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

FORMN-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: 10/31/2019

Date of reporting period: 04/30/2019

Item 1 – Report to Stockholders

APRIL 30, 2019        

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Liquidity Funds

▶ Federal Trust Fund

▶ FedFund

▶ TempCash

▶ TempFund

▶ T-Fund

▶ Treasury Trust Fund

▶ MuniCash

▶ MuniFund

▶ California Money Fund

▶ New York Money Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7450 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

  Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended April 30, 2019, the U.S. equity and bond markets posted positive returns while weathering significant volatility. Though the market’s appetite for risk remained healthy for most of the reporting period, risk taking declined sharply in late 2018. Thereafter, global equity markets rebounded strongly, as inflation diminished and the U.S. Federal Reserve (the “Fed”) announced a shift to less restrictive monetary policy.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities. However, recent economic data indicates that Europe may emerge from its economic soft patch, reinvigorated by a manufacturing rebound and China’s economic stimulus.

In the U.S. equity market, volatility spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad-based sell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed-income securities delivered modest positive returns with relatively low volatility. In fixed-income markets, short-term U.S. Treasury yields rose, while longer-term yields declined slightly. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

The Fed shifted to a more patient perspective on the economy after increasing interest rates three times. In its last four meetings, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending. The shift toward more stimulative economic policy helped equity markets rebound in 2019.

We continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. We expect profit margins to continue to contract, which tends to happen late in the business cycle.

In this environment, U.S. and emerging market equities remain relatively attractive. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/ reward trade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2019
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.76%	13.49%
U.S. small cap equities (Russell 2000® Index)	6.06	4.61
International equities (MSCI Europe, Australasia, Far East Index)	7.45	(3.22)
Emerging market equities (MSCI Emerging Markets Index)	13.76	(5.04)
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.18	2.18
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	7.09	6.44
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	5.49	5.29
Tax-exempt municipal bonds (S&P Municipal Bond Index)	5.36	5.84
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	5.54	6.74
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS    PAGE    IS    NOT    PART    OF    YOUR    FUND    REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Money Market Overview		4
Fund Information		5
Disclosure of Expenses		8
Financial Statements
Schedules of Investments		10
Statements of Assets and Liabilities		61
Statements of Operations		65
Statements of Changes in Net Assets		67
Financial Highlights		72
Notes to Financial Statements		115
Trustee and Officer Information		126
Additional Information		127
Glossary of Terms Used in this Report		129

3

Money Market Overview  For the Six-Month Period Ended April 30, 2019

Noteworthy market conditions for the six-month period ended April 30, 2019 included the patient pause and dovish pivot by the Federal Open Market Committee (“FOMC”), the ongoing gradual reduction of the Fed’s balance sheet, increased Treasury bill issuance and various geopolitical events including trade-tariffs, Brexit uncertainty, and fears of slowing global growth. The start of 2019 built on the success of 2018 for cash as an asset class and was generally strong for cash in terms of return and flows.

As expected, the FOMC left rates unchanged at its meeting in April in the 2.25%-2.50% range. The FOMC’s statement issued in conjunction with the meeting emphasized a slowing of growth, and reduced consumer spending and business investment. As was generally expected, the “forward guidance” part of their statement was altered to signifying greater emphasis on a more “data dependent” approach to monetary policy. Another significant change, which was included in the Summary of Economic Projections at the March meeting, was an update to the FOMC’s “dot plot” interest rate forecast, with the median “dot” reflecting broad consensus for no hikes in 2019 (down from two projected hikes as of December), one hike for 2020, and no hikes for 2021. While none of the individual “dots” reflected a rate cut in 2019, futures contracts for federal funds reflected around a 75% chance of such a move.

Also of note, government-sponsored agencies issued floating rate notes indexed to the Secured Overnight Financing Rate (‘SOFR’), a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities and the reference rate eventually expected to replace the London Inter-Bank Offered Rate (“LIBOR”). In addition to the agency notes referenced to SOFR, some large financial institutions also issued certificates of deposit and commercial paper linked to this index, and demand for such obligations was generally strong. However, in 2019, growing investor pessimism was reflected in the inversion of the yield spread between the three-month Treasury bill and ten-year Treasury note, a recession indicator that’s reportedly closely watched by the Fed. This has left many investors cautiously grabbing duration while there is still a slight risk for interest rate hikes in the future.

Credit spreads as evidenced by the three-month LIBOR overnight-indexed swap (“3ML-OIS”) generally tightened from 0.20% to 0.17% in late April as an equilibrium between investors and issuers appeared to have generally been established for at least the time being. The 3ML-OIS has continued to grind tighter over the six-month period as issuers were reluctant to pay up in terms of yield for their funding needs. Of note, during February, there were two large one-day declines in the three-month LIBOR. Specifically, investors witnessed the three-month LIBOR reset 0.04% lower on February 7, 2019-the largest one-day drop since 2009 – followed by a 0.03% drop on February 18. In our opinion, we view these large movements in LIBOR as the index harmonizing toward executed levels in the certificate of deposit and commercial paper markets.

Growing global headwinds and cross-currents suggest, in our view, that an increasingly high bar exists for the FOMC to consider raising interest rates this year. In fact, any further normalization of rates during the present cycle would be dependent on notable upward pressure in real or expected inflation, particularly in light of indicators that the FOMC may tolerate higher inflation as well as sustained easing in financial conditions. In our opinion, credit spreads should generally remain range bound in the near term.

Turning to short-term municipal bonds, the short-term municipal market closed the six-month period ended April 30, 2019 at $133 billion in assets, largely unchanged from the beginning of the period. However, assets spiked in January to $146.6 billion due to seasonal coupon inflows. The seasonal inflows had a material impact on the SIFMA Index (which measures the average yield on seven-day municipal variable rate demand notes (“VRDNs”)) and yields dropped as a result. Assets began to slowly decline across the industry as low yields moved investors away and tax bills for individuals came due. The most likely cause of higher tax-related outflows was the change to state and local tax deductions by individuals, which resulted in higher overall tax bills. By the end of the six-month period, assets had declined to $133 billion; essentially unchanged, as mentioned above.

The FOMC continued to follow its determined path of normalization of interest rates by continuing to lift the target range for the federal funds rate by 25 basis points (0.25%) in November and 25 basis points again in December. This moved the target range to 2.25% – 2.50%. In line with these increases, the SIFMA Index rose slowly throughout the period beginning at 1.62% on November 1, 2018 and ending at a ten-year high of 2.30% on April 30, 2019. The FOMC did announce at its December meeting that the committee was taking a “pause” on rate normalization and will now be more data dependent.

New VRDN issuance remained light throughout the period as issuers instead opted out of bond debt issuance and took advantage of continuing relatively low longer-term bond yields. The total outstanding supply of VRDNs stood at $138 billion as of April 30, 2019 and continues to be slightly higher than total tax-exempt money fund assets of $133 billion. This $5 billion difference of outstanding VRDNs continues to be held by non-traditional buyers such as bond funds and separately managed accounts. Further, at a relatively low $5 billion in excess inventory of VRDNs, dealers are usually comfortable to hold excess balances and therefore will keep downward pressure on VRDN yields.

As it became evident that the FOMC was on hold for further rate hikes in 2019, the yield on long-dated municipal notes fell from 1.94% on November 1, 2018 to 1.55% on April 30, 2019. VRDNs, as stated above, ended the period at 2.30%; offering a yield fully 75 basis points higher than a one-year note. This yield curve inversion is expected to continue until the seasonal patterns related to tax-season abate.

Looking ahead, the actions of the FOMC remain a key focus as the policy making group continues to assess current market conditions to determine when and whether to impact rates in 2019. Oddly, while the FOMC members hint about rate hikes in 2019, Fed fund futures are pricing in rate cuts. Municipal money market fund managers are expected to remain highly selective with respect to one-year municipal note purchases in the secondary market as there is currently very little yield pickup compared to VRDNs.

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

4 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Fund Information  as of April 30, 2019 

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.30	%		2.30	%
Dollar		2.05			2.05
Cash Management		1.80			1.80
Cash Reserve		2.30			2.30
Administration		2.20			2.20

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
U.S. Government Sponsored Agency Obligations		56	%
U.S. Treasury Obligations		41
Other Assets Less Liabilities		3

FedFund

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

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.33	%		2.33	%
Dollar		2.08			2.08
Cash Management		1.83			1.83
Cash Reserve		1.93			1.93
Administration		2.23			2.23
Select		1.50			1.50
Private Client		1.82			1.82
Capital		2.29			2.29

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Repurchase Agreements		44	%
U.S. Government Sponsored Agency Obligations		36
U.S. Treasury Obligations		18
Other Assets Less Liabilities		2

TempCash

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

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.49	%		2.49	%
Dollar		2.24			2.24

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Commercial Paper		35	%
Certificates of Deposit		30
Repurchase Agreements		25
Time Deposits		7
U.S. Treasury Obligations		1
Other Assets Less Liabilities		2

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.52	%		2.52	%
Dollar		2.27			2.27
Cash Management		2.02			2.02
Cash Reserve		2.22			2.22
Administration		2.42			2.42
Private Client		2.02			2.02

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.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Certificates of Deposit		32	%
Commercial Paper		28
Repurchase Agreements		28
Time Deposits		8
U.S. Treasury Obligations		1
Other Assets Less Liabilities		3

FUND     INFORMATION 5

Fund Information  as of April 30, 2019 (continued)

T-Fund

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

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.32	%		2.32	%
Dollar		2.07			2.07
Cash Management		1.82			1.82
Cash Reserve		1.92			1.92
Administration		2.22			2.22
Select		1.49			1.49
Capital		2.28			2.28

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Repurchase Agreements		56	%
U.S. Treasury Obligations		42
Other Assets Less Liabilities		2

Treasury Trust Fund

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

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		2.28	%		2.28	%
Dollar		2.07			2.07
Cash Management		1.78			1.78
Cash Reserve		1.88			1.88
Administration		2.19			2.19
Select		1.45			1.45

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
U.S. Treasury Obligations		97	%
Other Assets Less Liabilities		3

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		1.94	%		1.94	%
Dollar		1.69			1.69

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		67	%
Commercial Paper		26
Municipal Bonds		6
Closed-End Investment Companies		3
Liabilities in Excess of Other Assets		(2	)

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		1.97	%		1.97	%
Dollar		1.72			1.72
Administration		1.87			1.87
Select		1.17			1.17
Private Client		1.49			1.49

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.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		67	%
Commercial Paper		15
Municipal Bonds		14
Closed-End Investment Companies		4
Other Assets Less Liabilities		—	(a)

^(a) Represents less than 1% of the Fund’s net assets.

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Fund Information  as of April 30, 2019 (continued)

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.

CURRENT SEVEN-DAY YIELDS

	7-Day     SEC Yield		7-Day     Yield
Institutional		1.89%		1.89%

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		95	%
Commercial Paper		4
Municipal Bonds		—	(a)
Other Assets Less Liabilities		1

^(a)  Represents less than 1% of the Fund’s net assets.

New York Money Fund

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

CURRENT SEVEN-DAY YIELDS

	7-Day     SEC Yield		7-Day     Yield
Institutional		2.08%		2.08%

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.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		101	%
Commercial Paper		2
Closed-End Investment Companies		—	(a)
Liabilities in Excess of Other Assets		(3	)

^(a) Represents less than 1% of the Fund’s net assets.

FUND     INFORMATION 7

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees and other fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on November 1, 2018 and held through April 30, 2019, 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 transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Expense Examples

	Actual						Hypothetical(a)
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period(b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period (b)		Annualized Expense Ratio
Federal Trust Fund
Institutional	$	1,000.00	$	1,011.10	$	0.85	$	1,000.00	$	1,023.95	$	0.85	0.17%
Dollar		1,000.00		1,009.80		2.09		1,000.00		1,022.71		2.11	0.42
Cash Management		1,000.00		1,008.60		3.34		1,000.00		1,021.47		3.36	0.67
Cash Reserve		1,000.00		1,021.30		2.86		1,000.00		1,021.97		2.86	0.57
Administration		1,000.00		1,010.60		1.35		1,000.00		1,023.46		1.35	0.27
FedFund
Institutional	$	1,000.00	$	1,011.20	$	0.85	$	1,000.00	$	1,023.95	$	0.85	0.17%
Dollar		1,000.00		1,010.20		2.09		1,000.00		1,022.71		2.11	0.42
Cash Management		1,000.00		1,008.70		3.34		1,000.00		1,021.47		3.36	0.67
Cash Reserve		1,000.00		1,009.20		2.84		1,000.00		1,021.97		2.86	0.57
Administration		1,000.00		1,010.70		1.35		1,000.00		1,023.46		1.35	0.27
Select		1,000.00		1,007.10		4.98		1,000.00		1,019.84		5.01	1.00
Private Client		1,000.00		1,008.70		3.39		1,000.00		1,021.42		3.41	0.68
Capital		1,000.00		1,011.00		1.05		1,000.00		1,023.75		1.05	0.21
TempCash
Institutional	$	1,000.00	$	1,012.40	$	0.90	$	1,000.00	$	1,023.90	$	0.90	0.18%
Dollar		1,000.00		1,147.30		2.29		1,000.00		1,022.66		2.16	0.43
TempFund
Institutional	$	1,000.00	$	1,012.60	$	0.90	$	1,000.00	$	1,023.90	$	0.90	0.18%
Dollar		1,000.00		1,012.10		2.15		1,000.00		1,022.66		2.16	0.43
Cash Management		1,000.00		1,010.20		3.39		1,000.00		1,021.42		3.41	0.68
Cash Reserve		1,000.00		1,013.10		2.90		1,000.00		1,021.92		2.91	0.58
Administration		1,000.00		1,012.00		1.40		1,000.00		1,023.41		1.40	0.28
Private Client		1,000.00		1,010.00		3.39		1,000.00		1,021.42		3.41	0.68
T-Fund
Institutional	$	1,000.00	$	1,011.20	$	0.85	$	1,000.00	$	1,023.95	$	0.85	0.17%
Dollar		1,000.00		1,009.90		2.09		1,000.00		1,022.71		2.11	0.42
Cash Management		1,000.00		1,008.80		3.34		1,000.00		1,021.47		3.36	0.67
Cash Reserve		1,000.00		1,009.20		2.84		1,000.00		1,021.97		2.86	0.57
Administration		1,000.00		1,010.70		1.35		1,000.00		1,023.46		1.35	0.27
Select		1,000.00		1,007.00		4.98		1,000.00		1,019.84		5.01	1.00
Capital		1,000.00		1,011.00		1.05		1,000.00		1,023.75		1.05	0.21

^(a) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

8 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Disclosure of Expenses  (continued)

Expense Examples(continued)

	Actual						Hypothetical(a)
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period (b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period (b)		Annualized Expense Ratio
Treasury Trust Fund
Institutional	$	1,000.00	$	1,011.10	$	0.85	$	1,000.00	$	1,023.95	$	0.85	0.17%
Dollar		1,000.00		1,010.60		2.09		1,000.00		1,022.71		2.11	0.42
Cash Management		1,000.00		1,008.60		3.34		1,000.00		1,021.47		3.36	0.67
Cash Reserve		1,000.00		1,009.10		2.84		1,000.00		1,021.97		2.86	0.57
Administration		1,000.00		1,010.60		1.35		1,000.00		1,023.46		1.35	0.27
Select		1,000.00		1,006.90		4.98		1,000.00		1,019.84		5.01	1.00
MuniCash
Institutional	$	1,000.00	$	1,007.30	$	1.00	$	1,000.00	$	1,023.80	$	1.00	0.20%
Dollar		1,000.00		1,007.10		2.24		1,000.00		1,022.56		2.26	0.45
MuniFund
Institutional	$	1,000.00	$	1,007.40	$	1.00	$	1,000.00	$	1,023.80	$	1.00	0.20%
Dollar		1,000.00		1,006.20		2.24		1,000.00		1,022.56		2.26	0.45
Administration		1,000.00		1,007.10		1.49		1,000.00		1,023.31		1.51	0.30
Select		1,000.00		1,003.50		4.97		1,000.00		1,019.84		5.01	1.00
Private Client		1,000.00		1,005.00		3.38		1,000.00		1,021.42		3.41	0.68
California Money Fund
Institutional	$	1,000.00	$	1,005.80	$	0.99	$	1,000.00	$	1,023.80	$	1.00	0.20%
New York Money Fund
Institutional	$	1,000.00	$	1,006.90	$	1.00	$	1,000.00	$	1,023.80	$	1.00	0.20%

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

DISCLOSURE     OF     EXPENSES 9

Schedule of Investments  (unaudited)  April 30, 2019 Federal Trust Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations — 56.0%
Federal Farm Credit Bank Discount Notes(a):
2.40%, 06/17/19		USD    19,260	$	19,199,652
2.41%, 06/28/19		13,360		13,308,126
2.43%, 07/23/19		10,665		10,603,528
2.44%, 08/15/19		18,070		17,942,305
2.42%, 02/04/20		13,595		13,345,294
Federal Farm Credit Bank Variable Rate Notes(b):
(LIBOR USD 1 Month - 0.09%), 2.39%, 05/07/19		45,000		44,999,964
(LIBOR USD 1 Month - 0.10%), 2.38%, 09/05/19		8,190		8,190,000
(LIBOR USD 3 Month - 0.12%), 2.46%, 01/27/20		39,390		39,399,960
(LIBOR USD 1 Month - 0.05%), 2.42%, 02/07/20		32,600		32,599,742
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 2.48%, 03/26/20		2,935		2,934,921
(LIBOR USD 1 Month + 0.00%), 2.49%, 06/19/20		31,500		31,516,683
(LIBOR USD 1 Month - 0.05%), 2.42%, 08/17/20		12,175		12,175,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 09/11/20		14,985		14,984,390
(LIBOR USD 1 Month + 0.03%), 2.50%, 12/14/20		15,855		15,853,950
(LIBOR USD 1 Month + 0.05%), 2.52%, 04/16/21		17,380		17,380,000
Federal Home Loan Bank:
2.45%, 05/23/19		16,525		16,525,000
2.43%, 06/07/19		14,865		14,865,000
2.49%, 07/11/19		5,500		5,499,884
2.48%, 07/15/19		13,010		13,010,000
Federal Home Loan Bank Discount Notes(a):
1.63%, 05/03/19		19,780		19,777,308
2.10%, 05/07/19		14,915		14,908,947
2.20%, 05/10/19		22,775		22,761,392
2.28%, 05/15/19		88,000		87,918,551
2.30%, 05/17/19		59,045		58,981,966
2.34%, 05/22/19		162,980		162,750,378
2.34%, 05/23/19		15,000		14,978,092
2.35%, 05/24/19		36,660		36,601,563
2.36%, 05/29/19		43,095		43,012,880
2.38%, 06/05/19		10,000		9,975,597
2.39%, 06/12/19		33,035		32,941,924
2.40%, 06/13/19		13,140		13,101,861
2.41%, 06/21/19		17,865		17,801,981
2.41%, 06/28/19		5,375		5,353,957
2.42%, 07/05/19		19,140		19,057,302
2.42%, 07/08/19		10,155		10,109,156
2.42%, 07/10/19		66,400		66,082,629
2.43%, 07/26/19		5,910		5,876,003
2.44%, 08/16/19		18,425		18,290,830
2.44%, 09/20/19		41,005		40,609,892
2.45%, 10/09/19		8,100		8,013,314
2.45%, 10/11/19		7,660		7,574,854
2.45%, 10/15/19		12,155		12,017,026
2.45%, 10/21/19		13,155		13,003,279
2.45%, 10/23/19		16,950		16,751,179
2.45%, 10/30/19		12,130		11,981,964
Federal Home Loan Bank Variable Rate Notes(b):
(LIBOR USD 3 Month - 0.16%), 2.44%, 06/12/19		10,475		10,474,686

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
(LIBOR USD 1 Month - 0.05%), 2.44%, 06/20/19		USD    3,550	$	3,550,000
(LIBOR USD 3 Month - 0.16%), 2.47%, 06/20/19		23,805		23,805,000
(SOFRATE + 0.04%), 2.52%, 06/21/19		5,395		5,395,000
(LIBOR USD 1 Month - 0.05%), 2.44%, 06/24/19		21,285		21,285,000
(LIBOR USD 3 Month - 0.16%), 2.45%, 06/27/19		8,520		8,519,860
(LIBOR USD 1 Month - 0.05%), 2.43%, 06/28/19		3,550		3,550,000
(LIBOR USD 1 Month - 0.08%), 2.40%, 07/11/19		40,200		40,200,000
(SOFRATE + 0.02%), 2.50%, 07/17/19		4,590		4,590,000
(LIBOR USD 1 Month - 0.08%), 2.41%, 08/22/19		11,870		11,869,623
(LIBOR USD 1 Month - 0.08%), 2.40%, 08/27/19		21,585		21,585,000
(SOFRATE + 0.02%), 2.50%, 08/27/19		8,475		8,475,000
(LIBOR USD 1 Month - 0.09%), 2.39%, 09/09/19		43,635		43,635,000
(SOFRATE + 0.01%), 2.49%, 11/13/19		37,295		37,295,000
(SOFRATE + 0.03%), 2.51%, 12/06/19		6,445		6,445,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 01/14/20		7,935		7,935,000
(SOFRATE + 0.05%), 2.53%, 01/17/20		1,530		1,530,000
(LIBOR USD 1 Month - 0.06%), 2.42%, 02/24/20		29,820		29,820,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 02/25/20		14,095		14,095,000
(LIBOR USD 1 Month - 0.04%), 2.43%, 04/17/20		18,590		18,590,000
(LIBOR USD 3 Month - 0.14%), 2.45%, 04/20/20		20,295		20,295,000
(SOFRATE + 0.08%), 2.55%, 07/24/20		4,515		4,515,000
(SOFRATE + 0.11%), 2.59%, 10/01/20		5,885		5,885,000
(LIBOR USD 3 Month - 0.13%), 2.49%, 12/21/20		21,350		21,350,000
(SOFRATE + 0.12%), 2.59%, 03/12/21		14,305		14,305,000
Series 1, (LIBOR USD 1 Month - 0.11%), 2.38%, 07/19/19		54,640		54,640,000
Series 3, (LIBOR USD 1 Month - 0.09%), 2.38%, 06/14/19		60,000		60,000,000
Total U.S. Government Sponsored Agency Obligations — 56.0% (Cost: $1,618,201,393)				1,618,201,393
U.S. Treasury Obligations — 40.8%
U.S. Treasury Bills(a):
2.25%, 05/14/19		395,125		394,782,133
2.32%, 05/21/19		186,435		186,184,348
2.30%, 05/23/19		45,000		44,933,642
2.34%, 05/28/19		195,980		195,627,870
2.35%, 06/04/19		45,795		45,692,150
2.39%, 07/18/19		21,000		20,891,710
2.40%, 08/22/19		96,850		96,103,677
2.39%, 08/29/19		70,000		69,427,167
2.37%, 04/23/20		46,315		45,228,038
U.S. Treasury Notes:
3.13%, 05/15/19		2,680		2,680,672
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.47%, 07/31/19(b)		3,555		3,555,380
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/20(b)		50,000		49,921,693

10 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 Federal Trust Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 01/31/21(b)		USD    21,620	$	21,620,000
Total U.S. Treasury Obligations — 40.8%

Security	Par (000)	Value
U.S. Treasury Obligations (continued)
(Cost: $1,176,648,480)		$	1,176,648,480
Total Investments — 96.8% (Cost: $2,794,849,873)(c)			2,794,849,873
Other Assets Less Liabilities — 3.2%			91,133,777
Net Assets —100.0%		$	2,885,983,650

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b) Variable rate security. Rate shown is the rate in effect as of period end.

^(c) Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	2,794,849,873	$	—	$	2,794,849,873

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

SCHEDULES     OF     INVESTMENTS 11

Schedule of Investments  (unaudited) April 30, 2019 FedFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations — 35.6%
Federal Farm Credit Bank Variable Rate Notes(a):
(LIBOR USD 1 Month - 0.09%), 2.39%, 05/07/19		USD    101,000	$	100,999,919
(LIBOR USD 1 Month - 0.08%), 2.40%, 07/30/19		461,575		461,505,066
(LIBOR USD 1 Month - 0.10%), 2.38%, 09/05/19		225,050		225,050,000
(LIBOR USD 1 Month - 0.04%), 2.43%, 03/06/20		36,000		36,000,105
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 2.48%, 03/26/20		95,915		95,912,419
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.45%, 04/30/20		195,295		195,291,322
(LIBOR USD 1 Month - 0.05%), 2.42%, 06/15/20		539,425		539,407,531
(LIBOR USD 1 Month + 0.00%), 2.48%, 06/26/20		384,915		384,902,157
(LIBOR USD 1 Month - 0.05%), 2.42%, 08/17/20		332,635		332,635,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 09/11/20		434,910		434,892,306
(LIBOR USD 1 Month + 0.03%), 2.50%, 12/14/20		446,190		446,160,464
(LIBOR USD 1 Month + 0.03%), 2.50%, 01/13/21		250,000		249,962,277
Federal Home Loan Bank:
2.50%, 05/07/19		75,000		74,999,829
2.43%, 06/07/19		404,415		404,415,000
2.49%, 07/11/19		171,740		171,736,366
2.48%, 07/15/19		401,285		401,285,000
Federal Home Loan Bank Discount Notes(b):
2.40%, 05/01/19		150,000		150,000,000
1.22%, 05/02/19		497,690		497,656,682
1.63%, 05/03/19		100,000		99,986,389
2.10%, 05/07/19		571,310		571,079,501
2.14%, 05/08/19		681,420		681,099,535
2.17%, 05/09/19		500,000		499,725,000
2.20%, 05/10/19		417,000		416,749,310
2.26%, 05/13/19		657,310		656,783,319
2.28%, 05/15/19		162,920		162,767,941
2.34%, 05/22/19		25,000		24,964,854
2.35%, 05/24/19		100,000		99,840,597
2.37%, 05/30/19		90,365		90,188,838
2.38%, 06/05/19		148,000		147,638,839
2.39%, 06/12/19		100,000		99,718,250
2.40%, 06/13/19		375,815		374,724,197
2.40%, 06/19/19		750,000		747,527,542
2.41%, 06/26/19		378,665		377,242,482
2.41%, 06/28/19		159,875		159,249,089
2.42%, 07/08/19		730,065		726,746,871
2.42%, 07/10/19		150,000		149,289,792
2.42%, 07/12/19		596,180		593,332,644
2.42%, 07/16/19		473,360		470,971,636
2.43%, 07/19/19		221,010		219,846,499
2.43%, 07/24/19		531,990		528,952,584
2.43%, 07/26/19		682,010		678,086,775
2.43%, 07/30/19		623,085		619,362,067
2.43%, 08/05/19		100,000		99,357,333
2.44%, 09/09/19		475,000		470,874,757
2.44%, 09/17/19		125,000		123,847,604
2.44%, 09/27/19		210,995		208,883,397
2.45%, 10/09/19		250,000		247,324,493
2.45%, 10/11/19		215,345		212,951,291
2.45%, 10/15/19		352,345		348,345,800

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
2.45%, 10/16/19		USD   205,755	$	203,455,345
2.45%, 10/21/19		250,000		247,116,667
2.45%, 10/23/19		100,000		98,827,014
2.45%, 10/30/19		70,000		69,145,712
Federal Home Loan Bank Variable Rate Notes(a):
(LIBOR USD 1 Month - 0.11%), 2.37%, 05/10/19		185,000		185,000,000
(LIBOR USD 3 Month - 0.22%), 2.47%, 05/13/19		157,500		157,499,512
(LIBOR USD 1 Month - 0.11%), 2.36%, 05/15/19		280,000		280,000,000
(LIBOR USD 3 Month - 0.21%), 2.48%, 05/16/19		483,075		483,075,000
(LIBOR USD 1 Month - 0.12%), 2.36%, 06/04/19		853,700		853,700,000
(LIBOR USD 3 Month - 0.16%), 2.44%, 06/12/19		296,920		296,911,110
(LIBOR USD 1 Month - 0.05%), 2.44%, 06/20/19		100,105		100,105,000
(LIBOR USD 3 Month - 0.16%), 2.47%, 06/20/19		869,395		869,395,000
(SOFRATE + 0.04%), 2.52%, 06/21/19		166,805		166,805,000
(LIBOR USD 1 Month - 0.05%), 2.44%, 06/24/19		600,645		600,645,000
(LIBOR USD 3 Month - 0.16%), 2.45%, 06/27/19		198,980		198,976,742
(LIBOR USD 1 Month - 0.05%), 2.43% - 2.43%, 06/28/19		344,540		344,540,000
(LIBOR USD 1 Month - 0.08%), 2.40%, 07/05/19		379,000		379,000,000
(LIBOR USD 1 Month - 0.08%), 2.39%, 07/09/19		100,000		99,991,381
(LIBOR USD 1 Month - 0.08%), 2.40%, 07/11/19		1,185,425		1,185,425,000
(SOFRATE + 0.02%), 2.50%, 07/17/19		128,310		128,310,000
(LIBOR USD 1 Month - 0.11%), 2.36%, 08/13/19		340,000		340,000,000
(LIBOR USD 1 Month - 0.08%), 2.40%, 08/27/19		674,395		674,395,000
(SOFRATE + 0.02%), 2.50%, 08/27/19		243,500		243,500,000
(LIBOR USD 1 Month - 0.06%), 2.42%, 09/11/19		221,800		221,800,000
(LIBOR USD 1 Month - 0.07%), 2.41%, 09/17/19		439,845		439,845,000
(LIBOR USD 1 Month - 0.06%), 2.42%, 09/27/19		465,020		465,020,000
(LIBOR USD 3 Month - 0.16%), 2.42%, 10/29/19		312,000		312,000,000
(SOFRATE + 0.01%), 2.49%, 11/13/19		572,310		572,310,000
(SOFRATE + 0.03%), 2.51%, 12/06/19		202,070		202,070,000
(LIBOR USD 3 Month - 0.14%), 2.49%, 12/19/19		386,860		386,860,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 01/14/20		231,175		231,175,000
(SOFRATE + 0.05%), 2.53%, 01/17/20		40,940		40,940,000
(LIBOR USD 1 Month - 0.06%), 2.43%, 02/20/20		485,555		485,555,000
(LIBOR USD 1 Month - 0.06%), 2.42%, 02/24/20		844,020		844,020,000
(LIBOR USD 1 Month - 0.04%), 2.44%, 02/25/20		397,610		397,610,000
(LIBOR USD 1 Month - 0.04%), 2.43%, 04/17/20		567,375		567,375,000

12 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
(LIBOR USD 3 Month - 0.14%), 2.45%, 04/20/20		USD   540,285	$	540,285,000
(LIBOR USD 1 Month - 0.02%), 2.49%, 06/01/20		203,445		203,445,000
(LIBOR USD 1 Month - 0.01%), 2.46%, 07/15/20		238,000		238,000,000
(SOFRATE + 0.08%), 2.55%, 07/24/20		116,795		116,795,000
(LIBOR USD 1 Month - 0.03%), 2.45%, 08/04/20		244,380		244,380,000
(LIBOR USD 3 Month - 0.13%), 2.49%, 12/21/20		538,800		538,800,000
(SOFRATE + 0.12%), 2.59%, 03/12/21		516,420		516,420,000
Federal Home Loan Mortgage Corp. Discount Notes, 2.32%, 05/20/19(b)		220,920		220,640,168
Total U.S. Government Sponsored Agency Obligations — 35.6% (Cost: $32,101,434,320)				32,101,434,320
U.S. Treasury Obligations — 18.0%
U.S. Treasury Bills(b):
2.34%, 05/28/19		510,295		509,378,452
2.35%, 05/30/19		1,144,015		1,141,733,760
2.35%, 06/06/19		421,820		420,769,398
2.38%, 06/13/19		440		438,736
2.39%, 06/18/19		38,125		38,003,352
2.37%, 06/20/19		135,205		134,777,790
2.39%, 06/25/19		175,000		174,363,681
2.39%, 07/05/19		1,055,460		1,050,925,366
2.39%, 07/11/19		378,010		376,239,391
2.39%, 07/18/19		1,415,200		1,407,686,520
2.38%, 07/25/19		838,400		833,550,089
2.41%, 08/15/19		278,685		276,674,597
2.40%, 08/22/19		578,285		573,828,752

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
2.39%, 08/29/19		USD    1,204,000	$	1,194,147,267
2.40%, 09/05/19		899,955		892,144,890
2.42%, 10/03/19		231,430		229,063,467
2.42%, 10/10/19		157,335		155,633,495
2.42%, 10/17/19		39,325		38,883,784
2.42%, 10/31/19		181,820		179,628,696
2.38%, 01/30/20		175,060		171,742,321
2.38%, 02/27/20		773,680		758,209,992
2.37%, 04/23/20		1,021,690		997,712,071
U.S. Treasury Notes:
1.63%, 06/30/19		139,080		138,889,318
0.75%, 07/15/19		42,655		42,502,657
0.88%, 07/31/19		82,375		82,048,993
1.38%, 07/31/19		201,730		201,172,459
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.47%, 07/31/19(a)		91,945		91,954,833
1.00%, 09/30/19		99,130		98,506,777
1.50%, 10/31/19		81,945		81,526,882
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 04/30/20(a)		116,540		116,554,265
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 07/31/20(a)		1,389,440		1,389,440,000
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/20(a)		1,400,000		1,397,807,400
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 01/31/21(a)		1,034,155		1,033,877,160
Total U.S. Treasury Obligations — 18.0% (Cost: $16,229,816,611)				16,229,816,611
Total Repurchase Agreements — 44.1% (Cost: $39,862,671,966)				39,862,671,966
Total Investments — 97.7% (Cost: $88,193,922,897)(c)				88,193,922,897
Other Assets Less Liabilities — 2.3%				2,070,754,564
Net Assets — 100.0%			$	90,264,677,461

^(a) Variable rate security. Rate shown is the rate in effect as of period end.

^(b) Rates are the current rate or a range of current rates as of period end.

^(c) Cost for U.S. federal income tax purposes.

