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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 10/31/2023

Date of reporting period: 04/30/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

April

30,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

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,

Investors

faced

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

April

30,

2023,

amid

mixed

indicators

and

rapidly

changing

market

conditions.

The

U.S.

economy

returned

to

modest

growth

beginning

in

the

third

quarter

of

2022,

although

the

pace

of

growth

slowed

thereafter.

Inflation

was

elevated,

reaching

a

40-year

high

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

as

the

period

continued,

while

continued

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

varied

substantially,

as

large-capitalization

U.S.

stocks

gained

for

the

period

amid

a

rebound

in

big

tech

stocks,

whereas

small-capitalization

U.S.

stocks

declined.

International

equities

from

developed

markets

advanced

strongly,

while

emerging

market

stocks

declined,

pressured

by

higher

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bonds

posted

a

positive

return

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

In

addition,

the

Fed

added

liquidity

to

markets

amid

the

failure

of

prominent

regional

banks.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

was

modest

in

the

last

year,

we

believe

that

stickiness

in

services

inflation

and

continued

wage

growth

will

keep

inflation

above

central

bank

targets

for

some

time.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

indicated

a

pause

could

be

its

next

step,

we

believe

that

the

Fed

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near

term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

rapid

increase

in

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

could

provide

a

supportive

backdrop.

We

also

see

selective,

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing,

and

higher

yields

offer

attractive

income.

However,

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

significant

opportunities

in

short-

term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

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,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.63

%

2.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(3.45

)

(3.65

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

24.19

8.42

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

16.36

(6.51

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.09

2.83

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

7.14

(1.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

6.91

(0.43

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.65

2.87

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.21

1.21

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:

Schedules

of

Investments

...............................................................................................

10

Statements

of

Assets

and

Liabilities

.........................................................................................

53

Statements

of

Operations

................................................................................................

58

Statements

of

Changes

in

Net

Assets

........................................................................................

60

Financial

Highlights

.....................................................................................................

65

Notes

to

Financial

Statements

...............................................................................................

120

Additional

Information

....................................................................................................

133

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

135

Money

Market

Overview

For

the

Six-Month

Period

Ended

April

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

4

During

the

six-month

period

ended

April

30,

2023,

over

the

course

of

four

meetings,

the

Federal

Open

Market

Committee

(the

“FOMC”

or

the

“Committee”),

increased

the

range

of

the

Federal

Funds

target

rate

from

3.00%-3.25%

in

September

2022

to

4.75%-5.00%

in

March

2023.

The

Committee

said

it

“remains

highly

attentive

to

inflation

risks”

but

moderated

previous

guidance

for

its

rate

path,

in

our

view,

noting

it

“anticipates

that

some

additional

policy

firming

may

be

appropriate”

to

reduce

inflation

to

its

2%

objective.

In

contrast,

the

FOMC

had

previously

stated

that

“ongoing

increases

in

the

target

range

will

be

appropriate.”

The

FOMC

again

noted

it

will

continue

reducing

its

holdings

of

Treasury

securities,

agency

debt

and

agency

mortgage-backed

securities

as

delineated

in

its

Plans

for

Reducing

the

Size

of

the

Fed’s

Balance

Sheet

released

in

conjunction

with

the

May

4,

2022

FOMC

meeting.

The

median

federal

funds

rate

forecast

for

2023

contained

in

the

Summary

of

Economic

Projections

(“SEP”)

released

in

conjunction

with

the

FOMC

meeting

was

notably

unchanged

from

the

projection

of

5.10%

at

the

December

14,

2022

meeting.

The

SEP

for

March

2023

also

reflected

a

modestly

higher

core

inflation

forecast

and

a

slightly

lower

unemployment

rate

projection,

relative

to

the

December

2022

forecasts.

Core

inflation

is

projected

to

remain

above

the

FOMC’s

2.00%

objective

over

the

forecast

horizon.

U.S.

macroeconomic

data

showed

signs

of

continued

tightening

as

evidenced

by

the

unemployment

rate

holding

steady

at

3.4%

in

April

2023

(the

lowest

rate

since

May

1969).

In

Q4

2022

and

Q1

2023,

real

gross

domestic

product

increased

2.9%

and

1.1%,

reflecting

increases

in

both

consumer

and

government

spending.

Daily

utilization

of

the

Fed’s

Reverse

Repurchase

Program

(“RRP”)

facility

remains

elevated,

averaging

nearly

$2.0

trillion

in

2022

and

$2.3

trillion

for

April

2023.

On

December

30,

2023,

the

RRP

facility

hit

an

all-time

high

with

a

balance

of

over

$2.55

trillion.

The

secured

overnight

financing

rate

(“SOFR”)—

a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities—

ended

the

month

of

April

at

4.81%.

SOFR

has

averaged

4.57%

year-to-date

in

2023.

Industry-wide

institutional

money

market

mutual

funds

experienced

record-high

inflows

throughout

the

reporting

period,

averaging

$4.8

billion

in

assets

daily.

Government

Fund

assets

saw

the

biggest

increase

at

$436.8

billion,

while

Prime

Fund

assets

saw

inflows

of

over

$201

billion

throughout

the

reporting

period.

Portfolio

positioning

as

of

April

30,

2023

reflected

our

outlook

that

the

Fed

will

be

less

aggressive

in

tightening

policy

over

the

remainder

of

2023

and

may

soon

conclude

the

hiking

cycle.

With

portfolio

weighted

average

maturities

below

neutral,

the

Funds

remain

well

positioned

to

capitalize

on

additional

rate

hikes

and

subsequent

repricing.

The

allocation

to

floating-rate

securities

provides

a

hedge

against

rising

rates,

allowing

the

Fund

to

immediately

see

the

benefits

of

any

remaining

rate

hikes.

Portfolio

purchases

over

the

reporting

period

were

primarily

focused

on

U.S.

dollar

denominated

certificates

of

deposit

and

commercial

paper

with

floating

rate

coupons

indexed

to

the

SOFR

and

select

fixed-rate

securities.

Turning

to

short-term

municipal

bonds,

despite

peaking

at

$121.6

billion,

municipal

money

market

industry

assets

ended

the

reporting

period

at

$107.5

billion

in

assets,

down

$2.2

billion

versus

November

1,

2022

as

assets

were

volatile

throughout

the

period.

Variable

Rate

Demand

Note

(“VRDN”)

inventory

on

dealer

balance

sheets

was

also

volatile

with

swings

that

depended

on

the

level

of

attractiveness

versus

taxable

alternatives.

VRDN

inventory

ranged

from

a

low

of

$1

billion

to

a

high

of

$13

billion

and

averaged

$4.8

billion

with

their

yields

adjusting

rapidly

in

response

to

dealer

inventory

levels.

A

combination

of

Fed

rate

increases

in

the

Fed

Funds

Rate

target

range

and

VRDN

inventory

levels

contributed

to

the

Securities

Industry

and

Financial

Markets

Association

(“SIFMA”)

Index,

which

represents

the

average

yield

on

weekly

VRDNs,

exhibiting

sharp

swings

throughout

the

period.

The

7-day

SIFMA

Index

started

the

period

at

2.24%

before

moving

higher

to

3.66%

on

December

31,

2022

amongst

heavy

VRDN

inventory.

However,

a

strong

amount

of

reinvestment

cash

from

bond

maturities

and

coupon

payments

in

January

2023

pushed

the

SIFMA

Index

to

a

period

low

of

1.66%

when

VRDN

inventory

levels

remained

extremely

light.

Due

to

the

strong

demand

for

VRDN

securities,

the

low

yields

caused

industry

outflows

until

VRDN

yields

moved

higher

throughout

the

month

of

February

2023.

In

March

2023,

fears

of

bank

stress

across

the

market

pushed

the

7-day

SIFMA

Index

to

the

period

high

of

4.35%

before

ultimately

ending

at

3.86%

following

the

April

2023

tax

season.

Along

with

a

large

variance

in

VRDN

yields,

commercial

paper

yields

varied

widely

throughout

the

period,

many

times

inverting

in

the

30

–

120-day

maturity

ranges

and

reflecting

a

wide

divergence

of

investor

views

on

the

future

policy

path

of

the

Fed.

The

funds

selectively

purchased

commercial

paper

at

times

when

a

yield

advantage

over

VRDNs

was

available

in

the

market.

Given

the

ongoing

Fed

hiking

cycle,

the

funds

were

guarded

with

respect

to

any

duration

risk

and

remained

extremely

selective

on

any

extension

trades

into

municipal

notes

and

bonds.

Municipal

note

and

municipal

bond

yield

levels

exhibited

large

movements

throughout

the

period.

The

1-year

Municipal

Market

Data

yield

which

represents

1-year

municipal

bonds

started

the

period

at

3.12%,

hit

a

low

of

2.27%,

and

ended

at

3.00%,

reflecting

the

level

of

volatility

in

front-end

municipal

rates.

Looking

ahead,

municipalities

are

currently

in

the

process

of

reviewing

their

2024

fiscal

budgets

and

assessing

their

operating

financing

needs.

As

state

and

local

governments

continue

to

enjoy

near-record

reserves

with

solid

revenue

growth,

municipal

note

issuance

is

expected

to

be

subdued

again

in

2023

as

ample

federal

aid

remains

available

in

reserves

to

offset

a

downturn.

Though

we

believe

that

the

peak

credit

cycle

for

state

and

local

governments

has

been

reached,

fundamentals

remain

sturdy.

With

uncertainty

surrounding

bank

stresses

in

the

market

as

well

as

the

Fed’s

resolve

in

bringing

down

inflation

levels

to

their

acceptable

level

of

2%,

our

municipal

money

market

funds

continue

to

maintain

high

levels

of

daily

and

weekly

liquidity.

In

addition,

we

continue

to

be

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

no

guarantee

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Information

as

of

April

30,

2023

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

..............................

4.65‌

%

4.65‌

%

Administration

............................

4.55‌

4.55‌

Bancroft

Capital

...........................

4.65‌

4.65‌

Cabrera

Capital

Markets

.....................

4.65‌

4.65‌

Cash

Management

.........................

4.15‌

4.15‌

Dollar

..................................

4.40‌

4.40‌

Great

Pacific

.............................

4.65‌

4.65‌

Mischler

Financial

Group

.....................

4.65‌

4.65‌

Penserra

...............................

4.65‌

4.65‌

Stern

Brothers

............................

4.65‌

4.65‌

Tigress

.................................

4.65‌

4.65‌

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

..............

85.9‌

%

U.S.

Treasury

Obligations

..............................

15.1‌

Liabilities

in

Excess

of

Other

Assets

.......................

(1.0‌)

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

4.75‌

%

4.75‌

%

Administration

............................

4.65‌

4.65‌

Capital

.................................

4.70‌

4.70‌

Cash

Management

.........................

4.25‌

4.25‌

Cash

Reserve

............................

4.35‌

4.35‌

Dollar

..................................

4.50‌

4.50‌

Mischler

Financial

Group

.....................

4.75‌

4.75‌

Premier

................................

4.75‌

4.75‌

Private

Client

............................

4.23‌

4.23‌

Select

.................................

3.92‌

3.92‌

Stern

Brothers

............................

4.74‌

4.74‌

Tigress

.................................

4.75‌

4.75‌

WestCap

...............................

4.75‌

4.75‌

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

...............................

79.4‌

%

U.S.

Government

Sponsored

Agency

Obligations

..............

13.3‌

U.S.

Treasury

Obligations

..............................

4.8‌

Other

Assets

Less

Liabilities

............................

2.5‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

4.83‌

%

4.83‌

%

Dollar

..................................

4.60‌

4.60‌

Great

Pacific

.............................

4.83‌

4.83‌

Premier

................................

4.84‌

4.84‌

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

Repurchase

Agreements

...............................

45.8‌

%

Certificates

of

Deposit

.................................

19.7‌

Commercial

Paper

...................................

18.0‌

Time

Deposits

......................................

12.3‌

Municipal

Bonds

....................................

1.2‌

Corporate

Bonds

....................................

0.3‌

U.S.

Government

Sponsored

Agency

Obligations

..............

0.1‌

Other

Assets

Less

Liabilities

............................

2.6‌

Fund

Information

as

of

April

30,

2023

(continued)

2023

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

..............................

4.88‌

%

4.88‌

%

Administration

............................

4.78‌

4.78‌

Cabrera

Capital

Markets

.....................

4.88‌

4.88‌

Capital

.................................

4.83‌

4.83‌

Cash

Management

.........................

4.38‌

4.38‌

Cash

Reserve

............................

4.50‌

4.50‌

Dollar

..................................

4.63‌

4.63‌

Private

Client

............................

4.38‌

4.38‌

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

...............................

31.5‌

%

Certificates

of

Deposit

.................................

25.0‌

Commercial

Paper

...................................

16.8‌

Time

Deposits

......................................

15.9‌

Municipal

Bonds

....................................

4.1‌

Corporate

Bonds

....................................

0.6‌

U.S.

Government

Sponsored

Agency

Obligations

..............

0.1‌

Other

Assets

Less

Liabilities

............................

6.0‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

4.72‌

%

4.72‌

%

Administration

............................

4.62‌

4.62‌

Capital

.................................

4.67‌

4.67‌

Cash

Management

.........................

4.22‌

4.22‌

Cash

Reserve

............................

4.32‌

4.32‌

Dollar

..................................

4.47‌

4.47‌

Premier

................................

4.72‌

4.72‌

Select

.................................

3.89‌

3.89‌

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

...............................

91.9‌

%

U.S.

Treasury

Obligations

..............................

4.8‌

Other

Assets

Less

Liabilities

............................

3.3‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

4.52‌

%

4.55‌

%

Administration

............................

4.42‌

4.45‌

Capital

.................................

4.47‌

4.50‌

Cash

Management

.........................

4.02‌

4.05‌

Cash

Reserve

............................

4.12‌

4.15‌

Dollar

..................................

4.28‌

4.32‌

Select

.................................

3.69‌

3.72‌

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

..............................

101.8‌

%

Liabilities

in

Excess

of

Other

Assets

.......................

(1.8‌)

Fund

Information

as

of

April

30,

2023

(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

..............................

3.27‌

%

3.27‌

%

Dollar

..................................

3.02‌

3.02‌

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

—

—

Variable

Rate

Demand

Notes

............................

80.1‌

%

Municipal

Bonds

....................................

19.2‌

Closed-End

Investment

Companies

.......................

1.3‌

Liabilities

in

Excess

of

Other

Assets

.......................

(0.6‌)

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

2.94‌

%

2.95‌

%

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

............................

78.3‌

%

Municipal

Bonds

....................................

19.9‌

Closed-End

Investment

Companies

.......................

1.5‌

Other

Assets

Less

Liabilities

............................

0.3‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

3.34‌

%

3.34‌

%

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

............................

97.1‌

%

Municipal

Bonds

....................................

2.0‌

Closed-End

Investment

Companies

.......................

0.9‌

Liabilities

in

Excess

of

Other

Assets

.......................

(0.0‌)

(a)

(a)

Represents

greater

than

(0.1)%

of

the

Fund's

net

assets.

Disclosure

of

Expenses

2023

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

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

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

BlackRock

Liquid

Federal

Trust

Fund

Institutional

...............................

$

1,000.00‌

$

1,020.20‌

$

0.85‌

$

1,000.00‌

$

1,023.95‌

$

0.85‌

0.17%

Administration

.............................

1,000.00‌

1,019.70‌

1.35‌

1,000.00‌

1,023.46‌

1.35‌

0.27

Bancroft

Capital

............................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Cabrera

Capital

Markets

......................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Cash

Management

..........................

1,000.00‌

1,017.70‌

3.35‌

1,000.00‌

1,021.47‌

3.36‌

0.67

Dollar

...................................

1,000.00‌

1,019.00‌

2.10‌

1,000.00‌

1,022.71‌

2.11‌

0.42

Great

Pacific

..............................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Mischler

Financial

Group

......................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Penserra

................................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Stern

Brothers

.............................

1,000.00‌

1,020.30‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Tigress

..................................

1,000.00‌

1,020.20‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

FedFund

Institutional

...............................

$

1,000.00‌

$

1,020.80‌

$

0.85‌

$

1,000.00‌

$

1,023.95‌

$

0.85‌

0.17%

Administration

.............................

1,000.00‌

1,020.30‌

1.35‌

1,000.00‌

1,023.46‌

1.35‌

0.27

Capital

..................................

1,000.00‌

1,020.60‌

1.05‌

1,000.00‌

1,023.75‌

1.05‌

0.21

Cash

Management

..........................

1,000.00‌

1,018.30‌

3.35‌

1,000.00‌

1,021.47‌

3.36‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,018.80‌

2.85‌

1,000.00‌

1,021.97‌

2.86‌

0.57

Dollar

...................................

1,000.00‌

1,019.50‌

2.10‌

1,000.00‌

1,022.71‌

2.11‌

0.42

Mischler

Financial

Group

......................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Premier

.................................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Private

Client

.............................

1,000.00‌

1,018.20‌

3.40‌

1,000.00‌

1,021.42‌

3.41‌

0.68

Select

..................................

1,000.00‌

1,016.60‌

5.00‌

1,000.00‌

1,019.84‌

5.01‌

1.00

Stern

Brothers

.............................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Tigress

..................................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

WestCap

................................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

TempCash

Institutional

...............................

$

1,000.00‌

$

1,022.20‌

$

0.90‌

$

1,000.00‌

$

1,023.90‌

$

0.90‌

0.18%

Dollar

...................................

1,000.00‌

1,020.90‌

2.15‌

1,000.00‌

1,022.66‌

2.16‌

0.43

Great

Pacific

..............................

1,000.00‌

1,012.4

0‌

0.49‌

1,000.00‌

1,023.90‌

0.90‌

0.18

Premier

.................................

1,000.00‌

1,022.30‌

0.90‌

1,000.00‌

1,023.90‌

0.90‌

0.18

(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

one-

half

year

period

shown)

except

for

Great

Pacific

Shares

of

TempCash,

which

is

multiplied

by

98/365

(to

reflect

the

period

since

the

commencement

date

of

January

23,

2023

to

April

30,

2023).

Disclosure

of

Expenses

(continued)

9

Disclosure

of

Expenses

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

TempFund

Institutional

...............................

$

1,000.00‌

$

1,022.40‌

$

0.90‌

$

1,000.00‌

$

1,023.90‌

$

0.90‌

0.18%

Administration

.............................

1,000.00‌

1,022.00‌

1.40‌

1,000.00‌

1,023.41‌

1.40‌

0.28

Cabrera

Capital

Markets

......................

1,000.00‌

1,022.50‌

0.90‌

1,000.00‌

1,023.90‌

0.90‌

0.18

Capital

..................................

1,000.00‌

1,022.30‌

1.15‌

1,000.00‌

1,023.65‌

1.15‌

0.23

Cash

Management

..........................

1,000.00‌

1,020.00‌

3.41‌

1,000.00‌

1,021.42‌

3.41‌

0.68

Cash

Reserve

.............................

1,000.00‌

1,020.60‌

2.81‌

1,000.00‌

1,022.02‌

2.81‌

0.56

Dollar

...................................

1,000.00‌

1,021.30‌

2.16‌

1,000.00‌

1,022.66‌

2.16‌

0.43

Private

Client

.............................

1,000.00‌

1,020.00‌

3.41‌

1,000.00‌

1,021.42‌

3.41‌

0.68

T-Fund

Institutional

...............................

$

1,000.00‌

$

1,020.80‌

$

0.85‌

$

1,000.00‌

$

1,023.95‌

$

0.85‌

0.17%

Administration

.............................

1,000.00‌

1,020.30‌

1.35‌

1,000.00‌

1,023.46‌

1.35‌

0.27

Capital

..................................

1,000.00‌

1,020.50‌

1.10‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Cash

Management

..........................

1,000.00‌

1,018.30‌

3.35‌

1,000.00‌

1,021.47‌

3.36‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,018.80‌

2.85‌

1,000.00‌

1,021.97‌

2.86‌

0.57

Dollar

...................................

1,000.00‌

1,019.50‌

2.10‌

1,000.00‌

1,022.71‌

2.11‌

0.42

Premier

.................................

1,000.00‌

1,020.80‌

0.85‌

1,000.00‌

1,023.95‌

0.85‌

0.17

Select

..................................

1,000.00‌

1,016.60‌

5.00‌

1,000.00‌

1,019.84‌

5.01‌

1.00

Treasury

Trust

Fund

Institutional

...............................

$

1,000.00‌

$

1,020.50‌

$

0.85‌

$

1,000.00‌

$

1,023.95‌

$

0.85‌

0.17%

Administration

.............................

1,000.00‌

1,020.00‌

1.35‌

1,000.00‌

1,023.46‌

1.35‌

0.27

Capital

..................................

1,000.00‌

1,020.20‌

1.10‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Cash

Management

..........................

1,000.00‌

1,017.90‌

3.35‌

1,000.00‌

1,021.47‌

3.36‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,018.40‌

2.85‌

1,000.00‌

1,021.97‌

2.86‌

0.57

Dollar

...................................

1,000.00‌

1,019.30‌

1.95‌

1,000.00‌

1,022.86‌

1.96‌

0.39

Select

..................................

1,000.00‌

1,016.30‌

5.00‌

1,000.00‌

1,019.84‌

5.01‌

1.00

MuniCash

Institutional

...............................

$

1,000.00‌

$

1,012.00‌

$

1.00‌

$

1,000.00‌

$

1,023.80‌

$

1.00‌

0.20%

Dollar

...................................

1,000.00‌

1,010.80‌

2.24‌

1,000.00‌

1,022.56‌

2.26‌

0.45

California

Money

Fund

Institutional

...............................

$

1,000.00‌

$

1,009.80‌

$

1.00‌

$

1,000.00‌

$

1,023.80‌

$

1.00‌

0.20%

New

York

Money

Fund

Institutional

...............................

$

1,000.00‌

$

1,012.00‌

$

1.00‌

$

1,000.00‌

$

1,023.80‌

$

1.00‌

0.20%

(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

one-half

year

period

shown).

Expense

Examples

(continued)

2023

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,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

2.25%, 06/07/23

................

USD

8,695

$

8,694,928

Federal

Farm

Credit

Bank

Discount

Notes

(a)

3.46%

,

 05/10/23

.................

24,000

23,972,400

3.55%

,

 05/11/23

.................

125,000

124,842,361

3.89%

,

 05/17/23

.................

92,000

91,811,911

3.92%

,

 05/18/23

.................

112,880

112,632,667

4.06%

,

 05/23/23

.................

100,000

99,717,667

4.08%

,

 05/24/23

.................

125,000

124,627,049

4.12%

,

 05/26/23

.................

31,860

31,754,906

4.50%

,

 06/12/23

.................

63,790

63,440,218

4.52%

,

 06/15/23

.................

100,000

99,403,750

4.83%

,

 09/11/23

.................

12,370

12,141,499

4.82%

,

 10/06/23

.................

48,985

47,989,598

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

(1-Day

SOFR

+

0.02%),

4.83%

,

 05/16/23

50,670

50,669,950

(1-Day

SOFR

+

0.03%),

4.84%

,

 07/25/23

19,570

19,569,862

(1-Day

SOFR

+

0.05%),

4.86%

,

 08/22/23

32,400

32,400,000

(1-Day

SOFR

+

0.05%),

4.85%

,

 10/16/23

40,940

40,940,000

(1-Day

SOFR

+

0.02%),

4.83%

,

 11/15/23

.

17,210

17,207,158

(1-Day

SOFR

+

0.06%),

4.87%

,

 11/22/23

.

72,970

72,970,000

(1-Day

SOFR

+

5.50%),

4.87%

,

 01/10/24

19,325

19,325,000

(1-Day

SOFR

+

0.05%),

4.86%

,

 05/09/24

22,355

22,355,000

(1-Day

SOFR

+

0.09%),

4.90%

,

 08/26/24

51,440

51,440,000

(1-Day

SOFR

+

0.17%),

4.98%

,

 01/23/25

28,245

28,245,000

Federal

Home

Loan

Bank

Bonds

0.13%

,

 06/02/23

.................

47,735

47,617,844

3.45%

,

 09/25/23

.................

34,955

34,952,172

5.45%

,

 03/08/24

.................

14,940

14,931,954

5.34%

,

 04/23/24

.................

78,495

78,495,000

5.35%

,

 04/24/24

.................

22,900

22,900,000

5.34%

,

 04/26/24

.................

15,635

15,635,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

4.55%

,

 05/01/23

.................

378,000

378,000,000

1.84%

,

 05/03/23

.................

35,775

35,765,948

3.55%

,

 05/11/23

.................

19,400

19,374,780

4.50%

,

 06/12/23

.................

100,000

99,449,333

4.58%

,

 06/26/23

.................

60,000

59,550,133

4.60%

,

 06/30/23

.................

25,000

24,799,583

4.69%

,

 07/05/23

.................

14,000

13,878,667

4.72%

,

 07/14/23

.................

156,750

155,224,417

4.75%

,

 07/25/23

.................

47,010

46,459,461

4.77%

,

 08/18/23

.................

35,500

34,977,618

4.78%

,

 08/25/23

.................

8,310

8,177,456

4.79%

,

 08/29/23

.................

12,725

12,520,552

4.82%

,

 09/01/23

.................

57,945

56,957,086

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

4.82%

,

 09/06/23

.................

USD

53,615

$

52,635,156

4.83%

,

 09/15/23

.................

96,020

94,196,607

4.84%

,

 09/22/23

.................

22,227

21,800,242

4.70%

,

 01/16/24

.................

9,145

8,837,880

4.65%

,

 02/06/24

.................

25,000

24,071,139

4.65%

,

 02/09/24

.................

45,000

43,303,100

4.53%

,

 03/08/24

.................

6,695

6,401,982

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

(1-Day

SOFR

+

0.02%),

4.83%

,

 05/02/23

12,500

12,500,000

(1-Day

SOFR

+

0.04%),

4.85%

,

 05/02/23

59,400

59,400,030

(1-Day

SOFR

+

0.04%),

4.85%

,

 05/03/23

148,480

148,480,028

(1-Day

SOFR

+

0.07%),

4.88%

,

 05/08/23

71,485

71,485,671

(1-Day

SOFR

+

0.03%),

4.84%

,

 05/11/23

.

47,170

47,170,000

(1-Day

SOFR

+

0.03%),

4.84%

,

 05/17/23

80,000

80,000,000

(1-Day

SOFR

+

0.09%),

4.90%

,

 05/23/23

32,790

32,790,000

(1-Day

SOFR

+

0.02%),

4.83%

,

 05/26/23

50,000

50,000,000

(1-Day

SOFR

+

0.04%),

4.85%

,

 05/26/23

73,425

73,425,000

(1-Day

SOFR

+

0.09%),

4.90%

,

 09/08/23

60,000

60,000,000

(1-Day

SOFR

+

0.07%),

4.88%

,

 11/30/23

.

19,860

19,860,000

(1-Day

SOFR

+

0.08%),

4.89%

,

 01/24/24

25,000

25,000,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

85.9%

(Cost:

$3,287,174,763)

...........................

3,287,174,763

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

3.75%, 05/18/23

.................

120,000

119,774,750

3.74%, 05/30/23

.................

122,005

121,582,435

3.96%, 06/01/23

.................

50,000

49,796,347

4.98%, 08/08/23

.................

100,000

98,693,750

4.99%, 08/29/23

.................

79,000

77,700,834

U.S.

Treasury

Notes

(b)

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.12%, 01/31/24

.....

26,895

26,894,957

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.17%, 07/31/24

....

20,000

19,987,976

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.27%, 10/31/24

....

64,990

64,987,623

Total

U.S.

Treasury

Obligations

—

15.1%

(Cost:

$579,418,672)

.............................

579,418,672

Total

Investments

—

101.0%

(Cost:

$3,866,593,435

)

...........................

3,866,593,435

Liabilities

in

Excess

of

Other

Assets

—

(1.0)%

............

(37,307,576)

Net

Assets

—

100.0%

..............................

$

3,829,285,859

(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,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

U.S.

Government

Sponsored

Agency

Obligations

...................

$

—

$

3,287,174,763

$

—

$

3,287,174,763

U.S.

Treasury

Obligations

...................................

—

579,418,672

—

579,418,672

$

—

$

3,866,593,435

$

—

$

3,866,593,435

2023

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

2.25%, 06/07/23

................

USD

255,440

$

255,437,881

Federal

Farm

Credit

Bank

Discount

Notes

(a)

4.08%

,

 05/24/23

.................

93,750

93,470,286

4.83%

,

 10/16/23

.................

91,205

89,225,852

4.81%

,

 11/13/23

.................

91,205

88,895,993

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

(1-Day

SOFR

+

0.02%),

4.83%

,

 05/16/23

197,000

196,999,803

(1-Day

SOFR

+

0.04%),

4.84%

,

 07/12/23

135,720

135,718,643

(1-Day

SOFR

+

0.03%),

4.84%

,

 07/25/23

508,055

508,051,409

(1-Day

SOFR

+

5.50%),

4.87%

,

 01/10/24

190,355

190,355,000

(1-Day

SOFR

+

0.14%),

4.95%

,

 11/07/24

.

25,000

25,000,000

Federal

Home

Loan

Bank

Bonds

5.45%

,

 03/08/24

.................

402,755

402,538,108

5.40%

,

 03/27/24

.................

1,140,970

1,140,970,000

5.34%

,

 04/23/24

.................

2,363,730

2,363,730,000

5.35%

,

 04/24/24

.................

710,200

710,200,000

5.34%

,

 04/26/24

.................

473,225

473,225,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

4.55%

,

 05/01/23

.................

230,000

230,000,000

4.47%

,

 06/08/23

.................

143,700

142,968,886

4.69%

,

 07/05/23

.................

400

396,606

4.72%

,

 07/14/23

.................

204,815

202,768,898

4.75%

,

 07/25/23

.................

1,234,055

1,219,602,845

4.75%

,

 08/04/23

.................

256,210

253,022,819

4.78%

,

 08/25/23

.................

141,690

139,430,045

4.79%

,

 08/29/23

.................

396,955

390,577,256

4.83%

,

 09/15/23

.................

2,056,750

2,017,692,889

4.81%

,

 11/08/23

.................

250,000

243,739,444

4.70%

,

 01/16/24

.................

240,855

232,766,286

4.65%

,

 02/02/24

.................

419,870

404,750,481

4.65%

,

 02/09/24

.................

100,000

96,229,111

4.53%

,

 03/08/24

.................

185,305

177,194,818

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

(1-Day

SOFR

+

0.02%),

4.83%

,

 05/02/23

299,980

299,980,000

(1-Day

SOFR

+

0.09%),

4.90%

,

 05/23/23

851,025

851,025,000

(1-Day

SOFR

+

0.05%),

4.86%

,

 06/02/23

100,000

100,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(1-Day

SOFR

+

0.06%),

4.87%

,

 07/03/23

USD

360,415

$

360,415,000

(1-Day

SOFR

+

0.05%),

4.86%

,

 07/18/23

750,000

750,000,000

(1-Day

SOFR

+

0.09%),

4.90%

,

 09/08/23

862,050

862,050,000

(1-Day

SOFR

+

0.07%),

4.88%

,

 09/25/23

355,695

355,695,000

(1-Day

SOFR

+

0.10%),

4.91%

,

 10/06/23

508,350

508,350,000

(1-Day

SOFR

+

0.07%),

4.88%

,

 11/27/23

.

215,000

215,000,000

(1-Day

SOFR

+

0.07%),

4.88%

,

 11/30/23

.

615,895

615,895,000

(1-Day

SOFR

+

0.08%),

4.89%

,

 01/24/24

891,965

891,965,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

13.3%

(Cost:

$18,235,333,359)

...........................

18,235,333,359

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

4.54%, 06/15/23

.................

19,000

18,933,500

4.75%, 04/18/24

.................

307,765

294,094,335

U.S.

Treasury

Notes

2.75%, 05/31/23

.................

75,000

75,035,293

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.12%, 01/31/24

(b)

....

1,323,095

1,323,093,685

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.06%, 04/30/24

(b)

....

402,705

402,414,045

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.27%, 10/31/24

(b)

...

805,730

805,825,742

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.33%, 01/31/25

(b)

...

650,000

650,245,899

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.30%, 04/30/25

(b)

...

3,034,455

3,034,447,962

Total

U.S.

Treasury

Obligations

—

4.8%

(Cost:

$6,604,090,461)

...........................

6,604,090,461

Total

Repurchase

Agreements

—

79.4%

(Cost:

$108,697,921,875)

..........................

108,697,921,875

Total

Investments

—

97.5%

(Cost:

$133,537,345,695

)

..........................

133,537,345,695

Other

Assets

Less

Liabilities

—

2.5%

...................

3,395,724,909

Net

Assets

—

100.0%

..............................

$

136,933,070,604

(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.

FedFund

Schedules

of

Investments

13

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

...

4.80

%

04/28/23

05/01/23

$

5,000

$

5,000

$

5,002,000

U.S.

Treasury

Obligation,

0.13%,

due

07/15/31

.........

$

4,961,800

$

5,100,047

4.80

(a)

04/28/23

05/01/23

50,000

50,000

50,020,000

U.S.

Treasury

Obligations,

0.00%,

due

02/15/27

to

08/15/38

76,165,208

51,000,000

4.80

04/28/23

05/01/23

100,000

100,000

100,040,000

U.S.

