/08/16		32,237		32,193,560
0.42%, 8/12/16		18,100		18,077,508
0.62%, 8/12/16		13,000		12,977,163
0.46%, 8/19/16		17,901		17,875,292
0.48%, 8/29/16		10,852		10,834,275
0.51%, 9/13/16		10,000		9,980,500
0.56%, 2/09/17		2,125		2,115,612
0.55%, 2/10/17		1,160		1,154,949
Federal Farm Credit Bank Variable Rate Notes: (b)
0.47%, 6/02/16		8,030		8,030,253
0.45%, 6/17/16		500		500,007
0.42%, 8/01/16		43,000		42,999,473
0.46%, 8/26/16		1,970		1,970,161
0.43%, 9/06/16		19,935		19,934,503
0.47%, 9/12/16		11,607		11,608,518
0.46%, 9/14/16		20,539		20,541,118
0.41%, 10/03/16		6,640		6,639,183
0.46%, 10/03/16		16,800		16,801,661
0.46%, 10/11/16		9,595		9,595,657
0.47%, 10/11/16		800		800,038
0.42%, 10/20/16		30,000		29,996,468
0.44%, 11/10/16		10,000		9,999,466
0.45%, 11/14/16		5,984		5,984,016
0.44%, 11/29/16		785		785,093
0.54%, 12/06/16		3,090		3,091,834
0.55%, 12/16/16		3,047		3,047,000
0.47%, 12/28/16		14,945		14,950,028
0.47%, 1/03/17		24,065		24,067,681

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Farm Credit Bank Variable Rate Notes: (continued) (b)
0.49%, 1/17/17	$	6,515	$	6,518,122
0.42%, 1/24/17		15,680		15,679,478
0.45%, 2/06/17		46,409		46,416,097
0.48%, 2/13/17		4,115		4,116,776
0.44%, 2/23/17		8,599		8,599,575
0.49%, 2/27/17		16,434		16,443,121
0.44%, 3/02/17		40,745		40,750,311
0.46%, 3/16/17		17,699		17,692,780
0.41%, 3/20/17		61,750		61,746,090
0.48%, 3/24/17		1,500		1,500,550
0.46%, 3/29/17		12,700		12,706,347
0.43%, 4/04/17		30,300		30,298,558
0.49%, 4/17/17		30,258		30,278,805
0.47%, 4/26/17		4,980		4,977,188
0.48%, 5/24/17		1,155		1,153,852
0.47%, 6/05/17		39,835		39,820,899
0.43%, 6/15/17		30,000		29,993,144
0.47%, 6/20/17		28,085		28,099,547
0.46%, 7/13/17		39,125		39,120,250
0.47%, 7/14/17		10,000		10,006,090
0.48%, 8/04/17		2,055		2,054,229
0.48%, 8/29/17		250		249,599
0.45%, 10/13/17		16,675		16,650,624
0.47%, 11/13/17		5,940		5,932,983
0.57%, 12/04/17		3,000		3,000,000
0.47%, 12/08/17		1,880		1,876,188
0.48%, 1/02/18		658		656,672
Federal Home Loan Bank Bonds:
2.03%, 6/06/16		4,520		4,527,129
0.38%, 6/10/16		1,205		1,204,887
0.38%, 6/24/16		21,115		21,112,353
0.41%, 8/05/16		8,190		8,188,363
0.46%, 8/19/16		44,475		44,470,248
0.47%, 8/26/16		5,435		5,433,973
0.49%, 8/26/16		25,465		25,463,730
1.36%, 9/06/16		800		802,290
2.00%, 9/09/16		8,480		8,523,070
3.75%, 9/09/16		4,165		4,212,124
0.53%, 9/16/16		7,745		7,744,940
Federal Home Loan Bank Discount Notes: (a)
0.25%, 5/13/16		16,900		16,898,575
0.27%, 5/13/16		2,250		2,249,818
0.39%, 5/25/16		20,000		19,994,867
0.37%, 5/27/16		28,000		27,992,114
0.42%, 6/01/16		626		625,770
0.47%, 6/01/16		17,650		17,642,545
0.38%, 6/10/16		65,276		65,247,714
0.59%, 6/22/16		5,000		4,995,775
0.49%, 7/05/16		678		677,388
0.49%, 7/13/16		1,856		1,854,144
0.53%, 7/13/16		31,430		31,395,559
0.53%, 7/15/16		12,572		12,557,663

      Portfolio Abbreviations

AGM	Assured Guaranty Municipal	HDA	Housing Development Authority	PCRB	Pollution Control Revenue	TAN	Tax Anticipation Notes
	Corp.	HFA	Housing Finance Agency		Bonds	TECP	Tax-Exempt Commercial Paper
AMT	Alternative Minimum Tax	IDA	Industrial Development Authority	PUTTERS	Puttable Tax-Exempt Receipts	VRDN	Variable Rate Demand Notes
	(subject to)	IDRB	Industrial Development Revenue	RB	Revenue Bonds	VRDP	Variable Rate Demand Preferred
BAN	Bond Anticipation Notes		Bonds	ROC	Reset Option Certificates
CalSTRS	California State Teachers’	ISD	Independent School District	SBPA	Stand-by Bond Purchase
	Retirement System	LOC	Letter of Credit		Agreement
COP	Certificates of Participation	MB	Municipal Bonds
GO	General Obligation Bonds

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 11

Schedule of Investments (concluded) Federal Trust Fund

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Home Loan Bank Discount Notes: (continued) (a)
0.55%, 7/15/16	$	12,258	$	12,243,713
0.34%, 7/18/16		78,350		78,292,282
0.34%, 7/20/16		50,000		49,961,921
0.49%, 7/20/16		5,262		5,256,226
0.51%, 7/20/16		15,791		15,772,981
0.49%, 7/22/16		140,794		140,632,697
0.42%, 7/27/16		44,000		43,954,276
0.48%, 8/10/16		30,000		29,958,378
0.48%, 8/10/16		13,000		12,982,306
0.49%, 8/10/16		15,000		14,979,583
0.46%, 8/12/16		75,000		74,900,433
0.39%, 8/17/16		2,810		2,806,628
0.48%, 8/19/16		39,795		39,735,418
0.48%, 8/24/16		15,000		14,976,725
0.49%, 8/24/16		54,000		53,914,408
0.49%, 8/26/16		15,094		15,069,767
0.49%, 9/02/16		15,000		14,974,167
0.51%, 9/09/16		26,396		26,346,053
0.49%, 9/14/16		5,000		4,990,719
0.57%, 9/14/16		17,712		17,672,932
0.57%, 9/14/16		11,808		11,782,318
0.43%, 9/23/16		1,000		998,268
0.49%, 9/28/16		5,350		5,339,077
Federal Home Loan Bank Variable Rate Notes: (b)
0.46%, 5/13/16		5,000		4,999,991
0.58%, 11/25/16		5,000		5,000,000
0.59%, 1/06/17		6,000		6,000,000
0.39%, 1/09/17		78,910		78,908,567
0.54%, 1/17/17		5,000		5,000,143
0.49%, 2/10/17		5,000		4,999,381
0.41%, 2/14/17		40,585		40,585,000
0.53%, 3/28/17		3,000		2,999,252

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Home Loan Bank Variable Rate Notes: (continued) (b)
0.46%, 4/21/17	$	22,715	$	22,707,209
0.44%, 8/17/17		28,200		28,200,000
Tennessee Valley Authority Discount Notes: (a)
0.26%, 5/03/16		35,000		34,999,494
0.24%, 5/10/16		354,000		353,978,760
0.24%, 5/17/16		97,620		97,609,568
0.25%, 5/17/16		14,720		14,718,467
0.28%, 5/17/16		500		499,942
Total U.S. Government Sponsored Agency Obligations — 81.1%				3,100,826,963
U.S. Treasury Obligations
U.S. Treasury Bills: (a)
0.05% - 0.19%, 5/05/16		200,854		200,851,937
0.15% - 0.21%, 5/12/16		65,605		65,601,842
0.18%, 5/19/16		47,490		47,485,844
0.31%, 6/09/16		6,233		6,230,905
0.48%, 9/01/16		1,620		1,617,343
U.S. Treasury Notes:
0.32%, 4/30/16 (b)		250,000		250,000,020
0.38%, 4/30/16		89,063		89,063,073
0.25%, 5/15/16		40,000		39,997,568
3.25%, 5/31/16		20,000		20,047,357
0.42%, 10/31/17 (b)		3,000		2,997,816
0.52%, 1/31/18 (b)		5,005		5,003,164
Total U.S. Treasury Obligations — 19.1%				728,896,869
Total Investments (Cost — $3,829,723,832*) — 100.2%				3,829,723,832
Liabilities in Excess of Other Assets — (0.2)%				(9,293,687	)
Net Assets — 100.0%			$	3,820,430,145

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—		$3,829,723,832	—	$	3,829,723,832

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $12,026 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

12 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	FedFund
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Fannie Mae Benchmark Notes:
0.38%, 7/05/16	$	1,309	$	1,308,695
0.63%, 8/26/16		6,455		6,457,719
Fannie Mae Bonds, 5.38%, 7/15/16		22,622		22,849,830
Fannie Mae Discount Notes: (a)
0.57%, 6/22/16		25,000		24,979,598
0.54%, 7/06/16		23,000		22,977,230
0.38%, 7/12/16		70,000		69,946,800
0.44%, 7/20/16		50,000		49,951,111
Fannie Mae Variable Rate Notes: (b)
0.45%, 7/25/16		17,000		17,000,926
0.45%, 8/15/16		8,952		8,952,384
0.46%, 8/26/16		1,935		1,935,079
0.53%, 10/21/16		50,000		49,999,130
0.45%, 1/26/17		13,907		13,904,411
0.45%, 8/16/17		25,000		24,996,731
0.45%, 10/05/17		730		729,055
Federal Farm Credit Bank Bonds:
0.45%, 5/06/16		1,412		1,412,005
5.13%, 8/25/16		3,514		3,565,419
Federal Farm Credit Bank Discount Notes: (a)
0.44%, 6/16/16		1,401		1,400,194
0.44%, 6/27/16		5,000		4,996,438
0.39%, 7/12/16		4,140		4,136,688
0.39%, 7/14/16		20,000		19,983,829
0.55%, 7/14/16		9,000		8,989,963
0.48%, 7/27/16		7,905		7,895,639
0.49%, 8/02/16		7,003		6,993,955
0.48%, 8/03/16		7,146		7,136,857
0.49%, 8/05/16		8,000		7,989,333
0.48%, 8/08/16		12,763		12,745,802
0.42%, 8/12/16		6,900		6,891,511
0.46%, 8/19/16		7,099		7,088,805
0.45%, 9/13/16		78,295		78,162,877
0.45%, 10/21/16		40,000		39,913,500
0.42%, 10/24/16		50,000		49,897,334
0.56%, 2/09/17		94,620		94,201,990
0.55%, 2/10/17		42,345		42,160,623
Federal Farm Credit Bank Variable Rate Notes: (b)
0.47%, 6/02/16		500		500,013
0.45%, 6/03/16		317		316,988
0.45%, 6/17/16		2,350		2,350,044
0.51%, 6/30/16		163,500		163,494,134
0.46%, 7/08/16		1,500		1,500,000
0.42%, 8/01/16		20,000		19,999,759
0.41%, 8/12/16		75,000		74,998,446
0.46%, 8/26/16		530		530,043
0.43%, 9/06/16		5,065		5,064,874
0.43%, 9/09/16		80,000		79,998,024
0.47%, 9/12/16		3,643		3,643,428
0.46%, 9/14/16		5,800		5,800,585
0.41%, 10/03/16		11,935		11,933,270
0.46%, 10/03/16		3,045		3,045,219
0.46%, 10/11/16		2,105		2,105,166
0.45%, 11/14/16		2,295		2,295,002
0.44%, 11/29/16		215		215,026
0.43%, 12/01/16		8,618		8,618,019
0.54%, 12/06/16		1,855		1,856,023
0.55%, 12/16/16		182,015		182,015,000
0.47%, 12/28/16		4,055		4,056,364
0.47%, 1/03/17		6,950		6,950,773
0.49%, 1/17/17		2,430		2,431,051
0.42%, 1/24/17		4,320		4,319,856
0.45%, 2/06/17		7,866		7,867,959
0.48%, 2/13/17		885		885,420
0.44%, 2/23/17		1,701		1,701,142

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Farm Credit Bank Variable Rate Notes: (a) (continued)
0.49%, 2/27/17	$	1,680	$	1,680,543
0.44%, 3/02/17		10,845		10,846,315
0.46%, 3/16/17		7,558		7,555,344
0.41%, 3/20/17		16,995		16,993,925
0.43%, 4/04/17		9,700		9,699,539
0.49%, 4/17/17		3,442		3,444,343
0.57%, 4/24/17		112,000		111,994,254
0.47%, 4/26/17		2,730		2,728,935
0.47%, 5/08/17		205		204,713
0.48%, 5/24/17		440		439,559
0.47%, 6/05/17		17,130		17,124,019
0.51%, 6/19/17		50,000		49,998,304
0.47%, 6/20/17		9,805		9,810,079
0.46%, 7/13/17		10,875		10,873,680
0.48%, 8/04/17		845		844,683
0.48%, 8/29/17		100		99,840
0.55%, 9/21/17		45,000		45,000,000
0.45%, 10/13/17		5,775		5,766,558
0.50%, 11/06/17		835		834,049
0.47%, 11/13/17		2,265		2,262,552
0.57%, 12/04/17		97,000		97,000,000
0.47%, 12/08/17		740		738,499
0.48%, 1/02/18		259		258,477
0.62%, 4/04/18		158,970		158,945,872
Federal Home Loan Bank Bonds:
2.03%, 6/06/16		1,745		1,747,752
2.13%, 6/10/16		1,000		1,001,794
0.38%, 6/24/16		8,100		8,099,050
0.75%, 7/18/16		1,000		1,000,530
0.50%, 7/26/16		10,000		10,000,168
0.35%, 7/29/16		1,500		1,499,437
0.46%, 8/19/16		30,590		30,586,731
0.47%, 8/26/16		1,410		1,409,733
0.49%, 8/26/16		9,820		9,819,510
3.75%, 9/09/16		1,785		1,805,196
Federal Home Loan Bank Discount Notes: (a)
0.42%, 6/01/16		247		246,910
0.47%, 6/01/16		7,540		7,536,816
0.44%, 6/06/16		21,000		20,990,760
0.45%, 6/13/16		50,000		49,973,125
0.59%, 6/22/16		111,000		110,905,931
0.36%, 6/24/16		39,175		39,153,845
0.34%, 6/29/16		40,000		39,977,711
0.49%, 7/05/16		268		267,758
0.49%, 7/13/16		733		732,267
0.53%, 7/13/16		12,447		12,433,360
0.53%, 7/15/16		4,979		4,973,322
0.55%, 7/15/16		4,854		4,848,343
0.49%, 7/20/16		2,038		2,035,764
0.51%, 7/20/16		6,122		6,114,897
0.49%, 7/22/16		38,341		38,297,112
0.51%, 7/27/16		20,000		19,974,915
0.34%, 7/29/16		100,000		99,915,945
0.48%, 8/10/16		10,000		9,986,253
0.46%, 8/12/16		10,000		9,986,724
0.48%, 8/19/16		15,000		14,977,973
0.48%, 8/19/16		15,780		15,756,171
0.55%, 8/22/16		75,000		74,870,518
0.49%, 9/02/16		5,000		4,991,389
0.49%, 9/06/16		50,000		49,912,888
0.49%, 9/08/16		75,000		74,867,292
0.51%, 9/09/16		11,855		11,832,568
0.57%, 9/14/16		13,385		13,355,672
0.50%, 9/19/16		145,000		144,716,042
0.51%, 9/21/16		64,000		63,870,601
0.43%, 9/23/16		40,000		39,931,200

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 13

Schedule of Investments (continued) FedFund

U.S. Government Sponsored Agency Obligations	Par  (000)		Value
Federal Home Loan Bank Discount Notes: (a) (continued)
0.51%, 9/23/16	$	150,000	$	149,691,397
0.45%, 10/05/16		100,000		99,803,750
0.59%, 12/05/16		39,000		38,860,662
Federal Home Loan Bank Variable Rate Notes: (b)
0.52%, 5/20/16		125,000		124,999,009
0.54%, 5/27/16		89,300		89,299,035
0.58%, 11/25/16		89,500		89,500,000
0.59%, 1/06/17		119,500		119,500,000
0.39%, 1/09/17		23,035		23,034,566
0.49%, 2/07/17		204,000		203,975,034
0.48%, 2/13/17		200,000		199,976,101
0.41%, 2/14/17		14,170		14,170,000
0.48%, 2/17/17		50,000		49,993,942
0.48%, 2/17/17		50,000		49,986,790
0.55%, 4/05/17		92,095		92,095,000
0.46%, 4/21/17		8,485		8,482,267
0.44%, 8/17/17		9,670		9,670,000
0.63%, 3/08/18		53,925		53,935,089
Freddie Mac Bonds:
0.50%, 5/13/16		1,050		1,050,024
5.50%, 7/18/16		2,615		2,643,050
2.00%, 8/25/16		12,754		12,813,599
0.88%, 2/22/17		48,426		48,471,196
Freddie Mac Discount Notes: (a)
0.37%, 7/05/16		90,000		89,939,875
0.37%, 7/06/16		65,000		64,905,804
0.54%, 7/06/16		90,705		90,665,306
0.38%, 7/07/16		25,000		24,982,583
0.50%, 7/07/16		75,000		74,929,941
0.38%, 7/08/16		100,000		99,928,222
0.46%, 7/22/16		300,000		299,685,667
0.43%, 8/03/16		50,000		49,943,861
0.47%, 8/05/16		75,000		74,905,649
0.47%, 8/05/16		12,505		12,489,193
0.48%, 8/05/16		14,000		13,982,414
0.44%, 8/08/16		160,000		159,806,400
0.44%, 9/08/16		128,954		128,749,106
0.48%, 9/09/16		40,000		39,930,134
0.43%, 9/12/16		125,000		124,799,931
0.40%, 9/23/16		30,000		29,951,667
0.40%, 10/17/16		50,000		49,905,779
0.41%, 10/17/16		50,000		49,904,800
Freddie Mac Variable Rate Notes: (b)
0.43%, 9/16/16		50,000		50,000,000
0.44%, 1/13/17		138,505		138,500,590
0.44%, 4/20/17		18,190		18,185,180
0.48%, 4/27/17		125,000		124,974,828
0.57%, 7/21/17		137,000		136,982,778
0.65%, 3/08/18		84,000		84,000,000
Total U.S. Government Sponsored Agency Obligations — 36.9%				6,453,591,363
U.S. Treasury Obligations
U.S. Treasury Bills: (a)
0.51%, 9/15/16		300,000		299,417,751
0.61%, 4/27/17		191,700		190,536,993
U.S. Treasury Notes, 0.42%, 10/31/17 (b)		32,363		32,288,840
Total U.S. Treasury Obligations — 3.0%				522,243,584

Repurchase Agreements	Par  (000)		Value
Bank of Montreal, 0.27%, 5/02/16	$	10,000	$	10,000,000
(Purchased on 4/29/16 to be repurchased at $10,000,225, collateralized by various U.S. Treasury obligations, 0.75% to 4.38% due from 6/30/17 to 5/15/45, aggregate original par and fair value of $9,568,700 and $10,200,095, respectively)
Total Value of Bank of Montreal (collateral value of $10,200,095)				10,000,000
Bank of Nova Scotia, 0.28%, 5/02/16		100,000		100,000,000
(Purchased on 4/29/16 to be repurchased at $100,002,333, collateralized by various U.S. government sponsored agency obligations, 0.90% to 6.63% due from 4/25/17 to 4/01/46, aggregate original par and fair value of $99,945,314 and $102,033,696, respectively)
Bank of Nova Scotia, 0.27%, 5/02/16		60,000		60,000,000
(Purchased on 4/29/16 to be repurchased at $60,001,350, collateralized by various U.S. Treasury obligations, 0.38% to 1.88% due from 10/31/22 to 7/15/23, aggregate original par and fair value of $58,696,900 and $61,201,417, respectively)
Total Value of Bank of Nova Scotia (collateral value of $163,235,113)				160,000,000
BNP Paribas Securities Corp., 0.59%, 5/02/16 (c)		100,000		100,000,000
(Purchased on 4/29/16 to be repurchased at $100,004,917, collateralized by various U.S. government sponsored agency obligations, 0.00% to 106.71% due from 1/01/17 to 3/25/46, aggregate original par and fair value of $1,484,964,678 and $107,191,017, respectively)
BNP Paribas Securities Corp., 0.30%, 5/02/16		39,000		39,000,000
(Purchased on 4/29/16 to be repurchased at $39,000,975, collateralized by various U.S. government sponsored agency obligations, 2.66% to 7.00% due from 1/01/18 to 5/01/48, aggregate original par and fair value of $165,483,754 and $40,170,000, respectively)
BNP Paribas Securities Corp., 0.36%, 5/02/16 (c)		540,000		540,000,000
(Purchased on 4/29/16 to be repurchased at $540,016,200, collateralized by various U.S. government sponsored agency obligations, 0.00% to 14.24% due from 10/01/16 to 7/25/46, aggregate original par and fair value of $13,847,595,072 and $582,700,731, respectively)

See Notes to Financial Statements.

14 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) FedFund

Repurchase Agreements	Par  (000)		Value
BNP Paribas Securities Corp., 0.28%, 5/02/16	$	741,462	$	741,462,000
(Purchased on 4/29/16 to be repurchased at $741,479,301, collateralized by various U.S. Treasury obligations, 0.00% to 2.13% due from 5/15/16 to 5/15/33, aggregate original par and fair value of $751,307,340 and $756,291,315, respectively)
Total Value of BNP Paribas Securities Corp. (collateral value of $1,486,353,063)				1,420,462,000
Citigroup Global Markets, Inc., 0.28%, 5/02/16 (d)		100,000		100,000,000
(Purchased on 4/29/16 to be repurchased at $100,002,333, collateralized by various U.S. Treasury obligations, 0.88% to 1.38% due from 11/30/18 to 7/31/19, aggregate original par and fair value of $101,296,150 and $102,000,005, respectively)
Citigroup Global Markets, Inc., 0.30%, 5/02/16		81,000		81,000,000
(Purchased on 4/29/16 to be repurchased at $81,002,025, collateralized by various U.S. government sponsored agency obligations and U.S. Treasury obligation, 0.00% to 7.00% due from 2/03/17 to 10/01/45, aggregate original par and fair value of $160,415,341 and $82,736,889, respectively)
Total Value of Citigroup Global Markets, Inc. (collateral value of $184,736,894)				181,000,000
Credit Agricole Corporate & Investment Bank, 0.29%, 5/02/16		140,000		140,000,000
(Purchased on 4/25/16 to be repurchased at $140,007,894, collateralized by various U.S. Treasury obligations, 1.63% to 2.50% due from 5/15/22 to 2/15/45, aggregate original par and fair value of $145,673,900 and $142,800,037, respectively)
Credit Agricole Corporate & Investment Bank, 0.31%, 5/02/16		300,000		300,000,000
(Purchased on 4/25/16 to be repurchased at $300,018,083, collateralized by various U.S. Treasury obligations, 3.00% to 3.75% due from 11/15/43 to 5/15/45, aggregate original par and fair value of $266,982,300 and $306,000,028, respectively)
Credit Agricole Corporate & Investment Bank, 0.30%, 5/02/16		1,435,000		1,435,000,000
(Purchased on 4/29/16 to be repurchased at $1,435,035,875, collateralized by various U.S. government sponsored agency obligations, 2.00% to 7.00% due from 3/01/18 to 12/31/50, aggregate original par and fair value of $2,480,698,510 and $1,477,721,347, respectively)

Repurchase Agreements	Par  (000)		Value
Credit Agricole Corporate & Investment Bank, 0.28%, 5/02/16	$	115,000	$	115,000,000
(Purchased on 4/29/16 to be repurchased at $115,002,683, collateralized by U.S. Treasury obligation, 1.38% due at 1/31/20, original par and fair value of $115,837,900 and $117,300,000, respectively)
Total Value of Credit Agricole Corporate & Investment Bank (collateral value of $2,043,821,412)				1,990,000,000
Goldman Sachs & Co., 0.28%, 5/02/16		1,500		1,500,000
(Purchased on 4/29/16 to be repurchased at $1,500,035, collateralized by various corporate/debt obligations, 3.00% due at 4/01/46, aggregate original par and fair value of $1,505,411 and $1,545,001, respectively)
Goldman Sachs & Co., 0.27%, 5/02/16		140,000		140,000,000
(Purchased on 4/29/16 to be repurchased at $140,003,150, collateralized by various U.S. government sponsored agency obligations, 0.88% to 5.50% due from 5/24/17 to 8/25/41, aggregate original par and fair value of $204,314,616 and $142,800,000, respectively)
Goldman Sachs & Co., 0.37%, 5/05/16		104,000		104,000,000
(Purchased on 4/28/16 to be repurchased at $104,007,482, collateralized by various U.S. government sponsored agency obligations, 2.61% to 5.66% due from 5/01/22 to 4/20/46, aggregate original par and fair value of $194,517,682 and $114,522,042, respectively)
Total Value of Goldman Sachs & Co. (collateral value of $258,867,042)				245,500,000
HSBC Securities (USA) Inc., 0.29%, 5/02/16 (b)		295,000		295,000,000
(Purchased on 4/29/16 to be repurchased at $295,007,129, collateralized by various U.S. government sponsored agency obligations, 3.00% to 5.00% due from 2/01/23 to 6/01/45, aggregate original par and fair value of $578,222,147 and $303,851,047, respectively)
HSBC Securities (USA) Inc., 0.29%, 5/02/16		30,000		30,000,000
(Purchased on 4/29/16 to be repurchased at $30,000,725, collateralized by U.S. Treasury obligation, 3.13% due at 11/15/41, original par and fair value of $27,530,000 and $30,602,113, respectively)

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 15

Schedule of Investments (continued) FedFund

Repurchase Agreements	Par  (000)		Value
HSBC Securities (USA) Inc., 0.27%, 5/02/16 (b) (Purchased on 4/29/16 to be repurchased at $316,975,000, collateralized by U.S. Treasury obligation, 3.00% due at 11/15/44, original par and fair value of $293,300,000 and $316,204,203, respectively)	$	310,000	$	310,000,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $650,657,363)				635,000,000
JPMorgan Securities LLC, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $10,000,242, collateralized by various U.S. Treasury obligations, 0.00% due from 2/15/19 to 2/15/27, aggregate original par and fair value of $12,135,000 and $10,201,740, respectively)		10,000		10,000,000
JPMorgan Securities LLC, 0.38%, 5/02/16 (b) (Purchased on 4/29/16 to be repurchased at $310,009,817, collateralized by various U.S. government sponsored agency obligations, 0.00% to 8.26% due from 3/15/27 to 11/20/45, aggregate original par and fair value of $5,747,534,803 and $344,100,196, respectively)		310,000		310,000,000
JPMorgan Securities LLC, 0.44%, 5/03/16 (c) (Purchased on 4/29/16 to be repurchased at $500,018,125, collateralized by various U.S. government sponsored agency obligations, 1.75% to 12.91% due from 7/25/22 to 12/31/50, aggregate original par and fair value of $631,491,062 and $546,702,975, respectively)		500,000		500,000,000
Total Value of JPMorgan Securities LLC (collateral value of $901,004,911)				820,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $245,005,717, collateralized by various U.S. Treasury obligations, 0.00% to 3.75% due from 12/31/19 to 8/15/41, aggregate original par and fair value of $234,193,066 and $249,900,024, respectively)		245,000		245,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $26,000,607, collateralized by U.S. Treasury obligation, 3.75% due at 11/15/43, original par and fair value of $21,351,000 and $26,520,112, respectively)		26,000		26,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $38,000,950, collateralized by U.S. Treasury obligation, 5.50% due at 2/15/36, original par and fair value of $50,676,087 and $40,660,001, respectively)		38,000		38,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $64,181,498, collateralized by U.S. Treasury obligation, 1.38% due at 9/30/20, original par and fair value of $65,039,600 and $65,463,624, respectively)		64,180		64,180,000

Repurchase Agreements	Par  (000)		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.37%, 5/05/16 (Purchased on 4/28/16 to be repurchased at $95,006,835, collateralized by various U.S. government sponsored agency obligations, 0.93% to 6.21% due from 1/15/32 to 12/31/50, aggregate original par and fair value of $1,847,654,039 and $103,732,160, respectively)	$	95,000	$	95,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $486,275,921)				468,180,000
Mitsubishi UFJ Securities (USA), Inc., 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $200,004,500, collateralized by various U.S. government sponsored agency obligations and U.S. Treasury obligation, 0.00% to 6.22% due from 5/17/16 to 8/15/44, aggregate original par and fair value of $268,015,692 and $204,260,856, respectively)		200,000		200,000,000
Mitsubishi UFJ Securities (USA), Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $551,232,862, collateralized by various U.S. government sponsored agency obligations, 3.00% to 6.00% due from 5/01/25 to 5/01/45, aggregate original par and fair value of $860,337,651 and $562,515,455, respectively)		551,220		551,220,000
Total Value of Mitsubishi UFJ Securities (USA), Inc. (collateral value of $766,776,311)				751,220,000
PNC Bank N.A., 0.30%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $21,400,535, collateralized by U.S. government sponsored agency obligation, 3.50% due at 1/01/45, original par and fair value of $30,830,000 and $26,796,238, respectively)		21,400		21,400,000
Total Value of PNC Bank N.A. (collateral value of $26,796,238)				21,400,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $22,488,062, collateralized by U.S. Treasury obligation, 0.00% due at 5/15/33, original par and fair value of $35,000,000 and $22,937,250, respectively)		22,488		22,487,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $23,313,083, collateralized by U.S. Treasury obligation, 0.00% due at 2/15/43, original par and fair value of $50,000,000 and $23,778,500, respectively)		23,312		23,312,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $29,625,741, collateralized by U.S. Treasury obligation, 0.00% due at 11/15/35, original par and fair value of $50,000,000 and $30,217,500, respectively)		29,625		29,625,000

See Notes to Financial Statements.

16 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) FedFund

Repurchase Agreements	Par  (000)		Value
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $30,063,252, collateralized by U.S. Treasury obligation, 0.00% due at 5/15/35, original par and fair value of $50,000,000 and $30,664,000, respectively)	$	30,062	$	30,062,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $39,040,976, collateralized by U.S. Treasury obligation, 0.00% due at 11/15/34, original par and fair value of $64,000,000 and $39,820,800, respectively)		39,040		39,040,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $46,819,920, collateralized by U.S. Treasury obligation, 0.00% due at 2/15/37, original par and fair value of $82,500,000 and $47,755,125, respectively)		46,819		46,818,750
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $46,993,050, collateralized by U.S. Treasury obligation, 0.00% due at 5/15/36, original par and fair value of $80,500,000 and $47,931,310, respectively)		46,992		46,991,875
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $59,676,492, collateralized by U.S. Treasury obligation, 0.00% due at 5/15/38, original par and fair value of $110,000,000 and $60,868,500, respectively)		59,675		59,675,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $61,526,538, collateralized by U.S. Treasury obligation, 0.00% due at 5/15/39, original par and fair value of $115,000,000 and $62,755,500, respectively)		61,525		61,525,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $69,189,230, collateralized by U.S. Treasury obligation, 0.00% due at 11/15/43, original par and fair value of $150,000,000 and $70,570,500, respectively)		69,188		69,187,500
Total Value of Prudential Insurance Company of America (collateral value of $437,298,985)				428,725,625
RBC Capital Markets LLC, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $108,002,610, collateralized by various U.S. government sponsored agency obligations, 0.00% to 21.21% due from 9/15/24 to 4/20/46, aggregate original par and fair value of $660,478,077 and $112,853,475, respectively)		108,000		108,000,000
RBC Capital Markets LLC, 0.51%, 5/02/16 (c) (Purchased on 4/29/16 to be repurchased at $325,013,813, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.50% due from 7/15/18 to 6/01/46, aggregate original par and fair value of $829,726,903 and $336,396,937, respectively)		325,000		325,000,000

Repurchase Agreements	Par  (000)		Value
RBC Capital Markets LLC, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $41,000,991, collateralized by various U.S. government sponsored agency obligations, 0.00% to 49.41% due from 9/15/21 to 4/01/46, aggregate original par and fair value of $744,409,476 and $43,272,412, respectively)	$	41,000	$	41,000,000
RBC Capital Markets LLC, 0.42%, 5/03/16 (Purchased on 4/26/16 to be repurchased at $200,016,333, collateralized by various U.S. government sponsored agency obligations, 0.00% to 49.45% due from 4/01/18 to 5/01/46, aggregate original par and fair value of $1,243,677,645 and $212,583,840, respectively)		200,000		200,000,000
Total Value of RBC Capital Markets LLC (collateral value of $705,106,664)				674,000,000
Societe Generale SA, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $50,001,208, collateralized by various U.S. Treasury obligations, 0.00% to 3.63% due from 4/27/17 to 2/15/44, aggregate original par and fair value of $49,596,500 and $51,000,067, respectively)		50,000		50,000,000
Societe Generale SA, 0.33%, 5/06/16 (c) (Purchased on 4/05/16 to be repurchased at $150,042,625, collateralized by U.S. Treasury obligation, 0.00% to 8.13% due from 8/31/16 to 8/15/41, original par and fair value of $128,811,286 and $153,000,000, respectively)		150,000		150,000,000
Total Value of Societe Generale SA (collateral value of $204,000,067)				200,000,000
TD Securities, Inc., 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $341,508,253, collateralized by various U.S. government sponsored agency obligations and U.S. Treasury obligation, 1.75% to 7.00% due from 4/01/18 to 1/01/46, aggregate original par and fair value of $463,709,176 and $351,215,395, respectively)		341,500		341,500,000
Total Value of TD Securities, Inc. (collateral value of $351,215,395)				341,500,000
Wells Fargo Bank NA, 0.29%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $100,002,417, collateralized by U.S. Treasury obligation, 1.50% due at 11/30/19, original par and fair value of $99,917,866 and $102,000,007, respectively)		100,000		100,000,000
Total Value of Wells Fargo Bank NA (collateral value of $102,000,007)				100,000,000
Wells Fargo Securities LLC, 0.29%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $120,002,900, collateralized by various U.S. Treasury obligations, 0.00% to 5.13% due from 5/12/16 to 2/15/46, aggregate original par and fair value of $118,340,316 and $122,400,001, respectively)		120,000		120,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 17

Schedule of Investments (concluded) FedFund

Repurchase Agreements	Par  (000)		Value
Wells Fargo Securities LLC, 0.31%, 5/02/16 (b) (Purchased on 4/29/16 to be repurchased at $400,010,333, collateralized by U.S. government sponsored agency obligation, 3.50% due at 3/01/46, original par and fair value of $393,454,499 and $412,000,001, respectively)	$	400,000	$	400,000,000
Wells Fargo Securities LLC, 0.31%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $900,023,250, collateralized by various U.S. government sponsored agency obligations, 2.49% to 4.00% due from 3/01/31 to 3/01/46, aggregate original par and fair value of $885,022,654 and $927,000,000, respectively)		900,000		900,000,000
Wells Fargo Securities LLC, 0.31%, 5/03/16 (Purchased on 4/26/16 to be repurchased at $100,005,167, collateralized by U.S. government sponsored agency obligation, 3.50% due at 3/01/46, original par and fair value of $98,363,625 and $103,000,000, respectively)		100,000		100,000,000

Repurchase Agreements	Par  (000)		Value
Wells Fargo Securities LLC, 0.29%, 5/05/16 (Purchased on 4/28/16 to be repurchased at $420,023,683, collateralized by various U.S. government sponsored agency obligations, 3.00% to 3.50% due from 4/01/31 to 3/01/46, aggregate original par and fair value of $413,142,032 and $432,600,001, respectively)	$	420,000	$	420,000,000
Total Value of Wells Fargo Securities LLC (collateral value of $1,997,000,003)				1,940,000,000
Total Repurchase Agreements — 59.4%				10,386,987,625
Total Investments (Cost — $17,362,822,572*) — 99.3%				17,362,822,572
Other Assets Less Liabilities — 0.7%				124,529,171
Net Assets — 100.0%			$	17,487,351,743

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

(c) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(d) Traded in a joint account.