Repurchase Agreements

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Bank of Montreal		2.43	%(a)		04/11/19		05/14/19	$	600,000	$	600,000	$	601,336,500	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.45%, due 05/23/19 to 12/20/68	$	976,413,505	$	617,882,736
		2.43	(a)		04/18/19		05/14/19		300,000		300,000		300,526,500	U.S. Treasury Obligations, 0.00% to 3.13%, due 05/23/19 to 02/15/49		306,460,900		306,000,023
		2.45			04/29/19		05/06/19		285,000		285,000		285,135,771	U.S. Treasury Obligations, 0.00% to 3.88%, due 05/23/19 to 08/15/48		293,237,400		290,700,001

SCHEDULES      OF     INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.74	%		04/30/19		05/01/19	$	8,000	$	8,000	$	8,000,609	U.S. Treasury Obligations, 0.38% to 3.88%, due 07/31/23 to 08/15/40	$	7,964,200	$	8,160,051
Total Bank of Montreal										$	1,193,000						$	1,222,742,811
Bank of Nova Scotia (The)		2.75			04/30/19		05/01/19		5,000		5,000		5,000,382	U.S. Treasury Obligations, 0.00% to 3.63%, due 06/20/19 to 07/15/21		5,049,800		5,100,469
Barclays Bank plc		2.43			04/24/19		05/01/19		1,000,000		1,000,000		1,000,472,500	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 03/01/30 to 01/01/49		1,137,702,860		1,030,000,000
		2.43			04/25/19		05/02/19		1,200,000		1,200,000		1,200,567,000	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.00%, due 06/01/19 to 05/01/56		1,482,147,193		1,230,359,271
		2.48			04/29/19		05/06/19		1,000,000		1,000,000		1,000,482,222	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 02/01/39 to 01/01/49		1,191,336,460		1,030,000,000
		2.51	(a)		04/30/19		05/08/19		100,000		100,000		100,055,778	U.S. Government Sponsored Agency Obligations, 0.68% to 6.50%, due 01/15/22 to 03/20/65		5,097,006,284		105,000,000
		2.51			04/30/19		05/07/19		500,000		500,000		500,244,028	U.S. Government Sponsored Agency Obligations, 3.50% to 4.50%, due 09/20/47 to 04/20/49		532,262,954		510,000,000
		2.75			04/30/19		05/01/19		15,000		15,000		15,001,146	U.S. Treasury Obligation, 0.00%, due 06/13/19		15,344,100		15,300,032
Total Barclays Bank plc										$	3,815,000						$	3,920,659,303
BMO Capital Markets Corp		2.44	(a)		04/09/19		05/14/19		375,000		375,000		375,889,583	U.S. Government Sponsored Agency Obligations, 3.00% to 5.50%, due 12/01/19 to 02/20/69		384,565,900		383,021,368
		2.45	(a)		04/11/19		05/14/19		50,000		50,000		50,112,292	U.S. Government Sponsored Agency Obligations, 0.22% to 9.50%, due 12/20/20 to 03/20/69		877,356,745		52,169,955
		2.76			04/30/19		05/01/19		120,000		120,000		120,009,200	U.S. Government Sponsored Agency Obligations, 1.88% to 5.50%, due 03/31/20 to 04/01/69		157,061,657		122,559,061
Total BMO Capital Markets Corp.										$	545,000						$	557,750,384
BNP Paribas SA		2.45			04/29/19		05/06/19		1,000,000		1,000,000		1,000,476,389	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/28/19 to 02/15/48		1,026,993,000		1,020,000,000

14 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.47	%		04/30/19		05/07/19	$	300,000	$	300,000	$	300,144,083	U.S. Treasury Obligations, 0.00% to 7.25%, due 02/27/20 to 11/15/45	$	296,590,771	$	306,000,000
		2.50	(a)		04/30/19		05/08/19		400,000		400,000		400,222,222	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 9.26%, due 08/15/21 to 08/25/54		10,542,800,149		418,485,736
		2.64	(a)		04/30/19		06/05/19		100,000		100,000		100,263,588	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.50%, due 05/15/22 to 03/20/49		1,134,055,722		103,743,927
		2.75			04/30/19		05/01/19		1,000		1,000		1,000,076	U.S. Treasury Obligation, 1.88%, due 12/15/20		1,020,400		1,020,059
		2.77			04/30/19		05/01/19		264,000		264,000		264,020,313	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.50%, due 05/23/19 to 05/25/49		706,716,186		271,195,157
Total BNP Paribas SA										$	2,065,000						$	2,120,444,879
Citibank NA		2.75			04/30/19		05/01/19		150,000		150,000		150,011,458	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 8.00%, due 08/31/19 to 08/15/46		150,156,900		153,000,073
Citigroup Global Markets, Inc.		2.41			04/24/19		05/01/19		16,000		16,000		16,007,498	U.S. Treasury Obligations, 1.63% to 3.00%, due 11/30/20 to 11/15/45		16,449,600		16,320,001
		2.51	(a)		04/30/19		05/01/19		500,000		500,000		500,034,861	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 10.00%, due 12/01/19 to 11/25/58		1,800,058,860		536,423,843
		2.75	(b)		04/30/19		05/01/19		60,000		60,000		60,004,583	U.S. Treasury Obligations, 0.13% to 3.00%, due 04/15/20 to 08/15/45		60,386,084		61,200,007
Total Citigroup Global Markets, Inc										$	576,000						$	613,943,851
Credit Agricole Corporate & Investment Bank SA		2.72	(b)		04/30/19		05/01/19		255,000		255,000		255,019,267	U.S. Treasury Obligations, 1.38% to 2.75%, due 08/15/21 to 11/15/47		262,912,489		260,100,007
Credit Suisse AG		2.49			04/30/19		05/07/19		250,000		250,000		250,121,042	U.S. Government Sponsored Agency Obligations, 0.00% to 8.00%, due 09/25/24 to 04/20/49		1,441,223,718		255,139,020

SCHEDULES     OF     INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.56	%(a)		04/30/19		06/05/19	$	900,000	$	900,000	$	902,300,293	U.S. Government Sponsored Agency Obligations, 0.00% to 8.50%, due 04/15/21 to 03/25/49	$	12,380,010,993	$	940,824,848
Total Credit Suisse AG										$	1,150,000						$	1,195,963,868
Deutsche Bank AG		2.75			04/30/19		05/01/19		200,000		200,000		200,015,278	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/07/19 to 02/15/46		172,652,100		204,000,010
Goldman Sachs & Co. LLC		2.41			04/24/19		05/01/19		350,000		350,000		350,164,014	U.S. Treasury Obligations, 0.00% to 2.55%, due 10/10/19 to 05/15/27		401,856,860		357,000,000
		2.42			04/24/19		05/01/19		700,000		700,000		700,329,389	U.S. Government Sponsored Agency Obligations, 2.50% to 6.00%, due 07/15/21 to 04/15/58		1,294,644,481		714,081,146
		2.43			04/25/19		05/02/19		500,000		500,000		500,236,250	U.S. Government Sponsored Agency Obligations, 2.50% to 5.50%, due 01/15/26 to 03/20/49		797,282,245		510,000,000
		2.49			04/24/19		05/01/19		220,000		220,000		220,106,517	U.S. Government Sponsored Agency Obligations, 2.50% to 6.50%, due 12/20/26 to 05/15/61		373,338,096		224,462,919
		2.71	(a)		04/30/19		06/05/19		1,114,500		1,114,500		1,117,520,296	U.S. Government Sponsored Agency Obligations, 2.50% to 9.00%, due 09/01/20 to 06/01/56		2,066,211,764		1,147,935,000
Total Goldman Sachs & Co. LLC										$	2,884,500						$	2,953,479,065
HSBC Securities USA, Inc.		2.42			04/25/19		05/02/19		1,411,915		1,411,915		1,412,579,384	U.S. Treasury Obligations, 0.00% to 4.50%, due 09/05/19 to 02/15/49		1,912,334,304		1,440,153,303
		2.43			04/25/19		05/02/19		1,375,000		1,375,000		1,375,649,687	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.00%, due 06/14/19 to 02/01/49		1,963,347,086		1,403,841,991
		2.46	(c)		04/30/19		05/01/19		335,000		335,000		335,022,892	U.S. Treasury Obligations, 0.63% to 2.88%, due 10/31/20 to 01/15/26		343,920,000		341,700,078
		2.47	(c)		04/30/19		05/01/19		786,000		786,000		786,053,928	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.63%, due 05/09/19 to 12/01/48		1,162,298,266		804,033,283
		2.48			04/30/19		05/07/19		1,028,000		1,028,000		1,028,495,724	U.S. Treasury Obligations, 0.00% to 8.50%, due 05/31/19 to 08/15/46		1,329,251,017		1,048,560,000

16 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.76	%		04/30/19		05/01/19	$	2,000	$	2,000	$	2,000,153	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.63%, due 10/12/21 to 03/01/49	$	1,995,973	$	2,041,800
Total HSBC Securities USA, Inc.										$	4,937,915						$	5,040,330,455
JP Morgan Chase Bank NA		2.78			04/30/19		05/01/19		221,025		221,025		221,042,392	U.S. Treasury Obligation, 2.88%, due 04/30/25		219,412,000		225,462,898
		2.78			04/30/19		05/01/19		762,088		762,088		762,146,718	U.S. Treasury Obligation, 2.63%, due 03/31/25		764,900,000		777,388,475
		2.78			04/30/19		05/01/19		1,016,888		1,016,888		1,016,966,026	U.S. Treasury Obligation, 1.63%, due 05/15/26		1,084,680,000		1,037,303,776
		2.80			04/29/19		05/01/19		500,000		500,000		500,077,802	U.S. Treasury Obligation, 2.75%, due 08/31/25		497,561,000		510,038,914
Total JP Morgan Chase Bank NA										$	2,500,001						$	2,550,194,063
JP Morgan Securities LLC		2.49	(a)		04/30/19		05/08/19		500,000		500,000		500,276,209	U.S. Government Sponsored Agency Obligations, 0.00% to 6.50%, due 06/25/22 to 03/16/61		11,494,410,724		525,000,000
		2.49	(a)		04/30/19		05/08/19		885,000		885,000		885,488,890	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 05/25/26 to 04/16/61		16,380,953,285		929,250,000
		2.55	(c)		04/30/19		05/01/19		350,000		350,000		350,024,792	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 07/15/25 to 07/16/60		7,220,857,306		367,500,000
		2.66	(a)		04/30/19		06/05/19		334,500		334,500		335,388,391	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 05/15/25 to 07/25/57		3,969,059,706		351,225,000
		2.75			04/30/19		05/01/19		4,000		4,000		4,000,306	U.S. Treasury Obligations, 0.00% to 2.88%, due 05/23/19 to 05/15/28		3,907,500		4,080,013
		2.77			04/30/19		05/01/19		1,195,000		1,195,000		1,195,091,949	U.S. Government Sponsored Agency Obligations, 2.14% to 7.50%, due 02/20/23 to 08/15/60		1,301,642,768		1,218,900,000
Total JP Morgan Securities LLC										$	3,268,500						$	3,395,955,013
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.73			04/30/19		05/01/19		7,000		7,000		7,000,531	U.S. Treasury Obligation, 0.13%, due 01/15/22		6,445,500		7,140,042
		2.73			04/30/19		05/01/19		96,000		96,000		96,007,280	U.S. Treasury Obligations, 2.55% to 4.25%, due 04/30/21 to 11/15/40		89,777,100		97,920,013
		2.73	(b)		04/30/19		05/01/19		300,000		300,000		300,022,750	U.S. Treasury Obligations, 0.00% to 6.50%, due 07/15/19 to 11/15/48		262,796,820		306,000,015

SCHEDULES     OF     INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.75	%		04/30/19		05/01/19	$	5,000	$	5,000	$	5,000,382	U.S. Government Sponsored Agency Obligations, 4.00% to 5.00%, due 11/20/48 to 04/20/49	$	4,880,874	$	5,100,000
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	408,000						$	416,160,070
Mizuho Securities USA LLC		2.43			04/24/19		05/01/19		1,000,000		1,000,000		1,000,472,500	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.13% to 8.75%, due 10/31/19 to 11/15/48		928,229,535		1,020,091,320
		2.61	(a)		04/30/19		06/05/19		750,000		750,000		751,956,374	U.S. Government Sponsored Agency Obligations, 0.00% to 13.08%, due 09/25/19 to 10/25/57		12,852,103,918		787,134,771
		2.75			04/30/19		05/01/19		5,000		5,000		5,000,382	U.S. Treasury Obligation, 3.00%, due 10/31/25		4,926,500		5,100,006
Total Mizuho Securities USA LLC										$	1,755,000						$	1,812,326,097
Morgan Stanley & Co. LLC		2.77			04/30/19		05/01/19		1,000,000		1,000,000		1,000,076,944	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 9.50%, due 11/20/19 to 04/20/49		1,137,203,480		1,020,000,935
MUFG Securities Americas, Inc.		2.74			04/30/19		05/01/19		75,000		75,000		75,005,708	U.S. Government Sponsored Agency Obligations, 0.00% to 5.66%, due 11/15/19 to 11/20/48		91,404,543		78,110,398
		2.75			04/30/19		05/01/19		1,194,000		1,194,000		1,194,091,208	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 06/27/19 to 11/16/59		3,662,860,599		1,227,927,152
Total MUFG Securities Americas, Inc.										$	1,269,000						$	1,306,037,550
Natixis SA		2.47	(c)		04/30/19		05/01/19		650,000		650,000		650,044,597	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.00%, due 06/20/19 to 04/20/49		831,344,115		664,198,521
		2.48	(a)		04/30/19		05/08/19		1,000,000		1,000,000		1,000,550,778	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 24.50%, due 06/20/19 to 09/20/68		14,515,565,577		1,045,476,199
		2.77			04/30/19		05/01/19		50,000		50,000		50,003,847	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.00%, due 06/20/19 to 03/20/49		61,964,410		51,368,390
Total Natixis SA										$	1,700,000						$	1,761,043,110

18 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Nomura Securities International, Inc.		2.75	%		04/30/19		05/01/19	$	900,000	$	900,000	$	900,068,750	U.S. Treasury Obligations, 0.00% to 4.63%, due 06/30/19 to 08/15/48	$	924,650,063	$	918,000,084
		2.77			04/30/19		05/01/19		1,440,000		1,440,000		1,440,110,800	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 9.00%, due 05/25/19 to 03/20/69		2,371,299,123		1,478,345,914
Total Nomura Securities International, Inc.										$	2,340,000						$	2,396,345,998
Prudential Insurance Co. of America		2.77			04/30/19		05/01/19		19,635		19,635		19,636,511	U.S. Treasury Obligation, 0.00%, due 08/15/37		34,000,000		20,029,211
		2.77			04/30/19		05/01/19		259,657		259,657		259,677,479	U.S. Treasury Obligation, 2.88%, due 08/15/45		267,000,000		264,870,629
		2.77			04/30/19		05/01/19		10,507		10,507		10,508,308	U.S. Treasury Obligation, 0.00%, due 05/15/37		18,000,000		10,718,369
		2.77			04/30/19		05/01/19		23,144		23,144		23,145,531	U.S. Treasury Obligation, 0.00%, due 05/15/33		35,000,000		23,608,581
		2.77			04/30/19		05/01/19		21,525		21,525		21,526,656	U.S. Treasury Obligation, 0.00%, due 11/15/30		30,000,000		21,957,156
		2.77			04/30/19		05/01/19		21,525		21,525		21,526,656	U.S. Treasury Obligation, 0.00%, due 08/15/35		35,000,000		21,957,156
		2.77			04/30/19		05/01/19		24,094		24,094		24,095,604	U.S. Treasury Obligation, 2.75%, due 11/15/42		25,000,000		24,577,354
		2.77			04/30/19		05/01/19		120,669		120,669		120,678,035	U.S. Treasury Obligation, 0.00%, due 05/15/39		215,000,000		123,092,485
Total Prudential Insurance Co. of America										$	500,756						$	510,810,941
RBC Capital Markets LLC		2.74			04/30/19		05/01/19		75,000		75,000		75,005,708	U.S. Government Sponsored Agency Obligations, 0.00% to 7.50%, due 10/16/20 to 02/16/50		86,905,171		77,857,504
Societe Generale SA		2.44			04/24/19		05/01/19		1,000,000		1,000,000		1,000,474,444	U.S. Government Sponsored Agency Obligations, 0.00% to 5.97%, due 01/01/20 to 05/01/58		1,658,474,394		1,023,108,040
		2.45	(a)		04/30/19		05/08/19		1,420,000		1,420,000		1,420,773,112	U.S. Treasury Obligations, 0.00% to 8.13%, due 05/09/19 to 02/15/48		1,525,136,021		1,448,400,048
		2.47			04/29/19		05/06/19		850,000		850,000		850,408,236	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.96%, due 09/12/19 to 04/01/49		1,369,280,332		870,753,855
		2.47			04/30/19		05/07/19		297,000		297,000		297,142,643	U.S. Treasury Obligations, 0.00% to 6.50%, due 05/23/19 to 05/15/45		297,521,700		302,940,038
		2.76			04/30/19		05/01/19		1,000,000		1,000,000		1,000,076,667	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 1.13% to 5.00%, due 09/06/19 to 01/20/49		1,301,092,879		1,020,239,121
Total Societe Generale SA										$	4,567,000						$	4,665,441,102

SCHEDULES     OF     INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) April 30, 2019 FedFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
TD Securities USA LLC		2.75	%		04/30/19		05/01/19	$	2,000	$	2,000	$	2,000,153	U.S. Treasury Obligations, 1.50% to 2.63%, due 02/28/23 to 02/15/29	$	2,093,300	$	2,040,096
		2.77			04/30/19		05/01/19		1,000		1,000		1,000,077	U.S. Government Sponsored Agency Obligation, 4.00%, due 03/01/49		1,007,090		1,030,000
Total TD Securities USA LLC										$	3,000						$	3,070,096
Wells Fargo Securities LLC		2.49	(c)		04/30/19		05/01/19		450,000		450,000		450,031,125	U.S. Government Sponsored Agency Obligations, 3.50% to 4.00%, due 01/01/49 to 04/01/49		458,021,092		463,500,000
		2.50			04/29/19		05/06/19		1,000,000		1,000,000		1,000,486,111	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 12/01/33 to 04/01/49		1,021,212,235		1,030,000,001
		2.75			04/30/19		05/01/19		25,000		25,000		25,001,910	U.S. Treasury Obligation, 2.50%, due 01/15/22		25,176,700		25,500,004
		2.75	(b)		04/30/19		05/01/19		25,000		25,000		25,001,910	U.S. Treasury Obligations, 0.13% to 3.38%, due 07/15/22 to 02/15/46		23,802,096		25,499,998
		2.77			04/30/19		05/01/19		1,200,000		1,200,000		1,200,092,333	U.S. Government Sponsored Agency Obligations, 3.50% to 4.65%, due 01/01/34 to 05/01/49		1,222,094,702		1,236,000,001
Total Wells Fargo Securities LLC										$	2,700,000						$	2,780,500,004
										$	39,862,672						$	40,943,257,658

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

^(b)  Traded in a joint account.

^(c)  Variable rate security. Rate shown is the rate in effect 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 Securities(a)	$	—	$	88,193,922,897	$	—	$	88,193,922,897

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

20 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2019 TempCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit — 30.2%
Domestic — 1.2%(a)
Bank of America NA, (LIBOR USD 1 Month + 0.10%), 2.57%, 10/15/19	USD	18,000	$	17,998,778
HSBC Bank USA NA, (LIBOR USD 1 Month + 0.13%), 2.61%, 10/29/19		79,000		79,000,000
				96,998,778
Euro — 5.3%
Credit Industriel et Commercial, 2.69%, 02/10/20(b)		70,000		68,566,828
Credit Industriel et Commercial SA(b):
2.88%, 08/01/19		60,000		59,608,714
2.86%, 11/07/19		47,000		46,363,637
DZ Bank AG Deutsche Zentral- Genossenschaftsbank, 2.66%, 06/13/19		60,000		60,005,009
KBC Bank NV, 2.68%, 08/21/19		75,000		75,019,363
Mizuho Bank Ltd., 2.73%, 05/06/19(b)		50,000		49,979,400
MUFG Bank Ltd., 2.61%, 05/28/19(b)		70,000		69,865,618
				429,408,569
Yankee — 23.7%(c)
Bank of Montreal, Chicago:
(LIBOR USD 1 Month + 0.18%), 2.65%, 05/09/19(a)		5,000		5,000,044
(LIBOR USD 1 Month + 0.40%), 2.88%, 12/10/19(a)		55,000		55,086,582
(LIBOR USD 1 Month + 0.42%), 2.89%, 01/17/20(a)		40,000		40,080,043
(LIBOR USD 3 Month + 0.05%), 2.68%, 03/02/20(a)		40,000		39,999,776
2.70%, 03/19/20		35,000		35,043,408
Bank of Nova Scotia, Houston(a):
(SOFRATE + 0.43%), 2.91%, 05/16/19		35,000		35,004,288
(LIBOR USD 1 Month + 0.34%), 2.83%, 08/20/19		30,000		30,024,273
Barclays Bank plc, New York, 2.82%, 05/08/19		70,000		70,005,605
BNP Paribas SA, New York(a):
(LIBOR USD 3 Month + 0.10%), 2.69%, 07/08/19		60,000		60,010,603
(LIBOR USD 1 Month + 0.14%), 2.62%, 09/18/19		50,000		50,007,613
Canadian Imperial Bank of Commerce, New York:
(LIBOR USD 1 Month + 0.30%), 2.78%, 07/25/19(a)		35,000		35,016,056
3.08%, 10/28/19		25,000		25,062,003
(LIBOR USD 1 Month + 0.40%), 2.88%, 12/30/19(a)		25,000		25,043,757
Credit Agricole Corporate and Investment Bank, New York, (LIBOR USD 3 Month + 0.13%), 2.76%, 03/20/20(a)		40,000		39,999,752
Credit Industriel et Commercial, New York(a):
(LIBOR USD 1 Month + 0.27%), 2.74%, 05/08/19		40,000		40,000,768
(LIBOR USD 1 Month + 0.12%), 2.61%, 10/23/19		55,000		54,993,962
Credit Suisse AG, New York:
(LIBOR USD 1 Month + 0.14%), 2.61%, 10/10/19(a)		21,000		21,001,861
2.69%, 11/04/19		40,000		40,015,275
Dexia Credit Local SA, New York, (LIBOR USD 1 Month + 0.20%), 2.68%, 09/25/19(a)		40,000		40,015,634
DZ Bank AG Deutsche Zentral- Genossenschaftsbank, New York, 2.65%, 08/20/19		50,000		50,014,675

Security	Par (000)		Value
Yankee (continued)
Mitsubishi UFJ Trust & Banking Corp., New York:
(LIBOR USD 1 Month + 0.32%), 2.79%, 05/07/19(a)	USD	55,000	$	55,003,946
2.57%, 06/13/19		75,000		75,005,673
Mizuho Bank Ltd., New York: 2.70%, 05/23/19 - 09/17/19		85,610		85,640,233
Natixis SA, New York:
2.65%, 12/17/19		75,100		75,121,480
2.72%, 04/03/20		60,000		60,036,270
Oversea-Chinese Banking Corp. Ltd., New York:
2.57%, 07/19/19		50,000		50,001,033
(LIBOR USD 1 Month + 0.10%), 2.58%, 10/11/19(a)		25,000		24,998,699
Royal Bank of Canada, New York(a):
(LIBOR USD 1 Month + 0.20%), 2.70%, 05/01/19		35,000		35,000,276
(LIBOR USD 1 Month + 0.31%), 2.79%, 08/16/19		30,000		30,021,104
Standard Chartered Bank, New York(a):
(LIBOR USD 1 Month + 0.16%), 2.64%, 10/16/19		59,000		59,007,961
(LIBOR USD 1 Month + 0.14%), 2.62%, 10/31/19		75,000		75,000,521
Sumitomo Mitsui Banking Corp., New York:
(LIBOR USD 1 Month + 0.32%), 2.81%, 05/02/19(a)		50,000		50,001,059
2.78%, 05/10/19		54,000		54,005,288
Sumitomo Mitsui Trust Bank Ltd., New York(a):
(LIBOR USD 1 Month + 0.10%), 2.58%, 08/28/19		48,000		47,996,737
(LIBOR USD 3 Month + 0.20%), 2.81%, 05/18/20		38,000		37,999,471
Svenska Handelsbanken, New York:
2.59%, 06/04/19		55,000		55,006,562
(LIBOR USD 1 Month + 0.30%), 2.77%, 08/06/19(a)		25,000		25,014,941
(LIBOR USD 1 Month + 0.12%), 2.60%, 11/25/19(a)		75,000		74,994,354
(LIBOR USD 1 Month + 0.37%), 2.84%, 12/06/19(a)		35,000		35,049,247
Toronto-Dominion Bank, New York:
2.57%, 07/17/19		65,000		65,006,885
(LIBOR USD 1 Month + 0.11%), 2.59%, 10/11/19(a)		55,000		54,999,626
				1,916,337,344
Total Certificates of Deposit — 30.2% (Cost: $2,441,953,693)				2,442,744,691
Commercial Paper — 34.8%
Alpine Securitization Ltd., 2.63%, 07/08/19(d)		40,000		40,004,862
Antalis SA(b):
2.55%, 06/13/19		16,080		16,030,690
2.60%, 07/15/19		30,000		29,838,437
Atlantic Asset Securitization LLC, 2.59%, 06/14/19(b)		22,377		22,305,673
Bank of Nova Scotia (The), 2.51%, 05/30/19(b)		15,000		14,969,125
Banque et Caisse d’Epargne de l’Etat(b):
2.53%, 06/20/19		13,000		12,954,180
2.58%, 07/05/19		22,000		21,897,795
Barclays Bank plc(b):
2.43%, 05/01/19		150,000		149,990,013
2.72%, 07/15/19(d)		23,000		22,870,551

SCHEDULES     OF     INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper (continued)
2.78%, 08/08/19(d)	USD	43,000	$	42,674,753
2.79%, 08/09/19(d)		21,000		20,839,275
Bedford Row Funding Corp.(a):
(LIBOR USD 3 Month + 0.14%), 2.77%, 06/19/19		30,000		30,006,040
(LIBOR USD 1 Month + 0.22%), 2.70%, 08/26/19		23,500		23,501,837
(LIBOR USD 1 Month + 0.22%), 2.70%, 09/05/19		40,000		40,016,854
(LIBOR USD 1 Month + 0.36%), 2.83%, 01/08/20		40,000		40,057,629
Bennington Stark Capital Co. LLC(b)(d):
2.53%, 05/01/19		50,000		49,996,541
2.53%, 05/06/19		35,000		34,985,475
BPCE SA, 2.63%, 10/01/19(b)		70,000		69,232,823
CAFCO LLC, 2.55%, 06/11/19(b)		50,000		49,853,817
Canadian Imperial Bank of Commerce, (LIBOR USD 1 Month + 0.20%), 2.69%, 05/02/19(a)		25,000		25,000,384
Chariot Funding LLC:
2.51%, 05/14/19(b)		50,000		49,951,991
(LIBOR USD 1 Month + 0.25%), 2.72%, 08/15/19(a)		42,000		42,021,864
(LIBOR USD 1 Month + 0.19%), 2.67%, 02/05/20(a)		35,000		35,006,307
Commonwealth Bank of Australia(a):
(LIBOR USD 3 Month + 0.60%), 3.23%, 12/19/19(d)		25,000		25,092,932
(LIBOR USD 3 Month + 0.05%), 2.65%, 04/06/20		40,000		39,999,888
Crown Point Capital Co. LLC(d):
2.66%, 07/12/19		41,250		41,257,868
2.64%, 08/05/19		40,000		40,004,568
2.72%, 09/03/19		65,000		65,024,121
DBS Bank Ltd.(b):
2.58%, 07/23/19		40,000		39,764,053
2.67%, 10/02/19		72,000		71,194,001
DNB Bank ASA, (LIBOR USD 1 Month + 0.10%), 2.59%, 11/01/19(a)		30,000		30,000,000
Federation des Caisses Desjardins du Quebec:
(LIBOR USD 1 Month + 0.30%), 2.78%, 06/18/19(a)		6,000		6,002,471
(LIBOR USD 1 Month + 0.22%), 2.69%, 08/13/19(a)		30,000		30,012,986
(LIBOR USD 1 Month + 0.22%), 2.70%, 08/16/19(a)		34,000		34,014,725
2.62%, 02/21/20(b)		30,000		29,369,618
Glencove Funding DAC(b)(d):
2.61%, 06/11/19		40,000		39,880,253
2.66%, 07/09/19		48,000		47,756,680
ING US Funding LLC, (LIBOR USD 1 Month + 0.37%), 2.85%, 10/04/19(a)		58,000		58,065,661
Kells Funding LLC(b)(d):
2.53%, 06/12/19		15,000		14,955,441
2.54%, 06/18/19		50,000		49,829,793
Landesbank Hessen-Thueringen Girozentrale, 2.61%, 09/23/19(b)		36,000		35,627,846
Lexington Parker Capital Co. LLC, 2.54%, 05/07/19(b)		113,000		112,945,070
Liberty Street Funding LLC, 2.52%, 05/20/19(b)		25,000		24,965,597
Mitsubishi UFJ Trust & Banking Corp., 2.57%, 07/01/19(b)		25,000		24,891,414
National Bank of Canada, (LIBOR USD 1 Month + 0.11%), 2.59%, 10/11/19(a)		47,000		47,001,807
National Securities Clearing Corp.(b): 2.50%, 06/12/19		32,000		31,906,088

Security	Par (000)		Value
Commercial Paper (continued)
2.72%, 12/12/19	USD	30,000	$	29,502,047
2.81%, 02/26/20		52,000		50,813,475
Nordea Bank Abp(b):
2.49%, 06/12/19		15,000		14,956,176
2.74%, 04/27/20		50,000		48,664,462
Oversea-Chinese Banking Corp. Ltd.:
(LIBOR USD 1 Month + 0.11%), 2.58%, 09/06/19(a)		20,000		20,000,849
(LIBOR USD 1 Month + 0.11%), 2.59%, 09/11/19(a)		27,000		27,001,349
(LIBOR USD 1 Month + 0.11%), 2.59%, 09/12/19(a)		27,000		27,001,342
2.67%, 10/18/19(b)		45,000		44,444,036
Royal Bank of Canada, (SOFRATE + 0.51%), 2.99%, 01/09/20(a)		50,000		50,104,026
Starbird Funding Corp., 2.54%, 06/03/19(b)		40,000		39,905,744
Sumitomo Mitsui Trust Bank Ltd., 2.54%, 06/24/19(b)		45,000		44,828,331
Swedbank AB, 2.53%, 06/11/19(b)		33,500		33,402,682
Thunder Bay Funding LLC, 2.54%, 06/03/19(b)		14,000		13,967,011
Toronto-Dominion Bank, 2.44%, 05/01/19(b).		175,000		174,988,324
Toronto-Dominion Bank (The), (LIBOR USD 1 Month + 0.12%), 2.60%, 11/25/19(a)		50,000		49,996,374
UBS AG(a):
(LIBOR USD 3 Month + 0.32%), 2.95%, 05/28/19(d)		48,835		48,847,307
(LIBOR USD 1 Month + 0.42%), 2.91%, 06/19/19		30,000		30,017,632
(LIBOR USD 1 Month + 0.40%), 2.89%, 07/02/19		50,000		50,033,647
(LIBOR USD 3 Month + 0.20%), 2.79%, 07/23/19		30,000		30,012,785
(LIBOR USD 3 Month + 0.18%), 2.92%, 08/01/19		35,000		35,014,722
(LIBOR USD 3 Month + 0.32%), 2.95%, 12/19/19		29,000		29,048,833
Westpac Banking Corp.(a):
(LIBOR USD 1 Month + 0.02%), 2.67%, 08/19/19		20,000		20,006,340
(LIBOR USD 1 Month + 0.30%), 2.78%, 01/10/20		40,000		40,041,356
(LIBOR USD 3 Month + 0.04%), 2.78%, 02/03/20		45,000		44,999,991
Total Commercial Paper — 34.8% (Cost: $2,820,410,261)				2,821,168,638
Time Deposits — 6.9%
Credit Agricole Corporate and Investment Bank SA, 2.38%, 05/01/19		45,565		45,565,000
Landesbank Hessen-Thuringen Girozentrale:
2.50%, 05/01/19		72,000		72,000,000
2.50%, 05/07/19		89,000		89,000,000
National Bank of Canada, 2.45%, 05/01/19 .		225,000		225,000,000
Standard Chartered Bank, 2.45%, 05/02/19 .		125,000		125,000,000
Total Time Deposits — 6.9% (Cost: $556,565,000)				556,565,000

22 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations — 0.6%
U.S. Treasury Bills, 2.37%, 06/20/19(b)		USD    50,000	$	49,834,705
Total U.S. Treasury Obligations — 0.6% (Cost: $49,833,264)				49,834,705

	Value
Total Repurchase Agreements — 25.2% (Cost: $2,042,500,702)	$	2,042,500,702
Total Investments — 97.7% (Cost: $7,911,262,920)(e)		7,912,813,736
Other Assets Less Liabilities — 2.3%		187,625,489
Net Assets — 100.0%	$	8,100,439,225

^(a)  Variable rate security. Rate shown is the rate in effect as of period end.

^(b)  Rates are the current rate or a range of current rates as of period end.

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

^(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)  Cost for U.S. federal income tax purposes.

Repurchase Agreements

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Barclays Bank plc		2.55	%(a)		04/30/19		05/01/19	$	38,000	$	38,000	$	38,002,692	Corporate/Debt Obligations, 3.05% to 5.00%, due 03/25/22 to 12/31/49	$	38,377,000	$	39,900,805
		2.58	(a)		04/30/19		05/01/19		13,000		13,000		13,000,932	Corporate/Debt Obligations, 4.25% to 4.54%, due 04/15/26 to 03/26/42		13,177,134		13,650,731
		2.78	(a)		04/30/19		05/01/19		15,000		15,000		15,001,158	Corporate/Debt Obligations, 5.18% to 8.38%, due 11/15/22 to 03/01/41		21,858,447		17,198,153
		2.98	(b)		04/30/19		08/04/19		13,000		13,000		13,103,307	Corporate/Debt Obligations, 3.35% to 4.25%, due 09/15/25 to 04/15/26		13,473,866		13,650,001
Total Barclays Bank plc										$	79,000						$	84,399,690
BNP Paribas SA		2.53	(a)		04/30/19		05/01/19		11,000		11,000		11,000,773	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 1.88% to 10.18%, due 10/14/21 to 12/31/49		30,589,854		12,656,338
Citigroup Global Markets, Inc.		2.48	(a)		04/30/19		05/01/19		12,000		12,000		12,000,827	U.S. Treasury Obligation, 2.25%, due 11/15/25		12,235,000		12,240,037
		2.70			04/30/19		05/01/19		150,000		150,000		150,011,250	U.S. Treasury Obligations, 0.38% to 2.25%, due 11/30/19 to 02/15/47		149,719,700		153,000,084
		2.75	(c)		04/30/19		05/01/19		15,000		15,000		15,001,146	U.S. Treasury Obligations, 0.13% to 3.00%, due 04/15/20 to 08/15/45		15,096,520		15,300,002
		2.98	(b)		04/30/19		07/05/19		20,500		20,500		20,612,003	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 3.75%, due 07/15/27 to 10/25/58		603,370,057		21,935,000

SCHEDULES     OF     INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempCash

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		3.00	%(b)		04/30/19		07/03/19	$	83,000	$	83,000	$	83,441,985	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 4.96%, due 07/20/22 to 10/25/58	$	287,055,679	$	88,810,000
Total Citigroup Global Markets, Inc										$	280,500						$	291,285,123
Credit Agricole Corporate & Investment Bank SA		2.60			04/30/19		05/01/19		300,000		300,000		300,021,667	U.S. Treasury Obligation, 2.88%, due 05/31/25		294,458,300		306,000,038
		2.75			04/30/19		05/01/19		75,000		75,000		75,005,729	U.S. Government Sponsored Agency Obligation, 4.00%, due 10/01/48		78,404,962		77,250,000
Total Credit Agricole Corporate & Investment Bank SA										$	375,000						$	383,250,038
Credit Suisse AG		2.75			04/30/19		05/01/19		100,000		100,000		100,007,639	U.S. Treasury Obligations, 0.00%, due 05/15/24 to 08/15/47		192,081,934		102,000,003
Credit Suisse Securities USA LLC		2.94	(b)		04/30/19		06/05/19		5,000		5,000		5,014,679	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 8.63%, due 10/01/20 to 02/21/51		2,501,532,416		5,749,998
HSBC Securities USA, Inc.		2.55	(a)		04/30/19		05/01/19		22,500		22,500		22,501,594	Corporate/Debt Obligations, 2.91% to 8.75%, due 08/15/21 to 08/21/27		23,481,463		23,625,001
		2.63	(a)		04/30/19		05/01/19		18,500		18,500		18,501,352	Corporate/Debt Obligations, 2.36% to 6.75%, due 05/05/24 to 12/31/49		20,470,550		20,291,986
Total HSBC Securities USA, Inc										$	41,000						$	43,916,987
JP Morgan Chase Bank NA		2.78			04/30/19		05/01/19		350,001		350,001		350,027,730	U.S. Treasury Obligation, 2.88%, due 05/31/25		343,683,000		357,027,744
JP Morgan Securities LLC		2.55	(a)		04/30/19		05/01/19		8,000		8,000		8,000,567	Corporate/Debt Obligations, 0.00% to 2.30%, due 05/07/19 to 10/30/19		8,404,868		8,400,000
		2.61	(a)		04/30/19		05/01/19		1,000		1,000		1,000,072	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 1.50% to 3.85%, due 09/25/43 to 05/10/58		1,897,509		1,070,000
		2.77			04/30/19		05/01/19		495,000		495,000		495,038,087	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 2.25% to 10.00%, due 02/15/21 to 03/15/61		515,541,122		504,900,000
		2.93	(b)		04/30/19		07/31/19		25,000		25,000		25,187,131	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.61% to 10.85%, due 06/15/20 to 04/04/79		45,444,172		27,325,142

24 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempCash

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.98	%(b)		04/30/19		07/31/19	$	1,000	$	1,000	$	1,007,613	Corporate/Debt Obligations, 5.38% to 6.50%, due 01/01/26 to 04/15/29	$	1,038,530	$	1,100,003
		2.98			02/13/19		05/13/19		15,000		15,000		15,110,508	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 9.75%, due 10/15/19 to 03/12/52		33,498,708		16,259,432
Total JP Morgan Securities LLC										$	545,000						$	559,054,577
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.83	(b)		04/30/19		06/05/19		15,000		15,000		15,042,450	Corporate/Debt Obligations, 4.38% to 4.60%, due 10/27/27 to 01/23/46		15,611,548		15,750,001
		3.13	(b)		04/30/19		07/05/19		38,000		38,000		38,218,056	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 1.28% to 8.63%, due 05/06/21 to 08/25/56		68,615,377		44,586,661
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	53,000						$	60,336,662
Mizuho Securities USA LLC		3.03	(b)		04/30/19		06/05/19		50,000		50,000		50,151,400	Corporate/Debt Obligations, 2.24% to 5.25%, due 06/15/23 to 10/25/40		54,247,504		53,500,001
RBC Capital Markets LLC		2.51	(a)		04/30/19		05/01/19		2,000		2,000		2,000,139	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 7.13%, due 10/15/20 to 08/20/65		13,465,373		2,087,190
TD Securities USA LLC		2.55	(a)		04/30/19		05/01/19		3,000		3,000		3,000,212	Corporate/Debt Obligation, 2.80%, due 10/08/21		3,146,919		3,150,000
Wells Fargo Securities LLC		2.52			04/30/19		05/01/19		40,000		40,000		40,002,800	Corporate/Debt Obligations, 0.00%, due 05/15/19		42,050,230		42,000,000
		2.55	(a)		04/30/19		05/01/19		80,000		80,000		80,005,667	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 2.71% to 5.30%, due 09/15/21 to 01/17/38		85,454,714		85,600,000
		2.75	(c)		04/30/19		05/01/19		5,000		5,000		5,000,382	U.S. Treasury Obligations, 0.13% to 3.38%, due 07/15/22 to 02/15/46		4,760,416		5,099,995
		2.78			04/09/19		07/08/19		12,000		12,000		12,083,400	U.S. Government Sponsored Agency Obligations, 0.12% to 3.38%, due 11/25/29 to 10/10/47		2,869,617,102		12,840,000
		3.01			03/04/19		06/03/19		11,000		11,000		11,083,695	Corporate/Debt Obligation, 0.00%, due 05/07/19		11,556,888		11,550,000
Total Wells Fargo Securities LLC										$	148,000						$	157,089,995
										$	2,042,501						$	2,115,504,346

SCHEDULES     OF     INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempCash

^(a)  Variable rate security. Rate shown is the rate in effect as of period end.