Treasury

Obligations,

2.88%

to

4.75%,

due

02/15/37

to

11/15/48

.........

107,910,200

102,000,064

4.82

04/28/23

05/01/23

2,000

2,000

2,000,803

U.S.

Treasury

Obligation,

2.25%,

due

11/15/25

.........

2,101,000

2,040,015

$

–

$

–

$

157,000

$

160,140,126

$

–

$

–

Bank

of

Montreal

....

4.78

04/28/23

05/01/23

25,000

25,000

25,009,958

U.S.

Treasury

Obligation,

0.00%,

due

10/12/23

.........

26,089,100

25,500,008

4.80

04/28/23

05/01/23

325,000

325,000

325,130,000

U.S.

Government

Sponsored

Agency

Obligations,

4.50%

to

5.50%,

due

08/01/52

to

04/01/53

.........

341,841,913

334,750,001

4.87

04/27/23

05/04/23

12,000

12,000

12,011,363

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

4.00%,

due

07/20/47

to

05/20/50

.........

13,667,944

12,240,001

4.91

03/23/23

05/10/23

75,000

75,000

75,491,000

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

6.50%,

due

02/20/47

to

02/20/63

.........

89,488,894

76,500,001

$

–

$

–

$

437,000

$

448,990,011

$

–

$

–

Bank

of

Nova

Scotia

(The)

..........

4.76

04/28/23

05/01/23

293,000

293,000

293,116,223

U.S.

Treasury

Obligations,

0.13%

to

4.38%,

due

01/15/26

to

11/15/52

.........

327,160,822

298,978,548

$

–

$

–

Barclays

Bank

plc

...

4.80

04/28/23

05/01/23

950,000

950,000

950,380,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

5.59%,

due

07/25/25

to

12/25/54

.........

10,661,794,233

998,583,546

4.80

04/28/23

05/01/23

1,750,000

1,750,000

1,750,700,000

U.S.

Treasury

Obligations,

0.63%

to

3.63%,

due

10/15/24

to

02/15/51

.........

2,154,931,000

1,785,000,068

4.80

04/28/23

05/01/23

5,000

5,000

5,002,000

U.S.

Treasury

Obligation,

4.63%,

due

02/15/40

.........

4,478,700

5,100,003

4.89

(b)

04/28/23

05/08/23

200,000

200,000

200,271,667

U.S.

Government

Sponsored

Agency

Obligations,

4.19%

to

15.36%,

due

02/25/25

to

04/01/53

.......

353,005,869

206,876,044

$

–

$

–

$

2,905,000

$

2,995,559,661

$

–

$

–

Barclays

Capital,

Inc.

.

4.75

04/28/23

05/01/23

130,000

130,000

130,051,458

U.S.

Treasury

Obligation,

3.63%,

due

02/15/44

.........

137,206,200

132,600,043

2023

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

14

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.96

%

(b)

04/28/23

06/05/23

$

799,000

$

799,000

$

803,183,209

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

19.86%,

due

07/25/25

to

03/25/56

.......

$

2,967,682,314

$

856,553,540

$

–

$

–

$

929,000

$

989,153,583

$

–

$

–

BMO

Capital

Markets

Corp.

..........

4.80

04/28/23

05/01/23

30,000

30,000

30,012,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

5.00%,

due

05/15/23

to

08/15/64

.........

53,668,594

30,817,580

4.87

04/27/23

05/04/23

100,000

100,000

100,094,694

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

5.00%,

due

02/25/37

to

11/20/72

.........

1,319,670,145

104,837,487

$

–

$

–

$

130,000

$

135,655,067

$

–

$

–

BNP

Paribas

SA

....

4.79

04/28/23

05/01/23

665,000

665,000

665,265,446

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

06/30/26

to

05/15/47

.........

788,415,485

678,300,000

4.80

04/28/23

05/01/23

402,000

402,000

402,160,800

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

03/01/24

to

10/15/62

1,407,201,898

418,206,564

4.88

(b)

04/28/23

05/08/23

400,000

400,000

400,542,222

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

10.50%,

due

07/15/25

to

01/20/71

9,975,810,578

418,656,630

5.00

(b)

04/28/23

06/05/23

300,000

300,000

301,583,333

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.00%,

due

02/29/24

to

11/25/59

.

12,267,522,715

314,059,534

$

–

$

–

$

1,767,000

$

1,829,222,728

$

–

$

–

Citibank

NA

........

4.79

04/28/23

05/01/23

150,000

150,000

150,059,875

U.S.

Treasury

Obligations,

0.13%

to

7.63%,

due

11/30/24

to

08/15/51

.........

148,262,310

153,000,567

$

–

$

–

Citigroup

Global

Markets,

Inc.

...........

4.79

04/28/23

05/01/23

335,000

335,000

335,133,721

U.S.

Treasury

Obligations,

1.38%

to

3.75%,

due

04/15/26

to

08/15/32

.........

349,710,500

341,700,029

4.79

(a)

04/28/23

05/01/23

160,000

160,000

160,063,867

U.S.

Treasury

Obligations,

1.00%

to

2.13%,

due

02/29/24

to

07/31/28

.........

170,420,761

163,200,006

4.81

04/28/23

05/01/23

5,000

5,000

5,002,004

U.S.

Treasury

Obligation,

0.50%,

due

03/31/25

.........

5,462,700

5,100,056

4.81

04/28/23

05/01/23

1,750,000

1,750,000

1,750,701,458

U.S.

Treasury

Obligations,

0.13%

to

1.13%,

due

07/15/25

to

01/15/33

.........

1,632,920,000

1,785,000,100

FedFund

Schedules

of

Investments

15

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.81

%

04/27/23

05/04/23

$

500,000

$

500,000

$

500,467,639

U.S.

Treasury

Obligations,

2.00%

to

4.00%,

due

02/15/25

to

02/29/28

.........

$

516,029,400

$

510,000,063

4.89

(b)

04/28/23

05/01/23

500,000

500,000

500,203,750

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.50%,

due

07/16/28

to

03/20/73

.........

20,047,214,671

553,562,051

$

–

$

–

$

3,250,000

$

3,358,562,305

$

–

$

–

Credit

Agricole

Corporate

&

Investment

Bank

SA

4.78

(a)

04/28/23

05/01/23

600,000

600,000

600,239,000

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

01/15/25

to

02/15/53

.........

643,958,175

612,000,008

4.78

04/28/23

05/01/23

185,000

185,000

185,073,692

U.S.

Treasury

Obligations,

1.63%

to

2.88%,

due

04/30/25

to

05/15/26

.........

196,123,400

188,700,059

$

–

$

–

$

785,000

$

800,700,067

$

–

$

–

Deutsche

Bank

AG

...

4.79

04/28/23

05/01/23

50,000

50,000

50,019,958

U.S.

Treasury

Obligations,

0.00%

to

6.13%,

due

08/31/23

to

11/15/51

(c)

........

49,645,300

49,985,449

$

–

$

–

Federal

Reserve

Bank

of

New

York

.......

4.80

04/28/23

05/01/23

62,400,000

62,400,000

62,424,960,000

U.S.

Treasury

Obligations,

0.13%

to

4.63%,

due

08/15/23

to

05/15/40

.........

56,088,387,866

62,424,960,063

$

–

$

–

Fixed

Income

Clearing

Corporation

.....

4.80

04/28/23

05/01/23

500,000

500,000

500,200,000

U.S.

Treasury

Obligations,

4.80%,

due

05/01/23

.........

518,302,100

510,000,024

4.80

04/28/23

05/01/23

4,000,000

4,000,000

4,001,600,000

U.S.

Treasury

Obligations,

0.25%

to

5.00%,

due

05/15/24

to

08/15/50

.........

4,425,352,600

4,080,000,043

4.80

04/28/23

05/01/23

3,000,000

3,000,000

3,001,200,000

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.38%

to

8.00%,

due

03/31/25

to

01/01/60

5,727,896,612

3,089,924,052

4.80

04/28/23

05/01/23

500,000

500,000

500,200,000

U.S.

Treasury

Obligation,

2.88%,

due

05/15/32

.........

529,862,000

510,000,050

4.82

04/28/23

05/01/23

441,000

441,000

441,177,135

U.S.

Treasury

Obligation,

4.25%,

due

11/15/40

.........

414,000,000

449,996,415

4.82

04/28/23

05/01/23

5,000,000

5,000,000

5,002,008,333

U.S.

Treasury

Obligations,

0.00%

to

7.63%,

due

05/15/23

to

02/15/53

.........

5,558,438,670

5,100,000,001

4.82

04/28/23

05/01/23

5,000,000

5,000,000

5,002,008,333

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

05/31/23

to

02/15/50

.........

5,259,186,700

5,100,000,008

4.82

04/28/23

05/01/23

604,500

604,500

604,742,808

U.S.

Treasury

Obligation,

0.38%,

due

07/15/23

.........

477,000,000

616,832,087

4.82

04/28/23

05/01/23

454,500

454,500

454,682,558

U.S.

Treasury

Obligation,

1.63%,

due

10/15/27

.........

450,000,000

463,772,557

$

–

$

–

$

19,500,000

$

19,920,525,237

$

–

$

–

2023

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

16

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

Goldman

Sachs

&

Co.

LLC

...........

4.78

%

04/28/23

05/01/23

$

30,000

$

30,000

$

30,011,950

U.S.

Treasury

Obligations,

0.88%

to

1.25%,

due

06/30/26

to

06/30/28

.........

$

33,457,000

$

30,600,047

4.80

04/28/23

05/01/23

710,000

710,000

710,284,000

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

6.50%,

due

01/15/26

to

07/15/64

.........

823,129,291

724,200,000

4.87

(b)

04/28/23

06/05/23

1,114,500

1,114,500

1,120,229,149

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

9.86%,

due

08/25/23

to

05/16/61

.........

5,344,855,637

1,170,225,000

$

–

$

–

$

1,854,500

$

1,925,025,047

$

–

$

–

HSBC

Securities

USA,

Inc.

...........

4.80

(d)

04/28/23

05/01/23

286,000

286,000

286,114,400

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

4.50%,

due

05/04/23

to

09/15/57

635,343,668

292,351,514

4.80

04/28/23

05/01/23

96,000

96,000

96,038,400

U.S.

Treasury

Obligation,

0.00%,

due

06/06/23

.........

98,388,400

97,920,071

4.81

(b)

04/28/23

05/08/23

350,000

350,000

350,467,639

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

03/15/24

to

11/15/57

.

619,701,971

357,921,954

$

–

$

–

$

732,000

$

748,193,539

$

–

$

–

ING

Financial

Markets

LLC

...........

4.80

04/28/23

05/01/23

100,000

100,000

100,040,000

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

6.00%,

due

02/01/34

to

01/01/57

.........

272,563,469

102,993,483

4.80

04/28/23

05/01/23

25,000

25,000

25,010,000

U.S.

Treasury

Obligations,

0.13%

to

4.25%,

due

10/15/25

to

11/15/51

.........

42,126,600

25,500,010

$

–

$

–

$

125,000

$

128,493,493

$

–

$

–

JP

Morgan

Securities

LLC

...........

4.79

04/28/23

05/01/23

46,000

46,000

46,018,362

U.S.

Treasury

Obligations,

0.00%

to

4.25%,

due

06/13/23

to

11/15/51

.........

46,315,000

46,920,019

4.80

04/28/23

05/01/23

444,000

444,000

444,177,600

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

6.00%,

due

09/20/28

to

05/15/63

.........

516,323,940

452,880,001

4.82

(b)

04/28/23

05/08/23

1,500,000

1,500,000

1,502,008,333

U.S.

Treasury

Obligations,

1.13%

to

6.75%,

due

08/15/26

to

02/15/51

.........

1,935,022,200

1,530,000,016

4.84

(b)

04/28/23

05/08/23

126,500

126,500

126,670,072

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.32%,

due

04/25/25

to

07/16/64

.........

1,337,478,289

132,825,001

FedFund

Schedules

of

Investments

17

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.84

%

(b)

04/28/23

05/08/23

$

1,000,000

$

1,000,000

$

1,001,344,444

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.50%,

due

11/20/33

to

04/20/63

.........

$

1,592,239,690

$

1,020,000,001

$

–

$

–

$

3,116,500

$

3,182,625,038

$

–

$

–

Mizuho

Securities

USA

LLC

...........

4.80

04/28/23

05/01/23

50,500

50,500

50,520,200

U.S.

Treasury

Obligation,

3.50%,

due

02/15/33

.........

51,281,300

51,510,083

4.95

(b)

04/28/23

06/05/23

1,000,000

1,000,000

1,005,225,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

10.88%,

due

03/25/25

to

03/16/63

.......

4,942,364,200

1,050,000,000

$

–

$

–

$

1,050,500

$

1,101,510,083

$

–

$

–

Morgan

Stanley

&

Co.

LLC

...........

4.80

04/28/23

05/01/23

1,894,000

1,894,000

1,894,757,600

U.S.

Government

Sponsored

Agency

Obligations,

1.47%

to

6.50%,

due

12/01/23

to

01/01/59

.........

2,267,695,306

1,950,820,000

$

–

$

–

MUFG

Securities

Americas,

Inc.

....

4.79

04/28/23

05/01/23

75,000

75,000

75,029,938

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

03/21/24

to

08/15/52

.........

90,816,200

76,500,001

4.80

04/28/23

05/01/23

510,000

510,000

510,204,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.50%,

due

01/15/24

to

07/25/56

.........

8,035,062,338

531,254,709

$

–

$

–

$

585,000

$

607,754,710

$

–

$

–

Natixis

SA

.........

4.78

04/28/23

05/01/23

80,000

80,000

80,031,867

U.S.

Treasury

Obligations,

0.13%

to

4.50%,

due

02/28/26

to

02/15/53

.........

92,575,200

81,600,011

4.80

04/28/23

05/01/23

800,000

800,000

800,320,000

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

07/31/23

to

08/01/56

899,711,375

816,697,594

$

–

$

–

$

880,000

$

898,297,605

$

–

$

–

Nomura

Securities

International,

Inc.

..

4.80

04/28/23

05/01/23

195,000

195,000

195,078,000

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

9.00%,

due

08/01/23

to

04/01/53

.........

329,901,233

200,850,000

$

–

$

–

Prudential

Insurance

Co.

of

America

......

4.81

04/28/23

05/01/23

39,063

39,063

39,078,158

U.S.

Treasury

Obligation,

0.00%,

due

08/15/29

.........

50,000,000

39,859,658

4.81

04/28/23

05/01/23

159,981

159,981

160,044,751

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

358,500,000

163,242,571

4.81

04/28/23

05/01/23

21,656

21,656

21,664,931

U.S.

Treasury

Obligation,

0.00%,

due

08/15/35

.........

35,000,000

22,097,881

4.81

04/28/23

05/01/23

19,338

19,338

19,345,251

U.S.

Treasury

Obligation,

0.00%,

due

08/15/37

.........

34,000,000

19,732,171

2023

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

18

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.81

%

04/28/23

05/01/23

$

5,325

$

5,325

$

5,327,134

U.S.

Treasury

Obligation,

0.00%,

due

02/15/39

.........

$

10,000,000

$

5,433,634

4.81

04/28/23

05/01/23

37,500

37,500

37,515,031

U.S.

Treasury

Obligation,

0.00%,

due

05/15/35

.........

60,000,000

38,265,031

4.81

04/28/23

05/01/23

22,425

22,425

22,433,989

U.S.

Treasury

Obligation,

0.00%,

due

11/15/30

.........

30,000,000

22,882,489

4.81

04/28/23

05/01/23

51,525

51,525

51,545,653

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.........

60,000,000

52,576,453

4.81

04/28/23

05/01/23

23,713

23,713

23,722,005

U.S.

Treasury

Obligation,

0.00%,

due

05/15/33

.........

35,000,000

24,196,255

4.81

04/28/23

05/01/23

118,788

118,788

118,835,114

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

215,000,000

121,210,864

4.81

04/28/23

05/01/23

42,750

42,750

42,767,136

U.S.

Treasury

Obligation,

3.00%,

due

08/15/52

.........

50,000,000

43,622,136

4.81

04/28/23

05/01/23

26,750

26,747

26,760,722

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

50,000,000

27,295,722

4.81

04/28/23

05/01/23

19,263

19,263

19,270,221

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

23,000,000

19,655,471

4.81

04/28/23

05/01/23

38,250

38,250

38,265,332

U.S.

Treasury

Obligation,

0.00%,

due

11/15/34

.........

60,000,000

39,030,332

4.81

04/28/23

05/01/23

55,778

55,778

55,799,858

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

67,000,000

56,915,407

4.81

04/28/23

05/01/23

53,320

53,320

53,341,372

U.S.

Treasury

Obligation,

0.00%,

due

11/15/26

.........

62,000,000

54,407,772

$

–

$

–

$

735,422

$

750,423,847

$

–

$

–

Royal

Bank

of

Canada

4.78

04/28/23

05/01/23

192,000

192,000

192,076,480

U.S.

Treasury

Obligations,

0.63%

to

6.50%,

due

05/31/26

to

05/15/30

.........

206,125,600

195,840,084

4.80

04/28/23

05/01/23

2,300,000

2,300,000

2,300,920,000

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

9.00%,

due

05/04/23

to

06/20/69

30,602,355,763

2,363,210,439

$

–

$

–

$

2,492,000

$

2,559,050,523

$

–

$

–

Societe

Generale

SA

.

4.78

04/28/23

05/01/23

450,000

450,000

450,179,250

U.S.

Treasury

Obligations,

4.13%,

due

01/31/25

to

09/30/27

454,245,900

459,000,005

$

–

$

–

TD

Securities

USA

LLC

4.79

04/28/23

05/01/23

80,000

80,000

80,031,933

U.S.

Treasury

Obligations,

1.38%

to

4.25%,

due

10/15/25

to

10/31/28

.........

82,315,000

81,600,081

4.80

04/28/23

05/01/23

5,000

5,000

5,002,000

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

08/20/51

.........

6,940,414

5,100,000

FedFund

Schedules

of

Investments

19

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

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

4.80

%

04/28/23

05/01/23

$

50,000

$

50,000

$

50,020,000

U.S.

Government

Sponsored

Agency

Obligations,

5.00%,

due

08/20/52

to

09/20/52

$

52,226,567

$

51,000,000

$

–

$

–

$

135,000

$

137,700,081

$

–

$

–

Wells

Fargo

Securities

LLC

...........

4.79

(a)

04/28/23

05/01/23

500,000

500,000

500,199,583

U.S.

Treasury

Obligations,

0.25%

to

4.63%,

due

05/31/23

to

02/15/31

.........

585,609,432

510,000,013

4.79

04/28/23

05/01/23

100,000

100,000

100,039,917

U.S.

Treasury

Obligations,

0.88%

to

1.88%,

due

01/15/29

to

02/15/41

.........

128,768,600

102,000,061

4.81

04/28/23

05/01/23

1,100,000

1,100,000

1,100,440,917

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.00%,

due

09/01/25

to

09/01/57

.........

1,312,175,688

1,133,000,000

$

–

$

–

$

1,700,000

$

1,745,000,074

$

–

$

–

$

108,697,922

$

109,960,177,457

$

–

$

–

(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)

Includes

$994,657

of

cash

collateral

received.

(d)

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

...................................

$

—

$

108,697,921,875

$

—

$

108,697,921,875

U.S.

Government

Sponsored

Agency

Obligations

...................

—

18,235,333,359

—

18,235,333,359

U.S.

Treasury

Obligations

...................................

—

6,604,090,461

—

6,604,090,461

$

—

$

133,537,345,695

$

—

$

133,537,345,695

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

2.3%

Bank

of

America

Corp.,

4.90%, 05/04/23

...

USD

95,000

$

95,000,011

Bank

of

America

NA

5.25%, 01/31/24

.................

50,000

49,922,074

5.44%, 02/06/24

.................

28,961

28,938,949

Citibank

NA

3.82%, 07/03/23

.................

12,000

11,967,438

4.16%, 08/25/23

.................

12,000

11,942,024

(1-Day

SOFR

+

0.62%),

5.42%, 09/21/23

(a)

20,000

20,020,596

Wells

Fargo

Bank

NA,

(1-Day

SOFR

+

0.50%),

5.31%, 01/22/24

(a)

................

63,250

63,250,662

281,041,754

Euro

—

0.7%

Rabobank

International,

London,

5.01%, 06/01/23

(b)

................

90,000

89,595,891

Yankee

—

16.7%

(c)

Bank

of

Montreal,

Chicago

4.84%, 05/03/23

.................

30,000

29,999,916

(1-Day

SOFR

+

0.50%),

5.31%, 05/05/23

(a)

14,000

14,000,958

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

(a)

12,000

12,009,252

Bank

of

Nova

Scotia

(The),

Houston

(a)

(1-Day

SOFR

+

0.50%),

5.31%, 05/05/23

26,750

26,752,052

(1-Day

SOFR

+

0.51%),

5.32%, 07/10/23

40,000

40,023,503

(1-Day

SOFR

+

0.49%),

5.30%, 01/26/24

28,000

27,996,792

BNP

Paribas

SA,

New

York

4.12%, 09/06/23

.................

11,000

10,945,744

5.25%, 01/31/24

.................

50,000

49,934,343

(1-Day

SOFR

+

0.63%),

5.44%, 02/05/24

(a)

32,550

32,585,613

Canadian

Imperial

Bank

of

Commerce,

New

York

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

(a)

25,000

25,025,985

(1-Day

SOFR

+

0.75%),

5.56%, 07/21/23

(a)

7,800

7,812,765

4.65%, 09/14/23

.................

25,000

24,926,954

(1-Day

SOFR

+

0.54%),

5.35%, 01/18/24

(a)

50,000

50,022,520

5.23%, 02/02/24

.................

25,000

24,955,079

5.60%, 03/04/24

.................

40,250

40,307,020

Commonwealth

Bank

of

Australia,

New

York,

(1-Day

SOFR

+

0.40%),

5.21%, 05/12/23

(a)

50,000

50,005,621

Cooperatieve

Rabobank

UA,

New

York

(1-Day

SOFR

+

0.42%),

5.23%, 06/12/23

(a)

50,000

50,016,570

4.15%, 09/06/23

.................

13,000

12,935,829

Credit

Industriel

et

Commercial,

New

York,

(1-Day

SOFR

+

0.49%),

5.30%, 07/10/23

(a)

45,000

45,023,813

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(a)

(1-Day

SOFR

+

0.57%),

5.38%, 06/20/23

45,500

45,524,277

(1-Day

SOFR

+

0.14%),

4.95%, 07/10/23

120,000

119,973,181

Mizuho

Bank

Ltd.,

New

York,

(1-Day

SOFR

+

0.40%),

5.20%, 08/17/23

(a)

..........

63,000

63,010,883

Natixis

SA,

New

York,

5.22%, 10/13/23

....

43,000

42,947,484

Nordea

Bank

Abp,

New

York

(1-Day

SOFR

+

0.52%),

5.32%, 05/12/23

(a)

45,000

45,006,414

(1-Day

SOFR

+

0.49%),

5.30%, 05/24/23

(a)

45,000

45,011,676

5.03%, 08/17/23

.................

44,505

44,470,410

(1-Day

SOFR

+

0.45%),

5.26%, 01/18/24

(a)

47,000

47,008,577

5.15%, 02/02/24

.................

34,000

33,912,006

(1-Day

SOFR

+

0.27%),

5.08%, 02/16/24

(a)

31,650

31,601,389

Royal

Bank

of

Canada,

New

York

(a)

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

14,000

14,010,794

(1-Day

SOFR

+

0.80%),

5.61%, 10/19/23

14,000

14,030,483

Skandinaviska

Enskilda

Banken

AB,

New

York,

(1-Day

SOFR

+

0.25%),

5.05%, 03/04/24

(a)

20,000

19,956,526

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Standard

Chartered

Bank,

New

York

(1-Day

SOFR

+

0.55%),

5.36%, 05/04/23

(a)

USD

16,000

$

16,001,182

5.21%, 10/31/23

.................

60,500

60,405,865

5.63%, 03/01/24

.................

35,000

35,041,402

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-Day

SOFR

+

0.60%),

5.41%, 05/03/23

20,000

20,001,281

(1-Day

SOFR

+

0.31%),

5.12%, 08/11/23

.

92,780

92,781,335

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.80%, 05/18/23

.................

90,000

89,993,152

5.00%, 06/16/23

.................

80,000

79,987,359

(1-Day

SOFR

+

0.31%),

5.12%, 08/08/23

(a)

60,000

60,000,564

(1-Day

SOFR

+

0.18%),

4.99%, 08/25/23

(a)

63,000

62,969,262

Svenska

Handelsbanken

AB,

New

York

(a)

(1-Day

SOFR

+

0.55%),

5.35%, 05/19/23

-

04/29/24

....................

79,000

78,994,209

(1-Day

SOFR

+

0.66%),

5.46%, 07/03/23

23,000

23,019,528

Toronto-Dominion

Bank,

New

York

(1-Day

SOFR

+

0.70%),

5.51%, 05/01/23

(a)

30,000

30,001,347

2.80%, 05/08/23

.................

10,000

9,993,871

5.35%, 06/02/23

(a)

................

13,000

13,003,798

5.46%, 07/05/23

(a)

................

16,535

16,549,559

4.12%, 08/28/23

.................

22,000

21,898,570

4.35%, 09/13/23

.................

25,000

24,888,216

5.27%, 01/24/24

.................

60,000

59,903,324

5.30%, 01/29/24

(a)

................

37,000

36,996,532

Westpac

Banking

Corp.,

New

York,

(1-Day

SOFR

+

0.45%),

5.26%, 07/13/23

(a)

....

61,400

61,429,061

2,035,603,846

Total

Certificates

of

Deposit

—

19.7%

(Cost:

$2,407,067,102)

...........................

2,406,241,491

Commercial

Paper

ABN

AMRO

Funding

USA

LLC,

5.07%

,

05/22/23

(b)

.....................

84,000

83,720,896

Antalis

SA,

5.36%

,

08/01/23

(b)

..........

30,750

30,326,987

Atlantic

Asset

Securitization

LLC,

5.22%

,

06/15/23

(b)

.....................

13,000

12,911,323

Bank

of

Montreal

2.80%,

05/12/23

.................

15,000

14,987,456

(1-Day

SOFR

+

0.55%),

5.36%,

06/06/23

(a)

15,000

15,004,715

Bank

of

Nova

Scotia

(The)

(a)

(1-Day

SOFR

+

0.66%),

5.47%,

08/18/23

27,000

27,030,798

(1-Day

SOFR

+

0.36%),

5.17%,

10/23/23

(d)

85,250

85,250,496

(1-Day

SOFR

+

0.50%),

5.31%,

11/06/23

16,500

16,508,252

Barclays

Bank

plc

(b)

4.91%,

05/01/23

.................

200,000

199,919,250

5.17%,

06/16/23

(d)

................

21,000

20,855,254

Barton

Capital

SA,

5.26%

,

06/15/23

(b)

.....

63,000

62,567,568

Bedford

Row

Funding

Corp.,

4.89%

,

05/03/23

(b)

19,000

18,987,288

Bennington

Stark

Capital

Co.

LLC,

4.91%

,

05/01/23

(b)(d)

....................

93,000

92,962,514

BNZ

International

Funding

Ltd.,

(1-Day

SOFR

+

0.40%),

5.20%

,

10/27/23

(a)(d)

.........

55,100

55,096,400

BPCE

SA

(a)

(1-Day

SOFR

+

0.45%),

5.26%,

05/12/23

50,000

50,003,758

(1-Day

SOFR

+

0.58%),

5.39%,

06/01/23

(d)

50,000

50,015,322

Chariot

Funding

LLC

4.93%,

05/09/23

(b)

................

50,000

49,925,765

(1-Day

SOFR

+

0.58%),

5.38%,

05/31/23

(a)

30,000

30,011,609

Commonwealth

Bank

of

Australia

(d)

(1-Day

SOFR

+

0.60%),

5.41%,

07/13/23

(a)

20,500

20,512,604

5.40%,

02/16/24

.................

40,750

40,781,878

DNB

Bank

ASA,

5.30%

,

05/26/23

(a)

.......

47,000

47,009,887

TempCash

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Fairway

Finance

Co.

LLC,

(1-Day

SOFR

+

0.63%),

5.44%

,

05/16/23

(a)(d)

.........

USD

20,000

$

20,005,198

Federation

des

Caisses

Desjardins

du

Quebec

(b)

4.91%,

05/01/23

.................

43,000

42,982,646

4.95%,

05/08/23

.................

69,975

69,880,281

4.95%,

05/09/23

.................

40,755

40,694,268

Gotham

Funding

Corp.,

4.88%

,

05/02/23

(b)

..

52,000

51,972,215

Hydro-Quebec,

4.84%

,

05/01/23

(b)

.......

55,000

54,978,151

ING

US

Funding

LLC,

(1-Day

SOFR

+

0.60%),

5.40%

,

05/22/23

(a)

................

45,000

45,014,297

Mackinac

Funding

Co.

LLC,

5.41%

,

08/07/23

(b)

49,000

48,277,446

Macquarie

Bank

Ltd.

(1-Day

SOFR

+

0.60%),

5.40%,

06/22/23

(a)

32,000

32,016,120

5.50%,

10/23/23

(b)

................

40,000

38,955,931

5.50%,

11/06/23

(b)

................

24,475

23,786,176

5.44%,

02/12/24

(b)

................

20,000

19,163,028

National

Australia

Bank

Ltd.

(a)

(1-Day

SOFR

+

0.40%),

5.21%,

05/12/23

79,000

79,004,845

(1-Day

SOFR

+

0.58%),

5.39%,

06/15/23

40,000

40,016,815

(1-Day

SOFR

+

0.47%),

5.28%,

07/13/23

51,500

51,526,533

Natixis

SA,

New

York,

(1-Day

SOFR

+

0.67%),

5.48%

,

05/04/23

(a)

................

30,000

30,002,813

Old

Line

Funding

LLC,

5.29%

,

05/04/23

(a)(d)

.

40,000

40,002,490

PSP

Capital,

Inc.,

5.24%

,

08/17/23

(b)(d)

.....

25,000

24,608,031

Ridgefield

Funding

Co.

LLC,

5.39%

,

08/02/23

(b)

(d)

...........................

69,000

68,035,472

Siemens

Capital

Co.

LLC,

4.87%

,

05/01/23

(b)

30,000

29,988,008

Svenska

Handelsbanken

AB,

(1-Day

SOFR

+

0.70%),

5.51%

,

07/13/23

(a)

..........

20,000

20,017,848

Swedbank

AB,

(1-Day

SOFR

+

0.27%),

5.08%

,

09/01/23

(a)

.....................

48,000

47,995,034

UBS

AG

(a)(d)

(1-Day

SOFR

+

0.52%),

5.32%,

05/25/23

29,000

29,005,994

(1-Day

SOFR

+

0.40%),

5.20%,

08/02/23

34,000

33,996,878

(1-Day

SOFR

+

0.28%),

5.08%,

12/01/23

30,000

29,971,568

Versailles

Commercial

Paper

LLC,

5.13%

,

06/05/23

(b)(d)

....................

25,750

25,613,309

Westpac

Banking

Corp.

(1-Day

SOFR

+

0.40%),

5.21%,

05/12/23

(a)

50,000

50,003,066

(1-Day

SOFR

+

0.52%),

5.33%,

07/07/23

(a)

40,000

40,023,792

5.34%,

08/30/23

(b)

................

21,000

20,625,747

(1-Day

SOFR

+

0.52%),

5.33%,

04/19/24

(a)

35,000

35,000,659

Total

Commercial

Paper

—

18.0%

(Cost:

$2,208,186,130)

...........................

2,207,554,679

Corporate

Bonds

Consumer

Finance

—

0.3%

Toyota

Motor

Credit

Corp.

(a)

(1-Day

SOFR

+

0.75%),

5.55%,

07/25/23

15,410

15,424,992

(1-Day

SOFR

+

0.38%),

5.18%,

02/22/24

22,655

22,581,002

Total

Corporate

Bonds

—

0.3%

(Cost:

$38,065,000)

..............................

38,005,994

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

Arizona

—

0.0%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0949,

COP

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

5.00%, 05/05/23

(d)(e)(f)

.....

USD

3,700

$

3,700,000

California

—

0.1%

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XMT0955,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

5.02%, 05/05/23

(d)(e)(f)

..............

7,000

7,000,000

Iowa

—

0.1%

Iowa

Student

Loan

Liquidity

Corp.

,

Series

2023-1,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.88%, 05/05/23

(f)

............

13,861

13,861,000

New

York

—

0.2%

(f)

State

of

New

York

Mortgage

Agency

,

Series

2021-238,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.88%, 05/05/23

.............

18,000

18,000,000

Taxable

Series

2021-XMT0962,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.77%, 05/05/23

(d)(e)

.....

2,255

2,255,000

20,255,000

Other

—

0.8%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.93%, 05/05/23

36,080

36,080,000

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)

,

5.07%, 05/05/23

....

17,178

17,177,914

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.07%, 05/05/23

8,005

8,005,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-11,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

4,160

4,160,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-002,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

22,100

22,100,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-008,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 05/05/23

2,000

2,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-010,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

9,000

9,000,000

Taxable

Series

2021-BTMFT-007,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-007,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

.................