(e) During the year ended April 30, 2016, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Par held at October 31, 2015		Par Purchased		Par Sold		Par held at April 30, 2016		FedFund Portfolio
PNC Bank N.A.		$27,800,000		$18,811,900,000		$36,117,500,000		$21,400,000,000		$326,552

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	17,362,822,572	—	$	17,362,822,572

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $126,197,175 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

18 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	TempCash
	(Percentages shown are based on Net Assets)

Certificates of Deposit	Par  (000)			Value
Yankee — 7.8% (a)
KBC Bank N.V., New York, 0.36%, 5/06/16	$	40,000		$	40,000,000
Sumitomo Mitsui Banking Corp., New York, 0.40%, 5/04/16		40,000			40,000,000
Total Certificates of Deposit — 7.8%					80,000,000
Commercial Paper (b)
Antalis SA, 0.40%, 5/06/16		45,000			44,997,500
Bank Nederlandse Gemeenen, 0.42%, 5/02/16		40,000			39,999,533
BNP Paribas Fortis SA NV (New York), 0.36%, 5/04/16		40,000			39,998,800
Old Line Funding LLC, 0.34%, 5/02/16		18,000			17,999,830
United Overseas Bk Ltd., 0.36%, 5/02/16		12,000			11,999,880
Working Capital Management, 0.38%, 5/03/16		28,000			27,999,409
Total Commercial Paper — 17.8%					182,994,952
Municipal Bonds (c)
Illinois Housing Development Authority Revenue Single Family Housing RB Series 2014 VRDN:
0.52%, 5/06/16		20,000			20,000,000
0.52%, 5/06/16		10,675	��		10,675,000
Jets Stadium Development LLC Series 2007A-4C VRDN, 0.46%, 5/06/16		25,200			25,200,000
Macon-Bibb County Industrial Authority RB Series 2015 VRDN (Korea Development Bank LOC), 0.65%, 5/06/16		30,000			30,000,000
Tennessee Montgomery County IDRB (Hancock Tire Manufacturing Project) Series 2015A VRDN (Kookmin Bank LOC), 0.60%, 5/06/16		30,000			30,000,000
Triborough Bridge & Tunnel Authority RB Series 2013 VRDN (Bank of America N.A. LOC), 0.40%, 5/06/16		13,000			13,000,000
Wisconsin Housing & Economic Development Authority RB Series 2007B VRDN, 0.40%, 5/06/16		3,630			3,630,000
Total Municipal Bonds — 12.9%					132,505,000
Time Deposits
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 0.30%, 5/02/16		40,000			40,000,000
Credit Agricole Corporate & Investment Bank, 0.31%, 5/02/16		35,000			35,000,000
DNB Bank ASA, 0.30%, 5/02/16		45,000			45,000,000
DZ Bank AG Deutsche Zentral Genoss, 0.30%, 5/02/16		40,000			40,000,000
ING Bank NV (Amsterdam Branch), 0.39%, 5/02/16		5,000			5,000,000
National Australia Bank Ltd., 0.30%, 5/02/16		43,500			43,500,000
National Bank of Canada, 0.30%, 5/02/16		40,000			40,000,000
Natixis S.A., 0.30%, 5/02/16		27,000			27,000,000
Nordea Bank AB, 0.28%, 5/02/16		40,000			40,000,000
Skandinaviska Enskilda Banken AB, 0.30%, 5/02/16		25,000			25,000,000

Time Deposits	Par  (000)		Value
Svenska Handelsbanken AB, 0.30%, 5/02/16	$	40,000	$	40,000,000
Swedbank AB, New York, 0.30%, 5/02/16		42,500		42,500,000
Total Time Deposits — 41.2%				423,000,000
Repurchase Agreements
Credit Suisse Securities (USA) LLC, 0.64%, 5/02/16 (d) (Purchased on 04/29/16 to be repurchased at $36,048,923, collateralized by corporate/debt obligation, 5.00% due at 11/27/45, original par and fair value of $61,715,000 and $43,258,241, respectively)		36,047		36,047,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $43,258,241)				36,047,000
HSBC Securities (USA), Inc., 0.41%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $37,001,264, collateralized by various corporate/debt obligations, 0.00% to 5.17% due from 5/11/16 to 3/20/46, aggregate original par and fair value of $51,888,138 and $40,308,833, respectively)		37,000		37,000,000
HSBC Securities (USA), Inc., 0.49%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $5,000,204, collateralized by various corporate/debt obligations, 0.00% to 2.30% due from 2/01/18 to 9/15/21, aggregate original par and fair value of $11,510,004 and $5,378,432, respectively)		5,000		5,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $45,687,265)				42,000,000
JPMorgan Securities LLC, 0.37%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $40,001,233, collateralized by various corporate/debt obligations, 0.76% to 8.45% due from 7/25/21 to 1/25/47, aggregate original par and fair value of $161,574,131 and $47,994,939, respectively)		40,000		40,000,000
Total Value of JPMorgan Securities LLC (collateral value of $47,994,939)				40,000,000
RBC Capital Markets LLC, 0.37%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $30,000,925, collateralized by various corporate/debt obligations, 0.00% due from 5/16/16 to 7/12/16, aggregate original par and fair value of $31,515,579 and $31,500,001, respectively)		30,000		30,000,000
RBC Capital Markets LLC, 0.37%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $5,000,154, collateralized by various corporate/debt obligations, 0.00% due from 5/20/16 to 8/11/16, aggregate original par and fair value of $5,258,473 and $5,250,001, respectively)		5,000		5,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 19

Schedule of Investments (concluded) TempCash

Repurchase Agreements	Par  (000)		Value
RBC Capital Markets LLC, 0.37%, 5/02/16 (d) (Purchased on 4/29/16 to be repurchased at $5,000,154, collateralized by various corporate/debt obligations, 2.06% to 9.95% due from 3/10/17 to 2/15/47, aggregate original par and fair value of $20,524,667 and $5,333,146, respectively)	$	5,000	$	5,000,000
Total Value of RBC Capital Markets LLC (collateral value of $42,083,148)				40,000,000
Wells Fargo Bank NA, 0.29%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $5,000,121, collateralized by various corporate/debt obligations, 1.50% due at 11/30/19, aggregate original par and fair value of $4,995,894 and $5,100,001, respectively)		5,000		5,000,000
Total Value of Wells Fargo Bank NA (collateral value of $5,100,001)				5,000,000
Wells Fargo Securities, LLC, 0.29%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $5,000,121, collateralized by various corporate/debt obligations, 0.00% to 5.13% due from 5/12/16 to 2/15/46, aggregate original par and fair value of $4,930,842 and $5,099,995, respectively)		5,000		5,000,000

Repurchase Agreements	Par  (000)		Value
Wells Fargo Securities, LLC, 0.61%, 5/05/16 (Purchased on 4/28/16 to be repurchased at $40,004,744, collateralized by various corporate/debt obligations, 2.11% to 4.53% due from 6/14/31 to 8/27/37, aggregate original par and fair value of $49,935,364 and $50,000,001, respectively)	$	40,000	$	40,000,000
Total Value of Wells Fargo Securities, LLC (collateral value of $55,099,996)				45,000,000
Total Repurchase Agreements — 20.3%				208,047,000
Total Investments (Cost — $1,026,546,952*) — 100.0%				1,026,546,952
Other Assets Less Liabilities — 0.0%				126,280
Net Assets — 100.0%			$	1,026,673,232

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Issuer is a U.S. branch of a foreign domiciled bank.

(b) Rates are discount rates or a range of discount rates at the time of purchase.

(c) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(d) Variable rate security. Rate as of period end.

(e) Traded in a joint account.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	1,026,546,952	—	$	1,026,546,952

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $385,635 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

20 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	TempFund
	(Percentages shown are based on Net Assets)

Certificates of Deposit	Par  (000)		Value
Domestic — 3.0%
Citibank N.A.:
0.65%, 5/18/16	$	95,000	$	95,000,000
0.65%, 5/20/16		58,700		58,700,000
State Street Bank & Trust Co.:
0.80%, 7/26/16		85,000		85,000,000
0.79%, 9/02/16 (a)		116,253		116,253,000
0.79%, 10/11/16 (a)		185,000		185,000,000
Wells Fargo Bank N.A.:
0.58%, 5/09/16		16,594		16,593,822
0.70%, 6/01/16 (a)		91,000		91,000,000
0.78%, 6/17/16 (a)		119,000		119,000,000
0.78%, 6/17/16 (a)		85,000		85,000,000
0.79%, 7/13/16 (a)		68,000		68,000,000
0.79%, 7/14/16 (a)		100,000		100,000,000
0.79%, 8/01/16 (a)		325,000		325,000,000
0.79%, 8/01/16 (a)		50,000		50,000,000
0.80%, 8/01/16		77,000		77,000,000
0.81%, 8/01/16		50,000		50,000,000
0.79%, 8/02/16 (a)		75,000		75,000,000
0.84%, 8/17/16		320,000		320,000,000
0.79%, 8/18/16 (a)		80,000		80,000,000
0.87%, 9/23/16		10,000		10,000,000
0.82%, 11/01/16 (a)		79,000		79,000,000
0.81%, 11/04/16 (a)		92,000		92,000,000
1.06%, 2/01/17		200,000		200,000,000
				2,377,546,822
Yankee — 30.8% (b)
Bank of Montreal, Chicago:
0.62%, 5/09/16		65,000		65,000,000
0.63%, 5/13/16		20,000		20,000,000
0.66%, 6/01/16 (a)		320,000		320,000,000
0.74%, 6/07/16 (a)		130,000		130,000,000
0.77%, 6/14/16 (a)		84,600		84,600,000
0.85%, 7/08/16 (a)		8,000		7,997,432
0.79%, 7/13/16 (a)		310,000		310,000,000
0.79%, 7/19/16 (a)		65,000		65,000,000
0.78%, 8/04/16 (a)		100,000		100,000,000
0.44%, 10/04/16 (a)		126,750		126,750,000
1.10%, 2/02/17		292,000		292,000,000
Bank of Nova Scotia, Houston:
0.69%, 6/02/16 (a)		30,000		30,000,000
0.79%, 7/21/16 (a)		72,000		72,000,000
0.81%, 7/27/16		60,000		60,000,000
0.78%, 8/26/16 (a)		125,000		125,000,000
0.79%, 9/19/16 (a)		89,750		89,750,000
0.79%, 9/30/16 (a)		135,000		135,000,000
0.82%, 10/05/16		100,000		100,000,000
0.80%, 10/14/16 (a)		128,000		128,000,000
Bank of Nova Scotia, New York, 0.72%, 6/03/16		203,000		203,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.70%, 5/09/16		300,000		300,000,000
0.70%, 7/08/16		226,000		226,000,000
0.72%, 7/14/16		200,000		200,000,000
0.74%, 8/02/16		255,000		255,000,000
0.71%, 8/04/16		325,000		325,000,000
BNP Paribas S.A., New York:
0.51%, 5/06/16		100,000		100,000,000
0.79%, 8/01/16 (a)		430,000		430,000,000
Canadian Imperial Bank of Commerce, New York:
0.65%, 5/16/16 (a)		40,349		40,348,441
0.63%, 5/17/16		25,000		25,000,000
0.63%, 5/19/16		95,000		95,000,000

Certificates of Deposit	Par  (000)		Value
Yankee (continued) (b)
0.68%, 5/25/16	$	168,000	$	168,000,000
0.67%, 5/31/16		180,000		180,000,000
0.67%, 6/30/16 (a)		230,000		230,000,000
0.75%, 7/05/16 (a)		300,000		300,000,000
0.80%, 8/05/16		150,000		150,000,000
0.79%, 8/16/16 (a)		70,000		70,000,000
0.81%, 8/18/16		100,000		100,000,000
0.79%, 9/02/16 (a)		200,000		200,000,000
0.85%, 9/02/16		136,000		136,000,000
0.85%, 9/02/16		91,341		91,341,000
0.81%, 10/03/16 (a)		84,750		84,750,000
Credit Industriel et Commercial Euro CD, 0.75%, 7/01/16		89,000		89,001,505
Credit Industriel et Commercial, New York:
0.65%, 7/07/16		345,000		345,000,000
0.82%, 8/01/16 (a)		120,000		120,000,000
0.84%, 8/08/16 (a)		122,000		122,000,000
DZ Bank AG Deutsche Zentral Genosee:
0.67%, 5/12/16		50,000		50,000,683
0.60%, 5/18/16		50,000		50,000,000
0.68%, 6/17/16		49,000		48,999,998
0.68%, 6/20/16		29,500		29,499,996
0.56%, 6/23/16		250,000		250,000,000
0.56%, 7/01/16		159,000		159,000,000
HSBC Bank USA NA:
0.63%, 5/06/16 (a)		40,000		40,000,000
0.57%, 5/24/16		205,000		205,000,000
0.78%, 7/11/16 (a)		100,000		100,000,000
0.83%, 9/16/16 (a)		93,306		93,306,000
0.83%, 9/16/16 (a)		33,000		33,000,000
0.93%, 10/14/16		55,000		55,000,000
0.90%, 10/21/16		85,000		85,000,000
KBC Bank N.V., New York, 0.36%, 5/06/16		990,000		990,000,000
Mizuho Bank Ltd., New York:
0.68%, 5/16/16		45,000		45,000,933
0.71%, 5/16/16		172,000		172,000,000
0.62%, 5/23/16		215,000		215,000,000
0.70%, 7/15/16		350,000		350,000,000
0.76%, 7/18/16		165,000		165,000,000
0.82%, 7/20/16 (a)		362,000		362,000,000
0.82%, 7/22/16 (a)		325,000		325,000,000
0.61%, 7/27/16		300,000		300,000,000
Natixis S.A., New York, 0.64%, 11/21/16 (a)		250,000		250,000,000
Norinchukin Bank, New York:
0.63%, 6/03/16		345,000		345,000,000
0.61%, 6/17/16		325,000		325,000,000
0.51%, 6/27/16		250,000		250,000,000
0.51%, 6/27/16		238,000		238,000,000
0.83%, 7/07/16 (a)		380,000		380,000,000
0.69%, 7/14/16		250,000		250,000,000
0.65%, 7/25/16		135,975		135,981,393
Oversea Chinese Banking Corp Ltd, New York:
0.51%, 5/16/16		200,000		200,000,000
0.50%, 6/10/16		90,000		89,999,999
Rabobank Nederland, New York:
0.72%, 5/06/16		161,800		161,804,640
0.50%, 5/12/16		100,000		100,000,000
0.77%, 6/17/16 (a)		110,380		110,380,000
0.76%, 7/06/16 (a)		365,000		365,000,000
0.75%, 8/01/16 (a)		90,000		90,000,000
0.79%, 8/11/16 (a)		290,000		290,000,000
0.86%, 9/06/16		55,000		55,000,000
0.79%, 9/07/16 (a)		150,000		150,000,000
0.86%, 9/19/16		125,000		125,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 21

Schedule of Investments (continued) TempFund

Certificates of Deposit	Par  (000)		Value
Yankee (continued) (b)
Royal Bank of Canada, New York:
0.76%, 6/10/16 (a)	$	113,000	$	113,000,000
0.78%, 6/10/16 (a)		395,000		395,000,000
0.79%, 7/05/16 (a)		91,000		91,000,000
0.79%, 7/08/16 (a)		295,000		295,000,000
0.94%, 11/01/16		303,000		303,000,000
Skandinaviska Enskilda Banken AB, New York, 0.66%, 7/11/16		365,000		365,000,000
Societe Generale, New York, 0.50%, 5/31/16		300,000		300,000,000
Sumitomo Mitsui Banking Corp., New York:
0.70%, 5/03/16		83,000		83,000,000
0.58%, 6/20/16		330,000		330,000,000
0.70%, 7/08/16		215,000		215,000,000
0.84%, 7/11/16 (a)		355,000		355,000,000
0.83%, 7/27/16 (a)		300,000		300,000,000
Sumitomo Mitsui Trust Bank Limited, New York:
0.52%, 5/02/16		318,000		318,000,000
0.64%, 6/21/16		375,000		375,000,000
0.72%, 7/11/16		235,000		235,000,000
0.83%, 7/28/16 (a)		223,000		223,000,000
0.71%, 8/03/16		220,000		220,000,000
0.72%, 8/08/16		150,000		150,000,000
Svenska Handelsbanken AB, New York:
0.50%, 5/10/16		100,000		100,000,125
0.44%, 6/06/16 (a)		137,248		137,248,000
0.49%, 6/13/16		65,000		65,000,388
0.81%, 7/15/16		14,940		14,939,994
0.81%, 7/18/16		16,032		16,031,998
0.82%, 7/29/16		85,000		85,000,000
0.82%, 8/03/16		99,750		99,751,297
0.82%, 8/10/16		82,000		82,001,144
0.85%, 9/07/16		130,000		130,002,320
0.90%, 10/07/16		88,000		88,001,933
0.88%, 10/24/16		90,000		90,000,000
Toronto Dominion Bank, New York:
0.49%, 5/04/16		150,000		150,000,000
0.50%, 5/06/16		254,000		254,000,000
0.60%, 5/23/16		240,000		240,000,000
0.67%, 6/01/16 (a)		52,000		52,000,000
0.69%, 6/02/16		62,454		62,454,000
0.68%, 6/06/16 (a)		325,000		325,000,000
0.75%, 6/10/16 (a)		122,986		122,986,000
0.76%, 6/15/16 (a)		57,885		57,885,000
0.77%, 6/21/16 (a)		142,500		142,500,000
0.75%, 7/05/16 (a)		345,000		345,000,000
0.78%, 7/15/16 (a)		162,000		162,000,000
0.84%, 8/19/16		92,849		92,849,000
0.90%, 9/29/16		4,675		4,675,710
1.11%, 2/02/17		322,000		322,000,000
UBS A.G., Stamford:
0.68%, 5/31/16		100,000		100,000,000
0.67%, 6/02/16		100,000		100,000,000
0.65%, 6/07/16		83,000		83,000,000
0.82%, 7/11/16 (a)		200,000		200,000,000
0.83%, 9/09/16 (a)		200,000		200,000,000
Westpac Banking Corp New York:
0.75%, 8/09/16 (a)		65,000		65,000,000
0.83%, 9/02/16		35,000		35,000,000
0.78%, 9/12/16		124,750		124,750,000
0.80%, 10/14/16 (a)		150,000		150,000,000
0.89%, 10/14/16		100,000		100,000,000

Certificates of Deposit	Par  (000)		Value
Yankee (continued) (b)
0.88%, 10/21/16 (a)	$	36,881	$	36,894,587
0.98%, 2/06/17 (a)		300,000		300,000,000
				24,282,483,516
Total Certificates of Deposit — 33.8%				26,660,030,338
Commercial Paper
Albion Capital LLC, 0.48%, 5/23/16 (c)		99,831		99,801,716
ANZ New Zealand International Ltd.:
0.66%, 5/24/16 (a)		113,000		113,000,000
0.71%, 6/01/16 (a)		68,000		68,000,000
0.71%, 6/07/16 (a)		69,000		69,000,000
0.79%, 6/09/16 (a)		113,374		113,374,000
ASB Finance Ltd., London:
0.65%, 5/20/16 (a)		52,870		52,870,054
0.68%, 5/26/16 (a)		74,457		74,457,000
0.71%, 6/07/16 (a)		58,157		58,157,000
0.80%, 6/21/16 (a)		119,000		119,000,000
0.79%, 7/11/16 (a)		43,862		43,862,000
0.80%, 7/14/16 (a)		57,960		57,959,788
1.07%, 2/01/17 (c)		59,000		58,516,003
Bank Nederlandse Gemeenten NV:
0.42%, 5/02/16 (c)		425,000		424,995,042
0.61%, 5/06/16 (a)		160,000		160,000,000
Bank of Nova Scotia:
0.60%, 5/19/16 (c)(d)		100,000		99,970,000
0.86%, 8/15/16 (c)(d)		375,000		374,050,417
0.84%, 8/25/16 (c)		46,425		46,297,847
0.85%, 8/26/16 (c)(d)		337,500		336,567,656
0.95%, 11/02/16 (c)		190,000		189,061,432
0.97%, 11/02/16 (c)		245,000		243,789,741
Bedford Row Funding Corp.:
0.80%, 7/06/16 (a)		250,000		250,000,000
0.79%, 7/18/16 (a)(d)		74,000		74,000,000
0.83%, 8/09/16 (c)		23,176		23,121,922
0.86%, 9/19/16 (c)		16,600		16,543,436
0.81%, 9/26/16 (a)		100,000		100,000,000
0.82%, 11/01/16 (a)		90,000		90,000,000
BNP Paribas S.A. (New York Branch):
0.63%, 6/02/16 (c)		250,000		249,860,000
0.70%, 7/11/16 (c)		450,000		449,378,750
0.85%, 8/10/16 (c)		224,000		223,465,822
BNZ International Funding Ltd.:
0.79%, 7/06/16 (a)		90,000		90,000,000
0.81%, 8/02/16 (c)		90,000		89,809,350
0.82%, 8/16/16 (c)		85,000		84,790,309
Caisse Des Depots Et Consignations:
0.55%, 5/19/16 (c)		25,000		24,992,625
0.56%, 5/23/16 (c)		50,000		49,981,973
0.60%, 5/31/16 (c)		265,000		264,868,604
Chariot Funding LLC, 0.95%, 11/07/16 (c)		50,000		49,749,306
Ciesco LLC, 0.54%, 5/18/16 (c)		42,434		42,422,377
Collateralized Commercial Paper Co. LLC, 0.81%, 7/25/16 (a)		250,000		250,000,000
Collateralized Commercial Paper II Co. LLC:
0.81%, 8/01/16 (c)		75,000		74,840,917
0.84%, 9/30/16 (a)		85,000		85,000,000
0.94%, 10/31/16 (c)		160,000		159,227,334
0.97%, 11/10/16 (c)		165,000		164,141,954

See Notes to Financial Statements.

22 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) TempFund

Commercial Paper	Par  (000)		Value
Commonwealth Bank of Australia:
0.62%, 5/09/16 (a)	$	238,000	$	238,000,000
0.62%, 5/31/16 (a)		250,000		250,000,000
0.92%, 7/07/16 (a)		350,000		350,000,000
0.79%, 8/22/16 (a)		230,000		230,000,000
0.97%, 1/27/17 (a)		140,000		140,000,000
CRC Funding LLC:
0.50%, 5/02/16 (c)		147,000		146,997,958
0.54%, 5/12/16 (c)		3,989		3,988,293
0.54%, 5/16/16 (c)		8,535		8,532,937
0.55%, 5/23/16 (c)		1,123		1,122,602
DBS Bank Ltd.:
0.40%, 5/02/16 (c)		260,000		259,997,111
0.50%, 6/06/16 (c)		100,000		99,950,000
Dexia Credit Local/New York (ST) GTD:
0.74%, 6/20/16 (c)		23,059		23,034,660
0.79%, 8/10/16 (c)		54,877		54,753,831
0.84%, 8/10/16		25,000		24,940,382
0.86%, 8/10/16		113,680		113,408,905
0.82%, 8/16/16		75,000		74,817,209
0.86%, 9/01/16 (c)		25,000		24,925,688
0.89%, 9/13/16 (c)		40,000		39,865,000
0.86%, 10/03/16 (c)		125,000		124,534,462
0.90%, 10/21/16 (c)		115,815		115,311,318
DNB Bank ASA:
0.65%, 6/24/16 (c)		95,000		94,907,375
0.60%, 6/27/16 (c)		420,000		419,601,000
Erste Abwicklungsanstalt:
0.65%, 5/20/16 (c)(d)		90,000		89,969,125
0.65%, 5/27/16 (c)		95,000		94,955,403
0.62%, 6/01/16 (c)		70,000		69,960,819
0.63%, 6/13/16 (c)		38,000		37,970,497
0.65%, 6/27/16 (c)		145,000		144,850,771
0.60%, 7/07/16 (c)		95,000		94,892,711
0.63%, 7/07/16 (c)		15,000		14,983,060
0.66%, 8/11/16 (c)(d)		100,000		99,813,000
0.71%, 9/08/16 (c)		89,287		89,054,854
Fairway Finance Co. LLC:
0.61%, 5/12/16 (a)		10,000		9,999,907
0.78%, 8/04/16 (a)(d)		50,000		50,000,000
0.78%, 9/02/16 (a)		70,000		70,000,000
HSBC Bank PLC:
0.64%, 5/17/16 (a)		223,000		223,000,000
0.65%, 5/18/16 (a)(d)		15,000		15,000,000
0.81%, 7/25/16 (a)		90,000		90,000,000
0.81%, 8/16/16 (a)		100,000		100,000,000
0.81%, 10/03/16 (a)(d)		35,000		35,000,000
ING US Funding LLC:
0.61%, 6/08/16 (c)		125,000		124,919,514
0.69%, 7/06/16 (c)		100,000		99,873,500
0.63%, 7/07/16 (c)		50,000		49,941,375
0.70%, 8/05/16 (c)		200,000		199,626,667
JPMorgan Securities LLC:
0.65%, 5/10/16 (a)		75,000		75,000,000
0.74%, 6/07/16 (a)		110,500		110,500,000
0.70%, 6/13/16 (a)		105,000		105,000,000
0.80%, 7/13/16 (a)		191,000		191,000,000
0.83%, 7/21/16 (c)		72,568		72,429,214
0.83%, 7/25/16 (c)		70,000		69,859,514
0.82%, 9/19/16 (a)		88,000		88,000,000
0.91%, 10/25/16 (c)		25,000		24,886,917
0.63%, 10/31/16 (a)		100,000		100,000,000
1.13%, 2/01/17		213,000		211,171,040
Jupiter Securitization Company LLC, 0.90%, 10/11/16 (c)		50,000		49,796,250
Kells Funding LLC:
0.61%, 5/20/16 (c)		200,000		199,935,611

Commercial Paper	Par  (000)		Value
0.61%, 5/23/16 (c)	$	68,000	$	67,974,651
0.60%, 7/19/16 (c)		200,000		199,736,667
La Caisse Centrale Desjardins Du Quebec:
0.38%, 5/02/16 (c)		204,350		204,347,843
0.53%, 5/25/16 (c)		50,000		49,982,333
0.53%, 5/27/16 (c)(d)		50,000		49,980,861
Liberty Street Funding LLC:
0.64%, 6/23/16 (c)		62,000		49,951,416
0.67%, 6/23/16 (c)		12,000		11,987,810
0.84%, 9/06/16 (c)		60,000		59,818,666
Macquarie Bank Ltd.:
0.45%, 5/02/16 (c)		58,000		57,999,275
0.64%, 6/14/16 (c)		100,000		99,922,389
Matchpoint Finance PLC, 0.70%, 8/12/16 (c)		200,000		199,599,444
Metlife Short Term Funding LLC, 0.54%, 6/14/16 (c)		70,114		70,066,011
Mizuho Bank Ltd., (New York Branch), 0.61%, 5/23/16 (c)		183,000		182,931,782
National Australia Bank Ltd.:
0.77%, 6/17/16 (a)		71,387		71,387,000
0.95%, 11/01/16 (c)(d)		235,000		233,858,945
0.95%, 11/02/16 (c)(d)		140,000		139,316,528
NRW.Bank:
0.44%, 5/09/16 (c)		130,000		129,987,289
0.44%, 5/18/16 (c)		400,000		399,916,889
Old Line Funding LLC:
0.79%, 6/13/16 (a)		69,910		69,910,000
0.80%, 6/16/16 (a)		98,952		98,952,000
0.64%, 6/21/16 (c)		22,391		22,370,065
0.81%, 7/11/16 (a)		130,000		130,000,000
0.79%, 7/21/16 (a)		72,568		72,568,000
0.82%, 8/03/16 (c)		35,000		34,924,147
0.86%, 9/02/16 (c)		125,000		124,629,722
0.85%, 9/06/16 (c)		75,000		74,773,333
0.85%, 9/08/16 (c)		35,000		34,892,570
0.81%, 9/12/16 (a)		100,000		100,000,000
0.84%, 10/03/16 (c)		44,626		44,462,681
Oversea-Chinese Banking Corp. Ltd.:
0.62%, 5/06/16 (a)		200,000		200,000,000
0.78%, 7/14/16 (a)		130,000		130,000,000
Rabobank Nederland, New York, 0.69%, 6/21/16 (c)		80,018		79,937,515
Societe Generale, 0.50%, 5/31/16 (c)		285,000		284,882,437
Starbird Funding Corp.:
0.62%, 6/10/16 (c)(d)		190,000		189,869,111
0.62%, 7/01/16 (c)		177,000		176,812,969
0.63%, 7/01/16 (c)		100,000		99,894,333
Sumitomo Mitsui Banking Corp.:
0.48%, 6/20/16 (c)		225,650		225,499,566
0.70%, 7/08/16 (c)		175,000		174,768,611
0.87%, 7/21/16 (c)		225,000		224,559,563
Sumitomo Mutsui Banking Corp., 0.62%, 7/05/16 (c)		235,000		234,736,931
Svenska Handelsbanken, AB:
0.79%, 8/09/16 (c)		42,000		41,906,666
0.84%, 9/23/16 (c)		50,000		49,828,819
Thunder Bay Funding LLC:
0.65%, 5/23/16 (c)		32,750		32,736,190
0.63%, 6/13/16 (c)		68,000		67,947,205
0.70%, 6/20/16		50,000		49,951,389
0.62%, 6/21/16 (c)		40,623		40,586,169
0.64%, 6/21/16 (c)		33,000		32,969,145
0.80%, 6/23/16 (a)		95,000		95,000,000
0.64%, 7/07/16		21,000		20,974,987
0.86%, 9/02/16 (c)		70,000		69,792,645
0.74%, 9/06/16 (c)		28,000		27,925,334

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 23

Schedule of Investments (continued) TempFund

Commercial Paper	Par  (000)		Value
Toronto-Dominion Holdings USA, Inc., 0.66%, 7/01/16 (c)	$	105,000	$	104,882,575
Total Cap Canada Ltd.:
0.52%, 5/16/16 (c)		30,000		29,993,000
0.59%, 7/11/16 (c)		39,000		38,953,850
0.59%, 7/13/16 (c)		29,000		28,964,717
Toyota Motor Credit Corp:
0.44%, 6/15/16 (a)		104,797		104,797,000
0.74%, 6/17/16 (a)		91,700		91,700,000
0.75%, 6/18/16 (a)		128,637		128,637,000
United Overseas Bank Ltd.:
0.60%, 5/10/16 (c)(d)		143,750		143,728,437
0.69%, 5/12/16 (c)(d)		56,000		55,988,194
0.65%, 7/11/16 (c)(d)		150,000		149,807,709
0.59%, 7/18/16 (c)(d)		200,000		199,744,333
0.82%, 7/20/16 (c)(d)		141,500		141,242,156
0.60%, 7/22/16 (c)(d)		145,000		144,801,833
Versailles Com Paper LLC:
0.62%, 6/01/16 (c)		50,000		49,973,019
0.63%, 6/01/16 (c)		100,000		99,946,037
0.60%, 6/10/16 (c)		50,000		49,965,556
0.64%, 6/13/16 (c)		100,000		99,923,555
0.62%, 6/14/16 (c)		50,000		49,960,889
0.64%, 6/14/16 (c)		49,000		48,961,671
Victory Receivables Corp.:
0.48%, 5/04/16 (c)		68,139		68,136,274
0.49%, 5/10/16 (c)		53,864		53,857,402
0.53%, 5/27/16 (c)		195,000		194,925,358
0.52%, 6/06/16 (c)		132,026		131,957,346
Westpac Banking Corp New York, 0.41%, 5/05/16 (c)		20,000		19,998,977
Westpac Banking Corp.:
0.61%, 5/09/16 (a)		52,000		52,000,000
0.79%, 9/06/16 (a)		277,000		277,000,000
Westpac Securities NZ Ltd.:
0.43%, 5/31/16 (a)		61,500		61,500,000
0.89%, 11/04/16 (c)		128,957		128,354,126
Working Capital Management, 0.49%, 5/03/16 (c)		15,000		14,999,534
Total Commercial Paper — 25.4%				20,050,531,305
Corporate Notes — 0.0%
HSBC Bank PLC, 3.10%, 5/24/16 (d)		9,799		9,813,164
Municipal Bonds (e)
Catawba County NC Hospital RV RB Series 2009 VRDN (Branch Banking and Trust Company LOC), 0.45%, 5/06/16		5,350		5,350,000
Colorado Housing & Finance Authority RB Series 2003CL VRDN (Federal Home Loan Bank SBPA), 0.40%, 5/06/16		9,205		9,205,000
Colorado Housing & Finance Authority RB Series B-1 VRDN (Federal Home Loan Bank SBPA), 0.44%, 5/06/16		10,075		10,075,000
Colorado Housing & Finance Authority RB Series C-1 VRDN (Federal Home Loan Bank SBPA), 0.43%, 5/06/16		9,940		9,940,000
Easton MD RB Series 2009B VRDN (Branch Banking and Trust Company LOC), 0.45%, 5/06/16		2,300		2,300,000

Municipal Bonds	Par  (000)		Value
Macon-Bibb County, GA Industrial Authority, RB Series 2015 VRDN (Korea Development Bank LOC), 0.65%, 5/06/16	$	50,000	$	50,000,000
Minnesota Office of Higher Education RB Series 2008A VRDN (US Bank National Association LOC), 0.43%, 5/06/16		22,395		22,395,000
New York State Housing Finance Agency RB Series B VRDN (Manufacturers and Traders Trust Co. LOC), 0.42%, 5/06/16		10,305		10,305,000
North Hudson Sewerage Authority NJ RB Series 2012C VRDN (TD Bank N.A. LOC), 0.45%, 5/06/16		16,135		16,135,000
Simmons College MA RB Series 2008 VRDN (TD Bank N.A. LOC), 0.40%, 5/06/16		8,775		8,775,000
Wisconsin Housing & Economic Development Authority GO Series B VRDN (Federal Home Loan Bank SBPA), 0.42%, 5/06/16		3,460		3,460,000
Wisconsin Housing & Economic Development Authority RB Series 2008B VRDN (Fannie Mae LOC), 0.47%, 5/06/16		2,535		2,535,000
Total Municipal Bonds — 0.2%				150,475,000
Time Deposits
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 0.30%, 5/02/16		1,000,000		1,000,000,000
Credit Agricole Corporate & Investment Bank, 0.31%, 5/02/16		3,079,000		3,079,000,000
DNB Bank ASA, 0.30%, 5/02/16		2,800,000		2,800,000,000
DZ Bank AG Deutsche Zentral Genoss, 0.30%, 5/02/16		1,460,000		1,460,000,000
ING Bank NV (Amsterdam Branch), 0.39%, 5/02/16		368,000		368,000,000
National Australia Bank Ltd., 0.30%, 5/02/16		2,100,000		2,100,000,000
National Bank of Canada, 0.30%, 5/02/16		660,000		660,000,000
Natixis S.A., 0.30%, 5/02/16		2,102,000		2,102,000,000
Nordea Bank AB, 0.28%, 5/02/16		1,160,000		1,160,000,000
Skandinaviska Enskilda Banken AB, 0.30%, 5/02/16		2,800,000		2,800,000,000
Svenska Handelsbanken AB, 0.30%, 5/02/16		2,400,000		2,400,000,000
Swedbank AB, New York, 0.30%, 5/02/16		3,000,000		3,000,000,000
Bank of New York Mellon, 0.29%, 5/02/16		2,000,000		2,000,000,000
Credit Industriel et Commercial:
0.29%, 5/02/16		500,000		500,000,000
0.30%, 5/02/16		700,000		700,000,000
KBC Bank NV (New York Branch), 0.31%, 5/02/16		1,000,000		1,000,000,000
Lloyds Bank Plc, 0.30%, 5/02/16		375,000		375,000,000
Total Time Deposits — 34.8%				27,504,000,000
U.S. Treasury Obligations — 0.2%
U.S. Treasury Notes, 0.42%, 10/31/17 (a)		147,025		146,686,117

See Notes to Financial Statements.