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

^(c)  Traded in a joint account.

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 Securities(a)	$	—	$	7,912,813,736	$	—	$	7,912,813,736

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

26 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2019 TempFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit — 32.0%
Euro — 5.4%
Credit Industriel et Commercial, 2.69%, 02/10/20(a)		USD    90,000	$	88,157,350
Credit Industriel et Commercial SA, 2.88%, 08/01/19(a)		125,000		124,184,820
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.66%, 06/13/19 .		100,000		100,008,349
KBC Bank NV:
2.62%, 07/05/19		90,000		90,009,058
2.68%, 08/21/19		100,000		100,025,818
Mitsubishi UFJ Trust & Banking Corp., 2.62%, 07/26/19(a)		100,000		99,365,806
				601,751,201
Yankee — 26.6%(b)
Bank of Montreal, Chicago:
(LIBOR USD 1 Month + 0.20%), 2.67%, 05/07/19(c)		23,000		23,001,115
2.58%, 07/17/19		45,000		45,011,176
(LIBOR USD 1 Month + 0.40%), 2.88%, 12/10/19(c)		150,000		150,236,133
2.70%, 03/19/20		65,000		65,080,614
Bank of Nova Scotia, Houston, (LIBOR USD 1 Month + 0.34%), 2.83%, 08/20/19(c)		70,000		70,056,638
Barclays Bank plc, New York, 2.82%, 05/08/19		130,000		130,010,409
BNP Paribas SA, New York(c):
(LIBOR USD 3 Month + 0.10%), 2.69%, 07/08/19		130,000		130,022,972
(LIBOR USD 1 Month + 0.14%), 2.62%, 09/18/19		125,000		125,019,034
Canadian Imperial Bank of Commerce, New York:
(LIBOR USD 1 Month + 0.30%), 2.78%, 06/10/19 - 07/25/19(c)		200,000		200,081,526
3.08%, 10/28/19		122,500		122,803,813
Credit Agricole Corporate and Investment Bank, New York, (LIBOR USD 3 Month + 0.13%), 2.76%, 03/20/20(c)		125,000		124,999,225
Credit Industriel et Commercial, New York, (LIBOR USD 1 Month + 0.32%), 2.79%, 06/13/19(c)		125,000		125,048,498
Credit Suisse AG, New York, 2.69%, 11/04/19		65,000		65,024,822
Dexia Credit Local SA, New York, (LIBOR USD 1 Month + 0.20%), 2.68%, 09/25/19(c)		65,000		65,025,405
Mitsubishi UFJ Trust & Banking Corp., New York, (LIBOR USD 1 Month + 0.32%), 2.79%, 05/07/19(c)		125,000		125,008,969
Mizuho Bank Ltd., New York:
2.57%, 07/17/19		49,500		49,505,029
2.70%, 09/17/19		100,000		100,047,727
Natixis SA, New York:
2.65%, 12/17/19		125,000		125,035,753
2.72%, 04/03/20		95,000		95,057,427
Oversea-Chinese Banking Corp. Ltd., New York, 2.57%, 07/19/19		150,000		150,003,098
Royal Bank of Canada, New York, (LIBOR USD 1 Month + 0.31%), 2.79%, 08/16/19(c)		100,000		100,070,346
Skandinaviska Enskilda Banken AB, New York, 2.62%, 10/21/19		165,000		165,027,171
Standard Chartered Bank, New York, (LIBOR USD 1 Month + 0.16%), 2.64%, 10/16/19(c)		150,000		150,020,238
Sumitomo Mitsui Banking Corp., New York, 2.78%, 05/10/19		109,000		109,010,673

Security	Par (000)		Value
Yankee (continued)
Sumitomo Mitsui Trust Bank Ltd., New York, (LIBOR USD 3 Month + 0.20%), 2.81%, 05/18/20(c)		USD    64,000	$	63,999,108
Svenska Handelsbanken, New York, (LIBOR USD 1 Month + 0.30%), 2.77%, 08/06/19(c)		62,000		62,037,054
Toronto-Dominion Bank, New York:
2.57%, 07/09/19 - 07/17/19		173,000		173,018,024
(LIBOR USD 1 Month + 0.11%), 2.59%, 10/11/19(c)		54,500		54,499,629
				2,963,761,626
Total Certificates of Deposit — 32.0% (Cost: $3,564,086,771)				3,565,512,827
Commercial Paper — 27.9%
Bank of Nova Scotia (The), 2.51%, 05/30/19(a)		40,000		39,917,667
Barclays Bank plc(a):
2.43%, 05/01/19		125,000		124,991,678
2.72%, 07/15/19(d)		37,000		36,791,756
2.78%, 08/08/19(d)		67,000		66,493,219
2.79%, 08/09/19(d)		34,000		33,739,779
Bedford Row Funding Corp.(c):
(LIBOR USD 1 Month + 0.22%), 2.70%, 08/26/19		75,000		75,005,862
(LIBOR USD 1 Month + 0.22%), 2.70%, 08/29/19		150,000		150,060,159
(LIBOR USD 1 Month + 0.36%), 2.83%, 01/08/20		60,000		60,086,443
Bennington Stark Capital Co. LLC, 2.53%, 05/06/19(a)(d)		51,000		50,978,835
BPCE SA, 2.63%, 10/01/19(a)		125,000		123,630,041
Chariot Funding LLC(c):
(LIBOR USD 1 Month + 0.25%), 2.72%, 08/15/19		83,000		83,043,206
(LIBOR USD 1 Month + 0.19%), 2.67%, 02/05/20		165,000		165,029,733
Crown Point Capital Co. LLC(d):
2.66%, 07/12/19		80,000		80,015,260
2.72%, 09/03/19		107,000		107,039,707
DNB Bank ASA, (LIBOR USD 1 Month + 0.10%), 2.59%, 11/01/19(c)		41,000		41,000,000
Federation des Caisses Desjardins du Quebec:
(LIBOR USD 1 Month + 0.30%), 2.78%, 06/18/19(c)		22,000		22,009,061
(LIBOR USD 1 Month + 0.22%), 2.69%, 08/13/19(c)		105,000		105,045,453
(LIBOR USD 1 Month + 0.22%), 2.70%, 08/16/19(c)		112,000		112,048,506
(LIBOR USD 1 Month + 0.37%), 2.84%, 12/06/19(c)		100,000		100,140,602
2.62%, 02/21/20(a)		54,750		53,599,552
ING US Funding LLC, (LIBOR USD 1 Month + 0.37%), 2.85%, 10/04/19(c)		129,000		129,146,040
Landesbank Hessen-Thueringen Girozentrale, 2.61%, 09/23/19(a)		64,000		63,338,393
Lexington Parker Capital Co. LLC, 2.54%, 05/07/19(a)		157,000		156,923,681
National Securities Clearing Corp.(a):
2.50%, 06/12/19		78,000		77,771,090
2.72%, 12/12/19		40,000		39,336,062
Oversea-Chinese Banking Corp. Ltd., 2.67%, 10/18/19(a)		155,000		153,085,014
Royal Bank of Canada, (SOFRATE + 0.51%), 2.99%, 01/09/20(c)		105,000		105,218,453
Starbird Funding Corp., 2.66%, 10/15/19(a)		50,000		49,394,266

SCHEDULES     OF     INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper (continued)
Thunder Bay Funding LLC, 2.54%, 06/03/19(a)		USD   36,000	$	35,915,170
UBS AG(c):
(LIBOR USD 1 Month + 0.42%), 2.91%, 06/19/19		120,000		120,070,527
(LIBOR USD 1 Month + 0.40%), 2.89%, 07/02/19		100,000		100,067,293
(LIBOR USD 3 Month + 0.20%), 2.79%, 07/23/19		128,000		128,054,551
(LIBOR USD 3 Month + 0.18%), 2.92%, 08/01/19		75,000		75,031,548
(LIBOR USD 3 Month + 0.32%), 2.95%, 12/19/19		71,000		71,119,558
Westpac Banking Corp.(c):
(LIBOR USD 3 Month + 0.12%), 2.71%, 01/17/20		100,000		100,055,852
(LIBOR USD 3 Month + 0.04%), 2.78%, 02/03/20		70,000		69,999,986
Total Commercial Paper — 27.9% (Cost: $3,103,408,401)				3,105,194,003

Security	Par (000)		Value
Time Deposits — 7.5%
Credit Agricole Corporate and Investment Bank SA, 2.38%, 05/01/19	USD	50,002	$	50,002,000
Landesbank Hessen-Thuringen Girozentrale:
2.50%, 05/01/19		100,000		100,000,000
2.50%, 05/07/19		123,000		123,000,000
Mizuho Bank Ltd., 2.45%, 05/01/19		60,000		60,000,000
National Bank of Canada, 2.45%, 05/01/19		375,000		375,000,000
Standard Chartered Bank, 2.45%, 05/02/19		125,000		125,000,000
Total Time Deposits — 7.5% (Cost: $833,002,000)				833,002,000
U.S. Treasury Obligations — 1.4%
U.S. Treasury Bills, 2.37%, 06/20/19(a)		150,000		149,504,115
Total U.S. Treasury Obligations — 1.4% (Cost: $149,499,792)				149,504,115
Total Repurchase Agreements — 27.9% (Cost: $3,105,000,456)				3,105,000,456
Total Investments — 96.7% (Cost: $10,754,997,420)(e)				10,758,213,401
Other Assets Less Liabilities — 3.3%				372,213,028
Net Assets — 100.0%			$	11,130,426,429

^(a)  Rates are the current rate or a range of current rates as of period end.

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

^(c)  Variable rate security. Rate shown is the rate in effect as of period end.

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

^(e)  Cost for U.S. federal income tax purposes.

Repurchase Agreements

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Barclays Bank plc		2.55	% (a)		04/30/19		05/01/19	$	43,000	$	43,000	$	43,003,046	Corporate/Debt Obligations, 3.63% to 4.95%, due 09/15/22 to 03/15/49	$	43,831,673	$	45,150,001
		2.58	(a)		04/30/19		05/01/19		53,000		53,000		53,003,798	Corporate/Debt Obligations, 2.75% to 4.75%, due 11/15/22 to 03/15/49		54,413,708		55,650,001
		2.78	(a)		04/30/19		05/01/19		42,000		42,000		42,003,243	Corporate/Debt Obligations, 4.63% to 13.00%, due 08/14/19 to 12/31/49		46,732,000		47,174,536
Total Barclays Bank plc										$	138,000						$	147,974,538
BNP Paribas SA		2.53	(a)		04/30/19		05/01/19		30,000		30,000		30,002,108	Corporate/Debt Obligations, 0.25% to 10.18%, due 03/15/20 to 12/31/49		30,454,876		31,500,001
Citigroup Global Markets, Inc.		2.48	(a)		04/30/19		05/01/19		86,000		86,000		86,005,924	Corporate/Debt Obligations and U.S. Treasury Obligations, 0.00% to 0.63%, due 05/01/19 to 01/15/28		83,830,300		88,490,797

28 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.70	%		04/30/19		05/01/19	$	50,000	$	50,000	$	50,003,750	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 17.57%, due 06/25/19 to 05/15/53	$	956,453,690	$	52,311,084
		2.75	(b)		04/30/19		05/01/19		165,000		165,000		165,012,604	U.S. Treasury Obligations, 0.13% to 3.00%, due 04/15/20 to 08/15/45		166,061,728		168,300,018
		2.98	(c)		04/30/19		07/05/19		174,500		174,500		175,453,393	Corporate/Debt Obligations, U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligation, 0.00% to 5.45%, due 10/15/20 to 10/28/64		1,341,263,025		186,715,100
		3.00	(c)		04/30/19		07/03/19		57,000		57,000		57,303,532	Corporate/Debt Obligations and U.S. Treasury Obligations, 2.25% to 4.06%, due 09/30/20 to 11/15/30		57,749,816		58,747,881
Total Citigroup Global Markets, Inc.										$	532,500						$	554,564,880
Credit Agricole Corporate & Investment Bank SA		2.60			04/30/19		05/01/19		100,000		100,000		100,007,222	U.S. Treasury Obligation, 0.13%, due 07/15/26		99,148,300		102,000,003
		2.72	(b)		04/30/19		05/01/19		145,000		145,000		145,010,956	U.S. Treasury Obligations, 1.38% to 2.75%, due 08/15/21 to 11/15/47		149,499,268		147,900,012
		2.75			04/30/19		05/01/19		100,000		100,000		100,007,639	U.S. Government Sponsored Agency Obligations, 4.00%, due 10/01/48 to 01/01/49		103,995,342		103,000,000
Total Credit Agricole Corporate & Investment Bank SA										$	345,000						$	352,900,015
Credit Suisse AG		2.75			04/30/19		05/01/19		70,000		70,000		70,005,347	U.S. Treasury Obligations, 0.00% to 1.75%, due 05/15/21 to 02/15/34		73,773,349		71,400,000
Credit Suisse Securities USA LLC		2.94	(c)		04/30/19		06/05/19		50,000		50,000		50,146,794	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 01/25/36 to 12/10/49		240,819,204		57,500,000
HSBC Securities USA, Inc.		2.55	(a)		04/30/19		05/01/19		54,000		54,000		54,003,825	Corporate/Debt Obligations, 2.13% to 3.85%, due 04/25/21 to 01/05/28		57,291,000		56,700,529
		2.63	(a)		04/30/19		05/01/19		36,500		36,500		36,502,667	Corporate/Debt Obligations, 1.79% to 7.75%, due 02/16/21 to 12/31/49		44,714,197		39,523,833
Total HSBC Securities USA, Inc.										$	90,500						$	96,224,362
JP Morgan Chase Bank NA		2.78			04/30/19		05/01/19		490,000		490,000		490,038,295	U.S. Treasury Obligation, 3.00%, due 10/31/25		482,899,000		499,838,304

SCHEDULES     OF     INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
JP Morgan Securities LLC		2.49	%(c)		04/30/19		05/08/19	$	117,000	$	117,000	$	117,064,633	U.S. Government Sponsored Agency Obligations, 0.29% to 6.00%, due 10/25/20 to 03/25/49	$	2,248,739,908	$	122,850,000
		2.77			04/30/19		05/01/19		440,000		440,000		440,033,856	U.S. Government Sponsored Agency Obligations, 4.00% to 7.25%, due 10/20/39 to 05/15/60		512,352,055		448,800,000
		2.93	(c)		04/30/19		07/31/19		50,000		50,000		50,374,261	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.47% to 8.13%, due 03/15/20 to 06/25/55		287,358,887		55,638,733
		2.98	(c)		04/30/19		07/31/19		100,000		100,000		100,761,300	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 2.60% to 9.85%, due 02/15/21 to 03/17/61		118,040,045		108,863,078
Total JP Morgan Securities LLC										$	707,000						$	736,151,811
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.73	(b)		04/30/19		05/01/19		150,000		150,000		150,011,375	U.S. Treasury Obligations, 0.00% to 6.50%, due 07/15/19 to 11/15/48		131,398,410		153,000,007
		2.83	(c)		04/30/19		06/05/19		48,000		48,000		48,135,840	Corporate/Debt Obligations, 2.67% to 8.00%, due 08/05/20 to 10/12/10		49,314,074		50,400,001
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	198,000						$	203,400,008
Mizuho Securities USA LLC		2.58	(a)		04/30/19		05/01/19		55,000		55,000		55,003,942	Corporate/Debt Obligations, 3.38% to 8.00%, due 05/17/21 to 08/01/18		55,694,091		57,754,122
		2.83	(a)		04/30/19		05/01/19		45,000		45,000		45,003,537	Corporate/Debt Obligations, 1.75% to 7.00%, due 04/15/21 to 08/01/18		47,204,034		47,985,204
Total Mizuho Securities USA LLC										$	100,000						$	105,739,326
RBC Capital Markets LLC		2.51	(a)		04/30/19		05/01/19		28,000		28,000		28,001,952	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 7.13%, due 03/01/20 to 08/20/65		31,132,824		29,259,532
TD Securities USA LLC.		2.55	(a)		04/30/19		05/01/19		20,000		20,000		20,001,417	Corporate/Debt Obligation, 2.80%, due 10/08/21		20,979,457		21,000,000
Wells Fargo Securities LLC		2.52			04/30/19		05/01/19		58,000		58,000		58,004,060	Corporate/Debt Obligations, 0.00%, due 05/13/19 to 05/15/19		60,963,606		60,900,001
		2.55	(a)		04/30/19		05/01/19		165,000		165,000		165,011,687	Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 2.82% to 6.52%, due 10/15/21 to 11/25/60		175,738,288		176,550,001

30 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 TempFund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.75	%(b)		04/30/19		05/01/19	$	45,000	$	45,000	$	45,003,438	U.S. Treasury Obligations, 0.13% to 3.38%, due 07/15/22 to 02/15/46	$	42,843,777	$	45,900,000
		2.78			04/09/19		07/08/19		38,000		38,000		38,264,100	U.S. Government Sponsored Agency Obligations, 0.28% to 3.04%, due 02/25/43 to 03/25/57		2,197,598,772		40,660,000
Total Wells Fargo Securities LLC										$	306,000						$	324,010,002
										$	3,105,000						$	3,231,462,779

^(a)  Variable rate security. Rate shown is the rate in effect as of period end.

^(b)  Traded in a joint account.

^(c)  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 Securities(a)	$	—	$	10,758,213,401	$	—	$	10,758,213,401

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

SCHEDULES     OF     INVESTMENTS 31

Schedule of Investments  (unaudited) April 30, 2019 T-Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations — 42.2%
U.S. Treasury Bills(a):
1.20%, 05/02/19	USD	61,245	$	61,240,866
2.34%, 05/28/19		651,495		650,326,465
2.35%, 05/30/19		1,137,670		1,135,401,244
2.35%, 06/06/19		337,505		336,664,461
2.36%, 06/11/19		242,660		242,003,638
2.38%, 06/13/19		130,045		129,671,428
2.39%, 06/18/19		291,455		290,525,671
2.39%, 06/25/19		200,000		199,272,778
2.39%, 07/05/19		741,505		738,319,419
2.39%, 07/11/19		256,795		255,592,165
2.39%, 07/18/19		1,220,000		1,213,518,200
2.38%, 07/25/19		1,700,000		1,690,165,972
2.41%, 08/15/19		232,625		230,946,869
2.40%, 08/22/19		497,110		493,279,284
2.39%, 08/29/19		1,201,000		1,191,171,817
2.40%, 09/05/19		693,000		686,985,915
2.42%, 10/03/19		153,400		151,831,379
2.42%, 10/10/19		89,865		88,892,710
2.42%, 10/17/19		28,735		28,412,601
2.42%, 10/31/19		942,315		930,931,712
2.38%, 01/30/20		90,665		88,944,617
2.38%, 02/27/20		563,085		551,825,904
2.37%, 04/23/20		1,571,630		1,534,745,590
U.S. Treasury Notes:
1.25%, 06/30/19		186,730		186,348,410
1.63%, 06/30/19		128,610		128,433,511
0.75%, 07/15/19		34,620		34,496,354
0.88%, 07/31/19		80,000		79,683,392

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
1.38%, 07/31/19	USD	158,110	$	157,673,295
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.47%, 07/31/19(b)		1,364,535		1,364,832,060
1.00%, 09/30/19		95,000		94,402,742
1.50%, 10/31/19		59,245		58,942,707
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/19(b)		637,730		637,771,052
1.00%, 11/15/19		333,975		331,258,884
3.38%, 11/15/19		225,000		226,073,415
(US Treasury 3 Month Bill Money Market Yield + 0.01%), 2.41%, 01/31/20(b)		4,518,040		4,517,528,302
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 04/30/20(b)		4,630,895		4,631,311,476
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 07/31/20(b)		730,000		730,000,000
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/20(b)		600,700		599,759,218
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 01/31/21(b)		723,225		723,021,337
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.55%, 04/30/21(b)		580,900		580,900,000
Total U.S. Treasury Obligations — 42.2% (Cost: $28,003,106,860)				28,003,106,860
Total Repurchase Agreements — 55.4% (Cost: $36,720,556,844)				36,720,556,844
Total Investments — 97.6% (Cost: $64,723,663,704)(c)				64,723,663,704
Other Assets Less Liabilities — 2.4%				1,561,561,008
Net Assets — 100.0%			$	66,285,224,712

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(c)  Cost for U.S. federal income tax purposes.

Repurchase Agreements

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Bank of Montreal		2.43	%(a)		04/18/19		05/14/19	$	200,000	$	200,000	$	200,351,000	U.S. Treasury Obligations, 0.00% to 3.63%, due 05/23/19 to 08/15/43	$	204,890,900	$	204,000,045
		2.45			04/29/19		05/06/19		215,000		215,000		215,102,424	U.S. Treasury Obligations, 0.00% to 3.88%, due 05/23/19 to 02/15/48		195,605,200		219,300,001
		2.74			04/30/19		05/01/19		761,000		761,000		761,057,921	U.S. Treasury Obligations, 0.00% to 3.63%, due 05/15/19 to 02/15/48		778,972,700		776,220,086
Total Bank of Montreal										$	1,176,000						$	1,199,520,132
Bank of Nova Scotia (The)		2.75			04/30/19		05/01/19		5,000		5,000		5,000,382	U.S. Treasury Obligations, 0.00% to 2.75%, due 06/20/19 to 02/28/25		5,037,900		5,100,410

32 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 T-Fund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Barclays Bank plc		2.75	%		04/30/19		05/01/19	$	15,000	$	15,000	$	15,001,146	U.S. Treasury Obligation, 0.00%, due 06/13/19	$	15,344,100	$	15,300,032
BNP Paribas SA		2.43	(a)		04/25/19		05/14/19		1,400,000		1,400,000		1,401,795,500	U.S. Treasury Obligations, 0.00% to 7.88%, due 05/09/19 to 11/15/48		1,398,630,305		1,428,000,000
		2.45			04/29/19		05/06/19		2,000,000		2,000,000		2,000,952,778	U.S. Treasury Obligations, 0.00% to 8.13%, due 08/15/19 to 08/15/48		2,064,142,289		2,040,000,000
		2.47			04/30/19		05/07/19		200,000		200,000		200,096,056	U.S. Treasury Obligations, 0.13% to 2.38%, due 04/15/22 to 02/15/47		157,169,000		204,000,085
		2.76			04/30/19		05/01/19		500,000		500,000		500,038,333	U.S. Treasury Obligation, 2.63%, due 02/28/23		501,845,100		510,038,416
		2.76			04/30/19		05/01/19		1,000,000		1,000,000		1,000,076,667	U.S. Treasury Obligation, 2.25%, due 11/15/27		1,029,003,800		1,020,076,683
		2.76			04/30/19		05/01/19		500,000		500,000		500,038,333	U.S. Treasury Obligation, 2.00%, due 02/15/25		517,110,300		510,038,367
		2.76			04/30/19		05/01/19		500,000		500,000		500,038,333	U.S. Treasury Obligation, 1.88%, due 02/28/22		513,854,000		510,038,428
		2.76			04/30/19		05/01/19		500,000		500,000		500,038,333	U.S. Treasury Obligation, 2.25%, due 08/15/27		517,110,200		510,038,268
		2.76			04/30/19		05/01/19		1,000,000		1,000,000		1,000,076,667	U.S. Treasury Obligation, 2.13%, due 08/15/21		1,020,000,000		1,020,076,667
		2.76			04/30/19		05/01/19		650,000		650,000		650,049,833	U.S. Treasury Obligation, 1.75%, due 10/31/20		668,852,500		663,049,874
		2.76			04/30/19		05/01/19		500,000		500,000		500,038,333	U.S. Treasury Obligation, 1.50%, due 08/15/26		542,553,200		510,038,341
Total BNP Paribas SA										$	8,750,000						$	8,925,395,129
Citibank NA		2.75			04/30/19		05/01/19		100,000		100,000		100,007,639	U.S. Treasury Obligations, 0.00% to 8.75%, due 06/06/19 to 05/15/46		101,860,300		102,000,051
Citigroup Global Markets, Inc.		2.41			04/24/19		05/01/19		9,000		9,000		9,004,218	U.S. Treasury Obligations, 0.00%, due 05/02/19 to 10/10/19		9,183,200		9,180,054
		2.75			04/30/19		05/01/19		50,000		50,000		50,003,819	U.S. Treasury Obligations, 0.13% to 2.13%, due 04/15/21 to 05/31/23		52,421,600		51,000,075
		2.75	(b)		04/30/19		05/01/19		385,000		385,000		385,029,410	U.S. Treasury Obligations, 0.13% to 3.00%, due 04/15/20 to 08/15/45		387,477,368		392,700,042
Total Citigroup Global Markets, Inc.										$	444,000						$	452,880,171
Credit Agricole Corporate & Investment Bank SA		2.72			04/30/19		05/01/19		5,000		5,000		5,000,378	U.S. Treasury Obligation, 2.38%, due 08/15/24		5,067,500		5,100,008
		2.72			04/30/19		05/01/19		150,000		150,000		150,011,333	U.S. Treasury Obligation, 0.13%, due 07/15/24		145,477,600		153,000,061
		2.72	(b)		04/30/19		05/01/19		2,000,000		2,000,000		2,000,151,111	U.S. Treasury Obligations, 1.38% to 2.75%, due 08/15/21 to 11/15/47		2,062,058,742		2,040,000,049
Total Credit Agricole Corporate & Investment Bank SA										$	2,155,000						$	2,198,100,118

SCHEDULES     OF     INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) April 30, 2019 T-Fund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Deutsche Bank AG		2.75	%		04/30/19		05/01/19	$	200,000	$	200,000	$	200,015,278	U.S. Treasury Obligations, 1.00% to 8.13%, due 09/30/19 to 02/15/49	$	186,827,900	$	204,000,100
Goldman Sachs & Co. LLC		2.41			04/24/19		05/01/19		650,000		650,000		650,304,597	U.S. Treasury Obligations, 2.25% to 2.55%, due 04/30/21 to 11/15/27		667,511,300		663,000,076
HSBC Securities USA, Inc.		2.42			04/25/19		05/02/19		1,088,085		1,088,085		1,088,597,004	U.S. Treasury Obligations, 0.00% to 2.75%, due 05/31/19 to 08/15/47		1,934,309,774		1,109,846,706
		2.46	(c)		04/30/19		05/01/19		655,000		655,000		655,044,758	U.S. Treasury Obligations, 0.00% to 5.00%, due 08/31/19 to 08/15/47		751,045,164		668,100,001
		2.48			04/30/19		05/07/19		722,000		722,000		722,348,164	U.S. Treasury Obligations, 2.00% to 3.50%, due 01/15/22 to 05/15/43		696,757,700		736,440,097
		2.75			04/30/19		05/01/19		10,000		10,000		10,000,764	U.S. Treasury Obligations, 0.00%, due 08/15/43 to 11/15/45		22,632,647		10,200,000
		2.75			04/30/19		05/01/19		180,000		180,000		180,013,750	U.S. Treasury Obligations, 1.38% to 1.63%, due 02/15/20 to 10/31/23		184,755,600		183,600,079
Total HSBC Securities USA, Inc.										$	2,655,085						$	2,708,186,883
JP Morgan Chase Bank NA		2.78			04/30/19		05/01/19		1,029,343		1,029,343		1,029,422,932	U.S. Treasury Obligation, 2.50%, due 02/15/22		1,038,250,000		1,050,009,801
		2.78			04/30/19		05/01/19		104,629		104,629		104,637,491	U.S. Treasury Obligation, 1.88%, due 08/31/22		107,800,000		106,730,080
		2.78			04/30/19		05/01/19		732,143		732,143		732,199,920	U.S. Treasury Obligation, 1.63%, due 02/15/26		783,000,000		746,842,788
		2.78			04/30/19		05/01/19		466,775		466,775		466,811,305	U.S. Treasury Obligation, 2.63%, due 12/31/23		465,634,000		476,146,810
		2.78			04/30/19		05/01/19		1,050,263		1,050,263		1,050,343,763	U.S. Treasury Obligation, 2.00%, due 08/15/25		1,091,738,000		1,071,349,016
		2.78			04/30/19		05/01/19		116,846		116,846		116,855,030	U.S. Treasury Obligation, 2.88%, due 10/31/23		116,418,000		119,191,951
		2.80			04/29/19		05/01/19		500,002		500,002		500,078,525	U.S. Treasury Obligation, 2.00%, due 08/15/25		519,746,000		510,039,651
Total JP Morgan Chase Bank NA										$	4,000,001						$	4,080,310,097
JP Morgan Securities LLC		2.46	(c)		04/30/19		05/01/19		250,000		250,000		250,017,083	U.S. Treasury Obligations, 0.00% to 2.00%, due 12/05/19 to 06/30/24		257,494,000		255,000,029
		2.75			04/30/19		05/01/19		1,470,500		1,470,500		1,470,612,330	U.S. Treasury Obligations, 1.00% to 2.54%, due 10/15/19 to 10/31/24		1,514,692,200		1,499,910,092
		2.75			04/30/19		05/01/19		431,000		431,000		431,032,924	U.S. Treasury Obligations, 0.00% to 2.25%, due 05/23/19 to 04/30/21		439,783,200		439,620,040
Total JP Morgan Securities LLC										$	2,151,500						$	2,194,530,161

34 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 T-Fund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.73	%		04/30/19		05/01/19	$	32,000	$	32,000	$	32,002,427	U.S. Treasury Obligations, 0.00% to 2.00%, due 04/30/24 to 08/15/33	$	45,111,072	$	32,640,096
		2.73			04/30/19		05/01/19		75,000		75,000		75,005,688	U.S. Treasury Obligations, 2.50% to 6.25%, due 12/31/20 to 05/15/30		67,279,700		76,500,016
		2.73	(b)		04/30/19		05/01/19		550,000		550,000		550,041,708	U.S. Treasury Obligations, 0.00% to 6.50%, due 07/15/19 to 11/15/48		481,794,170		561,000,027
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	657,000						$	670,140,139
Mizuho Securities USA LLC		2.73			04/30/19		05/01/19		250,000		250,000		250,018,958	U.S. Treasury Obligations, 0.00% to 2.38%, due 06/18/19 to 04/30/26		255,792,400		255,000,064
		2.75			04/30/19		05/01/19		388,235		388,235		388,264,951	U.S. Treasury Obligation, 2.25%, due 02/15/27		400,000,000		396,029,657
		2.75			04/30/19		05/01/19		537,794		537,794		537,835,199	U.S. Treasury Obligation, 2.88%, due 08/15/28		530,000,000		548,591,081
		2.75			04/30/19		05/01/19		501,838		501,838		501,876,570	U.S. Treasury Obligation, 2.88%, due 10/31/23		500,000,000		511,913,335
		2.75			04/30/19		05/01/19		194,363		194,363		194,377,592	U.S. Treasury Obligation, 2.25%, due 11/15/27		200,000,000		198,264,847
		2.75			04/30/19		05/01/19		276,961		276,961		276,981,941	U.S. Treasury Obligation, 3.63%, due 02/15/44		250,000,000		282,521,157
		2.75			04/30/19		05/01/19		226,147		226,147		226,164,334	U.S. Treasury Obligation, 2.25%, due 02/15/27		233,000,000		230,687,275
		2.75			04/30/19		05/01/19		130,881		130,881		130,891,125	U.S. Treasury Obligation, 2.38%, due 05/15/27		133,000,000		133,508,748
		2.75			04/30/19		05/01/19		100,613		100,613		100,620,431	U.S. Treasury Obligation, 2.88%, due 09/30/23		100,000,000		102,632,686
		2.75			04/30/19		05/01/19		195,039		195,039		195,054,115	U.S. Treasury Obligation, 2.50%, due 01/31/24		196,000,000		198,954,899
		2.75			04/30/19		05/01/19		115,915		115,915		115,924,296	U.S. Treasury Obligation, 1.25%, due 07/31/23		123,000,000		118,242,605
		2.75			04/30/19		05/01/19		170,684		170,684		170,696,862	U.S. Treasury Obligation, 2.88%, due 05/15/28		167,000,000		174,110,538
		2.75			04/30/19		05/01/19		107,342		107,342		107,350,112	U.S. Treasury Obligation, 3.63%, due 08/15/43		97,000,000		109,496,950
		2.75			04/30/19		05/01/19		55,394		55,394		55,397,614	U.S. Treasury Obligation, 2.25%, due 11/15/27		57,000,000		56,505,481
Total Mizuho Securities USA LLC										$	3,251,206						$	3,316,459,323
MUFG Securities Americas, Inc.		2.73			04/30/19		05/01/19		61,000		61,000		61,004,626	U.S. Treasury Obligations, 1.75% to 4.75%, due 06/30/22 to 11/15/43		52,529,900		62,220,001
National Australia Bank Ltd.		2.75			04/30/19		05/01/19		287,375		287,375		287,396,952	U.S. Treasury Obligation, 1.13%, due 01/15/21		250,000,000		293,144,452
		2.75			04/30/19		05/01/19		251,225		251,225		251,244,191	U.S. Treasury Obligation, 3.00%, due 11/15/45		250,000,000		256,269,191
Total National Australia Bank Ltd.										$	538,600						$	549,413,643
Natixis SA		2.45	(c)		04/30/19		05/01/19		750,000		750,000		750,051,042	U.S. Treasury Obligations, 0.00% to 3.88%, due 06/20/19 to 05/15/46		745,154,600		765,000,065

SCHEDULES     OF     INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) April 30, 2019 T-Fund

	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par	Position Received, At Value
		2.75	%		04/30/19		05/01/19	$	200,000	$	200,000	$	200,015,278	U.S. Treasury Obligations, 0.00% to 2.88%, due 06/20/19 to 08/15/28	$204,157,800	$	204,000,059
Total Natixis SA										$	950,000					$	969,000,124
Nomura Securities International, Inc		2.75			04/30/19		05/01/19		900,000		900,000		900,068,750	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/15/19 to 02/15/49	911,127,222		918,000,055
Prudential Insurance Co. of America		2.77			04/30/19		05/01/19		72,875		72,875		72,880,607	U.S. Treasury Obligation, 0.00%, due 05/15/30	100,000,000		74,337,607
		2.77			04/30/19		05/01/19		53,750		53,750		53,754,136	U.S. Treasury Obligation, 0.00%, due 11/15/39	100,000,000		54,829,136
		2.77			04/30/19		05/01/19		37,275		37,275		37,277,868	U.S. Treasury Obligation, 0.00%, due 02/15/40	70,000,000		38,023,368
		2.77			04/30/19		05/01/19		36,600		36,600		36,602,816	U.S. Treasury Obligation, 0.00%, due 11/15/35	60,000,000		37,334,816
		2.77			04/30/19		05/01/19		10,954		10,954		10,954,593	U.S. Treasury Obligation, 0.00%, due 08/15/43	23,000,000		11,173,783
		2.77			04/30/19		05/01/19		42,375		42,375		42,378,261	U.S. Treasury Obligation, 0.00%, due 05/15/38	75,000,000		43,225,761
		2.77			04/30/19		05/01/19		7,320		7,320		7,320,563	U.S. Treasury Obligation, 0.00%, due 11/15/35	12,000,000		7,466,963
		2.77			04/30/19		05/01/19		13,650		13,650		13,651,050	U.S. Treasury Obligation, 0.00%, due 02/15/38	24,000,000		13,924,170
		2.77			04/30/19		05/01/19		26,494		26,494		26,495,789	U.S. Treasury Obligation, 2.25%, due 03/31/21	27,000,000		27,025,799
		2.77			04/30/19		05/01/19		11,605		11,605		11,605,893	U.S. Treasury Obligation, 0.00%, due 05/15/40	22,000,000		11,837,993
		2.77			04/30/19		05/01/19		12,825		12,825		12,825,987	U.S. Treasury Obligation, 0.00%, due 05/15/34	20,000,000		13,082,387
		2.77			04/30/19		05/01/19		15,400		15,400		15,401,185	U.S. Treasury Obligation, 0.00%, due 11/15/39	28,000,000		15,709,185
		2.77			04/30/19		05/01/19		63,700		63,700		63,704,901	U.S. Treasury Obligation, 2.46%, due 07/31/20	65,000,000		64,978,901
		2.77			04/30/19		05/01/19		13,418		13,418		13,419,783	U.S. Treasury Obligation, 0.00%, due 05/15/31	19,000,000		13,688,062
Total Prudential Insurance Co. of America										$	418,241					$	426,637,931
Societe Generale SA		2.42			04/25/19		05/02/19		600,000		600,000		600,282,333	U.S. Treasury Obligations, 0.00% to 4.63%, due 05/15/19 to 02/15/49	684,715,084		612,000,008
		2.42			04/11/19		05/16/19		500,000		500,000		501,176,389	U.S. Treasury Obligations, 0.00% to 8.13%, due 05/23/19 to 02/15/48	532,572,958		510,000,087
		2.45	(a)		04/30/19		05/08/19		1,080,000		1,080,000		1,080,588,000	U.S. Treasury Obligations, 0.00% to 8.13%, due 06/20/19 to 08/15/47	1,135,010,569		1,101,600,000
		2.47			04/30/19		05/07/19		203,000		203,000		203,097,496	U.S. Treasury Obligations, 0.00% to 2.75%, due 05/23/19 to 02/29/24	199,455,100		207,060,094
		2.74			04/30/19		05/01/19		86,000		86,000		86,006,546	U.S. Treasury Obligations, 0.00% to 2.63%, due 05/30/19 to 01/15/28	86,890,700		87,720,097
Total Societe Generale SA										$	2,469,000					$	2,518,380,286

36 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 T-Fund

	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received, At Value
Standard Chartered Bank		2.48	%		04/16/19		06/04/19	$	96,324	$	96,324	$  96,649,348	U.S. Treasury Obligation, 1.75%, due 03/31/22	$  100,000,000	$	98,576,148
		2.48			04/16/19		06/04/19		229,075		229,075	229,848,255	U.S. Treasury Obligation, 1.50%, due 08/15/26	250,000,000		234,430,755
		2.48			04/16/19		06/04/19		142,737		142,737	143,218,817	U.S. Treasury Obligation, 1.13%, due 09/30/21	150,000,000		146,073,317
		2.49			04/17/19		06/11/19		150,469		150,469	151,041,610	U.S. Treasury Obligation, 2.75%, due 06/30/25	150,000,000		154,050,910
		2.49			04/17/19		06/11/19		232,211		232,211	233,094,369	U.S. Treasury Obligation, 1.63%, due 02/15/26	250,000,000		237,738,369
		2.49			04/17/19		06/11/19		99,333		99,333	99,710,679	U.S. Treasury Obligation, 2.63%, due 11/15/20	100,000,000		101,696,879
		2.50			04/22/19		06/18/19		201,900		201,900	202,698,786	U.S. Treasury Obligation, 2.88%, due 07/31/25	200,000,000		206,737,186
		2.50			04/22/19		06/18/19		48,118		48,118	48,308,467	U.S. Treasury Obligation, 2.25%, due 08/15/27	50,000,000		49,270,967
		2.50			04/22/19		06/18/19		239,757		239,757	240,706,038	U.S. Treasury Obligation, 1.25%, due 10/31/21	250,000,000		245,501,538
Total Standard Chartered Bank										$	1,439,924				$	1,474,076,069
TD Securities USA LLC.		2.75			04/30/19		05/01/19		3,000		3,000	3,000,229	U.S. Treasury Obligation, 2.63%, due 02/15/29	3,020,900		3,060,009
Wells Fargo Securities LLC		2.75			04/30/19		05/01/19		2,756,000		2,756,000	2,756,210,528	U.S. Treasury Obligations, 0.13% to 3.63%, due 05/15/20 to 02/15/48	2,733,931,500		2,811,120,004
		2.75	(b)		04/30/19		05/01/19		975,000		975,000	975,074,479	U.S. Treasury Obligations, 0.13% to 3.38%, due 07/15/22 to 02/15/46	928,281,901		994,500,068
Total Wells Fargo Securities LLC										$	3,731,000				$	3,805,620,072
										$	36,720,557				$	37,461,331,012

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

^(b)  Traded in a joint account.

