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
BlackRock Liquid Federal Trust Fund
California
Money Fund
FedFund
MuniCash
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: 10/31/2022
Date of reporting period: 04/30/2022
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
APRIL
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
April
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
which
characterized
2021.
The
U.S.
economy
shrank
in
the
first
quarter
of
2022,
ending
the
run
of
robust
growth
which
followed
reopening
and
the
development
of
the
COVID-19
vaccines.
Rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
invasion
has
presented
challenges
for
both
investors
and
policymakers.
Equity
prices
were
mixed
but
mostly
down,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
particularly
weighing
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined,
while
large-capitalization
U.S.
stocks
were
nearly
flat.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
increasing
inflation
drove
investors’
expectations
for
higher
interest
rates.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
in
March
2022,
the
first
increase
of
this
business
cycle.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
raised
the
prospect
of
reversing
the
flow
and
reducing
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
continue
to
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metal
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
higher.
We
believe
sharp
increases
in
energy
prices
will
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks
amid
the
ebb
and
flow
of
the
pandemic,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
this
environment,
we
favor
an
overweight
to
equities,
as
valuations
have
become
more
attractive
and
inflation-adjusted
interest
rates
remain
low.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-
carbon
world,
such
as
technology
and
healthcare,
are
particularly
attractive
in
the
long
term.
We
favor
U.S.
equities
due
to
strong
earnings
momentum,
while
Japanese
equities
should
benefit
from
supportive
monetary
and
fiscal
policy.
We
are
underweight
credit
overall,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities
for
additional
yield.
We
believe
that
international
diversification
and
a
focus
on
sustainability
and
quality
can
help
provide
portfolio
resilience.
Overall,
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,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(9.65)%
0.21%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(18.38)
(16.87)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.80)
(8.15)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(14.15)
(18.33)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.07
0.08
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.29)
(8.86)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.47)
(8.51)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(7.90)
(7.88)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(7.40)
(5.22)
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
...................................................................................................
8
Financial
Statements
:
Schedule
of
Investments
................................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
55
Statements
of
Operations
................................................................................................
60
Statements
of
Changes
in
Net
Assets
........................................................................................
62
Financial
Highlights
.....................................................................................................
67
Notes
to
Financial
Statements
...............................................................................................
115
Additional
Information
....................................................................................................
128
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
130
Money
Market
Overview
For
the
Six-Month
Period
Ended
April
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
During
the
six-month
period
ending
April
30,
2022,
the
United
States
unemployment
rate
fell
from
4.2%
to
3.6%
while
coronavirus
cases
fell
dramatically
following
the
holiday
season
surge
driven
by
the
Omicron
variant.
After
a
strong
growth
rate
of
6.9%
in
the
last
quarter
of
2021,
United
States
GDP
fell
1.4%
during
the
first
quarter
of
2022
as
the
rise
in
personal
consumption
was
offset
by
less
government
spending
and
a
wider
trade
deficit.
Inflation
dominated
headlines
during
the
period
as
consumers
faced
increased
prices
everywhere
stemming
from
global
supply-chain
pressures,
which
were
exacerbated
following
Russia’s
full-scale
invasion
of
Ukraine
in
February
2022.
The
Consumer
Price
Index
(“CPI”)
–
a
measure
of
the
average
change
in
prices
over
time
paid
by
urban
consumers
for
goods
-
rose
1.2%
in
March
2022
alone
and
reflected
an
annualized
increase
of
8.3%
as
of
period
end.
As
was
widely
expected,
The
Federal
Open
Market
Committee
(the
“FOMC”
or,
the
“Committee”)
elected
to
double
the
monthly
pace
of
reduction
of
its
asset
purchases
of
Treasury
and
agency
mortgage-backed
securities
at
their
December
2021
meeting,
to
$20
billion
and
$10
billion,
respectively.
The
FOMC
raised
the
range
for
the
Federal
Funds
target
rate,
for
the
first
time
since
December
2018,
from
0.00%
-
0.25%
to
0.25%
-
0.50%
during
its
meeting
on
March
16,
2022.
St.
Louis
Federal
Reserve
President
James
Bullard
dissented
in
favor
of
a
0.50%
increase
in
the
target
range.
Prior
to
this,
the
range
for
the
Federal
Funds
target
rate
had
been
0.00%
–
0.25%
since
FOMC
slashed
rates
at
the
beginning
of
the
pandemic
in
March
2020.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
acknowledged
the
“tremendous
human
and
economic
hardship”
from
the
full-scale
invasion
of
Ukraine
by
Russia
and
the
“highly
uncertain”
implications
of
the
crisis
for
the
United
States
economy.
According
to
the
updated
“dot
plot,”
the
median
Federal
Funds
rate
forecast
accompanying
the
meeting,
the
FOMC
penciled
in
a
total
of
seven
rate
hikes
over
the
balance
of
2022,
with
an
additional
three
to
four
hikes
in
2023,
and
no
additional
hikes
in
2024.
Such
actions
if
realized
would
bring
the
median
Federal
Funds
rate
above
the
Committee’s
“longer
run”
estimate
of
the
neutral
level
of
the
Federal
Funds
rate
(or
the
theoretical
rate
that
neither
stimulates
nor
restrains
economic
growth).
In
a
separate
implementation
note,
the
Fed
raised
both
the
interest
rate
on
overnight
excess
reserves
(“IOER”)
and
the
offering
rate
on
overnight
reverse
repurchase
agreements
(“RRP”)
by
0.25%
to
0.40%
and
0.30%,
respectively,
thereby
maintaining
the
current
yield
differential
between
these
rates
of
0.10%.
Daily
utilization
of
the
Fed’s
RRP
facility
surged
following
the
first
adjustment
in
the
program’s
offering
rate
in
June
2021,
averaging
over
$1.3
trillion
per
day
for
the
remainder
of
the
period.
In
April
2022
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
$1.91
trillion.
As
of
April
30,
2022,
Treasury
bill
(“T-bill”)
tenors
between
one-month
and
one-year
traded
between
0.29%
and
2.02%.
For
reference,
T-bills
of
the
same
tenors
traded
between
0.05%
and
0.11%
at
the
start
of
the
period.
Rates
continuously
trended
higher
in
late
2021
into
2022
with
persistently
higher
than
expected
inflation
prints
and
market
expectations
of
an
increasingly
hawkish
Fed.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities
—
started
the
period
at
0.05%
and
immediately
reset
to
0.30%
following
the
March
16,
2022
FOMC
rate
hike.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
began
the
period
at
0.14%,
rose
to
1.33%
as
of
April
30,
2022
and
averaged
0.50%
throughout
the
period.
The
3-month
LIBOR-Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
started
the
period
at
0.06%
and
hit
a
high
of
0.40%
on
March
17,
2022
.
L-OIS
averaged
0.14%
and
closed
the
time
period
at
0.15%.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
outflows
during
the
period
of
nearly
$112
billion
as
of
April
27,
2022.
Of
this,
assets
of
government
MMFs
saw
the
biggest
outflows
of
almost
$84
billion
while
assets
of
prime
MMFs
fell
$33
billion.
Municipal
MMFs
saw
net
inflows
during
the
period
of
$4.6
billion.
Turning
to
short-term
municipal
bonds,
the
short-term
municipal
market
ended
the
six-month
period
at
$91.8
billion
in
assets,
up
$4.1
billion
versus
November
1,
2021
despite
first
moving
lower
to
$85.2
billion
in
March
2022
then
increasing
following
the
FOMC’s
first
rate
hike
off
their
Zero
Interest
Rate
Policy
on
March
16,
2022.
Over
the
period,
Variable
Rate
Demand
Note
(“VRDN”)
inventory
on
dealer
balance
sheets
averaged
$4
billion,
higher
than
the
rolling
one-year
average
of
$3.1
billion
as
municipal
bond
funds
that
used
VRDN
securities
as
a
temporary
investment
sold
to
meet
redemptions.
The
elevated
VRDN
inventory
as
well
as
the
Fed’s
increase
in
the
target
range
for
Fed
Funds,
contributed
to
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
VRDNs,
moving
higher
throughout
the
six-month
period.
The
SIFMA
Index
started
the
period
at
0.05%
before
moving
lower
to
0.04%
in
January
2022
amongst
a
strong
amount
of
reinvestment
cash
from
bond
maturities
and
coupon
payments.
Rising
VRDN
inventory
combined
with
a
hike
in
short
rates
by
the
Fed
resulted
in
the
SIFMA
Index
reaching
a
peak
of
0.51%
during
the
period.
However,
a
muted
April
2022
tax
season
along
with
robust
tax-exempt
money
market
fund
inflows
led
to
the
SIFMA
Index
ending
the
period
at
0.44%.
Ultimately,
VRDN
inventory
on
dealer
balance
sheets,
which
typically
spikes
in
April
due
to
tax
payment
dates,
remained
manageable,
moving
lower
over
the
course
of
April
2022
to
end
the
period
at
$3.0
billion,
roughly
in
line
with
the
one-year
average.
Along
with
upward
pressure
on
VRDN
yields,
commercial
paper
yields
moved
higher
to
end
the
period
in
the
0.60%
-
0.80%
range
for
30-120
day
maturities,
representing
a
yield
pickup
over
VRDNs.
Also,
municipal
note
and
municipal
bond
yield
levels
adjusted
higher
as
well.
The
1-year
Municipal
Market
Data
(“MMD”)
yield
which
represents
1-year
municipal
bonds
and
the
1-year
MIG1
yield,
which
represents
municipal
notes,
both
started
the
period
at
0.15%
and
increased
to
end
at
1.94%
and
2.02%,
respectively,
representing
a
steep
municipal
money
market
yield
curve
amongst
the
Fed’s
aggressive
stance
against
elevated
inflation.
Looking
ahead,
municipalities
are
currently
in
the
process
of
reviewing
their
2023
fiscal
budgets
and
assessing
their
operating
financing
needs.
As
direct
own-source
revenue
growth
continues,
tax
receipts
remain
favorable,
and
federal
aid
remains
around
for
several
years
for
issuers
to
tap,
municipal
issuers
continue
to
enjoy
macro-level
tailwinds.
As
a
result,
municipal
note
issuance
is
expected
to
be
subdued
again
in
2022
as
state
and
local
governments
continue
to
benefit
from
the
American
Rescue
Plan’s
massive
$350
billion
in
fiscal
stimulus
which
continues
to
be
dispersed
with
a
broad
range
of
eligible
uses.
Fund
managers
are
expected
to
maintain
high
levels
of
fund
liquidity
due
to
the
continued
outflows
in
long
term
fixed
income
asset
classes
year-to-date
as
the
market
assesses
the
extent
of
rate
hikes
needed
by
the
FOMC
in
order
to
combat
decades-
high
inflation
readings.
BlackRock
municipal
money
market
funds
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
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
April
30,
2022
5
Fund
Information
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
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
..............................
0.26
%
0.26
%
Administration
............................
0.16
0.16
Bancroft
Capital
Shares
.....................
0.26
0.26
Cabrera
Capital
Markets
Shares
................
0.26
0.26
Cash
Management
.........................
0.01
0.01
Dollar
..................................
0.01
0.01
Mischler
Financial
Group
Shares
...............
0.26
0.26
Penserra
Shares
..........................
0.26
0.26
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.
Government
Sponsored
Agency
Obligations
..............
54
%
U.S.
Treasury
Obligations
..............................
44
Other
Assets
Less
Liabilities
............................
2
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.31
%
0.31
%
Administration
............................
0.21
0.21
Capital
.................................
0.26
0.26
Cash
Management
.........................
0.03
0.03
Cash
Reserve
............................
0.03
0.03
Dollar
..................................
0.06
0.06
Mischler
Financial
Group
Shares
...............
0.31
0.31
Premier
................................
0.31
0.31
Private
Client
............................
0.03
0.03
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
Repurchase
Agreements
...............................
61
%
U.S.
Treasury
Obligations
..............................
28
U.S.
Government
Sponsored
Agency
Obligations
..............
6
Other
Assets
Less
Liabilities
............................
5
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.31
%
0.31
%
Dollar
..................................
0.08
0.08
Premier
................................
0.31
0.31
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
...................................
26
%
Certificates
of
Deposit
.................................
22
Repurchase
Agreements
...............................
18
Time
Deposits
......................................
16
Municipal
Bonds
....................................
10
Corporate
Bonds
....................................
1
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Other
Assets
Less
Liabilities
............................
7
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Information
as
of
April
30,
2022
(continued)
2022
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
..............................
0.31
%
0.31
%
Administration
............................
0.21
0.21
Cabrera
Capital
Markets
Shares
................
0.32
0.32
Capital
.................................
0.26
0.26
Cash
Management
.........................
0.01
0.01
Cash
Reserve
............................
0.01
0.01
Dollar
..................................
0.06
0.06
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
Commercial
Paper
...................................
30
%
Certificates
of
Deposit
.................................
23
Repurchase
Agreements
...............................
20
Time
Deposits
......................................
12
Municipal
Bonds
....................................
9
Corporate
Bonds
....................................
1
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Other
Assets
Less
Liabilities
............................
5
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.29
%
0.29
%
Administration
............................
0.19
0.19
Capital
.................................
0.24
0.24
Cash
Management
.........................
0.01
0.01
Cash
Reserve
............................
0.01
0.01
Dollar
..................................
0.04
0.04
Premier
................................
0.29
0.29
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
Repurchase
Agreements
...............................
60
%
U.S.
Treasury
Obligations
..............................
33
Other
Assets
Less
Liabilities
............................
7
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.3
2
%
0.35%
Administration
............................
0.2
2
0.25
Capital
.................................
0.
27
0.30
Cash
Management
.........................
0.0
1
0.04
Cash
Reserve
............................
0.0
1
0.04
Dollar
..................................
0.
07
0.10
Select
.................................
0.0
1
0.04
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
..............................
93
%
Other
Assets
Less
Liabilities
............................
7
Fund
Information
as
of
April
30,
2022
(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.
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.
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
..............................
0.25
%
0.25
%
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
Rate
Demand
Notes
............................
65
%
Municipal
Bonds
....................................
30
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
1
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.18
%
0.18
%
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
............................
84
%
Municipal
Bonds
....................................
7
Closed-End
Investment
Companies
.......................
2
Other
Assets
Less
Liabilities
............................
7
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.24
%
0.24
%
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
............................
94
%
Municipal
Bonds
....................................
5
Other
Assets
Less
Liabilities
............................
1
Disclosure
of
Expenses
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
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
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period 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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.30
$
0.45
$
1,000.00
$
1,024.35
$
0.45
0.09%
Administration
.............................
1,000.00
1,000.20
0.50
1,000.00
1,024.30
0.50
0.10
Bancroft
Capital
Shares
......................
1,000.00
1,000.30
0.45
1,000.00
1,024.35
0.45
0.09
Cabrera
Capital
Markets
Shares
.................
1,000.00
1,000.30
0.45
1,000.00
1,024.35
0.45
0.09
Cash
Management
..........................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
Dollar
...................................
1,000.00
1,000.10
0.69
1,000.00
1,024.10
0.70
0.14
Mischler
Financial
Group
Shares
................
1,000.00
1,000.30
0.84
1,000.00
1,023.95
0.85
0.17
Penserra
Shares
...........................
1,000.00
1,000.30
0.36
1,000.00
1,024.15
0.65
0.13
FedFund
Institutional
...............................
$
1,000.00
$
1,000.40
$
0.45
$
1,000.00
$
1,024.35
$
0.45
0.09%
Administration
.............................
1,000.00
1,000.30
1.04
1,000.00
1,023.75
1.05
0.21
Capital
..................................
1,000.00
1,000.40
0.35
1,000.00
1,024.45
0.35
0.07
Cash
Management
..........................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
Cash
Reserve
.............................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
Dollar
...................................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
Mischler
Financial
Group
Shares
................
1,000.00
1,000.40
0.45
1,000.00
1,024.35
0.45
0.09
Premier
.................................
1,000.00
1,000.40
0.55
1,000.00
1,024.25
0.55
0.11
Private
Client
.............................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
Select
..................................
1,000.00
1,000.10
0.74
1,000.00
1,024.05
0.75
0.15
TempCash
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.79
$
1,000.00
$
1,024.00
$
0.80
0.16%
Dollar
...................................
1,000.00
999.60
1.14
1,000.00
1,023.65
1.15
0.23
Premier
.................................
1,000.00
1,000.00
0.79
1,000.00
1,024.00
0.80
0.16
TempFund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.79
$
1,000.00
$
1,024.00
$
0.80
0.16%
Administration
.............................
1,000.00
999.80
0.89
1,000.00
1,023.90
0.90
0.18
Cabrera
Capital
Markets
Shares
.................
1,000.00
1,000.00
0.74
1,000.00
1,024.05
0.75
0.15
Capital
..................................
1,000.00
999.90
0.89
1,000.00
1,023.90
0.90
0.18
Cash
Management
..........................
1,000.00
999.60
1.14
1,000.00
1,023.65
1.15
0.23
Cash
Reserve
.............................
1,000.00
999.60
1.09
1,000.00
1,023.70
1.10
0.22
Dollar
...................................
1,000.00
999.60
1.09
1,000.00
1,023.70
1.10
0.22
Private
Client
.............................
1,000.00
999.60
1.14
1,000.00
1,023.65
1.15
0.23
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown)
except
for
Penserra
Shares
of
BlackRock
Liquid
Federal
Trust
Fund,
which
is
multiplied
by
100/365
(to
reflect
the
period
since
the
commencement
date
of
January
21,
2022
to
April
30,
2022).
Disclosure
of
Expenses
(continued)
9
Disclosure
of
Expenses
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
T-Fund
Institutional
...............................
$
1,000.00
$
1,000.30
$
0.55
$
1,000.00
$
1,024.25
$
0.55
0.11%
Administration
.............................
1,000.00
1,000.20
1.29
1,000.00
1,023.51
1.30
0.26
Capital
..................................
1,000.00
1,000.30
0.45
1,000.00
1,024.35
0.45
0.09
Cash
Management
..........................
1,000.00
1,000.00
0.84
1,000.00
1,023.95
0.85
0.17
Cash
Reserve
.............................
1,000.00
1,000.00
0.50
1,000.00
1,024.30
0.50
0.10
Dollar
...................................
1,000.00
1,000.00
0.84
1,000.00
1,023.95
0.85
0.17
Premier
.................................
1,000.00
1,000.30
0.64
1,000.00
1,024.15
0.65
0.13
Select
..................................
1,000.00
1,000.00
0.84
1,000.00
1,023.95
0.85
0.17
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.30
$
0.50
$
1,000.00
$
1,024.30
$
0.50
0.10%
Administration
.............................
1,000.00
1,000.20
0.64
1,000.00
1,024.15
0.65
0.13
Capital
..................................
1,000.00
1,000.30
0.60
1,000.00
1,024.20
0.60
0.12
Cash
Management
..........................
1,000.00
1,000.00
0.79
1,000.00
1,024.00
0.80
0.16
Cash
Reserve
.............................
1,000.00
1,000.00
0.79
1,000.00
1,024.00
0.80
0.16
Dollar
...................................
1,000.00
1,000.10
0.79
1,000.00
1,024.00
0.80
0.16
Select
..................................
1,000.00
1,000.00
0.79
1,000.00
1,024.00
0.80
0.16
MuniCash
Institutional
...............................
$
1,000.00
$
1,000.30
$
0.60
$
1,000.00
$
1,024.20
$
0.60
0.12%
Dollar
...................................
1,000.00
999.90
0.89
1,000.00
1,023.90
0.90
0.18
California
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.60
$
1,000.00
$
1,024.20
$
0.60
0.12%
New
York
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.30
$
0.55
$
1,000.00
$
1,024.25
$
0.55
0.11%
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
Expense
Examples
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Liquid
Federal
Trust
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank,
0.07%, 08/10/22
.
USD
16,945
$
16,944,599
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.35%
,
05/10/22
.................
120,000
119,994,000
0.36%
,
05/11/22
.................
70,000
69,995,722
0.37%
,
05/12/22
.................
69,785
69,779,669
0.43%
,
05/25/22
.................
165,740
165,690,278
0.69%
,
06/21/22
.................
19,135
19,133,374
0.69%
,
06/23/22
.................
19,030
19,028,319
1.46%
,
11/01/22
.................
4,000
3,991,822
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.20%),
0.48%
,
06/23/22
.....
25,000
25,000,000
(SOFR
+
0.04%),
0.32%
,
07/11/22
.....
21,750
21,750,859
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
0.51%
,
07/20/22
...............
55,990
55,988,784
(SOFR
+
0.10%),
0.38%
,
09/02/22
.....
8,160
8,160,000
(SOFR
+
0.05%),
0.33%
,
09/08/22
.....
24,035
24,036,298
(SOFR
+
0.06%),
0.34%
,
10/21/22
.....
41,035
41,035,000
(SOFR
+
0.08%),
0.35%
,
11/03/22
.....
33,455
33,455,000
(SOFR
+
0.02%),
0.29%
,
11/28/22
.....
108,430
108,428,421
(SOFR
+
0.03%),
0.30%
,
01/12/23
.....
34,915
34,913,761
(SOFR
+
0.06%),
0.34%
,
01/13/23
.....
11,855
11,855,000
(SOFR
+
0.06%),
0.34%
,
01/20/23
.....
11,260
11,260,000
(SOFR
+
0.05%),
0.33%
,
02/17/23
.....
19,120
19,120,000
(SOFR
+
0.04%),
0.32%
,
03/10/23
.....
18,470
18,472,409
(SOFR
+
0.02%),
0.29%
,
05/16/23
.....
50,670
50,668,719
(SOFR
+
0.03%),
0.31%
,
07/25/23
.....
19,570
19,569,268
(SOFR
+
0.05%),
0.33%
,
08/22/23
.....
32,400
32,400,000
(SOFR
+
0.05%),
0.33%
,
10/16/23
.....
40,940
40,940,000
(SOFR
+
0.02%),
0.30%
,
11/15/23
.....
17,210
17,201,920
(SOFR
+
0.06%),
0.34%
,
11/22/23
.....
72,970
72,970,000
(SOFR
+
5.50%),
0.34%
,
01/10/24
.....
19,325
19,325,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
0.28%
,
05/06/22
.................
5,700
5,699,834
0.34%
,
05/09/22
.................
4,545
4,544,768
0.36%
,
05/11/22
.................
92,135
92,129,497
0.38%
,
05/13/22
.................
130,065
130,048,742
0.41%
,
05/18/22
.................
53,675
53,665,622
0.42%
,
05/20/22
.................
124,520
124,500,284
0.43%
,
05/25/22
.................
427,795
427,696,507
0.67%
,
06/06/22
.................
275,000
274,848,750
0.68%
,
06/15/22
.................
59,515
59,479,440
0.68%
,
06/16/22
.................
50,000
49,974,444
0.87%
,
07/15/22
.................
48,000
47,917,000
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.00%),
0.28%
,
05/03/22
.....
121,005
121,005,000
(SOFR
+
0.06%),
0.34%
,
05/12/22
.....
269,700
269,705,071
(SOFR
+
0.00%),
0.28%
,
05/13/22
.....
48,345
48,345,000
(SOFR
+
0.01%),
0.29%
,
08/04/22
.....
33,580
33,580,000
(SOFR
+
0.00%),
0.28%
,
08/19/22
.....
61,885
61,885,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.01%),
0.29%
,
10/21/22
.....
USD
67,295
$
67,295,000
(SOFR
+
0.06%),
0.34%
,
12/16/22
.....
53,590
53,590,000
(SOFR
+
0.06%),
0.34%
,
02/03/23
.....
10,000
10,000,384
(SOFR
+
0.02%),
0.29%
,
03/02/23
.....
114,825
114,825,000
(SOFR
+
0.02%),
0.30%
,
05/02/23
.....
12,500
12,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
53.6%
(Cost:
$3,214,343,565)
...........................
3,214,343,565
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
0.02%, 05/03/22
.................
920
919,993
0.09%, 05/10/22
.................
530,295
530,271,394
0.11%, 05/12/22
.................
785
784,935
0.19%, 05/19/22
.................
64,875
64,860,727
0.26%, 05/24/22
.................
216,380
216,324,471
0.41%, 06/07/22
.................
96,365
96,331,326
0.44%, 06/14/22
.................
15,000
14,991,429
0.42%, 06/16/22
.................
589,270
589,058,305
0.57%, 06/23/22
.................
81,310
81,270,236
0.71%, 07/07/22
.................
44,840
44,821,641
0.81%, 07/26/22
.................
16,115
16,087,667
0.82%, 07/28/22
.................
17,245
17,228,981
0.90%, 08/02/22
.................
2,075
2,070,712
0.97%, 08/16/22
.................
100,000
99,713,181
1.09%, 08/30/22
.................
100,000
99,636,389
1.06%, 09/01/22
.................
46,240
46,134,149
1.06%, 09/08/22
.................
2,865
2,857,758
1.09%, 09/22/22
.................
63,235
63,014,942
1.13%, 09/29/22
.................
259,645
258,501,481
1.16%, 10/06/22
.................
83,760
83,351,949
1.49%, 12/29/22
.................
9,365
9,340,448
1.76%, 02/23/23
.................
33,275
32,959,618
2.04%, 04/20/23
.................
10,000
9,808,250
U.S.
Treasury
Notes
2.13%, 05/15/22
.................
4,975
4,978,919
0.13%, 06/30/22
.................
3,120
3,120,277
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.95%, 10/31/22
(b)
...
35,000
34,999,119
1.63%, 12/15/22
.................
19,000
19,032,139
2.13%, 12/31/22
.................
70,725
71,216,293
0.13%, 01/31/23
.................
74,970
74,333,805
0.13%, 03/31/23
.................
45,660
45,058,593
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
0.88%, 01/31/24
(b)
....
26,895
26,894,899
Total
U.S.
Treasury
Obligations
—
44.4%
(Cost:
$2,659,974,026)
...........................
2,659,974,026
Total
Investments
—
98.0%
(Cost:
$5,874,317,591
)
...........................
5,874,317,591
Other
Assets
Less
Liabilities
—
2.0%
...................
120,065,478
Net
Assets
—
100.0%
..............................
$
5,994,383,069
(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.
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
5,874,317,591
$
—
$
5,874,317,591
2022
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank,
0.07%, 08/19/22
.
USD
160,800
$
160,797,075
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.43%
,
05/27/22
.................
57,300
57,297,517
0.69%
,
06/21/22
.................
36,000
35,996,940
1.20%
,
09/19/22
.................
12,000
11,995,300
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.12%),
1.01%
,
05/02/22
....
232,975
232,974,961
(SOFR
+
0.05%),
0.33%
,
05/05/22
.....
440,000
439,999,779
(SOFR
+
0.09%),
0.37%
,
06/17/22
.....
324,500
324,501,059
(SOFR
+
0.10%),
0.38%
,
09/02/22
.....
279,885
279,885,000
(SOFR
+
0.09%),
0.37%
,
09/23/22
.....
315,000
315,000,000
(SOFR
+
0.07%),
0.34%
,
11/18/22
.....
150,000
150,000,000
(SOFR
+
0.06%),
0.34%
,
12/01/22
.....
138,000
138,000,000
(SOFR
+
0.06%),
0.34%
,
02/09/23
.....
40,000
40,000,000
(SOFR
+
0.02%),
0.30%
,
02/14/23
.....
500,000
499,989,965
(SOFR
+
0.04%),
0.32%
,
03/10/23
.....
189,000
189,000,000
(SOFR
+
0.02%),
0.29%
,
05/16/23
.....
197,000
196,995,020
(SOFR
+
0.04%),
0.32%
,
07/12/23
.....
135,720
135,711,761
(SOFR
+
0.03%),
0.31%
,
07/25/23
.....
508,055
508,035,987
(SOFR
+
5.50%),
0.34%
,
01/10/24
.....
190,355
190,355,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
0.66%
,
06/01/22
.................
400,000
399,870,145
0.87%
,
07/15/22
.................
537,000
536,071,436
1.35%
,
10/26/22
.................
550,000
546,192,778
1.53%
,
12/08/22
.................
250,000
247,558,750
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.20%),
0.48%
,
05/13/22
.....
150,000
150,000,000
(SOFR
+
0.19%),
0.47%
,
05/26/22
.....
75,000
75,000,000
(SOFR
+
0.01%),
0.29%
,
08/04/22
.....
739,635
739,635,000
(SOFR
+
0.09%),
0.37%
,
09/08/22
.....
91,000
91,000,000
(SOFR
+
0.01%),
0.29%
,
10/07/22
.....
250,000
250,000,000
(SOFR
+
0.07%),
0.34%
,
11/09/22
.....
99,000
99,000,000
(SOFR
+
0.07%),
0.34%
,
11/10/22
.....
536,480
536,480,000
(SOFR
+
0.06%),
0.34%
,
11/23/22
.....
250,000
250,000,000
(SOFR
+
0.06%),
0.34%
,
02/03/23
.....
259,200
259,200,000
(SOFR
+
0.02%),
0.29%
,
03/02/23
.....
500,000
500,000,000
(SOFR
+
0.02%),
0.30%
,
05/02/23
.....
299,980
299,980,000
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
(SOFR
+
0.19%),
0.47%
,
06/02/22
.....
297,000
297,000,000
(SOFR
+
0.10%),
0.38%
,
07/29/22
.....
375,000
375,000,000
(SOFR
+
0.07%),
0.34%
,
11/10/22
.....
191,555
191,555,000
(SOFR
+
0.06%),
0.34%
,
11/17/22
.....
350,000
350,000,000
Federal
National
Mortgage
Association
Variable
Rate
Notes
(b)
(SOFR
+
0.18%),
0.46%
,
05/13/22
.....
600,000
600,000,000
(SOFR
+
0.19%),
0.47%
,
05/27/22
.....
75,000
75,000,000
(SOFR
+
0.12%),
0.40%
,
07/29/22
.....
19,110
19,110,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
5.9%
(Cost:
$10,794,188,473)
...........................
10,794,188,473
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
0.19%, 05/19/22
.................
720
719,842
0.30%, 05/31/22
.................
447,535
447,430,575
0.42%, 06/16/22
.................
2,789,390
2,788,926,653
0.57%, 06/23/22
.................
689,780
689,608,972
0.61%, 06/28/22
.................
1,279,940
1,278,856,768
0.70%, 07/05/22
.................
52,875
52,826,788
0.71%, 07/07/22
.................
910,535
909,838,472
0.74%, 07/12/22
.................
382,440
382,011,667
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
0.81%, 07/26/22
.................
USD
2,199,140
$
2,195,402,554
0.82%, 07/28/22
.................
472,315
471,876,272
0.90%, 08/02/22
.................
641,705
640,372,913
0.95%, 08/09/22
.................
545,374
543,995,216
0.97%, 08/16/22
.................
1,303,620
1,299,883,954
0.98%, 08/18/22
.................
643,670
642,169,354
1.06%, 09/01/22
.................
1,185,135
1,182,422,030
1.06%, 09/08/22
.................
4,695,765
4,685,382,973
1.07%, 09/15/22
.................
891,725
888,942,320
1.09%, 09/22/22
.................
1,433,400
1,428,411,771
1.13%, 09/29/22
.................
2,206,700
2,196,981,332
1.16%, 10/06/22
.................
576,913
574,101,973
1.27%, 10/13/22
.................
1,017,380
1,011,691,148
1.37%, 10/27/22
.................
717,220
712,361,760
1.40%, 11/03/22
.................
3,086,024
3,083,477,321
1.41%, 12/01/22
.................
774,915
773,809,453
1.49%, 12/29/22
.................
376,725
375,765,113
1.64%, 01/26/23
.................
116,720
116,168,498
1.76%, 02/23/23
.................
1,190,790
1,180,098,423
1.81%, 03/23/23
.................
2,150,000
2,119,179,414
2.04%, 04/20/23
.................
1,031,400
1,012,440,418
U.S.
Treasury
Notes
1.75%, 05/15/22
.................
105,650
105,718,040
2.13%, 05/15/22
.................
175,190
175,328,005
0.13%, 06/30/22
.................
149,940
149,953,329
1.38%, 10/15/22
.................
152,760
153,030,914
1.88%, 10/31/22
.................
485,775
487,952,948
2.00%, 11/30/22
.................
724,525
729,381,772
1.63%, 12/15/22
.................
536,000
536,906,642
0.13%, 12/31/22
.................
301,850
301,445,221
2.13%, 12/31/22
.................
455,135
459,347,072
0.13%, 01/31/23
.................
778,070
768,990,257
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.94%, 01/31/23
(b)
...
5,659,250
5,659,656,123
2.00%, 02/15/23
.................
125,000
125,218,532
1.50%, 02/28/23
.................
136,360
136,716,449
0.13%, 03/31/23
.................
586,000
577,928,625
1.50%, 03/31/23
.................
159,950
160,493,006
2.50%, 03/31/23
.................
55,715
56,339,576
0.13%, 04/30/23
.................
427,975
419,864,919
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.93%, 04/30/23
(b)
...
1,561,070
1,561,133,083
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.92%, 07/31/23
(b)
...
3,643,715
3,643,821,297
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
0.88%, 01/31/24
(b)
....
1,323,095
1,323,091,939
Total
U.S.
Treasury
Obligations
—
28.2%
(Cost:
$51,217,471,696)
...........................
51,217,471,696
Total
Repurchase
Agreements
—
60.7%
(Cost:
$110,290,989,764)
..........................
110,290,989,764
Total
Investments
—
94.8%
(Cost:
$172,302,649,933
)
..........................
172,302,649,933
Other
Assets
Less
Liabilities
—
5.2%
...................
9,528,050,993
Net
Assets
—
100.0%
..............................
$
181,830,700,926
FedFund
Schedules
of
Investments
13
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
(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.
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.
.....
0.28
%
04/29/22
05/02/22
$
49,000
$
49,000
$
49,001,143
U.S.
Treasury
Obligation,
0.63%,
due
01/15/24
.........
$
39,283,800
$
49,980,119
0.28
(a)
04/29/22
05/02/22
10,000
10,000
10,000,233
U.S.
Treasury
Obligations,
0.00%
to
0.13%,
due
05/31/23
to
11/15/35
.........
13,165,187
10,200,000
0.28
04/29/22
05/02/22
5,000
5,000
5,000,117
U.S.
Treasury
Obligation,
0.63%,
due
04/15/23
.........
4,317,200
5,100,004
0.28
04/29/22
05/02/22
50,000
50,000
50,001,167
U.S.
Treasury
Obligation,
0.63%,
due
01/15/24
.........
40,085,500
51,000,108
0.30
04/29/22
05/02/22
14,000
14,000
14,000,350
U.S.
Government
Sponsored
Agency
Obligations,
3.00%,
due
11/20/51
to
03/20/52
.
15,056,629
14,280,001
$
–
$
–
$
128,000
$
130,560,232
$
–
$
–
Bank
of
Montreal
......