24 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) TempFund

Repurchase Agreements	Par  (000)		Value
Citigroup Global Markets, Inc., 0.97%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $272,522,125, collateralized by various corporate/debt obligations, 0.00% to 7.67% due from 6/20/16 to 7/20/45, aggregate original par and fair value of $621,000,021 and $291,575,000, respectively)	$	272,500	$	272,500,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $291,575,000)				272,500,000
Credit Suisse Securities (USA) LLC, 0.64%, 5/02/16 (a) (Purchased on 04/29/16 to be repurchased at $443,595,657, collateralized by corporate/debt obligation, 5.00% due at 11/27/45, original par and fair value of $759,395,000 and $532,286,992, respectively)		443,572		443,572,000
Credit Suisse Securities (USA) LLC, 0.89%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $863,063,920, collateralized by various corporate/debt obligations, 0.00% to 7.80% due from 9/15/20 to 12/31/50, aggregate original par and fair value of $5,822,215,585 and $1,035,601,180, respectively)		863,000		863,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $1,567,888,172)				1,306,572,000
HSBC Securities (USA) Inc., 0.49%, 5/02/16 (a) (Purchased on 4/29/16 to be repurchased at $40,001,633, collateralized by various corporate/debt obligations, 0.00% to 11.25% due from 7/15/16 to 12/31/50, aggregate original par and fair value of $49,162,432 and $47,512,584,respectively)		40,000		40,000,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $47,512,584)				40,000,000
JPMorgan Securities LLC, 0.89%, 5/02/16 (e) (Purchased on 04/29/16 to be repurchased at $250,018,471, collateralized by various corporate/debt obligations, 0.08% to 7.90% due from 7/05/16 to 12/31/49, aggregate original par and fair value of $394,471,102 and $262,793,290, respectively)		250,000		250,000,000
JPMorgan Securities LLC, 0.80%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $55,003,647, collateralized by various corporate/debt obligations, 0.67% to 7.86% due from 7/25/27 to 9/25/46, aggregate original par and fair value of $166,974,910 and $66,000,238, respectively)		55,000		55,000,000
JPMorgan Securities LLC, 1.02%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $55,004,659, collateralized by various corporate/debt obligations, 0.68% to 7.21% due from 1/15/29 to 4/25/37, aggregate original par and fair value of $158,307,500 and $66,000,450, respectively)		55,000		55,000,000

Repurchase Agreements	Par  (000)		Value
JPMorgan Securities LLC, 1.14%, 5/02/16 (e) (Purchased on 4/29/16 to be repurchased at $220,020,838, collateralized by various corporate/debt obligations, 0.00% to 7.06% due from 7/05/19 to 12/31/50, aggregate original par and fair value of $5,382,955,607 and $253,003,166, respectively)	$	220,000	$	220,000,000
JPMorgan Securities LLC, 0.74%, 5/02/16 (Purchased on 2/01/16 to be repurchased at $200,374,111, collateralized by various corporate/debt obligations, 0.00% to 26.67% due from 11/25/16 to 12/31/50, aggregate original par and fair value of $6,279,914,924 and $220,333,080, respectively)		200,000		200,000,000
JPMorgan Securities LLC, 0.93%, 7/05/16 (Purchased on 4/04/16 to be repurchased at $100,237,667, collateralized by various corporate/debt obligations, 0.65% to 6.45% due from 5/31/16 to 6/12/50, aggregate original par and fair value of $475,891,343 and $118,706,060, respectively)		100,000		100,000,000
JPMorgan Securities LLC, 0.37%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $260,008,017, collateralized by various corporate/debt obligations, 0.00% to 8.45% due from 5/03/16 to 12/31/50, aggregate original par and fair value of $1,197,186,963 and $294,113,994, respectively)		260,000		260,000,000
Total Value of JPMorgan Securities LLC (collateral value of $1,280,950,278)				1,140,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.89%, 5/02/16 (e)(f) (Purchased on 4/29/16 to be repurchased at $168,012,460, collateralized by various corporate/debt obligations, 2.58% to 3.84% due from 11/28/29 to 12/31/50, aggregate original par and fair value of $366,740,198 and $210,000,000, respectively)		168,000		168,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $5,000,117, collateralized by various corporate/debt obligations, 0.00% to 3.75% due from 12/31/19 to 8/15/41, aggregate original par and fair value of $4,779,451 and $5,100,000, respectively)		5,000		5,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $215,100,000)				173,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 25

Schedule of Investments (continued) TempFund

Repurchase Agreements	Par  (000)		Value
Mizuho Securities USA, Inc., 0.46%, 5/02/16 (a) (Purchased on 4/29/16 to be repurchased at $81,166,111, collateralized by various corporate/debt obligations, 0.19% to 6.76% due from 5/25/29 to 11/19/47, aggregate original par and fair value of $12,448,520,141 and $96,728,775, respectively)	$	81,163	$	81,163,000
Total Value of Mizuho Securities USA, Inc. (collateral value of $96,728,775)				81,163,000
RBC Capital Markets LLC, 0.37%, 5/02/16 (a) (Purchased on 4/29/16 to be repurchased at $80,002,467, collateralized by various corporate/debt obligations, 0.00% to 2.10% due from 5/09/16 to 10/17/18, aggregate original par and fair value of $84,109,815 and $84,000,000, respectively)		80,000		80,000,000
RBC Capital Markets LLC, 0.37%, 5/02/16 (a) (Purchased on 4/29/16 to be repurchased at $128,003,947, collateralized by various corporate/debt obligations, 1.00% to 9.95% due from 5/15/16 to 12/31/50, aggregate original par and fair value of $369,934,819 and $134,281,740, respectively)		128,000		128,000,000
RBC Capital Markets LLC, 0.58%, 5/09/16 (Purchased on 4/08/16 to be repurchased at $150,074,917, collateralized by various corporate/debt obligations, 0.00% to 8.22% due from 6/01/16 to 12/31/50, aggregate original par and fair value of $131,614,426 and $160,500,000, respectively)		150,000		150,000,000
RBC Capital Markets LLC, 0.36%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $350,010,500, collateralized by various corporate/debt obligations, 0.00% to 10.13% due from 5/15/16 to 1/01/49, aggregate original par and fair value of $404,702,333 and $366,706,995, respectively)		350,000		350,000,000
RBC Capital Markets LLC, 0.37%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $20,000,617, collateralized by various U.S. Treasury obligations, 0.00% due from 5/10/16 to 8/03/16, aggregate original par and fair value of $21,019,378 and $21,000,000, respectively)		20,000		20,000,000
Total Value of RBC Capital Markets LLC (collateral value of $766,488,735)				728,000,000
Wells Fargo Securities LLC, 0.44%, 5/02/16 (a) (Purchased on 4/29/16 to be repurchased at $155,005,683, collateralized by various corporate/debt obligations, 1.44% to 5.80% due from 3/01/18 to 12/31/50, aggregate original par and fair value of $157,010,717 and $164,826,119, respectively)		155,000		155,000,000

Repurchase Agreements	Par  (000)		Value
Wells Fargo Securities LLC, 0.78%, 5/02/16 (Purchased on 2/02/16 to be repurchased at $100,195,000, collateralized by various corporate/debt obligations, 0.00% due from 5/06/16 to 5/16/16, aggregate original par and fair value of $105,019,113 and $105,000,000, respectively)	$	100,000	$	100,000,000
Total Value of Wells Fargo Securities LLC (collateral value of $269,826,119)				255,000,000
Wells Fargo Securities, LLC, 1.05%, 6/07/16 (Purchased on 3/17/16 to be repurchased at $125,298,958, collateralized by various corporate/debt obligations, 0.00% to 8.42% due from 10/17/16 to 12/31/50, aggregate original par and fair value of $477,271,496 and $156,250,000, respectively)		125,000		125,000,000
Wells Fargo Securities, LLC, 0.86%, 7/05/16 (Purchased on 4/04/16 to be repurchased at $40,087,911, collateralized by various corporate/debt obligations, 0.01% to 8.13% due from 5/06/16 to 12/31/50, aggregate original par and fair value of $41,048,000 and $42,000,641, respectively)		40,000		40,000,000
Wells Fargo Securities, LLC, 0.86%, 7/11/16 (Purchased on 4/11/16 to be repurchased at $120,260,867, collateralized by various corporate/debt obligations, 0.00% due from 5/03/16 to 5/06/16, aggregate original par and fair value of $126,012,445 and $126,000,000, respectively)		120,000		120,000,000
Wells Fargo Securities, LLC, 0.61%, 5/05/16 (Purchased on 4/28/16 to be repurchased at $110,013,047, collateralized by various corporate/debt obligations, 0.00% to 8.17% due from 11/25/25 to 5/27/45, aggregate original par and fair value of $165,618,042 and $137,500,000, respectively)		110,000		110,000,000
Wells Fargo Securities, LLC, 0.29%, 5/02/16 (f) (Purchased on 4/29/16 to be repurchased at $5,000,121, collateralized by various corporate/debt obligations, 0.00% to 5.13% due from 5/12/16 to 2/15/46, aggregate original par and fair value of $4,930,842 and $5,099,995, respectively)		5,000		5,000,000
Total Value of Wells Fargo Securities, LLC (collateral value of $466,850,636)				400,000,000
Total Repurchase Agreements — 5.6%				4,396,235,000
Total Investments (Cost — $78,917,770,924*) — 100.0%				78,917,770,924
Other Assets Less Liabilities — 0.0%				7,934,348
Net Assets — 100.0%			$	78,925,705,272

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end.

(b) Issuer is a U.S. branch of a foreign domiciled bank.

(c) Rates are discount rates or a range of discount rates at the time of purchase.

See Notes to Financial Statements.

26 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (concluded) TempFund

(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(f) Traded in a joint account.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	78,917,770,924	$        —	$	78,917,770,924

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $1,356,672 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 27

Schedule of Investments April 30, 2016 (Unaudited)	T-Fund
	(Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par  (000)		Value
U.S. Treasury Bills: (a)
0.42%, 6/02/16	$	45,000	$	44,983,360
0.52% - 0.54%, 6/09/16		500,000		499,713,242
0.59%, 6/16/16		600,000		599,551,500
0.52%, 6/23/16		200,000		199,848,361
0.51% - 0.55%, 6/30/16		237,875		237,661,545
0.52%, 7/07/16		1,000,000		999,039,234
0.46% - 0.50%, 7/14/16		466,672		466,216,457
0.39%, 7/28/16		194,435		194,249,639
0.46% - 0.47%, 8/04/16		400,130		399,640,394
0.42% - 0.44%, 8/11/16		346,000		345,579,165
0.40% - 0.44%, 8/18/16		460,447		459,864,327
0.46%, 8/25/16		200,000		199,706,125
0.48%, 9/01/16		178,000		177,708,080
0.47% - 0.48%, 9/08/16		293,112		292,608,895
0.50% - 0.51%, 9/15/16		577,776		576,660,467
0.48%, 9/29/16		300,000		299,402,292
0.35%, 10/20/16		350,000		349,414,722
0.40%, 10/27/16		595,000		593,816,611
0.66%, 3/02/17		4,630		4,604,110
0.61%, 4/27/17		518,350		515,205,272
U.S. Treasury Notes:
0.44%, 4/30/18 (b)		398,500		398,347,641
2.00%, 5/02/16		115,764		115,765,902
0.25% - 7.25%, 5/15/16		908,306		908,844,484
0.50%, 6/15/16		159,601		159,619,238
0.50% - 3.25%, 6/30/16		589,185		590,074,446
0.50% - 3.25%, 7/31/16		515,223		516,475,911
0.63% - 4.88%, 8/15/16		140,997		141,693,160
0.50% - 3.00%, 8/31/16		1,585,033		1,594,304,771
0.88%, 9/15/16		237,778		238,186,162
0.50% - 1.00%, 9/30/16		202,580		202,913,647
3.13%, 10/31/16		123,280		124,928,096
0.88%, 12/31/16		127,715		127,937,292
0.88%, 1/31/17		211,105		211,644,584
0.32% - 0.38%, 5/02/16 (b)		169,380		169,380,139
0.38% - 3.25%, 5/31/16		1,293,675		1,295,281,719
0.63%, 7/15/16		134,410		134,406,369
0.32%, 7/31/16 (b)		84,321		84,320,873
0.30%, 10/31/16 (b)		157,619		157,597,448
0.33%, 1/31/17 (b)		300,293		300,291,840
0.32%, 4/30/17 (b)		644,531		644,537,021
0.33%, 7/31/17 (b)		600,055		599,887,736
0.42%, 10/31/17 (b)		687,447		687,005,896
0.52%, 1/31/18 (b)		278,890		278,967,833
Total U.S. Treasury Obligations — 54.0%				17,137,886,006

Repurchase Agreements	Par  (000)		Value
Bank of Montreal, 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $2,000,045, collateralized by U.S. Treasury obligation 4.63% due at 2/15/40, original par and fair value of $1,471,800 and $2,040,036, respectively)	$	2,000	$	2,000,000
Total Value of Bank of Montreal (Collateral value of $2,040,036)				2,000,000
Bank of Nova Scotia, 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $407,009,158, collateralized by various U.S. Treasury obligations 0.00% to 5.00% due from 6/09/16 to 2/15/46, aggregate original par and fair value of $398,487,900 and $415,149,408, respectively)		407,000		407,000,000
Total Value of Bank of Nova Scotia (Collateral value of $415,149,408)				407,000,000
BNP Paribas Securities Corp., 0.27%, 5/05/16 (Purchased on 4/28/16 to be repurchased at $468,024,570, collateralized by various U.S. Treasury obligations 0.00% to 6.88% due from 5/15/16 to 8/15/45, aggregate original par and fair value of $481,843,342 and $477,360,042, respectively)		468,000		468,000,000
BNP Paribas Securities Corp., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $1,275,029,750, collateralized by various U.S. Treasury obligations 0.00% to 8.13% due from 5/15/16 to 5/15/45, aggregate original par and fair value of $1,288,216,100 and $1,300,500,000, respectively)		1,275,000		1,275,000,000
Total Value of BNP Paribas Securities Corp. (Collateral value of $1,777,860,042)				1,743,000,000
Citigroup Global Markets, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $10,000,233, collateralized by U.S. Treasury obligation 0.00% due at 9/15/16, original par and fair value of $10,211,200 and $10,200,080, respectively)		10,000		10,000,000

See Notes to Financial Statements.

28 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) T-Fund

Repurchase Agreements	Par  (000)		Value
Citigroup Global Markets, Inc., 0.28%, 5/02/16 (c) (Purchased on 4/29/16 to be repurchased at $100,002,333, collateralized by various U.S. Treasury obligations 0.88% to 1.38% due from 11/30/18 to 7/31/19, aggregate original par and fair value of $101,296,150 and $102,000,005, respectively)	$	100,000	$	100,000,000
Total Value of Citigroup Global Markets, Inc. (Collateral value of $112,200,085)				110,000,000
Credit Agricole Corporate & Investment Bank, 0.29%, 5/02/16 (Purchased on 4/25/16 to be repurchased at $230,012,969, collateralized by various U.S. Treasury obligations 1.63% to 3.63% due from 2/15/26 to 8/15/43, aggregate original par and fair value of $198,382,400 and $234,600,030, respectively)		230,000		230,000,000
Credit Agricole Corporate & Investment Bank, 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $3,621,584,502, collateralized by various U.S. Treasury obligations 0.00% to 3.88% due from 6/30/16 to 8/15/44, aggregate original par and fair value of $3,800,011,100 and $3,693,930,019, respectively)		3,621,500		3,621,500,000
Total Value of Credit Agricole Corporate & Investment Bank (Collateral value of $3,928,530,049)				3,851,500,000
Credit Suisse Securities (USA) LLC, 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $167,812,916, collateralized by U.S. Treasury obligation 1.50% due at 2/28/19, original par and fair value of $168,065,000 and $171,168,427, respectively)		167,809		167,809,000
Credit Suisse Securities (USA) LLC, 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $300,007,000, collateralized by various U.S. Treasury obligations 1.50% to 2.75% due from 8/31/18 to 2/15/24, aggregate original par and fair value of $295,914,200 and $306,001,528, respectively)		300,000		300,000,000
Total Value of Credit Suisse Securities (USA) LLC (Collateral value of $477,169,955)				467,809,000

Repurchase Agreements	Par  (000)		Value
Goldman Sachs & Co., 0.25%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $80,001,667, collateralized by various U.S. Treasury obligations 0.00% to 8.75% due from 5/12/16 to 2/15/46, aggregate original par and fair value of $75,180,226 and $81,600,008, respectively)	$	80,000	$	80,000,000
Total Value of Goldman Sachs & Co. (Collateral value of $81,600,008)				80,000,000
HSBC Securities (USA) Inc., 0.27%, 5/03/16 (Purchased on 4/26/16 to be repurchased at $215,011,288, collateralized by various U.S. Treasury obligations 0.00% due from 11/15/42 to 5/15/43, aggregate original par and fair value of $463,480,000 and $219,302,693, respectively)		215,000		215,000,000
HSBC Securities (USA) Inc., 0.27%, 5/04/16 (Purchased on 4/27/16 to be repurchased at $59,003,098, collateralized by U.S. Treasury obligation 0.00% due at 5/15/43, original par and fair value of $128,520,000 and $60,183,344, respectively)		59,000		59,000,000
HSBC Securities (USA) Inc., 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $214,004,815, collateralized by various U.S. Treasury obligations 0.00% due from 2/15/42 to 2/15/44, aggregate original par and fair value of $457,961,400 and $218,281,763, respectively)		214,000		214,000,000
HSBC Securities (USA) Inc., 0.27%, 5/02/16 (b) (Purchased on 4/29/16 to be repurchased at $731,016,448, collateralized by various U.S. Treasury obligations 0.00% due from 11/15/27 to 11/15/45, aggregate original par and fair value of $1,117,519,825 and $745,620,896, respectively)		731,000		731,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 29

Schedule of Investments (continued) T-Fund

Repurchase Agreements	Par  (000)		Value
HSBC Securities (USA) Inc., 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $747,016,808, collateralized by various U.S. Treasury obligations 0.00% due from 5/15/26 to 11/15/45, aggregate original par and fair value of $1,179,842,361 and $761,942,170, respectively)	$	747,000	$	747,000,000
Total Value of HSBC Securities (USA) Inc. (Collateral value of $2,005,330,866)				1,966,000,000
JPMorgan Securities LLC, 0.29%, 5/02/16 (b) (Purchased on 4/29/16 to be repurchased at $250,006,042, collateralized by various U.S. Treasury obligations 0.00% to 1.38% due from 11/15/16 to 2/15/46, aggregate original par and fair value of $288,018,300 and $255,000,614, respectively)		250,000		250,000,000
JPMorgan Securities LLC, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $44,001,063, collateralized by various U.S. Treasury obligations 0.00% due from 8/15/16 to 8/15/45, aggregate original par and fair value of $55,780,545 and $44,881,918, respectively)		44,000		44,000,000
Total Value of JPMorgan Securities LLC (Collateral value of $299,882,532)				294,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $10,000,233, collateralized by U.S. Treasury obligation 3.75% due at 11/15/43, original par and fair value of $8,211,900 and $10,200,015, respectively)		10,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $10,093,236, collateralized by U.S. Treasury obligation 3.75% due at 11/15/43, original par and fair value of $8,288,300 and $10,294,911, respectively)		10,093		10,093,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $250,005,833, collateralized by various U.S. Treasury obligations 0.13% to 1.75% due from 4/15/17 to 3/31/22, aggregate original par and fair value of $242,689,700 and $255,000,039, respectively)		250,000		250,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $750,017,500, collateralized by various U.S. Treasury obligations 0.00% to 3.75% due from 12/31/19 to 8/15/41, aggregate original par and fair value of $716,917,546 and $765,000,073, respectively)		750,000		750,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (Collateral value of $1,040,495,038)				1,020,093,000

Repurchase Agreements	Par  (000)		Value
Mitsubishi UFJ Securities (USA) Inc., 0.26%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $500,010,833, collateralized by various U.S. Treasury obligations 0.13% to 4.50% due from 3/31/17 to 5/15/45, aggregate original par and fair value of $478,939,100 and $510,000,004, respectively)	$	500,000	$	500,000,000
Total Value of Mitsubishi UFJ Securities (USA) Inc. (Collateral value of $510,000,004)				500,000,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $17,750,444, collateralized by U.S. Treasury obligation 0.00% due at 5/15/30, original par and fair value of $25,000,000 and $18,105,000, respectively)		17,750		17,750,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $20,796,020, collateralized by U.S. Treasury obligation 2.50% due at 8/15/23, original par and fair value of $19,900,000 and $21,211,410, respectively)		20,796		20,795,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $26,623,166, collateralized by U.S. Treasury obligation 0.00% due at 8/15/36, original par and fair value of $46,000,000 and $27,154,720, respectively)		26,623		26,622,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $27,688,192, collateralized by U.S. Treasury obligation 0.00% due at 11/15/37, original par and fair value of $50,000,000 and $28,241,500, respectively)		27,688		27,687,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $27,709,443, collateralized by U.S. Treasury obligation 2.25% due at 3/31/21, original par and fair value of $27,000,000 and $28,262,790, respectively)		27,709		27,708,750
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $27,975,699, collateralized by U.S. Treasury obligation 0.00% due at 2/15/43, original par and fair value of $60,000,000 and $28,534,200, respectively)		27,975		27,975,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $29,438,236, collateralized by U.S. Treasury obligation 0.00% due at 2/15/36, original par and fair value of $50,000,000 and $30,026,500, respectively)		29,438		29,437,500

See Notes to Financial Statements.

30 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) T-Fund

Repurchase Agreements	Par  (000)		Value
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $31,875,797, collateralized by U.S. Treasury obligation 0.00% due at 8/15/33, original par and fair value of $50,000,000 and $32,512,500, respectively)		$ 31,875		$ 31,875,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $35,613,390, collateralized by U.S. Treasury obligation 0.00% due at 2/15/40, original par and fair value of $70,000,000 and $36,324,400, respectively)		35,613		35,612,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $35,963,399, collateralized by U.S. Treasury obligation 0.00% due at 11/15/39, original par and fair value of $70,000,000 and $36,682,100, respectively)		35,963		35,962,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $39,503,488, collateralized by U.S. Treasury obligation 0.00% due at 11/15/36, original par and fair value of $69,000,000 and $40,292,550, respectively)		39,503		39,502,500
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $46,126,153, collateralized by U.S. Treasury obligation 0.00% due at 11/15/43, original par and fair value of $100,000,000 and $47,047,000, respectively)		46,125		46,125,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $47,751,194, collateralized by U.S. Treasury obligation 0.00% due at 11/15/41, original par and fair value of $100,000,000 and $48,705,000, respectively)		47,750		47,750,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $65,376,634, collateralized by U.S. Treasury obligation 8.75% due at 8/15/20, original par and fair value of $50,000,000 and $66,682,500, respectively)		65,375		65,375,000
Prudential Insurance Company of America, 0.30%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $88,577,589, collateralized by U.S. Treasury obligation 2.25% due at 11/15/24, original par and fair value of $86,100,000 and $90,347,313, respectively)		88,575		88,575,375
Total Value of Prudential Insurance Company of America (Collateral value of $580,129,483)				568,754,625

Repurchase Agreements	Par  (000)		Value
RBC Capital Markets LLC, 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $152,003,420, collateralized by various U.S. Treasury obligations 1.75% to 7.63% due from 11/15/22 to 11/15/44, aggregate original par and fair value of $116,407,900 and $155,040,074, respectively)	$	152,000	$	152,000,000
Total Value of RBC Capital Markets LLC (Collateral value of $155,040,074)				152,000,000
Societe Generale SA, 0.34%, 5/04/16 (d) (Purchased on 4/04/16 to be repurchased at $320,090,667, collateralized by various U.S. Treasury obligations 0.00% to 8.13% due from 7/15/16 to 11/15/44, aggregate original par and fair value of $311,494,044 and $326,400,000, respectively)		320,000		320,000,000
Societe Generale SA, 0.33%, 5/06/16 (d) (Purchased on 4/05/16 to be repurchased at $250,071,042, collateralized by various U.S. Treasury obligations 0.00% to 8.88% due from 7/21/16 to 11/15/44, aggregate original par and fair value of $248,602,752 and $255,000,000, respectively)		250,000		250,000,000
Societe Generale SA, 0.30%, 5/03/16 (Purchased on 4/26/16 to be repurchased at $500,029,167, collateralized by various U.S. Treasury obligations 0.00% to 3.63% due from 7/15/16 to 5/15/45, aggregate original par and fair value of $514,310,823 and $510,000,000, respectively)		500,000		500,000,000
Societe Generale SA, 0.30%, 5/04/16 (Purchased on 4/27/16 to be repurchased at $103,006,008, collateralized by various U.S. Treasury obligations 0.00% to 3.63% due from 4/30/18 to 5/15/44, aggregate original par and fair value of $104,477,700 and $105,060,002, respectively)		103,000		103,000,000
Societe Generale SA, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $300,007,250, collateralized by various U.S. Treasury obligations 0.00% to 9.00% due from 11/30/16 to 5/15/43, aggregate original par and fair value of $266,902,900 and $306,000,005, respectively)		300,000		300,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 31

Schedule of Investments (concluded) T-Fund

Repurchase Agreements	Par  (000)		Value
Societe Generale SA, 0.29%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $429,084,369, collateralized by various U.S. Treasury obligations 1.00% to 3.63% due from 7/31/17 to 2/15/44, aggregate original par and fair value of $418,269,900 and $437,655,567, respectively)	$	429,074	$	429,074,000
Total Value of Societe Generale SA (Collateral value of $1,940,115,574)				1,902,074,000
TD Securities, Inc., 0.27%, 5/02/16 (Purchased on 4/29/16 to be repurchased at $105,002,363, collateralized by various U.S. Treasury obligations 0.00% to 8.75% due from 4/30/16 to 5/15/45, aggregate original par and fair value of $100,289,400 and $107,100,091, respectively)		105,000		105,000,000
Total Value of TD Securities, Inc. (Collateral value of $107,100,091)				105,000,000

Repurchase Agreements	Par  (000)		Value
Wells Fargo Bank NA, 0.29%, 5/02/16 (c) (Purchased on 4/29/16 to be repurchased at $195,004,713, collateralized by U.S. Treasury obligation 1.50% due at 11/30/19, original par and fair value of $194,839,840 and $198,900,015, respectively)	$	195,000	$	195,000,000
Total Value of Wells Fargo Bank NA (Collateral value of $198,900,015)				195,000,000
Wells Fargo Securities, LLC, 0.29%, 5/02/16 (c) (Purchased on 4/29/16 to be repurchased at $920,022,233, collateralized by various U.S. Treasury obligations 0.00% to 5.13% due from 5/12/16 to 2/15/46, aggregate original par and fair value of $907,275,791 and $938,400,048, respectively)		920,000		920,000,000
Total Value of Wells Fargo Securities, LLC (Collateral value of $938,400,048)				920,000,000
Total Repurchase Agreements — 45.1%				14,284,230,625
Total Investments (Cost — $31,422,116,631*) — 99.1%				31,422,116,631
Other Assets Less Liabilities — 0.9%				291,144,091
Net Assets — 100.0%			$	31,713,260,722

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

(c) Traded in a joint account.

(d) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	31,422,116,631	—	$	31,422,116,631

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $658,546,812 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

32 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	Treasury Trust Fund
	(Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par  (000)		Value
U.S. Treasury Bills: (a)
0.05% - 0.35%, 5/05/16	$	1,483,751	$	1,483,707,824
0.10% - 0.31%, 5/12/16		1,029,572		1,029,493,724
0.18%, 5/19/16		1,698,846		1,698,696,616
0.18% - 0.19%, 5/26/16		464,389		464,329,909
0.31% - 0.54%, 6/09/16		1,173,892		1,173,400,868
0.34% - 0.59%, 6/16/16		1,069,290		1,068,744,436
0.30% - 0.52%, 6/23/16		400,000		399,791,681
0.30% - 0.55%, 6/30/16		357,760		357,528,720
0.22% - 0.52%, 7/07/16		609,762		609,258,755
0.23% - 0.47%, 7/14/16		333,000		332,695,058
0.22% - 0.37%, 7/21/16		325,380		325,210,372
0.25%, 7/28/16		12,000		11,992,741
0.47%, 8/04/16		200,000		199,754,584
0.46%, 8/25/16		103,000		102,848,528
0.48%, 9/01/16		70,520		70,404,270
0.48%, 9/08/16		150,000		149,742,708
0.51%, 9/15/16		100,000		99,805,917
0.48%, 9/29/16		200,000		199,601,527
0.35%, 10/13/16		150,000		149,759,376
0.66%, 3/02/17		45,000		44,748,375
0.62% - 0.67%, 3/30/17		143,055		142,211,917
0.61%, 4/27/17		162,000		161,017,178

U.S. Treasury Obligations	Par  (000)		Value
U.S. Treasury Notes:
0.32% - 2.63%, 5/02/16 (b)	$	1,984,000	$	1,984,004,880
0.25% - 5.13%, 5/15/16		250,000		250,182,837
0.38% - 3.25%, 5/31/16		1,023,469		1,025,688,424
0.50% - 3.25%, 6/30/16		442,735		444,099,348
0.32% - 3.25%, 7/31/16		1,365,000		1,370,134,929
0.63% - 4.88%, 8/15/16		743,650		750,679,253
3.00%, 8/31/16		874,580		882,293,983
0.88%, 9/15/16		286,395		286,929,513
0.30% - 3.13%, 10/31/16 (b)		492,502		493,817,429
0.75%, 1/15/17		153,100		153,223,950
0.33%, 1/31/17 (b)		124,700		124,697,337
0.32%, 4/30/17 (b)		514,988		514,993,250
0.33%, 7/31/17 (b)		233,405		233,314,983
0.42%, 10/31/17 (b)		324,140		323,964,288
0.52%, 1/31/18 (b)		285,765		285,926,515
0.44%, 4/30/18		167,000		166,922,660
Total U.S. Treasury Obligations — 103.9%				19,565,618,663
Total Investments (Cost — $19,565,618,663*) — 103.9%				19,565,618,663
Liabilities in Excess of Other Assets — (3.9)%				(728,355,788	)
Net Assets — 100.0%			$	18,837,262,875

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	19,565,618,663	—	$	19,565,618,663

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $993 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 33

Schedule of Investments April 30, 2016 (Unaudited)	MuniCash
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par  (000)		Value
Alabama — 0.1%
Auburn University RB Series 2012A MB, 5.00%, 6/01/16	$	1,300	$	1,305,279
Alaska — 1.9%
Borough of North Slope GO Series 2015A MB, 2.00%, 6/30/16		4,300		4,312,574
Valdez Marine Terminal RB (Exxon Pipeline Co. Project) Series 1993B VRDN (Exxon Corp. Guaranty), 0.24%, 5/02/16 (a)		8,315		8,315,000
Valdez RB Series 1993 VRDN (Exxon Corp. Guaranty), 0.24%, 5/02/16 (a)		14,175		14,175,000
				26,802,574
Arizona — 1.0%
Casa Grande IDRB (Price Cos. Inc. Project) Series 2002A VRDN (Bank of America N.A. LOC), 0.59%, 5/06/16 (a)		215		215,000
Glendale GO Series 2015 MB (Assured Guaranty Municipal Corp. Guaranty), 2.00%, 7/01/16		2,430		2,435,813
Phoenix Civic Improvement Corp. RB Series 2014 MB, 4.00%, 7/01/16		500		502,964
Phoenix IDA Healthcare Facilities Revenue RB Series 2014B VRDN (Wells Fargo Bank N.A. LOC), 0.23%, 5/02/16 (a)		9,200		9,200,000
Tempe GO Series A MB, 1.00%, 7/01/16		1,285		1,286,151
				13,639,928
Arkansas — 1.5%
Arkansas Development Finance Authority RB Series 2007 VRDN (State Street Bank & Trust Co. SBPA), 0.49%, 5/06/16 (a)		14,285		14,285,000
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program Project) Series 2006E AMT VRDN (Ginnie Mae Guaranty, State Street Bank & Trust Co. SBPA), 0.49%, 5/06/16 (a)		6,665		6,665,000
Fayetteville RB Series 2015 MB, 2.00%, 11/01/16		200		201,496
				21,151,496
California — 10.3%
California Department of Water Resources RB Series 2010L TECP, 5.00%, 5/01/16		17,080		17,081,440
California Department of Water Resources RB Series 3-A-2 TECP (Bank of Montreal SBPA), 0.45%, 5/05/16		5,000		5,000,000
California Department of Water Resources RB TECP, 4.35%, 5/01/16		16,100		16,101,162
California GO Series 2015 MB, 2.00%, 8/01/16		13,530		13,590,601
California GO Series B1 VRDN (Mizuho Bank Ltd. LOC), 0.40%, 5/06/16 (a)		10,800		10,800,000
California Housing Finance Agency RB Series 2001F VRDN (Citibank N.A. SBPA), 0.41%, 5/06/16 (a)		5,390		5,390,000
California Infrastructure & Economic Development Bank RB (Pacific Gas and Electric Co. Project) Series 2009B VRDN (Mizuho Bank Ltd. LOC), 0.26%, 5/02/16 (a)		3,000		3,000,000
Downey Unified School District GO Series 2015A MB, 3.00%, 8/01/16		2,300		2,315,864
El Dorado Irrigation District / El Dorado County Water Agency RB Series 2008A VRDN (Citibank N.A. LOC), 0.41%, 5/06/16 (a)		7,800		7,800,000
Fremont Unified School District GO Series 2009 MB, 4.00%, 8/01/16		1,000		1,009,286

Municipal Bonds	Par  (000)		Value
California (continued)
Los Gatos Union School District GO Series 2012 MB, 3.00%, 8/01/16	$	1,000	$	1,006,759
Sacramento Transportation Authority RB Series 2015 VRDN (Mizuho Bank Ltd. SBPA), 0.37%, 5/06/16 (a)		3,200		3,200,000
San Diego County School Districts GO MB, 2.00%, 6/30/16		10,000		10,025,091
San Diego Union School District RB Series 2015-16 MB, 2.00%, 6/30/16		9,400		9,426,543
San Francisco Public Utilities Community Water Revenue RB Series A-6 TECP (State Street Bank & Trust Co. SBPA), 0.19%, 5/26/16		25,000		25,000,000
University of California RB VRDN, 0.40%, 5/06/16 (a)		11,560		11,560,000
				142,306,746
Colorado — 1.0%
Colorado Springs Utilities System Revenue RB Series 2006A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.45%, 5/06/16 (a)		9,295		9,295,000
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.46%, 5/06/16 (a)		3,865		3,865,000
				13,160,000
Connecticut — 0.7%
Capital City Economic Development Authority RB Series 2004B VRDN (Bank of America N.A. SBPA), 0.44%, 5/06/16 (a)		600		600,000
Connecticut Housing Finance Authority RB Series 2013B-6 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.41%, 5/06/16 (a)		6,080		6,080,000
Connecticut RB Series 2006 MB, 5.00%, 7/01/16		900		907,564
Milford GO Series 2015 MB, 2.00%, 11/01/16		200		201,749
Milford GO Series 2015B BAN, 1.00%, 11/07/16		1,200		1,204,409
Naugatuck GO Series 2015 MB, 2.00%, 9/15/16		100		100,593
				9,094,315
Delaware — 0.2%
Delaware County GO Series 2011 MB, 5.00%, 7/01/16		2,800		2,822,285
District of Columbia — 0.1%
District of Columbia GO MB, 5.00%, 6/01/16		750		752,771
Florida — 3.1%
Escambia County Health Facilities Authority RB (Azalea Trace Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.31%, 5/02/16 (a)		8,650		8,650,000
Florida Department of Environmental Protection RB Series 2012A MB, 4.00%, 7/01/16		13,915		13,996,831
Florida RB Series 2011A MB, 4.00%, 7/01/16		1,000		1,006,302
Indian River County School Board RB Series 2014 MB, 5.00%, 7/01/16		1,000		1,007,090
JEA Electric System Revenue RB VRDN (JPMorgan Chase Bank N.A. SBPA), 0.42%, 5/06/16 (a)		14,700		14,700,000
JEA Water & Sewer System Revenue RB Series 2008 B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.42%, 5/06/16 (a)		1,500		1,500,000

See Notes to Financial Statements.