5,400

5,400,000

103,922,914

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Texas

—

0.0%

Taxable

Series

2021-XF2,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2939TX,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

5.07%, 05/05/23

(d)(e)(f)

..............

USD

1,165

$

1,164,615

Total

Municipal

Bonds

—

1.2%

(Cost:

$149,903,529)

.............................

149,903,529

Time

Deposits

ABN

AMRO

Bank

NV,

4.81%, 05/01/23

....

50,000

50,000,000

Credit

Agricole

Corporate

&

Investment

Bank

SA,

4.80%, 05/01/23

..............

75,468

75,468,000

Erste

Group

Bank

AG,

4.82%, 05/01/23

....

154,000

154,000,000

First

Abu

Dhabi

Bank

USA

NV,

4.82%, 05/01/23

210,000

210,000,000

ING

Bank

NV,

4.83%, 05/03/23

.........

400,000

400,000,000

KBC

BANK

NV,

4.82%, 05/01/23

........

10,000

10,000,000

Mizuho

Bank

Ltd.,

4.82%, 05/01/23

.......

5,000

5,000,000

Royal

Bank

of

Canada,

4.82%, 05/01/23

...

171,000

171,000,000

Skandinaviska

Enskilda

Banken

AB,

4.81%, 05/01/23

.................

422,000

422,000,000

Svenska

Handelsbanken

AB,

4.80%, 05/01/23

5,000

5,000,000

Total

Time

Deposits

—

12.3%

(Cost:

$1,502,468,000)

...........................

1,502,468,000

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3-mo.

Treasury

Bill

Rate

+

0.00%),

5.10%, 05/05/23

(a)

...............

USD

7,500

$

7,500,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

(Cost:

$7,500,000)

..............................

7,500,000

Total

Repurchase

Agreements

—

45.8%

(Cost:

$5,602,000,000)

...........................

5,602,000,000

Total

Investments

—

97.4%

(Cost:

$11,915,189,761

)

(g)

..........................

11,913,673,693

Other

Assets

Less

Liabilities

—

2.6%

...................

320,651,136

Net

Assets

—

100.0%

..............................

$

12,234,324,829

(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.

TempCash

Schedules

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

...

4.93

%

(a)

04/28/23

05/08/23

$

20,000

$

20,000

$

20,027,389

Corporate/Debt

Obligations,

0.00%,

due

07/06/23

to

10/05/23

$

20,932,028

$

20,609,876

5.13

(a)

04/28/23

06/05/23

80,000

80,000

80,433,200

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

5.45%,

due

04/25/50

to

08/17/61

.........

943,020,918

85,600,000

$

–

$

–

$

100,000

$

106,209,876

$

–

$

–

Bank

of

Montreal

....

4.87

04/27/23

05/04/23

5,000

5,000

5,004,735

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

01/20/48

.........

5,630,834

5,100,000

$

–

$

–

Barclays

Bank

plc

...

4.91

(b)

04/28/23

05/01/23

198,000

198,000

198,081,015

Corporate/Debt

Obligations,

1.45%

to

6.33%,

due

04/01/24

to

12/31/57

.........

234,154,000

207,900,323

4.93

(b)

04/28/23

05/01/23

25,000

25,000

25,010,271

Corporate/Debt

Obligations,

7.35%

to

7.63%,

due

11/01/39

to

03/01/40

.........

20,660,000

26,754,331

5.03

(b)

04/28/23

05/01/23

10,000

10,000

10,004,192

Corporate/Debt

Obligations,

8.25%

to

13.50%,

due

02/15/25

to

03/31/27

.......

12,146,000

11,500,896

5.06

(a)

04/28/23

06/05/23

18,000

18,000

18,096,140

Corporate/Debt

Obligations,

7.50%

to

7.63%,

due

04/01/34

to

03/01/40

.........

15,260,000

19,265,119

$

–

$

–

$

251,000

$

265,420,669

$

–

$

–

Barclays

Capital,

Inc.

.

5.04

(a)

04/28/23

06/05/23

95,000

95,000

95,505,400

Corporate/Debt

Obligations,

0.00%,

due

06/22/23

to

07/10/23

100,803,029

99,750,001

$

–

$

–

BNP

Paribas

SA

....

4.91

(b)

04/28/23

05/01/23

51,000

51,000

51,020,868

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.03%

to

14.67%,

due

07/21/25

to

10/31/82

.......

59,762,871

54,517,407

$

–

$

–

Citigroup

Global

Markets,

Inc.

...........

4.79

(c)

04/28/23

05/01/23

90,000

90,000

90,035,925

U.S.

Treasury

Obligations,

1.00%

to

2.13%,

due

02/29/24

to

07/31/28

.........

95,861,679

91,800,003

4.81

04/28/23

05/01/23

180,000

180,000

180,072,150

U.S.

Treasury

Obligations,

1.63%

to

4.00%,

due

05/15/26

to

02/28/30

.........

181,557,400

183,600,060

4.88

(b)

04/28/23

05/01/23

19,000

19,000

19,007,727

Corporate/Debt

Obligation,

0.00%,

due

05/03/23

.........

19,966,733

19,950,001

5.12

(a)

04/28/23

07/02/23

5,000

5,000

5,046,222

Corporate/Debt

Obligation,

2.50%,

due

02/25/52

.........

7,390,036

5,350,000

$

–

$

–

$

294,000

$

300,700,064

$

–

$

–

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

24

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds  

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Credit

Agricole

Corporate

&

Investment

Bank

SA

4.80

%

04/28/23

05/01/23

$

405,000

$

405,000

$

405,162,000

U.S.

Government

Sponsored

Agency

Obligation,

2.00%,

due

01/20/51

.........

$

646,474,915

$

413,100,000

4.80

04/28/23

05/01/23

100,000

100,000

100,040,000

U.S.

Treasury

Obligation,

2.00%,

due

02/15/25

.........

105,680,700

102,000,042

4.94

(a)

04/28/23

05/08/23

37,000

37,000

37,050,772

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.51%

to

11.75%,

due

06/09/23

to

06/01/54

.......

40,352,160

39,263,956

$

–

$

–

$

542,000

$

554,363,998

$

–

$

–

Federal

Reserve

Bank

of

New

York

.......

4.80

04/28/23

05/01/23

1,850,000

1,850,000

1,850,740,000

U.S.

Treasury

Obligation,

0.25%,

due

05/15/24

.........

1,937,475,800

1,850,740,039

$

–

$

–

JP

Morgan

Securities

LLC

...........

4.80

04/28/23

05/01/23

1,771,000

1,771,000

1,771,708,400

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

6.00%,

due

05/20/34

to

03/15/64

.........

3,259,687,456

1,806,420,001

4.93

(b)

04/28/23

05/01/23

50,000

50,000

50,020,542

Corporate/Debt

Obligations,

0.00%

to

4.85%,

due

05/04/23

to

11/03/23

.........

52,155,700

51,754,560

5.01

(b)

04/28/23

05/01/23

25,000

25,000

25,010,437

Corporate/Debt

Obligations,

3.73%

to

4.00%,

due

05/15/36

to

01/01/53

.........

26,570,000

26,754,487

5.03

(b)

04/28/23

05/01/23

25,000

25,000

25,010,479

Corporate/Debt

Obligations,

3.65%

to

7.04%,

due

05/09/24

to

05/15/2115

.......

27,026,524

26,779,451

5.11

(b)

04/28/23

05/01/23

70,000

70,000

70,029,808

Corporate/Debt

Obligations,

4.75%

to

13.50%,

due

04/15/25

to

05/01/34

.......

79,306,000

79,612,099

5.11

(a)

04/28/23

05/08/23

100,000

100,000

100,141,944

Corporate/Debt

Obligations,

2.07%

to

8.38%,

due

02/01/25

to

04/25/57

.........

113,670,210

107,019,585

5.29

(a)

04/28/23

07/30/23

65,000

65,000

65,888,279

Corporate/Debt

Obligations,

0.00%

to

7.37%,

due

08/16/33

to

08/25/58

.........

234,798,262

69,550,001

5.29

(a)

04/28/23

07/30/23

25,000

25,000

25,341,646

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

8.66%,

due

05/18/23

to

04/15/60

.........

10,295,222,843

26,812,474

5.29

(a)

04/28/23

07/30/23

90,000

90,000

91,229,925

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.29%

to

7.52%,

due

07/01/29

to

11/25/61

.........

719,601,875

96,832,101

$

–

$

–

$

2,221,000

$

2,291,534,759

$

–

$

–

TempCash

Schedules

of

Investments

25

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

Mizuho

Securities

USA

LLC

...........

5.26

%

(a)

04/28/23

06/05/23

$

50,000

$

50,000

$

50,277,611

Corporate/Debt

Obligations,

0.00%

to

5.50%,

due

09/15/32

to

12/01/52

.........

$

68,620,000

$

53,502,365

$

–

$

–

Natixis

SA

.........

4.96

(a)

04/28/23

05/08/23

9,000

9,000

9,012,400

Corporate/Debt

Obligations,

1.00%

to

7.50%,

due

10/01/25

to

11/15/95

.........

9,676,497

9,450,581

5.04

(a)

04/28/23

05/08/23

9,000

9,000

9,012,600

Corporate/Debt

Obligations,

3.25%

to

7.50%,

due

04/15/24

to

01/15/67

.........

12,416,762

9,927,098

$

–

$

–

$

18,000

$

19,377,679

$

–

$

–

TD

Securities

USA

LLC

4.89

(b)

04/28/23

05/01/23

26,000

26,000

26,010,595

Corporate/Debt

Obligations,

3.20%

to

5.20%,

due

11/21/29

to

09/15/42

.........

29,248,000

27,300,245

$

–

$

–

Wells

Fargo

Securities

LLC

...........

4.81

04/28/23

05/01/23

10,000

10,000

10,004,008

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

5.50%,

due

03/01/35

to

11/01/52

.........

21,073,883

10,300,000

5.01

02/06/23

05/04/23

25,000

25,000

25,302,688

Corporate/Debt

Obligations,

0.25%

to

8.54%,

due

06/17/24

to

05/25/66

.........

56,667,291

26,750,000

5.06

02/13/23

05/05/23

21,000

21,000

21,239,085

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.50%

to

6.29%,

due

03/15/39

to

01/25/65

.........

28,973,739

22,470,001

5.21

(a)

04/28/23

07/30/23

43,000

43,000

43,578,744

Corporate/Debt

Obligations,

0.50%

to

6.47%,

due

03/20/25

to

10/25/66

.........

80,321,393

46,010,791

$

–

$

–

$

99,000

$

105,530,792

$

–

$

–

$

5,602,000

$

5,734,047,894

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Traded

in

a

joint

account.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

26

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

.....................................

$

—

$

2,406,241,491

$

—

$

2,406,241,491

Commercial

Paper

.......................................

—

2,207,554,679

—

2,207,554,679

Corporate

Bonds

........................................

—

38,005,994

—

38,005,994

Municipal

Bonds

.........................................

—

149,903,529

—

149,903,529

Repurchase

Agreements

...................................

—

5,602,000,000

—

5,602,000,000

Time

Deposits

..........................................

—

1,502,468,000

—

1,502,468,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

7,500,000

—

7,500,000

$

—

$

11,913,673,693

$

—

$

11,913,673,693

TempFund

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

3.1%

Bank

of

America

Corp.,

4.90%, 05/04/23

...

USD

45,000

$

45,000,005

Bank

of

America

NA

5.25%, 01/31/24

.................

30,000

29,953,245

5.44%, 02/06/24

.................

18,388

18,373,999

Citibank

NA

3.82%, 07/03/23

.................

17,500

17,452,514

4.16%, 08/25/23

.................

14,500

14,429,945

(1-Day

SOFR

+

0.62%),

5.42%, 09/21/23

(a)

20,000

20,020,596

Wells

Fargo

Bank

NA,

(1-Day

SOFR

+

0.50%),

5.31%, 01/22/24

(a)

................

30,000

30,000,314

175,230,618

Euro

—

0.7%

Rabobank

International,

London,

5.01%, 06/01/23

(b)

................

40,500

40,318,151

Yankee

—

21.2%

(c)

Bank

of

Montreal,

Chicago

4.84%, 05/03/23

.................

15,000

14,999,958

(1-Day

SOFR

+

0.50%),

5.31%, 05/05/23

(a)

30,000

30,002,054

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

(a)

20,000

20,015,420

Bank

of

Nova

Scotia

(The),

Houston

(a)

(1-Day

SOFR

+

0.50%),

5.31%, 05/05/23

65,000

65,004,986

(1-Day

SOFR

+

0.49%),

5.30%, 01/26/24

14,000

13,998,396

BNP

Paribas

SA,

New

York

4.12%, 09/06/23

.................

13,000

12,935,879

5.25%, 01/31/24

.................

30,000

29,960,606

(1-Day

SOFR

+

0.63%),

5.44%, 02/05/24

(a)

25,000

25,027,352

Canadian

Imperial

Bank

of

Commerce,

New

York

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

(a)

40,000

40,041,576

(1-Day

SOFR

+

0.75%),

5.56%, 07/21/23

(a)

11,700

11,719,148

(1-Day

SOFR

+

0.54%),

5.35%, 01/18/24

(a)

25,000

25,011,260

5.60%, 03/04/24

.................

20,000

20,028,333

Commonwealth

Bank

of

Australia,

New

York,

(1-Day

SOFR

+

0.40%),

5.21%, 05/12/23

(a)

18,000

18,002,024

Cooperatieve

Rabobank

UA,

New

York

(1-Day

SOFR

+

0.42%),

5.23%, 06/12/23

(a)

50,000

50,016,570

4.15%, 09/06/23

.................

14,000

13,930,893

Credit

Industriel

et

Commercial,

New

York,

(1-Day

SOFR

+

0.49%),

5.30%, 07/10/23

(a)

30,000

30,015,875

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(a)

(1-Day

SOFR

+

0.57%),

5.38%, 06/20/23

45,000

45,024,010

(1-Day

SOFR

+

0.14%),

4.95%, 07/10/23

50,000

49,988,825

Mizuho

Bank

Ltd.,

New

York,

(1-Day

SOFR

+

0.40%),

5.20%, 08/17/23

(a)

..........

30,000

30,005,182

Natixis

SA,

New

York,

5.22%, 10/13/23

....

31,000

30,962,140

Nordea

Bank

Abp,

New

York

(1-Day

SOFR

+

0.52%),

5.32%, 05/12/23

(a)

30,000

30,004,276

(1-Day

SOFR

+

0.49%),

5.30%, 05/24/23

(a)

40,500

40,510,509

5.03%, 08/17/23

.................

32,000

31,975,129

(1-Day

SOFR

+

0.45%),

5.26%, 01/18/24

(a)

28,000

28,005,110

(1-Day

SOFR

+

0.27%),

5.08%, 02/16/24

(a)

18,350

18,321,816

Royal

Bank

of

Canada,

New

York

(a)

(1-Day

SOFR

+

0.65%),

5.46%, 07/03/23

23,000

23,017,733

(1-Day

SOFR

+

0.80%),

5.61%, 10/19/23

14,000

14,030,484

Standard

Chartered

Bank,

New

York

(1-Day

SOFR

+

0.55%),

5.36%, 05/04/23

(a)

34,000

34,002,511

5.21%, 10/31/23

.................

39,000

38,939,318

5.63%, 03/01/24

.................

20,000

20,023,658

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-Day

SOFR

+

0.60%),

5.41%, 05/03/23

40,000

40,002,562

(1-Day

SOFR

+

0.31%),

5.12%, 08/11/23

.

20,000

20,000,288

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

5.00%, 06/16/23

.................

USD

30,000

$

29,995,260

(1-Day

SOFR

+

0.31%),

5.12%, 08/08/23

(a)

31,000

31,000,291

Svenska

Handelsbanken

AB,

New

York,

(1-Day

SOFR

+

0.66%),

5.46%, 07/03/23

(a)

....

36,000

36,030,566

Toronto-Dominion

Bank,

New

York

(1-Day

SOFR

+

0.70%),

5.51%, 05/01/23

(a)

28,000

28,001,257

2.80%, 05/08/23

.................

23,000

22,985,903

5.35%, 06/02/23

(a)

................

25,000

25,007,304

5.46%, 07/05/23

(a)

................

24,975

24,996,991

4.12%, 08/28/23

.................

22,000

21,898,570

4.35%, 09/13/23

.................

25,000

24,888,216

5.27%, 01/24/24

.................

30,000

29,951,662

Westpac

Banking

Corp.,

New

York,

(1-Day

SOFR

+

0.45%),

5.26%, 07/13/23

(a)

....

25,000

25,011,832

1,215,291,733

Total

Certificates

of

Deposit

—

25.0%

(Cost:

$1,431,249,035)

...........................

1,430,840,502

Commercial

Paper

Bank

of

Montreal

2.80%,

05/12/23

.................

30,000

29,974,912

(1-Day

SOFR

+

0.55%),

5.36%,

06/06/23

(a)

35,000

35,011,002

Bank

of

Nova

Scotia

(The)

(a)

(1-Day

SOFR

+

0.66%),

5.47%,

08/18/23

25,250

25,278,801

(1-Day

SOFR

+

0.36%),

5.17%,

10/23/23

(d)

39,000

39,000,227

Barclays

Bank

plc,

4.91

%

,

05/01/23

(b)

.....

5,000

4,997,981

Bennington

Stark

Capital

Co.

LLC,

4.91

%

,

05/01/23

(b)(d)

....................

45,000

44,981,861

BNZ

International

Funding

Ltd.,

(1-Day

SOFR

+

0.40%),

5.20%

,

10/27/23

(a)(d)

.........

15,000

14,999,020

BPCE

SA,

(1-Day

SOFR

+

0.45%),

5.26%

,

05/12/23

(a)

.....................

50,000

50,003,758

Chariot

Funding

LLC,

(1-Day

SOFR

+

0.58%),

5.38%

,

05/31/23

(a)

................

21,500

21,508,320

Commonwealth

Bank

of

Australia,

5.40%

,

02/16/24

(d)

.....................

21,000

21,016,428

DNB

Bank

ASA,

5.30%

,

05/26/23

(a)

.......

46,000

46,009,677

Fairway

Finance

Co.

LLC,

(1-Day

SOFR

+

0.63%),

5.44%

,

05/16/23

(a)(d)

.........

15,000

15,003,899

Federation

des

Caisses

Desjardins

du

Quebec,

4.95

%

,

05/09/23

(b)

................

23,545

23,509,913

ING

US

Funding

LLC,

(1-Day

SOFR

+

0.60%),

5.40%

,

05/22/23

(a)

................

45,000

45,014,297

Mackinac

Funding

Co.

LLC,

5.41%

,

08/07/23

(b)

15,500

15,271,437

Macquarie

Bank

Ltd.

(1-Day

SOFR

+

0.60%),

5.40%,

06/22/23

(a)

33,000

33,016,624

5.50%,

10/23/23

(b)

................

30,000

29,216,948

5.50%,

11/06/23

(b)

................

15,235

14,806,226

5.44%,

02/12/24

(b)

................

15,000

14,372,271

National

Australia

Bank

Ltd.

(a)

(1-Day

SOFR

+

0.40%),

5.21%,

05/12/23

50,000

50,003,066

(1-Day

SOFR

+

0.58%),

5.39%,

06/15/23

35,000

35,014,714

(1-Day

SOFR

+

0.47%),

5.28%,

07/13/23

40,000

40,020,608

Old

Line

Funding

LLC,

5.29%

,

05/04/23

(a)(d)

.

34,000

34,002,116

PSP

Capital,

Inc.,

5.24%

,

08/17/23

(b)(d)

.....

19,000

18,702,104

Ridgefield

Funding

Co.

LLC,

5.39%

,

08/02/23

(b)

(d)

...........................

20,000

19,720,427

Siemens

Capital

Co.

LLC,

4.87

%

,

05/01/23

(b)

14,000

13,994,404

Svenska

Handelsbanken

AB,

(1-Day

SOFR

+

0.70%),

5.51%

,

07/13/23

(a)

..........

20,000

20,017,848

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Swedbank

AB,

(1-Day

SOFR

+

0.27%),

5.08%

,

09/01/23

(a)

.....................

USD

30,000

$

29,996,897

UBS

AG

(a)(d)

(1-Day

SOFR

+

0.52%),

5.32%,

05/25/23

34,000

34,007,027

(1-Day

SOFR

+

0.40%),

5.20%,

08/02/23

16,000

15,998,531

Versailles

Commercial

Paper

LLC,

5.13%

,

06/05/23

(b)(d)

....................

15,000

14,920,374

Westpac

Banking

Corp.

(1-Day

SOFR

+

0.40%),

5.21%,

05/12/23

(a)

50,000

50,003,066

(1-Day

SOFR

+

0.52%),

5.33%,

07/07/23

(a)

28,000

28,016,654

5.34%,

08/30/23

(b)

................

24,000

23,572,283

(1-Day

SOFR

+

0.52%),

5.33%,

04/19/24

(a)

13,000

13,000,245

Total

Commercial

Paper

—

16.8%

(Cost:

$964,147,430)

.............................

963,983,966

Corporate

Bonds

Consumer

Finance

—

0.6%

Toyota

Motor

Credit

Corp.

(a)

(1-Day

SOFR

+

0.75%),

5.55%,

07/25/23

20,030

20,049,488

(1-Day

SOFR

+

0.38%),

5.18%,

02/22/24

13,595

13,550,594

Total

Corporate

Bonds

—

0.6%

(Cost:

$33,625,000)

..............................

33,600,082

Municipal

Bonds

Arizona

—

0.1%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0949,

COP

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

5.00%, 05/05/23

(d)(e)(f)

.....

5,215

5,215,000

California

—

0.2%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2020-MIZ9042,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

4.93%, 05/05/23

....

3,155

3,155,000

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XMT0955,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

5.02%, 05/05/23

.................

10,885

10,885,000

14,040,000

Iowa

—

0.1%

Iowa

Student

Loan

Liquidity

Corp.

,

Series

2023-1,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.88%, 05/05/23

(f)

............

6,139

6,139,000

New

York

—

0.6%

(f)

State

of

New

York

Mortgage

Agency

,

Series

2021-238,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.88%, 05/05/23

.............

27,000

27,000,000

Taxable

Series

2021-XMT0962,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.77%, 05/05/23

(d)(e)

.....

4,245

4,245,000

31,245,000

Security

Par

(000)

Par

(000)

Value

Other

—

3.1%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.93%, 05/05/23

USD

31,095

$

31,095,000

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)

,

5.07%, 05/05/23

....

51,111

51,111,196

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.07%, 05/05/23

8,920

8,920,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-11,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

7,435

7,435,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-XF2908,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

5.07%, 05/05/23

.................

27,490

27,489,810

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-002,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

26,600

26,600,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-008,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 05/05/23

4,000

4,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-010,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

11,800

11,800,000

Taxable

Series

2021-BTMFT-007,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2021-BTMFT-007,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.22%, 06/02/23

.................

9,000

9,000,000

177,451,006

Total

Municipal

Bonds

—

4.1%

(Cost:

$234,090,006)

.............................

234,090,006

Time

Deposits

Credit

Agricole

Corporate

&

Investment

Bank

SA,

4.80%, 05/01/23

..............

21,075

21,075,000

Erste

Group

Bank

AG,

4.82%, 05/01/23

....

158,000

158,000,000

First

Abu

Dhabi

Bank

USA

NV,

4.82%, 05/01/23

98,000

98,000,000

ING

Bank

NV,

4.83%, 05/03/23

.........

205,000

205,000,000

Mizuho

Bank

Ltd.,

4.82%, 05/01/23

.......

5,000

5,000,000

Royal

Bank

of

Canada,

4.82%, 05/01/23

...

157,000

157,000,000

Skandinaviska

Enskilda

Banken

AB,

4.81%, 05/01/23

.................

259,000

259,000,000

Svenska

Handelsbanken

AB,

4.80%, 05/01/23

5,000

5,000,000

Total

Time

Deposits

—

15.9%

(Cost:

$908,075,000)

.............................

908,075,000

TempFund

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Agency

Obligations

—

0.1%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3-mo.

Treasury

Bill

Rate

+

0.00%),

5.10%, 05/05/23

(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

—

31.5%

(Cost:

$1,799,000,000)

...........................

1,799,000,000

Total

Investments

—

94.0%

(Cost:

$5,375,686,471

)

(g)

..........................

5,375,089,556

Other

Assets

Less

Liabilities

—

6.0%

...................

340,901,947

Net

Assets

—

100.0%

..............................

$

5,715,991,503

(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.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

30

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

...

4.80

%

(a)

04/28/23

05/01/23

$

150,000

$

150,000

$

150,060,000

U.S.

Treasury

Obligations,

0.00%,

due

02/15/27

to

08/15/38

$

228,495,620

$

153,000,000

4.93

(b)

04/28/23

05/08/23

9,000

9,000

9,012,325

Corporate/Debt

Obligation,

0.00%,

due

08/08/23

.........

9,413,251

9,270,000

5.13

(b)

04/28/23

06/05/23

48,000

48,000

48,259,920

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

6.20%,

due

09/17/29

to

06/25/60

.........

2,981,142,352

51,360,000

$

–

$

–

$

207,000

$

213,630,000

$

–

$

–

Bank

of

Montreal

....

4.87

04/27/23

05/04/23

8,000

8,000

8,007,576

U.S.

Government

Sponsored

Agency

Obligation,

3.50%,

due

07/20/47

.........

8,953,988

8,160,000

$

–

$

–

Barclays

Bank

plc

...

4.91

(c)

04/28/23

05/01/23

138,000

138,000

138,056,465

Corporate/Debt

Obligations,

2.20%

to

6.44%,

due

04/01/24

to

11/15/48

.........

147,548,000

144,900,376

4.93

(c)

04/28/23

05/01/23

25,000

25,000

25,010,271

Corporate/Debt

Obligation,

7.63%,

due

03/01/40

.........

20,515,000

26,750,389

5.03

(c)

04/28/23

05/01/23

22,000

22,000

22,009,222

Corporate/Debt

Obligations,

5.00%

to

8.50%,

due

10/30/25

to

08/15/29

.........

28,544,000

25,300,071

5.06

(b)

04/28/23

06/05/23

8,000

8,000

8,042,729

Corporate/Debt

Obligation,

7.50%,

due

04/01/34

.........

6,810,000

8,560,749

$

–

$

–

$

193,000

$

205,511,585

$

–

$

–

Barclays

Capital,

Inc.

.

5.04

(b)

04/28/23

06/05/23

66,000

66,000

66,351,120

Corporate/Debt

Obligation,

0.00%,

due

07/10/23

.........

70,053,850

69,300,001

$

–

$

–

BNP

Paribas

SA

....

4.91

(c)

04/28/23

05/01/23

24,000

24,000

24,009,820

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

4.95%

to

10.50%,

due

04/25/43

to

12/31/79

.......

23,254,281

25,200,001

$

–

$

–

Citigroup

Global

Markets,

Inc.

...........

4.79

(a)

04/28/23

05/01/23

90,000

90,000

90,035,925

U.S.

Treasury

Obligations,

1.00%

to

2.13%,

due

02/29/24

to

07/31/28

.........

95,861,679

91,800,003

4.81

04/28/23

05/01/23

10,000

10,000

10,004,008

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.10%

to

30.46%,

due

04/20/53

to

07/16/53

.......

95,718,911

10,738,753

4.88

(c)

04/28/23

05/01/23

29,000

29,000

29,011,793

Corporate/Debt

Obligations,

0.00%,

due

05/05/23

to

05/15/23

30,484,845

30,450,000

TempFund

Schedules

of

Investments

31

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

5.12

%

(b)

04/28/23

07/02/23

$

5,000

$

5,000

$

5,046,222

Corporate/Debt

Obligation,

2.50%,

due

02/25/52

.........

$

7,390,036

$

5,350,000

$

–

$

–

$

134,000

$

138,338,756

$

–

$

–

Credit

Agricole

Corporate

&

Investment

Bank

SA

4.78

(a)

04/28/23

05/01/23

50,000

50,000

50,019,917

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

01/15/25

to

02/15/53

.........

53,663,173

50,999,993

4.80

04/28/23

05/01/23

35,000

35,000

35,014,000

U.S.

Treasury

Obligation,

2.25%,

due

08/15/27

.........

37,649,400

35,700,070

4.94

(b)

04/28/23

05/08/23

68,000

68,000

68,093,311

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.00%

to

8.75%,

due

09/15/23

to

08/25/64

.........

71,460,831

71,553,190

$

–

$

–

$

153,000

$

158,253,253

$

–

$

–

Federal

Reserve

Bank

of

New

York

.......

4.80

04/28/23

05/01/23

550,000

550,000

550,220,000

U.S.

Treasury

Obligation,

0.25%,

due

05/15/24

.........

576,006,400

550,220,089

$

–

$

–

JP

Morgan

Securities

LLC

...........

4.80

04/28/23

05/01/23

1,000

1,000

1,000,400

U.S.

Government

Sponsored

Agency

Obligation,

2.00%,

due

09/20/50

.........

1,743,669

1,020,001

4.84

(b)

04/28/23

05/08/23

59,000

59,000

59,079,322

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

4.50%,

due

11/25/28

to

07/16/64

.........

1,590,080,257

61,950,001

4.93

(c)

04/28/23

05/01/23

25,000

25,000

25,010,271

Corporate/Debt

Obligations,

1.00%

to

6.85%,

due

11/19/24

to

07/28/2121

.......

34,580,000

26,449,555

5.01

(c)

04/28/23

05/01/23

13,000

13,000

13,005,428

Corporate/Debt

Obligations,

3.80%

to

4.02%,

due

12/01/43

to

01/31/52

.........

15,339,050

13,754,872

5.03

(c)

04/28/23

05/01/23

12,000

12,000

12,005,030

Corporate/Debt

Obligations,

0.00%

to

7.55%,

due

01/01/24

to

04/20/52

.........

15,332,000

12,890,033

5.11

(c)

04/28/23

05/01/23

30,000

30,000

30,012,775

Corporate/Debt

Obligations,

5.50%

to

11.00%,

due

09/15/24

to

08/08/28

.......

33,164,074

34,500,000

5.11

(b)

04/28/23

05/08/23

50,000

50,000

50,070,972

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.18%

to

6.89%,

due

06/15/27

to

05/15/53

.........

59,551,869

53,528,070

5.29

(b)

04/28/23

07/30/23

30,000

30,000

30,409,975

Corporate/Debt

Obligations,

2.99%

to

6.85%,

due

02/22/28

to

01/15/53

.........

35,497,554

32,100,002

2023

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

32

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

5.29

%

(b)

04/28/23

07/30/23

$

40,000

$

40,000

$

40,546,633

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

6.90%

to

7.59%,

due

07/21/31

to

06/01/39

.........

$

43,069,149

$

42,800,002

$

–

$

–

$

260,000

$

278,992,536

$

–

$

–

Mizuho

Securities

USA

LLC

...........

4.96

(c)

04/28/23

05/01/23

71,000

71,000

71,029,347

Corporate/Debt

Obligations,

4.13%

to

5.25%,

due

10/01/34

to

10/01/57

.........

69,545,000

75,971,172

5.26

(b)

04/28/23

06/05/23

8,000

8,000

8,044,418

Corporate/Debt

Obligations,

4.00%

to

5.00%,

due

02/01/39

to

10/01/52

.........

7,745,000

8,562,946

$

–

$

–

$

79,000

$

84,534,118

$

–

$

–

Natixis

SA

.........

4.96

(b)

04/28/23

05/08/23

16,000

16,000

16,022,044

Corporate/Debt

Obligations,

1.00%

to

7.50%,

due

11/26/24

to

11/15/95

.........

18,058,194

16,800,000

5.04

(b)

04/28/23

05/08/23

16,000

16,000

16,022,400

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.70%

to

7.74%,

due

05/09/24

to

01/15/67

.........

20,012,874

17,329,194

$

–

$

–

$

32,000

$

34,129,194

$

–

$

–

TD

Securities

USA

LLC

4.89

(c)

04/28/23

05/01/23

20,000

20,000

20,008,150

Corporate/Debt

Obligations,

3.50%

to

6.15%,

due

02/15/24

to

04/01/63

.........

21,776,000

21,000,181

$

–

$

–

Wells

Fargo

Securities

LLC

...........

4.81

04/28/23

05/01/23

10,000

10,000

10,004,008

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

6.00%,

due

07/01/35

to

02/01/53

.........

12,435,286

10,300,000

5.01

02/06/23

05/04/23

30,000

30,000

30,363,225

Corporate/Debt

Obligations,

0.53%

to

8.76%,

due

03/20/25

to

08/25/62

.........

65,038,691

32,100,097

5.06

02/13/23

05/05/23

13,000

13,000

13,148,005

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.11%

to

6.05%,

due

11/15/34

to

11/25/57

.........

128,546,989

13,910,000

5.21

(b)

04/28/23

07/30/23

20,000

20,000

20,269,183

Corporate/Debt

Obligations,

0.58%

to

8.54%,

due

03/17/25

to

08/25/62

.........

23,835,265

21,400,000

$

–

$

–

$

73,000

$

77,710,097

$

–

$

–

$

1,799,000

$

1,864,979,811

$

–

$

–

(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.

TempFund

Schedules

of

Investments

33

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

.....................................

$

—

$

1,430,840,502

$

—

$

1,430,840,502

Commercial

Paper

.......................................

