UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02354
Name of Fund: BlackRock Liquidity Funds
California
Money Fund
Federal Trust Fund
FedFund
MuniCash
MuniFund
New York
Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2021
Date of reporting period: 04/30/2021
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
April
30,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
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
Dear
Shareholder,
The
12-month
reporting
period
as
of
April
30,
2021
reflected
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
As
the
period
began,
the
response
to
the
virus’s
spread
was
well
underway,
and
countries
around
the
world
felt
the
effect
of
economically
disruptive
countermeasures.
Stay-at-home
orders
and
closures
of
non-essential
businesses
were
imposed
in
many
parts
of
the
world,
workers
were
laid
off,
and
unemployment
claims
spiked,
causing
a
global
recession.
As
May
2020
began,
stocks
had
just
begun
to
recover
from
the
lowest
point
following
the
onset
of
the
pandemic.
This
recovery
continued
throughout
the
reporting
period,
as
businesses
continued
re-opening
and
governments
learned
to
adapt
to
life
with
the
virus.
Equity
prices
rose
through
the
summer,
fed
by
strong
fiscal
and
monetary
support
and
improving
economic
indicators.
The
implementation
of
mass
vaccination
campaigns
and
passage
of
an
additional
$1.9
trillion
of
fiscal
stimulus
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
both
large-
and
small-capitalization
stocks
posted
a
significant
advance.
International
equities
also
gained,
as
both
developed
countries
and
emerging
markets
rebounded
substantially.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
late
in
the
reporting
period,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
substantial
returns
for
high-yield
corporate
bonds,
although
investment-grade
corporates
declined
slightly.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near
zero
interest
rates
and
by
announcing
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
To
stabilize
credit
markets,
the
Fed
also
continued
purchasing
significant
quantities
of
bonds,
as
did
other
influential
central
banks
around
the
world,
including
the
European
Central
Bank
and
the
Bank
of
Japan.
Looking
ahead,
while
coronavirus-related
disruptions
have
clearly
hindered
worldwide
economic
growth,
we
believe
that
the
global
expansion
will
continue
to
accelerate
as
vaccination
efforts
ramp
up
and
pent-up
consumer
demand
leads
to
higher
spending.
While
we
expect
inflation
to
increase
somewhat
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
positive
stance
toward
risk,
with
an
overweight
in
equities.
We
see
U.S.
and
Asian
equities
outside
of
Japan
benefiting
from
structural
growth
trends
in
technology,
while
emerging
markets
should
be
particularly
helped
by
a
vaccine-led
economic
expansion.
While
we
are
underweight
overall
on
credit,
global
high-yield
and
Asian
bonds
present
attractive
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
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
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
28.85%
45.98%
U.S.
small
cap
equities
(Russell
2000
®
Index)
48.06
74.91
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
28.84
39.88
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
22.95
48.71
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.05
0.11
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.26)
(7.79)
U.S.
investment
grade
bonds
(Bloomberg
Barclays
U.S.
Aggregate
Bond
Index)
(1.52)
(0.27)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
2.42
7.40
U.S.
high
yield
bonds
(Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.98
19.57
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
9
Financial
Statements:
Schedules
of
Investments
...............................................................................................
11
Statements
of
Assets
and
Liabilities
.........................................................................................
64
Statements
of
Operations
................................................................................................
69
Statements
of
Changes
in
Net
Assets
........................................................................................
71
Financial
Highlights
.....................................................................................................
76
Notes
to
Financial
Statements
...............................................................................................
125
Disclosure
of
Investment
Sub-Advisory
Agreement
..................................................................................
138
Additional
Information
....................................................................................................
139
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
141
Money
Market
Overview
For
the
Six-Month
Period
Ended
April
30,
2021
2020
BlackRock
Annual
Report
to
Shareholders
4
Notable
events
over
the
last
six
months
began
with
a
resolution
to
the
U.S.
Presidential
election
and
the
rollout
of
COVID-19
vaccination
programs.
Certain
pandemic
support
facilities
that
were
beneficial
to
the
money
markets
earlier
in
the
year
and
were
scheduled
to
expire
at
the
end
of
December
were
also
extended
during
the
fourth
quarter
of
2020.
The
Federal
Open
Market
Committee
(“FOMC”)
left
interest
rates
unchanged
during
the
period
and
remained
committed
to
the
accommodative
monetary
policies
to
support
the
full
economic
recovery.
During
their
December
16,
2020
meeting,
the
FOMC
stated
that
“the
path
of
the
economy
will
depend
significantly
on
the
course
of
the
virus.”
The
FOMC
also
confirmed
its
plan
to
maintain
the
pace
of
monthly
asset
purchases,
further
reiterating
their
stance
of
abundant
accommodations
to
fuel
a
full
economic
recovery.
In
their
most
recent
March
17,
2021
FOMC
meeting
they
modified
their
statement
to
note
that
“indicators
of
economic
activity
and
employment
have
turned
up
recently,
although
the
sectors
most
adversely
affected
by
the
pandemic
remain
weak.”
On
March
19,
2021,
the
Fed
announced
that
the
temporary
exclusion
of
U.S.
Treasury
securities
and
central
bank
reserves
from
the
calculation
of
the
supplementary
leverage
ratio
would
expire
on
March
31,
2021.
In
our
view,
this
move
could
result
in
banks
offloading
deposits,
which
could
ultimately
lead
to
money
fund
inflows.
According
to
iMoneyNet,
money
market
fund
(“MMF”)
industry
assets
rose
around
$192
billion
between
November
1,
2020
and
April
30,
2021.
Of
this,
government
MMFs
saw
an
increase
of
$290
billion
while
assets
of
prime
and
municipal
MMFs
declined
$81
billion
and
$16
billion,
respectively.
Despite
two
additional
rounds
of
fiscal
stimulus
during
the
period,
net
new
U.S.
Treasury
bill
(“T-bill”)
supply
contracted
about
$85
billion
during
the
fourth
quarter
of
2020
and
contracted
another
$295
during
the
first
quarter
of
2021.
This
net
reduction
in
T-bills
outstanding
contributed
to
the
supply
and
demand
imbalance
as
government
money
market
mutual
fund
assets
continued
to
rise.
Also
contributing
to
the
supply
and
demand
imbalance
is
the
buildup
of
excess
liquidity
in
the
front-end.
One
factor
that
plays
a
role
in
this
is
the
contraction
of
the
Treasury
General
Account
balance
at
the
Fed,
which
declined
more
than
$700
billion
during
the
first
quarter
of
2021.
A
corresponding
increase
in
bank
reserves
in
our
estimation
has
also
applied
downward
pressure
on
money
market
rates.
The
secured
overnight
financing
rate
–
a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities
–
declined
during
the
period
and
has
not
moved
from
0.01%
since
March
11,
2021.
During
the
period,
the
three-month
London
Interbank
Offered
Rate
(“LIBOR”)
ranged
from
0.17%
to
0.25%.
The
three-month
LIBOR
overnight
index
swap
spread
–
a
gauge
of
stress
in
the
financial
system
–
trended
lower
for
much
of
the
period.
During
the
period,
the
spread
ranged
from
0.09%
to
0.17%,
and
stood
at
0.10%
as
of
April
30,
2021.
The
supply-and-demand
imbalance
in
the
money
market
space
has
helped
contribute
to
persistent
tightness
in
credit
spreads.
Our
strategic
allocations
in
April
2021
were
mostly
consistent
with
the
positioning
at
the
beginning
of
November.
In
setting
strategy,
we
maintained
a
bias
toward
higher-quality
issuers
of
commercial
paper
and
U.S.
dollar-denominated
certificates
of
deposits.
Regarding
portfolio
weighted
average
maturity
(“WAM”)
and
weighted
average
life
(“WAL”),
our
preference
has
moved
to
slightly
below
neutral
as
opportunities
to
pick
up
additional
yield
by
extending
duration
became
limited.
This
shift
was
reflected
in
our
average
portfolio
WAMs,
which
decreased
by
six
days
during
the
period,
and
in
our
average
portfolio
WALs,
which
decreased
by
seven
days
during
the
period.
Turning
to
short-term
municipal
bonds,
the
short-term
municipal
market
ended
the
six-month
period
of
April
30,
2021
at
$96.6
billion
in
assets,
down
$15.9
billion
versus
November
1,
2020
as
municipal
money
fund
assets
continued
to
decrease
amongst
the
FOMC’s
ongoing
zero
interest
rate
policy.
Variable
rate
demand
note
(“VRDN”)
inventory
on
dealer
balance
sheets,
however,
remained
manageable
as
cash
continued
to
flow
into
municipal
bond
funds
and
separately
managed
accounts
(“SMAs”),
which
purchased
VRDNs
as
cash
placeholders
while
waiting
for
longer
term
new-issue
supply
to
come
to
market.
The
nontraditional
demand
from
bond
fund
and
SMA
investors
contributed
to
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
VRDNs,
remaining
in
a
tight
range
throughout
the
six-month
period.
The
SIFMA
Index
started
the
period
at
0.12%,
moved
lower
to
a
five-year
low
of
0.03%
in
February
2021
amongst
a
strong
amount
of
reinvestment
cash
from
bond
maturities
and
coupon
payments,
and
moved
just
slightly
higher
to
end
the
period
at
0.06%.
In
an
effort
to
accommodate
ongoing
challenges
due
to
the
pandemic,
tax
time
was
once
again
delayed
beyond
April
as
the
IRS
extended
the
tax
deadline
to
May
17,
2021.
As
a
result,
VRDN
inventory
on
dealer
balance
sheets,
which
typically
spikes
in
April
due
to
tax
payment
dates,
remained
manageable,
ending
the
period
at
just
$2.3
billion,
below
the
one-year
average.
Along
with
downward
pressure
on
VRDN
yields,
municipal
note
and
municipal
bond
yield
levels
moved
lower
as
well.
The
one-year
Municipal
Market
Data
yield,
which
represents
one-year
municipal
bonds,
and
the
one-year
MIG1
yield,
which
represents
municipal
notes,
decreased
to
end
the
period
at
0.08%
and
0.12%,
respectively,
offering
minimal
yield
pickup
for
one-year
extension
trades.
As
a
result,
commercial
paper
yields
in
the
0.10%
-
0.14%
range
for
30-day
to
120-day
maturities
remained
favorable
from
a
relative
value
perspective.
Looking
ahead,
contrary
to
the
years
following
the
global
financial
crisis,
municipal
issuers
are
not
expected
to
face
years
of
fiscal
austerity
given
the
rollout
of
fiscal
stimulus
and
rapid
pace
of
economic
recovery.
Seasonal
municipal
note
issuance
should
begin
to
ramp
up
as
municipalities
address
their
annual
operating
financing
needs,
however,
note
issuance
is
expected
to
be
in
line
with
previous
years
since
from
a
fundamental
perspective,
state
and
local
governments
continue
to
benefit
from
the
American
Rescue
Plan’s
massive
$350
billion
in
fiscal
stimulus,
which
is
currently
being
dispersed
with
a
broad
range
of
eligible
uses.
Additionally,
own-source
revenue
continues
to
rapidly
recover
amongst
the
economic
reopening
and
vaccine
rollout,
providing
a
substantial
positive
credit
backdrop
to
the
municipal
space.
Municipal
money
market
fund
managers
are
expected
to
maintain
high
levels
of
fund
liquidity
due
to
the
current
overall
low
rate
environment
and
remain
selective
with
respect
to
one-year
municipal
note
and
bond
purchases,
while
opportunistically
investing
in
commercial
paper
for
a
laddered
maturity
schedule.
Past
performance
is
not
indicative
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
April
30,
2021
5
Fund
Information
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.
FedFund
FedFund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
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
..............................
0.01
%
0.02
%
Administration
............................
0.01
0.02
Cash
Management
.........................
0.01
0.02
Cash
Reserve
............................
0.03
0.05
Dollar
..................................
0.01
0.02
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
53
%
U.S.
Government
Sponsored
Agency
Obligations
..............
48
Liabilities
in
Excess
of
Other
Assets
.......................
(1)
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.03
%
0.03
%
Administration
............................
0.03
0.03
Capital
.................................
0.03
0.03
Cash
Management
.........................
0.03
0.03
Cash
Reserve
............................
0.03
0.03
Dollar
..................................
0.03
0.03
Premier
................................
0.03
0.03
Private
Client
............................
0.03
0.03
Select
.................................
0.03
0.03
Mischler
Financial
Group
Shares
...............
0.03
0.03
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
44
%
Repurchase
Agreements
...............................
40
U.S.
Government
Sponsored
Agency
Obligations
..............
15
Other
Assets
Less
Liabilities
............................
1
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.04
%
0.04
%
Dollar
..................................
0.00
0.00
Premier
................................
0.03
0.03
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Commercial
Paper
...................................
28
%
Certificates
of
Deposit
.................................
26
Time
Deposits
......................................
25
Repurchase
Agreements
...............................
15
Municipal
Bonds
....................................
2
U.S.
Treasury
Obligations
..............................
1
Closed-End
Investment
Companies
.......................
—
(a)
Corporate
Bonds
....................................
—
(a)
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Other
Assets
Less
Liabilities
............................
3
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Information
as
of
April
30,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
6
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.
T-Fund
T-Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
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
..............................
0.04
%
0.04
%
Administration
............................
0.02
0.02
Capital
.................................
0.02
0.02
Cash
Management
.........................
0.01
0.01
Cash
Reserve
............................
0.01
0.01
Dollar
..................................
0.02
0.02
Private
Client
............................
0.01
0.01
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Certificates
of
Deposit
.................................
29
%
Commercial
Paper
...................................
27
Repurchase
Agreements
...............................
19
Time
Deposits
......................................
18
Municipal
Bonds
....................................
2
U.S.
Treasury
Obligations
..............................
1
Closed-End
Investment
Companies
.......................
—
(a)
Corporate
Bonds
....................................
—
(a)
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Other
Assets
Less
Liabilities
............................
4
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.02
%
0.02
%
Administration
............................
0.02
0.02
Capital
.................................
0.02
0.02
Cash
Management
.........................
0.02
0.02
Cash
Reserve
............................
0.02
0.02
Dollar
..................................
0.02
0.02
Premier
................................
0.02
0.02
Select
.................................
0.02
0.02
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
69
%
Repurchase
Agreements
...............................
30
Other
Assets
Less
Liabilities
............................
1
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.02
%
0.02
%
Administration
............................
0.02
0.02
Capital
.................................
0.02
0.02
Cash
Management
.........................
0.02
0.02
Cash
Reserve
............................
0.02
0.02
Dollar
..................................
0.02
0.02
Select
.................................
0.02
0.02
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
104
%
Liabilities
in
Excess
of
Other
Assets
.......................
(4)
Fund
Information
as
of
April
30,
2021
(continued)
7
Fund
Information
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.
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.
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
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
Dollar
..................................
0.01
0.01
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
R
ate
Demand
Notes
............................
73
%
Municipal
Bonds
....................................
21
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
2
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
Administration
............................
0.01
0.01
Dollar
..................................
0.01
0.01
Private
Client
............................
0.01
0.01
Select
.................................
0.01
0.01
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
93
%
Municipal
Bonds
....................................
4
Closed-End
Investment
Companies
.......................
3
Other
Assets
Less
Liabilities
............................
—
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
81%
Municipal
Bonds
....................................
15
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
—
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Information
as
of
April
30,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
8
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
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
85
%
Municipal
Bonds
....................................
11
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
—
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Disclosure
of
Expenses
9
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,
2020 and
held
through
April
30,
2021) 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
heading
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
(11/01/20)
Ending
Account
Value
(04/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(11/01/20)
Ending
Account
Value
(04/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Federal
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.55
$
1,000.00
$
1,024.25
$
0.55
0.11%
Administration
.............................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Cash
Management
..........................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Cash
Reserve
.............................
1,000.00
1,000.10
0.60
1,000.00
1,024.20
0.60
0.12
Dollar
...................................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
FedFund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.55
$
1,000.00
$
1,024.25
$
0.55
0.11%
Administration
.............................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Capital
..................................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Cash
Management
..........................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Cash
Reserve
.............................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Dollar
...................................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Premier
.................................
1,000.00
1,000.10
0.35
1,000.00
1,024.45
0.35
0.07
Private
Client
.............................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Select
..................................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Mischler
Financial
Group
Shares
................
1,000.00
1,000.10
0.08
1,000.00
1,024.65
0.15
0.03
TempCash
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.89
$
1,000.00
$
1,023.90
$
0.90
0.18%
Dollar
...................................
1,000.00
999.90
1.14
1,000.00
1,023.65
1.15
0.23
Premier
.................................
1,000.00
1,000.00
0.89
1,000.00
1,023.90
0.90
0.18
TempFund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.89
$
1,000.00
$
1,023.90
$
0.90
0.18%
Administration
.............................
1,000.00
999.90
1.09
1,000.00
1,023.70
1.10
0.22
Capital
..................................
1,000.00
1,000.00
1.09
1,000.00
1,023.70
1.10
0.22
Cash
Management
..........................
1,000.00
999.80
1.14
1,000.00
1,023.65
1.15
0.23
Cash
Reserve
.............................
1,000.00
999.80
1.09
1,000.00
1,023.70
1.10
0.22
Dollar
...................................
1,000.00
999.80
1.09
1,000.00
1,023.70
1.10
0.22
Private
Client
.............................
1,000.00
999.90
1.14
1,000.00
1,023.65
1.15
0.23
(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
a
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)
except
for
Mischler
Financial
Group
Shares
of
FedFund
,
which
is
multiplied
by
99/365
(to
reflect
the
period
since
the
commencement
date
of
January
22,
2021
to
April
30,
2021)
.
Disclosure
of
Expenses
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
10
Actual
Hypothetical
(a)
Beginning
Account
Value
(11/01/20)
Ending
Account
Value
(04/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(11/01/20)
Ending
Account
Value
(04/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
T-Fund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.50
$
1,000.00
$
1,024.30
$
0.50
0.10%
Administration
.............................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Capital
..................................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Cash
Management
..........................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Cash
Reserve
.............................
1,000.00
1,000.10
0.40
1,000.00
1,024.40
0.40
0.08
Dollar
...................................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Premier
.................................
1,000.00
1,000.10
0.35
1,000.00
1,024.45
0.35
0.07
Select
..................................
1,000.00
1,000.10
0.45
1,000.00
1,024.35
0.45
0.09
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.45
$
1,000.00
$
1,024.35
$
0.45
0.09%
Administration
.............................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Capital
..................................
1,000.00
1,000.10
0.55
1,000.00
1,024.25
0.55
0.11
Cash
Management
..........................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Cash
Reserve
.............................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Dollar
...................................
1,000.00
1,000.10
0.50
1,000.00
1,024.30
0.50
0.10
Select
..................................
1,000.00
1,000.10
0.45
1,000.00
1,024.35
0.45
0.09
MuniCash
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.50
$
1,000.00
$
1,024.30
$
0.50
0.10%
Dollar
...................................
1,000.00
1,000.00
0.50
1,000.00
1,024.30
0.50
0.10
MuniFund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.35
$
1,000.00
$
1,024.45
$
0.35
0.07%
Administration
.............................
1,000.00
1,000.00
0.35
1,000.00
1,024.45
0.35
0.07
Dollar
...................................
1,000.00
1,000.00
0.35
1,000.00
1,024.45
0.35
0.07
Private
Client
.............................
1,000.00
1,000.00
0.35
1,000.00
1,024.45
0.35
0.07
Select
..................................
1,000.00
1,000.00
0.35
1,000.00
1,024.45
0.35
0.07
California
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.70
$
0.30
$
1,000.00
$
1,024.50
$
0.30
0.06%
New
York
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.40
$
1,000.00
$
1,024.40
$
0.40
0.08%
(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
a
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).
Expense
Examples
(continued)
Federal
Trust
Fund
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
48.3%
Federal
Farm
Credit
Bank
Discount
Notes
(a)
:
0.19%
,
06/01/21
.................
USD
31,325
$
31,319,875
0.13%
,
06/15/21
.................
26,645
26,640,670
0.02%
,
09/17/21
.................
17,785
17,776,760
0.03%
,
10/26/21
.................
20,560
20,546,784
0.03%
,
10/28/21
.................
5,000
4,997,250
0.03%
,
11/09/21
.................
37,515
37,502,995
0.04%
,
12/06/21
.................
7,000
6,994,890
0.04%
,
12/28/21
.................
4,980
4,977,333
0.04%
,
01/19/22
.................
13,285
13,277,236
0.04%
,
01/28/22
.................
11,625
11,617,973
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.16%),
0.17%
,
05/07/21
.....
75,925
75,925,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.26%),
0.28%
,
06/17/21
....
13,085
13,084,833
(LIBOR
USD
1
Month
+
0.16%),
0.28%
,
07/01/21
...............
10,525
10,525,000
(LIBOR
USD
1
Month
+
0.08%),
0.19%
,
07/08/21
...............
15,000
15,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.23%),
0.25%
,
07/08/21
....
7,105
7,105,000
(SOFR
+
0.08%),
0.08%
,
07/09/21
.....
28,175
28,175,000
(SOFR
+
0.07%),
0.07%
,
08/20/21
.....
15,725
15,725,000
(SOFR
+
0.19%),
0.20%
,
11/18/21
.....
6,715
6,715,000
(SOFR
+
0.18%),
0.19%
,
01/14/22
.....
16,200
16,200,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.28%),
0.30%
,
02/08/22
....
38,000
38,000,000
(SOFR
+
0.40%),
0.41%
,
04/01/22
.....
40,000
40,000,000
(SOFR
+
0.20%),
0.21%
,
06/23/22
.....
25,000
25,000,000
(SOFR
+
0.04%),
0.05%
,
07/11/22
.....
21,750
21,755,273
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
0.24%
,
07/20/22
...............
55,990
55,983,239
(SOFR
+
0.10%),
0.11%
,
09/02/22
.....
8,160
8,160,000
(SOFR
+
0.05%),
0.06%
,
09/08/22
.....
24,035
24,039,944
(SOFR
+
0.06%),
0.07%
,
10/21/22
.....
41,035
41,035,000
(SOFR
+
0.08%),
0.08%
,
11/03/22
.....
33,455
33,455,000
(SOFR
+
0.03%),
0.03%
,
01/12/23
.....
34,915
34,911,995
(SOFR
+
0.06%),
0.07%
,
01/13/23
.....
11,855
11,855,000
(SOFR
+
0.06%),
0.07%
,
01/20/23
.....
11,260
11,260,000
(SOFR
+
0.05%),
0.06%
,
02/17/23
.....
19,120
19,120,000
Federal
Home
Loan
Bank:
0.12%
,
06/04/21
.................
30,215
30,214,678
0.20%
,
06/17/21
.................
12,615
12,614,873
0.13%
,
07/13/21
.................
50,000
49,995,783
0.04%
,
10/15/21
.................
8,130
8,129,976
Federal
Home
Loan
Bank
Discount
Notes
(a)
:
0.03%
,
05/05/21
.................
61,575
61,574,781
0.01%
,
05/06/21
.................
200,000
199,999,722
0.01%
,
05/12/21
.................
61,080
61,079,786
0.02%
,
05/19/21
.................
135,665
135,663,497
0.01%
,
05/26/21
.................
99,655
99,654,446
0.02%
,
05/28/21
.................
30,000
29,999,662
0.01%
,
06/02/21
.................
126,600
126,598,425
0.04%
,
06/04/21
.................
20,345
20,344,231
0.01%
,
06/09/21
.................
16,485
16,484,786
0.20%
,
06/11/21
.................
24,025
24,019,528
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
0.01%
,
06/17/21
.................
USD
30,730
$
30,729,599
0.02%
,
06/18/21
.................
11,445
11,444,756
0.01%
,
06/23/21
.................
62,555
62,554,263
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.16%),
0.17%
,
05/07/21
.....
38,970
38,970,000
(SOFR
+
0.00%),
0.01%
,
05/12/21
.....
8,350
8,350,000
(LIBOR
USD
1
Month
+
0.00%),
0.11%
,
05/14/21
...............
50,000
50,000,000
(SOFR
+
0.08%),
0.08%
,
07/08/21
.....
10,500
10,500,000
(SOFR
+
0.08%),
0.08%
,
07/23/21
.....
6,685
6,685,000
(SOFR
+
0.12%),
0.13%
,
02/28/22
.....
19,470
19,470,000
(SOFR
+
0.01%),
0.02%
,
03/28/22
.....
2,595
2,595,000
(SOFR
+
0.07%),
0.07%
,
04/28/22
.....
7,365
7,365,000
(SOFR
+
0.06%),
0.07%
,
12/16/22
.....
53,590
53,590,000
(SOFR
+
0.06%),
0.07%
,
02/03/23
.....
10,000
10,000,890
Total
U.S.
Government
Sponsored
Agency
Obligations
—
48.3%
(Cost:
$1,917,310,732)
...........................
1,917,310,732
U.S.
Treasury
Obligations
—
53.0%
U.S.
Treasury
Bills
(a)
:
0.00%, 05/04/21
.................
136,000
135,999,830
0.00%, 05/06/21
.................
218,000
217,998,676
0.01%, 05/11/21
.................
62,860
62,858,790
0.00%, 05/13/21
.................
175,000
174,999,530
0.01%, 05/18/21
.................
93,000
92,999,780
0.01%, 05/20/21
.................
190,625
190,621,589
0.00%, 05/25/21
.................
39,833
39,832,367
0.00%, 05/27/21
.................
12,000
11,999,957
0.01%, 06/01/21
.................
290,925
290,920,961
0.01%, 06/03/21
.................
4,941
4,941,155
0.01%, 06/08/21
.................
36,000
35,999,544
0.01%, 06/10/21
.................
155,000
154,998,278
0.01%, 06/17/21
.................
25,000
24,999,510
0.01%, 06/24/21
.................
96,785
96,777,559
0.01%, 07/08/21
.................
168,000
167,993,653
0.01%, 07/15/21
.................
45,000
44,999,063
0.02%, 07/27/21
.................
71,920
71,914,786
0.01%, 08/12/21
.................
21,490
21,481,392
0.03%, 12/02/21
.................
80,733
80,678,622
U.S.
Treasury
Notes
(b)
:
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.22%),
0.24%, 07/31/21
....
12,000
12,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%),
0.32%, 10/31/21
....
25,090
25,095,977
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.13%, 04/30/22
....
85,000
85,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.08%, 10/31/22
....
60,000
59,995,454
Total
U.S.
Treasury
Obligations
—
53.0%
(Cost:
$2,105,106,473)
...........................
2,105,106,473
Total
Investments
—
101.3%
(Cost:
$4,022,417,205
)
(c)
..........................
4,022,417,205
Liabilities
in
Excess
of
Other
Assets
—
(1.3)%
............
(51,459,738)
Net
Assets
—
100.0%
..............................
$
3,970,957,467
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
Federal
Trust
Fund
12
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instrument
s
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
4,022,417,205
$
—
$
4,022,417,205
FedFund
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
14.8%
Federal
Farm
Credit
Bank:
0.35%
,
05/07/21
.................
USD
180,000
$
179,998,384
0.13%
,
07/13/21
.................
300,750
300,724,635
0.09%
,
12/29/21
.................
45,470
45,466,638
0.10%
,
01/13/22
.................
196,910
196,901,047
Federal
Farm
Credit
Bank
Discount
Notes
(a)
:
0.01%
,
07/13/21
.................
7,000
6,997,587
0.01%
,
07/19/21
.................
25,000
24,993,417
0.02%
,
08/24/21
.................
163,680
163,612,027
0.02%
,
08/31/21
.................
134,350
134,290,811
0.02%
,
09/16/21
.................
18,000
17,991,030
0.03%
,
10/04/21
.................
10,000
9,997,400
0.03%
,
10/26/21
.................
23,000
22,993,177
0.03%
,
10/28/21
.................
188,325
188,230,837
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.08%),
0.09%
,
06/10/21
.....
100,000
100,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.26%),
0.28%
,
06/17/21
....
50,000
49,999,363
(LIBOR
USD
1
Month
+
0.08%),
0.19%
,
07/08/21
...............
73,325
73,325,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.23%),
0.25%
,
07/08/21
....
225,705
225,705,000
(LIBOR
USD
1
Month
+
0.11%),
0.22%
,
07/09/21
...............
108,400
108,400,000
(LIBOR
USD
1
Month
+
0.10%),
0.22%
,
07/16/21
...............
99,000
99,000,000
(LIBOR
USD
1
Month
+
0.09%),
0.20%
,
08/30/21
...............
27,000
27,000,000
(LIBOR
USD
1
Month
+
0.10%),
0.21%
,
09/09/21
...............
55,000
55,000,000
(LIBOR
USD
1
Month
+
0.16%),
0.27%
,
10/04/21
...............
138,000
138,000,000
(LIBOR
USD
1
Month
+
0.13%),
0.24%
,
10/08/21
...............
78,480
78,480,000
(SOFR
+
0.06%),
0.07%
,
10/15/21
.....
105,000
105,003,652
(LIBOR
USD
1
Month
+
0.00%),
0.11%
,
10/18/21
...............
166,165
166,176,348
(SOFR
+
0.21%),
0.22%
,
10/28/21
.....
100,000
100,000,000
(SOFR
+
0.04%),
0.05%
,
11/03/21
.....
400,000
399,993,807
(LIBOR
USD
1
Month
+
0.13%),
0.24%
,
11/05/21
...............
100,000
100,000,000
(LIBOR
USD
1
Month
+
0.11%),
0.22%
,
11/12/21
...............
127,735
127,735,000
(SOFR
+
0.19%),
0.20%
,
11/18/21
.....
222,545
222,545,000
(LIBOR
USD
1
Month
+
0.11%),
0.22%
,
12/10/21
...............
150,000
150,000,000
(LIBOR
USD
1
Month
+
0.01%),
0.12%
,
12/28/21
...............
266,000
265,985,713
(SOFR
+
0.18%),
0.19%
,
01/14/22
.....
60,000
60,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.28%),
0.30%
,
02/08/22
....
123,000
123,000,000
(SOFR
+
0.13%),
0.14%
,
02/11/22
.....
89,000
89,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.21%),
0.23%
,
03/17/22
....
150,000
149,997,350
(SOFR
+
0.40%),
0.41%
,
04/01/22
.....
660,000
660,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.12%),
0.14%
,
05/02/22
....
232,975
232,960,825
(SOFR
+
0.05%),
0.06%
,
05/05/22
.....
440,000
439,979,637
(SOFR
+
0.09%),
0.10%
,
06/17/22
.....
324,500
324,509,279
(SOFR
+
0.10%),
0.11%
,
09/02/22
.....
279,885
279,885,000
(SOFR
+
0.09%),
0.10%
,
09/23/22
.....
315,000
315,000,000
(SOFR
+
0.07%),
0.07%
,
11/18/22
.....
150,000
150,000,000
(SOFR
+
0.06%),
0.07%
,
12/01/22
.....
138,000
138,000,000
(SOFR
+
0.06%),
0.07%
,
02/09/23
.....
40,000
40,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.04%),
0.05%
,
03/10/23
.....
USD
189,000
$
189,000,000
Federal
Home
Loan
Bank:
0.12%
,
06/04/21
.................
100,000
99,998,935
0.20%
,
06/17/21
.................
308,885
308,881,895
0.13%
,
08/16/21
.................
250,000
249,989,634
0.13%
,
09/17/21
.................
122,500
122,493,307
0.04%
,
10/15/21
.................
50,000
49,999,848
0.13%
,
10/27/21
.................
78,790
78,786,725
0.09%
,
12/09/21
.................
35,045
35,042,608
Federal
Home
Loan
Bank
Discount
Notes
(a)
:
0.01%
,
05/12/21
.................
101,000
100,999,722
0.10%
,
05/19/21
.................
252,795
252,782,487
0.09%
,
05/26/21
.................
50,000
49,996,875
0.09%
,
05/28/21
.................
230,000
229,984,648
0.04%
,
06/04/21
.................
197,965
197,957,521
0.02%
,
06/07/21
.................
100,000
99,997,944
0.02%
,
06/16/21
.................
270,215
270,208,785
0.02%
,
06/18/21
.................
442,020
442,010,570
0.02%
,
06/25/21
.................
789,515
789,487,257
0.01%
,
07/02/21
.................
150,000
149,995,350
0.03%
,
10/06/21
.................
160,000
159,974,018
0.03%
,
10/08/21
.................
94,000
93,985,796
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.01%),
0.02%
,
05/03/21
.....
394,830
394,830,000
(LIBOR
USD
1
Month
-
0.01%),
0.10%
,
05/03/21
...............
492,730
492,730,000
(SOFR
+
0.16%),
0.17%
,
05/07/21
.....
326,305
326,305,000
(SOFR
+
0.00%),
0.01%
,
05/12/21
.....
206,005
206,005,000
(LIBOR
USD
1
Month
+
0.00%),
0.11%
,
05/14/21
...............
85,000
85,000,000
(SOFR
+
0.08%),
0.08%
,
06/11/21
.....
245,000
245,000,000
(SOFR
+
0.05%),
0.06%
,
06/15/21
.....
473,895
473,895,000
(SOFR
+
0.08%),
0.08%
,
07/08/21
.....
413,655
413,655,000
(SOFR
+
0.08%),
0.08%
,
07/23/21
.....
225,670
225,670,000
(SOFR
+
0.15%),
0.16%
,
09/03/21
.....
120,000
120,000,000
(SOFR
+
0.09%),
0.10%
,
09/10/21
.....
11,100
11,100,000
(SOFR
+
0.12%),
0.13%
,
10/13/21
.....
75,000
75,000,000
(SOFR
+
0.02%),
0.02%
,
12/10/21
.....
240,000
240,000,000
(SOFR
+
0.02%),
0.02%
,
01/12/22
.....
352,000
352,000,000
(SOFR
+
0.12%),
0.13%
,
02/28/22
.....
487,000
487,000,000
(SOFR
+
0.01%),
0.02%
,
03/25/22
.....
200,000
200,000,000
(SOFR
+
0.01%),
0.02%
,
03/28/22
.....
132,055
132,055,000
(SOFR
+
0.01%),
0.02%
,
03/30/22
.....
223,095
223,095,000
(SOFR
+
0.02%),
0.02%
,
04/12/22
.....
235,380
235,380,000
(SOFR
+
0.07%),
0.07%
,
04/28/22
.....
255,915
255,915,000
(SOFR
+
0.20%),
0.21%
,
05/13/22
.....
150,000
150,000,000
(SOFR
+
0.19%),
0.20%
,
05/26/22
.....
75,000
75,000,000
(SOFR
+
0.09%),
0.10%
,
09/08/22
.....
91,000
91,000,000
(SOFR
+
0.07%),
0.07%
,
11/09/22
.....
99,000
99,000,000
(SOFR
+
0.07%),
0.07%
,
11/10/22
.....
536,480
536,480,000
(SOFR
+
0.06%),
0.07%
,
11/23/22
.....
250,000
250,000,000
(SOFR
+
0.06%),
0.07%
,
02/03/23
.....
259,200
259,200,000
Federal
Home
Loan
Mortgage
Corp.,
1.13%, 08/12/21
................
223,875
224,498,196
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
:
(SOFR
+
0.12%),
0.13%
,
06/04/21
.....
155,000
154,970,614
(SOFR
+
0.32%),
0.33%
,
09/23/21
.....
1,143,535
1,143,535,000
(SOFR
+
0.32%),
0.33%
,
09/27/21
.....
500,000
500,000,000
(SOFR
+
0.32%),
0.33%
,
09/30/21
.....
200,000
200,000,000
(SOFR
+
0.30%),
0.31%
,
10/25/21
.....
270,000
270,000,000
(SOFR
+
0.18%),
0.19%
,
12/13/21
.....
884,415
884,415,000
(SOFR
+
0.31%),
0.32%
,
01/03/22
.....
300,000
300,000,000
(SOFR
+
0.20%),
0.21%
,
03/11/22
.....
477,670
477,670,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.19%),
0.20%
,
06/02/22
.....
USD
297,000
$
297,000,000
(SOFR
+
0.10%),
0.11%
,
07/29/22
.....
375,000
375,000,000
(SOFR
+
0.07%),
0.07%
,
11/10/22
.....
191,555
191,555,000
(SOFR
+
0.06%),
0.07%
,
11/17/22
.....
350,000
350,000,000
Federal
National
Mortgage
Association
Variable
Rate
Notes
(b)
:
(SOFR
+
0.29%),
0.30%
,
10/04/21
.....
1,063,000
1,063,000,000
(SOFR
+
0.28%),
0.29%
,
10/27/21
.....
690,000
690,000,000
(SOFR
+
0.20%),
0.21%
,
12/16/21
.....
232,000
232,000,000
(SOFR
+
0.36%),
0.37%
,
01/20/22
.....
448,400
448,400,000
(SOFR
+
0.30%),
0.31%
,
01/27/22
.....
475,000
475,000,000
(SOFR
+
0.35%),
0.36%
,
04/07/22
.....
830,620
830,620,000
(SOFR
+
0.39%),
0.40%
,
04/15/22
.....
925,995
925,995,000
(SOFR
+
0.32%),
0.33%
,
04/28/22
.....
338,350
339,388,066
(SOFR
+
0.18%),
0.19%
,
05/13/22
.....
600,000
600,000,000
(SOFR
+
0.19%),
0.20%
,
05/27/22
.....
75,000
75,000,000
(SOFR
+
0.12%),
0.13%
,
07/29/22
.....
19,110
19,110,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
14.8%
(Cost:
$28,580,923,765)
...........................
28,580,923,765
U.S.
Treasury
Obligations
—
43.7%
U.S.
Treasury
Bills
(a)
:
0.00%, 05/04/21
.................
2,456,804
2,456,796,835
0.00%, 05/06/21
.................
7,985,475
7,985,415,305
0.01%, 05/11/21
.................
3,940,435
3,940,372,809
0.00%, 05/13/21
.................
2,471,015
2,470,986,046
0.01%, 05/18/21
.................
220,000
219,998,442
0.01%, 05/20/21
.................
4,469,170
4,468,988,309
0.00%, 05/25/21
.................
1,751,188
1,751,173,466
0.00%, 05/27/21
.................
2,805,315
2,805,265,053
0.01%, 06/01/21
.................
6,250,960
6,250,815,524
0.01%, 06/03/21
.................
1,809,025
1,809,009,265
0.01%, 06/08/21
.................
1,470,600
1,470,584,477
0.01%, 06/10/21
.................
3,790,450
3,790,378,915
0.01%, 06/17/21
.................
3,846,950
3,846,759,431
0.01%, 06/24/21
.................
1,445,775
1,445,743,413
0.01%, 06/29/21
.................
1,499,000
1,498,963,613
0.01%, 07/01/21
.................
1,752,300
1,752,240,611
0.01%, 07/06/21
.................
1,500,310
1,500,115,225
0.01%, 07/08/21
.................
3,050,000
3,049,884,768
0.01%, 07/13/21
.................
3,328,010
3,327,656,986
0.01%, 07/15/21
.................
440,790
440,647,661
0.02%, 07/22/21
.................
2,400,000
2,399,863,343
0.02%, 07/27/21
.................
3,078,935
3,078,711,777
0.02%, 08/05/21
.................
3,365,937
3,365,319,102
0.01%, 08/10/21
.................
664,785
664,740,959
0.01%, 08/12/21
.................
546,640
546,421,040
0.02%, 08/19/21
.................
974,160
973,981,404
0.02%, 09/02/21
.................
283,085
283,026,496
0.02%, 09/09/21
.................
341,350
341,275,472
0.02%, 10/07/21
.................
721,500
721,388,471
0.03%, 11/04/21
.................
1,338,548
1,337,614,043
0.03%, 12/02/21
.................
2,654,650
2,652,906,046
0.03%, 12/30/21
.................
375,735
375,472,363
0.04%, 01/27/22
.................
2,014,130
2,012,765,427
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
U.S.
Treasury
Notes:
2.13%, 05/31/21
.................