34 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par  (000)		Value
Florida (continued)
Orlando Utilities Commission Utilities System RB Series 2011A VRDN 7 Month Window, 0.66%, 11/25/16 (a)	$	1,100	$	1,100,000
				41,960,223
Georgia — 0.3%
Georgia GO MB, 5.75%, 8/01/16		4,500		4,562,933
Hawaii — 0.3%
Hawaii GO Series 2009DT MB, 5.00%, 11/01/16		3,900		3,991,803
Illinois — 0.6%
Chicago IDRB (Primrose Candy Project) Series 2001 AMT VRDN (Bank of America N.A. LOC), 0.58%, 5/06/16 (a)		945		945,000
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 VRDN (BMO Harris Bank N.A. LOC), 0.76%, 5/06/16 (a)		1,715		1,715,000
Illinois Finance Authority RB (Evanston Northwestern Healthcare Corp. Project) Series 2001C VRDN (JPMorgan Chase Bank SBPA), 0.28%, 5/02/16 (a)		1,700		1,700,000
Illinois Finance Authority RB (Northwestern Memorial Hospital Project) Series 2007A-3 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.43%, 5/06/16 (a)		1,100		1,100,000
Illinois HDA RB (Lakeshore Plaza Project) Series 2008B VRDN (JPMorgan Chase Bank N.A. LOC), 0.42%, 5/06/16 (a)		2,100		2,100,000
Illinois Highway Authority Tender Option Bond Trust Receipt Floaters RB Series 2015-XF2202 VRDN (Citibank N.A. Liquidity Agreement), 0.44%, 5/06/16 (a)(b)(c)		1,140		1,140,000
				8,700,000
Indiana — 0.5%
Indiana Finance Authority RB (Lease Appropriation Project) Series 2008 VRDN (BMO Harris Bank N.A. SBPA), 0.42%, 5/06/16 (a)		4,560		4,560,000
Indianapolis Local Public Improvement Bond Bank RB Series 2009 ROC-RR-II-R-11779 VRDN (Citibank N.A. Liquidity Facility), 0.61%, 5/06/16 (a)(b)		2,930		2,930,000
				7,490,000
Iowa — 2.9%
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.46%, 5/06/16 (a)		34,360		34,360,000
Iowa Finance Authority RB 2015 VRDN (Federal Home Loan Bank SBPA), 0.42%, 5/06/16 (a)		5,975		5,975,000
				40,335,000
Kansas — 1.1%
Burlington Environmental Improvement RB Series 2007B (Power & Light Project) VRDN (JPMorgan Chase Bank N.A. LOC), 0.43%, 5/06/16 (a)		12,500		12,500,000
Kansas Department of Transportation RB Series 2004C-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		2,000		2,000,000
				14,500,000

Municipal Bonds	Par  (000)		Value
Kentucky — 0.2%
Glasgow RB (Felker Brothers Corp. Project) Series 2000 VRDN (JP Morgan Chase Bank N.A. LOC), 0.74%, 5/06/16 (a)	$	1,160	$	1,160,000
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.67%, 5/06/16 (a)		1,780		1,780,000
				2,940,000
Louisiana — 2.2%
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2006 VRDN, 0.28%, 5/02/16 (a)		7,000		7,000,000
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2007 VRDN, 0.28%, 5/02/16 (a)		6,900		6,900,000
Louisiana Public Facilities Authority RB (Air Products and Chemical Inc. Project ) Series 2005 VRDN, 0.28%, 5/02/16 (a)		15,200		15,200,000
Louisiana RB (1-49 South Project)Series 2015 MB, 1.00%, 9/01/16		1,000		1,002,171
				30,102,171
Maine — 0.6%
Maine Municipal Bond Bank RB Series 2015 D MB, 2.00%, 11/01/16		7,400		7,462,844
Maine Municipal Bond Bank RB Series 2015 MB, 2.00%, 11/01/16		670		675,680
				8,138,524
Maryland — 1.9%
Baltimore RB (Wastewater System Improvement Project) Series 2013A MB, 5.00%, 7/01/16		500		503,911
Baltimore RB (Wastewater System Project) Series 2006C MB, 5.00%, 7/01/16		900		907,488
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.51%, 5/06/16 (a)		775		775,000
Maryland Economic Development Corp. RB (Gamse Lithographing Co. Project) Series 2007 VRDN (Manufacturers & Traders LOC), 0.56%, 5/06/16 (a)		635		635,000
Maryland Economic Development Corp. RB (Linemark Printing Project) Series 2008 VRDN (Manufacturers & Traders LOC), 0.61%, 5/06/16 (a)		4,200		4,200,000
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.56%, 5/06/16 (a)		1,090		1,090,000
Maryland GO Series 2006 MB, 5.00%, 8/01/16		405		409,594
Maryland Health & Higher Educational Facilities Authority RB (University of Maryland Medical System Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.28%, 5/02/16 (a)		1,050		1,050,000
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II-R-11415 VRDN (Citibank N.A. Liquidity Facility), 0.61%, 5/06/16 (a)(b)(c)		3,590		3,590,000
Montgomery County GO Series 2013A MB, 5.00%, 11/01/16		960		982,403
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		9,690		9,690,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 35

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par  (000)		Value
Maryland (continued)
Washington County RB Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.56%, 5/06/16 (a)	$	2,570	$	2,570,000
				26,403,396
Massachusetts — 5.0%
Commonwealth of Massachusetts GO Series 2006D MB, 4.75%, 8/01/16		100		101,110
Commonwealth of Massachusetts GO Series 2015B MB, 2.00%, 5/25/16		17,230		17,250,765
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.50%, 11/25/16 (a)		13,650		13,650,000
Massachusetts Clipper Tax-Exempt Certificates Trust RB Series 2007-2009-47 AMT VRDN (State Street Bank & Trust Co. Liquidity Facility), 0.45%, 5/06/16 (a)(b)		6,080		6,080,000
Massachusetts Development Finance Agency RB (Partners Healthcare Project) Series 2011K-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		6,350		6,350,000
Massachusetts Tender Option Bond Trust Receipt Floaters GO Series 2015-XF2197 VRDN (Citibank N.A. SBPA), 0.44%, 5/06/16 (a)(b)(c)		825		825,000
Massachusetts Water Resources Authority RB Series 2008E VRDN (JPMorgan Chase Bank N.A. SBPA), 0.45%, 5/06/16 (a)		750		750,000
Melrose GO Series 2015 BAN, 1.50%, 11/11/16		3,455		3,476,158
Town of Auburn GO Series 2015 MB, 2.00%, 9/01/16		400		402,191
Town of Auburn MA GO Series 2015 MB, 1.00%, 9/15/16		2,300		2,305,484
Town of Dracut GO Series 2015 BAN, 1.50%, 8/18/16		1,400		1,404,607
Town of Uxbridge GO Series 2015 BAN, 1.00%, 8/19/16		2,100		2,104,087
University of Massachusetts Building Authority RB Series 2011-2 VRDN 7 Month Window (Massachusetts State Guaranteed), 0.50%, 11/25/16 (a)		11,600		11,600,000
Westfield GO Series 2015 MB, 2.00%, 8/01/16		400		401,716
Worcester GO Series 2014 MB, 5.00%, 11/01/16		2,100		2,149,142
				68,850,260
Michigan — 1.3%
Ann Arbor MI Sewage Disposal System Revenue RB Series 2013 MB, 2.00%, 7/01/16		510		511,444
Michigan State Hospital Finance Authority RB (Ascension Health Project) Series 2010F-7 VRDN, 0.47%, 11/25/16 (a)		7,805		7,805,000
Michigan Strategic Fund Ltd. Obligation RB (Amera Group LLC Project) Series 2000 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.59%, 5/06/16 (a)		1,200		1,200,000
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.67%, 5/06/16 (a)		1,200		1,200,000
Oakland University RB Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.40%, 5/06/16 (a)		7,000		7,000,000
				17,716,444

Municipal Bonds	Par  (000)		Value
Minnesota — 0.5%
Minneapolis Health Care System Revenue Authority RB (Fairview Health Services Project) RBC Municipal Products, Inc. Trust Series 2010C-E-19 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.43%, 5/06/16 (a)(b)	$	4,800	$	4,800,000
Minnesota GO Series 2011A MB, 5.00%, 10/01/16		2,630		2,681,768
				7,481,768
Mississippi — 2.4%
Mississippi Business Finance Commission RB (Chevron USA, Inc. Project) Series 2010G VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		4,400		4,400,000
Mississippi Business Finance Corp RB (Chevron USA Inc. Project) Series 2009B VRDN (Chevron Corp. Guaranty), 0.28%, 5/02/16 (a)		3,900		3,900,000
Mississippi Business Finance Corp RB (Chevron USA Inc. Project) Series 2009C VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		9,200		9,200,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2009G VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		9,000		9,000,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010-I VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		5,105		5,105,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2011A VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		850		850,000
				32,455,000
Missouri — 1.1%
City of Springfield MO Public Utility Revenue, 5.00%, 8/01/16		900		910,745
Missouri Health & Educational Facilities Authority RB (Ascension Health Project ) Series 2012C-5 VRDN, 0.39%, 5/06/16 (a)		11,320		11,320,000
Missouri Highway & Transportation Commission RB Series 2007 MB, 5.00%, 5/01/16		1,025		1,025,090
Taney County IDRB (Keeter Heights Project) Series 2006 AMT VRDN (U.S. Bank N.A. LOC), 0.48%, 5/06/16 (a)		1,745		1,745,000
				15,000,835
Montana — 0.0%
Yellowstone County School District No 2 Billings GO Series 2014 MB, 3.00%, 6/15/16		600		601,850
Nebraska — 0.2%
Nebraska Tender Option Bond Trust Receipts/Certificates Floaters GO Series 2015-XF2206 VRDN (Citibank N.A. Liquidity Facility), 0.46%, 5/06/16 (a)(b)(c)		2,240		2,240,000
Nevada — 1.0%
Clark County RB VRDN (MUFG Union Bank N.A. LOC), 0.41%, 5/06/16 (a)		13,275		13,275,000
New Jersey — 0.3%
New Jersey Educational Facilities Authority RB Series 2010B MB, 5.00%, 7/01/16		100		100,793
New Jersey Environmental Infrastructure Trust RB Series 2012A-R MB, 3.13%, 9/01/16		480		484,505

See Notes to Financial Statements.

36 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par  (000)		Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority RB (RWJ Health Care Corp. Project) Series 2002 VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)	$	4,235	$	4,235,000
				4,820,298
New York — 11.1%
Amherst Development Corp RB (Senior Living Project) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		3,710		3,710,000
New York City GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.41%, 5/06/16 (a)		4,800		4,800,000
New York City GO Series 2013D-4 VRDN (TD Bank N.A. LOC), 0.28%, 5/02/16 (a)		2,600		2,600,000
New York City IDA Special Purpose Facilities RB (Korean Air Lines Co. Project) Series 1997A VRDN AMT (Kookmin Bank LOC), 0.48%, 5/06/16 (a)		8,500		8,500,000
New York City Industrial Development Agency RB (Jamaica First PKG LLC Project) Series 2004 VRDN (TD Bank N.A. LOC), 0.39%, 5/06/16 (a)		2,920		2,920,000
New York City Industrial Development Agency RB (Korean Air Lines Co. Project) Series 1997B VRDN (Kookmin Bank LOC), 0.48%, 5/06/16 (a)		10,100		10,100,000
New York City Metropolitan Transportation Authority RB Series 2016 MB, 3.00%, 10/01/16		10,000		10,096,528
New York City Metropolitan Transportation Authority RB Series 2016A MB, 2.00%, 2/01/17		20,000		20,191,048
New York City Municipal Water RB (Second Generation Resolution Project) Series 2014BB-4 VRDN (Wells Fargo Bank N.A SBPA), 0.25%, 5/02/16 (a)		8,700		8,700,000
New York City RB Series 2013D-3 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.32%, 5/02/16 (a)		1,000		1,000,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2003A-4 VRDN (TD Bank N.A. SBPA), 0.28%, 5/02/16 (a)		3,200		3,200,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.28%, 5/02/16 (a)		1,500		1,500,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2014A-4 VRDN (Wells Fargo Bank N.A. SBPA), 0.25%, 5/02/16 (a)		20,890		20,890,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2014C MB, 3.00%, 11/01/16		425		430,679
New York City Water & Sewer RB Series 2015 (2nd General Fiscal Resolution Project) Series 2015 VRDN (Bank of America N.A. LOC), 0.28%, 5/02/16 (a)		7,500		7,500,000
New York City Water & Sewer System RB VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.40%, 5/06/16 (a)		10,000		10,000,000
New York City Water & Sewer System RB VRDN (Royal Bank of Canada SBPA), 0.40%, 5/06/16 (a)		4,000		4,000,000

Municipal Bonds	Par  (000)		Value
New York (continued)
New York City Water & Sewer System RB Series 2008-BB-2 VRDN (Royal Bank of Canada SBPA), 0.40%, 5/06/16 (a)	$	2,950	$	2,950,000
New York City Water & Sewer System RB Series 2012A VRDN (State Street Bank & Trust Co. SBPA), 0.31%, 5/02/16 (a)		9,810		9,810,000
New York City Water & Sewer System RB Series 2012A-2 VRDN (Mizuho Bank Ltd.SBPA), 0.27%, 5/02/16 (a)		11,855		11,855,000
New York State Housing Finance Agency RB Series 2014A VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		800		800,000
Upstate Telecommunications Corp. RB (Information Technology Project) Series 2005 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		6,490		6,490,000
				152,043,255
North Carolina — 3.1%
Charlotte RB Series 2013G VRDN (Wells Fargo Bank N.A. SBPA), 0.38%, 5/06/16 (a)		2,000		2,000,000
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2007B VRDN (JPMorgan Chase Bank SBPA), 0.27%, 5/02/16 (a)		13,325		13,325,000
Guilford County Industrial Facilities & Pollution Control Financing Authority RB (Nate Sherman Equipment LLC Project) Series 2002 VRDN (TD Bank N.A. LOC), 0.54%, 5/06/16 (a)		1,200		1,200,000
North Carolina Capital Facilities Finance Agency RB Eagle Trust Receipts Series 2014-0052A VRDN (Citibank N.A. Liquidity Facility), 0.45%, 5/06/16 (a)(b)(c)		2,580		2,580,000
North Carolina Infrastructure Finance Corp COP Series 2006A MB, 5.00%, 6/01/16		300		301,193
North Carolina RB Series 2011C MB, 5.00%, 5/01/16		3,100		3,100,275
Raleigh RB VRDN, 0.66%, 11/25/16 (a)		13,000		13,000,000
Wake County GO (Public Improvement Project) Series 2003C VRDN (Wells Fargo Bank N.A. SBPA), 0.38%, 5/06/16 (a)		7,700		7,700,000
				43,206,468
Ohio — 1.5%
American Municipal Power RB Series 2016 MB:
1.25%, 4/27/17		300		301,490
1.25%, 5/02/17		1,000		1,005,010
Hamilton Electric System Revenue RB Series 2015 MB, 0.43%, 9/27/16		11,600		11,600,000
Mahoning County GO Series 2015 BAN, 1.50%, 9/27/16		2,450		2,459,430
Oakwood GO Series 2015 MB, 1.38%, 9/22/16		1,100		1,102,873
Ohio GO (Infrastructure Improvement Project) Series 2001B VRDN, 0.39%, 5/06/16 (a)		4,500		4,500,000
				20,968,803
Oregon — 0.5%
Oregon GO Series 2015A MB, 2.00%, 9/15/16		6,300		6,341,355
Pennsylvania — 16.8%
Abington School District GO Series 2016A MB (State Aid Withholding Insurance), 2.00%, 5/15/16		270		270,159

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 37

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par  (000)		Value
Pennsylvania (continued)
Allegheny County Hospital Development Authority RB (Concordia Lutheran Health and Human Care Project) Series 2016 VRDN (BMO Harris Bank N.A. LOC), 0.39%, 5/06/16 (a)	$	10,000	$	10,000,000
Beaver County Industrial Development Authority RB (First Energy Corporation Project) Series 2008-B VRDN (Bank of Nova Scotia LOC), 0.28%, 5/02/16 (a)		3,225		3,225,000
Blair County Industrial Development Authority RB (Homewood at Martinsburg Project) VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		3,650		3,650,000
Bucks County Community College Authority RB Series 2014 MB, 3.00%, 6/15/16		915		918,206
Bucks County Industrial Development Authority RB (Grand View Hospital Project) Series 2008A VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		17,870		17,870,000
Chester County Health & Education Facilities Authority RB Series 2013S-3 VRDN (Manufacturers and Traders Trust Co. LOC), 0.43%, 5/06/16 (a)		13,410		13,410,000
Cumberland County Municipal Authority RB (Diakon Lutheran Social Ministries Project) Series 2014B VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		11,935		11,935,000
Delaware County Industrial Development Authority RB (United Parcel Service Inc. Project) Series 2015 VRDN, 0.28%, 5/02/16 (a)		10,000		10,000,000
Emmaus General Authority RB Series 1989B-32 VRDN (U.S. Bank N.A. LOC), 0.40%, 5/06/16 (a)		2,400		2,400,000
Emmaus General Authority RB Series 1989E VRDN (U.S. Bank N.A. LOC), 0.40%, 5/06/16 (a)		7,800		7,800,000
Emmaus General Authority RB Series 1989F VRDN (U.S. Bank N.A. LOC), 0.40%, 5/06/16 (a)		14,200		14,200,000
Emmaus General Authority RB Series 1989F-27 VRDN (U.S. Bank N.A. LOC), 0.40%, 5/06/16 (a)		2,300		2,300,000
Emmaus General Authority RB Series H22 VRDN (U.S. Bank N.A. LOC), 0.40%, 5/06/16 (a)		1,000		1,000,000
Emmaus General Authority RB VRDN (U.S. Bank N.A. LOC):
0.40%, 5/06/16 (a)		7,900		7,900,000
0.40%, 5/06/16 (a)		2,000		2,000,000
Geisinger Authority RB Series 2002 VRDN (Northern Trust Company (THE)SBPA), 0.26%, 5/02/16 (a)		2,400		2,400,000
Geisinger Authority RB Series A VRDN (TD Bank N.A. SBPA), 0.27%, 5/02/16 (a)		3,400		3,400,000
Geisinger Authority RB Series A VRDN (Wells Fargo Bank N.A. SBPA), 0.26%, 5/02/16 (a)		24,625		24,625,000
Geisinger Authority RB Series B VRDN (TD Bank N.A. SBPA), 0.27%, 5/02/16 (a)		7,700		7,700,000
Lancaster County Hospital Authority RB (Masonic Homes at Elizabethtown Project) Series D VRDN (JPMorgan Chase Bank N.A. LOC), 0.28%, 5/02/16 (a)		2,140		2,140,000
Lycoming County Authority RB (Lycoming College Project ) Series 2013S-1 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		4,175		4,175,000

Municipal Bonds	Par  (000)		Value
Pennsylvania (continued)
Montgomery County IDRB (Active Retirement Life Community Project) Series 2002 VRDN (TD Bank N.A. LOC), 0.31%, 5/02/16 (a)	$	6,470	$	6,470,000
Montgomery County Industrial Development Authority RB (Big Little Associates Project ) VRDN (Wells Fargo Bank N.A. LOC), 0.59%, 5/06/16 (a)		290		290,000
Palmer Township GO Series 2016 MB, 1.00%, 5/15/16		590		590,169
Pennsylvania Higher Educational Facilities Authority RB (Gwynedd-Mercy College Project ) Series P-1 VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		3,850		3,850,000
Pennsylvania Higher Educational Facilities Authority RB Series 2014T-2 MB, 1.00%, 5/01/17		1,300		1,300,000
Philadelphia GO Series 2009B VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		12,650		12,650,000
Philadelphia Gas Works Co. RB Series D VRDN (Royal Bank of Canada LOC), 0.41%, 5/06/16 (a)		18,900		18,900,000
Philadelphia Hospitals & Higher Education Facilities Authority RB (Childrens Hospital of Philadelphia Project ) VRDN (Wells Fargo Bank N.A. SBPA), 0.29%, 5/02/16 (a)		4,000		4,000,000
Philadelphia Hospitals & Higher Education Facilities Authority RB Series 2002A VRDN (Wells Fargo Bank N.A. SBPA), 0.29%, 5/02/16 (a)		3,000		3,000,000
School District of Philadelphia GO Series 2010H VRDN (Royal Bank of Canada LOC), 0.41%, 5/06/16 (a)		21,000		21,000,000
University of Pittsburgh RB Series 2007B TECP, 0.06%, 5/16/16		4,950		4,950,000
				230,318,534
Texas — 15.5%
Austin Electric Utility System Revenue RB Series 1998 MB, 5.25%, 5/15/16		5,000		5,009,385
Austin Electric Utility Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0220 VRDN (JPMorgan Chase Bank Liquidity Facility), 0.51%, 5/06/16 (a)(b)(c)		7,700		7,700,000
Dallas Performing Arts Cultural Facilities Corp. RB Series 2008B VRDN (JPMorgan Chase Bank N.A. LOC), 0.42%, 5/06/16 (a)		23,830		23,830,000
Denton ISD GO Series 2006B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.42%, 5/06/16 (a)		4,600		4,600,000
Gulf Coast IDRB (Exxon Mobil Project) Series 2012 VRDN (Exxon Corp. Guaranty), 0.27%, 5/02/16 (a)		19,500		19,500,000
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hospital Project) Series 2008C-1 VRDN, 0.28%, 5/02/16 (a)		7,000		7,000,000
North Texas Tollway Authority RB Series 2009D VRDN (Royal Bank of Canada SBPA), 0.41%, 5/06/16 (a)		16,000		16,000,000
Pharr San Juan Alamo Independent School District GO Series 2016 MB:
1.00%, 8/01/16		500		500,904
3.00%, 2/01/17		1,000		1,018,308

See Notes to Financial Statements.

38 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par  (000)		Value
Texas (continued)
Port of Corpus Christi Authority of Nueces County RB (Flint Hills Resources Project) Series 2005 VRDN (Flint Hills Resources LLC Guaranty), 0.53%, 5/06/16 (a)	$	3,500	$	3,500,000
Port of Corpus Christi Authority of Nueces County RB (Flint Hills Resources) Series 2002A VRDN (Flint Hills Resources LLC Guaranty), 0.52%, 5/06/16 (a)		34,000		34,000,000
Red River Education Financing Corp. RB (Texas Christian University) Series 2000 VRDN (Northern Trust Company SBPA), 0.42%, 5/06/16 (a)		4,900		4,900,000
San Antonio RB Series A TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.57%, 6/01/16		16,800		16,800,000
San Antonio RB Series B TECP (State Street Bank & Trust Co. and Wells Fargo Bank N.A. SBPA), 0.50%, 5/04/16		25,000		25,000,000
San Jacinto College District GO Municipal Trust Receipts Floaters Series 2009-2976 VRDN (Morgan Stanley Bank SBPA), 0.47%, 5/06/16 (a)(b)(c)		3,000		3,000,000
Texas Clipper Tax-Exempt Certificate Trust RB Series 2009-73 VRDN (State Street Bank & Trust Co. SBPA), 0.45%, 5/06/16 (a)(b)(c)		10,360		10,360,000
Texas GO Series 2014D VRDN (State Street Bank & Trust Co. SBPA), 0.42%, 5/06/16 (a)		4,540		4,540,000
Texas Tech University RB Series 14-A MB, 3.00%, 8/15/16		500		503,530
Texas Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF2201 VRDN (Citibank N.A. Liquidity Facility), 0.44%, 5/06/16 (a)(b)(c)		300		300,000
Texas Water Development Board RB Series 2013A MB, 5.00%, 7/15/16		700		706,894
University of Texas Board of Regents GO TECP, 0.41%, 5/24/16		10,000		10,000,000
University of Texas RB Series 2008A VRDN, 0.36%, 5/06/16 (a)		11,540		11,540,000
Waco Educational Finance Corp. RB Municipal Trust Receipts Floaters (Baylor University Project) Series 2008A VRDN (The Bank of New York Mellon Corp. LOC), 0.44%, 5/06/16 (a)(c)		2,515		2,515,000
				212,824,021
Utah — 1.4%
Murray RB Series C VRDN, 0.27%, 5/02/16 (a)		8,020		8,020,000
Murray City Hospital RB (IHC Health Services, Inc. Project) Series 2005D VRDN (Wells Fargo Bank N.A. SBPA), 0.25%, 5/02/16 (a)		11,800		11,800,000
				19,820,000
Virginia — 2.7%
Alexandria IDRB (YMCA of Billings Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		1,107		1,107,000
Fairfax County GO Series 2013A MB, 5.00%, 10/01/16		4,400		4,486,939
Fairfax County IDRB (Inova Health Systems Project) Series 2012 VRDN 7 Month Window, 0.59%, 9/26/16 (a)		8,005		8,005,000
Lexington IDRB (Washington and Lee University Project) Series 2010 VRDN, 0.39%, 5/06/16 (a)		1,230		1,230,000
Loudoun County IDA (Howard Hughes Medical Institute Project) Series 2003F VRDN, 0.40%, 5/06/16 (a)		11,055		11,055,000
University of Virginia RB Eagle Trust Receipts Series 2014-0048-A VRDN (Citibank N.A. Liquidity Facility), 0.45%, 5/06/16 (a)(b)(c)		2,110		2,110,000

Municipal Bonds	Par  (000)		Value
Virginia (continued)
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006B VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/02/16 (a)	$	1,185	$	1,185,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/02/16 (a)		3,230		3,230,000
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/02/16 (a)		1,400		1,400,000
Virginia Commonwealth Transportation Board Clipper Tax-Exempt Certificates Trust RB Series 2007A-2009-38 AMT VRDN (State Street Bank & Trust Co. SBPA), 0.44%, 5/06/16 (a)(b)		2,500		2,500,000
Virginia Resources Authority RB Series 2008 MB, 5.00%, 10/01/16		500		509,937
				36,818,876
Washington — 0.7%
Energy Northwest Washington Electric RB (Project No. 1) Series 2006A MB, 5.00%, 7/01/16		700		705,645
Washington State Housing Finance Commission RB (Lake City Senior Housing Association LP Project ) Series 2009 VRDN (Federal Home Loan Mortgage Corporation Guaranty), 0.40%, 5/06/16 (a)		8,250		8,250,000
				8,955,645
West Virginia — 1.5%
West Virginia Economic Development Authority RB (Appalachian Power Co. Project ) Series 2009B VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.40%, 5/06/16 (a)		20,900		20,900,000
Wisconsin — 0.7%
Marshfield Housing Authority RB (Wildwood Regency Project) Series 2003 AMT VRDN (Federal Home Loan Bank LOC, Bank First National LOC), 0.57%, 5/06/16 (a)		2,420		2,420,000
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.87%, 5/06/16 (a)		840		840,000
Wisconsin GO Series 2011-SER1 MB, 5.00%, 5/01/16		5,055		5,055,452
Wisconsin Housing & Economic Development Authority RB Series 2016C VRDN (Royal Bank of Canada SBPA), 0.43%, 5/06/16 (a)		1,500		1,500,000
				9,815,452
Wyoming — 0.9%
Sweetwater County WY Poll Control Revenue RB Series 1994 VRDN (Bank of Nova Scotia LOC), 0.43%, 5/06/16 (a)		5,320		5,320,000
Uinta County RB (Chevron USA Inc. Project) Series 1 VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		6,600		6,600,000
				11,920,000
Total Municipal Bonds — 98.7%				1,356,533,308
Total Investments (Cost — $1,356,533,308*) — 98.7%				1,356,533,308
Other Assets Less Liabilities — 1.3%				18,348,133
Net Assets — 100.0%			$	1,374,881,441

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 39

Schedule of Investments (concluded) MuniCash

      Notes to Schedule of Investments

 * Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period Ended

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	1,356,533,308	—	$	1,356,533,308

¹ See above Schedule of Investments for values in each state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $32,178 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

40 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	MuniFund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par  (000)		Value
Alabama — 1.6%
Auburn University RB Series 2012A MB, 5.00%, 6/01/16	$	1,700	$	1,706,918
Huntsville IDRB (Brown Precision Project) Series 2009 VRDN (Federal Home Loan Bank LOC), 0.44%, 5/06/16 (a)		4,000		4,000,000
Mobile Downtown Redevelopment Authority RB (Austal USA LLC Project) Series 2011A VRDN (National Australia Bank Ltd. LOC), 0.42%, 5/06/16 (a)		3,110		3,110,000
Mobile Downtown Redevelopment Authority RB (Austal USA LLC Project) Series 2011B VRDN (Australia & New Zealand Banking Group Ltd. LOC), 0.42%, 5/06/16 (a)		3,900		3,900,000
Taylor-Ryan Improvement District RB (Various Improvement Project) Series 2005 VRDN (Federal Home Loan Bank LOC), 0.41%, 5/06/16 (a)		10,000		10,000,000
Tuscaloosa County Port Authority RB (Gulf Opportunity Zone — Tuscaloosa Project) Series 2007 VRDN (Federal Home Loan Bank LOC), 0.45%, 5/06/16 (a)		4,305		4,305,000
				27,021,918
Alaska — 0.3%
Borough of North Slope GO Series 2015A MB, 2.00%, 6/30/16		5,700		5,716,667
Arizona — 0.6%
Mesa GO Series 2015 MB, 4.75%, 7/01/16		2,250		2,266,785
Phoenix Civic Improvement Corp. RB Series 2014 MB, 4.00%, 7/01/16		500		502,964
Salt River Pima-Maricopa Indian Community RB Series 2005 VRDN (Bank of America N.A. LOC), 0.43%, 5/06/16 (a)		7,625		7,625,000
				10,394,749
Arkansas — 0.0%
Fayetteville RB Series 2015 MB, 2.00%, 11/01/16		300		302,243
California — 9.4%
California GO Series 2015 MB, 2.00%, 8/01/16		16,470		16,543,962
California GO Series B1 VRDN (Mizuho Bank Ltd. LOC), 0.40%, 5/06/16 (a)		6,300		6,300,000
California Health Facilities Financing Authority RB (Scripps Health Project) Series 2010B VRDN (JPMorgan Chase Bank N.A. LOC), 0.37%, 5/06/16 (a)		7,300		7,300,000
California Municipal Finance Authority RB (Chevron USA Inc. Project) Series 2010A VRDN, 0.23%, 5/02/16 (a)		14,575		14,575,000
California Pollution Control Financing Authority RB Series 1996C VRDN (Mizuho Bank Ltd. LOC), 0.28%, 5/02/16 (a)		18,200		18,200,000
California Pollution Control Financing Authority RB Series 1996F VRDN (TD Bank N.A. LOC), 0.28%, 5/03/16 (a)		4,400		4,400,000
Downey Unified School District GO Series 2015A MB, 3.00%, 8/01/16		2,515		2,532,258
East Bay Municipal Utility District Water System RB Series 2008A-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		7,645		7,645,000
East Side Union High School District GO Municipal Trust Receipts Floaters Series 2010-3171 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.50%, 5/06/16 (a)(b)(c)		15,000		15,000,000