—

963,983,966

—

963,983,966

Corporate

Bonds

........................................

—

33,600,082

—

33,600,082

Municipal

Bonds

.........................................

—

234,090,006

—

234,090,006

Repurchase

Agreements

...................................

—

1,799,000,000

—

1,799,000,000

Time

Deposits

..........................................

—

908,075,000

—

908,075,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

5,500,000

—

5,500,000

$

—

$

5,375,089,556

$

—

$

5,375,089,556

2023

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

,

4.75%, 04/18/24

(a)

.....

USD

208,520

$

199,257,715

U.S.

Treasury

Notes

1.75%, 05/15/23

.................

188,145

188,118,659

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.12%, 01/31/24

(b)

....

932,665

932,664,061

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.06%, 04/30/24

(b)

....

267,915

267,721,431

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.27%, 10/31/24

(b)

...

567,995

568,064,793

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.33%, 01/31/25

(b)

...

400,000

400,140,514

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.30%, 04/30/25

(b)

...

USD

1,991,175

$

1,991,170,377

Total

U.S.

Treasury

Obligations

—

4.8%

(Cost:

$4,547,137,550)

...........................

4,547,137,550

Total

Repurchase

Agreements

—

91.9%

(Cost:

$86,971,346,250)

...........................

86,971,346,250

Total

Investments

—

96.7%

(Cost:

$91,518,483,800

)

...........................

91,518,483,800

Other

Assets

Less

Liabilities

—

3.3%

...................

3,078,496,723

Net

Assets

—

100.0%

..............................

$

94,596,980,523

(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.

T-Fund

Schedules

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

...

4.80

%

04/28/23

05/01/23

$

5,000

$

5,000

$

5,002,000

U.S.

Treasury

Obligation,

0.13%,

due

07/15/31

.........

$

4,961,800

$

5,100,047

4.80

(a)

04/28/23

05/01/23

800,000

800,000

800,320,000

U.S.

Treasury

Obligations,

0.00%,

due

02/15/27

to

08/15/38

1,218,643,307

816,000,000

4.80

04/28/23

05/01/23

5,000

5,000

5,002,000

U.S.

Treasury

Obligation,

0.13%,

due

07/15/31

.........

4,961,800

5,100,047

$

–

$

–

$

810,000

$

826,200,094

$

–

$

–

Bank

of

Montreal

....

4.78

04/28/23

05/01/23

20,000

20,000

20,007,967

U.S.

Treasury

Obligation,

0.00%,

due

10/12/23

.........

20,871,300

20,400,026

$

–

$

–

Bank

of

Nova

Scotia

(The)

..........

4.76

04/28/23

05/01/23

219,000

219,000

219,086,870

U.S.

Treasury

Obligations,

2.38%

to

4.13%,

due

01/31/25

to

02/15/53

.........

230,676,400

223,468,618

$

–

$

–

Barclays

Bank

plc

...

4.80

04/28/23

05/01/23

2,500,000

2,500,000

2,501,000,000

U.S.

Treasury

Obligations,

0.00%

to

4.50%,

due

06/08/23

to

02/15/53

.........

2,734,445,000

2,550,000,034

4.80

04/28/23

05/01/23

25,000

25,000

25,010,000

U.S.

Treasury

Obligation,

4.63%,

due

02/15/40

.........

22,393,500

25,500,013

$

–

$

–

$

2,525,000

$

2,575,500,047

$

–

$

–

Barclays

Capital,

Inc.

.

4.75

04/28/23

05/01/23

130,000

130,000

130,051,458

U.S.

Treasury

Obligation,

3.63%,

due

02/15/44

.........

137,206,200

132,600,043

$

–

$

–

BNP

Paribas

SA

....

4.79

04/28/23

05/01/23

1,232,000

1,232,000

1,232,491,773

U.S.

Treasury

Obligations,

0.00%

to

5.27%,

due

10/31/24

to

11/15/50

.........

1,241,419,537

1,256,640,000

4.79

04/28/23

05/01/23

5,000

5,000

5,001,996

U.S.

Treasury

Obligations,

0.00%

to

0.13%,

due

06/22/23

to

04/15/26

.........

4,652,100

5,100,081

$

–

$

–

$

1,237,000

$

1,261,740,081

$

–

$

–

Citibank

NA

........

4.79

04/28/23

05/01/23

100,000

100,000

100,039,917

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

05/30/23

to

08/15/51

.........

101,510,269

102,000,028

$

–

$

–

Citigroup

Global

Markets,

Inc.

...........

4.79

04/28/23

05/01/23

490,000

490,000

490,195,592

U.S.

Treasury

Obligations,

0.75%

to

4.00%,

due

08/31/24

to

02/29/28

.........

518,794,200

499,800,076

4.79

04/28/23

05/01/23

5,000

5,000

5,001,996

U.S.

Treasury

Obligations,

0.25%

to

3.00%,

due

02/15/49

to

02/15/50

.........

6,089,200

5,100,079

4.79

(a)

04/28/23

05/01/23

285,000

285,000

285,113,762

U.S.

Treasury

Obligations,

1.00%

to

2.13%,

due

02/29/24

to

07/31/28

.........

303,561,981

290,700,011

2023

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

36

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.81

%

04/28/23

05/01/23

$

1,250,000

$

1,250,000

$

1,250,501,042

U.S.

Treasury

Obligations,

1.13%

to

4.75%,

due

02/15/38

to

02/15/48

.........

$

1,401,176,469

$

1,275,000,027

$

–

$

–

$

2,030,000

$

2,070,600,193

$

–

$

–

Credit

Agricole

Corporate

&

Investment

Bank

SA

4.78

04/28/23

05/01/23

5,000

5,000

5,001,992

U.S.

Treasury

Obligation,

4.63%,

due

03/15/26

.........

4,965,800

5,100,050

4.78

(a)

04/28/23

05/01/23

1,750,000

1,750,000

1,750,697,083

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

01/15/25

to

02/15/53

.........

1,878,211,352

1,785,000,032

4.78

04/28/23

05/01/23

565,000

565,000

565,225,058

U.S.

Treasury

Obligations,

0.38%

to

2.75%,

due

11/15/23

to

12/31/26

.........

615,625,100

576,300,004

$

–

$

–

$

2,320,000

$

2,366,400,086

$

–

$

–

Deutsche

Bank

AG

...

4.79

04/28/23

05/01/23

125,000

125,000

125,049,896

U.S.

Treasury

Obligations,

1.38%

to

4.13%,

due

10/31/27

to

02/15/53

.........

174,525,000

127,500,091

$

–

$

–

Federal

Reserve

Bank

of

New

York

.......

4.80

04/28/23

05/01/23

59,750,000

59,750,000

59,773,900,000

U.S.

Treasury

Obligations,

0.38%

to

4.50%,

due

11/30/23

to

11/30/29

.........

61,720,327,700

59,773,900,061

$

–

$

–

Fixed

Income

Clearing

Corporation

.....

4.80

04/28/23

05/01/23

500,000

500,000

500,200,000

U.S.

Treasury

Obligation,

2.88%,

due

05/15/32

.........

529,862,000

510,000,050

4.80

04/28/23

05/01/23

500,000

500,000

500,200,000

U.S.

Treasury

Obligations,

4.80%,

due

05/01/23

.........

512,656,800

510,000,009

4.80

04/28/23

05/01/23

3,000,000

3,000,000

3,001,200,000

U.S.

Treasury

Obligations,

0.00%

to

4.38%,

due

07/06/23

to

05/15/49

.........

3,239,883,400

3,060,000,054

4.82

04/28/23

05/01/23

302,500

302,500

302,621,504

U.S.

Treasury

Obligation,

0.38%,

due

07/15/25

.........

250,000,000

308,671,504

4.82

04/28/23

05/01/23

284,000

284,000

284,114,073

U.S.

Treasury

Obligation,

0.13%,

due

01/15/32

.........

294,000,000

289,795,213

4.82

04/28/23

05/01/23

261,000

261,000

261,104,835

U.S.

Treasury

Obligation,

1.13%,

due

05/15/40

.........

400,000,000

266,324,835

4.82

04/28/23

05/01/23

309,375

309,375

309,499,266

U.S.

Treasury

Obligation,

0.13%,

due

10/15/26

.........

300,000,000

315,688,266

4.82

04/28/23

05/01/23

343,125

343,125

343,262,822

U.S.

Treasury

Obligation,

0.50%,

due

04/15/24

.........

300,000,000

350,123,822

4.82

04/28/23

05/01/23

3,000,000

3,000,000

3,001,205,000

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

06/15/23

to

11/15/52

.........

3,341,636,380

3,060,000,000

4.82

04/28/23

05/01/23

5,000,000

5,000,000

5,002,008,333

U.S.

Treasury

Obligations,

0.00%

to

6.88%,

due

05/02/23

to

11/15/52

.........

5,340,484,560

5,100,000,001

$

–

$

–

$

13,500,000

$

13,770,603,754

$

–

$

–

T-Fund

Schedules

of

Investments

37

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

Goldman

Sachs

&

Co.

LLC

...........

4.78

%

04/28/23

05/01/23

$

51,000

$

51,000

$

51,020,315

U.S.

Treasury

Obligation,

3.88%,

due

11/30/27

.........

$

50,712,600

$

52,020,070

$

–

$

–

HSBC

Securities

USA,

Inc.

...........

4.79

04/28/23

05/01/23

2,000

2,000

2,000,798

U.S.

Treasury

Obligation,

0.00%,

due

10/12/23

.........

2,086,200

2,040,001

$

–

$

–

ING

Financial

Markets

LLC

...........

4.80

04/28/23

05/01/23

25,000

25,000

25,010,000

U.S.

Treasury

Obligations,

0.00%

to

4.00%,

due

05/09/23

to

11/15/52

.........

32,364,400

25,500,062

$

–

$

–

JP

Morgan

Securities

LLC

...........

4.79

(b)

04/28/23

05/01/23

250,000

250,000

250,099,792

U.S.

Treasury

Obligations,

0.00%

to

1.88%,

due

08/31/23

to

11/15/51

.........

369,508,800

255,000,064

4.79

04/28/23

05/01/23

5,000

5,000

5,001,996

U.S.

Treasury

Obligations,

0.00%

to

3.88%,

due

06/20/23

to

11/15/48

.........

5,359,400

5,100,074

4.82

(c)

04/28/23

05/08/23

500,000

500,000

500,669,444

U.S.

Treasury

Obligations,

0.25%

to

3.63%,

due

07/31/25

to

11/15/48

.........

565,752,900

510,000,015

$

–

$

–

$

755,000

$

770,100,153

$

–

$

–

MUFG

Securities

Americas,

Inc.

....

4.79

04/28/23

05/01/23

95,000

95,000

95,037,921

U.S.

Treasury

Obligations,

0.00%

to

5.38%,

due

09/30/23

to

08/15/50

.........

169,738,900

96,900,002

$

–

$

–

Natixis

SA

.........

4.78

(b)

04/28/23

05/01/23

243,000

243,000

243,096,795

U.S.

Treasury

Obligations,

0.00%

to

3.88%,

due

10/12/23

to

02/15/53

.........

257,333,200

247,860,028

4.78

04/28/23

05/01/23

76,000

76,000

76,030,273

U.S.

Treasury

Obligations,

0.00%

to

4.00%,

due

07/13/23

to

11/15/52

.........

79,516,100

77,520,073

$

–

$

–

$

319,000

$

325,380,101

$

–

$

–

Prudential

Insurance

Co.

of

America

......

4.81

04/28/23

05/01/23

18,650

18,650

18,657,475

U.S.

Treasury

Obligation,

0.00%,

due

11/15/41

.........

40,000,000

19,030,275

4.81

04/28/23

05/01/23

44,625

44,625

44,642,887

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

100,000,000

45,534,887

4.81

04/28/23

05/01/23

7,350

7,350

7,352,946

U.S.

Treasury

Obligation,

0.00%,

due

08/15/41

.........

15,000,000

7,499,946

4.81

04/28/23

05/01/23

76,000

76,000

76,030,463

U.S.

Treasury

Obligation,

0.00%,

due

05/15/30

.........

100,000,000

77,550,463

4.81

04/28/23

05/01/23

60,500

60,500

60,524,250

U.S.

Treasury

Obligation,

0.00%,

due

05/15/38

.........

110,000,000

61,734,250

4.81

04/28/23

05/01/23

40,125

40,125

40,141,083

U.S.

Treasury

Obligation,

0.00%,

due

08/15/33

.........

60,000,000

40,943,883

4.81

04/28/23

05/01/23

44,010

44,010

44,027,641

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.........

72,000,000

44,907,481

4.81

04/28/23

05/01/23

16,560

16,560

16,566,638

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.........

18,000,000

16,897,838

2023

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

38

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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

4.81

%

04/28/23

05/01/23

$

15,120

$

15,120

$

15,126,061

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

$

28,000,000

$

15,428,461

4.81

04/28/23

05/01/23

13,965

13,965

13,970,598

U.S.

Treasury

Obligation,

0.00%,

due

05/15/31

.........

19,000,000

14,249,898

4.81

04/28/23

05/01/23

13,125

13,125

13,130,261

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

25,000,000

13,392,761

4.81

04/28/23

05/01/23

46,300

46,298

46,318,559

U.S.

Treasury

Obligation,

0.00%,

due

02/15/37

.........

80,000,000

47,244,159

4.81

04/28/23

05/01/23

33,500

33,500

33,513,428

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

40,000,000

34,183,428

4.81

04/28/23

05/01/23

35,613

35,613

35,626,775

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

70,000,000

36,338,675

4.81

04/28/23

05/01/23

37,744

37,744

37,758,879

U.S.

Treasury

Obligation,

2.88%,

due

11/15/46

.........

45,000,000

38,513,529

4.81

04/28/23

05/01/23

13,350

13,350

13,355,351

U.S.

Treasury

Obligation,

0.00%,

due

02/15/38

.........

24,000,000

13,622,231

4.81

04/28/23

05/01/23

13,000

13,000

13,005,211

U.S.

Treasury

Obligation,

0.00%,

due

05/15/34

.........

20,000,000

13,265,211

4.81

04/28/23

05/01/23

25,688

25,688

25,697,796

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

50,000,000

26,211,796

4.81

04/28/23

05/01/23

29,123

29,123

29,134,173

U.S.

Treasury

Obligation,

0.00%,

due

02/15/26

.........

33,000,000

29,716,623

$

–

$

–

$

584,346

$

596,265,795

$

–

$

–

Royal

Bank

of

Canada

4.78

04/28/23

05/01/23

200,000

200,000

200,079,667

U.S.

Treasury

Obligations,

0.38%

to

5.00%,

due

12/31/25

to

02/15/48

.........

179,875,700

204,000,008

$

–

$

–

Societe

Generale

SA

.

4.78

04/28/23

05/01/23

450,000

450,000

450,179,250

U.S.

Treasury

Obligations,

2.38%

to

4.13%,

due

09/30/27

to

03/31/29

.........

465,426,800

459,000,070

$

–

$

–

TD

Securities

USA

LLC

4.79

04/28/23

05/01/23

24,000

24,000

24,009,580

U.S.

Treasury

Obligations,

1.13%

to

3.50%,

due

02/28/25

to

09/15/25

.........

25,274,900

24,480,065

$

–

$

–

Wells

Fargo

Securities

LLC

...........

4.79

(a)

04/28/23

05/01/23

550,000

550,000

550,219,542

U.S.

Treasury

Obligations,

0.25%

to

4.63%,

due

05/31/23

to

02/15/31

.........

644,170,368

561,000,006

4.79

04/28/23

05/01/23

1,150,000

1,150,000

1,150,459,042

U.S.

Treasury

Obligations,

0.13%

to

7.63%,

due

09/15/23

to

02/15/53

.........

1,267,138,300

1,173,000,054

$

–

$

–

$

1,700,000

$

1,734,000,060

$

–

$

–

$

86,971,346

$

87,540,599,509

$

–

$

–

(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.

T-Fund

Schedules

of

Investments

39

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

(c)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

...................................

$

—

$

86,971,346,250

$

—

$

86,971,346,250

U.S.

Treasury

Obligations

...................................

—

4,547,137,550

—

4,547,137,550

$

—

$

91,518,483,800

$

—

$

91,518,483,800

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Treasury

Trust

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

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.

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

1.05%, 05/02/23

.................

USD

13,421,650

$

13,419,948,094

2.10%, 05/04/23

.................

3,383,000

3,381,804,714

3.06%, 05/09/23

.................

11,643,650

11,631,778,955

3.28%, 05/11/23

.................

2,060,000

2,057,446,271

3.56%, 05/16/23

.................

14,185,350

14,160,114,450

3.75%, 05/18/23

.................

13,468,000

13,440,360,618

3.70%, 05/23/23

.................

4,152,710

4,142,363,778

3.82%, 05/25/23

.................

2,825,000

2,816,922,333

3.74%, 05/30/23

.................

5,245,345

5,227,771,744

3.96%, 06/01/23

.................

630,000

627,686,453

4.46%, 06/06/23

.................

598,000

595,231,260

4.64%, 06/20/23

.................

884,200

878,408,965

4.78%, 07/06/23

.................

4,340,000

4,301,606,517

4.79%, 07/13/23

.................

874,000

865,353,981

4.98%, 08/08/23

.................

625,000

616,835,938

4.98%, 08/15/23

.................

500,000

492,712,500

5.01%, 08/22/23

.................

500,000

492,058,612

4.99%, 08/29/23

.................

3,481,000

3,423,717,284

4.85%, 09/21/23

.................

250,000

245,402,153

4.84%, 09/28/23

.................

250,000

245,161,458

4.94%, 10/12/23

.................

1,250,000

1,222,917,222

4.93%, 10/19/23

.................

750,000

732,721,875

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

4.95%, 10/26/23

.................

USD

4,100,000

$

4,001,882,440

4.75%, 04/18/24

.................

228,235

218,096,991

U.S.

Treasury

Notes

0.13%, 05/15/23

.................

779,700

778,401,278

1.75%, 05/15/23

.................

1,156,085

1,155,017,445

0.13%, 05/31/23

.................

672,380

669,962,111

1.63%, 05/31/23

.................

361,000

360,054,645

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.17%, 10/31/23

(b)

...

200,000

200,123,206

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.12%, 01/31/24

(b)

....

2,679,620

2,679,785,613

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.06%, 04/30/24

(b)

....

1,611,260

1,610,062,727

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.17%, 07/31/24

(b)

...

826,000

825,924,050

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.27%, 10/31/24

(b)

...

4,321,540

4,320,196,515

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.33%, 01/31/25

(b)

...

2,614,255

2,615,186,523

Total

U.S.

Treasury

Obligations

—

101.8%

(Cost:

$104,453,018,719)

..........................

104,453,018,719

Total

Investments

—

101.8%

(Cost:

$104,453,018,719

)

..........................

104,453,018,719

Liabilities

in

Excess

of

Other

Assets

—

(1.8)%

............

(1,820,286,950)

Net

Assets

—

100.0%

..............................

$

102,632,731,769

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

U.S.

Treasury

Obligations

...................................

$

—

$

104,453,018,719

$

—

$

104,453,018,719

$

—

$

104,453,018,719

$

—

$

104,453,018,719

MuniCash

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

Alaska

—

0.7%

(a)

Alaska

Housing

Finance

Corp.

,

Series

2007B,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

3.80%, 05/05/23

............

USD

4,450

$

4,450,000

Alaska

Housing

Finance

Corp.

,

Series

2009B,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

3.85%, 05/05/23

.................

400

400,000

Alaska

Housing

Finance

Corp.

,

Series

2009B,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

3.80%, 05/05/23

............

5,325

5,325,000

Alaska

Housing

Finance

Corp.

,

Series

2009D,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

3.80%, 05/05/23

............

12,700

12,700,000

22,875,000

Arizona

—

0.2%

Mesa

Arizona

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XM1012,

RB

,

VRDN

(TD

Bank

NA

LIQ)

,

3.91%, 05/05/23

(a)(b)(c)

..........

4,800

4,800,000

California

—

4.1%

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XF2962,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

6,630

6,630,000

City

of

Los

Angeles

,

TECP

(Barclays

Bank

plc

LOC)

,

2.90%, 06/27/23

.............

30,000

29,992,734

City

of

Los

Angeles

,

TECP

(TD

Bank

NA

LOC)

,

2.80%, 07/19/23

.................

14,000

13,984,872

City

of

Los

Angeles

,

Series

2022,

RB,

4.00%, 06/29/23

.................

73,450

73,545,720

San

Mateo

Joint

Powers

Financing

Authority

,

Series

2007A,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

3.30%, 05/05/23

(a)

.........

200

200,000

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XX1258,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.88%, 05/05/23

(a)(b)(c)

..........

2,000

2,000,000

126,353,326

Colorado

—

4.6%

(a)

Colorado

Health

Facilities

Authority

,

Series

F,

RB

,

VRDN

,

3.85%, 05/05/23

.........

114,100

114,100,000

Colorado

Housing

and

Finance

Authority

,

Series

2020A-1,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.00%, 05/05/23

....

10,375

10,375,000

County

of

Arapahoe

,

Series

2001,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

3.98%, 05/05/23

.................

8,485

8,485,000

Denver

Colorado

City

&

County,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF2686,

RB

,

VRDN

(Citibank

NA

LIQ)

,

3.66%, 05/05/23

(b)(c)

...............

8,000

8,000,000

140,960,000

Connecticut

—

0.2%

Connecticut

Housing

Finance

Authority

,

Series

2022E-2,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.81%, 05/05/23

(a)

.

6,300

6,300,000

Security

Par

(000)

Par

(000)

Value

Delaware

—

1.4%

(a)

University

of

Delaware

,

Series

2004B,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

3.74%, 05/01/23

.................

USD

26,380

$

26,380,000

University

of

Delaware

,

Series

2013C,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.80%, 05/01/23

.................

16,695

16,695,000

43,075,000

District

of

Columbia

—

0.1%

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XG0267,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.91%, 05/05/23

(a)(b)(c)

..............

3,395

3,395,000

Florida

—

8.9%

Broward

County

Tourist

Development,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XL0429,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.97%, 05/05/23

(a)(b)(c)

3,720

3,720,000

Cape

Coral

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017-YX1071,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.55%, 05/05/23

(a)(b)(c)

.......

12,880

12,880,000

City

of

Gainesville

,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.00%, 05/05/23

(a)

............

2,600

2,600,000

City

of

Gainesville

,

Series

2012B,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.80%, 05/01/23

(a)

................

15,400

15,400,000

County

of

Escambia

,

Series

2009,

RB

,

VRDN

,

3.80%, 05/01/23

(a)

................

43,600

43,600,000

County

of

Hillsborough

,

TECP

(Wells

Fargo

Bank

NA

SBPA)

,

2.65%, 05/18/23

.....

11,985

11,980,797

County

of

St

Lucie

,

RB

,

VRDN

,

4.00%, 05/01/23

(a)

................

29,540

29,540,000

Escambia

County

Health

Facilities

Authority

,

Series

2003B,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.85%, 05/01/23

(a)

...........

14,340

14,340,000

Florida

Housing

Finance

Corp.

,

Series

2004M,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

4.01%, 05/05/23

(a)

........

8,375

8,375,000

Highlands

County

Health

Facilities

Authority

,

Series

2012I-3,

RB

,

VRDN

,

3.85%, 05/05/23

(a)

................

20,250

20,250,000

Highlands

County

Health

Facilities

Authority

,

Series

2021D-2,

RB

,

VRDN

,

3.75%, 05/05/23

(a)

................

88,405

88,405,000

Hillsborough

County

Industrial

Development

Authority

,

Series

2020B,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.80%, 05/01/23

(a)

.....

13,900

13,900,000

JEA

Electric

System

,

Series

2008B-3,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.85%, 05/05/23

(a)

................

9,550

9,550,000

274,540,797

Georgia

—

2.1%

(a)

Atlanta

Water

&

Waste

Water,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF2649,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.89%, 05/05/23

(b)(c)

.....

13,000

13,000,000

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XL0307,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.89%, 05/05/23

(b)(c)

3,135

3,135,000

Burke

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017

E-107,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.91%, 05/05/23

(b)(c)

...

5,000

5,000,000

2023

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Gainesville

&

Hall

County

Development

Authority

,

Series

2003B,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.85%, 05/01/23

.....

USD

25,015

$

25,015,000

Oglethorpe

Power

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

E-155,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.90%, 05/05/23

(b)(c)

...........

20,000

20,000,000

66,150,000

Idaho

—

0.4%

Idaho

Housing

&

Finance

Association

,

Series

2011A,

RB

,

VRDN

(

Federal

Hom

e

Loan

Mortgage

Corp.

Guaranty)

,

3.95%, 05/05/23

(a)

................

11,245

11,245,000

Illinois

—

1.6%

(a)

Chicago

Transit

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XF3069,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.98%, 05/05/23

(b)(c)

...........

12,400

12,400,000

Illinois

Finance

Authority

,

RB

,

VRDN

,

3.80%, 05/05/23

.................

5,551

5,551,000

Illinois

Finance

Authority

,

Series

1998,

RB

,

VRDN

(Northern

Trust

Co.

(The)

LOC)

,

3.97%, 05/05/23

.................

8,000

8,000,000

Illinois

Finance

Authority

,

Series

2021B,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.78%, 05/01/23

.................

15,600

15,600,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-

XL0072,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 05/01/23

(b)(c)

.........

7,500

7,500,000

Illinois

State

Toll

Highway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2015-XF2202,

RB

,

VRDN

(Toronto-

Dominion

Bank

LIQ)

,

3.91%, 05/05/23

(b)(c)

1,140

1,140,000

50,191,000

Indiana

—

1.2%

(a)

Indiana

Finance

Authority

,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.80%, 05/05/23

......

3,700

3,700,000

Indiana

Finance

Authority

,

Series

2009D,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

3.75%, 05/01/23

.................

34,965

34,965,000

38,665,000

Iowa

—

4.6%

(a)

Iowa

Finance

Authority

,

Series

2008B-1,

RB

,

VRDN

,

3.95%, 05/01/23

............

44,325

44,325,000

Iowa

Finance

Authority

,

Series

2016A,

RB

,

VRDN

,

3.95%, 05/05/23

............

31,800

31,800,000

Iowa

Finance

Authority

,

Series

2021,

RB

,

VRDN

(Korea

Development

Bank

LOC)

,

3.98%, 05/05/23

.................

62,000

62,000,000

Iowa

Finance

Authority

,

Series

2016E,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

3.85%, 05/05/23

.....

5,000

5,000,000

143,125,000

Security

Par

(000)

Par

(000)

Value

Kansas

—

0.8%

(a)(b)(c)

Topeka

Kansas

Utility,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-

XF0696,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.89%, 05/05/23

...........

USD

8,580

$

8,580,000

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018G-23,

GO

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.29%, 05/05/23

.......

15,000

15,000,000

23,580,000

Kentucky

—

1.1%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XG0161,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

..............

4,960

4,960,000

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

TECP

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.15%, 05/01/23

.....

10,000

10,000,000

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

TECP

(Bank

of

America

NA

SBPA)

,

3.50%, 05/08/23

............

9,500

9,499,404

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

TECP

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.30%, 06/21/23

.....

10,000

9,996,501

34,455,905

Louisiana

—

1.9%

(a)

Louisiana

Public

Facilities

Authority

,

Series

2008C,

RB

,

VRDN

,

3.80%, 05/01/23

....

10,100

10,100,000

State

of

Louisiana

Gasoline

&

Fuels

Tax

,

Series

2023A-1,

RB

,

VRDN

(Toronto-Dominion

Bank

LOC)

,

3.80%, 05/01/23

.........

35,000

35,000,000

State

of

Louisiana

Gasoline

&

Fuels

Tax

,

Series

2023A-2,

RB

,

VRDN

(Toronto-Dominion

Bank

LOC)

,

3.80%, 05/01/23

.........

14,400

14,400,000

59,500,000

Maryland

—

1.0%

(a)

City

of

Baltimore,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XF3014,

RB

,

VRDN

(Citibank

NA

LIQ)

,

3.89%, 05/05/23

(b)(c)

...............

9,840

9,840,000

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Series

2008D,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.80%, 05/01/23

......

19,570

19,570,000

29,410,000

Massachusetts

—

1.5%

City

of

Quincy

,

GO,

4.00%, 07/07/23

......

14,500

14,511,460

Massachusetts

Bay

Transportation

Authority

,

TECP

(Barclays

Bank

plc

SBPA)

,

3.72%, 06/22/23

.................

11,500

11,503,068

Massachusetts

Bay

Transportation

Authority

Sales

Tax

,

TECP

(Barclays

Bank

plc

LIQ)

,

3.48%, 06/27/23

.................

20,000

19,999,742

46,014,270

Michigan

—

0.6%

Michigan

State

University

,

Series

2003A,

RB

,

VRDN

(Northern

Trust

Co.

(The)

SBPA)

,

3.70%, 05/05/23

(a)

................

5,500

5,500,000

University

of

Michigan

,

Series

2012D-2,

RB

,

VRDN

,

3.75%, 05/05/23

(a)

...........

11,315

11,315,000

Waterford

School

District

,

GO,

5.00%, 05/01/23

1,305

1,305,000

18,120,000

MuniCash

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Minnesota

—

3.1%

City

of

Minneapolis

,

Series

1997B,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

3.90%, 05/05/23

(a)

................

USD

7,100

$

7,100,000

City

of

Minneapolis

,

Series

2018C,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

3.75%, 05/01/23

(a)

................

43,555

43,555,000

Minnesota

Housing

Finance

Agency

,

Series

2015G,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.85%, 05/05/23

(a)

...........

13,000

13,000,000

Minnesota

Housing

Finance

Agency

,

Series

2017F,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.85%, 05/05/23

(a)

...........

4,450

4,450,000

Regents

of

the

University

of

Minnesota

,

TECP,

3.02%, 06/08/23

.................

27,100

27,089,992

95,194,992

Mississippi

—

3.9%

(a)

County

of

Jackson

,

Series

1993,

RB

,

VRDN

,

3.75%, 05/01/23

.................

28,455

28,455,000

Mississippi

Business

Finance

Corp.

,

Series

2007C,

RB

,

VRDN

,

3.75%, 05/01/23

....

5,935

5,935,000

Mississippi

Business

Finance

Corp.

,

Series

2007E,

RB

,

VRDN

,

3.75%, 05/01/23

....

13,920

13,920,000

Mississippi

Business

Finance

Corp.

,

Series

2009A,

RB

,

VRDN

,

3.75%, 05/01/23

....

6,945

6,945,000

Mississippi

Business

Finance

Corp.

,

Series

2010G,

RB

,

VRDN

,

3.75%, 05/01/23

....

22,050

22,050,000

Mississippi

Business

Finance

Corp.

,

Series

2010L,

RB

,

VRDN

,

3.75%, 05/01/23

....

23,290

23,290,000

Mississippi

Business

Finance

Corp.

,

Series

2011G,

RB

,

VRDN

,

3.75%, 05/01/23

....

21,475

21,475,000

122,070,000

Missouri

—

3.0%

(a)(b)(c)

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018C-16,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.91%, 05/05/23

.................

54,500

54,500,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0678,

RB

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

3.89%, 05/05/23

.................

13,675

13,675,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019C-17,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.90%, 05/05/23

.................

14,000

14,000,000

St

Louis

County,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0382,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.89%, 05/05/23

.................

10,640

10,640,000

92,815,000

Nebraska

—

3.2%

Lincoln

Nebraska

Electric

,

TECP

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.20%, 06/02/23

.

40,000

39,985,396

Omaha

Public

Power

District

,

TECP

(Bank

of

America

NA

SBPA)

,

3.00%, 05/01/23

...

10,050

10,050,000

Omaha

Public

Power

District

,

TECP

(Bank

of

America

NA

SBPA)

,

2.80%, 05/02/23

...

13,450

13,449,510

Omaha

Public

Power

District

,

TECP

(Bank

of

America

NA

SBPA)

,

3.30%, 06/01/23

...

11,500

11,495,913

Omaha

Public

Power

District

,

TECP

(Bank

of

America

NA

SBPA)

,

3.20%, 06/02/23

...

10,500

10,496,158

Security

Par

(000)

Par

(000)

Value

Nebraska

(continued)

Omaha

Public

Power

District

,

TECP

(Bank

of

America

NA

SBPA)

,

3.40%, 07/06/23

...

USD

15,000

$

14,999,787

100,476,764

New

Hampshire

—

0.5%

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Series

2005A-2,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.80%, 05/01/23

(a)

................

15,070

15,070,000

New

Jersey

—

1.1%

(a)

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2009D,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.25%, 05/05/23

......

26,425

26,425,000

New

Jersey

State

Appropriation,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XG0168,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.90%, 05/05/23

(b)(c)

........

7,725

7,725,000

34,150,000

New

Mexico

—

3.5%

Albuquerque

Municipal

School

District

No.

12

,

Series

2023A,

GO,

5.00%, 08/01/23

(d)

...

22,800

22,859,346

New

Mexico

Hospital

Equipment

Loan

Council

,

Series

2008C,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

3.80%, 05/05/23

(a)

....

41,900

41,900,000

New

Mexico

Hospital

Equipment

Loan

Council

,

Series

2008D,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

3.80%, 05/05/23

(a)

....

42,250

42,250,000

107,009,346

New

York

—

10.7%

Battery

Park

City

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-

E-137,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

.........