^(c)  Variable rate security. Rate shown is the rate in effect 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 Securities(a)	$	—	$	64,723,663,704	$	—	$	64,723,663,704

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

SCHEDULES     OF     INVESTMENTS 37

Schedule of Investments  (unaudited) April 30, 2019 Treasury Trust Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations — 97.0%
U.S. Treasury Bills(a):
2.06%, 05/07/19		USD    1,522,325	$	1,521,718,826
2.14%, 05/09/19		60,885		60,852,636
2.25%, 05/14/19		710,831		710,217,883
2.28%, 05/16/19		41,749		41,707,251
2.32%, 05/21/19		5,853,155		5,845,295,637
2.30%, 05/23/19		150,000		149,780,687
2.34%, 05/28/19		3,438,505		3,432,337,499
2.35%, 05/30/19		941,975		940,128,508
2.35%, 06/04/19		1,182,800		1,180,140,620
2.35%, 06/06/19		919,110		916,883,206
2.36%, 06/11/19		206,340		205,779,943
2.38%, 06/13/19		312,175		311,278,234
2.39%, 06/18/19		1,100,000		1,096,492,813
2.37%, 06/20/19		306,270		305,246,566
2.39%, 06/25/19		4,469,400		4,453,147,925
2.38%, 06/27/19		1,697,460		1,690,985,784
2.39%, 07/05/19		701,840		698,826,299
2.39%, 07/18/19		308,000		306,358,360
2.38%, 07/25/19		950,000		944,505,694
2.41%, 08/15/19		246,000		244,282,305
2.40%, 08/22/19		183,040		181,629,499
2.39%, 08/29/19		550,000		545,499,167
2.40%, 09/05/19		50,705		50,264,965
2.41%, 09/12/19		188,850		187,120,763
2.42%, 10/03/19		227,835		225,499,210
2.42%, 10/17/19		15,035		14,866,311
2.41%, 10/24/19		65,090		64,326,278

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
2.42%, 10/31/19		USD    90,255	$	89,168,626
2.37%, 04/23/20		540,710		528,020,137
U.S. Treasury Notes:
3.13%, 05/15/19		30,930		30,937,754
1.38%, 07/31/19		29,410		29,326,478
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.47%, 07/31/19(b)		285,895		285,969,538
1.00%, 09/30/19		44,095		43,817,778
1.50%, 10/31/19		31,265		31,105,473
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/19(b)		1,099,515		1,099,590,268
(US Treasury 3 Month Bill Money Market Yield + 0.01%), 2.41%, 01/31/20(b)		1,878,565		1,878,342,947
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 04/30/20(b)		1,934,975		1,935,253,654
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 07/31/20(b)		150,000		150,000,000
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/20(b)		450,000		449,339,752
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 01/31/21(b)		249,495		249,357,083
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.55%, 04/30/21(b)		262,520		262,520,000
Total U.S. Treasury Obligations — 97.0% (Cost: $33,387,922,357)				33,387,922,357
Total Investments — 97.0% (Cost: $33,387,922,357)(c)				33,387,922,357
Other Assets Less Liabilities — 3.0%				1,048,917,769
Net Assets — 100.0%			$	34,436,840,126

^(a) Rates are the current rate or a range of current rates as of period end.

^(b) Variable rate security. Rate shown is the rate in effect as of period end.

^(c) Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	33,387,922,357	$	—	$	33,387,922,357

^(a) See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

See notes to financial statements.

38 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 99.3%
Alabama — 0.7%(a)(b)
Alabama Federal Aid Highway Finance, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2373, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(c)		USD   5,000	$	5,000,000
Homewood Alabama, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-37, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(c)		4,000		4,000,000
Mobile Downtown Redevelopment Authority (Austal USA, LLC Project), Series 2011A, RB, VRDN (Bank of America NA LOC), 2.38%, 05/07/19		17,860		17,860,000
				26,860,000
Alaska — 3.6%(b)
Alaska Housing Finance Corp., Series 2007A, RB, VRDN (Federal Home Loan Bank SBPA), 2.28%, 05/07/19		17,950		17,950,000
Alaska Housing Finance Corp., Series 2007B, RB, VRDN (Federal Home Loan Bank SBPA), 2.28%, 05/07/19		16,200		16,200,000
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 2.25%, 05/07/19		57,675		57,675,000
Alaska Housing Finance Corp., Series 2009A, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19		25,000		25,000,000
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19		11,980		11,980,000
City of Valdez (Exxon Pipeline Company Project), Series 1993-B, RB, VRDN, 2.25%, 05/01/19		13,425		13,425,000
				142,230,000
Arizona — 0.7%
Industrial Development Authority of the County of Yavapai (The) (Skanon Investments, Inc. Drake Cement Project), Series 2010, RB, VRDN (Citibank NA LOC), 2.40%, 05/07/19(b)		26,000		26,000,000
California — 3.7%
Alameda County Joint Powers Authority (MUFG Union Bank NA LOC), 1.60%, 05/02/19		2,000		1,999,956
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States (Lucile Salter- Packard Children’s Hospital), Series 2015- XF0152, RB, VRDN (Bank of America NA LIQ), 2.30%, 05/07/19(a)(b)(c)		2,600		2,600,000
California State University Institute, Series A, 1.70%, 06/05/19		2,800		2,799,574
California Statewide Communities Development Authority (Uptown Newport Apartments), Series 2017BB, RB, VRDN (East West Bank LOC), 2.36%, 05/07/19(b)		28,000		28,000,000
Imperial Irrigation District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 2.35%, 05/07/19(a)(b)(c)		7,300		7,300,000

Security	Par (000)		Value
California (continued)
Los Angeles California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0703, GO, VRDN (JP Morgan Chase Bank NA LIQ), 2.30%, 05/07/19(a)(b)(c)		USD    2,225	$	2,225,000
Los Angeles County Housing Authority, Series 2019C, 1.50%, 05/09/19		12,500		12,497,991
Los Angeles County Housing Authority, Series D, 1.50%, 05/09/19		9,500		9,498,473
Los Angeles Department of Water & Power System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XL0096, RB, VRDN (Royal Bank of Canada LIQ), 2.30%, 05/07/19(a)(b)(c)		1,000		1,000,000
Mount San Antonio California Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 2.30%, 05/07/19(a)(b)(c)		3,600		3,600,000
Municipal Improvement Corp. of Los Angeles, Series A-4 (U.S. Bank NA LOC), 1.50%, 05/01/19		3,300		3,299,965
Sacramento Municipal Utility District, Series L-1 (Barclays Bank plc LOC), 1.57%, 06/05/19		34,700		34,685,225
San Diego Public Facilities Financing Authority, Series B (Bank of America NA LOC), 1.60%, 05/29/19		6,000		5,998,559
San Francisco City & County Airport Commission San Francisco International Airport, Series 2018B, RB, VRDN (Barclays Bank plc LOC), 2.10%, 05/07/19(b)		8,000		8,000,000
San Francisco City & County Public Utilities Commission, Series A-1 (Bank of America NA LOC), 1.68%, 06/04/19		6,000		5,998,828
State of California, Series 2003A-1, GO, VRDN (Barclays Bank plc LOC), 2.05%, 05/01/19(b)		1,400		1,400,000
State of California Department of Water Resources, 1.53%, 05/22/19		4,000		3,998,960
University of California, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0704, RB, VRDN (Citibank NA LIQ), 2.25%, 05/07/19(a)(b)(c)		5,000		5,000,000
University of California, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-YX1098, RB, VRDN (Barclays Bank plc LIQ), 2.28%, 05/07/19(a)(b)(c)		3,500		3,500,000
University of California, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Citibank NA LIQ), 2.25%, 05/07/19(a)(b)(c)		2,165		2,165,000
				145,567,531
Colorado — 3.4%
Boulder Larimer & Weld Cos., Tender Option Bond Trust Receipts/Certificates Various States, Inc. Trust, Series G-57, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		5,670		5,670,000
Boulder Valley Colony School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-16, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		5,000		5,000,000
City of Colorado Springs Utilities System, Series 2009C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 2.34%, 05/07/19(b)		19,490		19,490,000

SCHEDULES     OF     INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
City of Colorado Springs Utilities System, Series 2010C, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/07/19(b)		USD    2,730	$	2,730,000
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		5,345		5,345,000
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0668, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19(a)(b)(c)		1,875		1,875,000
Colorado State Education Loan Program, Series 2018A, TAN, 5.00%, 06/27/19		24,905		25,029,007
Colorado State Education Loan Program, Series 2018B, TAN, 5.00%, 06/27/19		23,000		23,114,522
Colorado State Education Loan Program, Series 2018B, TAN, 3.00%, 06/27/19		30,000		30,056,862
County of Arapahoe, Series 2001, RB, VRDN (Freddie Mac LOC), 2.36%, 05/07/19(b)		6,150		6,150,000
Denver Colorado City & County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2686, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		3,000		3,000,000
Sheridan Redevelopment Agency (South Santa Fe Drive Corridor Redevelopment Project), Series 2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 2.40%, 05/07/19(b)		3,330		3,330,000
State of Colorado, Series 2018, TAN, 5.00%, 06/26/19		1,100		1,105,379
				131,895,770
Connecticut — 2.1%
Connecticut Housing Finance Authority, Series 2015C, Sub-Series C-3, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19(b)		22,930		22,930,000
Connecticut Housing Finance Authority, Series 2016A, Sub-Series A-3, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19(b)		14,650		14,650,000
Connecticut Housing Finance Authority, Series 2017F, Sub-Series F-3, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/07/19(b)		17,725		17,725,000
Connecticut State Health & Educational Facilities Authority, Series 2000A, RB, VRDN (TD Bank NA SBPA), 2.30%, 05/07/19(b)		12,630		12,630,000
Connecticut State Health & Educational Facilities Authority (Ascension Health Credit Group), Series 1999B, RB, VRDN, 2.35%, 05/07/19(b)		9,000		9,000,000
Connecticut State, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-3, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		4,000		4,000,000
Town of Colchester, Series 2018, BAN, GO, 3.00%, 10/16/19		2,000		2,012,447
				82,947,447
Delaware — 0.0%
Delaware State Economic Development Authority (Kentmere Nursing Care Center Project), Series 1997, RB, VRDN (M&T Bank LOC), 2.35%, 05/07/19(b)		780		780,000

Security	Par (000)		Value
District of Columbia — 0.1%
District of Columbia (AARP Foundation Issue), Series 2004, RB, VRDN (Bank of America NA LOC), 2.39%, 05/07/19(b)		USD    5,110	$	5,110,000
Florida — 5.4%
Cape Coral Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), 2.34%, 05/07/19(a)(b)(c)		9,480		9,480,000
City of Gainesville Utilities System, Series 2007A, RB, VRDN (State Street Bank & Trust Co. SBPA), 2.15%, 05/07/19(b)		32,925		32,925,000
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 2.15%, 05/07/19(b)		41,100		41,100,000
City of Gainesville Utilities System, Series 2019C, RB, VRDN (Bank of America NA LOC), 2.33%, 05/01/19(b)(d)		10,000		10,000,000
County of Miami-Dade, Series 2019B-1, 1.63%, 05/16/19		5,000		4,999,995
County of Miami-Dade Water & Sewer System, Series 2019B-1 (Sumitomo Mitsui Banking LOC), 1.70%, 05/16/19		17,000		16,996,659
Escambia County Health Facilities Authority (Azalea Trace, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 2.34%, 05/01/19(b)		5,725		5,725,000
Florida Housing Finance Corp. (Grand Reserve at Maitland Park), Series 2004M, RB, VRDN (Freddie Mac LIQ), 2.36%, 05/07/19(b)		10,775		10,775,000
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group), Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.30%, 05/07/19(b)		21,395		21,395,000
Highlands County Health Facilities Authority (Adventist Health System/Sunbelt obligated Group), Series 2012I, RB, VRDN, 2.37%, 05/07/19(b)		4,220		4,220,000
Highlands County Health Facilities Authority (Adventist Health System/Sunbelt obligated Group), Series 2012I, RB, VRDN, 2.25%, 05/07/19(b)		20,780		20,780,000
Miami-Dade Water & Sewer Department, Series A-1 (Barclays Bank plc LOC), 1.65%, 05/02/19		13,000		12,999,488
Miami-Dade Water & Sewer Department, Series A-1 (Barclays Bank plc LOC), 1.65%, 05/16/19		2,000		1,999,717
Orlando Utilities Commission, Series 2008-2, RB, VRDN (TD Bank NA SBPA), 2.38%, 05/07/19(b)		2,650		2,650,000
Orlando-Orange County Expressway Authority, Series 2007, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)		14,100		14,100,000
				210,145,859
Georgia — 0.7%
Atlanta Water & Waste Water, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2649, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		3,000		3,000,000
Burke County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-107, RB, VRDN (Royal Bank of Canada LOC), 2.36%, 05/07/19(a)(b)(c)		5,000		5,000,000

40 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Gainesville & Hall County Development Authority (Lanier Village Estates, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 2.34%, 05/01/19(b)		USD    2,000	$	2,000,000
Heard County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-105, RB, VRDN (Royal Bank of Canada LOC), 2.36%, 05/07/19(a)(b)(c)		2,075		2,075,000
Metropolitan Atlanta Rapid Transit Authority, Series 2005A, RB, 5.00%, 07/01/19		1,000		1,005,581
Monroe County Development Authority (Oglethorpe Power Corporation Projects), Series 2009B, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.15%, 05/07/19(b)		11,245		11,245,000
Monroe County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-106, RB, VRDN (Royal Bank of Canada LOC), 2.36%, 05/07/19(a)(b)(c)		5,000		5,000,000
				29,325,581
Illinois — 3.3%(b)
Illinois Development Finance Authority (YMCA Met Chicago Project), Series 2001, RB, VRDN (BMO Harris Bank NA LOC), 2.15%, 05/07/19		23,100		23,100,000
Illinois Finance Authority (Advocate Health Care Network), Series 2008C-1, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.15%, 05/07/19		1,340		1,340,000
Illinois Finance Authority (Advocate Health Care Network Obligated Group), Series 2008C, Sub-Series C-2B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.15%, 05/07/19		6,695		6,695,000
Illinois Finance Authority (Carle Foundation Obligated Group (The)), Series 2009E, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.31%, 05/07/19		6,000		6,000,000
Illinois Finance Authority (Elmhurst Memorial Healthcare), Series 2008D, RB, VRDN (Bank of America NA LOC), 2.46%, 05/07/19		600		600,000
Illinois Finance Authority (Young Men’s Christian Association of Metropolitan Chicago), Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 2.15%, 05/07/19		9,025		9,025,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.34%, 05/07/19(a)(c)		24,910		24,910,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0072, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(c)		7,500		7,500,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0086, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(c)		11,750		11,750,000
Illinois Health Facilities Authority (Evanston Hospital Corporation), Series 1996, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.29%, 05/07/19		2,670		2,670,000

Security	Par (000)		Value
Illinois (continued)
Illinois Housing Development Authority, Series 2019B, RB, VRDN (Federal Home Loan Bank SBPA), 2.42%, 05/07/19(d)		USD    6,000	$	6,000,000
Illinois State Toll Highway Authority, Series 2007A-1A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.40%, 05/07/19		15,000		15,000,000
Illinois State Toll Highway Authority, Series 2007A-2D, RB, VRDN (Bank of America NA LOC), 2.38%, 05/07/19		9,000		9,000,000
Illinois State Toll Highway Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2202, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(c)		1,140		1,140,000
University of Illinois, Series 1997B, RB, VRDN (Wells Fargo Bank NA LOC), 2.15%, 05/07/19		700		700,000
Will County Ill, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-36, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(c)		3,000		3,000,000
				128,430,000
Indiana — 0.5%
City of Rockport (AEP Generating Co. Project), Series 1995A, RB, VRDN (Bank of Tokyo- Mitsubishi UFJ Ltd. LOC), 2.42%, 05/07/19(b)		3,830		3,830,000
County of Elkhart (Ashton Pines Apartments Project), Series 2008A, RB, VRDN (Federal Home Loan Bank LOC), 2.35%, 05/07/19(b)		2,900		2,900,000
Trustees of Indiana University, Series A/2, 1.80%, 05/21/19		12,800		12,797,661
				19,527,661
Iowa — 4.2%(b)
Iowa Finance Authority (CJ Bio America, lnc.), Series 2012, RB, VRDN (Korea Development Bank LOC), 2.79%, 05/07/19(a)		83,025		83,025,000
Iowa Finance Authority (MidAmerican Energy Co.), Series 2016A, RB, VRDN, 2.30%, 05/07/19		17,050		17,050,000
Iowa Finance Authority (MidAmerican Energy Project), Series 2008B, RB, VRDN, 2.30%, 05/07/19		53,625		53,625,000
Iowa Finance Authority (Wesley Retirement Services, Inc.), Series 2003B, RB, VRDN (Bank of America NA LOC), 2.31%, 05/07/19		9,550		9,550,000
				163,250,000
Kansas — 0.4%(a)(b)(c)
Topeka Kansas Utility, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0696, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.35%, 05/07/19		8,580		8,580,000
Wyandotte County Kansas USD, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-23, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19		6,500		6,500,000
				15,080,000

SCHEDULES     OF     INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Kentucky — 0.3%
Kentucky Economic Development Financing Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LIQ), 2.33%, 05/07/19(a)(b)(c)		USD    4,460	$	4,460,000
Louisville & Jefferson County Metropolitan Sewer District, 1.70%, 06/20/19		9,000		8,997,448
				13,457,448
Louisiana — 2.9%(b)
Ascension Parish Industrial Development Board, Inc. (BASF Corp. Project), Series 2009, RB, VRDN, 2.44%, 05/07/19		8,000		8,000,000
Louisiana Local Government Environmental Facilities & Community Development Authority (BASF Corp. Project), Series 2000B, RB, VRDN, 2.44%, 05/07/19		7,500		7,500,000
Louisiana Offshore Terminal Authority (Loop LLC Project), Series 2013B, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.15%, 05/07/19		17,525		17,525,000
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2004, RB, VRDN, 2.43%, 05/07/19		17,550		17,550,000
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2009A, RB, VRDN, 2.43%, 05/07/19		64,140		64,140,000
				114,715,000
Maine — 0.1%
Town of Yarmouth, Series 2019A, BAN, GO, 3.00%, 10/16/19(d)		2,040		2,052,322
Maryland — 5.6%
Baltimore County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0642, BAN, GO, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		1,900		1,900,000
County of Baltimore (Paths at Loveton Farms LP (The)), Series 1996, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.09%, 05/07/19(b)		1,485		1,485,000
County of Montgomery, Series 2009A (JP Morgan Chase Bank NA LIQ), 1.56%, 05/03/19		78,000		77,995,757
County of Montgomery, Series 2009B (JP Morgan Chase Bank NA LIQ), 1.80%, 05/09/19		77,100		77,087,271
County of Washington (Homewood Williamsport Facility), Series 2007, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(b)		8,690		8,690,000
Maryland Economic Development Corp. (Howard Hughes Medical Institute Project), Series 2008A, RB, VRDN, 2.47%, 05/07/19(b)		750		750,000
Maryland Health & Higher Educational Facilities Authority, Series 2000, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.30%, 05/07/19(b)		13,550		13,550,000
Maryland Health & Higher Educational Facilities Authority, Series 2008D, RB, VRDN (TD Bank NA LOC), 2.27%, 05/01/19(b)		13,000		13,000,000
Maryland Health & Higher Educational Facilities Authority, Series 2018, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.30%, 05/07/19(a)(b)		19,000		19,000,000

Security	Par (000)		Value
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority (Anne Arundel Health System Obligated Group), Series 2009B, RB, VRDN (Bank of America NA LOC), 2.35%, 05/07/19(b)		USD    5,500	$	5,500,000
				218,958,028
Massachusetts — 4.2%
City of Pittsfield, BAN, GO, 2.50%, 06/27/19		9,563		9,573,423
City of Quincy, BAN, GO, 3.25%, 01/17/20		17,226		17,432,042
Massachusetts Bay Transportation Authority, Series 2010A-7, RB, VRDN, 2.60%, 11/26/19(b)		13,650		13,650,000
Massachusetts Bay Transportation Authority, Series 2018A, Sub-Series A-2, RB, VRDN (State Street Bank & Trust Co. SBPA), 2.40%, 05/07/19(b)		9,020		9,020,000
Massachusetts State Transporting Fund, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0610, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		4,500		4,500,000
Massachusetts Water Resources Authority, Series 2008A-3, RB, VRDN (Wells Fargo Bank NA SBPA), 2.33%, 05/07/19(b)		9,390		9,390,000
Massachusetts Water Resources Authority, Series 2008C-2, RB, VRDN (Barclays Bank plc SBPA), 2.11%, 05/07/19(b)		13,010		13,010,000
University of Massachusetts Building Authority, Series 2011-1, RB, VRDN (Wells Fargo Bank NA SBPA), 2.23%, 05/07/19(b)		13,190		13,190,000
University of Massachusetts Building Authority, Series 2011-2, RB, VRDN, 2.60%, 11/26/19(b)		11,100		11,100,000
University of Massachusetts Building Authority, Series A1, 1.75%, 06/25/19		6,627		6,624,488
University of Massachusetts Building Authority, Series A1, 1.80%, 06/25/19		57,130		57,118,237
				164,608,190
Michigan — 4.0%
Board of Trustees of Michigan State University, Series F, 1.93%, 06/03/19		17,585		17,582,439
Board of Trustees of Michigan State University, Series F, 1.93%, 06/04/19		22,390		22,386,653
Kent Hospital Finance Authority (Spectrum Health System Obligated Group), Series 2008C, RB, VRDN (Bank of New York Mellon LOC), 2.40%, 05/07/19(b)		5,785		5,785,000
Michigan State Building Authority (Facilities Program), Series 2017I, RB, VRDN (Citibank NA LOC), 2.33%, 05/07/19(b)		43,685		43,685,000
Michigan State Building Authority (Facilities Program), Series II-B, RB, VRDN (Citibank NA LOC), 2.30%, 05/07/19(b)		15,620		15,620,000
Michigan State Housing Development Authority, Series 2006C, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/07/19(b)		25,590		25,590,000
Michigan State University, Series 2000A-1, RB, VRDN (Royal Bank of Canada SBPA), 2.13%, 05/07/19(b)		8,950		8,950,000
Michigan State University, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018E-127, RB, VRDN (Royal Bank of Canada LOC), 2.30%, 05/01/19(a)(b)(c)		9,660		9,660,000

42 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Oakland University, Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.30%, 05/07/19(b)	USD	7,945	$	7,945,000
				157,204,092
Minnesota — 2.2%
City of Minneapolis, Series 2018B, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.15%, 05/07/19(b)		15,000		15,000,000
City of Minneapolis (University Gateway Project), Series 2009, RB, VRDN (Wells Fargo Bank NA SBPA), 2.33%, 05/07/19(b)		5,300		5,300,000
County of Hennepin, Series 2018B, GO, VRDN (TD Bank NA SBPA), 2.33%, 05/07/19(b).		5,715		5,715,000
Housing & Redevelopment Authority of The City of St Paul Minnesota (Allina Health Obligated Group), Series 2009C, RB, VRDN (Wells Fargo Bank NA LOC), 2.27%, 05/07/19(b)		11,300		11,300,000
Regents of the University of Minnesota, Series F, 1.60%, 06/11/19		46,100		46,084,529
University of Minnesota, Series C, 1.87%, 06/04/19		3,750		3,749,440
				87,148,969
Mississippi — 2.5%(b)
County of Jackson (Chevron Corp.), Series 1993, RB, VRDN, 2.25%, 05/01/19		20,175		20,175,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2007C, RB, VRDN, 2.25%, 05/01/19		31,505		31,505,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2009C, RB, VRDN, 2.25%, 05/01/19		14,145		14,145,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010A, RB, VRDN, 2.44%, 05/07/19		2,700		2,700,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010F, RB, VRDN, 2.30%, 05/07/19		6,515		6,515,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010I, RB, VRDN, 2.25%, 05/01/19		21,450		21,450,000
				96,490,000
Missouri — 1.2%(a)(b)(c)
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0678, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19		5,000		5,000,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0184, RB, VRDN (Citibank NA LOC), 2.35%, 05/07/19		5,000		5,000,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0080, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19		4,165		4,165,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0575, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19		8,000		8,000,000

Security	Par (000)		Value
Missouri (continued)
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series C-16, RB, VRDN (Royal Bank of Canada LOC), 2.36%, 05/07/19	USD	26,500	$	26,500,000
				48,665,000
Nebraska — 1.2%
Lincoln Nebraska Electric, Series 1995, 1.70%, 05/01/19		25,750		25,749,529
Omaha Public Power District, Series A, 1.64%, 08/06/19		15,000		14,989,906
Omaha Public Power District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2685, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		5,400		5,400,000
				46,139,435
Nevada — 1.8%(b)
City of Reno, Series 2009A, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19		33,035		33,035,000
City of Reno (Renown Regional Medical Center Project), Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19		16,925		16,925,000
City of Reno (Renown Regional Medical Center Project), Series 2009B, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19		20,110		20,110,000
County of Clark Department of Aviation (Nevada Airport System), Series 2008D-3, RB, VRDN (Bank of America NA LOC), 2.40%, 05/07/19		1,105		1,105,000
				71,175,000
New Jersey — 0.7%
New Jersey Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XX1091, RB, VRDN (Barclays Bank plc LOC), 2.32%, 05/07/19(a)(b)(c)		9,000		9,000,000
New Jersey Housing & Mortgage Finance Agency (Camden Townhouses Project), Series 2017F, RB, VRDN, 1.90%, 08/01/19(b)		4,000		4,000,405
New Jersey State Housing & Mortgage Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LIQ), 2.31%, 05/07/19(a)(b)(c)		3,000		3,000,000
Somerset County Improvement Authority (Township of Hillsborough Project), Series 2018, 3.00%, 06/06/19		4,000		4,004,634
Somerset County Improvement Authority (Township of Montgomery Project), Series 2018, 3.50%, 09/13/19		7,200		7,245,956
				27,250,995
New York — 11.1%
City of New York, Series 2003A-5, GO, VRDN (Bank of Montreal LOC), 2.36%, 05/07/19(b)		1,450		1,450,000
City of New York, Series 2008, Sub-Series J-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.32%, 05/01/19(b)		11,000		11,000,000
City of New York, Series 2008J, Sub-Series J-8, GO, VRDN (Sumitomo Mitsui Banking LOC), 2.45%, 05/07/19(b)(d)		3,160		3,160,000
City of New York, Series 2012A, Sub-Series A-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.30%, 05/07/19(b)		9,025		9,025,000

SCHEDULES     OF     INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
City of New York, Series 2012G, Sub-Series G-6, GO, VRDN (Mizuho Bank Ltd. LOC), 2.32%, 05/01/19(b)	USD	1,300	$	1,300,000
City of New York, Series 2012G, Sub-Series G-7, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.30%, 05/01/19(b)		18,250		18,250,000
City of New York, Series 2017, Sub-Series A-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.32%, 05/01/19(b)		1,525		1,525,000
City of New York, Series 2018B, GO, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(b)		2,200		2,200,000
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 2.35%, 05/07/19(a)(b)(c)		10,050		10,050,000
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0677, RB, VRDN (Toronto-Dominion Bank LIQ), 2.35%, 05/07/19(a)(b)(c)		4,595		4,595,000
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0572, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		3,000		3,000,000
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series E-126, RB, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		30,500		30,500,000
Nassau Health Care Corp. (Nassau County Guaranteed), Series 2009C, Sub-Series C-2, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19(b)		6,315		6,315,000
New York City Health & Hospital Corp., Series 2008B, RB, VRDN (TD Bank NA LOC), 2.35%, 05/07/19(b)		100		100,000
New York City Housing Development Corp., Series 2006A, RB, VRDN (Fannie Mae LOC), 2.13%, 05/07/19(b)		17,585		17,585,000
New York City Housing Development Corp., Series 2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19(b)		7,840		7,840,000
New York City Housing Development Corp., Series 2019A-4, RB, VRDN (RBC Capital Markets LIQ), 2.38%, 05/07/19(b)		2,000		2,000,000
New York City Housing Development Corp. (Sustainable Neighborhood Bonds), Series 2017G-3, RB, VRDN (Wells Fargo Bank NA SBPA), 2.35%, 05/07/19(b)		10,000		10,000,000
New York City Industrial Development Agency, Series 2004B, RB, VRDN (Bank of America NA LOC), 2.31%, 05/01/19(b)		2,150		2,150,000
New York City Municipal Water Finance, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19(a)(b)(c)		4,100		4,100,000
New York City Transitional Finance Authority Future Tax Secured, Series 1999A, Sub- Series A-1, RB, VRDN (TD Bank NA SBPA), 2.30%, 05/07/19(b)		27,700		27,700,000

Security	Par (000)		Value
New York (continued)
New York City Transitional Finance Authority Future Tax Secured, Series 2002, Sub- Series C-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.31%, 05/01/19(b)	USD	100	$	100,000
New York City Transitional Finance Authority Future Tax Secured (Multi-Modal Bonds), Series 2003, Sub-series A-4, RB, VRDN (TD Bank NA SBPA), 2.27%, 05/01/19(b)		4,300		4,300,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0566, RB, VRDN (Toronto-Dominion Bank LIQ), 2.32%, 05/07/19(a)(b)(c)		2,000		2,000,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XG0156, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		2,020		2,020,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2529, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		4,625		4,625,000
New York City Trust for Cultural Resources, Series 2009A, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.33%, 05/07/19(b)		1,000		1,000,000
New York City Water & Sewer System, Series 2000C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 2.47%, 05/07/19(b)		15,000		15,000,000
New York City Water & Sewer System, Series 2001F, Sub-Series F-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(b)		13,800		13,800,000
New York City Water & Sewer System, Series 2008B, Sub-Series B-1A, RB, VRDN (Sumitomo Mitsui Banking SBPA), 2.33%, 05/07/19(b)		1,025		1,025,000
New York City Water & Sewer System, Series 2008-BB-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 2.25%, 05/07/19(b)		7,100		7,100,000
New York City Water & Sewer System, Series 2009BB, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.31%, 05/01/19(b)		37,100		37,100,000
New York City Water & Sewer System, Series 2013AA, Sub-Series AA-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 2.30%, 05/07/19(b)		20,405		20,405,000
New York City Water & Sewer System, Series 2015BB, Sub-Series BB-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.30%, 05/01/19(b)		2,500		2,500,000
New York Environmental Facilities Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2586, RB, VRDN (Citibank NA LIQ), 2.31%, 05/07/19(a)(b)(c)		3,750		3,750,000
New York Local Government Assistance Corp., Series 2008B-7V, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.13%, 05/07/19(b)		810		810,000
New York Power Authority, 1.81%, 05/09/19		18,949		18,946,203
New York Power Authority, 1.81%, 05/14/19		35,466		35,461,219
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.40%, 05/07/19(b)		10,275		10,275,000

44 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008C, RB, VRDN (Bank of America NA LOC), 2.34%, 05/07/19(b)		USD    275	$	275,000
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008D, RB, VRDN (TD Bank NA LOC), 2.40%, 05/07/19(b)		1,380		1,380,000
New York State Dormitory Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2647, RB, VRDN (Citibank NA LIQ), 2.32%, 05/07/19(a)(b)(c)		3,000		3,000,000
New York State Environmental Facilities Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2016- XF2344, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		3,600		3,600,000
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.31%, 05/01/19(b)		1,725		1,725,000
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2008A, RB, VRDN (Freddie Mac LOC), 2.22%, 05/07/19(b)		1,000		1,000,000
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2010A, RB, VRDN (Freddie Mac LOC), 2.22%, 05/07/19(b)		2,350		2,350,000
New York State Thruway Authority, Series 2019A, 4.00%, 02/01/20(d)		24,000		24,202,771
New York State Urban Development Corp., Series 2004A-3-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.31%, 05/07/19(b)		2,775		2,775,000
New York State Urban Development Corp., Series 2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19(b)		7,190		7,190,000
New York State Urban Development Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0580, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		3,750		3,750,000
New York, Tender Option Bond Trust Receipts/ Certificates Various States, Series G-55, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		7,865		7,865,000
Oneida County Industrial Development Agency (Mohawk Valley Community College Dormitory Corp. Project), Series 2004A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(b)		1,215		1,215,000
Onondaga County Trust for Cultural Resources (Syracuse University Project), Series 2010A, RB, VRDN (Wells Fargo Bank NA LOC), 2.19%, 05/07/19(b)		7,400		7,400,000
Port Authority of New York & New Jersey, Series 2010A, 1.80%, 06/06/19		9,200		9,198,187
Triborough Bridge & Tunnel Authority (MTA Bridge & Tunnel Authority), Series 2005A, RB, VRDN (TD Bank NA LOC), 2.25%, 05/07/19(b)		2,900		2,900,000
				433,888,380

Security	Par (000)		Value
North Carolina — 2.1%(b)
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 2.30%, 05/07/19(a)(c)		USD    5,250	$	5,250,000
Charlotte-Mecklenburg Hospital Authority (The), Series 2007E, RB, VRDN (TD Bank NA LOC), 2.27%, 05/01/19		24,195		24,195,000
City of Charlotte (Government Facilities), Series 2003F, COP, VRDN (Bank of America NA SBPA), 2.35%, 05/07/19		7,385		7,385,000
City of Charlotte (Governmental Facilities Project), Series 2013G, COP, VRDN (Wells Fargo Bank NA LIQ), 2.25%, 05/07/19(d).		12,265		12,265,000
City of Charlotte Water & Sewer System, Series 2006B, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19		23,430		23,430,000
North Carolina Medical Care Commission (Moses Cone Health System), Series 2001A, RB, VRDN (BMO Harris Bank NA SBPA), 2.30%, 05/07/19		10,445		10,445,000
				82,970,000
Ohio — 2.2%
Akron Bath Copley Joint Township Hospital District, Series 2018B, RB, VRDN (BMO Harris Bank NA LOC), 2.32%, 05/07/19(b).		5,250		5,250,000
American Municipal Power, Inc. (Village of Carey Project), Series 2018, BAN, 3.00%, 12/05/19		1,435		1,443,846
American Municipal Power, Inc. (Village of Genoa Project), Series 2018, BAN, RB, 3.00%, 12/12/19		2,089		2,102,294
Batavia Local School District, BAN, GO, 3.00%, 09/01/19		1,875		1,881,710
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, Series G-54, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		3,050		3,050,000
City of Harrison, Series 2018, BAN, GO, 3.50%, 10/29/19		1,350		1,361,913
City of Kirtland, Series 2018, BAN, GO, 3.00%, 06/20/19		3,305		3,309,116
Cleveland Ohio Water, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018E-119, RB, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		10,000		10,000,000
Cleveland-Cuyahoga County Port Authority (Carnegie/89th Garage and Service Center LLC Project), Series 2007, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.26%, 05/07/19(b)		1,030		1,030,000
County of Franklin, Series 2018C, RB, VRDN, 2.35%, 05/07/19(b)		10,800		10,800,000
County of Franklin (Nationwide Children’s Hospital, Inc. Project), Series 2015B, RB, VRDN, 2.27%, 05/07/19(b)		13,500		13,500,000
County of Franklin (Ohio health Corporation), Series 2018D, RB, VRDN, 2.45%, 05/07/19(b)		300		300,000
Forest Hills Ohio Local School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-30, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		2,300		2,300,000