Municipal Bonds	Par  (000)		Value
California (continued)
El Dorado Irrigation District / El Dorado County Water Agency RB Series 2008A VRDN (Citibank N.A. LOC), 0.41%, 5/06/16 (a)	$	12,100	$	12,100,000
Metropolitan Water District of Southern California RB Series 2015A-2 VRDN, 0.36%, 5/06/16 (a)		8,800		8,800,000
Metropolitan Water District of Southern California Waterworks RB Series 2015A-1 VRDN, 0.36%, 5/06/16 (a)		25,400		25,400,000
Riverside County Transportation Commission RB Series 2009B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.37%, 5/06/16 (a)		4,100		4,100,000
Sacramento Municipal Utility District RB Series 2008K VRDN (Bank of America N.A. LOC), 0.39%, 5/06/16 (a)		2,000		2,000,000
San Diego Unified School District GO Series 2015A MB, 2.00%, 6/30/16		9,600		9,627,108
University of California RB Series 2013AL-4 VRDN, 0.36%, 5/06/16 (a)		3,300		3,300,000
				157,823,328
Colorado — 2.3%
Colorado HFA RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA), 0.43%, 5/06/16 (a)		160		160,000
Denver City & County School District #1 Clipper Tax-Exempt Certificate Trust GO Series 2005A-2009-57 VRDN (State Street Bank & Trust Co. SBPA), 0.44%, 5/06/16 (a)(b)(c)		35,240		35,240,000
Parker Automotive Metropolitan District GO Series 2005 VRDN (U.S. Bank N.A. LOC), 0.43%, 5/06/16 (a)		780		780,000
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.46%, 5/06/16 (a)		2,325		2,325,000
				38,505,000
Connecticut — 1.5%
Connecticut Health and Educational Facilities Authority Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0247 VRDN (Bank of America N.A. Liquidity Facility), 0.07%, 5/06/16 (a)(b)(c)		2,636		2,636,000
Connecticut Housing Finance Authority RB Series 2015 C-3 VRDN (Royal Bank of Canada LOC), 0.40%, 5/06/16 (a)		5,500		5,500,000
Connecticut RB Series 2006 MB, 5.00%, 7/01/16		1,100		1,108,762
Connecticut Special Tax Revenue RB Series 2014A MB, 3.00%, 9/01/16		1,500		1,513,513
Milford GO Series 2015 MB, 2.00%, 11/01/16		220		221,922
Milford GO Series 2015B BAN, 1.00%, 11/07/16		1,380		1,385,072
Naugatuck GO Series 2015 MB, 2.00%, 9/15/16		115		115,683
Plainville GO Series 2015 BAN, 2.00%, 5/18/16		500		500,395
Torrington GO Series 2015 BAN, 2.00%, 9/15/16		2,000		2,012,308
Trumbull GO Series 2015 BAN, 1.50%, 9/01/16		9,520		9,557,613
				24,551,268

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 41

Schedule of Investments (continued) MuniFund

Municipal Bonds	Par  (000)		Value
Delaware — 0.3%
Delaware County GO Series 2011 MB, 5.00%, 7/01/16	$	3,710	$	3,739,682
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		1,285		1,285,000
				5,024,682
Florida — 3.9%
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3286 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.47%, 5/06/16 (a)(b)(c)		10,305		10,305,000
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3287 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.47%, 5/06/16 (a)(b)(c)		4,830		4,830,000
Escambia County Health Facilities Authority RB (Azalea Trace Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.31%, 5/02/16 (a)		6,290		6,290,000
JEA Water & Sewer System RB Series 2008A-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.44%, 5/06/16 (a)		12,900		12,900,000
Miami-Dade County RB Municipal Trust Receipts Floaters Series 2011-3271 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.47%, 5/06/16 (a)(b)(c)		10,395		10,395,000
South Miami Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2749 VRDN (Morgan Stanley Bank SBPA), 0.47%, 5/06/16 (a)(b)(c)		21,000		21,000,000
				65,720,000
Georgia — 1.4%
Gainesville & Hall County Development Authority RB (Senior Living Facility — Lanier Village Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.31%, 5/02/16 (a)		17,890		17,890,000
Georgia GO MB, 5.75%, 8/01/16		5,555		5,632,687
				23,522,687
Hawaii — 0.3%
Hawaii GO Series 2009DT MB, 5.00%, 11/01/16		4,575		4,682,810
Illinois — 3.3%
Illinois Finance Authority RB (Center on Deafness Project) Series 2008 VRDN (BMO Harris Bank N.A. LOC), 0.42%, 5/06/16 (a)		1,500		1,500,000
Illinois Finance Authority RB (Northwestern Memorial Hospital Project) Series 2009A-1 VRDN (JPMorgan Chase Bank SBPA), 0.30%, 5/02/16 (a)		2,800		2,800,000
Illinois Finance Authority RB (Northwestern Memorial Hospital) Series 2007A-2 VRDN (Wells Fargo Bank N.A. SBPA), 0.38%, 5/06/16 (a)		33,000		33,000,000
Illinois Finance Authority RB (Planned Parenthood Project) Series 2007A VRDN (JPMorgan Chase Bank N.A. LOC), 0.42%, 5/06/16 (a)		5,250		5,250,000
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2011-4702 VRDN (Bank of America N.A. SBPA), 0.58%, 5/06/16 (a)(b)(c)		8,690		8,690,000
Illinois Finance Authority RB Series 2009 VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/02/16 (a)		3,800		3,800,000
				55,040,000

Municipal Bonds	Par  (000)		Value
Indiana — 0.8%
Fort Wayne RB (University of St. Francis Project) Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.43%, 5/06/16 (a)	$	1,580	$	1,580,000
Indiana State Financing Authority Hospital RB (Indiana University Health Project) RBC Municipal Products Inc. Trust Series 2011L VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.43%, 5/06/16 (a)(b)(c)		9,500		9,500,000
Indianapolis Local Public Improvement Bond Bank RB Series 2009 ROC-RR-II-R-11779 VRDN (Citibank N.A. Liquidity Facility), 0.61%, 5/06/16 (a)(b)(c)		2,600		2,600,000
				13,680,000
Iowa — 4.5%
Black Hawk County GO Series 2015A MB, 2.00%, 6/01/16		250		250,292
Black Hawk County GO Series 2015B MB, 2.00%, 6/01/16		975		976,402
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.46%, 5/06/16 (a)		67,580		67,580,000
Iowa Finance Authority RB 2015 VRDN (Federal Home Loan Bank SBPA), 0.42%, 5/06/16 (a)		7,325		7,325,000
				76,131,694
Kansas — 0.3%
Burlington Environmental Improvement RB Series 2007B (Power & Light Project) VRDN (JPMorgan Chase Bank N.A. LOC), 0.43%, 5/06/16 (a)		4,400		4,400,000
Louisiana — 4.1%
Louisiana GO Series 2006B MB, 5.00%, 7/15/16		100		100,928
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 VRDN (Fannie Mae Guaranty), 0.51%, 5/06/16 (a)		4,625		4,625,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B VRDN, 0.45%, 5/06/16 (a)		7,500		7,500,000
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008A VRDN, 0.30%, 5/02/16 (a)		28,000		28,000,000
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008B VRDN, 0.39%, 5/06/16 (a)		12,000		12,000,000
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2010 VRDN, 0.39%, 5/06/16 (a)		15,100		15,100,000
Louisiana RB (1-49 South Project) Series 2015 MB, 1.00%, 9/01/16		1,220		1,222,645
				68,548,573
Maine — 0.4%
Maine Municipal Bond Bank RB Series 2015 D MB, 2.00%, 11/01/16		6,930		6,988,793
Maine Municipal Bond Bank RB Series 2015 MB, 2.00%, 11/01/16		500		504,253
				7,493,046
Maryland — 5.7%
Anne Arundel County RB (Mountain Ridge Apartments Project) Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		2,605		2,605,000

See Notes to Financial Statements.

42 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) MuniFund

Municipal Bonds	Par  (000)		Value
Maryland (continued)
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.41%, 5/06/16 (a)	$	1,375	$	1,375,000
Baltimore RB (Wastewater System Improvement Project) Series 2013A MB, 5.00%, 7/01/16		500		503,931
Baltimore RB (Wastewater System Project) Series 2006C MB, 5.00%, 7/01/16		905		912,241
Frederick County RB (Homewood, Inc. Facility Project) Series 1997 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		9,450		9,450,000
Howard County RB (Bluffs Hawthorne Project) Series 1995 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		1,960		1,960,000
Howard County RB (Lorien at Elkridge Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		7,910		7,910,000
Howard County RB (Meadowridge III Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		8,480		8,480,000
Maryland GO Series 2006 MB, 5.00%, 8/01/16		530		536,011
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II-R-11415 VRDN (Citibank N.A. Liquidity Facility), 0.61%, 5/06/16 (a)(b)(c)		4,020		4,020,000
Montgomery County GO Series 2009B TECP (JPMorgan Chase Bank N.A. SBPA), 0.45%, 6/02/16		39,200		39,200,000
Montgomery County GO Series B TECP (State Street Bank & Trust Co. SBPA), 0.45%, 6/02/16		7,100		7,100,000
Montgomery County GO Series 2013A MB, 5.00%, 11/01/16		1,290		1,320,206
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		815		815,000
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		90		90,000
Washington County RB (Homewood Williamsport Facility Project) Series 2011 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		8,865		8,865,000
				95,142,389
Massachusetts — 5.1%
Commonwealth of Massachusetts GO Series 2006D MB, 4.75%, 8/01/16		100		101,113
Commonwealth of Massachusetts GO Series 2015B MB, 2.00%, 5/25/16		16,100		16,119,403
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.50%, 11/25/16 (a)		14,860		14,860,000
Massachusetts Clipper Tax-Exempt Certificates Trust RB Series 2007-2009-47 AMT VRDN (State Street Bank & Trust Co. Liquidity Facility), 0.45%, 5/06/16 (a)(b)(c)		8,000		8,000,000
Massachusetts Development Finance Agency RB (Partners Healthcare Project) Series 2011K-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		6,550		6,550,000

Municipal Bonds	Par  (000)		Value
Massachusetts (continued)
Massachusetts Health & Educational Facilities Authority RB Series P-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.39%, 5/06/16 (a)	$	3,000	$	3,000,000
Massachusetts Water Resources Authority RB Series 2008E VRDN (JPMorgan Chase Bank N.A. SBPA), 0.45%, 5/06/16 (a)		8,600		8,600,000
Melrose GO Series 2015 BAN, 1.50%, 11/11/16		3,800		3,823,271
Town of Auburn GO Series 2015 MB: 1.00%, 9/15/16		2,842		2,849,012
Town of Dracut GO Series 2015 BAN, 1.50%, 8/18/16		1,665		1,670,788
Town of Uxbridge GO Series 2015 BAN, 1.00%, 8/19/16		2,045		2,048,980
University of Massachusetts Building Authority RB Series 2011-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		14,310		14,310,000
Westfield GO Series 2015 MB, 2.00%, 8/01/16		565		567,422
Worcester GO Series 2014 MB, 5.00%, 11/01/16		1,960		2,005,887
				85,093,573
Michigan — 0.0%
Ann Arbor MI Sewage Disposal System Revenue RB Series 2013 MB, 2.00%, 7/01/16		500		501,421
Minnesota — 0.1%
Minnesota GO Series 2011A MB, 5.00%, 10/01/16		2,520		2,569,751
Mississippi — 2.3%
County of Jackson RB Series 1993 VRDN, 0.25%, 5/02/16 (a)		7,850		7,850,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010-I VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		31,550		31,550,000
				39,400,000
Missouri — 0.4%
Missouri Highway & Transportation Commission RB Series 2007 MB, 5.00%, 5/01/16		1,005		1,005,088
Springfield MO Public Utility Revenue RB Series 2015 MB, 5.00%, 8/01/16		1,100		1,113,161
St. Louis IDA (Mid-America Transplant Services Project) RB Series 2013 VRDN (BMO Harris Bank N.A. LOC), 0.27%, 5/02/16 (a)		4,300		4,300,000
				6,418,249
Nevada — 0.6%
Clark County RB VRDN (MUFG Union Bank N.A. LOC), 0.41%, 5/06/16 (a)		9,300		9,300,000
New Jersey — 0.4%
New Jersey Educational Facilities Authority RB Series 2010B MB, 5.00%, 7/01/16		180		181,434
New Jersey Environmental Infrastructure Trust RB Series 2012A-R MB, 3.13%, 9/01/16		520		524,884
Somerset County GO Series 2015 MB, 2.00%, 7/15/16		1,255		1,259,378
Township of River Vale GO Series 2015 BAN, 1.50%, 8/12/16		3,841		3,852,620
Woodbridge Township GO Series 2015 MB, 2.00%, 7/01/16		500		501,344
				6,319,660

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 43

Schedule of Investments (continued) MuniFund

Municipal Bonds	Par  (000)		Value
New York — 12.4%
City of New York GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.41%, 5/06/16 (a)	$	13,100	$	13,100,000
City of New York GO Series 2015B VRDN (Royal Bank of Canada LOC), 0.28%, 5/02/16 (a)		10,000		10,000,000
Metropolitan Transportation Authority RB Series 2005E-1 VRDN, 0.29%, 5/02/16 (a)		4,680		4,680,000
New York City GO Series 2013D-4 VRDN (TD Bank N.A. LOC), 0.28%, 5/02/16 (a)		5,100		5,100,000
New York City Housing Development Corp. RB Series 2013B-4 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		12,850		12,850,000
New York City Municipal Water Finance Authority RB (2nd General Fiscal Resolution Project) Series 2013 VRDN (TD Bank N.A. SBPA), 0.28%, 5/02/16 (a)		23,800		23,800,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2003A-4 VRDN (TD Bank N.A. SBPA), 0.28%, 5/02/16 (a)		26,150		26,150,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.28%, 5/02/16 (a)		2,900		2,900,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2014A-4 VRDN (Wells Fargo Bank N.A. SBPA), 0.25%, 5/02/16 (a)		36,880		36,880,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2014C MB, 3.00%, 11/01/16		575		582,710
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2015E-3 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.32%, 5/02/16 (a)		3,000		3,000,000
New York City Water & Sewer System RB VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.40%, 5/06/16 (a)		20,000		20,000,000
New York City Water & Sewer System RB Series 2008-BB-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.37%, 5/06/16 (a)		3,400		3,400,000
New York City Water & Sewer System RB Series 2010DD-1 VRDN (TD Bank N.A. SBPA), 0.28%, 5/02/16 (a)		10,000		10,000,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		900		900,000
New York HFA RB Series 2015A VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		32,680		32,680,000
New York State Housing Finance Agency RB Series 2014A VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		2,000		2,000,000
				208,022,710
North Carolina — 5.0%
Carolinas Healthcare System Tender Option Bond Trust Receipts/Certificates RB Series 2016X VRDN (Bank of America N.A. SBPA), 0.41%, 5/06/16 (a)(b)(c)		10,650		10,650,000
Charlotte RB Series 2013G VRDN (Wells Fargo Bank N.A. SBPA), 0.38%, 5/06/16 (a)		15,750		15,750,000
Charlotte COP Series 2015B MB, 2.00%, 6/01/16		1,980		1,982,762
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2007C VRDN (JPMorgan Chase Bank SBPA), 0.42%, 5/06/16 (a)		1,970		1,970,000

Municipal Bonds	Par  (000)		Value
North Carolina (continued)
Davie County GO Series 2015 MB, 3.00%, 5/01/16	$	2,285	$	2,285,113
Mecklenburg County GO (WVRDB Refunding Project) Series 2009D VRDN 7 Month Window, 0.66%, 11/25/16 (a)		15,835		15,835,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1 VRDN, 0.37%, 5/06/16 (a)		8,415		8,415,000
North Carolina Infrastructure Finance Corp COP Series 2006A MB, 5.00%, 6/01/16		300		301,195
North Carolina Medical Care Commission Hospital RB (Moses Cone Health System Project) Series 2001B VRDN (BMO Harris Bank N.A. SBPA), 0.28%, 5/02/16 (a)		20,435		20,435,000
North Carolina RB Series 2011C MB, 5.00%, 5/01/16		3,440		3,440,305
Raleigh RB VRDN, 0.66%, 11/25/16 (a)		3,540		3,540,000
				84,604,375
Ohio — 2.5%
Allen County RB (Catholic Healthcare Project) Series 2010C VRDN (Union Bank N.A. LOC), 0.30%, 5/02/16 (a)		14,460		14,460,000
American Municipal Power Inc. RB Series 2016 MB, 1.25%, 5/02/17		1,000		1,005,010
American Municipal Power RB Series 2016 MB, 1.25%, 4/27/17		550		552,733
Hamilton Electric System Revenue RB Series 2015 MB, 0.43%, 9/27/16		14,400		14,400,000
Mahoning County GO Series 2015 BAN, 1.50%, 9/27/16		2,870		2,881,045
Oakwood GO Series 2015 MB, 1.38%, 9/22/16		1,522		1,525,475
Ohio Air Quality Development Authority RB Series 2009C VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.41%, 5/06/16 (a)		5,000		5,000,000
Ohio State University GO Series 2014B-1 VRDN, 0.39%, 5/06/16 (a)		2,000		2,000,000
				41,824,263
Oklahoma — 3.4%
Oklahoma Turnpike Authority RB Series F VRDN (JPMorgan Chase Bank N.A. SBPA), 0.30%, 5/02/16 (a)		43,900		43,900,000
RBC Municipal Products, Inc. Trust RB Floaters Series 2012 E-37 VRDN (Royal Bank of Canada LOC), 0.43%, 5/06/16 (a)(b)(c)		5,100		5,100,000
Tulsa County Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF0390 VRDN (Bank of America N.A. SBPA), 0.41%, 5/06/16 (a)(b)(c)		8,092		8,092,000
				57,092,000
Oregon — 0.5%
Oregon GO Series 2015A MB, 2.00%, 9/15/16		7,700		7,750,545
Pennsylvania — 3.3%
Lancaster County Hospital Authority RB (Luthercare Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		9,715		9,715,000
Pennsylvania Clipper Tax-Exempt Certificate Trust RB Series 2007-3-58 VRDN (State Street Bank & Trust Co. SBPA), 0.44%, 5/06/16 (a)(b)		8,900		8,900,000
Philadelphia GO Series 2009B VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		17,800		17,800,000

See Notes to Financial Statements.

44 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (continued) MuniFund

Municipal Bonds	Par  (000)		Value
Pennsylvania (continued)
Philadelphia PA GO Series 2016A MB, 2.00%, 6/30/16	$	14,000	$	14,039,353
Southcentral General Authority RB (Homewood Hanover Project) Series 2003 VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		4,145		4,145,000
				54,599,353
Tennessee — 0.1%
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.45%, 5/06/16 (a)		2,530		2,530,000
Texas — 13.9%
Austin Electric Utility Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0220 VRDN (JPMorgan Chase Bank Liquidity Facility), 0.51%, 5/06/16 (a)(b)(c)		7,400		7,400,000
Garland RB Series TECP (Sumitomo Mitsui Bank Corp. LOC), 0.46%, 6/02/16		10,000		10,000,000
Harris County Health Facilities Development Corp. RB (Methodist Hospital System Project) Series 2008A-2 VRDN, 0.28%, 5/02/16 (a)		11,975		11,975,000
Harris County Health Facilities Development Corp. RB (Methodist Hospital System) Series A-1 VRDN, 0.28%, 5/02/16 (a)		12,500		12,500,000
Pharr San Juan Alamo Independent School District GO Series 2016 MB, 1.00%, 8/01/16		595		596,076
Port of Arthur Navigation District Industrial Development Corp. RB (Total Petrochemicals Project) Series 2012 VRDN (Total S.A. Credit Agreement), 0.45%, 5/06/16 (a)		24,300		24,300,000
Port of Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Petrochemicals USA, Inc. Corporate Underlier), 0.45%, 5/06/16 (a)		1,500		1,500,000
San Antonio RB Series A TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.57%, 6/01/16		16,200		16,200,000
San Antonio Electric & Gas RB Series A TECP (JPMorgan Chase Bank N.A. Liquidity Facility), 0.55%, 6/03/16		20,000		20,000,000
San Antonio Electric & Gas RB Series B TECP (State Street Bank & Trust Co. Liquidity Facility), 0.45%, 6/01/16		30,000		30,000,000
San Marcos GO Series 2015 MB, 1.00%, 8/15/16		1,270		1,272,656
Tarrant County Cultural Education Facilities Finance Corp. RB (Christus Health Project) Series 2008C-4 VRDN (Bank of Montreal LOC), 0.42%, 5/06/16 (a)		14,680		14,680,000
Tarrant County Cultural Education Facility Tender Option Bond Trust Receipts/Certificates RB Series 2016-XG0013 VRDN (Bank of America N.A. SBPA), 0.43%, 5/06/16 (a)(b)(c)		5,795		5,795,000
Texas Water Development Board RB Series 2013A MB, 5.00%, 7/15/16		750		757,393
University of Texas Board of Regents GO TECP, 0.41%, 5/24/16		15,000		15,000,000
University of Texas GO Series TECP: 0.45%, 5/26/16		11,000		11,000,000
				232,976,125

Municipal Bonds	Par  (000)		Value
Utah — 3.7%
Emery County PCRB Series 1994A VRDN (Canadian Imperial Bank LOC), 0.39%, 5/06/16 (a)	$	46,600	$	46,600,000
Murray City Hospital RB (IHC Health Services, Inc. Project) Series 2003D VRDN (IHC Health Guaranty), 0.27%, 5/02/16 (a)		12,200		12,200,000
Utah GO Series 2015-XF2180 VRDN (Morgan Stanley Bank N.A.SBPA), 0.47%, 5/06/16 (a)(b)		3,050		3,050,000
				61,850,000
Virginia — 1.2%
Fairfax County GO Series 2013A MB, 5.00%, 10/01/16		4,820		4,915,364
Hampton Roads Sanitation District RB Series 2016 B VRDN, 0.38%, 5/06/16 (a)		14,400		14,400,000
Virginia Resources Authority RB Series 2008 MB, 5.00%, 10/01/16		500		509,957
				19,825,321
Washington — 0.7%
Chelan County Public Utility District No. 1 RB Eclipse Funding Trust Series 2007C-0047 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. SBPA), 0.41%, 5/06/16 (a)(b)(c)		11,310		11,310,000
Energy Northwest Washington Electric RB (Project No. 1) Series 2006A MB, 5.00%, 7/01/16		750		756,057
				12,066,057
Wisconsin — 0.9%
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B VRDN (BMO Harris Bank N.A. LOC), 0.41%, 5/06/16 (a)		3,920		3,920,000
Wisconsin Housing & Economic Development Authority RB Series 2015C VRDN (Royal Bank of Canada SBPA), 0.43%, 5/06/16 (a)		5,500		5,500,000
Wisconsin Housing & Economic Development Authority RB Series 2016C VRDN (Royal Bank of Canada SBPA), 0.43%, 5/06/16 (a)		6,500		6,500,000
				15,920,000
Wyoming — 1.0%
Uinta County RB (Chevron USA Inc. Project) Series 1 VRDN (Chevron Corp. Guaranty), 0.25%, 5/02/16 (a)		16,000		16,000,000
Total Municipal Bonds — 98.2%				1,648,364,457

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 45

Schedule of Investments (concluded) MuniFund

Closed-End Investment Companies (a)(b)	Par  (000)		Value
California — 0.2%
Nuveen California AMT-Free Municipal Income Fund GO Series 4 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16	$	2,500	$	2,500,000
New York — 1.1%
Nuveen New York AMT-Free Municipal Income Fund GO Series 1 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16		8,700		8,700,000
Nuveen New York AMT-Free Municipal Income Fund GO Series 2 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16		7,600		7,600,000
Nuveen New York AMT-Free Municipal Income Fund GO Series 3 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16		1,800		1,800,000
				18,100,000

Closed-End Investment Companies (a)(b)	Par  (000)		Value
Ohio — 0.4%
Nuveen AMT-Free Municipal Income Fund GO Series 2-1309 VRDP (Citibank N.A. LOC), 0.49%, 5/06/16	$	6,900	$	6,900,000
Total Closed-End Investment Companies — 1.7%				27,500,000
Total Investments (Cost — $1,675,864,457*) — 99.9%				1,675,864,457
Other Assets Less Liabilities — 0.1%				2,187,538
Net Assets — 100.0%			$	1,678,051,995

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	1,675,864,457	—	$	1,675,864,457

¹ See above Schedule of Investments for values in each state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $1,245,419 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

46 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments April 30, 2016 (Unaudited)	California Money Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par  (000)		Value
California — 96.2%
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) RB Series 2008E-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.38%, 5/06/16 (a)	$	1,595	$	1,595,000
Bay Area Toll Authority Toll Bridge Tender Option Bond Trust Receipts/Certificates RB Series 2016-XG0019 VRDN (Bank of America N.A. SBPA), 0.43%, 5/06/16 (a)(b)(c)		1,750		1,750,000
California Community College Fund RB Series 2016A, 2.00%, 6/30/16		1,590		1,594,280
California Department of Water RB Series 2010M MB, 5.00%, 5/01/16		8,750		8,750,740
California Department of Water RB Series 2010M MB, 4.00%, 5/01/16		5,865		5,865,398
California Department of Water Resources RB Series 2010L TECP, 5.00%, 5/01/16		500		500,043
California Department of Water Resources RB Series 3-A-2 TECP (Bank of Montreal SBPA), 0.45%, 5/05/16		6,185		6,185,000
California Educational Facilities Authority RB Series 2016A Notes, 2.00%, 6/30/16		1,800		1,804,935
California Finance Authority RB (Sharp Chula Medical Center Project) Series 2009A VRDN (Bank of America N.A. LOC), 0.40%, 5/06/16 (a)		13,000		13,000,000
California GO (Daily Kindergarten University Project) Series 2004A-3 VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC), 0.22%, 5/02/16 (a)		1,700		1,700,000
California GO Series 2003A-3 VRDN (Bank of Montreal LOC), 0.23%, 5/02/16 (a)		3,000		3,000,000
California GO Series 2004B-2 VRDN (Citibank N.A. LOC), 0.24%, 5/02/16 (a)		1,400		1,400,000
California GO Series 2005A-2-1 VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.40%, 5/06/16 (a)		1,100		1,100,000
California GO Series 2005A-3 VRDN (Mizuho Bank Ltd. LOC), 0.40%, 5/06/16 (a)		1,000		1,000,000
California GO Series 2010A1-2 VRDN (Royal Bank of Canada LOC), 0.40%, 5/06/16 (a)		5,400		5,400,000
California GO Series B1 VRDN (Mizuho Bank Ltd. LOC), 0.40%, 5/06/16 (a)		7,000		7,000,000
California GO Series B-7 VRDN (JPMorgan Chase Bank N.A. LOC), 0.23%, 5/02/16 (a)		2,000		2,000,000
California Health Facilities Financing Authority RB (Catholic Healthcare West Project) Series 1988B VRDN (JPMorgan Chase Bank N.A. LOC), 0.47%, 5/06/16 (a)		1,000		1,000,000
California Health Facilities Financing Authority RB (Children’s Hospital Project) Series 2009B VRDN (US Bank N.A. LOC), 0.41%, 5/06/16 (a)		1,500		1,500,000
California Health Facilities Financing Authority RB (Scripps Health Project) Series 2008B VRDN (Wells Fargo Bank N.A. LOC), 0.39%, 5/06/16 (a)		9,500		9,500,000
California Health Facilities Financing Authority RB (Scripps Health Project) Series 2010B VRDN (JPMorgan Chase Bank N.A. LOC), 0.37%, 5/06/16 (a)		700		700,000
California Health Facilities Financing Authority RB (Stanford Hospital Clinics Project) Series 2012C VRDN 7 Month Window, 0.56%, 11/25/16 (a)		3,000		3,000,000
California Health Facilities Financing Authority RB RBC Municipal Products, Inc. Trust Series 2011-21 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.43%, 5/03/16 (a)(b)		8,900		8,900,000

Municipal Bonds	Par  (000)		Value
California (continued)
California Health Facilities Financing Authority Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0152 VRDN (Bank of America N.A. Liquidity Facility), 0.51%, 5/06/16 (a)(b)(c)	$	830	$	830,000
California Housing Finance Agency RB Series 2001F VRDN (Citibank N.A. SBPA), 0.41%, 5/06/16 (a)		3,000		3,000,000
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Co. Project) Series 2009D VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.27%, 5/02/16 (a)		1,200		1,200,000
California Municipal Finance Authority RB (Copper Square Apartments LP Project) Series A-1 VRDN (Federal Home Loan Bank LOC), 0.40%, 5/06/16 (a)		200		200,000
California Pollution Control Financing Authority PCRB (Air Products & Chemicals Project) Series 1997B VRDN, 0.28%, 5/02/16 (a)		7,000		7,000,000
California Pollution Control Financing Authority RB Series 1996C VRDN (Mizuho Bank Ltd. LOC), 0.28%, 5/02/16 (a)		12,800		12,800,000
California State Health Facilities Financing Authority RB (Providence Health Service Project) Series 2009-4646 VRDN (Bank of America N.A. SBPA), 0.42%, 5/06/16 (a)(b)		7,700		7,700,000
California Statewide Communities Development Authority RB Series 2008A VRDN (Wells Fargo Bank N.A. LOC), 0.25%, 5/02/16 (a)		4,490		4,490,000
California Statewide Communities Development Authority RB Series 2014 VRDN (Federal Home Loan Bank LOC, East West Bank LOC), 0.42%, 5/06/16 (a)		1,800		1,800,000
California Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF2171 VRDN (Citibank N.A. Liquidity Facility), 0.44%, 5/06/16 (a)(b)(c)		800		800,000
City & County of San Francisco RB (Moscone Center Improvements Project) Series 2013A MB, 5.00%, 9/01/16		1,000		1,014,731
Cupertino Unified School District Tender Option Bond Trust Receipts/Certificates GO Series 2016-XF0287 VRDN (Bank of America N.A. SBPA), 0.09%, 5/06/16 (a)(b)(c)		4,400		4,400,000
Desert Community College District GO Series 2016 MB, 2.00%, 8/01/16		300		301,179
Downey Unified School District GO Series 2015A MB, 3.00%, 8/01/16		400		402,766
East Bay Municipal Utility District Water System RB Series 2008A-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		2,300		2,300,000
Eastern Municipal Water District RB Series 2014C VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		8,000		8,000,000
Eastern Municipal Water District RB Series 2015-2013A Mandatory Put Bonds, 0.46%, 7/11/16		4,900		4,900,000
El Camino Community College GO Series 2016 MB, 2.00%, 8/01/16		2,505		2,515,069
El Monte Union High School District GO Series 2016 MB, 2.00%, 6/01/16		1,020		1,021,374
Fontana Unified School District GO PUTTERS Series 2008-2015-XF0111 VRDN (JPMorgan Chase Bank N.A. Liquidity Facility), 0.51%, 5/06/16 (a)(b)(c)		1,505		1,505,000
Fresno Unified School District GO Series 2015E MB, 2.00%, 8/01/16		1,145		1,149,911

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 47

Schedule of Investments (continued) California Money Fund

Municipal Bonds	Par  (000)		Value
California (continued)
Lancaster School District GO Series 2015-A MB, 2.00%, 6/30/16	$	3,600	$	3,610,317
Los Angeles County Housing Authority RB (Lincoln Malibu Meadows II Project) Series 2015C VRDN (Fannie Mae Insurance/Fannie Mae Liquidity Agent), 0.39%, 5/06/16 (a)		5,799		5,799,000
Los Angeles County Metropolitan Transportation Authority RB Series 2010B MB, 5.00%, 6/01/16		625		627,399
Los Angeles County Metropolitan Transportation Authority RB Series 2013-A MB, 5.00%, 7/01/16		930		937,223
Los Angeles Department of Water & Power RB Series 2001 VRDN (Barclays Bank PLC SBPA), 0.40%, 5/06/16 (a)		1,300		1,300,000
Los Angeles Department of Water & Power RB Series 2001B-3 VRDN (Bank of America N.A. SBPA), 0.23%, 5/02/16 (a)		5,800		5,800,000
Los Angeles Department of Water & Power RB Series 2002A-1 VRDN (Bank of America N.A. SBPA), 0.20%, 5/02/16 (a)		1,500		1,500,000
Los Angeles Department of Water & Power RB Series A-2 VRDN (Citibank N.A. SBPA), 0.20%, 5/02/16 (a)		1,500		1,500,000
Los Angeles MB Series 2016 A-3 MB, 2.00%, 6/30/16		500		501,330
Manteca Unified School District GO Series 2015A MB, 4.00%, 8/01/16		1,865		1,882,174
Metropolitan Water District of Southern California Waterworks RB Series 2005A-1 VRDN, 0.36%, 5/06/16 (a)		1,510		1,510,000
Moorpark Unified School District GO Series 2016 MB, 2.00%, 6/30/16		1,650		1,654,729
Northern California Power Agency RB (Lodi Energy Project) Series 2010A MB, 5.00%, 6/01/16		350		351,329
Oakland Joint Powers Financing Authority RB Series 2001A VRDN (Citibank N.A. LOC), 0.41%, 5/06/16 (a)		565		565,000
Orange County RB Series 2016A VRDN, 0.41%, 5/06/16 (a)		900		900,000
Otay Water District RB Series 2016 MB, 2.00%, 9/01/16		1,200		1,205,508
Palomar California Community College District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0137 VRDN (JP Morgan Chase Bank N.A. SBPA), 0.44%, 5/06/16 (a)(b)(c)		1,300		1,300,000
Regents of the University of California Medical Center Pooled Revenue RB Series 2007B-1 VRDN (Wells Fargo Bank N.A. LOC), 0.20%, 5/02/16 (a)		1,200		1,200,000
Riverside County RB Series 2015D MB, 2.00%, 10/12/16		10,000		10,075,918
Riverside County Transportation Commission RB Series 2009B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.37%, 5/06/16 (a)		9,870		9,870,000
Sacramento County Sanitation Districts Financing Authority RB Series 2006 MB, 5.00%, 6/01/16		3,300		3,351,706
Sacramento Municipal Utility District RB Series 2008K VRDN (Bank of America N.A. LOC), 0.39%, 5/06/16 (a)		8,000		8,000,000
Sacramento Transportation Authority RB Series 2015 VRDN (Mizuho Bank Ltd. SBPA), 0.37%, 5/06/16 (a)		800		800,000
San Benito High School District GO Series 2015 MB, 4.00%, 8/01/16		300		302,755

Municipal Bonds	Par  (000)		Value
California (continued)
San Diego County Regional Transportation Commission RB Series 2008C VRDN (Mizuho Corporate Bank SBPA), 0.39%, 5/06/16 (a)	$	3,000	$	3,000,000
San Diego County School Districts GO MB, 2.00%, 6/30/16		10,000		10,027,066
San Diego Public Facilities Financing Authority Sewer Revenue RB Series 2009B MB, 5.00%, 5/15/16		500		500,897
San Diego Water Authority RB TECP, 0.48%, 5/11/16		5,000		5,000,000
San Jose Unified School District GO Series 2016 MB, 2.00%, 8/01/16		690		692,938
San Rafael Redevelopment Agency RB Series 2001A VRDN (Citibank N.A. LOC), 0.41%, 5/06/16 (a)		1,500		1,500,000
Santa Clara Valley Transportation Authority RB Series 2008C VRDN (Sumitomo Mitsui Banking Corp. SBPA), 0.37%, 5/06/16 (a)		2,200		2,200,000
Southern California Public Power Authority RB (Mead-Adelanto Project) Series 2012A MB, 5.00%, 7/01/16		345		347,725
Southern California Public Power Authority RB (Southern Transmission Project) Series 2011A MB, 5.00%, 7/01/16		400		403,043
Southern California Public Power Authority RB (Windy Flats Project) Series 2010-1 MB, 3.00%, 7/01/16		500		502,159
University of California RB Series 2013AL-4 VRDN, 0.36%, 5/06/16 (a)		5,200		5,200,000
University of California RB Series AB MB, 5.00%, 5/15/16		1,350		1,352,468
Upland Community Redevelopment Agency RB Series 2007 VRDN (Federal Home Loan Bank LOC, East West Bank LOC), 0.39%, 5/06/16 (a)		2,720		2,720,000
Yosemite Unified School District GO Series 2015A MB, 2.00%, 6/30/16		975		977,797
Total Municipal Bonds — 96.2%				254,543,907
Closed-End Investment Companies (a)(b)
California — 1.9%
Nuveen California AMT-Free Municipal Income Fund GO Series 4 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16		5,000		5,000,000
Total Investments (Cost — $259,543,907*) — 98.1%				259,543,907
Other Assets Less Liabilities — 1.9%				4,927,125
Net Assets — 100.0%			$	264,471,032

See Notes to Financial Statements.