4,635

4,635,000

City

of

New

York

,

Series

2006I,

Sub-Series

I-4,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.75%, 05/01/23

(a)

................

10,605

10,605,000

City

of

New

York

,

Series

2023A,

Sub-Series

A3,

GO

,

VRDN

(Bank

of

Montreal

SBPA)

,

3.75%, 05/01/23

(a)

................

86,200

86,200,000

Metropolitan

Transportation

Authority

,

Series

2005,

Sub-Series

E-1,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.85%, 05/05/23

(a)

.....

6,850

6,850,000

New

York

City

Housing

Development

Corp.

,

Series

2018L-2,

RB

,

VRDN

(TD

Bank

NA

LIQ)

,

4.00%, 05/05/23

(a)

............

14,000

14,000,000

New

York

City

Housing

Development

Corp.

,

Series

2021K3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.85%, 05/05/23

(a)

........

5,100

5,100,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2006CC-2,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.65%, 05/01/23

(a)

................

31,985

31,985,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2009CC,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.75%, 05/01/23

(a)

................

49,450

49,450,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2012AA-2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.85%, 05/05/23

(a)

................

5,355

5,355,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2022

Sub-Series

BB-2,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.70%, 05/01/23

(a)

................

10,200

10,200,000

2023

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Municipal

Water

Finance

Authority

,

Series

2023

Sub-Series

CC,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.77%, 05/01/23

(a)

................

USD

28,380

$

28,380,000

New

York

City

Transitional

Finance

Authority

,

Series

2010

Sub-Series

A-4,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.77%, 05/01/23

(a)

................

21,900

21,900,000

New

York

Power

Authority

,

TECP

(Bank

of

America

NA

SBPA,

JPMorgan

Chase

Bank

NA

SBPA,

TD

Bank

NA

SBPA

&

Wells

Fargo

Bank

NA

SBPA)

,

3.25%, 06/07/23

.....

5,000

4,996,999

New

York

State

Dormitory

Authority

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.67%, 05/05/23

(a)

................

32,510

32,510,000

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF2647,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

2,500

2,500,000

Triborough

Bridge

&

Tunnel

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF1359,

RB

,

VRDN

(Toronto-

Dominion

Bank

LIQ)

,

3.90%, 05/05/23

(a)(b)(c)

15,000

15,000,000

329,666,999

North

Carolina

—

1.0%

(a)

City

of

Charlotte

,

Series

2013G,

COP

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.85%, 05/05/23

.................

2,300

2,300,000

City

of

Charlotte

Water

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XG0403,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.89%, 05/05/23

(b)(c)

...............

2,276

2,276,000

Durham

Housing

Authority

,

Series

2021A,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

&

United

Fidelity

Bank

FSB

LOC)

,

3.98%, 05/05/23

.................

22,885

22,885,000

Durham

Housing

Authority

,

Series

2021B,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

&

United

Fidelity

Bank

FSB

LOC)

,

3.98%, 05/05/23

.................

4,900

4,900,000

32,361,000

North

Dakota

—

0.2%

North

Dakota

Housing

Finance

Agency

,

Series

2015E,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.00%, 05/05/23

(a)

................

5,565

5,565,000

Ohio

—

4.8%

(a)

Allen

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-E-133,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(b)(c)

...

11,270

11,270,000

County

of

Franklin

,

Series

2011D,

RB

,

VRDN

,

3.80%, 05/05/23

.................

28,100

28,100,000

County

of

Franklin

,

Series

2015B,

RB

,

VRDN

,

3.65%, 05/05/23

.................

23,100

23,100,000

Miami

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-XG0225,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(b)(c)

3,000

3,000,000

Ohio

Higher

Educational

Facility

Commission

,

Series

2013B-1,

RB

,

VRDN

(Ohio

State

Treasurer

SBPA)

,

3.80%, 05/05/23

.....

24,470

24,470,000

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Ohio

State

Hospital,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022C-18,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.90%, 05/05/23

(b)(c)

...............

USD

9,000

$

9,000,000

Ohio

State

University

(The)

,

Series

2023A-1,

RB

,

VRDN

,

3.78%, 05/05/23

.........

20,000

20,000,000

Ohio

State

University

(The)

,

Series

2023A-2,

RB

,

VRDN

,

3.90%, 05/05/23

.........

20,000

20,000,000

State

of

Ohio

,

Series

2022B,

RB

,

VRDN

,

3.80%, 05/05/23

.................

9,950

9,950,000

148,890,000

Oregon

—

0.7%

Oregon

State

Facilities

Authority

,

Series

2005A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.07%, 05/05/23

(a)

...

6,475

6,475,000

State

of

Oregon

Department

of

Administrative

Services

,

TECP

(Bank

of

Montreal

LOC)

,

2.80%, 05/04/23

.................

11,400

11,398,709

State

of

Oregon

Department

of

Transportation

,

TECP

(Wells

Fargo

Bank

NA

LOC)

,

3.40%, 06/29/23

.................

2,915

2,914,260

20,787,969

Pennsylvania

—

4.3%

City

of

Philadelphia

,

TECP

(TD

Bank

NA

LOC)

,

3.75%, 05/25/23

.................

15,000

14,996,045

Emmaus

General

Authority

,

Series

1996-1,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

3.95%, 05/05/23

(a)

................

23,120

23,120,000

Montgomery

County

Industrial

Development

Authority

,

Series

2002,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.85%, 05/01/23

(a)

........

7,445

7,445,000

Pennsylvania

Economic

Development

Financing

Authority

,

Series

2009C,

RB

,

VRDN

(MUFG

Bank

Ltd.

LOC)

,

5.25%, 05/05/23

(a)

................

18,100

18,100,000

Pennsylvania

Housing

Finance

Agency

,

Series

2023-141B,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.80%, 05/05/23

(a)

.....

26,000

26,000,000

Pennsylvania

State

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2020-XL0140,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

1,625

1,625,000

Pennsylvania

Turnpike

Commission

,

Series

2019,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 05/05/23

(a)

................

7,250

7,250,000

Philadelphia

Authority

for

Industrial

Development,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

19XF2,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

4.21%, 05/05/23

(a)(b)(c)

..............

3,930

3,930,000

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County

,

Series

2007A,

RB

,

VRDN

(PNC

Bank

NA

SBPA)

,

3.84%, 05/05/23

(a)

13,020

13,020,000

Westmoreland

County

Muni

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017-YX1075,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.79%, 05/05/23

(a)(b)(c)

...

17,190

17,190,000

132,676,045

MuniCash

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Rhode

Island

—

0.2%

Rhode

Island

Health

&

Education

Building

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XM0721,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

USD

7,150

$

7,150,000

South

Carolina

—

3.5%

(a)

City

of

Columbia

Waterworks

&

Sewer

System

,

Series

2009,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.86%, 05/05/23

...

18,815

18,815,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2021B,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

3.99%, 05/05/23

5,800

5,800,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023A,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

3.88%, 05/05/23

44,500

44,500,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023B,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

3.88%, 05/05/23

10,000

10,000,000

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0398,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.98%, 05/05/23

(b)(c)

.....

6,145

6,145,000

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XL0313,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.98%, 05/05/23

(b)(c)

7,140

7,140,000

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Series

2020,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

3.99%, 05/05/23

.................

17,050

17,050,000

109,450,000

South

Dakota

—

1.4%

(a)

South

Dakota

Housing

Development

Authority

,

Series

2020A,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.01%, 05/05/23

....

9,755

9,755,000

South

Dakota

Housing

Development

Authority

,

Series

2020B,

RB

,

VRDN

(SD

Housing

Development

Authority

SBPA)

,

3.80%, 05/05/23

.................

27,975

27,975,000

South

Dakota

Housing

Development

Authority

,

Series

2022D,

RB

,

VRDN

(Federal

Home

Loan

Bank

LIQ)

,

4.01%, 05/05/23

......

5,200

5,200,000

42,930,000

Tennessee

—

0.8%

Metropolitan

Government

of

Nashville

&

Davidson

County

,

TECP

(TD

Bank

NA

LOC),

3.45%, 05/17/23

.................

2,000

1,999,891

Metropolitan

Government

of

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

TECP,

3.42%, 05/10/23

.

5,000

4,999,598

Public

Building

Authority

of

Sevier

County

(The)

,

Series

2008

VII,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.88%, 05/05/23

(a)

...

2,000

2,000,000

Sullivan

County

Health

Educational

&

Human

Services,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

BAML5024,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.90%, 05/01/23

(a)(b)(c)

.........

11,000

11,000,000

Tennessee

Housing

Development

Agency

Resident,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-YX1087,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

5,405

5,405,000

25,404,489

Security

Par

(000)

Par

(000)

Value

Texas

—

12.5%

Austin

Electric

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2015-XF0220,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 05/01/23

(a)(b)(c)

....

USD

25,345

$

25,345,000

Bowie

County

Industrial

Development

Corp.

,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

3.72%, 05/01/23

(a)

............

2,700

2,700,000

City

of

Garland

,

TECP

(Barclays

Bank

plc

LOC)

,

3.28%, 05/31/23

.............

20,800

20,795,414

City

of

Garland

,

TECP

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.60%, 05/31/23

...

11,000

10,996,828

City

of

San

Antonio

,

TECP

(Bank

of

America

NA

SBPA)

,

3.60%, 05/15/23

.........

19,000

18,996,344

City

of

San

Antonio

,

TECP

(Bank

of

America

NA

SBPA)

,

2.63%, 05/18/23

.........

40,000

39,972,624

City

of

San

Antonio

,

TECP

(Bank

of

America

NA

SBPA)

,

3.20%, 08/10/23

.........

10,000

9,985,344

City

of

San

Antonio

,

TECP

(Bank

of

America

NA

SBPA)

,

2.85%, 08/10/23

.........

70,000

69,793,430

Dallas

Texas

Water

Works

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2018-XF2697,

RB

,

VRDN

(Citibank

NA

LIQ)

,

3.48%, 05/05/23

(a)

(b)(c)

..........................

6,000

6,000,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.31%, 05/05/23

(a)

.....

30,000

30,000,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2015-3,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 05/05/23

(a)

..

52,225

52,225,000

Katy

Independent

School

District

,

GO,

5.00%, 02/15/24

(d)

................

8,300

8,410,388

Pasadena

Independent

School

District

,

Series

2005-B,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.85%, 05/05/23

(a)

........

34,820

34,820,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A,

RB

,

VRDN

,

3.80%, 05/05/23

(a)

................

9,350

9,350,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A,

RB

,

VRDN

(University

of

Texas

Management

Co.

LIQ)

,

3.85%, 05/05/23

(a)

................

10,595

10,595,000

Red

River

Education

Finance

Corp.

,

Series

2006,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.75%, 05/05/23

(a)

................

36,900

36,900,000

386,885,372

Utah

—

0.2%

Utah

Water

Finance

Agency

,

Series

2008B-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 05/05/23

(a)

...........

5,645

5,645,000

Virginia

—

1.3%

(a)

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0606,

RB

,

VRDN

(Bank

of

America

NA

LIQ)

,

3.89%, 05/05/23

(b)(c)

...

6,130

6,130,000

Loudoun

County

Economic

Development

Authority

,

Series

2003B,

RB

,

VRDN

,

3.72%, 05/05/23

.................

4,870

4,870,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2018-XG0183,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(b)(c)

...............

12,860

12,860,000

2023

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022C-19,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.90%, 05/05/23

(b)(c)

...............

USD

4,730

$

4,730,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-C-20,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.90%, 05/05/23

(b)(c)

...............

6,000

6,000,000

Virginia

Commonwealth

Transportation

Board

Trust,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2018-XF0659,

RB

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

3.89%, 05/05/23

(b)(c)

...............

6,000

6,000,000

40,590,000

Washington

—

0.6%

County

of

King

,

TECP,

2.80%, 05/04/23

....

18,000

17,998,335

Wisconsin

—

1.2%

(a)

University

of

Wisconsin

Hospitals

&

Clinics

,

Series

2018C,

RB

,

VRDN

(BMO

Harris

Bank

NA

SBPA)

,

3.66%, 05/01/23

.........

32,900

32,900,000

Wisconsin

Housing

&

Economic

Development

Authority

,

Series

2008A-1,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

3.85%, 05/05/23

.................

3,590

3,590,000

Wisconsin

Housing

&

Economic

Development

Authority

,

Series

2017C,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

3.75%, 05/05/23

1,500

1,500,000

37,990,000

Security

Par

(000)

Par

(000)

Value

Wyoming

—

0.6%

(a)

Wyoming

Community

Development

Authority

,

Series

2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.80%, 05/05/23

............

USD

5,095

$

5,095,000

Wyoming

Community

Development

Authority

,

Series

2023-2,

RB

,

VRDN

(TD

Bank

NA

LIQ)

,

4.00%, 05/05/23

.............

15,000

15,000,000

20,095,000

Total

Municipal

Bonds

—

99.3%

(Cost:

$3,074,091,535)

...........................

3,073,626,609

Closed-End

Investment

Companies

New

York

—

1.3%

(a)(c)

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

1,

VRDP,

3.90%, 05/05/23

.................

10,200

10,200,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

5,

VRDP,

3.90%, 05/05/23

.................

30,000

30,000,000

40,200,000

Total

Closed-End

Investment

Companies

—

1.3%

(Cost:

$40,200,000)

..............................

40,200,000

Total

Investments

—

100.6%

(Cost:

$3,114,291,535

)

(e)

..........................

3,113,826,609

Liabilities

in

Excess

of

Other

Assets

—

(0.6)%

............

(19,972,812)

Net

Assets

—

100.0%

..............................

$

3,093,853,797

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

When-issued

security.

(e)

Cost

for

U.S.

federal

income

tax

purposes.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—

$

40,200,000

$

—

$

40,200,000

Municipal

Bonds

.........................................

—

3,073,626,609

—

3,073,626,609

$

—

$

3,113,826,609

$

—

$

3,113,826,609

California

Money

Fund

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

California

—

98.2%

Abag

Finance

Authority

for

Nonprofit

Corp.

,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.15%, 05/05/23

(a)

................

USD

200

$

200,000

Abag

Finance

Authority

for

Nonprofit

Corp.

,

Series

2009A,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.43%, 05/05/23

(a)

.........

1,600

1,600,000

Antelope

Valley

Community

College

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XX1272,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.91%, 05/05/23

(a)(b)(c)

..............

2,500

2,500,000

Bay

Area

Toll

Authority

,

Series

2007A-2,

RB

,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC)

,

3.00%, 05/05/23

(a)

............

520

520,000

Bay

Area

Toll

Authority

,

Series

2008C-1,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.42%, 05/05/23

(a)

............

900

900,000

Bay

Area

Toll

Authority

,

Series

2008E-1,

RB

,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC)

,

3.00%, 05/05/23

(a)

............

8,640

8,640,000

California

Educational

Facilities

Authority

,

Series

2006B,

RB

,

VRDN

,

3.00%, 05/05/23

(a)

................

18,650

18,650,000

California

Health

Facilities

Financing

Authority

,

Series

2008B-1,

RB

,

VRDN

,

3.00%, 05/05/23

(a)

................

1,200

1,200,000

California

Health

Facilities

Financing

Authority

,

Series

2011B,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

3.00%, 05/05/23

(a)

............

6,140

6,140,000

California

Health

Facilities

Financing

Authority

,

Series

2011C,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

3.49%, 05/05/23

(a)

............

6,200

6,200,000

California

Health

Facilities

Financing

Authority

,

Series

2012B,

RB

,

VRDN

,

3.00%, 05/05/23

(a)

................

400

400,000

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XF2962,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

3,495

3,495,000

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-BAML5025,

RB

,

VRDN

(Bank

of

America

NA

LIQ)

,

3.65%, 05/01/23

(a)(b)(c)

..............

2,000

2,000,000

California

Municipal

Finance

Authority

,

Series

2010A,

RB

,

VRDN

,

3.45%, 05/01/23

(a)

...

18,815

18,815,000

California

Pollution

Control

Financing

Authority

,

Series

1997B,

RB

,

VRDN

,

3.10%, 05/01/23

(a)

................

2,500

2,500,000

California

Public

Finance

Authority

,

Series

2022B1,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.10%, 05/01/23

(a)

..........

11,025

11,025,000

California

Public

Finance

Authority

,

Series

2022B-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.10%, 05/01/23

(a)

......

3,360

3,360,000

California

Public

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF3006,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

....

4,000

4,000,000

California

Statewide

Communities

Development

Authority

,

Series

2008B,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

3.37%, 05/01/23

(a)

.

1,565

1,565,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

California

Statewide

Communities

Development

Authority

,

Series

2008C,

RB

,

VRDN

(Northern

Trust

Co.

(The)

LOC)

,

3.35%, 05/05/23

(a)

................

USD

950

$

950,000

City

&

County

of

San

Francisco

,

TECP

(US

Bank

NA

LOC)

,

3.05%, 06/07/23

......

4,085

4,081,798

City

of

Irvine

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.66%, 05/01/23

(a)

.......

5,330

5,330,000

City

of

Los

Angeles

,

TECP

(TD

Bank

NA

LOC)

,

2.80%, 07/19/23

.................

4,000

3,995,678

City

of

Los

Angeles

,

Series

2022,

RB,

4.00%, 06/29/23

.................

4,000

4,005,213

City

of

Los

Angeles

Department

of

Airports

,

TECP

(PNC

Bank

NA

LOC)

,

2.75%, 06/01/23

.................

3,793

3,791,672

City

of

Modesto

,

Series

2008A,

COP

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

3.00%, 05/05/23

(a)

................

2,740

2,740,000

City

of

Riverside

,

Series

2008C,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.52%, 05/05/23

(a)

1,945

1,945,000

City

of

Vacaville

,

Series

1999A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

3.47%, 05/05/23

(a)

............

4,600

4,600,000

County

of

San

Bernardino

,

Series

1999A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.47%, 05/05/23

(a)

...

6,745

6,745,000

East

Bay

Municipal

Utility

District

,

TECP

(Sumitomo

Mitsui

Banking

Corp.

SBPA)

,

2.62%, 05/04/23

.................

4,500

4,499,585

Eastern

Municipal

Water

District

,

Series

2018A,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

3.35%, 05/01/23

(a)

................

8,600

8,600,000

Imperial

Irrigation

District

Electric,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017-XM0488,

RB

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

3.92%, 05/05/23

(a)(b)(c)

5,000

5,000,000

Irvine

Ranch

Water

District

,

Series

2011A-1,

VRDN,

3.91%, 02/29/24

(a)

...........

7,000

6,999,054

Lodi

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1477,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.70%, 05/01/23

(a)(b)(c)

2,000

2,000,000

Long

Beach

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XG0478,

GO

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

3.92%, 05/05/23

(a)(b)(c)

..........

11,475

11,475,000

Los

Angeles

Community

College

District

,

Series

2013F,

GO,

5.00%, 08/01/23

.........

3,200

3,215,007

Los

Angeles

County

Housing

Authority

,

TECP

(State

Street

Bank

&

Trust

Co.

LOC)

,

2.80%, 06/06/23

.................

3,000

2,998,225

Los

Angeles

County

Metropolitan

Transportation

Authority

,

TECP

(Bank

of

America

NA

LOC)

,

2.30%, 05/16/23

....

3,000

2,998,681

Los

Angeles

Department

of

Water

&

Power

,

Series

2001B,

Sub-Series

B-7,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.30%, 05/05/23

(a)

................

2,700

2,700,000

Los

Angeles

Department

of

Water

&

Power

,

Series

2019A,

Sub-Series

A-2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.40%, 05/01/23

(a)

................

10,000

10,000,000

Los

Angeles

Department

of

Water

&

Power

,

Series

2021

A-1,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.40%, 05/01/23

(a)

.....

4,000

4,000,000

2023

BlackRock

Semi-Annual

Report

to

Shareholders

California

Money

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

California

(continued)

Los

Angeles

Department

of

Water

&

Power,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF3072,

RB

,

VRDN

(Morgan

Stanley

Bank

NA

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

USD

3,420

$

3,420,000

Los

Angeles

Department

of

Water,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XM1040,

RB

,

VRDN

(UBS

AG

LIQ)

,

3.88%, 05/05/23

(a)(b)(c)

..........

4,325

4,325,000

Los

Angeles

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XG0447,

GO

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.84%, 05/05/23

(a)(b)(c)

....

5,625

5,625,000

Municipal

Improvement

Corp.

of

Los

Angeles

,

TECP

(BMO

Harris

Bank

NA

LOC)

,

2.60%, 05/15/23

.................

10,000

9,998,832

Municipal

Improvement

Corp.

of

Los

Angeles

,

TECP

(US

Bank

NA

LOC)

,

2.90%, 05/16/23

5,800

5,798,205

Orange

County

Water

District

,

Series

2003A,

COP

,

VRDN

(Bank

of

America

NA

LOC)

,

3.05%, 05/05/23

(a)

................

6,000

6,000,000

Sacramento

County

Housing

Authority

,

Series

1996C,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

3.47%, 05/05/23

(a)

................

2,780

2,780,000

Sacramento

Transportation

Authority

,

Series

2014A,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.35%, 05/05/23

(a)

.

8,320

8,320,000

Sacramento

Transportation

Authority

,

Series

2015,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.00%, 05/05/23

(a)

.......

6,215

6,215,000

San

Diego

County

Regional

Transportation

Commission

,

Series

2008A,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.15%, 05/05/23

(a)

................

900

900,000

San

Diego

County

Regional

Transportation

Commission

,

Series

2008B,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.00%, 05/05/23

(a)

................

1,455

1,455,000

San

Diego

County

Regional

Transportation

Commission

,

Series

2008D,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.10%, 05/05/23

(a)

................

525

525,000

San

Diego

Public

Facilities

Financing

Authority

,

TECP

(Bank

of

America

NA

LOC)

,

3.50%, 06/29/23

.................

4,500

4,501,372

San

Diego

Public

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF1429,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.94%, 05/05/23

(a)(b)(c)

..............

4,600

4,600,000

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF1331,

GO

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

1,875

1,875,000

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XX1268,

GO

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.88%, 05/05/23

(a)(b)(c)

..............

2,795

2,795,000

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1482,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.70%, 05/01/23

(a)(b)(c)

..............

1,815

1,815,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Francisco

City

&

County

Airport

Community

,

Series

2018C,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

3.50%, 05/05/23

(a)

................

USD

3,225

$

3,225,000

San

Francisco

City

&

County

Public

Utilities

Commission

,

TECP

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

2.85%, 06/06/23

...

4,000

3,997,782

San

Mateo

County

Transit

District

Sales

Tax

,

Series

2020A,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.50%, 05/05/23

(a)

.........

3,000

3,000,000

San

Mateo

Union

High

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1481,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.70%, 05/01/23

(a)(b)(c)

5,125

5,125,000

Santa

Clara

Valley

Transportation

Authority

,

Series

2008B,

RB

,

VRDN

(Toronto-Dominion

Bank

SBPA)

,

3.49%, 05/05/23

(a)

.......

2,280

2,280,000

Southern

California

Public

Power

Authority

,

Series

2020A-3,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

3.64%, 05/01/23

(a)

..

6,500

6,500,000

State

of

California

,

TECP

(UBS

AG

Stamford

Branch

LOC)

,

3.00%, 05/24/23

.......

3,000

2,999,591

State

of

California

,

TECP

(UBS

AG

Stamford

Branch

LOC)

,

2.90%, 06/05/23

.......

4,000

3,999,595

State

of

California

,

Series

2003A-1,

GO

,

VRDN

(Barclays

Bank

plc

LOC)

,

2.95%, 05/01/23

(a)

400

400,000

State

of

California

,

Series

2003C-1,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.20%, 05/05/23

(a)

..

3,455

3,455,000

State

of

California

,

Series

2005B1,

GO

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

3.40%, 05/05/23

(a)

................

2,650

2,650,000

Tustin

Unified

School

District

,

Series

2023C,

GO,

4.00%, 08/01/23

..............

2,700

2,705,820

University

of

California

,

TECP,

2.90%, 08/02/23

5,000

4,999,927

University

of

California

,

Series

2013AL-3,

RB

,

VRDN

,

3.40%, 05/01/23

(a)

...........

2,905

2,905,000

University

of

California

,

Series

2013AL-4,

RB

,

VRDN

,

3.35%, 05/01/23

(a)

...........

6,375

6,375,000

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XF1479,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

......

1,280

1,280,000

Ventura

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XL0442,

GO

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

....

3,500

3,500,000

Washington

Township

Health

Care

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XL0384,

GO

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

..............

1,900

1,900,000

Western

Municipal

Water

District

Facilities

Authority

,

Series

2012A,

RB

,

VRDN

(Toronto-Dominion

Bank

LOC)

,

3.20%, 05/05/23

(a)

................

9,100

9,100,000

Total

Municipal

Bonds

—

98.2%

(Cost:

$337,755,785)

.............................

337,726,037

California

Money

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

Closed-End

Investment

Companies

California

—

1.5%

Nuveen

California

AMT-Free

Quality

Munici

pal

Income

Fund,

Series

4,

VRDP

(Royal

Bank

of

Canada

LOC),

3.88%, 05/05/23

(a)(c)

...

USD

5,000

$

5,000,000

Total

Closed-End

Investment

Companies

—

1.5%

(Cost:

$5,000,000)

..............................

5,000,000

Total

Investments

—

99.7%

(Cost:

$342,755,785

)

(d)

............................

342,726,037

Other

Assets

Less

Liabilities

—

0.3%

...................

953,879

Net

Assets

—

100.0%

..............................

$

343,679,916

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—

$

5,000,000

$

—

$

5,000,000

Municipal

Bonds

.........................................

—

337,726,037

—

337,726,037

$

—

$

342,726,037

$

—

$

342,726,037

2023

BlackRock

Semi-Annual

Report

to

Shareholders

New

York

Money

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2023

Schedule

of

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

New

York

—

99.1%

Battery

Park

City

Authority

,

Series

2019D-

1,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.88%, 05/05/23

(a)

................

USD

7,295

$

7,295,000

Battery

Park

City

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-

E-137,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

.........

1,100

1,100,000

Build

NYC

Resource

Corp.

,

Series

2015,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.88%, 05/05/23

(a)

................

435

435,000

City

of

New

York

,

Series

2006I,

Sub-Series

I-4,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.75%, 05/01/23

(a)

................

2,800

2,800,000

City

of

New

York

,

Series

2012A-2,

GO

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

3.75%, 05/01/23

(a)

2,000

2,000,000

City

of

New

York

,

Series

2014I,

Sub-Series

I-3,

GO

,

VRDN

(Citibank

NA

LOC)

,

3.93%, 05/05/23

(a)

................

1,100

1,100,000

City

of

New

York

,

Series

2023A,

Sub-Series

A3,

GO

,

VRDN

(Bank

of

Montreal

SBPA)

,

3.75%, 05/01/23

(a)

................

16,870

16,870,000

Dutchess

County

Industrial

Development

Agency

,

Series

2008,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.88%, 05/05/23

(a)

.........

2,640

2,640,000

Metropolitan

Transportation

Authority

,

Series

2005

Sub-Series

D-2,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

3.70%, 05/01/23

(a)

.....

5,200

5,200,000

Metropolitan

Transportation

Authority

,

Series

2005,

Sub-Series

E-1,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.85%, 05/05/23

(a)

.....

4,480

4,480,000

Metropolitan

Transportation

Authority

,

Series

2008A-1,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.75%, 05/01/23

(a)

................

2,700

2,700,000

New

York

City

Housing

Development

Corp.

,

Series

2005A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.80%, 05/05/23

(a)

................

2,465

2,465,000

New

York

City

Housing

Development

Corp.

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.70%, 05/05/23

(a)

................

8,180

8,180,000

New

York

City

Housing

Development

Corp.

,

Series

2009A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

3.88%, 05/05/23

(a)

................

6,175

6,175,000

New

York

City

Housing

Development

Corp.

,

Series

2010A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

3.88%, 05/05/23

(a)

................

6,055

6,055,000

New

York

City

Housing

Development

Corp.

,

Series

2011B,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

3.85%, 05/05/23

(a)

................

875

875,000

New

York

City

Housing

Development

Corp.

,

Series

2018L-2,

RB

,

VRDN

(TD

Bank

NA

LIQ)

,

4.00%, 05/05/23

(a)

............

525

525,000

New

York

City

Housing

Development

Corp.

,

Series

2019A-4,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

3.86%, 05/05/23

(a)

.....

3,800

3,800,000

New

York

City

Housing

Development

Corp.

,

Series

2021F-3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.85%, 05/05/23

(a)

........

9,000

9,000,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Industrial

Development

Agency

,

Series

2004B,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.72%, 05/01/23

(a)

.........

USD

11,225

$

11,225,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2009CC,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.75%, 05/01/23

(a)

................

10,755

10,755,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2013AA-5,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.75%, 05/01/23

(a)

................

8,925

8,925,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2016BB-1A,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.72%, 05/01/23

(a)

................

3,900

3,900,000

New

York

City

Transitional

Finance

Authority

,

Series

2003,

Sub-Series

A-4,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.75%, 05/01/23

(a)

.

4,855

4,855,000

New

York

City

Transitional

Finance

Authority

,

Series

2010

Sub-Series

A-4,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.77%, 05/01/23

(a)

................

1,500

1,500,000

New

York

City

Transitional

Finance

Authority

,

Series

2014D-3,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.70%, 05/01/23

(a)

........

2,000

2,000,000

New

York

City

Transitional

Finance

Authority

,

Series

2016

Sub-Series

A-4,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

3.72%, 05/01/23

(a)

................

1,200

1,200,000

New

York

City

Trust

for

Cultural

Resources

,

Series

2009A,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

3.88%, 05/05/23

(a)

.....

3,740

3,740,000

New

York

Power

Authority

,

TECP

(Bank

of

America

NA

SBPA,

JPMorgan

Chase

Bank

NA

SBPA,

TD

Bank

NA

SBPA

&

Wells

Fargo

Bank

NA

SBPA)

,

3.25%, 06/07/23

.....

5,300

5,296,819

New

York

Power

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XL0416,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..........

2,900

2,900,000

New

York

Power

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XX1281,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..........

3,000

3,000,000

New

York

State

Dormitory

Authority

,

Series

2002A-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.00%, 05/05/23

(a)

....

1,555

1,555,000

New

York

State

Dormitory

Authority

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.67%, 05/05/23

(a)

................

7,825

7,825,000

New

York

State

Dormitory

Authority

,

Series

2008A-1,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

3.89%, 05/05/23

(a)

............

2,790

2,790,000

New

York

State

Dormitory

Authority

,

Series

2009,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.00%, 05/05/23

(a)

................

2,295

2,295,000

New

York

State

Dormitory

Authority

,

Series

2009A,

RB

,

VRDN

,

3.45%, 05/05/23

(a)

...

8,875

8,875,000

New

York

State

Dormitory

Authority

,

Series

2012,

RB

,

VRDN

(HSBC

Bank

USA

NA

LOC)

,

3.90%, 05/05/23

(a)

............

6,155

6,155,000

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A,

Sub-

Series

A-1,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

3.96%, 05/05/23

(a)

............

3,050

3,050,000

New

York

Money

Fund

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A,

Sub-

Series

A-3,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

3.88%, 05/05/23

(a)

............

USD

5,025

$

5,025,000

New

York

State

Environmental

Facilities

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF3049,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

2,670

2,670,000

New

York

State

Environmental

Facilities

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF1442,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

3,560

3,560,000

New

York

State

Housing

Finance

Agency

,

Series

2004A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.80%, 05/05/23

(a)

................

1,750

1,750,000

New

York

State

Housing

Finance

Agency

,

Series

2008A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

3.79%, 05/05/23

(a)

................

4,500

4,500,000

New

York

State

Housing

Finance

Agency

,

Series

2009A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.89%, 05/05/23

(a)

................

850

850,000

New

York

State

Housing

Finance

Agency

,

Series

2010A,

RB

,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC)

,

4.02%, 05/05/23

(a)

................

7,050

7,050,000

New

York

State

Housing

Finance

Agency

,

Series

2010A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

3.80%, 05/05/23

(a)

................

5,000

5,000,000

New

York

State

Housing

Finance

Agency

,

Series

2013A,

RB

,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC)

,

3.69%, 05/01/23

(a)

................

7,000

7,000,000

New

York

State

Housing

Finance

Agency

,

Series

2022G-3,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

3.83%, 05/05/23

(a)

..

1,985

1,985,000

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-YX1250,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

1,730

1,730,000

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF1450,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

..............

2,590

2,590,000

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF1496,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

3.91%, 05/05/23

(a)(b)(c)

..............

1,525

1,525,000

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XL0414,

RB

,

VRDN

(Citibank

NA

LIQ)

,

3.88%, 05/05/23

(a)

(b)(c)

..........................

2,000

2,000,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Sales

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XG0464,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 05/01/23

(a)(b)(c)

USD

1,215

$

1,215,000

New

York

State

Thruway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-XF0847,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

1,395

1,395,000

New

York

State

Urban

Development

Corp.

,

Series

2004A-3-,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.82%, 05/05/23

(a)

3,000

3,000,000

State

of

New

York

Mortgage

Agency

,

Series

247,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.90%, 05/05/23

(a)

................

3,000

3,000,000

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005,

Sub-Series

B-2B,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

4.10%, 05/05/23

(a)

................