0.27
04/29/22
05/02/22
39,000
39,000
39,000,877
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
07/14/22
to
02/15/52
.........
43,207,100
39,780,038
0.30
04/29/22
05/02/22
325,000
325,000
325,008,125
U.S.
Government
Sponsored
Agency
Obligations,
1.18%
to
4.50%,
due
08/15/23
to
08/15/63
.........
370,940,684
334,396,000
0.57
(b)
04/14/22
05/16/22
85,000
85,000
85,043,067
U.S.
Government
Sponsored
Agency
Obligations,
0.57%
to
6.00%,
due
02/25/29
to
03/20/72
.........
756,456,008
88,962,498
$
–
$
–
$
449,000
$
463,138,536
$
–
$
–
Bank
of
Nova
Scotia
(The)
0.29
04/29/22
05/02/22
12,000
12,000
12,000,290
U.S.
Treasury
Obligation,
0.00%,
due
08/23/22
.........
12,280,800
12,240,298
0.29
04/29/22
05/02/22
62,635
62,635
62,636,514
U.S.
Treasury
Obligations,
2.25%
to
2.75%,
due
08/31/23
to
08/15/27
.........
64,777,900
63,889,314
$
–
$
–
$
74,635
$
76,129,612
$
–
$
–
Barclays
Bank
plc
.....
0.30
04/29/22
05/02/22
400,000
400,000
400,010,000
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.50%
to
6.50%,
due
05/25/22
to
04/01/52
1,969,763,332
412,005,853
0.30
04/29/22
05/02/22
25,000
25,000
25,000,625
U.S.
Treasury
Obligation,
5.25%,
due
11/15/28
.........
21,997,500
25,500,064
0.30
04/29/22
05/02/22
239,000
239,000
239,005,975
U.S.
Treasury
Obligations,
1.63%
to
4.25%,
due
11/15/40
to
11/15/50
.........
273,138,800
243,780,021
2022
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
14
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.40
%
(b)
04/29/22
05/06/22
$
200,000
$
200,000
$
200,015,555
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
4.00%,
due
07/01/47
to
04/01/52
.........
$
351,204,896
$
206,000,001
$
–
$
–
$
864,000
$
887,285,939
$
–
$
–
Barclays
Capital,
Inc.
...
0.30
04/29/22
05/02/22
2,750,000
2,750,000
2,750,068,750
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
05/15/22
to
02/15/52
.........
4,629,223,070
2,805,000,079
$
–
$
–
BMO
Capital
Markets
Corp.
............
0.30
04/29/22
05/02/22
30,000
30,000
30,000,750
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
05/05/22
to
02/15/50
29,555,476
30,600,000
$
–
$
–
BNP
Paribas
SA
......
0.27
04/29/22
05/02/22
4,000
4,000
4,000,090
U.S.
Treasury
Obligations,
0.00%
to
0.93%,
due
04/30/23
to
02/15/42
.........
6,597,950
4,080,000
0.28
04/29/22
05/02/22
195,000
195,000
195,004,550
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.20%,
due
04/15/24
to
08/25/61
4,926,534,248
204,433,747
0.30
04/27/22
05/04/22
350,000
350,000
350,020,417
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
05/19/22
to
11/15/51
.........
360,711,954
357,000,000
0.39
(b)
04/29/22
05/06/22
400,000
400,000
400,030,333
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.43%,
due
03/25/32
to
01/15/53
4,182,376,264
419,972,280
0.47
(b)
04/29/22
06/03/22
300,000
300,000
300,137,084
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
04/15/24
to
12/25/57
6,705,670,362
314,790,985
$
–
$
–
$
1,249,000
$
1,300,277,012
$
–
$
–
Citibank
NA
..........
0.30
04/29/22
05/02/22
150,000
150,000
150,003,750
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
05/19/22
to
11/15/51
.........
141,002,830
153,000,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.30
04/29/22
05/02/22
573,000
573,000
573,014,325
U.S.
Treasury
Obligations,
0.75%
to
3.63%,
due
03/31/28
to
07/31/28
.........
608,696,700
584,493,022
0.30
(a)
04/29/22
05/02/22
10,000
10,000
10,000,250
U.S.
Treasury
Obligations,
0.13%
to
6.25%,
due
08/15/29
to
02/15/31
.........
11,447,748
10,200,000
0.31
04/29/22
05/02/22
28,000
28,000
28,000,723
U.S.
Treasury
Obligation,
0.63%,
due
04/15/23
.........
24,162,500
28,560,050
0.32
04/27/22
05/04/22
500,000
500,000
500,030,625
U.S.
Treasury
Obligation,
0.13%,
due
05/15/23
.........
520,334,000
510,000,037
FedFund
Schedules
of
Investments
15
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.40
%
(b)
04/29/22
05/02/22
$
500,000
$
500,000
$
500,016,667
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
24.33%,
due
06/20/32
to
11/25/60
.......
$
13,636,132,806
$
535,362,728
$
–
$
–
$
1,611,000
$
1,668,615,837
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.28
(a)
04/29/22
05/02/22
5,000
5,000
5,000,117
U.S.
Treasury
Obligations,
1.00%
to
2.88%,
due
01/31/25
to
02/15/48
.........
4,713,719
5,100,004
0.28
04/29/22
05/02/22
5,000
5,000
5,000,117
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
3,861,700
5,100,068
0.30
04/29/22
05/02/22
50,000
50,000
50,001,250
U.S.
Treasury
Obligations,
0.25%
to
0.63%,
due
02/15/43
to
02/15/50
.........
44,094,000
51,000,073
$
–
$
–
$
60,000
$
61,200,145
$
–
$
–
Credit
Suisse
AG
......
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligations,
0.13%
to
6.88%,
due
06/30/22
to
02/15/52
.........
6,389,500
5,100,004
0.56
(b)
04/29/22
07/29/22
650,000
650,000
650,920,114
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
47.02%,
due
10/25/31
to
11/25/59
.......
5,009,832,091
682,500,000
$
–
$
–
$
655,000
$
687,600,004
$
–
$
–
Deutsche
Bank
AG
.....
0.30
04/29/22
05/02/22
50,000
50,000
50,001,250
U.S.
Treasury
Obligation,
1.00%,
due
07/31/28
.........
57,127,500
51,000,058
$
–
$
–
Deutsche
Bank
Securities,
Inc.
.............
0.30
04/29/22
05/02/22
100,000
100,000
100,002,500
U.S.
Government
Sponsored
Agency
Obligations,
1.25%
to
3.00%,
due
02/16/48
to
04/01/52
.........
245,693,524
103,000,441
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.30
04/29/22
05/02/22
73,600,000
73,600,000
73,601,840,000
U.S.
Treasury
Obligations,
0.13%
to
2.75%,
due
03/31/23
to
02/15/31
.........
76,951,225,300
73,601,840,043
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.28
04/29/22
05/02/22
1,175,000
1,175,000
1,175,027,417
U.S.
Treasury
Obligations,
0.28%,
due
05/02/22
.........
1,307,950,600
1,198,500,031
0.29
04/29/22
05/02/22
181,375
181,375
181,379,383
U.S.
Treasury
Obligation,
4.38%,
due
02/15/38
.........
155,000,000
185,006,183
0.29
04/29/22
05/02/22
495,000
495,000
495,011,962
U.S.
Treasury
Obligation,
3.13%,
due
11/15/28
.........
491,925,500
504,909,538
0.29
04/29/22
05/02/22
485,000
485,000
485,011,721
U.S.
Treasury
Obligation,
3.00%,
due
02/15/47
.........
500,000,000
494,711,721
0.29
04/29/22
05/02/22
430,313
430,313
430,322,899
U.S.
Treasury
Obligation,
2.25%,
due
11/15/27
.........
450,000,000
438,926,899
0.29
04/29/22
05/02/22
510,000
510,000
510,012,325
U.S.
Treasury
Obligation,
2.25%,
due
02/15/27
.........
533,333,300
520,214,959
2022
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
16
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.29
%
04/29/22
05/02/22
$
284,938
$
284,938
$
284,944,386
U.S.
Treasury
Obligation,
2.38%,
due
05/15/51
.........
$
322,420,000
$
290,642,722
0.29
04/29/22
05/02/22
715,063
715,063
715,079,781
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
850,000,000
729,385,281
0.29
04/29/22
05/02/22
495,000
495,000
495,011,962
U.S.
Treasury
Obligation,
0.38%,
due
09/15/24
.........
534,413,000
504,909,332
0.29
04/29/22
05/02/22
403,313
403,313
403,322,247
U.S.
Treasury
Obligation,
1.25%,
due
04/30/28
.........
450,000,000
411,390,747
0.30
04/29/22
05/02/22
237,243
237,243
237,248,975
U.S.
Treasury
Obligation,
0.38%,
due
01/31/26
.........
265,556,000
241,993,836
0.30
04/29/22
05/02/22
48,310
48,310
48,311,208
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
47,905,000
49,277,249
0.30
04/29/22
05/02/22
50,422
50,422
50,423,260
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
28,574
28,574
28,574,277
U.S.
Treasury
Obligation,
1.25%,
due
09/30/28
.........
32,249,000
29,145,748
0.30
04/29/22
05/02/22
158,273
158,273
158,276,475
U.S.
Treasury
Obligation,
2.50%,
due
02/15/45
.........
179,625,000
161,441,926
0.30
04/29/22
05/02/22
248,580
248,579
248,585,749
U.S.
Treasury
Obligation,
0.25%,
due
08/31/25
.........
276,350,000
253,557,339
0.30
04/29/22
05/02/22
500,000
500,000
500,012,500
U.S.
Treasury
Obligations,
2.25%
to
2.50%,
due
05/15/27
to
08/15/49
.........
543,765,400
510,000,063
0.30
04/29/22
05/02/22
21,841
21,840
21,841,055
U.S.
Treasury
Obligation,
0.00%,
due
04/20/23
.........
22,703,000
22,277,865
0.30
04/29/22
05/02/22
450,980
450,980
450,991,667
U.S.
Treasury
Obligation,
0.75%,
due
05/31/26
.........
500,000,000
460,011,275
0.30
04/29/22
05/02/22
105,995
105,995
105,997,441
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
99,875,000
108,117,337
0.30
04/29/22
05/02/22
3,681
3,681
3,681,158
U.S.
Treasury
Obligation,
3.13%,
due
02/15/43
.........
3,750,000
3,754,780
0.30
04/29/22
05/02/22
203,323
203,323
203,327,693
U.S.
Treasury
Obligation,
3.75%,
due
08/15/41
.........
188,750,000
207,394,146
0.30
04/29/22
05/02/22
361,600
361,600
361,608,761
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
357,222,000
368,840,755
0.30
04/29/22
05/02/22
139,853
139,853
139,856,437
U.S.
Treasury
Obligation,
2.50%,
due
02/15/46
.........
158,500,000
142,653,496
0.30
04/29/22
05/02/22
393,565
393,564
393,575,194
U.S.
Treasury
Obligation,
2.75%,
due
11/15/47
.........
419,255,000
401,446,502
FedFund
Schedules
of
Investments
17
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.30
%
04/29/22
05/02/22
$
71,691
$
71,691
$
71,692,969
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
$
75,000,000
$
73,126,792
0.30
04/29/22
05/02/22
340,331
340,331
340,339,528
U.S.
Treasury
Obligation,
4.38%,
due
11/15/39
.........
287,782,500
347,146,149
0.30
04/29/22
05/02/22
161,622
161,622
161,625,977
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
192,250,000
164,858,416
0.30
04/29/22
05/02/22
13,897
13,897
13,897,406
U.S.
Treasury
Obligation,
2.75%,
due
08/15/42
.........
15,000,000
14,175,347
0.30
04/29/22
05/02/22
42,402
42,402
42,403,021
U.S.
Treasury
Obligation,
3.63%,
due
08/15/43
.........
40,000,000
43,251,060
0.30
04/29/22
05/02/22
128,223
128,223
128,226,457
U.S.
Treasury
Obligation,
1.75%,
due
08/15/41
.........
163,229,600
130,790,923
0.30
04/29/22
05/02/22
138,328
138,328
138,331,522
U.S.
Treasury
Obligation,
3.00%,
due
11/15/44
.........
142,700,000
141,098,083
0.30
04/29/22
05/02/22
50,422
50,422
50,423,260
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
$
–
$
–
$
9,174,999
$
9,358,683,544
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.30
04/29/22
05/02/22
1,247,000
1,247,000
1,247,031,175
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.00%,
due
10/15/23
to
07/15/61
.........
4,430,726,514
1,271,940,000
0.30
04/29/22
05/02/22
25,000
25,000
25,000,625
U.S.
Treasury
Obligation,
1.25%,
due
08/15/31
.........
29,262,300
25,500,067
0.38
(b)
04/29/22
06/03/22
1,114,500
1,114,500
1,114,911,748
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
08/20/23
to
05/15/61
.........
2,219,215,790
1,136,790,000
$
–
$
–
$
2,386,500
$
2,434,230,067
$
–
$
–
HSBC
Securities
USA,
Inc.
0.30
(c)
04/29/22
05/02/22
110,000
110,000
110,002,750
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
05/15/22
to
08/15/48
.........
124,701,700
112,200,029
0.30
(c)
04/29/22
05/02/22
286,000
286,000
286,007,150
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.13%
to
6.63%,
due
06/20/24
to
04/01/52
832,379,526
293,209,386
0.31
(b)
04/29/22
05/06/22
1,111,915
1,111,915
1,111,982,024
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
05/12/22
to
11/15/51
.........
1,138,944,300
1,134,153,301
0.31
(b)
04/29/22
05/06/22
350,000
350,000
350,021,097
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
09/15/25
to
04/20/52
843,888,151
357,620,190
2022
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
18
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.31
%
(b)
04/29/22
05/06/22
$
1,028,000
$
1,028,000
$
1,028,061,965
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
06/30/22
to
02/15/52
.........
$
1,067,759,988
$
1,048,560,012
$
–
$
–
$
2,885,915
$
2,945,742,918
$
–
$
–
JP
Morgan
Securities
LLC
0.28
(b)
04/29/22
05/06/22
1,500,000
1,500,000
1,500,081,667
U.S.
Treasury
Obligations,
0.00%
to
2.13%,
due
05/15/22
to
07/15/28
.........
1,475,864,700
1,530,000,025
0.30
04/29/22
05/02/22
1,802,000
1,802,000
1,802,045,050
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.50%,
due
05/15/27
to
07/15/64
.........
4,233,563,362
1,838,040,000
0.30
04/29/22
05/02/22
15,000
15,000
15,000,375
U.S.
Treasury
Obligation,
1.63%,
due
02/15/26
.........
16,003,100
15,300,019
0.31
(b)
04/29/22
05/06/22
1,126,500
1,126,500
1,126,567,903
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
23.73%,
due
05/25/27
to
03/16/64
.......
18,829,991,445
1,182,825,000
$
–
$
–
$
4,443,500
$
4,566,165,044
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.30
04/29/22
05/02/22
8,000
8,000
8,000,200
U.S.
Treasury
Obligations,
1.13%
to
4.38%,
due
02/15/38
to
02/15/47
.........
9,584,600
8,160,046
0.42
(b)
04/29/22
06/03/22
1,000,000
1,000,000
1,000,408,334
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
10.19%,
due
09/25/25
to
02/16/62
.......
10,667,246,596
1,050,238,644
$
–
$
–
$
1,008,000
$
1,058,398,690
$
–
$
–
Morgan
Stanley
&
Co.
LLC
0.30
04/29/22
05/02/22
2,500,000
2,500,000
2,500,062,500
U.S.
Government
Sponsored
Agency
Obligation
s
,
0.00%
to
8.50%,
due
06/22/22
to
07/01/61
.........
2,906,471,183
2,566,278,448
$
��
$
–
MUFG
Securities
Americas,
Inc.
......
0.28
(b)
04/29/22
05/06/22
300,000
300,000
300,016,333
U.S.
Treasury
Obligations,
0.00%
to
3.38%,
due
10/13/22
to
08/15/51
.........
318,876,900
306,000,074
0.30
(b)
04/29/22
06/03/22
500,000
500,000
500,145,833
U.S.
Government
Sponsored
Agency
Obligations,
1.89%
to
5.50%,
due
02/20/45
to
02/20/52
.........
1,193,674,901
510,994,652
0.30
04/29/22
05/02/22
35,000
35,000
35,000,875
U.S.
Treasury
Obligations,
1.75%
to
5.38%,
due
02/15/31
to
08/15/41
.........
42,421,600
35,700,025
0.31
04/29/22
05/02/22
648,000
648,000
648,016,470
U.S.
Government
Sponsored
Agency
Obligations,
0.25%
to
5.83%,
due
05/25/26
to
10/16/60
.........
7,409,939,018
671,376,381
$
–
$
–
$
1,483,000
$
1,524,071,132
$
–
$
–
FedFund
Schedules
of
Investments
19
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
Natixis
SA
...........
0.28
%
04/29/22
05/02/22
$
210,000
$
210,000
$
210,004,900
U.S.
Treasury
Obligations,
0.13%
to
7.25%,
due
07/31/22
to
02/15/50
.........
$
219,720,000
$
214,200,043
$
–
$
–
Nomura
Securities
International,
Inc.
....
0.28
04/29/22
05/02/22
250,000
250,000
250,005,833
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
02/23/23
to
02/15/46
.........
267,771,600
255,000,066
0.30
04/29/22
05/02/22
2,045,000
2,045,000
2,045,051,125
U.S.
Government
Sponsored
Agency
Obligations,
1.75%
to
5.50%,
due
07/02/24
to
12/20/68
.........
2,528,635,889
2,085,900,065
$
–
$
–
$
2,295,000
$
2,340,900,131
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.31
04/29/22
05/02/22
63,399
63,399
63,400,388
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000
64,668,028
0.31
04/29/22
05/02/22
128,463
128,462
128,465,819
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000
131,035,069
0.31
04/29/22
05/02/22
40,425
40,425
40,426,044
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000
41,234,244
0.31
04/29/22
05/02/22
39,825
39,825
39,826,029
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
60,000,000
40,622,829
0.31
04/29/22
05/02/22
45,750
45,750
45,751,182
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
100,000,000
46,666,182
0.31
04/29/22
05/02/22
20,910
20,910
20,910,540
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000
21,328,740
0.31
04/29/22
05/02/22
21,476
21,476
21,476,805
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000
21,906,445
0.31
04/29/22
05/02/22
24,763
24,762
24,763,140
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000
25,258,390
0.31
04/29/22
05/02/22
36,875
36,875
36,875,953
U.S.
Treasury
Obligation,
1.63%,
due
11/15/50
.........
50,000,000
37,613,453
0.31
04/29/22
05/02/22
23,056
23,056
23,056,846
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000
23,517,796
0.31
04/29/22
05/02/22
22,950
22,950
22,950,593
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000
23,409,593
0.31
04/29/22
05/02/22
5,850
5,850
5,850,151
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000
5,967,151
0.31
04/29/22
05/02/22
28,250
28,250
28,250,730
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
28,815,730
0.31
04/29/22
05/02/22
22,500
22,500
22,500,581
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
22,950,581
0.31
04/29/22
05/02/22
39,688
39,688
39,688,525
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000
40,482,525
0.31
04/29/22
05/02/22
29,063
29,063
29,063,251
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
29,644,751
2022
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
20
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.31
%
04/29/22
05/02/22
$
58,350
$
58,350
$
58,351,507
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
$
60,000,000
$
59,518,507
0.31
04/29/22
05/02/22
170,850
170,850
170,854,414
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
340,000,000
174,271,414
$
–
$
–
$
822,441
$
838,911,428
$
–
$
–
Royal
Bank
of
Canada
..
0.30
04/29/22
05/02/22
50,000
50,000
50,001,250
U.S.
Treasury
Obligations,
0.00%,
due
08/02/22
to
10/20/22
51,153,300
51,000,053
$
–
$
–
Societe
Generale
SA
...
0.30
04/29/22
05/02/22
850,000
850,000
850,021,250
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.25%,
due
05/31/22
to
06/15/59
1,671,410,619
869,635,174
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligations,
0.00%
to
7.25%,
due
05/05/22
to
02/15/42
.........
5,026,599
5,100,000
$
–
$
–
$
855,000
$
874,735,174
$
–
$
–
TD
Securities
USA
LLC
..
0.28
04/29/22
05/02/22
401,000
401,000
401,009,357
U.S.
Treasury
Obligations,
0.00%
to
2.50%,
due
06/30/22
to
11/15/30
.........
443,906,500
409,020,092
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Government
Sponsored
Agency
Obligations,
4.00%
to
4.50%,
due
09/20/40
to
06/20/44
.........
68,283,907
5,100,000
$
–
$
–
$
406,000
$
414,120,092
$
–
$
–
$
110,290,990
$
111,206,684,702
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
172,302,649,933
$
—
$
172,302,649,933
TempCash
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
0.7%
Citibank
NA,
0.16%, 06/06/22
..........
USD
15,000
$
14,990,769
Goldman
Sachs
Bank,
(SOFR
+
0.17%),
0.44%, 07/26/22
(a)
................
14,000
13,995,591
28,986,360
Euro
—
0.7%
Credit
Industriel
et
Commercial
SA,
0.24%, 07/22/22
(b)
................
30,000
29,905,409
Yankee
—
20.3%
(c)
Banco
Santander
SA,
New
York,
(SOFR
+
0.45%),
0.73%, 10/28/22
(a)
..........
20,000
19,997,882
Bank
of
Montreal,
Chicago
(a)
(LIBOR
USD
3
Month
+
0.05%),
0.63%, 06/06/22
...............
25,000
24,993,802
(SOFR
+
0.15%),
0.43%, 09/21/22
.....
36,000
35,972,487
(SOFR
+
0.30%),
0.58%, 01/09/23
.....
12,500
12,489,845
(SOFR
+
0.50%),
0.78%, 05/05/23
.....
14,000
14,002,287
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
+
0.20%),
0.49%, 05/04/22
.....
20,000
20,000,569
(SOFR
+
0.50%),
0.78%, 05/05/23
.....
26,750
26,762,055
Barclays
Bank
plc,
New
York,
(SOFR
+
0.62%),
0.90%, 04/05/23
(a)
................
10,000
10,011,683
Canadian
Imperial
Bank
of
Commerce,
New
York
(LIBOR
USD
3
Month
+
0.05%),
0.63%, 06/07/22
(a)
..............
25,000
25,007,144
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.10%),
0.43%, 06/08/22
(a)
..............
21,500
21,496,192
0.35%, 11/03/22
.................
18,000
17,850,159
Credit
Industriel
et
Commercial
SA,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.37%, 05/06/22
(a)
................
25,000
24,999,422
Credit
Suisse
AG,
New
York
(a)
(SOFRINDX
+
0.20%),
0.47%, 07/15/22
.
41,000
40,986,594
(SOFRINDX
+
0.28%),
0.56%, 02/10/23
.
32,000
31,957,530
Korea
Development
Bank,
New
York,
(SOFR
+
0.34%),
0.62%, 08/18/22
(a)
..........
21,000
21,000,771
Lloyds
Bank
Corporate
Markets
plc,
New
York
0.40%, 12/01/22
.................
15,000
14,855,418
(SOFR
+
0.27%),
0.55%, 01/24/23
(a)
....
8,200
8,190,806
MUFG
Bank
Ltd.,
New
York
(SOFR
+
0.37%),
0.65%, 10/21/22
(a)
....
11,000
10,999,838
0.32%, 10/24/22
.................
14,250
14,143,519
0.30%, 10/31/22
.................
11,000
10,911,427
0.33%, 11/01/22
.................
20,000
19,840,748
(SOFR
+
0.28%),
0.56%, 01/23/23
(a)
....
17,000
16,981,009
(SOFR
+
0.30%),
0.58%, 03/10/23
(a)
....
12,000
11,985,355
Natixis
SA,
New
York
(SOFR
+
0.17%),
0.45%, 07/07/22
-
08/05/22
(a)
...................
60,000
59,985,825
0.30%, 10/20/22
.................
12,000
11,910,385
(SOFR
+
0.28%),
0.56%, 02/07/23
(a)
....
13,000
12,984,153
Nordea
Bank
Abp
,
New
York,
(SOFR
+
0.19%),
0.47%, 10/27/22
(a)
................
15,000
14,984,871
Norinchukin
Bank,
New
York,
(SOFR
+
0.32%),
0.60%, 08/22/22
(a)
................
25,000
24,999,039
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
(SOFR
+
0.32%),
0.60%, 07/28/22
(a)
86,000
86,004,271
Standard
Chartered
Bank,
New
York
(a)
(SOFR
+
0.19%),
0.47%, 09/02/22
.....
10,000
9,994,757
(SOFR
+
0.30%),
0.58%, 03/13/23
.....
15,000
14,976,774
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(SOFR
+
0.17%),
0.45%, 06/22/22
-
09/14/22
....................
USD
45,000
$
44,983,073
(SOFR
+
0.45%),
0.73%, 07/22/22
.....
40,000
40,013,426
(SOFR
+
0.37%),
0.65%, 10/19/22
.....
23,000
22,997,682
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York,
(SOFR
+
0.32%),
0.60%, 07/29/22
(a)
....
15,000
14,999,961
Svenska
Handelsbanken
AB,
New
York,
(SOFR
+
0.19%),
0.47%, 10/27/22
(a)
.........
15,000
14,984,871
Toronto-Dominion
Bank,
New
York
0.30%, 10/25/22
.................
23,000
22,811,086
(SOFR
+
0.00%),
0.65%, 11/21/22
(a)
....
9,500
9,500,000
861,566,716
Total
Certificates
of
Deposit
—
21.7%
(Cost:
$921,683,640)
.............................
920,458,485
Commercial
Paper
Alpine
Securitization
Ltd.,
0.26%
,
07/08/22
(d)
10,000
9,983,432
Antalis
SA,
0.38%
,
05/03/22
(b)
..........
22,000
21,999,088
ANZ
New
Zealand
Int'l
Ltd.,
0.41%
,
05/05/22
(b)
20,000
19,998,647
ASB
Finance
Ltd.,
0.88%
,
06/21/22
(b)
.....
35,000
34,955,274
Autobahn
Funding
Co.
LLC,
0.41%
,
05/05/22
(b)
26,000
25,998,249
Bank
of
Montreal,
(SOFR
+
0.27%),
0.55%
,
02/13/23
(a)
.....................
17,250
17,229,653
Barton
Capital
SA,
(SOFR
+
0.35%),
0.63%
,
08/12/22
(a)
.....................
15,000
14,999,574
Bedford
Row
Funding
Corp.
0.38%,
05/04/22
(b)
................
30,000
29,998,421
(SOFR
+
0.37%),
0.65%,
11/02/22
(a)
....
16,000
15,999,996
Bennington
Stark
Capital
Co.
LLC
(b)(d)
0.40%,
05/04/22
.................
40,000
39,997,783
0.42%,
05/05/22
.................
10,000
9,999,310
0.44%,
05/06/22
.................
30,000
29,997,492
BNP
Paribas
SA,
0.88%
,
06/15/22
(b)
......
35,000
34,960,429
BNZ
International
Funding
Ltd.
(b)
0.83%,
06/13/22
.................
9,250
9,240,519
1.38%,
08/18/22
.................
12,250
12,198,971
BPCE
SA,
2.54%
,
02/22/23
(b)
...........
15,000
14,693,400
Citigroup
Global
Markets,
Inc.,
0.94%
,
06/03/22
(b)
.....................
25,000
24,977,469
Collateralized
Commercial
Paper
V
Co.
LLC,
0.92%
,
06/17/22
(b)
................
4,000
3,995,051
Commonwealth
Bank
of
Australia
(a)
(LIBOR
USD
3
Month
+
0.04%),
0.50%,
05/23/22
....................
23,000
22,996,211
(SOFR
+
0.18%),
0.46%,
09/01/22
.....
17,000
16,990,568
(SOFR
+
0.33%),
0.61%,
10/12/22
.....
15,000
15,000,000
Crown
Point
Capital
Co.
LLC
0.81%,
06/01/22
(b)
................
36,500
36,473,300
0.30%,
10/04/22
(d)
................
25,000
24,848,354
DZ
Bank
AG
Deutsche
Zentral-
Genossenschaftsbank
,
0.37%
,
05/02/22
(b)
15,000
14,999,543
Erste
Abwicklungsanstalt
,
0.37%
,
05/03/22
(b)
20,000
19,999,191
Federation
des
Caisses
Desjardins
du
Quebec,
0.36%
,
05/03/22
(b)
................
20,000
19,999,213
Goldman
Sachs
International,
1.65%
,
09/23/22
(b)
.....................
21,000
20,861,257
Mackinac
Funding
Co.
LLC,
0.50%
,
05/09/22
(b)
14,000
13,998,102
Macquarie
Bank
Ltd.
0.59%,
06/14/22
(b)
................
33,500
33,475,045
1.47%,
08/02/22
(b)
................
16,000
15,938,862
(SOFR
+
0.35%),
0.63%,
01/04/23
(a)
...
15,000
14,991,042
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
0.45%
,
05/06/22
(b)(d)
....................
USD
25,000
$
24,997,861
National
Australia
Bank
Ltd.
(SOFR
+
0.35%),
0.63%,
10/25/22
(a)
...
20,000
19,999,996
(SOFR
+
0.37%),
0.65%,
11/14/22
(a)
....
9,500
9,499,490
2.41%,
02/24/23
(b)
................
8,500
8,333,626
National
Bank
of
Canada,
(SOFR
+
0.16%),
0.44%
,
07/28/22
(a)
................
18,000
17,993,706
Nationwide
Building
Society,
0.42%
,
05/04/22
(b)
(d)
...........................
30,000
29,998,279
Nordea
Bank
Abp
,
1.75%
,
10/21/22
(b)
.....
15,000
14,875,458
Old
Line
Funding
LLC,
(SOFR
+
0.37%),
0.65%
,
10/24/22
(a)(d)
...............
30,000
29,999,997
Ridgefield
Funding
Co.
LLC,
0.40%
,
05/04/22
(b)
(d)
...........................
22,000
21,998,790
Skandinaviska
Enskilda
Banken
AB
0.36%,
05/02/22
(b)
................
25,000
24,999,237
(SOFR
+
170,000.00%),
0.45%,
09/09/22
(a)
15,250
15,240,885
Starbird
Funding
Corp.,
0.39%
,
05/04/22
(b)
..
34,000
33,998,163
Sumitomo
Mitsui
Trust
Bank
Ltd.,
1.27%
,
07/25/22
(b)
.....................
20,000
19,939,728
Swedbank
AB
0.34%,
05/02/22
(b)
................
21,500
21,499,384
(SOFR
+
0.35%),
0.64%,
10/13/22
(a)
...
10,000
10,000,000
(SOFR
+
0.37%),
0.64%,
11/23/22
(a)
....
8,000
7,999,997
Thunder
Bay
Funding
LLC,
(SOFR
+
0.37%),
0.65%
,
10/24/22
(a)(d)
...............
15,000
15,000,003
Toronto-Dominion
Bank
(The),
(SOFR
+
0.50%),
0.77%
,
03/31/23
(a)
..........
13,000
13,003,972
UBS
AG
1.53%,
08/18/22
(b)
................
20,000
19,907,254
(SOFR
+
0.17%),
0.45%,
09/22/22
(a)
...
23,000
22,984,535
(SOFR
+
0.30%),
0.35%,
12/08/22
(a)
...
15,000
14,986,347
United
Overseas
Bank
Ltd.
0.77%,
06/01/22
(b)
................
34,150
34,126,272
(SOFR
+
0.20%),
0.48%,
11/07/22
(a)
....
10,000
9,991,209
Westpac
Banking
Corp.
(b)
1.73%,
10/14/22
.................
15,000
14,881,560
1.96%,
11/02/22
.................
25,000
24,751,706
Total
Commercial
Paper
—
26.4%
(Cost:
$1,124,040,231)
...........................
1,122,800,901
Corporate
Bonds
Consumer
Finance
—
0.8%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
+
0.15%),
0.43%,
08/15/22
.....
24,528
24,519,499
(SOFR
+
0.28%),
0.56%,
12/14/22
.....
10,284
10,288,427
Total
Corporate
Bonds
—
0.8%
(Cost:
$34,812,000)
..............................
34,807,926
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Arizona
—
0.9%
(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),
0.74%, 05/02/22
.................
USD
1,741
$
1,740,556
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.59%, 05/02/22
.................
17,406
17,405,586
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9070TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
.................
7,000
7,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
8,075
8,075,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0949,
COP,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.52%, 05/05/22
.................
3,700
3,700,000
37,921,142
California
—
0.6%
(f)
Bay
Area
Toll
Authority,
Series
2007A-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.32%, 05/05/22
.............
10,000
10,000,000
Tender
Option
Bond
Trust
Receipts/Certifi
cates
Various
States
,
Series
2021-XMT0955,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.52%, 05/05/22
(d)(e)
...............
7,000
7,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
State
s,
Series
2021-BTMFT-001,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(d)
(e)
...........................
8,870
8,870,000
25,870,000
Colorado
—
0.1%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(d)
(e)(f)
..........................
2,000
2,000,000
Maryland
—
0.5%
Taxable
Series
2022-XF2967TX,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2022-XF2967TX,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.57%, 05/05/22
(d)(e)(f)
..............
19,000
19,000,000
New
York
—
0.9%
(f)
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1253,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.52%, 05/05/22
(d)(e)
...............
3,100
3,100,000
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0962,
VRDN,
0.52%, 05/05/22
(d)(e)
..........
2,255
2,255,000
State
of
New
York
Mortgage
Agency,
Series
2021-238,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.51%, 05/04/22
............
18,000
18,000,000
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1246,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.52%, 05/05/22
(d)(e)
...............
USD
16,270
$
16,270,000
39,625,000
North
Carolina
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9078,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.59%, 05/02/22
(d)(e)(f)
..............
4,000
4,000,000
Oneida
Tribe
of
Indians
of
Wisconsin
—
4.7%
(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),
0.59%, 05/02/22
.................
10,625
10,625,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
.................
13,500
13,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.57%, 05/05/22
36,080
36,080,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9071,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
.................
3,000
3,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9076,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
.................
1,000
1,000,000
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),
0.57%, 05/05/22
....
18,500
18,500,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.80%, 05/05/22
8,100
8,100,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
11,955
11,955,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
......
35,000
35,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
22,300
22,300,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.80%, 05/05/22
36,000
36,000,000
Security
Par
(000)
Par
(000)
Value
Oneida
Tribe
of
Indians
of
Wisconsin
(continued)
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-007,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
.................
USD
5,400
$
5,400,000
201,460,000
Texas
—
1.0%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
.................
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),
0.57%, 05/05/22
.................