48 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (concluded) California Money Fund

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	259,543,907	—	$	259,543,907
1   See above Schedule of Investments for values in the state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $77,656 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 49

Schedule of Investments April 30, 2016 (Unaudited)	New York Money Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par  (000)		Value
New York — 94.2%
Babylon Union Free School District GO Series 2015 TAN, 1.50%, 6/24/16	$	1,300	$	1,302,063
Center Moriches Union Free School District GO Series 2015 TAN, 1.50%, 6/24/16		700		700,894
City of New York GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.41%, 5/06/16 (a)		5,400		5,400,000
City of New York GO Series 2015B VRDN (Royal Bank of Canada LOC), 0.28%, 5/02/16 (a)		500		500,000
Cold Spring Harbor Central School District GO Series 2014 TAN, 1.50%, 6/28/16		985		986,665
East Moriches Union Free School District GO Series 2015 MB, 1.50%, 6/17/16		1,100		1,101,263
East Rochester Housing Authority RB Series 2008 VRDN (Park Ridge Nursing Home Project) (Manufacturers and Traders Trust Co. LOC), 0.44%, 5/06/16 (a)		5,450		5,450,000
Erie County IDA RB Tender Option Bond Trust Receipts/Certificates Floaters Series 2008- 2015-XF0112 VRDN (JP Morgan Chase Bank N.A. SBPA), 0.47%, 5/01/16 (a)(b)(c)		1,000		1,000,000
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.45%, 5/06/16 (a)		1,000		1,000,000
Gorham-Middlesex Central School District GO Series 2015 BAN, 1.50%, 6/21/16		1,030		1,031,225
Maine-Endwell Central School District GO Series 2016 BAN, 1.50%, 7/22/16		500		500,922
Metropolitan Transportation Authority RB Series 2008A-1 VRDN (Royal Bank of Canada LOC), 0.28%, 5/03/16 (a)		4,400		4,400,000
Nassau Health Care Corp Series 2009 C-2 VRDN (Wells Fargo Bank N.A. LOC), 0.42%, 5/06/16 (a)		1,600		1,600,000
Nassau Health Care Corp. RB Series 2009 VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		2,800		2,800,000
New York City Series 2011D3A VRDN (California Public Employee Retirement LOC), 0.28%, 5/02/16 (a)		1,300		1,300,000
New York City Housing Development Corp. RB Series 2013B-4 VRDN (Wells Fargo Bank N.A. SBPA), 0.39%, 5/06/16 (a)		1,400		1,400,000
New York City Industrial Development Agency RB (Jamaica First PKG LLC Project) Series 2004 VRDN (TD Bank N.A. LOC), 0.39%, 5/06/16 (a)		900		900,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Sub-Series 2014A-4 VRDN (Wells Fargo Bank N.A. LOC), 0.25%, 5/02/16 (a)		1,600		1,600,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3F VRDN (Royal Bank of Canada SBPA), 0.28%, 5/02/16 (a)		1,500		1,500,000
New York City Water & Sewer System RB Series 2008-BB-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.37%, 5/06/16 (a)		600		600,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		2,000		2,000,000
New York Dormitory Authority RB Eagle Trust Receipts Series 2006-0164A VRDN (Citibank N.A. SBPA), 0.45%, 5/06/16 (a)(b)(c)		4,140		4,140,000
New York HFA RB (175 West 60th Street Project) Series 2012 VRDN (Manufacturers and Traders Trust Co. LOC), 0.44%, 5/06/16 (a)		4,800		4,800,000

Municipal Bonds	Par  (000)		Value
New York (continued)
New York HFA RB Series 2014A VRDN (Wells Fargo Bank N.A. LOC), 0.41%, 5/06/16 (a)	$	1,400	$	1,400,000
New York HFA RB Series 2015A VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		1,000		1,000,000
New York HFA RB Series 2015A VRDN (Wells Fargo Bank N.A. LOC), 0.41%, 5/06/16 (a)		1,000		1,000,000
New York Housing Finance Agency RB Series 2003L VRDN (Bank of America N.A. LOC), 0.40%, 5/06/16 (a)		3,000		3,000,000
New York Local Government Assistance Corp. RB Series 2003-4V VRDN (Bank of America N.A. SBPA), 0.42%, 5/06/16 (a)		5,405		5,405,000
New York State Dormitory Authority Northern Westchester Hospital Project Association (Northern Westchester Hospital Project Association) Series 2009 VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		1,500		1,500,000
New York State Energy Research & Development Authority Facility RB (Con Edison Project) Series 2005A-1 VRDN (Mizuho Corporate Bank LOC), 0.40%, 5/06/16 (a)		5,500		5,500,000
New York State HFA RB (Clinton Park Development LLC Project) Series 2010A VRDN (Freddie Mac Liquidity Agreement), 0.40%, 5/06/16 (a)		3,190		3,190,000
New York State Housing Finance Agency 42nd & 10th Associates LLC Series 2010A VRDN, 0.39%, 5/06/16 (a)		2,295		2,295,000
New York State Housing Finance Agency RB Series 2014A VRDN (Bank of New York Mellon LOC), 0.39%, 5/06/16 (a)		10,320		10,320,000
New York State Housing Finance Agency River Terrace Associates LLC (River Terrace Associates LLC) Series 2002A VRDN (Fannie Mae LOC), 0.41%, 5/06/16 (a)		3,000		3,000,000
New York Urban Development Corp. RB Series 2004 VRDN (JP Morgan Bank, SBPA), 0.42%, 5/06/16 (a)		5,870		5,870,000
North Tonawanda GO Series 2015 BAN, 1.25%, 5/05/16		1,040		1,040,076
Pittsford Town GO Series 2015 BAN, 2.00%, 9/08/16		400		402,049
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A VRDN (Manufacturers and Traders Trust Co. LOC), 0.46%, 5/06/16 (a)		1,100		1,100,000
Saratoga County RB (Saratoga Hospital Project) Series 2014 VRDN (HSBC Bank USA N.A. LOC), 0.45%, 5/06/16 (a)		630		630,000
Sayville Union Free School District GO Series 2015 BAN (State Aid Withholding Insurance), 1.50%, 9/29/16		500		501,742
Sewanhaka Central High School District of Elmont GO Series 2015 TAN, 1.50%, 6/24/16		300		300,460
South Colonie Central School District GO Series 2015 BAN, 1.50%, 7/15/16		755		756,275
Southold Union Free School District GO Series 2015 TAN, 1.50%, 6/28/16		500		500,790
Syracuse IDRB (Syracuse University Project) Series 2008A-2 VRDN (JPMorgan Chase Bank N.A. LOC), 0.31%, 5/02/16 (a)		2,400		2,400,000
Taconic Hills Central School District at Craryville GO Series 2015 BAN, 1.50%, 7/01/16		1,285		1,286,915
Triborough Bridge & Tunnel Authority RB Sub-Series 2005 B-2 VRDN (Wells Fargo Bank N.A. LOC), 0.25%, 5/02/16 (a)		3,670		3,670,000

See Notes to Financial Statements.

50 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Schedule of Investments (concluded) New York Money Fund

Municipal Bonds	Par  (000)		Value
New York (continued)
Triborough Bridge & Tunnel Authority Tender Option Bond Trust Receipts/Certificates Series 16XG0004 VRDN (Bank of America N.A. SBPA), 0.44%, 5/06/16 (a)(b)	$	700	$	700,000
Union Endicott NY Central School District GO Series 2016 BAN, 1.50%, 7/22/16		1,000		1,002,002
Village of Ossining GO Series 2015 MB, 1.50%, 9/30/16		150		150,557
Wappingers Central School District GO Series 2015B BAN, 1.50%, 7/08/16		935		936,483
West Hempstead Union Free School District GO Series 2015 TAN, 1.50%, 6/24/16		300		300,450
West Islip Union Free School District GO Series 2015 TAN, 1.50%, 6/24/16		500		500,719
Westchester County IDA Civic Facility RB (Northern Westchester Hospital Association Project) Series 2004 VRDN (TD Bank N.A. LOC), 0.38%, 5/06/16 (a)		2,600		2,600,000
Windsor Central School District GO Series 2015 BAN, 1.50%, 8/19/16		1,000		1,002,686

Municipal Bonds	Par  (000)		Value
New York (continued)
Yonkers IDRB (Consumers Union of United States Project) Series 2005 VRDN (JPMorgan Chase Bank N.A. LOC), 0.42%, 5/06/16 (a)	$	950	$	950,000
Total Municipal Bonds — 94.2%				110,224,236
Closed-End Investment Companies (a)(b)
New York — 5.7%
Nuveen New York AMT-Free Municipal Income Fund GO Series 3 VRDP (Citibank N.A. LOC), 0.47%, 5/06/16		6,700		6,700,000
Total Investments (Cost — $116,924,236*) — 99.9%				116,924,236
Other Assets Less Liabilities — 0.1%				155,153
Net Assets — 100.0%			$	117,079,389

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	116,924,236	—	$	116,924,236

¹ See above Schedule of Investments for values in the state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $41,961 is categorized as Level 1 within the disclosure hierarchy.

During the period ended April 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 51

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)	Federal Trust Fund		FedFund		TempCash			TempFund		T-Fund
Assets
Investments at value — unaffiliated1	$	3,829,723,832	$	6,975,834,947	$	818,499,952		$	74,521,535,924	$	17,137,886,006
Repurchase agreements at value — affiliated2		—		21,400,000		—			—		—
Repurchase agreements at value — unaffiliated3		—		10,365,587,625		208,047,000			4,396,235,000		14,284,230,625
Cash		12,026		126,197,175		385,635			1,356,672		658,546,812
Receivables:
Interest		1,175,083		2,349,297		73,318			30,000,522		37,023,811
Prepaid expenses		53,015		137,414		61,463			278,911		149,724
Other assets		—		—		—			426,319		—
Total assets		3,830,963,956		17,491,506,458		1,027,067,368			78,949,833,348		32,117,836,978
Liabilities
Payables:
Investments purchased		9,997,867		—		—			—		398,356,966
Custodian fees		6,991		101,025		20,212			475,095		168,579
Income dividends		173,339		1,419,044		127,256			12,029,867		1,890,401
Management fees		261,487		1,937,870		36,254			9,265,989		3,337,047
Officer’s and Trustees’ fees		6,688		28,979		4,847			141,605		46,457
Other accrued expenses		11,490		34,312		21,080			122,553		37,282
Printing fees		20,998		22,007		21,065			29,772		18,939
Professional fees		28,523		46,600		36,216			126,274		63,635
Registration fees		—		—		70,883			—		—
Service and distribution fees		19,151		384,102		19,861			1,219,166		417,772
Transfer agent fees		7,277		180,776		36,462			717,755		239,178
Total liabilities		10,533,811		4,154,715		394,136			24,128,076		404,576,256
Net Assets	$	3,820,430,145	$	17,487,351,743	$	1,026,673,232		$	78,925,705,272	$	31,713,260,722
Net Assets Consist of
Paid-in capital	$	3,820,402,682	$	17,486,862,733	$	1,026,638,873		$	78,923,964,307	$	31,712,394,109
Undistributed net investment income		1,179		22,099		39,403			18,582		15,813
Undistributed net realized gain (accumulated net realized loss)		26,284		466,911		(5,044	)		1,722,383		850,800
Net Assets	$	3,820,430,145	$	17,487,351,743	$	1,026,673,232		$	78,925,705,272	$	31,713,260,722
1   Investments at cost — unaffiliated	$	3,829,723,832	$	6,975,834,947	$	818,499,952		$	74,521,535,924	$	17,137,886,006
2   Repurchase agreements at cost — affiliated		—	$	21,400,000		—			—		—
3   Repurchase agreements at cost — unaffiliated		—	$	10,365,587,625	$	208,047,000		$	4,396,235,000	$	14,284,230,625

See Notes to Financial Statements.

52 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Statements of Assets and Liabilities (continued)

April 30, 2016 (Unaudited)	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
Net Asset Value
Institutional
Net assets	$	3,481,842,496	$	15,269,128,479	$	936,620,389	$	71,586,472,560	$	26,375,000,027
Shares outstanding4		3,481,810,576		15,268,687,478		936,589,045		71,584,520,684		26,374,233,652
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Dollar
Net assets	$	269,116,461	$	1,579,518,781	$	90,052,843	$	3,229,116,912	$	4,130,273,444
Shares outstanding4		269,113,993		1,579,473,126		90,049,828		3,229,028,924		4,130,153,528
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Cash Management
Net assets		46,727,224	$	154,005,696		—	$	885,542,337	$	1,058,995,508
Shares outstanding4		46,726,795		154,001,252		—		885,518,637		1,058,964,762
Net asset value	$	1.00	$	1.00		—	$	1.00	$	1.00
Cash Reserve
Net assets		629,563	$	11,031,824		—	$	15,883,393	$	69,325,190
Shares outstanding4		629,557		11,031,506		—		15,882,960	$	69,323,177
Net asset value	$	1.00	$	1.00		—	$	1.00	$	1.00
Administration
Net assets	$	22,114,401	$	304,938,457		—	$	3,013,722,035	$	25,947,895
Shares outstanding4		22,114,199		304,929,652		—		3,013,640,104		25,947,141
Net asset value	$	1.00	$	1.00		—	$	1.00	$	1.00
Select
Net assets		—	$	164,920,868		—	$	184,360,239	$	53,718,658
Shares outstanding4		—		164,916,108		—		184,355,215		53,717,098
Net asset value		—	$	1.00		—	$	1.00	$	1.00
Private Client
Net assets		—	$	3,665,370		—	$	9,067,881		—
Shares outstanding4		—		3,665,264		—		9,067,634		—
Net asset value		—	$	1.00		—	$	1.00		—
Premier
Net assets		—	$	142,268		—	$	1,539,915		—	5
Shares outstanding4		—		142,264		—		1,539,876		—	6
Net asset value		—	$	1.00		—	$	1.00	$	1.00
4   Unlimited number of shares authorized, no par value.
5   Net assets end of period are less than $1.
6   Shares end of period are less than 1.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 53

Statements of Assets and Liabilities (continued)

April 30, 2016 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
Assets
Investments at value — unaffiliated1	$	19,565,618,663	$	1,356,533,308	$	1,675,864,457	$	259,543,907	$	116,924,236
Cash		993		32,178		1,245,419		77,656		41,961
Receivables:
Investments sold		—		19,500,543		—		5,190,132		—
Interest		42,941,032		3,190,750		2,419,076		990,723		182,436
Prepaid expenses		169,511		52,749		66,617		20,408		22,072
Other assets		50,799		—		—		—		—
Total assets		19,608,780,998		1,379,309,528		1,679,595,569		265,822,826		117,170,705
Liabilities
Payables:
Investments purchased		767,034,560		3,835,824		1,005,010		1,205,508		—
Custodian fees		112,886		13,423		14,187		3,206		1,750
Income dividends		1,800,154		169,289		146,277		45,545		16,471
Management fees		2,256,090		171,788		234,573		29,856		12,231
Officer’s and Trustees’ fees		14,196		1,890		3,679		4		637
Other accrued expenses		23,130		142,194		15,288		4,150		3,060
Printing fees		14,007		21,003		19,813		20,858		21,402
Professional fees		46,943		35,483		28,713		30,865		27,435
Registration fees		—		14,580		383		366		172
Service and distribution fees		76,917		2,359		41,589		3,669		3,179
Transfer agent fees		139,240		20,254		34,062		7,767		4,979
Total liabilities		771,518,123		4,428,087		1,543,574		1,351,794		91,316
Net Assets	$	18,837,262,875	$	1,374,881,441	$	1,678,051,995	$	264,471,032	$	117,079,389
Net Assets Consist of
Paid-in capital	$	18,836,577,467	$	1,374,870,217	$	1,678,017,533	$	264,400,316	$	117,073,266
Undistributed net investment income		20,325		10,033		2,300		—		—
Undistributed net realized gain		665,083		1,191		32,162		70,716		6,123
Net Assets	$	18,837,262,875	$	1,374,881,441	$	1,678,051,995	$	264,471,032	$	117,079,389
1   Investments at cost — unaffiliated	$	19,565,618,663	$	1,356,533,308	$	1,675,864,457	$	259,543,907	$	116,924,236

See Notes to Financial Statements.

54 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Statements of Assets and Liabilities (concluded)

April 30, 2016 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund			New York Money Fund
Net Asset Value
Institutional
Net assets	$	17,803,579,623	$	1,372,918,838	$	1,216,899,332	$	241,066,969		$	101,490,550
Shares outstanding2		17,802,930,861		1,370,839,497		1,216,743,389		241,001,504			101,437,858
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00		$	1.00
Dollar
Net assets	$	404,696,948	$	1,962,603	$	29,191,489		—	3		—
Shares outstanding2		404,682,822		1,959,631		29,187,749		—	4		—
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00			—
Cash Management
Net assets	$	15,804,010		—	$	2,122,254		—		$	8,248,131
Shares outstanding2		15,803,437		—		2,121,982		—			8,243,808
Net asset value	$	1.00		—	$	1.00		—		$	1.00
Cash Reserve
Net assets	$	3,225,544		—		—		—			—
Shares outstanding2		3,225,426		—		—		—			—
Net asset value	$	1.00		—		—		—			—
Administration
Net assets	$	570,603,549		—	$	420,052,086	$	1,723,620		$	3,849,423
Shares outstanding2		570,582,843		—		419,998,259		1,723,152			3,847,425
Net asset value	$	1.00		—	$	1.00	$	1.00		$	1.00
Select
Net assets	$	39,353,201		—	$	8,759,872	$	17,607,533		$	2,759,948
Shares outstanding2		39,352,078		—		8,758,749		17,602,751			2,758,501
Net asset value	$	1.00		—	$	1.00	$	1.00		$	1.00
Private Client
Net assets		—		—	$	1,025,916	$	4,072,909		$	731,336
Shares outstanding2		—		—		1,025,785		4,071,803			730,953
Net asset value		—		—	$	1.00	$	1.00		$	1.00
Premier
Net assets		—		—	$	1,046	$	1		$	1
Shares outstanding2		—		—		1,046		1			1
Net asset value		—		—	$	1.00	$	1.00		$	1.00

²   Unlimited number of shares authorized, no par value.

³   Net assets end of period are less than $1.

⁴   Shares end of period are less than 1.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 55

Statements of Operations

Six Months Ended April 30, 2016 (Unaudited)	Federal Trust Fund			FedFund			TempCash			TempFund			T-Fund
Investment Income
Interest — unaffiliated	$	944,952		$	22,420,037		$	1,935,241		$	158,676,484		$	31,427,209
Interest — affiliated		—			326,552			—			—			—
Total investment income		944,952			22,746,589			1,935,241			158,676,484			31,427,209
Expenses
Management		712,054			13,235,261			1,895,703			57,417,629			20,563,314
Service and distribution — class specific		33,547			2,859,543			108,568			6,217,963			4,848,095
Professional		32,165			91,300			38,904			332,656			131,363
Registration		29,456			94,788			40,405			290,005			86,948
Transfer agent		17,205			204,266			36,541			978,145			297,965
Printing		13,820			24,275			12,188			61,752			29,018
Officer and Trustees		10,522			72,104			10,187			345,989			130,822
Custodian		8,311			173,540			35,887			727,922			264,175
Miscellaneous		24,745			78,480			27,227			260,172			106,454
Total expenses		881,825			16,833,557			2,205,610			66,632,233			26,458,154
Less:
Expenses reimbursed by the Manager		(905	)		—			—			—			—
Fees waived by the Manager		(288,913	)		(1,296,212	)		(1,240,506	)		(2,179,030	)		(2,711,106	)
Service and distribution fees waived — class specific		(14,307	)		(1,518,133	)		(32,144	)		(1,268,564	)		(3,519,334	)
Total expenses after fees waived and/or reimbursed		577,700			14,019,212			932,960			63,184,639			20,227,714
Net investment income		367,252			8,727,377			1,002,281			95,491,845			11,199,495
Realized Gain
Net realized gain from investments		26,855			440,704			564			995,427			813,435
Net Increase in Net Assets Resulting from Operations	$	394,107		$	9,168,081		$	1,002,845		$	96,487,272		$	12,012,930

See Notes to Financial Statements.

56 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Statements of Operations (concluded)

Six Months Ended April 30, 2016 (Unaudited)	Treasury Trust Fund			MuniCash			MuniFund			California Money Fund			New York Money Fund
Investment Income
Interest	$	19,374,420		$	704,971		$	1,059,082		$	217,208		$	99,719
Expenses
Management		14,906,420			1,336,514			2,878,135			527,125			235,077
Service and distribution — class specific		716,400			2,250			323,831			50,426			46,853
Transfer agent		222,790			21,484			46,300			10,479			5,996
Custodian		167,782			14,801			21,570			4,823			2,672
Registration		127,673			51,421			56,951			13,634			18,551
Professional		92,014			38,500			36,535			34,990			29,919
Officer and Trustees		79,576			8,884			11,952			4,193			3,597
Reorganization		—			81,500			—			—			—
Printing		18,522			11,936			12,393			11,673			11,938
Miscellaneous		70,968			15,364			32,610			7,971			6,171
Total expenses		16,402,145			1,582,654			3,420,277			665,314			360,774
Less:
Expenses reimbursed by the Manager		—			(20,268	)		(591	)		(15,793	)		(20,841	)
Fees waived by the Manager		(2,885,601	)		(1,039,425	)		(2,441,030	)		(456,108	)		(220,915	)
Reorganization costs reimbursed by the Manager		—			(81,500	)		—			—			—
Service and distribution fees waived — class specific		(505,024	)		(1,931	)		(274,133	)		(46,287	)		(43,505	)
Total expenses after fees waived and/or reimbursed		13,011,520			439,530			704,523			147,126			75,513
Net investment income		6,362,900			265,441			354,559			70,082			24,206
Realized Gain
Net realized gain from investments		680,635			1,133			34,449			70,792			6,220
Net Increase in Net Assets Resulting from Operations	$	7,043,535		$	266,574		$	389,008		$	140,874		$	30,426

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 57

Statements of Changes in Net Assets

	Federal Trust Fund						FedFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations
Net investment income	$	367,252		$	32,064		$	8,727,377		$	2,118,890
Net realized gain		26,855			8,206			440,704			717,941
Net increase in net assets resulting from operations		394,107			40,270			9,168,081			2,836,831
Distributions to Shareholders1
From net investment income:
Institutional		(366,661	)		(31,647	)		(8,562,721	)		(1,917,343	)
Dollar		(4	)		(382	)		(43,849	)		(119,662	)
Cash Management		(1	)		—			(4,705	)		(1,902	)
Cash Reserve		—			—			(232	)		(735	)
Administration		(586	)		(35	)		(111,054	)		(51,175	)
Select		—			—			(4,707	)		(26,991	)
Private Client		—			—			(105	)		(777	)
Premier		—			—			(4	)		(305	)
From net realized gain:
Institutional		(7,879	)		(6,303	)		(437,759	)		(360,193	)
Dollar		(21	)		(87	)		(42,760	)		(28,757	)
Cash Management		—			—			(1,815	)		(825	)
Cash Reserve		—			—			(207	)		(162	)
Administration		—			(57	)		(12,578	)		(8,208	)
Select		—			—			(7,166	)		(4,942	)
Private Client		—			—			(139	)		(150	)
Premier		—			—			(5	)		(36	)
Decrease in net assets resulting from distributions to shareholders		(375,152	)		(38,511	)		(9,229,806	)		(2,522,163	)
Capital Share Transactions
Net increase in net assets derived from capital share transactions		3,486,757,209			91,672,741			4,582,062,919			1,124,112,696
Net Assets
Total increase in net asset		3,486,776,164			91,674,500			4,582,001,194			1,124,427,364
Beginning of period		333,653,981			241,979,481			12,905,350,549			11,780,923,185
End of period	$	3,820,430,145		$	333,653,981		$	17,487,351,743		$	12,905,350,549
Undistributed net investment income, end of period	$	1,179		$	1,179		$	22,099		$	22,099

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

58 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Statements of Changes in Net Assets (continued)

	TempCash						TempFund						T-Fund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations
Net investment income	$	1,002,281		$	1,149,607		$	95,491,845		$	45,275,739		$	11,199,495		$	1,982,325
Net realized gain		564			120,501			995,427			2,244,494			813,435			1,252,533
Net increase in net assets resulting from operations		1,002,845			1,270,108			96,487,272			47,520,233			12,012,930			3,234,858
Distributions to Shareholders1
From net investment income:
Institutional		(989,575	)		(1,133,307	)		(90,710,981	)		(44,221,255	)		(11,071,872	)		(1,830,518	)
Dollar		(12,706	)		(16,300	)		(917,962	)		(350,966	)		(81,023	)		(78,174	)
Cash Management		—			—			(315	)		(53,567	)		(36,439	)		(52,397	)
Cash Reserve		—			—			(250	)		(3,124	)		(1,063	)		(121	)
Administration		—			—			(3,862,134	)		(584,265	)		(891	)		(325	)
Select		—			—			(186	)		(59,192	)		(8,207	)		(20,790	)
Private Client		—			—			(9	)		(2,102	)		—			—
Premier		—			—			(8	)		(1,268	)		—			—
From net realized gain:
Institutional		(84,450	)		(292,650	)		(1,510,858	)		(3,786,269	)		(567,256	)		(1,354,702	)
Dollar		(6,549	)		(36,405	)		(43,238	)		(184,664	)		(28,927	)		(60,216	)
Cash Management		—			—			(10,358	)		(19,935	)		(25,978	)		(46,779	)
Cash Reserve		—			—			(434	)		(1,468	)		(27	)		—
Administration		—			—			(89,244	)		(198,214	)		—			—
Select		—			—			(6,182	)		(29,935	)		(7,050	)		(15,360	)
Private Client		—			—			(244	)		(1,012	)		—			—
Premier		—			—			(311	)		(560	)		—			—
Decrease in net assets resulting from distributions to shareholders		(1,093,280	)		(1,478,662	)		(97,152,714	)		(49,497,796	)		(11,828,733	)		(3,459,382	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(199,688,881	)		(475,967,922	)		11,617,943,114			15,018,099,962			10,134,182,817			1,496,328,765
Net Assets
Total increase (decrease) in net assets		(199,779,316	)		(476,176,476	)		11,617,277,672			15,016,122,399			10,134,367,014			1,496,104,241
Beginning of period		1,226,452,548			1,702,629,024			67,308,427,600			52,292,305,201			21,578,893,708			20,082,789,467
End of period	$	1,026,673,232		$	1,226,452,548		$	78,925,705,272		$	67,308,427,600		$	31,713,260,722		$	21,578,893,708
Undistributed net investment income, end of period	$	39,403		$	39,403		$	18,582		$	18,582		$	15,813		$	15,813

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 59

Statements of Changes in Net Assets (continued)

	Treasury Trust Fund						MuniCash						MuniFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations
Net investment income	$	6,362,900		$	3,943		$	265,441		$	19,816		$	354,559		$	328,241
Net realized gain		680,635			735,266			1,133			3,537			34,449			136,115
Net increase in net assets resulting from operations		7,043,535			739,209			266,574			23,353			389,008			464,356
Distributions to Shareholders1
From net investment income:
Institutional		(6,315,189	)		(3,752	)		(265,302	)		(19,539	)		(291,196	)		(246,633	)
Dollar		(13,247	)		(134	)		(139	)		(277	)		(2,989	)		(8,641	)
Cash Management		(637	)		(3	)		—			—			(192	)		(1,413	)
Administration		(32,379	)		(54	)		—			—			(59,049	)		(67,690	)
Select		(1,189	)		—			—			—			(1,009	)		(3,454	)
Cash Reserve		(259	)		—			—			—			—			—
Private Client		—			—			—			—			(124	)		(339	)
Premier		—			—			—			—			—			(71	)
From net realized gain:
Institutional		(564,501	)		(416,638	)		(3,328	)		(3,218	)		(99,013	)		(91,383	)
Dollar		(15,034	)		(15,059	)		(44	)		(56	)		(2,633	)		(2,750	)
Cash Management		(416	)		(484	)		—			—			(176	)		(503	)
Administration		(9,724	)		(5,907	)		—			—			(33,097	)		(22,613	)
Select		(666	)		(70	)		—			—			(729	)		(932	)
Cash Reserve		(194	)		—			—			—			—			—
Private Client		—			—			—			—			(120	)		(123	)
Premier		—			—			—			—			—			(55	)
Decrease in net assets resulting from distributions to shareholders		(6,953,435	)		(442,101	)		(268,813	)		(23,090	)		(490,327	)		(446,600	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		4,300,669,961			3,379,340,490			1,227,510,328			(1,032,253	)		(84,790,720	)		149,158,773
Net Assets
Total increase (decrease) in net assets		4,300,760,061			3,379,637,598			1,227,508,089			(1,031,990	)		(84,892,039	)		149,176,529
Beginning of period		14,536,502,814			11,156,865,216			147,373,352			148,405,342			1,762,944,034			1,613,767,505
End of period	$	18,837,262,875		$	14,536,502,814		$	1,374,881,441		$	147,373,352		$	1,678,051,995		$	1,762,944,034
Undistributed net investment income, end of period	$	20,325		$	20,325		$	10,033		$	10,033		$	2,300		$	2,300

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

60 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Statements of Changes in Net Assets (concluded)

	California Money Fund						New York Money Fund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations
Net investment income	$	70,082		$	17,775		$	24,206		$	13,100
Net realized gain (loss)		70,792			(76	)		6,220			5,109
Net increase in net assets resulting from operations		140,874			17,699			30,426			18,209
Distributions to Shareholders1
From net investment income:
Institutional		(69,404	)		(16,110	)		(23,197	)		(10,106	)
Dollar		(4	)		(244	)		—			—
Cash Management		—			—			(378	)		(1,887	)
Administration		(288	)		(153	)		(475	)		(559	)
Select		(233	)		(849	)		(128	)		(416	)
Private Client		(153	)		(418	)		(28	)		(115	)
Premier		—			(1	)		—			(17	)
From net realized gain:
Institutional		—			—			(4,477	)		(714	)
Dollar		—			—			—			—
Cash Management		—			—			(275	)		(131	)
Administration		—			—			(231	)		(33	)
Select		—			—			(145	)		(44	)
Private Client		—			—			(29	)		(12	)
Premier		—			—			—			(3	)
Decrease in net assets resulting from distributions to shareholders		(70,082	)		(17,775	)		(29,363	)		(14,037	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		21,229,931			103,570,397			2,744,758			(39,828,313	)
Net Assets
Total increase (decrease) in net assets		21,300,723			103,570,321			2,745,821			(39,824,141	)
Beginning of period		243,170,309			139,599,988			114,333,568			154,157,709
End of period	$	264,471,032		$	243,170,309		$	117,079,389		$	114,333,568

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 61

Financial Highlights Federal Trust Fund

	Institutional
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0005			0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001			0.0001
Net increase from investment operations		0.0005			0.0001			0.0001			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0005	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0001	)
Total distributions		(0.0005	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.05	%5		0.01	%		0.01	%		0.01	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.29	%6		0.33	%		0.33	%		0.32	%		0.33	%		0.33	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.19	%6		0.08	%		0.07	%		0.11	%		0.11	%		0.15	%
Net investment income		0.13	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	3,481,842		$	331,549		$	236,113		$	235,349		$	188,110		$	207,357
	Dollar
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001			0.0001
Net increase from investment operations		—			0.0001			0.0001			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0001	)
Total distributions		—			(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.01	%		0.01	%		0.01	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.50	%6		0.58	%		0.58	%		0.57	%		0.58	%		0.58	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.36	%6		0.08	%		0.07	%		0.11	%		0.11	%		0.14	%
Net investment income		0.00	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	269,116		$	2,105		$	3,683		$	15,061		$	10,917		$	16,579

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

62 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) Federal Trust Fund

	Cash Management
	Period April 18, 20161 to April 30, 2016 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	1.00
Net investment income		0.0000	2
Net realized gain		0.0000	2
Net increase from investment operations		0.0000
Distributions:3
From net investment income		(0.0000	)4
From net realized gain		(0.0000	)4
Total distributions		(0.0000	)
Net asset value, end of period	$	1.00
Total Return5
Based on net asset value		0.00	%6
Ratios to Average Net Assets
Total expenses		0.32	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.16	%7
Net investment income		0.00	%7
Supplemental Data
Net assets, end of period (000)	$	46,727
	Cash Reserve
	Period April 18, 20161 to April 30, 2016 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	1.00
Net investment income		0.0000	2
Net realized gain		0.0000	2
Net increase from investment operations		0.0000
Distributions:3
From net investment income		(0.0000	)4
Net asset value, end of period	$	1.00
Total Return5
Based on net asset value		0.00	%6
Ratios to Average Net Assets
Total expenses		0.28	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.16	%7
Net investment income		0.00	%7
Supplemental Data
Net assets, end of period (000)	$	630

¹  Commencement of operations.