USD
292,045
$
292,549,003
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.22%),
0.24%, 07/31/21
(b)
...
1,040,700
1,040,674,455
2.75%, 09/15/21
.................
150,000
151,476,258
2.88%, 10/15/21
.................
75,125
76,066,834
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%),
0.32%, 10/31/21
(b)
...
343,555
343,751,902
2.00%, 10/31/21
.................
197,485
199,332,098
2.00%, 11/15/21
.................
63,000
63,637,993
2.88%, 11/15/21
.................
217,245
220,473,580
1.50%, 11/30/21
.................
127,650
128,667,949
1.75%, 11/30/21
.................
251,215
253,583,909
2.50%, 02/15/22
.................
237,365
241,898,471
1.75%, 02/28/22
.................
37,275
37,787,977
0.38%, 03/31/22
.................
37,275
37,371,054
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.13%, 04/30/22
(b)
...
158,900
158,925,635
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.07%, 01/31/23
(b)
...
5,935,750
5,936,695,157
Total
U.S.
Treasury
Obligations
—
43.7%
(Cost:
$84,218,174,372)
...........................
84,218,174,372
Total
Repurchase
Agreements
—
40.5%
(Cost:
$78,063,444,341)
...........................
78,063,444,341
Total
Investments
—
99.0%
(Cost:
$190,862,542,478
)
(c)
.........................
190,862,542,478
Other
Assets
Less
Liabilities
—
1.0%
...................
2,013,059,711
Net
Assets
—
100.0%
..............................
$
192,875,602,189
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
FedFund
Schedules
of
Investments
15
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.01
%
04/30/21
05/03/21
$
402,000
$
402,000
$
402,000,335
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
20.37%,
due
09/25/21
to
05/25/51
.......
$
3,983,464,273
$
422,100,000
0.01
04/30/21
05/03/21
25,000
25,000
25,000,021
U.S.
Treasury
Obligations,
1.38%
to
4.38%,
due
11/15/39
to
11/15/48
.........
22,078,128
25,500,000
0.01
04/30/21
05/03/21
70,000
70,000
70,000,058
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
97,703,155
71,400,000
0.01
04/30/21
05/03/21
159,000
159,000
159,000,132
U.S.
Treasury
Obligation,
1.63%,
due
10/31/26
.........
156,888,400
162,180,089
$
–
$
–
$
656,000
$
681,180,089
$
–
$
–
Bank
of
Montreal
......
0.01
04/30/21
05/03/21
625,000
625,000
625,000,521
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
03/01/22
to
05/01/51
.........
881,073,812
643,183,159
$
–
$
–
Bank
of
Nova
Scotia
(The)
0.01
04/30/21
05/03/21
33,335
33,335
33,335,028
U.S.
Treasury
Obligations,
0.38%
to
1.88%,
due
03/31/22
to
02/15/41
.........
33,885,800
34,001,759
0.01
04/30/21
05/03/21
423,000
423,000
423,000,352
U.S.
Treasury
Obligations,
0.13%
to
8.00%,
due
11/15/21
to
05/15/49
.........
418,062,800
431,460,405
$
–
$
–
$
456,335
$
465,462,164
$
–
$
–
Barclays
Bank
plc
.....
0.01
04/30/21
05/03/21
4,500,000
4,500,000
4,500,003,750
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
05/04/21
to
02/15/51
.........
4,396,424,300
4,590,000,002
0.01
04/30/21
05/03/21
275,000
275,000
275,000,229
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
07/15/23
to
08/15/45
.........
273,890,600
280,500,108
0.01
04/30/21
05/03/21
1,700,000
1,700,000
1,700,001,417
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
10.61%,
due
06/25/21
to
08/25/56
.......
9,677,845,118
1,771,023,776
0.13
(a)
04/30/21
05/10/21
200,000
200,000
200,007,222
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
4.50%,
due
05/01/35
to
06/01/49
.........
414,735,769
206,000,000
$
–
$
–
$
6,675,000
$
6,847,523,886
$
–
$
–
Barclays
Capital,
Inc.
...
0.01
04/30/21
05/03/21
100,000
100,000
100,000,083
U.S.
Treasury
Obligation,
0.25%,
due
07/31/25
.........
103,850,900
102,000,032
$
–
$
–
BMO
Capital
Markets
Corp.
............
0.01
04/30/21
05/03/21
130,000
130,000
130,000,108
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.25%,
due
07/22/21
to
10/20/70
253,700,457
133,759,143
$
–
$
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
16
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
BNP
Paribas
SA
......
0.01
%
04/30/21
05/03/21
$
552,000
$
552,000
$
552,000,460
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.27%
to
8.64%,
due
08/31/23
to
06/25/59
$
6,448,388,330
$
579,311,398
0.01
04/30/21
05/03/21
596,000
596,000
596,000,497
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
05/15/21
to
02/15/51
.........
604,588,300
607,920,089
0.01
04/26/21
05/03/21
1,250,000
1,250,000
1,250,002,431
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
08/15/21
to
11/15/50
.........
1,506,582,514
1,275,000,000
0.01
04/27/21
05/04/21
1,100,000
1,100,000
1,100,002,139
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
08/15/21
to
08/15/50
.........
1,084,981,190
1,122,000,000
0.12
(a)
04/30/21
05/10/21
400,000
400,000
400,013,333
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
17.12%,
due
08/31/21
to
01/25/61
7,521,475,457
418,808,211
0.26
(a)
04/30/21
06/08/21
300,000
300,000
300,083,606
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
53.73%,
due
05/20/21
to
11/25/59
.
3,754,477,185
313,477,942
$
–
$
–
$
4,198,000
$
4,316,517,640
$
–
$
–
Citibank
NA
..........
0.01
04/30/21
05/03/21
150,000
150,000
150,000,125
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
05/18/21
to
11/15/47
.........
111,982,400
153,000,042
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.01
04/30/21
05/03/21
60,000
60,000
60,000,050
U.S.
Treasury
Obligations,
0.38%
to
6.38%,
due
08/15/27
to
08/15/44
.........
58,422,249
61,200,007
0.01
04/30/21
05/03/21
488,000
488,000
488,000,407
U.S.
Treasury
Obligations,
0.13%
to
2.75%,
due
07/15/21
to
07/15/30
.........
456,714,900
497,760,037
0.01
04/30/21
05/03/21
1,139,000
1,139,000
1,139,000,949
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.63%
to
4.50%,
due
08/15/22
to
03/20/51
1,112,305,940
1,161,780,096
0.01
04/27/21
05/04/21
500,000
500,000
500,000,972
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.13%
to
5.81%,
due
08/31/21
to
04/01/51
547,718,113
511,062,594
0.13
(a)
04/30/21
05/03/21
500,000
500,000
500,005,417
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
15.94%,
due
05/01/36
to
08/20/64
.......
3,377,706,478
522,570,342
$
–
$
–
$
2,687,000
$
2,754,373,076
$
–
$
–
FedFund
Schedules
of
Investments
17
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.01
%
04/30/21
05/03/21
$
465,000
$
465,000
$
465,000,194
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
10/15/21
to
02/15/50
.........
$
433,681,670
$
474,300,025
0.01
04/30/21
05/03/21
2,535,000
2,535,000
2,535,002,112
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
5.00%,
due
10/20/39
to
04/20/51
.........
4,953,296,848
2,585,700,001
$
–
$
–
$
3,000,000
$
3,060,000,026
$
–
$
–
Credit
Suisse
AG
......
0.01
04/30/21
05/03/21
512,000
512,000
512,000,427
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
06/30/21
to
02/15/30
.........
502,395,500
522,240,001
0.18
(a)
04/30/21
06/07/21
900,000
900,000
900,168,387
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.59%,
due
12/25/36
to
11/25/59
.........
6,742,272,279
945,000,000
$
–
$
–
$
1,412,000
$
1,467,240,001
$
–
$
–
Deutsche
Bank
AG
.....
0.01
04/30/21
05/03/21
450,000
450,000
450,000,188
U.S.
Treasury
Obligations,
0.50%
to
2.88%,
due
06/30/23
to
05/15/28
.........
437,079,700
459,000,038
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.00
04/30/21
05/03/21
15,300,000
15,300,000
15,300,000,000
U.S.
Treasury
Obligations,
2.38%
to
3.63%,
due
08/15/23
to
08/15/43
.........
13,294,709,200
15,300,000,092
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.01
04/30/21
05/03/21
6,924,000
6,924,000
6,924,005,770
U.S.
Treasury
Obligations,
0.01%,
due
05/03/21
.........
6,640,506,800
7,062,480,038
0.01
04/30/21
05/03/21
3,000,000
3,000,000
3,000,002,500
U.S.
Treasury
Obligations,
0.00%
to
3.38%,
due
09/30/21
to
02/15/50
.........
2,664,562,600
3,060,000,073
0.01
04/30/21
05/03/21
1,000,000
1,000,000
1,000,000,833
U.S.
Treasury
Obligations,
0.01%,
due
05/03/21
.........
902,061,700
1,020,000,088
0.01
04/30/21
05/03/21
10,497
10,497
10,497,068
U.S.
Treasury
Obligation,
3.88%,
due
08/15/40
.........
8,300,000
10,707,009
0.01
04/30/21
05/03/21
212,511
212,511
212,510,714
U.S.
Treasury
Obligation,
2.88%,
due
05/15/43
.........
192,249,000
216,760,925
0.01
04/30/21
05/03/21
314,716
314,716
314,715,870
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
286,616,000
321,010,182
0.01
04/30/21
05/03/21
542,583
542,583
542,583,448
U.S.
Treasury
Obligation,
3.00%,
due
11/15/44
.........
480,725,000
553,435,108
0.01
04/30/21
05/03/21
1,743,909
1,743,909
1,743,910,767
U.S.
Treasury
Obligation,
1.38%,
due
11/15/40
.........
2,030,000,000
1,778,788,953
0.01
04/30/21
05/03/21
491,176
491,176
491,176,880
U.S.
Treasury
Obligation,
1.13%,
due
08/15/40
.........
600,000,000
501,000,409
0.01
04/30/21
05/03/21
79,869
79,869
79,869,243
U.S.
Treasury
Obligation,
1.13%,
due
05/15/40
.........
96,984,000
81,466,627
2021
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
18
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.01
%
04/30/21
05/03/21
$
239,703
$
239,703
$
239,702,865
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
$
212,375,000
$
244,496,919
0.01
04/30/21
05/03/21
174,366
174,366
174,365,954
U.S.
Treasury
Obligation,
3.13%,
due
08/15/44
.........
152,500,000
177,853,270
0.01
04/30/21
05/03/21
190,670
190,670
190,671,115
U.S.
Treasury
Obligation,
3.00%,
due
05/15/42
.........
168,750,000
194,484,534
$
–
$
–
$
14,924,000
$
15,222,484,135
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.01
04/30/21
05/03/21
275,000
275,000
275,000,229
U.S.
Treasury
Obligations,
0.00%,
due
02/15/27
to
05/15/50
392,689,834
280,500,022
0.01
04/30/21
05/03/21
2,726,000
2,726,000
2,726,002,272
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.75%
to
8.50%,
due
04/30/26
to
02/15/61
4,738,878,100
2,780,520,000
0.33
(a)
04/30/21
06/07/21
1,114,500
1,114,500
1,114,888,219
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
05/01/22
to
02/01/57
.........
2,561,096,291
1,147,935,000
$
–
$
–
$
4,115,500
$
4,208,955,022
$
–
$
–
HSBC
Securities
USA,
Inc.
0.01
04/30/21
05/03/21
75,000
75,000
75,000,062
U.S.
Treasury
Obligation,
0.13%,
due
01/15/24
.........
76,800,500
76,500,023
0.01
(b)
04/30/21
05/03/21
110,000
110,000
110,000,092
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
09/30/25
to
05/15/50
.........
61,563,300
112,200,011
0.01
(b)
04/30/21
05/03/21
286,000
286,000
286,000,238
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
5.50%,
due
07/20/34
to
08/15/60
.........
930,262,098
291,720,000
0.02
(a)
04/30/21
05/10/21
1,111,915
1,111,915
1,111,921,178
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/15/21
to
11/15/50
.........
1,040,544,500
1,134,153,309
0.02
(a)
04/30/21
05/10/21
350,000
350,000
350,001,945
U.S.
Government
Sponsored
Agency
Obligations,
2.20%
to
5.00%,
due
01/15/40
to
10/15/55
.........
745,675,103
357,000,000
0.02
(a)
04/30/21
05/10/21
1,028,000
1,028,000
1,028,005,712
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/15/21
to
02/15/50
.........
1,009,210,800
1,048,560,051
$
–
$
–
$
2,960,915
$
3,020,133,394
$
–
$
–
ING
Financial
Markets
LLC
0.01
04/28/21
05/05/21
200,000
200,000
200,000,389
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
05/31/21
to
08/15/50
.........
198,208,500
204,000,006
$
–
$
–
JP
Morgan
Securities
LLC
0.01
04/30/21
05/03/21
25,000
25,000
25,000,021
U.S.
Treasury
Obligation,
0.38%,
due
04/30/25
.........
25,742,100
25,500,099
FedFund
Schedules
of
Investments
19
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.01
%
04/30/21
05/03/21
$
193,000
$
193,000
$
193,000,161
U.S.
Treasury
Obligations,
0.00%
to
2.13%,
due
05/27/21
to
09/30/21
.........
$
196,190,500
$
196,860,051
0.01
04/30/21
05/03/21
597,000
597,000
597,000,497
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.00%,
due
09/20/29
to
09/15/62
.........
852,684,094
608,940,000
0.01
(a)
04/30/21
05/10/21
3,250,000
3,250,000
3,250,009,029
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
05/20/21
to
10/31/25
.........
3,299,531,700
3,315,000,078
0.04
04/30/21
05/03/21
250,000
250,000
250,000,833
U.S.
Government
Sponsored
Agency
Obligations,
0.41%
to
6.00%,
due
09/20/27
to
12/16/61
.........
1,785,866,692
262,500,000
0.10
(b)
04/30/21
05/03/21
350,000
350,000
350,002,917
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.58%,
due
09/25/26
to
06/16/63
.........
6,479,562,764
367,500,000
0.11
(a)
04/30/21
05/11/21
442,000
442,000
442,014,485
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.48%,
due
03/25/22
to
05/16/63
.........
6,258,836,778
464,100,000
0.21
(a)
04/30/21
06/08/21
334,500
334,500
334,575,102
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.33%,
due
04/25/25
to
02/16/62
.........
4,643,064,672
351,225,000
$
–
$
–
$
5,441,500
$
5,591,625,228
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.01
04/30/21
05/03/21
115,000
115,000
115,000,096
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.58%,
due
07/20/39
to
11/16/60
.........
1,864,676,883
120,750,000
0.24
(a)
04/30/21
06/07/21
1,000,000
1,000,000
1,000,256,762
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
46.69%,
due
10/27/25
to
03/25/60
.......
8,420,402,986
1,040,498,074
$
–
$
–
$
1,115,000
$
1,161,248,074
$
–
$
–
Morgan
Stanley
&
Co.
LLC
0.01
04/30/21
05/03/21
2,000,000
2,000,000
2,000,001,667
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
05/18/22
to
05/01/51
.........
2,167,678,892
2,059,999,894
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
0.01
04/30/21
05/03/21
125,000
125,000
125,000,104
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
07/15/23
to
08/15/44
.........
166,349,400
127,500,056
0.01
04/30/21
05/03/21
700,000
700,000
700,000,583
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.25%
to
6.39%,
due
04/15/24
to
05/15/62
5,146,998,674
722,920,563
2021
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
20
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.06
%
(a)
04/30/21
06/07/21
$
500,000
$
500,000
$
500,031,667
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.50%,
due
12/01/28
to
05/01/51
.........
$
558,136,483
$
515,000,000
$
–
$
–
$
1,325,000
$
1,365,420,619
$
–
$
–
Natixis
SA
...........
0.01
04/30/21
05/03/21
595,000
595,000
595,000,496
U.S.
Treasury
Obligations,
0.13%
to
2.50%,
due
02/15/22
to
02/15/42
.........
586,854,700
606,900,091
0.01
04/30/21
05/03/21
656,000
656,000
656,000,547
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.88%,
due
05/11/21
to
02/15/51
.
667,254,976
669,349,293
0.01
(b)
04/30/21
05/03/21
1,000
1,000
1,000,001
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
02/28/23
to
07/20/50
1,093,852
1,020,613
$
–
$
–
$
1,252,000
$
1,277,269,997
$
–
$
–
Nomura
Securities
International,
Inc.
....
0.01
04/30/21
05/03/21
2,250,000
2,250,000
2,250,001,875
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
05/11/21
to
05/15/48
.........
2,342,406,854
2,295,000,089
0.01
04/30/21
05/03/21
950,000
950,000
950,000,792
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
07/29/21
to
07/20/69
2,684,566,039
972,443,441
$
–
$
–
$
3,200,000
$
3,267,443,530
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.03
04/30/21
05/03/21
31,812
31,812
31,812,580
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
32,448,580
0.03
04/30/21
05/03/21
24,825
24,825
24,825,062
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000
25,321,562
0.03
04/30/21
05/03/21
44,400
44,400
44,400,111
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000
45,288,111
0.03
04/30/21
05/03/21
32,750
32,750
32,750,082
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
33,405,082
0.03
04/30/21
05/03/21
50,375
50,375
50,375,126
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
50,000,000
51,382,626
0.03
04/30/21
05/03/21
26,125
26,125
26,125,065
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
26,647,565
0.03
04/30/21
05/03/21
6,525
6,525
6,525,016
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000
6,655,516
0.03
04/30/21
05/03/21
42,875
42,875
42,875,107
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000
43,732,607
0.03
04/30/21
05/03/21
24,926
24,926
24,926,312
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000
25,424,952
FedFund
Schedules
of
Investments
21
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.03
%
04/30/21
05/03/21
$
23,248
$
23,248
$
23,247,558
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
$
34,000,000
$
23,712,678
0.03
04/30/21
05/03/21
67,650
67,650
67,650,169
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
60,000,000
69,003,169
0.03
04/30/21
05/03/21
52,625
52,625
52,625,132
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
100,000,000
53,678,132
0.03
04/30/21
05/03/21
25,331
25,331
25,331,313
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000
25,838,113
0.03
04/30/21
05/03/21
73,449
73,449
73,448,934
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000
74,918,244
0.03
04/30/21
05/03/21
43,725
43,725
43,725,109
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
60,000,000
44,599,309
0.03
04/30/21
05/03/21
143,781
143,781
143,781,609
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000
146,658,309
0.03
04/30/21
05/03/21
48,813
48,813
48,812,622
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
50,000,000
49,789,122
0.03
04/30/21
05/03/21
65,025
65,025
65,025,163
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
85,000,000
66,325,663
0.03
04/30/21
05/03/21
42,940
42,940
42,940,107
U.S.
Treasury
Obligation,
3.00%,
due
02/15/49
.........
38,000,000
43,798,907
0.03
04/30/21
05/03/21
26,994
26,994
26,993,817
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000
27,533,868
$
–
$
–
$
898,194
$
916,162,115
$
–
$
–
Royal
Bank
of
Canada
..
0.01
04/30/21
05/03/21
1,500,000
1,500,000
1,500,001,250
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.18%,
due
06/15/22
to
05/25/51
2,678,917,900
1,536,464,299
$
–
$
–
Societe
Generale
SA
...
0.01
04/30/21
05/03/21
1,385,000
1,385,000
1,385,001,154
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
05/15/21
to
02/15/51
.........
1,336,609,224
1,412,700,000
0.01
04/30/21
05/03/21
750,000
750,000
750,000,625
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
06/17/21
to
02/20/51
2,608,140,918
766,734,222
0.01
04/27/21
05/04/21
200,000
200,000
200,000,389
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
05/13/21
to
05/15/50
.........
239,526,352
204,000,000
0.01
04/28/21
05/05/21
400,000
400,000
400,000,778
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
05/20/21
to
08/15/48
.........
392,336,426
408,000,000
$
–
$
–
$
2,735,000
$
2,791,434,222
$
–
$
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
22
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
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
..
0.01
%
04/30/21
05/03/21
$
49,000
$
49,000
$
49,000,041
U.S.
Treasury
Obligations,
1.38%
to
1.63%,
due
11/15/40
to
11/15/50
.........
$
57,325,100
$
49,980,050
0.01
04/30/21
05/03/21
451,000
451,000
451,000,376
U.S.
Treasury
Obligations,
2.25%,
due
04/30/24
to
02/15/27
431,958,400
460,020,030
$
–
$
–
$
500,000
$
510,000,080
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.01
04/30/21
05/03/21
57,000
57,000
57,000,047
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.00%,
due
02/01/25
to
03/01/51
.........
57,201,328
58,710,001
$
–
$
–
$
78,063,444
$
79,574,590,004
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
190,862,542,478
$
—
$
190,862,542,478
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
—
25.5%
Domestic
—
0.2%
Bank
of
America
NA,
(SOFR
+
0.26%),
0.27%, 01/10/22
(a)
................
USD
10,500
$
10,500,109
Euro
—
1.4%
(b)
Bank
of
Montreal,
0.28%, 03/09/22
.......
18,000
17,966,259
Credit
Industriel
et
Commercial
SA,
0.27%, 02/22/22
.................
25,000
24,947,753
Sumitomo
Mitsui
Trust
Bank
Ltd.,
0.31%, 05/17/21
.................
62,000
61,996,838
104,910,850
Yankee
—
23.9%
(c)
Bank
of
Montreal,
Chicago
(a)
:
(LIBOR
USD
3
Month
+
0.04%),
0.22%, 09/17/21
...............
75,000
75,011,161
(LIBOR
USD
3
Month
+
0.04%),
0.23%, 10/06/21
-
02/23/22
........
70,000
70,011,723
Canadian
Imperial
Bank
of
Commerce,
New
York:
0.60%, 05/04/21
.................
50,000
50,002,886
(LIBOR
USD
3
Month
+
0.14%),
0.31%, 07/23/21
(a)
..............
50,000
50,015,549
(LIBOR
USD
3
Month
+
0.16%),
0.35%, 08/06/21
(a)
..............
29,000
29,011,852
(LIBOR
USD
3
Month
+
0.05%),
0.23%, 09/13/21
-
10/04/21
(a)
.......
109,000
109,014,664
(LIBOR
USD
3
Month
+
0.10%),
0.28%, 12/13/21
(a)
..............
30,000
30,016,560
0.24%, 04/06/22
.................
31,700
31,702,386
Credit
Suisse
AG,
New
York
(a)
:
(SOFR
+
0.30%),
0.31%, 11/16/21
.....
20,000
20,002,484
(SOFR
+
0.22%),
0.23%, 04/08/22
.....
41,000
40,957,091
DNB
Bank
ASA,
New
York,
(LIBOR
USD
3
Month
+
0.20%),
0.40%, 05/05/21
(a)
....
30,000
30,000,200
Mizuho
Bank
Ltd.,
New
York:
0.28%, 05/10/21
.................
50,000
50,002,484
0.25%, 08/10/21
.................
30,000
30,006,955
0.21%, 08/26/21
.................
50,000
50,005,062
0.24%, 11/03/21
.................
30,000
30,005,742
MUFG
Bank
Ltd.,
New
York:
0.24%, 10/19/21
-
01/13/22
..........
105,000
105,020,838
0.23%, 01/28/22
.................
40,000
39,997,023
Nordea
Bank
Abp
,
New
York,
(LIBOR
USD
3
Month
+
0.10%),
0.29%, 06/09/21
(a)
....
51,000
51,008,156
Norinchukin
Bank,
New
York
(a)
:
(LIBOR
USD
3
Month
+
0.03%),
0.23%, 09/27/21
...............
45,000
44,999,998
(LIBOR
USD
3
Month
+
0.02%),
0.22%, 10/08/21
...............
24,750
24,750,000
Royal
Bank
of
Canada,
New
York:
0.65%, 05/03/21
.................
25,000
25,001,209
0.43%, 07/26/21
.................
35,000
35,034,676
(LIBOR
USD
3
Month
+
0.09%),
0.27%, 12/10/21
(a)
..............
30,000
30,012,647
Skandinaviska
Enskilda
Banken
AB,
New
York,
0.25%, 06/01/21
.................
25,000
25,003,731
Standard
Chartered
Bank,
New
York:
(LIBOR
USD
3
Month
+
0.02%),
0.21%, 09/03/21
(a)
..............
45,000
44,998,499
(LIBOR
USD
3
Month
+
0.03%),
0.22%, 10/01/21
(a)
..............
40,000
39,999,997
0.24%, 02/01/22
.................
30,000
29,997,235
Sumitomo
Mitsui
Banking
Corp.,
New
York:
0.27%, 05/10/21
-
06/01/21
..........
108,000
108,013,135
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
0.28%, 06/01/21
.................
USD
50,000
$
50,007,949
0.26%, 07/06/21
.................
46,000
46,011,546
(LIBOR
USD
3
Month
+
0.04%),
0.22%, 09/13/21
(a)
..............
43,000
43,003,150
(LIBOR
USD
3
Month
+
0.04%),
0.24%, 01/20/22
(a)
..............
10,750
10,750,766
Svenska
Handelsbanken
AB,
New
York,
(LIBOR
USD
3
Month
+
0.11%),
0.30%, 06/16/21
(a)
................
35,000
35,006,267
SwedBank
,
Inc.,
New
York,
0.25%, 07/26/21
30,000
30,011,081
Toronto-Dominion
Bank,
New
York:
0.50%, 05/13/21
.................
40,000
40,005,843
(LIBOR
USD
3
Month
+
0.14%),
0.33%, 07/19/21
(a)
..............
35,000
35,011,078
0.43%, 07/28/21
.................
50,000
50,038,300
0.40%, 08/16/21
.................
35,000
35,028,123
(LIBOR
USD
3
Month
+
0.10%),
0.28%, 08/24/21
(a)
..............
91,000
91,030,570
(SOFR
+
0.20%),
0.21%, 02/18/22
(a)
....
15,000
14,999,649
1,780,508,265
Total
Certificates
of
Deposit
—
25.5%
(Cost:
$1,895,591,364)
...........................
1,895,919,224
Commercial
Paper
—
28.0%
Alinghi
Funding
Co.
LLC,
0.19%
,
12/07/21
(b)
.
34,000
33,962,012
Alpine
Securitization
Ltd.
(d)
:
0.26%,
06/04/21
(b)
................
25,000
25,005,924
0.20%,
07/30/21
.................
20,000
20,001,512
Antalis
SA,
0.08%
,
05/04/21
(b)
..........
43,000
42,999,637
ANZ
New
Zealand
Int'l
Ltd.,
0.22%
,
04/26/22
(b)
20,000
19,956,279
ASB
Finance
Ltd.
(b)
:
0.09%,
06/28/21
.................
45,000
44,993,436
0.10%,
07/22/21
.................
30,000
29,993,222
0.13%,
09/13/21
.................
38,000
37,981,625
Australia
&
New
Zealand
Banking
Group
Ltd.
(a)
:
(LIBOR
USD
3
Month
+
0.03%),
0.21%,
03/02/22
....................
15,000
15,000,000
(LIBOR
USD
3
Month
+
0.03%),
0.22%,
03/09/22
....................
25,000
24,999,999
Bank
of
Nova
Scotia
(The),
(LIBOR
USD
3
Month
+
0.03%),
0.23%
,
08/10/21
(a)
....
50,000
50,005,331
Barclays
Bank
plc,
0.10%
,
05/03/21
(b)
.....
130,000
129,998,982
Barton
Capital
LLC,
0.12%
,
05/19/21
(b)
....
20,000
19,998,807
Bedford
Row
Funding
Corp.:
0.11%,
05/05/21
(b)
................
50,000
49,999,284
(LIBOR
USD
3
Month
+
0.05%),
0.25%,
08/12/21
(a)
...................
40,000
40,005,442
(LIBOR
USD
3
Month
+
0.08%),
0.27%,
11/04/21
(a)
...................
30,000
30,007,577
Bennington
Stark
Capital
Co.
LLC
(b)(d)
:
0.08%,
05/04/21
.................
28,000
27,999,764
0.08%,
05/05/21
.................
65,000
64,999,305
BNZ
International
Funding
Ltd.
(b)
:
0.13%,
09/10/21
.................
20,250
20,240,499
0.15%,
10/18/21
.................
46,800
46,767,544
0.16%,
11/16/21
.................
35,500
35,469,036
0.17%,
01/21/22
.................
45,000
44,943,808
BPCE
SA
(b)
:
0.08%,
05/13/21
.................
39,000
38,998,873
0.21%,
12/01/21
.................
30,000
29,963,809
Citigroup
Global
Markets,
Inc.,
0.09%
,
06/04/21
(b)
.....................
57,000
56,995,290
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Commonwealth
Bank
of
Australia,
(LIBOR
USD
3
Month
+
0.09%),
0.28%
,
05/28/21
(a)
...
USD
23,000
$
23,001,992
Concord
Minutemen
Capital
Co.
LLC,
0.14%
,
06/14/21
(b)(d)
....................
10,500
10,498,163
Crown
Point
Capital
Co.
LLC:
0.17%,
10/05/21
(b)(d)
...............
56,500
56,457,845
0.18%,
10/29/21
(b)(d)
...............
45,000
44,960,642
0.34%,
04/25/22
.................
15,000
15,000,000
DNB
Bank
ASA,
(LIBOR
USD
3
Month
+
0.10%),
0.30%
,
06/25/21
(a)
..........
55,000
55,011,911
HSBC
Bank
plc
(a)
:
(LIBOR
USD
3
Month
+
0.19%),
0.39%,
08/11/21
....................
40,000
40,018,312
(LIBOR
USD
3
Month
+
0.14%),
0.33%,
08/31/21
....................
30,000
30,011,693
ING
US
Funding
LLC,
0.18%
,
12/14/21
(b)
...
30,000
29,967,130
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
0.16%
,
08/20/21
(b)
.....................
20,000
19,989,920
National
Australia
Bank
Ltd.
(a)
:
(LIBOR
USD
3
Month
+
0.12%),
0.32%,
07/08/21
....................
14,000
14,005,536
(LIBOR
USD
3
Month
+
0.04%),
0.23%,
03/29/22
....................
20,000
19,999,999
(SOFR
+
0.20%),
0.21%,
04/14/22
.....
15,000
15,000,768
Natixis
SA,
0.09%
,
05/18/21
(b)
..........
20,000
19,999,160
NRW
Bank,
0.05%
,
05/06/21
(b)
..........
50,000
49,999,584
Ontario
Teachers'
Finance
Trust,
0.06%
,
07/06/21
(b)(d)
....................
50,000
49,994,230
Ridgefield
Funding
Co.
LLC
(b)(d)
:
0.09%,
05/10/21
.................
30,000
29,999,267
0.16%,
08/12/21
.................
45,000
44,978,940
0.20%,
11/01/21
.................
35,000
34,964,028
0.20%,
11/02/21
.................
62,000
61,935,933
Societe
Generale
SA,
0.09%
,
06/02/21
(b)
...
20,000
19,998,313
Svenska
Handelsbanken
AB,
(LIBOR
USD
3
Month
+
0.02%),
0.21%
,
09/02/21
(a)
....
41,000
41,002,708
Toronto-Dominion
Bank
(The),
0.08%
,
05/06/21
(b)
.....................
20,000
19,999,733
UBS
AG
(a)
:
(LIBOR
USD
3
Month
+
0.17%),
0.36%,
07/09/21
....................
50,000
50,004,943
(LIBOR
USD
3
Month
+
0.12%),
0.31%,
10/14/21
....................
50,000
50,017,873
(LIBOR
USD
3
Month
+
0.17%),
0.36%,
12/02/21
....................
20,000
20,009,277
(SOFR
+
0.24%),
0.25%,
04/05/22
.....
20,000
20,000,513
United
Overseas
Bank
Ltd.,
0.17%
,
09/03/21
(b)
20,250
20,238,447
Westpac
Banking
Corp.
(a)
:
(LIBOR
USD
3
Month
+
0.09%),
0.28%,
05/28/21
....................
30,000
30,002,798
(LIBOR
USD
3
Month
+
0.12%),
0.31%,
07/02/21
....................
49,000
49,011,237
(LIBOR
USD
3
Month
+
0.01%),
0.20%,
08/31/21
....................
30,000
29,999,999
(LIBOR
USD
3
Month
+
0.00%),
0.19%,
09/01/21
....................
40,000
39,998,689
(LIBOR
USD
3
Month
+
0.01%),
0.21%,
02/04/22
....................
23,500
23,496,453
Westpac
Securities
NZ
Ltd.,
0.16%
,
08/19/21
(b)
25,000
24,987,898
Total
Commercial
Paper
—
28.0%
(Cost:
$2,085,453,374)
...........................
2,085,850,931
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
—
0.3%
Consumer
Finance
—
0.3%
Toyota
Motor
Credit
Corp.,
(SOFR
+
0.23%),
0.24%,
12/13/21
(a)
...............
USD
18,000
$
18,008,911
Total
Corporate
Bonds
—
0.3%
(Cost:
$18,000,000)
..............................
18,008,911
Municipal
Bonds
—
2.4%
Arizona
—
0.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9028,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 06/04/21
.................
5,290
5,290,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 05/07/21
.................
5,000
5,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
1,000
1,000,000
11,290,000
California
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-001,
VRDP
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
(d)(e)(f)
...
950
950,000
Other
—
1.7%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9029,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 06/04/21
.................
13,325
13,325,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 06/04/21
.................
15,500
15,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.31%, 05/07/21
31,095
31,095,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/07/21
8,200
8,200,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-007,
VRDN
(Barclays
Bank
plc
SBPA),
0.36%, 05/07/21
......
600
600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-013,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/07/21
15,600
15,600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
15,890
15,890,000
TempCash
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Other
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
USD
10,500
$
10,500,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/07/21
13,870
13,870,000
124,580,000
Texas
—
0.5%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 05/07/21
.................
500
500,000
Taxable
Series
2020-XF2907,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2907,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.31%, 05/07/21
.................
35,925
35,925,000
Taxable
Series
2021-XFT1216,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1216,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.21%, 05/07/21
.................
2,605
2,605,000
39,030,000
Total
Municipal
Bonds
—
2.4%
(Cost:
$175,850,000)
.............................
175,850,000
Time
Deposits
—
24.7%
ABN
AMRO
Bank
NV:
0.08%, 05/03/21
.................
53,000
53,000,000
0.08%, 05/04/21
.................
26,000
26,000,000
0.08%, 05/05/21
.................
85,000
85,000,000
0.08%, 05/06/21
.................
84,000
84,000,000
0.08%, 05/07/21
.................
42,000
42,000,000
Banque
Nationale
du
Canada,
0.07%, 05/04/21
48,000
48,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA:
0.03%, 05/03/21
.................
169,939
169,939,000
0.10%, 05/04/21
.................
48,000
48,000,000
0.10%, 05/05/21
.................
35,000
35,000,000
KBC
Bank
NV,
0.03%, 05/03/21
.........
300,000
300,000,000
Landesbank
Hessen-
Thuringen
Girozentrale
:
Security
Par
(000)
Par
(000)
Value
Time
Deposits
(continued)
0.09%, 05/04/21
.................
USD
85,000
$
85,000,000
0.12%, 05/04/21
.................
71,000
71,000,000
0.12%, 05/05/21
.................
70,000
70,000,000
0.12%, 05/06/21
.................
46,000
46,000,000
0.12%, 05/07/21
.................
51,000
51,000,000
Mizuho
Bank
Ltd.,
0.05%, 05/03/21
.......
100,000
100,000,000
Royal
Bank
of
Canada,
0.02%, 05/03/21
...
150,000
150,000,000
Skandinaviska
Enskilda
Banken
AB,
0.02%, 05/03/21
.................
150,000
150,000,000
Svenska
Handelsbanken
AB,
0.02%, 05/03/21
220,000
220,000,000
Total
Time
Deposits
—
24.7%
(Cost:
$1,833,939,000)
...........................
1,833,939,000
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.09%, 05/07/21
(a)
...............
7,500
7,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$7,500,000)
..............................
7,500,000
U.S.
Treasury
Obligations
—
0.5%
U.S.
Treasury
Bills,
0.03%, 12/30/21
(b)
.....
39,047
39,038,505
Total
U.S.
Treasury
Obligations
—
0.5%
(Cost:
$39,018,008)
..............................
39,038,505
Total
Repurchase
Agreements
—
14.8%
(Cost:
$1,104,500,000)
...........................
1,104,500,000
Closed-End
Investment
Companies
—
0.4%
California
—
0.4%
Nuveen
California
Quality
Municipal
Income
Fund,
VRDP,
(JP
Morgan
Chase
Bank
NA
LOC),
0.15%, 05/07/21
(f)
............
31,900
31,900,000
Total
Closed-End
Investment
Companies
—
0.4%
(Cost:
$31,900,000)
..............................
31,900,000
Total
Investments
—
96.7%
(Cost:
$7,191,751,746
)
(g)
..........................
7,192,506,571
Other
Assets
Less
Liabilities
—
3.3%
...................
246,005,243
Net
Assets
—
100.0%
..............................
$
7,438,511,814
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(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)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
26
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.37
%
(a)
04/30/21
06/07/21
$
23,000
$
23,000
$
23,008,983
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
3.13%
to
7.88%,
due
02/08/22
to
02/15/61
.........
$
21,829,872
$
24,150,001
0.65
(a)
04/30/21
07/07/21
38,000
38,000
38,046,656
U.S.
Government
Sponsored
Agency
Obligations,
6.35%
to
6.75%,
due
01/23/27
to
02/12/48
.........
44,241,000
41,800,476
$
–
$
–
$
61,000
$
65,950,477
$
–
$
–
Bank
of
Montreal
......
0.18
04/26/21
05/03/21
23,000
23,000
23,000,805
U.S.
Government
Sponsored
Agency
Obl
igations,
1.50%
to
3.00%,
due
04
/01/36
to
04/20/51
.........
22,160,875
23,460,173
$
–
$
–
Barclays
Bank
plc
.....
0.15
(b)
04/30/21
05/03/21
85,000
85,000
85,001,063
U.S.
Government
Sponsored
Agency
Obligations,
2.80%
to
4.60%,
due
04/01/22
to
04/01/41
.........
85,723,000
89,250,191
0.35
(b)
04/30/21
05/03/21
15,000
15,000
15,000,437
Corporate/Debt
Obligations,
4.25%
to
4.63%,
due
04/15/29
to
08/01/31
.........
16,186,508
16,500,001
0.55
(a)
04/30/21
08/06/21
13,000
13,000
13,019,464
Corporate/Debt
Obligations,
5.00%
to
7.60%,
due
11/01/40
to
12/31/56
.........
9,570,000
13,912,423
$
–
$
–
$
113,000
$
119,662,615
$
–
$
–
Barclays
Capital,
Inc.
...
0.55
(a)
04/30/21
08/06/21
13,000
13,000
13,019,464
Corporate/Debt
Obligations,
0.00%
to
8.68%,
due
02/18/25
to
07/20/47
.........
26,895,481
16,250,001
$
–
$
–
BNP
Paribas
SA
......
0.15
(b)
04/30/21
05/03/21
11,000
11,000
11,000,138
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
3.31%
to
4.85%,
due
08/26/30
to
04/22/52
.........
11,562,949
11,768,477
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.01
04/30/21
05/03/21
1,000
1,000
1,000,001
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
752,400
1,020,099
0.01
04/30/21
05/03/21
90,000
90,000
90,000,075
U.S.
Treasury
Obligations,
0.38%
to
6.38%,
due
08/15/27
to
08/15/44
.........
87,633,375
91,800,010
0.10
(b)
04/30/21
05/03/21
12,000
12,000
12,000,100
U.S.
Treasury
Obligations,
0.63%
to
3.88%,
due
11/30/27
to
05/15/30
.........
13,129,300
12,240,078
TempCash
Schedules
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.50
%
(a)
04/30/21
07/04/21
$
5,000
$
5,000
$
5,004,490
U.S.