42,395
42,395,000
42,895,000
Total
Municipal
Bonds
—
8.8%
(Cost:
$372,771,142)
.............................
372,771,142
Time
Deposits
ABN
AMRO
Bank
NV,
0.33%, 05/02/22
....
50,000
50,000,000
Credit
Agricole
Corporate
and
Investment
Bank
0.32%, 05/02/22
.................
19,000
19,000,000
0.35%, 05/05/22
.................
28,000
28,000,000
Erste
Group
Bank
AG,
0.32%, 05/02/22
....
4,000
4,000,000
ING
Bank
NV,
0.34%, 05/03/22
.........
125,000
125,000,000
Landesbank
Hessen-
Thueringen
Girozentrale
0.37%, 05/04/22
.................
50,000
50,000,000
0.37%, 05/05/22
.................
100,000
100,000,000
Mizuho
Bank
Ltd.,
0.32%, 05/02/22
.......
70,000
70,000,000
Nordea
Bank
ABP,
0.32%, 05/02/22
......
25,000
25,000,000
Royal
Bank
of
Canada,
0.31%, 05/02/22
...
79,000
79,000,000
Skandinaviska
Enskilda
Banken
AB,
0.32%, 05/02/22
.................
55,000
55,000,000
Svenska
Handelsbanken
AB,
0.31%, 05/02/22
10,000
10,000,000
Swedbank
AB,
0.32%, 05/02/22
.........
75,000
75,000,000
Total
Time
Deposits
—
16.2%
(Cost:
$690,000,000)
.............................
690,000,000
U.S.
Government
Sponsored
Agency
Obligations
—
0.2%
Agency
Obligations
—
0.2%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.42%, 03/15/30
(a)
...............
7,500
7,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.2%
(Cost:
$7,500,000)
..............................
7,500,000
Total
Repurchase
Agreements
—
18.4%
(Cost:
$784,500,000)
.............................
784,500,000
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
California
—
0.7%
Nuveen
California
Quality
Municipa
l
Income
Fund,
Series
2014,
VRDP
,
0.55%, 08/01/40
(f)
USD
31,900
$
31,900,000
Total
Closed-End
Investment
Companies
—
0.7%
(Cost:
$31,900,000)
..............................
31,900,000
Total
Investments
—
93.2%
(Cost:
$3,967,207,013
)
(g)
..........................
3,964,738,454
Other
Assets
Less
Liabilities
—
6.8%
...................
289,379,483
Net
Assets
—
100.0%
..............................
$
4,254,117,937
(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
Montreal
......
0.40
%
04/27/22
05/04/22
$
23,000
$
23,000
$
23,001,789
U.S.
Government
Sponsored
Agency
Obligations,
0.54%
to
3.50%,
due
08/20/50
to
01/20/52
.........
$
177,177,968
$
24,029,642
$
–
$
–
Barclays
Bank
plc
.....
0.42
(a)
04/29/22
05/02/22
88,000
88,000
88,003,080
Corporate/Debt
Obligations,
1.88%
to
5.70%,
due
08/19/26
to
03/01/57
.........
98,989,000
92,400,242
0.54
(a)
04/29/22
05/02/22
10,000
10,000
10,000,450
Corporate/Debt
Obligation,
11.00%,
due
12/01/25
.........
9,483,000
11,000,491
0.82
(b)
04/29/22
08/02/22
13,000
13,000
13,028,131
Corporate/Debt
Obligations,
4.00%
to
7.38%,
due
05/15/29
to
06/01/52
.........
12,620,000
13,914,818
$
–
$
–
$
111,000
$
117,315,551
$
–
$
–
Barclays
Capital,
Inc.
...
0.82
(b)
04/29/22
08/02/22
13,000
13,000
13,028,131
Corporate/Debt
Obligations,
0.00%
to
6.03%,
due
12/15/26
to
11/25/51
.........
21,217,472
16,250,000
$
–
$
–
BNP
Paribas
SA
......
0.42
(a)
04/29/22
05/02/22
11,000
11,000
11,000,385
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.65%
to
8.82%,
due
02/26/24
to
09/15/51
.........
12,008,928
11,820,802
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.30
(c)
04/29/22
05/02/22
90,000
90,000
90,002,250
U.S.
Treasury
Obligations,
0.13%
to
6.25%,
due
08/15/29
to
02/15/31
.........
103,029,740
91,800,001
TempCash
Schedules
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.31
%
04/29/22
05/02/22
$
1,000
$
1,000
$
1,000,026
U.S.
Treasury
Obligation,
0.13%,
due
10/15/26
.........
$
948,900
$
1,020,009
0.35
(a)
04/29/22
05/02/22
19,000
19,000
19,000,554
U.S.
Treasury
Obligations,
1.13%
to
4.38%,
due
05/15/40
to
02/15/50
.........
23,616,940
19,380,072
0.59
(b)
04/29/22
06/30/22
5,000
5,000
5,005,080
Corporate/Debt
Obligations,
2.11%
to
2.20%,
due
04/20/34
to
07/19/34
.........
5,405,007
5,350,000
$
–
$
–
$
115,000
$
117,550,082
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
3,861,700
5,100,068
0.37
(b)
04/29/22
05/06/22
107,000
107,000
107,007,698
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
8.50%,
due
06/30/22
to
09/14/77
.........
119,212,843
113,250,916
$
–
$
–
$
112,000
$
118,350,984
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.89
(b)
04/29/22
08/02/22
70,000
70,000
70,164,403
Corporate/Debt
Obligations,
1.28%
to
5.61%,
due
12/01/27
to
12/15/42
.........
109,071,258
80,066,830
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.28
04/29/22
05/02/22
31,000
31,000
31,000,723
U.S.
Treasury
Obligation,
0.28%,
due
05/02/22
.........
34,497,000
31,620,019
$
–
$
–
HSBC
Securities
USA,
Inc.
0.44
(a)
04/29/22
05/02/22
12,000
12,000
12,000,440
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.64%
to
5.50%,
due
09/15/23
to
10/15/40
.........
12,588,000
12,476,973
0.52
(a)
04/29/22
05/02/22
2,500
2,500
2,500,108
Corporate/Debt
Obligations,
1.25%
to
6.38%,
due
01/22/25
to
05/15/51
.........
2,840,000
2,625,244
$
–
$
–
$
14,500
$
15,102,217
$
–
$
–
JP
Morgan
Securities
LLC
0.30
04/29/22
05/02/22
1,000
1,000
1,000,025
U.S.
Government
Sponsored
Agency
Obligation,
2.00%,
due
11/20/50
.........
1,222,912
1,020,000
0.40
(a)
04/29/22
05/02/22
10,000
10,000
10,000,333
Corporate/Debt
Obligation,
0.00%,
due
05/27/22
.........
10,305,473
10,300,001
0.44
(a)
04/29/22
05/02/22
8,000
8,000
8,000,293
Corporate/Debt
Obligations,
0.00%,
due
06/13/22
to
06/30/22
8,249,341
8,240,000
0.50
(a)
04/29/22
05/02/22
1,000
1,000
1,000,042
Corporate/Debt
Obligation,
1.79%,
due
12/25/32
.........
142,559,282
1,070,000
0.62
(b)
04/29/22
05/06/22
87,000
87,000
87,010,488
Corporate/Debt
Obligations,
2.90%
to
8.25%,
due
11/01/23
to
04/15/46
.........
103,910,000
98,631,050
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
26
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.67
%
(b)
04/29/22
05/06/22
$
50,000
$
50,000
$
50,006,514
Corporate/Debt
Obligations,
0.32%
to
6.50%,
due
02/15/24
to
11/25/58
.........
$
146,624,810
$
54,106,900
0.78
(b)
04/29/22
07/28/22
30,000
30,000
30,058,500
Corporate/Debt
Obligations,
1.75%
to
7.13%,
due
01/15/23
to
04/01/63
.........
36,905,074
32,336,232
$
–
$
–
$
187,000
$
205,704,183
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.77
(b)
04/29/22
06/03/22
50,000
50,000
50,037,431
U.S.
Treasury
Obligations,
0.25%
to
1.88%,
due
05/31/25
to
02/15/32
.........
55,690,900
51,000,000
$
–
$
–
TD
Securities
USA
LLC
..
0.40
(a)
04/29/22
05/02/22
8,000
8,000
8,000,267
Corporate/Debt
Obligations,
3.88%
to
10.50%,
due
03/01/23
to
02/15/32
.......
9,436,000
9,200,910
0.44
(a)
04/29/22
05/02/22
18,000
18,000
18,000,660
Corporate/Debt
Obligations,
2.63%
to
11.00%,
due
01/15/23
to
08/15/29
.......
20,960,000
20,448,585
$
–
$
–
$
26,000
$
29,649,495
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.47
04/28/22
05/05/22
6,000
6,000
6,000,548
Corporate/Debt
Obligation,
0.53%,
due
02/17/23
.........
6,304,000
6,300,944
1.10
03/17/22
06/15/22
10,000
10,000
10,027,500
Corporate/Debt
Obligation,
0.72%,
due
01/25/23
.........
10,501,000
10,500,160
1.30
03/18/22
06/16/22
5,000
5,000
5,016,250
Corporate/Debt
Obligations,
4.00%
to
4.55%,
due
11/14/24
5,481,000
5,500,696
$
–
$
–
$
21,000
$
22,301,800
$
–
$
–
$
784,500
$
840,761,605
$
–
$
–
(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.
(c)
Traded
in
a
joint
account.
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
3,964,738,454
$
—
$
3,964,738,454
TempFund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
0.7%
Citibank
NA,
0.16%, 06/06/22
..........
USD
35,000
$
34,978,462
Goldman
Sachs
Bank,
(SOFR
+
0.17%),
0.44%, 07/26/22
(a)
................
17,000
16,994,646
51,973,108
Euro
—
0.3%
Credit
Industriel
et
Commercial
SA,
0.24%, 07/22/22
(b)
................
27,000
26,914,868
Yankee
—
22.0%
(c)
Banco
Santander
SA,
New
York,
(SOFR
+
0.45%),
0.73%, 10/28/22
(a)
..........
35,500
35,496,241
Bank
of
Montreal,
Chicago
(a)
(LIBOR
USD
3
Month
+
0.05%),
0.63%, 06/06/22
...............
30,000
29,992,562
(SOFR
+
0.15%),
0.43%, 09/21/22
.....
47,500
47,463,699
(SOFR
+
0.30%),
0.58%, 01/09/23
.....
20,000
19,983,752
(SOFR
+
0.50%),
0.78%, 05/05/23
.....
30,000
30,004,901
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
+
0.20%),
0.49%, 05/04/22
.....
25,000
25,000,711
(SOFR
+
0.16%),
0.44%, 07/08/22
.....
25,000
24,993,535
(SOFR
+
0.50%),
0.78%, 05/05/23
.....
65,000
65,029,293
Barclays
Bank
plc,
New
York,
(SOFR
+
0.62%),
0.90%, 04/05/23
(a)
................
20,000
20,023,366
Canadian
Imperial
Bank
of
Commerce,
New
York
(LIBOR
USD
3
Month
+
0.05%),
0.63%, 06/07/22
(a)
..............
30,000
30,008,573
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.10%),
0.43%, 06/08/22
(a)
..............
30,000
29,994,686
0.35%, 11/03/22
.................
29,500
29,254,427
Credit
Industriel
et
Commercial
SA,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.37%, 05/06/22
(a)
................
30,000
29,999,306
Credit
Suisse
AG,
New
York
0.30%, 06/01/22
.................
40,000
39,981,530
(SOFRINDX
+
0.20%),
0.47%, 07/15/22
(a)
50,000
49,983,651
(SOFRINDX
+
0.28%),
0.56%, 02/10/23
(a)
62,000
61,917,715
Korea
Development
Bank,
New
York
(a)
(SOFR
+
0.34%),
0.62%, 08/18/22
.....
38,700
38,701,420
(SOFR
+
0.51%),
0.79%, 09/26/22
.....
17,684
17,696,489
Lloyds
Bank
Corporate
Markets
plc,
New
York
0.40%, 12/01/22
.................
20,400
20,203,369
(SOFR
+
0.27%),
0.55%, 01/24/23
(a)
....
20,400
20,377,127
MUFG
Bank
Ltd.,
New
York
(SOFR
+
0.37%),
0.65%, 10/21/22
(a)
....
25,000
24,999,631
0.32%, 10/24/22
.................
22,000
21,835,608
0.30%, 10/31/22
.................
17,000
16,863,115
0.33%, 11/01/22
.................
35,000
34,721,309
(SOFR
+
0.28%),
0.56%, 01/23/23
(a)
....
32,000
31,964,253
(SOFR
+
0.30%),
0.58%, 03/10/23
(a)
....
22,000
21,973,150
Natixis
SA,
New
York
(SOFR
+
0.17%),
0.45%, 07/07/22
-
08/05/22
(a)
...................
85,000
84,979,830
0.30%, 10/20/22
.................
18,000
17,865,578
(SOFR
+
0.28%),
0.56%, 02/07/23
(a)
....
25,000
24,969,524
Nordea
Bank
Abp
,
New
York,
(SOFR
+
0.19%),
0.47%, 10/27/22
(a)
................
29,500
29,470,246
Norinchukin
Bank,
New
York,
(SOFR
+
0.32%),
0.60%, 08/22/22
(a)
................
45,000
44,998,270
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
(SOFR
+
0.32%),
0.60%, 07/28/22
(a)
155,000
155,007,697
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Standard
Chartered
Bank,
New
York
(a)
(SOFR
+
0.19%),
0.47%, 09/02/22
.....
USD
23,000
$
22,987,941
(SOFR
+
0.30%),
0.58%, 03/13/23
.....
30,000
29,953,549
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(SOFR
+
0.17%),
0.45%, 06/22/22
-
09/14/22
....................
61,250
61,225,435
(SOFR
+
0.45%),
0.73%, 07/22/22
.....
80,000
80,026,851
(SOFR
+
0.37%),
0.65%, 10/19/22
.....
44,500
44,495,515
(SOFR
+
0.27%),
0.55%, 01/19/23
.....
25,000
24,964,589
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
0.32%, 05/02/22
.................
55,000
54,999,743
(SOFR
+
0.32%),
0.60%, 07/29/22
(a)
....
80,000
79,999,794
Svenska
Handelsbanken
AB,
New
York,
(SOFR
+
0.19%),
0.47%, 10/27/22
(a)
.........
30,000
29,969,742
Toronto-Dominion
Bank,
New
York
0.25%, 05/18/22
.................
40,000
39,992,789
0.30%, 10/25/22
.................
36,000
35,704,309
(SOFR
+
0.00%),
0.65%, 11/21/22
(a)
....
20,000
20,000,000
Westpac
Banking
Corp.,
New
York
0.18%, 07/13/22
.................
21,350
21,309,102
1,721,383,923
Total
Certificates
of
Deposit
—
23.0%
(Cost:
$1,802,265,758)
...........................
1,800,271,899
Commercial
Paper
Alinghi
Funding
Co.
LLC,
0.75%
,
05/24/22
(b)
.
20,800
20,789,268
Alpine
Securitization
Ltd.,
0.26%
,
07/08/22
(d)
25,000
24,958,581
Antalis
SA,
0.38%
,
05/03/22
(b)
..........
45,280
45,278,124
ANZ
New
Zealand
Int'l
Ltd.,
0.41%
,
05/05/22
(b)
20,000
19,998,647
ASB
Finance
Ltd.,
0.88%
,
06/21/22
(b)
.....
50,000
49,936,105
Bank
of
Montreal,
(SOFR
+
0.27%),
0.55%
,
02/13/23
(a)
.....................
37,000
36,956,358
Barton
Capital
SA
(a)
(SOFR
+
0.36%),
0.64%,
08/10/22
.....
15,000
14,999,998
(SOFR
+
0.35%),
0.63%,
08/12/22
.....
30,000
29,999,148
Bedford
Row
Funding
Corp.
0.38%,
05/04/22
(b)
................
81,000
80,995,736
1.37%,
08/16/22
(b)
................
40,000
39,836,621
(SOFR
+
0.37%),
0.65%,
11/02/22
(a)
....
30,000
29,999,993
Bennington
Stark
Capital
Co.
LLC
(b)(d)
0.40%,
05/04/22
.................
79,000
78,995,622
0.42%,
05/05/22
.................
20,000
19,998,620
0.44%,
05/06/22
.................
51,000
50,995,736
BNP
Paribas
SA,
0.88%
,
06/15/22
(b)
......
65,000
64,926,510
BNZ
International
Funding
Ltd.
(b)
0.83%,
06/13/22
.................
11,250
11,238,469
1.38%,
08/18/22
.................
20,250
20,165,647
BPCE
SA,
2.54%
,
02/22/23
(b)
...........
30,750
30,121,471
CDP
Financial,
Inc.
(b)
0.77%,
06/02/22
.................
24,000
23,982,909
0.85%,
06/16/22
.................
24,500
24,472,626
Citigroup
Global
Markets,
Inc.,
0.94%
,
06/03/22
(b)
.....................
30,000
29,972,962
Collateralized
Commercial
Paper
V
Co.
LLC,
0.92%
,
06/17/22
(b)
................
20,000
19,975,255
Commonwealth
Bank
of
Australia
(a)
(LIBOR
USD
3
Month
+
0.04%),
0.50%,
05/23/22
....................
22,000
21,996,376
(SOFR
+
0.18%),
0.46%,
09/01/22
.....
25,000
24,986,129
(SOFR
+
0.33%),
0.61%,
10/12/22
.....
30,500
30,499,999
Crown
Point
Capital
Co.
LLC
0.81%,
06/01/22
(b)
................
45,000
44,967,083
0.30%,
10/04/22
(d)
................
40,000
39,757,366
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
DZ
Bank
AG
Deutsche
Zentral-
Genossenschaftsbank
,
0.37%
,
05/02/22
(b)
USD
50,000
$
49,998,475
Erste
Abwicklungsanstalt
,
0.37%
,
05/03/22
(b)
75,000
74,996,967
Federation
des
Caisses
Desjardins
du
Quebec,
0.36%
,
05/03/22
(b)
................
39,500
39,498,446
Goldman
Sachs
International,
1.65%
,
09/23/22
(b)
.....................
32,000
31,788,581
Mackinac
Funding
Co.
LLC,
0.50%
,
05/09/22
(b)
30,000
29,995,933
Macquarie
Bank
Ltd.
0.59%,
06/14/22
(b)
................
67,000
66,950,089
1.47%,
08/02/22
(b)
................
24,000
23,908,293
(SOFR
+
0.35%),
0.63%,
01/04/23
(a)
...
23,000
22,986,265
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
0.45%
,
05/06/22
(b)(d)
....................
48,000
47,995,893
National
Australia
Bank
Ltd.
(SOFR
+
0.15%),
0.43%,
08/10/22
(a)
...
20,250
20,241,713
(SOFR
+
0.35%),
0.63%,
10/25/22
(a)
...
40,000
39,999,991
(SOFR
+
0.47%),
0.75%,
10/25/22
(a)
...
25,000
25,011,281
(SOFR
+
0.37%),
0.65%,
11/14/22
(a)
....
21,000
20,998,872
2.41%,
02/24/23
(b)
................
17,000
16,667,253
National
Bank
of
Canada,
(SOFR
+
0.16%),
0.44%
,
07/28/22
(a)
................
37,000
36,987,062
Nationwide
Building
Society,
0.42%
,
05/04/22
(b)
(d)
...........................
81,000
80,995,354
Nordea
Bank
Abp
,
1.75%
,
10/21/22
(b)
.....
25,000
24,792,430
Old
Line
Funding
LLC
(a)(d)
(SOFR
+
0.37%),
0.65%,
10/24/22
.....
30,000
29,999,997
(SOFR
+
0.37%),
0.65%,
11/02/22
.....
33,000
33,000,002
Ridgefield
Funding
Co.
LLC
(b)(d)
0.37%,
05/02/22
.................
15,000
14,999,549
0.40%,
05/04/22
.................
22,500
22,498,762
Skandinaviska
Enskilda
Banken
AB
0.36%,
05/02/22
(b)
................
35,000
34,998,933
(SOFR
+
170,000.00%),
0.45%,
09/09/22
(a)
30,000
29,982,068
Societe
Generale
SA,
1.50%
,
08/31/22
(b)
...
35,000
34,823,145
Starbird
Funding
Corp.
0.39%,
05/04/22
(b)
................
54,000
53,997,083
(SOFR
+
0.45%),
0.73%,
07/08/22
(a)
...
40,000
40,007,315
Sumitomo
Mitsui
Trust
Bank
Ltd.,
1.27%
,
07/25/22
(b)
.....................
42,000
41,873,430
Swedbank
AB
0.34%,
05/02/22
(b)
................
41,000
40,998,825
(SOFR
+
0.35%),
0.64%,
10/13/22
(a)
...
23,750
23,749,999
(SOFR
+
0.37%),
0.64%,
11/23/22
(a)
....
26,000
25,999,992
Thunder
Bay
Funding
LLC
(a)(d)
(SOFR
+
0.36%),
0.64%,
10/21/22
.....
38,100
38,099,992
(SOFR
+
0.37%),
0.65%,
10/24/22
.....
40,000
40,000,007
Toronto-Dominion
Bank
(The),
(SOFR
+
0.50%),
0.77%
,
03/31/23
(a)
..........
30,000
30,009,167
UBS
AG
1.53%,
08/18/22
(b)
................
25,000
24,884,067
(SOFR
+
0.17%),
0.45%,
09/22/22
(a)
...
35,000
34,976,467
(SOFR
+
0.30%),
0.35%,
12/08/22
(a)
...
25,000
24,977,245
United
Overseas
Bank
Ltd.,
(SOFR
+
0.20%),
0.48%
,
11/07/22
(a)
................
18,000
17,984,176
Westpac
Banking
Corp.
1.73%,
10/14/22
(b)
................
22,000
21,826,288
1.96%,
11/02/22
(b)
................
39,500
39,107,695
(SOFR
+
0.48%),
0.76%,
03/24/23
(a)
...
23,000
23,010,354
Total
Commercial
Paper
—
29.5%
(Cost:
$2,308,669,857)
...........................
2,306,418,815
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
Consumer
Finance
—
0.6%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
+
0.15%),
0.43%,
08/15/22
.....
USD
32,411
$
32,399,767
(SOFR
+
0.28%),
0.56%,
12/14/22
.....
16,711
16,718,192
Total
Corporate
Bonds
—
0.6%
(Cost:
$49,122,000)
..............................
49,117,959
Municipal
Bonds
Arizona
—
0.9%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9049,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.73%, 05/02/22
.................
4,727
4,727,084
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.59%, 05/02/22
.................
34,620
34,619,749
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9070TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
.................
10,000
10,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
12,285
12,285,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0949,
COP,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.52%, 05/05/22
.................
5,215
5,215,000
66,846,833
California
—
0.9%
(f)
Bay
Area
Toll
Authority,
Series
2007A-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.32%, 05/05/22
.............
16,200
16,200,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9042,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.57%, 05/05/22
(d)(e)
...............
3,155
3,155,000
Tender
Option
Bond
Trust
Receipts/Certifi
cates
Various
States
,
Series
2021-XMT0955,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.52%, 05/05/22
(d)(e)
...............
10,885
10,885,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
State
s,
Series
2021-BTMFT-001,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(d)
(e)
...........................
43,710
43,710,000
73,950,000
Colorado
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(d)
(e)(f)
..........................
4,000
4,000,000
TempFund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
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),
0.59%, 05/02/22
(d)(e)(f)
..............
USD
3,915
$
3,915,000
Maryland
—
0.5%
Taxable
Series
2022-XF2967TX,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2022-XF2967TX,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.57%, 05/05/22
(d)(e)(f)
..............
36,990
36,990,000
New
York
—
1.2%
(f)
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1253,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.52%, 05/05/22
(d)(e)
...............
16,900
16,900,000
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0962,
VRDN,
0.52%, 05/05/22
(d)(e)
..........
4,245
4,245,000
State
of
New
York
Mortgage
Agency,
Series
2021-238,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.51%, 05/04/22
............
27,000
27,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1246,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.52%, 05/05/22
(d)(e)
...............
42,925
42,925,000
91,070,000
North
Carolina
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9078,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.59%, 05/02/22
(d)(e)(f)
..............
5,600
5,600,000
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),
0.59%, 05/02/22
(d)(e)(f)
..............
10,870
10,870,000
Oneida
Tribe
of
Indians
of
Wisconsin
—
4.5%
(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),
0.74%, 05/02/22
.................
19,890
19,890,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.57%, 05/05/22
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),
0.59%, 05/02/22
.................
2,750
2,750,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9066TX,
RB,
VRDN,
0.59%, 05/02/22
............
2,340
2,340,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9071,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
.................
4,700
4,700,000
Security
Par
(000)
Par
(000)
Value
Oneida
Tribe
of
Indians
of
Wisconsin
(continued)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9076,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
.................
USD
1,025
$
1,025,000
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),
0.57%, 05/05/22
....
83,705
83,705,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.80%, 05/05/22
8,925
8,925,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-012,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.80%, 05/05/22
3,000
3,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
20,740
20,740,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2908,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.57%, 05/05/22
.................
33,205
33,205,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
......
45,000
45,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
26,600
26,600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.80%, 05/05/22
57,305
57,305,000
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-007,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
.................
9,000
9,000,000
349,280,000
Texas
—
0.7%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
.................
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),
0.57%, 05/05/22
.................
53,910
53,910,000
54,410,000
Total
Municipal
Bonds
—
8.9%
(Cost:
$696,931,833)
.............................
696,931,833
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Time
Deposits
ABN
AMRO
Bank
NV,
0.33%, 05/02/22
....
USD
50,000
$
50,000,000
Credit
Agricole
Corporate
and
Investment
Bank
0.32%, 05/02/22
.................
16,000
16,000,000
0.35%, 05/05/22
.................
56,000
56,000,000
Erste
Group
Bank
AG,
0.32%, 05/02/22
....
8,000
8,000,000
ING
Bank
NV,
0.34%, 05/03/22
.........
225,000
225,000,000
Landesbank
Hessen-
Thueringen
Girozentrale
0.37%, 05/03/22
.................
100,000
100,000,000
0.37%, 05/04/22
.................
75,000
75,000,000
0.37%, 05/05/22
.................
150,000
150,000,000
Nordea
Bank
ABP,
0.32%, 05/02/22
......
25,000
25,000,000
Royal
Bank
of
Canada,
0.31%, 05/02/22
...
57,000
57,000,000
Skandinaviska
Enskilda
Banken
AB,
0.32%, 05/02/22
.................
39,000
39,000,000
Swedbank
AB,
0.32%, 05/02/22
.........
150,000
150,000,000
Total
Time
Deposits
—
12.2%
(Cost:
$951,000,000)
.............................
951,000,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.42%, 03/15/30
(a)
...............
USD
5,500
$
5,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$5,500,000)
..............................
5,500,000
Total
Repurchase
Agreements
—
20.5%
(Cost:
$1,599,000,000)
...........................
1,599,000,000
Closed-End
Investment
Companies
California
—
0.5%
Nuveen
California
Quality
Municipa
l
Income
Fund,
Series
2014,
VRDP
,
0.55%, 08/01/40
(f)
40,800
40,800,000
Total
Closed-End
Investment
Companies
—
0.5%
(Cost:
$40,800,000)
..............................
40,800,000
Total
Investments
—
95.3%
(Cost:
$7,453,289,448
)
(g)
..........................
7,449,040,506
Other
Assets
Less
Liabilities
—
4.7%
...................
364,658,681
Net
Assets
—
100.0%
..............................
$
7,813,699,187
(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.
.....
0.28
%
(a)
04/29/22
05/02/22
$
50,000
$
50,000
$
50,001,167
U.S.
Treasury
Obligations,
0.00%
to
0.13%,
due
05/31/23
to
11/15/35
.........
$
65,825,936
$
51,000,000
0.64
(b)
04/29/22
06/03/22
48,000
48,000
48,029,867
Corporate/Debt
Obligations,
0.98%
to
8.00%,
due
09/24/22
to
11/25/70
.........
73,753,335
51,351,022
$
–
$
–
$
98,000
$
102,351,022
$
–
$
–
Bank
of
Montreal
......
0.40
04/27/22
05/04/22
62,000
62,000
62,004,822
U.S.
Government
Sponsored
Agency
Obligations,
1.49%
to
5.71%,
due
04/20/45
to
03/20/72
.........
537,233,792
64,604,570
$
–
$
–
Barclays
Bank
plc
.....
0.42
(c)
04/29/22
05/02/22
88,000
88,000
88,003,080
Corporate/Debt
Obligations,
2.00%
to
4.75%,
due
06/12/24
to
05/04/37
.........
97,105,000
92,400,487
TempFund
Schedules
of
Investments
31
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
%
(c)
04/29/22
05/02/22
$
22,000
$
22,000
$
22,000,990
Corporate/Debt
Obligations,
5.38%
to
8.75%,
due
02/15/26
to
04/01/38
.........
$
27,100,000
$
24,714,639
0.82
(b)
04/29/22
08/02/22
13,000
13,000
13,028,131
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
05/15/31
to
03/01/47
.........
12,910,000
13,915,089
$
–
$
–
$
123,000
$
131,030,215
$
–
$
–
Barclays
Capital,
Inc.
...
0.55
(b)
04/29/22
06/03/22
51,000
51,000
51,027,271
Corporate/Debt
Obligations,
0.00%,
due
05/26/22
to
07/11/22
.
53,577,605
53,550,001
0.82
(b)
04/29/22
08/02/22
13,000
13,000
13,028,131
Corporate/Debt
Obligations,
0.00%
to
5.22%,
due
04/15/32
to
07/25/49
.........
19,659,605
16,250,001
$
–
$
–
$
64,000
$
69,800,002
$
–
$
–
BNP
Paribas
SA
......
0.42
(c)
04/29/22
05/02/22
20,000
20,000
20,000,700
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.00%
to
8.60%,
due
11/15/22
to
10/15/97
.........
21,017,552
21,000,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.30
(a)
04/29/22
05/02/22
90,000
90,000
90,002,250
U.S.
Treasury
Obligations,
0.13%
to
6.25%,
due
08/15/29
to
02/15/31
.........
103,029,740
91,800,001
0.31
04/29/22
05/02/22
1,000
1,000
1,000,026
U.S.
Government
Sponsored
Agency
Obligations,
0.19%
to
0.86%,
due
02/16/64
to
06/16/64
.........
19,986,594
1,111,598
0.35
(c)
04/29/22
05/02/22
29,000
29,000
29,000,846
U.S.
Treasury
Obligations,
4.38%
to
5.00%,
due
05/15/37
to
05/15/40
.........
24,089,359
29,580,001
0.59
(b)
04/29/22
06/30/22
5,000
5,000
5,005,081
Corporate/Debt
Obligations,
2.20%
to
3.76%,
due
04/21/31
to
07/19/34
.........
5,479,102
5,350,001
$
–
$
–
$
125,000
$
127,841,601
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.28
04/29/22
05/02/22
10,000
10,000
10,000,233
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
7,723,300
10,200,005
0.28
(a)
04/29/22
05/02/22
70,000
70,000
70,001,633
U.S.
Treasury
Obligations,
1.00%
to
2.88%,
due
01/31/25
to
02/15/48
.........
65,992,016
71,400,006
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Government
Sponsored
Agency
Obligation,
2.00%,
due
01/20/51
.........
6,655,547
5,100,000
0.37
(b)
04/29/22
05/06/22
157,000
157,000
157,011,295
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
8.75%,
due
05/23/22
to
05/25/61
.........
165,940,474
164,906,572
$
–
$
–
$
242,000
$
251,606,583
$
–
$
–
2022
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
32
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
Suisse
Securities
USA
LLC
.........
0.89
%
(b)
04/29/22
08/02/22
$
80,000
$
80,000
$
80,187,889
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.44%
to
9.25%,
due
02/01/26
to
02/25/55
.........
$
876,717,859
$
91,700,340
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.30
04/29/22
05/02/22
200,000
200,000
200,005,000
U.S.
Treasury
Obligation,
0.25%,
due
05/15/24
.........
209,818,600
200,005,070
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.28
04/29/22
05/02/22
36,000
36,000
36,000,840
U.S.
Treasury
Obligation,
0.28%,
due
05/02/22
.........
40,061,100
36,720,084
$
–
$
–
HSBC
Securities
USA,
Inc.
0.44
(c)
04/29/22
05/02/22
17,000
17,000
17,000,623
Corporate/Debt
Obligations,
1.11%
to
6.60%,
due
01/30/23
to
03/25/61
.........
18,040,000
17,850,426
0.52
(c)
04/29/22
05/02/22
5,500
5,500
5,500,238
Corporate/Debt
Obligations,
1.25%
to
8.50%,
due
01/21/26
to
04/01/45
.........
5,776,000
5,775,457
$
–
$
–
$
22,500
$
23,625,883
$
–
$
–
JP
Morgan
Securities
LLC
0.30
04/29/22
05/02/22
51,000
51,000
51,001,275
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.50%,
due
05/20/49
to
06/15/64
.........
63,671,585
52,020,001
0.31
(b)
04/29/22
05/06/22
59,000
59,000
59,003,556
U.S.
Government
Sponsored
Agency
Obligations,
0.84%
to
5.71%,
due
04/25/25
to
09/20/51
.........
1,089,353,176
61,950,000
0.40
(c)
04/29/22
05/02/22
15,000
15,000
15,000,500
Corporate/Debt
Obligations,
0.75%
to
7.13%,
due
04/06/23
to
04/01/56
.........
16,226,000
15,757,638
0.50
(c)
04/29/22
05/02/22
2,500
2,500
2,500,104
Corporate/Debt
Obligations,
0.15%
to
3.88%,
due
06/25/29
to
07/25/51
.........
418,979,189
2,675,000
0.62
(b)
04/29/22
05/06/22
82,000
82,000
82,009,885
Corporate/Debt
Obligations,
0.00%
to
15.00%,
due
01/24/23
to
09/14/77
.......
89,587,608
92,316,511
0.67
(b)
04/29/22
05/06/22
50,000
50,000
50,006,514
Corporate/Debt
Obligations,
0.18%
to
6.75%,
due
09/30/26
to
05/25/58
.........
299,052,212
53,888,614
0.77
(b)
04/29/22
07/28/22
25,000
25,000
25,048,125
Corporate/Debt
Obligations,
0.02%
to
7.38%,
due
07/15/24
to
02/25/61
.........
841,233,952
27,330,947
0.78
(b)
04/29/22
07/28/22
65,000
65,000
65,126,750
Corporate/Debt
Obligations,
0.10%
to
8.00%,
due
11/17/25
to
11/25/58
.........