SCHEDULES     OF     INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Miami County Ohio Hospital Facilities, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		USD    3,000	$	3,000,000
Ohio State University (The), Series 2014B-1, RB, VRDN, 2.10%, 05/07/19(b)		8,100		8,100,000
Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2016A, RB, VRDN (Toronto-Dominion Bank SBPA), 2.44%, 05/07/19(b)		16,840		16,840,000
Village of Cuyahoga Heights, Series 2019, BAN, GO, 3.25%, 06/19/19		1,400		1,402,566
Village of North Randall, Series 2018, GO, 3.25%, 09/12/19		1,010		1,015,597
				86,687,042
Oregon — 0.2%
Oregon State Facilities Authority (Quatama Housing LP Project), Series 2005A, RB, VRDN (Fannie Mae LOC), 2.46%, 05/07/19(b)		9,575		9,575,000
Pennsylvania — 2.5%(b)
Allegheny County Hospital Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-111, RB, VRDN (Royal Bank of Canada LOC), 2.30%, 05/01/19(a)(c)		13,000		13,000,000
Beaver County Industrial Development Authority, Series 2018A, RB, VRDN (BMO Harris Bank NA LOC), 2.32%, 05/07/19		3,500		3,500,000
Blair County Industrial Development Authority (Homewood Retirement Centers Obligated Group), Series 2004, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19		4,400		4,400,000
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0543, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19(a)(c)		4,000		4,000,000
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0613, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(c)		4,325		4,325,000
General Authority of Southcentral Pennsylvania (Homewood Retirement Centers Obligated Group), Series 2003, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19		3,445		3,445,000
General Authority of Southcentral Pennsylvania (WellSpan health Obligated Group), Series 2019C, RB, VRDN (Bank of America NA LIQ), 2.35%, 05/07/19		14,690		14,690,000
General Authority of Southcentral Pennsylvania (WellSpan health Obligated Group), Series 2019D, RB, VRDN (Bank of America NA LIQ), 2.35%, 05/07/19		13,685		13,685,000
Lycoming County Authority (Lycoming College Project), Series 2013-S1, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19		4,175		4,175,000

Security	Par (000)		Value
Pennsylvania (continued)
Montgomery County Industrial Development Authority (ACTS Retirement-Life Communities, Inc.), Series 2002, RB, VRDN (TD Bank NA SBPA), 2.34%, 05/01/19		USD    4,815	$	4,815,000
Pennsylvania State Housing Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0721, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(c)		3,210		3,210,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank N.A. SBPA), 2.39%, 05/07/19		18,000		18,000,000
Westmoreland County Muni Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), 2.33%, 05/07/19(a)(c)		7,595		7,595,000
				98,840,000
Rhode Island — 0.2%
Rhode Island Health & Education Building Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XM0721, RB, VRDN (Wells Fargo Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		7,000		7,000,000
South Carolina — 0.8%
City of Columbia Waterworks & Sewer System, Series 2009, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.30%, 05/07/19(b)		20,825		20,825,000
County of Richland, Series 2019A, BAN, GO, 3.00%, 02/27/20		12,000		12,134,550
				32,959,550
Tennessee — 0.8%
City of Memphis, Series 2012A (State Street Guaranty), 1.78%, 06/06/19		15,750		15,747,529
Clarksville Public Building Authority (Tennessee Municipal Bond), Series 1999, RB, VRDN (Bank of America NA LOC), 2.39%, 05/07/19(b)		4,605		4,605,000
Tennessee Housing Development Agency Resident, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-YX1087, RB, VRDN (Barclays Bank plc LIQ), 2.33%, 05/07/19(a)(b)(c)		10,610		10,610,000
				30,962,529
Texas — 18.0%
Abilene Texas, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-31, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		3,000		3,000,000
Austin Electric Utility System, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0220, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.40%, 05/07/19(a)(b)(c)		27,745		27,745,000
Bexar County Housing Finance Corp. (AAMHA LLC Project), Series 2000, RB, VRDN (Fannie Mae LOC), 2.34%, 05/07/19(b)		2,705		2,705,000
City of Austin, Series 2008, Sub-Series A, RB, VRDN (Citibank NA LOC), 2.30%, 05/07/19(b)		11,635		11,635,000
City of Austin, Series 2008B, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.39%, 05/07/19(b)		4,300		4,300,000

46 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
City of Garland (Sumitomo Mitsui Banking LOC), 1.75%, 05/22/19	USD	5,000	$	4,999,145
City of Garland (Sumitomo Mitsui Banking LOC), 1.60%, 06/13/19		4,000		3,998,259
City of Garland, Series 2018 (Bank of America NA LOC), 1.88%, 05/09/19		9,000		8,998,829
City of Garland, Series 2018 (Bank of America NA LOC), 1.59%, 06/05/19		5,000		4,998,463
City of Houston Combined Utility System, Series 2004B-5, RB, VRDN (Wells Fargo Bank NA LOC), 2.32%, 05/07/19(b)		29,550		29,550,000
City of San Antonio, Series 2019A2, Sub-Series A-1 (JP Morgan Chase Bank NA LIQ), 1.84%, 09/05/19		13,000		12,997,533
City of San Antonio, Series A (JP Morgan Guaranty), 1.62%, 06/21/19		8,000		7,997,246
County of Harris, Series 2019C (Bank of America NA LIQ), 1.78%, 06/06/19		23,500		23,496,179
County of Harris, Series 2019E-1 (Landesbank Hessen-Thuringen Girozentrale LOC), 1.80%, 05/16/19		22,950		22,947,439
Dallas Texas Water Works & Swear System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2697, RB, VRDN (Citibank NA LIQ), 2.32%, 05/07/19(a)(b)(c)		6,000		6,000,000
Denton Texas Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0648, GO, VRDN (Toronto-Dominion Bank LIQ), 2.33%, 05/07/19(a)(b)(c)		3,745		3,745,000
Fort Bend Independent School District, Series A (JP Morgan Chase Bank NA LIQ), 1.62%, 05/24/19		5,000		4,998,646
Fort Bend Independent School District, Series A (JP Morgan Chase Bank NA LIQ), 1.86%, 05/24/19		63,500		63,489,268
Fort Bend Independent School District, Series A (JP Morgan Chase Bank NA LIQ), 1.75%, 05/24/19		2,500		2,499,534
Fort Bend Independent School District, Series A (JP Morgan Chase Bank NA LIQ), 1.85%, 05/24/19		7,500		7,498,933
Harris County Cultural Education Facilities Finance Corp., Series 2019C-1 (Methodist Health System), 1.65%, 05/13/19		56,600		56,583,677
Harris County Cultural Education Facilities Finance Corp., Series C-2 (Methodist Health System), 1.75%, 06/04/19		2,140		2,139,349
Lamar Texas Cons Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series G-18, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		7,740		7,740,000
Laredo Texas, Tender Option Bond Trust Receipts/Certificates Various States, Series G-60, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		3,000		3,000,000
Leander Texas Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series G-34, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		2,000		2,000,000

Security	Par (000)		Value
Texas (continued)
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals & Refining USA, Inc.), Series 2012, RB, VRDN, 2.44%, 05/07/19(b)	USD	6,000	$	6,000,000
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals USA, Inc. Project), Series 2010 A, RB, VRDN, 2.44%, 05/07/19(b)		3,000		3,000,000
San Antonio Electric & Gas, Series B, 1.81%, 06/06/19		17,300		17,297,457
San Antonio Water System, Series 2019A-1, 1.87%, 08/02/19		19,000		18,998,767
South Texas Community College District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018G- 35, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		7,135		7,135,000
State of Texas, Series 2011A, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		39,425		39,425,000
State of Texas, Series 2011B, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		5,830		5,830,000
State of Texas, Series 2012B, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		9,500		9,500,000
State of Texas, Series 2013B, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		9,750		9,750,000
State of Texas, Series 2014A, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		9,710		9,710,000
State of Texas, Series 2015A, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(b)		9,710		9,710,000
State of Texas, Series 2016, GO, VRDN (Helaba SBPA SBPA), 2.43%, 05/07/19(b).		6,235		6,235,000
State of Texas, Series 2018, TAN, 4.00%, 08/29/19		89,000		89,643,247
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), Series 2008- A, RB, VRDN (TD Bank NA LOC), 2.27%, 05/01/19(b)		15,050		15,050,000
Texas Water Development Board, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2201, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		300		300,000
Texas Water Development Board, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0714, RB, VRDN (Toronto-Dominion Bank LIQ), 2.33%, 05/07/19(a)(b)(c)		3,750		3,750,000
University of Texas System (The), Series 2019A, 1.59%, 06/04/19		25,000		24,990,695
University of Texas System (The), Series A, 1.66%, 05/06/19		25,000		24,996,962
University of Texas System (The), Series A, 1.80%, 06/05/19		25,000		24,996,175
University of Texas System (The), Series A, 1.81%, 06/07/19		25,000		24,996,225
University of Texas System (The), Series A, 1.62%, 08/06/19		25,000		24,983,487
				705,360,515

SCHEDULES     OF     INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utah — 0.5%(b)
City of Murray (IHC Health Services, Inc.), Series 2003A, RB, VRDN, 2.27%, 05/07/19		USD    105	$	105,000
City of Murray (IHC Health Services, Inc.), Series 2003B, RB, VRDN, 2.27%, 05/07/19		315		315,000
City of West Jordan (Broadmoor Village Apartments LLC), Series 2004, RB, VRDN (Freddie Mac LIQ), 2.45%, 05/07/19		9,675		9,675,000
County of Utah (IHC Health Services, Inc.), Series 2016E, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.15%, 05/07/19		5,850		5,850,000
Utah County Utah Hospital, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Wells Fargo Bank NA LIQ), 2.33%, 05/07/19(a)(c)		1,910		1,910,000
				17,855,000
Virginia — 2.4%
Alexandria Industrial Development Authority (Young Men’s Christian Association of Metropolitan Washington Facility), Series 1998, RB, VRDN (First National Bank of MD LOC), 2.40%, 05/07/19(b)		1,315		1,315,000
Fairfax County Industrial Development Authority (Inova Health System Project), Series 2018C, RB, VRDN, 2.35%, 05/07/19(b)		35,725		35,725,000
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 2.32%, 05/07/19(a)(b)(c)		4,400		4,400,000
Metropolitan Washington Airports Authority, Series 2019-1 (JP Morgan Chase Bank NA LOC), 1.62%, 05/24/19		18,000		17,995,480
Metropolitan Washington Airports Authority, Series 2019-1 (JP Morgan Chase Bank NA LOC), 1.62%, 06/26/19		10,000		9,995,917
Norfolk Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XG0183, RB, VRDN (Barclays Bank plc LIQ), 2.33%, 05/07/19(a)(b)(c)		12,860		12,860,000
University of Virginia, Series A, 1.72%, 05/02/19		4,800		4,799,875
University of Virginia, Series A, 2.15%, 05/09/19		2,200		2,199,777
Virginia Commonwealth Transportation Board Trust, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0659, RB, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19(a)(b)(c)		6,000		6,000,000
				95,291,049
Washington — 1.2%(b)
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2527, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(c)		1,875		1,875,000
Washington State Housing Finance Commission (Panorama Project), Series 2008, RB, VRDN (Wells Fargo Bank NA LOC), 2.30%, 05/07/19		4,000		4,000,000
Washington State Housing Finance Commission (Reserve at Renton Apartments Project), Series 2014, RB, VRDN (East West Bank LOC), 2.45%, 05/07/19		11,800		11,800,000

Security	Par (000)		Value
Washington (continued)
Washington State Housing Finance Commission (Traditions at South Hill Apartments Project), Series 2011A-B, RB, VRDN (Freddie Mac LOC), 2.42%, 05/07/19		USD    2,730	$	2,730,000
Washington State War Veterans, VRDN, 5.00%, 02/01/20		14,000		14,359,234
Washington State, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XL0007, RB, VRDN (Barclays Bank plc LIQ), 2.45%, 05/07/19(a)(c)		13,870		13,870,000
				48,634,234
Wisconsin — 1.2%(b)
Wisconsin Housing & Economic Development Authority, Series 2015C, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		6,555		6,555,000
Wisconsin Housing & Economic Development Authority, Series 2016C, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		1,650		1,650,000
Wisconsin Housing & Economic Development Authority, Series 2017D, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		19,800		19,800,000
Wisconsin Housing & Economic Development Authority, Series 2018C, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		12,840		12,840,000
Wisconsin Housing & Economic Development Authority (Wisconsin Housing & Economic Development Authority), Series 2019B, RB, VRDN (Federal Home Loan Bank SBPA), 2.33%, 05/07/19		7,000		7,000,000
				47,845,000
Wyoming — 0.6%(b)
County of Uinta (Chevron USA, Inc. Project), Series 1993, RB, VRDN, 2.25%, 05/01/19		15,200		15,200,000
Wyoming Community Development Authority, Series 2018-2, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		9,750		9,750,000
				24,950,000
Total Municipal Bonds — 99.3% (Cost: $3,897,914,120)				3,897,832,627
Closed-End Investment Companies — 3.3%
California — 0.9%(b)
Nuveen California AMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 2.31%, 05/07/19		12,000		12,000,000
Nuveen California AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LIQ), 2.31%, 05/07/19(a)		25,000		25,000,000
				37,000,000
New York — 2.3%(b)
Nuveen AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, 2.39%, 05/07/19		14,300		14,300,000
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2010, VRDP, 2.36%, 05/07/19		49,500		49,500,000
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Toronto- Dominion Bank LIQ), 2.34%, 05/07/19(a).		27,000		27,000,000
				90,800,000

48 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniCash (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Other — 0.1%
Nuveen AMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 2.38%, 05/07/19(a)(b)		USD    2,900	$	2,900,000

Security	Par (000)	Value
Other (continued)
Total Closed-End Investment Companies — 3.3% (Cost: $130,700,000)		$	130,700,000
Total Investments — 102.6% (Cost: $4,028,614,120)(e)			4,028,532,627
Liabilities in Excess of Other Assets — (2.6)%			(103,363,904	)
Net Assets — 100.0%		$	3,925,168,723

^(a)  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.

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

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

^(d)  When-issued security.

^(e)  Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	4,028,532,627	$	—	$	4,028,532,627

^(a) See above Schedule of Investments for values in each state.

See notes to financial statements.

SCHEDULES     OF     INVESTMENTS 49

Schedule of Investments  (unaudited) April 30, 2019 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 96.0%
Alaska — 2.0%(a)
Alaska Housing Finance Corp., Series 2001A, RB, VRDN, 2.20%, 05/07/19		USD    1,020	$	1,020,000
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 2.25%, 05/07/19		4,165		4,165,000
				5,185,000
Colorado — 5.8%
City of Colorado Springs Utilities System, Series 2006B, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.33%, 05/07/19(a)		500		500,000
City of Colorado Springs Utilities System, Series 2009C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 2.34%, 05/07/19(a)		2,300		2,300,000
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		1,000		1,000,000
Colorado State Education Loan Program, Series 2018B, TAN, 5.00%, 06/27/19		7,000		7,037,166
County of Arapahoe, Series 2001, RB, VRDN (Freddie Mac LOC), 2.36%, 05/07/19(a)		1,975		1,975,000
Sheridan Redevelopment Agency (South Santa Fe Drive Corridor Redevelopment Project), Series 2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 2.40%, 05/07/19(a)		1,980		1,980,000
				14,792,166
Connecticut — 3.0%
Town of Colchester, Series 2018, BAN, GO, 3.00%, 10/16/19		2,430		2,440,957
Town of Greenwich, BAN, GO, 3.00%, 01/16/20		3,000		3,028,364
Town of Stratford, BAN, GO, 3.00%, 12/19/19		2,175		2,189,965
				7,659,286
District of Columbia — 0.3%
District of Columbia (Community Connections Real Estate Foundation), Series 2007A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(a)		900		900,000
Florida — 8.0%
Cape Coral Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), 2.34%, 05/07/19(a)(b)(c)		1,000		1,000,000
City of Gainesville Utilities System, Series 2007A, RB, VRDN (State Street Bank & Trust Co. SBPA), 2.15%, 05/07/19(a)		4,565		4,565,000
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 2.15%, 05/07/19(a)		2,555		2,555,000
County of Miami-Dade, Series 2019B-1, 1.63%, 05/16/19		1,000		1,000,000
County of Palm Beach (The Raymond F. Kravis Center for the Performing Arts, Inc. Project), Series 2002, RB, VRDN (Northern Trust Co. LOC), 2.32%, 05/07/19(a)		2,200		2,200,000
Escambia County Health Facilities Authority (Azalea Trace, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 2.34%, 05/01/19(a)		8,070		8,070,000

Security	Par (000)		Value
Florida (continued)
Miami-Dade Water & Sewer Department, Series A-1, 1.65%, 05/02/19		USD    1,000	$	1,000,000
				20,390,000
Georgia — 0.1%
DeKalb County Housing Authority, RB, VRDN (Fannie Mae LIQ), 2.10%, 05/07/19(a)		200		200,000
Illinois — 4.1%(a)
City of Galesburg (Knox College Project), Series 1999, RB, VRDN (PNC Bank N.A. LOC), 2.37%, 05/07/19		2,550		2,550,000
Illinois Finance Authority (Advocate Health Care Network), Series 2008C, Sub-Series 3-A, RB, VRDN (Northern Trust Co. SBPA), 2.45%, 05/07/19		900		900,000
Illinois Finance Authority (Advocate Health Care Network), Series 2008C-1, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.15%, 05/07/19		5,300		5,300,000
Illinois Finance Authority (Young Men’s Christian Association of Metropolitan Chicago), Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 2.15%, 05/07/19		225		225,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.34%, 05/07/19(b)(c)		1,280		1,280,000
University of Illinois, Series 1997B, RB, VRDN (Wells Fargo Bank NA LOC), 2.15%, 05/07/19		300		300,000
				10,555,000
Indiana — 3.3%
Indiana Finance Authority (Ascension Health Credit Group), Series 2008E-7, RB, VRDN, 2.10%, 05/07/19(a)		1,350		1,350,000
Indiana Finance Authority (Convention Center Expansion Project), Series 2008, RB, VRDN (BMO Harris Bank NA SBPA), 2.25%, 05/07/19(a)		4,980		4,980,000
Trustees of Indiana University, Series A/2, 1.80%, 05/21/19		2,000		2,000,000
				8,330,000
Iowa — 3.6%(a)
Iowa Finance Authority (CJ Bio America, lnc.), Series 2012, RB, VRDN (Korea Development Bank LOC), 2.79%, 05/07/19(c)		7,300		7,300,000
Iowa Finance Authority (MidAmerican Energy Co.), Series 2016A, RB, VRDN, 2.30%, 05/07/19		1,950		1,950,000
				9,250,000
Kansas — 0.4%
Wyandotte County Kansas USD, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-23, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		1,000		1,000,000
Kentucky — 0.2%
Kentucky Economic Development Financing Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LIQ), 2.33%, 05/07/19(a)(b)(c)		500		500,000

50 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana — 2.6%(a)
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2008B, RB, VRDN, 2.12%, 05/07/19		USD    1,510	$	1,510,000
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2010, RB, VRDN, 2.12%, 05/07/19		5,100		5,100,000
				6,610,000
Maine — 0.8%
Town of Yarmouth, Series 2019A, BAN, GO, 3.00%, 10/16/19(d)		2,000		2,012,286
Maryland — 3.2%
County of Baltimore (Odyssey School Facility (The)), Series 2001, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(a)		1,065		1,065,000
County of Montgomery, Series 2009A, 1.56%, 05/03/19		2,000		2,000,000
County of Montgomery, Series 2009B, 1.80%, 05/09/19		3,000		3,000,000
Maryland Health & Higher Educational Facilities Authority, Series 2018, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.30%, 05/07/19(a)(c)		2,000		2,000,000
				8,065,000
Massachusetts — 4.1%
City of Pittsfield, BAN, GO, 2.50%, 06/27/19		500		500,684
City of Quincy, BAN, GO, 3.25%, 01/17/20		4,000		4,042,735
Massachusetts Bay Transportation Authority, Series2000A-1, RB, VRDN (Barclays Bank plc SBPA), 2.25%, 05/07/19(a)		4,980		4,980,000
University of Massachusetts Building Authority, Series A1, 1.80%, 06/25/19		1,000		1,000,000
				10,523,419
Michigan — 2.5%
Board of Trustees of Michigan State University, Series F, 1.93%, 06/03/19		3,000		3,000,000
Michigan State Building Authority (Facilities Program), SeriesII-B, RB, VRDN (Citibank NA LOC), 2.30%, 05/07/19(a)		1,255		1,255,000
Michigan State University, Series2000A-1, RB, VRDN (Royal Bank of Canada SBPA), 2.13%, 05/07/19(a)		2,025		2,025,000
				6,280,000
Minnesota — 0.5%(a)
City of Minneapolis (University Gateway Project), Series 1997B, RB, VRDN (Wells Fargo Bank NA SBPA), 2.30%, 05/07/19		400		400,000
Housing & Redevelopment Authority of The City of St Paul Minnesota (Allina Health Obligated Group), Series 2009C, RB, VRDN (Wells Fargo Bank NA LOC), 2.27%, 05/07/19		885		885,000
				1,285,000
Mississippi — 3.6%(a)
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2007C, RB, VRDN, 2.25%, 05/01/19		400		400,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2009G, RB, VRDN, 2.25%, 05/01/19		100		100,000
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010A, RB, VRDN, 2.44%, 05/07/19		5,950		5,950,000

Security	Par (000)		Value
Mississippi (continued)
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010F, RB, VRDN, 2.30%, 05/07/19		USD    2,720	$	2,720,000
				9,170,000
Missouri — 1.3%(a)
City of Kansas City (H. Roe Bartle Convention Center Project), Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.40%, 05/07/19		330		330,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States,Series C-16, RB, VRDN (Royal Bank of Canada LOC), 2.36%, 05/07/19(b)(c)		3,000		3,000,000
				3,330,000
Nebraska — 2.0%
Lincoln Nebraska Electric, Series 1995, 1.70%, 05/01/19		2,000		2,000,000
Omaha Public Power District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2551, RB, VRDN (Citibank NA LIQ), 2.35%, 05/07/19(a)(b)(c)		3,000		3,000,000
				5,000,000
Nevada — 1.3%(a)
City of Reno (Renown Regional Medical Center Obligated Group), Series 2008A, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19		2,345		2,345,000
City of Reno (Renown Regional Medical Center Project), Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19		1,100		1,100,000
				3,445,000
New Jersey — 0.5%
New Jersey Housing & Mortgage Finance Agency (Camden Townhouses Project), Series 2017F, RB, VRDN, 1.90%, 08/01/19(a)		500		500,000
Somerset County Improvement Authority (Township of Hillsborough Project), Series 2018, 3.00%, 06/06/19		900		900,967
				1,400,967
New York — 9.4%
City of New York, Series 2013A,Sub-Series A-2, GO, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(a)		200		200,000
City of New York, Series 2017,Sub-SeriesA-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.32%, 05/01/19(a)		1,475		1,475,000
City of New York, Series 2017A, Sub- SeriesA-5, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.32%, 05/01/19(a)		900		900,000
City of New York, Series 2018B, GO, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(a)		500		500,000
City of New York, Series 2018D,Sub-SeriesD-4, GO, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(a)		1,500		1,500,000
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0572, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		2,555		2,555,000

SCHEDULES     OF     INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesE-126, RB, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		USD    2,000	$	2,000,000
New York City Housing Development Corp., Series2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19(a)		1,100		1,100,000
New York City Transitional Finance Authority Future Tax Secured, Series 2010Sub-SeriesG-6, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(a)(d)		1,400		1,400,000
New York City Transitional Finance Authority Future Tax Secured, Series 2014Sub-SeriesB-3, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(a)		1,650		1,650,000
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- SeriesD-3, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(a)		600		600,000
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- SeriesC-6, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.38%, 05/07/19(a)		560		560,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0566, RB, VRDN (Toronto-Dominion Bank LIQ), 2.32%, 05/07/19(a)(b)(c)		800		800,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2529, RB, VRDN (Citibank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		1,000		1,000,000
New York City Water & Sewer System, Series 2011F,Sub-SeriesFF-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 2.30%, 05/01/19(a)		1,500		1,500,000
New York City Water & Sewer System, Series 2012A,Sub-SeriesA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.30%, 05/01/19(a)		600		600,000
New York City Water & Sewer System, Series 2013AA,Sub-SeriesAA-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 2.30%, 05/07/19(a)		200		200,000
New York City Water & Sewer System, Series 2014AA,Sub-SeriesAA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(a)		1,635		1,635,000
New York City Water & Sewer System, Series 2015Sub-SeriesBB-4, RB, VRDN (Barclays Bank plc SBPA), 2.30%, 05/01/19(a)		500		500,000
New York City Water & Sewer System, Series 2016Sub-SeriesAA-2, RB, VRDN (PNC Bank N.A. SBPA), 2.30%, 05/01/19(a)		1,300		1,300,000
New York Power Authority, 1.81%, 05/09/19		1,000		1,000,000
New York State Thruway Authority, Series 2019A, 4.00%, 02/01/20(d)		1,000		1,008,499
				23,983,499

Security	Par (000)		Value
North Carolina — 2.3%(a)
City of Raleigh (Downtown Improvement Projects), Series 2004A, VRDN (Wells Fargo Bank NA SBPA), 2.24%, 05/07/19		USD    2,250	$	2,250,000
County of New Hanover, Series 2006, GO, VRDN (Wells Fargo Bank NA SBPA), 2.30%, 05/07/19		1,015		1,015,000
North Carolina Medical Care Commission (Moses Cone Health System), Series 2001A, RB, VRDN (BMO Harris Bank NA SBPA), 2.30%, 05/07/19		2,625		2,625,000
				5,890,000
Ohio — 2.7%
American Municipal Power, Inc., Series 2018, BAN, 3.00%, 06/27/19		1,500		1,502,563
American Municipal Power, Inc. (Village of Genoa Project), Series 2018, BAN, RB, 3.00%, 12/12/19		120		120,624
American Municipal Power, Inc. (Village of Jackson Center Project), Series 2018, BAN, 3.00%, 08/15/19		240		240,692
American Municipal Power, Inc. (Village of WoodField Project), Series 2019, BAN, 3.00%, 01/23/20		704		708,601
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, SeriesG-54, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		1,000		1,000,000
City of Uhrichsville, Series 2018, BAN, GO, 3.00%, 06/26/19		855		856,481
Ohio Air Quality Development Authority (Ohio Valley Electric Corp. Project), Series 2009D, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.38%, 05/07/19(a)		550		550,000
Ohio State Hospital Facility, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0573, RB, VRDN (Toronto-Dominion Bank LIQ), 2.33%, 05/07/19(a)(b)(c)		350		350,000
Village of Cuyahoga Heights, Series 2019, BAN, GO, 3.25%, 06/19/19		100		100,194
Village of Oakwood, Series 2018, BAN, GO, 3.13%, 09/19/19		1,000		1,004,450
Village of Woodmere, Series 2018, BAN, GO, 3.00%, 10/02/19		580		582,398
				7,016,003
Pennsylvania — 3.8%(a)
Allegheny County Hospital Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2017E-111, RB, VRDN (Royal Bank of Canada LOC), 2.30%, 05/01/19(b)(c)		2,000		2,000,000
Montgomery County Industrial Development Authority (ACTS Retirement-Life Communities, Inc.), Series 2002, RB, VRDN (TD Bank NA SBPA), 2.34%, 05/01/19		3,855		3,855,000
Pennsylvania State Housing Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0721, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.33%, 05/07/19(b)(c)		800		800,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank N.A. SBPA), 2.39%, 05/07/19		2,000		2,000,000

52 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
Westmoreland County Muni Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), 2.33%, 05/07/19(b)(c)		USD    1,000	$	1,000,000
				9,655,000
Rhode Island — 0.5%
Rhode Island Health & Education Building Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XM0721, RB, VRDN (Wells Fargo Bank NA LIQ), 2.33%, 05/07/19(a)(b)(c)		1,250		1,250,000
South Carolina — 1.2%
County of Richland, Series 2019A, BAN, GO, 3.00%, 02/27/20		3,000		3,030,481
Tennessee — 0.4%
City of Memphis, Series 2012A, 1.78%, 06/06/19		1,000		1,000,000
Texas — 15.4%
City of Austin, Series 2008,Sub-Series A, RB, VRDN (Citibank NA LOC), 2.30%, 05/07/19(a)		1,865		1,865,000
City of Garland, 1.60%, 06/13/19		1,000		1,000,000
City of Garland, Series 2018, 1.88%, 05/09/19		500		500,000
City of Garland, Series 2018, 1.59%, 06/05/19		1,000		1,000,000
City of San Antonio, 1.80%, 08/01/19		2,000		2,000,000
City of San Antonio, Series 2019A2,Sub-SeriesA-1, 1.84%, 09/05/19		2,000		2,000,000
County of Harris, Series2019E-1, 1.80%, 05/16/19		2,000		2,000,000
Fort Bend Independent School District, Series A, 1.86%, 05/24/19		2,500		2,500,000
Gulf Coast Industrial Development Authority (Exxon Mobil Corp. Project), Series 2012, RB, VRDN, 2.30%, 05/01/19(a)		2,600		2,600,000
Harris County Cultural Education Facilities Finance Corp., Series2019C-1, 1.65%, 05/13/19		2,000		2,000,000
Leander Texas Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesG-62, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		2,000		2,000,000
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals USA, Inc. Project), Series 2010 A, RB, VRDN, 2.44%, 05/07/19(a)		1,000		1,000,000
Port of Port Arthur Navigation District (ATOFINA Petrochemicals, Inc.), Series 2002C, RB, VRDN, 2.44%, 05/07/19(a)		1,500		1,500,000
San Antonio Electric & Gas, Series B, 1.81%, 06/06/19		1,000		1,000,000
San Antonio Water System, Series2019A-1, 1.87%, 08/02/19		1,000		1,000,000
State of Texas, Series 2012B, GO, VRDN (State Street Bank & Trust Co. SBPA), 2.30%, 05/07/19(a)		1,200		1,200,000
State of Texas, Series 2018, TAN, 4.00%, 08/29/19		7,000		7,044,676
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), Series 2008- A, RB, VRDN (TD Bank NA LOC), 2.27%, 05/01/19(a)		4,000		4,000,000

Security	Par (000)		Value
Texas (continued)
Texas A&M University, Series B, 1.68%, 05/03/19		USD    3,000	$	3,000,000
				39,209,676
Utah — 0.2%
County of Utah (IHC Health Services, Inc.), Series 2018C, RB, VRDN (TD Bank NA SBPA), 2.20%, 05/01/19(a)		500		500,000
Virginia — 0.3%
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 2.32%, 05/07/19(a)(b)(c)		700		700,000
Washington — 3.6%(a)
Vancouver Housing Authority, RB, VRDN (Freddie Mac LIQ), 2.30%, 05/07/19		2,330		2,330,000
Washington State Housing Finance Commission, Series2016VR-1N, RB, VRDN (State Street Bank & Trust Co. SBPA), 2.31%, 05/07/19		3,000		3,000,000
Washington State Housing Finance Commission (Living Care Center Project), Series 2000, RB, VRDN (Wells Fargo Bank NA LOC), 2.38%, 05/07/19		660		660,000
Washington State Housing Finance Commission (Panorama Project), Series 2008, RB, VRDN (Wells Fargo Bank NA LOC), 2.30%, 05/07/19		200		200,000
Washington State War Veterans, VRDN, 5.00%, 02/01/20		1,000		1,024,567
Washington State, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XL0007, RB, VRDN (Barclays Bank plc LIQ), 2.45%, 05/07/19(b)(c)		2,000		2,000,000
				9,214,567
Wisconsin — 3.0%(a)
Wisconsin Housing & Economic Development Authority, Series 2015C, RB, VRDN (Royal Bank of Canada SBPA), 2.33%, 05/07/19		360		360,000
Wisconsin Housing & Economic Development Authority, Series2017C-4, RB, VRDN (Federal Home Loan Bank SBPA), 2.30%, 05/07/19		7,355		7,355,000
				7,715,000
Total Municipal Bonds — 96.0% (Cost: $245,047,350)				245,047,350
Closed-End Investment Companies — 3.6%
New York — 2.0%(a)
NuveenAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, 2.39%, 05/07/19		700		700,000
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2010, VRDP, 2.36%, 05/07/19		1,500		1,500,000
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Toronto- Dominion Bank LIQ), 2.34%, 05/07/19(c)		3,000		3,000,000
				5,200,000

SCHEDULES     OF     INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) April 30, 2019 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Other — 1.6%
NuveenAMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 2.38%, 05/07/19(a)(c)		USD    4,000	$	4,000,000

Security	Par (000)	Value
TotalClosed-End Investment Companies — 3.6% (Cost: $9,200,000)		$	9,200,000
Total Investments — 99.6% (Cost: $254,247,350)(e)			254,247,350
Other Assets Less Liabilities — 0.4%			995,108
Net Assets — 100.0%		$	255,242,458

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

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

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

^(d)  When-issued security.

^(e)  Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	254,247,350	$	—	$	254,247,350

^(a)  See above Schedule of Investments for values in each state. Investments:

See notes to financial statements.