Government
Sponsored
Agency
Obligations,
1.65%
to
6.03%,
due
08/20/43
to
06/20/69
.........
$
139,816,035
$
5,484,618
$
–
$
–
$
108,000
$
110,544,805
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.01
04/30/21
05/03/21
5,000
5,000
5,000,004
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
02/20/51
.........
4,954,121
5,100,000
0.14
04/28/21
05/05/21
42,000
42,000
42,001,143
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.88%,
due
07/20/21
to
06/15/28
.........
40,775,945
44,790,022
0.14
04/30/21
05/07/21
29,000
29,000
29,000,789
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
10.25%,
due
11/15/21
to
09/16/62
.......
29,025,258
30,610,210
$
–
$
–
$
76,000
$
80,500,232
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.73
(a)
04/30/21
08/07/21
75,000
75,000
75,149,816
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.24%
to
37.76%,
due
05/15/22
to
07/25/47
.......
509,264,311
86,216,012
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.01
04/30/21
05/03/21
32,000
32,000
32,000,027
U.S.
Treasury
Obligation,
0.01%,
due
05/03/21
.........
23,322,100
32,640,002
$
–
$
–
HSBC
Securities
USA,
Inc.
0.17
(b)
04/30/21
05/03/21
6,000
6,000
6,000,085
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.15%
to
5.80%,
due
01/09/23
to
04/01/50
.........
5,586,000
6,300,808
0.25
(b)
04/30/21
05/03/21
4,500
4,500
4,500,094
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.38%
to
7.63%,
due
11/21/22
to
02/01/61
.........
4,749,000
4,875,078
$
–
$
–
$
10,500
$
11,175,886
$
–
$
–
JP
Morgan
Securities
LLC
0.01
04/30/21
05/03/21
50,000
50,000
50,000,042
U.S.
Government
Sponsored
Agency
Obligations,
2.23%
to
8.00%,
due
07/20/26
to
07/15/62
.........
66,298,342
51,000,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
28
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.01
%
04/30/21
05/03/21
$
93,000
$
93,000
$
93,000,077
U.S.
Treasury
Obligations,
0.00%
to
2.88%,
due
05/31/21
to
03/15/22
.........
$
94,257,313
$
94,860,000
0.17
(b)
04/30/21
05/03/21
8,000
8,000
8,000,113
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.04%,
due
06/03/21
to
08/15/47
.........
21,844,480
8,312,871
0.23
(b)
04/30/21
05/03/21
1,000
1,000
1,000,019
Corporate/Debt
Obligation,
4.13%,
due
11/15/26
.........
1,589,000
1,070,404
0.35
(a)
04/30/21
05/10/21
100,000
100,000
100,009,722
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.65%
to
11.50%,
due
10/03/21
to
02/15/43
.......
117,954,000
113,123,099
0.40
(a)
04/30/21
05/10/21
50,000
50,000
50,005,556
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.19%
to
7.88%,
due
11/10/21
to
01/15/77
.........
713,608,422
54,626,475
0.53
(a)
04/30/21
08/02/21
30,000
30,000
30,041,233
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.50%
to
6.38%,
due
02/15/26
to
08/17/57
.........
119,014,494
32,432,461
$
–
$
–
$
332,000
$
355,425,310
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.59
(a)
04/30/21
06/07/21
50,000
50,000
50,031,310
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
03/01/31
to
02/01/49
.........
40,655,000
53,506,542
$
–
$
–
TD
Securities
USA
LLC
..
0.15
(b)
04/30/21
05/03/21
14,000
14,000
14,000,175
Corporate/Debt
Obligations,
1.35%
to
1.94%,
due
04/20/24
to
05/25/33
.........
14,715,000
14,980,882
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.17
(b)
04/30/21
05/03/21
97,000
97,000
97,001,374
Corporate/Debt
Obligations,
1.03%
to
6.11%,
due
03/18/25
to
02/25/66
.........
103,703,131
103,790,001
0.20
04/30/21
05/07/21
10,000
10,000
10,000,389
Corporate/Debt
Obligations,
0.00%,
due
01/18/22
to
04/26/22
10,531,558
10,500,000
0.33
02/17/21
05/18/21
40,000
40,000
40,033,000
Corporate/Debt
Obligations,
0.00%,
due
11/29/21
to
12/01/21
.
41,242,651
41,200,000
0.35
02/12/21
05/13/21
24,000
24,000
24,021,000
Corporate/Debt
Obligations,
1.37%
to
4.63%,
due
11/15/34
to
04/25/60
.........
88,011,325
25,680,001
TempCash
Schedules
of
Investments
29
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
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
0.54
%
02/26/21
05/27/21
$
15,000
$
15,000
$
15,020,250
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
3.13%
to
6.75%,
due
11/15/22
to
06/15/47
.........
$
16,055,000
$
17,052,897
$
–
$
–
$
186,000
$
198,222,899
$
–
$
–
$
1,104,500
$
1,180,304,313
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
7,192,506,571
$
—
$
7,192,506,571
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
—
28.9%
Domestic
—
0.1%
Bank
of
America
NA,
(SOFR
+
0.26%),
0.27%, 01/10/22
(a)
................
USD
13,200
$
13,200,137
Euro
—
2.3%
(b)
Bank
of
Montreal,
0.28%, 03/09/22
.......
21,000
20,960,636
Credit
Industriel
et
Commercial
SA,
0.27%, 02/22/22
.................
30,000
29,937,303
Mitsubishi
UFJ
Trust
International
Ltd.,
0.22%, 07/08/21
.................
50,000
49,985,150
Sumitomo
Mitsui
Trust
Bank
Ltd.,
0.31%, 05/17/21
.................
73,000
72,996,277
Sumitomo
Mitsui
Trust
International
Ltd.,
0.30%, 05/12/21
.................
30,000
29,998,920
203,878,286
Yankee
—
26.5%
(c)
Bank
of
Montreal,
Chicago
(a)
:
(LIBOR
USD
3
Month
+
0.05%),
0.24%, 08/06/21
-
04/06/22
........
86,500
86,513,890
(LIBOR
USD
3
Month
+
0.04%),
0.22%, 09/17/21
...............
75,000
75,011,161
(LIBOR
USD
3
Month
+
0.04%),
0.23%, 10/06/21
...............
50,000
50,008,494
(LIBOR
USD
3
Month
+
0.11%),
0.29%, 12/13/21
...............
35,000
35,019,147
Bank
of
Nova
Scotia
Trust
Co.,
New
York,
0.23%, 04/07/22
.................
13,700
13,702,204
Canadian
Imperial
Bank
of
Commerce,
New
York:
0.60%, 05/04/21
.................
50,000
50,002,886
(LIBOR
USD
3
Month
+
0.14%),
0.31%, 07/23/21
(a)
..............
51,000
51,015,860
(LIBOR
USD
3
Month
+
0.16%),
0.35%, 08/06/21
(a)
..............
29,500
29,512,057
(LIBOR
USD
3
Month
+
0.05%),
0.23%, 09/13/21
-
10/04/21
(a)
.......
108,000
108,014,520
(LIBOR
USD
3
Month
+
0.10%),
0.28%, 12/13/21
(a)
..............
30,000
30,016,560
(LIBOR
USD
3
Month
+
0.11%),
0.30%, 01/14/22
(a)
..............
30,000
30,018,806
0.24%, 04/06/22
.................
45,500
45,503,424
Credit
Suisse
AG,
New
York:
0.30%, 08/23/21
.................
40,000
40,009,157
(SOFR
+
0.30%),
0.31%, 11/16/21
(a)
....
20,000
20,002,484
(SOFR
+
0.22%),
0.23%, 04/08/22
(a)
....
50,000
49,947,672
DNB
Bank
ASA,
New
York,
(LIBOR
USD
3
Month
+
0.20%),
0.40%, 05/05/21
(a)
....
30,000
30,000,200
Mizuho
Bank
Ltd.,
New
York:
0.28%, 05/10/21
.................
52,000
52,002,583
0.21%, 08/26/21
.................
50,000
50,005,062
0.24%, 11/03/21
.................
35,000
35,006,699
MUFG
Bank
Ltd.,
New
York:
0.24%, 10/19/21
-
01/13/22
..........
75,000
75,013,147
0.23%, 01/28/22
.................
50,000
49,996,278
Nordea
Bank
Abp
,
New
York,
(LIBOR
USD
3
Month
+
0.10%),
0.29%, 06/09/21
(a)
....
50,000
50,007,996
Norinchukin
Bank,
New
York
(a)
:
(LIBOR
USD
3
Month
+
0.03%),
0.23%, 09/27/21
...............
50,000
49,999,998
(LIBOR
USD
3
Month
+
0.02%),
0.22%, 10/08/21
...............
30,000
29,999,999
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
0.29%, 06/21/21
.............
50,000
50,013,204
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Royal
Bank
of
Canada,
New
York:
0.65%, 05/03/21
.................
USD
25,000
$
25,001,210
0.43%, 07/26/21
.................
35,000
35,034,676
(LIBOR
USD
3
Month
+
0.09%),
0.27%, 12/10/21
(a)
..............
40,000
40,016,862
Skandinaviska
Enskilda
Banken
AB,
New
York:
0.25%, 05/13/21
-
06/01/21
..........
92,500
92,510,948
Societe
Generale
,
New
York,
0.25%, 05/10/21
63,820
63,823,118
Standard
Chartered
Bank,
New
York:
(LIBOR
USD
3
Month
+
0.02%),
0.21%, 09/03/21
(a)
..............
50,000
49,998,333
(LIBOR
USD
3
Month
+
0.03%),
0.22%, 10/01/21
(a)
..............
42,000
41,999,997
0.24%, 02/01/22
.................
35,000
34,996,774
Sumitomo
Mitsui
Banking
Corp.,
New
York:
0.27%, 05/10/21
-
06/01/21
..........
124,715
124,729,662
0.28%, 06/01/21
.................
79,500
79,512,639
0.26%, 07/06/21
.................
49,500
49,512,424
(LIBOR
USD
3
Month
+
0.04%),
0.22%, 09/13/21
(a)
..............
51,000
51,003,736
(LIBOR
USD
3
Month
+
0.04%),
0.24%, 01/20/22
(a)
..............
17,000
17,001,212
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York:
0.05%, 05/06/21
.................
73,000
72,999,878
0.27%, 05/17/21
.................
30,000
30,002,733
Svenska
Handelsbanken
AB,
New
York:
(LIBOR
USD
3
Month
+
0.11%),
0.30%, 06/16/21
(a)
..............
35,000
35,006,267
0.24%, 04/06/22
.................
17,530
17,532,480
SwedBank
,
Inc.,
New
York,
0.25%, 07/26/21
35,000
35,012,928
Toronto-Dominion
Bank,
New
York:
0.50%, 05/13/21
.................
55,000
55,008,034
(LIBOR
USD
3
Month
+
0.14%),
0.33%, 07/19/21
(a)
..............
35,000
35,011,078
0.43%, 07/28/21
.................
50,000
50,038,300
0.40%, 08/16/21
.................
35,000
35,028,123
(LIBOR
USD
3
Month
+
0.10%),
0.28%, 08/24/21
(a)
..............
36,000
36,012,094
(SOFR
+
0.20%),
0.21%, 02/18/22
(a)
....
15,000
14,999,649
2,308,136,643
Total
Certificates
of
Deposit
—
28.9%
(Cost:
$2,524,813,511)
...........................
2,525,215,066
Commercial
Paper
—
27.0%
Alinghi
Funding
Co.
LLC
(b)
:
0.17%,
09/16/21
.................
20,800
20,786,508
0.19%,
12/07/21
.................
42,000
41,953,074
Alpine
Securitization
Ltd.
(d)
:
0.26%,
06/04/21
(b)
................
25,000
25,005,924
0.20%,
07/30/21
.................
21,000
21,001,588
Antalis
SA,
0.08%
,
05/04/21
(b)
..........
66,000
65,999,443
ANZ
New
Zealand
Int'l
Ltd.,
0.22%
,
04/26/22
(b)
20,000
19,956,279
ASB
Finance
Ltd.
(b)
:
0.07%,
06/11/21
.................
17,900
17,898,496
0.09%,
06/28/21
.................
59,000
58,991,394
0.10%,
07/22/21
.................
30,000
29,993,222
Australia
&
New
Zealand
Banking
Group
Ltd.:
0.11%,
06/10/21
(b)
................
50,000
49,994,078
(LIBOR
USD
3
Month
+
0.03%),
0.21%,
03/02/22
(a)
...................
15,000
15,000,000
(LIBOR
USD
3
Month
+
0.03%),
0.22%,
03/09/22
(a)
...................
32,500
32,499,999
Barclays
Bank
plc,
0.10%
,
05/03/21
(b)
.....
70,000
69,999,452
TempFund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Barton
Capital
LLC
(b)
:
0.09%,
05/10/21
.................
USD
45,100
$
45,098,898
0.12%,
05/19/21
.................
30,000
29,998,211
Bedford
Row
Funding
Corp.:
0.11%,
05/05/21
(b)
................
50,000
49,999,285
(LIBOR
USD
3
Month
+
0.05%),
0.25%,
08/12/21
(a)
...................
30,000
30,004,081
(LIBOR
USD
3
Month
+
0.08%),
0.27%,
11/04/21
(a)
...................
31,000
31,007,830
Bennington
Stark
Capital
Co.
LLC
(b)(d)
:
0.08%,
05/04/21
.................
33,000
32,999,721
0.08%,
05/05/21
.................
77,000
76,999,177
BNZ
International
Funding
Ltd.
(b)
:
0.13%,
09/10/21
.................
20,250
20,240,499
0.16%,
11/16/21
.................
49,000
48,957,261
0.17%,
01/21/22
.................
50,000
49,937,564
BPCE
SA
(b)
:
0.08%,
05/13/21
.................
39,000
38,998,873
0.21%,
12/01/21
.................
40,000
39,951,745
Citigroup
Global
Markets,
Inc.,
0.09%
,
06/04/21
(b)
.....................
58,000
57,995,207
Commonwealth
Bank
of
Australia,
(LIBOR
USD
3
Month
+
0.09%),
0.28%
,
05/28/21
(a)
...
22,000
22,001,905
Concord
Minutemen
Capital
Co.
LLC,
0.14%
,
06/14/21
(b)(d)
....................
14,000
13,997,550
Crown
Point
Capital
Co.
LLC:
0.17%,
10/05/21
(b)(d)
...............
60,000
59,955,234
0.18%,
10/29/21
(b)(d)
...............
49,750
49,706,488
0.34%,
04/25/22
.................
20,000
20,000,000
DNB
Bank
ASA,
(LIBOR
USD
3
Month
+
0.10%),
0.30%
,
06/25/21
(a)
..........
55,000
55,011,911
HSBC
Bank
plc
(a)
:
(LIBOR
USD
3
Month
+
0.22%),
0.41%,
07/20/21
....................
53,500
53,522,873
(LIBOR
USD
3
Month
+
0.19%),
0.39%,
08/11/21
....................
40,000
40,018,312
(LIBOR
USD
3
Month
+
0.14%),
0.33%,
08/31/21
....................
30,000
30,011,693
ING
US
Funding
LLC,
0.18%
,
12/14/21
(b)
...
40,000
39,956,173
Matchpoint
Finance
plc,
0.12%
,
05/19/21
(b)
..
50,000
49,997,018
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
0.16%
,
08/20/21
(b)
.....................
20,000
19,989,920
National
Australia
Bank
Ltd.
(a)
:
(LIBOR
USD
3
Month
+
0.12%),
0.32%,
07/08/21
....................
14,000
14,005,536
(LIBOR
USD
3
Month
+
0.04%),
0.23%,
03/29/22
....................
25,000
24,999,999
(SOFR
+
0.20%),
0.21%,
04/14/22
.....
17,000
17,000,870
Natixis
SA,
0.09%
,
05/18/21
(b)
..........
44,500
44,498,131
NRW
Bank,
0.05%
,
05/06/21
(b)
..........
60,000
59,999,500
Ontario
Teachers'
Finance
Trust,
0.06%
,
07/06/21
(b)(d)
....................
50,000
49,994,231
Ridgefield
Funding
Co.
LLC
(b)(d)
:
0.09%,
05/10/21
.................
54,500
54,498,668
0.20%,
11/02/21
.................
52,500
52,445,750
Societe
Generale
SA,
0.09%
,
06/02/21
(b)
...
30,000
29,997,470
Svenska
Handelsbanken
AB
(a)
:
(LIBOR
USD
3
Month
+
0.02%),
0.21%,
09/02/21
....................
42,650
42,652,817
(LIBOR
USD
3
Month
+
0.01%),
0.21%,
09/23/21
....................
32,000
32,001,243
Toronto-Dominion
Bank
(The),
0.08%
,
05/06/21
(b)
.....................
100,000
99,998,667
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
UBS
AG
(a)
:
(LIBOR
USD
3
Month
+
0.17%),
0.36%,
07/09/21
....................
USD
50,000
$
50,004,943
(LIBOR
USD
3
Month
+
0.12%),
0.31%,
10/14/21
....................
50,000
50,017,873
(LIBOR
USD
3
Month
+
0.12%),
0.32%,
11/12/21
....................
30,000
30,010,957
(LIBOR
USD
3
Month
+
0.17%),
0.36%,
12/02/21
....................
30,000
30,013,916
(SOFR
+
0.24%),
0.25%,
04/05/22
.....
24,000
24,000,615
United
Overseas
Bank
Ltd.,
0.17%
,
09/03/21
(b)
20,250
20,238,447
Westpac
Banking
Corp.
(a)
:
(LIBOR
USD
3
Month
+
0.12%),
0.31%,
07/02/21
....................
50,000
50,011,466
(LIBOR
USD
3
Month
+
0.01%),
0.20%,
08/31/21
....................
34,000
33,999,999
(LIBOR
USD
3
Month
+
0.00%),
0.19%,
09/01/21
....................
42,900
42,898,594
(LIBOR
USD
3
Month
+
0.01%),
0.21%,
02/04/22
....................
25,000
24,996,226
Total
Commercial
Paper
—
27.0%
(Cost:
$2,353,276,526)
...........................
2,353,722,804
Corporate
Bonds
—
0.2%
Consumer
Finance
—
0.2%
Toyota
Motor
Credit
Corp.,
(SOFR
+
0.23%),
0.24%,
12/13/21
(a)
...............
22,500
22,511,139
Total
Corporate
Bonds
—
0.2%
(Cost:
$22,500,000)
..............................
22,511,139
Municipal
Bonds
—
2.4%
Arizona
—
0.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9052,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 05/07/21
.................
10,000
10,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 05/07/21
.................
6,000
6,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
1,000
1,000,000
17,000,000
California
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-001,
VRDP
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
(d)(e)(f)
...
1,000
1,000,000
Louisiana
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9054,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.47%, 06/04/21
(d)(e)(f)
..............
3,915
3,915,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Ohio
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9067TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.47%, 06/04/21
(d)(e)(f)
..............
USD
5,370
$
5,370,000
Other
—
1.6%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 06/04/21
.................
18,000
18,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.31%, 05/07/21
31,095
31,095,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9065TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.47%, 06/04/21
.................
2,750
2,750,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9066TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.47%, 05/07/21
.................
2,340
2,340,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XF2926T,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.31%, 05/07/21
....
17,680
17,680,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/07/21
8,940
8,940,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-007,
VRDN
(Barclays
Bank
plc
SBPA),
0.36%, 05/07/21
......
700
700,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-012,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/22/21
10,300
10,300,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
15,970
15,970,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.36%, 06/04/21
12,000
12,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.15%, 05/07/21
16,000
16,000,000
Taxable
Series
2020-XF2908,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2908,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.31%, 05/07/21
.................
4,790
4,790,000
140,565,000
Security
Par
(000)
Par
(000)
Value
Texas
—
0.5%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 05/07/21
.................
USD
500
$
500,000
Taxable
Series
2020-XF2907,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2907,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.31%, 05/07/21
.................
39,750
39,750,000
Taxable
Series
2021-XFT1216,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1216,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.21%, 05/07/21
.................
2,905
2,905,000
43,155,000
Total
Municipal
Bonds
—
2.4%
(Cost:
$211,005,000)
.............................
211,005,000
Time
Deposits
—
17.8%
ABN
AMRO
Bank
NV:
0.08%, 05/03/21
.................
62,000
62,000,000
0.08%, 05/04/21
.................
30,000
30,000,000
0.08%, 05/05/21
.................
99,000
99,000,000
0.08%, 05/06/21
.................
99,000
99,000,000
0.08%, 05/07/21
.................
49,000
49,000,000
Banque
Nationale
du
Canada,
0.07%, 05/04/21
56,000
56,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA:
0.03%, 05/03/21
.................
34,409
34,409,000
0.10%, 05/04/21
.................
56,000
56,000,000
0.10%, 05/05/21
.................
41,000
41,000,000
KBC
Bank
NV,
0.03%, 05/03/21
.........
200,000
200,000,000
Landesbank
Hessen-
Thuringen
Girozentrale
:
0.09%, 05/04/21
.................
100,000
100,000,000
0.12%, 05/04/21
.................
84,000
84,000,000
0.12%, 05/05/21
.................
82,000
82,000,000
0.12%, 05/06/21
.................
55,000
55,000,000
0.12%, 05/07/21
.................
60,000
60,000,000
Mizuho
Bank
Ltd.,
0.05%, 05/03/21
.......
75,000
75,000,000
Royal
Bank
of
Canada,
0.02%, 05/03/21
...
25,000
25,000,000
Skandinaviska
Enskilda
Banken
AB,
0.02%, 05/03/21
.................
125,000
125,000,000
Svenska
Handelsbanken
AB,
0.02%, 05/03/21
220,000
220,000,000
Total
Time
Deposits
—
17.8%
(Cost:
$1,552,409,000)
...........................
1,552,409,000
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.09%, 05/07/21
(a)
...............
5,500
5,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$5,500,000)
..............................
5,500,000
TempFund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
0.6%
U.S.
Treasury
Bills,
0.03%, 12/30/21
(b)
.....
USD
50,000
$
49,989,121
Total
U.S.
Treasury
Obligations
—
0.6%
(Cost:
$49,962,875)
..............................
49,989,121
Total
Repurchase
Agreements
—
18.9%
(Cost:
$1,652,000,000)
...........................
1,652,000,000
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
—
0.5%
California
—
0.5%
Nuveen
California
Quality
Municipal
Income
Fund,
VRDP,
(JP
Morgan
Chase
Bank
NA
LOC),
0.15%, 05/07/21
(f)
............
USD
40,800
$
40,800,000
Total
Closed-End
Investment
Companies
—
0.5%
(Cost:
$40,800,000)
..............................
40,800,000
Total
Investments
—
96.4%
(Cost:
$8,412,266,912
)
(g)
..........................
8,413,152,130
Other
Assets
Less
Liabilities
—
3.6%
...................
310,678,886
Net
Assets
—
100.0%
..............................
$
8,723,831,016
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(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)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.01
%
04/30/21
05/03/21
$
150,000
$
150,000
$
150,000,125
U.S.
Treasury
Obligations,
1.38%
to
4.38%,
due
11/15/39
to
11/15/48
.........
$
132,468,765
$
153,000,003
0.37
(a)
04/30/21
06/07/21
48,000
48,000
48,018,747
Corporate/Debt
Obligations,
0.45%
to
4.71%,
due
02/15/39
to
08/25/49
.........
53,509,258
51,360,000
$
–
$
–
$
198,000
$
204,360,003
$
–
$
–
Bank
of
Montreal
......
0.18
04/26/21
05/03/21
27,000
27,000
27,000,945
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
3.00%,
due
04/01/36
to
04/20/51
.........
26,014,940
27,540,202
$
–
$
–
Barclays
Bank
plc
.....
0.15
(b)
04/30/21
05/03/21
84,000
84,000
84,001,050
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.76%
to
3.60%,
due
04/08/22
to
10/24/31
.........
87,606,000
88,200,911
0.35
(b)
04/30/21
05/03/21
42,000
42,000
42,001,225
Corporate/Debt
Obligations,
4.25%,
due
02/01/31
to
08/01/31
46,905,000
47,440,077
0.55
(a)
04/30/21
08/06/21
13,000
13,000
13,019,464
Corporate/Debt
Obligations,
3.12%
to
7.60%,
due
06/01/38
to
11/01/40
.........
8,735,000
13,911,409
$
–
$
–
$
139,000
$
149,552,397
$
–
$
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
34
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
Capital,
Inc.
...
0.28
%
(a)
04/30/21
06/07/21
$
51,000
$
51,000
$
51,015,073
U.S.
Treasury
Obligation,
1.88%,
due
02/15/41
.........
$
54,591,700
$
52,020,042
0.55
(a)
04/30/21
08/06/21
13,000
13,000
13,019,464
Corporate/Debt
Obligations,
0.00%
to
7.09%,
due
12/16/24
to
11/19/37
.........
21,992,478
16,250,000
$
–
$
–
$
64,000
$
68,270,042
$
–
$
–
BNP
Paribas
SA
......
0.15
(b)
04/30/21
05/03/21
30,000
30,000
30,000,375
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.69%
to
6.88%,
due
10/14/21
to
04/22/42
.........
28,807,230
31,500,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.01
04/30/21
05/03/21
90,000
90,000
90,000,075
U.S.
Treasury
Obligations,
0.38%
to
6.38%,
due
08/15/27
to
08/15/44
.........
87,633,375
91,800,010
0.10
(b)
04/30/21
05/03/21
86,000
86,000
86,000,717
U.S.
Treasury
Obligation,
0.63%,
due
05/15/30
.........
95,184,800
87,720,029
0.50
(a)
04/30/21
07/04/21
5,000
5,000
5,004,490
U.S.
Government
Sponsored
Agency
Obligations,
1.26%
to
5.99%,
due
09/25/49
to
02/25/50
.........
7,890,713
5,362,404
$
–
$
–
$
181,000
$
184,882,443
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.01
04/30/21
05/03/21
145,000
145,000
145,000,060
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
10/15/21
to
02/15/50
.........
135,234,075
147,900,016
0.01
04/30/21
05/03/21
50,000
50,000
50,000,042
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
02/20/51
.........
49,541,208
51,000,000
0.14
04/28/21
05/05/21
49,000
49,000
49,001,334
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
3.60%,
due
07/07/21
to
02/15/48
.........
46,732,634
50,874,113
0.14
04/30/21
05/07/21
34,000
34,000
34,000,926
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
0.93%,
due
04/15/22
to
11/15/27
.
31,255,053
34,680,058
$
–
$
–
$
278,000
$
284,454,187
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.73
(a)
04/30/21
08/07/21
80,000
80,000
80,159,803
Corporate/Debt
Obligations,
0.49%
to
7.47%,
due
07/15/26
to
09/25/59
.........
385,418,415
91,250,028
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.01
04/30/21
05/03/21
36,000
36,000
36,000,030
U.S.
Treasury
Obligation,
0.01%,
due
05/03/21
.........
34,733,900
36,720,002
$
–
$
–
TempFund
Schedules
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
HSBC
Securities
USA,
Inc.
0.17
%
(b)
04/30/21
05/03/21
$
8,000
$
8,000
$
8,000,113
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.05%
to
5.00%,
due
10/02/24
to
04/20/51
$
16,461,628
$
8,318,355
0.25
(b)
04/30/21
05/03/21
9,500
9,500
9,500,198
Corporate/Debt
Obligations,
0.51%
to
8.63%,
due
06/15/39
to
02/01/61
.........
15,289,000
10,183,681
$
–
$
–
$
17,500
$
18,502,036
$
–
$
–
JP
Morgan
Securities
LLC
0.01
04/30/21
05/03/21
1,000
1,000
1,000,001
U.S.
Government
Sponsored
Agency
Obligation,
4.50%,
due
11/20/48
.........
3,672,960
1,020,015
0.11
(a)
04/30/21
05/11/21
59,000
59,000
59,001,933
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.73%,
due
03/16/30
to
12/16/62
.........
1,827,745,501
61,950,000
0.23
(b)
04/30/21
05/03/21
2,500
2,500
2,500,048
Corporate/Debt
Obligations,
0.08%
to
3.41%,
due
06/15/26
to
07/12/52
.........
889,594,200
2,675,000
0.35
(a)
04/30/21
05/10/21
100,000
100,000
100,009,722
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
3.15%
to
10.50%,
due
10/20/21
to
07/15/47
.......
115,914,400
114,189,573
0.40
(a)
04/30/21
05/10/21
50,000
50,000
50,005,556
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.23%
to
7.75%,
due
04/01/25
to
07/25/59
.........
259,303,499
53,966,596
0.53
(a)
04/30/21
08/02/21
65,000
65,000
65,089,339
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.15%
to
8.38%,
due
08/01/23
to
07/15/77
.........
475,324,098
70,223,368
$
–
$
–
$
277,500
$
304,024,552
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.20
(b)
04/30/21
05/03/21
71,000
71,000
71,001,183
Corporate/Debt
Obligations,
4.00%
to
5.25%,
due
11/15/21
to
02/01/49
.........
62,420,000
75,970,845
0.59
(a)
04/30/21
06/07/21
8,000
8,000
8,005,010
U.S.
Treasury
Obligation,
2.88%,
due
10/15/21
.........
8,045,700
8,160,064
$
–
$
–
$
79,000
$
84,130,909
$
–
$
–
TD
Securities
USA
LLC
..
0.15
(b)
04/30/21
05/03/21
25,000
25,000
25,000,312
Corporate/Debt
Obligations,
1.94%
to
2.95%,
due
04/20/24
to
03/15/25
.........
26,242,000
26,750,713
$
–
$
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
36
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
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
Wells
Fargo
Securities
LLC
.............
0.17
%
(b)
04/30/21
05/03/21
$
144,000
$
144,000
$
144,002,040
Corporate/Debt
Obligations,
0.35%
to
6.25%,
due
01/17/23
to
05/25/65
.........
$
154,865,481
$
154,080,000
0.20
04/30/21
05/07/21
12,000
12,000
12,000,467
Corporate/Debt
Obligation,
0.00%,
due
12/01/21
.........
12,383,107
12,360,000
0.33
02/17/21
05/18/21
40,000
40,000
40,033,000
Corporate/Debt
Obligation,
0.00%,
due
01/18/22
.........
42,104,040
42,000,001
0.35
02/12/21
05/13/21
24,000
24,000
24,021,000
Corporate/Debt
Obligations,
0.86%
to
5.27%,
due
12/15/36
to
02/18/53
.........
185,818,498
25,680,001
$
–
$
–
$
220,000
$
234,120,002
$
–
$
–
$
1,652,000
$
1,746,057,516
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
8,413,152,130
$
—
$
8,413,152,130
T-Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
69.1%
U.S.
Treasury
Bills
(a)
:
0.00%, 05/04/21
.................
USD
2,643,230
$
2,643,222,158
0.00%, 05/06/21
.................
5,600,190
5,600,147,965
0.01%, 05/11/21
.................
7,989,202
7,989,116,247
0.00%, 05/13/21
.................
3,907,575
3,907,531,948
0.01%, 05/18/21
.................
166,000
165,998,824
0.01%, 05/20/21
.................
3,402,780
3,402,645,012
0.00%, 05/25/21
.................
2,063,690
2,063,644,141
0.00%, 05/27/21
.................
2,736,585
2,736,528,344
0.01%, 06/01/21
.................
8,769,950
8,769,547,907
0.01%, 06/03/21
.................
2,720,256
2,720,232,067
0.01%, 06/08/21
.................
1,960,800
1,960,779,303
0.01%, 06/10/21
.................
3,278,985
3,278,901,344
0.01%, 06/17/21
.................
2,769,375
2,769,250,956
0.01%, 06/24/21
.................
2,567,203
2,566,987,488
0.01%, 06/29/21
.................
1,176,000
1,175,971,674
0.01%, 07/06/21
.................
1,038,650
1,038,517,045
0.01%, 07/08/21
.................
2,200,000
2,199,916,882
0.01%, 07/13/21
.................
3,793,545
3,793,154,194
0.02%, 07/22/21
.................
1,565,000
1,564,910,888
0.02%, 07/27/21
.................
2,130,420
2,130,265,545
0.02%, 08/05/21
.................
3,375,945
3,375,323,307
0.01%, 08/10/21
.................
526,990
526,955,031
0.01%, 08/12/21
.................
349,500
349,360,005
0.02%, 08/19/21
.................
760,180
760,040,634
0.02%, 09/02/21
.................
491,915
491,813,338
0.02%, 09/09/21
.................
755,800
755,488,519
0.02%, 10/07/21
.................
537,000
536,916,991
0.03%, 11/04/21
.................
838,349
837,763,700
0.03%, 12/02/21
.................
1,501,470
1,500,483,620
0.03%, 12/30/21
.................
295,450
295,243,032
0.04%, 01/27/22
.................
1,512,121
1,511,096,738
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
U.S.
Treasury
Notes:
2.13%, 05/31/21
.................
USD
207,955
$
208,313,883
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.22%),
0.24%, 07/31/21
(b)
...
3,674,300
3,674,184,527
2.88%, 10/15/21
.................
48,480
49,087,788
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%),
0.32%, 10/31/21
(b)
...
3,110,345
3,111,107,220
2.00%, 10/31/21
.................
324,955
328,002,499
2.00%, 11/15/21
.................
39,945
40,349,518
2.88%, 11/15/21
.................
136,730
138,761,998
1.50%, 11/30/21
.................
229,730
231,570,820
1.75%, 11/30/21
.................
160,685
162,200,229
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.15%),
0.17%, 01/31/22
(b)
...
1,131,945
1,131,766,894
2.50%, 02/15/22
.................
28,315
28,855,756
1.75%, 02/28/22
.................
28,555
28,947,973
0.38%, 03/31/22
.................
28,555
28,628,583
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.13%, 04/30/22
(b)
...
1,757,085
1,757,280,799
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.08%, 07/31/22
(b)
...
2,062,049
2,062,036,885
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.08%, 10/31/22
(b)
...
3,270,000
3,269,964,512
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.07%, 01/31/23
(b)
...
3,853,068
3,853,629,210
Total
U.S.
Treasury
Obligations
—
69.1%
(Cost:
$93,522,443,941)
...........................
93,522,443,941
Total
Repurchase
Agreements
—
29.8%
(Cost:
$40,356,958,792)
...........................
40,356,958,792
Total
Investments
—
98.9%
(Cost:
$133,879,402,733
)
(c)
.........................
133,879,402,733
Other
Assets
Less
Liabilities
—
1.1%
...................
1,428,807,580
Net
Assets
—
100.0%
..............................
$
135,308,210,313
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.01
%
04/30/21
05/03/21
$
825,000
$
825,000
$
825,000,688
U.S.
Treasury
Obligations,
1.38%
to
4.38%,
due
11/15/39
to
11/15/48
.........
$
728,578,208
$
841,500,015
0.01
04/30/21
05/03/21
30,000
30,000
30,000,025
U.S.
Treasury
Obligations,
0.00%
to
1.25%,
due
03/31/28
to
11/15/35
.........
41,344,775
30,600,000
0.01
04/30/21
05/03/21
275,000
275,000
275,000,229
U.S.
Treasury
Obligation,
2.75%,
due
02/15/24
.........
261,224,700
280,500,091
$
–
$
–
$
1,130,000
$
1,152,600,106
$
–
$
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
38
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
Nova
Scotia
(The)
0.01
%
04/30/21
05/03/21
$
66,665
$
66,665
$
66,665,056
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
06/10/21
to
08/15/42
.........
$
71,447,500
$
67,998,401
0.01
04/30/21
05/03/21
25,000
25,000
25,000,021
U.S.
Treasury
Obligation,
2.38%,
due
01/15/27
.........
15,734,800
25,500,095
$
–
$
–
$
91,665
$
93,498,496
$
–
$
–
Barclays
Bank
plc
.....
0.01
04/30/21
05/03/21
2,550,000
2,550,000
2,550,002,125
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
07/22/21
to
05/15/49
.........
2,429,309,000
2,601,000,029
0.01
04/30/21
05/03/21
690,000
690,000
690,000,575
U.S.
Treasury
Obligations,
2.38%
to
5.00%,
due
05/15/37
to
11/15/49
.........
553,930,500
703,800,025
$
–
$
–
$
3,240,000
$
3,304,800,054
$
–
$
–
Barclays
Capital,
Inc.
...
0.01
04/30/21
05/03/21
150,000
150,000
150,000,125
U.S.
Treasury
Obligation,
2.25%,
due
04/30/24
.........
144,803,600
153,000,063
$
–
$
–
BNP
Paribas
SA
......
0.01
04/30/21
05/03/21
100,000
100,000
100,000,083
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
05/31/21
to
04/15/22
.........
96,894,200
102,000,026
0.01
04/30/21
05/03/21
306,000
306,000
306,000,255
U.S.
Treasury
Obligations,
0.13%
to
2.50%,
due
07/15/22
to
07/15/29
.........
296,939,000
312,120,004
0.01
04/26/21
05/03/21
750,000
750,000
750,001,458
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
05/20/21
to
02/15/51
.........
743,144,214
765,000,000
0.01
04/27/21
05/04/21
850,000
850,000
850,001,653
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
05/20/21
to
08/15/48
.........
792,298,430
867,000,000
$
–
$
–
$
2,006,000
$
2,046,120,030
$
–
$
–
Citibank
NA
..........
0.01
04/30/21
05/03/21
100,000
100,000
100,000,083
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
05/13/21
to
08/15/49
.........
89,925,708
102,000,015
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.01
04/30/21
05/03/21
385,000
385,000
385,000,321
U.S.
Treasury
Obligations,
0.38%
to
6.38%,
due
08/15/27
to
08/15/44
.........
374,876,101
392,700,045
0.01
04/30/21
05/03/21
20,000
20,000
20,000,017
U.S.
Treasury
Obligations,
0.13%
to
3.00%,
due
08/31/25
to
02/15/41
.........
18,346,200
20,400,134
0.01
04/30/21
05/03/21
127,000
127,000
127,000,106
U.S.
Treasury
Obligations,
1.13%
to
4.63%,
due
08/15/39
to
02/15/41
.........
95,028,041
129,540,138
0.03
04/16/21
05/17/21
1,000,000
1,000,000
1,000,025,833
U.S.
Treasury
Obligations,
0.13%
to
6.13%,
due
07/31/21
to
01/15/30
.........
924,308,600
1,020,000,045
$
–
$
–
$
1,532,000
$
1,562,640,362
$
–
$
–
T-Fund
Schedules
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.01
%
04/30/21
05/03/21
$
1,790,000
$
1,790,000
$
1,790,000,746
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
10/15/21
to
02/15/50
.........
$
1,669,441,254
$
1,825,800,089
0.01
04/30/21
05/03/21
50,000
50,000
50,000,021
U.S.
Treasury
Obligation,
0.63%,
due
02/15/43
.........
38,735,000
51,000,040
$
–
$
–
$
1,840,000
$
1,876,800,129
$
–
$
–
Credit
Suisse
AG
......
0.01
04/30/21
05/03/21
113,000
113,000
113,000,094
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
06/17/21
to
02/15/43
.........
113,981,700
115,260,040
$
–
$
–
Deutsche
Bank
AG
.....
0.01
04/30/21
05/03/21
250,000
250,000
250,000,104
U.S.
Treasury
Obligations,
0.13%
to
2.25%,
due
12/31/22
to
01/15/30
.........
238,867,700
255,000,079
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.00
04/30/21
05/03/21
11,250,000
11,250,000
11,250,000,000
U.S.
Treasury
Obligations,
0.13%
to
3.63%,
due
08/15/23
to
08/15/43
.........
10,739,360,300
11,250,000,046
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.01
04/30/21
05/03/21
3,000,000
3,000,000
3,000,002,500
U.S.
Treasury
Obligations,
0.01%,
due
05/03/21
.........
2,499,214,400
3,060,000,009
0.01
04/30/21
05/03/21
1,000,000
1,000,000
1,000,000,833
U.S.