1,275,898,738
69,628,656
$
–
$
–
$
349,500
$
375,567,367
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.47
(c)
04/29/22
05/02/22
71,000
71,000
71,002,781
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
07/01/43
to
07/01/51
.........
69,245,000
75,974,857
TempFund
Schedules
of
Investments
33
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.77
%
(b)
04/29/22
06/03/22
$
8,000
$
8,000
$
8,005,989
U.S.
Treasury
Obligations,
1.13%
to
3.75%,
due
05/15/40
to
08/15/41
.........
$
9,945,600
$
8,160,080
$
–
$
–
$
79,000
$
84,134,937
$
–
$
–
TD
Securities
USA
LLC
..
0.40
(c)
04/29/22
05/02/22
11,000
11,000
11,000,367
Corporate/Debt
Obligations,
4.25%
to
9.25%,
due
04/15/25
to
01/15/34
.........
13,260,000
12,650,854
0.44
(c)
04/29/22
05/02/22
9,000
9,000
9,000,330
Corporate/Debt
Obligations,
5.13%
to
8.25%,
due
11/15/22
to
04/01/27
.........
10,395,000
10,256,851
$
–
$
–
$
20,000
$
22,907,705
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.47
02/01/22
05/02/22
24,000
24,000
24,028,200
Corporate/Debt
Obligations,
0.17%
to
5.25%,
due
04/15/37
to
05/16/64
.........
520,498,712
25,680,000
0.47
04/28/22
05/05/22
11,000
11,000
11,001,005
Corporate/Debt
Obligation,
0.58%,
due
08/04/22
.........
11,547,000
11,550,233
1.10
03/17/22
06/15/22
23,000
23,000
23,063,250
Corporate/Debt
Obligation,
0.72%,
due
01/25/23
.........
24,152,000
24,150,068
1.30
03/18/22
06/16/22
20,000
20,000
20,065,000
Corporate/Debt
Obligations,
3.25%
to
7.88%,
due
03/01/25
to
08/01/44
.........
26,474,000
22,436,847
$
–
$
–
$
78,000
$
83,817,148
$
–
$
–
$
1,599,000
$
1,686,712,527
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
7,449,040,506
$
—
$
7,449,040,506
2022
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
0.30%, 05/31/22
.................
USD
422,610
$
422,511,391
0.42%, 06/16/22
.................
2,394,740
2,394,342,208
0.57%, 06/23/22
.................
516,875
516,754,130
0.61%, 06/28/22
.................
1,337,395
1,336,229,509
0.70%, 07/05/22
.................
137,650
137,524,150
0.71%, 07/07/22
.................
608,385
607,919,339
0.74%, 07/12/22
.................
259,245
258,954,646
0.81%, 07/26/22
.................
1,092,975
1,091,111,331
0.82%, 07/28/22
.................
330,650
330,342,863
0.90%, 08/02/22
.................
738,225
736,690,293
0.95%, 08/09/22
.................
374,515
373,568,409
0.95%, 08/11/22
.................
38,000
37,991,387
0.97%, 08/16/22
.................
853,975
851,527,699
0.98%, 08/18/22
.................
308,020
307,301,885
1.06%, 09/01/22
.................
811,410
809,552,548
1.06%, 09/08/22
.................
3,180,490
3,173,468,909
1.07%, 09/15/22
.................
580,600
578,788,204
1.09%, 09/22/22
.................
947,035
943,739,320
1.13%, 09/29/22
.................
1,660,445
1,653,132,128
1.16%, 10/06/22
.................
466,756
464,481,721
1.27%, 10/13/22
.................
799,395
794,925,048
1.37%, 10/27/22
.................
842,345
836,630,190
1.40%, 11/03/22
.................
2,120,905
2,119,155,035
1.41%, 12/01/22
.................
583,985
583,151,847
1.49%, 12/29/22
.................
269,260
268,573,056
1.64%, 01/26/23
.................
81,570
81,184,582
1.76%, 02/23/23
.................
814,995
807,671,954
1.81%, 03/23/23
.................
80,000
78,804,667
U.S.
Treasury
Notes
1.75%, 05/15/22
.................
72,005
72,051,373
2.13%, 05/15/22
.................
134,695
134,801,105
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
0.13%, 06/30/22
.................
USD
100,350
$
100,358,921
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.95%, 07/31/22
(b)
...
2,062,049
2,062,046,757
1.38%, 10/15/22
.................
97,240
97,412,451
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.95%, 10/31/22
(b)
...
3,270,000
3,269,988,300
1.88%, 10/31/22
.................
309,225
310,611,395
2.00%, 11/30/22
490,685
493,974,510
1.63%, 12/15/22
.................
368,000
368,622,471
0.13%, 12/31/22
.................
217,285
216,993,623
2.13%, 12/31/22
.................
310,410
313,305,490
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.94%, 01/31/23
(b)
...
3,665,068
3,665,308,860
2.00%, 02/15/23
.................
300,000
300,524,476
1.50%, 02/28/23
.................
94,825
95,072,875
0.13%, 03/31/23
.................
50,000
49,257,804
1.50%, 03/31/23
.................
466,255
465,754,685
2.50%, 03/31/23
.................
38,310
38,739,462
0.13%, 04/30/23
.................
257,145
252,264,247
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.93%, 04/30/23
(b)
...
1,045,755
1,045,797,259
2.75%, 04/30/23
.................
275,000
277,370,095
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.92%, 07/31/23
(b)
...
2,666,270
2,666,349,868
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
0.88%, 01/31/24
(b)
....
932,665
932,662,814
Total
U.S.
Treasury
Obligations
—
32.5%
(Cost:
$39,825,297,290)
...........................
39,825,297,290
Total
Repurchase
Agreements
—
60.4%
(Cost:
$74,033,202,228)
...........................
74,033,202,228
Total
Investments
—
92.9%
(Cost:
$113,858,499,518
)
..........................
113,858,499,518
Other
Assets
Less
Liabilities
—
7.1%
...................
8,668,775,210
Net
Assets
—
100.0%
..............................
$
122,527,274,728
(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.
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.
.....
0.28
%
04/29/22
05/02/22
$
60,000
$
60,000
$
60,001,400
U.S.
Treasury
Obligations,
2.25%
to
2.50%,
due
02/15/46
to
05/15/51
.........
$
69,577,600
$
61,200,086
0.28
(a)
04/29/22
05/02/22
940,000
940,000
940,021,933
U.S.
Treasury
Obligations,
0.00%
to
0.13%,
due
05/31/23
to
11/15/35
.........
1,237,527,609
958,800,000
0.28
04/29/22
05/02/22
5,000
5,000
5,000,117
U.S.
Treasury
Obligation,
0.63%,
due
04/15/23
.........
4,317,200
5,100,004
T-Fund
Schedules
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.28
%
04/29/22
05/02/22
$
60,000
$
60,000
$
60,001,400
U.S.
Treasury
Obligations,
2.38%
to
3.63%,
due
08/15/43
to
05/15/51
.........
$
62,917,100
$
61,200,008
$
–
$
–
$
1,065,000
$
1,086,300,098
$
–
$
–
Bank
of
Montreal
......
0.27
04/29/22
05/02/22
37,000
37,000
37,000,832
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
07/14/22
to
05/15/45
.........
45,670,955
37,740,046
$
–
$
–
Bank
of
Nova
Scotia
(The)
0.29
04/29/22
05/02/22
27,000
27,000
27,000,653
U.S.
Treasury
Obligations,
1.13%
to
1.38%,
due
08/31/28
to
08/15/50
.........
33,626,700
27,540,674
0.29
04/29/22
05/02/22
125,272
125,272
125,275,027
U.S.
Treasury
Obligations,
0.00%
to
2.63%,
due
07/21/22
to
02/15/29
.........
130,366,900
127,780,544
$
–
$
–
$
152,272
$
155,321,218
$
–
$
–
Barclays
Bank
plc
.....
0.30
04/29/22
05/02/22
25,000
25,000
25,000,625
U.S.
Treasury
Obligation,
5.25%,
due
11/15/28
.........
21,997,500
25,500,064
0.30
04/29/22
05/02/22
200,000
200,000
200,005,000
U.S.
Treasury
Obligations,
1.38%
to
2.50%,
due
08/31/26
to
02/15/46
.........
231,141,700
204,000,036
$
–
$
–
$
225,000
$
229,500,100
$
–
$
–
Barclays
Capital,
Inc.
...
0.30
04/29/22
05/02/22
2,750,000
2,750,000
2,750,068,750
U.S.
Treasury
Obligations,
0.13%
to
3.88%,
due
07/15/22
to
02/15/47
.........
2,265,952,900
2,805,000,044
$
–
$
–
BNP
Paribas
SA
......
0.27
04/29/22
05/02/22
1,821,000
1,821,000
1,821,040,972
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
09/30/25
to
02/15/52
.........
1,981,786,062
1,857,420,000
0.27
04/29/22
05/02/22
5,000
5,000
5,000,112
U.S.
Treasury
Obligations,
0.13%
to
4.63%,
due
07/15/31
to
05/15/41
.........
4,701,000
5,100,020
0.30
04/27/22
05/04/22
650,000
650,000
650,037,917
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
05/31/23
to
02/15/51
.........
765,106,130
663,000,000
$
–
$
–
$
2,476,000
$
2,525,520,020
$
–
$
–
Citibank
NA
..........
0.30
04/29/22
05/02/22
100,000
100,000
100,002,500
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
05/26/22
to
02/15/52
.........
82,499,700
102,000,014
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.30
04/29/22
05/02/22
537,000
537,000
537,013,425
U.S.
Treasury
Obligations,
0.63%
to
3.75%,
due
08/15/41
to
05/15/43
.........
543,748,000
548,061,137
0.30
(a)
04/29/22
05/02/22
435,000
435,000
435,010,875
U.S.
Treasury
Obligations,
0.13%
to
6.25%,
due
08/15/29
to
02/15/31
.........
497,977,072
443,700,005
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligations,
0.13%
to
2.25%,
due
03/31/26
to
04/30/26
.........
5,507,900
5,100,065
2022
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
36
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.30
%
04/27/22
05/04/22
$
1,000,000
$
1,000,000
$
1,000,058,333
U.S.
Treasury
Obligations,
0.75%
to
5.50%,
due
05/15/28
to
02/15/29
.........
$
1,057,380,100
$
1,020,355,560
$
–
$
–
$
1,977,000
$
2,017,216,767
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.28
(a)
04/29/22
05/02/22
800,000
800,000
800,018,667
U.S.
Treasury
Obligations,
1.00%
to
2.88%,
due
01/31/25
to
02/15/48
.........
754,194,465
816,000,066
0.28
04/29/22
05/02/22
45,000
45,000
45,001,050
U.S.
Treasury
Obligations,
0.25%
to
2.50%,
due
01/15/29
to
02/15/50
.........
42,017,000
45,900,076
0.28
04/29/22
05/02/22
103,000
103,000
103,002,403
U.S.
Treasury
Obligation,
3.75%,
due
11/15/43
.........
94,627,300
105,060,011
$
–
$
–
$
948,000
$
966,960,153
$
–
$
–
Credit
Suisse
AG
......
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
05/03/22
to
02/15/52
.........
7,062,100
5,100,076
$
–
$
–
Deutsche
Bank
AG
.....
0.30
04/29/22
05/02/22
300,000
300,000
300,007,500
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
04/15/23
to
11/15/46
.........
296,846,500
306,000,089
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.30
04/29/22
05/02/22
49,100,000
49,100,000
49,101,227,500
U.S.
Treasury
Obligations,
0.13%
to
2.00%,
due
05/31/23
to
08/31/27
.........
52,700,571,000
49,101,227,582
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.28
04/29/22
05/02/22
750,000
750,000
750,017,500
U.S.
Treasury
Obligations,
0.28%,
due
05/02/22
.........
744,034,900
765,000,032
0.29
04/29/22
05/02/22
372,000
372,000
372,008,990
U.S.
Treasury
Obligation,
2.75%,
due
08/15/47
.........
400,000,000
379,448,990
0.29
04/29/22
05/02/22
154,096
154,096
154,099,724
U.S.
Treasury
Obligation,
1.13%,
due
08/31/28
.........
175,000,000
157,181,724
0.29
04/29/22
05/02/22
98,778
98,778
98,780,387
U.S.
Treasury
Obligation,
2.75%,
due
02/15/24
.........
100,000,000
100,756,387
0.29
04/29/22
05/02/22
89,190
89,190
89,192,155
U.S.
Treasury
Obligation,
1.25%,
due
06/30/28
.........
100,000,000
90,976,155
0.29
04/29/22
05/02/22
73,852
73,852
73,853,785
U.S.
Treasury
Obligation,
1.00%,
due
07/31/28
.........
84,387,000
75,330,684
0.29
04/29/22
05/02/22
431,839
431,839
431,849,436
U.S.
Treasury
Obligation,
2.13%,
due
05/31/26
.........
450,000,000
440,488,436
0.29
04/29/22
05/02/22
152,245
152,245
152,248,679
U.S.
Treasury
Obligation,
0.75%,
due
01/31/28
.........
175,000,000
155,293,429
0.29
04/29/22
05/02/22
281,500
281,500
281,506,803
U.S.
Treasury
Obligation,
1.75%,
due
06/30/24
.........
292,000,000
287,136,243
0.29
04/29/22
05/02/22
495,000
495,000
495,011,963
U.S.
Treasury
Obligation,
0.38%,
due
09/30/27
.........
577,259,500
504,911,984
T-Fund
Schedules
of
Investments
37
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.29
%
04/29/22
05/02/22
$
495,000
$
495,000
$
495,011,963
U.S.
Treasury
Obligation,
2.50%,
due
01/31/24
.........
$
502,538,100
$
504,911,992
0.29
04/29/22
05/02/22
480,000
480,000
480,011,600
U.S.
Treasury
Obligation,
4.50%,
due
05/15/38
.........
400,000,000
489,611,600
0.29
04/29/22
05/02/22
366,500
366,500
366,508,857
U.S.
Treasury
Obligation,
1.25%,
due
11/30/26
.........
400,000,000
373,836,857
0.29
04/29/22
05/02/22
510,000
510,000
510,012,325
U.S.
Treasury
Obligation,
1.75%,
due
05/31/22
.........
515,802,800
520,209,765
0.30
04/29/22
05/02/22
260,505
260,505
260,511,660
U.S.
Treasury
Obligation,
2.25%,
due
08/15/49
.........
306,300,000
265,721,763
0.30
04/29/22
05/02/22
48,310
48,310
48,311,208
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
47,905,000
49,277,249
0.30
04/29/22
05/02/22
500,000
500,000
500,012,500
U.S.
Treasury
Obligations,
0.38%
to
2.25%,
due
07/15/23
to
08/15/49
.........
470,805,600
510,000,047
0.30
04/29/22
05/02/22
131,704
131,704
131,707,410
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
197,920,000
134,341,493
0.30
04/29/22
05/02/22
616,789
616,789
616,804,635
U.S.
Treasury
Obligation,
2.38%,
due
05/15/51
.........
700,000,000
629,140,420
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
58,844
58,844
58,845,135
U.S.
Treasury
Obligation,
0.13%,
due
02/15/52
.........
62,359,000
60,022,009
0.30
04/29/22
05/02/22
1,057,639
1,057,639
1,057,665,503
U.S.
Treasury
Obligation,
3.38%,
due
11/15/48
.........
995,425,000
1,078,818,285
0.30
04/29/22
05/02/22
93,004
93,004
93,006,281
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
91,878,000
94,866,360
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
0.30
04/29/22
05/02/22
281,516
281,516
281,522,853
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
319,495,000
287,153,169
0.30
04/29/22
05/02/22
50,422
50,422
50,423,261
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
50,000,000
51,431,761
$
–
$
–
$
7,999,999
$
8,160,162,117
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.30
04/29/22
05/02/22
25,000
25,000
25,000,625
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
19,308,300
25,500,078
$
–
$
–
HSBC
Securities
USA,
Inc.
0.30
(b)
04/29/22
05/02/22
355,000
355,000
355,008,875
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
05/15/22
to
05/15/48
.........
355,498,961
362,100,001
0.30
04/29/22
05/02/22
2,000
2,000
2,000,050
U.S.
Treasury
Obligations,
0.00%,
due
08/15/42
to
02/15/47
4,302,810
2,040,000
2022
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
38
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.31
%
(c)
04/29/22
05/06/22
$
888,085
$
888,085
$
888,138,532
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
05/12/22
to
02/15/52
.........
$
1,093,238,568
$
905,846,701
0.31
(c)
04/29/22
05/06/22
722,000
722,000
722,043,520
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
07/31/22
to
08/15/51
.........
871,519,521
736,440,001
$
–
$
–
$
1,967,085
$
2,006,426,703
$
–
$
–
JP
Morgan
Securities
LLC
0.28
(c)
04/29/22
05/06/22
500,000
500,000
500,027,222
U.S.
Treasury
Obligations,
0.00%
to
5.25%,
due
05/12/22
to
11/15/28
.........
488,118,500
510,000,015
0.30
(b)
04/29/22
05/02/22
250,000
250,000
250,006,250
U.S.
Treasury
Obligations,
0.13%
to
1.75%,
due
09/30/22
to
01/31/27
.........
259,586,200
255,000,033
0.30
04/29/22
05/02/22
5,000
5,000
5,000,125
U.S.
Treasury
Obligation,
0.75%,
due
04/30/26
.........
5,536,000
5,100,008
$
–
$
–
$
755,000
$
770,100,056
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
0.28
(c)
04/29/22
05/06/22
200,000
200,000
200,010,889
U.S.
Treasury
Obligations,
0.00%
to
1.88%,
due
05/15/29
to
05/15/44
.........
256,586,652
204,000,000
0.30
04/29/22
05/02/22
35,000
35,000
35,000,875
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
07/15/22
to
08/15/41
.........
38,607,500
35,700,014
$
–
$
–
$
235,000
$
239,700,014
$
–
$
–
Natixis
SA
...........
0.28
04/29/22
05/02/22
200,000
200,000
200,004,667
U.S.
Treasury
Obligations,
0.13%
to
6.25%,
due
07/31/22
to
05/15/47
.........
209,677,300
204,000,021
0.28
(b)
04/29/22
05/02/22
753,000
753,000
753,017,570
U.S.
Treasury
Obligations,
0.13%
to
5.38%,
due
07/31/22
to
02/15/48
.........
786,439,000
768,060,020
0.28
(c)
04/29/22
05/06/22
500,000
500,000
500,027,222
U.S.
Treasury
Obligations,
0.00%
to
6.25%,
due
05/19/22
to
11/15/50
.........
494,088,500
510,000,000
$
–
$
–
$
1,453,000
$
1,482,060,041
$
–
$
–
Nomura
Securities
International,
Inc.
....
0.28
04/29/22
05/02/22
1,750,000
1,750,000
1,750,040,833
U.S.
Treasury
Obligations,
0.13%
to
3.88%,
due
10/31/22
to
05/15/44
.........
1,790,322,300
1,785,000,039
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.31
04/29/22
05/02/22
50,250
50,250
50,251,298
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
100,000,000
51,256,298
0.31
04/29/22
05/02/22
66,138
66,137
66,139,209
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000
67,462,509
0.31
04/29/22
05/02/22
16,345
16,345
16,345,422
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
28,000,000
16,672,182
0.31
04/29/22
05/02/22
77,625
77,625
77,627,005
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000
79,179,005
T-Fund
Schedules
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
0.31
%
04/29/22
05/02/22
$
50,100
$
50,100
$
50,101,294
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
$
80,000,000
$
51,102,894
0.31
04/29/22
05/02/22
43,144
43,144
43,144,865
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000
44,007,965
0.31
04/29/22
05/02/22
13,700
13,700
13,700,354
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000
13,974,354
0.31
04/29/22
05/02/22
20,900
20,900
20,900,540
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000
21,318,540
0.31
04/29/22
05/02/22
14,550
14,550
14,550,376
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000
14,841,256
0.31
04/29/22
05/02/22
25,688
25,687
25,688,164
U.S.
Treasury
Obligation,
1.25%,
due
08/15/31
.........
30,000,000
26,202,064
0.31
04/29/22
05/02/22
6,960
6,960
6,960,180
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
12,000,000
7,099,380
0.31
04/29/22
05/02/22
22,500
22,500
22,500,581
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
22,950,581
0.31
04/29/22
05/02/22
12,320
12,320
12,320,318
U.S.
Treasury
Obligation,
0.00%,
due
05/15/40
.........
22,000,000
12,566,718
0.31
04/29/22
05/02/22
18,585
18,585
18,585,480
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000
18,957,180
0.31
04/29/22
05/02/22
39,550
39,550
39,551,022
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000
40,342,022
0.31
04/29/22
05/02/22
14,298
14,298
14,297,869
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000
14,583,819
0.31
04/29/22
05/02/22
47,070
47,070
47,071,216
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000
48,012,976
0.31
04/29/22
05/02/22
68,625
68,625
68,626,773
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
150,000,000
69,999,273
0.31
04/29/22
05/02/22
8,081
8,081
8,081,459
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000
8,243,159
0.31
04/29/22
05/02/22
24,544
24,544
24,544,384
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
35,000,000
25,035,434
0.31
04/29/22
05/02/22
56,875
56,875
56,876,469
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
100,000,000
58,014,469
$
–
$
–
$
697,846
$
711,822,078
$
–
$
–
Societe
Generale
SA
...
0.30
04/29/22
05/02/22
10,000
10,000
10,000,250
U.S.
Treasury
Obligations,
0.00%
to
2.50%,
due
05/17/22
to
05/15/51
.........
10,324,473
10,200,000
$
–
$
–
TD
Securities
USA
LLC
..
0.28
04/29/22
05/02/22
5,000
5,000
5,000,117
U.S.
Treasury
Obligations,
0.13%
to
1.63%,
due
09/30/22
to
08/31/27
.........
5,338,100
5,100,059
$
–
$
–
$
74,033,202
$
74,533,957,392
$
–
$
–
2022
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
40
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
See
notes
to
financial
statements.
(a)
Traded
in
a
joint
account.
(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)
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
113,858,499,518
$
—
$
113,858,499,518
Treasury
Trust
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
0.02%, 05/03/22
.................
USD
16,487,059
$
16,486,922,769
0.05%, 05/05/22
.................
629,000
628,995,874
0.09%, 05/10/22
.................
11,631,026
11,630,396,145
0.11%, 05/12/22
.................
1,225,000
1,224,944,618
0.12%, 05/17/22
.................
3,473,000
3,472,433,206
0.26%, 05/24/22
.................
1,594,530
1,594,083,143
0.28%, 05/26/22
.................
3,166,130
3,165,294,490
0.30%, 05/31/22
.................
380,140
380,045,808
0.30%, 06/02/22
.................
11,004,050
11,000,532,037
0.41%, 06/07/22
.................
1,457,000
1,456,265,725
0.41%, 06/09/22
.................
3,885,950
3,884,350,278
0.44%, 06/14/22
.................
287,225
287,028,410
0.42%, 06/16/22
.................
6,205,180
6,202,167,878
0.55%, 06/21/22
.................
6,563,000
6,557,209,177
0.57%, 06/23/22
.................
1,890,815
1,889,613,992
0.61%, 06/28/22
.................
2,358,385
2,356,340,184
0.70%, 07/05/22
.................
2,798,000
2,795,296,596
0.71%, 07/07/22
.................
726,445
725,788,777
0.81%, 07/26/22
.................
35,455
35,395,288
0.82%, 07/28/22
.................
308,100
307,813,809
0.90%, 08/02/22
.................
714,545
713,032,941
0.90%, 08/04/22
.................
303,070
302,460,104
0.97%, 08/16/22
.................
1,976,527
1,970,859,562
0.98%, 08/18/22
.................
1,385,440
1,382,013,194
1.09%, 08/30/22
.................
3,170,040
3,158,408,594
1.06%, 09/01/22
.................
798,540
796,712,010
1.06%, 09/08/22
.................
854,820
853,069,087
1.09%, 09/22/22
.................
21,280
21,205,946
1.13%, 09/29/22
.................
2,222,435
2,212,647,030
1.16%, 10/06/22
.................
4,373,917
4,352,619,198
1.27%, 10/13/22
.................
1,031,285
1,025,518,396
1.37%, 10/27/22
.................
2,023,295
2,009,491,772
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.49%, 12/29/22
.................
USD
150,170
$
149,776,305
1.64%, 01/26/23
.................
23,020
22,911,231
1.76%, 02/23/23
.................
531,115
526,263,593
U.S.
Treasury
Notes
1.75%, 05/15/22
.................
72,345
72,391,591
2.13%, 05/15/22
.................
787,000
787,526,792
1.88%, 05/31/22
.................
150,000
150,222,316
0.13%, 06/30/22
.................
47,110
47,114,188
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.95%, 07/31/22
(b)
...
737,705
737,704,900
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.95%, 10/31/22
(b)
...
1,549,000
1,548,978,653
2.00%, 11/30/22
.................
233,940
235,492,034
1.63%, 12/15/22
.................
341,000
341,576,800
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.94%, 01/31/23
(b)
...
2,554,640
2,554,779,432
2.38%, 01/31/23
.................
250,000
251,056,688
1.38%, 02/15/23
.................
405,000
403,511,518
1.50%, 02/28/23
.................
89,570
89,804,139
2.50%, 03/31/23
.................
209,450
212,013,637
0.13%, 04/30/23
.................
147,420
144,599,482
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.93%, 04/30/23
(b)
...
938,055
938,092,907
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.92%, 07/31/23
(b)
...
1,959,970
1,960,026,218
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
0.93%, 10/31/23
(b)
...
704,000
703,999,997
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
0.88%, 01/31/24
(b)
....
861,120
861,117,985
Total
U.S.
Treasury
Obligations
—
92.7%
(Cost:
$107,617,916,444)
..........................
107,617,916,444
Total
Investments
—
92.7%
(Cost:
$107,617,916,444
)
..........................
107,617,916,444
Other
Assets
Less
Liabilities
—
7.3%
...................
8,485,326,749
Net
Assets
—
100.0%
..............................
$
116,103,243,193
(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.
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
107,617,916,444
$
—
$
107,617,916,444
2022
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alabama
—
0.2%
Alabama
Federal
Aid
Highway
Finance,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2016-
XF2373,
RB,
VRDN
(Citibank
NA
SBPA),
0.46%, 05/05/22
(a)(b)(c)
..............
USD
5,000
$
5,000,000
Arizona
—
0.4%
(c)
Industrial
Development
Authority
of
the
City
of
Phoenix
(The),
Series
2014B,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.32%, 04/29/22
6,500
6,500,000
Industrial
Development
Authority
of
the
County
of
Yavapai
(The),
Series
2010,
RB,
VRDN
(Bank
of
Nova
Scotia
(The)
LOC),
0.48%, 05/05/22
.................
5,000
5,000,000
11,500,000
California
—
6.8%
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF2962,
VRDN,
0.47%, 05/05/22
(a)(b)(c)
...
10,455
10,455,000
City
of
Los
Angeles,
Series
2021,
TAN,
4.00%, 06/23/22
.................
100,000
100,410,910
City
of
Los
Angeles
Wastewater
System,
Series
2022A-2,
0.75%, 06/09/22
...........
15,000
14,991,060
Fontana
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2895,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.50%, 05/05/22
(a)(b)(c)
..........
3,000
3,000,000
Los
Angeles
County
Housing
Authority,
Series
2022D,
0.50%, 05/04/22
............
5,300
5,299,544
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2022A-3
(US
Bank
LOC),
0.71%, 05/10/22
.................
15,500
15,499,287
Natomas
University
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0250,
GO,
VRDN
(Bank
of
America
NA
LIQ),
0.48%, 05/06/22
(a)(b)(c)
..............
6,580
6,580,000
San
Diego
Housing
Authority,
Series
2017A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.50%, 05/04/22
(c)
................
2,000
2,000,000
Santa
Clara
Valley
Transportation
Authority,
Series
2008A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.34%, 05/05/22
(c)
............
5,000
5,000,000
State
of
California,
Series
2003C-1,
GO,
VRDN
(TD
Bank
NA
LOC),
0.33%, 05/05/22
(c)
..
100
100,000
State
of
California,
Series
2003C-4,
VRDN
(US
Bank
LOC),
0.33%, 05/05/22
(c)
........
1,300
1,300,000
State
of
California,
Series
2022A-2
(Royal
Bank
of
Canada
LOC),
0.55%, 05/03/22
.....
45,415
45,411,912
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1098,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
9,400
9,400,000
219,447,713
Security
Par
(000)
Par
(000)
Value
Colorado
—
1.5%
(c)
Boulder
Larimer
&
Weld
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-57,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
...............
USD
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
Guaranty),
0.47%, 05/05/22
(a)(b)
...............
5,000
5,000,000
City
of
Colorado
Springs,
Series
2009C,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LIQ),
0.45%, 05/05/22
.................
4,905
4,905,000
City
of
Colorado
Springs,
Series
2010C,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.42%, 05/05/22
.................
5,740
5,740,000
County
of
Arapahoe,
Series
2001,
RB,
VRDN
(Freddie
Mac
LOC),
0.47%, 05/05/22
...
8,865
8,865,000
Denver
Colorado
City
&
County
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2022-
XG0360,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)
...............
11,600
11,600,000
Denver
Colorado
City
&
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2686,
RB,
VRDN
(Citibank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
.
8,000
8,000,000
49,780,000
Connecticut
—
0.9%
(c)
Connecticut
Housing
Finance
Authority,
Series
2017F-3,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.44%, 05/05/22
............
4,600
4,600,000
Connecticut
Housing
Finance
Authority,
Series
2020A,
Sub-Series
A-3,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.44%, 05/05/22
6,375
6,375,000
Connecticut
Housing
Finance
Authority,
Series
2022A,
Sub-Series
A-3,
VRDN
(TD
Bank
NA
SBPA),
0.44%, 05/05/22
............
10,000
10,000,000
Connecticut
Innovations,
Inc.,
Series
2012,
RB,
VRDN
(TD
Bank
NA
LOC),
0.44%, 05/05/22
3,320
3,320,000
Connecticut
State,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-3,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
..
4,000
4,000,000
28,295,000
Delaware
—
0.1%
University
of
Delaware,
Series
2013C,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.32%, 04/29/22
(c)
................
3,540
3,540,000
District
of
Columbia
—
0.2%
(c)
District
of
Columbia,
Series
2004,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.50%, 05/05/22
5,110
5,110,000
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XG0267,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.49%, 05/06/22
(a)(b)
...........
700
700,000
5,810,000
MuniCash
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Florida
—
5.0%
(c)
Cape
Coral
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1071,
RB,
VRDN
(Barclays
Bank
plc
Guaranty),
0.48%, 05/05/22
(a)(b)
...............
USD
10,480
$
10,480,000
Escambia
County
Health
Facilities
Authority,
Series
2003B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.42%, 04/29/22
.............
16,100
16,100,000
Florida
Housing
Finance
Corp.,
Series
2004M,
RB,
VRDN
(Freddie
Mac
LIQ),
0.50%, 05/05/22
.................
9,075
9,075,000
Highlands
County
Health
Facilities
Authority,
Series
2012I-3,
RB,
VRDN,
0.47%, 05/05/22
19,750
19,750,000
Highlands
County
Health
Facilities
Authority,
Series
2021D-2,
RB,
VRDN,
0.40%, 05/05/22
.................
37,000
37,000,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1109,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)
...............
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
SBPA),
0.47%, 05/05/22
(a)(b)
...............
60,000
60,000,000
161,155,000
Georgia
—
2.6%
(c)
Atlanta
Water
&
Waste
Water,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2649,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
...............
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),
0.47%, 05/06/22
(a)(b)
...............
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),
0.47%, 05/06/22
(a)(b)
...............
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
Guaranty),
0.49%, 05/05/22
(a)(b)
...............
5,000
5,000,000
Gainesville
&
Hall
County
Development
Authority,
Series
2003B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.42%, 04/29/22
......
26,280
26,280,000
Georgia
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0257,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.49%, 05/06/22
(a)(b)
...............
2,230
2,230,000
Georgia
Transmission
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0308,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.50%, 05/06/22
(a)(b)
...............
9,435
9,435,000
Heard
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-105,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.49%, 05/05/22
(a)(b)
...............
2,075
2,075,000
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Monroe
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-106,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.49%, 05/05/22
(a)(b)
...............
USD
5,000
$
5,000,000
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0256,
RB,
VRDN
(Bank
of
America
NA
Guaranty),
0.49%, 05/06/22
(a)(b)
...............
15,820
15,820,000
84,290,000
Idaho
—
1.5%
State
of
Idaho,
Series
2021,
GO,
TAN,
3.00%, 06/30/22
.................
50,000
50,150,185
Illinois
—
2.8%
(c)
Chicago
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021E-151,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.48%, 05/05/22
(a)(b)
...............
10,000
10,000,000
Illinois
Finance
Authority,
Series
1998,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.48%, 05/05/22
.................
8,000
8,000,000
Illinois
Finance
Authority,
Series
2009E-1,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.45%, 05/04/22
.................
8,800
8,800,000
Illinois
Finance
Authority,
Series
2021C,
VRDN
(Barclays
Bank
plc
LOC),
0.44%, 05/04/22
15,000
15,000,000
Illinois
Finance
Authority,
Series
2022C,
VRDN,
0.32%, 04/29/22
.................
15,000
15,000,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0072,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
...............
7,500
7,500,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0086,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
...............
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
SBPA),
0.47%, 05/05/22
(a)(b)
7,345
7,345,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2202,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.49%, 05/05/22
(a)(b)
...............
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
SBPA),
0.50%, 05/05/22
(a)(b)
...............
3,340
3,340,000
92,275,000
Indiana
—
0.8%
(c)
Indiana
Finance
Authority,
Series
2009D,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.33%, 04/29/22
.................
19,475
19,475,000
Indiana
Housing
&
Community
Development
Authority,
Series
2017C-3,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.32%, 04/29/22
.....
7,600
7,600,000
27,075,000
2022
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Iowa
—
4.9%
(c)
Iowa
Finance
Authority,
Series
2008B,
RB,
VRDN,
0.52%, 05/04/22
............
USD
54,325
$
54,325,000
Iowa
Finance
Authority,
Series
2016A,
RB,
VRDN,
0.52%, 05/04/22
............
31,800
31,800,000
Iowa
Finance
Authority,
Series
2018B,
RB,
VRDN,
0.44%, 05/05/22
............
14,615
14,615,000
Iowa
Finance
Authority,
Series
2021,
VRDN
(Korea
Development
Bank
LOC),
0.49%, 05/05/22
.................
57,000
57,000,000
157,740,000
Kansas
—
0.5%
(a)(b)(c)
Topeka
Kansas
Utility,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0696,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
.................
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
Guaranty),
0.47%, 05/05/22
7,500
7,500,000
16,080,000
Kentucky
—
0.2%
(a)(b)(c)
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0161,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.47%, 05/06/22
..........