54 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2019 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 98.9%
California — 98.9%
Abag Finance Authority for Nonprofit Corp., Series 2009C, RB, VRDN (Citibank NA LOC), 2.25%, 05/07/19(a)		USD    1,740	$	1,740,000
Abag Finance Authority for Nonprofit Corp., Series 2011A, RB, VRDN (Freddie Mac LOC), 2.25%, 05/07/19(a)		4,715		4,715,000
Bay Area Toll Authority, Series2007C-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.08%, 05/07/19(a)		3,600		3,600,000
Bay Area Toll Authority, Series2008E-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.15%, 05/07/19(a)		8,670		8,670,000
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Wells Fargo Bank NA LIQ), 2.28%, 05/07/19(a)(b)(c)		3,000		3,000,000
California Educational Facilities Authority (California Institute of Technology), Series 2006B, RB, VRDN, 2.18%, 05/07/19(a)		16,290		16,290,000
California Health Facilities Financing Authority, Series 2009C, RB, VRDN (US Bank NA LOC), 2.15%, 05/07/19(a)		8,375		8,375,000
California Health Facilities Financing Authority, Series 2009D, RB, VRDN (US Bank NA LOC), 2.15%, 05/07/19(a)		6,360		6,360,000
California Health Facilities Financing Authority (Catholic Healthcare West), Series 2011C, RB, VRDN (Bank of Montreal LOC), 2.23%, 05/07/19(a)		8,930		8,930,000
California Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2009B, RB, VRDN (US Bank NA LOC), 2.15%, 05/07/19(a)		1,000		1,000,000
California Health Facilities Financing Authority (Scripps Health), Series 2012B, RB, VRDN, 1.95%, 05/07/19(a)		6,160		6,160,000
California Health Facilities Financing Authority (Scripps Health Obligated Group), Series 2012C, RB, VRDN, 2.10%, 05/07/19(a)		5,695		5,695,000
California Health Facilities Financing Authority (Stanford Health Care Obligated Group), Series 2008, RB, VRDN, 2.03%, 05/07/19(a)		13,465		13,465,000
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States (Lucile Salter- Packard Children’s Hospital), Series 2015- XF0152, RB, VRDN (Bank of America NA LIQ), 2.30%, 05/07/19(a)(b)(c)		1,090		1,090,000
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States (Sutter Health), Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.28%, 05/07/19(a)(b)(c)		2,300		2,300,000
California Municipal Finance Authority (Chevron USA, Inc. Project), Series 2010A, RB, VRDN, 2.00%, 05/01/19(a)		13,790		13,790,000
California Public Finance Authority (Sharp HealthCare), Series 2017C, RB, VRDN (Barclays Bank plc LOC), 2.08%, 05/01/19(a)		10,700		10,700,000
California Statewide Communities Development Authority, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 1.97%, 05/01/19(a).		7,050		7,050,000
California Statewide Communities Development Authority (Chevron USA, Inc. Project), RB, VRDN, 2.09%, 05/01/19(a)		3,000		3,000,000

Security	Par (000)		Value
California (continued)
California Statewide Communities Development Authority (Uptown Newport Apartments), Series 2017BB, RB, VRDN (East West Bank LOC), 2.36%, 05/07/19(a)		USD    2,000	$	2,000,000
Chaffey Joint Union High School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0548, GO, VRDN (Royal Bank of Canada LIQ), 2.33%, 05/07/19(a)(b)(c)		1,700		1,700,000
City & County of San Francisco (1601 Mariposa Apartments), Series2017B-1, RB, VRDN (Bank of America NA LOC), 2.25%, 05/07/19(a)		3,850		3,850,000
City & County of San Francisco (1601 Mariposa Apartments), Series2017B-2, RB, VRDN (Bank of America NA LOC), 2.25%, 05/07/19(a)		6,180		6,180,000
City of Irvine, VRDN (Sumitomo Mitsui Banking LOC), 2.24%, 05/07/19(a)		4,040		4,040,000
City of Los Angeles Department of Airports, Series B3, 1.67%, 05/13/19		3,000		2,999,412
City of Modesto, Series 2008A, COP, VRDN (JP Morgan Chase Bank NA LOC), 2.05%, 05/07/19(a)		1,850		1,850,000
City of Riverside, VRDN (Bank of America NA LOC), 2.22%, 05/07/19(a)		7,045		7,045,000
County of Riverside (2009 Public Safety Communication And Woodcrest Library Project), Series 2009, COP, VRDN (Bank of America NA LOC), 2.22%, 05/07/19(a)		1,500		1,500,000
East Bay Municipal Utility District Water System, Series 2008A,Sub-SeriesA-1, RB, VRDN (Wells Fargo Bank NA SBPA), 2.00%, 05/07/19(a)		2,545		2,545,000
Eastern Municipal Water District, Series 2017B, RB, VRDN (Sumitomo Mitsui Banking SBPA), 2.25%, 05/07/19(a)		5,015		5,015,000
Eastern Municipal Water District, Series 2018A, RB, VRDN (Bank of America NA SBPA), 2.06%, 05/01/19(a)		10,000		10,000,000
Hartnell Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0587, GO, VRDN (Toronto-Dominion Bank LIQ), 2.32%, 05/07/19(a)(b)(c)		1,150		1,150,000
Imperial Irrigation District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 2.35%, 05/07/19(a)(b)(c)		200		200,000
Imperial Irrigation District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0611, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.30%, 05/07/19(a)(b)(c)		3,600		3,600,000
Irvine Ranch Water District, Series 1993, VRDN (US Bank NA LOC), 2.12%, 05/01/19(a)		3,700		3,700,000
Los Angeles California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 2.28%, 05/07/19(a)(b)(c)		1,875		1,875,000
Los Angeles County Housing Authority, Series D, 1.50%, 05/09/19		3,000		2,999,518

SCHEDULES     OF     INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) April 30, 2019 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Los Angeles Department of Water, Series 2001B,Sub-SeriesB-3, RB, VRDN (Royal Bank of Canada SBPA), 2.04%, 05/07/19(a)		USD    2,150	$	2,150,000
Los Angeles Department of Water (Water System Revenue Bonds), Series 2001B,Sub-SeriesB-4, RB, VRDN (Citibank NA SBPA), 2.15%, 05/07/19(a)		100		100,000
Los Angeles Department of Water & Power System, Series 2001,Sub-SeriesB-3, RB, VRDN (Barclays Bank plc SBPA), 2.00%, 05/01/19(a)		5,200		5,200,000
Los Angeles Department of Water & Power System, Series 2002A,Sub-SeriesA-7, RB, VRDN (Bank of America NA SBPA), 2.05%, 05/01/19(a)		3,700		3,700,000
Metropolitan Water District of Southern California, Series2015A-2, RB, VRDN, 2.18%, 05/07/19(a)		1,800		1,800,000
Metropolitan Water District of Southern California, Series 2017A, RB, VRDN (Citibank NA SBPA), 2.05%, 05/01/19(a)		5,430		5,430,000
Metropolitan Water District of Southern California, SeriesA-1, RB, VRDN (Toronto- Dominion Bank SBPA), 2.07%, 05/01/19(a)		5,665		5,665,000
Metropolitan Water District of Southern California, SeriesA-2, RB, VRDN (Toronto- Dominion Bank SBPA), 2.07%, 05/01/19(a)		11,700		11,700,000
Northern California Power Agency (Hydroelectric Project), Series 2008A, RB, VRDN (Bank of Montreal LOC), 2.26%, 05/07/19(a)		6,060		6,060,000
Oakland Joint Powers Financing Authority (Fruitvale Development Corp., Inc.), Series 2001A, RB, VRDN (Citibank NA LOC), 2.25%, 05/07/19(a)		685		685,000
Orange County Water District, Series 2003A, COP, VRDN (Citibank NA LOC), 2.25%, 05/07/19(a)		5,000		5,000,000
Regents of the University of California Medical Center Pooled, Series 2007B,Sub-SeriesB-2, RB, VRDN, 2.05%, 05/01/19(a)		1,400		1,400,000
Riverside County Asset Leasing Corp., Series 2008A, RB, VRDN (Wells Fargo Bank NA LOC), 2.26%, 05/07/19(a)		4,625		4,625,000
Sacramento County Sanitation Districts Financing Authority, Series C, RB, VRDN (Bank of America NA LOC), 2.25%, 05/07/19(a)		600		600,000
Sacramento Municipal Utility District, SeriesL-1 (Barclays Bank plc LOC), 1.57%, 06/05/19		2,000		1,999,148
Sacramento Transportation Authority, Series 2015A, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.05%, 05/07/19(a)		9,875		9,875,000
San Bernardino Community College District, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesG-78, GO, VRDN (Royal Bank of Canada LOC), 2.30%, 05/07/19(a)(b)(c)		2,000		2,000,000
San Diego California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 2.30%, 05/07/19(a)(b)(c)		2,425		2,425,000
San Diego County Regional Transportation Commission, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.18%, 05/07/19(a)		4,100		4,100,000

Security	Par (000)		Value
California (continued)
San Diego County Regional Transportation Commission, Series 2008A, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.10%, 05/07/19(a)		USD    8,375	$	8,375,000
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), 2.05%, 05/07/19(a)		6,300		6,300,000
San Diego Housing Authority (Park & Market Apartments Obligated Group), Series 2017A, RB, VRDN (Bank of Tokyo- Mitsubishi UFJ Ltd. LOC), 2.27%, 05/07/19(a)		5,000		5,000,000
San Diego Public Facilities Financing Authority, Series 2016B, RB, 5.00%, 08/01/19		1,200		1,210,651
San Diego Public Facilities Financing Authority, Series B (Bank of America NA LOC), 1.60%, 05/29/19		2,000		1,999,519
San Francisco California Bay Area Rapid Transit District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF2449, GO, VRDN (Citibank NA LIQ), 2.26%, 05/07/19(a)(b)(c)		200		200,000
San Francisco City & County Airport Commission San Francisco International Airport, Series 2018B, RB, VRDN (Barclays Bank plc LOC), 2.10%, 05/07/19(a)		1,665		1,665,000
San Francisco City & County Airport Commission San Francisco International Airport, Series 2018C, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.23%, 05/07/19(a)		15,300		15,300,000
San Francisco City & County Public Utilities Commission, SeriesA-1 (Bank of America NA LOC), 1.70%, 06/04/19		2,000		1,999,666
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay North Public Improvements), Series 2002, VRDN (Bank of America NA LOC), 2.26%, 05/07/19(a)		1,775		1,775,000
San Jose California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2534, GO, VRDN (Citibank NA LIQ), 2.26%, 05/07/19(a)(b)(c)		900		900,000
San Mateo California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (JP Morgan Chase Bank NA LIQ), 2.30%, 05/07/19(a)(b)(c)		3,905		3,905,000
San Rafael Redevelopment Agency (Fairfax Street Apartments), Series 2001A, RB, VRDN (Citibank NA LOC), 2.23%, 05/07/19(a)		350		350,000
Santa Clara Valley Transportation Authority, Series 2008A, RB, VRDN (TD Bank NA LOC), 2.20%, 05/07/19(a)		595		595,000
Santa Clara Valley Transportation Authority (Silicon Valley Rapid Transit Project), Series 2008C, RB, VRDN (TD Bank NA SBPA), 2.05%, 05/01/19(a)		5,200		5,200,000
State of California, Series2003A-2, GO, VRDN (Bank of Montreal LOC), 1.90%, 05/01/19(a)		200		200,000
State of California, Series2004-A2, GO, VRDN (State Street Bank & Trust Co. LOC), 2.05%, 05/01/19(a)		16,300		16,300,000

56 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
State of California, Series2004-A3, GO, VRDN (State Street Bank & Trust Co. LOC), 2.03%, 05/01/19(a)		USD   200	$	200,000
State of California, Series2004B-5, GO, VRDN (US Bank NA LOC), 2.05%, 05/01/19(a)		8,285		8,285,000
State of California, Series 2005A,Sub-SeriesA-2-2, GO, VRDN (Royal Bank of Canada LOC), 2.05%, 05/07/19(a)		245		245,000
State of California, Series 2005A3, GO, VRDN (Mizuho Bank Ltd. LOC), 2.20%, 05/07/19(a)		3,635		3,635,000
State of California, Series 2005B,Sub-SeriesB-1, GO, VRDN (Wells Fargo Bank NA LOC), 2.27%, 05/07/19(a)		5,000		5,000,000

Security	Par (000)		Value
California (continued)
State of California Department of Water Resources (Wells Fargo Bank NA LIQ), 1.53%, 05/22/19		USD   1,000	$	999,740
University of California, Series2013AL-1, RB, VRDN, 2.07%, 05/01/19(a)		1,500		1,500,000
University of California, Series2013AL-3, RB, VRDN, 2.07%, 05/01/19(a)		1,100		1,100,000
University of California, Series A, 1.50%, 05/22/19		1,500		1,499,551
Total Municipal Bonds — 98.9% (Cost: $356,435,477)				356,432,205
Total Investments — 98.9% (Cost: $356,435,477)(d)				356,432,205
Other Assets Less Liabilities — 1.1%				3,996,270
Net Assets — 100.0%			$	360,428,475

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

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

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

^(d)  Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	356,432,205	$	—	$	356,432,205

^(a)  See above Schedule of Investments for values in the state.

See notes to financial statements.

SCHEDULES     OF     INVESTMENTS 57

Schedule of Investments  (unaudited)  April 30, 2019 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 103.1%
New York — 103.1%
Albany Industrial Development Agency (Corning Preserve/Hudson Riverfront Development Project), Series 2002, RB, VRDN (Keybank NA LOC), 2.50%, 05/07/19(a)		USD    635	$	635,000
Amherst Development Corp. (Asbury Pointe, Inc. Project), Series 2011A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(a)		4,200		4,200,000
City of New York, Series2003A-5, GO, VRDN (Bank of Montreal LOC), 2.36%, 05/07/19(a)		1,050		1,050,000
City of New York, Series 2012A,Sub-SeriesA-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.30%, 05/07/19(a)		500		500,000
City of New York, Series 2012G,Sub-SeriesG-4, GO, VRDN (Citibank NA LOC), 2.30%, 05/07/19(a)		200		200,000
East Rochester Housing Authority (Park Ridge Nursing Home, Inc. Project), Series 2008, RB, VRDN (M&T Bank LOC), 2.35%, 05/07/19(a)		3,665		3,665,000
Franklin County Civic Development Corp. (Alice Hyde Medical Center Project), Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 2.39%, 05/07/19(a)		1,130		1,130,000
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 2.35%, 05/07/19(a)(b)(c)		1,200		1,200,000
Metropolitan Transportation Authority, Series 2005D,Sub-SeriesD-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.30%, 05/01/19(a)		1,345		1,345,000
Metropolitan Transportation Authority, Series 2012G,Sub-SeriesG-2, RB, VRDN (TD Bank NA LOC), 2.40%, 05/07/19(a)		1,500		1,500,000
Metropolitan Transportation Authority, SeriesSub-Series2002B-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 2.25%, 05/07/19(a)		700		700,000
Nassau County, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-5, GO, VRDN (Royal Bank of Canada LOC), 2.33%, 05/07/19(a)(b)(c)		2,100		2,100,000
Nassau Health Care Corp. (Nassau County Guaranteed), Series 2009C,Sub-SeriesC-2, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19(a)		5,505		5,505,000
New York City Health & Hospital Corp., Series 2008B, RB, VRDN (TD Bank NA LOC), 2.35%, 05/07/19(a)		1,850		1,850,000
New York City Health & Hospital Corp. (HHC Capital Corp.), Series 2008C, RB, VRDN (TD Bank NA LOC), 2.30%, 05/07/19(a)		1,000		1,000,000
New York City Housing Development Corp., Series 2006A, RB, VRDN (Fannie Mae LOC), 2.13%, 05/07/19(a)		3,025		3,025,000
New York City Housing Development Corp., Series 2008A, RB, VRDN (Freddie Mac LOC), 2.25%, 05/07/19(a)		100		100,000
New York City Housing Development Corp., Series 2009A, RB, VRDN (Freddie Mac LOC), 2.42%, 05/07/19(a)		1,400		1,400,000

Security	Par (000)		Value
New York (continued)
New York City Housing Development Corp., Series2015D-3, RB, VRDN (Citibank NA LIQ), 2.25%, 05/07/19(a)		USD    1,000	$	1,000,000
New York City Housing Development Corp., Series2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 2.25%, 05/07/19(a)		300		300,000
New York City Housing Development Corp., Series2019A-4, RB, VRDN (Royal Bank of Canada LIQ), 2.38%, 05/07/19(a)		1,000		1,000,000
New York City Housing Development Corp., Series A, RB, VRDN (Fannie Mae LOC), 2.38%, 05/07/19(a)		2,400		2,400,000
New York City Housing Development Corp. (Sustainable Neighborhood Bonds), Series2017G-3, RB, VRDN (Wells Fargo Bank NA SBPA), 2.35%, 05/07/19(a)		2,500		2,500,000
New York City Industrial Development Agency, Series 2004B, RB, VRDN (Bank of America NA LOC), 2.31%, 05/01/19(a)		5,300		5,300,000
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- SeriesD-3, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(a)		700		700,000
New York City Transitional Finance Authority Future Tax Secured, Series 2016 Sub- SeriesA-4, RB, VRDN (Bank of America NA SBPA), 2.31%, 05/01/19(a)		800		800,000
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- SeriesC-6, RB, VRDN (Sumitomo Mitsui Banking LOC), 2.38%, 05/07/19(a)		1,000		1,000,000
New York City Water & Sewer System, Series 2003F,Sub-seriesF-1, RB, VRDN (Barclays Bank plc SBPA), 2.40%, 05/07/19(a)		795		795,000
New York City Water & Sewer System, Series2008-BB-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 2.25%, 05/07/19(a)		365		365,000
New York City Water & Sewer System, Series2012A-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.22%, 05/01/19(a)		300		300,000
New York City Water & Sewer System, Series 2014AA,Sub-SeriesAA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.35%, 05/01/19(a)		400		400,000
New York City Water & Sewer System, Series 2014AA,Sub-SeriesAA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 2.30%, 05/01/19(a)		200		200,000
New York City Water & Sewer System, Series 2017BB, RB, VRDN (Bank of Montreal SBPA), 2.25%, 05/01/19(a)		4,250		4,250,000
New York Local Government Assistance Corp., Series2008B-3V, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.13%, 05/07/19(a)		905		905,000
New York Local Government Assistance Corp., Series2008B-7V, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.13%, 05/07/19(a)		370		370,000
New York Power Authority, 1.60%, 05/08/19		1,900		1,899,704
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.40%, 05/07/19(a)		3,900		3,900,000
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 2.45%, 05/07/19(a)		1,550		1,550,000

58 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2019 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York State Dormitory Authority, Series 2006, RB, VRDN (Fannie Mae LOC), 2.39%, 05/07/19(a)		USD    1,540	$	1,540,000
New York State Dormitory Authority, Series2006B-1, RB, VRDN (Barclays Bank plc LOC), 2.27%, 05/07/19(a)		225		225,000
New York State Dormitory Authority, Series2008A-1, RB, VRDN (Bank of America NA LOC), 2.32%, 05/07/19(a)		625		625,000
New York State Dormitory Authority, Series 2012, RB, VRDN (HSBC Bank USA NA LOC), 2.34%, 05/07/19(a)		5,500		5,500,000
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008C, RB, VRDN (Bank of America NA LOC), 2.34%, 05/07/19(a)		2,200		2,200,000
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008D, RB, VRDN (TD Bank NA LOC), 2.40%, 05/07/19(a)		2,380		2,380,000
New York State Dormitory Authority (Northern Westchester Hospital Association), Series 2009, RB, VRDN (TD Bank NA LOC), 2.40%, 05/07/19(a)		360		360,000
New York State Dormitory Authority (St John’s University), Series2008B-1, RB, VRDN (Bank of America NA LOC), 2.33%, 05/07/19(a)		1,645		1,645,000
New York State Dormitory Authority (University of Rochester), Series 2003A, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.30%, 05/01/19(a)		1,535		1,535,000
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Series 2005A, Sub- SeriesA-1, RB, VRDN (Mizuho Bank Ltd. LOC), 2.33%, 05/07/19(a)		600		600,000
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Series 2005A, Sub- SeriesA-2, RB, VRDN (Mizuho Bank Ltd. LOC), 2.11%, 05/07/19(a)		300		300,000
New York State Energy Research & Development Authority (Consolidated Edison Company of New York, Inc. Project), Series 2005A, RB, VRDN (Mizuho Bank Ltd. LOC), 2.40%, 05/07/19(a)		1,000		1,000,000
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.31%, 05/01/19(a)		2,700		2,700,000
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Fannie Mae LOC), 2.39%, 05/07/19(a)		1,500		1,500,000
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.23%, 05/07/19(a)		1,000		1,000,000
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.31%, 05/01/19(a)		500		500,000
New York State Housing Finance Agency, Series 2014A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.31%, 05/01/19(a)		3,700		3,700,000

Security	Par (000)		Value
New York (continued)
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2008A, RB, VRDN (Freddie Mac LOC), 2.22%, 05/07/19(a)		USD    3,300	$	3,300,000
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2010A, RB, VRDN (Freddie Mac LOC), 2.22%, 05/07/19(a)		2,600		2,600,000
New York State Housing Finance Agency (Barclay Street Realty LLC), Series 2004A, RB, VRDN (Fannie Mae LOC), 2.30%, 05/07/19(a)		2,200		2,200,000
New York State Housing Finance Agency (Clinton Park Development LLC), Series 2010A, RB, VRDN (Freddie Mac LIQ), 2.46%, 05/07/19(a)		300		300,000
New York State Housing Finance Agency (Historic Front Street Housing), Series 2003A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 2.35%, 05/07/19(a)		950		950,000
New York State Housing Finance Agency (New York State Housing Finance Agency), Series 2005C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.13%, 05/07/19(a)		250		250,000
New York State Housing Finance Agency (River Terrace Associates LLC), Series 2004A, RB, VRDN (Fannie Mae LOC), 2.13%, 05/07/19(a)		400		400,000
New York State Urban Development Corp., Series2004A-3-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.31%, 05/07/19(a)		740		740,000
New York State Urban Development Corp., Series2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 2.25%, 05/07/19(a)		2,500		2,500,000
New York State Urban Development Corp. (State Facilities & Equipment), Series2004A-3-D, RB, VRDN (JP Morgan Chase Bank NA SBPA), 2.33%, 05/07/19(a)		2,000		2,000,000
New York, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018E- 118, GO, VRDN (Royal Bank of Canada LOC), 2.30%, 05/01/19(a)(b)(c)		2,000		2,000,000
Oneida County Industrial Development Agency (Mohawk Valley Community College Dormitory Corp. Project), Series 2004A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(a)		3,575		3,575,000
Rensselaer County Industrial Development Agency (Sage Colleges (The)), Series 2002A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 2.35%, 05/07/19(a)		4,105		4,105,000
Syracuse Industrial Development Agency (Syracuse University Project), Series 2005B, RB, VRDN (US Bank NA LOC), 2.37%, 05/07/19(a)		1,555		1,555,000
Syracuse Industrial Development Agency (Syracuse University Project), Series 2008A- 2, RB, VRDN (JP Morgan Chase Bank NA LOC), 2.28%, 05/01/19(a)		900		900,000
Triborough Bridge & Tunnel Authority (MTA Bridge & Tunnel Authority), Series 2005A, RB, VRDN (TD Bank NA LOC), 2.25%, 05/07/19(a)		470		470,000

SCHEDULES     OF     INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) April 30, 2019 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series2005B-3, RB, VRDN (State Street Bank & Trust Co. LOC), 2.27%, 05/01/19(a)		USD    600	$	600,000
Westchester County Industrial Development Agency (Mercy College Project), Series 2005B, RB, VRDN (TD Bank NA LOC), 2.45%, 05/07/19(a)		400		400,000
Westchester County Industrial Development Agency (Northern Westchester Hospital Association), Series 2004, RB, VRDN (TD Bank NA LOC), 2.40%, 05/07/19(a)		1,585		1,585,000
Total Municipal Bonds — 103.1% (Cost: $118,780,000)				118,779,704

Security	Par (000)		Value
Closed-End Investment Companies — 0.4%
New York — 0.4%
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LIQ), 2.36%, 05/07/19(a)		USD    500	$	500,000
TotalClosed-End Investment Companies — 0.4% (Cost: $500,000)				500,000
Total Investments — 103.5% (Cost: $119,280,000)(d)				119,279,704
Liabilities in Excess of Other Assets — (3.5)%				(4,088,906	)
Net Assets — 100.0%			$	115,190,798

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

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

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

^(d) Cost for U.S. federal income tax purposes.

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 Securities(a)	$	—	$	119,279,704		$	—	$	119,279,704
					��

^(a) See above Schedule of Investments for values in the state.

See notes to financial statements.

60 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

April 30, 2019

	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
ASSETS
Investments at value — unaffiliated(a)	$	2,794,849,873	$	48,331,250,931	$	5,870,313,034	$	7,653,212,945	$	28,003,106,860
Cash		99,818,373		2,873,627,732		225,283,942		334,235,329		1,820,047,036
Cash pledged:
Collateral — repurchase agreements		—		—		—		—		5,901,000
Repurchase agreements at value — unaffiliated(b)		—		39,862,671,966		2,042,500,702		3,105,000,456		36,720,556,844
Receivables:
Investments sold		—		220,123,602		—		19,958,667		157,213,203
Capital shares sold		9,395,128		1,463,352,425		—		70,286,016		984,885,186
Interest — unaffiliated		1,410,068		45,927,761		9,012,940		14,298,873		15,046,787
Prepaid expenses		120,053		1,227,660		415,677		199,518		1,267,786
Other assets		—		—		20,613		23,036		31,001
Total assets		2,905,593,495		92,798,182,077		8,147,546,908		11,197,214,840		67,708,055,703
LIABILITIES
Payables:
Investments purchased		11,981,964		1,220,739,251		30,000,000		41,000,000		930,931,712
Capital shares redeemed		2,734,643		1,194,099,369		—		14,368,468		411,709,019
Custodian fees		29,821		517,078		48,059		71,784		448,754
Income dividend distributions		4,208,339		100,695,656		15,177,210		8,300,046		68,107,422
Management fees		369,333		12,674,734		1,060,931		1,740,681		9,009,859
Trustees’ and Officer’s fees		17,048		15,245		—		—		—
Professional fees		58,797		550,682		52,483		145,866		425,890
Service and distribution fees		17,206		2,675,267		41		288,274		1,017,596
Transfer agent fees		27,296		303,380		7,127		224,282		187,507
Other accrued expenses		165,398		1,233,954		761,832		649,010		993,232
Total liabilities		19,609,845		2,533,504,616		47,107,683		66,788,411		1,422,830,991
NET ASSETS	$	2,885,983,650	$	90,264,677,461	$	8,100,439,225	$	11,130,426,429	$	66,285,224,712
NET ASSETS CONSIST OF
Paid-in capital	$	2,885,793,580	$	90,263,108,583	$	8,098,677,646	$	11,125,336,201	$	66,282,605,558
Accumulated earnings		190,070		1,568,878		1,761,579		5,090,228		2,619,154
NET ASSETS	$	2,885,983,650	$	90,264,677,461	$	8,100,439,225	$	11,130,426,429	$	66,285,224,712
(a) Investments at cost — unaffiliated	$	2,794,849,873	$	48,331,250,931	$	5,868,762,218	$	7,649,996,964	$	28,003,106,860
(b) Repurchase agreements at cost — unaffiliated	$	—	$	39,862,671,966	$	2,042,500,702	$	3,105,000,456	$	36,720,556,844

See notes to financial statements.

FINANCIAL    STATEMENTS 61

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2019

	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
NET ASSET VALUE
Institutional
Net assets	$	2,754,386,253	$	73,342,577,694	$	8,100,421,584	$	10,377,082,164	$	52,565,880,646
Share outstanding(c)		2,754,197,625		73,341,289,830		8,096,236,004		10,371,133,767		52,563,759,700
Net asset value	$	1.00	$	1.00	$	1.0005	$	1.0006	$	1.00
Dollar
Net assets	$	9,763,647	$	1,908,468,625	$	17,641	$	86,918,314	$	662,774,069
Share outstanding(c)		9,762,979		1,908,435,094		17,632		86,865,364		662,747,328
Net asset value	$	1.00	$	1.00	$	1.0005	$	1.0006	$	1.00
Cash Management
Net assets	$	12,733,081	$	225,911,783	$	—	$	635,515,900	$	760,381,083
Share outstanding(c)		12,732,208		225,907,819		—		635,144,095		760,350,405
Net asset value	$	1.00	$	1.00	$	—	$	1.0006	$	1.00
Cash Reserve
Net assets	$	379,728	$	4,803,380,472	$	—	$	3,806,865	$	373,458,959
Share outstanding(c)		379,702		4,803,296,063		—		3,804,632		373,443,897
Net asset value	$	1.00	$	1.00	$	—	$	1.0006	$	1.00
Administration
Net assets	$	108,720,941	$	2,359,366,890	$	—	$	25,191,070	$	1,051,382,877
Share outstanding(c)		108,713,505		2,359,325,439		—		25,175,662		1,051,340,453
Net asset value	$	1.00	$	1.00	$	—	$	1.0006	$	1.00
Select
Net assets	$	—	$	186,670,799	$	—	$	—	$	20,669,369
Share outstanding(c)		—		186,667,523		—		—		20,668,535
Net asset value	$	—	$	1.00	$	—	$	—	$	1.00
Private Client
Net assets	$	—	$	230,145	$	—	$	1,912,116	$	—
Share outstanding(c)		—		230,141		—		1,910,923		—
Net asset value	$	—	$	1.00	$	—	$	1.0006	$	—
Capital
Net assets	$	—	$	7,438,071,053	$	—	$	—	$	10,850,677,709
Share outstanding(c)		—		7,437,940,589		—		—		10,850,240,487
Net asset value	$	—	$	1.00	$	—	$	—	$	1.00

^(c)  Unlimited number of shares authorized, no par value.

See notes to financial statements.

62 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2019

	Treasury Trust Fund		MuniCash			MuniFund			California Money Fund			New York Money Fund
ASSETS
Investments at value — unaffiliated(a)	$	33,387,922,357	$	4,028,532,627		$	254,247,350		$	356,432,205		$	119,279,704
Cash		1,105,423,233		—			34,145			—			66,813
Receivables:
Investments sold		89,332,923		31,377,597			—			3,500,000			—
Capital shares sold		104,227,923		24,302,235			—			9,192,282			—
Interest — unaffiliated		1,097,485		14,810,034			1,124,684			571,072			165,535
From the Manager		—		—			—			15,370			22,491
Prepaid expenses		625,515		277,048			85,985			23,157			26,917
Other assets		70,615		5,894			2,472			10,416			1,985
Total assets		34,688,700,051		4,099,305,435			255,494,636			369,744,502			119,563,445
LIABILITIES
Bank overdraft		—		35,379,518			—			9,187,587			—
Payables:
Investments purchased		89,168,626		117,884,870			—			—			4,254,065
Board realignment and consolidation		—		—			1,437			—			—
Capital shares redeemed		101,818,611		15,538,504			—			—			—
Custodian fees		222,422		47,507			9,064			5,801			3,610
Income dividend distributions		53,548,812		4,431,442			180,586			62,999			75,022
Management fees		4,761,516		701,441			8,213			35,189			3,296
Trustees’ and Officer’s fees		—		—			—			292			114
Printing fees		29,810		13,032			12,610			7,198			7,103
Professional fees		196,912		58,709			28,716			15,292			27,926
Service and distribution fees		278,049		485			5,490			—			94
Transfer agent fees		174,136		24,929			5,552			1,598			907
Other accrued expenses		1,661,031		56,275			510			71			510
Total liabilities		251,859,925		174,136,712			252,178			9,316,027			4,372,647
NET ASSETS	$	34,436,840,126	$	3,925,168,723		$	255,242,458		$	360,428,475		$	115,190,798
NET ASSETS CONSIST OF
Paid-in capital	$	34,434,906,529	$	3,925,248,647		$	255,244,345		$	360,431,432		$	115,191,094
Accumulated earnings (loss)		1,933,597		(79,924	)		(1,887	)		(2,957	)		(296	)
NET ASSETS	$	34,436,840,126	$	3,925,168,723		$	255,242,458		$	360,428,475		$	115,190,798
(a) Investments at cost — unaffiliated	$	33,387,922,357	$	4,028,614,120		$	254,247,350		$	356,435,477		$	119,280,000

See notes to financial statements.

FINANCIAL    STATEMENTS 63

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2019

	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
NET ASSET VALUE
Institutional
Net assets	$	33,252,003,629	$	3,922,695,897	$	229,869,775	$	360,428,475	$	115,190,798
Share outstanding(b)		33,250,136,569		3,922,363,529		229,708,845		360,359,896		115,191,085
Net asset value	$	1.00	$	1.0001	$	1.00	$	1.0002	$	1.0000
Dollar
Net assets	$	610,088,274	$	2,472,826	$	4,568,911	$	—	$	—
Share outstanding(b)		610,054,011		2,472,643		4,565,710		—		—
Net asset value	$	1.00	$	1.0001	$	1.00	$	—	$	—
Cash Management
Net assets	$	15,369,118	$	—	$	—	$	—	$	—
Share outstanding(b)		15,368,255		—		—		—		—
Net asset value	$	1.00	$	—	$	—	$	—	$	—
Cash Reserve
Net assets	$	70,509,394	$	—	$	—	$	—	$	—
Share outstanding(b)		70,505,433		—		—		—		—
Net asset value	$	1.00	$	—	$	—	$	—	$	—
Administration
Net assets	$	467,192,729	$	—	$	16,480,439	$	—	$	—
Share outstanding(b)		467,166,494		—		16,468,909		—		—
Net asset value	$	1.00	$	—	$	1.00	$	—	$	—
Select
Net assets	$	21,676,982	$	—	$	4,028,263	$	—	$	—
Share outstanding(b)		21,675,767		—		4,025,444		—		—
Net asset value	$	1.00	$	—	$	1.00	$	—	$	—
Private Client
Net assets	$	—	$	—	$	295,070	$	—	$	—
Share outstanding(b)		—		—		294,863		—		—
Net asset value	$	—	$	—	$	1.00	$	—	$	—

^(b)  Unlimited number of shares authorized, no par value.

See notes to financial statements.

64 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended April 30, 2019

	Federal Trust Fund			FedFund			TempCash			TempFund			T-Fund
INVESTMENT INCOME
Interest — unaffiliated	$	37,100,181		$	1,088,979,514		$	84,219,060		$	166,113,733		$	824,362,541
Other income — affiliated		4,204			455,803			2,075			149,112			56,184
Total investment income		37,104,385			1,089,435,317			84,221,135			166,262,845			824,418,725
EXPENSES
Management		3,552,829			82,243,867			7,739,665			13,082,616			62,837,633
Registration		134,847			360,370			1,161,173			447,278			1,721,675
Service and distribution — class specific		99,583			15,807,985			21			1,713,773			6,406,692
Professional		45,111			266,912			47,651			73,568			218,603
Transfer agent		34,945			390,637			14,996			238,348			241,159
Custodian		21,876			368,517			38,947			101,900			370,860
Printing		13,092			25,888			14,882			21,214			23,659
Trustees and Officer		9,380			282,732			21,577			49,702			223,927
Board realignment and consolidation		1,098			13,450			1,249			8,594			15,414
Miscellaneous		14,861			190,715			20,716			33,103			141,402
Total expenses		3,927,622			99,951,073			9,060,877			15,770,096			72,201,024
Less:
Fees waived and/or reimbursed by the Manager		(1,191,091	)		(7,714,751	)		(3,321,456	)		(2,718,847	)		(7,561,609	)
Service and distribution fees waived — class specific		(346	)		(382,498	)		—			(5,019	)		(545,486	)
Total expenses after fees waived and/or reimbursed		2,736,185			91,853,824			5,739,421			13,046,230			64,093,929
Net investment income		34,368,200			997,581,493			78,481,714			153,216,615			760,324,796
REALIZED AND UNREALIZED GAIN
Net realized gain from investments		60,730			1,139,608			147,694			440,354			1,292,185
Net change in unrealized appreciation on investments		—			—			1,240,488			2,505,429			—
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,428,930		$	998,721,101		$	79,869,896		$	156,162,398		$	761,616,981

See notes to financial statements.

FINANCIAL    STATEMENTS 65

Statements of Operations  (unaudited) (continued)

Six Months Ended April 30, 2019

	Treasury Trust Fund			MuniCash			MuniFund			California Money Fund			New York Money Fund
INVESTMENT INCOME
Interest — unaffiliated	$	416,171,325		$	37,019,760		$	2,089,659		$	1,619,478		$	694,216
Other income — affiliated		469,513			2,079			2,317			—			—
Total investment income		416,640,838			37,021,839			2,091,976			1,619,478			694,216
EXPENSES
Management		32,268,338			5,971,789			432,305			434,706			160,442
Registration		1,829,199			194,506			80,018			19,217			30,028
Service and distribution — class specific		1,378,708			2,515			31,937			—			—
Custodian		169,953			38,158			6,795			5,871			3,348
Transfer agent		134,510			23,044			6,054			2,208			2,330
Professional		119,698			47,587			34,903			43,485			39,367
Trustees and Officer		119,428			24,049			5,215			4,984			4,597
Printing		18,029			14,537			14,830			16,174			16,072
Board realignment and consolidation		4,828			2,069			285			432			456
Miscellaneous		65,155			21,672			12,904			5,043			4,729
Total expenses		36,107,846			6,339,926			625,246			532,120			261,369
Less:
Fees waived and/or reimbursed by the Manager		(5,168,777	)		(1,837,676	)		(345,934	)		(300,220	)		(175,743	)
Service and distribution fees waived — class specific		(57,406	)		—			(1,520	)		—			—
Total expenses after fees waived and/or reimbursed		30,881,663			4,502,250			277,792			231,900			85,626
Net investment income		385,759,175			32,519,589			1,814,184			1,387,578			608,590
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments		1,101,176			1,625			—			—			—
Net change in unrealized depreciation on investments		—			(32,208	)		—			(3,329	)		(316	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	386,860,351		$	32,489,006		$	1,814,184		$	1,384,249		$	608,274

See notes to financial statements.