Treasury
Obligations,
0.00%
to
2.25%,
due
07/13/21
to
04/30/28
.........
993,007,900
1,020,000,064
0.01
04/30/21
05/03/21
98,381
98,381
98,381,455
U.S.
Treasury
Obligation,
3.00%,
due
02/15/48
.........
87,260,000
100,349,082
0.01
04/30/21
05/03/21
466,011
466,011
466,011,418
U.S.
Treasury
Obligation,
2.00%,
due
02/15/50
.........
505,000,000
475,331,638
0.01
04/30/21
05/03/21
318,740
318,740
318,739,849
U.S.
Treasury
Obligation,
3.00%,
due
05/15/47
.........
281,180,000
325,114,641
0.01
04/30/21
05/03/21
376,978
376,978
376,978,255
U.S.
Treasury
Obligation,
3.00%,
due
08/15/48
.........
334,000,000
384,517,814
0.01
04/30/21
05/03/21
234,304
234,304
234,304,195
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
213,384,000
238,990,275
0.01
04/30/21
05/03/21
107,230
107,230
107,230,482
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
140,000,000
109,375,089
0.01
04/30/21
05/03/21
235,241
235,241
235,241,029
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
233,240,000
239,945,846
0.01
04/30/21
05/03/21
413,115
413,115
413,115,234
U.S.
Treasury
Obligation,
2.50%,
due
02/15/46
.........
402,750,000
421,377,532
$
–
$
–
$
6,250,000
$
6,375,001,990
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.01
04/30/21
05/03/21
200,000
200,000
200,000,167
U.S.
Treasury
Obligations,
0.00%
to
0.75%,
due
11/04/21
to
11/15/50
.........
207,978,895
204,000,000
$
–
$
–
HSBC
Securities
USA,
Inc.
0.01
04/30/21
05/03/21
123,000
123,000
123,000,103
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
05/01/21
to
02/15/51
.........
125,268,859
125,227,229
2021
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
40
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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
0.01
%
04/30/21
05/03/21
$
175,000
$
175,000
$
175,000,146
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
05/15/23
to
11/15/49
.........
$
203,238,914
$
178,500,000
0.01
(a)
04/30/21
05/03/21
355,000
355,000
355,000,296
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
11/30/21
to
02/15/49
.........
375,210,422
362,100,000
0.02
(b)
04/30/21
05/10/21
888,085
888,085
888,089,934
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
06/15/21
to
11/15/50
.........
980,912,924
905,846,700
0.02
(b)
04/30/21
05/10/21
722,000
722,000
722,004,011
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
05/06/21
to
08/15/49
.........
735,993,412
736,440,000
$
–
$
–
$
2,263,085
$
2,308,113,929
$
–
$
–
ING
Financial
Markets
LLC
0.01
04/28/21
05/05/21
100,000
100,000
100,000,194
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
07/31/21
to
02/15/50
.........
80,927,400
102,000,071
0.01
04/29/21
05/06/21
100,000
100,000
100,000,194
U.S.
Treasury
Obligations,
0.00%
to
2.38%,
due
08/12/21
to
11/15/49
.........
81,142,500
102,000,049
$
–
$
–
$
200,000
$
204,000,120
$
–
$
–
JP
Morgan
Securities
LLC
0.01
04/30/21
05/03/21
25,000
25,000
25,000,021
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
10/07/21
to
02/28/25
.........
25,503,000
25,500,001
0.01
04/30/21
05/03/21
150,000
150,000
150,000,125
U.S.
Treasury
Obligations,
1.75%
to
2.88%,
due
10/15/21
to
02/28/22
.........
150,533,400
153,000,019
0.01
(a)
04/30/21
05/03/21
250,000
250,000
250,000,208
U.S.
Treasury
Obligation,
0.00%,
due
08/12/21
.........
255,014,400
255,000,119
0.01
(b)
04/30/21
05/10/21
2,250,000
2,250,000
2,250,006,251
U.S.
Treasury
Obligations,
0.00%
to
2.25%,
due
04/21/22
to
01/31/25
.........
2,243,800,400
2,295,000,328
$
–
$
–
$
2,675,000
$
2,728,500,467
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
0.01
04/30/21
05/03/21
100,000
100,000
100,000,083
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
01/15/22
to
11/15/42
.........
98,098,432
102,000,000
$
–
$
–
Natixis
SA
...........
0.01
04/30/21
05/03/21
739,000
739,000
739,000,616
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
05/11/21
to
05/15/50
.........
710,772,300
753,780,013
0.01
(a)
04/30/21
05/03/21
753,000
753,000
753,000,628
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
05/20/21
to
05/15/50
.........
742,887,100
768,060,081
0.01
(b)
04/30/21
05/10/21
500,000
500,000
500,001,389
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
05/11/21
to
05/15/50
.........
482,672,600
510,000,026
$
–
$
–
$
1,992,000
$
2,031,840,120
$
–
$
–
T-Fund
Schedules
of
Investments
41
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
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.
....
0.01
%
04/30/21
05/03/21
$
1,750,000
$
1,750,000
$
1,750,001,458
U.S.
Treasury
Obligations,
0.13%
to
2.50%,
due
01/31/23
to
08/15/23
.........
$
1,709,435,100
$
1,785,000,088
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.03
04/30/21
05/03/21
64,000
64,000
64,000,160
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
100,000,000
65,280,160
0.03
04/30/21
05/03/21
51,750
51,750
51,750,129
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000
52,785,489
0.03
04/30/21
05/03/21
50,375
50,375
50,375,126
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
50,000,000
51,382,626
0.03
04/30/21
05/03/21
44,538
44,538
44,537,611
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000
45,428,011
0.03
04/30/21
05/03/21
7,770
7,770
7,770,019
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
12,000,000
7,925,419
0.03
04/30/21
05/03/21
26,819
26,819
26,818,817
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
35,000,000
27,355,017
0.03
04/30/21
05/03/21
16,110
16,110
16,110,040
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000
16,432,360
0.03
04/30/21
05/03/21
26,125
26,125
26,125,065
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
26,647,565
0.03
04/30/21
05/03/21
73,563
73,563
73,562,684
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000
75,034,484
0.03
04/30/21
05/03/21
24,200
24,200
24,200,061
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000
24,684,061
0.03
04/30/21
05/03/21
49,725
49,725
49,725,124
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000
50,719,624
0.03
04/30/21
05/03/21
78,938
78,938
78,937,697
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
150,000,000
80,517,197
0.03
04/30/21
05/03/21
15,025
15,025
15,025,038
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000
15,325,438
0.03
04/30/21
05/03/21
21,555
21,555
21,555,054
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000
21,986,154
0.03
04/30/21
05/03/21
18,480
18,480
18,480,046
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
28,000,000
18,849,646
0.03
04/30/21
05/03/21
55,400
55,400
55,400,139
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000
56,508,139
0.03
04/30/21
05/03/21
83,875
83,875
83,875,210
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000
85,552,210
0.03
04/30/21
05/03/21
9,375
9,375
9,375,023
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000
9,562,523
0.03
04/30/21
05/03/21
72,262
72,262
72,262,681
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
123,000,000
73,707,931
0.03
04/30/21
05/03/21
15,437
15,437
15,437,539
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000
15,746,289
2021
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
42
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
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
0.03
%
04/30/21
05/03/21
$
13,887
$
13,887
$
13,887,535
U.S.
Treasury
Obligation,
0.00%,
due
05/15/40
.........
$
22,000,000
$
14,165,395
$
–
$
–
$
819,209
$
835,595,738
$
–
$
–
Societe
Generale
SA
...
0.01
04/30/21
05/03/21
350,000
350,000
350,000,292
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/15/21
to
02/15/49
.........
369,767,650
357,000,000
0.01
04/26/21
05/03/21
1,000,000
1,000,000
1,000,001,944
U.S.
Treasury
Obligations,
0.00%
to
8.13%,
due
05/06/21
to
02/15/49
.........
961,290,080
1,020,000,000
0.01
04/27/21
05/04/21
300,000
300,000
300,000,583
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
08/31/21
to
02/15/50
.........
291,991,000
306,000,000
0.01
04/28/21
05/05/21
600,000
600,000
600,001,167
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
05/20/21
to
08/15/48
.........
594,543,627
612,000,000
$
–
$
–
$
2,250,000
$
2,295,000,000
$
–
$
–
TD
Securities
USA
LLC
..
0.01
04/30/21
05/03/21
155,000
155,000
155,000,129
U.S.
Treasury
Obligations,
0.25%
to
1.88%,
due
04/30/22
to
02/15/30
.........
154,765,400
158,100,101
$
–
$
–
$
40,356,959
$
40,938,871,973
$
–
$
–
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
133,879,402,733
$
—
$
133,879,402,733
Treasury
Trust
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
103.8%
U.S.
Treasury
Bills
(a)
:
0.00%, 05/04/21
.................
USD
6,091,885
$
6,091,876,764
0.00%, 05/06/21
.................
3,341,270
3,341,251,145
0.01%, 05/11/21
.................
4,388,495
4,388,439,226
0.00%, 05/13/21
.................
3,613,410
3,613,386,031
0.01%, 05/18/21
.................
6,233,265
6,233,235,699
0.01%, 05/20/21
.................
5,843,232
5,843,114,216
0.00%, 05/25/21
.................
5,300,000
5,299,962,565
0.00%, 05/27/21
.................
5,456,000
5,455,946,252
0.01%, 06/01/21
.................
7,467,675
7,467,564,468
0.01%, 06/03/21
.................
3,365,740
3,365,706,879
0.01%, 06/08/21
.................
2,661,780
2,661,749,133
0.01%, 06/10/21
.................
9,417,845
9,417,550,603
0.01%, 06/15/21
.................
1,100,000
1,099,979,375
0.01%, 06/17/21
.................
2,140,000
2,139,893,600
0.01%, 06/22/21
.................
1,150,000
1,149,984,472
0.01%, 06/24/21
.................
6,154,539
6,154,271,261
0.01%, 06/29/21
.................
2,710,000
2,709,957,832
0.01%, 07/01/21
.................
2,100,000
2,099,915,272
0.01%, 07/06/21
.................
651,235
651,151,638
0.01%, 07/08/21
.................
7,487,378
7,486,987,113
0.01%, 07/13/21
.................
534,640
534,585,793
0.01%, 07/15/21
.................
188,240
188,179,214
0.02%, 07/22/21
.................
1,100,000
1,099,937,366
0.02%, 07/27/21
.................
1,393,395
1,393,293,979
0.02%, 07/29/21
.................
700,000
699,980,531
0.02%, 08/05/21
.................
160,280
160,254,355
0.01%, 08/10/21
.................
338,365
338,342,588
0.02%, 09/09/21
.................
152,850
152,816,628
0.01%, 09/16/21
.................
250,000
249,947,292
0.02%, 10/07/21
.................
1,000,000
999,845,421
0.03%, 11/04/21
.................
208,914
208,767,799
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
0.03%, 12/02/21
.................
USD
772,625
$
772,116,139
0.03%, 12/30/21
.................
316,070
315,848,923
0.04%, 01/27/22
.................
653,942
653,499,054
U.S.
Treasury
Notes:
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.22%),
0.24%, 07/31/21
(b)
...
1,590,000
1,589,915,337
2.75%, 08/15/21
.................
150,000
151,179,726
2.88%, 10/15/21
.................
26,395
26,725,911
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%),
0.32%, 10/31/21
(b)
...
723,530
723,708,955
2.00%, 10/31/21
.................
24,610
24,840,188
2.00%, 11/15/21
.................
22,055
22,278,348
2.88%, 11/15/21
.................
76,025
77,154,842
1.50%, 11/30/21
.................
44,620
44,975,824
1.75%, 11/30/21
.................
88,100
88,930,766
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.15%),
0.17%, 01/31/22
(b)
...
990,080
989,745,530
2.50%, 02/15/22
.................
16,520
16,835,496
1.75%, 02/28/22
.................
16,515
16,742,279
0.38%, 03/31/22
.................
16,515
16,557,557
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.13%, 04/30/22
(b)
...
2,028,185
2,028,208,653
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.08%, 07/31/22
(b)
...
737,705
737,704,900
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.08%, 10/31/22
(b)
...
1,549,000
1,548,935,702
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.07%, 01/31/23
(b)
...
2,554,640
2,554,965,161
Total
U.S.
Treasury
Obligations
—
103.8%
(Cost:
$105,098,743,801)
..........................
105,098,743,801
Total
Investments
—
103.8%
(Cost:
$105,098,743,801
)
(c)
.........................
105,098,743,801
Liabilities
in
Excess
of
Other
Assets
—
(3.8)%
............
(3,854,662,753)
Net
Assets
—
100.0%
..............................
$
101,244,081,048
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(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
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
105,098,743,801
$
—
$
105,098,743,801
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
94.3%
Alabama
—
0.5%
(a)(b)
Alabama
Federal
Aid
Highway
Finance,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2016-XF2373,
RB,
VRDN
(Citibank
NA
LIQ),
0.08%, 05/07/21
(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),
0.09%, 05/07/21
(c)
....
4,000
4,000,000
Mobile
Downtown
Redevelopment
Authority,
Series
2011A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.08%, 05/07/21
..........
17,860
17,860,000
26,860,000
Alaska
—
2.3%
(b)
Alaska
Housing
Finance
Corp.,
Series
2001A,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
............
14,765
14,765,000
Alaska
Housing
Finance
Corp.,
Series
2009A,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
.................
470
470,000
Alaska
Housing
Finance
Corp.,
Series
2009B,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
.................
71,235
71,235,000
Alaska
Housing
Finance
Corp.,
Series
2009B,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
............
29,150
29,150,000
Alaska
Housing
Finance
Corp.,
Series
2009D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
............
15,285
15,285,000
130,905,000
Arizona
—
0.1%
Industrial
Development
Authority
of
the
County
of
Yavapai
(The),
Series
2010,
RB,
VRDN
(Bank
of
Nova
Scotia
(The)
LOC),
0.10%, 05/07/21
(b)
................
5,000
5,000,000
California
—
10.3%
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(b)
.........
4,175
4,175,000
California
Educational
Facilities
Authority,
Series
2006B,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
16,130
16,130,000
California
Health
Facilities
Financing
Authority,
Series
2011C,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.06%, 05/07/21
(b)
............
8,200
8,200,000
California
Statewide
Communities
Development
Authority,
Series
2017BB,
RB,
VRDN
(East
West
Bank
LOC),
0.11%, 05/07/21
(b)
....
30,000
30,000,000
City
of
Los
Angeles
Department
of
Airports,
Series
2021A-3
(Bank
of
America
NA
LOC),
0.12%, 05/05/21
.................
7,250
7,250,073
City
of
Los
Angeles
Wastewater
System,
Series
2021
(Toronto-Dominion
Bank
LOC),
0.11%, 05/04/21
.................
35,000
35,000,175
County
of
Los
Angeles,
Series
2021B
(US
Bank
NA
LOC),
0.11%, 05/04/21
..........
2,750
2,750,014
County
of
Los
Angeles,
Series
2021B
(US
Bank
NA
LOC),
0.11%, 05/06/21
..........
8,400
8,400,067
East
Bay
Municipal
Utility
District
Water
System,
Series
2008A-1,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.04%, 05/07/21
(b)
10,005
10,005,000
Elsinore
Valley
Municipal
Water
District,
Series
2008B,
COP,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(b)
............
500
500,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Fontana
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States
(AGM),
Series
2020-XF2895,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 05/07/21
(a)(b)(c)
........
USD
5,800
$
5,800,000
Golden
Gate
Bridge
Highway
&
Transportation
District,
Series
2021B
(JP
Morgan
Chase
Bank
NA
SBPA),
0.10%, 05/19/21
.....
2,925
2,925,073
Imperial
Irrigation
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XM0488,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.12%, 05/07/21
(a)(b)(c)
..............
7,500
7,500,000
Irvine
Ranch
Water
District,
Series
2011A-1,
VRDN,
0.09%, 03/02/22
(b)
...........
2,250
2,250,022
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0780,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
7,700
7,700,000
Los
Angeles
Community
Facilities
District,
Series
2021
(Bank
of
America
NA
LOC),
0.11%, 06/02/21
.................
12,659
12,659,836
Los
Angeles
County
Capital
Asset
Leasing
Corp.,
Series
2021C
(Wells
Fargo
Bank
NA
LOC),
0.11%, 05/04/21
.............
5,000
5,000,025
Los
Angeles
County
Schools,
Series
2020-
21B3,
COP,
2.00%, 12/30/21
.........
6,000
6,074,604
Los
Angeles
Department
of
Water,
Series
2021,
Sub-Series
A-2,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.02%, 05/03/21
(b)
...........
17,500
17,500,000
Metropolitan
Water
District
of
Southern
California,
Series
2017C,
RB,
VRDN,
0.31%, 06/21/21
(b)
................
11,000
11,000,000
Metropolitan
Water
District
of
Southern
California,
Series
2017D,
RB,
FRN
,
0.31%, 06/21/21
(b)
................
26,000
26,000,000
Metropolitan
Water
District
of
Southern
California,
Series
2017E,
R
B,
VRDN,
0.31%, 06/21/21
(b)
................
16,375
16,375,000
Metropolitan
Water
District
of
Southern
California,
Series
2018A-2,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.02%, 05/03/21
(b)
................
1,560
1,560,000
Mount
San
Antonio
California
Community
College
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0753,
GO,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
5,600
5,600,000
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2021,
Sub-Series
A-1
(US
Bank
NA
LOC),
0.13%, 09/14/21
.............
11,250
11,249,471
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2021A-2
(Bank
of
America
NA
LOC),
0.11%, 05/19/21
.................
10,500
10,500,263
Natomas
University
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(AGM),
Series
2019-XG0250,
GO,
VRDN
(Bank
of
America
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
6,580
6,580,000
Riverside
County
Asset
Leasing
Corp.
(AGC),
Series
2008A,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.06%, 05/07/21
(b)
.........
2,145
2,145,000
Riverside
County
Office
of
Education
Pooled
Notes,
Series
2020-21A,
TAN,
2.00%, 12/01/21
.................
16,000
16,174,611
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
California
(continued)
Sacramento
Transportation
Authority,
Series
2014A,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.04%, 05/07/21
(b)
......
USD
10,040
$
10,040,000
San
Diego
County
Regional
Transportation
Commission,
Series
2008A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.04%, 05/07/21
(b)
................
10,970
10,970,000
San
Francisco
City
&
County
Airport
Commission-San
Francisco
International
Airport,
Series
2018B,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.05%, 05/07/21
(b)
.....
3,650
3,650,000
San
Francisco
City
&
County
Public
Utilities
Commission,
Series
2021,
0.13%, 05/05/21
30,000
30,000,330
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater,
Series
2021
(Bank
of
America
NA
LOC),
0.14%, 05/12/21
...
23,000
23,000,621
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
(State
Street),
Series
2021
(State
Street
Bank
Guaranty),
0.12%, 06/16/21
.................
61,000
61,005,734
San
Mateo
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0925,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
4,357
4,357,000
State
of
California,
Series
2003C-1,
GO,
VRDN
(TD
Bank
NA
LOC),
0.03%, 05/07/21
(b)
..
1,400
1,400,000
State
of
California,
Series
2021A-2
(Royal
Bank
of
Canada
LOC),
0.10%, 05/26/21
.....
20,355
20,356,058
State
of
California,
Series
2021A-2
(Royal
Bank
of
Canada
LOC),
0.11%, 06/04/21
.....
47,915
47,917,204
State
of
California
Department
of
Water
Resources,
Series
2021-1
(Bank
of
America
NA
SBPA),
0.10%, 05/25/21
.........
15,497
15,497,511
University
of
California,
Series
2013AL-3,
RB,
VRDN,
0.02%, 05/03/21
(b)
...........
10,000
10,000,000
University
of
California,
Series
2013AL-4,
RB,
VRDN,
0.02%, 05/03/21
(b)
...........
39,335
39,335,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1098,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
8,150
8,150,000
582,683,692
Colorado
—
1.8%
(b)
Boulder
Larimer
&
Weld
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-57,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(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),
0.09%, 05/07/21
(a)(c)
...............
5,000
5,000,000
City
of
Colorado
Springs
Utilities
System,
Series
2005A,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.06%, 05/07/21
.........
45,340
45,340,000
City
of
Colorado
Springs
Utilities
System,
Series
2006B,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
SBPA),
0.11%, 05/07/21
.................
2,110
2,110,000
City
of
Colorado
Springs
Utilities
System,
Series
2010C,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.06%, 05/07/21
.........
9,075
9,075,000
Security
Par
(000)
Par
(000)
Value
Colorado
(continued)
Colorado
Health
Facilities
Authority,
Series
2020B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.07%, 05/07/21
.................
USD
5,900
$
5,900,000
Colorado
Health
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0667,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
...............
5,345
5,345,000
County
of
Arapahoe,
Series
2001,
RB,
VRDN
(Freddie
Mac
LOC),
0.10%, 05/07/21
...
9,135
9,135,000
Denver
Colorado
City
&
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2686,
RB,
VRDN
(Citibank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
..
8,000
8,000,000
Sheridan
Redevelopment
Agency,
Series
2011A-1,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.08%, 05/07/21
..........
4,720
4,720,000
100,295,000
Connecticut
—
1.5%
(b)
Connecticut
Housing
Finance
Authority,
Series
2016F,
Sub-Series
F-5,
RB,
VRDN
(
Helaba
SBPA),
0.07%, 05/07/21
............
48,200
48,200,000
Connecticut
Housing
Finance
Authority,
Series
2017F,
Sub-Series
F-3,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.06%, 05/07/21
......
30,835
30,835,000
Connecticut
State
Health
&
Educational
Facilities
Authority,
Series
2000A,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.05%, 05/07/21
..
3,700
3,700,000
Connecticut
State,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-3,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(c)
.....
4,000
4,000,000
86,735,000
Delaware
—
0.0%
Delaware
State
Economic
Development
Authority,
Series
1997,
RB,
VRDN
(M&T
Bank
LOC),
0.11%, 05/07/21
(b)
........
400
400,000
District
of
Columbia
—
0.4%
(b)
District
of
Columbia,
Series
2004,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.09%, 05/07/21
5,110
5,110,000
District
of
Columbia
Water
&
Sewer
Authority,
Series
2014B-1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.08%, 05/07/21
............
4,980
4,980,000
Metropolitan
Washington
Airports
Authority,
Series
2009D,
Sub-Series
D-2,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
...
14,715
14,715,000
24,805,000
Florida
—
4.0%
(b)
Cape
Coral
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1071,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.10%, 05/07/21
(a)
(c)
...........................
10,480
10,480,000
County
of
Palm
Beach,
Series
2002,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.06%, 05/07/21
7,200
7,200,000
Escambia
County
Health
Facilities
Authority
(AGC),
Series
2003B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.13%, 05/03/21
.........
17,795
17,795,000
Florida
Housing
Finance
Corp.,
Series
2004M,
RB,
VRDN
(Freddie
Mac
LIQ),
0.13%, 05/07/21
.................
9,675
9,675,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Gainesville
Florida
Utilities,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-
YX1118,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(c)
...............
USD
15,435
$
15,435,000
Halifax
Hospital
Medical
Center,
Series
2008,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.07%, 05/07/21
.............
2,500
2,500,000
Highlands
County
Health
Facilities
Authority,
Series
2012I,
RB,
VRDN,
0.05%, 05/07/21
28,910
28,910,000
Highlands
County
Health
Facilities
Authority,
Series
2012I,
RB,
VRDN,
0.06%, 05/07/21
14,750
14,750,000
Hillsborough
County
Industrial
Development
Authority,
Series
2020B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
......
8,685
8,685,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2019-XX1109,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(c)
.....
8,750
8,750,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1110,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(c)
...............
60,000
60,000,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0901,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 05/07/21
(a)(c)
...............
2,000
2,000,000
Orlando
Utilities
Commission,
Series
2008-2,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.08%, 05/07/21
.................
16,750
16,750,000
Orlando
Utilities
Commission,
Series
2015B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 05/07/21
.................
18,065
18,065,000
Sunshine
State
Governmental
Financing
Commission,
Series
2010A,
RB,
VRDN
(MUFG
Union
Bank
NA
LOC),
0.06%, 05/07/21
.................
7,500
7,500,000
228,495,000
Georgia
—
1.4%
Atlanta
Water
&
Waste
Water,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2649,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
13,000
13,000,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0244,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.11%, 05/07/21
(a)(b)(c)
..............
2,450
2,450,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0751,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.11%, 05/07/21
(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),
0.12%, 05/07/21
(a)(b)(c)
..............
5,000
5,000,000
City
of
Canton,
Series
2021,
RB,
4.00%, 05/03/21
.................
725
725,000
Gainesville
&
Hall
County
Development
Authority
(AGC),
Series
2003B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.13%, 05/03/21
(b)
.
27,505
27,505,000
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Georgia
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(AGM),
Series
2019-XG0257,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.11%, 05/07/21
(a)(b)(c)
..............
USD
2,230
$
2,230,000
Heard
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-105,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.12%, 05/07/21
(a)(b)(c)
..............
2,075
2,075,000
Monroe
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-106,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.12%, 05/07/21
(a)(b)(c)
..............
5,000
5,000,000
Municipal
Electric
Authority
of
Georgia,
Series
2008B,
RB,
VRDN
(PNC
Bank
NA
LOC),
0.07%, 05/07/21
(b)
................
4,010
4,010,000
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0256,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.11%, 05/07/21
(a)(b)(c)
..............
15,820
15,820,000
80,815,000
Hawaii
—
0.3%
State
of
Hawaii,
Series
2020GA,
GO,
5.00%, 10/01/21
.................
16,175
16,497,120
Idaho
—
0.2%
Idaho
Housing
&
Finance
Association,
Series
2011A,
RB,
VRDN
(FHLMC
Guaranty),
0.06%, 05/07/21
(b)
................
9,150
9,150,000
Illinois
—
2.8%
(b)
City
of
Galesburg,
Series
1999,
RB,
VRDN
(PNC
Bank
NA
LOC),
0.30%, 05/07/21
..
2,550
2,550,000
Illinois
Development
Finance
Authority,
Series
1998,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.08%, 05/07/21
.................
8,000
8,000,000
Illinois
Development
Finance
Authority,
Series
2001,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
0.08%, 05/07/21
.............
2,200
2,200,000
Illinois
Finance
Authority,
Series
2004,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
0.08%, 05/07/21
.................
11,225
11,225,000
Illinois
Finance
Authority,
Series
2007A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.07%, 05/07/21
.................
4,100
4,100,000
Illinois
Finance
Authority,
Series
2008C,
Sub-
Series
3-A,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.07%, 05/07/21
............
7,055
7,055,000
Illinois
Finance
Authority,
Series
2008D,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.07%, 05/07/21
.................
7,000
7,000,000
Illinois
Finance
Authority,
Series
2009E,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.06%, 05/07/21
.................
15,965
15,965,000
Illinois
Finance
Authority,
Series
2020B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.02%, 05/03/21
.................
35,685
35,685,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0072,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
...............
7,500
7,500,000
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0086,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
...............
USD
16,150
$
16,150,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0781,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
23,420
23,420,000
Illinois
Housing
Development
Authority
(GNMA/
FNMA/FHLMC),
Series
2018,
Sub-Series
A-2,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 05/07/21
............
13,500
13,500,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2202,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.09%, 05/07/21
(a)(c)
...............
1,140
1,140,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0801,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.10%, 05/07/21
(a)(c)
...............
3,340
3,340,000
158,830,000
Indiana
—
1.4%
County
of
Elkhart,
Series
2008A,
RB,
VRDN
(Federal
Home
Loan
Bank
LOC),
0.06%, 05/07/21
(b)
................
7,005
7,005,000
Indiana
Finance
Authority,
Series
2005A-1,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.09%, 05/07/21
(b)
................
33,175
33,175,000
Indiana
Finance
Authority,
Series
2009B,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.04%, 05/04/21
(b)
................
6,000
6,000,000
Indiana
Finance
Authority,
Series
2009D,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.04%, 05/04/21
(b)
................
8,750
8,750,000
Indiana
Housing
&
Community
Development
Authority,
Series
2017C-3,
RB,
VRDN
(TD
Bank
NA
LIQ),
0.04%, 05/03/21
(b)
......
12,440
12,440,000
Indiana
University,
Series
2021,
0.16%, 09/21/21
.................
10,000
9,999,520
77,369,520
Iowa
—
3.7%
(b)
Iowa
Finance
Authority,
Series
2003B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 05/07/21
.................
20,780
20,780,000
Iowa
Finance
Authority,
Series
2008B,
RB,
VRDN
(MidAmerican
Energy
Corp.
Guaranty),
0.07%, 05/07/21
..........
53,625
53,625,000
Iowa
Finance
Authority,
Series
2012,
RB,
VRDN
(Korea
Development
Bank
LOC),
0.12%, 05/07/21
(a)
................
94,625
94,625,000
Iowa
Finance
Authority,
Series
2016A,
RB,
VRDN
(MidAmerican
Energy
Corp.
Guaranty),
0.07%, 05/07/21
..........
30,100
30,100,000
Iowa
Finance
Authority
(GNMA/FNMA/FHLMC),
Series
2017D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 05/07/21
....
8,400
8,400,000
207,530,000
Security
Par
(000)
Par
(000)
Value
Kansas
—
0.3%
(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),
0.11%, 05/07/21
.................
USD
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),
0.09%, 05/07/21
.
6,500
6,500,000
15,080,000
Kentucky
—
1.5%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(AGM),
Series
2018-XG0161,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.09%, 05/07/21
(a)(b)(c)
.
4,960
4,960,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2020,
BAN,
5.00%, 10/20/21
.................
52,340
53,526,637
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
(JPMC),
Series
2021
(JP
Morgan
Chase
Bank
Guaranty),
0.15%, 06/01/21
.................
15,000
15,000,780
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
(JPMC),
Series
2021
(JP
Morgan
Chase
Bank
Guaranty),
0.13%, 07/01/21
.................
10,000
10,001,240
University
of
Louisville,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(AGM),
Series
2020-XM0881,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.10%, 05/07/21
(a)(b)(c)
..............
2,730
2,730,000
86,218,657
Louisiana
—
2.2%
East
Baton
Rouge
Parish
Industrial
Development
Board,
Inc.,
Series
2010B,
RB,
VRDN
(Exxon
Mobil
Corp.
Guaranty),
0.04%, 05/03/21
(b)
................
14,100
14,100,000
Livingston
Parish
School
Board,
Series
2021A,
RB,
3.00%, 05/03/21
..............
1,700
1,700,000
Louisiana
Public
Facilities
Authority,
Series
200
4,
RB,
VRDN
(Air
Products
&
Che
micals,
Inc.
Guaranty),
0.07%, 05/07/21
(b)
......
23,000
23,000,000
Louisiana
Public
Facilities
Authority,
Series
2008
B,
RB,
VRDN
(Air
Products
&
Che
micals,
Inc.
Guaranty),
0.08%, 05/07/21
(b)
................
11,400
11,400,000
Louisiana
Public
Facilities
Authority,
Series
2010,
RB,
VRDN
(Air
Products
&
Che
micals,
Inc.
Guaranty),
0.08%, 05/07/21
(b)
......
66,700
66,700,000
Parish
of
St
Charles,
Series
1992B,
RB,
VRDN
(Shell
Oil
Corp.
Guaranty),
0.05%, 05/03/21
(b)
................
8,600
8,600,000
125,500,000
Maryland
—
0.7%
(b)
Baltimore
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0642,
BAN,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
1,900
1,900,000
Maryland
Economic
Development
Corp.,
Series
2008A,
RB,
VRDN,
0.06%, 05/07/21
....
6,750
6,750,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2000,
RB,
VRDN
(Manufacturers
&
Traders
Trust
Co.
LOC),
0.11%, 05/07/21
.................
14,340
14,340,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2009B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 05/07/21
....
USD
12,320
$
12,320,000
Washington
Suburban
Sanitary
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0816,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(c)
...............
2,285
2,285,000
37,595,000
Massachusetts
—
1.1%
Attleboro,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XM0915,
GO,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..........
6,750
6,750,000
City
of
Quincy,
Series
2020,
BAN,
GO,
2.00%, 06/11/21
.................
16,614
16,648,485
Commonwealth
of
Massachusetts,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2021
E-148,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..
20,000
20,000,000
Massachusetts
Development
Finance
Agency,
Series
2008-U6E,
RB,
VRDN
(TD
Bank
NA
LOC),
0.02%, 05/03/21
(b)
............
12,205
12,205,000
Massachusetts
Development
Finance
Agency,
Series
2011K-1,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.05%, 05/07/21
(b)
....
4,640
4,640,000
Massachusetts
State
Transporting
Fund,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0610,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
....
4,500
4,500,000
64,743,485
Michigan
—
3.8%
Board
of
Trustees
Michigan
State
University,
Series
2021G,
0.11%, 05/06/21
.......
22,090
22,090,177
Board
of
Trustees
Michigan
State
University,
Series
2021G,
0.11%, 05/07/21
.......
9,935
9,935,099
Kent
Hospital
Finance
Authority,
Series
2008C,
RB,
VRDN
(Bank
of
New
York
Mellon
LOC),
0.05%, 05/07/21
(b)
................
4,075
4,075,000
Michigan
Building
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0743,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
4,000
4,000,000
Michigan
State
Housing
Development
Authority,
Series
2006C,
RB,
VRDN
(US
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
...........
14,790
14,790,000
Michigan
State
Housing
Development
Authority,
Series
2009D,
RB,
VRDN
(Industrial
and
Commercial
Bank
of
China
Ltd.
SBPA),
0.10%, 05/07/21
(b)
................
14,705
14,705,000
Michigan
State
University,
Series
2000A-
1,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.08%, 05/07/21
(b)
................
44,925
44,925,000
Michigan
State
University,
Series
2003A,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.08%, 05/07/21
(b)
................
38,005
38,005,000
Michigan
State
University,
Series
2005,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.08%, 05/07/21
(b)
................
51,090
51,090,000
University
of
Michigan,
Series
2012D-1,
RB,
VRDN,
0.02%, 05/03/21
(b)
...........
10,915
10,915,000
214,530,276
Security
Par
(000)
Par
(000)
Value
Minnesota
—
1.9%
City
of
Minneapolis,
Series
1997B,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.07%, 05/07/21
(b)
................
USD
3,250
$
3,250,000
City
of
Minneapolis,
Series
2009,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
................
8,800
8,800,000
City
of
Rochester,
Series
2008A,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
10,200
10,200,000
City
of
Rochester,
Series
2019A,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.06%, 05/07/21
(b)
................
15,000
15,000,000
City
of
Rochester,
Series
2019C,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.06%, 05/07/21
(b)
................
4,800
4,800,000
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota,
Series
2009C,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.05%, 05/07/21
(b)
................
5,320
5,320,000
Minnesota
Housing
Finance
Agency,
Series
2015G,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
(b)
...........
4,575
4,575,000
University
of
Minnesota,
Series
2021C,
0.11%, 05/20/21
.................
15,000
15,000,600
University
of
Minnesota,
Series
2021F,
0.14%, 05/10/21
.................
42,100
42,100,589
109,046,189
Mississippi
—
3.3%
(b)
County
of
Jackson,
Series
1993,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
9,870
9,870,000
Mississippi
Business
Finance
Corp.,
Series
2007D,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.04%, 05/03/21
..........
10,950
10,950,000
Mississippi
Business
Finance
Corp.,
Series
2009E,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
19,350
19,350,000
Mississippi
Business
Finance
Corp.,
Series
2009F,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
5,350
5,350,000
Mississippi
Business
Finance
Corp.,
Series
2010G,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
3,950
3,950,000
Mississippi
Business
Finance
Corp.,
Series
2010H,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
30,420
30,420,000
Mississippi
Business
Finance
Corp.,
Series
2010K,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
22,000
22,000,000
Mississippi
Business
Finance
Corp.,
Series
2010L,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
38,160
38,160,000
Mississippi
Business
Finance
Corp.,
Series
2011C,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
14,525
14,525,000
Mississippi
Business
Finance
Corp.,
Series
2011F,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.04%, 05/03/21
..........
10,265
10,265,000
Mississippi
Business
Finance
Corp.,
Series
2011G,
RB,
VRDN
(Chevron
Corp.
Guaranty),
0.03%, 05/03/21
..........
20,300
20,300,000
185,140,000
MuniCash
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Missouri
—
1.9%
(b)
City
of
Kansas
City,
Series
2008E,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.07%, 05/07/21
.................
USD
7,765
$
7,765,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0678,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
(a)(c)
.....
18,800
18,800,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0184,
RB,
VRDN
(Citibank
NA
LOC),
0.11%, 05/07/21
(a)(c)
...........
5,000
5,000,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019C-17,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.11%, 05/07/21
(a)(c)
.....
14,000
14,000,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XG0300,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 05/07/21
(a)(c)
........
7,500
7,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
C-16,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.12%, 05/07/21
(a)(c)
...........
52,600
52,600,000
105,665,000
Nebraska
—
2.2%
Lincoln
Nebraska
Electric
(JPMC),
Series
1995
(JP
Morgan
Chase
Bank
NA
LOC),
0.13%, 08/03/21
.................
40,000
40,000,640
Nebraska
Investment
Finance
Authority
(GNMA/FNMA/FHLMC),
Series
2017C,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
(b)
................
15,195
15,195,000
Omaha
Public
Power
District,
Series
2021A
(Bank
of
America
NA
SBPA),
0.13%, 05/04/21
.................
10,050
10,050,081
Omaha
Public
Power
District,
Series
2021A
(Bank
of
America
NA
SBPA),
0.13%, 05/05/21
.................
14,000
14,000,140
Omaha
Public
Power
District,
Series
2021A
(Bank
of
America
NA
SBPA),
0.13%, 05/06/21
.................
8,950
8,950,107
Omaha
Public
Power
District,
Series
2021A
(Bank
of
America
NA
SBPA),
0.14%, 09/01/21
.................
14,370
14,369,253
Omaha
Public
Power
District,
Series
2021A
(Bank
of
America
NA
SBPA),
0.14%, 09/02/21
.................
14,000
13,999,258
Omaha
Public
Power
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2685,
RB,
VRDN
(Citibank
NA
LIQ),
0.09%, 05/07/21
(a)
(b)(c)
..........................
5,400
5,400,000
121,964,479
Nevada
—
0.1%
Nevada
System
of
Higher
Education,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2858,
COP,
VRDN
(Barclays
Bank
plc
LIQ),
0.11%, 05/07/21
(a)(b)(c)
..............
5,475
5,475,000
Security
Par
(000)
Par
(000)
Value
New
Hampshire
—
0.3%
New
Hampshire
Health
and
Education
Facilities
Authority
Act,
Series
2005A-2,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.02%, 05/03/21
(b)
................
USD
14,400
$
14,400,000
New
Jersey
—
1.5%
County
of
Mercer,
Series
2020A,
BAN,
GO,
2.00%, 06/10/21
.................
49,544
49,638,413
County
of
Middlesex,
Series
2020,
BAN,
GO,
2.00%, 06/03/21
.................
6,000
6,009,293
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2853,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.09%, 05/07/21
(a)(b)(c)
.........
2,740
2,740,000
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States
(NATL-RE),
Series
2018-XX1091,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.09%, 05/07/21
(a)(b)(c)
...
11,545
11,545,000
New
Jersey
State
Appropriation,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2018-XG0168,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.09%, 05/07/21
(a)(b)(c)
.......
7,725
7,725,000
New
Jersey
State
Housing
&
Mortgage
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XG0228,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..........
2,775
2,775,000
New
Jersey
Transportation
Trust
Fund
Authority,
Series
2020-XM0926,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.09%, 05/07/21
(b)
................
4,250
4,250,000
84,682,706
New
York
—
15.0%
Amherst
Development
Corp.,
Series
2011A,
RB,
VRDN
(Manufacturers
&
Traders
Trust
Co.
LOC),
0.11%, 05/07/21
(b)
.........