4,960
4,960,000
University
of
Louisville,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0881,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.48%, 05/05/22
2,730
2,730,000
7,690,000
Louisiana
—
0.4%
Louisiana
Public
Facilities
Authority,
Series
2007,
RB,
VRDN,
0.30%, 04/29/22
(c)
....
14,600
14,600,000
Maine
—
0.1%
Maine
State
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0179,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
1,670
1,670,000
Maryland
—
0.6%
(c)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
......
7,610
7,610,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0335,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.47%, 05/06/22
(a)(b)
........
8,690
8,690,000
Washington
Suburban
Sanitary
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0816,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)
...............
2,285
2,285,000
18,585,000
Massachusetts
—
2.6%
Attleboro,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XM0915,
GO,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
6,750
6,750,000
City
of
Quincy,
Series
2021,
BAN,
GO,
1.00%, 07/08/22
.................
50,000
49,989,805
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Commonwealth
of
Massachusetts,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XG0279,
Go,
VRDN
(Bank
of
America
NA
LIQ),
0.46%, 05/06/22
(a)(b)(c)
..............
USD
3,680
$
3,680,000
Commonwealth
of
Massachusetts,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021E-148,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
..............
20,000
20,000,000
Massachusetts
Housing
Finance
Agency,
Series
2021,
0.25%, 12/01/22
........
3,175
3,124,116
83,543,921
Michigan
—
1.0%
Board
of
Trustees
Michigan
State
University,
Series
2022G,
0.51%, 05/04/22
.......
25,000
24,997,875
Board
of
Trustees
Michigan
State
University,
Series
2022G,
0.85%, 06/07/22
.......
1,890
1,889,356
Kent
Hospital
Finance
Authority,
Series
2008C,
RB,
VRDN
(Bank
of
New
York
Mellon
LOC),
0.46%, 05/04/22
(c)
................
2,340
2,340,000
Michigan
Building
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0743,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
4,000
4,000,000
33,227,231
Minnesota
—
1.8%
City
of
Minneapolis,
Series
2009,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.44%, 05/05/22
(c)
................
9,450
9,450,000
City
of
Minneapolis,
Series
2018C,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.33%, 04/29/22
(c)
................
8,600
8,600,000
Regents
of
the
University
of
Minnesota,
Series
2022F,
0.65%, 05/10/22
............
40,100
40,093,704
58,143,704
Mississippi
—
3.4%
(c)
County
of
Jackson,
Series
1993,
RB,
VRDN,
0.33%, 04/29/22
.................
46,905
46,905,000
Mississippi
Business
Finance
Corp.,
Series
2007E,
RB,
VRDN,
0.33%, 04/29/22
....
14,415
14,415,000
Mississippi
Business
Finance
Corp.,
Series
2009A,
RB,
VRDN,
0.33%, 04/29/22
....
12,120
12,120,000
Mississippi
Business
Finance
Corp.,
Series
2010H,
RB,
VRDN,
0.33%, 04/29/22
....
15,645
15,645,000
Mississippi
Business
Finance
Corp.,
Series
2010K,
RB,
VRDN,
0.33%, 04/29/22
....
22,010
22,010,000
111,095,000
Missouri
—
2.8%
(a)(b)(c)
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0678,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.47%, 05/05/22
......
18,800
18,800,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019C-16,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.49%, 05/05/22
....
54,500
54,500,000
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Missouri
(continued)
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019C-17,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.48%, 05/05/22
....
USD
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),
0.48%, 05/06/22
..........
3,750
3,750,000
91,050,000
Nebraska
—
3.8%
Lincoln
Nebraska
Electric,
Series
2022,
0.56%, 06/03/22
.................
40,000
39,975,320
Omaha
Public
Power
District,
Series
2022A,
0.14%, 05/03/22
.................
14,370
14,368,578
Omaha
Public
Power
District,
Series
2022A,
0.14%, 05/04/22
.................
13,900
13,898,290
Omaha
Public
Power
District,
Series
2022A,
0.40%, 06/01/22
.................
9,950
9,943,831
Omaha
Public
Power
District,
Series
2022A,
0.42%, 06/02/22
.................
10,050
10,043,558
Omaha
Public
Power
District,
Series
2022A,
0.42%, 06/03/22
.................
14,000
13,990,746
Omaha
Public
Power
District,
Series
2022A,
0.42%, 06/06/22
.................
11,400
11,391,769
Omaha
Public
Power
District,
Series
2022A,
0.85%, 07/06/22
.................
3,750
3,748,174
Omaha
Public
Power
District
Electric,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2685,
RB,
VRDN
(Citibank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
5,400
5,400,000
University
of
Nebraska
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0174,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.46%, 05/06/22
(a)(b)(c)
..............
1,510
1,510,000
124,270,266
Nevada
—
0.5%
Nevada
Housing
Division,
Series
2021D,
0.25%, 12/01/22
.................
2,430
2,410,523
Nevada
System
of
Higher
Education,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2858,
COP,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
12,750
12,750,000
15,160,523
New
Hampshire
—
0.6%
New
Hampshire
Health
and
Education
Facilities
Authority
Act,
Series
2005A-2,
RB,
VRDN,
0.30%, 04/29/22
(c)
................
18,590
18,590,000
New
Jersey
—
1.1%
County
of
Middlesex,
Series
2021,
BAN,
GO,
2.00%, 06/01/22
.................
6,378
6,382,460
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XX1091,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.48%, 05/05/22
(a)(b)(c)
.........
11,545
11,545,000
Security
Par
(000)
Par
(000)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2853,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.48%, 05/05/22
(a)(b)(c)
.........
USD
2,740
$
2,740,000
New
Jersey
State
Appropriation,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0168,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.48%, 05/05/22
(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
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
2,630
2,630,000
New
Jersey
Transportation
Trust
Fund
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0926,
VRDN
(Royal
Bank
of
Canada
LOC),
0.47%, 05/05/22
(a)(b)(c)
....
4,250
4,250,000
35,272,460
New
York
—
12.5%
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E-137,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
4,635
4,635,000
City
of
New
York,
Series
2018E,
Sub-series
E-5,
GO,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
(c)
................
2,800
2,800,000
City
of
New
York,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-55,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
7,865
7,865,000
City
of
New
York,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0184,
Go,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
......
2,000
2,000,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0550,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.48%, 05/05/22
(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
SBPA),
0.48%, 05/05/22
(a)(b)(c)
..............
4,595
4,595,000
Metropolitan
Transportation
Authority,
Series
2008A-1,
RB,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
(c)
................
15,000
15,000,000
Metropolitan
Transportation
Authority,
Series
2012A-2,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.65%, 05/05/22
(c)
............
24,900
24,900,000
Metropolitan
Transportation
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-E-126,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.49%, 05/05/22
(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
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.....
6,150
6,150,000
New
York
City
Housing
Development
Corp.,
Series
2019A-4,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.46%, 05/05/22
(c)
.....
975
975,000
2022
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority,
Series
2011DD-1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.32%, 04/29/22
(c)
....
USD
4,320
$
4,320,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2013,
Sub-Series
AA-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
SBPA),
0.42%, 05/05/22
(c)
........
4,050
4,050,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2014,
Sub-Series
BB-1,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.33%, 04/29/22
(c)
................
3,500
3,500,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.32%, 04/29/22
(c)
................
13,000
13,000,000
New
York
City
Municipal
Water
Finance,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0731,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.47%, 05/06/22
(a)(b)(c)
..............
2,800
2,800,000
New
York
City
Transitional
Finance
Authority,
Series
2018,
Sub-Series
C-6,
RB,
VRDN
(Sumitomo
Mitsui
Banking
SBPA),
0.46%, 05/05/22
(c)
................
10,800
10,800,000
New
York
City
Transitional
Finance
Authority,
Series
2019,
Sub-Series
C-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.35%, 04/30/22
(c)
................
42,200
42,200,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2022-
XF1305,
VRDN,
0.47%, 05/05/22
(a)(b)(c)
...
3,075
3,075,000
New
York
Power
Authority,
Series
2022
(Bank
of
America
NA
SBPA,
JP
Morgan
Chase
Bank
NA
SBPA,
Wells
Fargo
Bank
NA
SBPA,
TD
Bank
NA
SBPA),
0.19%, 06/14/22
52,001
51,940,159
New
York
Power
Authority,
Series
2022
(Bank
of
America
NA
SBPA,
JP
Morgan
Chase
Bank
NA
SBPA,
Wells
Fargo
Bank
NA
SBPA,
TD
Bank
NA
SBPA),
0.80%, 07/06/22
23,500
23,491,603
New
York
Power
Authority,
Series
2022
(Bank
of
America
NA
SBPA,
JP
Morgan
Chase
Bank
NA
SBPA,
Wells
Fargo
Bank
NA
SBPA,
TD
Bank
NA
SBPA),
0.80%, 07/13/22
31,700
31,664,306
New
York
State
Dormitory
Authority,
Series
2012,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.46%, 05/04/22
(c)
............
2,535
2,535,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2647,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
2,500
2,500,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020E-146,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
..............
7,000
7,000,000
New
York
State
Housing
Finance
Agency,
Series
2013A,
RB,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC),
0.32%, 04/29/22
(c)
................
11,000
11,000,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2022B,
0.55%, 05/11/22
.......
7,060
7,058,538
Port
Authority
of
New
York
&
New
Jersey,
Series
2022B,
1.10%, 06/21/22
.......
4,225
4,224,058
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Triborough
Bridge
&
Tunnel
Authority,
Series
2005,
Sub-Series
B-2B,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.65%, 05/05/22
(c)
................
USD
44,100
$
44,100,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2005B-2A,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.60%, 05/04/22
(c)
.........
28,900
28,900,000
407,628,664
North
Carolina
—
0.3%
City
of
Raleigh,
Series
2005B-1,
COP,
VRDN
(PNC
Bank
NA
SBPA),
0.47%, 05/04/22
(c)
10,600
10,600,000
Ohio
—
1.4%
(c)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-E-134,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
...............
11,970
11,970,000
Berea
Ohio
City
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-54,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
...............
4,050
4,050,000
Forest
Hills
Ohio
Local
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-30,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
...............
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
Guaranty),
0.48%, 05/05/22
(a)(b)
...............
3,000
3,000,000
Ohio
State
Hospital
Facility,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0573,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.49%, 05/05/22
(a)(b)
...............
525
525,000
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2022C-18,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.48%, 05/05/22
(a)(b)
.......
9,000
9,000,000
State
of
Ohio,
Series
2021B,
RB,
VRDN,
0.45%, 05/04/22
.................
12,445
12,445,000
45,590,000
Oklahoma
—
0.4%
Oklahoma
Development
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2022E-140,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
......
12,400
12,400,000
Oregon
—
0.9%
(c)
Oregon
State
Facilities
Authority,
Series
2005A,
RB,
VRDN
(Fannie
Mae
LOC),
0.51%, 05/05/22
.................
7,175
7,175,000
Oregon
State
Facilities
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
.................
22,500
22,500,000
29,675,000
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Pennsylvania
—
7.0%
(c)
Allegheny
County
Hospital
Development
Authority,
Series
2016A,
VRDN
(Truist
Bank
LOC),
0.53%, 05/05/22
.............
USD
6,605
$
6,605,000
Emmaus
General
Authority,
Series
1996,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.44%, 05/04/22
.................
32,825
32,825,000
Geisinger
Authority
Pennsylvania
Health
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2017-
XF0543,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.51%, 05/05/22
(a)(b)
..........
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
SBPA),
0.56%, 05/05/22
(a)(b)
...
4,325
4,325,000
Lancaster
Industrial
Development
Authority,
Series
2009C,
VRDN
(PNC
Bank
NA
SBPA),
0.48%, 05/05/22
.................
10,970
10,970,000
Montgomery
County
Industrial
Development
Authority,
Series
2002,
RB,
VRDN
(TD
Bank
NA
LOC),
0.42%, 04/29/22
..........
8,165
8,165,000
Pennsylvania
Economic
Development
Financing
Authority,
Series
2009C,
RB,
VRDN
(MUFG
Bank
Ltd.
LOC),
0.75%, 05/04/22
.................
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
SBPA),
0.47%, 05/05/22
(a)(b)
...
1,675
1,675,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0140,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
..........
1,625
1,625,000
Pennsylvania
Turnpike
Commission,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2022-XX1173,
VRDN,
0.49%, 05/05/22
(a)(b)
...............
37,000
37,000,000
Philadelphia
Authority
for
Industrial
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF2836,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
Guaranty),
0.64%, 05/05/22
(a)(b)
3,930
3,930,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Series
2007A,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.47%, 05/05/22
.
86,090
86,090,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1075,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.48%, 05/05/22
(a)(b)
...............
17,190
17,190,000
Wilkes-Barre
Area
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0777,
GO,
VRDN
(Bank
of
America
NA
LOC),
0.48%, 05/06/22
(a)(b)
...............
2,280
2,280,000
228,680,000
Security
Par
(000)
Par
(000)
Value
Rhode
Island
—
0.4%
City
of
Cranston,
Series
2021-1,
BAN,
GO,
1.00%, 08/23/22
.................
USD
3,500
$
3,495,168
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XM0721,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
8,250
8,250,000
11,745,168
South
Carolina
—
1.2%
Charleston
Public
Facilities
Corp.,
Series
2022,
5.00%, 09/01/22
.................
260
263,090
City
of
Charleston,
Series
2022,
5.00%, 09/01/22
.................
550
555,222
City
of
Columbia
Waterworks
&
Sewer
System,
Series
2009,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.44%, 05/05/22
(c)
......
12,655
12,655,000
South
Carolina
Public
Service
Authority,
Series
2019A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.50%, 05/04/22
(c)
............
25,460
25,460,000
38,933,312
South
Dakota
—
0.6%
South
Dakota
Housing
Development
Authority,
Series
2020B,
RB,
VRDN,
0.44%, 05/05/22
(c)
................
20,550
20,550,000
Tennessee
—
1.9%
City
of
Memphis,
Series
2012A,
0.52%, 05/10/22
.................
8,500
8,498,385
Clarksville
Public
Building
Authority,
Series
1999,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.48%, 05/05/22
(c)
............
1,440
1,440,000
Metropolitan
Government
of
Nashville
&
Davidson
County,
Series
2022B-1
(Bank
of
America
NA
SBPA),
0.61%, 05/19/22
...
9,000
8,997,426
Metropolitan
Government
of
Nashville
&
Davidson
County,
Series
2022B-1
(Bank
of
America
NA
SBPA),
0.75%, 06/02/22
...
15,500
15,499,465
Metropolitan
Government
of
Nashville
&
Davidson
County
Water
&
Sewer,
Series
2022,
0.20%, 05/11/22
.............
10,000
9,997,340
Public
Building
Authority
of
Sevier
County
(The),
Series
2008VII-B-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.46%, 05/04/22
(c)
..
12,230
12,230,000
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1087,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
......
6,265
6,265,000
62,927,616
Texas
—
13.2%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF0220,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.50%, 05/05/22
(a)(b)(c)
..............
27,745
27,745,000
Board
of
Regents
of
the
University
of
Texas
System,
Series
2022A,
0.90%, 06/13/22
.
25,000
24,995,275
Brownsville
Texas
Utilities
System,
Series
2022A,
0.75%, 05/31/22
............
3,000
2,999,634
City
of
Garland,
Series
2022,
0.66%, 05/31/22
31,500
31,495,779
City
of
Garland,
Series
2022,
0.76%, 05/31/22
12,800
12,797,069
Dallas
Independent
School
District,
Series
2022,
5.00%, 02/15/23
.............
4,800
4,917,478
2022
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Dallas
Texas
Water
Works
&
Swear
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2697,
RB,
VRDN
(Citibank
NA
SBPA),
0.46%, 05/05/22
(a)(b)(c)
..............
USD
6,000
$
6,000,000
Fort
Bend
Independent
School
District,
Series
2022A,
0.55%, 05/27/22
............
18,400
18,391,223
Fort
Bend
Independent
School
District,
Series
2022A,
0.60%, 05/27/22
............
31,800
31,784,704
Fort
Bend
Independent
School
District,
Series
2022A,
0.62%, 05/27/22
............
7,500
7,496,452
Fort
Bend
Independent
School
District,
Series
2022A,
0.65%, 05/27/22
............
12,500
12,498,463
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2020B,
VRDN,
0.35%, 04/29/22
(c)
................
13,595
13,595,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2022C-1,
0.57%, 05/05/22
.................
73,000
72,995,985
Harris
County
Health
Facilities
Development
Corp.,
Series
2008A-1,
RB,
VRDN,
0.35%, 04/29/22
(c)
................
26,360
26,360,000
Harris
County
Health
Facilities
Development
Corp.,
Series
2008A-2,
RB,
VRDN,
0.35%, 04/29/22
(c)
................
15,440
15,440,000
Harris
County
Texas
Cultural
Education
Facilities
Finance
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021E-149,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
..............
15,400
15,400,000
Lamar
Texas
Cons
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018G-
18,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
......
7,740
7,740,000
Laredo
Texas,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-60,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
10,520
10,520,000
Leander
Texas
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018G-
62,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
......
2,000
2,000,000
North
Bend
Water
Authority
Texas
Water,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0816,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.54%, 05/05/22
(a)(b)(c)
..
16,520
16,520,000
Permanent
University
Fund
-
University
of
Texas
System,
Series
2008A,
VRDN,
0.44%, 05/05/22
(c)
................
30,000
30,000,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2010A,
RB,
VRDN,
0.49%, 05/04/22
(c)
...........
3,000
3,000,000
South
Texas
Community
College
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018G-
35,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
......
7,135
7,135,000
Texas
A&M
University,
Series
2022B,
0.14%, 06/02/22
.................
22,175
22,155,730
Texas
Transportation
Commission
State
Highway
Fund,
Series
2014B,
VRDN,
0.54%, 05/04/22
(c)
................
5,000
5,000,000
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Texas
Water
Development
Board,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2201,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.49%, 05/05/22
(a)(b)(c)
..............
USD
300
$
300,000
429,282,792
Utah
—
1.1%
(c)
County
of
Utah,
Series
2018C,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.30%, 04/29/22
.....
24,280
24,280,000
Intermountain
Power
Agency
Utah
Power,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
E142,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)
.......
10,630
10,630,000
Utah
County
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0732,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)
1,910
1,910,000
36,820,000
Virginia
—
1.8%
Fairfax
County
Industrial
Development
Authority,
Series
2016C,
RB,
VRDN,
0.45%, 05/05/22
(c)
................
14,675
14,675,000
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0606,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.47%, 05/06/22
(a)(b)(c)
..............
5,100
5,100,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XG0183,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
12,860
12,860,000
Virginia
Commonwealth
Transportation
Board
Trust,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0659,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
6,000
6,000,000
Virginia
Polytechnic
Institute
&
State
University,
Series
2022A,
0.18%, 05/05/22
.......
19,484
19,481,467
58,116,467
Washington
—
2.3%
King
County
Housing
Authority,
Series
2022,
0.13%, 05/05/22
.................
16,600
16,597,726
King
County
Housing
Authority,
Series
2022A,
0.13%, 05/12/22
.................
14,800
14,795,560
King
County
Housing
Authority,
Series
2022A,
0.45%, 06/09/22
.................
15,525
15,512,859
King
County
Washington
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0141,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
5,300
5,300,000
University
of
Washington,
Series
2022A,
0.45%, 05/10/22
.................
9,800
9,798,197
University
of
Washington,
Series
2022A,
0.48%, 06/03/22
.................
3,000
2,998,017
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2527,
RB,
VRDN
(Citibank
NA
SBPA),
0.54%, 05/05/22
(a)(b)(c)
.........
1,875
1,875,000
MuniCash
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1106,
RB,
VRDN
(Barclays
Bank
plc
Guaranty),
0.48%, 05/05/22
(a)(b)(c)
....
USD
7,240
$
7,240,000
74,117,359
Wisconsin
—
0.3%
Wisconsin
Housing
&
Economic
Development
Authority,
Series
2017C,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.42%, 05/05/22
(c)
9,355
9,355,000
Total
Municipal
Bonds
—
92.4%
(Cost:
$3,002,222,767)
...........................
3,001,457,381
Closed-End
Investment
Companies
(c)
California
—
1.6%
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.47%, 12/01/40
..
25,000
25,000,000
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
LOC),
0.47%, 06/01/46
.................
26,500
26,500,000
51,500,000
Security
Par
(000)
Par
(000)
Value
New
York
—
3.0%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
VRDN,
(Royal
Bank
of
Canada
LIQ),
0.49%, 08/01/40
.................
USD
53,000
$
53,000,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
VRDN,
(Sumitomo
Mitsui
Banking
LIQ),
0.49%, 12/01/40
.................
14,500
14,500,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Toronto-
Dominion
Bank
LOC),
0.48%, 06/01/46
..
30,000
30,000,000
97,500,000
Oneida
Tribe
of
Indians
of
Wisconsin
—
2.3%
Nuveen
AMT-Free
Municipal
Credit
Income
Fund,
Series
2013,
VRDP,
(JP
Morgan
Chase
Bank
NA
LIQ),
0.50%, 12/01/43
..
58,400
58,400,000
Nuveen
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
VRDN,
(Sumitomo
Mitsui
Banking
LOC),
0.49%, 10/01/46
.................
15,000
15,000,000
73,400,000
Total
Closed-End
Investment
Companies
—
6.9%
(Cost:
$222,400,000)
.............................
222,400,000
Total
Investments
—
99.3%
(Cost:
$3,224,622,767
)
(d)
..........................
3,223,857,381
Other
Assets
Less
Liabilities
—
0.7%
...................
21,296,423
Net
Assets
—
100.0%
..............................
$
3,245,153,804
(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)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
3,223,857,381
$
—
$
3,223,857,381
2022
BlackRock
Semi-Annual
Report
to
Shareholders
California
Money
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
—
91.5%
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.39%, 05/04/22
(a)
.........
USD
2,850
$
2,850,000
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009C,
RB,
VRDN
(Citibank
NA
LOC),
0.39%, 05/04/22
(a)
............
2,595
2,595,000
Bay
Area
Toll
Authority,
Series
2007A-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.32%, 05/05/22
(a)
............
3,000
3,000,000
Bay
Area
Toll
Authority,
Series
2008C-1,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.35%, 05/05/22
(a)
................
3,200
3,200,000
Bay
Area
Toll
Authority,
Series
2008E-1,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.34%, 05/05/22
(a)
............
5,740
5,740,000
California
Educational
Facilities
Authority,
Series
2006B,
RB,
VRDN,
0.40%, 05/05/22
(a)
................
16,410
16,410,000
California
Health
Facilities
Financing
Authority,
Series
2008-B1,
RB,
VRDN,
0.39%, 05/04/22
(a)
................
11,000
11,000,000
California
Health
Facilities
Financing
Authority,
Series
2011B,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.30%, 05/04/22
(a)
............
11,640
11,640,000
California
Health
Facilities
Financing
Authority,
Series
2012C,
RB,
VRDN,
0.35%, 05/04/22
(a)
................
1,050
1,050,000
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF2962,
VRDN
(Barclays
Bank
plc
LIQ),
0.47%, 05/05/22
(a)(b)(c)
..............
4,700
4,700,000
California
Municipal
Finance
Authority,
Series
2010A,
RB,
VRDN,
0.30%, 04/29/22
(a)
...
15,880
15,880,000
California
Statewide
Communities
Development
Authority,
Series
2008B,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.28%, 04/29/22
(a)
.
11,000
11,000,000
California
Statewide
Communities
Development
Authority,
Series
2021A,
RB,
4.00%, 06/01/22
.................
665
666,479
Campbell
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2700,
GO,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
9,000
9,000,000
Carlsbad
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF1244,
Go,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.....
600
600,000
City
of
Los
Angeles
Wastewater
System,
Series
2022A-2
(TD
Bank
NA
LOC),
0.75%, 06/09/22
.................
1,500
1,499,106
City
of
Modesto
(AGC),
Series
2008A,
COP,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.33%, 05/05/22
(a)
................
2,230
2,230,000
County
of
Los
Angeles,
Series
2022C,
0.50%, 05/04/22
.................
1,493
1,492,872
Del
Mar
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(BAM),
Series
2019-XG0259,
VRDN
(Bank
of
America
NA
LOC),
0.49%, 05/06/22
(a)(b)(c)
.
2,655
2,655,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Downey
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF1224,
Go,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.........
USD
3,730
$
3,730,000
East
Bay
Municipal
Utility
District
Water
System,
Series
2008A-1,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.40%, 05/04/22
(a)
.
4,750
4,750,000
Eastern
Municipal
Water
District,
Series
2018A,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.30%, 04/29/22
(a)
................
2,425
2,425,000
Fontana
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2895,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.50%, 05/05/22
(a)(b)(c)
..........
5,800
5,800,000
Gilroy
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0237,
GO,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.47%, 05/05/22
(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
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
1,150
1,150,000
Imperial
Irrigation
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XM0488,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.50%, 05/05/22
(a)(b)(c)
..............
7,500
7,500,000
Lodi
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0322,
Go,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
1,505
1,505,000
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0780,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
11,023
11,023,000
Long
Beach
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0862,
GO,
VRDN
(TD
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
510
510,000
Los
Angeles
California
Housing
Department,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0761,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
1,875
1,875,000
Los
Angeles
County
Housing
Authority,
Series
2022D,
0.50%, 05/04/22
............
3,000
2,999,742
Los
Angeles
Department
of
Water
&
Power,
Series
2021A-1,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.27%, 04/29/22
(a)
......
200
200,000
Los
Angeles
Department
of
Water
&
Power,
Series
2021A-3,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.27%, 04/30/22
(a)
......
13,000
13,000,000
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2019A,
Sub-Series
A-2,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.27%, 04/29/22
(a)
................
1,190
1,190,000
California
Money
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
California
(continued)
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2021,
Sub-Series
A-2,
RB,
VRDN
(TD
Bank
NA
LIQ),
0.27%, 04/29/22
(a)
................
USD
1,600
$
1,600,000
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2021A-1,
VRDN
(TD
Bank
NA
LIQ),
0.27%, 04/29/22
(a)
......
1,250
1,250,000
Metropolitan
Water
District
of
Southern
California,
Series
2016B-1,
RB,
VRDN,
0.27%, 04/29/22
(a)
................
300
300,000
Metropolitan
Water
District
of
Southern
California,
Series
2018A-2,
RB,
VRDN,
0.27%, 04/29/22
(a)
................
1,150
1,150,000
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2022A-3
(US
Bank
LOC),
0.71%, 05/10/22
.................
3,000
2,999,862
Napa
Sanitation
District,
Series
2022A,
5.00%, 08/01/22
.................
540
544,127
Northern
California
Power
Agency,
Series
2008A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.39%, 05/04/22
(a)
............
200
200,000
Orinda
Union
School
District,
Series
2022B,
4.00%, 08/01/22
.................
1,635
1,645,012
Sacramento
Municipal
Utility
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF0944,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..............
2,000
2,000,000
Sacramento
Transportation
Authority,
Series
2014A,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.40%, 05/05/22
(a)
......
240
240,000
Sacramento
Transportation
Authority,
Series
2015A,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.33%, 05/05/22
(a)
......
8,550
8,550,000
San
Diego
County
Regional
Transportation
Commission,
Series
2008D,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LIQ),
0.36%, 05/05/22
(a)
................
2,000
2,000,000
San
Diego
Housing
Authority,
Series
2017A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.50%, 05/04/22
(a)
................
11,000
11,000,000
San
Diego
Public
Facilities
Financing
Authority
Water,
Series
2022A
(Bank
Of
America
NA
LOC),
0.71%, 06/09/22
.............
2,100
2,098,748
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF2449,
GO,
VRDN
(Citibank
NA
SBPA),
0.46%, 05/05/22
(a)(b)(c)
.........
200
200,000
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency,
Series
2002,
VRDN
(Bank
of
America
NA
LOC),
0.65%, 05/04/22
(a)
................
70
70,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Jose
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2534,
GO,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.47%, 05/05/22
(a)(b)(c)
.....
USD
1,820
$
1,820,000
San
Mateo
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0925,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
4,407
4,407,000
Santa
Barbara
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0791,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
435
435,000
Santa
Clara
Valley
Transportation
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.30%, 04/29/22
(a)
............
5,000
5,000,000
State
of
California,
Series
2003C-1,
GO,
VRDN
(TD
Bank
NA
LOC),
0.33%, 05/05/22
(a)
..
400
400,000
State
of
California,
Series
2003C-4,
VRDN
(US
Bank
LOC),
0.33%, 05/05/22
(a)
........
200
200,000
State
of
California,
Series
2022A-2
(Royal
Bank
of
Canada
LOC),
0.55%, 05/03/22
.....
4,000
3,999,728
University
of
California,
Series
2013AL-3,
RB,
VRDN,
0.26%, 04/29/22
(a)
...........
4,500
4,500,000
University
of
California,
Series
2013AL-4,
RB,
VRDN,
0.26%, 04/29/22
(a)
...........
5,200
5,200,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1098,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.47%, 05/05/22
(a)(b)(c)
..
1,100
1,100,000
Total
Municipal
Bonds
—
91.5%
(Cost:
$229,781,817)
.............................
229,775,676
Closed-End
Investment
Companies
California
—
2.0%
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.47%, 12/01/40
(a)
.
5,000
5,000,000
Total
Closed-End
Investment
Companies
—
2.0%
(Cost:
$5,000,000)
..............................
5,000,000
Total
Investments
—
93.5%
(Cost:
$234,781,817
)
(d)
............................
234,775,676
Other
Assets
Less
Liabilities
—
6.5%
...................
16,377,557
Net
Assets
—
100.0%
..............................
$
251,153,233
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
California
Money
Fund
52
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
234,775,676
$
—
$
234,775,676
New
York
Money
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
New
York
—
96.7%
Albany
Industrial
Development
Agency,
Series
2008A,
VRDN
(TD
Bank
NA
LOC),
0.45%, 05/05/22
(a)
................
USD
1,245
$
1,245,000
Battery
Park
City
Authority,
Series
2019D-
1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.43%, 05/05/22
(a)
................
200
200,000
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E-137,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
1,200
1,200,000
Build
NYC
Resource
Corp.,
Series
2015,
RB,
VRDN
(TD
Bank
NA
LOC),
0.43%, 05/05/22
(a)
................
1,900
1,900,000
City
of
New
York,
Series
2012A,
Sub-Series
A-4,
GO,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.42%, 05/05/22
(a)
.....
2,100
2,100,000
City
of
New
York,
Series
2014D,
Sub-series
D-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
(a)
................
2,200
2,200,000
City
of
New
York,
Series
2015F,
Sub-Series
F-5,
GO,
VRDN
(Barclays
Bank
plc
SBPA),
0.35%, 04/29/22
(a)
................
100
100,000
City
of
New
York,
Series
2018B,
Sub-Series
B-5,
GO,
VRDN
(Barclays
Bank
plc
SBPA),
0.35%, 04/29/22
(a)
................
1,540
1,540,000
Dutchess
County
Industrial
Development
Agency,
Series
2008,
RB,
VRDN
(TD
Bank
NA
LOC),
0.43%, 05/05/22
(a)
.........
2,315
2,315,000
Franklin
County
Civic
Development
Corp.,
Series
2013A,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.46%, 05/05/22
(a)
.........
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
SBPA),
0.48%, 05/05/22
(a)(b)(c)
..............
1,200
1,200,000
Metropolitan
Transportation
Authority,
Series
2005,
Sub-Series
E-1,
VRDN
(Barclays
Bank
plc
LOC),
0.42%, 05/05/22
(a)
.....
2,455
2,455,000
Metropolitan
Transportation
Authority,
Series
2008A-1,
RB,
VRDN
(TD
Bank
NA
LOC),
0.32%, 04/29/22
(a)
................
1,200
1,200,000
Nassau
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-5,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
2,100
2,100,000
New
York
City
Health
&
Hospitals
Corp.,
Series
2008B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.43%, 05/04/22
(a)
................
1,100
1,100,000
New
York
City
Housing
Development
Corp.,
Series
2006A,
RB,
VRDN
(Fannie
Mae
LOC),
0.35%, 05/04/22
(a)
............
2,000
2,000,000
New
York
City
Housing
Development
Corp.,
Series
2009A,
RB,
VRDN
(Freddie
Mac
LOC),
0.42%, 05/04/22
(a)
............
2,550
2,550,000
New
York
City
Housing
Development
Corp.,
Series
2011B,
RB,
VRDN
(Freddie
Mac
LOC),
0.42%, 05/05/22
(a)
............
675
675,000
New
York
City
Housing
Development
Corp.,
Series
2019A-4,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.46%, 05/05/22
(a)
.....
2,800
2,800,000
New
York
City
Housing
Development
Corp.,
Series
2019E-3,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.44%, 05/05/22
(a)
.....
1,000
1,000,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Housing
Development
Corp.,
Series
A,
RB,
VRDN
(Fannie
Mae
LOC),
0.44%, 05/04/22
(a)
................
USD
1,315
$
1,315,000
New
York
City
Housing
Development
Corp.
(FHA
542
(C)),
Series
2021F-
3,
VRDN
(Barclays
Bank
plc
SBPA),
0.42%, 05/05/22
(a)
................
800
800,000
New
York
City
Industrial
Development
Agency,
Series
2004B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.33%, 04/29/22
(a)
.........
5,000
5,000,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2003,
Sub-Series
F-1-A,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.44%, 05/05/22
(a)
................
325
325,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2008BB-5,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.33%, 04/29/22
(a)
................
1,400
1,400,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2010CC,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.42%, 05/05/22
(a)
................
400
400,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.32%, 04/29/22
(a)
................
4,445
4,445,000
New
York
City
Municipal
Water
Finance
Authority,
Series
2016,
Sub-Series
AA-2,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.45%, 05/05/22
(a)
................
1,455
1,455,000
New
York
City
Transitional
Finance
Authority,
Series
1998A-1,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.44%, 05/05/22
(a)
.
400
400,000
New
York
City
Transitional
Finance
Authority,
Series
1999,
Sub-Series
A-1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.42%, 05/04/22
(a)
.
3,000
3,000,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2014,
Sub-
Series
B-3,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.35%, 04/29/22
(a)
...........
200
200,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019,
Sub-
Series
A-4,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.33%, 04/29/22
(a)
....
150
150,000
New
York
City
Trust
for
Cultural
Resources,
Series
2009A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.43%, 05/05/22
(a)
5,000
5,000,000
New
York
Power
Authority,
Series
2022,
0.80%, 06/15/22
.................
2,000
1,999,604
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0847,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.47%, 05/05/22
(a)(b)(c)
..............
2,250
2,250,000
New
York
State
Dormitory
Authority,
Series
2006,
RB,
VRDN
(Fannie
Mae
LOC),
0.40%, 05/04/22
(a)
................