5,000

5,000,000

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B-3,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

3.72%, 05/01/23

(a)

.....

4,250

4,250,000

Triborough

Bridge

&

Tunnel

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1495,

RB

,

VRDN

(Toronto-

Dominion

Bank

LIQ)

,

3.89%, 05/05/23

(a)(b)(c)

1,550

1,550,000

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Series

2014B-1,

RB,

VRDN

,

3.91%, 01/12/24

(a)

................

3,005

3,004,980

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Series

2014B-2,

RB

,

VRDN

,

3.91%, 10/23/23

(a)

................

8,200

8,196,935

Yankee

Stadium,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1455,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.89%, 05/05/23

(a)(b)(c)

..............

1,800

1,800,000

Yonkers

Industrial

Development

Agency

,

Series

2005,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

3.79%, 05/05/23

(a)

.........

6,750

6,750,000

Total

Municipal

Bonds

—

99.1%

(Cost:

$261,940,000)

.............................

261,933,734

Closed-End

Investment

Companies

New

York

—

0.9%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

3,

VRDP,

3.90%, 05/05/23

(a)(c)

...............

2,500

2,500,000

Total

Closed-End

Investment

Companies

—

0.9%

(Cost:

$2,500,000)

..............................

2,500,000

Total

Investments

—

100.0%

(Cost:

$264,440,000

)

(d)

............................

264,433,734

Liabilities

in

Excess

of

Other

Assets

—

(0.0)%

............

(94,433)

Net

Assets

—

100.0%

..............................

$

264,339,301

(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.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

New

York

Money

Fund

52

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2023

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—

$

2,500,000

$

—

$

2,500,000

Municipal

Bonds

.........................................

—

261,933,734

—

261,933,734

$

—

$

264,433,734

$

—

$

264,433,734

Statements

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

53

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

...........................

$

3,866,593,435‌

$

24,839,423,820‌

$

6,311,673,693‌

$

3,576,089,556‌

$

4,547,137,550‌

Cash  

................................................

194,484,769‌

6,702,757,527‌

285,296,239‌

330,165,053‌

5,227,314,718‌

Repurchase

agreements,

at

value

—

unaffiliated

(b)

...................

—‌

108,697,921,875‌

5,602,000,000‌

1,799,000,000‌

86,971,346,250‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Investments

sold

.......................................

8,205,125‌

—‌

—‌

—‌

—‌

Capital

shares

sold

......................................

3,647,269‌

1,444,340,587‌

80,579,629‌

(702,151‌)

84,545,007‌

Interest

—

unaffiliated

....................................

9,926,165‌

107,987,404‌

25,371,036‌

18,176,355‌

38,708,185‌

Prepaid

expenses

........................................

627,146‌

95,803,783‌

623,156‌

5,537,561‌

36,651,905‌

Total

assets

............................................

4,083,483,909‌

141,888,234,996‌

12,305,543,753‌

5,728,266,374‌

96,905,703,615‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

240,296,561‌

3,034,447,962‌

—‌

—‌

1,991,170,377‌

Capital

shares

redeemed

..................................

1,117,879‌

1,452,930,652‌

23,284,505‌

—‌

17,466,904‌

Custodian

fees

.........................................

30,132‌

357,044‌

25,122‌

36,806‌

266,448‌

Income

dividend

distributions

...............................

11,065,691‌

326,611,362‌

44,335,445‌

3,674,001‌

234,236,022‌

Management

fees

.......................................

1,046,734‌

36,858,821‌

3,375,824‌

1,607,884‌

25,463,760‌

Trustees'

and

Officer's

fees

................................

2,831‌

41,395‌

—‌

1,072‌

29,561‌

Professional

fees

.......................................

33,614‌

238,659‌

45,345‌

52,475‌

192,303‌

Registration

fees

.......................................

156,669‌

5,464,974‌

104,544‌

1,196,660‌

2,549,821‌

Service

and

distribution

fees

................................

373,159‌

97,683,140‌

101‌

5,544,431‌

36,809,055‌

Transfer

agent

fees

.....................................

49,630‌

465,030‌

48,038‌

153,705‌

498,108‌

Other

accrued

expenses

..................................

25,150‌

65,353‌

—‌

7,837‌

40,733‌

Total

liabilities

...........................................

254,198,050‌

4,955,164,392‌

71,218,924‌

12,274,871‌

2,308,723,092‌

NET

ASSETS

...........................................

$

3,829,285,859‌

$

136,933,070,604‌

$

12,234,324,829‌

$

5,715,991,503‌

$

94,596,980,523‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

...........................................

$

3,829,571,407‌

$

137,019,555,757‌

$

12,236,948,586‌

$

5,717,363,160‌

$

94,648,747,950‌

Accumulated

loss

........................................

(285,548‌)

(86,485,153‌)

(2,623,757‌)

(1,371,657‌)

(51,767,427‌)

NET

ASSETS

...........................................

$

3,829,285,859‌

$

136,933,070,604‌

$

12,234,324,829‌

$

5,715,991,503‌

$

94,596,980,523‌

(a)

  Investments,

at

cost

—

unaffiliated

...........................

$

3,866,593,435‌

$

24,839,423,820‌

$

6,313,189,761‌

$

3,576,686,471‌

$

4,547,137,550‌

(b)

  Repurchase

agreements,

at

cost

—

unaffiliated

..................

$

—‌

$

108,697,921,875‌

$

5,602,000,000‌

$

1,799,000,000‌

$

86,971,346,250‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

54

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

NET

ASSET

VALUE

Institutional

Net

assets

............................................

$

3,742,224,554‌

$

115,723,750,724‌

$

11,641,840,879‌

$

4,916,276,524‌

$

86,654,141,530‌

Shares

outstanding

.....................................

3,742,496,222‌

115,796,971,018‌

11,638,992,946‌

4,914,557,201‌

86,701,516,598‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

1.0002‌

$

1.0003‌

$

1.00‌

Shares

authorized

......................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

............................................

$

35,184,186‌

$

9,501,387,418‌

$

—‌

$

17,602,570‌

$

4,524,812,845‌

Shares

outstanding

.....................................

35,186,736‌

9,507,378,017‌

—‌

17,595,947‌

4,527,282,159‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

......................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Bancroft

Capital

Net

assets

............................................

$

51,441‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

51,445‌

—‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

—

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cabrera

Capital

Markets

Net

assets

............................................

$

51,441‌

$

—‌

$

—‌

$

178,062‌

$

—‌

Shares

outstanding

.....................................

51,445‌

—‌

—‌

177,992‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

1.0004‌

$

—‌

Shares

authorized

......................................

Unlimited

—

—

Unlimited

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

............................................

$

—‌

$

4,813,141‌

$

—‌

$

132,269,307‌

$

135,419,456‌

Shares

outstanding

.....................................

—‌

4,816,174‌

—‌

132,216,079‌

135,493,383‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

......................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

............................................

$

10,757,964‌

$

633,762,783‌

$

—‌

$

525,257,924‌

$

700,236,785‌

Shares

outstanding

.....................................

10,758,744‌

634,161,883‌

—‌

525,066,268‌

700,619,404‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

......................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

............................................

$

—‌

$

4,417,558,051‌

$

—‌

$

12,497,190‌

$

66,940,067‌

Shares

outstanding

.....................................

—‌

4,420,350,050‌

—‌

12,491,977‌

66,976,716‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

......................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

............................................

$

7,064,898‌

$

3,294,050,789‌

$

18,455‌

$

111,281,215‌

$

1,542,051,905‌

Shares

outstanding

.....................................

7,065,412‌

3,296,129,916‌

18,450‌

111,239,638‌

1,542,895,277‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

1.0002‌

$

1.0004‌

$

1.00‌

Shares

authorized

......................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Great

Pacific

Net

assets

............................................

$

51,423‌

$

—‌

$

592,429,007‌

$

—‌

$

—‌

Shares

outstanding

.....................................

51,427‌

—‌

592,313,972‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

1.0002‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

—

Unlimited

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2023

55

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Mischler

Financial

Group

Net

assets

............................................

$

4,935,635‌

$

1,431,327,160‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

4,935,993‌

1,432,229,394‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

Unlimited

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Penserra

Net

assets

............................................

$

801,384‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

801,442‌

—‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

—

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Premier

Net

assets

............................................

$

—‌

$

1,513,943,743‌

$

36,488‌

$

—‌

$

923,021,805‌

Shares

outstanding

.....................................

—‌

1,514,911,412‌

36,478‌

—‌

923,526,055‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

1.0003‌

$

—‌

$

1.00‌

Shares

authorized

......................................

—

Unlimited

Unlimited

—

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Private

Client

Net

assets

............................................

$

—‌

$

257,813‌

$

—‌

$

628,711‌

$

—‌

Shares

outstanding

.....................................

—‌

257,975‌

—‌

628,460‌

—‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

1.0004‌

$

—‌

Shares

authorized

......................................

—

Unlimited

—

Unlimited

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

............................................

$

—‌

$

319,027,722‌

$

—‌

$

—‌

$

50,356,130‌

Shares

outstanding

.....................................

—‌

319,228,664‌

—‌

—‌

50,383,605‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

1.00‌

Shares

authorized

......................................

—

Unlimited

—

—

Unlimited

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Stern

Brothers

Net

assets

............................................

$

52,148‌

$

52,156‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

52,152‌

52,189‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

Unlimited

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Tigress

Net

assets

............................................

$

28,110,785‌

$

4,559,818‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

28,112,828‌

4,562,688‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

Unlimited

Unlimited

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

WestCap

Net

assets

............................................

$

—‌

$

88,579,286‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.....................................

—‌

88,635,054‌

—‌

—‌

—‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

......................................

—

Unlimited

—

—

—

Par

value

............................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

56

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

..........................................

$

104,453,018,719‌

$

3,113,826,609‌

$

342,726,037‌

$

264,433,734‌

Cash  

...............................................................

8,499,906,824‌

130,700‌

88,873‌

480,363‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

8,599,526,290‌

—‌

—‌

—‌

Capital

shares

sold

.....................................................

3,876,526‌

2,410,410‌

101,977‌

440,227‌

Interest

—

unaffiliated

...................................................

165,659,420‌

14,803,443‌

1,205,201‌

691,291‌

Prepaid

expenses

.......................................................

15,077,078‌

282,846‌

13,572‌

44,961‌

Total

assets

...........................................................

121,737,064,857‌

3,131,454,008‌

344,135,660‌

266,090,576‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

18,827,493,735‌

31,279,686‌

—‌

400,785‌

Capital

shares

redeemed

.................................................

1,516,705‌

1,946,887‌

64,680‌

770,000‌

Custodian

fees

........................................................

389,591‌

45,872‌

5,946‌

3,343‌

Income

dividend

distributions

..............................................

227,103,714‌

3,087,759‌

122,458‌

445,639‌

Management

fees

......................................................

27,822,802‌

1,092,076‌

111,308‌

54,744‌

Trustees'

and

Officer's

fees

...............................................

22,695‌

1,527‌

394‌

442‌

Professional

fees

......................................................

93,589‌

50,992‌

51,685‌

32,242‌

Registration

fees

......................................................

4,339,577‌

41,064‌

77,588‌

23,219‌

Service

and

distribution

fees

...............................................

14,749,018‌

19,587‌

1,375‌

269‌

Transfer

agent

fees

....................................................

79,577‌

20,067‌

942‌

941‌

Other

accrued

expenses

.................................................

722,085‌

14,694‌

19,368‌

19,651‌

Total

liabilities

..........................................................

19,104,333,088‌

37,600,211‌

455,744‌

1,751,275‌

NET

ASSETS

..........................................................

$

102,632,731,769‌

$

3,093,853,797‌

$

343,679,916‌

$

264,339,301‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

102,624,249,005‌

$

3,094,317,504‌

$

343,708,247‌

$

264,340,758‌

Accumulated

earnings

(loss)

................................................

8,482,764‌

(463,707‌)

(28,331‌)

(1,457‌)

NET

ASSETS

..........................................................

$

102,632,731,769‌

$

3,093,853,797‌

$

343,679,916‌

$

264,339,301‌

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

104,453,018,719‌

$

3,114,291,535‌

$

342,755,785‌

$

264,440,000‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2023

57

Financial

Statements

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

NET

ASSET

VALUE

Institutional

Net

assets

...........................................................

$

99,737,808,107‌

$

3,091,854,615‌

$

343,679,916‌

$

264,339,301‌

Shares

outstanding

....................................................

99,729,560,009‌

3,092,115,085‌

343,939,654‌

264,338,270‌

Net

asset

value

.......................................................

$

1.00‌

$

0.9999‌

$

0.9992‌

$

1.0000‌

Shares

authorized

.....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

...........................................................

$

448,980,082‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

....................................................

448,942,730‌

—‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

—

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

...........................................................

$

231,414,459‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

....................................................

231,395,827‌

—‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

—

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

...........................................................

$

14,675,963‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

....................................................

14,674,767‌

—‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

—

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

...........................................................

$

119,502,183‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

....................................................

119,492,426‌

—‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

—

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

...........................................................

$

1,910,205,892‌

$

1,999,182‌

$

—‌

$

—‌

Shares

outstanding

....................................................

1,910,053,139‌

1,999,391‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

0.9999‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

Unlimited

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

...........................................................

$

170,145,083‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

....................................................

170,130,107‌

—‌

—‌

—‌

Net

asset

value

.......................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

.....................................................

Unlimited

—

—

—

Par

value

...........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

April

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

58

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

99,119,692‌

$

2,824,498,710‌

$

253,201,500‌

$

159,357,143‌

$

1,961,086,400‌

Total

investment

income

....................................

99,119,692‌

2,824,498,710‌

253,201,500‌

159,357,143‌

1,961,086,400‌

EXPENSES

Management

..........................................

5,039,099‌

119,042,743‌

11,903,947‌

8,264,970‌

82,868,614‌

Registration

..........................................

157,786‌

865,098‌

350,236‌

116,887‌

465,910‌

Transfer

agent

.........................................

108,556‌

738,309‌

68,373‌

318,845‌

232,659‌

Service

and

distribution

—

class

specific

.......................

53,364‌

26,180,633‌

22‌

1,506,928‌

9,770,739‌

Professional

..........................................

42,022‌

232,954‌

37,963‌

43,760‌

174,705‌

Printing

and

postage

....................................

30,477‌

21,914‌

15,575‌

17,432‌

18,708‌

Custodian

............................................

29,936‌

389,913‌

43,173‌

48,693‌

290,225‌

Trustees

and

Officer

.....................................

22,074‌

169,088‌

24,996‌

26,888‌

152,568‌

Miscellaneous

.........................................

41,244‌

320,750‌

42,216‌

46,044‌

262,078‌

Total

expenses

..........................................

5,524,558‌

147,961,402‌

12,486,501‌

10,390,447‌

94,236,206‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(1,433,634‌)

(10,550,342‌)

(2,760,358‌)

(2,612,283‌)

(7,231,764‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(112‌)

(49,259‌)

—‌

(4,346‌)

(4,168‌)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

4,090,812‌

137,361,801‌

9,726,143‌

7,773,818‌

87,000,274‌

Net

investment

income

.....................................

95,028,880‌

2,687,136,909‌

243,475,357‌

151,583,325‌

1,874,086,126‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

495,043‌

$

(48,165,162‌)

$

2,286,733‌

$

3,453,224‌

$

(31,682,347‌)

Net

realized

gain

(loss)

from

investments

.......................

495,043‌

(48,165,162‌)

50,939‌

(81,756‌)

(31,682,347‌)

Net

change

in

unreal

ized

appreciation

on

investments

..............

—‌

—‌

2,235,794‌

3,534,980‌

—‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

95,523,923‌

$

2,638,971,747‌

$

245,762,090‌

$

155,036,549‌

$

1,842,403,779‌

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

April

30,

2023

59

Financial

Statements

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

INVESTMENT

INCOME

–

–

–

–

Interest

—

unaffiliated

...................................................

$

2,122,599,127‌

$

41,959,463‌

$

3,918,329‌

$

3,193,782‌

Total

investment

income

...................................................

2,122,599,127‌

41,959,463‌

3,918,329‌

3,193,782‌

EXPENSES

Management

.........................................................

91,208,109‌

4,712,422‌

661,326‌

454,590‌

Service

and

distribution

—

class

specific

......................................

2,827,259‌

2,895‌

—‌

—‌

Custodian

...........................................................

558,916‌

33,096‌

6,077‌

6,444‌

Registration

.........................................................

455,705‌

112,687‌

6,373‌

55,733‌

Transfer

agent

........................................................

247,790‌

16,674‌

678‌

954‌

Trustees

and

Officer

....................................................

152,568‌

14,159‌

3,953‌

3,750‌

Professional

.........................................................

150,208‌

34,415‌

36,929‌

32,933‌

Printing

and

postage

...................................................

17,164‌

15,286‌

15,810‌

15,926‌

Miscellaneous

........................................................

211,185‌

20,172‌

3,621‌

3,756‌

Total

expenses

.........................................................

95,828,904‌

4,961,806‌

734,767‌

574,086‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(7,939,462‌)

(1,728,554‌)

(382,001‌)

(331,581‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

.................

(180,505‌)

—‌

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

................................

87,708,937‌

3,233,252‌

352,766‌

242,505‌

Net

investment

income

....................................................

2,034,890,190‌

38,726,211‌

3,565,563‌

2,951,277‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

12,734,810‌

$

385,060‌

$

(2,532‌)

$

(1,219‌)

Net

realized

gain

from

investments

..........................................

12,734,811‌

1,403‌

1,061‌

4,808‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

...................

—‌

383,658‌

(3,593‌)

(6,027‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

2,047,625,001‌

$

39,111,272‌

$

3,563,031‌

$

2,950,058‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

................................................

$

95,028,880‌

$

48,619,419‌

$

2,687,136,909‌

$

1,390,465,990‌

Net

realized

gain

(loss)

................................................

495,043‌

(690,428‌)

(48,165,162‌)

(36,843,185‌)

Net

increase

in

net

assets

resulting

from

operations

...............................

95,523,923‌

47,928,991‌

2,638,971,747‌

1,353,622,805‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.......................................................

(93,812,977‌)

(48,537,193‌)

(2,129,495,962‌)

(1,077,596,668‌)

  Administration

.....................................................

(498,419‌)

(203,462‌)

(328,160,616‌)

(213,403,476‌)

  Bancroft

Capital

....................................................

(1,021‌)

(424‌)

—‌

—‌

  Cabrera

Capital

Markets

..............................................

(1,021‌)

(424‌)

—‌

—‌

  Capital

..........................................................

—‌

—‌

(88,259‌)

(3,026,915‌)

  Cash

Management

..................................................

(213,527‌)

(78,794‌)

(11,948,362‌)

(4,284,003‌)

  Cash

Reserve

.....................................................

—‌

(3‌)

(90,724,879‌)

(35,255,621‌)

  Dollar

...........................................................

(160,970‌)

(53,184‌)

(68,903,645‌)

(27,091,528‌)

  Great

Pacific

......................................................

(1,020‌)

(407‌)

—‌

—‌

Mischler

Financial

Group

..............................................

(93,112‌)

(68,040‌)

(19,713,323‌)

(11,486,407‌)

Penserra

.........................................................

(8,972‌)

(422‌)

—‌

—‌

  Premier

..........................................................

—‌

—‌

(29,628,806‌)

(18,686,982‌)

  Private

Client

......................................................

—‌

—‌

(4,613‌)

(1,554‌)

  Select

...........................................................

—‌

—‌

(7,778,565‌)

(3,107,617‌)

  Stern

Brothers

.....................................................

(1,861‌)

(291‌)

(1,890‌)

(299‌)

  Tigress

..........................................................

(235,980‌)

(1,074‌)

(102,724‌)

(743‌)

WestCap

.........................................................

—‌

—‌

(585,265‌)

(269‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.....................

(95,028,880‌)

(48,943,718‌)

(2,687,136,909‌)

(1,393,942,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.............

(1,351,943,231‌)

160,508,937‌

(9,323,750,883‌)

(21,212,578,366‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.......................................

(1,351,448,188‌)

159,494,210‌

(9,371,916,045‌)

(21,252,897,643‌)

Beginning

of

period

....................................................

5,180,734,047‌

5,021,239,837‌

146,304,986,649‌

167,557,884,292‌

End

of

period

........................................................

$

3,829,285,859‌

$

5,180,734,047‌

$

136,933,070,604‌

$

146,304,986,649‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

61

Financial

Statements

See

notes

to

financial

statements.

TempCash

TempFund

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

243,475,357‌

$

65,593,917‌

$

151,583,325‌

$

74,680,071‌

Net

realized

gain

(loss)

....................................................

50,939‌

12,497‌

(81,756‌)

10,023‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

2,235,794‌

(3,932,958‌)

3,534,980‌

(4,441,139‌)

Net

increase

in

net

assets

resulting

from

operations

...................................

245,762,090‌

61,673,456‌

155,036,549‌

70,248,955‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(236,183,419‌)

(65,593,405‌)

(136,292,023‌)

(69,791,863‌)

  Administration

.........................................................

—‌

—‌

(475,005‌)

(150,396‌)

  Cabrera

Capital

Markets

..................................................

—‌

—‌

(2,644‌)

(495‌)

  Capital

..............................................................

—‌

—‌

(2,090,518‌)

(62,777‌)

  Cash

Management

......................................................

—‌

—‌

(10,272,088‌)

(3,801,518‌)

  Cash

Reserve

.........................................................

—‌

—‌

(344,559‌)

(82,973‌)

  Dollar

...............................................................

(375‌)

(150‌)

(2,086,927‌)

(953,713‌)

  Great

Pacific

..........................................................

(7,290,768‌)

—‌

—‌

—‌

  Premier

..............................................................

(795‌)

(362‌)

—‌

—‌

  Private

Client

..........................................................

—‌

—‌

(19,561‌)

(7,842‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(243,475,357‌)

(65,593,917‌)

(151,583,325‌)

(74,851,577‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

3,573,432,704‌

2,875,694,021‌

(1,628,277,654‌)

(1,309,031,942‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

3,575,719,437‌

2,871,773,560‌

(1,624,824,430‌)

(1,313,634,564‌)

Beginning

of

period

........................................................

8,658,605,392‌

5,786,831,832‌

7,340,815,933‌

8,654,450,497‌

End

of

period

............................................................

$

12,234,324,829‌

$

8,658,605,392‌

$

5,715,991,503‌

$

7,340,815,933‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

T-Fund

Treasury

Trust

Fund

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................

$

1,874,086,126‌

$

936,985,893‌

$

2,034,890,190‌

$

903,323,482‌

Net

realized

gain

(loss)

..............................................

(31,682,347‌)

(20,182,880‌)

12,734,811‌

2,426,101‌

Net

increase

in

net

assets

resulting

from

operations

.............................

1,842,403,779‌

916,803,013‌

2,047,625,001‌

905,749,583‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.....................................................

(1,596,996,167‌)

(772,514,168‌)

(1,998,315,664‌)

(893,603,138‌)

  Administration

...................................................

(212,955,852‌)

(143,818,630‌)

(8,549,758‌)

(3,879,189‌)

  Capital

........................................................

(1,661,702‌)

(952,166‌)

(2,102,557‌)

(101,615‌)

  Cash

Management

................................................

(14,282,191‌)

(5,473,066‌)

(235,184‌)

(156,314‌)

  Cash

Reserve

...................................................

(1,660,876‌)

(782,324‌)

(1,834,931‌)

(502,788‌)

  Dollar

.........................................................

(31,232,800‌)

(11,632,288‌)

(24,489,572‌)

(7,124,384‌)

  Premier

........................................................

(14,575,387‌)

(2,939,940‌)

—‌

—‌

  Select

.........................................................

(721,151‌)

(135,326‌)

(3,029,638‌)

(2,012,121‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................

(1,874,086,126‌)

(938,247,908‌)

(2,038,557,304‌)

(907,379,549‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........

(6,663,476,469‌)

(19,885,886,464‌)

(5,662,151,260‌)

7,255,815,540‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................

(6,695,158,816‌)

(19,907,331,359‌)

(5,653,083,563‌)

7,254,185,574‌

Beginning

of

period

..................................................

101,292,139,339‌

121,199,470,698‌

108,285,815,332‌

101,031,629,758‌

End

of

period

......................................................

$

94,596,980,523‌

$

101,292,139,339‌

$

102,632,731,769‌

$

108,285,815,332‌

(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.

MuniCash

California

Money

Fund

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

38,726,211‌

$

20,242,474‌

$

3,565,563‌

$

1,059,497‌

Net

realized

gain

........................................................

1,403‌

60,574‌

1,061‌

2,729‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

383,658‌

(787,449‌)

(3,593‌)

(24,988‌)

Net

increase

in

net

assets

resulting

from

operations

...................................

39,111,272‌

19,515,599‌

3,563,031‌

1,037,238‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(38,701,666‌)

(20,457,399‌)

(3,565,563‌)

(1,228,434‌)

  Dollar

...............................................................

(24,545‌)

(14,473‌)

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(38,726,211‌)

(20,471,872‌)

(3,565,563‌)

(1,228,434‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(502,082,407‌)

(1,777,099,677‌)

26,121,712‌

110,594,977‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(501,697,346‌)

(1,778,055,950‌)

26,119,180‌

110,403,781‌

Beginning

of

period

........................................................

3,595,551,143‌

5,373,607,093‌

317,560,736‌

207,156,955‌

End

of

period

............................................................

$

3,093,853,797‌

$

3,595,551,143‌

$

343,679,916‌

$

317,560,736‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

New

York

Money

Fund

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

2,951,277‌

$

849,816‌

Net

realized

gain

......................................................................................

4,808‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(6,027‌)

1,000‌

Net

increase

in

net

assets

resulting

from

operations

.................................................................

2,950,058‌

850,816‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.........................................................................................

(2,951,277‌)

(849,816‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(2,951,277‌)

(849,816‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................................................

65,381,251‌

139,158,163‌

NET

ASSETS

Total

increase

in

net

assets

.................................................................................

65,380,032‌

139,159,163‌

Beginning

of

period

......................................................................................

198,959,269‌

59,800,106‌

End

of

period

..........................................................................................

$

264,339,301‌

$

198,959,269‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

65

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0198

‌

0.0077

‌

0.0000

(a)

0.0051

‌

0.0214

‌

0.0151

‌

Net

realized

and

unrealized

gain

(loss)

................

0.0003

‌

0.0007

(b)

0.0001

‌

0.0014

‌

0.0000

(a)

(0.0001

)

Net

increase

from

investment

operations

................

0.0201

‌

0.0084

‌

0.0001

‌

0.0065

‌

0.0214

‌

0.0150

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0201

)

(0.0084

)

(0.0000

)

(d)

(0.0064

)

(0.0214

)

(0.0150

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

—

‌

Total

distributions

...............................

(0.0201

)

(0.0084

)

(0.0001

)

(0.0065

)

(0.0214

)

(0.0150

)

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

..........................

2.02

%

(f)

0.85

%

0.02

%

0.65

%

2.16

%

1.51

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.23

%

(g)

0.22

%

0.23

%

0.23

%

0.25

%

0.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.17

%

(g)

0.13

%

0.09

%

0.17

%

0.17

%

0.17

%

Net

investment

income

...........................

4.00

%

(g)

0.77

%

0.00

%

(h)

0.51

%

2.14

%

1.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,742,225

‌

$

5,117,999

‌

$

4,912,973

‌

$

4,488,126

‌

$

3,442,530

‌

$

2,996,754

‌

(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)

Not

annualized.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

66

BlackRock

Liquid

Federal

Trust

Fund

Administration

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0197

‌

0.0043

‌

0.0000

(a)

0.0051

‌

0.0204

‌

0.0140

‌

Net

realized

and

unrealized

gain

(loss)

................

(0.0001

)

(b)

0.0035

(b)

0.0001

‌

0.0006

‌

0.0000

(a)

0.0000

(a)

Net

increase

from

investment

operations

................

0.0196

‌

0.0078

‌

0.0001

‌

0.0057

‌

0.0204

‌

0.0140

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0196

)

(0.0078

)

(0.0000

)

(d)

(0.0056

)

(0.0204

)

(0.0140

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

—

‌

Total

distributions

...............................

(0.0196

)

(0.0078

)

(0.0001

)

(0.0057

)

(0.0204

)

(0.0140

)

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

..........................

1.97

%

(f)

0.78

%

0.02

%

0.57

%

2.06

%

1.41

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.33

%

(g)

0.32

%

0.33

%

0.33

%

0.35

%

0.34

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.27

%

(g)

0.15

%

0.08

%

0.24

%

0.27

%

0.27

%

Net

investment

income

...........................

3.98

%

(g)

0.43

%

0.00

%

(h)

0.51

%

2.05

%

1.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

35,184

‌

$

24,112

‌

$

87,091

‌

$

78,219

‌

$

80,271

‌

$

75,807

‌

(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)

Not

annualized.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

67

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Bancroft

Capital

Six

Months

Ended

04/30/23

(unaudited)

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0201

‌

0.0084

‌

Net

realized

and

unrealized

gain

............................................................................

0.0000

(b)

(

0.0000

)

(c)

Net

increase

from

investment

operations

........................................................................

0.0201

‌

0.0084

‌

Distributions

(d)

–

–

From

net

investment

income

..............................................................................

(0.0201

)

(0.0084

)

From

net

realized

gain

...................................................................................

—

‌

(0.0000

)

(c)

Total

distributions

.......................................................................................

(0.0201

)

(0.0084

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.02

%

(f)

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23

%

(g)

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.13

%

(g)

Net

investment

income

...................................................................................

4.05

%

(g)

0.85

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

51

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

68

BlackRock

Liquid

Federal

Trust

Fund

Cabrera

Capital

Markets

Six

Months

Ended

04/30/23

(unaudited)

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0201

‌

0.0084

‌

Net

realized

and

unrealized

gain

............................................................................

0.0000

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

........................................................................

0.0201

‌

0.0084

‌

Distributions

(d)

–

–

From

net

investment

income

..............................................................................

(0.0201

)

(0.0084

)

From

net

realized

gain

...................................................................................

—

‌

(0.0000

)

(c)

Total

distributions

.......................................................................................

(0.0201

)

(0.0084

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.02

%

(f)

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23

%

(g)

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.13

%

(g)

Net

investment

income

...................................................................................

4.05

%

(g)

0.85

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

51

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

69

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0174

‌

0.0051

‌

0.0000

(a)

0.0022

‌

0.0164

‌

0.0099

‌

Net

realized

and

unrealized

gain

....................

0.0002

‌

0.0006

(b)

0.0001

‌

0.0016

‌

0.0000

(a)

0.0001

‌

Net

increase

from

investment

operations

................

0.0176

‌

0.0057

‌

0.0001

‌

0.0038

‌

0.0164

‌

0.0100

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0176

)

(0.0057

)

(0.0000

)

(d)

(0.0037

)

(0.0164

)

(0.0100

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

—

‌

Total

distributions

...............................

(0.0176

)

(0.0057

)

(0.0001

)

(0.0038

)

(0.0164

)

(0.0100

)

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

..........................

1.77

%

(f)

0.57

%

0.02

%

0.38

%

1.65

%

1.01

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.73

%

(g)

0.72

%

0.73

%

0.73

%

0.75

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.67

%

(g)

0.39

%

0.08

%

0.36

%

0.67

%

0.67

%

Net

investment

income

...........................

3.50

%

(g)

0.51

%

0.00

%

(h)

0.22

%

1.65

%

0.99

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

10,758

‌

$

14,435

‌

$

10,191

‌

$

10,809

‌

$

11,839

‌

$

13,175

‌

(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)

Not

annualized.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

70

BlackRock

Liquid

Federal

Trust

Fund

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................

0.0193

‌

0.0084

‌

0.0000

(a)

0.0032

‌

0.0189

‌

0.0116

‌

Net

realized

and

unrealized

gain

(loss)

...............

(0.0005

)

(b)

(0.0015

)

0.0001

‌

0.0018

‌

0.0000

(a)

0.0009

‌

Net

increase

from

investment

operations

...............

0.0188

‌

0.0069

‌

0.0001

‌

0.0050

‌

0.0189

‌

0.0125

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.0188

)

(0.0069

)

(0.0000

)

(d)

(0.0049

)

(0.0189

)

(0.0125

)

From

net

realized

gain

..........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

—

‌

Total

distributions

..............................

(0.0188

)

(0.0069

)

(0.0001

)

(0.0050

)

(0.0189

)

(0.0125

)

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

.........................

1.90

%

(f)

0.70

%

0.02

%

0.49

%

1.91

%

1.26

%

Ratios

to

Average

Net

Assets

Total

expenses

................................

0.48

%

(g)

0.47

%

0.48

%

0.48

%

0.50

%

0.49

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.42

%

(g)

0.29

%

0.09

%

0.29

%

0.42

%

0.42

%

Net

investment

income

..........................

3.89

%

(g)

0.84

%

0.00

%

(h)

0.32

%

1.90

%

1.16

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

7,065

‌

$

15,765

‌

$

10,977

‌

$

30,848

‌

$

11,152

‌

$

13,751

‌

(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)

Not

annualized.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

71

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Great

Pacific

Six

Months

Ended

04/30/23

(unaudited)

Period

from

05/02/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0201

‌

0.0081

‌

Net

realized

and

unrealized

gain

............................................................................

