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

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02354

Name of Fund:  BlackRock Liquidity Funds

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 52^nd 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

section302

(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

section906

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