3,060
3,060,000
New
York
State
Dormitory
Authority,
Series
2008A-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.41%, 05/05/22
(a)
............
450
450,000
New
York
State
Dormitory
Authority,
Series
2009A,
RB,
VRDN,
0.35%, 05/04/22
(a)
...
4,525
4,525,000
New
York
State
Dormitory
Authority,
Series
2012,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.46%, 05/04/22
(a)
............
3,900
3,900,000
2022
BlackRock
Semi-Annual
Report
to
Shareholders
New
York
Money
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0838,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.47%, 05/06/22
(a)(b)(c)
..............
USD
1,600
$
1,600,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-3,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.45%, 05/04/22
(a)
............
4,625
4,625,000
New
York
State
Housing
Finance
Agency,
Series
2003A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.48%, 05/04/22
(a)
................
3,250
3,250,000
New
York
State
Housing
Finance
Agency,
Series
2004A,
RB,
VRDN
(Fannie
Mae
LOC),
0.40%, 05/04/22
(a)
............
800
800,000
New
York
State
Housing
Finance
Agency,
Series
2010A,
RB,
VRDN
(Freddie
Mac
LIQ),
0.43%, 05/04/22
(a)
............
300
300,000
New
York
State
Housing
Finance
Agency,
Series
2013A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.32%, 04/29/22
(a)
................
3,000
3,000,000
New
York
State
Housing
Finance
Agency,
Series
2016A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.46%, 05/04/22
(a)
................
3,000
3,000,000
New
York
State
Housing
Finance
Agency
(42nd
and
10th
Associates
LLC),
Series
2010A,
RB,
VRDN
(Freddie
Mac
LOC),
0.40%, 05/04/22
(a)
................
2,725
2,725,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Urban
Development
Corp.,
Series
2004A-3-C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.43%, 05/05/22
(a)
USD
3,975
$
3,975,000
North
Amityville
Fire
Co.,
Inc.,
Series
2003,
RB,
VRDN
(Citibank
NA
LOC),
0.51%, 05/05/22
(a)
................
245
245,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2022B,
1.10%, 06/21/22
.......
3,000
2,999,331
State
of
New
York
Mortgage
Agency,
Series
2021-234,
RB,
VRDN
(UBS
AG
SBPA),
0.42%, 05/04/22
(a)
................
4,400
4,400,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2005,
Sub-Series
B-3,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.34%, 04/29/22
(a)
................
1,700
1,700,000
Total
Municipal
Bonds
—
96.7%
(Cost:
$103,635,000)
.............................
103,633,935
Closed-End
Investment
Companies
New
York
—
2.3%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
0.49%, 12/01/40
(a)
................
2,500
2,500,000
Total
Closed-End
Investment
Companies
—
2.3%
(Cost:
$2,500,000)
..............................
2,500,000
Total
Investments
—
99.0%
(Cost:
$106,135,000
)
(d)
............................
106,133,935
Other
Assets
Less
Liabilities
—
1.0%
...................
1,106,232
Net
Assets
—
100.0%
..............................
$
107,240,167
(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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
106,133,935
$
—
$
106,133,935
Statements
of
Assets
and
Liabilities
(unaudited)
April
30,
2022
55
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
...........................
$
5,874,317,591
$
62,011,660,169
$
3,180,238,454
$
5,850,040,506
$
39,825,297,290
Cash
................................................
134,932,861
9,600,969,595
290,000,985
365,191,334
6,903,507,910
Repurchase
agreements,
at
value
—
unaffiliated
(b)
..................
—
110,290,989,764
784,500,000
1,599,000,000
74,033,202,228
Receivables:
–
–
–
–
–
Investments
sold
.......................................
85,131,287
195,573,182
—
—
1,785,850,177
Capital
shares
sold
......................................
—
665,106
—
—
33,430
Interest
—
unaffiliated
....................................
1,230,692
23,493,214
959,966
1,911,177
14,526,911
From
the
Manager
......................................
4,413
1,947,947
—
—
671,763
Prepaid
expenses
........................................
553,856
95,472,681
145,461
5,484,840
36,830,332
Total
assets
............................................
6,096,170,700
182,220,771,658
4,255,844,866
7,821,627,857
122,599,920,041
LIABILITIES
Payables:
–
–
–
–
–
Investments
purchased
...................................
99,636,389
247,558,751
—
—
—
Capital
shares
redeemed
..................................
—
92,612
—
—
3,068
Custodian
fees
.........................................
37,461
662,400
53,486
76,116
472,947
Income
dividend
distributions
...............................
761,321
17,251,346
868,362
304,776
15,776,235
Management
fees
.......................................
817,672
21,164,088
589,295
973,190
15,855,983
Trustees'
and
Officer's
fees
................................
714
26,959
10,348
7,828
23,715
Printing
and
postage
fees
.................................
—
22,523
18,704
18,895
22,430
Professional
fees
.......................................
35,696
322,661
60,634
57,381
195,929
Registration
fees
.......................................
105,817
3,627,092
79,697
911,280
1,472,595
Service
and
distribution
fees
................................
371,514
98,837,089
102
5,445,642
38,127,793
Transfer
agent
fees
.....................................
21,047
414,490
33,811
116,742
629,574
Other
accrued
expenses
..................................
—
90,721
12,490
16,820
65,044
Total
liabilities
...........................................
101,787,631
390,070,732
1,726,929
7,928,670
72,645,313
NET
ASSETS
...........................................
$
5,994,383,069
$
181,830,700,926
$
4,254,117,937
$
7,813,699,187
$
122,527,274,728
NET
ASSETS
CONSIST
OF
Paid-in
capital
...........................................
$
5,994,237,189
$
181,830,409,148
$
4,257,748,922
$
7,818,641,114
$
122,527,263,776
Accumulated
earnings
(loss)
.................................
145,880
291,778
(3,630,985)
(4,941,927)
10,952
NET
ASSETS
...........................................
$
5,994,383,069
$
181,830,700,926
$
4,254,117,937
$
7,813,699,187
$
122,527,274,728
(a)
Investments,
at
cost
—
unaffiliated
...........................
$
5,874,317,591
$
62,011,660,169
$
3,182,707,013
$
5,854,289,448
$
39,825,297,290
(b)
Repurchase
agreements,
at
cost
—
unaffiliated
...................
$
—
$
110,290,989,764
$
784,500,000
$
1,599,000,000
$
74,033,202,228
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
56
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
............................................
$
5,921,701,145
$
140,429,975,090
$
4,254,063,527
$
7,104,035,662
$
99,370,551,999
Shares
outstanding
.....................................
5,921,549,565
140,429,819,380
4,253,837,127
7,104,506,334
99,370,498,759
Net
asset
value
........................................
$
1.00
$
1.00
$
1.0001
$
0.9999
$
1.00
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Administration
Net
assets
............................................
$
42,317,757
$
29,528,929,500
$
—
$
9,986,894
$
20,198,144,739
Shares
outstanding
.....................................
42,316,674
29,528,897,040
—
9,987,068
20,198,134,135
Net
asset
value
........................................
$
1.00
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
......................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Bancroft
Capital
Shares
Net
assets
............................................
$
50,018
$
—
$
—
$
—
$
—
Shares
outstanding
.....................................
50,017
—
—
—
—
Net
asset
value
........................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
......................................
Unlimited
—
—
—
—
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Cabrera
Capital
Markets
Shares
Net
assets
............................................
$
50,018
$
—
$
—
$
49,998
$
—
Shares
outstanding
.....................................
50,017
—
—
49,999
—
Net
asset
value
........................................
$
1.00
$
—
$
—
$
1.0000
$
—
Shares
authorized
......................................
Unlimited
—
—
Unlimited
—
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Capital
Net
assets
............................................
$
—
$
1,519,771
$
—
$
2,673,319
$
7,780,798
Shares
outstanding
.....................................
—
1,519,423
—
2,673,336
7,780,511
Net
asset
value
........................................
$
—
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
......................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
............................................
$
16,224,044
$
712,950,764
$
—
$
571,751,099
$
986,107,830
Shares
outstanding
.....................................
16,223,629
712,949,972
—
571,778,929
986,107,300
Net
asset
value
........................................
$
1.00
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
......................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
............................................
$
—
$
5,675,014,473
$
—
$
13,881,635
$
106,877,856
Shares
outstanding
.....................................
—
5,675,008,168
—
13,881,715
106,877,797
Net
asset
value
........................................
$
—
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
......................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Dollar
Net
assets
............................................
$
4,939,823
$
3,030,218,419
$
17,929
$
110,200,621
$
1,704,598,448
Shares
outstanding
.....................................
4,939,696
3,030,215,047
17,927
110,205,290
1,704,597,544
Net
asset
value
........................................
$
1.00
$
1.00
$
1.0001
$
1.0000
$
1.00
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Mischler
Financial
Group
Shares
Net
assets
............................................
$
9,050,248
$
1,764,886,558
$
—
$
—
$
—
Shares
outstanding
.....................................
9,050,016
1,764,884,593
—
—
—
Net
asset
value
........................................
$
1.00
$
1.00
$
—
$
—
$
—
Shares
authorized
......................................
Unlimited
Unlimited
—
—
—
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2022
57
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Premier
Net
assets
............................................
$
—
$
98,200,375
$
36,481
$
—
$
107,759,334
Shares
outstanding
.....................................
—
98,200,267
36,478
—
107,759,277
Net
asset
value
........................................
$
—
$
1.00
$
1.0001
$
—
$
1.00
Shares
authorized
......................................
—
Unlimited
Unlimited
—
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Private
Client
Net
assets
............................................
$
—
$
252,021
$
—
$
1,119,959
$
—
Shares
outstanding
.....................................
—
252,020
—
1,119,979
—
Net
asset
value
........................................
$
—
$
1.00
$
—
$
1.0000
$
—
Shares
authorized
......................................
—
Unlimited
—
Unlimited
—
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Select
Net
assets
............................................
$
—
$
588,753,955
$
—
$
—
$
45,453,724
Shares
outstanding
.....................................
—
588,753,299
—
—
45,453,700
Net
asset
value
........................................
$
—
$
1.00
$
—
$
—
$
1.00
Shares
authorized
......................................
—
Unlimited
—
—
Unlimited
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Penserra
Shares
Net
assets
............................................
$
50,016
$
—
$
—
$
—
$
—
Shares
outstanding
.....................................
50,014
—
—
—
—
Net
asset
value
........................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
......................................
Unlimited
—
—
—
—
Par
value
............................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
107,617,916,444
$
3,223,857,381
$
234,775,676
$
106,133,935
Cash
...............................................................
5,235,778,779
3,064,354
16,938,646
1,161,089
Receivables:
–
–
–
–
Investments
sold
......................................................
7,110,132,805
12,815,000
—
—
Interest
—
unaffiliated
...................................................
15,296,723
6,883,090
129,157
37,226
From
the
Manager
.....................................................
371,070
—
—
—
Prepaid
expenses
.......................................................
14,707,087
150,290
22,057
18,846
Total
assets
...........................................................
119,994,202,908
3,246,770,115
251,865,536
107,351,096
LIABILITIES
Payables:
–
–
–
–
Investments
purchased
..................................................
3,844,973,785
555,247
544,390
—
Custodian
fees
........................................................
636,447
78,654
5,629
4,182
Income
dividend
distributions
..............................................
12,698,873
255,629
3,839
10,086
Management
fees
......................................................
14,460,443
559,428
24,412
5,170
Trustees'
and
Officer's
fees
...............................................
753
7,587
1,069
1,224
Printing
and
postage
fees
................................................
18,820
17,365
16,805
16,802
Professional
fees
......................................................
111,346
66,737
50,917
49,019
Registration
fees
......................................................
2,203,945
24,724
57,474
17,701
Service
and
distribution
fees
...............................................
14,425,663
20,006
1,375
269
Transfer
agent
fees
....................................................
132,895
20,666
1,184
1,059
Other
accrued
expenses
.................................................
1,296,745
10,268
5,209
5,417
Total
liabilities
..........................................................
3,890,959,715
1,616,311
712,303
110,929
NET
ASSETS
..........................................................
$
116,103,243,193
$
3,245,153,804
$
251,153,233
$
107,240,167
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
116,102,042,933
$
3,245,883,180
$
251,159,018
$
107,241,231
Accumulated
earnings
(loss)
................................................
1,200,260
(729,376)
(5,785)
(1,064)
NET
ASSETS
..........................................................
$
116,103,243,193
$
3,245,153,804
$
251,153,233
$
107,240,167
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
107,617,916,444
$
3,224,622,767
$
234,781,817
$
106,135,000
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2022
59
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................
$
113,932,008,992
$
3,240,289,244
$
251,153,233
$
107,240,167
Shares
outstanding
....................................................
113,930,832,769
3,240,408,927
251,317,990
107,239,728
Net
asset
value
.......................................................
$
1.00
$
1.0000
$
0.9993
$
1.0000
Shares
authorized
.....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................................
$
—
$
—
$
—
$
—
Administration
Net
assets
...........................................................
$
569,453,000
$
—
$
—
$
—
Shares
outstanding
....................................................
569,446,811
—
—
—
Net
asset
value
.......................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Capital
Net
assets
...........................................................
$
3,234,073
$
—
$
—
$
—
Shares
outstanding
....................................................
3,234,040
—
—
—
Net
asset
value
.......................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
...........................................................
$
31,436,017
$
—
$
—
$
—
Shares
outstanding
....................................................
31,435,694
—
—
—
Net
asset
value
.......................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
...........................................................
$
100,954,474
$
—
$
—
$
—
Shares
outstanding
....................................................
100,953,435
—
—
—
Net
asset
value
.......................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Dollar
Net
assets
...........................................................
$
808,248,155
$
4,864,560
$
—
$
—
Shares
outstanding
....................................................
808,238,888
4,864,812
—
—
Net
asset
value
.......................................................
$
1.00
$
0.9999
$
—
$
—
Shares
authorized
.....................................................
Unlimited
Unlimited
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Select
Net
assets
...........................................................
$
657,908,482
$
—
$
—
$
—
Shares
outstanding
....................................................
657,901,296
—
—
—
Net
asset
value
.......................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—
$
—
$
—
$
—
Statements
of
Operations
(unaudited)
Six
Months
Ended
April
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
60
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
5,084,780
$
151,131,110
$
6,120,800
$
10,725,944
$
102,496,630
Total
investment
income
....................................
5,084,780
151,131,110
6,120,800
10,725,944
102,496,630
EXPENSES
Management
..........................................
6,779,499
158,239,774
6,386,830
9,947,759
111,210,607
Registration
..........................................
164,614
3,095,303
123,037
541,737
2,220,764
Service
and
distribution
—
class
specific
.......................
79,990
31,249,194
22
1,634,234
13,286,359
Transfer
agent
.........................................
35,344
538,219
48,673
171,353
451,167
Professional
..........................................
34,798
207,251
42,539
43,593
166,802
Custodian
............................................
33,301
485,145
39,822
63,217
302,943
Trustees
and
Officer
.....................................
1,529
160,615
8,438
4,605
164,644
Offering
.............................................
—
38,616
—
—
—
Miscellaneous
.........................................
66,921
376,304
71,282
82,162
276,721
Total
expenses
..........................................
7,195,996
194,390,421
6,720,643
12,488,660
128,080,007
Less:
–
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
................
(4,013,022)
(83,563,705)
(2,737,711)
(3,929,810)
(50,287,946)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
(69,243)
(24,423,914)
(16)
(1,387,512)
(9,662,176)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
3,113,731
86,402,802
3,982,916
7,171,338
68,129,885
Net
investment
income
.....................................
1,971,049
64,728,308
2,137,884
3,554,606
34,366,745
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
146,084
$
(182,655)
$
(2,640,956)
$
(4,548,162)
$
(87,466)
Net
realized
gain
(loss)
from
investments
.......................
146,084
(182,655)
8,699
10,024
(87,466)
Net
change
in
unrealized
depreciation
on
investments
..............
—
—
(2,649,655)
(4,558,186)
—
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................
$
2,117,133
$
64,545,653
$
(503,072)
$
(993,556)
$
34,279,279
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
April
30,
2022
61
Financial
Statements
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
Interest
—
unaffiliated
...................................................
$
94,307,413
$
4,037,562
$
249,048
$
94,759
Total
investment
income
...................................................
94,307,413
4,037,562
249,048
94,759
EXPENSES
Management
.........................................................
101,177,700
6,181,285
540,914
214,155
Service
and
distribution
—
class
specific
......................................
4,801,934
5,984
—
—
Registration
.........................................................
4,458,540
104,475
47,850
27,524
Custodian
...........................................................
589,480
17,027
4,107
3,136
Transfer
agent
........................................................
191,716
22,959
1,346
1,132
Trustees
and
Officer
....................................................
159,183
10,699
4,496
4,127
Professional
.........................................................
132,261
19,241
27,006
19,414
Miscellaneous
........................................................
204,178
37,192
12,701
13,101
Total
expenses
.........................................................
111,714,992
6,398,862
638,420
282,589
Less:
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
...............................
(49,574,935)
(3,555,789)
(469,383)
(220,850)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
...............
(4,188,498)
(4,644)
—
—
Total
expenses
after
fees
waived
and/or
reimbursed
................................
57,951,559
2,838,429
169,037
61,739
Net
investment
income
....................................................
36,355,854
1,199,133
80,011
33,020
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
2,596,422
$
(668,051)
$
(4,974)
$
174
Net
realized
gain
from
investments
..........................................
2,596,422
36,200
—
—
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
...................
—
(704,251)
(4,974)
174
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
38,952,276
$
531,082
$
75,037
$
33,194
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
2022
BlackRock
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...................................................
$
1,971,049
$
197,183
$
64,728,308
$
27,353,818
Net
realized
gain
(loss)
...................................................
146,084
174,919
(182,655)
3,354,063
Net
increase
in
net
assets
resulting
from
operations
..................................
2,117,133
372,102
64,545,653
30,707,881
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
..........................................................
(2,181,086)
(856,148)
(55,089,496)
(36,593,415)
Administration
........................................................
(12,025)
(15,249)
(6,207,228)
(847,853)
Bancroft
Capital
Shares
..................................................
(17)
—
—
—
Cabrera
Capital
Markets
Shares
............................................
(17)
—
—
—
Capital
.............................................................
—
—
(3,007,799)
(5,093,642)
Cash
Management
.....................................................
(1,594)
(2,109)
(83,307)
(128,908)
Cash
Reserve
........................................................
(4)
(42)
(726,278)
(1,591,606)
Dollar
..............................................................
(590)
(3,393)
(425,928)
(807,667)
Mischler
Financial
Group
Shares
............................................
(10,042)
—
(549,181)
(82,914)
Premier
.............................................................
—
—
(26,849)
(2,205)
Private
Client
.........................................................
—
—
(31)
(67)
Select
..............................................................
—
—
(98,448)
(184,048)
Penserra
Shares
......................................................
(14)
—
—
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
........................
(2,205,389)
(876,941)
(66,214,545)
(45,332,325)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
........................
973,231,488
413,281,524
14,274,485,526
3,447,674,638
NET
ASSETS
Total
increase
in
net
assets
..................................................
973,143,232
412,776,685
14,272,816,634
3,433,050,194
Beginning
of
period
.......................................................
5,021,239,837
4,608,463,152
167,557,884,292
164,124,834,098
End
of
period
...........................................................
$
5,994,383,069
$
5,021,239,837
$
181,830,700,926
$
167,557,884,292
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
63
Financial
Statements
See
notes
to
financial
statements.
TempCash
TempFund
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
2,137,884
$
4,106,417
$
3,554,606
$
4,385,685
Net
realized
gain
........................................................
8,699
54,111
10,024
110,809
Net
change
in
unrealized
appreciation
(depreciation)
................................
(2,649,655)
(2,666,357)
(4,558,186)
(2,511,359)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(503,072)
1,494,171
(993,556)
1,985,135
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(2,137,865)
(4,414,196)
(3,635,174)
(5,306,972)
Administration
.........................................................
—
—
(3,180)
(3,271)
Cabrera
Capital
Markets
Shares
.............................................
—
—
(24)
—
Capital
..............................................................
—
—
(778)
(625)
Cash
Management
......................................................
—
—
(68,594)
(150,131)
Cash
Reserve
.........................................................
—
—
(2,080)
(2,699)
Dollar
...............................................................
(2)
(4)
(16,150)
(34,335)
Premier
..............................................................
(17)
(18)
—
—
Private
Client
..........................................................
—
—
(132)
(273)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(2,137,884)
(4,414,218)
(3,726,112)
(5,498,306)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(1,530,072,939)
(4,848,448,403)
(836,031,642)
(2,973,071,701)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(1,532,713,895)
(4,851,368,450)
(840,751,310)
(2,976,584,872)
Beginning
of
period
........................................................
5,786,831,832
10,638,200,282
8,654,450,497
11,631,035,369
End
of
period
............................................................
$
4,254,117,937
$
5,786,831,832
$
7,813,699,187
$
8,654,450,497
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................
$
34,366,745
$
6,527,325
$
36,355,854
$
5,054,524
Net
realized
gain
(loss)
...........................................
(87,466)
2,034,133
2,596,422
1,328,151
Net
increase
in
net
assets
resulting
from
operations
..........................
34,279,279
8,561,458
38,952,276
6,382,675
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
..................................................
(30,817,722)
(14,675,809)
(38,570,696)
(9,193,212)
Administration
................................................
(4,009,973)
(76,283)
(128,535)
(58,136)
Capital
.....................................................
(660,226)
(3,085,773)
(795)
(140)
Cash
Management
.............................................
(28,052)
(146,495)
(1,397)
(5,621)
Cash
Reserve
................................................
(9,713)
(64,004)
(4,445)
(12,927)
Dollar
......................................................
(81,066)
(145,206)
(60,146)
(121,091)
Premier
.....................................................
(19,962)
(1,273)
—
—
Select
......................................................
(1,428)
(7,954)
(31,035)
(58,575)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................
(35,628,142)
(18,202,797)
(38,797,049)
(9,449,702)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................
1,329,152,893
14,842,780,470
15,071,458,208
43,035,065,014
NET
ASSETS
Total
increase
in
net
assets
..........................................
1,327,804,030
14,833,139,131
15,071,613,435
43,031,997,987
Beginning
of
period
...............................................
121,199,470,698
106,366,331,567
101,031,629,758
57,999,631,771
End
of
period
...................................................
$
122,527,274,728
$
121,199,470,698
$
116,103,243,193
$
101,031,629,758
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
65
Financial
Statements
See
notes
to
financial
statements.
MuniCash
California
Money
Fund
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,199,133
$
451,851
$
80,011
$
19,235
Net
realized
gain
........................................................
36,200
238,132
—
168,937
Net
change
in
unrealized
appreciation
(depreciation)
................................
(704,251)
(196,538)
(4,974)
(2,445)
Net
increase
in
net
assets
resulting
from
operations
...................................
531,082
493,445
75,037
185,727
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(1,428,171)
(451,547)
(248,948)
(23,645)
Dollar
...............................................................
(360)
(304)
—
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,428,531)
(451,851)
(248,948)
(23,645)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(2,127,555,840)
209,822,087
44,170,189
53,328,647
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(2,128,453,289)
209,863,681
43,996,278
53,490,729
Beginning
of
period
........................................................
5,373,607,093
5,163,743,412
207,156,955
153,666,226
End
of
period
............................................................
$
3,245,153,804
$
5,373,607,093
$
251,153,233
$
207,156,955
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
New
York
Money
Fund
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
33,020
$
10,632
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
174
(4,222)
Net
increase
in
net
assets
resulting
from
operations
.................................................................
33,194
6,410
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.........................................................................................
(33,020)
(10,632)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(33,020)
(10,632)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
47,439,887
(90,177,839)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
47,440,061
(90,182,061)
Beginning
of
period
......................................................................................
59,800,106
149,982,167
End
of
period
..........................................................................................
$
107,240,167
$
59,800,106
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
..........
0.0003
0.0000
(a)
0.0051
0.0214
0.0151
0.0059
Net
realized
gain
(loss)
..........
0.0000
(a)
0.0001
0.0014
0.0000
(a)
(0.0001
)
0.0001
Net
increase
from
investment
operations
0.0003
0.0001
0.0065
0.0214
0.0150
0.0060
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0003
)
(0.0000
)
(c)
(0.0064
)
(0.0214
)
(0.0150
)
(0.0060
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
—
(0.0000
)
(c)
Total
distributions
...............
(0.0003
)
(0.0001
)
(0.0065
)
(0.0214
)
(0.0150
)
(0.0060
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.03%
—
—
—
—
—
Based
on
net
asset
value
..........
0.03
%
(e)
0.02
%
0.65
%
2.16
%
1.51
%
0.61
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.21
%
(f)
0.23
%
0.23
%
0.25
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.09
%
(f)
0.09
%
0.17
%
0.17
%
0.17
%
0.17
%
Net
investment
income
...........
0.06
%
(f)
0.00
%
(g)
0.51
%
2.14
%
1.51
%
0.59
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
5,921,701
$
4,912,973
$
4,488,126
$
3,442,530
$
2,996,754
$
2,756,560
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
68
BlackRock
Liquid
Federal
Trust
Fund
Administration
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
...........
0.0001
0.0000
(a)
0.0051
0.0204
0.0140
0.0056
Net
realized
gain
(loss)
...........
0.0001
0.0001
0.0006
0.0000
(a)
0.0000
(a)
(0.0006
)
Net
increase
from
investment
operations
.
0.0002
0.0001
0.0057
0.0204
0.0140
0.0050
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0002
)
(0.0000
)
(c)
(0.0056
)
(0.0204
)
(0.0140
)
(0.0050
)
From
net
realized
gain
............
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
—
(0.0000
)
(c)
Total
distributions
................
(0.0002
)
(0.0001
)
(0.0057
)
(0.0204
)
(0.0140
)
(0.0050
)
Net
asset
value,
end
of
period
.......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
—
—
—
—
—
Based
on
net
asset
value
...........
0.02
%
(e)
0.02
%
0.57
%
2.06
%
1.41
%
0.51
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.31
%
(f)
0.33
%
0.33
%
0.35
%
0.34
%
0.34
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.10
%
(f)
0.08
%
0.24
%
0.27
%
0.27
%
0.27
%
Net
investment
income
............
0.03
%
(f)
0.00
%
(g)
0.51
%
2.05
%
1.40
%
0.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
42,318
$
87,091
$
78,219
$
80,271
$
75,807
$
68,102
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Bancroft
Capital
Shares
Period
from
11/01/21
(a)
to
04/30/22
(unaudited)
Net
asset
value,
beginning
of
period
.....................................................................................
$
1.00
Net
investment
income
..............................................................................................
0.0003
Net
realized
gain
..................................................................................................
0.0000
(b)
Net
increase
from
investment
operations
....................................................................................
0.0003
Distributions
(c)
–
From
net
investment
income
..........................................................................................
(0.0003
)
From
net
realized
gain
...............................................................................................
(0.0000
)
(d)
Total
distributions
...................................................................................................
(0.0003
)
Net
asset
value,
end
of
period
..........................................................................................
$
1.00
Total
Return
(e)
0.03%
Based
on
net
asset
value
..............................................................................................
0.03
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.....................................................................................................
0.21
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.09
%
(g)
Net
investment
income
...............................................................................................
0.06
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
70
BlackRock
Liquid
Federal
Trust
Fund
Cabrera
Capital
Markets
Shares
Period
from
11/01/21
(a)
to
04/30/22
(unaudited)
Net
asset
value,
beginning
of
period
.....................................................................................
$
1.00
Net
investment
income
..............................................................................................
0.0003
Net
realized
gain
..................................................................................................
0.0000
(b)
Net
increase
from
investment
operations
....................................................................................
0.0003
Distributions
(c)
–
From
net
investment
income
..........................................................................................
(0.0003
)
From
net
realized
gain
...............................................................................................
(0.0000
)
(d)
Total
distributions
...................................................................................................
(0.0003
)
Net
asset
value,
end
of
period
..........................................................................................
$
1.00
Total
Return
(e)
0.03%
Based
on
net
asset
value
..............................................................................................
0.03
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.....................................................................................................
0.21
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.09
%
(g)
Net
investment
income
...............................................................................................
0.06
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
..........
0.0001
0.0000
(a)
0.0022
0.0164
0.0099
0.0012
Net
realized
gain
..............
0.0000
(a)
0.0001
0.0016
0.0000
(a)
0.0001
0.0004
Net
increase
from
investment
operations
0.0001
0.0001
0.0038
0.0164
0.0100
0.0016
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0001
)
(0.0000
)
(c)
(0.0037
)
(0.0164
)
(0.0100
)
(0.0016
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
—
(0.0000
)
(c)
Total
distributions
...............
(0.0001
)
(0.0001
)
(0.0038
)
(0.0164
)
(0.0100
)
(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%
—
—
—
—
—
Based
on
net
asset
value
..........
0.01
%
(e)
0.02
%
0.38
%
1.65
%
1.01
%
0.16
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.71
%
(f)
0.73
%
0.73
%
0.75
%
0.74
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.15
%
(f)
0.08
%
0.36
%
0.67
%
0.67
%
0.59
%
Net
investment
income
...........
0.02
%
(f)
0.00
%
(g)
0.22
%
1.65
%
0.99
%
0.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
16,224
$
10,191
$
10,809
$
11,839
$
13,175
$
15,174
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
72
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
..........
0.0001
0.0000
(a)
0.0032
0.0189
0.0116
0.0035
Net
reali
zed
gain
..............
0.0000
(a)
0.0001
0.0018
0.0000
(a)
0.0009
0.0001
Net
increase
from
investment
operations
0.0001
0.0001
0.0050
0.0189
0.0125
0.0036
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0001
)
(0.0000
)
(c)
(0.0049
)
(0.0189
)
(0.0125
)
(0.0036
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
—
(0.0000
)
(c)
Total
distributions
...............
(0.0001
)
(0.0001
)
(0.0050
)
(0.0189
)
(0.0125
)
(0.0036
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
—
—
—
—
—
Based
on
net
asset
value
..........
0.01
%
(e)
0.02
%
0.49
%
1.91
%
1.26
%
0.36
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.46
%
(f)
0.48
%
0.48
%
0.50
%
0.49
%
0.49
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.14
%
(f)
0.09
%
0.29
%
0.42
%
0.42
%
0.42
%
Net
investment
income
...........
0.01
%
(f)
0.00
%
(g)
0.32
%
1.90
%
1.16
%
0.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
4,940
$
10,977
$
30,848
$
11,152
$
13,751
$
133,962
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Shares
Period
from
11/01/21
(a)
to
04/30/22
(unaudited)
Net
asset
value,
beginning
of
period
.....................................................................................
$
1.00
Net
investment
income
..............................................................................................
0.0011
Net
realized
loss
..................................................................................................
(0.0008
)
(b)
Net
increase
from
investment
operations
....................................................................................
0.0003
Distributions
(c)
–
From
net
investment
income
..........................................................................................
(0.0003
)
From
net
realized
gain
...............................................................................................
(0.0000
)
(d)
Total
distributions
...................................................................................................
(0.0003
)
Net
asset
value,
end
of
period
..........................................................................................
$
1.00
Total
Return
(e)
0.03%
Based
on
net
asset
value
..............................................................................................
0.03
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.....................................................................................................
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.17
%
(g)
Net
investment
income
...............................................................................................
0.23
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
9,050
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
74
BlackRock
Liquid
Federal
Trust
Fund
Penserra
Shares
Period
from
01/21/22
(a)
to
04/30/22
(unaudited)
Net
asset
value,
beginning
of
period
.....................................................................................
$
1.00
Net
investment
income
..............................................................................................
0.0003
Net
realized
gain
..................................................................................................
0.0000
(b)
Net
increase
from
investment
operations
....................................................................................
0.0003
Distributions
from
net
investment
income
(c)
................................................................................
(0.0003
)
Net
asset
value,
end
of
period
..........................................................................................
$
1.00
Total
Return
(d)
0.03%
Based
on
net
asset
value
..............................................................................................
0.03
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.....................................................................................................
0.21
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.13
%
(f)
Net
investment
income
...............................................................................................
0.10
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
2
FedFund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
...........
0.0004
0.0002
0.0054
0.0217
0.0152
0.0065
Net
realized
gain
...............
0.0000
(a)
0.0001
0.0010
0.0001
0.0001
0.0001
Net
increase
from
investment
operations
.
0.0004
0.0003
0.0064
0.0218
0.0153
0.0066
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0004
)
(0.0002
)
(0.0063
)
(0.0218
)
(0.0153
)
(0.0066
)
From
net
realized
gain
............
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
................
(0.0004
)
(0.0003
)
(0.0064
)
(0.0218
)
(0.0153
)
(0.0066
)
Net
asset
value,
end
of
period
.......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.04%
—
—
—
—
—
Based
on
net
asset
value
...........
0.04
%
(e)
0.03
%
0.64
%
2.20
%
1.54
%
0.66
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.19
%
(f)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.09
%
(f)
0.08
%
0.17
%
0.17
%
0.17
%
0.15
%
Net
investment
income
............
0.08
%
(f)
0.02
%
0.54
%
2.17
%
1.52
%
0.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
140,429,975
$
127,458,227
$
141,084,816
$
93,106,503
$
74,278,100
$
78,004,801
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
76
FedFund
Administration
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
...........
0.0006
0.0002
0.0054
0.0207
0.0145
0.0057
Net
realized
gain
(loss)
...........
(0.0003
)
0.0001
0.0002
0.0001
(0.0002
)
(0.0001
)
Net
increase
from
investment
operations
.
0.0003
0.0003
0.0056
0.0208
0.0143
0.0056
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0003
)
(0.0002
)
(0.0055
)
(0.0208
)
(0.0143
)
(0.0056
)
From
net
realized
gain
............
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
................
(0.0003
)
(0.0003
)
(0.0056
)
(0.0208
)
(0.0143
)
(0.0056
)
Net
asset
value,
end
of
period
.......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.03%
—
—
—
—
—
Based
on
net
asset
value
...........
0.03
%
(d)
0.03
%
0.56
%
2.10
%
1.44
%
0.56
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.29
%
(e)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.21
%
(e)
0.08
%
0.24
%
0.27
%
0.27
%
0.26
%
Net
investment
income
............
0.12
%
(e)
0.02
%
0.54
%
2.07
%
1.45
%
0.57
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
29,528,930
$
3,021,092
$
2,977,997
$
2,870,758
$
2,500,290
$
2,436,503
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
FedFund
Capital
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2021
2020
2019
Net
asset
value,
beginning
of
period
..................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
...........................
0.0001
0.0002
0.0051
0.0213
0.0172
Net
realized
gain
(loss)
...........................