66 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Changes in Net Assets

	Federal Trust Fund						FedFund
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	34,368,200		$	46,339,203		$	997,581,493		$	1,422,005,287
Net realized gain (loss)		60,730			74,901			1,139,608			(324,147	)
Net increase in net assets resulting from operations		34,428,930			46,414,104			998,721,101			1,421,681,140
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(33,053,037	)		(43,996,371	)		(826,138,337	)		(1,282,113,083	)
Dollar		(129,223	)		(1,422,466	)		(21,063,734	)		(25,008,532	)
Cash Management		(110,817	)		(142,592	)		(1,722,435	)		(1,503,317	)
Cash Reserve		(7,938	)		(4,289	)		(41,392,141	)		(13,481,301	)
Administration		(1,067,185	)		(773,485	)		(26,265,892	)		(37,629,570	)
Select		—			—			(1,458,491	)		(1,435,611	)
Private Client		—			—			(3,854	)		(10,072	)
Capital		—			—			(79,919,957	)		(60,823,801	)
Decrease in net assets resulting from distributions to shareholders		(34,368,200	)		(46,339,203	)		(997,964,841	)		(1,422,005,287	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(213,938,206	)		125,540,726			2,570,660,302			4,273,387,986
NET ASSETS
Total increase (decrease) in net assets		(213,877,476	)		125,615,627			2,571,416,562			4,273,063,839
Beginning of period		3,099,861,126			2,974,245,499			87,693,260,899			83,420,197,060
End of period	$	2,885,983,650		$	3,099,861,126		$	90,264,677,461		$	87,693,260,899

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 67

Statements of Changes in Net Assets  (continued)

	TempCash						TempFund
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	78,481,714		$	54,819,558		$	153,216,615		$	229,498,154
Net realized gain		147,694			56,322			440,354			513,167
Net change in unrealized appreciation (depreciation)		1,240,488			277,742			2,505,429			(666,436	)
Net increase in net assets resulting from operations		79,869,896			55,153,622			156,162,398			229,344,885
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(78,479,454	)		(54,717,165	)		(145,531,900	)		(218,556,948	)
Dollar		(2,260	)		(102,393	)		(1,033,684	)		(1,465,259	)
Cash Management		—			—			(6,253,024	)		(8,252,427	)
Cash Reserve		—			—			(60,186	)		(83,993	)
Administration		—			—			(317,045	)		(1,109,072	)
Select		—			—			(5	)		(6	)
Private Client		—			—			(20,771	)		(30,449	)
Decrease in net assets resulting from distributions to shareholders		(78,481,714	)		(54,819,558	)		(153,216,615	)		(229,498,154	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,223,722,511			3,139,076,426			(1,941,491,504	)		(757,532,931	)
NET ASSETS
Total increase (decrease) in net assets		3,225,110,693			3,139,410,490			(1,938,545,721	)		(757,686,200	)
Beginning of period		4,875,328,532			1,735,918,042			13,068,972,150			13,826,658,350
End of period	$	8,100,439,225		$	4,875,328,532		$	11,130,426,429		$	13,068,972,150

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

68 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	T-Fund						Treasury Trust Fund
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	760,324,796		$	1,060,292,256		$	385,759,175		$	435,593,903
Net realized gain (loss)		1,292,185			5,295			1,101,176			(88,322	)
Net increase in net assets resulting from operations		761,616,981			1,060,297,551			386,860,351			435,505,581
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(614,468,447	)		(912,159,149	)		(373,365,199	)		(421,055,133	)
Dollar		(10,120,854	)		(31,739,633	)		(6,863,434	)		(6,579,025	)
Cash Management		(5,513,118	)		(6,288,336	)		(132,450	)		(193,012	)
Cash Reserve		(1,421,236	)		(1,195,553	)		(686,522	)		(38,612	)
Administration		(9,432,043	)		(11,280,729	)		(4,416,105	)		(7,548,903	)
Select		(172,340	)		(232,846	)		(295,465	)		(239,883	)
Capital		(119,472,239	)		(97,666,553	)		—			—
Decrease in net assets resulting from distributions to shareholders		(760,600,277	)		(1,060,562,799	)		(385,759,175	)		(435,654,568	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(5,381,189,702	)		14,250,488,838			2,948,422,403			6,147,765,367
NET ASSETS
Total increase (decrease) in net assets		(5,380,172,998	)		14,250,223,590			2,949,523,579			6,147,616,380
Beginning of period		71,665,397,710			57,415,174,120			31,487,316,547			25,339,700,167
End of period	$	66,285,224,712		$	71,665,397,710		$	34,436,840,126		$	31,487,316,547

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 69

Statements of Changes in Net Assets  (continued)

	MuniCash						MuniFund
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	32,519,589		$	48,953,654		$	1,814,184		$	1,796,803
Net realized gain (loss)		1,625			176,934			—			(4,181	)
Net change in unrealized appreciation (depreciation)		(32,208	)		16,412			—			—
Net increase in net assets resulting from operations		32,489,006			49,147,000			1,814,184			1,792,622
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(32,682,207	)		(49,792,285	)		(1,646,724	)		(1,574,090	)
Dollar		(14,368	)		(14,868	)		(27,478	)		(41,462	)
Cash Management		—			—			—			(195	)
Administration		—			—			(124,917	)		(174,338	)
Select		—			—			(13,540	)		(9,657	)
Private Client		—			—			(1,525	)		(2,220	)
Decrease in net assets resulting from distributions to shareholders		(32,696,575	)		(49,807,153	)		(1,814,184	)		(1,801,962	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(69,068,317	)		(103,418,477	)		40,089,775			42,399,577
NET ASSETS
Total increase (decrease) in net assets		(69,275,886	)		(104,078,630	)		40,089,775			42,390,237
Beginning of period		3,994,444,609			4,098,523,239			215,152,683			172,762,446
End of period	$	3,925,168,723		$	3,994,444,609		$	255,242,458		$	215,152,683

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

70  �� 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	California Money Fund						New York Money Fund
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,387,578		$	511,980		$	608,590		$	248,428
Net realized loss		—			(41	)		—			—
Net change in unrealized appreciation (depreciation)		(3,329	)		57			(316	)		20
Net increase in net assets resulting from operations		1,384,249			511,996			608,274			248,448
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,387,578	)		(505,832	)		(608,590	)		(246,035	)
Select		—			(3,671	)		—			(794	)
Private Client		—			(2,477	)		—			(1,599	)
Decrease in net assets resulting from distributions to shareholders		(1,387,578	)		(511,980	)		(608,590	)		(248,428	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		191,139,180			135,966,409			69,124,745			28,632,282
NET ASSETS
Total increase in net assets		191,135,851			135,966,425			69,124,429			28,632,302
Beginning of period		169,292,624			33,326,199			46,066,369			17,434,067
End of period	$	360,428,475		$	169,292,624		$	115,190,798		$	46,066,369

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 71

Financial Highlights

(For a share outstanding throughout each period)

	Federal Trust Fund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0110			0.0151			0.0059			0.0016			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		(0.0001	)		0.0001			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0110			0.0150			0.0060			0.0016			0.0001			0.0001
Distributions(b)
From net investment income		(0.0110	)		(0.0150	)		(0.0060	)		(0.0016	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0110	)		(0.0150	)		(0.0060	)		(0.0016	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.11	%(e)		1.51	%		0.61	%		0.16	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.25	%(f)		0.24	%		0.24	%		0.28	%		0.33	%		0.33	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%(f)		0.17	%		0.17	%		0.18	%		0.08	%		0.07	%
Net investment income		2.22	%(f)		1.51	%		0.59	%		0.19	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	2,754,386		$	2,996,754		$	2,756,560		$	3,142,077		$	331,549		$	236,113

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

72 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0098			0.0116			0.0035			0.0000	(a)		0.0001			0.0001
Net realized gain		0.0000	(a)		0.0009			0.0001			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0098			0.0125			0.0036			0.0000			0.0001			0.0001
Distributions(b)
From net investment income		(0.0098	)		(0.0125	)		(0.0036	)		(0.0000	)(c)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0098	)		(0.0125	)		(0.0036	)		(0.0000	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.98	%(e)		1.26	%		0.36	%		0.00	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.50	%(f)		0.49	%		0.49	%		0.52	%		0.58	%		0.58	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42	%(f)		0.42	%		0.42	%		0.38	%		0.08	%		0.07	%
Net investment income		1.97	%(f)		1.16	%		0.35	%		0.00	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	9,764		$	13,751		$	133,962		$	242,959		$	2,105		$	3,683

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 73

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund (continued)
	Cash Management
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,						Period from 04/18/16 (a) to 10/31/16
				2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0085			0.0099			0.0012			0.0000	(b)
Net realized gain		0.0000	(b)		0.0001			0.0004			—
Net increase from investment operations		0.0085			0.0100			0.0016			0.0000
Distributions(c)
From net investment income		(0.0085	)		(0.0100	)		(0.0016	)		(0.0000	)(d)
From net realized gain		—			—			(0.0000	)(d)		—
Total distributions		(0.0085	)		(0.0100	)		(0.0016	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.86	%(f)		1.01	%		0.16	%		0.00	%(f)
Ratios to Average Net Assets
Total expenses		0.75	%(g)		0.74	%		0.74	%		0.69	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.67	%(g)		0.67	%		0.59	%		0.34	%(g)
Net investment income		1.72	%(g)		0.99	%		0.12	%		0.00	%(g)
Supplemental Data
Net assets, end of period (000)	$	12,733		$	13,175		$	15,174		$	31,560

^(a)  Commencement of operations.

^(b) Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Amount is greater than $(0.00005) per share.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Aggregate total return.

^(g) Annualized.

See notes to financial statements.

74 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund (continued)
	Cash Reserve
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,						Period from 04/18/16 (a) to 10/31/16
				2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0202			0.0108			0.0022			0.0000	(b)
Net realized gain		0.0009			0.0002			0.0001			—
Net increase from investment operations		0.0211			0.0110			0.0023			0.0000
Distributions(c)
From net investment income		(0.0211	)		(0.0110	)		(0.0023	)		(0.0000	)(d)
From net realized gain		—			—			(0.0000	)(d)		—
Total distributions		(0.0211	)		(0.0110	)		(0.0023	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		2.13	%(f)		1.11	%		0.23	%		0.00	%(f)
Ratios to Average Net Assets
Total expenses		0.65	%(g)		0.64	%		0.64	%		0.61	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%(g)		0.57	%		0.54	%		0.35	%(g)
Net investment income		4.07	%(g)		1.08	%		0.22	%		0.00	%(g)
Supplemental Data
Net assets, end of period (000)	$	380		$	374		$	447		$	499

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.00005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g) Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 75

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0105			0.0140			0.0056			0.0007			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		0.0000	(a)		(0.0006	)		—			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0105			0.0140			0.0050			0.0007			0.0001			0.0001
Distributions(b)
From net investment income		(0.0105	)		(0.0140	)		(0.0050	)		(0.0007	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0105	)		(0.0140	)		(0.0050	)		(0.0007	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.06	%(e)		1.41	%		0.51	%		0.06	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.35	%(f)		0.34	%		0.34	%		0.37	%		0.43	%		0.43	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27	%(f)		0.27	%		0.27	%		0.28	%		0.08	%		0.07	%
Net investment income		2.12	%(f)		1.40	%		0.56	%		0.11	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	108,721		$	75,807		$	68,102		$	42,205		$	—	(g)	$	2,183

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Net assets are less than $1,000.

See notes to financial statements.

76 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	FedFund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0112			0.0152			0.0065			0.0023			0.0002			0.0001
Net realized gain		0.0000	(a)		0.0001			0.0001			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0112			0.0153			0.0066			0.0023			0.0002			0.0001
Distributions(b)
From net investment income		(0.0112	)		(0.0153	)		(0.0066	)		(0.0023	)		(0.0002	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0112	)		(0.0153	)		(0.0066	)		(0.0023	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.12	%(e)		1.54	%		0.66	%		0.23	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.19	%(f)		0.19	%		0.19	%		0.21	%		0.21	%		0.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%(f)		0.17	%		0.15	%		0.12	%		0.12	%		0.09	%
Net investment income		2.25	%(f)		1.52	%		0.65	%		0.28	%		0.02	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	73,342,578		$	74,278,100		$	78,004,801		$	84,001,937		$	11,361,624		$	10,689,737

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 77

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0102			0.0129			0.0039			0.0004			0.0002			0.0001
Net realized gain (loss)		0.0000	(a)		(0.0001	)		0.0002			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0102			0.0128			0.0041			0.0004			0.0002			0.0001
Distributions(b)
From net investment income		(0.0102	)		(0.0128	)		(0.0041	)		(0.0004	)		(0.0002	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0102	)		(0.0128	)		(0.0041	)		(0.0004	)		(0.0002	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.02	%(e)		1.29	%		0.41	%		0.04	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.44	%(f)		0.44	%		0.44	%		0.46	%		0.46	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42	%(f)		0.42	%		0.40	%		0.34	%		0.13	%		0.09	%
Net investment income		2.05	%(f)		1.29	%		0.39	%		0.04	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	1,908,469		$	1,776,032		$	1,714,598		$	2,029,496		$	917,631		$	748,382

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

78 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Cash Management
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0087			0.0100			0.0020			0.0003			0.0001			0.0001
Net realized gain		0.0000	(a)		0.0003			0.0001			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0087			0.0103			0.0021			0.0003			0.0001			0.0001
Distributions(b)
From net investment income		(0.0087	)		(0.0103	)		(0.0021	)		(0.0003	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0087	)		(0.0103	)		(0.0021	)		(0.0003	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.87	%(e)		1.04	%		0.21	%		0.04	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.69	%(f)		0.69	%		0.69	%		0.71	%		0.71	%		0.71	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.67	%(f)		0.67	%		0.61	%		0.36	%		0.13	%		0.09	%
Net investment income		1.76	%(f)		1.00	%		0.20	%		0.03	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	225,912		$	154,607		$	106,798		$	90,565		$	64,483		$	3,547

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 79

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Cash Reserve
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0092			0.0115			0.0032			0.0003			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		(0.0002	)		(0.0004	)		0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0092			0.0113			0.0028			0.0003			0.0001			0.0001
Distributions(b)
From net investment income		(0.0092	)		(0.0113	)		(0.0028	)		(0.0003	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0092	)		(0.0113	)		(0.0028	)		(0.0003	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.92	%(e)		1.14	%		0.28	%		0.04	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.59	%(f)		0.59	%		0.59	%		0.62	%		0.61	%		0.61	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%(f)		0.57	%		0.55	%		0.31	%		0.13	%		0.09	%
Net investment income		1.87	%(f)		1.15	%		0.32	%		0.09	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	4,803,380		$	1,649,400		$	814,974		$	220,572		$	5,442		$	4,561

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

80 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0107			0.0145			0.0057			0.0014			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		(0.0002	)		(0.0001	)		0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0107			0.0143			0.0056			0.0014			0.0001			0.0001
Distributions(b)
From net investment income		(0.0107	)		(0.0143	)		(0.0056	)		(0.0014	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0107	)		(0.0143	)		(0.0056	)		(0.0014	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.07	%(e)		1.44	%		0.56	%		0.14	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.29	%(f)		0.29	%		0.29	%		0.31	%		0.31	%		0.31	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27	%(f)		0.27	%		0.26	%		0.21	%		0.13	%		0.09	%
Net investment income		2.15	%(f)		1.45	%		0.57	%		0.17	%		0.02	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	2,359,367		$	2,500,290		$	2,436,503		$	1,693,932		$	346,593		$	233,421

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 81

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Select
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0071			0.0066			0.0005			0.0003			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		0.0004			(0.0001	)		0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0071			0.0070			0.0004			0.0003			0.0001			0.0001
Distributions(b)
From net investment income		(0.0071	)		(0.0070	)		(0.0004	)		(0.0003	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0071	)		(0.0070	)		(0.0004	)		(0.0003	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.71	%(e)		0.71	%		0.04	%		0.04	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.04	%(f)		1.04	%		1.04	%		1.06	%		1.06	%		1.06	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.00	%(f)		1.00	%		0.77	%		0.34	%		0.13	%		0.09	%
Net investment income		1.42	%(f)		0.66	%		0.05	%		0.04	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	186,671		$	195,297		$	340,742		$	241,781		$	205,658		$	92,940

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

82 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Private Client
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0084			0.0090			0.0020			0.0003			0.0001			0.0001
Net realized gain		0.0002			0.0012			0.0001			0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0086			0.0102			0.0021			0.0003			0.0001			0.0001
Distributions(b)
From net investment income		(0.0086	)		(0.0102	)		(0.0021	)		(0.0003	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0086	)		(0.0102	)		(0.0021	)		(0.0003	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.87	%(e)		1.02	%		0.21	%		0.04	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.04	%(f)		1.04	%		1.04	%		1.06	%		1.06	%		1.06	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68	%(f)		0.68	%		0.60	%		0.35	%		0.13	%		0.09	%
Net investment income		1.70	%(f)		0.90	%		0.20	%		0.03	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	230		$	768		$	1,782		$	1,945		$	3,777		$	6,385

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 83

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund (continued)
	Capital
	Six Months Ended 04/30/19 (unaudited)			Period from 11/10/17(a) to 10/31/18
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0110			0.0172
Net realized gain (loss)		0.0000	(b)		(0.0026	)
Net increase from investment operations		0.0110			0.0146
Distributions(c)
From net investment income		(0.0110	)		(0.0146	)
From net realized gain		—			—
Total distributions		(0.0110	)		(0.0146	)
Net asset value, end of period	$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.10	%(e)		1.47	%(e)
Ratios to Average Net Assets
Total expenses		0.24	%(f)		0.24	%(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.21	%(f)		0.21	%(f)
Net investment income		2.21	%(f)		1.77	%(f)
Supplemental Data
Net assets, end of period (000)	$	7,438,071		$	7,138,766

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

84 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	TempCash
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income		0.0122			0.0188			0.0108			0.0027			0.0006			0.0004
Net realized and unrealized gain (loss)		0.0002			(0.0010	)		(0.0022	)		0.0002			0.0002			0.0002
Net increase from investment operations		0.0124			0.0178			0.0086			0.0029			0.0008			0.0006
Distributions(a)
From net investment income		(0.0122	)		(0.0177	)		(0.0084	)		(0.0027	)		(0.0006	)		(0.0004	)
From net realized gain		—			—			—			(0.0002	)		(0.0002	)		(0.0002	)
Total distributions		(0.0122	)		(0.0177	)		(0.0084	)		(0.0029	)		(0.0008	)		(0.0006	)
Net asset value, end of period	$	1.0005		$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00
Total Return(b)
Based on net asset value		1.24	%(c)		1.79	%		0.87	%		0.29	%		0.08	%		0.06	%
Ratios to Average Net Assets
Total expenses		0.28	%(d)		0.33	%		0.39	%		0.39	%		0.35	%		0.33	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%(d)		0.18	%		0.18	%		0.13	%		0.18	%		0.18	%
Net investment income		2.46	%(d)		1.88	%		1.08	%		0.26	%		0.06	%		0.05	%
Supplemental Data
Net assets, end of period (000)	$	8,100,422		$	4,875,313		$	1,713,352		$	72,311		$	1,142,790		$	1,489,543

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Where applicable, assumes the reinvestment of distributions.

^(c)  Aggregate total return.

^(d)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 85

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempCash (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income		0.1327			0.0122			0.0058			0.0006			0.0001			0.0000	(a)
Net realized and unrealized gain		0.0132			0.0031			0.0004			0.0002			0.0002			0.0002
Net increase from investment operations		0.1459			0.0153			0.0062			0.0008			0.0003			0.0002
Distributions(b)
From net investment income		(0.1457	)		(0.0152	)		(0.0060	)		(0.0006	)		(0.0001	)		(0.0000	)(c)
From net realized gain		—			—			—			(0.0002	)		(0.0002	)		(0.0002	)
Total distributions		(0.1457	)		(0.0152	)		(0.0060	)		(0.0008	)		(0.0003	)		(0.0002	)
Net asset value, end of period	$	1.0005		$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00
Total Return(d)
Based on net asset value		14.73	%(e)		1.54	%		0.62	%		0.08	%		0.03	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.54	%(f)		0.61	%		0.71	%		0.64	%		0.59	%		0.58	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.43	%(f)		0.43	%		0.42	%		0.34	%		0.23	%		0.22	%
Net investment income		26.76	%(f)		1.22	%		0.58	%		0.06	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	18		$	15		$	22,566		$	25,994		$	83,662		$	213,086

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

86 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	TempFund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0122			0.0177			0.0100			0.0036			0.0008			0.0003
Net realized and unrealized gain		0.0003			0.0001			0.0001			0.0004			0.0001			0.0001
Net increase from investment operations		0.0125			0.0178			0.0101			0.0040			0.0009			0.0004
Distributions(a)
From net investment income		(0.0122	)		(0.0178	)		(0.0100	)		(0.0036	)		(0.0008	)		(0.0003	)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0122	)		(0.0178	)		(0.0100	)		(0.0038	)		(0.0009	)		(0.0004	)
Net asset value, end of period	$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.0000		$	1.0000
Total Return(b)
Based on net asset value		1.26	%(c)		1.79	%		1.01	%		0.41	%		0.09	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.22	%(d)		0.22	%		0.22	%		0.19	%		0.19	%		0.19	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%(d)		0.18	%		0.18	%		0.18	%		0.16	%		0.17	%
Net investment income		2.46	%(d)		1.77	%		1.03	%		0.35	%		0.08	%		0.03	%
Supplemental Data
Net assets, end of period (000)	$	10,377,082		$	12,325,770		$	12,940,766		$	8,183,070		$	62,215,214		$	46,327,088

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Where applicable, assumes the reinvestment of distributions.

^(c)  Aggregate total return.

^(d)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 87

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0004		$	1.0004		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0118			0.0151			0.0075			0.0013			0.0002			0.0002
Net realized and unrealized gain		0.0002			0.0002			0.0002			0.0004			0.0001			0.0001
Net increase from investment operations		0.0120			0.0153			0.0077			0.0017			0.0003			0.0003
Distributions(a)
From net investment income		(0.0118	)		(0.0153	)		(0.0075	)		(0.0013	)		(0.0002	)		(0.0002	)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0118	)		(0.0153	)		(0.0075	)		(0.0015	)		(0.0003	)		(0.0003	)
Net asset value, end of period	$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.0000		$	1.0000
Total Return(b)
Based on net asset value		1.21	%(c)		1.54	%		0.77	%		0.17	%		0.03	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.47	%(d)		0.47	%		0.47	%		0.44	%		0.44	%		0.44	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.43	%(d)		0.43	%		0.43	%		0.42	%		0.22	%		0.18	%
Net investment income		2.37	%(d)		1.51	%		0.78	%		0.13	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	86,918		$	80,471		$	86,362		$	91,943		$	1,511,529		$	2,673,968

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Where applicable, assumes the reinvestment of distributions.

^(c)  Aggregate total return.

^(d)  Annualized.

See notes to financial statements.

88 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund (continued)
	Cash Management
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0098			0.0127			0.0050			0.0000	(a)		0.0002			0.0002
Net realized and unrealized gain		0.0003			0.0001			0.0001			0.0004			0.0001			0.0001
Net increase from investment operations		0.0101			0.0128			0.0051			0.0004			0.0003			0.0003
Distributions(b)
From net investment income		(0.0098	)		(0.0128	)		(0.0050	)		(0.0000	)(c)		(0.0002	)		(0.0002	)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0098	)		(0.0128	)		(0.0050	)		(0.0002	)		(0.0003	)		(0.0003	)
Net asset value, end of period	$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.0000		$	1.0000
Total Return(d)
Based on net asset value		1.02	%(e)		1.28	%		0.51	%		0.04	%		0.03	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.72	%(f)		0.72	%		0.72	%		0.68	%		0.69	%		0.69	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68	%(f)		0.68	%		0.68	%		0.56	%		0.23	%		0.18	%
Net investment income		1.98	%(f)		1.27	%		0.49	%		0.01	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	635,516		$	632,405		$	688,373		$	831,483		$	403,371		$	278,181

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 89

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund (continued)
	Cash Reserve
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0128			0.0143			0.0060			0.0004			0.0002			0.0002
Net realized and unrealized gain (loss)		0.0003			(0.0004	)		0.0001			0.0002			0.0001			0.0001
Net increase from investment operations		0.0131			0.0139			0.0061			0.0006			0.0003			0.0003
Distributions(a)
From net investment income		(0.0129	)		(0.0138	)		(0.0060	)		(0.0002	)		(0.0002	)		(0.0002	)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0129	)		(0.0138	)		(0.0060	)		(0.0004	)		(0.0003	)		(0.0003	)
Net asset value, end of period	$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.0000		$	1.0000
Total Return(b)
Based on net asset value		1.31	%(c)		1.39	%		0.61	%		0.06	%		0.03	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.62	%(d)		0.62	%		0.62	%		0.59	%		0.59	%		0.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.58	%(d)		0.58	%		0.58	%		0.51	%		0.23	%		0.18	%
Net investment income		2.57	%(d)		1.43	%		0.59	%		0.01	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	3,807		$	4,320		$	3,341		$	5,630		$	16,693		$	19,977

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Where applicable, assumes the reinvestment of distributions.

^(c)  Aggregate total return.

^(d)  Annualized.

See notes to financial statements.

90 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0004		$	1.0004		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0118			0.0153			0.0090			0.0026			0.0002			0.0002
Net realized and unrealized gain		0.0002			0.0015			0.0002			0.0004			0.0001			0.0001
Net increase from investment operations		0.0120			0.0168			0.0092			0.0030			0.0003			0.0003
Distributions(a)
From net investment income		(0.0118	)		(0.0168	)		(0.0090	)		(0.0026	)		(0.0002	)		(0.0002	)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0118	)		(0.0168	)		(0.0090	)		(0.0028	)		(0.0003	)		(0.0003	)
Net asset value, end of period	$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.0000		$	1.0000
Total Return(b)
Based on net asset value		1.20	%(c)		1.69	%		0.93	%		0.31	%		0.03	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.32	%(d)		0.32	%		0.31	%		0.29	%		0.29	%		0.29	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.28	%(d)		0.28	%		0.28	%		0.28	%		0.23	%		0.18	%
Net investment income		2.37	%(d)		1.53	%		1.01	%		0.24	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	25,191		$	23,965		$	106,520		$	15,197		$	2,843,390		$	2,542,670

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Where applicable, assumes the reinvestment of distributions.

^(c)  Aggregate total return.

^(d)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 91

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund (continued)
	Private Client
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0002		$	1.0000		$	1.0000		$	1.0000
Net investment income		0.0098			0.0136			0.0050			0.0000	(a)		0.0002			0.0000	(a)
Net realized and unrealized gain (loss)		0.0001			(0.0007	)		0.0001			0.0004			0.0001			0.0001
Net increase from investment operations		0.0099			0.0129			0.0051			0.0004			0.0003			0.0001
Distributions(b)
From net investment income		(0.0097	)		(0.0128	)		(0.0050	)		(0.0000	)(c)		(0.0002	)		(0.0000	)(c)
From net realized gain		—			—			—			(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0097	)		(0.0128	)		(0.0050	)		(0.0002	)		(0.0003	)		(0.0001	)
Net asset value, end of period	$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.0000		$	1.0000
Total Return(d)
Based on net asset value		1.00	%(e)		1.29	%		0.52	%		0.04	%		0.03	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.07	%(f)		1.07	%		1.07	%		1.04	%		1.04	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68	%(f)		0.68	%		0.68	%		0.53	%		0.23	%		0.19	%
Net investment income		1.97	%(f)		1.36	%		0.49	%		0.00	%		0.02	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	1,912		$	2,042		$	1,295		$	1,649		$	9,855		$	14,738

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

92 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  

(For a share outstanding throughout each period)

	T-Fund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0111			0.0151			0.0063			0.0017			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		0.0002			(0.0001	)		0.0000	(a)		0.0001			0.0001
Net increase from investment operations		0.0111			0.0153			0.0062			0.0017			0.0002			0.0002
Distributions(b)
From net investment income		(0.0111	)		(0.0153	)		(0.0062	)		(0.0017	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)		(0.0001	)
Total distributions		(0.0111	)		(0.0153	)		(0.0062	)		(0.0017	)		(0.0002	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.12	%(e)		1.54	%		0.62	%		0.17	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.19	%(f)		0.19	%		0.19	%		0.20	%		0.20	%		0.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%(f)		0.17	%		0.17	%		0.17	%		0.08	%		0.06	%
Net investment income		2.24	%(f)		1.51	%		0.63	%		0.18	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	52,565,881		$	57,671,676		$	53,092,342		$	53,764,049		$	19,598,433		$	18,501,009

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 93

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0098			0.0123			0.0035			0.0001			0.0001			0.0001
Net realized gain		0.0001			0.0004			0.0002			0.0000	(a)		0.0001			0.0001
Net increase from investment operations		0.0099			0.0127			0.0037			0.0001			0.0002			0.0002
Distributions(b)
From net investment income		(0.0099	)		(0.0127	)		(0.0037	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)		(0.0001	)
Total distributions		(0.0099	)		(0.0127	)		(0.0037	)		(0.0001	)		(0.0002	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.99	%(e)		1.28	%		0.38	%		0.02	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.44	%(f)		0.44	%		0.44	%		0.45	%		0.45	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42	%(f)		0.42	%		0.42	%		0.34	%		0.08	%		0.06	%
Net investment income		1.98	%(f)		1.23	%		0.35	%		0.02	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	662,774		$	1,230,374		$	2,927,646		$	3,807,290		$	988,153		$	755,491

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

94 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Cash Management
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
					2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00			$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0087				0.0103			0.0015			0.0001			0.0001			0.0001
Net realized gain		0.0000	(a)			0.0000	(a)		0.0003			0.0000	(a)		0.0001			0.0001
Net increase from investment operations		0.0087				0.0103			0.0018			0.0001			0.0002			0.0002
Distributions(b)
From net investment income		(0.0087	)			(0.0103	)		(0.0018	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—				(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)		(0.0001	)
Total distributions		(0.0087	)			(0.0103	)		(0.0018	)		(0.0001	)		(0.0002	)		(0.0002	)
Net asset value, end of period	$	1.00			$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.88	%(e)			1.03	%		0.18	%		0.02	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.69	%(f)			0.69	%		0.69	%		0.70	%		0.70	%		0.71	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.67	%(f)			0.67	%		0.58	%		0.32	%		0.08	%		0.06	%
Net investment income		1.76	%(f)			1.03	%		0.15	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	760,381			$	600,314		$	576,284		$	1,133,743		$	771,441		$	629,757

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 95

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Cash Reserve
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,									Period from 09/24/15 (a) to 10/31/15
				2018			2017			2016
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0091			0.0128			0.0027			0.0001			0.0000	(b)
Net realized gain (loss)		0.0000	(b)		(0.0015	)		(0.0002	)		0.0000	(b)		0.0000
Net increase from investment operations		0.0091			0.0113			0.0025			0.0001			0.0000
Distributions(c)
From net investment income		(0.0091	)		(0.0113	)		(0.0025	)		(0.0001	)		(0.0000	)(d)
From net realized gain		—			(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		—
Total distributions		(0.0091	)		(0.0113	)		(0.0025	)		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.92	%(f)		1.13	%		0.25	%		0.02	%		0.00	%(f)
Ratios to Average Net Assets
Total expenses		0.59	%(g)		0.59	%		0.59	%		0.60	%		0.56	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%(g)		0.57	%		0.55	%		0.35	%		0.08	%(g)
Net investment income		1.83	%(g)		1.28	%		0.27	%		0.02	%		0.01	%(g)
Supplemental Data
Net assets, end of period (000)	$	373,459		$	239,734		$	57,894		$	68,784		$	—	(h)

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.00005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Annualized.

^(h)  Net assets are less than $1,000.

See notes to financial statements.

96 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0106			0.0146			0.0061			0.0008			0.0001			0.0001
Net realized gain (loss)		0.0000	(a)		(0.0003	)		(0.0009	)		0.0000	(a)		0.0001			0.0001
Net increase from investment operations		0.0106			0.0143			0.0052			0.0008			0.0002			0.0002
Distributions(b)
From net investment income		(0.0106	)		(0.0143	)		(0.0052	)		(0.0008	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)		(0.0001	)
Total distributions		(0.0106	)		(0.0143	)		(0.0052	)		(0.0008	)		(0.0002	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.07	%(e)		1.43	%		0.52	%		0.08	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.29	%(f)		0.29	%		0.29	%		0.30	%		0.30	%		0.00	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27	%(f)		0.27	%		0.27	%		0.26	%		0.08	%		0.00	%
Net investment income		2.14	%(f)		1.46	%		0.61	%		0.12	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	1,051,383		$	924,933		$	685,250		$	75,294		$	5		$	—	(g)

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Net assets are less than $1,000.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 97

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Select
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0070			0.0051			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	(a)		0.0019			0.0000	(a)		0.0000	(a)		0.0001			0.0001
Net increase from investment operations		0.0070			0.0070			0.0002			0.0001			0.0002			0.0002
Distributions(b)
From net investment income		(0.0070	)		(0.0070	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)		(0.0001	)
Total distributions		(0.0070	)		(0.0070	)		(0.0002	)		(0.0001	)		(0.0002	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.70	%(e)		0.70	%		0.02	%		0.02	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		1.04	%(f)		1.04	%		1.04	%		1.05	%		1.05	%		1.06	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.00	%(f)		1.00	%		0.75	%		0.31	%		0.08	%		0.06	%
Net investment income		1.41	%(f)		0.51	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	20,669		$	19,710		$	75,759		$	83,975		$	220,861		$	196,531

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

98 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund (continued)
	Capital
	Six Months Ended 04/30/19 (unaudited)			Period from 11/10/17(a) to 10/31/18
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0109			0.0172
Net realized gain (loss)		0.0000	(b)		(0.0027	)
Net increase from investment operations		0.0109			0.0145
Distributions(c)
From net investment income		(0.0109	)		(0.0145	)
From net realized gain		—			(0.0000	)(d)
Total distributions		(0.0109	)		(0.0145	)
Net asset value, end of period	$	1.00		$	1.00
Total Return(e)
Based on net asset value		1.10	%(f)		1.46	%(f)
Ratios to Average Net Assets
Total expenses		0.24	%(g)		0.24	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.21	%(g)		0.21	%(g)
Net investment income		2.20	%(g)		1.76	%(g)
Supplemental Data
Net assets, end of period (000)	$	10,850,678		$	10,978,658

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.00005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 99

Financial Highlights

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0110			0.0153			0.0060			0.0013			0.0000	(a)		0.0000	(a)
Net realized gain (loss)		0.0000	(a)		(0.0002	)		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0001
Net increase from investment operations		0.0110			0.0151			0.0060			0.0013			0.0000			0.0001
Distributions(b)
From net investment income		(0.0110	)		(0.0151	)		(0.0060	)		(0.0013	)		(0.0000	)(c)		(0.0000	)(c)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0110	)		(0.0151	)		(0.0060	)		(0.0013	)		(0.0000	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.11	%(e)		1.52	%		0.60	%		0.13	%		0.00	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.20	%(f)		0.20	%		0.20	%		0.21	%		0.21	%		0.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%(f)		0.17	%		0.17	%		0.17	%		0.05	%		0.05	%
Net investment income		2.22	%(f)		1.53	%		0.60	%		0.14	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	33,252,004		$	30,530,122		$	24,157,325		$	20,911,540		$	13,517,000		$	10,367,067

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

100 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0105			0.0127			0.0035			0.0002			0.0000	(a)		0.0000	(a)
Net realized gain (loss)		0.0000	(a)		(0.0001	)		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0001
Net increase from investment operations		0.0105			0.0126			0.0035			0.0002			0.0000			0.0001
Distributions(b)
From net investment income		(0.0105	)		(0.0126	)		(0.0035	)		(0.0002	)		(0.0000	)(c)		(0.0000	)(c)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0105	)		(0.0126	)		(0.0035	)		(0.0002	)		(0.0000	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.06	%(e)		1.27	%		0.35	%		0.02	%		0.00	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.45	%(f)		0.45	%		0.45	%		0.46	%		0.46	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42	%(f)		0.42	%		0.42	%		0.28	%		0.05	%		0.04	%
Net investment income		2.12	%(f)		1.27	%		0.35	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	610,088		$	482,014		$	483,138		$	420,095		$	428,958		$	439,496

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 101

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund (continued)
	Cash Management
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0086			0.0098			0.0018			0.0002			0.0000	(a)		0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0003			(0.0002	)		0.0000	(a)		0.0000	(a)		0.0001
Net increase from investment operations		0.0086			0.0101			0.0016			0.0002			0.0000			0.0001
Distributions(b)
From net investment income		(0.0086	)		(0.0101	)		(0.0016	)		(0.0002	)		(0.0000	)(c)		(0.0000	)(c)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0086	)		(0.0101	)		(0.0016	)		(0.0002	)		(0.0000	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.86	%(e)		1.02	%		0.16	%		0.02	%		0.00	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.70	%(f)		0.70	%		0.70	%		0.71	%		0.71	%		0.71	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.67	%(f)		0.67	%		0.63	%		0.29	%		0.05	%		0.05	%
Net investment income		1.73	%(f)		0.98	%		0.18	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	15,369		$	13,843		$	21,110		$	16,561		$	8,528		$	14,777

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

102 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund (continued)
	Cash Reserve
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,						Period from 12/16/15 (a) to 10/31/16
				2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0090			0.0124			0.0019			0.0001
Net realized gain (loss)		0.0000	(b)		(0.0013	)		0.0003			0.0000	(b)
Net increase from investment operations		0.0090			0.0111			0.0022			0.0001
Distributions(c)
From net investment income		(0.0090	)		(0.0111	)		(0.0022	)		(0.0001	)
From net realized gain		—			(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0090	)		(0.0111	)		(0.0022	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.91	%(f)		1.12	%		0.22	%		0.01	%(f)
Ratios to Average Net Assets
Total expenses		0.60	%(g)		0.60	%		0.60	%		0.61	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%(g)		0.57	%		0.52	%		0.29	%(g)
Net investment income		1.84	%(g)		1.24	%		0.19	%		0.01	%(g)
Supplemental Data
Net assets, end of period (000)	$	70,509		$	8,044		$	1,002		$	3,635

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.00005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 103

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0105			0.0136			0.0052			0.0005			0.0000	(a)		0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0005			(0.0002	)		0.0000	(a)		0.0000	(a)		0.0001
Net increase from investment operations		0.0105			0.0141			0.0050			0.0005			0.0000			0.0001
Distributions(b)
From net investment income		(0.0105	)		(0.0141	)		(0.0050	)		(0.0005	)		(0.0000	)(c)		(0.0000	)(c)
From net realized gain		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0105	)		(0.0141	)		(0.0050	)		(0.0005	)		(0.0000	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		1.06	%(e)		1.42	%		0.50	%		0.05	%		0.00	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.30	%(f)		0.30	%		0.30	%		0.31	%		0.31	%		0.31	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27	%(f)		0.27	%		0.27	%		0.24	%		0.05	%		0.05	%
Net investment income		2.12	%(f)		1.36	%		0.52	%		0.04	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	467,193		$	413,618		$	638,815		$	476,145		$	573,959		$	335,524

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

104 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund (continued)
	Select
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,									Period from 09/28/15 (a) to 10/31/15
				2018			2017			2016
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0069			0.0067			0.0001			0.0002			0.0000	(b)
Net realized gain		0.0000	(b)		0.0001			0.0001			0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0069			0.0068			0.0002			0.0002			0.0000
Distributions(c)
From net investment income		(0.0069	)		(0.0068	)		(0.0002	)		(0.0002	)		(0.0000	)(d)
From net realized gain		—			(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0069	)		(0.0068	)		(0.0002	)		(0.0002	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.69	%(f)		0.68	%		0.02	%		0.02	%		0.00	%(f)
Ratios to Average Net Assets
Total expenses		1.05	%(g)		1.05	%		1.05	%		1.06	%		1.09	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		1.00	%(g)		1.00	%		0.68	%		0.31	%		0.06	%(g)
Net investment income		1.39	%(g)		0.67	%		0.01	%		0.01	%		0.00	%(g)
Supplemental Data
Net assets, end of period (000)	$	21,677		$	39,675		$	38,309		$	79,910		$	8,058

^(a)  Commencement of operations.