4,100
4,100,000
Battery
Park
City
Authority,
Series
2019D-
1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.05%, 05/07/21
(b)
................
700
700,000
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.09%, 05/07/21
(b)(c)
..........
2,645
2,645,000
Bethlehem
Central
School
District,
Series
2020A,
BAN,
GO,
1.50%, 06/29/21
.....
6,000
6,011,462
City
of
New
York,
Series
2005F,
Sub-Series
F-3,
GO,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.08%, 05/07/21
(b)
............
2,500
2,500,000
City
of
New
York,
Series
2006I,
Sub-Series
I-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
26,305
26,305,000
City
of
New
York,
Series
2012A,
Sub-Series
A-4,
GO,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.06%, 05/07/21
(b)
.....
4,505
4,505,000
City
of
New
York,
Series
2012G,
Sub-Series
G-6,
GO,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.03%, 05/03/21
(b)
................
5,420
5,420,000
City
of
New
York,
Series
2014D,
Sub-Series
D-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
44,690
44,690,000
City
of
New
York,
Series
2014I,
Sub-Series
I-3,
GO,
VRDN
(Citibank
NA
LOC),
0.06%, 05/07/21
(b)
................
29,890
29,890,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
City
of
New
York,
Series
2018E,
Sub-Series
E-5,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
USD
24,375
$
24,375,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0550,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.15%, 05/07/21
(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),
0.10%, 05/07/21
(a)(b)(c)
..............
4,595
4,595,000
Metropolitan
Transportation
Authority,
Series
2008A-1,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
8,895
8,895,000
Metropolitan
Transportation
Authority,
Series
2012A-2,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.07%, 05/07/21
(b)
............
17,700
17,700,000
Metropolitan
Transportation
Authority,
Series
2015,
Sub-Series
E-3,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.03%, 05/03/21
(b)
...
9,400
9,400,000
Metropolitan
Transportation
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
E-126,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.11%, 05/07/21
(a)(b)(c)
..............
30,500
30,500,000
Monroe
County
Industrial
Development
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0991,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
......
5,150
5,150,000
New
York
City
Health
&
Hospital
Corp.,
Series
2008C,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
................
1,000
1,000,000
New
York
City
Housing
Development
Corp.,
Series
2017C-4,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
....
22,020
22,020,000
New
York
City
Housing
Development
Corp.,
Series
2017G-3,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.05%, 05/07/21
(b)
....
4,000
4,000,000
New
York
City
Housing
Development
Corp.,
Series
2019A-4,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.07%, 05/07/21
(b)
.....
2,950
2,950,000
New
York
City
Industrial
Development
Agency,
Series
2004B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.03%, 05/03/21
(b)
.........
2,700
2,700,000
New
York
City
Municipal
Water
Finance,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0731,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
2,800
2,800,000
New
York
City
Transitional
Finance
Authority,
Series
2003,
Sub-Series
A-4,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.04%, 05/03/21
(b)
.
33,805
33,805,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2010,
Sub-
Series
G-6,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
16,770
16,770,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2011,
Sub-
Series
A-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
8,920
8,920,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2014,
Sub-
Series
D-3,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.05%, 05/03/21
(b)
...........
USD
24,565
$
24,565,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019,
Sub-
Series
C-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
22,700
22,700,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Series
2019,
Sub-Series
B-4,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.02%, 05/03/21
(b)
22,355
22,355,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2529,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
....
4,625
4,625,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0992,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
......
3,080
3,080,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XL0164,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.08%, 05/07/21
(a)(b)(c)
.........
9,330
9,330,000
New
York
City
Trust
for
Cultural
Resources,
Series
2009A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.05%, 05/07/21
(b)
7,745
7,745,000
New
York
City
Water
&
Sewer
System,
Series
2009,
Sub-Series
BB-1,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
SBPA),
0.05%, 05/03/21
(b)
..
14,100
14,100,000
New
York
City
Water
&
Sewer
System,
Series
2011,
Sub-Series
FF-2,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
SBPA),
0.02%, 05/03/21
(b)
..
10,500
10,500,000
New
York
City
Water
&
Sewer
System,
Series
2011DD-1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.04%, 05/03/21
(b)
................
32,140
32,140,000
New
York
City
Water
&
Sewer
System,
Series
2012,
Sub-Series
A-2,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.03%, 05/03/21
(b)
....
11,400
11,400,000
New
York
City
Water
&
Sewer
System,
Series
2013,
Sub-Series
AA2,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.07%, 05/07/21
(b)
....
6,300
6,300,000
New
York
City
Water
&
Sewer
System,
Series
2013,
Sub-Series
AA-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
SBPA),
0.06%, 05/07/21
(b)
................
5,400
5,400,000
New
York
City
Water
&
Sewer
System,
Series
2014AA,
Sub-Series
AA-3,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.04%, 05/03/21
(b)
....
57,815
57,815,000
New
York
City
Water
&
Sewer
System,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.04%, 05/03/21
(b)
................
23,920
23,920,000
New
York
City
Water
&
Sewer
System,
Series
2015BB,
Sub-Series
BB-2,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.04%, 05/03/21
(b)
................
16,900
16,900,000
New
York
City
Water
&
Sewer
System,
Series
2016BB-1A,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.04%, 05/03/21
(b)
...
9,570
9,570,000
MuniCash
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Water
&
Sewer
System,
Series
2016BB-1B,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.04%, 05/03/21
(b)
...
USD
10,215
$
10,215,000
New
York
City
Water
&
Sewer
System,
Series
2017BB,
RB,
VRDN
(Bank
of
Montreal
SBPA),
0.04%, 05/03/21
(b)
...........
22,115
22,115,000
New
York
Power
Authority,
Series
2021-2
(TD
Bank
NA
SBPA),
0.14%, 08/17/21
.....
11,500
11,501,472
New
York
Power
Authority
(JPMC),
Series
2020
(Toronto-Dominion
Bank
SBPA),
0.29%, 07/13/21
.................
9,900
9,901,960
New
York
Power
Authority
(JPMC),
Series
2020
(JP
Morgan
Chase
Bank
NA
SBPA),
0.29%, 08/03/21
.................
38,522
38,532,285
New
York
Power
Authority
(JPMC),
Series
2020
(JP
Morgan
Chase
Bank,
State
Street
Bank,
Toronto-Dominion
(The)
and
Wells
Fargo
Bank
Guaranty),
0.23%, 08/17/21
......
13,577
13,579,716
New
York
Power
Authority
(JPMC),
Series
2021
(JP
Morgan
Chase
Bank,
State
Street
Bank,
Toronto-Dominion
(The)
and
Wells
Fargo
Bank
Guaranty),
0.15%, 09/13/21
......
21,800
21,803,401
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0829,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
2,000
2,000,000
New
York
State
Dormitory
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
................
3,040
3,040,000
New
York
State
Dormitory
Authority,
Series
2020E-146,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.09%, 05/07/21
(b)
...........
7,000
7,000,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2647,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
3,000
3,000,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-1,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.06%, 05/07/21
(b)
............
27,800
27,800,000
New
York
State
Housing
Finance
Agency,
Series
2004A,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 05/07/21
(b)
............
5,400
5,400,000
New
York
State
Housing
Finance
Agency,
Series
2010A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 05/07/21
(b)
................
7,900
7,900,000
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),
0.09%, 05/07/21
(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),
0.09%, 05/07/21
(a)(b)(c)
..............
7,865
7,865,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2010B
(JP
Morgan
Chase
Bank
Guaranty),
0.12%, 06/09/21
..........
1,500
1,500,078
Syracuse
Industrial
Development
Agency,
Series
2021A,
RB,
5.00%, 05/03/21
....
250
250,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2001C,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.02%, 05/03/21
(b)
.....
24,850
24,850,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Triborough
Bridge
&
Tunnel
Authority,
Series
2005A,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.06%, 05/07/21
(b)
................
USD
12,125
$
12,125,000
848,970,374
North
Carolina
—
1.0%
(b)
City
of
Charlotte,
Series
2003F,
COP,
VRDN
(Bank
of
America
NA
SBPA),
0.07%, 05/07/21
.................
5,000
5,000,000
City
of
Charlotte,
Series
2013G,
COP,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.05%, 05/07/21
.................
14,225
14,225,000
City
of
Raleigh,
Series
2005B-1,
COP,
VRDN
(PNC
Bank
NA
SBPA),
0.08%, 05/07/21
.
28,040
28,040,000
University
of
Chapel
Hill
Union,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0262,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.13%, 05/07/21
(a)(c)
...............
640
640,000
University
of
North
Carolina
at
Chapel
Hill,
Series
2001A,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.04%, 05/03/21
............
8,630
8,630,000
56,535,000
North
Dakota
—
0.1%
North
Dakota
Housing
Finance
Agency,
Series
2017H,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
(b)
.......
7,395
7,395,000
Ohio
—
1.2%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Series
2017B,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
0.06%, 05/07/21
(b)
.
2,475
2,475,000
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
11,395
11,395,000
Berea
Ohio
City
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-54,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
4,050
4,050,000
City
of
Avon,
Series
2020,
BAN,
GO,
1.50%, 06/10/21
.................
525
525,635
City
of
Kirtland,
Series
2020,
BAN,
GO,
1.50%, 06/17/21
.................
2,405
2,408,758
City
of
Parma,
Series
2020,
BAN,
GO,
1.00%, 07/22/21
.................
3,000
3,005,261
County
of
Franklin,
Series
2011D-1,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
5,240
5,240,000
County
of
Franklin,
Series
2018C,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
21,600
21,600,000
Forest
Hills
Ohio
Local
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-30,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
4,600
4,600,000
Miami
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0225,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 05/07/21
(a)(b)(c)
..............
3,000
3,000,000
State
of
Ohio,
Series
2021B,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
10,000
10,000,000
68,299,654
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Oregon
—
0.9%
(b)
Oregon
State
Facilities
Authority,
Series
2005A,
RB,
VRDN
(Fannie
Mae
LOC),
0.10%, 05/07/21
.................
USD
7,975
$
7,975,000
Oregon
State
Facilities
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
.................
40,380
40,380,000
48,355,000
Pennsylvania
—
6.4%
Allegheny
County
Hospital
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-111,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.06%, 05/03/21
(a)(b)(c)
..............
34,970
34,970,000
Cheltenham
Township
School
District,
Series
2021A,
GO,
1.00%, 09/15/21
.........
625
626,749
City
of
Philadelphia,
Series
2020-2021A,
TAN,
4.00%, 06/30/21
.................
31,900
32,096,884
Cumberland
County
Municipal
Authority,
Series
2019,
RB,
VRDN
(Manufacturers
&
Traders
Trust
Co.
LOC),
0.11%, 05/07/21
(b)
.....
16,700
16,700,000
Emmaus
General
Authority
(AGM),
Series
1996,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
...........
40,700
40,700,000
Geisinger
Authority
Pennsylvania
Health
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2017-
XF0543,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.13%, 05/07/21
(a)(b)(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),
0.13%, 05/07/21
(a)(b)(c)
....
4,325
4,325,000
General
Authority
of
Southcentral
Pennsylvania,
Series
2019C,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 05/07/21
(b)
..........
10,500
10,500,000
General
Authority
of
Southcentral
Pennsylvania,
Series
2019D,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 05/07/21
(b)
..........
18,500
18,500,000
Lancaster
Industrial
Development
Authority,
Series
2009C,
VRDN
(PNC
Bank
NA
LOC),
0.07%, 05/07/21
(b)
................
10,970
10,970,000
Lycoming
County
Authority,
Series
2013-S1,
RB,
VRDN
(Manufacturers
&
Traders
Trust
Co.
LOC),
0.10%, 05/07/21
(b)
.........
2,770
2,770,000
Montgomery
County
Industrial
Development
Authority
(AGC),
Series
2002,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.13%, 05/03/21
(b)
.
8,845
8,845,000
Oklahoma
Development
Finance
Authority,
Series
2020E-140,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.09%, 05/07/21
(b)
.....
12,500
12,500,000
Pennsylvania
Economic
Development
Financing
Authority,
Series
2009C,
RB,
VRDN
(MUFG
Bank
Ltd.
LOC),
0.10%, 05/07/21
(b)
................
12,000
12,000,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0721,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
....
2,060
2,060,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0140,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..........
1,625
1,625,000
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission,
Series
2020A,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.05%, 05/07/21
(b)
................
USD
18,000
$
18,000,000
Philadelphia
Authority
for
Industrial
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF2836,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.26%, 05/07/21
(a)(b)(c)
3,930
3,930,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
(AGM),
Series
2007A,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.08%, 05/07/21
(b)
................
108,295
108,295,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1075,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
14,190
14,190,000
Wilkes-Barre
Area
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0777,
GO,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 05/07/21
(a)(b)(c)
..............
2,280
2,280,000
359,883,633
Rhode
Island
—
0.4%
City
of
East
Providence,
Series
2021-1,
BAN,
GO,
2.00%, 06/17/21
..............
7,250
7,266,648
City
of
East
Providence,
Series
2021-1,
GO,
TAN,
2.00%, 07/29/21
.............
5,500
5,524,951
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XM0721,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..........
8,250
8,250,000
21,041,599
South
Carolina
—
1.3%
City
of
Columbia
Waterworks
&
Sewer
System,
Series
2009,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.06%, 05/07/21
(b)
......
23,100
23,100,000
South
Carolina
Public
Service
Authority,
Series
2019A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.12%, 05/07/21
(b)
............
25,460
25,460,000
South
Carolina
Public
Service
Authority,
Series
2021B
(Barclays
Bank
plc
LOC),
0.15%, 07/20/21
.................
4,800
4,800,480
South
Carolina
Public
Service
Authority
(Barclays
Bank),
Series
2021,
0.13%, 06/02/21
.................
5,600
5,600,319
South
Carolina
State
Housing
Finance
&
Development
Authority,
Series
2008,
RB,
VRDN
(Freddie
Mac
LOC),
0.09%, 05/07/21
(b)
................
1,780
1,780,000
South
Carolina
State
Housing
Finance
&
Development
Authority,
Series
2020,
RB,
VRDN
(Federal
Home
Loan
Bank
LOC),
0.06%, 05/07/21
(b)
................
10,925
10,925,000
71,665,799
South
Dakota
—
0.5%
(b)
South
Dakota
Housing
Development
Authority,
Series
2015E,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 05/07/21
....
8,300
8,300,000
South
Dakota
Housing
Development
Authority,
Series
2020B,
RB,
VRDN
(South
Dakota
Housing
Development
Authority
SBPA),
0.05%, 05/07/21
.................
14,400
14,400,000
MuniCash
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
South
Dakota
(continued)
South
Dakota
Housing
Development
Authority,
Series
2020D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.09%, 05/07/21
....
USD
7,600
$
7,600,000
30,300,000
Tennessee
—
1.4%
City
of
Memphis,
Series
2012A
(State
Street
Bank
&
Trust
Co.
SBPA),
0.10%, 05/06/21
20,000
20,000,160
City
of
Memphis
(State
Street),
Series
2012A
(State
Street
Bank
&
Trust
Co.
SBPA),
0.14%, 06/02/21
.................
25,000
25,001,600
City
of
Memphis
(State
Street),
Series
2012A
(State
Street
Bank
&
Trust
Co.
SBPA),
0.12%, 07/07/21
.................
6,000
6,000,492
Clarksville
Public
Building
Authority,
Series
1999,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 05/07/21
(b)
............
2,620
2,620,000
Memphis
Sanitary
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF0994,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
4,340
4,340,000
Public
Building
Authority
of
Sevier
County
(The),
Series
2008VII-B-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.07%, 05/07/21
(b)
.
13,140
13,140,000
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1087,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(b)(c)
........
9,780
9,780,000
80,882,252
Texas
—
9.4%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF0220,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.13%, 05/07/21
(a)(b)(c)
..............
27,745
27,745,000
Bexar
County
Housing
Finance
Corp.,
Series
2000,
RB,
VRDN
(Fannie
Mae
LOC),
0.09%, 05/07/21
(b)
................
2,520
2,520,000
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021,
0.12%, 05/06/21
..
25,000
25,000,325
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.12%, 05/19/21
.
23,100
23,100,577
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.10%, 05/20/21
.
15,500
15,500,419
Brownsville
Texas
Utilities
System
(Bank
of
America),
Series
2021A
(Bank
of
America
NA
LOC),
0.22%, 12/16/21
..........
10,000
9,999,610
City
of
Austin,
Series
2017A,
RB,
VRDN
(Citibank
NA
LOC),
0.06%, 05/07/21
(b)
...
14,425
14,425,000
City
of
Austin
Water
&
Wastewater
System,
Series
2008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.07%, 05/07/21
(b)
............
7,960
7,960,000
City
of
Garland,
Series
2021
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.15%, 05/25/21
...
8,500
8,500,425
City
of
Garland,
Series
2021
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.10%, 07/22/21
...
18,000
18,001,836
City
of
Houston
Combined
Utility
System,
Series
2004B-2,
RB,
VRDN
(Citibank
NA
LOC),
0.06%, 05/07/21
(b)
............
1,130
1,130,000
City
of
Houston
Combined
Utility
System,
Series
2004B-3,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.06%, 05/07/21
(b)
.
4,105
4,105,000
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Dallas
Independent
School
District
(JPMC),
Series
2020A
(JP
Morgan
Chase
Bank
NA
LOC),
0.28%, 07/02/21
.............
USD
10,000
$
10,001,280
Dallas
Texas
Water
Works
&
Swear
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2697,
RB,
VRDN
(Citibank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..............
6,000
6,000,000
Fort
Bend
Independent
School
District,
Series
2021A
(JP
Morgan
Chase
Bank
NA
SBPA),
0.13%, 06/28/21
.................
35,000
35,002,625
Harris
County
Flood
Control
District,
Series
2021H
(JP
Morgan
Chase
Bank
NA
SBPA),
0.12%, 05/06/21
.................
28,000
28,000,224
Harris
County
Flood
Control
District,
Series
2021H
(JP
Morgan
Chase
Bank
NA
SBPA),
0.13%, 06/17/21
.................
3,750
3,750,233
Lamar
Texas
Cons
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States
(PSF-GTD),
Series
G-18,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(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),
0.09%, 05/07/21
(a)(b)(c)
.........
10,520
10,520,000
Leander
Texas
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
G-62,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
2,000
2,000,000
Lower
Neches
Valley
Authority
Industrial
Development
Corp.,
Series
2002A,
RB,
VRDN,
0.03%, 05/03/21
(b)
...........
14,140
14,140,000
Lower
Neches
Valley
Authority
Industrial
Development
Corp.,
Series
2010,
RB,
VRDN,
0.03%, 05/03/21
(b)
...........
20,625
20,625,000
North
Bend
Water
Authority
Texas
Water,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0816,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.16%, 05/07/21
(a)(b)(c)
....
16,520
16,520,000
North
Texas
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020E-145,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
....
11,000
11,000,000
Pasadena
Independent
School
District
(AGM),
Series
2005-B,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
26,915
26,915,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2002C,
RB,
VRDN,
0.09%, 05/07/21
(b)
...........
1,500
1,500,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2010A,
RB,
VRDN,
0.09%, 05/07/21
(b)
...........
3,000
3,000,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2012,
RB,
VRDN,
0.09%, 05/07/21
(b)
...........
9,500
9,500,000
Red
River
Education
Finance
Corp.,
Series
2006,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
................
20,500
20,500,000
San
Antonio
Housing
Trust
Finance
Corp.,
Series
2020A,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.06%, 05/07/21
(b)
........
17,250
17,250,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
San
Antonio
Housing
Trust
Finance
Corp.,
Series
2020B,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.06%, 05/07/21
(b)
........
USD
4,000
$
4,000,000
South
Texas
Community
College
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018G-
35,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
.........
7,135
7,135,000
State
of
Texas,
Series
2012B,
GO,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.08%, 05/07/21
(b)
................
1,040
1,040,000
State
of
Texas,
Series
2015B,
GO,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
(b)
................
61,930
61,930,000
State
of
Texas,
Series
2018,
GO,
VRDN
(Federal
Home
Loan
Bank
LIQ),
0.09%, 05/07/21
(b)
................
1,215
1,215,000
State
of
Texas,
Series
2020,
TAN,
4.00%, 08/26/21
.................
50,000
50,614,975
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2008A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
..
6,230
6,230,000
Texas
Water
Development
Board,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2201,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
300
300,000
534,417,529
Utah
—
0.8%
(b)
City
of
Murray,
Series
2003B,
RB,
VRDN,
0.05%, 05/07/21
.................
4,400
4,400,000
County
of
Utah,
Series
2016E,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.07%, 05/07/21
.................
9,805
9,805,000
County
of
Utah,
Series
2018C,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.02%, 05/03/21
.....
27,035
27,035,000
Intermountain
Power
Agency
Utah
Power,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
E142,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(c)
...........
4,255
4,255,000
Utah
County
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0732,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(c)
1,910
1,910,000
47,405,000
Virginia
—
0.7%
(b)
Fairfax
County
Industrial
Development
Authority,
Series
2016C,
RB,
VRDN,
0.06%, 05/07/21
.................
5,265
5,265,000
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0606,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 05/07/21
(a)(c)
...............
4,400
4,400,000
Loudoun
County
Economic
Development
Authority,
Series
2003F,
RB,
VRDN,
0.06%, 05/07/21
.................
12,745
12,745,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XG0183,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.09%, 05/07/21
(a)(c)
...........
12,860
12,860,000
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Virginia
Commonwealth
Transportation
Board
Trust,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0659,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
(a)(c)
...........
USD
6,000
$
6,000,000
41,270,000
Washington
—
1.4%
County
of
King,
Series
2019B,
GO,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
....
10,000
10,000,000
King
County
Housing
Authority,
Series
2021A,
0.13%, 05/19/21
.................
5,500
5,500,225
King
County
Housing
Authority,
Series
2021A,
0.10%, 06/03/21
.................
4,500
4,500,203
King
County
Washington
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0141,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..........
5,300
5,300,000
University
of
Washington,
Series
2021A,
0.15%, 07/07/21
.................
3,000
3,000,135
Washington
Higher
Education
Facilities
Authority,
Series
2004,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.08%, 05/07/21
(b)
................
19,535
19,535,000
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2527,
RB,
VRDN
(Citibank
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
1,875
1,875,000
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1106,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.10%, 05/07/21
(a)(b)(c)
.......
6,240
6,240,000
Washington
State
Housing
Finance
Commission,
Series
2014,
RB,
VRDN
(East
West
Bank
LOC),
0.05%, 05/07/21
(b)
....
21,430
21,430,000
Washington
State
Housing
Finance
Commission,
Series
2016VR-1N,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
(b)
................
3,300
3,300,000
80,680,563
Wisconsin
—
1.9%
(b)
Public
Finance
Authority,
Series
2019B,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.06%, 05/07/21
.................
3,175
3,175,000
Public
Finance
Authority,
Series
2019C,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.04%, 05/03/21
.................
14,325
14,325,000
University
of
Wisconsin
Hospitals
&
Clinics,
Series
2009B,
RB,
VRDN
(US
Bank
NA
LOC),
0.06%, 05/07/21
.............
26,680
26,680,000
University
of
Wisconsin
Hospitals
&
Clinics,
Series
2018C,
RB,
VRDN
(BMO
Harris
Bank
NA
SBPA),
0.03%, 05/03/21
.........
19,200
19,200,000
Wisconsin
Housing
&
Economic
Development
Authority,
Series
2018C,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
17,865
17,865,000
Wisconsin
Housing
&
Economic
Development
Authority
(FNMA),
Series
2019B,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 05/07/21
.................
17,400
17,400,000
MuniCash
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
Wisconsin
(continued)
Wisconsin
Housing
&
Economic
Development
Authority
(FNMA,
FNMA
COLL),
Series
2017D,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
............
USD
11,600
$
11,600,000
110,245,000
Wyoming
—
0.4%
(b)
Wyoming
Community
Development
Authority,
Series
2018-2,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
......
12,600
12,600,000
Wyoming
Community
Development
Authority,
Series
2021-2,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.06%, 05/07/21
........
9,500
9,500,000
22,100,000
Total
Municipal
Bonds
—
94.3%
(Cost:
$5,335,776,673)
...........................
5,335,857,527
Closed-End
Investment
Companies
—
3.8%
California
—
0.9%
(a)(b)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
..
25,000
25,000,000
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LIQ),
0.09%, 05/07/21
.................
25,000
25,000,000
50,000,000
New
York
—
1.9%
(b)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.11%, 05/07/21
...
14,300
14,300,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
(
Societe
Generale
SA
LOC),
0.11%, 05/07/21
....
63,000
63,000,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Toronto-
Dominion
Bank
LIQ),
0.11%, 05/07/21
(a)
..
USD
30,000
$
30,000,000
107,300,000
Other
—
1.0%
Nuveen
AMT-Free
Municipal
Credit
Income
Fund,
Series
2013,
VRDP,
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 05/07/21
(b)
.
58,400
58,400,000
Total
Closed-End
Investment
Companies
—
3.8%
(Cost:
$215,700,000)
.............................
215,700,000
Total
Investments
—
98.1%
(Cost:
$5,551,476,673
)
(d)
..........................
5,551,557,527
Other
Assets
Less
Liabilities
—
1.9%
...................
109,039,764
Net
Assets
—
100.0%
..............................
$
5,660,597,291
(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)
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
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
5,551,557,527
$
—
$
5,551,557,527
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniFund
56
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
96.7%
Alaska
—
0.6%
Alaska
Housing
Finance
Corp.,
Series
2009A,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
(a)
................
USD
465
$
465,000
Arizona
—
3.8%
(a)
Arizona
Health
Facilities
Authority,
Series
2015C,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.02%, 05/03/21
.............
2,300
2,300,000
Arizona
Industrial
Development
Authority,
Series
2019A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.02%, 05/03/21
.
400
400,000
2,700,000
California
—
1.4%
University
of
California,
Series
2013AL-3,
RB,
VRDN,
0.02%, 05/03/21
(a)
...........
1,000
1,000,000
Colorado
—
2.1%
(a)
City
of
Colorado
Springs
Utilities
System,
Series
2006B,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
SBPA),
0.11%, 05/07/21
.................
475
475,000
Colorado
Health
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0667,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 05/07/21
(b)(c)
...............
1,000
1,000,000
1,475,000
Connecticut
—
3.1%
(a)
Connecticut
Housing
Finance
Authority,
Series
2015C,
Sub-Series
C-3,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.06%, 05/07/21
400
400,000
Connecticut
Housing
Finance
Authority,
Series
2016F,
Sub-Series
F-5,
RB,
VRDN
(
Helaba
SBPA
SBPA),
0.07%, 05/07/21
........
300
300,000
Connecticut
State
Health
&
Educational
Facilities
Authority,
Series
2001V-1,
RB,
VRDN,
0.01%, 05/03/21
............
1,500
1,500,000
2,200,000
District
of
Columbia
—
1.3%
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XG0267,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.11%, 05/07/21
(a)(b)(c)
..........
950
950,000
Florida
—
1.3%
City
of
Gainesville
Utilities
System,
Series
2007A,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.08%, 05/07/21
(a)
....
900
900,000
Illinois
—
1.2%
(a)
Illinois
Finance
Authority,
Series
2008C,
Sub-
Series
2-B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.08%, 05/07/21
.....
565
565,000
Illinois
Finance
Authority,
Series
2018B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.02%, 05/03/21
.................
300
300,000
865,000
Indiana
—
0.9%
Indiana
Housing
&
Community
Development
Authority,
Series
2017C-3,
RB,
VRDN
(TD
Bank
NA
LIQ),
0.04%, 05/03/21
(a)
......
650
650,000
Security
Par
(000)
Par
(000)
Value
Iowa
—
4.4%
(a)
Iowa
Finance
Authority,
Series
2015B,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.04%, 05/07/21
.................
USD
475
$
475,000
Iowa
Finance
Authority,
Series
2016A,
RB,
VRDN,
0.07%, 05/07/21
............
1,700
1,700,000
Iowa
Finance
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 05/07/21
.................
1,000
1,000,000
3,175,000
Kansas
—
1.4%
Wyandotte
County
Kansas
USD,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-23,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
1,000
1,000,000
Maryland
—
4.4%
(a)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
......
1,435
1,435,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2018,
RB,
VRDN
(M&T
Bank
LOC),
0.11%, 05/07/21
(c)
........
1,725
1,725,000
3,160,000
Massachusetts
—
1.5%
Massachusetts
Bay
Transportation
Authority,
Series
2018A,
Sub-Series
A-2,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.06%, 05/07/21
(a)
................
1,100
1,100,000
Michigan
—
3.0%
University
of
Michigan,
Series
2012B,
RB,
VRDN,
0.03%, 05/03/21
(a)
...........
2,125
2,125,000
Minnesota
—
6.6%
(a)
City
of
Minneapolis,
Series
1997B,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.07%, 05/07/21
.................
2,500
2,500,000
City
of
Rochester,
Series
2008A,
RB,
VRDN,
0.05%, 05/07/21
.................
2,250
2,250,000
4,750,000
Mississippi
—
4.1%
(a)
County
of
Jackson,
Series
1993,
RB,
VRDN,
0.03%, 05/03/21
.................
100
100,000
Mississippi
Business
Finance
Corp.,
Series
2009B,
RB,
VRDN,
0.03%, 05/03/21
....
1,550
1,550,000
Mississippi
Business
Finance
Corp.,
Series
2009F,
RB,
VRDN,
0.03%, 05/03/21
....
1,000
1,000,000
Mississippi
Business
Finance
Corp.,
Series
2010I,
RB,
VRDN,
0.03%, 05/03/21
....
300
300,000
2,950,000
Missouri
—
2.6%
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
C-16,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.12%, 05/07/21
(a)(b)(c)
.........
1,900
1,900,000
Nevada
—
0.8%
Nevada
System
of
Higher
Education,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2858,
COP,
VRDN
(Barclays
Bank
plc
LIQ),
0.11%, 05/07/21
(a)(b)(c)
..............
600
600,000
MuniFund
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
New
Hampshire
—
4.2%
New
Hampshire
Health
and
Education
Facilities
Authority
Act,
Series
2005A-2,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.02%, 05/03/21
(a)
................
USD
3,000
$
3,000,000
New
York
—
8.8%
Bethlehem
Central
School
District,
Series
2020A,
BAN,
GO,
1.50%, 06/29/21
.....
1,000
1,001,770
City
of
New
York,
Series
2014D,
Sub-
S
eries
D-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(a)
................
300
300,000
Metropolitan
Transportation
Authority,
Series
2012G-1,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.04%, 05/03/21
(a)
............
1,100
1,100,000
New
York
City
Water
&
Sewer
System,
Series
2012,
Sub-Series
A-2,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.03%, 05/03/21
(a)
....
1,000
1,000,000
New
York
City
Water
&
Sewer
System,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.04%, 05/03/21
(a)
................
800
800,000
New
York
City
Water
&
Sewer
System,
Series
2016BB-1A,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.04%, 05/03/21
(a)
...
1,100
1,100,000
New
York
State
Urban
Development
Corp.,
Series
2004A-3-C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 05/07/21
(a)
1,035
1,035,000
6,336,770
North
Carolina
—
4.0%
(a)
City
of
Charlotte,
Series
2013G,
COP,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.05%, 05/07/21
.................
2,050
2,050,000
North
Carolina
Medical
Care
Commission,
Series
2001A,
RB,
VRDN
(BMO
Harris
Bank
NA
SBPA),
0.06%, 05/07/21
.........
800
800,000
2,850,000
Ohio
—
4.2%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(b)(c)
...............
965
965,000
County
of
Franklin,
Series
2018D,
RB,
VRDN,
0.06%, 05/07/21
.................
1,500
1,500,000
Ohio
State
Hospital
Facility,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0573,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.10%, 05/07/21
(b)(c)
...............
525
525,000
2,990,000
Oregon
—
2.6%
Oregon
State
Facilities
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(a)
................
1,900
1,900,000
Pennsylvania
—
4.7%
City
of
Philadelphia,
Series
2020-2021A,
TAN,
4.00%, 06/30/21
.................
1,500
1,509,200
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Series
2007A,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.08%, 05/07/21
(a)
1,840
1,840,000
3,349,200
Rhode
Island
—
1.1%
Rhode
Island
Industrial
Facilities
Corp.,
Series
2001,
RB,
VRDN,
0.03%, 05/03/21
(a)
....
800
800,000
Security
Par
(000)
Par
(000)
Value
Texas
—
9.6%
(a)
Bexar
County
Housing
Finance
Corp.,
Series
2000,
RB,
VRDN
(Fannie
Mae
LOC),
0.09%, 05/07/21
.................
USD
485
$
485,000
Gulf
Coast
Industrial
Development
Authority,
Series
2012,
RB,
VRDN,
0.02%, 05/03/21
2,470
2,470,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2010A,
RB,
VRDN,
0.09%, 05/07/21
............
1,000
1,000,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2008A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
...
2,895
2,895,000
6,850,000
Utah
—
2.9%
County
of
Weber,
Series
2000A,
RB,
VRDN
(Bank
of
New
York
Mellon
SBPA),
0.02%, 05/03/21
(a)
................
2,100
2,100,000
Virginia
—
2.9%
(a)
Fairfax
County
Industrial
Development
Authority,
Series
2016C,
RB,
VRDN,
0.06%, 05/07/21
.................
1,410
1,410,000
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0606,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 05/07/21
(b)(c)
...............
700
700,000
2,110,000
Washington
—
4.4%
(a)
County
of
King,
Series
2019A,
GO,
VRDN
(TD
Bank
NA
SBPA),
0.02%, 05/03/21
.....
1,650
1,650,000
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1106,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.10%, 05/07/21
(b)(c)
........
1,000
1,000,000
Washington
State
Housing
Finance
Commission,
Series
2000,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.07%, 05/07/21
..
475
475,000
3,125,000
Wisconsin
—
2.8%
Public
Finance
Authority,
Series
2019B,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.06%, 05/07/21
(a)
................
1,980
1,980,000
Total
Municipal
Bonds
—
96.7%
(Cost:
$69,355,970)
..............................
69,355,970
2021
BlackRock
Semi-Annual
Report
to
Shareholders
MuniFund
58
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
—
3.1%
New
York
—
3.1%
(a)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.11%, 05/07/21
...
USD
700
$
700,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
(
Societe
Generale
SA
LOC),
0.11%, 05/07/21
....
1,500
1,500,000
2,200,000
Total
Closed-End
Investment
Companies
—
3.1%
(Cost:
$2,200,000)
..............................
2,200,000
Total
Investments
—
99.8%
(Cost:
$71,555,970
)
(d)
............................
71,555,970
Other
Assets
Less
Liabilities
—
0.2%
...................
163,814
Net
Assets
—
100.0%
..............................
$
71,719,784
(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
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
71,555,970
$
—
$
71,555,970
California
Money
Fund
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
95.8%
California
—
95.8%
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(a)
.........
USD
540
$
540,000
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009C,
RB,
VRDN
(Citibank
NA
LOC),
0.05%, 05/07/21
(a)
............
3,050
3,050,000
California
Educational
Facilities
Authority,
Series
2006B,
RB,
VRDN,
0.05%, 05/07/21
(a)
................
7,000
7,000,000
California
Health
Facilities
Financing
Authority,
Series
2008-B1,
RB,
VRDN,
0.04%, 05/07/21
(a)
................
2,550
2,550,000
California
Health
Facilities
Financing
Authority,
Series
2011C,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.06%, 05/07/21
(a)
............
3,575
3,575,000
California
Municipal
Finance
Authority,
Series
2010A,
RB,
VRDN,
0.02%, 05/03/21
(a)
...
3,950
3,950,000
California
Pollution
Control
Financing
Authority,
Series
1997B,
RB,
VRDN,
0.03%, 05/03/21
(a)
................
8,000
8,000,000
California
State
University
Institute,
Series
2021A
(Wells
Fargo
Bank
NA
LOC),
0.10%, 06/03/21
.................
2,700
2,700,184
California
Statewide
Communities
Development
Authority,
Series
2007A,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.04%, 05/07/21
(a)
.
570
570,000
California
Statewide
Communities
Development
Authority,
Series
2008B,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.02%, 05/03/21
(a)
.
6,815
6,815,000
California
Statewide
Communities
Development
Authority,
Series
2008C,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.04%, 05/07/21
(a)
1,140
1,140,000
Campbell
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Series
2018-XF2700,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..............
9,000
9,000,000
City
of
Los
Angeles,
Series
2020,
TAN,
4.00%, 06/24/21
.................
2,000
2,011,073
City
of
Los
Angeles
Department
of
Airports,
Series
2021A-3
(Bank
of
America
NA
LOC),
0.12%, 05/05/21
.................
3,000
3,000,030
City
of
Los
Angeles
Wastewater
System,
Series
2018C-2,
RB,
VRDN
(Toronto-Dominion
Bank
LOC),
0.04%, 05/07/21
(a)
........
3,225
3,225,000
County
of
Los
Angeles,
Series
2020-21A,
TAN,
4.00%, 06/30/21
.................
1,000
1,006,188
County
of
Los
Angeles,
Series
2021B
(US
Bank
NA
LOC),
0.11%, 05/04/21
..........
3,000
3,000,015
County
of
Los
Angeles,
Series
2021C
(Wells
Fargo
Bank
NA
LOC),
0.11%, 05/06/21
..
2,625
2,625,021
County
of
Riverside,
Series
2020,
TAN,
4.00%, 06/30/21
.................
2,000
2,012,376
Del
Mar
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0259,
VRDN
(Bank
of
America
NA
LOC),
0.11%, 05/07/21
(a)(b)(c)
..........
2,655
2,655,000
Eastern
Municipal
Water
District,
Series
2018A,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.03%, 05/03/21
(a)
................
4,100
4,100,000
Elsinore
Valley
Municipal
Water
District,
Series
2008B,
COP,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(a)
............
6,840
6,840,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Fontana
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2895,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..........
USD
3,000
$
3,000,000
Gilroy
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0237,
GO,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
2,000
2,000,000
Hartnell
Community
College
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0587,
GO,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..............
1,150
1,150,000
Irvine
Ranch
Water
District,
Series
2011A-1,
FRN,
0.09%, 03/02/22
(a)
............
1,000
1,000,010
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0780,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
3,000
3,000,000
Long
Beach
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0862,
GO,
VRDN
(TD
Bank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..............
1,610
1,610,000
Los
Angeles
California
Housing
Department,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0761,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
....
1,875
1,875,000
Los
Angeles
Community
Facilities
District,
Series
2021
(Bank
of
America
NA
LOC),
0.11%, 06/02/21
.................
2,000
2,000,132
Los
Angeles
County
Schools,
Series
2020-
21B3,
COP,
2.00%, 12/30/21
.........
1,000
1,012,434
Los
Angeles
Department
of
Water
&
Power
System,
Series
2001B,
Sub-Series
B-4,
RB,
VRDN
(Citibank
NA
SBPA),
0.02%, 05/03/21
(a)
................
3,400
3,400,000
Los
Angeles
Department
of
Water
&
Power
System,
Series
2021A-1,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.02%, 05/03/21
(a)
5,400
5,400,000
Metropolitan
Water
District
of
Southern
California,
Series
2017E,
RB,
FRN,
0.31%, 06/21/21
(a)
................
10,000
10,000,000
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2021,
Sub-Series
A-1
(US
Bank
NA
LOC),
0.13%, 09/14/21
.............
3,000
2,999,859
Northern
California
Power
Agency,
Series
2008A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(a)
............
595
595,000
Orange
County
Water
District,
Series
2003A,
COP,
VRDN
(Citibank
NA
LOC),
0.06%, 05/07/21
(a)
................
3,800
3,800,000
Riverside
County
Asset
Leasing
Corp.,
Series
2008A,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.06%, 05/07/21
(a)
............
3,000
3,000,000
Sacramento
Municipal
Utility
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF0944,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..............