²  Amount is less than $0.00005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Amount is greater than $(0.00005) per share.

⁵  Where applicable, assumes the reinvestment of distributions.

⁶  Aggregate total return.

⁷  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 63

Financial Highlights (concluded) Federal Trust Fund

	Administration
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001			0.0001
Net increase from investment operations		0.0001			0.0001			0.0001			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0001	)
Total distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.01	%		0.01	%		0.01	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.35	%6		0.43	%		0.43	%		0.42	%		0.43	%		0.43	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.30	%6		0.08	%		0.07	%		0.10	%		0.11	%		0.13	%
Net investment income		0.07	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	22,114		$	—	7	$	2,183		$	2,289		$	1,629		$	858

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Net assets end of period are less than $1,000.

See Notes to Financial Statements.

64 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights FedFund

	Institutional
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0007			0.0002			0.0001			0.0001			0.0001			0.0002
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0007			0.0002			0.0001			0.0001			0.0001			0.0003
Distributions:2
From net investment income		(0.0007	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0007	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.08	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.21	%6		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.19	%6		0.12	%		0.09	%		0.14	%		0.17	%		0.17	%
Net investment income		0.15	%6		0.02	%		0.01	%		0.01	%		0.01	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	15,269,128		$	11,361,624		$	10,689,737		$	12,265,686		$	11,698,677		$	12,617,763
	Dollar
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0000			0.0002			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0000	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.46	%6		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%6		0.13	%		0.09	%		0.13	%		0.17	%		0.19	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,579,519		$	917,631		$	748,382		$	593,574		$	325,447		$	494,151

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 65

Financial Highlights (continued) FedFund

		Cash Management
		Six Months
		Ended
		April 30, 2016			Year Ended October 31,
		(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income			0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain			0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations			0.0000			0.0001			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income			(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain			(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions			(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value			0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets	��
Total expenses			0.71	%6		0.71	%		0.71	%		0.71	%		0.71	%		0.72	%
Total expenses after fees waived and/or reimbursed and paid indirectly			0.37	%6		0.13	%		0.09	%		0.13	%		0.16	%		0.19	%
Net investment income			0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)		$	154,006		$	64,483		$	3,547		$	2,947		$	2,350		$	11,720
		Cash Reserve
		Six Months
		Ended
		April 30, 2016			Year Ended October 31,
		(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income			0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain			0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations			0.0000			0.00			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income			(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain			(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions			(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value			0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses			0.61	%6		0.61	%		0.61	%		0.61	%		0.61	%		0.62	%
Total expenses after fees waived and/or reimbursed and paid indirectly			0.33	%6		0.13	%		0.09	%		0.12	%		0.17	%		0.20	%
Net investment income			0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)		$	11,032		$	5,442		$	4,561		$	4,863		$	208		$	1,693

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

66 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) FedFund

	Administration
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0004			0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0004			0.0001			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0004	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0004	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.31	%6		0.31	%		0.31	%		0.31	%		0.31	%		0.32	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%6		0.13	%		0.09	%		0.14	%		0.17	%		0.20	%
Net investment income		0.07	%6		0.02	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	304,938		$	346,593		$	233,421		$	12,271		$	18,664		$	17,543
	Select
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.06	%6		1.06	%		1.06	%		1.06	%		1.06	%		1.07	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.33	%6		0.13	%		0.09	%		0.14	%		0.17	%		0.19	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	164,921		$	205,658		$	92,940		$	111,589		$	100,792		$	107,781

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 67

Financial Highlights (concluded) FedFund

	Private Client
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1��
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.06	%6		1.06	%		1.06	%		1.06	%		1.06	%		1.07	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.33	%6		0.13	%		0.09	%		0.14	%		0.17	%		0.19	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	3,665		$	3,777		$	6,385		$	7,729		$	16,948		$	24,454
	Premier
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.80	%6		0.81	%		0.81	%		0.81	%		0.81	%		0.82	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.33	%6		0.13	%		0.09	%		0.14	%		0.17	%		0.20	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	142		$	143		$	1,951		$	479		$	1,042		$	953

¹  Amount is less than $0.00005 per share.

² Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

68 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights TempCash

	Institutional
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0010			0.0006			0.0004			0.0010			0.0015			0.0013
Net realized gain		0.0001			0.0002			0.0002			0.0000	1		0.0001			0.0001
Net increase from investment operations		0.0011			0.0008			0.0006			0.0010			0.0016			0.0014
Distributions:2
From net investment income		(0.0010	)		(0.0006	)		(0.0004	)		(0.0010	)		(0.0015	)		(0.0013	)
From net realized gain		(0.0001	)		(0.0002	)		(0.0002	)		(0.0000	)3		(0.0001	)		(0.0001	)
		��
Total distributions		(0.0011	)		(0.0008	)		(0.0006	)		(0.0010	)		(0.0016	)		(0.0014	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.11	%5		0.08	%		0.06	%		0.10	%		0.16	%		0.14	%
Ratios to Average Net Assets
Total expenses		0.38	%6		0.35	%		0.33	%		0.31	%		0.28	%		0.24	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.16	%6		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.20	%6		0.06	%		0.05	%		0.10	%		0.15	%		0.14	%
Supplemental Data
Net assets, end of period (000)	$	936,620		$	1,142,790		$	1,489,543		$	2,647,717		$	3,622,878		$	4,139,893
	Dollar
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0000	1		0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0002			0.0002			0.0000	1		0.0001			0.0001
Net increase from investment operations		0.0002			0.0003			0.0002			0.0002			0.0002			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0002	)		(0.0002	)		(0.0000	)3		(0.0001	)		(0.0001	)
Total distributions		(0.0002	)		(0.0003	)		(0.0002	)		(0.0002	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.02	%		0.02	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.63	%6		0.59	%		0.58	%		0.56	%		0.53	%		0.50	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.33	%6		0.23	%		0.22	%		0.26	%		0.32	%		0.31	%
Net investment income		0.03	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	90,053		$	83,662		$	213,086		$	464,691		$	551,888		$	677,156

¹ Amount is less than $0.00005 per share.

² Distributions for annual periods determined in accordance with federal income tax regulations.

³ Amount is greater than $(0.00005) per share.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Aggregate total return.

⁶ Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 69

Financial Highlights TempFund

	Institutional
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0015			0.0008			0.0003			0.0008			0.0013			0.0012
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0015			0.0009			0.0004			0.0008			0.0014			0.0012
Distributions:2
From net investment income		(0.0015	)		(0.0008	)		(0.0003	)		(0.0008	)		(0.0013	)		(0.0012	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0015	)		(0.0009	)		(0.0004	)		(0.0008	)		(0.0014	)		(0.0012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.16	%5		0.09	%		0.04	%		0.08	%		0.14	%		0.12	%
Ratios to Average Net Assets
Total expenses		0.19	%6		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%6		0.16	%		0.17	%		0.18	%		0.18	%		0.18	%
Net investment income		0.31	%6		0.08	%		0.03	%		0.08	%		0.14	%		0.12	%
Supplemental Data
Net assets, end of period (000)	$	71,586,473		$	62,215,214		$	46,327,088		$	42,517,741		$	43,032,035		$	41,826,560
	Dollar
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0005			0.0002			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0005			0.0003			0.0003			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0005	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0005	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.05	%5		0.03	%		0.03	%		0.02	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.44	%6		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.40	%6		0.22	%		0.18	%		0.25	%		0.31	%		0.30	%
Net investment income		0.10	%6		0.02	%		0.02	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	3,229,117		$	1,511,529		$	2,673,968		$	2,300,509		$	1,941,890		$	1,787,059

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶ Annualized.

See Notes to Financial Statements.

70 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) TempFund

	Cash Management
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		(0.0000	)		0.0003			0.0003			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0000	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.03	%		0.03	%		0.02	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.69	%6		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.50	%6		0.23	%		0.18	%		0.25	%		0.31	%		0.28	%
Net investment income		0.00	%6		0.02	%		0.02	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	885,542		$	403,371		$	278,181		$	231,804		$	300,910		$	270,280
	Cash Reserve
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0000			0.0003			0.0003			0.0001			0.0002			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0000	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.03	%		0.03	%		0.02	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.59	%6		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.45	%6		0.23	%		0.18	%		0.24	%		0.30	%		0.31	%
Net investment income		0.00	%6		0.02	%		0.02	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	15,883		$	16,693		$	19,977		$	15,031		$	13,130		$	16,695

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶ Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 71

Financial Highlights (continued) TempFund

	Administration
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0010			0.0002			0.0002			0.0002			0.0004			0.0003
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0010			0.0003			0.0003			0.0002			0.0005			0.0003
Distributions:2
From net investment income		(0.0010	)		(0.0002	)		(0.0002	)		(0.0002	)		(0.0004	)		(0.0003	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0010	)		(0.0003	)		(0.0003	)		(0.0002	)		(0.0005	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.11	%5		0.03	%		0.03	%		0.02	%		0.06	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.28	%6		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.28	%6		0.23	%		0.18	%		0.24	%		0.27	%		0.27	%
Net investment income		0.22	%6		0.02	%		0.02	%		0.01	%		0.05	%		0.03	%
Supplemental Data
Net assets, end of period (000)	$	3,013,722		$	2,843,390		$	2,542,670		$	2,740,631		$	2,548,103		$	1,953,551
	Select
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0000			0.0003			0.0001			0.0000			0.0001			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0000	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.03	%		0.01	%		0.01	%		0.01	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.04	%6		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.48	%6		0.22	%		0.19	%		0.26	%		0.32	%		0.30	%
Net investment income		0.00	%6		0.02	%		0.01	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	184,360		$	295,371		$	424,555		$	514,918		$	536,971		$	586,363

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶ Annualized.

See Notes to Financial Statements.

72 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (concluded) TempFund

	Private Client
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0000			0.0003			0.0001			0.0000			0.0001			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0000	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.03	%		0.01	%		0.01	%		0.01	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.04	%6		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.49	%6		0.23	%		0.19	%		0.26	%		0.32	%		0.30	%
Net investment income		0.00	%6		0.02	%		0.01	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	9,068		$	9,855		$	14,738		$	16,524		$	19,248		$	12,658
	Premier
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0001			0.0000	1
Net increase from investment operations		0.0000			0.0003			0.0001			0.0000			0.0001			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0000	)3
Total distributions		(0.0000	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.03	%		0.01	%		0.01	%		0.01	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.79	%6		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.44	%6		0.24	%		0.19	%		0.26	%		0.31	%		0.31	%
Net investment income		0.00	%6		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,540		$	13,005		$	11,127		$	17,700		$	18,072		$	20,011

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶ Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 73

Financial Highlights T-Fund

	Institutional
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0006			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0006	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0006	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.06	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.20	%6		0.20	%		0.21	%		0.21	%		0.20	%		0.22	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%6		0.08	%		0.06	%		0.11	%		0.12	%		0.11	%
Net investment income		0.12	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	26,375,000		$	19,598,433		$	18,501,009		$	15,448,264		$	17,649,086		$	12,586,527
	Dollar
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0000			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.45	%6		0.45	%		0.46	%		0.46	%		0.45	%		0.47	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.29	%6		0.08	%		0.06	%		0.09	%		0.12	%		0.12	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	4,130,273		$	988,153		$	755,491		$	855,847		$	479,912		$	497,029

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

74 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) T-Fund

	Cash Management
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0000			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.70	%6		0.70	%		0.71	%		0.71	%		0.70	%		0.72	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.29	%6		0.08	%		0.06	%		0.11	%		0.12	%		0.13	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,058,996		$	771,441		$	629,757		$	1,002,044		$	1,454,450		$	1,030,126

	Cash Reserve
		Six Months Ended April 30, 2016 (Unaudited)			Period September 24, 20157 to October 31, 2015
Per Share Operating Performance
Net asset value, beginning of period		$	1.00		$	1.00
Net investment income			0.0000	1		0.0000	1
Net realized gain			0.0000	1		—
Net increase (decrease) from investment operations			0.0000			0.0000
Distributions:2
From net investment income			(0.0000	)3		(0.0000	)3
From net realized gain			(0.0000	)3		—
Total distributions			(0.0000	)		(0.0000	)
Net asset value, end of period		$	1.00		$	1.00
Total Return4
Based on net asset value			0.01	%5		0.00	%5
Ratios to Average Net Assets
Total expenses			0.60	%6		0.56	%
Total expenses after fees waived and/or reimbursed and paid indirectly			0.30	%6		0.08	%
Net investment income			0.03	%6		0.01	%
Supplemental Data
Net assets, end of period (000)		$	69,325		$	—	8

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Commencement of operations.

⁸  Net assets end of period are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 75

Financial Highlights (continued) T-Fund

	Administration
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0001			0.0001			0.0000	1		0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0002			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0002	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.30	%6		0.30	%		0.00	%		0.30	%		0.30	%		0.32	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%6		0.08	%		0.00	%		0.15	%		0.12	%		0.13	%
Net investment income		0.10	%6		0.01	%		0.00	%		0.00	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	25,948		$	5		$	—	7	$	—	7	$	16,431		$	32,718
	Select
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0000			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.05	%6		1.05	%		1.06	%		1.06	%		1.05	%		1.07	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.29	%6		0.08	%		0.06	%		0.11	%		0.12	%		0.13	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	53,719		$	220,861		$	196,531		$	214,156		$	103,189		$	132,339

¹ Amount is less than $0.00005 per share.

² Distributions for annual periods determined in accordance with federal income tax regulations.

³ Amount is greater than $(0.00005) per share.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Aggregate total return.

⁶ Annualized.

⁷ Net assets end of period are less than $1,000.

See Notes to Financial Statements.

76 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (concluded) T-Fund

	Premier
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0002			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.80	%6		0.83	%		0.80	%		0.81	%		0.80	%		0.82	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.29	%6		0.08	%		0.06	%		0.09	%		0.13	%		0.07	%
Net investment income		0.01	%6		0.01	%		0.00	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	—	7	$	—	7	$	1		$	51,805		$	13		$	17

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Net assets are under $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 77

Financial Highlights Treasury Trust Fund

	Institutional
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0004			0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0004			0.0000			0.0001			0.0000			0.0000			0.0000
Distributions:2
From net investment income		(0.0004	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions:		(0.0004	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.05	%5		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.21	%6		0.21	%		0.21	%		0.22	%		0.23	%		0.24	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%6		0.05	%		0.05	%		0.07	%		0.07	%		0.09	%
Net investment income		0.09	%6		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	17,803,580		$	13,517,000		$	10,367,067		$	7,021,176		$	4,901,611		$	4,836,239
	Dollar
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0000			0.0000			0.0001			0.0000			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.46	%6		0.46	%		0.46	%		0.47	%		0.48	%		0.49	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.23	%6		0.05	%		0.04	%		0.08	%		0.08	%		0.10	%
Net investment income		0.01	%6		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	404,697		$	428,958		$	439,496		$	191,695		$	198,062		$	160,529

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

78 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) Treasury Trust Fund

	Cash Management
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0000			0.0000			0.0001			0.0000			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.71	%6		0.71	%		0.71	%		0.72	%		0.73	%		0.74	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%6		0.05	%		0.05	%		0.08	%		0.07	%		0.10	%
Net investment income		0.01	%6		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	15,804		$	8,528		$	14,777		$	12,942		$	15,122		$	7,792

	Cash Reserve
	Period December 16,  20157 to April 30, 2016 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	1.00
Net investment income		0.0000	1
Net realized gain		0.0000	1
Net increase (decrease) from investment operations		0.0000
Distributions:2
From net investment income		(0.0000	)3
From net realized gain		(0.0000	)3
Total distributions		(0.0000	)
Net asset value, end of period	$	1.00
Total Return4
Based on net asset value		0.01	%5
Ratios to Average Net Assets
Total expenses		0.61	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%6
Net investment income		0.01	%6
Supplemental Data
Net assets, end of period (000)	$	3,226

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Commencement of operations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 79

Financial Highlights (concluded) Treasury Trust Fund

	Administration
	Six Months
	Ended
	April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0000	1		0.0001			0.0000			0.0000			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.31	%6		0.31	%		0.31	%		0.32	%		0.33	%		0.34	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.23	%6		0.05	%		0.05	%		0.08	%		0.07	%		0.08	%
Net investment income		0.02	%6		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	570,604		$	573,959		$	335,524		$	108,091		$	128,154		$	152,459

	Select
	Six Months Ended April 30, 2016 (Unaudited)			Period September 28, 20157 to October 31,  2015
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1
Net increase (decrease) from investment operations		0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3
Total distributions		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.00	%5
Ratios to Average Net Assets
Total expenses		1.06	%6		1.09	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%6		0.06	%
Net investment income		0.01	%6		0.00	%
Supplemental Data
Net assets, end of period (000)	$	39,353		$	8,058

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Commencement of operations.

See Notes to Financial Statements.

80 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights MuniCash

	Institutional
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0001			0.0001			0.0004			0.0009			0.0012
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0002			0.0001			0.0001			0.0004			0.0009			0.0012
Distributions:2
From net investment income		(0.0002	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0009	)		(0.0012	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0002	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0009	)		(0.0012	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%5		0.02	%		0.01	%		0.04	%		0.09	%		0.12	%
Ratios to Average Net Assets
Total expenses		0.39	%6,7		0.49	%		0.45	%		0.42	%		0.40	%		0.38	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.11	%6		0.13	%		0.16	%		0.19	%		0.20	%		0.20	%
Net investment income		0.07	%6		0.01	%		0.01	%		0.04	%		0.09	%		0.13	%
Supplemental Data
Net assets, end of period (000)	$	1,372,919		$	145,329		$	144,892		$	189,271		$	233,569		$	324,027
	Dollar
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0001			0.0001			0.0000			0.0000			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.02	%		0.01	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.68	%6,7		0.74	%		0.69	%		0.66	%		0.65	%		0.63	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.14	%6		0.13	%		0.17	%		0.23	%		0.29	%		0.32	%
Net investment income		0.02	%6		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,963		$	2,045		$	3,513		$	41,042		$	50,060		$	76,338

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Reorganization costs were not annualized in the calculation of the expense ratios. If these were annualized, total expenses for Institutional and Dollar classes, would have been 0.40% and 0.69%, respectively.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 81

Financial Highlights MuniFund

	Institutional
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0002			0.0002			0.0002			0.0004			0.0009
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0003			0.0003			0.0004			0.0003			0.0004			0.0009
Distributions:2
From net investment income		(0.0002	)		(0.0002	)		(0.0002	)		(0.0002	)		(0.0004	)		(0.0009	)
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0003	)		(0.0003	)		(0.0004	)		(0.0003	)		(0.0004	)		(0.0009	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%5		0.03	%		0.04	%		0.03	%		0.04	%		0.09	%
Ratios to Average Net Assets
Total expenses		0.35	%6		0.36	%		0.36	%		0.35	%		0.34	%		0.31	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.07	%6		0.06	%		0.08	%		0.15	%		0.19	%		0.19	%
Net investment income		0.05	%6		0.02	%		0.02	%		0.02	%		0.04	%		0.09	%
Supplemental Data
Net assets, end of period (000)	$	1,216,899		$	1,369,069		$	1,219,566		$	1,159,440		$	1,212,494		$	1,479,126
	Dollar
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0000	1		0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.60	%6		0.61	%		0.61	%		0.60	%		0.59	%		0.56	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.10	%6		0.06	%		0.08	%		0.15	%		0.23	%		0.28	%
Net investment income		0.02	%6		0.02	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	29,191		$	41,554		$	49,420		$	58,832		$	64,251		$	134,835

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

82 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) MuniFund

	Cash Management
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0000	1		0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.85	%6		0.86	%		0.86	%		0.86	%		0.84	%		0.81	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.10	%6		0.06	%		0.08	%		0.11	%		0.23	%		0.30	%
Net investment income		0.02	%6		0.02	%		0.02	%		0.02	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	2,122		$	2,261		$	8,693		$	18,390		$	1,287		$	1,384
	Administration
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0002			0.0002			0.0001			0.0000	1		0.0002
Net realized gain		0.0000	1		0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0002
Distributions:2
From net investment income		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0002	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.45	%6		0.46	%		0.46	%		0.45	%		0.44	%		0.41	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.10	%6		0.06	%		0.08	%		0.16	%		0.22	%		0.27	%
Net investment income		0.03	%6		0.02	%		0.02	%		0.01	%		0.00	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	420,052		$	325,641		$	315,869		$	288,779		$	306,763		$	442,810

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 83

Financial Highlights (continued) MuniFund

	Select
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0000	1		0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.20	%6		1.21	%		1.21	%		1.20	%		1.19	%		1.16	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.10	%6		0.06	%		0.08	%		0.15	%		0.23	%		0.28	%
Net investment income		0.02	%6		0.02	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	8,760		$	22,769		$	17,580		$	16,299		$	15,107		$	18,857
	Private Client
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0000	1		0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0000
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.20	%6		1.21	%		1.21	%		1.20	%		1.19	%		1.16	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.09	%6		0.06	%		0.08	%		0.15	%		0.23	%		0.29	%
Net investment income		0.02	%6		0.02	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,026		$	1,649		$	1,817		$	1,787		$	1,998		$	2,130

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

84 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (concluded) MuniFund

	Premier
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0002			0.0002			0.0001			0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0001			0.0002			0.0001			0.0000	1		—
Net increase from investment operations		0.0001			0.0003			0.0004			0.0002			0.0000			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		—			(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.03	%		0.04	%		0.03	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.70	%6		0.95	%		0.96	%		0.95	%		0.94	%		0.91	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.07	%6		0.06	%		0.08	%		0.15	%		0.22	%		0.28	%
Net investment income		0.03	%6		0.02	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1		$	1		$	822		$	1,040		$	687		$	15,026

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 85

Financial Highlights California Money Fund

	Institutional
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0002			0.0009
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—			0.0013
Net increase from investment operations		0.0003			0.0001			0.0002			0.0001			0.0002			0.0022
Distributions:3
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0009	)
From net realized gain		—			—			(0.0001	)		—			—			(0.0013	)
Total distributions		(0.0003	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0002	)		(0.0022	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%5		0.01	%		0.02	%		0.01	%		0.02	%		0.22	%
Ratios to Average Net Assets
Total expenses		0.44	%6		0.47	%		0.46	%		0.45	%		0.43	%		0.42	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.10	%6		0.05	%		0.08	%		0.13	%		0.18	%		0.19	%
Net investment income		0.05	%6		0.01	%		0.01	%		0.01	%		0.02	%		0.09	%
Supplemental Data
Net assets, end of period (000)	$	241,067		$	227,884		$	122,721		$	136,074		$	162,188		$	284,521
	Dollar
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—			0.0013
Net increase from investment operations		0.0000			0.0001			0.0002			0.0001			0.0001			0.0013
Distributions:3
From net investment income		(0.0000	)2		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)2
From net realized gain		—			—			(0.0001	)		—			—			(0.0013	)
Total distributions		(0.0000	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.01	%		0.02	%		0.01	%		0.01	%		0.13	%
Ratios to Average Net Assets
Total expenses		0.72	%6		0.72	%		0.71	%		0.69	%		0.68	%		0.67	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.04	%6		0.05	%		0.08	%		0.14	%		0.19	%		0.29	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	—	7	$	2,182		$	1,101		$	4,800		$	15,876		$	7,631

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Net assets end of period are less than $1,000.

See Notes to Financial Statements.

86 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (continued) California Money Fund

	Administration
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013				2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Net investment income		0.0002			0.0001			0.0001			0.0001				0.0001			0.0003
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—				—			0.0013
Net increase from investment operations		0.0002			0.0001			0.0002			0.0001				0.0001			0.0016
Distributions:3
From net investment income		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)			(0.0001	)		(0.0003	)
From net realized gain		—			—			(0.0001	)		—				—			(0.0013	)
Total distributions		0.0002			(0.0001	)		(0.0002	)		(0.0001	)			(0.0001	)		(0.0016	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.01	%		0.02	%		0.01	%			0.01	%		0.16	%
Ratios to Average Net Assets
Total expenses		0.54	%6		0.57	%		0.56	%		0.55	%			0.53	%		0.52	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.13	%6		0.05	%		0.08	%		0.13	%			0.19	%		0.26	%
Net investment income		0.03	%6		0.01	%		0.01	%		0.01	%			0.01	%		0.04	%
Supplemental Data
Net assets, end of period (000)	$	1,724		$	1,696		$	1,253		$	2,313			$	1,191		$	1,322
	Select
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013				2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001				0.0001			0.0000	1
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—		��		—			0.0013
Net increase from investment operations		0.0000			0.0001			0.0002			0.0001				0.0001			0.0013
Distributions:3
From net investment income		(0.0000	)2		(0.0001	)		(0.0001	)		(0.0001	)			(0.0001	)		(0.0000	)2
From net realized gain		—			—			(0.0001	)		—				—			(0.0013	)
Total distributions		(0.0000	)		(0.0001	)		(0.0002	)		(0.0001	)			(0.0001	)		(0.0013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.01	%		0.02	%		0.01	%			0.01	%		0.13	%
Ratios to Average Net Assets
Total expenses		1.29	%6		1.32	%		1.32	%		1.29	%			1.28	%		1.27	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20	%6		0.05	%		0.08	%		0.13	%			0.19	%		0.28	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%			0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	17,608		$	7,313		$	10,228		$	6,385			$	7,600		$	16,535

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 87

Financial Highlights (concluded) California Money Fund

	Private Client
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—			0.0013
Net increase from investment operations		0.0000			0.0001			0.0002			0.0001			0.0001			0.0013
Distributions:3
From net investment income		(0.0000	)2		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)2
From net realized gain		—			—			(0.0001	)		—			—			(0.0013	)
Total distributions		(0.0000	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.01	%		0.02	%		0.01	%		0.01	%		0.13	%
Ratios to Average Net Assets
Total expenses		1.29	%6		1.32	%		1.32	%		1.30	%		1.28	%		1.27	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.15	%6		0.05	%		0.08	%		0.13	%		0.19	%		0.28	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	4,073		$	4,096		$	4,280		$	4,949		$	4,601		$	5,009
	Premier
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—			0.0013
Net increase from investment operations		0.0000			0.0001			0.0002			0.0001			0.0001			0.0013
Distributions:3
From net investment income		—			(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)2
From net realized gain		—			—			(0.0001	)		—			—			(0.0013	)
Total distributions		(0.0000	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0013	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%5		0.01	%		0.02	%		0.01	%		0.01	%		0.13	%
Ratios to Average Net Assets
Total expenses		1.04	%6		1.06	%		1.05	%		1.05	%		1.03	%		1.02	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.15	%6		0.05	%		0.08	%		0.14	%		0.19	%		0.28	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)		—	7		—	7	$	17		$	17		$	1,786		$	1,786

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Net assets end of period are less than $1,000.

See Notes to Financial Statements.

88 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights New York Money Fund

	Institutional
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0001			0.0001			0.0001			0.0002			0.0006
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0002			0.0001			0.0001			0.0001			0.0002			0.0038
Distributions:2
From net investment income		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0006	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0038	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%5		0.01	%		0.01	%		0.02	%		0.03	%		0.37	%
Ratios to Average Net Assets
Total expenses		0.50	%6		0.49	%		0.48	%		0.46	%		0.45	%		0.43	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.11	%6		0.09	%		0.09	%		0.14	%		0.18	%		0.19	%
Net investment income		0.04	%6		0.01	%		0.01	%		0.01	%		0.02	%		0.06	%
Supplemental Data
Net assets, end of period (000)	$	101,491		$	92,999		$	118,278		$	94,547		$	106,194		$	125,869
	Cash Management
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0001			0.0001			0.0001			0.0001			0.0001			0.0032
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.01	%		0.01	%		0.01	%		0.01	%		0.32	%
Ratios to Average Net Assets
Total expenses		1.00	%6		0.99	%		0.98	%		0.96	%		0.95	%		0.93	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%6		0.09	%		0.09	%		0.14	%		0.21	%		0.25	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	8,248		$	9,335		$	20,752		$	21,079		$	5,324		$	5,171

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 89

Financial Highlights (continued) New York Money Fund

	Administration
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0001			0.0001			0.0001			0.0001			0.0001			0.0032
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		0.0001			(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%5		0.01	%		0.01	%		0.01	%		0.01	%		0.32	%
Ratios to Average Net Assets
Total expenses		0.60	%6		0.60	%		0.58	%		0.56	%		0.55	%		0.53	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.12	%6		0.09	%		0.09	%		0.14	%		0.19	%		0.24	%
Net investment income		0.02	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	3,849		$	7,396		$	5,417		$	7,233		$	3,315		$	11,153
	Select
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0032
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.01	%		0.01	%		0.01	%		0.01	%		0.32	%
Ratios to Average Net Assets
Total expenses		1.35	%6		1.34	%		1.33	%		1.31	%		1.30	%		1.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.14	%6		0.09	%		0.09	%		0.15	%		0.20	%		0.25	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	2,760		$	3,911		$	7,493		$	9,473		$	11,812		$	10,281

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

90 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Financial Highlights (concluded) New York Money Fund

	Private Client
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0032
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.01	%		0.01	%		0.01	%		0.01	%		0.32	%
Ratios to Average Net Assets
Total expenses		1.35	%6		1.34	%		1.34	%		1.31	%		1.30	%		1.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.14	%6		0.09	%		0.08	%		0.16	%		0.20	%		0.26	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	731		$	692		$	1,827		$	266		$	506		$	2,499
	Premier
	Six Months Ended April 30, 2016			Year Ended October 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001			0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0000	1		—			0.0000	1		0.0032
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0001			0.0032
Distributions:2
From net investment income		—			(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
From net realized gain		—			(0.0000	)3		(0.0000	)3		—			(0.0000	)3		(0.0032	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%5		0.01	%		0.01	%		0.01	%		0.01	%		0.32	%
Ratios to Average Net Assets
Total expenses		1.10	%6		1.07	%		1.08	%		1.06	%		1.05	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.14	%6		0.09	%		0.09	%		0.16	%		0.20	%		0.24	%
Net investment income		0.01	%6		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1	7	$	1	7	$	391		$	232		$	438		$	264

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Annualized.

⁷  Net assets are under $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 91

Notes to Financial Statements (Unaudited)

1. Organization:

BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following are referred to collectively as the “Funds” or individually, a “Fund”:

Fund Name	Diversification Classification
Federal Trust Fund	Diversified
FedFund	Diversified
TempCash	Diversified
TempFund	Diversified
T-Fund	Diversified
Treasury Trust Fund	Diversified
MuniCash	Diversified
MuniFund	Diversified
California Money Fund	Non-Diversified1
New York Money Fund	Non-Diversified1

¹  California Money Fund and New York Money Fund must satisfy the diversification requirement set forth in Rule 2a-7 under the 1940 Act and will thereby be deemed to be diversified under the 1940 Act.

Each Fund offers multiple classes of shares although certain share classes may not be outstanding at the report date. Each Fund offers the following classes of shares: Institutional Shares, Dollar Shares, Cash Management Shares, Cash Reserve Shares, Administration Shares, Select Shares, Private Client Shares, Premier Shares and Premier Choice Shares. TempFund, T-Fund, MuniFund, California Money Fund and New York Money Fund also offer Plus Shares. FedFund, TempCash, MuniCash, California Money Fund and New York Money Fund also offer Cash Plus Shares. During the period ended April 30, 2016, no Plus Shares, Cash Plus Shares or Premier Choice Shares were outstanding. Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

Effective October 1, 2015, Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund have an investment policy that meet the definition of a “government money market fund” under Rule 2a-7 under the 1940 Act. Each Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the Funds’ weekly liquid assets.

Effective October 1, 2015, TempCash may invest only in securities that, under normal circumstances, will mature (without reference to interest rate adjustment dates), or are subject to an unconditional demand feature that is exercisable and payable, within 5 business days or less.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex

Reorganizations:

The Board and shareholders of MuniCash and the Board and shareholders of FFI Institutional Tax-Exempt Fund approved the reorganization of FFI Institutional Tax-Exempt Fund into MuniCash. As a result, MuniCash acquired substantially all of the assets and assumed substantially all of the liabilities of FFI Institutional Tax-Exempt Fund in exchange for an equal aggregate value of MuniCash shares.

Each Shareholder of FFI Institutional Tax-Exempt Fund received shares of MuniCash in an amount equal to the aggregate net asset value (“NAV”) of such shareholder’s FFI Institutional Tax-Exempt shares, as determined at the close of business on January 22, 2016.

The reorganization was accomplished by a tax-free exchange of shares of MuniCash in the following amounts and at the following conversion ratios:

FFI Institutional Tax-Exempt Fund’s Share Class	FFI Institutional Tax-Exempt  Fund’s Shares Prior to Reorganization	Conversion Ratio	MuniCash’s Share Class	Shares of MuniCash
Institutional	973,844,721	1.00	Institutional	973,844,721

FFI Institutional Tax-Exempt Fund’s net assets and composition of net assets on January 22, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets	Paid-in Capital	Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
FFI Institutional Tax-Exempt Fund	$975,867,477	$975,867,477	—	—	—

92 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

For financial reporting purposes, assets received and shares issued by MuniCash were recorded at fair value; however, the cost basis of the investments received from Master Institutional Tax-Exempt Portfolio was carried forward to align ongoing reporting of MuniCash’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of MuniCash immediately after the acquisition amounted to $1,606,383,609. Master Institutional Tax-Exempt Portfolio’s fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
Master Institutional Tax-Exempt Portfolio	$972,843,985	$972,843,985

The purpose of the transaction was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on January 25, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting period of MuniCash, the pro forma results of operations for the six months ended April 30, 2016, are as follows:

• Net investment income: $330,725

• Net realized and change in unrealized gain on investments: $14,184

• Net increase in net assets resulting from operations: $344,909

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of FFI Institutional Tax-Exempt Fund and Master Institutional Tax-Exempt Portfolio that have been included in MuniCash’s Statement of Operations since January 22, 2016.

Reorganization costs incurred by MuniCash in connection with the reorganization were expensed by MuniCash. The Manager reimbursed MuniCash $81,500 which is shown as reorganization costs reimbursed by the Manager in the Statements of Operations.

BofA Global Capital Management, Inc. (BofA) reached an agreement to transfer its investment management responsibilities to the Manager and its affiliates. In connection with this transaction, the Manager reorganized (the “Reorganizations”) certain series of the BofA Funds Series Trust into certain funds managed by the Manager, as discussed below:

The Board and shareholders of Federal Trust Fund and the Board and shareholders of BofA Government Reserves approved the reorganization of BofA Government Reserves into Federal Trust Fund. As a result, Federal Trust Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Reserves in exchange for an equal aggregate value of Federal Trust Fund shares.