^(b)  Amount is less than $0.00005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.00005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 105

Financial Highlights

(For a share outstanding throughout each period)

	MuniCash
	Institutional																	��
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00		$	1.00
Net investment income		0.0072			0.0112			0.0060			0.0019			0.0001			0.0001
Net realized and unrealized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0013			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0072			0.0112			0.0060			0.0032			0.0001			0.0001
Distributions(b)
From net investment income		(0.0072	)		(0.0112	)		(0.0058	)		(0.0019	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0002	)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
From return of capital		—			—			—			(0.0012	)		—			—
Total distributions		(0.0072	)		(0.0114	)		(0.0058	)		(0.0031	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.73	%(e)		1.13	%(f)		0.60	%		0.33	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.28	%(g)		0.29	%		0.31	%		0.38	%(h)		0.49	%		0.45	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20	%(g)		0.20	%		0.20	%		0.18	%		0.13	%		0.16	%
Net investment income		1.45	%(g)		1.12	%		0.60	%		0.25	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	3,922,696		$	3,992,552		$	4,096,900		$	2,139,820		$	145,329		$	144,892

^(a)  Amount is less than $0.00005 per share.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Annualized.

^(h)  Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for the Institutional class would have been 0.38%.

See notes to financial statements.

106 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniCash (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00		$	1.00
Net investment income		0.0070			0.0087			0.0033			0.0006			0.0001			0.0001
Net realized and unrealized gain		0.0001			0.0000	(a)		0.0002			0.0013			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0071			0.0087			0.0035			0.0019			0.0001			0.0001
Distributions(b)
From net investment income		(0.0071	)		(0.0087	)		(0.0033	)		(0.0006	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0002	)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
From return of capital		—			—			—			(0.0012	)		—			—
Total distributions		(0.0071	)		(0.0089	)		(0.0033	)		(0.0018	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.71	%(e)		0.88	%(f)		0.35	%		0.19	%		0.02	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.53	%(g)		0.54	%		0.56	%		0.63	%(h)		0.74	%		0.69	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.45	%(g)		0.45	%		0.45	%		0.30	%		0.13	%		0.17	%
Net investment income		1.42	%(g)		0.87	%		0.33	%		0.05	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	2,473		$	1,893		$	1,623		$	1,802		$	2,045		$	3,513

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Annualized.

^(h)  Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for the Dollar class would have been 0.63%.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 107

Financial Highlights  

(For a share outstanding throughout each period)

	MuniFund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0074			0.0115			0.0060			0.0019			0.0002			0.0002
Net realized gain		—			0.0000	(a)		0.0002			0.0001			0.0001			0.0002
Net increase from investment operations		0.0074			0.0115			0.0062			0.0020			0.0003			0.0004
Distributions(b)
From net investment income		(0.0074	)		(0.0115	)		(0.0060	)		(0.0019	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0002	)
Total distributions		(0.0074	)		(0.0115	)		(0.0062	)		(0.0020	)		(0.0003	)		(0.0004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.74	%(e)		1.16	%		0.62	%		0.20	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.48	%(f)		0.55	%		0.45	%		0.37	%		0.36	%		0.36	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20	%(f)		0.20	%		0.20	%		0.11	%		0.06	%		0.08	%
Net investment income		1.49	%(f)		1.15	%		0.60	%		0.10	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	229,870		$	191,172		$	146,316		$	141,458		$	1,369,069		$	1,219,566

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

108 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund (continued)
	Dollar
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0062			0.0090			0.0035			0.0006			0.0002			0.0002
Net realized gain		—			0.0000	(a)		0.0002			0.0001			0.0001			0.0002
Net increase from investment operations		0.0062			0.0090			0.0037			0.0007			0.0003			0.0004
Distributions(b)
From net investment income		(0.0062	)		(0.0090	)		(0.0035	)		(0.0006	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0002	)
Total distributions		(0.0062	)		(0.0090	)		(0.0037	)		(0.0007	)		(0.0003	)		(0.0004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.62	%(e)		0.91	%		0.36	%		0.07	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.73	%(f)		0.80	%		0.70	%		0.63	%		0.61	%		0.61	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.45	%(f)		0.45	%		0.45	%		0.22	%		0.06	%		0.08	%
Net investment income		1.25	%(f)		0.90	%		0.35	%		0.03	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	4,569		$	4,462		$	4,592		$	5,724		$	41,554		$	49,420

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 109

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund (continued)
	Administration
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0070			0.0104			0.0049			0.0013			0.0002			0.0002
Net realized gain		—			0.0001			0.0003			0.0001			0.0001			0.0002
Net increase from investment operations		0.0070			0.0105			0.0052			0.0014			0.0003			0.0004
Distributions(a)
From net investment income		(0.0070	)		(0.0105	)		(0.0050	)		(0.0013	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(b)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0002	)
Total distributions		(0.0070	)		(0.0105	)		(0.0052	)		(0.0014	)		(0.0003	)		(0.0004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(c)
Based on net asset value		0.71	%(d)		1.06	%		0.52	%		0.14	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.58	%(e)		0.65	%		0.55	%		0.46	%		0.46	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.30	%(e)		0.30	%		0.30	%		0.15	%		0.06	%		0.08	%
Net investment income		1.41	%(e)		1.04	%		0.49	%		0.05	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	16,480		$	16,537		$	18,653		$	21,554		$	325,641		$	315,869

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Amount is greater than $(0.00005) per share.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Annualized.

See notes to financial statements.

110 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund (continued)
	Select
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0035			0.0034			0.0000	(a)		0.0001			0.0002			0.0002
Net realized gain		—			0.0001			0.0002			0.0001			0.0001			0.0002
Net increase from investment operations		0.0035			0.0035			0.0002			0.0002			0.0003			0.0004
Distributions(b)
From net investment income		(0.0035	)		(0.0035	)		(0.0000	)(c)		(0.0001	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0002	)
Total distributions		(0.0035	)		(0.0035	)		(0.0002	)		(0.0002	)		(0.0003	)		(0.0004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.35	%(e)		0.36	%		0.02	%		0.02	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		1.33	%(f)		1.40	%		1.30	%		1.22	%		1.21	%		1.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.00	%(f)		1.00	%		0.79	%		0.24	%		0.06	%		0.08	%
Net investment income		0.70	%(f)		0.34	%		0.00	%		0.01	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	4,028		$	2,662		$	2,833		$	3,863		$	22,769		$	17,580

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 111

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund (continued)
	Private Client
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0050			0.0067			0.0013			0.0002			0.0002			0.0002
Net realized gain		—			0.0000	(a)		0.0002			0.0001			0.0001			0.0002
Net increase from investment operations		0.0050			0.0067			0.0015			0.0003			0.0003			0.0004
Distributions(b)
From net investment income		(0.0050	)		(0.0067	)		(0.0013	)		(0.0002	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0002	)
Total distributions		(0.0050	)		(0.0067	)		(0.0015	)		(0.0003	)		(0.0003	)		(0.0004	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.50	%(e)		0.68	%		0.14	%		0.03	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		1.33	%(f)		1.40	%		1.30	%		1.22	%		1.21	%		1.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68	%(f)		0.68	%		0.67	%		0.25	%		0.06	%		0.08	%
Net investment income		1.01	%(f)		0.67	%		0.13	%		0.02	%		0.02	%		0.02	%
Supplemental Data
Net assets, end of period (000)	$	295		$	319		$	330		$	350		$	1,649		$	1,817

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

112 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	California Money Fund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0059			0.0101			0.0053			0.0019			0.0001			0.0001
Net realized and unrealized gain (loss)		(0.0001	)		0.0002			0.0012			0.0000	(a)		(0.0000	)(b)		0.0001
Net increase from investment operations		0.0058			0.0103			0.0065			0.0019			0.0001			0.0002
Distributions(c)
From net investment income		(0.0058	)		(0.0101	)		(0.0054	)		(0.0019	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0011	)		—			—			(0.0001	)
Total distributions		(0.0058	)		(0.0101	)		(0.0065	)		(0.0019	)		(0.0001	)		(0.0002	)
Net asset value, end of period	$	1.0002		$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.58	%(e)		1.03	%		0.65	%		0.19	%		0.01	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.46	%(f)		0.70	%		0.74	%		0.47	%		0.47	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20	%(f)		0.20	%		0.20	%		0.12	%		0.05	%		0.08	%
Net investment income		1.20	%(f)		1.01	%		0.53	%		0.12	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	360,428		$	169,293		$	30,459		$	41,192		$	227,884		$	122,721

^(a)  Amount is less than $0.00005 per share.

^(b)  Amount is greater than $(0.00005) per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 113

Financial Highlights

(For a share outstanding throughout each period)

	New York Money Fund
	Institutional
	Six Months Ended 04/30/19 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0071			0.0113			0.0056			0.0019			0.0001			0.0001
Net realized and unrealized gain (loss)		(0.0002	)		(0.0002	)		0.0013			0.0015			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0069			0.0111			0.0069			0.0034			0.0001			0.0001
Distributions(b)
From net investment income		(0.0069	)		(0.0111	)		(0.0056	)		(0.0019	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			—			(0.0003	)		(0.0000	)(c)		(0.0000	)(c)
From return of capital		—			—			(0.0013	)		(0.0012	)		—			—
Total distributions		(0.0069	)		(0.0111	)		(0.0069	)		(0.0034	)		(0.0001	)		(0.0001	)
Net asset value, end of period	$	1.0000		$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.69	%(e)		1.12	%		0.69	%		0.34	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.61	%(f)		1.35	%		1.00	%		0.58	%		0.49	%		0.48	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20	%(f)		0.20	%		0.20	%		0.14	%		0.09	%		0.09	%
Net investment income		1.42	%(f)		1.13	%		0.56	%		0.10	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of period (000)	$	115,191		$	46,066		$	16,908		$	17,838		$	92,999		$	118,278

^(a)  Amount is less than $0.00005 per share.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.00005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

114 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

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 anopen-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually, 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-Diversified	(a)
New York Money Fund		Non-Diversified	(a)

^(a)  California Money Fund and New York Money Fund must satisfy the diversification requirement set forth in Rule2a-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 Capital Shares (formerly known as 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. For the six months ended April 30, 2019, no Premier Shares, Plus Shares or Cash Plus 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.

Federal Trust Fund, FedFund,T-Fund and Treasury Trust Fund each operate as a “government money market fund” under Rule2a-7 under 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.

MuniFund operates as a “retail money market fund” under Rule2a-7 under the 1940 Act.

On October 11, 2016, TempCash, TempFund and MuniCash, and on October 15, 2018, California Money Fund and New York Money Fund began pricing and transacting their shares at a net asset value (“NAV”) per share calculated to four decimal places, reflecting market-based values of their portfolio holdings (i.e., at a “floating” NAV). The NAV of TempFund is priced multiple times each day, such Fund accepts purchase orders and redemption requests. Prior to the Funds’ adoption of the floating NAV, their portfolio holdings were valued at amortized cost.

With respect to each of TempCash, TempFund, MuniCash, MuniFund, California Money Fund and New York Money Fund, the Board of Trustees (the “Board”) is permitted to impose a liquidity fee of up to 2% of the value of shares redeemed or temporarily restrict redemptions from each TempCash, TempFund, MuniCash, MuniFund, California Money Fund and New York Money Fund for up to 10 business days in a 90 day period, in the event that such TempCash, TempFund, MuniCash, MuniFund, California Money Fund and New York Money Fund’s weekly liquid assets fall below certain thresholds.

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 equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (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 an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

Liquidity Fees: Any liquidity fees imposed on the value of shares redeemed in the event that a Fund’s weekly liquid assets fall below certain thresholds are recorded aspaid-in-capital. The liquidity fees are collected and retained by each Fund for the benefit of the Fund’s remaining shareholders.

NOTES    TO    FINANCIAL    STATEMENTS 115

Notes to Financial Statements  (unaudited) (continued)

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.

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

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. 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 their relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies (TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund): The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of 3:00 p.m., Eastern time, on each day on which the New York Stock Exchange (“NYSE”) is open for business. TempCash, MuniCash, California Money Fund and New York Money Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of 8:00 a.m. (Eastern time), 12:00 p.m. (Eastern time) and 3:00 p.m. (Eastern time) on each day on which the NYSE is open for business. 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 determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund’s assets and liabilities:

• Investments are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

Investment Valuation Policies (Federal Trust Fund, FedFund,T-Fund, Treasury Trust Fund and MuniFund): 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 Rule2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Each Fund seeks to maintain its NAV per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of 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 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.

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 atri-party repurchase 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 a single joint trading account which is then invested in one or more repurchase agreements. As of period end, FedFund, TempCash, TempFund, andT-Fund invested in repurchase agreements through joint trading accounts.

116 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits 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

Investment Advisory: The Trust, on behalf of the Funds, entered into a management agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory, administration and accounting services to the Funds.

For the management and administrative services provided and certain expenses assumed by it under the management agreement, the Manager is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:

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 Billion(a)	.175% of the first $1 Billion(b)
.150% of the next $1 Billion(a)	.150% of the next $1 Billion(b)
.125% of the next $1 Billion(a)	.125% of the next $1 Billion(b)
.100% of the next $1 Billion(a)	.100% of amounts in excess of $3 Billion(b)
.095% of the next $1 Billion(a)
.090% of the next $1 Billion(a)
.085% of the next $1 Billion(a)
.080% of amounts in excess of $7 Billion(a)

^(a)  Based on the combined average net assets of Federal Trust Fund, FedFund,T-Fund and Treasury Trust Fund.

^(b)  Based on the average daily net assets of the Fund whose Management fee is being calculated.

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
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:

NOTES    TO    FINANCIAL    STATEMENTS 117

Notes to Financial Statements  (unaudited) (continued)

	Service Fee	(a)	Distribution Fee	(a)
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
Capital	0.05		—

^(a)  Due to certain contractual and voluntary waivers, the above stated rates may be reduced.

For the six months ended April 30, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Capital		Total
Federal Trust Fund	$	16,336	$	32,171	$	747	$	50,329	$	—	$	—	$	—	$	99,583
FedFund		2,568,497		488,113		8,848,067		1,221,739		873,899		1,930		1,805,740		15,807,985
TempCash		21		—		—		—		—		—		—		21
TempFund		108,910		1,573,321		9,202		13,361		2		8,977		—		1,713,773
T-Fund		1,274,762		1,563,572		310,533		440,859		103,544		—		2,713,422		6,406,692
Treasury Trust Fund		803,688		38,163		149,492		207,539		179,826		—		—		1,378,708
MuniCash		2,515		—		—		—		—		—		—		2,515
MuniFund		5,508		—		—		8,790		16,361		1,278		—		31,937

Expense Limitations, Waivers, and Reimbursements: With respect to each Fund, the Manager, as investment adviser and administrator, has contractually agreed to reduce its fees and/or reimburse ordinary operating expenses to ensure that the combined “Management Fees” and “Miscellaneous/Other Expenses,” excluding service fees, distribution fees and any extraordinary expenses, do not exceed 0.18% of the average daily net assets of TempCash and TempFund, 0.17% of the average daily net assets of FedFund,T-Fund, Federal Trust Fund and Treasury Trust Fund and 0.20% of the average daily net assets of 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 expense limitation prior to March 1, 2020, unless approved by the Board of Trustees, including a majority of the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of such Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended April 30, 2019, the amounts waived were as follows:

Federal Trust Fund	$	1,191,091
FedFund		7,703,370
TempCash		3,321,456
TempFund		2,712,322
T-Fund		7,548,265
Treasury Trust Fund		5,166,018
MuniCash		1,837,676
MuniFund		345,934
California Money Fund		299,788
New York Money Fund		175,287

In addition, BRIL has contractually agreed to waive service and/or distribution fees through February 29, 2020 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 successiveone-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 have also voluntarily agreed to waive a portion of their respective fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of net investment income. These amounts are reported in the Statements of Operations as fees waived and/or reimbursed by the Manager and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the voluntary waiver at any time. For the six months ended April 30, 2019, the amounts waived were as follows:

Service and distribution fees waived	Dollar		Cash Reserve		Administration		Select		Private Client		Capital		Total
Federal Trust Fund	$	25	$	321	$	—	$	—	$	—	$	—	$	346
FedFund		—		—		—		20,560		764		361,174		382,498
TempFund		339		983		—		—		3,697		—		5,019
T-Fund		—		325		—		2,437		—		542,724		545,486
Treasury Trust Fund		44,084		—		9,088		4,234		—		—		57,406
MuniFund		—		—		—		964		556		—		1,520

118 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Certain Funds have incurred expenses in connection with the realignment and consolidation of the boards of directors/trustees of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse certain Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended April 30, 2019, the amounts reimbursed were as follows:

FedFund	$	11,381
TempFund		6,525
T-Fund		13,344
Treasury Trust Fund		2,759
California Money Fund		432
New York Money Fund		456

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended April 30, 2019, the Funds did not pay any amounts to affiliates in return for these services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended April 30, 2019, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended April 30, 2019, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
MuniCash		$  662,289,048		$  625,842,830		$  —
MuniFund		36,709,178		70,439,902		—
California Money Fund		207,028,312		127,754,643		—
New York Money Fund		130,639,110		104,044,449		—

6. INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended October 31, 2018. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

	FedFund		Treasury Trust Fund		MuniFund		California Money Fund
No expiration date	$	327,230	$	118,840	$	4,181	$	41

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.

NOTES    TO    FINANCIAL    STATEMENTS 119

Notes to Financial Statements  (unaudited) (continued)

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 or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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.

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, the Funds’ respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

8. CAPITAL SHARE TRANSACTIONS

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

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share for Federal Trust Fund, FedFund,T-Fund, Treasury Trust Fund and MuniFund.

Transactions in capital shares for each class were as follows:

	Six Months Ended 04/30/19			Year Ended 10/31/18
Federal Trust Fund
Institutional
Shares sold		5,501,023,439			13,674,270,361
Shares issued in reinvestment of distributions		8,197,222			11,428,363
Shares redeemed		(5,751,644,555	)		(13,445,579,415	)
Net increase (decrease)		(242,423,894	)		240,119,309
Dollar
Shares sold		3,427,198			915,433,424
Shares issued in reinvestment of distributions		49,997			73,394
Shares redeemed		(7,465,064	)		(1,035,715,551	)
Net decrease		(3,987,869	)		(120,208,733	)
Cash Management
Shares sold		105,863			771,752
Shares redeemed		(547,772	)		(2,771,795	)
Net decrease		(441,909	)		(2,000,043	)
Cash Reserve
Shares sold		—			88
Shares issued in reinvestment of distributions		6,072			3,204
Shares redeemed		—			(76,668	)
Net increase (decrease)		6,072			(73,376	)

120 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19			Year Ended 10/31/18
Administration
Shares sold		125,841,665			147,018,026
Shares issued in reinvestment of distributions		1,066,866			773,485
Shares redeemed		(93,999,137	)		(140,087,942	)
Net increase		32,909,394			7,703,569
Total Net Increase (Decrease)		(213,938,206	)		125,540,726
FedFund
Institutional
Shares sold		391,262,485,905			819,079,974,493
Shares issued in reinvestment of distributions		321,035,533			575,570,782
Shares redeemed		(392,519,630,022	)		(823,381,869,390	)
Net decrease		(936,108,584	)		(3,726,324,115	)
Dollar
Shares sold		6,582,620,235			14,978,630,538
Shares issued in reinvestment of distributions		2,460,248			3,355,048
Shares redeemed		(6,452,660,308	)		(14,920,544,587	)
Net increase		132,420,175			61,440,999
Cash Management
Shares sold		248,446,467			394,756,804
Shares issued in reinvestment of distributions		1,622,725			1,171,001
Shares redeemed		(178,766,633	)		(348,119,255	)
Net increase		71,302,559			47,808,550
Cash Reserve
Shares sold		22,854,756,400			2,401,631,645
Shares issued in reinvestment of distributions		127			193
Shares redeemed		(19,700,845,194	)		(1,567,209,982	)
Net increase		3,153,911,333			834,421,856
Administration
Shares sold		3,267,113,344			8,302,410,605
Shares issued in reinvestment of distributions		3,212,446			4,842,986
Shares redeemed		(3,411,267,103	)		(8,243,455,856	)
Net increase (decrease)		(140,941,313	)		63,797,735
Select
Shares sold		329,587,310			543,763,199
Shares issued in reinvestment of distributions		1,458,491			1,436,659
Shares redeemed		(339,673,153	)		(690,642,504	)
Net decrease		(8,627,352	)		(145,442,646	)
Private Client
Shares sold		79			484,844
Shares issued in reinvestment of distributions		3,854			10,093
Shares redeemed		(541,968	)		(1,508,400	)
Net decrease		(538,035	)		(1,013,463	)
Capital
Shares sold		4,314,673,179			10,876,470,522	(a)
Shares issued in reinvestment of distributions		79,919,957			60,813,644	(a)
Shares redeemed		(4,095,351,617	)		(3,798,585,096	)(a)
Net increase		299,241,519			7,138,699,070
Total Net Increase		2,570,660,302			4,273,387,986
T-Fund
Institutional
Shares sold		303,532,074,922			578,676,702,245
Shares issued in reinvestment of distributions		231,882,850			425,872,335
Shares redeemed		(308,870,540,260	)		(574,522,796,330	)
Net increase (decrease)		(5,106,582,488	)		4,579,778,250
Dollar
Shares sold		2,838,593,439			9,383,571,803
Shares issued in reinvestment of distributions		5,489,902			7,828,574
Shares redeemed		(3,411,681,343	)		(11,088,602,676	)
Net decrease		(567,598,002	)		(1,697,202,299	)

NOTES    TO    FINANCIAL    STATEMENTS 121

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19			Year Ended 10/31/18
Cash Management
Shares sold		1,641,385,795			2,179,092,681
Shares issued in reinvestment of distributions		2,688,011			3,751,670
Shares redeemed		(1,484,023,180	)		(2,158,809,325	)
Net increase		160,050,626			24,035,026
Cash Reserve
Shares sold		565,929,302			495,146,893
Shares issued in reinvestment of distributions		906,400			424,852
Shares redeemed		(433,120,034	)		(313,735,175	)
Net increase		133,715,668			181,836,570
Administration
Shares sold		581,658,361			790,930,798
Shares issued in reinvestment of distributions		3,418,892			3,903,274
Shares redeemed		(458,648,192	)		(555,149,441	)
Net increase		126,429,061			239,684,631
Select
Shares sold		61,646,293			84,717,101
Shares issued in reinvestment of distributions		172,340			232,846
Shares redeemed		(60,859,260	)		(140,997,714	)
Net increase (decrease)		959,373			(56,047,767	)
Capital
Shares sold		7,736,280,348			17,469,969,078	(a)
Shares issued in reinvestment of distributions		119,472,262			97,666,462	(a)
Shares redeemed		(7,983,916,550	)		(6,589,231,113	)(a)
Net increase (decrease)		(128,163,940	)		10,978,404,427
Total Net Increase (Decrease)		(5,381,189,702	)		14,250,488,838
Treasury Trust Fund
Institutional
Shares sold		45,742,234,074			85,044,752,511
Shares issued in reinvestment of distributions		69,456,029			96,370,866
Shares redeemed		(43,090,868,054	)		(78,768,198,151	)
Net increase		2,720,822,049			6,372,925,226
Dollar
Shares sold		1,610,491,334			2,399,524,320
Shares issued in reinvestment of distributions		649,849			1,440,915
Shares redeemed		(1,483,088,293	)		(2,402,083,837	)
Net increase (decrease)		128,052,890			(1,118,602	)
Cash Management
Shares sold		2,827,078			8,579,858
Shares redeemed		(1,301,809	)		(15,846,437	)
Net increase (decrease)		1,525,269			(7,266,579	)
Cash Reserve
Shares sold		256,295,998			84,618,897
Shares issued in reinvestment of distributions		7,502			23,692
Shares redeemed		(193,842,167	)		(77,600,373	)
Net increase		62,461,333			7,042,216
Administration
Shares sold		1,038,019,920			2,587,705,609
Shares issued in reinvestment of distributions		506,278			433,931
Shares redeemed		(984,967,218	)		(2,813,322,660	)
Net increase (decrease)		53,558,980			(225,183,120	)
Select
Shares sold		103,420,515			119,224,578
Shares issued in reinvestment of distributions		295,696			239,968
Shares redeemed		(121,714,329	)		(118,098,320	)
Net increase (decrease)		(17,998,118	)		1,366,226
Total Net Increase		2,948,422,403			6,147,765,367

122 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19			Year Ended 10/31/18
MuniFund
Institutional
Shares sold		252,279,825			329,408,991
Shares issued in reinvestment of distributions		666,997			643,221
Shares redeemed		(214,251,139	)		(285,196,304	)
Net increase		38,695,683			44,855,908
Dollar
Shares sold		1,715,339			1,913,698
Shares redeemed		(1,607,644	)		(2,042,591	)
Net increase (decrease)		107,695			(128,893	)
Cash Management(b)
Shares sold		—			132,504
Shares redeemed		—			(170,269	)
Net decrease		—			(37,765	)
Administration
Shares sold		19,824,180			26,861,349
Shares issued in reinvestment of distributions		122,939			171,568
Shares redeemed		(20,001,726	)		(29,142,012	)
Net decrease		(54,607	)		(2,109,095	)
Select
Shares sold		19,857,290			19,581,866
Shares issued in reinvestment of distributions		13,540			9,657
Shares redeemed		(18,505,575	)		(19,761,183	)
Net increase (decrease)		1,365,255			(169,660	)
Private Client
Shares sold		—			42,013
Shares issued in reinvestment of distributions		1,525			2,223
Shares redeemed		(25,776	)		(55,154	)
Net decrease		(24,251	)		(10,918	)
Total Net Increase		40,089,775			42,399,577

Effective October 15, 2018, the number of shares sold, reinvested and redeemed for California Money Fund and New York Money Fund were transacted at each class’ floating NAV per share calculated to four decimal places.

Transactions in capital shares for each class of TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund were as follows:

	Six Months Ended 04/30/19						Year Ended 10/31/18
	Shares			Amount			Shares			Amount
TempCash
Institutional
Shares sold		9,149,155,202		$	9,152,750,538			8,161,105,656		$	8,163,313,483
Shares issued in reinvestment of distributions		3,171,407			3,172,756			2,698,376			2,699,159
Shares redeemed		(5,929,824,473	)		(5,932,203,043	)		(5,003,098,591	)		(5,004,384,899	)
Net increase		3,222,502,136		$	3,223,720,251			3,160,705,441		$	3,161,627,743
Dollar
Shares sold		—		$	—			—		$	330
Shares issued in reinvestment of distributions		2,260			2,260			92,328			92,346
Shares redeemed		—			—			(22,638,179	)		(22,643,993	)
Net increase (decrease)		2,260		$	2,260			(22,545,851	)	$	(22,551,317	)
Total Net Increase		3,222,504,396		$	3,223,722,511			3,138,159,590		$	3,139,076,426
TempFund
Institutional
Shares sold		45,077,047,867		$	45,096,950,590			86,547,596,860		$	86,573,841,869
Shares issued in reinvestment of distributions		89,343,877			89,386,240			142,218,199			142,262,524
Shares redeemed		(47,116,856,148	)		(47,137,784,432	)		(87,304,724,115	)		(87,330,949,070	)
Net decrease		(1,950,464,404	)	$	(1,951,447,602	)		(614,909,056	)	$	(614,844,677	)
Dollar
Shares sold		24,848,986		$	24,859,417			181,275,610		$	181,330,620
Shares issued in reinvestment of distributions		1,016,416			1,016,904			1,405,447			1,405,904
Shares redeemed		(19,441,220	)		(19,451,230	)		(188,570,913	)		(188,630,231	)
Net increase (decrease)		6,424,182		$	6,425,091			(5,889,856	)	$	(5,893,707	)

NOTES    TO    FINANCIAL    STATEMENTS 123

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19						Year Ended 10/31/18
	Shares			Amount			Shares			Amount
Cash Management
Shares sold		83,609,406		$	83,646,415			151,390,964		$	151,436,565
Shares issued in reinvestment of distributions		6,249,972			6,253,001			8,249,698			8,252,366
Shares redeemed		(86,903,402	)		(86,943,434	)		(215,589,028	)		(215,651,611	)
Net increase (decrease)		2,955,976		$	2,955,982			(55,948,366	)	$	(55,962,680	)
Cash Reserve
Shares sold		2,176,161		$	2,177,066			19,435,527		$	19,442,064
Shares issued in reinvestment of distributions		58,270			58,296			81,389			81,417
Shares redeemed		(2,748,105	)		(2,749,547	)		(18,538,043	)		(18,544,369	)
Net increase (decrease)		(513,674	)	$	(514,185	)		978,873		$	979,112
Administration
Shares sold		13,976,963		$	13,982,881			21,835,231		$	21,844,410
Shares issued in reinvestment of distributions		216,943			217,050			214,181			214,259
Shares redeemed		(12,973,972	)		(12,980,037	)		(104,574,904	)		(104,614,970	)
Net increase (decrease)		1,219,934		$	1,219,894			(82,525,492	)	$	(82,556,301	)
Select
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		5			5			5			6
Shares redeemed		(642	)		(643	)		(12	)		(12	)
Net decrease		(637	)	$	(638	)		(7	)	$	(6	)
Private Client
Shares sold		4,927,666		$	4,929,656			27,487,465		$	27,495,095
Shares issued in reinvestment of distributions		20,470			20,480			28,377			28,387
Shares redeemed		(5,077,947	)		(5,080,182	)		(26,770,041	)		(26,778,154	)
Net increase (decrease)		(129,811	)	$	(130,046	)		745,801		$	745,328
Total Net Decrease		(1,940,508,434	)	$	(1,941,491,504	)		(757,548,103	)	$	(757,532,931	)
MuniCash
Institutional
Shares sold		13,751,757,306		$	13,753,680,114			30,269,060,646		$	30,272,214,199
Shares issued in reinvestment of distributions		8,404,280			8,405,388			13,710,348			13,711,648
Shares redeemed		(13,829,860,666	)		(13,831,734,106	)		(30,386,283,452	)		(30,389,614,347	)
Net decrease		(69,699,080	)	$	(69,648,604	)		(103,512,458	)	$	(103,688,500	)
Dollar
Shares sold		1,928,309		$	1,928,571			2,489,580		$	2,489,827
Shares issued in reinvestment of distributions		14,360			14,361			14,864			14,865
Shares redeemed		(1,362,447	)		(1,362,645	)		(2,234,484	)		(2,234,669	)
Net increase		580,222		$	580,287			269,960		$	270,023
Total Net Decrease		(69,118,858	)	$	(69,068,317	)		(103,242,498	)	$	(103,418,477	)
California Money Fund
Institutional
Shares sold		1,895,705,587		$	1,896,084,729			353,095,380		$	353,148,662
Shares issued in reinvestment of distributions		1,036,962			1,037,171			125,232			125,232
Shares redeemed		(1,705,641,592	)		(1,705,982,720	)		(214,419,629	)		(214,440,578	)
Net increase		191,100,957		$	191,139,180			138,800,983		$	138,833,316
Select(c)
Shares sold		—		$	—			2,107,475		$	2,107,810
Shares issued in reinvestment of distributions		—			—			3,569			3,569
Shares redeemed		—			—			(4,204,567	)		(4,204,993	)
Net decrease		—		$	—			(2,093,523	)	$	(2,093,614	)
Private Client(d)
Shares sold		—		$	—			57		$	83
Shares issued in reinvestment of distributions		—			—			2,476			2,475
Shares redeemed		—			—			(775,792	)		(775,851	)
Net decrease		—		$	—			(773,259	)	$	(773,293	)
Total Net Increase		191,100,957		$	191,139,180			135,934,201		$	135,966,409

124 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19						Year Ended 10/31/18
	Shares			Amount			Shares			Amount
New York Money Fund
Institutional
Shares sold		689,720,677		$	689,720,677			141,764,843		$	141,764,845
Shares issued in reinvestment of distributions		357,431			357,431			84,986			84,986
Shares redeemed		(620,953,363	)		(620,953,363	)		(112,691,059	)		(112,691,059	)
Net increase		69,124,745		$	69,124,745			29,158,770		$	29,158,772
Select(c)
Shares sold		—		$	—			377,896		$	377,896
Shares issued in reinvestment of distributions		—			—			767			767
Shares redeemed		—			—			(574,925	)		(574,926	)
Net decrease		—		$	—			(196,262	)	$	(196,263	)
Private Client(d)
Shares sold		—		$	—			816		$	817
Shares issued in reinvestment of distributions		—			—			1,404			1,404
Shares redeemed		—			—			(332,447	)		(332,448	)
Net decrease		—		$	—			(330,227	)	$	(330,227	)
Total Net Increase		69,124,745		$	69,124,745			28,632,281		$	28,632,282

^(a)  Period November 10, 2017 (commencement of operations) to October 31, 2018 for Capital Shares.

^(b)  There were no Cash Management Shares outstanding for the year ended October 31, 2018.

^(c)  There were no Select Shares outstanding for the year ended October 31, 2018.

^(d)  There were no Private Client Shares outstanding for the year ended October 31, 2018.

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.

NOTES    TO    FINANCIAL    STATEMENTS 125

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Robert M. Hernandez, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

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

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Investment Advisor and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent

JPMorgan Chase Bank, N.A.

New York, NY 10179

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodians

JPMorgan Chase Bank, N.A.

New York, NY 10179

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

126 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected Trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Liquidity Funds with voting results as follows:

	Votes For		Votes Withheld
Bruce R. Bond		91,837,659,366		408,956,334
Susan J. Carter		91,831,937,250		414,678,450
Collette Chilton		91,822,125,273		424,490,427
Neil A. Cotty		91,760,782,741		485,832,959
Robert Fairbairn		91,731,165,782		515,449,918
Lena G. Goldberg		91,710,857,125		535,758,575
Robert M. Hernandez		91,808,542,344		438,073,356
Henry R. Keizer		91,822,954,153		423,661,547
Cynthia A. Montgomery		91,678,411,653		568,204,047
Donald C. Opatrny		91,733,604,414		513,011,286
John M. Perlowski		91,737,735,227		508,880,473
Joseph P. Platt		91,771,781,145		474,834,555
Mark Stalnecker		91,762,694,569		483,921,131
Kenneth L. Urish		91,596,637,093		649,978,607
Claire A. Walton		91,774,700,851		471,914,849

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

General Information

Electronic Delivery

Shareholders can sign up fore-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 Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, 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 Transfer Agent 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 FormN-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ FormsN-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) athttp://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 the Funds’ portfolios during the most recent12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.com; or by calling (800)441-7450 and (2) on the SEC’s website at http://www.sec.gov.

ADDITIONAL    INFORMATION 127

Additional Information  (continued)

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 theirnon-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 personalnon-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 tonon-affiliated third parties anynon-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. Thesenon-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 tonon-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 thenon-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

128 2 0 1 9    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Glossary of Terms Used in this Report  

Currency
USD	United States Dollar
Portfolio Abbreviations
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Notes
COP	Certificates of Participation
DAC	Designated Activity Company
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
RB	Revenue Bonds
SBPA	Stand-by-Bond Purchase Agreement
SOFRATE	Secured Overnight Financing Rate
TAN	Tax Anticipation Notes
VRDN	Variable Rate Demand Notes
VRDP	Variable Rate Demand Preferred

GLOSSARY    OF    TERMS    USED    IN    THIS    REPORT 129

Notice to Shareholders

The following applies to TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund: This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Because the share price of the Funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund 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.

The following applies to Federal Trust Fund, FedFund,T-Fund and Treasury Trust Fund: This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in a Fund is not 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.

The following applies to MuniFund: This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by the Fund’s current prospectus. You could lose money by investing in a Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund at any time.

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by the Fund’s current prospectus. You could lose money by investing in a Fund. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund 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 currentmonth-end performance information, call (800)441-7450. Each Fund’s current7-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-4/19-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 –	Disclosure of Securities Lending Activities for Closed-End Management Investment
	Companies – Not Applicable
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(a)(4) – 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 8, 2019

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 8, 2019

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

Date: July 8, 2019

3