4,000
4,000,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
California
Money
Fund
60
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Diego
County
Regional
Transportation
Commission,
Series
2008B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.04%, 05/07/21
(a)
................
USD
3,300
$
3,300,000
San
Diego
County
Regional
Transportation
Commission,
Series
2008D,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.04%, 05/07/21
(a)
................
2,750
2,750,000
San
Diego
Housing
Authority,
Series
2017A,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.07%, 05/07/21
(a)
.........
2,300
2,300,000
San
Diego
Public
Facilities
Financing
Authority,
Series
2021B
(Bank
of
America
NA
LOC),
0.13%, 06/23/21
.................
2,000
2,000,138
San
Francisco
Bay
Area
Rapid
Transit
District,
Series
2019B-1,
GO,
5.00%, 08/01/21
...
500
505,955
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF2449,
GO,
VRDN
(Citibank
NA
LIQ),
0.08%, 05/07/21
(a)(b)(c)
..........
200
200,000
San
Francisco
City
&
County
Airport
Commission-San
Francisco
International
Airport,
Series
2018C,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 05/07/21
(a)
................
4,525
4,525,000
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater,
Series
2021
(Bank
of
America
NA
LOC),
0.14%, 05/12/21
...
2,000
2,000,054
San
Jose
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2534,
GO,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
......
1,820
1,820,000
Santa
Barbara
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0791,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.11%, 05/07/21
(a)(b)(c)
....
869
869,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Clara
Valley
Transportation
Authority,
Series
2008A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/07/21
(a)
............
USD
600
$
600,000
State
of
California,
Series
2004-A3,
GO,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.02%, 05/03/21
(a)
................
2,200
2,200,000
University
of
California,
Series
2013AL-3,
RB,
VRDN,
0.02%, 05/03/21
(a)
...........
8,250
8,250,000
University
of
California,
Series
2013AL-4,
RB,
VRDN,
0.02%, 05/03/21
(a)
...........
3,500
3,500,000
Western
Municipal
Water
District
Facilities
Authority,
Series
2012A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 05/07/21
(a)
.....
2,890
2,890,000
Total
Municipal
Bonds
—
95.8%
(Cost:
$166,916,913)
.............................
166,917,469
Closed-End
Investment
Companies
—
3.7%
California
—
3.7%
(a)(c)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.09%, 05/07/21
..
5,000
5,000,000
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LIQ),
0.09%, 05/07/21
.................
1,500
1,500,000
6,500,000
Total
Closed-End
Investment
Companies
—
3.7%
(Cost:
$6,500,000)
..............................
6,500,000
Total
Investments
—
99.5%
(Cost:
$173,416,913
)
(d)
............................
173,417,469
Other
Assets
Less
Liabilities
—
0.5%
...................
789,021
Net
Assets
—
100.0%
..............................
$
174,206,490
(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
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
173,417,469
$
—
$
173,417,469
New
York
Money
Fund
Schedules
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
95.5%
New
York
—
95.5%
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.09%, 05/07/21
(a)(b)
..........
USD
3,300
$
3,300,000
Bethlehem
Central
School
District,
Series
2020A,
BAN,
GO,
1.50%, 06/29/21
.....
1,206
1,207,854
Build
NYC
Resource
Corp.,
Series
2015,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 05/07/21
(b)
................
3,800
3,800,000
City
of
New
York,
Series
2006I,
Sub-Series
I-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
1,100
1,100,000
City
of
New
York,
Series
2014D,
Sub-S
eries
D-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
700
700,000
City
of
New
York,
Series
2018E,
Sub-S
eries
E-5,
GO,
VRDN
(TD
Bank
NA
LOC),
0.04%, 05/03/21
(b)
................
1,000
1,000,000
Dutchess
County
Industrial
Development
Agency,
Series
2008,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
.........
2,410
2,410,000
East
Rochester
Housing
Authority,
Series
2008,
RB,
VRDN
(M&T
Bank
LOC),
0.11%, 05/07/21
(b)
................
3,450
3,450,000
Franklin
County
Civic
Development
Corp.,
Series
2013A,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.08%, 05/07/21
(b)
.........
1,060
1,060,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0550,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.15%, 05/07/21
(a)(b)(c)
..............
1,200
1,200,000
Metropolitan
Transportation
Authority,
Series
2012G-1,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.04%, 05/03/21
(b)
............
900
900,000
Monroe
County
Industrial
Development
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0991,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.08%, 05/07/21
(a)(b)(c)
......
1,000
1,000,000
Nassau
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-5,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
....
2,100
2,100,000
New
York
City
Health
&
Hospital
Corp.,
Series
2008B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 05/07/21
(b)
................
3,000
3,000,000
New
York
City
Housing
Development
Corp.,
Series
2008A,
RB,
VRDN
(Freddie
Mac
LOC),
0.05%, 05/07/21
(b)
............
2,050
2,050,000
New
York
City
Housing
Development
Corp.,
Series
2009A,
RB,
VRDN
(Freddie
Mac
LOC),
0.05%, 05/07/21
(b)
............
2,350
2,350,000
New
York
City
Housing
Development
Corp.,
Series
2011B,
RB,
VRDN,
0.05%, 05/07/21
(b)
................
225
225,000
New
York
City
Housing
Development
Corp.,
Series
2017C-4,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
....
3,200
3,200,000
New
York
City
Housing
Development
Corp.,
Series
A,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 05/07/21
(b)
................
2,715
2,715,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Industrial
Development
Agency,
Series
2004B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.03%, 05/03/21
(b)
.........
USD
2,700
$
2,700,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2010,
Sub-
Series
G-6,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
100
100,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2011,
Sub-
Series
A-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
2,100
2,100,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2018,
Sub-
Series
C-6,
RB,
VRDN
(Sumitomo
Mitsui
Banking
SBPA),
0.08%, 05/07/21
(b)
.....
1,000
1,000,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019,
Sub-
Series
C-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 05/03/21
(b)
...........
525
525,000
New
York
City
Water
&
Sewer
System,
Series
2003,
Sub-Series
F-1-A,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.06%, 05/07/21
(b)
................
130
130,000
New
York
City
Water
&
Sewer
System,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.04%, 05/03/21
(b)
................
3,200
3,200,000
New
York
City
Water
&
Sewer
System,
Series
2017BB,
RB,
VRDN
(Bank
of
Montreal
SBPA),
0.04%, 05/03/21
(b)
...........
2,820
2,820,000
New
York
Power
Authority,
Series
2021-2
(TD
Bank
NA
SBPA),
0.14%, 08/17/21
.....
2,000
2,000,256
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0829,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
1,585
1,585,000
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0847,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.09%, 05/07/21
(a)(b)(c)
..............
2,250
2,250,000
New
York
State
Dormitory
Authority,
Series
2003B,
RB,
VRDN,
0.03%, 05/07/21
(b)
...
3,000
3,000,000
New
York
State
Dormitory
Authority,
Series
2006,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 05/07/21
(b)
................
1,650
1,650,000
New
York
State
Dormitory
Authority,
Series
2008A-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(b)
............
550
550,000
New
York
State
Dormitory
Authority,
Series
2008B-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(b)
............
240
240,000
New
York
State
Dormitory
Authority,
Series
2008C,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 05/07/21
(b)
............
1,620
1,620,000
New
York
State
Dormitory
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
................
660
660,000
New
York
State
Dormitory
Authority,
Series
2009,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
................
885
885,000
New
York
State
Dormitory
Authority,
Series
2009A,
RB,
VRDN,
0.03%, 05/07/21
(b)
...
1,500
1,500,000
2021
BlackRock
Semi-Annual
Report
to
Shareholders
New
York
Money
Fund
62
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
Series
2012,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.08%, 05/07/21
(b)
............
USD
7,205
$
7,205,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0838,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.09%, 05/07/21
(a)(b)(c)
..............
1,600
1,600,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-1,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.06%, 05/07/21
(b)
............
1,600
1,600,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-2,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.05%, 05/07/21
(b)
............
400
400,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-3,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.05%, 05/07/21
(b)
............
2,200
2,200,000
New
York
State
Housing
Finance
Agency,
Series
2003A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.08%, 05/07/21
(b)
................
2,800
2,800,000
New
York
State
Housing
Finance
Agency,
Series
2008A,
RB,
VRDN
(Freddie
Mac
LIQ),
0.05%, 05/07/21
(b)
............
225
225,000
New
York
State
Housing
Finance
Agency,
Series
2009A,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 05/07/21
(b)
............
4,500
4,500,000
New
York
State
Housing
Finance
Agency,
Series
2010A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 05/07/21
(b)
................
900
900,000
New
York
State
Housing
Finance
Agency,
Series
2010A,
RB,
VRDN
(Freddie
Mac
LIQ),
0.07%, 05/07/21
(b)
............
300
300,000
New
York
State
Housing
Finance
Agency,
Series
2016A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 05/07/21
(b)
................
5,000
5,000,000
New
York
State
Urban
Development
Corp.,
Series
2004A-3-B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
950
950,000
New
York
State
Urban
Development
Corp.,
Series
2004A-3-C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 05/07/21
(b)
1,530
1,530,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Urban
Development
Corp.,
Series
2008A-1,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.05%, 05/07/21
(b)
.....
USD
1,825
$
1,825,000
North
Amityville
Fire
Co.,
Inc.,
Series
2003,
RB,
VRDN
(Citibank
NA
LOC),
0.11%, 05/07/21
(b)
................
490
490,000
Oneida
County
Industrial
Development
Agency,
Series
2004
A,
RB,
VRDN
(Manufacturers
&
Traders
Trust
Co.
LOC),
0.11%, 05/07/21
(b)
4,285
4,285,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2010B,
0.12%, 06/09/21
.......
7,000
7,000,364
Rensselaer
County
Industrial
Development
Agency,
Series
2002A,
RB,
VRDN
(M&T
Bank
LOC),
0.11%, 05/07/21
(b)
........
3,340
3,340,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2001C,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.02%, 05/03/21
(b)
.....
2,580
2,580,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2002F,
RB,
VRDN
(Citibank
NA
LOC),
0.03%, 05/03/21
(b)
................
1,295
1,295,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2005,
Sub-Series
B-3,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.04%, 05/03/21
(b)
................
1,010
1,010,000
Westchester
County
Industrial
Development
Agency,
Series
2004,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 05/07/21
(b)
.........
1,415
1,415,000
Total
Municipal
Bonds
—
95.5%
(Cost:
$117,732,685)
.............................
117,733,474
Closed-End
Investment
Companies
—
4.5%
New
York
—
4.5%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.11%, 05/07/21
(b)
................
5,500
5,500,000
Total
Closed-End
Investment
Companies
—
4.5%
(Cost:
$5,500,000)
..............................
5,500,000
Total
Investments
—
100.0%
(Cost:
$123,232,685
)
(d)
............................
123,233,474
Other
Assets
Less
Liabilities
—
0.0%
...................
12,574
Net
Assets
—
100.0%
..............................
$
123,246,048
(a)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(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.
New
York
Money
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
123,233,474
$
—
$
123,233,474
Statements
of
Assets
and
Liabilities
(unaudited)
April
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments
at
value
—
unaffiliated
(a)
...........................
$
4,022,417,205
$
112,799,098,137
$
6,088,006,571
$
6,761,152,130
$
93,522,443,941
Cash
................................................
160,253,512
4,004,439,148
284,772,595
359,510,258
2,888,381,531
Repurchase
agreements
at
value
—
unaffiliated
(b)
...................
—
78,063,444,341
1,104,500,000
1,652,000,000
40,356,958,792
Receivables:
–
–
–
–
–
Capital
shares
sold
......................................
—
2,049,470,438
—
—
585,796,420
Interest
—
unaffiliated
....................................
181,901
16,371,879
2,316,162
2,778,628
7,074,312
Deferred
offering
costs
.....................................
—
96,971
—
—
—
Prepaid
expenses
........................................
480,420
47,806,705
385,816
2,697,696
18,300,358
Total
assets
............................................
4,183,333,038
196,980,727,619
7,479,981,144
8,778,138,712
137,378,955,354
LIABILITIES
Payables:
–
–
–
–
–
Investments
purchased
...................................
211,844,792
2,231,958,216
40,000,000
50,000,000
1,589,382,884
Offering
costs
.........................................
—
8,778
—
—
—
Capital
shares
redeemed
..................................
—
1,823,442,034
—
—
459,931,402
Custodian
fees
.........................................
27,572
563,982
53,854
57,590
409,659
Income
dividend
distributions
...............................
3,934
603,297
244,787
60,965
—
Management
fees
.......................................
163,658
5,689,321
999,590
1,181,167
4,740,371
Trustees'
and
Officer's
fees
................................
25,107
63,672
33,775
26,890
42,920
Printing
and
postage
fees
.................................
26,983
40,850
27,935
29,643
46,580
Professional
fees
.......................................
27,705
131,001
38,354
41,663
107,398
Registration
fees
.......................................
—
—
41,724
477,178
—
Service
and
distribution
fees
................................
206,308
40,167,094
61
2,311,887
14,195,203
Transfer
agent
fees
.....................................
16,787
316,191
20,051
97,874
315,132
Other
accrued
expenses
..................................
32,725
2,140,994
9,199
22,839
1,573,492
Total
liabilities
...........................................
212,375,571
4,105,125,430
41,469,330
54,307,696
2,070,745,041
NET
ASSETS
...........................................
$
3,970,957,467
$
192,875,602,189
$
7,438,511,814
$
8,723,831,016
$
135,308,210,313
NET
ASSETS
CONSIST
OF
Paid-in
capital
...........................................
$
3,970,627,529
$
192,875,969,446
$
7,438,940,958
$
8,723,489,985
$
135,308,135,641
Accumulated
earnings
(loss)
.................................
329,938
(367,257)
(429,144)
341,031
74,672
NET
ASSETS
...........................................
$
3,970,957,467
$
192,875,602,189
$
7,438,511,814
$
8,723,831,016
$
135,308,210,313
(a)
Investments
at
cost
—
unaffiliated
............................
$
4,022,417,205
$
112,799,098,137
$
6,087,251,746
$
6,760,266,912
$
93,522,443,941
(b)
Repurchase
agreements
at
cost
—
unaffiliated
...................
$
—
$
78,063,444,341
$
1,104,500,000
$
1,652,000,000
$
40,356,958,792
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2021
65
Financial
Statements
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
....................................
$
3,861,847,610
$
160,360,792,534
$
7,438,457,374
$
8,030,045,131
$
109,205,490,369
Shares
outstanding
.............................
3,861,519,385
160,361,084,506
7,433,399,330
8,025,930,213
109,205,385,911
Net
asset
value
................................
$
1.00
$
1.00
$
1.00
07
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Administration
Net
assets
....................................
$
82,512,288
$
3,224,867,711
$
—
$
10,404,735
$
550,178,932
Shares
outstanding
.............................
82,505,275
3,224,873,582
—
10,398,921
550,178,406
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
06
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Capital
Net
assets
....................................
$
—
$
19,355,169,085
$
—
$
1,726,389
$
23,121,029,100
Shares
outstanding
.............................
—
19,355,204,325
—
1,725,401
23,121,006,985
Net
asset
value
................................
$
—
$
1.00
$
—
$
1.00
06
$
1.00
Shares
authorized
..............................
—
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
....................................
$
12,408,883
$
551,982,103
$
—
$
566,308,190
$
906,798,890
Shares
outstanding
.............................
12,407,828
551,983,108
—
566,010,467
906,798,022
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
....................................
$
13,856
$
5,704,603,753
$
—
$
9,663,414
$
526,603,055
Shares
outstanding
.............................
13,855
5,704,614,140
—
9,658,116
526,602,551
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Dollar
Net
assets
....................................
$
14,174,830
$
2,943,779,004
$
17,936
$
104,673,723
$
888,879,206
Shares
outstanding
.............................
14,173,625
2,943,784,364
17,924
104,618,165
888,878,356
Net
asset
value
................................
$
1.00
$
1.00
$
1.00
07
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Premier
Net
assets
....................................
$
—
$
10,443,557
$
36,504
$
—
$
17,536,969
Shares
outstanding
.............................
—
10,443,575
36,478
—
17,536,952
Net
asset
value
................................
$
—
$
1.00
$
1.00
07
$
—
$
1.00
Shares
authorized
..............................
—
Unlimited
Unlimited
—
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Private
Client
Net
assets
....................................
$
—
$
252,264
$
—
$
1,009,434
$
—
Shares
outstanding
.............................
—
252,265
—
1,008,862
—
Net
asset
value
................................
$
—
$
1.00
$
—
$
1.00
06
$
—
Shares
authorized
..............................
—
Unlimited
—
Unlimited
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Select
Net
assets
....................................
$
—
$
673,660,264
$
—
$
—
$
91,693,792
Shares
outstanding
.............................
—
673,661,491
—
—
91,693,705
Net
asset
value
................................
$
—
$
1.00
$
—
$
—
$
1.00
Shares
authorized
..............................
—
Unlimited
—
—
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Mischler
Financial
Group
Shares
Net
assets
....................................
$
—
$
50,051,914
$
—
$
—
$
—
Shares
outstanding
.............................
—
50,052,005
—
—
—
Net
asset
value
................................
$
—
$
1.00
$
—
$
—
$
—
Shares
authorized
..............................
—
Unlimited
—
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2021
67
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
MuniFund
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments
at
value
—
unaffiliated
(a)
...........................
$
105,098,743,801
$
5,551,557,527
$
71,555,970
$
173,417,469
$
123,233,474
Cash
................................................
2,820,016,626
28,262,583
82,622
9,256
45,932
Receivables:
–
–
–
–
–
Investments
sold
.......................................
—
137,390,000
—
9,685,000
—
Interest
—
unaffiliated
....................................
3,209,730
6,236,330
55,908
189,116
24,453
From
the
Manager
......................................
—
—
12,649
—
—
Investment
adviser
......................................
—
—
—
12
—
Prepaid
expenses
........................................
6,397,466
276,058
133,081
32,000
44,028
Total
assets
............................................
107,928,367,623
5,723,722,498
71,840,230
183,332,853
123,347,887
LIABILITIES
Payables:
–
–
–
–
–
Investments
purchased
...................................
6,675,157,812
62,610,921
—
9,001,452
—
Custodian
fees
.........................................
266,131
40,118
4,927
5,291
3,119
Income
dividend
distributions
...............................
—
18,311
281
316
466
Management
fees
.......................................
2,884,583
317,559
42
—
—
Trustees'
and
Officer's
fees
................................
32,137
16,266
586
924
771
Printing
and
postage
fees
.................................
27,351
25,798
27,638
26,562
26,535
Professional
fees
.......................................
51,631
66,288
30,672
60,281
60,310
Registration
fees
.......................................
—
—
18,813
30,255
9,267
Service
and
distribution
fees
................................
4,725,250
7,028
30,147
—
94
Transfer
agent
fees
.....................................
77,317
14,582
3,505
925
1,277
Other
accrued
expenses
..................................
1,064,363
8,336
3,835
357
—
Total
liabilities
...........................................
6,684,286,575
63,125,207
120,446
9,126,363
101,839
NET
ASSETS
...........................................
$
101,244,081,048
$
5,660,597,291
$
71,719,784
$
174,206,490
$
123,246,048
NET
ASSETS
CONSIST
OF
Paid-in
capital
...........................................
$
101,244,023,885
$
5,660,317,903
$
71,720,053
$
174,036,640
$
123,245,258
Accumulated
earnings
(loss)
.................................
57,163
279,388
(269)
169,850
790
NET
ASSETS
...........................................
$
101,244,081,048
$
5,660,597,291
$
71,719,784
$
174,206,490
$
123,246,048
(a)
Investments
at
cost
—
unaffiliated
............................
$
105,098,743,801
$
5,551,476,673
$
71,555,970
$
173,416,913
$
123,232,685
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
MuniFund
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
....................................
$
99,056,678,997
$
5,657,668,348
$
62,539,610
$
174,206,490
$
123,246,048
Shares
outstanding
.............................
99,056,623,068
5,656,720,665
62,515,290
174,106,176
123,243,755
Net
asset
value
................................
$
1.00
$
1.00
02
$
1.00
$
1.00
06
$
1.00
00
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Administration
Net
assets
....................................
$
473,376,945
$
—
$
153,904
$
—
$
—
Shares
outstanding
.............................
473,376,678
—
153,844
—
—
Net
asset
value
................................
$
1.00
$
—
$
1.00
$
—
$
—
Shares
authorized
..............................
Unlimited
—
Unlimited
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Capital
Net
assets
....................................
$
1,432,948
$
—
$
—
$
—
$
—
Shares
outstanding
.............................
1,432,947
—
—
—
—
Net
asset
value
................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
..............................
Unlimited
—
—
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
....................................
$
51,513,732
$
—
$
—
$
—
$
—
Shares
outstanding
.............................
51,513,703
—
—
—
—
Net
asset
value
................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
..............................
Unlimited
—
—
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
....................................
$
104,278,517
$
—
$
—
$
—
$
—
Shares
outstanding
.............................
104,278,458
—
—
—
—
Net
asset
value
................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
..............................
Unlimited
—
—
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Dollar
Net
assets
....................................
$
995,030,665
$
2,928,943
$
6,203,017
$
—
$
—
Shares
outstanding
.............................
995,030,104
2,928,516
6,200,605
—
—
Net
asset
value
................................
$
1.00
$
1.00
01
$
1.00
$
—
$
—
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Private
Client
Net
assets
....................................
$
—
$
—
$
291,584
$
—
$
—
Shares
outstanding
.............................
—
—
291,471
—
—
Net
asset
value
................................
$
—
$
—
$
1.00
$
—
$
—
Shares
authorized
..............................
—
—
Unlimited
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Select
Net
assets
....................................
$
561,769,244
$
—
$
2,531,669
$
—
$
—
Shares
outstanding
.............................
561,768,927
—
2,530,685
—
—
Net
asset
value
................................
$
1.00
$
—
$
1.00
$
—
$
—
Shares
authorized
..............................
Unlimited
—
Unlimited
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Operations
(unaudited)
Six
Months
Ended
April
30,
2021
69
Financial
Statements
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
2,681,977
$
90,888,248
$
11,088,427
$
12,687,431
$
61,103,929
Total
investment
income
....................................
2,681,977
90,888,248
11,088,427
12,687,431
61,103,929
EXPENSES
Management
..........................................
5,110,630
145,016,681
10,322,207
11,714,805
104,421,190
Registration
..........................................
145,592
1,409,321
251,572
214,450
941,827
Service
and
distribution
—
class
specific
.......................
96,001
25,143,255
22
1,564,618
9,596,561
Transfer
agent
.........................................
42,519
608,346
43,586
210,322
497,019
Professional
..........................................
38,095
371,113
52,487
55,853
241,596
Custodian
............................................
32,003
682,052
63,600
71,898
527,524
Trustees
and
Officer
.....................................
24,942
240,701
55,898
62,294
216,569
Printing
and
postage
....................................
11,073
17,389
11,015
11,121
16,983
Offering
.............................................
—
22,547
—
—
—
Miscellaneous
.........................................
39,089
326,319
66,119
63,373
235,483
Total
expenses
..........................................
5,539,944
173,837,724
10,866,506
13,968,734
116,694,752
Less:
–
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(2,854,997)
(62,905,053)
(2,723,446)
(2,667,379)
(48,807,986)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(96,001)
(25,143,255)
(17)
(1,398,311)
(9,530,583)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
2,588,946
85,789,416
8,143,043
9,903,044
58,356,183
Net
investment
income
.....................................
93,031
5,098,832
2,945,384
2,784,387
2,747,746
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
50,758
$
1,132,282
$
(2,051,361)
$
(1,837,259)
$
665,566
Net
realized
gain
from
investments
...........................
50,758
1,132,282
41,267
98,12
5
665,566
Net
change
in
unrealized
depreciation
on
investments
..............
—
—
(2,092,628)
(1,935,385)
—
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
143,789
$
6,231,114
$
894,023
$
947,12
7
$
3,413,312
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
April
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
70
Treasury
Trust
Fund
MuniCash
MuniFund
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
32,731,607
$
3,097,157
$
33,489
$
86,922
$
65,478
Total
investment
income
....................................
32,731,607
3,097,157
33,489
86,922
65,478
EXPENSES
Management
..........................................
62,010,750
7,307,603
142,328
450,161
270,862
Service
and
distribution
—
class
specific
.......................
3,667,471
3,661
16,941
—
—
Custodian
............................................
303,667
43,168
5,235
3,876
4,165
Registration
..........................................
295,128
190,238
88,314
34,166
45,700
Trustees
and
Officer
.....................................
197,127
33,658
5,806
5,920
5,880
Transfer
agent
.........................................
173,517
33,590
5,673
1,565
1,644
Professional
..........................................
156,735
54,838
30,103
44,519
41,400
Printing
and
postage
....................................
13,269
10,785
9,726
8,851
8,903
Rating
Agency
.........................................
41,408
13,885
5,455
—
—
Miscellaneous
.........................................
104
,
687
20
,
316
11,405
6,088
5,813
Total
expenses
..........................................
66,963,759
7,711,742
320,986
555,146
384,367
Less:
–
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(32,254,549)
(4,905,770)
(274,622)
(480,228)
(326,129)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(3,667,471)
(3,661)
(16,941)
—
—
Total
expenses
after
fees
waived
and/or
reimbursed
.................
31,041,739
2,802,311
29,423
74,918
58,238
Net
investment
income
.....................................
1,689,868
294,846
4,066
12,004
7,240
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
270,721
$
152,909
$
–
$
168,216
$
(2,194)
Net
realized
gain
from
investments
...........................
270,721
207,458
—
168,938
—
Net
change
in
unrealized
depreciation
on
investments
..............
—
(54,549)
—
(722)
(2,194)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
1,960,589
$
447,755
$
4,066
$
180,220
$
5,046
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
71
Financial
Statements
See
notes
to
financial
statements.
Federal
Trust
Fund
FedFund
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...................................................
$
93,031
$
23,348,193
$
5,098,832
$
753,860,151
Net
realized
gain
.......................................................
50,758
671,876
1,132,282
27,444,938
Net
increase
in
net
assets
resulting
from
operations
..................................
143,789
24,020,069
6,231,114
781,305,089
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
..........................................................
(540,494)
(23,011,396)
(19,114,449)
(669,745,146)
Administration
........................................................
(8,683)
(468,572)
(437,917)
(15,836,138)
Capital
.............................................................
—
—
(2,054,488)
(49,238,496)
Cash
Management
.....................................................
(1,126)
(44,364)
(62,545)
(1,592,758)
Cash
Reserve
........................................................
(40)
(2,485)
(875,205)
(21,485,458)
Dollar
..............................................................
(2,483)
(66,472)
(438,276)
(11,874,360)
Premier
.............................................................
—
(235)
(620)
(232)
Private
Client
.........................................................
—
—
(35)
(951)
Select
..............................................................
—
—
(93,264)
(638,200)
Mischler
Financial
Group
Shares
............................................
—
—
(540)
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
........................
(552,826)
(23,593,524)
(23,077,339)
(770,411,739)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
................
(637,096,648)
1,061,824,847
28,767,614,316
52,209,385,495
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..........................................
(637,505,685)
1,062,251,392
28,750,768,091
52,220,278,845
Beginning
of
period
.......................................................
4,608,463,152
3,546,211,760
164,124,834,098
111,904,555,253
End
of
period
...........................................................
$
3,970,957,467
$
4,608,463,152
$
192,875,602,189
$
164,124,834,098
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
TempCash
TempFund
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
2,945,384
$
87,878,685
$
2,784,387
$
87,376,114
Net
realized
gain
(loss)
....................................................
41,267
(1,220,250)
98,12
5
(815,103)
Net
change
in
unrealized
appreciation
(depreciation)
................................
(2,092,628)
438,880
(1,935,385)
(73,119)
Net
increase
in
net
assets
resulting
from
operations
...................................
894,023
87,097,315
947,12
7
86,487,892
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(3,253,171)
(87,880,802)
(3,821,155)
(84,499,283)
Administration
.........................................................
—
—
(1,474)
(366,136)
Capital
..............................................................
—
—
(420)
(467)
Cash
Management
......................................................
—
—
(57,404)
(2,995,688)
Cash
Reserve
.........................................................
—
—
(604)
(30,920)
Dollar
...............................................................
(2)
(112)
(15,848)
(537,055)
Premier
..............................................................
(12)
(309)
—
—
Private
Client
..........................................................
—
—
(103)
(12,766)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(3,253,185)
(87,881,223)
(3,897,008)
(88,442,315)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(3,197,329,306)
603,276,726
(2,904,254,472)
271,048,458
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(3,199,688,468)
602,492,818
(2,907,204,35
3
)
269,094,035
Beginning
of
period
........................................................
10,638,200,282
10,035,707,464
11,631,035,369
11,361,941,334
End
of
period
............................................................
$
7,438,511,814
$
10,638,200,282
$
8,723,831,01
6
$
11,631,035,369
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
73
Financial
Statements
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................
$
2,747,746
$
484,490,977
$
1,689,868
$
272,160,341
Net
realized
gain
......................................................
665,566
11,254,508
270,721
5,555,006
Net
increase
in
net
assets
resulting
from
operations
.................................
3,413,312
495,745,485
1,960,589
277,715,347
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.........................................................
(11,685,761)
(419,749,578)
(5,833,740)
(268,762,817)
Administration
.......................................................
(59,139)
(3,593,535)
(39,642)
(2,705,419)
Capital
............................................................
(2,311,691)
(58,140,794)
(60)
—
Cash
Management
....................................................
(119,406)
(3,577,313)
(4,229)
(123,299)
Cash
Reserve
.......................................................
(45,374)
(382,216)
(9,317)
(424,419)
Dollar
.............................................................
(111,251)
(3,976,267)
(88,839)
(4,891,290)
Premier
............................................................
(868)
(224)
—
(228)
Select
.............................................................
(6,304)
(36,784)
(39,659)
(137,158)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................
(14,339,794)
(489,456,711)
(6,015,486)
(277,044,630)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.......................
28,952,805,228
28,196,920,810
43,248,504,174
17,678,878,374
NET
ASSETS
Total
increase
in
net
assets
.................................................
28,941,878,746
28,203,209,584
43,244,449,277
17,679,549,091
Beginning
of
period
......................................................
106,366,331,567
78,163,121,983
57,999,631,771
40,320,082,680
End
of
period
..........................................................
$
135,308,210,313
$
106,366,331,567
$
101,244,081,048
$
57,999,631,771
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
MuniCash
MuniFund
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
294,846
$
30,658,439
$
4,066
$
963,149
Net
realized
gain
........................................................
207,458
46,530
—
7,714
Net
change
in
unrealized
appreciation
(depreciation)
................................
(54,549)
(124,005)
—
—
Net
increase
in
net
assets
resulting
from
operations
...................................
447,755
30,580,964
4,066
970,863
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income
and
net
realized
gain:
Institutional
...........................................................
(294,699)
(30,647,703)
(3,661)
(865,441)
Administration
.........................................................
—
—
(7)
(80,419)
Dollar
...............................................................
(147)
(10,533)
(283)
(19,306)
Premier
..............................................................
—
(202)
—
(207)
Private
Client
..........................................................
—
—
(14)
(926)
Select
...............................................................
—
—
(101)
(4,101)
From
return
of
capital:
–
–
–
–
Institutional
...........................................................
—
—
—
(139,677)
Administration
.........................................................
—
—
—
(280)
Dollar
...............................................................
—
—
—
(8,705)
Premier
..............................................................
—
—
—
(66)
Private
Client
..........................................................
—
—
—
(521)
Select
...............................................................
—
—
—
(3,167)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(294,846)
(30,658,438)
(4,066)
(1,122,816)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
496,700,970
(21,345,744)
(3,985,129)
(141,446,074)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
496,853,879
(21,423,218)
(3,985,129)
(141,598,027)
Beginning
of
period
........................................................
5,163,743,412
5,185,166,630
75,704,913
217,302,940
End
of
period
............................................................
$
5,660,597,291
$
5,163,743,412
$
71,719,784
$
75,704,913
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
75
Financial
Statements
See
notes
to
financial
statements.
California
Money
Fund
New
York
Money
Fund
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
12,004
$
1,600,175
$
7,240
$
1,540,080
Net
realized
gain
........................................................
168,938
4,451
—
—
Net
change
in
unrealized
appreciation
(depreciation)
................................
(722)
630
(2,194)
2,910
Net
increase
in
net
assets
resulting
from
operations
...................................
180,220
1,605,256
5,046
1,542,990
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(16,414)
(1,600,008)
(7,240)
(1,539,882)
Premier
..............................................................
—
(167)
—
(197)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(16,414)
(1,600,175)
(7,240)
(1,540,079)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
20,376,458
(243,663,265)
(26,733,925)
(93,559,084)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
20,540,264
(243,658,184)
(26,736,119)
(93,556,173)
Beginning
of
period
........................................................
153,666,226
397,324,410
149,982,167
243,538,340
End
of
period
............................................................
$
174,206,490
$
153,666,226
$
123,246,048
$
149,982,167
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
76
See
notes
to
financial
statements.
Federal
Trust
Fund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0051
0.0214
0.0151
0.0059
0.0016
Net
realized
gain
(loss)
........................
0.0001
0.0014
0.0000
(a)
(0.0001)
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0065
0.0214
0.0150
0.0060
0.0016
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0064)
(0.0214)
(0.0150)
(0.0060)
(0.0016)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0065)
(0.0214)
(0.0150)
(0.0060)
(0.0016)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.65%
2.16%
1.51%
0.61%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.65%
2.16%
1.51%
0.61%
0.16%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.23%
(f)
0.23%
0.25%
0.24%
0.24%
0.28%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.17%
0.17%
0.17%
0.17%
0.18%
Net
investment
income
.........................
0.00%
(f)(g)
0.51%
2.14%
1.51%
0.59%
0.19%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
3,861,848
$
4,488,126
$
3,442,530
$
2,996,754
$
2,756,560
$
3,142,077
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
See
notes
to
financial
statements.
Federal
Trust
Fund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0051
0.0204
0.0140
0.0056
0.0007
Net
realized
gain
(loss)
........................
0.0001
0.0006
0.0000
(a)
0.0000
(a)
(0.0006)
—
Net
increase
from
investment
operations
..............
0.0001
0.0057
0.0204
0.0140
0.0050
0.0007
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0056)
(0.0204)
(0.0140)
(0.0050)
(0.0007)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
—
Total
distributions
.............................
(0.0001)
(0.0057)
(0.0204)
(0.0140)
(0.0050)
(0.0007)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.57%
2.06%
1.41%
0.51%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.57%
2.06%
1.41%
0.51%
0.06%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.33%
(f)
0.33%
0.35%
0.34%
0.34%
0.37%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(f)
0.24%
0.27%
0.27%
0.27%
0.28%
Net
investment
income
.........................
0.00%
(f)(g)
0.51%
2.05%
1.40%
0.56%
0.11%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
82,512
$
78,219
$
80,271
$
75,807
$
68,102
$
42,205
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
78
See
notes
to
financial
statements.
Federal
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
Period
from
04/18/16
(a)
to
10/31/16
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(b)
0.0022
0.0164
0.0099
0.0012
0.0000
(b)
Net
realized
gain
............................
0.0001
0.0016
0.0000
(b)
0.0001
0.0004
—
Net
increase
from
investment
operations
..............
0.0001
0.0038
0.0164
0.0100
0.0016
0.0000
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(d)
(0.0037)
(0.0164)
(0.0100)
(0.0016)
(0.0000)
(d)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(d)
—
(0.0000)
(d)
—
Total
distributions
.............................
(0.0001)
(0.0038)
(0.0164)
(0.0100)
(0.0016)
(0.0000)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.38%
1.65%
1.01%
0.16%
—
Based
on
net
asset
value
........................
0.01%
(f)
0.38%
1.65%
1.01%
0.16%
0.00%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.73%
(g)
0.73%
0.75%
0.74%
0.74%
0.69%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.36%
0.67%
0.67%
0.59%
0.34%
(g)
Net
investment
income
.........................
0.00%
(g)(h)
0.22%
1.65%
0.99%
0.12%
0.00%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
12,409
$
10,809
$
11,839
$
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.
(h)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
See
notes
to
financial
statements.
Federal
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
Period
from
04/18/16
(a)
to
10/31/16
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(b)
0.0061
0.0314
0.0108
0.0022
0.0000
(b)
Net
realized
gain
............................
0.0001
0.0004
0.0001
0.0002
0.0001
—
Net
increase
from
investment
operations
..............
0.0001
0.0065
0.0315
0.0110
0.0023
0.0000
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(d)
(0.0064)
(0.0315)
(0.0110)
(0.0023)
(0.0000)
(d)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(d)
—
(0.0000)
(d)
—
Total
distributions
.............................
(0.0001)
(0.0065)
(0.0315)
(0.0110)
(0.0023)
(0.0000)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.65%
3.19%
1.11%
0.23%
—
Based
on
net
asset
value
........................
0.01%
(f)
0.65%
3.19%
1.11%
0.23%
0.00%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.62%
(g)
0.63%
0.65%
0.64%
0.64%
0.61%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.12%
(g)
0.17%
0.28%
0.57%
0.54%
0.35%
(g)
Net
investment
income
.........................
0.00%
(g)(h)
0.61%
3.14%
1.08%
0.22%
0.00%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
14
$
425
$
383
$
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.
(h)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
80
See
notes
to
financial
statements.
Federal
Trust
Fund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0032
0.0189
0.0116
0.0035
0.0000
(a)
Net
realized
gain
............................
0.0001
0.0018
0.0000
(a)
0.0009
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0050
0.0189
0.0125
0.0036
0.0000
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0049)
(0.0189)
(0.0125)
(0.0036)
(0.0000)
(c)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0050)
(0.0189)
(0.0125)
(0.0036)
(0.0000)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.49%
1.91%
1.26%
0.36%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.49%
1.91%
1.26%
0.36%
0.00%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.48%
(f)
0.48%
0.50%
0.49%
0.49%
0.52%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.29%
0.42%
0.42%
0.42%
0.38%
Net
investment
income
.........................
0.00%
(f)
(g)
0.32%
1.90%
1.16%
0.35%
0.00%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
14,175
$
30,848
$
11,152
$
13,751
$
133,962
$
242,959
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0054
0.0217
0.0152
0.0065
0.0023
Net
realized
gain
............................
0.0001
0.0010
0.0001
0.0001
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0064
0.0218
0.0153
0.0066
0.0023
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0063)
(0.0218)
(0.0153)
(0.0066)
(0.0023)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0064)
(0.0218)
(0.0153)
(0.0066)
(0.0023)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.64%
2.20%
1.54%
0.66%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.64%
2.20%
1.54%
0.66%
0.23%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.19%
(f)
0.19%
0.19%
0.19%
0.19%
0.21%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.17%
0.17%
0.17%
0.15%
0.12%
Net
investment
income
.........................
0.01%
(f)
0.54%
2.17%
1.52%
0.65%
0.28%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
160,360,793
$
141,084,816
$
93,106,503
$
74,278,100
$
78,004,801
$
84,001,937
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
82
See
notes
to
financial
statements.
FedFund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0054
0.0207
0.0145
0.0057
0.0014
Net
realized
gain
(loss)
........................
0.0001
0.0002
0.0001
(0.0002)
(0.0001)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0056
0.0208
0.0143
0.0056
0.0014
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0055)
(0.0208)
(0.0143)
(0.0056)
(0.0014)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0056)
(0.0208)
(0.0143)
(0.0056)
(0.0014)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.0
0
$
1.00
Total
Return
(d)
0.01%
0.56%
2.10%
1.44%
0.56%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.56%
2.10%
1.44%
0.56%
0.14%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.29%
(f)
0.29%
0.29%
0.29%
0.29%
0.31%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.24%
0.27%
0.27%
0.26%
0.21%
Net
investment
income
.........................
0.01%
(f)
0.54%
2.07%
1.45%
0.57%
0.17%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
3,224,868
$
2,977,997
$
2,870,758
$
2,500,290
$
2,436,503
$
1,693,932
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Capital
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2020
2019
Net
asset
value,
beginning
of
period
............................................