Each Shareholder of BofA Government Reserves received shares of Federal Trust Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of Federal Trust Fund in the following amounts and at the following conversion ratios:

BofA Government Reserves’ Share Class	BofA Government Reserves’ Shares Prior to Reorganization		Conversion Ratio	Federal Trust Fund’s Share Class	Shares of Federal Trust Fund
Capital		2,492,360,838	1.00	Institutional		2,492,360,838
Institutional Capital		33,058,382	1.00	Institutional		33,058,382
Institutional		76,010,004	1.00	Institutional		76,010,004
Trust		843,373,241	1.00	Institutional		843,373,241
Liquidity		22,113,378	1.00	Administration		22,113,378
Adviser		238,870,923	1.00	Dollar		238,870,923
Investor		1,241,087	1.00	Dollar		1,241,087
Investor II		697,139	1.00	Cash Reserve		697,139
Daily		49,348,361	1.00	Cash Management		49,348,361

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 93

Notes to Financial Statements (continued)

BofA Government Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets	Paid-in Capital	Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Government Reserves	$3,757,081,536	$3,757,081,536	—	—	—

For financial reporting purposes, assets received and shares issued by Federal Trust Fund were recorded at fair value; however, the cost basis of the investments received from Federal Trust Fund was carried forward to align ongoing reporting of Federal Trust Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of Federal Trust Fund immediately after the acquisition amounted to $4,070,767,577. BofA Government Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Government Reserves	$3,062,006,646	$3,062,006,646

The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting period of Federal Trust Fund, the pro forma results of operations for the six months ended April 30, 2016, are as follows:

• Net investment income: $1,832,608

• Net realized and change in unrealized gain on investments: $46,208

• Net increase in net assets resulting from operations: $1,878,816

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Reserves that have been included in Federal Trust Fund’s Statement of Operations since April 15, 2016.

The Board and shareholders of FedFund and the Board and shareholders of BofA Government Plus Reserves approved the reorganization of BofA Government Plus Reserves into FedFund. As a result, FedFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Plus Reserves in exchange for an equal aggregate value of FedFund shares.

Each Shareholder of BofA Government Plus Reserves received shares of FedFund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Plus Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of FedFund in the following amounts and at the following conversion ratios:

BofA Government Plus Reserves’ Share Class	BofA Government Plus Reserves’ Shares Prior to Reorganization		Conversion Ratio	FedFund’s Share Class	Shares of FedFund
Capital		1,700,717,861	1.00	Institutional		1,700,717,861
Institutional Capital		815,152	1.00	Institutional		815,152
Institutional		5,100,324	1.00	Institutional		5,100,324
Trust		34,702,920	1.00	Institutional		34,702,920
Liquidity		11,327	1.00	Administration		11,327
Adviser		2,639,203	1.00	Dollar		2,639,203
Investor		21,312,408	1.00	Dollar		21,312,408
Investor II		5,773,677	1.00	Cash Reserve		5,773,677
Daily		218,482	1.00	Cash Management		218,482

94 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

BofA Government Plus Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets	Paid-in Capital	Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Government Plus Reserves	$1,771,307,438	$1,771,307,438	—	—	—

For financial reporting purposes, assets received and shares issued by FedFund were recorded at fair value: however, the cost basis of the investments received from BofA Government Plus Reserves was carried forward to align ongoing reporting of FedFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of FedFund immediately after the acquisition amounted to $15,267,743,671. BofA Government Plus Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Government Plus Reserves	$1,408,220,303	$1,408,220,303

The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting period of FedFund, the pro forma results of operations for the six months ended April 30, 2016, are as follows:

• Net investment income: $9,905,388

• Net realized and change in unrealized gain on investments: $441,979

• Net increase in net assets resulting from operations: $10,347,367

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Plus Reserves that have been included in FedFund’s Statement of Operations since April 15, 2016.

The Board and shareholders of TempFund and the Board and shareholders of BofA Cash Reserves and BofA Money Market Reserves approved the reorganization of BofA Cash Reserves and BofA Money Market Reserves into TempFund. As a result, TempFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Cash Reserves and BofA Money Market Reserves in exchange for an equal aggregate value of TempFund shares.

Each Shareholder of BofA Cash Reserves and BofA Money Market Reserves received shares of TempFund in an amount equal to the aggregate NAV of such shareholder’s BofA Cash Reserves and BofA Money Market Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of TempFund in the following amounts and at the following conversion ratios:

Fund	Fund’s Share Class	Shares Prior to Reorganization		Conversion Ratio	TempFund’s Share Class	Shares of TempFund
BofA Cash Reserves	Capital		5,233,416,674	1.00	Institutional		5,233,416,674
BofA Cash Reserves	Institutional Capital		50,866,374	1.00	Institutional		50,866,374
BofA Cash Reserves	Institutional		144,124,349	1.00	Institutional		144,124,349
BofA Cash Reserves	Trust		631,050,581	1.00	Institutional		631,050,581
BofA Cash Reserves	Liquidity		20,791,582	1.00	Administration		20,791,582
BofA Cash Reserves	Adviser		1,082,806,080	1.00	Dollar		1,082,806,080
BofA Cash Reserves	Investor		3,197,910	1.00	Dollar		3,197,910
BofA Cash Reserves	Marsico		10,003	1.00	Dollar		10,003
BofA Cash Reserves	Investor II		5,207,912	1.00	Cash Reserve		5,207,912
BofA Cash Reserves	Daily		459,097,449	1.00	Cash Management		459,097,449
BofA Money Market Reserves	Capital		14,413,178,009	1.00	Institutional		14,413,178,009
BofA Money Market Reserves	Institutional Capital		689,942,813	1.00	Institutional		689,942,813
BofA Money Market Reserves	Institutional		289,940,077	1.00	Institutional		289,940,077
BofA Money Market Reserves	Trust		250,460,764	1.00	Institutional		250,460,764
BofA Money Market Reserves	Liquidity		5,535,183	1.00	Administration		5,535,183

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 95

Notes to Financial Statements (continued)

Fund	Fund’s Share Class	Shares Prior to Reorganization	Conversion Ratio	TempFund’s Share Class	Shares of TempFund
BofA Money Market Reserves	Adviser	310,015,551	1.00	Dollar	310,015,551

BofA Cash Reserves and BofA Money Market Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets			Paid-in Capital			Accumulated Net Investment Income		Accumulated Net Realized Loss				Net Unrealized Appreciation
BofA Cash Reserves		$	7,630,748,025		$	7,630,936,384		—		$	(188,359	)		—
BofA Money Market Reserves		$	15,959,115,200		$	15,959,115,200		—			—			—

For financial reporting purposes, assets received and shares issued by TempFund were recorded at fair value; however, the cost basis of the investments received from BofA Cash Reserves and BofA Money Market Reserves were carried forward to align ongoing reporting of TempFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of TempFund immediately after the acquisition amounted to $79,065,952,628. BofA Cash Reserves and BofA Money Market Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments			Cost of Investments
BofA Cash Reserves		$	6,599,290,161		$	6,599,290,161
BofA Money Market Reserves		$	14,081,447,742		$	14,081,447,742

The purpose of these transactions was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting period of TempFund, the pro forma results of operations for the six months ended April 30, 2016, are as follows:

• Net investment income: $129,199,285

• Net realized and change in unrealized gain on investments: $1,062,689

• Net increase in net assets resulting from operations: $130,261,974

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Cash Reserves and BofA Money Market Reserves that have been included in the TempFund’s Statement of Operations since April 15, 2016.

The Board and shareholders of T-Fund and the Board and shareholders of BofA Treasury Reserves approved the reorganization of BofA Treasury Reserves into T-Fund. As a result, T-Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Treasury Reserves in exchange for an equal aggregate value of T-Fund shares.

Each Shareholder of BofA Treasury Reserves received shares of T-Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Treasury Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of T-Fund in the following amounts and at the following conversion ratios:

BofA Treasury Reserves’ Share Class	BofA Treasury Reserves’ Shares Prior to Reorganization		Conversion Ratio	T-Fund’s Share Class	Shares of T-Fund
Capital		4,871,525,139	1.00	Institutional		4,871,525,139
Institutional Capital		355,867,754	1.00	Institutional		355,867,754
Institutional Class		214,682,063	1.00	Institutional		214,682,063
Trust		638,500,984	1.00	Institutional		638,500,984
Liquidity		26,084,388	1.00	Administration		26,084,388
Adviser		3,493,590,243	1.00	Dollar		3,493,590,243

96 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

BofA Treasury Reserves’ Share Class	BofA Treasury Reserves’ Shares Prior to Reorganization		Conversion Ratio	T-Fund’s Share Class	Shares of T-Fund
Investor		6,889,229	1.00	Dollar		6,889,229
Investor II		66,628,684	1.00	Cash Reserve		66,628,684
Daily		168,559,475	1.00	Cash Management		168,559,475

BofA Treasury Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization were as follows:

Fund	Net Assets	Paid-in Capital	Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Treasury Reserves	$9,842,382,711	$9,842,382,711	—	—	—

For financial reporting purposes, assets received and shares issued by T-Fund were recorded at fair value; however, the cost basis of the investments received from BofA Treasury Reserves was carried forward to align ongoing reporting of T-Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of T-Fund immediately after the acquisition amounted to $31,400,843,204. BofA Treasury Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Treasury Reserves	$8,926,722,556	$8,926,722,556

The purpose of these transactions was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting period of T-Fund, the pro forma results of operations for the six months ended April 30, 2016, are as follows:

• Net investment income: $13,933,902

• Net realized and change in unrealized gain on investments: $817,852

• Net increase in net assets resulting from operations: $14,751,754

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Treasury Reserves that has been included in T-Fund’s Statement of Operations since April 15, 2016.

The Manager and BofA and/or their respective affiliates have agreed to pay all of the expenses incurred in connection with the Reorganizations. During the period ended April 30, 2016, the Manager incurred $1,013,779 in connection with the Reorganizations.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 97

Notes to Financial Statements (continued)

Distributions: Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Each Fund seeks to maintain its net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis

Fair Value Input and Methodology: The following methods (or “techniques”) and inputs are used to establish the fair value of each Fund’s assets and liabilities.

• Municipal Securities — Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

• Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments have been included in the Schedules of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

98 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

4. Securities and Other Investments:

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repo arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties. Typically, a Fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or a Fund, respectively. Certain Funds, along with other registered investment companies advised by the Manager, may transfer uninvested cash into single joint trading accounts which are then invested in one or more repurchase agreements. As of period end, FedFund, TempCash, TempFund and T-Fund invested in repurchase agreements through joint trading accounts.

In the event the counterparty defaults and the fair value of the collateral declines, a Fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by certain Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Trust’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee, which is determined by calculating a percentage of each Fund’s average daily net assets based on the following annual rates:

Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund
Calculation A	Calculation B
Management Fee is equal to calculation A plus calculation B
.175% of the first $1 Billion1	.175% of the first $1 Billion2
.150% of the next $1 Billion1	.150% of the next $1 Billion2
.125% of the next $1 Billion1	.125% of the next $1 Billion2
.100% of the next $1 Billion1	.100% of amounts in excess of $3 Billion2
.095% of the next $1 Billion1
.090% of the next $1 Billion1
.085% of the next $1 Billion1
.080% of amounts in excess of $7 Billion1

¹ Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund.

² Based on the average net assets of the Fund whose fee is being calculated.

TempCash, MuniCash and MuniFund
Management Fee	.350% of the first $1 Billion
	.300% of the next $1 Billion
	.250% of the next $1 Billion
	.200% of the next $1 Billion
	.195% of the next $1 Billion
	.190% of the next $1 Billion
	.185% of the next $1 Billion
	.180% of amounts in excess of $7 Billion

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 99

Notes to Financial Statements (continued)

TempFund
Management Fee	.350% of the first $1 Billion
	.300% of the next $1 Billion
	.250% of the next $1 Billion
	.200% of the next $1 Billion
	.195% of the next $1 Billion
	.190% of the next $1 Billion
	.180% of the next $1 Billion
	.175% of the next $1 Billion
	.170% of amounts in excess of $8 Billion
California Money Fund and New York Money Fund
Management Fee	.375% of the first $1 Billion
	.350% of the next $1 Billion
	.325% of the next $1 Billion
	.300% of amounts in excess of $3 Billion

Service and Distribution Fees

The Trust, on behalf of the Funds, entered into a separate Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Select Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier Shares Distribution Plan, the Trust may pay BRIL a fee for distribution and sales support services. In addition, the Trust may pay service organizations, including affiliates of the Manager, fees for providing certain services (“shareholder services”) to their customers who own shares of the Funds. Pursuant to its respective Shareholder Services Plan, each of the Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of the Manager. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:

	Service Fee1			Distribution Fee1
Dollar		0.25	%		—
Cash Management		0.50	%		—
Cash Reserve		0.40	%		—
Administration		0.10	%		—
Select		0.50	%		0.35	%
Private Client		0.50	%		0.35	%
Premier		0.50	%		0.10	%

¹  Due to certain contractual and voluntary waivers, the above stated rates may be reduced.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier shareholders.

For the six months ended April 30, 2016, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Service and Distribution Fees
	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	23,958	$	8,593	$	97	$	899		—		—		—	$	33,547
FedFund	$	1,646,257	$	271,027	$	11,239	$	158,402	$	756,461	$	15,735	$	422	$	2,859,543
TempCash	$	108,568		—		—		—		—		—		—	$	108,568
TempFund	$	2,364,227	$	1,106,724	$	26,352	$	1,762,903	$	891,482	$	40,015	$	26,260	$	6,217,963
T-Fund	$	1,452,624	$	2,310,327	$	13,862	$	924	$	1,070,358		—		—	$	4,848,095
Treasury Trust Fund	$	432,841	$	35,194	$	14,073	$	134,735	$	99,557		—		—	$	716,400
MuniCash	$	2,250		—		—		—		—		—	��	—	$	2,250
MuniFund	$	45,324	$	5,893		—	$	215,044	$	51,394	$	6,174	$	2	$	323,831
California Money Fund	$	96		—		—	$	967	$	32,129	$	17,234		—	$	50,426
New York Money Fund		—	$	27,219		—	$	2,807	$	13,806	$	3,021		—	$	46,853

Expense Limitations, Waivers and Reimbursements

The Manager has contractually agreed to waive fees and/or reimburse operating expenses in order to keep combined management fees and miscellaneous/other expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred indirectly by a Fund as a result of investments in other

100 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

investment companies and pooled investment vehicles; (iii) other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of a Fund’s business) from exceeding 0.18% of the average daily net assets of TempCash and TempFund and 0.20% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund. Any fees waived by the Manager with respect to a particular fiscal year are not recoverable. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to March 1, 2017, unless approved by the Board of Trustees, including a majority of the independent Trustees, or by a vote of a majority of the outstanding voting securities of such fund. These amounts are reported in the Statement of Operations as fees waived by the Manager.

In addition BRIL has contractually agreed to waive service and/or distribution fees until March 1, 2017 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively. The agreement renews automatically for successive one-year periods and may be terminated by any party to the agreement upon written notice 75 days prior to the commencement of a successive one year period.

The Manager and BRIL voluntarily agreed to waive a portion of their respective management, service and distribution fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of daily net investment income. These amounts are reported in the Statements of Operations as fees waived by the Manager, and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the voluntary waiver at any time.

Class specific expense waivers and/or reimbursements are as follows:

Service and Distribution Fees Waived
	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	8,490	$	5,760	$	57		—		—		—		—	$	14,307
FedFund	$	648,155	$	174,098	$	7,193	$	40,910	$	634,359	$	13,098	$	320	$	1,518,133
TempCash	$	32,144		—		—		—		—		—		—	$	32,144
TempFund	$	241,448	$	396,539	$	8,391	$	1,083	$	580,947	$	25,460	$	14,696	$	1,268,564
T-Fund	$	780,742	$	1,798,951	$	9,178		—	$	930,463		—		—	$	3,519,334
Treasury Trust Fund	$	315,766	$	29,286	$	13,060	$	57,046	$	89,866		—		—	$	505,024
MuniCash	$	1,931		—		—		—		—		—		—	$	1,931
MuniFund	$	40,385	$	5,551		—	$	172,350	$	49,836	$	6,009	$	2	$	274,133
California Money Fund	$	96		—		—	$	745	$	29,129	$	16,317		—	$	46,287
New York Money Fund		—	$	24,908		—	$	2,363	$	13,322	$	2,912		—	$	43,505

Officers and Trustees

Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Officer and Trustees in the Statements of Operations.

Other Transactions

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the period ended April 30, 2016, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales
TempCash		—	$	15,600,252
MuniCash	$	1,057,311,063	$	826,829,938
MuniFund	$	485,366,020	$	329,378,498
California Money Fund	$	130,741,326	$	169,814,325
New York Money Fund	$	107,547,824	$	92,698,681

6. Income Tax Information:

It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.

The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns remains open for each of the four years ended October 31, 2015. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 101

Notes to Financial Statements (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2015, inclusive of open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2015, California Money Fund had capital loss carryforwards of $76 available to offset future realized capital gains without expiration.

7. Principal Risks:

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers of securities owned by the Funds. Changes arising from the general economy, the overall market and local, regional or global political and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Certain obligations held by the Funds have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that provide the credit enhancements or liquidity features. The Funds monitor their exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings with credit enhancements from one financial institution.

On July 23, 2014, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods, for the amendments range between July 2015 and October 2016. The changes may affect the Funds’ investment strategies, fees and expenses, portfolio and share liquidity and return potential.

Concentration Risk: MuniCash, MuniFund, California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of states. This may subject each Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of investments.

Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

8. Capital Share Transactions:

The Trust’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share.

102 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

Transactions in capital shares for each class were as follows:

Federal Trust Fund	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Institutional
Shares issued in the reorganization1		3,444,802,465			—
Shares sold		2,872,854,967			630,624,120
Shares issued in reinvestment of distributions		107,696			10,747
Shares redeemed		(3,167,495,447	)		(535,201,368	)
Net increase		3,150,269,681			95,433,499
Dollar
Shares issued in the reorganization1		240,112,010			—
Shares sold		75,584,540			19,216,012
Shares issued in reinvestment of distributions		—			161
Shares redeemed		(48,687,757	)		(20,793,726	)
Net increase (decrease)		267,008,793			(1,577,553	)
Cash Management
Shares issued in the reorganization1		49,348,361			—
Shares sold		27,516,443			—
Shares redeemed		(30,138,009	)		—
Net increase		46,726,795			—
Cash Reserve
Shares issued in the reorganization1		697,139			—
Shares sold		—			14,307,759
Shares redeemed		(67,582	)		(13,427,065	)
Net increase		629,557			880,694
Administration
Shares issued in the reorganization1		22,113,378			—
Shares sold		28,113,612			711,977
Shares issued in reinvestment of distributions		586			56
Shares redeemed		(28,113,378	)		(2,895,238	)
Net increase (decrease)		22,114,198			(2,183,205	)
Total Net Increase		3,486,749,024			91,672,741
FedFund
Institutional
Shares issued in the reorganization1		1,741,336,257			—
Shares sold		65,338,122,905			110,435,925,746
Shares issued in reinvestment of distributions		3,917,415			1,298,481
Shares redeemed		(63,175,828,707	)		(109,765,607,731	)
Net increase		3,907,547,870			671,616,496
Dollar
Shares issued in the reorganization1		23,951,611			—
Shares sold		15,681,192,273			23,290,463,815
Shares issued in reinvestment of distributions		77			722
Shares redeemed		(15,043,262,096	)		(23,121,239,439	)
Net increase		661,881,865			169,225,098

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 103

Notes to Financial Statements (continued)

FedFund (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Cash Management
Shares issued in the reorganization1		218,482			—
Shares sold		338,248,703			266,460,812
Shares issued in reinvestment of distributions		6,272			2,079
Shares redeemed		(248,952,089	)		(205,529,921	)
Net increase		89,521,368			60,932,970
Cash Reserve
Shares issued in the reorganization1		5,773,677			—
Shares sold		5,921,705			14,307,759
Shares redeemed		(6,105,486	)		(13,427,065	)
Net increase		5,589,896			880,694
Administration
Shares issued in the reorganization1		11,327			—
Shares sold		155,100,915			947,882,600
Shares issued in reinvestment of distributions		603			1,220
Shares redeemed		(196,761,627	)		(834,721,281	)
Net increase (decrease)		(41,648,782	)		113,162,539
Select
Shares sold		131,500,390			812,577,593
Shares issued in reinvestment of distributions		11,623			31,853
Shares redeemed		(172,244,999	)		(699,898,420	)
Net increase (decrease)		(40,732,986	)		112,711,026
Private Client
Shares sold		579,517			2,475,791
Shares issued in reinvestment of distributions		237			927
Shares redeemed		(691,167	)		(5,084,943	)
Net decrease		(111,413	)		(2,608,225	)
Premier
Shares sold		30,387			5,961,757
Shares issued in reinvestment of distributions		9			341
Shares redeemed		(31,379	)		(7,770,000	)
Net decrease		(983	)		(1,807,902	)
Total Net Increase		4,582,046,835			1,124,112,696
TempCash
Institutional
Shares sold		3,749,315,212			14,239,499,716
Shares issued in reinvestment of distributions		544,758			624,725
Shares redeemed		(3,955,944,879	)		(14,586,702,332	)
Net decrease		(206,084,909	)		(346,577,891	)

104 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

TempCash (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Dollar
Shares sold		17,272,505			54,335,095
Shares issued in reinvestment of distributions		14,017			38,752
Shares redeemed		(10,890,494	)		(183,763,878	)
Net increase (decrease)		6,396,028			(129,390,031	)
Total Net Decrease		(199,688,881	)		(475,967,922	)
TempFund
Institutional
Shares issued in the reorganization1		21,702,979,641			—
Shares sold		381,362,934,377			784,161,774,141
Shares issued in reinvestment of distributions		40,532,164			18,319,111
Shares redeemed		(393,734,740,592	)		(768,290,316,558	)
Net increase		9,371,705,590			15,889,776,694
Dollar
Shares issued in the reorganization1		1,396,029,544
Shares sold		2,884,139,149			22,453,461,543
Shares issued in reinvestment of distributions		54,048			192,788
Shares redeemed		(2,562,664,999	)		(23,615,916,034	)
Net increase (decrease)		1,717,557,742			(1,162,261,703	)
Cash Management
Shares issued in the reorganization1		459,097,449
Shares sold		382,200,682			649,303,269
Shares issued in reinvestment of distributions		10,043			68,670
Shares redeemed		(359,144,692	)		(524,173,511	)
Net increase		482,163,482			125,198,428
Cash Reserve
Shares issued in the reorganization1		5,207,912			—
Shares sold		199,552,640			397,880,899
Shares issued in reinvestment of distributions		338			2,065
Shares redeemed		(205,570,296	)		(401,166,257	)
Net decrease		(809,406	)		(3,283,293	)
Administration
Shares issued in the reorganization1		26,326,765			—
Shares sold		10,733,805,430			15,046,641,343
Shares issued in reinvestment of distributions		443,657			74,484
Shares redeemed		(10,590,215,743	)		(14,745,883,760	)
Net increase		170,360,109			300,832,067
Select
Shares sold		125,106,949			741,554,064
Shares issued in reinvestment of distributions		6,530			89,127
Shares redeemed		(236,117,868	)		(870,801,540	)
Net decrease		(111,004,389	)		(129,158,349	)

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 105

Notes to Financial Statements (continued)

TempFund (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Private Client
Shares sold		3,103,302			9,506,410
Shares issued in reinvestment of distributions		257			3,114
Shares redeemed		(3,890,986	)		(14,391,527	)
Net decrease		(787,427	)		(4,882,003	)
Premier
Shares sold		16,372,849			17,261,192
Shares issued in reinvestment of distributions		326			1,828
Shares redeemed		(27,837,676	)		(15,384,899	)
Net increase (decrease)		(11,464,501	)		1,878,121
Total Net Increase		11,617,721,200			15,018,099,962
T-Fund
Institutional
Shares issued in the reorganization1		6,080,575,940			—
Shares sold		79,692,617,540			138,670,835,623
Shares issued in reinvestment of distributions		5,354,783			1,528,158
Shares redeemed		(79,002,128,243	)		(137,574,723,392	)
Net increase		6,776,420,020			1,097,640,389
Dollar
Shares issued in the reorganization1		3,500,479,472			—
Shares sold		2,052,533,309			1,597,066,605
Shares issued in reinvestment of distributions		5,554			12,719
Shares redeemed		(2,410,986,773	)		(1,364,414,737	)
Net increase		3,142,031,562			232,664,587
Cash Management
Shares issued in the reorganization1		168,559,475			—
Shares sold		1,519,177,401			1,449,399,208
Shares issued in reinvestment of distributions		32,236			29,460
Shares redeemed		(1,400,220,904	)		(1,307,740,908	)
Net increase		287,548,208			141,687,760
Cash Reserve2
Shares issued in the reorganization1		66,628,684			—
Shares sold		138,844,397			120,000,009
Shares issued in reinvestment of distributions		131			55
Shares redeemed		(136,150,035	)		(120,000,064	)
Net increase		69,323,177			—
Administration
Shares issued in the reorganization1		26,084,388			—
Shares sold		22,203,053			43,905,373
Shares issued in reinvestment of distributions		891			—
Shares redeemed		(22,345,932	)		(43,900,636	)
Net increase		25,942,400			4,737

106 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

T-Fund (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Select
Shares sold		253,920,984			519,522,492
Shares issued in reinvestment of distributions		15,262			36,150
Shares redeemed		(421,073,546	)		(495,226,490	)
Net increase (decrease)		(167,137,300	)		24,332,152
Premier
Shares sold		—			2,380
Shares redeemed		—			(3,240	)
Net decrease		—			(860	)
Total Net Increase		10,134,128,067			1,496,328,765
Treasury Trust Fund
Institutional
Shares sold		22,165,718,401			32,460,345,224
Shares issued in reinvestment distributions		1,948,824			110,609
Shares redeemed		(17,881,183,211	)		(29,310,799,353	)
Net increase		4,286,484,014			3,149,656,480
Dollar
Shares sold		889,574,182			1,836,923,588
Shares issued in reinvestment of distributions		2,712			1,804
Shares redeemed		(913,834,215	)		(1,847,469,796	)
Net decrease		(24,257,321	)		(10,544,404	)
Cash Management
Shares sold		9,443,088			5,719,242
Shares redeemed		(2,167,470	)		(11,968,378	)
Net increase (decrease)		7,275,618			(6,249,136	)
Cash Reserve
Shares sold		144,425,585			—
Shares issued in reinvestment of distributions		453			—
Shares redeemed		(141,200,612	)		—
Net increase		3,225,426			—
Administration
Shares sold		3,025,956,362			4,435,458,750
Shares issued in reinvestment of distributions		9,058			315
Shares redeemed		(3,029,317,685	)		(4,197,039,104	)
Net increase (decrease)		(3,352,265	)		238,419,961
Select3
Shares sold		101,966,393			23,152,489
Shares issued in reinvestment of distributions		1,775			63
Shares redeemed		(70,673,679	)		(15,094,963	)
Net increase		31,294,489			8,057,589
Total Net Increase		4,300,669,961			3,379,340,490

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 107

Notes to Financial Statements (continued)

MuniCash	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Institutional
Shares issued in the reorganization1		973,844,721			—
Shares sold		3,997,066,355			276,664,275
Shares issued in reinvestment of distributions		11,654			2,792
Shares redeemed		(3,745,351,126	)		(276,231,202	)
Net increase		1,225,571,604			435,865
Dollar
Shares sold		1,426,998			2,763,822
Shares issued in reinvestment of distributions		184			333
Shares redeemed		(1,511,214	)		(4,232,273	)
Net decrease		(84,032	)		(1,468,118	)
Total Net Increase (Decrease)		1,225,487,572			(1,032,253	)
MuniFund
Institutional
Shares sold		2,865,487,015			5,596,948,757
Shares issued in reinvestment of distributions		95,034			107,160
Shares redeemed		(3,017,662,102	)		(5,447,572,677	)
Net increase (decrease)		(152,080,053	)		149,483,240
Dollar
Shares sold		59,817,776			124,868,049
Shares redeemed		(72,176,611	)		(132,732,120	)
Net decrease		(12,358,835	)		(7,864,071	)
Cash Management
Shares sold		2,644,975			7,399,046
Shares issued in reinvestment of distributions		253			1,720
Shares redeemed		(2,783,988	)		(13,831,054	)
Net decrease		(138,760	)		(6,430,288	)
Administration
Shares sold		280,306,459			466,345,982
Shares issued in reinvestment of distributions		6,115			9,593
Shares redeemed		(185,897,030	)		(456,583,830	)
Net increase		94,415,544			9,771,745
Select
Shares sold		47,512,862			78,486,529
Shares issued in reinvestment of distributions		1,763			4,394
Shares redeemed		(61,520,454	)		(73,303,548	)
Net increase (decrease)		(14,005,829	)		5,187,375
Private Client
Shares sold		1,438			15
Shares issued in reinvestment of distributions		246			462
Shares redeemed		(624,473	)		(168,757	)
Net decrease		(622,789	)		(168,280	)

108 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Notes to Financial Statements (continued)

MuniFund (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Premier
Shares sold		3			20,730
Shares issued in reinvestment of distributions		—			126
Shares redeemed		(1	)		(841,804	)
Net increase (decrease)		2			(820,948	)
Total Net Increase (Decrease)		(84,790,720	)		149,158,773
California Money Fund
Institutional
Shares sold		344,923,655			616,376,040
Shares issued in reinvestment of distributions		2,129			511
Shares redeemed		(331,807,668	)		(511,213,430	)
Net increase		13,118,116			105,163,121
Dollar
Shares sold		390,835			25,624,897
Shares issued in reinvestment of distributions		2			235
Shares redeemed		(2,572,422	)		(24,544,169	)
Net increase (decrease)		(2,181,585	)		1,080,963
Administration
Shares sold		1,618,118			4,228,756
Shares redeemed		(1,590,462	)		(3,786,314	)
Net increase		27,656			442,442
Select
Shares sold		33,191,140			10,988,997
Shares issued in reinvestment of distributions		237			847
Shares redeemed		(22,901,713	)		(13,904,625	)
Net increase (decrease)		10,289,664			(2,914,781	)
Private Client
Shares sold		1			2
Shares issued in reinvestment of distributions		156			416
Shares redeemed		(24,068	)		(184,904	)
Net decrease		(23,911	)		(184,486	)
Premier
Shares sold		—			11
Shares redeemed		(9	)		(16,873	)
Net decrease		(9	)		(16,862	)
Total Net Increase		21,229,931			103,570,397
New York Money Fund
Institutional
Shares sold		220,910,696			263,441,617
Shares issued in reinvestment of distributions		2,340			942
Shares redeemed		(212,425,706	)		(288,727,150	)
Net increase (decrease)		8,487,330			(25,284,591	)

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 109

Notes to Financial Statements (concluded)

New York Money Fund (concluded)	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Cash Management
Shares sold		36,607,736			70,064,604
Shares redeemed		(37,694,257	)		(81,478,410	)
Net decrease		(1,086,521	)		(11,413,806	)
Administration
Shares sold		7,167,808			15,264,489
Shares redeemed		(10,712,105	)		(13,287,803	)
Net increase (decrease)		(3,544,297	)		1,976,686
Select
Shares sold		1,253,011			9,552,220
Shares issued in reinvestment of distributions		277			460
Shares redeemed		(2,404,202	)		(13,133,842	)
Net decrease		(1,150,914	)		(3,581,162	)
Private Client
Shares sold		39,328			569,371
Shares issued in reinvestment of distributions		58			128
Shares redeemed		(227	)		(1,703,588	)
Net increase (decrease)		39,159			(1,134,089	)
Premier
Shares sold		1			132,035
Shares issued in reinvestment of distributions		—			20
Shares redeemed		—			(523,406	)
Net increase (decrease)		1			(391,351	)
Total Net Increase (Decrease)		2,744,758			(39,828,313	)

¹  See Note 1 regarding the reorganization.

²  Commenced operations September 24, 2015.

³  Commenced operations September 28, 2015.

9. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

110 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Officers and Trustees

Rodney D. Johnson, Chair of the Board and Trustee

David O. Beim, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Dr. Matina S. Horner, Trustee

Cynthia A. Montgomery, Trustee

Joseph P. Platt, Trustee

Robert C. Robb, Jr., Trustee

Mark Stalnecker, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Frederick W. Winter, Trustee

Barbara G. Novick, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Richard Hoerner, CFA, Vice President

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Benjamin Archibald, Secretary

Effective December 31, 2015, Herbert I. London and Toby Rosenblatt retired as Trustees of the Trust.

Effective February 5, 2016, Frank J. Fabozzi resigned as a Trustee of the Trust.

Effective March 7, 2016, Susan J. Carter, Neil A. Cotty and Claire A. Walton were elected to serve as Trustees of the Trust.

Investment Advisor and Administrator BlackRock Advisors, LLC Wilmington, DE 19809	Accounting Agent, Sub-Administrator and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809	Distributor BlackRock Investments, LLC New York, NY 10022	Address of the Trust 100 Bellevue Parkway Wilmington, DE 19809
Custodian The Bank of New York Mellon New York, NY 10286	Legal Counsel Sidley Austin LLP New York, NY 10019	Independent Registered Public Accounting Firm Deloitte& Touche LLP Philadelphia, PA 19103

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 111

Additional Information

      Proxy Results

A Special Meeting of Shareholders was held on March 7, 2016 for shareholders of record on December 11, 2015, to elect a Board of Trustees of the Funds.

		Votes For	Votes Withheld
Approved the Trustees* as follows:	David O. Beim	46,764,637,042	54,107,580
	Susan J. Carter	46,790,129,700	28,614,922
	Collette Chilton	46,792,279,798	26,464,824
	Neil A. Cotty	46,790,950,296	27,794,326
	Matina S. Horner	46,792,219,415	26,525,208
	Rodney D. Johnson	46,790,536,049	28,208,573
	Cynthia A. Montgomery	46,792,016,096	26,728,526
	Joseph P. Platt	46,790,616,336	28,128,286
	Robert C. Robb, Jr.	46,792,193,774	26,550,848
	Mark Stalnecker	46,744,874,147	73,870,476
	Kenneth L. Urish	46,745,006,848	73,737,774
	Claire A. Walton	46,791,985,274	26,759,348
	Frederick W. Winter	46,744,191,567	74,553,055
	Barbara G. Novick	46,792,153,288	26,591,334
	John M. Perlowski	46,791,382,034	27,362,588

* Denotes Trust-wide proposal and voting results.

      General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Householding

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

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7450.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling (800) 441-7450; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in each Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7450 and (2) on the SEC’s website at http://www.sec.gov.

112 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016

Additional Information (concluded)

      BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2016 113

This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time. 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) 441-7762. 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-4/16-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

2

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Liquidity Funds

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds

Date: July 1, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds

Date: July 1, 2016

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Liquidity Funds

Date: July 1, 2016

3