0.0002
(b)
0.0001
0.0009
0.0001
(0.0026
)
Net
increase
from
investment
operations
.................
0.0003
0.0003
0.0060
0.0214
0.0146
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.......................
(0.0003
)
(0.0002
)
(0.0059
)
(0.0214
)
(0.0146
)
From
net
realized
gain
............................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
Total
distributions
................................
(0.0003
)
(0.0003
)
(0.0060
)
(0.0214
)
(0.0146
)
Net
asset
value,
end
of
period
.......................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.04%
—
—
—
—
Based
on
net
asset
value
...........................
0.04
%
(f)
0.03
%
0.60
%
2.16
%
1.47
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
..................................
0.24
%
(g)
0.24
%
0.24
%
0.24
%
0.24
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.07
%
(g)
0.07
%
0.21
%
0.21
%
0.21
%
(g)
Net
investment
income
............................
0.03
%
(g)
0.02
%
0.51
%
2.13
%
1.77
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
1,520
$
25,722,827
$
11,247,218
$
8,078,893
$
7,138,766
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
78
FedFund
Cash
Management
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0001
0.0002
0.0035
0.0165
0.0100
0.0020
Net
realized
gain
................
0.0000
(a)(b)
0.0001
0.0003
0.0003
0.0003
0.0001
Net
increase
from
investment
operations
..
0.0001
0.0003
0.0038
0.0168
0.0103
0.0021
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
........
(0.0001
)
(0.0002
)
(0.0037
)
(0.0168
)
(0.0103
)
(0.0021
)
From
net
realized
gain
.............
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
.................
(0.0001
)
(0.0003
)
(0.0038
)
(0.0168
)
(0.0103
)
(0.0021
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
—
—
—
—
—
Based
on
net
asset
value
............
0.01
%
(f)
0.03
%
0.38
%
1.69
%
1.04
%
0.21
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
0.69
%
(g)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.15
%
(g)
0.08
%
0.42
%
0.67
%
0.67
%
0.61
%
Net
investment
income
.............
0.02
%
(g)
0.02
%
0.35
%
1.65
%
1.00
%
0.20
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
712,951
$
590,584
$
440,893
$
377,591
$
154,607
$
106,798
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
FedFund
Cash
Reserve
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0001
0.0002
0.0040
0.0178
0.0115
0.0032
Net
realized
gain
(loss)
............
0.0000
(a)(b)
0.0001
0.0002
0.0000
(a)
(0.0002
)
(0.0004
)
Net
increase
from
investment
operations
..
0.0001
0.0003
0.0042
0.0178
0.0113
0.0028
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
........
(0.0001
)
(0.0002
)
(0.0041
)
(0.0178
)
(0.0113
)
(0.0028
)
From
net
realized
gain
.............
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
.................
(0.0001
)
(0.0003
)
(0.0042
)
(0.0178
)
(0.0113
)
(0.0028
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
—
—
—
—
—
Based
on
net
asset
value
............
0.01
%
(f)
0.03
%
0.42
%
1.79
%
1.14
%
0.28
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
0.59
%
(g)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.15
%
(g)
0.08
%
0.39
%
0.57
%
0.57
%
0.55
%
Net
investment
income
.............
0.02
%
(g)
0.02
%
0.40
%
1.78
%
1.15
%
0.32
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
5,675,014
$
5,518,536
$
5,079,903
$
4,907,193
$
1,649,400
$
814,974
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
80
FedFund
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0001
0.0002
0.0039
0.0195
0.0129
0.0039
Net
realized
gain
(loss)
............
0.0000
(a)(b)
0.0001
0.0009
0.0000
(a)
(0.0001
)
0.0002
Net
increase
from
investment
operations
..
0.0001
0.0003
0.0048
0.0195
0.0128
0.0041
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
........
(0.0001
)
(0.0002
)
(0.0047
)
(0.0195
)
(0.0128
)
(0.0041
)
From
net
realized
gain
.............
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
.................
(0.0001
)
(0.0003
)
(0.0048
)
(0.0195
)
(0.0128
)
(0.0041
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
—
—
—
—
—
Based
on
net
asset
value
............
0.01
%
(f)
0.03
%
0.48
%
1.97
%
1.29
%
0.41
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
0.44
%
(g)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.15
%
(g)
0.08
%
0.31
%
0.42
%
0.42
%
0.40
%
Net
investment
income
.............
0.03
%
(g)
0.02
%
0.39
%
1.95
%
1.29
%
0.39
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
3,030,218
$
2,863,692
$
2,991,892
$
2,307,110
$
1,776,032
$
1,714,598
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
FedFund
Mischler
Financial
Group
Shares
Six
Months
Ended
04/30/22
(unaudited)
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
....................................................................
$
1.00
$
1.00
Net
investment
income
.............................................................................
0.0004
0.0001
Net
realized
gain
.................................................................................
0.0000
(b)(c)
0.0001
Net
increase
from
investment
operations
...................................................................
0.0004
0.0002
Distributions
(d)
–
–
From
net
investment
income
.........................................................................
(0.0004
)
(0.0001
)
From
net
realized
gain
..............................................................................
(0.0000
)
(e)
(0.0001
)
Total
distributions
..................................................................................
(0.0004
)
(0.0002
)
Net
asset
value,
end
of
period
.........................................................................
$
1.00
$
1.00
Total
Return
(f)
0.04%
—
Based
on
net
asset
value
.............................................................................
0.04
%
(g)
0.02
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
....................................................................................
0.19
%
(h)
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...........................................................
0.09
%
(h)
0.05
%
(h)
Net
investment
income
..............................................................................
0.07
%
(h)
0.03
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.........................................................................
$
1,764,887
$
1,636,430
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Aggregate
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
82
FedFund
Premier
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
..................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
...........................................
0.0007
0.0002
0.0062
0.0051
Net
realized
gain
(loss)
...........................................
(0.0003
)
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
.................................
0.0004
0.0003
0.0064
0.0051
Distributions
(c)
–
–
–
–
From
net
investment
income
.......................................
(0.0004
)
(0.0002
)
(0.0063
)
(0.0051
)
From
net
realized
gain
............................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
Total
distributions
................................................
(0.0004
)
(0.0003
)
(0.0064
)
(0.0051
)
Net
asset
value,
end
of
period
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.04%
—
—
—
Based
on
net
asset
value
...........................................
0.04
%
(f)
0.03
%
0.64
%
0.51
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
..................................................
0.19
%
(g)
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.........................
0.11
%
(g)
0.06
%
0.17
%
0.17
%
(g)
Net
investment
income
............................................
0.14
%
(g)
0.02
%
0.62
%
1.95
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................................
$
98,200
$
18,892
$
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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
FedFund
Private
Client
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0001
0.0002
0.0036
0.0166
0.0090
0.0020
Net
realized
gain
................
0.0000
(a)(b)
0.0001
0.0002
0.0001
0.0012
0.0001
Net
increase
from
investment
operations
..
0.0001
0.0003
0.0038
0.0167
0.0102
0.0021
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
........
(0.0001
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0102
)
(0.0021
)
From
net
realized
gain
.............
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
.................
(0.0001
)
(0.0003
)
(0.0038
)
(0.0167
)
(0.0102
)
(0.0021
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
100.00%
—
—
—
—
Based
on
net
asset
value
............
0.01
%
(f)
0.03
%
0.38
%
1.68
%
1.02
%
0.21
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
1.04
%
(g)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.15
%
(g)
0.08
%
0.43
%
0.68
%
0.68
%
0.60
%
Net
investment
income
.............
0.02
%
(g)
0.02
%
0.36
%
1.66
%
0.90
%
0.20
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
252
$
252
$
252
$
230
$
768
$
1,782
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
84
FedFund
Select
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0001
0.0002
0.0021
0.0133
0.0066
0.0005
Net
realized
gain
(loss)
............
0.0000
(a)(b)
0.0001
0.0004
0.0002
0.0004
(0.0001
)
Net
increase
from
investment
operations
..
0.0001
0.0003
0.0025
0.0135
0.0070
0.0004
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
........
(0.0001
)
(0.0002
)
(0.0024
)
(0.0135
)
(0.0070
)
(0.0004
)
From
net
realized
gain
.............
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
—
Total
distributions
.................
(0.0001
)
(0.0003
)
(0.0025
)
(0.0135
)
(0.0070
)
(0.0004
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
—
—
—
—
—
Based
on
net
asset
value
............
0.01
%
(f)
0.03
%
0.26
%
1.36
%
0.71
%
0.04
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
1.04
%
(g)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.15
%
(g)
0.08
%
0.54
%
1.00
%
1.00
%
0.77
%
Net
investment
income
.............
0.02
%
(g)
0.02
%
0.22
%
1.33
%
0.66
%
0.05
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
588,754
$
727,352
$
301,826
$
256,241
$
195,297
$
340,742
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
TempCash
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Net
investment
income
..........
0.0004
0.0005
0.0084
0.0233
0.0188
0.0108
Net
realized
and
unrealized
gain
(loss)
(0.0004
)
(0.0003
)
0.0004
0.0005
(0.0010
)
(0.0022
)
Net
increase
from
investment
operations
0.0000
0.0002
0.0088
0.0238
0.0178
0.0086
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
......
(0.0005
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
(0.0084
)
From
net
realized
gain
...........
—
—
(0.0000
)
(b)
(0.0000
)
(b)
—
—
Total
distributions
...............
(0.0005
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
(0.0084
)
Net
asset
value,
end
of
period
......
$
1.0001
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(d)
(e)
0.02
%
0.88
%
2.41
%
1.79
%
0.87
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.27
%
(f)
0.24
%
0.23
%
0.26
%
0.33
%
0.39
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.16
%
(f)
0.17
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........
0.09
%
(f)
0.05
%
0.84
%
2.33
%
1.88
%
1.08
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
4,254,064
$
5,786,777
$
10,638,146
$
10,035,653
$
4,875,313
$
1,713,352
(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)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
86
TempCash
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Net
investment
income
........
0.0001
(0.0000
)
(a)
0.0062
0.1405
(b)
0.0122
0.0058
Net
realized
and
unrealized
gain
(loss)
..................
(0.0005
)
(0.0001
)
0.0004
0.0156
0.0031
0.0004
Net
increase
(decrease)
from
investment
operations
......
(0.0004
)
(0.0001
)
0.0066
0.1561
0.0153
0.0062
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....
(0.0001
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
(0.0060
)
From
net
realized
gain
.........
—
—
(0.0000
)
(a)
(0.0000
)
(a)
—
—
Total
distributions
.............
(0.0001
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
(0.0060
)
Net
asset
value,
end
of
period
....
$
1.0001
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Total
Return
(d)
(0.04)%
—
—
—
—
—
Based
on
net
asset
value
........
(0.04
)%
(e)
(0.01
)%
0.66
%
15.90
%
(b)
1.54
%
0.62
%
Ratios
to
Average
Net
Assets
Total
expenses
...............
0.52
%
(f)
0.50
%
0.47
%
0.51
%
0.61
%
0.71
%
Total
expenses
after
fees
waived
and/
or
reimbursed
..............
0.23
%
(f)
0.20
%
0.40
%
0.43
%
0.43
%
0.42
%
Net
investment
income
.........
0.03
%
(f)
(0.00
)%
(g)
0.62
%
14.04
%
1.22
%
0.58
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....
$
18
$
18
$
18
$
18
$
15
$
22,566
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
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.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
TempCash
Premier
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
.................................
$
1.0006
$
1.0010
$
1.0007
$
1.0006
Net
investment
income
..........................................
0.0005
0.0005
0.0085
0.0055
Net
realized
and
unrealized
gain
(loss)
................................
(0.0005
)
(0.0004
)
0.0003
0.0001
Net
increase
from
investment
operations
................................
0.0000
0.0001
0.0088
0.0056
Distributions
(b)
–
–
–
–
From
net
investment
income
......................................
(0.0005
)
(0.0005
)
(0.0085
)
(0.0055
)
From
net
realized
gain
...........................................
—
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............................................
(0.0005
)
(0.0005
)
(0.0085
)
(0.0055
)
Net
asset
value,
end
of
period
......................................
$
1.0001
$
1.0006
$
1.0010
$
1.0007
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
..........................................
0.00
%
(e)
(f)
0.01
%
0.88
%
0.56
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.27
%
(g)
0.25
%
0.23
%
0.24
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.16
%
(g)
0.16
%
0.18
%
0.18
%
(g)
Net
investment
income
...........................................
0.10
%
(g)
0.05
%
0.84
%
2.10
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
......................................
$
36
$
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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
88
TempFund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0004
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Net
investment
income
.........
0.0004
0.0004
0.0084
0.0237
0.0177
0.0100
Net
realized
and
unrealized
gain
(loss)
(0.0004
)
(0.0003
)
0.0002
0.0003
0.0001
0.0001
Net
increase
from
investment
operations
0.0000
0.0001
0.0086
0.0240
0.0178
0.0101
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0005
)
(0.0005
)
(0.0083
)
(0.0237
)
(0.0178
)
(0.0100
)
From
net
realized
gain
..........
(0.0000
)
(b)
—
(0.0001
)
(0.0000
)
(b)
—
—
Total
distributions
..............
(0.0005
)
(0.0005
)
(0.0084
)
(0.0237
)
(0.0178
)
(0.0100
)
Net
asset
value,
end
of
period
.....
$
0.9999
$
1.0004
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........
0.00
%
(d)(e)
0.01
%
0.86
%
(f)
2.42
%
1.79
%
1.01
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.24
%
(g)
0.23
%
0.22
%
0.22
%
0.22
%
0.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.16
%
(g)
0.16
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
..........
0.09
%
(g)
0.05
%
0.84
%
2.37
%
1.77
%
1.03
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
7,104,036
$
7,923,377
$
10,928,671
$
10,609,770
$
12,325,770
$
12,940,766
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
TempFund
Administration
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Net
investment
income
.........
0.0003
0.0002
0.0072
0.0227
0.0153
0.0090
Net
realized
and
unrealized
gain
(loss)
...................
(0.0005
)
(0.0002
)
0.0004
0.0002
0.0015
0.0002
Net
increase
(decrease)
from
investment
operations
.......
(0.0002
)
0.0000
0.0076
0.0229
0.0168
0.0092
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0003
)
(0.0003
)
(0.0073
)
(0.0227
)
(0.0168
)
(0.0090
)
From
net
realized
gain
..........
(0.0000
)
(b)
—
(0.0001
)
(0.0000
)
(b)
—
—
Total
distributions
..............
(0.0003
)
(0.0003
)
(0.0074
)
(0.0227
)
(0.0168
)
(0.0090
)
Net
asset
value,
end
of
period
.....
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Total
Return
(c)
(0.02)%
—
—
—
—
—
Based
on
net
asset
value
.........
(0.02
)%
(d)
0.00
%
(e)
0.76
%
(f)
2.31
%
1.69
%
0.93
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.34
%
(g)
0.33
%
0.32
%
0.32
%
0.32
%
0.31
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.18
%
(g)
0.18
%
0.28
%
0.28
%
0.28
%
0.28
%
Net
investment
income
..........
0.06
%
(g)
0.02
%
0.72
%
2.27
%
1.53
%
1.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
9,987
$
10,577
$
9,524
$
42,214
$
23,965
$
106,520
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
90
TempFund
Cabrera
Capital
Markets
Shares
Period
from
11/01/21
(a)
to
04/30/22
(unaudited)
Net
asset
value,
beginning
of
period
....................................................................................
$
1.0005
Net
investment
income
.............................................................................................
0.0005
Net
realized
and
unrealized
loss
.......................................................................................
(0.0005
)
Net
increase
from
investment
operations
...................................................................................
0.0000
Distributions
(b)
–
From
net
investment
income
.........................................................................................
(0.0005
)
From
net
realized
gain
..............................................................................................
(0.0000
)
(c)
Total
distributions
..................................................................................................
(0.0005
)
Net
asset
value,
end
of
period
.........................................................................................
$
1.0000
Total
Return
(d)
—
Based
on
net
asset
value
.............................................................................................
0.00
%
(e)(f)
Ratios
to
Average
Net
Assets
Total
expenses
....................................................................................................
0.25
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................................
0.15
%
(g)
Net
investment
income
..............................................................................................
0.09
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.........................................................................................
$
50
(a)
Commencement
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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
TempFund
Capital
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
................................................
$
1.0005
$
1.0008
$
1.0010
Net
investment
income
.........................................................
0.0004
0.0002
0.0002
Net
realized
and
unrealized
loss
...................................................
(0.0005
)
(0.0002
)
(0.0001
)
Net
increase
(decrease)
from
investment
operations
.......................................
(0.0001
)
0.0000
0.0001
Distributions
(b)
–
–
–
From
net
investment
income
.....................................................
(0.0004
)
(0.0003
)
(0.0002
)
From
net
realized
gain
..........................................................
(0.0000
)
(c)
—
(0.0001
)
Total
distributions
..............................................................
(0.0004
)
(0.0003
)
(0.0003
)
Net
asset
value,
end
of
period
.....................................................
$
1.0000
$
1.0005
$
1.0008
Total
Return
(d)
(0.01)%
—
—
Based
on
net
asset
value
.........................................................
(0.01
)%
(e)
0.00
%
(f)
0.01
%
(e)(g)
Ratios
to
Average
Net
Assets
Total
expenses
................................................................
0.30
%
(h)
0.28
%
0.27
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.......................................
0.18
%
(h)
0.19
%
0.23
%
(h)
Net
investment
income
..........................................................
0.09
%
(h)
0.02
%
0.05
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................................................
$
2,673
$
1,149
$
3,223
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
92
TempFund
Cash
Management
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Net
investment
income
.........
0.0001
0.0002
0.0048
0.0188
0.0127
0.0050
Net
realized
and
unrealized
gain
(loss)
...................
(0.0005
)
(0.0002
)
0.0002
0.0003
0.0001
0.0001
Net
increase
(decrease)
from
investment
operations
.......
(0.0004
)
0.0000
0.0050
0.0191
0.0128
0.0051
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0001
)
(0.0003
)
(0.0047
)
(0.0188
)
(0.0128
)
(0.0050
)
From
net
realized
gain
..........
(0.0000
)
(b)
—
(0.0001
)
(0.0000
)
(b)
—
—
Total
distributions
..............
(0.0001
)
(0.0003
)
(0.0048
)
(0.0188
)
(0.0128
)
(0.0050
)
Net
asset
value,
end
of
period
.....
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Total
Return
(c)
(0.04)%
—
—
—
—
—
Based
on
net
asset
value
.........
(0.04
)%
(d)
0.00
%
(e)
0.50
%
(f)
1.92
%
1.28
%
0.51
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.74
%
(g)
0.73
%
0.73
%
0.72
%
0.72
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.23
%
(g)
0.18
%
0.54
%
0.68
%
0.68
%
0.68
%
Net
investment
income
..........
0.02
%
(g)
0.02
%
0.48
%
1.88
%
1.27
%
0.49
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
571,751
$
596,683
$
576,228
$
624,658
$
632,405
$
688,373
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
TempFund
Cash
Reserve
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Net
investment
income
.........
0.0001
0.0002
0.0052
0.0231
0.0143
0.0060
Net
realized
and
unrealized
gain
(loss)
(0.0005
)
(0.0002
)
0.0008
0.0000
(a)
(0.0004
)
0.0001
Net
increase
(decrease)
from
investment
operations
...............
(0.0004
)
0.0000
0.0060
0.0231
0.0139
0.0061
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0001
)
(0.0003
)
(0.0057
)
(0.0229
)
(0.0138
)
(0.0060
)
From
net
realized
gain
..........
(0.0000
)
(c)
—
(0.0001
)
(0.0000
)
(c)
—
—
Total
distributions
..............
(0.0001
)
(0.0003
)
(0.0058
)
(0.0229
)
(0.0138
)
(0.0060
)
Net
asset
value,
end
of
period
.....
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Total
Return
(d)
(0.04)%
—
—
—
—
—
Based
on
net
asset
value
.........
(0.04
)%
(e)
0.00
%
(f)
0.60
%
(g)
2.33
%
1.39
%
0.61
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.64
%
(h)
0.63
%
0.63
%
0.62
%
0.62
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.22
%
(h)
0.17
%
0.44
%
0.50
%
0.58
%
0.58
%
Net
investment
income
..........
0.02
%
(h)
0.02
%
0.52
%
2.31
%
1.43
%
0.59
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
13,882
$
14,234
$
5,544
$
4,296
$
4,320
$
3,341
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
94
TempFund
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Net
investment
income
.........
0.0001
0.0002
0.0056
0.0221
0.0151
0.0075
Net
realized
and
unrealized
gain
(loss)
...................
(0.0005
)
(0.0002
)
0.0009
0.0001
0.0002
0.0002
Net
increase
(decrease)
from
investment
operations
.......
(0.0004
)
0.0000
0.0065
0.0222
0.0153
0.0077
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0001
)
(0.0003
)
(0.0062
)
(0.0220
)
(0.0153
)
(0.0075
)
From
net
realized
gain
..........
(0.0000
)
(b)
—
(0.0001
)
(0.0000
)
(b)
—
—
Total
distributions
..............
(0.0001
)
(0.0003
)
(0.0063
)
(0.0220
)
(0.0153
)
(0.0075
)
Net
asset
value,
end
of
period
.....
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Total
Return
(c)
(0.04)%
—
—
—
—
—
Based
on
net
asset
value
.........
(0.04
)%
(d)
0.00
%
(e)
0.65
%
(f)
2.24
%
1.54
%
0.77
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.49
%
(g)
0.48
%
0.48
%
0.47
%
0.47
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.22
%
(g)
0.18
%
0.38
%
0.43
%
0.43
%
0.43
%
Net
investment
income
..........
0.02
%
(g)
0.02
%
0.56
%
2.21
%
1.51
%
0.78
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
110,201
$
107,298
$
106,802
$
79,837
$
80,471
$
86,362
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
TempFund
Private
Client
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Net
investment
income
.........
0.0001
0.0002
0.0017
0.0190
0.0136
0.0050
Net
realized
and
unrealized
gain
(loss)
...................
(0.0005
)
(0.0002
)
0.0033
(0.0001
)
(0.0007
)
0.0001
Net
increase
(decrease)
from
investment
operations
.......
(0.0004
)
0.0000
0.0050
0.0189
0.0129
0.0051
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0001
)
(0.0003
)
(0.0047
)
(0.0187
)
(0.0128
)
(0.0050
)
From
net
realized
gain
..........
(0.0000
)
(b)
—
(0.0001
)
(0.0000
)
(b)
—
—
Total
distributions
..............
(0.0001
)
(0.0003
)
(0.0048
)
(0.0187
)
(0.0128
)
(0.0050
)
Net
asset
value,
end
of
period
.....
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Total
Return
(c)
(0.04)%
—
—
—
—
—
Based
on
net
asset
value
.........
(0.04
)%
(d)
0.00
%
(e)
0.50
%
(f)
1.90
%
1.29
%
0.52
%
Ratios
to
Average
Net
Assets
Total
expenses
................
1.09
%
(g)
1.08
%
1.08
%
1.07
%
1.07
%
1.07
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.23
%
(g)
0.18
%
0.59
%
0.68
%
0.68
%
0.68
%
Net
investment
income
..........
0.02
%
(g)
0.02
%
0.17
%
1.90
%
1.36
%
0.49
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
1,120
$
1,131
$
1,043
$
1,165
$
2,042
$
1,295
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
96
2
T-Fund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
..........
0.0003
0.0001
0.0057
0.0215
0.0151
0.0063
Net
realized
gain
(loss)
..........
0.0000
(a)
0.0001
0.0005
0.0001
0.0002
(0.0001
)
Net
increase
from
investment
operations
0.0003
0.0002
0.0062
0.0216
0.0153
0.0062
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0003
)
(0.0001
)
(0.0061
)
(0.0216
)
(0.0153
)
(0.0062
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............
(0.0003
)
(0.0002
)
(0.0062
)
(0.0216
)
(0.0153
)
(0.0062
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.03%
0.02%
0.62%
2.18%
1.54%
0.62%
Based
on
net
asset
value
..........
0.03
%
(e)
0.02
%
0.62
%
(f)
2.18
%
1.54
%
0.62
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.19
%
(g)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.11
%
(g)
0.08
%
0.17
%
0.17
%
0.17
%
0.17
%
Net
investment
income
...........
0.06
%
(g)
0.01
%
0.57
%
2.15
%
1.51
%
0.63
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
99,370,552
$
91,031,976
$
88,266,743
$
65,112,830
$
57,671,676
$
53,092,342
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
T-Fund
Administration
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
..........
0.0007
0.0001
0.0056
0.0206
0.0146
0.0061
Net
realized
gain
(loss)
..........
(0.0005
)
0.0001
(0.0002
)
0.0000
(a)
(0.0003
)
(0.0009
)
Net
increase
from
investment
operations
0.0002
0.0002
0.0054
0.0206
0.0143
0.0052
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0002
)
(0.0001
)
(0.0053
)
(0.0206
)
(0.0143
)
(0.0052
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............
(0.0002
)
(0.0002
)
(0.0054
)
(0.0206
)
(0.0143
)
(0.0052
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
—
—
—
—
—
Based
on
net
asset
value
..........
0.02
%
(e)
0.01
%
0.53
%
(f)
2.08
%
1.43
%
0.52
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.29
%
(g)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.26
%
(g)
0.08
%
0.25
%
0.27
%
0.27
%
0.27
%
Net
investment
income
...........
0.13
%
(g)
0.01
%
0.56
%
2.08
%
1.46
%
0.61
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
20,198,145
$
504,427
$
489,691
$
733,783
$
924,933
$
685,250
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
98
T-Fund
Capital
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2021
2020
2019
Net
asset
value,
beginning
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................
0.0000
(b)
0.0001
0.0048
0.0212
0.0172
Net
realized
gain
(loss)
..........................
0.0003
(c)
0.0001
0.0010
0.0000
(b)
(0.0027
)
Net
increase
from
investment
operations
................
0.0003
0.0002
0.0058
0.0212
0.0145
Distributions
(d)
–
–
–
–
–
From
net
investment
income
......................
(0.0003
)
(0.0001
)
(0.0057
)
(0.0212
)
(0.0145
)
From
net
realized
gain
...........................
(0.0000
)
(e)
(0.0001
)
(0.0001
)
(0.0000
)
(e)
(0.0000
)
(e)
Total
distributions
...............................
(0.0003
)
(0.0002
)
(0.0058
)
(0.0212
)
(0.0145
)
Net
asset
value,
end
of
period
......................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
0.03%
—
—
—
—
Based
on
net
asset
value
..........................
0.03
%
(g)
0.01
%
0.57
%
(h)
2.14
%
1.46
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.24
%
(i)
0.24
%
0.24
%
0.24
%
0.24
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.09
%
(i)
0.08
%
0.21
%
0.21
%
0.21
%
(i)
Net
investment
income
...........................
0.00
%
(i)(j)
0.01
%
0.48
%
2.13
%
1.76
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
7,781
$
27,304,259
$
15,842,877
$
10,347,984
$
10,978,658
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Aggregate
total
return.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
T-Fund
Cash
Management
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0034
0.0164
0.0103
0.0015
Net
realized
gain
............
0.0000
(a)(b)
0.0001
0.0003
0.0003
0.0000
(a)
0.0003
Net
increase
from
investment
operations
..............
0.0000
0.0002
0.0037
0.0167
0.0103
0.0018
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....
(0.0000
)
(d)
(0.0001
)
(0.0036
)
(0.0167
)
(0.0103
)
(0.0018
)
From
net
realized
gain
.........
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
.............
(0.0000
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0103
)
(0.0018
)
Net
asset
value,
end
of
period
....
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
........
0.00
%
(f)(g)
0.01
%
0.37
%
(h)
1.69
%
1.03
%
0.18
%
Ratios
to
Average
Net
Assets
Total
expenses
...............
0.69
%
(i)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.17
%
(i)
0.08
%
0.41
%
0.67
%
0.67
%
0.58
%
Net
investment
income
.........
0.00
%
(g)(i)
0.00
%
(g)
0.34
%
1.64
%
1.03
%
0.15
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....
$
986,108
$
825,420
$
1,009,514
$
1,035,657
$
600,314
$
576,284
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
100
T-Fund
Cash
Reserve
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0037
0.0176
0.0128
0.0027
Net
realized
gain
(loss)
.........
0.0000
(a)(b)
0.0001
0.0004
0.0000
(a)
(0.0015
)
(0.0002
)
Net
increase
from
investment
operations
0.0000
0.0002
0.0041
0.0176
0.0113
0.0025
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0000
)
(d)
(0.0001
)
(0.0040
)
(0.0176
)
(0.0113
)
(0.0025
)
From
net
realized
gain
..........
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............
(0.0000
)
(0.0002
)
(0.0041
)
(0.0176
)
(0.0113
)
(0.0025
)
Net
asset
value,
end
of
period
.....
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........
0.00
%
(f)
(g)
0.01
%
0.40
%
(h)
1.78
%
1.13
%
0.25
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.59
%
(i)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.10
%
(i)
0.07
%
0.39
%
0.57
%
0.57
%
0.55
%
Net
investment
income
..........
0.00
%
(g)(i)
0.01
%
0.37
%
1.78
%
1.28
%
0.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
106,878
$
482,231
$
56,822
$
123,578
$
239,734
$
57,894
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
T-Fund
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0044
0.0191
0.0123
0.0035
Net
realized
gain
.............
0.0000
(a)(b)
0.0001
0.0003
0.0000
(a)
0.0004
0.0002
Net
increase
from
investment
operations
0.0000
0.0002
0.0047
0.0191
0.0127
0.0037
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....
(0.0000
)
(d)
(0.0001
)
(0.0046
)
(0.0191
)
(0.0127
)
(0.0037
)
From
net
realized
gain
..........
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............
(0.0000
)
(0.0002
)
(0.0047
)
(0.0191
)
(0.0127
)
(0.0037
)
Net
asset
value,
end
of
period
.....
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
0.01%
0.46%
1.93%
1.28%
0.38%
Based
on
net
asset
value
.........
0.00
%
(f)(g)
0.01
%
0.46
%
(h)
1.93
%
1.28
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expenses
................
0.44
%
(i)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.17
%
(i)
0.08
%
0.32
%
0.42
%
0.42
%
0.42
%
Net
investment
income
..........
0.01
%
(i)
0.01
%
0.44
%
1.92
%
1.23
%
0.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
1,704,598
$
1,000,401
$
670,205
$
794,485
$
1,230,374
$
2,927,646
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
102
T-Fund
Premier
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
.................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0007
0.0001
0.0060
0.0050
Net
realized
gain
(loss)
..........................................
(0.0004
)
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
................................
0.0003
0.0002
0.0062
0.0050
Distributions
(c)
–
–
–
–
From
net
investment
income
......................................
(0.0003
)
(0.0001
)
(0.0061
)
(0.0050
)
From
net
realized
gain
...........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
...............................................
(0.0003
)
(0.0002
)
(0.0062
)
(0.0050
)
Net
asset
value,
end
of
period
......................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.03%
—
—
—
Based
on
net
asset
value
..........................................
0.03
%
(f)
0.02
%
0.61
%
(g)
0.50
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.19
%
(h)
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.13
%
(h)
0.06
%
0.17
%
0.17
%
(h)
Net
investment
income
...........................................
0.14
%
(h)
0.01
%
0.60
%
1.93
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
......................................
$
107,759
$
12,958
$
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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
T-Fund
Select
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0011
0.0133
0.0051
0.0002
Net
realized
gain
..............
0.0000
(a)(b)
0.0001
0.0014
0.0000
(a)
0.0019
0.0000
(a)
Net
increase
from
investment
operations
0.0000
0.0002
0.0025
0.0133
0.0070
0.0002
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......
(0.0000
)
(d)
(0.0001
)
(0.0024
)
(0.0133
)
(0.0070
)
(0.0002
)
From
net
realized
gain
...........
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
...............
(0.0000
)
(0.0002
)
(0.0025
)
(0.0133
)
(0.0070
)
(0.0002
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(f)
(g)
0.01
%
0.24
%
(h)
1.34
%
0.70
%
0.02
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
1.04
%
(i)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.17
%
(i)
0.07
%
0.41
%
1.00
%
1.00
%
0.75
%
Net
investment
income
...........
0.00
%
(g)(i)
0.01
%
0.11
%
1.37
%
0.51
%
0.02
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
45,454
$
37,798
$
30,444
$
14,769
$
19,710
$
75,759
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
104
Treasury
Trust
Fund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
............
0.0003
0.0001
0.0048
0.0212
0.0153
0.0060
Net
realized
gain
(loss)
............
0.0000
(a)
0.0001
0.0015
0.0000
(a)
(0.0002
)
0.0000
(a)
Net
increase
from
investment
operations
..
0.0003
0.0002
0.0063
0.0212
0.0151
0.0060
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
........
(0.0003
)
(0.0001
)
(0.0062
)
(0.0212
)
(0.0151
)
(0.0060
)
From
net
realized
gain
.............
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
.................
(0.0003
)
(0.0002
)
(0.0063
)
(0.0212
)
(0.0151
)
(0.0060
)
Net
asset
value,
end
of
period
........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.03%
—
—
—
—
—
Based
on
net
asset
value
............
0.03
%
(e)
0.01
%
0.63
%
2.14
%
1.52
%
0.60
%
Ratios
to
Average
Net
Assets
Total
expenses
...................
0.19
%
(f)
0.19
%
0.19
%
0.20
%
0.20
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.10
%
(f)
0.06
%
0.17
%
0.17
%
0.17
%
0.17
%
Net
investment
income
.............
0.07
%
(f)
0.01
%
0.48
%
2.12
%
1.53
%
0.60
%
Supplemental
Data
Net
assets,
end
of
period
(000)
........
$
113,932,009
$
98,602,650
$
56,400,526
$
38,728,217
$
30,530,122
$
24,157,325
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
Treasury
Trust
Fund
Administration
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
...........
0.0002
0.0001
0.0058
0.0203
0.0136
0.0052
Net
realized
gain
(loss)
...........
0.0000
(a)
0.0001
(0.0002
)
0.0000
(a)
0.0005
(0.0002
)
Net
increase
from
investment
operations
.
0.0002
0.0002
0.0056
0.0203
0.0141
0.0050
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0002
)
(0.0001
)
(0.0055
)
(0.0203
)
(0.0141
)
(0.0050
)
From
net
realized
gain
............
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
................
(0.0002
)
(0.0002
)
(0.0056
)
(0.0203
)
(0.0141
)
(0.0050
)
Net
asset
value,
end
of
period
.......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
—
—
—
—
—
Based
on
net
asset
value
...........
0.02
%
(e)
0.01
%
0.56
%
2.05
%
1.42
%
0.50
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.29
%
(f)
0.29
%
0.29
%
0.30
%
0.30
%
0.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.13
%
(f)
0.07
%
0.24
%
0.26
%
0.27
%
0.27
%
Net
investment
income
............