$
1.0
0
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................................
0.0000
(b)
0.0051
0.0213
0.0172
Net
realized
gain
(loss)
.....................................................
0.0001
0.0009
0.0001
(0.0026)
Net
increase
from
investment
operations
...........................................
0.0001
0.0060
0.0214
0.0146
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0000)
(d)
(0.0059)
(0.0214)
(0.0146)
From
net
realized
gain
......................................................
(0.0001)
(0.0001)
—
—
Total
distributions
..........................................................
(0.0001)
(0.0060)
(0.0214)
(0.0146)
Net
asset
value,
end
of
period
.................................................
$
1.0
0
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.60%
2.16%
1.47%
Based
on
net
asset
value
.....................................................
0.01%
(f)
0.60%
2.16%
1.47%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.24%
(g)
0.24%
0.24%
0.24%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.10%
(g)
0.21%
0.21%
0.21%
(g)
Net
investment
income
......................................................
0.01%
(g)
0.51%
2.13%
1.77%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
19,355,169
$
11,247,218
$
8,078,893
$
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)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
84
See
notes
to
financial
statements.
FedFund
Cash
Management
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0035
0.0165
0.0100
0.0020
0.0003
Net
realized
gain
............................
0.0001
0.0003
0.0003
0.0003
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0038
0.0168
0.0103
0.0021
0.0003
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0037)
(0.0168)
(0.0103)
(0.0021)
(0.0003)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0038)
(0.0168)
(0.0103)
(0.0021)
(0.0003)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.38%
1.69%
1.04%
0.21%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.38%
1.69%
1.04%
0.21%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.69%
(f)
0.69%
0.69%
0.69%
0.69%
0.71%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.42%
0.67%
0.67%
0.61%
0.36%
Net
investment
income
.........................
0.01%
(f)
0.35%
1.65%
1.00%
0.20%
0.03%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
551,982
$
440,893
$
377,591
$
154,607
$
106,798
$
90,565
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Cash
Reserve
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0040
0.0178
0.0115
0.0032
0.0003
Net
realized
gain
(loss)
........................
0.0001
0.0002
0.0000
(a)
(0.0002)
(0.0004)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0042
0.0178
0.0113
0.0028
0.0003
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0041)
(0.0178)
(0.0113)
(0.0028)
(0.0003)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0042)
(0.0178)
(0.0113)
(0.0028)
(0.0003)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.42%
1.79%
1.14%
0.28%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.42%
1.79%
1.14%
0.28%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.59%
(f)
0.59%
0.59%
0.59%
0.59%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.39%
0.57%
0.57%
0.55%
0.31%
Net
investment
income
.........................
0.01%
(f)
0.40%
1.78%
1.15%
0.32%
0.09%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
5,704,604
$
5,079,903
$
4,907,193
$
1,649,400
$
814,974
$
220,572
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
86
See
notes
to
financial
statements.
FedFund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0039
0.0195
0.0129
0.0039
0.0004
Net
realized
gain
(loss)
........................
0.0001
0.0009
0.0000
(a)
(0.0001)
0.0002
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0048
0.0195
0.0128
0.0041
0.0004
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0047)
(0.0195)
(0.0128)
(0.0041)
(0.0004)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0048)
(0.0195)
(0.0128)
(0.0041)
(0.0004)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.48%
1.97%
1.29%
0.41%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.48%
1.97%
1.29%
0.41%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.44%
(f)
0.44%
0.44%
0.44%
0.44%
0.46%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.31%
0.42%
0.42%
0.40%
0.34%
Net
investment
income
.........................
0.01%
(f)
0.39%
1.95%
1.29%
0.39%
0.04%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,943,779
$
2,991,892
$
2,307,110
$
1,776,032
$
1,714,598
$
2,029,496
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Mischler
Financial
Group
Shares
Period
from
01/22
/21
(a)
to
04/30/21
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
1.0
0
Net
investment
income
.................................................................................................
0.000
0
(b)
Net
realized
gain
.....................................................................................................
0.0001
Net
increase
from
investment
operations
.......................................................................................
0.0001
Distributions
(c)
From
net
investment
income
.............................................................................................
(0.0000)
(d
)
From
net
realized
gain
..................................................................................................
(0.0001)
Total
distributions
......................................................................................................
(0.0001)
Net
asset
value,
end
of
period
.............................................................................................
$
1.0
0
Total
Return
(e)
0.01%
Based
on
net
asset
value
.................................................................................................
0.01%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................................
0.20%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.03%
(g)
Net
investment
income
..................................................................................................
0.03%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
50,052
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
88
See
notes
to
financial
statements.
FedFund
Premier
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/2020
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........................................................
$
1.
00
$
1.00
$
1.00
Net
investment
income
....................................................................
0.000
0
(b)
0.0062
0.0051
Net
realized
gain
........................................................................
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
..........................................................
0.0001
0.0064
0.0051
Distributions
(c)
–
–
–
From
net
investment
income
................................................................
(0.0000)
(d)
(0.0063)
(0.0051)
From
net
realized
gain
.....................................................................
(0.0001)
(0.0001)
—
Total
distributions
.........................................................................
(0.0001)
(0.0064)
(0.0051)
Net
asset
value,
end
of
period
................................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.64%
0.51%
Based
on
net
asset
value
....................................................................
0.01%
(f)
0.64%
0.51%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.18%
(g)
0.19%
0.19%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.07%
(g)
0.17%
0.17%
(g)
Net
investment
income
.....................................................................
0.01%
(g)
0.62%
1.95%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
10,444
$
37
$
37
(a)
Recommencement
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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Private
Client
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0036
0.0166
0.0090
0.0020
0.0003
Net
realized
gain
............................
0.0001
0.0002
0.0001
0.0012
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0038
0.0167
0.0102
0.0021
0.0003
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0037)
(0.0167)
(0.0102)
(0.0021)
(0.0003)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0038)
(0.0167)
(0.0102)
(0.0021)
(0.0003)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.38%
1.68%
1.02%
0.21%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.38%
1.68%
1.02%
0.21%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.04%
(f)
1.04%
1.04%
1.04%
1.04%
1.06%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.43%
0.68%
0.68%
0.60%
0.35%
Net
investment
income
.........................
0.01%
(f)
0.36%
1.66%
0.90%
0.20%
0.03%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
252
$
252
$
230
$
768
$
1,782
$
1,945
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
90
See
notes
to
financial
statements.
FedFund
Select
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0021
0.0133
0.0066
0.0005
0.0003
Net
realized
gain
(loss)
........................
0.0001
0.0004
0.0002
0.0004
(0.0001)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0025
0.0135
0.0070
0.0004
0.0003
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0024)
(0.0135)
(0.0070)
(0.0004)
(0.0003)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
—
—
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0025)
(0.0135)
(0.0070)
(0.0004)
(0.0003)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.26%
1.36%
0.71%
0.04%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.26%
1.36%
0.71%
0.04%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.04%
(f)
1.04%
1.04%
1.04%
1.04%
1.06%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(f)
0.54%
1.00%
1.00%
0.77%
0.34%
Net
investment
income
.........................
0.01%
(f)
0.22%
1.33%
0.66%
0.05%
0.04%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
673,660
$
301,826
$
256,241
$
195,297
$
340,742
$
241,781
(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.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
See
notes
to
financial
statements.
TempCash
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
$
1.00
Net
investment
income
........................
0.0003
0.0084
0.0233
0.0188
0.0108
0.0027
Net
realized
and
unrealized
gain
(loss)
.............
(0.0002)
0.0004
0.0005
(0.0010)
(0.0022)
0.0002
Net
increase
from
investment
operations
..............
0.0001
0.0088
0.0238
0.0178
0.0086
0.0029
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0003)
(0.0085)
(0.0235)
(0.0177)
(0.0084)
(0.0027)
From
net
realized
gain
.........................
(0.0000)
(b)
(0.0000)
(b)
(0.0000)
(b)
—
—
(0.0002)
Total
distributions
.............................
(0.0003)
(0.0085)
(0.0235)
(0.0177)
(0.0084)
(0.0029)
Net
asset
value,
end
of
period
....................
$
1.0007
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Total
Return
(c)
0.01%
0.88%
2.41%
1.79%
0.87%
—
Based
on
net
asset
value
........................
0.01%
(d)
0.88%
2.41%
1.79%
0.87%
0.29%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.24%
(e)
0.23%
0.26%
0.33%
0.39%
0.39%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.18%
(e)
0.18%
0.18%
0.18%
0.18%
0.13%
Net
investment
income
.........................
0.06%
(e)
0.84%
2.33%
1.88%
1.08%
0.26%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
7,438,457
$
10,638,146
$
10,035,653
$
4,875,313
$
1,713,352
$
72,311
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
92
See
notes
to
financial
statements.
TempCash
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
$
1.
00
Net
investment
income
(loss)
....................
(0.0001)
0.0062
0.1405
(a)
0.0122
0.0058
0.0006
Net
realized
and
unrealized
gain
(loss)
.............
(0.0001)
0.0004
0.0156
0.0031
0.0004
0.0002
Net
increase
(decrease)
from
investment
operations
......
(0.0002)
0.0066
0.1561
0.0153
0.0062
0.0008
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0063)
(0.1558)
(0.0152)
(0.0060)
(0.0006)
From
net
realized
gain
.........................
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
—
—
(0.0002)
Total
distributions
.............................
(0.0000)
(0.0063)
(0.1558)
(0.0152)
(0.0060)
(0.0008)
Net
asset
value,
end
of
period
....................
$
1.0007
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Total
Return
(d)
(0.01)%
0.66%
15.90%
1.54%
0.62%
—
Based
on
net
asset
value
........................
(0.01)%
(e)
0.66%
15.90%
(a)
1.54%
0.62%
0.08%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.48%
(f)
0.47%
0.51%
0.61%
0.71%
0.64%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.23%
(f)
0.40%
0.43%
0.43%
0.42%
0.34%
Net
investment
income
(loss)
.....................
(0.01)%
(f)
0.62%
14.04%
(a)
1.22%
0.58%
0.06%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
18
$
18
$
18
$
15
$
22,566
$
25,994
(a)
Includes
a
non-recurring
income
payment,
which
impacted
net
investment
income
per
share,
total
return
and
the
net
investment
income
ratio.
Excluding
this
one
time
payment,
the
net
investment
income
per
share,
the
total
return
and
the
net
investment
income
ratio
were
$0.0211,
2.15%
and
2.10%,
respectively.
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
See
notes
to
financial
statements.
TempCash
Premier
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/2020
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........................................................
$
1.0010
$
1.0007
$
1.0006
Net
investment
income
....................................................................
0.0003
0.0085
0.0055
Net
realized
and
unrealized
gain
(loss)
.........................................................
(0.0003)
0.0003
0.0001
Net
increase
from
investment
operations
..........................................................
0.0000
0.0088
0.0056
Distributions
(b)
–
–
–
From
net
investment
income
................................................................
(0.0003)
(0.0085)
(0.0055)
From
net
realized
gain
.....................................................................
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.........................................................................
(0.0003)
(0.0085)
(0.0055)
Net
asset
value,
end
of
period
................................................................
$
1.0007
$
1.0010
$
1.0007
Total
Return
(d)
—
0.88%
0.56%
Based
on
net
asset
value
....................................................................
0.00%
(e)(f)
0.88%
0.56%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.24%
(g)
0.23%
0.24%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.18%
(g)
0.18%
0.18%
(g)
Net
investment
income
.....................................................................
0.06%
(g)
0.84%
2.10%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
37
$
37
$
37
(a)
Recommencement
of
operations.
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
94
See
notes
to
financial
statements.
TempFund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
$
1.0
0
Net
investment
income
........................
0.0003
0.0084
0.0237
0.0177
0.0100
0.0036
Net
realized
and
unrealized
gain
(loss)
.............
(0.0002)
0.0002
0.0003
0.0001
0.0001
0.0004
Net
increase
from
investment
operations
..............
0.0001
0.0086
0.0240
0.0178
0.0101
0.0040
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0003)
(0.0083)
(0.0237)
(0.0178)
(0.0100)
(0.0036)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(b)
—
—
(0.0002)
Total
distributions
.............................
(0.0004)
(0.0084)
(0.0237)
(0.0178)
(0.0100)
(0.0038)
Net
asset
value,
end
of
period
....................
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Total
Return
(c)
—
0.86%
2.42%
1.79%
1.01%
—
Based
on
net
asset
value
........................
0.00%
(d)(e)
0.86%
(f)
2.42%
1.79%
1.01%
0.41%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.23%
(g)
0.22%
0.22%
0.22%
0.22%
0.19%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.18%
(g)
0.18%
0.18%
0.18%
0.18%
0.18%
Net
investment
income
.........................
0.05%
(g)
0.84%
2.37%
1.77%
1.03%
0.35%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
8,030,045
$
10,928,671
$
10,609,770
$
12,325,770
$
12,940,766
$
8,183,070
(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)
Amount
is
less
than
0.005%.
(f)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
$
1.
00
Net
investment
income
........................
0.0001
0.0072
0.0227
0.0153
0.0090
0.0026
Net
realized
and
unrealized
gain
(loss)
.............
(0.0001)
0.0004
0.0002
0.0015
0.0002
0.0004
Net
increase
from
investment
operations
..............
0.0000
0.0076
0.0229
0.0168
0.0092
0.0030
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0001)
(0.0073)
(0.0227)
(0.0168)
(0.0090)
(0.0026)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(b)
—
—
(0.0002)
Total
distributions
.............................
(0.0002)
(0.0074)
(0.0227)
(0.0168)
(0.0090)
(0.0028)
Net
asset
value,
end
of
period
....................
$
1.0006
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Total
Return
(c)
(0.01)%
0.76%
2.31%
1.69%
0.93%
—
Based
on
net
asset
value
........................
(0.01)%
(d)
0.76%
(e)
2.31%
1.69%
0.93%
0.31%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.33%
(f)
0.32%
0.32%
0.32%
0.31%
0.29%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.22%
(f)
0.28%
0.28%
0.28%
0.28%
0.28%
Net
investment
income
.........................
0.01%
(f)
0.72%
2.27%
1.53%
1.01%
0.24%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
10,405
$
9,524
$
42,214
$
23,965
$
106,520
$
15,197
(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)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
96
See
notes
to
financial
statements.
TempFund
Capital
Six
Months
Ended
04/30/21
(unaudited)
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
.........................................................................
$
1.0008
$
1.0010
Net
investment
income
..................................................................................
0.0001
0.0002
Net
realized
and
unrealized
(loss)
...........................................................................
(0.000
1
)
(0.0001)
Net
increase
from
investment
operations
........................................................................
0.000
0
0.0001
Distributions
(b)
–
–
From
net
investment
income
..............................................................................
(0.0001)
(0.0002)
From
net
realized
gain
...................................................................................
(0.0001)
(0.0001)
Total
distributions
.......................................................................................
(0.0002)
(0.0003)
Net
asset
value,
end
of
period
..............................................................................
$
1.000
6
$
1.0008
Total
Return
(c)
—
0.01%
Based
on
net
asset
value
..................................................................................
0.00%
(d)(e)
0.01%
(d)(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.27%
0.27%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.22%
0.23%
(g)
Net
investment
income
...................................................................................
0.01%
0.05%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
1,726
$
3,223
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Cash
Management
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0048
0.0188
0.0127
0.0050
0.0000
(a)
Net
realized
and
unrealized
gain
(loss)
.............
(0.0002)
0.0002
0.0003
0.0001
0.0001
0.0004
Net
increase
(decrease)
from
investment
operations
......
(0.0002)
0.0050
0.0191
0.0128
0.0051
0.0004
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0047)
(0.0188)
(0.0128)
(0.0050)
(0.0000)
(c)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(
0.0000
)
(c)
—
—
(0.0002)
Total
distributions
.............................
(0.0001)
(0.0048)
(0.0188)
(0.0128)
(0.0050)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Total
Return
(d)
(0.02)%
0.50%
1.92%
1.28%
0.51%
—
Based
on
net
asset
value
........................
(0.02)%
(e)
0.50%
(f)
1.92%
1.28%
0.51%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.73%
(g)
0.73%
0.72%
0.72%
0.72%
0.68%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.23%
(g)
0.54%
0.68%
0.68%
0.68%
0.56%
Net
investment
income
.........................
0.00%
(g)
0.48%
1.88%
1.27%
0.49%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
566,308
$
576,228
$
624,658
$
632,405
$
688,373
$
831,483
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
98
See
notes
to
financial
statements.
TempFund
Cash
Reserve
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0052
0.0231
0.0143
0.0060
0.0004
Net
realized
and
unrealized
gain
(loss)
.............
(0.000
2
)
0.0008
0.0000
(a)
(0.0004)
0.0001
0.0002
Net
increase
(decrease)
from
investment
operations
......
(0.000
2
)
0.0060
0.0231
0.0139
0.0061
0.0006
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0057)
(0.0229)
(0.0138)
(0.0060)
(0.0002)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
—
—
(0.0002)
Total
distributions
.............................
(0.0001)
(0.0058)
(0.0229)
(0.0138)
(0.0060)
(0.0004)
Net
asset
value,
end
of
period
....................
$
1.000
5
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Total
Return
(d)
(0.02)%
0.60%
2.33%
1.39%
0.61%
—
Based
on
net
asset
value
........................
(0.02)%
(e)
0.60%
(f)
2.33%
1.39%
0.61%
0.06%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.63%
(g)
0.63%
0.62%
0.62%
0.62%
0.59%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.22%
(g)
0.44%
0.50%
0.58%
0.58%
0.51%
Net
investment
income
.........................
0.00%
(g)
0.52%
2.31%
1.43%
0.59%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
9,663
$
5,544
$
4,296
$
4,320
$
3,341
$
5,630
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
$
1.0
0
Net
investment
income
........................
0.0001
0.0056
0.0221
0.0151
0.0075
0.0013
Net
realized
and
unrealized
gain
(loss)
.............
(0.0002)
0.0009
0.0001
0.0002
0.0002
0.0004
Net
increase
(decrease)
from
investment
operations
......
(0.0001)
0.0065
0.0222
0.0153
0.0077
0.0017
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0001)
(0.0062)
(0.0220)
(0.0153)
(0.0075)
(0.0013)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(b)
—
—
(0.0002)
Total
distributions
.............................
(0.0002)
(0.0063)
(0.0220)
(0.0153)
(0.0075)
(0.0015)
Net
asset
value,
end
of
period
....................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Total
Return
(c)
(0.02)%
0.65%
2.24%
1.54%
0.77%
—
Based
on
net
asset
value
........................
(0.02)%
(d)
0.65%
(e)
2.24%
1.54%
0.77%
0.17%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.48%
(f)
0.48%
0.47%
0.47%
0.47%
0.44%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.22%
(f)
0.38%
0.43%
0.43%
0.43%
0.42%
Net
investment
income
.........................
0.01%
(f)
0.56%
2.21%
1.51%
0.78%
0.13%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
104,674
$
106,802
$
79,837
$
80,471
$
86,362
$
91,943
(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)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
100
See
notes
to
financial
statements.
TempFund
Private
Client
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0017
0.0190
0.0136
0.0050
0.0000
(a)
Net
realized
and
unrealized
gain
(loss)
.............
(0.0001)
0.0033
(0.0001)
(0.0007)
0.0001
0.0004
Net
increase
from
investment
operations
..............
(0.0001)
0.0050
0.0189
0.0129
0.0051
0.0004
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0047)
(0.0187)
(0.0128)
(0.0050)
(0.0000)
(c)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
—
—
(0.0002)
Total
distributions
.............................
(0.0001)
(0.0048)
(0.0187)
(0.0128)
(0.0050)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.000
6
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Total
Return
(d)
(0.01)%
0.50%
1.90%
1.29%
0.52%
—
Based
on
net
asset
value
........................
(0.01)%
(e)
0.50%
(f)
1.90%
1.29%
0.52%
0.04%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.08%
(g)
1.08%
1.07%
1.07%
1.07%
1.04%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.23%
(g)
0.59%
0.68%
0.68%
0.68%
0.53%
Net
investment
income
.........................
0.00%
(g)
0.17%
1.90%
1.36%
0.49%
0.00%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
1,009
$
1,043
$
1,165
$
2,042
$
1,295
$
1,649
(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.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0057
0.0215
0.0151
0.0063
0.0017
Net
realized
gain
(loss)
........................
0.0001
0.0005
0.0001
0.0002
(0.0001)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0062
0.0216
0.0153
0.0062
0.0017
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0061)
(0.0216)
(0.0153)
(0.0062)
(0.0017)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0062)
(0.0216)
(0.0153)
(0.0062)
(0.0017)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.62%
2.18%
1.54%
0.62%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.62%
(f)
2.18%
1.54%
0.62%
0.17%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.19%
(g)
0.19%
0.19%
0.19%
0.19%
0.20%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.17%
0.17%
0.17%
0.17%
0.17%
Net
investment
income
.........................
0.00%
(g)(h)
0.57%
2.15%
1.51%
0.63%
0.18%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
109,205,490
$
88,266,743
$
65,112,830
$
57,671,676
$
53,092,342
$
53,764,049
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
102
See
notes
to
financial
statements.
T-Fund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0056
0.0206
0.0146
0.0061
0.0008
Net
realized
gain
(loss)
........................
0.0001
(0.0002)
0.0000
(a)
(0.0003)
(0.0009)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0054
0.0206
0.0143
0.0052
0.0008
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0053)
(0.0206)
(0.0143)
(0.0052)
(0.0008)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0054)
(0.0206)
(0.0143)
(0.0052)
(0.0008)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.53%
2.08%
1.43%
0.52%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.53%
(f)
2.08%
1.43%
0.52%
0.08%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.29%
(g)
0.29%
0.29%
0.29%
0.29%
0.30%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.25%
0.27%
0.27%
0.27%
0.26%
Net
investment
income
.........................
0.00%
(g)(h)
0.56%
2.08%
1.46%
0.61%
0.12%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
550,179
$
489,691
$
733,783
$
924,933
$
685,250
$
75,294
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Capital
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2020
2019
Net
asset
value,
beginning
of
period
............................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................................
0.0000
(b)
0.0048
0.0212
0.0172
Net
realized
gain
(loss)
.....................................................
0.0001
0.0010
0.0000
(b)
(0.0027)
Net
increase
from
investment
operations
...........................................
0.0001
0.0058
0.0212
0.0145
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0000)
(d)
(0.0057)
(0.0212)
(0.0145)
From
net
realized
gain
......................................................
(0.0001)
(0.0001)
(0.0000)
(d)
(0.0000)
(d)
Total
distributions
..........................................................
(0.0001)
(0.0058)
(0.0212)
(0.0145)
Net
asset
value,
end
of
period
.................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.57%
2.14%
1.46%
Based
on
net
asset
value
.....................................................
0.01%
(f)
0.57%
(g)
2.14%
1.46%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.24%
(h)
0.24%
0.24%
0.24%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.10%
(h)
0.21%
0.21%
0.21%
(h)
Net
investment
income
......................................................
0.00%
(h)(
i
)
0.48%
2.13%
1.76%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
23,121,029
$
15,842,877
$
10,347,984
$
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)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
104
See
notes
to
financial
statements.
T-Fund
Cash
Management
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0034
0.0164
0.0103
0.0015
0.0001
Net
realized
gain
............................
0.0001
0.0003
0.0003
0.0000
(a)
0.0003
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0037
0.0167
0.0103
0.0018
0.0001
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0036)
(0.0167)
(0.0103)
(0.0018)
(0.0001)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0037)
(0.0167)
(0.0103)
(0.0018)
(0.0001)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.37%
1.69%
1.03%
0.18%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.37%
(f)
1.69%
1.03%
0.18%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.69%
(g)
0.69%
0.69%
0.69%
0.69%
0.70%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.11%
(g)
0.41%
0.67%
0.67%
0.58%
0.32%
Net
investment
income
.........................
0.00%
(g)(h)
0.34%
1.64%
1.03%
0.15%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
906,799
$
1,009,514
$
1,035,657
$
600,314
$
576,284
$
1,133,743
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Cash
Reserve
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0037
0.0176
0.0128
0.0027
0.0001
Net
realized
gain
(loss)
........................
0.0001
0.0004
0.0000
(a)
(0.0015)
(0.0002)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0041
0.0176
0.0113
0.0025
0.0001
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0040)
(0.0176)
(0.0113)
(0.0025)
(0.0001)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0041)
(0.0176)
(0.0113)
(0.0025)
(0.0001)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.40%
1.78%
1.13%
0.25%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.40%
(f)
1.78%
1.13%
0.25%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.59%
(g)
0.59%
0.59%
0.59%
0.59%
0.60%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.08%
(g)
0.39%
0.57%
0.57%
0.55%
0.35%
Net
investment
income
.........................
0.00%
(g)(h)
0.37%
1.78%
1.28%
0.27%
0.02%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
526,603
$
56,822
$
123,578
$
239,734
$
57,894
$
68,784
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
106
See
notes
to
financial
statements.
T-Fund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0044
0.0191
0.0123
0.0035
0.0001
Net
realized
gain
............................
0.0001
0.0003
0.0000
(a)
0.0004
0.0002
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0047
0.0191
0.0127
0.0037
0.0001
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0046)
(0.0191)
(0.0127)
(0.0037)
(0.0001)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0047)
(0.0191)
(0.0127)
(0.0037)
(0.0001)
Net
asset
value,
end
of
period
....................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.46%
1.93%
1.28%
0.38%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.46%
(f)
1.93%
1.28%
0.38%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.44%
(g)
0.44%
0.44%
0.44%
0.44%
0.45%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.32%
0.42%
0.42%
0.42%
0.34%
Net
investment
income
.........................
0.00%
(g)(h)
0.44%
1.92%
1.23%
0.35%
0.02%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
888,879
$
670,205
$
794,485
$
1,230,374
$
2,927,646
$
3,807,290
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Premier
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
10/31/2020
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........................................................
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................................................
0.0000
(b)
0.0060
0.0050
Net
realized
gain
........................................................................
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
..........................................................
0.0001
0.0062
0.0050
Distributions
(c)
–
–
–
From
net
investment
income
................................................................
(0.0000)
(d)
(0.0061)
(0.0050)
From
net
realized
gain
.....................................................................
(0.0001)
(0.0001)
(0.0000)
(d)
Total
distributions
.........................................................................
(0.0001)
(0.0062)
(0.0050)
Net
asset
value,
end
of
period
................................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.61%
0.50%
Based
on
net
asset
value
....................................................................
0.01%
(f)
0.61%
(g)
0.50%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.18%
(h)
0.19%
0.19%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.07%
(h)
0.17%
0.17%
(h)
Net
investment
income
.....................................................................
0.01%
(h)
0.60%
1.93%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
17,537
$
37
$
37
(a)
Recommencement
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)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
108
See
notes
to
financial
statements.
T-Fund
Select
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0011
0.0133
0.0051
0.0002
0.0001
Net
realized
gain
............................
0.0001
0.0014
0.0000
(a)
0.0019
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0025
0.0133
0.0070
0.0002
0.0001
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0024)
(0.0133)
(0.0070)
(0.0002)
(0.0001)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0025)
(0.0133)
(0.0070)
(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)
0.01%
0.24%
1.34%
0.70%
0.02%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.24%
(f)
1.34%
0.70%
0.02%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.04%
(g)
1.04%
1.04%
1.04%
1.04%
1.05%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.09%
(g)
0.41%
1.00%
1.00%
0.75%
0.31%
Net
investment
income
.........................
0.01%
(g)
0.11%
1.37%
0.51%
0.02%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
91,694
$
30,444
$
14,769
$
19,710
$
75,759
$
83,975
(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.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0048
0.0212
0.0153
0.0060
0.0013
Net
realized
gain
(loss)
........................
0.0001
0.0015
0.0000
(a)
(0.0002)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0063
0.0212
0.0151
0.0060
0.0013
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0062)
(0.0212)
(0.0151)
(0.0060)
(0.0013)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0063)
(0.0212)
(0.0151)
(0.0060)
(0.0013)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.0
0
$
1.
00
$
1.
00
$
1.
00
$
1.0
0
Total
Return
(d)
0.01%
0.63%
2.14%
1.52%
0.60%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.63%
2.14%
1.52%
0.60%
0.13%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.19%
(f)
0.19%
0.20%
0.20%
0.20%
0.21%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.09%
(f)
0.17%
0.17%
0.17%
0.17%
0.17%
Net
investment
income
.........................
0.00%
(f)(g)
0.48%
2.12%
1.53%
0.60%
0.14%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
99,056,679
$
56,400,526
$
38,728,217
$
30,530,122
$
24,157,325
$
20,911,540
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
110
See
notes
to
financial
statements.
Treasury
Trust
Fund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.0
0
$
1.0
0
$
1.
00
$
1.
00
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0058
0.0203
0.0136
0.0052
0.0005
Net
realized
gain
(loss)
........................
0.0001
(0.0002)
0.0000
(a)
0.0005
(0.0002)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0056
0.0203
0.0141
0.0050
0.0005
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0055)
(0.0203)
(0.0141)
(0.0050)
(0.0005)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0056)
(0.0203)
(0.0141)
(0.0050)
(0.0005)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.0
0
$
1.
00
$
1.
00
$
1.
00
$
1.0
0
Total
Return
(d)
0.01%
0.56%
2.05%
1.42%
0.50%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.56%
2.05%
1.42%
0.50%
0.05%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.29%
(f)
0.29%
0.30%
0.30%
0.30%
0.31%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(f)
0.24%
0.26%
0.27%
0.27%
0.24%
Net
investment
income
.........................
0.00%
(f)(g)
0.58%
2.03%
1.36%
0.52%
0.04%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
473,377
$
399,846
$
465,703
$
413,618
$
638,815
$
476,145
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Capital
Six
Months
Ended
04/30/21
(unaudited)
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
.........................................................................
$
1.
00
$
1.
00
Net
investment
income
..................................................................................
0.0000
(b)
0.0000
(b
)
Net
realized
gain
......................................................................................
0.0001
0.0000
(b
)
Net
increase
from
investment
operations
........................................................................
0.0001
0.0000
Distributions
(c)
From
net
investment
income
..............................................................................
(0.0000)
(d
)
—
From
net
realized
gain
...................................................................................
(0.0001)
—
Total
distributions
.......................................................................................
(0.0001)
—
Net
asset
value,
end
of
period
..............................................................................
$
1.00
$
1.00
Total
Return
(e)
0.01%
—
Based
on
net
asset
value
..................................................................................
0.01%
(f)
0.00%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.24%
(g)
0.24%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.11%
(g)
0.17%
(g)
Net
investment
loss
......................................................................................
0.00%
(g)(h)
(0.03)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
1,433
$
250
(a)
Recommencement
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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
112
See
notes
to
financial
statements.
Treasury
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.
00
$
1.
00
$
1.
00
$
1.
00
$
1.
00
Net
investment
income
........................
0.0000
(a)
0.0034
0.0158
0.0098
0.0018
0.0002
Net
realized
gain
(loss)
........................
0.0001
0.0003
0.0005
0.0003
(0.0002)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0037
0.0163
0.0101
0.0016
0.0002
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0036)
(0.0163)
(0.0101)
(0.0016)
(0.0002)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0037)
(0.0163)
(0.0101)
(0.0016)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.
00
$
1.0
0
$
1.
00
$
1.
00
$
1.0
0
Total
Return
(d)
0.01%
0.37%
1.64%
1.02%
0.16%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.37%
1.64%
1.02%
0.16%
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
......
0.10%
(f)
0.41%
0.67%
0.67%
0.63%
0.29%
Net
investment
income
.........................
0.00%
(f)(g)
0.34%
1.58%
0.98%
0.18%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
51,514
$
53,101
$
36,492
$
13,843
$
21,110
$
16,561
(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.
(g)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
Period
from
12/16/15
(a)
to
10/31/16
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.
00
$
1.0
0
$
1.0
0
$
1.
00
$
1.
00
Net
investment
income
........................
0.0000
(b)
0.0040
0.0172
0.0124
0.0019
0.0001
Net
realized
gain
(loss)
........................
0.0001
0.0001
0.0000
(b)
(0.0013)
0.0003
0.0000
(b)
Net
increase
from
investment
operations
..............
0.0001
0.0041
0.0172
0.0111
0.0022
0.0001
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(d)
(0.0040)
(0.0172)
(0.0111)
(0.0022)
(0.0001)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(d)
(0.0000)
(d)
(0.0000)
(d)
Total
distributions
.............................
(0.0001)
(0.0041)
(0.0172)
(0.0111)
(0.0022)
(0.0001)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.0
0
$
1.
00
$
1.
00
$
1.0
0
$
1.
00
Total
Return
(e)
0.01%
0.41%
1.74%
1.12%
0.22%
—
Based
on
net
asset
value
........................
0.01%
(f)
0.41%
1.74%
1.12%
0.22%
0.01%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.59%
(g)
0.59%
0.60%
0.60%
0.60%
0.61%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.39%
0.57%
0.57%
0.52%
0.29%
(g)
Net
investment
income
.........................
0.00%
(g)(h)
0.40%
1.73%
1.24%
0.19%
0.01%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
104,279
$
102,984
$
74,034
$
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.
(h)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
114
See
notes
to
financial
statements.
Treasury
Trust
Fund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0046
0.0194
0.0127
0.0035
0.0002
Net
realized
gain
(loss)
........................
0.0001
0.0003
0.0002
(0.0001)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0049
0.0196
0.0126
0.0035
0.0002
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0048)
(0.0196)
(0.0126)
(0.0035)
(0.0002)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0049)
(0.0196)
(0.0126)
(0.0035)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.49%
1.98%
1.27%
0.35%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.49%
1.98%
1.27%
0.35%
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
......
0.10%
(f)
0.30%
0.40%
0.42%
0.42%
0.28%
Net
investment
income
.........................
0.00%
(f)(g)
0.46%
1.94%
1.27%
0.35%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
995,031
$
939,241
$
977,335
$
482,014
$
483,138
$
420,095
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Select
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.
00
$
1.
00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0016
0.0129
0.0067
0.0001
0.0002
Net
realized
gain
............................
0.0001
0.0008
0.0001
0.0001
0.0001
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0001
0.0024
0.0130
0.0068
0.0002
0.0002
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0023)
(0.0130)
(0.0068)
(0.0002)
(0.0002)
From
net
realized
gain
.........................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.............................
(0.0001)
(0.0024)
(0.0130)
(0.0068)
(0.0002)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.24%
1.30%
0.68%
0.02%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.24%
1.30%
0.68%
0.02%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.04%
(f)
1.04%
1.05%
1.05%
1.05%
1.06%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.09%
(f)
0.45%
1.00%
1.00%
0.68%
0.31%
Net
investment
income
.........................
0.00%
(f)(g)
0.16%
1.29%
0.67%
0.01%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
561,769
$
103,647
$
38,265
$
39,675
$
38,309
$
79,910
(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)
Amount
is
less
than
0.005%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
116
See
notes
to
financial
statements.
MuniCash
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0051
0.0137
0.0112
0.0060
0.0019
Net
realized
and
unrealized
gain
.................
0.0001
0.0004
0.0000
(a)
0.0000
(a)
0.0000
(a)
0.0013
Net
increase
from
investment
operations
..............
0.0001
0.0055
0.0137
0.0112
0.0060
0.0032
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0055)
(0.0137)
(0.0112)
(0.0058)
(0.0019)
From
net
realized
gain
.........................
—
—
(0.0000)
(c)
(0.0002)
—
(0.0000)
(c)
From
return
of
capital
.........................
—
—
—
—
—
(0.0012)
Total
distributions
.............................
(0.0000)
(0.0055)
(0.0137)
(0.0114)
(0.0058)
(0.0031)
Net
asset
value,
end
of
period
....................
$
1.0002
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Total
Return
(d)
0.01%
0.55%
1.38%
1.13%
0.60%
—
Based
on
net
asset
value
........................
0.01%
(e)
0.55%
1.38%
1.13%
(f)
0.60%
0.33%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.26%
(g)
0.26%
0.28%
0.29%
0.31%
0.38%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(g)
0.19%
0.20%
0.20%
0.20%
0.18%
Net
investment
income
.........................
0.01%
(g)
0.51%
1.36%
1.12%
0.60%
0.25%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
5,657,668
$
5,160,531
$
5,182,923
$
3,992,552
$
4,096,900
$
2,139,820
(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%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
See
notes
to
financial
statements.
MuniCash
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0040
0.0123
0.0087
0.0033
0.0006
Net
realized
and
unrealized
gain
.................
0.0000
(a)
0.0002
0.0000
(a)
0.0000
(a)
0.0002
0.0013
Net
increase
from
investment
operations
..............
0.0000
0.0042
0.0123
0.0087
0.0035
0.0019
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0042)
(0.0123)
(0.0087)
(0.0033)
(0.0006)
From
net
realized
gain
.........................
—
—
(0.0000)
(c)
(0.0002)
—
(0.0000)
(c)
From
return
of
capital
.........................
—
—
—
—
—
(0.0012)
Total
distributions
.............................
(0.0000)
(0.0042)
(0.0123)
(0.0089)
(0.0033)
(0.0018)
Net
asset
value,
end
of
period
....................
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Total
Return
(d)
—
0.42%
1.23%
0.88%
0.35%
—
Based
on
net
asset
value
........................
0.00%
(e),(f)
0.42%
1.23%
0.88%
(g)
0.35%
0.19%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.51%
(h)
0.51%
0.53%
0.54%
0.56%
0.63%
(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.10%
(h)
0.31%
0.45%
0.45%
0.45%
0.30%
Net
investment
income
.........................
0.01%
(h)
0.40%
1.22%
0.87%
0.33%
0.05%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,929
$
3,176
$
2,207
$
1,893
$
1,623
$
1,802
(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)
Amount
is
less
than
0.005%.
(g)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
(i)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization. Without
these
costs,
total
expenses
for
the
Dollar
class
would
have
been
0.63%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
118
See
notes
to
financial
statements.
MuniFund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.00
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.
00
Net
investment
income
........................
0.0000
(a)
0.0071
0.0142
0.0115
0.0060
0.0019
Net
realized
gain
...........................
—
0.0004
0.0000
(a)
0.0000
(a)
0.0002
0.0001
Net
increase
from
investment
operations
..............
0.0000
0.0075
0.0142
0.0115
0.0062
0.0020
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0056)
(0.0142)
(0.0115)
(0.0060)
(0.0019)
From
net
realized
gain
.........................
—
(0.0001)
—
(0.0000)
(c)
(0.0002)
(0.0001)
From
return
of
capital
.........................
—
(0.0018)
—
—
—
—
Total
distributions
.............................
(0.0000)
(0.0075)
(0.0142)
(0.0115)
(0.0062)
(0.0020)
Net
asset
value,
end
of
period
....................
$
1.
0
0
$
1.0
0
$
1.00
$
1.00
$
1.0
0
$
1.0
0
Total
Return
(d)
—
0.75%
1.43%
1.16%
—
—
Based
on
net
asset
value
........................
0.00%
(e)(f)
0.75%
1.43%
1.16%
0.62%
0.20%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.75%
(g)
0.57%
0.50%
0.55%
0.45%
0.37%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.07%
(g)
0.19%
0.20%
0.20%
0.20%
0.11%
Net
investment
income
.........................
0.01%
(g)
0.71%
1.42%
1.15%
0.60%
0.10%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
62,540
$
68,295
$
194,629
$
191,172
$
146,316
$
141,458
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
119
Financial
Highlights
See
notes
to
financial
statements.
MuniFund
Administration
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0051
0.0133
0.0104
0.0049
0.0013
Net
realized
gain
...........................
—
0.0017
0.0000
(a)
0.0001
0.0003
0.0001
Net
increase
from
investment
operations
..............
0.0000
0.0068
0.0133
0.0105
0.0052
0.0014
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0049)
(0.0133)
(0.0105)
(0.0050)
(0.0013)
From
net
realized
gain
.........................