0.0000

(b)

(

0.0000

)

(c)

Net

increase

from

investment

operations

........................................................................

0.0201

‌

0.0081

‌

Distributions

from

net

investment

income

(d)

....................................................................

(0.0201

)

(0.0081

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.02

%

(f)

0.81

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23

%

(g)

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.17

%

(g)

Net

investment

income

...................................................................................

4.05

%

(g)

1.62

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

51

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

72

BlackRock

Liquid

Federal

Trust

Fund

Mischler

Financial

Group

Six

Months

Ended

04/30/23

(unaudited)

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0201

‌

0.0089

‌

Net

realized

and

unrealized

loss

............................................................................

0.0000

(b)

(0.0005

)

Net

increase

from

investment

operations

........................................................................

0.0201

‌

0.0084

‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0201

)

(0.0084

)

From

net

realized

gain

...................................................................................

—

‌

(0.0000

)

(d)

Total

distributions

.......................................................................................

(0.0201

)

(0.0084

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.02

%

(f)

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23

%

(g)

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.17

%

(g)

Net

investment

income

...................................................................................

4.06

%

(g)

0.89

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

4,936

‌

$

5,120

‌

(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)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

73

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Penserra

Six

Months

Ended

04/30/23

(unaudited)

Period

from

01/21/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0218

‌

0.0084

‌

Net

realized

and

unrealized

loss

...........................................................................

(0.0017

)

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

.......................................................................

0.0201

‌

0.0084

‌

Distributions

from

net

investment

income

(d)

...................................................................

(0.0201

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

2.02

%

(f)

0.84

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.24

%

(g)

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

(g)

0.15

%

(g)

Net

investment

income

..................................................................................

4.40

%

(g)

1.08

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

801

‌

$

50

‌

(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)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

74

BlackRock

Liquid

Federal

Trust

Fund

Stern

Brothers

Six

Months

Ended

04/30/23

(unaudited)

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0201

‌

0.0058

‌

Net

realized

and

unrealized

gain

............................................................................

0.0000

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

........................................................................

0.0201

‌

0.0058

‌

Distributions

from

net

investment

income

(d)

....................................................................

(0.0201

)

(0.0058

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.03

%

(f)

0.58

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23

%

(g)

0.23

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.17

%

(g)

Net

investment

income

...................................................................................

4.06

%

(g)

2.31

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

52

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

75

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Tigress

Six

Months

Ended

04/30/23

(unaudited)

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0218

‌

0.0026

‌

Net

realized

and

unrealized

loss

...........................................................................

(0.0017

)

(b)

(0.0004

)

Net

increase

from

investment

operations

.......................................................................

0.0201

‌

0.0022

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0201

)

(0.0022

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

2.02

%

(e)

0.22

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.24

%

(f)

0.25

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

(f)

0.17

%

(f)

Net

investment

income

..................................................................................

4.40

%

(f)

2.91

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

28,111

‌

$

3,051

‌

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

76

FedFund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

...........................

0.0206

‌

0.0084

‌

0.0002

‌

0.0054

‌

0.0217

‌

0.0152

‌

Net

realized

and

unrealized

gain

.....................

(

0.0000

)

(a)

0.0006

(b)

0.0001

‌

0.0010

‌

0.0001

‌

0.0001

‌

Net

increase

from

investment

operations

.................

0.0206

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0218

‌

0.0153

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0206

)

(0.0090

)

(0.0002

)

(0.0063

)

(0.0218

)

(0.0153

)

From

net

realized

gain

............................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

................................

(0.0206

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0218

)

(0.0153

)

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

...........................

2.08

%

(e)

0.90

%

0.03

%

0.64

%

2.20

%

1.54

%

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

.........

0.17

%

(f)

0.13

%

0.08

%

0.17

%

0.17

%

0.17

%

Net

investment

income

............................

4.16

%

(f)

0.84

%

0.02

%

0.54

%

2.17

%

1.52

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

115,723,751

‌

$

111,196,831

‌

$

127,458,227

‌

$

141,084,816

‌

$

93,106,503

‌

$

74,278,100

‌

(a)

Amount

is

greater

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

FedFund

Administration

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0196

‌

0.0116

‌

0.0002

‌

0.0054

‌

0.0207

‌

0.0145

‌

Net

realized

and

unrealized

gain

(loss)

................

0.0005

(a)

(0.0032

)

0.0001

‌

0.0002

‌

0.0001

‌

(0.0002

)

Net

increase

from

investment

operations

................

0.0201

‌

0.0084

‌

0.0003

‌

0.0056

‌

0.0208

‌

0.0143

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0201

)

(0.0084

)

(0.0002

)

(0.0055

)

(0.0208

)

(0.0143

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

...............................

(0.0201

)

(0.0084

)

(0.0003

)

(0.0056

)

(0.0208

)

(0.0143

)

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

..........................

2.03

%

(e)

0.84

%

0.03

%

0.56

%

2.10

%

1.44

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.29

%

(f)

0.29

%

0.29

%

0.29

%

0.29

%

0.29

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.27

%

(f)

0.25

%

0.08

%

0.24

%

0.27

%

0.27

%

Net

investment

income

...........................

3.94

%

(f)

1.16

%

0.02

%

0.54

%

2.07

%

1.45

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

9,501,387

‌

$

22,812,396

‌

$

3,021,092

‌

$

2,977,997

‌

$

2,870,758

‌

$

2,500,290

‌

(a)

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.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

78

FedFund

Capital

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Period

from

11/10/17

(a)

to

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0207

‌

0.0003

‌

0.0002

‌

0.0051

‌

0.0213

‌

0.0172

‌

Net

realized

and

unrealized

gain

(loss)

................

(0.0003

)

0.0085

(b)

0.0001

‌

0.0009

‌

0.0001

‌

(0.0026

)

Net

increase

from

investment

operations

................

0.0204

‌

0.0088

‌

0.0003

‌

0.0060

‌

0.0214

‌

0.0146

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0204

)

(0.0088

)

(0.0002

)

(0.0059

)

(0.0214

)

(0.0146

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

...............................

(0.0204

)

(0.0088

)

(0.0003

)

(0.0060

)

(0.0214

)

(0.0146

)

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

..........................

2.06

%

(f)

0.88

%

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

%

0.24

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.21

%

(g)

0.07

%

0.07

%

0.21

%

0.21

%

0.21

%

(g)

Net

investment

income

...........................

4.17

%

(g)

0.03

%

0.02

%

0.51

%

2.13

%

1.77

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

4,813

‌

$

1,252

‌

$

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)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

FedFund

Cash

Management

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0181

‌

0.0062

‌

0.0002

‌

0.0035

‌

0.0165

‌

0.0100

‌

Net

realized

and

unrealized

gain

....................

(0.0000

)

(a)

(0.0000

)

(a)

0.0001

‌

0.0003

‌

0.0003

‌

0.0003

‌

Net

increase

from

investment

operations

................

0.0181

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0168

‌

0.0103

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0181

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0168

)

(0.0103

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

...............................

(0.0181

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0168

)

(0.0103

)

Net

asset

value,

end

of

period

......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.83

%

(d)

0.62

%

0.03

%

0.38

%

1.69

%

1.04

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.69

%

(e)

0.69

%

0.69

%

0.69

%

0.69

%

0.69

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.67

%

(e)

0.42

%

0.08

%

0.42

%

0.67

%

0.67

%

Net

investment

income

...........................

3.64

%

(e)

0.62

%

0.02

%

0.35

%

1.65

%

1.00

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

633,763

‌

$

695,591

‌

$

590,584

‌

$

440,893

‌

$

377,591

‌

$

154,607

‌

(a)

Amount

is

greater

than

$(0.00005)

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

80

FedFund

Cash

Reserve

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

...........................

0.0185

‌

0.0063

‌

0.0002

‌

0.0040

‌

0.0178

‌

0.0115

‌

Net

realized

and

unrealized

gain

(loss)

.................

0.0001

(a)

0.0004

(a)

0.0001

‌

0.0002

‌

0.0000

(b)

(0.0002

)

Net

increase

from

investment

operations

.................

0.0186

‌

0.0067

‌

0.0003

‌

0.0042

‌

0.0178

‌

0.0113

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0186

)

(0.0067

)

(0.0002

)

(0.0041

)

(0.0178

)

(0.0113

)

From

net

realized

gain

............................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

................................

(0.0186

)

(0.0067

)

(0.0003

)

(0.0042

)

(0.0178

)

(0.0113

)

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

...........................

1.88

%

(f)

0.67

%

0.03

%

0.42

%

1.79

%

1.14

%

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

.........

0.57

%

(g)

0.35

%

0.08

%

0.39

%

0.57

%

0.57

%

Net

investment

income

............................

3.73

%

(g)

0.63

%

0.02

%

0.40

%

1.78

%

1.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

4,417,558

‌

$

5,181,757

‌

$

5,518,536

‌

$

5,079,903

‌

$

4,907,193

‌

$

1,649,400

‌

(a)

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.

(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)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

FedFund

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

...........................

0.0193

‌

0.0080

‌

0.0002

‌

0.0039

‌

0.0195

‌

0.0129

‌

Net

realized

and

unrealized

gain

(loss)

.................

0.0001

(a)

(0.0005

)

0.0001

‌

0.0009

‌

0.0000

(b)

(0.0001

)

Net

increase

from

investment

operations

.................

0.0194

‌

0.0075

‌

0.0003

‌

0.0048

‌

0.0195

‌

0.0128

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0194

)

(0.0075

)

(0.0002

)

(0.0047

)

(0.0195

)

(0.0128

)

From

net

realized

gain

............................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

................................

(0.0194

)

(0.0075

)

(0.0003

)

(0.0048

)

(0.0195

)

(0.0128

)

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

...........................

1.95

%

(f)

0.75

%

0.03

%

0.48

%

1.97

%

1.29

%

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

.........

0.42

%

(g)

0.29

%

0.08

%

0.31

%

0.42

%

0.42

%

Net

investment

income

............................

3.89

%

(g)

0.80

%

0.02

%

0.39

%

1.95

%

1.29

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

3,294,051

‌

$

3,653,256

‌

$

2,863,692

‌

$

2,991,892

‌

$

2,307,110

‌

$

1,776,032

‌

(a)

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.

(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)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

82

FedFund

Mischler

Financial

Group

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Period

from

01/22/21

(a)

to

10/31/21

Net

asset

value,

beginning

of

period

...........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

....................................................................

0.0213

‌

0.0081

‌

0.0001

‌

Net

realized

and

unrealized

gain

(loss)

..........................................................

(0.0007

)

0.0009

(b)

0.0001

‌

Net

increase

from

investment

operations

..........................................................

0.0206

‌

0.0090

‌

0.0002

‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0206

)

(0.0090

)

(0.0001

)

From

net

realized

gain

.....................................................................

—

‌

(0.0000

)

(d)

(0.0001

)

Total

distributions

.........................................................................

(0.0206

)

(0.0090

)

(0.0002

)

Net

asset

value,

end

of

period

................................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

....................................................................

2.08

%

(f)

0.90

%

0.02

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.19

%

(g)

0.19

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.17

%

(g)

0.13

%

0.05

%

(g)

Net

investment

income

.....................................................................

4.29

%

(g)

0.81

%

0.03

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

1,431,327

‌

$

673,842

‌

$

1,636,430

‌

(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)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

FedFund

Premier

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.......................................

0.0206

‌

0.0208

‌

0.0002

‌

0.0062

‌

0.0051

‌

Net

realized

and

unrealized

gain

(loss)

.............................

(

0.0000

)

(b)

(0.0118

)

0.0001

‌

0.0002

‌

0.0000

(c)

Net

increase

from

investment

operations

.............................

0.0206

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0051

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

...................................

(0.0206

)

(0.0090

)

(0.0002

)

(0.0063

)

(0.0051

)

From

net

realized

gain

........................................

—

‌

(0.0000

)

(b)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

............................................

(0.0206

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0051

)

Net

asset

value,

end

of

period

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.......................................

2.08

%

(f)

0.90

%

0.03

%

0.64

%

0.51

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

..............................................

0.19

%

(g)

0.18

%

0.19

%

0.19

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

.....................

0.17

%

(g)

0.17

%

0.06

%

0.17

%

0.17

%

(g)

Net

investment

income

........................................

4.15

%

(g)

2.09

%

0.02

%

0.62

%

1.95

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...................................

$

1,513,944

‌

$

1,429,878

‌

$

18,892

‌

$

37

‌

$

37

‌

(a)

Recommencement

of

operations.

(b)

Amount

is

greater

than

$(0.00005)

per

share.

(c)

Amount

is

less

than

$0.00005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

84

FedFund

Private

Client

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

...........................

0.0181

‌

0.0061

‌

0.0002

‌

0.0036

‌

0.0166

‌

0.0090

‌

Net

realized

and

unrealized

gain

.....................

(

0.0000

)

(a)

0.0001

(b)

0.0001

‌

0.0002

‌

0.0001

‌

0.0012

‌

Net

increase

from

investment

operations

.................

0.0181

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0167

‌

0.0102

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0181

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0167

)

(0.0102

)

From

net

realized

gain

............................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

................................

(0.0181

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0167

)

(0.0102

)

Net

asset

value,

end

of

period

.......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

...........................

1.82

%

(e)

0.62

%

0.03

%

0.38

%

1.68

%

1.02

%

Ratios

to

Average

Net

Assets

Total

expenses

..................................

1.04

%

(f)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

.........

0.68

%

(f)

0.42

%

0.08

%

0.43

%

0.68

%

0.68

%

Net

investment

income

............................

3.65

%

(f)

0.61

%

0.02

%

0.36

%

1.66

%

0.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

258

‌

$

253

‌

$

252

‌

$

252

‌

$

230

‌

$

768

‌

(a)

Amount

is

greater

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

FedFund

Select

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

...........................

0.0159

‌

0.0042

‌

0.0002

‌

0.0021

‌

0.0133

‌

0.0066

‌

Net

realized

and

unrealized

gain

.....................

0.0006

(a)

0.0005

(a)

0.0001

‌

0.0004

‌

0.0002

‌

0.0004

‌

Net

increase

from

investment

operations

.................

0.0165

‌

0.0047

‌

0.0003

‌

0.0025

‌

0.0135

‌

0.0070

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0165

)

(0.0047

)

(0.0002

)

(0.0024

)

(0.0135

)

(0.0070

)

From

net

realized

gain

............................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

—

‌

Total

distributions

................................

(0.0165

)

(0.0047

)

(0.0003

)

(0.0025

)

(0.0135

)

(0.0070

)

Net

asset

value,

end

of

period

.......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

...........................

1.66

%

(e)

0.47

%

0.03

%

0.26

%

1.36

%

0.71

%

Ratios

to

Average

Net

Assets

Total

expenses

..................................

1.04

%

(f)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

.........

1.00

%

(f)

0.50

%

0.08

%

0.54

%

1.00

%

1.00

%

Net

investment

income

............................

3.20

%

(f)

0.42

%

0.02

%

0.22

%

1.33

%

0.66

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

319,028

‌

$

657,779

‌

$

727,352

‌

$

301,826

‌

$

256,241

‌

$

195,297

‌

(a)

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.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

86

FedFund

Stern

Brothers

Six

Months

Ended

04/30/23

(unaudited)

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

..................................................................................

0.0204

‌

0.0060

‌

Net

realized

and

unrealized

gain

............................................................................

0.0002

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

........................................................................

0.0206

‌

0.0060

‌

Distributions

from

net

investment

income

(d)

....................................................................

(0.0206

)

(0.0060

)

Net

asset

value,

end

of

period

..............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

..................................................................................

2.08

%

(f)

0.60

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.18

%

(g)

0.18

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17

%

(g)

0.17

%

(g)

Net

investment

income

...................................................................................

4.12

%

(g)

2.37

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

52

‌

$

50

‌

(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)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

FedFund

Tigress

Six

Months

Ended

04/30/23

(unaudited)

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0199

‌

0.0025

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

0.0007

(b)

(0.0002

)

Net

increase

from

investment

operations

.......................................................................

0.0206

‌

0.0023

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0206

)

(0.0023

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

2.08

%

(e)

0.23

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.19

%

(f)

0.19

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

(f)

0.17

%

(f)

Net

investment

income

..................................................................................

4.12

%

(f)

2.87

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

4,560

‌

$

2,050

‌

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

88

FedFund

WestCap

Six

Months

Ended

04/30/23

(unaudited)

Period

from

08/12/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0228

‌

0.0054

‌

Net

realized

and

unrealized

loss

...........................................................................

(0.0022

)

(

0.0000

)

(b)

Net

increase

from

investment

operations

.......................................................................

0.0206

‌

0.0054

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0206

)

(0.0054

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

2.08

%

(e)

0.54

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.19

%

(f)

0.18

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

(f)

0.17

%

(f)

Net

investment

income

..................................................................................

4.60

%

(f)

2.42

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

88,579

‌

$

50

‌

(a)

Commencement

of

operations.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

TempCash

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

$

1.0002

‌

Net

investment

income

..........................

0.0219

‌

0.0119

‌

0.0005

‌

0.0084

‌

0.0233

‌

0.0188

‌

Net

realized

and

unrealized

gain

(loss)

................

0.0001

‌

(0.0026

)

(0.0003

)

0.0004

‌

0.0005

‌

(0.0010

)

Net

increase

from

investment

operations

................

0.0220

‌

0.0093

‌

0.0002

‌

0.0088

‌

0.0238

‌

0.0178

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0218

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0235

)

(0.0177

)

From

net

realized

gain

...........................

—

‌

—

‌

—

‌

(0.0000

)

(b)

(0.0000

)

(b)

—

‌

Total

distributions

...............................

(0.0218

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0235

)

(0.0177

)

Net

asset

value,

end

of

period

......................

$

1.0002

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

2.22

%

(d)

0.94

%

0.02

%

0.88

%

2.41

%

1.79

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.23

%

(e)

0.26

%

0.24

%

0.23

%

0.26

%

0.33

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.18

%

(e)

0.17

%

0.17

%

0.18

%

0.18

%

0.18

%

Net

investment

income

...........................

4.43

%

(e)

1.19

%

0.05

%

0.84

%

2.33

%

1.88

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

11,641,841

‌

$

8,658,551

‌

$

5,786,777

‌

$

10,638,146

‌

$

10,035,653

‌

$

4,875,313

‌

(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)

Not

annualized.

(e)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

90

TempCash

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..............

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

$

1.0002

‌

Net

investment

income

.......................

0.0206

‌

0.0084

‌

0.0000

(a)

0.0062

‌

0.1405

(b)

0.0122

‌

Net

realized

and

unrealized

gain

(loss)

.............

0.0002

‌

(0.0006

)

(0.0001

)

0.0004

‌

0.0156

‌

0.0031

‌

Net

increase

(decrease)

from

investment

operations

.....

0.0208

‌

0.0078

‌

(0.0001

)

0.0066

‌

0.1561

‌

0.0153

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

...................

(0.0206

)

(0.0084

)

(0.0002

)

(0.0063

)

(0.1558

)

(0.0152

)

From

net

realized

gain

........................

—

‌

—

‌

—

‌

(0.0000

)

(a)

(0.0000

)

(a)

—

‌

Total

distributions

............................

(0.0206

)

(0.0084

)

(0.0002

)

(0.0063

)

(0.1558

)

(0.0152

)

Net

asset

value,

end

of

period

...................

$

1.0002

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.......................

2.09

%

(e)

0.78

%

(0.01

)%

0.66

%

15.90

%

(b)

1.54

%

Ratios

to

Average

Net

Assets

Total

expenses

..............................

0.48

%

(f)

0.51

%

0.50

%

0.47

%

0.51

%

0.61

%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.43

%

(f)

0.33

%

0.20

%

0.40

%

0.43

%

0.43

%

Net

investment

income

........................

4.15

%

(f)

0.84

%

(0.00

)%

(g)

0.62

%

14.04

%

(b)

1.22

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

18

‌

$

18

‌

$

18

‌

$

18

‌

$

18

‌

$

15

‌

(a)

Amount

is

greater

than

$(0.00005)

per

share.

(b)

Includes

a

non-recurring

income

payment,

which

impacted

income

per

share,

total

return

and

the

net

invested

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)

Not

annualized.

(f)

Annualized.

(g)

Amount

is

greater

than

(0.005)%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

91

Financial

Highlights

TempCash

Great

Pacific

Period

from

01/23/23

(a)

to

04/30/23

(unaudited)

Net

asset

value,

beginning

of

period

.......................................................................................

$

1.0004

‌

Net

investment

income

................................................................................................

0.0232

‌

Net

realized

and

unrealized

loss

..........................................................................................

(0.0108

)

(b)

Net

increase

from

investment

operations

......................................................................................

0.0124

‌

Distributions

from

net

investment

income

(c)

..................................................................................

(0.0126

)

Net

asset

value,

end

of

period

............................................................................................

$

1.0002

‌

Total

Return

(d)

—

Based

on

net

asset

value

................................................................................................

1.24

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.......................................................................................................

0.22

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

0.18

%

(f)

Net

investment

income

.................................................................................................

4.68

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................................

$

592,429

‌

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

92

TempCash

Premier

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

..............................

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

$

1.0006

‌

Net

investment

income

.......................................

0.0218

‌

0.0099

‌

0.0005

‌

0.0085

‌

0.0055

‌

Net

realized

and

unrealized

gain

(loss)

.............................

0.0003

‌

(0.0006

)

(0.0004

)

0.0003

‌

0.0001

‌

Net

increase

from

investment

operations

.............................

0.0221

‌

0.0093

‌

0.0001

‌

0.0088

‌

0.0056

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...................................

(0.0218

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0055

)

From

net

realized

gain

........................................

—

‌

—

‌

—

‌

(0.0000

)

(c)

(0.0000

)

(c)

Total

distributions

............................................

(0.0218

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0055

)

Net

asset

value,

end

of

period

...................................

$

1.0003

‌

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.......................................

2.23

%

(e)

0.94

%

0.01

%

0.88

%

0.56

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

..............................................

0.23

%

(f)

0.27

%

0.25

%

0.23

%

0.24

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

.....................

0.18

%

(f)

0.17

%

0.16

%

0.18

%

0.18

%

(f)

Net

investment

income

........................................

4.40

%

(f)

0.99

%

0.05

%

0.84

%

2.10

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

...................................

$

36

‌

$

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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

TempFund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

$

1.0003

‌

Net

investment

income

..........................

0.0218

‌

0.0091

‌

0.0004

‌

0.0084

‌

0.0237

‌

0.0177

‌

Net

realized

and

unrealized

gain

(loss)

................

0.0004

‌

0.0003

(a)

(0.0003

)

0.0002

‌

0.0003

‌

0.0001

‌

Net

increase

from

investment

operations

................

0.0222

‌

0.0094

‌

0.0001

‌

0.0086

‌

0.0240

‌

0.0178

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0219

)

(0.0098

)

(0.0005

)

(0.0083

)

(0.0237

)

(0.0178

)

From

net

realized

gain

...........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(c)

—

‌

Total

distributions

...............................

(0.0219

)

(0.0098

)

(0.0005

)

(0.0084

)

(0.0237

)

(0.0178

)

Net

asset

value,

end

of

period

......................

$

1.0003

‌

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

2.24

%

(e)

0.95

%

0.01

%

0.86

%

(f)

2.42

%

1.79

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.25

%

(g)

0.25

%

0.23

%

0.22

%

0.22

%

0.22

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.18

%

(g)

0.17

%

0.16

%

0.18

%

0.18

%

0.18

%

Net

investment

income

...........................

4.39

%

(g)

0.91

%

0.05

%

0.84

%

2.37

%

1.77

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

4,916,277

‌

$

6,633,563

‌

$

7,923,377

‌

$

10,928,671

‌

$

10,609,770

‌

$

12,325,770

‌

(a)

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.

(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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

94

TempFund

Administration

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

...............

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

$

1.0004

‌

Net

investment

income

........................

0.0213

‌

0.0120

‌

0.0002

‌

0.0072

‌

0.0227

‌

0.0153

‌

Net

realized

and

unrealized

gain

(loss)

..............

0.0005

‌

(0.0033

)

(0.0002

)

0.0004

‌

0.0002

‌

0.0015

‌

Net

increase

from

investment

operations

..............

0.0218

‌

0.0087

‌

0.0000

‌

0.0076

‌

0.0229

‌

0.0168

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0214

)

(0.0092

)

(0.0003

)

(0.0073

)

(0.0227

)

(0.0168

)

From

net

realized

gain

.........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

—

‌

Total

distributions

.............................

(0.0214

)

(0.0092

)

(0.0003

)

(0.0074

)

(0.0227

)

(0.0168

)

Net

asset

value,

end

of

period

....................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

........................

2.20

%

(d)

0.87

%

0.00

%

(e)

0.76

%

(f)

2.31

%

1.69

%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.36

%

(g)

0.35

%

0.33

%

0.32

%

0.32

%

0.32

%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.28

%

(g)

0.24

%

0.18

%

0.28

%

0.28

%

0.28

%

Net

investment

income

.........................

4.29

%

(g)

1.20

%

0.02

%

0.72

%

2.27

%

1.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

17,603

‌

$

24,601

‌

$

10,577

‌

$

9,524

‌

$

42,214

‌

$

23,965

‌

(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)

Not

annualized.

(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

Cabrera

Capital

Markets

Six

Months

Ended

04/30/23

(unaudited)

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.0000

‌

$

1.0005

‌

Net

investment

income

.................................................................................

0.0228

‌

0.0099

‌

Net

realized

and

unrealized

loss

...........................................................................

(0.0005

)

(b)

(0.0005

)

Net

increase

from

investment

operations

.......................................................................

0.0223

‌

0.0094

‌

Distributions

(c)

–

–

From

net

investment

income

.............................................................................

(0.0219

)

(0.0099

)

Total

distributions

......................................................................................

(0.0219

)

(0.0099

)

Net

asset

value,

end

of

period

.............................................................................

$

1.0004

‌

$

1.0000

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

2.25

%

(e)

0.94

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.26

%

(f)

0.25

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.18

%

(f)

0.17

%

(f)

Net

investment

income

..................................................................................

4.60

%

(f)

0.99

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

178

‌

$

50

‌

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

96

TempFund

Capital

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Period

from

07/07/20

(a)

to

10/31/20

Net

asset

value,

beginning

of

period

..........................................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0010

‌

Net

investment

income

...................................................

0.0223

‌

0.0196

‌

0.0002

‌

0.0002

‌

Net

realized

and

unrealized

loss

.............................................

(0.0002

)

(b)

(0.0106

)

(0.0002

)

(0.0001

)

Net

increase

from

investment

operations

.........................................

0.0221

‌

0.0090

‌

0.0000

‌

0.0001

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...............................................

(0.0217

)

(0.0095

)

(0.0003

)

(0.0002

)

From

net

realized

gain

....................................................

—

‌

—

‌

—

‌

(0.0001

)

Total

distributions

........................................................

(0.0217

)

(0.0095

)

(0.0003

)

(0.0003

)

Net

asset

value,

end

of

period

...............................................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...................................................

2.23

%

(e)

0.90

%

0.00

%

(f)

0.01

%

(e)(g)

Ratios

to

Average

Net

Assets

Total

expenses

..........................................................

0.31

%

(h)

0.30

%

0.28

%

0.27

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.................................

0.23

%

(h)

0.22

%

0.19

%

0.23

%

(h)

Net

investment

income

....................................................

4.49

%

(h)

1.96

%

0.02

%

0.05

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............................................

$

132,269

‌

$

31,255

‌

$

1,149

‌

$

3,223

‌

(a)

Recommencement

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(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)

97

Financial

Highlights

TempFund

Cash

Management

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

...............

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

$

1.0003

‌

Net

investment

income

........................

0.0194

‌

0.0067

‌

0.0002

‌

0.0048

‌

0.0188

‌

0.0127

‌

Net

realized

and

unrealized

gain

(loss)

..............

0.0005

‌

(0.0002

)

(0.0002

)

0.0002

‌

0.0003

‌

0.0001

‌

Net

increase

from

investment

operations

..............

0.0199

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0191

‌

0.0128

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0195

)

(0.0070

)

(0.0003

)

(0.0047

)

(0.0188

)

(0.0128

)

From

net

realized

gain

.........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

—

‌

Total

distributions

.............................

(0.0195

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0188

)

(0.0128

)

Net

asset

value,

end

of

period

....................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

........................

2.00

%

(d)

0.65

%

0.00

%

(e)

0.50

%

(f)

1.92

%

1.28

%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.76

%

(g)

0.75

%

0.73

%

0.73

%

0.72

%

0.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.68

%

(g)

0.45

%

0.18

%

0.54

%

0.68

%

0.68

%

Net

investment

income

.........................

3.92

%

(g)

0.67

%

0.02

%

0.48

%

1.88

%

1.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

525,258

‌

$

537,877

‌

$

596,683

‌

$

576,228

‌

$

624,658

‌

$

632,405

‌

(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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

98

TempFund

Cash

Reserve

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

$

1.0003

‌

Net

investment

income

.........................

0.0202

‌

0.0057

‌

0.0002

‌

0.0052

‌

0.0231

‌

0.0143

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.0003

‌

0.0014

(a)

(0.0002

)

0.0008

‌

0.0000

(b)

(0.0004

)

Net

increase

from

investment

operations

...............

0.0205

‌

0.0071

‌

0.0000

‌

0.0060

‌

0.0231

‌

0.0139

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.0201

)

(0.0076

)

(0.0003

)

(0.0057

)

(0.0229

)

(0.0138

)

From

net

realized

gain

..........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(d)

—

‌

Total

distributions

..............................

(0.0201

)

(0.0076

)

(0.0003

)

(0.0058

)

(0.0229

)

(0.0138

)

Net

asset

value,

end

of

period

.....................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

2.06

%

(f)

0.71

%

0.00

%

(g)

0.60

%

(h)

2.33

%

1.39

%

Ratios

to

Average

Net

Assets

Total

expenses

................................

0.66

%

(i)

0.65

%

0.63

%

0.63

%

0.62

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.56

%

(i)

0.35

%

0.17

%

0.44

%

0.50

%

0.58

%

Net

investment

income

..........................

4.07

%

(i)

0.57

%

0.02

%

0.52

%

2.31

%

1.43

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

12,497

‌

$

12,014

‌

$

14,234

‌

$

5,544

‌

$

4,296

‌

$

4,320

‌

(a)

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.

(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)

Not

annualized.

(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)

99

Financial

Highlights

TempFund

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

...............

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

$

1.0004

‌

Net

investment

income

........................

0.0208

‌

0.0083

‌

0.0002

‌

0.0056

‌

0.0221

‌

0.0151

‌

Net

realized

and

unrealized

gain

(loss)

..............

0.0003

‌

(0.0005

)

(0.0002

)

0.0009

‌

0.0001

‌

0.0002

‌

Net

increase

from

investment

operations

..............

0.0211

‌

0.0078

‌

0.0000

‌

0.0065

‌

0.0222

‌

0.0153

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0207

)

(0.0083

)

(0.0003

)

(0.0062

)

(0.0220

)

(0.0153

)

From

net

realized

gain

.........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

—

‌

Total

distributions

.............................

(0.0207

)

(0.0083

)

(0.0003

)

(0.0063

)

(0.0220

)

(0.0153

)

Net

asset

value,

end

of

period

....................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

........................

2.13

%

(d)

0.78

%

0.00

%

(e)

0.65

%

(f)

2.24

%

1.54

%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.51

%

(g)

0.50

%

0.48

%

0.48

%

0.47

%

0.47

%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.43

%

(g)

0.33

%

0.18

%

0.38

%

0.43

%

0.43

%

Net

investment

income

.........................

4.19

%

(g)

0.83

%

0.02

%

0.56

%

2.21

%

1.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

111,281

‌

$

100,333

‌

$

107,298

‌

$

106,802

‌

$

79,837

‌

$

80,471

‌

(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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

100

TempFund

Private

Client

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

...............

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

$

1.0003

‌

Net

investment

income

........................

0.0192

‌

0.0070

‌

0.0002

‌

0.0017

‌

0.0190

‌

0.0136

‌

Net

realized

and

unrealized

gain

(loss)

..............

0.0007

‌

(0.0005

)

(0.0002

)

0.0033

‌

(0.0001

)

(0.0007

)

Net

increase

from

investment

operations

..............

0.0199

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0189

‌

0.0129

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0195

)

(0.0070

)

(0.0003

)

(0.0047

)

(0.0187

)

(0.0128

)

From

net

realized

gain

.........................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

—

‌

Total

distributions

.............................

(0.0195

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0187

)

(0.0128

)

Net

asset

value,

end

of

period

....................

$

1.0004

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

........................

2.00

%

(d)

0.65

%

0.00

%

(e)

0.50

%

(f)

1.90

%

1.29

%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.10

%

(g)

1.10

%

1.08

%

1.08

%

1.07

%

1.07

%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.68

%

(g)

0.45

%

0.18

%

0.59

%

0.68

%

0.68

%

Net

investment

income

.........................

3.88

%

(g)

0.70

%

0.02

%

0.17

%

1.90

%

1.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

629

‌

$

1,122

‌

$

1,131

‌

$

1,043

‌

$

1,165

‌

$

2,042

‌

(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)

Not

annualized.

(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)

101

Financial

Highlights

T-Fund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................

0.0206

‌

0.0084

‌

0.0001

‌

0.0057

‌

0.0215

‌

0.0151

‌

Net

realized

and

unrealized

gain

...................