0.04
%
(f)
0.01
%
0.58
%
2.03
%
1.36
%
0.52
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
569,453
$
599,190
$
399,846
$
465,703
$
413,618
$
638,815
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
106
Treasury
Trust
Fund
Capital
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
...................................................
$
1.00
$
1.00
$
1.00
Net
investment
income
............................................................
0.0003
0.0001
0.0000
(b)
Net
realized
gain
................................................................
0.0000
(b)
0.0001
0.0000
(b)
Net
increase
from
investment
operations
..................................................
0.0003
0.0002
0.0000
Distributions
(c)
–
–
–
From
net
investment
income
........................................................
(0.0003
)
(0.0001
)
—
From
net
realized
gain
.............................................................
(0.0000
)
(d)
(0.0001
)
—
Total
distributions
.................................................................
(0.0003
)
(0.0002
)
—
Net
asset
value,
end
of
period
........................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.03%
—
—
Based
on
net
asset
value
............................................................
0.03
%
(f)
0.01
%
0.00
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...................................................................
0.24
%
(g)
0.24
%
0.24
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................
0.12
%
(g)
0.06
%
0.17
%
(g)
Net
investment
income
(loss)
.........................................................
0.05
%
(g)
0.01
%
(0.03
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................
$
3,234
$
3,299
$
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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
Treasury
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0034
0.0158
0.0098
0.0018
Net
realized
gain
(loss)
..........
0.0000
(a)
0.0001
0.0003
0.0005
0.0003
(0.0002
)
Net
increase
from
investment
operations
0.0000
0.0002
0.0037
0.0163
0.0101
0.0016
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0000
)
(c)
(0.0001
)
(0.0036
)
(0.0163
)
(0.0101
)
(0.0016
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............
(0.0000
)
(0.0002
)
(0.0037
)
(0.0163
)
(0.0101
)
(0.0016
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(e)
(f)
0.01
%
0.37
%
1.64
%
1.02
%
0.16
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.69
%
(g)
0.69
%
0.69
%
0.69
%
0.70
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.16
%
(g)
0.08
%
0.41
%
0.67
%
0.67
%
0.63
%
Net
investment
income
...........
0.00
%
(f)(g)
0.01
%
0.34
%
1.58
%
0.98
%
0.18
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
31,436
$
32,960
$
53,101
$
36,492
$
13,843
$
21,110
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
108
Treasury
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0040
0.0172
0.0124
0.0019
Net
realized
gain
(loss)
..........
0.0000
(a)
0.0001
0.0001
0.0000
(a)
(0.0013
)
0.0003
Net
increase
from
investment
operations
0.0000
0.0002
0.0041
0.0172
0.0111
0.0022
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0000
)
(c)
(0.0001
)
(0.0040
)
(0.0172
)
(0.0111
)
(0.0022
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............
(0.0000
)
(0.0002
)
(0.0041
)
(0.0172
)
(0.0111
)
(0.0022
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(e)(f)
0.01
%
0.41
%
1.74
%
1.12
%
0.22
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.59
%
(g)
0.59
%
0.59
%
0.60
%
0.60
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.16
%
(g)
0.07
%
0.39
%
0.57
%
0.57
%
0.52
%
Net
investment
income
...........
0.00
%
(f)(g)
0.01
%
0.40
%
1.73
%
1.24
%
0.19
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
100,954
$
97,008
$
102,984
$
74,034
$
8,044
$
1,002
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
Treasury
Trust
Fund
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0046
0.0194
0.0127
0.0035
Net
realized
gain
(loss)
...........
0.0001
0.0001
0.0003
0.0002
(0.0001
)
0.0000
(a)
Net
increase
from
investment
operations
.
0.0001
0.0002
0.0049
0.0196
0.0126
0.0035
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0001
)
(0.0001
)
(0.0048
)
(0.0196
)
(0.0126
)
(0.0035
)
From
net
realized
gain
............
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
................
(0.0001
)
(0.0002
)
(0.0049
)
(0.0196
)
(0.0126
)
(0.0035
)
Net
asset
value,
end
of
period
.......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
—
—
—
—
—
Based
on
net
asset
value
...........
0.01
%
(e)
0.01
%
0.49
%
1.98
%
1.27
%
0.35
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.44
%
(f)
0.44
%
0.44
%
0.44
%
0.45
%
0.45
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.16
%
(f)
0.07
%
0.30
%
0.40
%
0.42
%
0.42
%
Net
investment
income
............
0.01
%
(f)
0.01
%
0.46
%
1.94
%
1.27
%
0.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
808,248
$
1,035,846
$
939,241
$
977,335
$
482,014
$
483,138
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
110
Treasury
Trust
Fund
Select
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
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
(a)
0.0001
0.0016
0.0129
0.0067
0.0001
Net
realized
gain
..............
0.0000
(a)
0.0001
0.0008
0.0001
0.0001
0.0001
Net
increase
from
investment
operations
0.0000
0.0002
0.0024
0.0130
0.0068
0.0002
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0000
)
(c)
(0.0001
)
(0.0023
)
(0.0130
)
(0.0068
)
(0.0002
)
From
net
realized
gain
...........
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...............
(0.0000
)
(0.0002
)
(0.0024
)
(0.0130
)
(0.0068
)
(0.0002
)
Net
asset
value,
end
of
period
......
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(e)(f)
0.01
%
0.24
%
1.30
%
0.68
%
0.02
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
1.04
%
(g)
1.04
%
1.04
%
1.05
%
1.05
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.16
%
(g)
0.06
%
0.45
%
1.00
%
1.00
%
0.68
%
Net
investment
income
...........
0.00
%
(f)(g)
0.01
%
0.16
%
1.29
%
0.67
%
0.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
657,908
$
660,676
$
103,647
$
38,265
$
39,675
$
38,309
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
MuniCash
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
..
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Net
investment
income
...........
0.0003
0.0001
0.0051
0.0137
0.0112
0.0060
Net
realized
and
unrealized
gain
(loss)
.
(0.0001
)
0.0000
(a)
0.0004
0.0000
(a)
0.00
00
(a)
0.0000
(a)
Net
increase
from
investment
operations
.
0.0002
0.0001
0.0055
0.0137
0.0112
0.0060
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0003
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0112
)
(0.0058
)
From
net
realized
gain
............
(0.0000
)
(c)
—
—
(0.0000
)
(c)
(0.0002
)
—
Total
distributions
................
(0.0003
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0114
)
(0.0058
)
Net
asset
value,
end
of
period
.......
$
1.0000
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Total
Return
(d)
0.03%
—
—
—
—
—
Based
on
net
asset
value
...........
0.03
%
(e)
0.01
%
0.55
%
1.38
%
1.13
%
(f)
0.60
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.27
%
(g)
0.26
%
0.26
%
0.28
%
0.29
%
0.31
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.12
%
(g)
0.08
%
0.19
%
0.20
%
0.20
%
0.20
%
Net
investment
income
............
0.05
%
(g)
0.01
%
0.51
%
1.36
%
1.12
%
0.60
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
3,240,289
$
5,368,797
$
5,160,531
$
5,182,923
$
3,992,552
$
4,096,900
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
112
MuniCash
Dollar
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Net
investment
income
..........
0.0000
(a)
0.0001
0.0040
0.0123
0.0087
0.0033
Net
realized
and
unrealized
gain
(loss)
(0.0002
)
0.0000
(a)
0.0002
0.0000
(a)
0.0000
(a)
0.0002
Net
increase
(decrease)
from
investment
operations
................
(0.0002
)
0.0001
0.0042
0.0123
0.0087
0.0035
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0000
)
(c)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0087
)
(0.0033
)
From
net
realized
gain
...........
(0.0000
)
(c)
—
—
(0.0000
)
(c)
(0.0002
)
—
Total
distributions
...............
(0.0000
)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0089
)
(0.0033
)
Net
asset
value,
end
of
period
......
$
0.9999
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Total
Return
(d)
(0.01)%
—
—
—
—
—
Based
on
net
asset
value
..........
(0.01
)%
(e)
0.01
%
0.42
%
1.23
%
0.88
%
(f)
0.35
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.52
%
(g)
0.52
%
0.51
%
0.53
%
0.54
%
0.56
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.18
%
(g)
0.07
%
0.31
%
0.45
%
0.45
%
0.45
%
Net
investment
income
...........
0.01
%
(g)
0.01
%
0.40
%
1.22
%
0.87
%
0.33
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
4,865
$
4,810
$
3,176
$
2,207
$
1,893
$
1,623
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
California
Money
Fund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
..
$
1.0006
$
1.0000
$
1.0002
$
1.0002
$
1.00
$
1.00
Net
investment
income
...........
0.0003
0.0001
0.0051
0.0107
0.0101
0.0053
Net
realized
and
unrealized
gain
(loss)
.
(0.0001
)
0.0006
(0.0007
)
0.0001
0.0002
0.0012
Net
increase
from
investment
operations
.
0.0002
0.0007
0.0044
0.0108
0.0103
0.0065
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0003
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
(0.0054
)
From
net
realized
gain
............
(0.0012
)
(0.0000
)
(b)
—
—
—
(0.0011
)
Total
distributions
................
(0.0015
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
(0.0065
)
Net
asset
value,
end
of
period
.......
$
0.9993
$
1.0006
$
1.0000
$
1.0002
$
1.0002
$
1.00
Total
Return
(c)
0.01%
—
—
—
—
—
Based
on
net
asset
value
...........
0.01
%
(d)
0.07
%
0.44
%
1.09
%
1.03
%
0.65
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.44
%
(e)
0.45
%
0.45
%
0.47
%
0.70
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.12
%
(e)
0.05
%
0.18
%
0.20
%
0.20
%
0.20
%
Net
investment
income
............
0.06
%
(e)
0.01
%
0.51
%
1.07
%
1.01
%
0.53
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
251,153
$
207,157
$
153,630
$
397,288
$
169,293
$
30,459
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
114
New
York
Money
Fund
Institutional
Six
Months
Ended
04/30/22
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
..
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.00
$
1.00
Net
investment
income
...........
0.0003
0.0001
0.0062
0.0129
0.0113
0.0056
Net
realized
and
unrealized
gain
(loss)
.
0.0000
(a)
(0.0000
)
(b)
(0.0008
)
0.0003
(0.0002
)
0.0013
Net
increase
from
investment
operations
.
0.0003
0.0001
0.0054
0.0132
0.0111
0.0069
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......
(0.0003
)
(0.0001
)
(0.0054
)
(0.0132
)
(0.0111
)
(0.0056
)
Return
of
capital
................
—
—
—
—
—
(0.0013
)
Total
distributions
................
(0.0003
)
(0.0001
)
(0.0054
)
(0.0132
)
(0.0111
)
(0.0069
)
Net
asset
value,
end
of
period
.......
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.00
Total
Return
(d)
0.03%
0.01%
0.54%
1.33%
1.12%
0.69%
Based
on
net
asset
value
...........
0.03
%
(e)
0.01
%
0.54
%
1.33
%
1.12
%
0.69
%
Ratios
to
Average
Net
Assets
Total
expenses
..................
0.49
%
(f)
0.53
%
0.46
%
0.56
%
1.35
%
1.00
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.11
%
(f)
0.06
%
0.18
%
0.20
%
0.20
%
0.20
%
Net
investment
income
............
0.06
%
(f)
0.01
%
0.62
%
1.29
%
1.13
%
0.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
107,240
$
59,800
$
149,946
$
243,502
$
46,066
$
16,908
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
115
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
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
share
class
is
offered
as
follows:
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.
Bancroft
Capital
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Bancroft
Capital,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
and
its
affiliates.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
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.
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
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.
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,
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,
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,
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
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
Effective
January
10,
2022,
each
of
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Administration
Shares,
Cash
Management
Shares
and
Cash
Reserve
Shares.
Each
of
FedFund,
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Cash
Plus
Shares.
Each
of
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Dollar
Shares.
Each
of
TempFund,
T-Fund,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Plus
Shares.
Each
of
BlackRock Liquid
Federal
Trust
Fund
and Treasury
Trust
Fund terminated
its
Premier
Shares.
Each
of
BlackRock Liquid
Federal
Trust
Fund,
TempCash,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Private
Client
Shares.
Each
of
BlackRock
Liquid
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
TempFund
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
California
Money
Fund
.................................................................................................
Non-Diversified
(a)
New
York
Money
Fund
.................................................................................................
Non-Diversified
(a)
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group
and
Penserra
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client
and
Select
TempCash
.....................................
Institutional,
Capital,
Dollar
and
Premier
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Private
Client
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
California
Money
Fund
.............................
Institutional
and
Capital
New
York
Money
Fund
.............................
Institutional
and
Capital
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
116
Federal
Trust
Fund,
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Select
Shares.
None
of
the
terminated
classes
had
any
outstanding
shares.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
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,
California
Money
Fund
or
New
York
Money
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
interest
holders.
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
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.
The
Funds
have
an
arrangement
with
one
of
their
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Funds
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies
(TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund):
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
investments
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
117
Notes
to
Financial
Statements
Investment
Valuation
Policies
(BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund):
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
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
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.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
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
daily
net
assets
of
BlackRock
Liquid
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.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
(a)
Calculation
B
(b)
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
.175%
of
the
first
$1
billion
.150%
of
the
next
$1
billion
.150%
of
the
next
$1
billion
.125%
of
the
next
$1
billion
.125%
of
the
next
$1
billion
.100%
of
the
next
$1
billion
.100%
of
amounts
in
excess
of
$3
billion
.095%
of
the
next
$1
billion
.090%
of
the
next
$1
billion
.085%
of
the
next
$1
billion
.080%
of
amounts
in
excess
of
$7
billion
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
118
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement
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.
Fund
Name
Management
Fees
TempCash
and
MuniCash
...................................................
.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
Fund
Name
Management
Fees
TempFund
..............................................................
.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
Fund
Name
Management
Fees
California
Money
Fund
and
New
York
Money
Fund
...................................
.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
Share
Class
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
Notes
to
Financial
Statements
(unaudited)
(continued)
119
Notes
to
Financial
Statements
For
the six
months
ended
April
30,
2022,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
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,
2022,
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
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund,
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash,
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
prior
to
June
30,
2023,
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,
2022,
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,
2022,
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through
June
30,
2023
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,
2022,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
........
$
32,066
$
—
$
40,758
$
16
$
7,150
$
—
$
—
$
79,990
FedFund
...........................
5,021,2
70
5,379,868
1,679,035
11,680,082
3,928,55
7
1,062
3,559,3
20
31,249,19
4
TempCash
..........................
—
—
—
—
22
—
—
22
TempFund
..........................
5,02
9
427
1,446,545
34,93
7
142,556
4,740
—
1,634,234
T-Fund
.............................
2,970,01
7
4,912,134
2,383,785
708,681
2,109,942
—
201,800
13,286,359
Treasury
Trust
Fund
....................
322,628
756
77,577
201,282
1,224,089
—
2,975,60
2
4,801,934
MuniCash
...........................
—
—
—
—
5,984
—
—
5,984
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
1,436,714
FedFund
................................................................................................................
14,906,149
TempCash
...............................................................................................................
2,284,052
TempFund
...............................................................................................................
2
,
841
,
200
T-Fund
..................................................................................................................
10,822,600
Treasury
Trust
Fund
.........................................................................................................
12,396,688
MuniCash
................................................................................................................
1,675,154
California
Money
Fund
.......................................................................................................
349,876
New
York
Money
Fund
.......................................................................................................
168,316
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
2,576,308
FedFund
................................................................................................................
68,657,55
6
TempCash
...............................................................................................................
453,65
9
TempFund
...............................................................................................................
1,088,6
10
T-Fund
..................................................................................................................
39,465,346
Treasury
Trust
Fund
.........................................................................................................
37,178,247
MuniCash
................................................................................................................
1,880,635
California
Money
Fund
.......................................................................................................
119,507
New
York
Money
Fund
.......................................................................................................
52,534
Service
and
Distribution
Fees
Waived
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
...................
$
16
$
—
$
—
$
—
$
16
FedFund
......................................
—
—
431
83,738
84,169
TempFund
.....................................
75
23
1,952
—
2,050
T-Fund
........................................
—
—
—
4,747
4,747
Treasury
Trust
Fund
...............................
—
—
—
69,939
69,939
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
120
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
and/or
reimbursed
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the voluntary
waiver
and/
or reimbursement
at
any
time.
For
the
six
months
ended
April
30,
2022,
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,
2022,
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,
2022,
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:
6.
INCOME
TAX
INFORMATION
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
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,
2022,
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,
2021, 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
BlackRock
Liquid
Federal
Trust
Fund
..
$
26,595
$
—
$
36,736
$
—
$
5,896
$
—
$
—
$
69,227
FedFund
.....................
1,312,948
5,345,307
1,471,897
9,995,593
2,993,443
5
57
3,220,000
24,339,7
45
TempCash
....................
—
—
—
—
1
6
—
—
1
6
TempFund
....................
3,651
249
1,244,876
29,153
105,13
5
2,39
8
—
1,385,46
2
T-Fund
.......................
218,286
4,881,921
2,088,798
676,764
1,608,757
—
182,903
9,657,429
Treasury
Trust
Fund
..............
227,155
521
68,02
1
171,004
959,000
—
2,692,858
4,118,559
MuniCash
.....................
—
—
—
—
4,644
—
—
4,644
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
TempCash
..........................................................................
$
6,000,150
$
7,000,100
$
—
TempFund
..........................................................................
9,500,237
11,675,166
—
MuniCash
...........................................................................
463,797,886
347,266,383
—
California
Money
Fund
..................................................................
199,722,138
261,243,627
—
New
York
Money
Fund
..................................................................
58,318,487
68,538,321
—
Non-expiring
Capital
Loss
Carryforwards
TempCash
...........................................................................................................
$
1,171,601
TempFund
...........................................................................................................
710,792
Notes
to
Financial
Statements
(unaudited)
(continued)
121
Notes
to
Financial
Statements
As
of
April
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
For
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
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.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
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,
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.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,874,318,100
$
–
$
(509)
$
(509)
FedFund
.......................................................
172,302,649,935
–
(2)
(2)
T-Fund
........................................................
113,858,499,519
–
(1)
(1)
Treasury
Trust
Fund
...............................................
107,617,949,672
–
(33,228)
(33,228)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
122
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.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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
ceased to
be
published
or
no
longer
are representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
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.
8.
CAPITAL
SHARE
TRANSACTIONS
The
Trust’s
Declaration
of
Trust
permits
the
Trustees
to
issue
an
unlimited
number
of
full
and
fractional
shares
of
beneficial
interest
(shares)
and
to
classify
or
reclassify
any
unissued
shares
into
one
or
more
additional
classes
of
shares.
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold
and
redeemed
at
$1.00
per
share
for
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
22,140,239,327
22,952,490,345
Shares
issued
in
reinvestment
of
distributions
........................................................
741,873
286,671
Shares
redeemed
(21,132,167,838)
(22,527,439,404)
1,008,813,362
425,337,612
Administration
Shares
sold
13,941,300
67,460,757
Shares
issued
in
reinvestment
of
distributions
........................................................
12,019
15,249
Shares
redeemed
(58,723,238)
(58,595,418)
(44,769,919)
8,880,588
Bancroft
Capital
Shares
(a)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
17
—
50,017
—
Cabrera
Capital
Markets
Shares
(a)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
17
—
50,017
—
Cash
Management
Shares
sold
22,522,946
3,898,412
Shares
issued
in
reinvestment
of
distributions
........................................................
601
173
Shares
redeemed
(16,490,615)
(4,515,445)
6,032,932
(616,860)
Cash
Reserve
Shares
sold
—
1,489
Shares
issued
in
reinvestment
of
distributions
........................................................
2
(
b
)
33
Shares
redeemed
(8,152)
(
b
)
(418,627)
(8,150)
(417,105)
Dollar
Shares
sold
42,673,118
32,429,851
Shares
issued
in
reinvestment
of
distributions
........................................................
43
1,394
Shares
redeemed
(48,709,962)
(52,297,456)
(6,036,801)
(19,866,211)
Notes
to
Financial
Statements
(unaudited)
(continued)
123
Notes
to
Financial
Statements
d
Fund
Name/Share
Class
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Mischler
Financial
Group
Shares
(a)
Shares
sold
129,050,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
16
—
Shares
redeemed
(120,000,000)
—
9,050,016
—
Premier
Shares
redeemed
—
(36,500)
(
c
)
—
(36,500)
Penserra
Shares
(d)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
14
—
50,014
—
973,231,488
413,281,524
FedFund
Institutional
Shares
sold
572,398,667,986
1,324,295,784,382
Shares
issued
in
reinvestment
of
distributions
........................................................
24,200,509
15,733,295
Shares
redeemed
(559,449,853,004)
(1,337,925,350,332)
12,973,015,491
(13,613,832,655)
Administration
Shares
sold
33,310,740,800
6,941,246,471
Shares
issued
in
reinvestment
of
distributions
........................................................
5,248,002
54,192
Shares
redeemed
(6,808,149,954)
(6,897,940,353)
26,507,838,848
43,360,310
Capital
Shares
sold
12,820,077,046
31,235,222,164
Shares
issued
in
reinvestment
of
distributions
........................................................
2,914,150
5,096,642
Shares
redeemed
(38,544,011,830)
(16,763,866,701)
(25,721,020,634)
14,476,452,105
Cash
Management
Shares
sold
487,860,333
891,616,538
Shares
issued
in
reinvestment
of
distributions
........................................................
57,436
91,413
Shares
redeemed
(365,545,434)
(741,978,907)
122,372,335
149,729,044
Cash
Reserve
Shares
sold
28,260,221,785
58,905,515,789
Shares
issued
in
reinvestment
of
distributions
........................................................
6,997
164,640
Shares
redeemed
(28,103,694,921)
(58,466,598,112)
156,533,861
439,082,317
Dollar
Shares
sold
7,365,313,670
11,629,362,307
Shares
issued
in
reinvestment
of
distributions
........................................................
73,123
100,606
Shares
redeemed
(7,198,831,546)
(11,757,394,720)
166,555,247
(127,931,807)
Mischler
Financial
Group
Shares
Shares
sold
9,583,058,878
9,154,639,081
(
e
)
Shares
issued
in
reinvestment
of
distributions
........................................................
513,336
74,932
(
e
)
Shares
redeemed
(9,455,099,629)
(7,518,302,005)
(
e
)
128,472,585
1,636,412,008
Premier
Shares
sold
111,452,359
28,279,649
Shares
issued
in
reinvestment
of
distributions
........................................................
26,592
2,201
Shares
redeemed
(32,170,302)
(9,426,732)
79,308,649
18,855,118
Private
Client
Shares
sold
—
17
Shares
issued
in
reinvestment
of
distributions
........................................................
31
67
Shares
redeemed
(99)
(243)
(68)
(159)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
124
d
Fund
Name/Share
Class
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Select
Shares
sold
976,886,4
33
1,986,654,560
Shares
issued
in
reinvestment
of
distributions
........................................................
98,4
48
184,141
Shares
redeemed
(1,115,575,669)
(1,561,290,344)
(138,590,788)
425,548,357
14,274,485,526
3,447,674,638
T-Fund
Institutional
Shares
sold
533,427,446,866
951,132,194,011
Shares
issued
in
reinvestment
of
distributions
........................................................
7,648,931
4,494,399
Shares
redeemed
(525,095,510,272)
(948,363,343,211)
8,339,585,525
2,773,345,199
Administration
Shares
sold
24,812,018,180
610,557,919
Shares
issued
in
reinvestment
of
distributions
........................................................
3,951,396
1,646
Shares
redeemed
(5,122,256,778)
(595,778,061)
19,693,712,798
14,781,504
Capital
Shares
sold
11,729,494,955
41,895,478,847
Shares
issued
in
reinvestment
of
distributions
........................................................
606,827
3,086,498
Shares
redeemed
(39,026,261,800)
(30,435,855,017)
(27,296,160,018)
11,462,710,328
Cash
Management
Shares
sold
2,374,121,587
3,178,082,970
Shares
issued
in
reinvestment
of
distributions
........................................................
19,331
99,816
Shares
redeemed
(2,213,444,286)
(3,362,181,204)
160,696,632
(183,998,418)
Cash
Reserve
Shares
sold
963,483,862
6,902,105,373
Shares
issued
in
reinvestment
of
distributions
........................................................
7,798
55,646
Shares
redeemed
(1,338,839,329)
(6,476,751,799)
(375,347,669)
425,409,220
Dollar
Shares
sold
10,486,541,777
7,333,179,590
Shares
issued
in
reinvestment
of
distributions
........................................................
50,552
65,810
Shares
redeemed
(9,782,384,024)
(7,002,991,243)
704,208,305
330,254,157
Premier
Shares
sold
102,275,134
29,996,944
Shares
issued
in
reinvestment
of
distributions
........................................................
18,566
1,269
Shares
redeemed
(7,492,287)
(17,076,849)
94,801,413
12,921,364
Select
Shares
sold
100,474,659
206,182,657
Shares
issued
in
reinvestment
of
distributions
........................................................
1,429
7,954
Shares
redeemed
(92,820,181)
(198,833,495)
7,655,907
7,357,116
1,329,152,893
14,842,780,470
Treasury
Trust
Fund
Institutional
Shares
sold
121,651,602,916
207,617,878,152
Shares
issued
in
reinvestment
of
distributions
........................................................
17,136,442
3,575,578
Shares
redeemed
(106,339,537,066)
(165,416,350,596)
15,329,202,292
42,205,103,134
Administration
Shares
sold
988,267,118
1,679,147,710
Shares
issued
in
reinvestment
of
distributions
........................................................
101,905
43,111
Shares
redeemed
(1,018,106,081)
(1,479,824,880)
(29,737,058)
199,365,941
Notes
to
Financial
Statements
(unaudited)
(continued)
125
Notes
to
Financial
Statements
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
were
as
follows:
d
Fund
Name/Share
Class
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Capital
Shares
sold
5,420,407
9,527,611
Shares
issued
in
reinvestment
of
distributions
........................................................
790
137
Shares
redeemed
(5,486,581)
(6,478,325)
(65,384)
3,049,423
Cash
Management
Shares
sold
32,129,604
72,355,001
Shares
issued
in
reinvestment
of
distributions
........................................................
82
367
Shares
redeemed
(33,653,336)
(92,493,341)
(1,523,650)
(20,137,973)
Cash
Reserve
Shares
sold
172,704,053
472,719,070
Shares
issued
in
reinvestment
of
distributions
........................................................
4
140
Shares
redeemed
(168,757,949)
(478,688,800)
3,946,108
(5,969,590)
Dollar
Shares
sold
1,640,174,114
3,253,418,897
Shares
issued
in
reinvestment
of
distributions
........................................................
6,431
11,753
Shares
redeemed
(1,867,776,996)
(3,156,769,508)
(227,596,451)
96,661,142
Premier
Shares
redeemed
—
(36,500)
(
c
)
—
(36,500)
Select
Shares
sold
1,055,284,384
1,846,534,070
Shares
issued
in
reinvestment
of
distributions
........................................................
31,289
58,599
Shares
redeemed
(1,058,083,322)
(1,289,563,232)
(2,767,649)
557,029,437
15,071,458,208
43,035,065,014
d
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
.............................................
948,560,083
$
948,789,052
5,576,672,623
$
5,580,908,907
Shares
issued
in
reinvestment
of
distributions
........................
292,090
292,142
628,328
628,794
Shares
redeemed
.........................................
(2,478,367,280)
(2,479,154,134)
(10,422,235,136)
(10,429,986,107)
(1,529,515,107)
$
(1,530,072,940)
(4,844,934,185)
$
(4,848,448,406)
Dollar
Shares
issued
in
reinvestment
of
distributions
........................
1
$
1
3
$
3
1
$
1
3
$
3
(1,529,515,106)
$
(1,530,072,939)
(4,844,934,182)
$
(4,848,448,403)
TempFund
Institutional
Shares
sold
.............................................
16,468,099,688
$
16,471,374,986
41,481,261,180
$
41,504,489,347
Shares
issued
in
reinvestment
of
distributions
........................
2,974,074
2,974,078
3,843,500
3,845,697
Shares
redeemed
.........................................
(17,286,402,908)
(17,289,345,589)
(44,485,629,729)
(44,510,328,479)
(815,329,146)
$
(814,996,525)
(3,000,525,049)
$
(3,001,993,435)
Administration
Shares
sold
.............................................
3,578,300
$
3,579,114
6,425,357
$
6,429,233
Shares
issued
in
reinvestment
of
distributions
........................
3,177
3,178
3,267
3,269
Shares
redeemed
.........................................
(4,166,501)
(4,167,620)
(5,372,925)
(5,376,118)
(585,024)
$
(585,328)
1,055,699
$
1,056,384
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
126
d
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Cabrera
Capital
Markets
Shares
(a)
Shares
sold
.............................................
49,975
$
50,000
—
$
—
Shares
issued
in
reinvestment
of
distributions
........................
24
24
—
—
49,999
$
50,024
—
$
—
Capital
Shares
sold
.............................................
2,803,784
$
2,804,124
499,772
$
500,138
Shares
issued
in
reinvestment
of
distributions
........................
778
778
617
617
Shares
redeemed
.........................................
(1,279,374)
(1,279,399)
(2,572,561)
(2,574,174)
1,525,188
$
1,525,503
(2,072,172)
$
(2,073,419)
Cash
Management
Shares
sold
.............................................
128,606,845
$
128,630,180
220,153,830
$
220,272,953
Shares
issued
in
reinvestment
of
distributions
........................
68,586
68,594
150,083
150,166
Shares
redeemed
.........................................
(153,301,624)
(153,332,082)
(199,683,507)
(199,794,496)
(24,626,193)
$
(24,633,308)
20,620,406
$
20,628,623
Cash
Reserve
Shares
sold
.............................................
29,511,187
$
29,519,733
30,861,648
$
30,878,367
Shares
issued
in
reinvestment
of
distributions
........................
2,068
2,069
2,666
2,668
Shares
redeemed
.........................................
(29,859,251)
(29,865,067)
(22,175,856)
(22,187,675)
(345,996)
$
(343,265)
8,688,458
$
8,693,360
Dollar
Shares
sold
.............................................
49,867,602
$
49,876,259
96,224,682
$
96,277,023
Shares
issued
in
reinvestment
of
distributions
........................
11,815
11,818
25,774
25,789
Shares
redeemed
.........................................
(46,922,054)
(46,925,911)
(95,722,269)
(95,774,754)
2,957,363
$
2,962,166
528,187
$
528,058
Private
Client
Shares
sold
.............................................
—
$
—
178,018
$
178,107
Shares
issued
in
reinvestment
of
distributions
........................
129
129
258
258
Shares
redeemed
.........................................
(11,035)
(11,038)
(89,578)
(89,637)
(10,906)
$
(10,909)
88,698
$
88,728
(836,364,715)
$
(836,031,642)
(2,971,615,773)
$
(2,973,071,701)
MuniCash
Institutional
Shares
sold
.............................................
18,375,292,933
$
18,375,946,915
39,071,598,364
$
39,078,855,628
Shares
issued
in
reinvestment
of
distributions
........................
932,593
932,585
275,285
275,333
Shares
redeemed
.........................................
(20,503,857,083)
(20,504,490,600)
(38,863,685,618)
(38,870,906,629)
(2,127,631,557)
$
(2,127,611,100)
208,188,031
$
208,224,332
Dollar
Shares
sold
.............................................
2,211,543
$
2,211,535
9,254,627
$
9,256,175
Shares
issued
in
reinvestment
of
distributions
........................
360
360
273
273
Shares
redeemed
.........................................
(2,156,657)
(2,156,635)
(7,620,980)
(7,622,193)
55,246
$
55,260
1,633,920
$
1,634,255
Premier
Shares
redeemed
.........................................
—
$
—
(36,493)
(
c
)
$
(36,500)
(
c
)
—
$
—
(36,493)
$
(36,500)
(2,127,576,311)
$
(2,127,555,840)
209,785,458
$
209,822,087
California
Money
Fund
Institutional
Shares
sold
.............................................
1,642,943,191
$
1,642,345,504
2,130,721,169
$
2,131,690,158
Shares
issued
in
reinvestment
of
distributions
........................
212,083
211,953
19,576
19,583
Shares
redeemed
.........................................
(1,598,875,888)
(1,598,387,268)
(2,077,326,017)
(2,078,344,583)
44,279,386
$
44,170,189
53,414,728
$
53,365,158
Premier
Shares
redeemed
.........................................
—
$
—
(36,492)
(
c)
$
(36,511)
(
c
)
—
$
—
(36,492)
$
(36,511)
44,279,386
$
44,170,189
53,378,236
$
53,328,647
Notes
to
Financial
Statements
(unaudited)
(continued)
127
Notes
to
Financial
Statements
(a)
Period
November
1,
2021
(commencement
of
operations)
to
April
30,
2022
for
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares
and
Mischler
Financial
Group
Shares
.
(b)
There
were
no
Cash
Reserve
Shares
outstanding
for
the
six
months
ended
April
30,
2022.
(c)
There
were
no
Premier
Shares
outstanding
for
the
year
ended
October
31,
2021.
(d)
Period
January
21,
2022
(commencement
of
operations)
to
April
30,
2022
for
Penserra
Shares.
(e)
Period
January
22,
2021
(commencement
of
operations)
to
October
31,
2021
for
Mischler
Financial
Group
Shares.
As
of
April
30,
2022,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
36,478
Premier
Shares
of TempCash.
9.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Six
Months
Ended
04/30/22
Year
Ended
10/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
New
York
Money
Fund
Institutional
Shares
sold
.............................................
545,599,609
$
545,599,609
710,686,175
$
710,686,175
Shares
issued
in
reinvestment
of
distributions
........................
18,529
18,529
6,088
6,088
Shares
redeemed
.........................................
(498,178,251)
(498,178,251)
(800,833,602)
(800,833,602)
47,439,887
$
47,439,887
(90,141,339)
$
(90,141,339)
Premier
Shares
redeemed
.........................................
—
$
—
(36,500)
(
c)
$
(36,500)
(
c
)
—
$
—
(36,500)
$
(36,500)
47,439,887
$
47,439,887
(90,177,839)
$
(90,177,839)
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
128
General
Information
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
a
nd
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
schedules
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
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Additional
Information
(continued)
129
Additional
Information
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
2022
BlackRock
Semi-Annual
Report
to
Shareholders
130
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
BAN
Bond
Anticipation
Notes
COP
Certificates
of
Participation
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
BlackRock
Liquid
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.
Want
to
know
more?
blackrock.com
|
800-441-7450
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-4/22-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(a) 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)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – 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: June 23, 2022
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: June 23, 2022
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
Date: June 23, 2022