—
(0.0001)
—
(0.0000)
(c)
(0.0002)
(0.0001)
From
return
of
capital
.........................
—
(0.0018)
—
—
—
—
Total
distributions
.............................
(0.0000)
(0.0068)
(0.0133)
(0.0105)
(0.0052)
(0.0014)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.00
$
1.0
0
Total
Return
(d)
—
0.68%
1.34%
1.06%
0.52%
—
Based
on
net
asset
value
........................
0.00%
(e)(f)
0.68%
1.34%
1.06%
0.52%
0.14%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.85%
(g)
0.69%
0.60%
0.65%
0.55%
0.46%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.07%
(g)
0.25%
0.30%
0.30%
0.30%
0.15%
Net
investment
income
.........................
0.01%
(g)
0.51%
1.33%
1.04%
0.49%
0.05%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
154
$
156
$
15,487
$
16,537
$
18,653
$
21,554
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
120
See
notes
to
financial
statements.
MuniFund
Dollar
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.
00
$
1.0
0
$
1.0
0
$
1.0
0
$
1.
00
Net
investment
income
........................
0.0000
(a)
0.0042
0.0117
0.0090
0.0035
0.0006
Net
realized
gain
...........................
—
0.0019
0.0000
(a)
0.0000
(a)
0.0002
0.0001
Net
increase
from
investment
operations
..............
0.0000
0.0061
0.0117
0.0090
0.0037
0.0007
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0042)
(0.0117)
(0.0090)
(0.0035)
(0.0006)
From
net
realized
gain
.........................
—
(0.0001)
—
(0.0000)
(c)
(0.0002)
(0.0001)
From
return
of
capital
.........................
—
(0.0018)
—
—
—
—
Total
distributions
.............................
(0.0000)
(0.0061)
(0.0117)
(0.0090)
(0.0037)
(0.0007)
Net
asset
value,
end
of
period
....................
$
1.
00
$
1.0
0
$
1.
00
$
1.0
0
$
1.0
0
$
1.0
0
Total
Return
(d)
—
0.61%
1.18%
0.91%
—
—
Based
on
net
asset
value
........................
0.00%
(e)(f)
0.61%
1.18%
0.91%
0.36%
0.07%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.00%
(g)
0.84%
0.75%
0.80%
0.70%
0.63%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.07%
(g)
0.32%
0.45%
0.45%
0.45%
0.22%
Net
investment
income
.........................
0.01%
(g)
0.41%
1.17%
0.90%
0.35%
0.03%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
6,203
$
4,988
$
4,678
$
4,462
$
4,592
$
5,724
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
See
notes
to
financial
statements.
MuniFund
Private
Client
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0031
0.0094
0.0067
0.0013
0.0002
Net
realized
gain
...........................
—
0.0019
0.0000
(a)
0.0000
(a)
0.0002
0.0001
Net
increase
from
investment
operations
..............
0.0000
0.0050
0.0094
0.0067
0.0015
0.0003
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0031)
(0.0094)
(0.0067)
(0.0013)
(0.0002)
From
net
realized
gain
.........................
—
(0.0001)
—
(0.0000)
(c)
(0.0002)
(0.0001)
From
return
of
capital
.........................
—
(0.0018)
—
—
—
—
Total
distributions
.............................
(0.0000)
(0.0050)
(0.0094)
(0.0067)
(0.0015)
(0.0003)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1
.0
0
Total
Return
(d)
—
0.50%
0.94%
0.68%
—
—
Based
on
net
asset
value
........................
0.00%
(e)(f)
0.50%
0.94%
0.68%
0.14%
0.03%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.60%
(g)
1.44%
1.35%
1.40%
1.30%
1.22%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.07%
(g)
0.43%
0.68%
0.68%
0.67%
0.25%
Net
investment
income
.........................
0.01%
(g)
0.31%
0.94%
0.67%
0.13%
0.02%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
292
$
292
$
291
$
319
$
330
$
350
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
122
See
notes
to
financial
statements.
MuniFund
Select
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.
00
Net
investment
income
........................
0.0000
(a)
0.0017
0.0063
0.0034
0.0000
(a)
0.0001
Net
realized
gain
...........................
—
0.0019
0.0000
(a)
0.0001
0.0002
0.0001
Net
increase
from
investment
operations
..............
0.0000
0.0036
0.0063
0.0035
0.0002
0.0002
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0017)
(0.0063)
(0.0035)
(0.0000)
(c)
(0.0001)
From
net
realized
gain
.........................
—
(0.0001)
—
(0.0000)
(c)
(0.0002)
(0.0001)
From
return
of
capital
.........................
—
(0.0018)
—
—
—
—
Total
distributions
.............................
(0.0000)
(0.0036)
(0.0063)
(0.0035)
(0.0002)
(0.0002)
Net
asset
value,
end
of
period
....................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Total
Return
(d)
—
0.36%
0.63%
0.36%
0.02%
—
Based
on
net
asset
value
........................
0.00%
(e)(f)
0.36%
0.63%
0.36%
0.02%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.60%
(g)
1.44%
1.34%
1.40%
1.30%
1.22%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.07%
(g)
0.57%
1.00%
1.00%
0.79%
0.24%
Net
investment
income
.........................
0.01%
(g)
0.16%
0.64%
0.34%
0.00%
0.01%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,532
$
1,937
$
2,181
$
2,662
$
2,833
$
3,863
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
123
Financial
Highlights
See
notes
to
financial
statements.
California
Money
Fund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0000
$
1.0002
$
1.0002
$
1.00
$
1.00
$
1.00
Net
investment
income
........................
0.0000
(a)
0.0051
0.0107
0.0101
0.0053
0.0019
Net
realized
and
unrealized
gain
(loss)
.............
0.0006
(0.0007)
0.0001
0.0002
0.0012
0.0000
(a)
Net
increase
from
investment
operations
..............
0.0006
0.0044
0.0108
0.0103
0.0065
0.0019
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0046)
(0.0108)
(0.0101)
(0.0054)
(0.0019)
From
net
realized
gain
.........................
(0.0000)
(c)
—
—
—
(0.0011)
—
Total
distributions
.............................
(0.0000)
(0.0046)
(0.0108)
(0.0101)
(0.0065)
(0.0019)
Net
asset
value,
end
of
period
....................
$
1.0006
$
1.0000
$
1.0002
$
1.0002
$
1.00
$
1.00
Total
Return
(d)
0.07%
0.44%
1.09%
1.03%
0.65%
—
Based
on
net
asset
value
........................
0.07%
(e)
0.44%
1.09%
1.03%
0.65%
0.19%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.46%
(f)
0.45%
0.47%
0.70%
0.74%
0.47%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.06%
(f)
0.18%
0.20%
0.20%
0.20%
0.12%
Net
investment
income
.........................
0.01%
(f)
0.51%
1.07%
1.01%
0.53%
0.12%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
174,206
$
153,630
$
397,288
$
169,293
$
30,459
$
41,192
(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.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
124
See
notes
to
financial
statements.
New
York
Money
Fund
Institutional
Six
Months
Ended
04/30/21
(unaudited)
Year
Ended
October
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
...............
$
1.0000
$
1.0000
$
1.0000
$
1.
00
$
1.0
0
$
1.0
0
Net
investment
income
........................
0.0000
(a)
0.0062
0.0129
0.0113
0.0056
0.0019
Net
realized
and
unrealized
gain
(loss)
.............
0.0000
(a)
(0.0008)
0.0003
(0.0002)
0.0013
0.0015
Net
increase
from
investment
operations
..............
0.0000
0.0054
0.0132
0.0111
0.0069
0.0034
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0000)
(c)
(0.0054)
(0.0132)
(0.0111)
(0.0056)
(0.0019)
From
net
realized
gain
.........................
—
—
—
—
—
(0.0003)
From
return
of
capital
.........................
—
—
—
—
(0.0013)
(0.0012)
Total
distributions
.............................
(0.0000)
(0.0054)
(0.0132)
(0.0111)
(0.0069)
(0.0034)
Net
asset
value,
end
of
period
....................
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.0
0
$
1.0
0
Total
Return
(d)
—
0.54%
1.33%
1.12%
0.69%
—
Based
on
net
asset
value
........................
0.00%
(e)
(f)
0.54%
1.33%
1.12%
0.69%
0.34%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.53%
(g)
0.46%
0.56%
1.35%
1.00%
0.58%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.08%
(g)
0.18%
0.20%
0.20%
0.20%
0.14%
Net
investment
income
.........................
0.01%
(g)
0.62%
1.29%
1.13%
0.56%
0.10%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
123,246
$
149,946
$
243,502
$
46,066
$
16,908
$
17,838
(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)
Amount
is
less
than
0.005%.
(g)
Annualized.
Notes
to
Financial
Statements
(unaudited)
125
Notes
to
Financial
Statements
ORGANIZATION
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
(a)
California
Money
Fund
and
New
York
Money
Fund
must
satisfy
the
diversification
requirement
set
forth
in
Rule
2a-7
under
the
1940
Act
and
will
thereby
be
deemed
to
be
diversified
under
the
1940
Act.
Each
Fund
offers
multiple
classes
of
shares
although
certain
share
classes
may
not
be
outstanding
at
the
report
date.
Each
Fund
offers
the
following
classes
of
shares:
Institutional
Shares
and
Capital
Shares.
Federal
Trust
Fund,
FedFund,
TempFund,
T-Fund,
Treasury
Trust
Fund
and
MuniFund
also
offer
Administration
Shares.
Federal
Trust
Fund,
FedFund,
TempFund,
T-Fund
and
Treasury
Trust
Fund
also
offer
Cash
Management
Shares
and
Cash
Reserve
Shares.
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash
and
MuniFund
also
offer
Dollar
Shares.
FedFund,
TempCash
and
T-Fund
also
offer
Premier
Shares.
Federal
Trust
Fund,
FedFund,
Treasury
Trust
Fund,
MuniCash
and
MuniFund
also
offer
Private
Client
Shares.
Federal
Trust
Fund,
FedFund,
TempCash,
T-Fund,
Treasury
Trust
Fund,
MuniCash
and
MuniFund
also
offer
Select
Shares.
FedFund
also
offers
Mischler
Financial
Group
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.
TempFund
do
not
offers
Premier
Shares.
For
the
six
months
ended
April
30,
2021,
no
Plus
Shares
or
Cash
Plus
Shares
were
outstanding.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
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
Rule
2a-7
under
the
1940
Act.
Each
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in
a
Fund's
weekly
liquid
assets.
MuniFund operates
as
a
“retail
money
market
fund”
under
Rule
2a-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
at
such
intervals.
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
of
the
Trust
(the
"Board")
is
permitted
to
impose
a
liquidity
fee
of
up
to
2%
on
the
value
of
shares
redeemed
or
temporarily
restrict
redemptions
from
each
of
TempCash,
TempFund,
MuniCash,
MuniFund,
California
Money
Fund or
New
York
Money
Fund
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
TempCash,
TempFund,
MuniCash,
MuniFund,
California
Money
Fund or
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.
Effective
February
26,
2021,
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Administration
Shares.
TempCash,
MuniCash,
MuniFund,
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Cash
Management
Shares
and
Cash
Reserve
Shares.
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Dollar
Shares.
Federal
Trust
Fund,
Treasury
Trust
Fund,
MuniCash,
MuniFund,
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Premier
Shares.
T-Fund,
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Private
Client
Shares.
TempFund,
California
Money
Fund
and
New
York
Money
Fund
will
no
longer
accept
purchase
orders
for
Select
Shares.
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
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)
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
126
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
in
the
event
that
TempCash,
TempFund,
MuniCash,
MuniFund,
California
Money
Fund
or
New
York
Money
Fund
Fund’s
weekly
liquid
assets
fall
below
certain
thresholds
are
recorded
as
paid-in-capital.
The
liquidity
fees
are
collected
and
retained
by each
Fund
for
the
benefit
of
a
Fund’s
remaining
shareholders.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies
(TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund):
The
investments
of
TempCash,
TempFund,
MuniCash,
MuniFund,
California
Money
Fund
and
New
York
Money
Fund
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
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
Funds'
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments.
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third
party
pricing
services.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value.
Investment
Valuation
Policies
(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
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Each
Fund
seeks
to
maintain
its
NAV
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
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);
and
Notes
to
Financial
Statements
(unaudited)
(continued)
127
Notes
to
Financial
Statements
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
SECURITIES
AND
OTHER
INVESTMENTS
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third
party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically, a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
The
Funds
,
along
with
other
registered
investment
companies
advised
by
the
Manager,
may
transfer
uninvested
cash
into
a
single
joint
trading
account
which
is
then
invested
in
one
or
more
repurchase
agreements.
As
of
period
end,
there
were
no
joint
trading
accounts
invested
in
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
Under
the
management
agreement,
the
Manager
is
entitled
to
receive
the
following
annual
fees
computed
daily
and
paid
monthly
based
upon
each
Fund’s
average
daily
net
assets:
(a)
Based
on
the
combined
average
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.
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
Calculation
B
Management
Fees
are
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)
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
128
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement,
effective
February
26,
2021,
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the six
months
ended
April
30,
2021,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
TempCash,
MuniCash
and
MuniFund
Management
Fees
..........................................................
.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
Fees
..........................................................
.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
Fees
..........................................................
.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
Fees
(a)
Distribution
Fees
(a)
Administration
..............................................................................................
0.10%
—%
Capital
...................................................................................................
0.05
—
Cash
Management
...........................................................................................
0.50
—
Cash
Reserve
..............................................................................................
0.40
—
Dollar
....................................................................................................
0.25
—
Private
Client
..............................................................................................
0.50
0.35
Select
...................................................................................................
0.50
0.35
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
Federal
Trust
Fund
.....................
$
43,123
$
—
$
26,617
$
603
$
25,658
$
—
$
—
$
96,001
FedFund
...........................
1,531,895
3,547,592
1,102,160
12,211,118
3,892,342
1,064
2,857,084
25,143,255
TempCash
..........................
—
—
—
—
22
—
—
22
TempFund
..........................
4,952
576
1,409,47
9
13,584
131,753
4,274
—
1,564,61
8
T-Fund
.............................
242,587
4,748,753
2,441,007
800,045
1,143,138
—
221,031
9,596,561
Treasury
Trust
Fund
....................
233,765
216
133,884
221,803
1,303,911
—
1,773,892
3,667,471
MuniCash
...........................
—
—
—
—
3,661
—
—
3,661
MuniFund
...........................
76
—
—
—
7,075
1,22
9
8,561
16,94
1
Notes
to
Financial
Statements
(unaudited)
(continued)
129
Notes
to
Financial
Statements
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months ended April
30,
2021,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
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
these
contractual
expense
limitations
through
February,
28
,
2022,
unless
approved
by
the
Board,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
such
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months ended
April
30,
2021,
the
amounts
waived
were
as
follows:
The
Manager has
also
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
its investment
advisory
fees
to
enable
the
Funds
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months ended
April
30,
2021,
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through
February
28,
2022
so
that
the
net
annual
fund
operating
expenses,
excluding
extraordinary
expenses,
of
the
Select
Shares
and Private
Client
Shares
do
not
exceed
1.00%
and
0.68%
of
the
average
daily
net
assets
of
the
shares,
respectively.
The
agreement
renews
automatically
for
successive
one-year
periods
and
may
be
terminated
by
any
party
to
the
agreement
upon
written
notice
75
days
prior
to
the
commencement
of
a
successive
one
year
period.
For
the
six
months ended
April
30,
2021,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Federal
Trust
Fund
..........................................................................................................
$
1,337,775
FedFund
................................................................................................................
12,994,090
TempCash
...............................................................................................................
2,574,682
TempFund
...............................................................................................................
2,517,415
T-Fund
..................................................................................................................
9,581,069
Treasury
Trust
Fund
.........................................................................................................
5,671,388
MuniCash
................................................................................................................
1,812,028
MuniFund
................................................................................................................
222,684
California
Money
Fund
.......................................................................................................
315,013
New
York
Money
Fund
.......................................................................................................
239,873
Federal
Trust
Fund
..........................................................................................................
$
1,517,222
Fed
Fund
................................................................................................................
49,910,9
6
3
TempCash
...............................................................................................................
148,764
TempFund
...............................................................................................................
149,96
4
T-Fund
..................................................................................................................
39,226,917
Treasury
Trust
Fund
.........................................................................................................
26,583,161
MuniCash
................................................................................................................
3,093,742
MuniFund
................................................................................................................
51,938
California
Money
Fund
.......................................................................................................
16
5,
2
1
5
New
York
Money
Fund
.......................................................................................................
86
,
256
Service
and
Distribution
Fees
Waived
Cash
Reserve
Dollar
Private
Client
Select
Total
Federal
Trust
Fund
................................
$
603
$
—
$
—
$
—
$
603
FedFund
......................................
—
—
427
67,208
67,635
TempFund
.....................................
442
253
1,760
—
2,455
T-Fund
........................................
—
—
—
5,200
5,200
Treasury
Trust
Fund
...............................
—
5,377
—
41,718
47,095
MuniFund
......................................
—
—
535
503
1,038
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
130
With
respect
to
each
Fund,
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
and/or reimbursement
at
any
time.
For
the
six
months ended
April
30,
2021,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to
borrow
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets,
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board.
During
the
period
ended
April
30,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations.
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
April
30,
2021,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
INCOME
TAX
INFORMATION
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
April
30,
2021,
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,
2020,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
Service
and
Distribution
Fees
Waived
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
Federal
Trust
Fund
...............
$
43,123
$
—
$
26,617
$
—
$
25,658
$
—
$
—
$
95,398
FedFund
.....................
1,531,895
3,547,592
1,102,160
12,211,118
3,892,342
637
2,789,876
25,075,620
TempCash
....................
—
—
—
—
17
—
—
17
TempFund
....................
2,990
106
1,268,591
11,504
110,402
2,263
—
1,395,856
T-Fund
.......................
240,908
4,691,223
2,437,292
799,840
1,140,406
—
215,714
9,525,383
Treasury
Trust
Fund
..............
233,765
216
133,884
221,803
1,298,534
—
1,732,174
3,620,376
MuniCash
.....................
—
—
—
—
3,661
—
—
3,661
MuniFund
.....................
76
—
—
—
7,075
694
8,058
15,903
Purchases
Sales
Net
Realized
Gain
(Loss)
TempCash
.......................................................................
$
5,600,441
$
—
$
—
MuniCash
........................................................................
1
,
278
,
985
,101
353
,
538
,653
—
MuniFund
........................................................................
11,680,226
35,485,664
—
California
Money
Fund
...............................................................
132,465,866
214,370,028
—
New
York
Money
Fund
...............................................................
25,350,286
98,118,080
—
Non-expiring
Capital
Loss
Carryforwards
TempCash
...........................................................................................................
$
1,225,712
TempFund
...........................................................................................................
815,103
MuniCash
............................................................................................................
8,921
Notes
to
Financial
Statements
(unaudited)
(continued)
131
Notes
to
Financial
Statements
PRINCIPAL
RISKS
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject.
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third
party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
MuniCash,
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.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
132
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Federal
Trust
Fund
Institutional
Shares
sold
11,897,117,885
21,076,697,710
Shares
issued
in
reinvestment
of
distributions
........................................................
186,573
5,110,658
Shares
redeemed
(12,523,183,664)
(20,036,629,208)
Net
increase
(decrease)
(625,879,206)
1,045,179,160
Administration
Shares
sold
42,135,374
129,237,814
Shares
issued
in
reinvestment
of
distributions
........................................................
8,683
468,577
Shares
redeemed
(37,844,787)
(131,764,321)
Net
increase
(decrease)
4,299,270
(2,057,930)
Cash
Management
Shares
sold
2,346,468
26,815,218
Shares
issued
in
reinvestment
of
distributions
........................................................
5
3
Shares
redeemed
(746,202)
(27,845,973)
Net
increase
(decrease)
1,600,271
(1,030,752)
Cash
Reserve
Shares
sold
1,489
40,756
Shares
issued
in
reinvestment
of
distributions
........................................................
31
1,904
Shares
redeemed
(412,920)
(138)
Net
increase
(decrease)
(411,400)
42,522
Dollar
Shares
sold
22,980,901
56,638,126
Shares
issued
in
reinvestment
of
distributions
........................................................
1,353
9,843
Shares
redeemed
(39,651,337)
(36,956,122)
Net
increase
(decrease)
(16,669,083)
19,691,847
Premier
Shares
redeemed
(36,500)
(a)
—
Net
decrease
(36,500)
—
Total
Net
Increase
(Decrease)
(637,096,648)
1,061,824,847
FedFund
Institutional
Shares
sold
690,220,193,838
1,130,219,642,439
Shares
issued
in
reinvestment
of
distributions
........................................................
7,938,873
289,706,012
Shares
redeemed
(670,937,684,749)
(1,082,540,565,006)
Net
increase
19,290,447,962
47,968,783,445
Administration
Shares
sold
3,540,187,648
8,606,564,742
Shares
issued
in
reinvestment
of
distributions
........................................................
31,805
1,968,351
Shares
redeemed
(3,293,043,753)
(8,501,448,442)
Net
increase
247,175,700
107,084,651
Capital
Shares
sold
14,569,209,017
16,299,159,211
Shares
issued
in
reinvestment
of
distributions
........................................................
2,056,739
49,232,126
Shares
redeemed
(6,462,149,383)
(13,180,787,391)
Net
increase
8,109,116,373
3,167,603,946
Cash
Management
Shares
sold
404,337,436
836,111,050
Shares
issued
in
reinvestment
of
distributions
........................................................
41,354
1,030,206
Shares
redeemed
(293,244,275)
(773,865,367)
Net
increase
111,134,515
63,275,889
Cash
Reserve
Shares
sold
32,986,111,496
48,735,245,740
Shares
issued
in
reinvestment
of
distributions
........................................................
108,669
14
Shares
redeemed
(32,360,998,015)
(48,562,796,439)
Net
increase
625,222,150
172,449,315
Notes
to
Financial
Statements
(unaudited)
(continued)
133
Notes
to
Financial
Statements
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Dollar
Shares
sold
6,112,860,476
11,131,375,296
Shares
issued
in
reinvestment
of
distributions
........................................................
51,162
1,088,813
Shares
redeemed
(6,160,718,881)
(10,447,866,469)
Net
increase
(decrease)
(47,807,243)
684,597,640
Premier
Shares
sold
11,858,065
—
Shares
issued
in
reinvestment
of
distributions
........................................................
616
—
Shares
redeemed
(1,451,606)
—
Net
increase
10,407,075
—
Private
Client
Shares
sold
9
48,953
Shares
issued
in
reinvestment
of
distributions
........................................................
36
950
Shares
redeemed
(27)
(27,273)
Net
increase
18
22,630
Select
Shares
sold
1,130,264,378
1,032,175,203
Shares
issued
in
reinvestment
of
distributions
........................................................
93,334
638,188
Shares
redeemed
(758,491,951)
(987,245,412)
Net
increase
371,865,761
45,567,979
Mischler
Financial
Group
Shares
(b)
Shares
sold
50,052,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
5
—
Net
increase
50,052,005
—
Total
Net
Increase
28,767,614,316
52,209,385,495
T-Fund
Institutional
Shares
sold
489,804,215,172
744,918,222,101
Shares
issued
in
reinvestment
of
distributions
........................................................
3,601,503
124,819,487
Shares
redeemed
(468,859,998,799)
(721,894,332,156)
Net
increase
20,947,817,876
23,148,709,432
Administration
Shares
sold
298,684,071
500,364,405
Shares
issued
in
reinvestment
of
distributions
........................................................
808
45,935
Shares
redeemed
(238,146,306)
(744,508,236)
Net
increase
(decrease)
60,538,573
(244,097,896)
Capital
Shares
sold
22,333,117,084
23,188,450,714
Shares
issued
in
reinvestment
of
distributions
........................................................
2,311,777
58,140,198
Shares
redeemed
(15,055,652,077)
(17,752,714,576)
Net
increase
7,279,776,784
5,493,876,336
Cash
Management
Shares
sold
1,739,117,596
3,118,108,344
Shares
issued
in
reinvestment
of
distributions
........................................................
81,343
2,319,312
Shares
redeemed
(1,841,810,003)
(3,146,612,028)
Net
decrease
(102,611,064)
(26,184,372)
Cash
Reserve
Shares
sold
3,803,633,747
2,265,489,884
Shares
issued
in
reinvestment
of
distributions
........................................................
39,018
193,103
Shares
redeemed
(3,333,886,460)
(2,332,436,703)
Net
increase
(decrease)
469,786,305
(66,753,716)
Dollar
Shares
sold
3,396,941,162
6,544,536,834
Shares
issued
in
reinvestment
of
distributions
........................................................
45,839
1,347,383
Shares
redeemed
(3,178,243,727)
(6,670,185,748)
Net
increase
(decrease)
218,743,274
(124,301,531)
Premier
Shares
sold
23,629,760
—
Shares
issued
in
reinvestment
of
distributions
........................................................
864
—
Shares
redeemed
(6,130,172)
—
Net
increase
17,500,452
—
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
134
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Select
Shares
sold
142,636,500
138,864,129
Shares
issued
in
reinvestment
of
distributions
........................................................
6,304
36,791
Shares
redeemed
(81,389,776)
(123,228,363)
Net
increase
61,253,028
15,672,557
Total
Net
Increase
28,952,805,228
28,196,920,810
Treasury
Trust
Fund
Institutional
Shares
sold
119,817,406,092
189,405,855,943
Shares
issued
in
reinvestment
of
distributions
........................................................
2,006,120
56,945,929
Shares
redeemed
(
77,159,316,487
)
(171,791,186,105)
Net
increase
42,660,095,725
17,671,615,767
Administration
Shares
sold
715,123,348
1,479,240,375
Shares
issued
in
reinvestment
of
distributions
........................................................
27,998
1,527,137
Shares
redeemed
(641,592,596)
(1,546,612,399)
Net
increase
(decrease)
73,558,750
(65,844,887)
Capital
Shares
sold
3,284,983
250,001
(c)
Shares
issued
in
reinvestment
of
distributions
........................................................
58
—
Shares
redeemed
(2,102,095)
—
Net
increase
1,182,946
250,001
Cash
Management
Shares
sold
42,791,257
134,302,699
Shares
issued
in
reinvestment
of
distributions
........................................................
324
11,613
Shares
redeemed
(44,375,195)
(117,705,993)
Net
increase
(decrease)
(1,583,614)
16,608,319
Cash
Reserve
Shares
sold
258,526,046
603,230,416
Shares
issued
in
reinvestment
of
distributions
........................................................
137
58,687
Shares
redeemed
(257,224,642)
(574,340,084)
Net
increase
1,301,541
28,949,019
Dollar
Shares
sold
1,686,990,20
2
5,007,927,072
Shares
issued
in
reinvestment
of
distributions
........................................................
7,849
580,592
Shares
redeemed
(1,631,142,14
4
)
(5,046,584,988)
Net
increase
(decrease)
55,855,907
(38,077,324)
Premier
Shares
redeemed
(36,500)
(a)
—
Net
decrease
(36,500)
—
Select
Shares
sold
1,097,024,379
358,700,062
Shares
issued
in
reinvestment
of
distributions
........................................................
39,668
137,163
Shares
redeemed
(638,934,628)
(293,459,746)
Net
increase
458,129,419
65,377,479
Total
Net
Increase
43,248,504,174
17,678,878,374
MuniFund
Institutional
Shares
sold
75,586,509
159,672,919
Shares
issued
in
reinvestment
of
distributions
........................................................
1,817
476,704
Shares
redeemed
(81,343,143)
(286,347,842)
Net
decrease
(5,754,817)
(126,198,219)
Administration
Shares
sold
—
26,169,972
Shares
issued
in
reinvestment
of
distributions
........................................................
—
79,039
Shares
redeemed
(2,566)
(41,566,587)
Net
decrease
(2,566)
(15,317,576)
Dollar
Shares
sold
1,798,792
2,571,886
Shares
redeemed
(584,418)
(2,259,927)
Net
increase
1,214,374
311,959
Notes
to
Financial
Statements
(unaudited)
(continued)
135
Notes
to
Financial
Statements
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Premier
Shares
redeemed
(36,500)
(a)
—
Net
decrease
(36,500)
—
Private
Client
Shares
sold
—
68
Shares
issued
in
reinvestment
of
distributions
........................................................
14
1,447
Shares
redeemed
(160)
(302)
Net
increase
(decrease)
(146)
1,213
Select
Shares
sold
7,441,074
13,690,420
Shares
issued
in
reinvestment
of
distributions
........................................................
100
7,268
Shares
redeemed
(6,846,648)
(13,941,139)
Net
increase
(decrease)
594,526
(243,451)
Total
Net
Decrease
(3,985,129)
(141,446,074)
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
136
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
were
as
follows:
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
.............................................
4,260,501,426
$
4,263,889,596
19,367,271,033
$
19,384,322,931
Shares
issued
in
reinvestment
of
distributions
........................
461,929
462,291
4,953,207
4,957,181
Shares
redeemed
.........................................
(7,455,850,444)
(7,461,681,194)
(18,773,353,580)
(18,786,003,498)
Net
increase
(decrease)
(3,194,887,089)
$
(3,197,329,307)
598,870,660
$
603,276,614
Dollar
Shares
sold
.............................................
—
$
—
1
$
—
Shares
issued
in
reinvestment
of
distributions
........................
1
1
112
112
Net
increase
1
$
1
113
$
112
Total
Net
Increase
(Decrease)
(3,194,887,088)
$
(3,197,329,306)
598,870,773
$
603,276,726
TempFund
Institutional
Shares
sold
.............................................
21,517,144,425
$
21,530,390,537
63,558,661,568
$
63,603,396,011
Shares
issued
in
reinvestment
of
distributions
........................
2,676,161
2,677,794
52,164,968
52,196,080
Shares
redeemed
.........................................
(24,414,250,902)
(24,428,913,964)
(63,294,006,472)
(63,334,527,532)
Net
increase
(decrease)
(2,894,430,316)
$
(2,895,845,633)
316,820,064
$
321,064,559
Administration
Shares
sold
.............................................
3,573,566
$
3,575,879
158,009,523
$
158,115,798
Shares
issued
in
reinvestment
of
distributions
........................
1,472
1,474
171,186
171,309
Shares
redeemed
.........................................
(2,692,510)
(2,694,234)
(190,852,331)
(191,013,635)
Net
increase
(decrease)
882,528
$
883,119
(32,671,622)
$
(32,726,528)
Capital
Shares
sold
.............................................
499,773
$
500,138
5,833,918
(d
)
$
5,839,215
(d
)
Shares
issued
in
reinvestment
of
distributions
........................
414
414
442
(d
)
442
(d
)
Shares
redeemed
.........................................
(1,995,106)
(1,996,373)
(2,614,040)
(d
)
(2,616,295)
(d
)
Net
increase
(decrease)
(1,494,919)
$
(1,495,821)
3,220,320
$
3,223,362
Cash
Management
Shares
sold
.............................................
96,254,177
$
96,311,3
72
207,090,363
$
207,228,502
Shares
issued
in
reinvestment
of
distributions
........................
57,390
57,4
04
2,994,154
2,995,688
Shares
redeemed
.........................................
(106,085,816)
(106,150,005)
(258,592,747)
(258,791,059)
Net
decrease
(9,774,249)
$
(9,781,229)
(48,508,230)
$
(48,566,869)
Cash
Reserve
Shares
sold
.............................................
10,424,180
$
10,430,537
6,775,904
$
6,780,743
Shares
issued
in
reinvestment
of
distributions
........................
591
592
30,486
30,503
Shares
redeemed
.........................................
(6,305,908)
(6,309,667)
(5,560,790)
(5,565,003)
Net
increase
4,118,863
$
4,121,462
1,245,600
$
1,246,243
Dollar
Shares
sold
.............................................
39,869,725
$
39,893,889
113,538,773
$
113,631,275
Shares
issued
in
reinvestment
of
distributions
........................
11,752
11,759
505,136
505,429
Shares
redeemed
.........................................
(41,983,052)
(42,008,667)
(87,112,667)
(87,171,880)
Net
increase
(decrease)
(2,101,575)
$
(2,103,019)
26,931,242
$
26,964,824
Private
Client
Shares
sold
.............................................
—
$
—
31,607,652
$
31,602,734
Shares
issued
in
reinvestment
of
distributions
........................
94
94
12,653
12,661
Shares
redeemed
.........................................
(33,419)
(33,445)
(31,742,848)
(31,772,528)
Net
decrease
(33,325)
$
(33,351)
(122,543)
$
(157,133)
Total
Net
Increase
(Decrease)
(2,902,832,993)
$
(2,904,254,472)
266,914,831
$
271,048,458
MuniCash
Institutional
Shares
sold
.............................................
19,437,981,790
$
19,441,644,442
41,440,031,637
$
41,446,367,361
Shares
issued
in
reinvestment
of
distributions
........................
179,404
179,435
12,236,952
12,238,616
Shares
redeemed
.........................................
(18,941,292,982)
(18,944,839,278)
(41,474,660,028)
(41,480,920,423)
Net
increase
(decrease)
496,868,212
$
496,984,599
(22,391,439)
$
(22,314,446)
Notes
to
Financial
Statements
(unaudited)
(continued)
137
Notes
to
Financial
Statements
(a)
There
were
no
Premier
Shares
outstanding
for
the
period
ended
April
30,
2021.
(b)
Period
January
22,
2021
(commencement
of
operations)
to
April
30,
2021
for
Mischler
Financial
Group
Shares.
(c)
Period
October
22,
2020
(recommencement
of
operations)
to
October
31,
2020
for
Capital
Shares.
(d)
Period
July
07,
2020
(recommencement
of
operations)
to
October
31,
2020
for
Capital
Shares.
As
of
April
30,
2021,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
owned
36,478
Premier
Shares
of
TempCash.
SUBSEQUENT
EVENTS
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
May
11,
2021,
the
Board
approved
a
proposal
to
close
MuniFund
to
new
investors
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
May
17,
2021,
the
Fund
will
no
longer
accept
purchase
orders
from
new
investors.
On
or
about
July
19,
2021,
(the
“Liquidation
Date”),
all
of
the
assets
of
the
Fund
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
the
Fund
will
then
be
terminated
as
a
series
of
the
Trust.
On
May
11,
2021,
the
Board
approved
a
change
in
the
name
of
Federal
Trust
Fund,
effective
as
of
July
19,
2021,
to
BlackRock
Liquid
Federal
Trust
Fund.
d
Six
Months
Ended
04/30/21
Year
Ended
10/31/20
Shares
Amount
Shares
Amount
Dollar
Shares
sold
.............................................
1,152,150
$
1,152,323
3,018,218
$
3,018,731
Shares
issued
in
reinvestment
of
distributions
........................
147
147
10,532
10,533
Shares
redeemed
.........................................
(1,399,427)
(1,399,599)
(2,060,196)
(2,060,562)
Net
increase
(decrease)
(247,130)
$
(247,129)
968,554
$
968,702
Premier
Shares
sold
.............................................
—
$
—
—
$
—
Shares
redeemed
.........................................
(36,493)
(a)
(36,500)
(a)
—
—
Net
decrease
(36,493)
$
(36,500)
—
$
—
Total
Net
Increase
(Decrease)
496,584,589
$
496,700,970
(21,422,885)
$
(21,345,744)
California
Money
Fund
Institutional
Shares
sold
.............................................
980,732,351
$
981,011,344
3,336,333,399
$
3,336,763,012
Shares
issued
in
reinvestment
of
distributions
........................
13,264
13,267
1,291,015
1,291,144
Shares
redeemed
.........................................
(960,263,314)
(960,611,642)
(3,581,208,580)
(3,581,717,421)
Net
increase
(decrease)
20,482,301
$
20,412,969
(243,584,166)
$
(243,663,265)
Premier
Shares
sold
.............................................
—
$
—
—
$
—
Shares
redeemed
.........................................
(36,493)
(a)
(36,511)
(a)
—
—
Net
decrease
(36,493)
$
(36,511)
—
$
—
Total
Net
Increase
(Decrease)
20,445,808
$
20,376,458
(243,584,166)
$
(243,663,265)
New
York
Money
Fund
Institutional
Shares
sold
.............................................
367,875,779
$
367,875,779
1,349,794,100
$
1,349,797,466
Shares
issued
in
reinvestment
of
distributions
........................
4,032
4,032
535,501
535,502
Shares
redeemed
.........................................
(394,577,236)
(394,577,236)
(1,443,890,179)
(1,443,892,052)
Net
decrease
(26,697,425)
$
(26,697,425)
(93,560,578)
$
(93,559,084)
Premier
Shares
sold
.............................................
—
$
—
—
$
—
Shares
redeemed
.........................................
(36,500)
(a)
(36,500)
(a)
—
—
Net
decrease
(36,500)
$
(36,500)
—
$
—
Total
Net
Decrease
(26,733,925)
$
(26,733,925)
(93,560,578)
$
(93,559,084)
Disclosure
of
Investment
Sub-Advisory
Agreement
2021
BlackRock
Semi-Annual
Report
to
Shareholders
138
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Liquidity
Funds
(the
“Trust”)
met
on
February
9,
2021
(the
“Meeting”)
to
consider
the
initial
approval
of
the
proposed
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Trust’s
investment
advisor,
and
BlackRock
International
Limited
(the
“Sub-Advisor”)
with
respect
to
TempFund
and
TempCash
(each,
a
“Fund”
and
collectively,
the
“Funds”),
each
a
series
of
the
Trust.
On
the
date
of
the
Meeting,
the
Board
consisted
of
fourteen
individuals,
twelve
of
whom
were
not
“interested
persons”
of
the
Trust
as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
(the
“Independent
Board
Members”).
Consistent
with
the
requirements
of
the
1940
Act,
the
Board
considers
the
initial
approval
of
the
Sub-Advisory
Agreement.
At
the
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Sub-Advisory
Agreement.
The
Board
previously
met
on
May
11-13,
2020
(the
“May
2020
Meeting”)
to
consider
the
approval
of
the
continuation
of
the
Trust’s
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust
and
the
Manager.
At
the
May
2020
Meeting,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
for
a
one-year
term
ending
June
30,
2021.
A
discussion
of
the
basis
for
the
Board’s
approval
of
the
Advisory
Agreement
at
the
May
2020
Meeting
is
included
in
the
annual
shareholder
report
for
the
Funds
for
the
period
ended
October
31,
2020.
The
factors
considered
by
the
Board
at
the
Meeting
in
connection
with
the
approval
of
the
proposed
Sub-Advisory
Agreement
were
substantially
the
same
as
the
factors
considered
at
the
May
2020
Meeting
with
respect
to
approval
of
the
Advisory
Agreement.
Following
discussion,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Funds,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Sub-Advisory
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
a
majority
of
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Sub-Advisory
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Sub-Advisory
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Additional
Information
139
Additional
Information
General
Information
Quarterly
performance,
semi-annual
and
annual
reports
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
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
each
month
on
Forms
N-MFP.
The
Funds’
reports
on
Forms
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
Each
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7450
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Additional
Information
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
140
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
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
(a)
For
TempCash
and
TempFund.
Glossary
of
Terms
Used
in
this
Report
141
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
USD
United
States
Dollar
Portfolio
Abbreviations
AMT
Alternative
Minimum
Tax
BAN
Bond
Anticipation
Notes
COP
Certificates
of
Participation
FRN
Floating
Rate
Note
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
SOFR
Secured
Overnight
Financing
Rate
TAN
Tax
Anticipation
Notes
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
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
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
You
could
lose
money
by
investing
in
the
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.
Want
to
know
more?
blackrock.com
|
800-441-7450
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
each
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
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.
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
Each
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
a
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
BRLF-4/21-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 Registrant – 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 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) Section 302 Certifications are attached
(a)(3) Not Applicable
(a)(4) Not Applicable
(b) Section 906 Certifications are attached
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 6, 2021
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 6, 2021
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
Date: July 6, 2021