(

0.0000

)

(a)

0.0006

(b)

0.0001

‌

0.0005

‌

0.0001

‌

0.0000

‌

Net

increase

from

investment

operations

...............

0.0206

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0216

‌

0.0153

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.0206

)

(0.0090

)

(0.0001

)

(0.0061

)

(0.0216

)

(0.0153

)

From

net

realized

gain

..........................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

(0.0000

)

(a)

(0.0000

)

(a)

Total

distributions

..............................

(0.0206

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0216

)

(0.0153

)

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

.........................

2.08

%

(e)

0.90

%

0.02

%

0.62

%

(f)

2.18

%

1.54

%

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

.......

0.17

%

(g)

0.14

%

0.08

%

0.17

%

0.17

%

0.17

%

Net

investment

income

..........................

4.16

%

(g)

0.84

%

0.01

%

0.57

%

2.15

%

1.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

86,654,142

‌

$

82,703,301

‌

$

91,031,976

‌

$

88,266,743

‌

$

65,112,830

‌

$

57,671,676

‌

(a)

Amount

is

greater

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

102

T-Fund

Administration

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................

0.0194

‌

0.0120

‌

0.0001

‌

0.0056

‌

0.0206

‌

0.0146

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.0007

(a)

(0.0037

)

0.0001

‌

(0.0002

)

0.0000

(b)

(0.0003

)

Net

increase

from

investment

operations

...............

0.0201

‌

0.0083

‌

0.0002

‌

0.0054

‌

0.0206

‌

0.0143

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.0201

)

(0.0083

)

(0.0001

)

(0.0053

)

(0.0206

)

(0.0143

)

From

net

realized

gain

..........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

..............................

(0.0201

)

(0.0083

)

(0.0002

)

(0.0054

)

(0.0206

)

(0.0143

)

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

.........................

2.03

%

(f)

0.84

%

0.01

%

0.53

%

(g)

2.08

%

1.43

%

Ratios

to

Average

Net

Assets

Total

expenses

................................

0.29

%

(h)

0.29

%

0.29

%

0.29

%

0.29

%

0.29

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.27

%

(h)

0.27

%

0.08

%

0.25

%

0.27

%

0.27

%

Net

investment

income

..........................

3.92

%

(h)

1.20

%

0.01

%

0.56

%

2.08

%

1.46

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

4,524,813

‌

$

15,781,965

‌

$

504,427

‌

$

489,691

‌

$

733,783

‌

$

924,933

‌

(a)

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.

(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)

Not

annualized.

(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

Capital

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Period

from

11/10/17

(a)

to

10/31/18

Net

asset

value,

beginning

of

period

................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................

0.0210

‌

0.0001

‌

0.0001

‌

0.0048

‌

0.0212

‌

0.0172

‌

Net

realized

and

unrealized

gain

(loss)

...............

(0.0006

)

0.0086

(b)

0.0001

‌

0.0010

‌

0.0000

(c)

(0.0027

)

Net

increase

from

investment

operations

...............

0.0204

‌

0.0087

‌

0.0002

‌

0.0058

‌

0.0212

‌

0.0145

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.0204

)

(0.0087

)

(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

..............................

(0.0204

)

(0.0087

)

(0.0002

)

(0.0058

)

(0.0212

)

(0.0145

)

Net

asset

value,

end

of

period

.....................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

2.05

%

(g)

0.87

%

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

%

0.24

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.22

%

(i)

0.09

%

0.08

%

0.21

%

0.21

%

0.21

%

(i)

Net

investment

income

..........................

4.22

%

(i)

0.01

%

0.01

%

0.48

%

2.13

%

1.76

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

135,419

‌

$

55,006

‌

$

27,304,259

‌

$

15,842,877

‌

$

10,347,984

‌

$

10,978,658

‌

(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)

Amount

is

less

than

$0.00005

per

share.

(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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

104

T-Fund

Cash

Management

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0179

‌

0.0059

‌

0.0001

‌

0.0034

‌

0.0164

‌

0.0103

‌

Net

realized

and

unrealized

gain

....................

0.0002

(a)

0.0003

(a)

0.0001

‌

0.0003

‌

0.0003

‌

0.0000

(b)

Net

increase

from

investment

operations

................

0.0181

‌

0.0062

‌

0.0002

‌

0.0037

‌

0.0167

‌

0.0103

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0181

)

(0.0062

)

(0.0001

)

(0.0036

)

(0.0167

)

(0.0103

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

...............................

(0.0181

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0167

)

(0.0103

)

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

..........................

1.83

%

(f)

0.62

%

0.01

%

0.37

%

(g)

1.69

%

1.03

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.69

%

(h)

0.69

%

0.69

%

0.69

%

0.69

%

0.69

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.67

%

(h)

0.41

%

0.08

%

0.41

%

0.67

%

0.67

%

Net

investment

income

...........................

3.62

%

(h)

0.59

%

0.00

%

(i)

0.34

%

1.64

%

1.03

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

700,237

‌

$

887,139

‌

$

825,420

‌

$

1,009,514

‌

$

1,035,657

‌

$

600,314

‌

(a)

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.

(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)

Not

annualized.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

105

Financial

Highlights

T-Fund

Cash

Reserve

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0183

‌

0.0033

‌

0.0001

‌

0.0037

‌

0.0176

‌

0.0128

‌

Net

realized

and

unrealized

gain

(loss)

................

0.0003

(a)

0.0034

(a)

0.0001

‌

0.0004

‌

0.0000

(b)

(0.0015

)

Net

increase

from

investment

operations

................

0.0186

‌

0.0067

‌

0.0002

‌

0.0041

‌

0.0176

‌

0.0113

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0186

)

(0.0067

)

(0.0001

)

(0.0040

)

(0.0176

)

(0.0113

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

...............................

(0.0186

)

(0.0067

)

(0.0002

)

(0.0041

)

(0.0176

)

(0.0113

)

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

..........................

1.88

%

(f)

0.67

%

0.01

%

0.40

%

(g)

1.78

%

1.13

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.59

%

(h)

0.59

%

0.59

%

0.59

%

0.59

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.57

%

(h)

0.22

%

0.07

%

0.39

%

0.57

%

0.57

%

Net

investment

income

...........................

3.69

%

(h)

0.33

%

0.01

%

0.37

%

1.78

%

1.28

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

66,940

‌

$

88,281

‌

$

482,231

‌

$

56,822

‌

$

123,578

‌

$

239,734

‌

(a)

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.

(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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

106

T-Fund

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0195

‌

0.0071

‌

0.0001

‌

0.0044

‌

0.0191

‌

0.0123

‌

Net

realized

and

unrealized

gain

(loss)

................

(0.0001

)

0.0003

(a)

0.0001

‌

0.0003

‌

0.0000

(b)

0.0004

‌

Net

increase

from

investment

operations

................

0.0194

‌

0.0074

‌

0.0002

‌

0.0047

‌

0.0191

‌

0.0127

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0194

)

(0.0074

)

(0.0001

)

(0.0046

)

(0.0191

)

(0.0127

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

...............................

(0.0194

)

(0.0074

)

(0.0002

)

(0.0047

)

(0.0191

)

(0.0127

)

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

..........................

1.95

%

(f)

0.75

%

0.01

%

0.46

%

(g)

1.93

%

1.28

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.44

%

(h)

0.44

%

0.44

%

0.44

%

0.44

%

0.44

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.42

%

(h)

0.29

%

0.08

%

0.32

%

0.42

%

0.42

%

Net

investment

income

...........................

3.93

%

(h)

0.71

%

0.01

%

0.44

%

1.92

%

1.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,542,052

‌

$

1,258,974

‌

$

1,000,401

‌

$

670,205

‌

$

794,485

‌

$

1,230,374

‌

(a)

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.

(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)

Not

annualized.

(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)

107

Financial

Highlights

T-Fund

Premier

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.......................................

0.0209

‌

0.0193

‌

0.0001

‌

0.0060

‌

0.0050

‌

Net

realized

and

unrealized

gain

(loss)

.............................

(0.0003

)

(0.0103

)

0.0001

‌

0.0002

‌

0.0000

(b)

Net

increase

from

investment

operations

.............................

0.0206

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0050

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

...................................

(0.0206

)

(0.0090

)

(0.0001

)

(0.0061

)

(0.0050

)

From

net

realized

gain

........................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

............................................

(0.0206

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0050

)

Net

asset

value,

end

of

period

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.......................................

2.08

%

(f)

0.90

%

0.02

%

0.61

%

(g)

0.50

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

..............................................

0.19

%

(h)

0.19

%

0.19

%

0.19

%

0.19

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.....................

0.17

%

(h)

0.17

%

0.06

%

0.17

%

0.17

%

(h)

Net

investment

income

........................................

4.23

%

(h)

1.95

%

0.01

%

0.60

%

1.93

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...................................

$

923,022

‌

$

496,172

‌

$

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)

Not

annualized.

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

108

T-Fund

Select

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0172

‌

0.0031

‌

0.0001

‌

0.0011

‌

0.0133

‌

0.0051

‌

Net

realized

and

unrealized

gain

(loss)

................

(0.0007

)

0.0016

(a)

0.0001

‌

0.0014

‌

0.0000

(b)

0.0019

‌

Net

increase

from

investment

operations

................

0.0165

‌

0.0047

‌

0.0002

‌

0.0025

‌

0.0133

‌

0.0070

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0165

)

(0.0047

)

(0.0001

)

(0.0024

)

(0.0133

)

(0.0070

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

...............................

(0.0165

)

(0.0047

)

(0.0002

)

(0.0025

)

(0.0133

)

(0.0070

)

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

..........................

1.66

%

(f)

0.47

%

0.01

%

0.24

%

(g)

1.34

%

0.70

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

1.04

%

(h)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

1.00

%

(h)

0.52

%

0.07

%

0.41

%

1.00

%

1.00

%

Net

investment

income

...........................

3.46

%

(h)

0.31

%

0.01

%

0.11

%

1.37

%

0.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

50,356

‌

$

21,300

‌

$

37,798

‌

$

30,444

‌

$

14,769

‌

$

19,710

‌

(a)

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.

(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)

Not

annualized.

(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

(For

a

share

outstanding

throughout

each

period)

109

Financial

Highlights

Treasury

Trust

Fund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0202

‌

0.0082

‌

0.0001

‌

0.0048

‌

0.0212

‌

0.0153

‌

Net

realized

gain

(loss)

..........................

0.0001

‌

0.0001

‌

0.0001

‌

0.0015

‌

0.0000

(a)

(0.0002

)

Net

increase

from

investment

operations

................

0.0203

‌

0.0083

‌

0.0002

‌

0.0063

‌

0.0212

‌

0.0151

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0203

)

(0.0083

)

(0.0001

)

(0.0062

)

(0.0212

)

(0.0151

)

From

net

realized

gain

...........................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(c)

Total

distributions

...............................

(0.0203

)

(0.0083

)

(0.0002

)

(0.0063

)

(0.0212

)

(0.0151

)

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

..........................

2.05

%

(e)

0.84

%

0.01

%

0.63

%

2.14

%

1.52

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.19

%

(f)

0.19

%

0.19

%

0.19

%

0.20

%

0.20

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.17

%

(f)

0.14

%

0.06

%

0.17

%

0.17

%

0.17

%

Net

investment

income

...........................

4.07

%

(f)

0.82

%

0.01

%

0.48

%

2.12

%

1.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

99,737,808

‌

$

106,544,392

‌

$

98,602,650

‌

$

56,400,526

‌

$

38,728,217

‌

$

30,530,122

‌

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

110

Treasury

Trust

Fund

Administration

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0198

‌

0.0065

‌

0.0001

‌

0.0058

‌

0.0203

‌

0.0136

‌

Net

realized

gain

(loss)

..........................

0.0000

(a)

0.0012

‌

0.0001

‌

(0.0002

)

0.0000

(a)

0.0005

‌

Net

increase

from

investment

operations

................

0.0198

‌

0.0077

‌

0.0002

‌

0.0056

‌

0.0203

‌

0.0141

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0198

)

(0.0077

)

(0.0001

)

(0.0055

)

(0.0203

)

(0.0141

)

From

net

realized

gain

...........................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(c)

Total

distributions

...............................

(0.0198

)

(0.0077

)

(0.0002

)

(0.0056

)

(0.0203

)

(0.0141

)

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

..........................

2.00

%

(e)

0.77

%

0.01

%

0.56

%

2.05

%

1.42

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.29

%

(f)

0.29

%

0.29

%

0.29

%

0.30

%

0.30

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.27

%

(f)

0.19

%

0.07

%

0.24

%

0.26

%

0.27

%

Net

investment

income

...........................

3.99

%

(f)

0.65

%

0.01

%

0.58

%

2.03

%

1.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

448,980

‌

$

382,956

‌

$

599,190

‌

$

399,846

‌

$

465,703

‌

$

413,618

‌

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

111

Financial

Highlights

Treasury

Trust

Fund

Capital

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

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

‌

$

1.00

‌

Net

investment

income

.....................................................

0.0211

‌

0.0163

‌

0.0001

‌

0.0000

(b)

Net

realized

gain

(loss)

.....................................................

(0.0011

)

(c)

(0.0083

)

(c)

0.0001

‌

0.0000

(b)

Net

increase

from

investment

operations

...........................................

0.0200

‌

0.0080

‌

0.0002

‌

0.0000

‌

Distributions

(d)

–

–

–

–

From

net

investment

income

.................................................

(0.0200

)

(0.0080

)

(0.0001

)

—

‌

From

net

realized

gain

......................................................

(0.0000

)

(e)

(0.0000

)

(e)

(0.0001

)

—

‌

Total

distributions

..........................................................

(0.0200

)

(0.0080

)

(0.0002

)

—

‌

Net

asset

value,

end

of

period

.................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

—

—

—

—

Based

on

net

asset

value

.....................................................

2.02

%

(g)

0.80

%

0.01

%

0.00

%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

............................................................

0.24

%

(h)

0.24

%

0.24

%

0.24

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.22

%

(h)

0.20

%

0.06

%

0.17

%

(h)

Net

investment

income

(loss)

..................................................

4.25

%

(h)

1.63

%

0.01

%

(0.03

)%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

231,414

‌

$

27,524

‌

$

3,299

‌

$

250

‌

(a)

Recommencement

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)

Not

annualized.

(h)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

112

Treasury

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0178

‌

0.0051

‌

0.0001

‌

0.0034

‌

0.0158

‌

0.0098

‌

Net

realized

gain

..............................

0.0000

(a)

0.0005

‌

0.0001

‌

0.0003

‌

0.0005

‌

0.0003

‌

Net

increase

from

investment

operations

................

0.0178

‌

0.0056

‌

0.0002

‌

0.0037

‌

0.0163

‌

0.0101

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0178

)

(0.0056

)

(0.0001

)

(0.0036

)

(0.0163

)

(0.0101

)

From

net

realized

gain

...........................

(0.0000

)

(c

)

(0.0000

)

(c

)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(c

)

Total

distributions

...............................

(0.0178

)

(0.0056

)

(0.0002

)

(0.0037

)

(0.0163

)

(0.0101

)

Net

asset

value,

end

of

period

......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.79

%

(e)

0.56

%

0.01

%

0.37

%

1.64

%

1.02

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.69

%

(f)

0.69

%

0.69

%

0.69

%

0.69

%

0.70

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.67

%

(f)

0.41

%

0.08

%

0.41

%

0.67

%

0.67

%

Net

investment

income

...........................

3.58

%

(f)

0.51

%

0.01

%

0.34

%

1.58

%

0.98

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

14,676

‌

$

21,330

‌

$

32,960

‌

$

53,101

‌

$

36,492

‌

$

13,843

‌

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

113

Financial

Highlights

Treasury

Trust

Fund

Cash

Reserve

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0182

‌

0.0053

‌

0.0001

‌

0.0040

‌

0.0172

‌

0.0124

‌

Net

realized

gain

(loss)

..........................

0.0001

‌

0.0007

‌

0.0001

‌

0.0001

‌

0.0000

(a)

(0.0013

)

Net

increase

from

investment

operations

................

0.0183

‌

0.0060

‌

0.0002

‌

0.0041

‌

0.0172

‌

0.0111

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0183

)

(0.0060

)

(0.0001

)

(0.0040

)

(0.0172

)

(0.0111

)

From

net

realized

gain

...........................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(c)

Total

distributions

...............................

(0.0183

)

(0.0060

)

(0.0002

)

(0.0041

)

(0.0172

)

(0.0111

)

Net

asset

value,

end

of

period

......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.84

%

(e)

0.61

%

0.01

%

0.41

%

1.74

%

1.12

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.59

%

(f)

0.59

%

0.59

%

0.59

%

0.60

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.57

%

(f)

0.35

%

0.07

%

0.39

%

0.57

%

0.57

%

Net

investment

income

...........................

3.68

%

(f)

0.53

%

0.01

%

0.40

%

1.73

%

1.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

119,502

‌

$

79,114

‌

$

97,008

‌

$

102,984

‌

$

74,034

‌

$

8,044

‌

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

114

Treasury

Trust

Fund

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0193

‌

0.0073

‌

0.0001

‌

0.0046

‌

0.0194

‌

0.0127

‌

Net

realized

gain

(loss)

..........................

(0.0001

)

(a)

(0.0003

)

(a)

0.0001

‌

0.0003

‌

0.0002

‌

(0.0001

)

Net

increase

from

investment

operations

................

0.0192

‌

0.0070

‌

0.0002

‌

0.0049

‌

0.0196

‌

0.0126

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0192

)

(0.0070

)

(0.0001

)

(0.0048

)

(0.0196

)

(0.0126

)

From

net

realized

gain

...........................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(c)

Total

distributions

...............................

(0.0192

)

(0.0070

)

(0.0002

)

(0.0049

)

(0.0196

)

(0.0126

)

Net

asset

value,

end

of

period

......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.93

%

(e)

0.70

%

0.01

%

0.49

%

1.98

%

1.27

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.44

%

(f)

0.44

%

0.44

%

0.44

%

0.44

%

0.45

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.39

%

(f)

0.27

%

0.07

%

0.30

%

0.40

%

0.42

%

Net

investment

income

...........................

3.90

%

(f)

0.73

%

0.01

%

0.46

%

1.94

%

1.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,910,206

‌

$

1,060,804

‌

$

1,035,846

‌

$

939,241

‌

$

977,335

‌

$

482,014

‌

(a)

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.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

115

Financial

Highlights

Treasury

Trust

Fund

Select

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

..........................

0.0161

‌

0.0032

‌

0.0001

‌

0.0016

‌

0.0129

‌

0.0067

‌

Net

realized

gain

..............................

0.0001

‌

0.0010

‌

0.0001

‌

0.0008

‌

0.0001

‌

0.0001

‌

Net

increase

from

investment

operations

................

0.0162

‌

0.0042

‌

0.0002

‌

0.0024

‌

0.0130

‌

0.0068

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0162

)

(0.0042

)

(0.0001

)

(0.0023

)

(0.0130

)

(0.0068

)

From

net

realized

gain

...........................

(0.0000

)

(b

)

(0.0000

)

(b)

(0.0001

)

(0.0001

)

—

‌

(0.0000

)

(b)

Total

distributions

...............................

(0.0162

)

(0.0042

)

(0.0002

)

(0.0024

)

(0.0130

)

(0.0068

)

Net

asset

value,

end

of

period

......................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.63

%

(d)

0.42

%

0.01

%

0.24

%

1.30

%

0.68

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

1.04

%

(e)

1.04

%

1.04

%

1.04

%

1.05

%

1.05

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

1.00

%

(e)

0.49

%

0.06

%

0.45

%

1.00

%

1.00

%

Net

investment

income

...........................

3.25

%

(e)

0.32

%

0.01

%

0.16

%

1.29

%

0.67

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

170,145

‌

$

169,696

‌

$

660,676

‌

$

103,647

‌

$

38,265

‌

$

39,675

‌

(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)

Not

annualized.

(e)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

116

MuniCash

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0003

‌

Net

investment

income

..........................

0.0119

‌

0.0048

‌

0.0001

‌

0.0051

‌

0.0137

‌

0.0112

‌

Net

realized

and

unrealized

gain

....................

0.0000

(a)

0.0007

(b)

0.0000

(a)

0.0004

‌

0.0000

(a)

0.0000

(a)

Net

increase

from

investment

operations

................

0.0119

‌

0.0055

‌

0.0001

‌

0.0055

‌

0.0137

‌

0.0112

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0119

)

(0.0057

)

(0.0001

)

(0.0055

)

(0.0137

)

(0.0112

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

—

‌

—

‌

(0.0000

)

(d)

(0.0002

)

Total

distributions

...............................

(0.0119

)

(0.0057

)

(0.0001

)

(0.0055

)

(0.0137

)

(0.0114

)

Net

asset

value,

end

of

period

......................

$

0.9999

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.20

%

(f)

0.56

%

0.01

%

0.55

%

1.38

%

1.13

%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.31

%

(h)

0.28

%

0.26

%

0.26

%

0.28

%

0.29

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.20

%

(h)

0.16

%

0.08

%

0.19

%

0.20

%

0.20

%

Net

investment

income

...........................

2.40

%

(h)

0.48

%

0.01

%

0.51

%

1.36

%

1.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,091,855

‌

$

3,592,640

‌

$

5,368,797

‌

$

5,160,531

‌

$

5,182,923

‌

$

3,992,552

‌

(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)

Not

annualized.

(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)

117

Financial

Highlights

MuniCash

Dollar

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0003

‌

Net

investment

income

..........................

0.0105

‌

0.0033

‌

0.0001

‌

0.0040

‌

0.0123

‌

0.0087

‌

Net

realized

and

unrealized

gain

....................

0.0002

‌

0.0007

(a)

0.0000

(b)

0.0002

‌

0.0000

(b)

0.0000

(b)

Net

increase

from

investment

operations

................

0.0107

‌

0.0040

‌

0.0001

‌

0.0042

‌

0.0123

‌

0.0087

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(0.0107

)

(0.0042

)

(0.0001

)

(0.0042

)

(0.0123

)

(0.0087

)

From

net

realized

gain

...........................

—

‌

(0.0000

)

(d)

—

‌

—

‌

(0.0000

)

(d)

(0.0002

)

Total

distributions

...............................

(0.0107

)

(0.0042

)

(0.0001

)

(0.0042

)

(0.0123

)

(0.0089

)

Net

asset

value,

end

of

period

......................

$

0.9999

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.08

%

(f)

0.40

%

0.01

%

0.42

%

1.23

%

0.88

%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.56

%

(h)

0.53

%

0.52

%

0.51

%

0.53

%

0.54

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.45

%

(h)

0.30

%

0.07

%

0.31

%

0.45

%

0.45

%

Net

investment

income

...........................

2.12

%

(h)

0.33

%

0.01

%

0.40

%

1.22

%

0.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,999

‌

$

2,911

‌

$

4,810

‌

$

3,176

‌

$

2,207

‌

$

1,893

‌

(a)

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.

(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)

Not

annualized.

(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

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

118

California

Money

Fund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

..................

$

0.9993

‌

$

1.0006

‌

$

1.0000

‌

$

1.0002

‌

$

1.0002

‌

$

1.0000

‌

Net

investment

income

...........................

0.0100

‌

0.0043

‌

0.0001

‌

0.0051

‌

0.0107

‌

0.0101

‌

Net

realized

and

unrealized

gain

(loss)

.................

(0.0002

)

0.0006

(a)

0.0006

‌

(0.0007

)

0.0001

‌

0.0002

‌

Net

increase

from

investment

operations

.................

0.0098

‌

0.0049

‌

0.0007

‌

0.0044

‌

0.0108

‌

0.0103

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.......................

(0.0099

)

(0.0050

)

(0.0001

)

(0.0046

)

(0.0108

)

(0.0101

)

From

net

realized

gain

............................

—

‌

(0.0012

)

(0.0000

)

(c)

—

‌

—

‌

—

‌

Total

distributions

................................

(0.0099

)

(0.0062

)

(0.0001

)

(0.0046

)

(0.0108

)

(0.0101

)

Net

asset

value,

end

of

period

.......................

$

0.9992

‌

$

0.9993

‌

$

1.0006

‌

$

1.0000

‌

$

1.0002

‌

$

1.0002

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

...........................

0.98

%

(e)

0.49

%

0.07

%

0.44

%

1.09

%

1.03

%

Ratios

to

Average

Net

Assets

Total

expenses

..................................

0.42

%

(f)

0.46

%

0.45

%

0.45

%

0.47

%

0.70

%

Total

expenses

after

fees

waived

and/or

reimbursed

.........

0.20

%

(f)

0.15

%

0.05

%

0.18

%

0.20

%

0.20

%

Net

investment

income

............................

2.02

%

(f)

0.43

%

0.01

%

0.51

%

1.07

%

1.01

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......................

$

343,680

‌

$

317,561

‌

$

207,157

‌

$

153,630

‌

$

397,288

‌

$

169,293

‌

(a)

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.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

119

Financial

Highlights

New

York

Money

Fund

Institutional

Six

Months

Ended

04/30/23

(unaudited)

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Year

Ended

10/31/18

Net

asset

value,

beginning

of

period

.................

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

Net

investment

income

..........................

0.0121

‌

0.0066

‌

0.0001

‌

0.0062

‌

0.0129

‌

0.0113

‌

Net

realized

and

unrealized

gain

(loss)

................

(0.0001

)

(0.0009

)

(a)

(

0.0000

)

(b)

(0.0008

)

0.0003

‌

(0.0002

)

Net

increase

from

investment

operations

................

0.0120

‌

0.0057

‌

0.0001

‌

0.0054

‌

0.0132

‌

0.0111

‌

Distributions

from

net

investment

income

(c)

............

(0.0120

)

(0.0057

)

(0.0001

)

(0.0054

)

(0.0132

)

(0.0111

)

Net

asset

value,

end

of

period

......................

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

1.20

%

(e)

0.57

%

0.01

%

0.54

%

1.33

%

1.12

%

Ratios

to

Average

Net

Assets

Total

expenses

.................................

0.47

%

(f)

0.50

%

0.53

%

0.46

%

0.56

%

1.35

%

Total

expenses

after

fees

waived

and/or

reimbursed

........

0.20

%

(f)

0.16

%

0.06

%

0.18

%

0.20

%

0.20

%

Net

investment

income

...........................

2.43

%

(f)

0.66

%

0.01

%

0.62

%

1.29

%

1.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

264,339

‌

$

198,959

‌

$

59,800

‌

$

149,946

‌

$

243,502

‌

$

46,066

‌

(a)

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.

(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)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

120

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.

Great

Pacific

Shares

are

sold

without

a

sales

charge

and

are

only

available

to

clients

of

Great

Pacific

Securities

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.

Stern

Brothers

Shares

are

sold

without

a

sales

charge

and

are

only

available to

clients

of

Stern

Brothers

&

Co.

and

its

affiliates.

Tigress

Shares

are

sold

without

a

sales

charge

and are

only

available

to

clients

of

Tigress

Financial

Partners

LLC

and

its

affiliates.

WestCap

Shares

are

sold

without

a

sales

charge

and

are

only

available

to

portfolio

companies

of

WestCap

Management,

LLC

and

its

affiliates.

Administration,

Select,

Capital,

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

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

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,

Great

Pacific,

Mischler

Financial

Group,

Penserra,

Stern

Brothers

and

Tigress

FedFund

......................................

Institutional,

Administration,

Capital,

Cash

Management,

Cash

Reserve,

Dollar,

Mischler

Financial

Group,

Premier,

Private

Client,

Select,

Stern

Brothers,

Tigress

and

WestCap

TempCash

.....................................

Institutional,

Capital,

Dollar,

Great

Pacific

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)

121

Notes

to

Financial

Statements

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

shareholders. 

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

custodians

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.

The

Board

has

approved

the

designation

of

each

Fund's

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

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

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Funds'

assets

and

liabilities:

Investments

are

valued

on

the

basis

of

prices

provided

by

dealers

or

pricing

services.

In

determining

the

value

of

a

particular

investment,

pricing

services

may

use

certain

information

with

respect

to

transactions

in

such

investments,

quotations

from

dealers,

pricing

matrixes,

market

transactions

in

comparable

investments

and

information

with

respect

to

various

relationships

between

investments. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Investment

Valuation

Policies

(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

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

122

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

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.

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)

123

Notes

to

Financial

Statements

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.

For

the six

months

ended

April

30,

2023,

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,

2023,

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

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

Fund

Name

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

BlackRock

Liquid

Federal

Trust

Fund

..

$

12,538‌

$

—‌

$

30,468‌

$

—‌

$

10,358‌

$

—‌

$

—‌

$

53,364‌

FedFund

.....................

8,319,662‌

1,059‌

1,640,410‌

9,722,357‌

4,431,643‌

1,076‌

2,064,426‌

26,180,633‌

TempCash

....................

—‌

—‌

—‌

—‌

2

2‌

—‌

—‌

22‌

TempFund

....................

11,069‌

23,276‌

1,309,88

2‌

33,864‌

124,552‌

4,285‌

—‌

1,506,92

8‌

T-Fund

.......................

5,436,458‌

19,665‌

1,973,07

0‌

179,903‌

1,984,512‌

—‌

177,131‌

9,770,7

39‌

Treasury

Trust

Fund

..............

213,711‌

24,681‌

32,751‌

199,190‌

1,566,447‌

—‌

790,479‌

2,827,259‌

MuniCash

.....................

—‌

—‌

—‌

—‌

2,895‌

—‌

—‌

2,895‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

124

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,

2024,

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,

2023,

the

amounts

waived

were

as

follows:

In

addition,

BRIL

has

contractually

agreed

to

waive

service

and/or

distribution

fees

through February

29,

2024

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,

2023,

the

amounts

waived

and/or

reimbursed

were

as

follows:

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

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,

2023,

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”),

e

ach

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 six

months

ended

April

30,

2023,

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. 

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

BlackRock

Liquid

Federal

Trust

Fund

.............................................................................................

$

1,433,634‌

FedFund

................................................................................................................

10,550,34

2‌

TempCash

...............................................................................................................

2,760,358‌

TempFund

...............................................................................................................

2,612,28

3‌

T-Fund

..................................................................................................................

7,231,764‌

Treasury

Trust

Fund

.........................................................................................................

7,939,46

2‌

MuniCash

................................................................................................................

1,728,554‌

California

Money

Fund

.......................................................................................................

382

,001‌

New

York

Money

Fund

.......................................................................................................

331,581‌

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

Administration

Cash

Reserve

Dollar

Private

Client

Select

Total

BlackRock

Liquid

Federal

Trust

Fund

.......

$

44‌

$

—‌

$

68‌

$

—‌

$

—‌

$

112‌

FedFund

..........................

—‌

—‌

—‌

43

1‌

48,538‌

48,96

9‌

TempFund

.........................

—‌

1,884‌

698‌

1,764‌

—‌

4,346‌

T-Fund

............................

—‌

—‌

—‌

—‌

4,168‌

4,168‌

Treasury

Trust

Fund

...................

3,206‌

—‌

158,703‌

—‌

18,596‌

180,505‌

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

Capital

FedFund

..............................................................................................................

$

290

Notes

to

Financial

Statements

(unaudited)

(continued)

125

Notes

to

Financial

Statements

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,

2023,

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

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,

2023,

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,

2022, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows: 

As

of

April

30,

2023, 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.

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

MuniCash

...........................................................................

$

702,528,476‌

$

445,756,765‌

$

—‌

California

Money

Fund

..................................................................

145,136,669‌

257,099,414‌

—‌

New

York

Money

Fund

..................................................................

62,778,056‌

35,740,627‌

—‌

Fund

Name

Non-expiring

Capital

Loss

Carryforwards

BlackRock

Liquid

Federal

Trust

Fund

.......................................................................................

$

673,555‌

FedFund

..........................................................................................................

36,796,858‌

TempCash

.........................................................................................................

1,159,104‌

Temp

Fund

.........................................................................................................

700,769‌

T-

Fund

...........................................................................................................

20,152,675‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Liquid

Federal

Trust

Fund

....................................

$

3,866,610,817‌

$

–‌

$

(17,382‌)

$

(17,382‌)

FedFund

.......................................................

133,537,392,024‌

–‌

(46,329‌)

(46,329‌)

T-Fund

........................................................

91,518,514,006‌

–‌

(30,206‌)

(30,206‌)

Treasury

Trust

Fund

...............................................

104,453,615,776‌

–‌

(597,057‌)

(597,057‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

126

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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.

The 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

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

recent

period

of

historically

low

interest rates. The

Federal

Reserve

has

recently

begun

to

raise

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact certain

Funds’

performance.

The

Funds

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

the

Fund

invests. 

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

Funds

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

The

Secured

Overnight

Financing

Rate

(“SOFR”)

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

mechanism

by

identifying

benchmark

rates

on

SOFR

that

will

replace

LIBOR

in

certain

financial

products

after

June

30,

2023.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

127

Notes

to

Financial

Statements

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/23

Year

Ended

10/31/22

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Shares

sold

12,996,516,470‌

37,721,624,450‌

Shares

issued

in

reinvestment

of

distributions

........................................................

31,606,626‌

18,793,845‌

Shares

redeemed

(14,404,389,924‌)

(37,534,391,448‌)

(1,376,266,828‌)

206,026,847‌

Administration

Shares

sold

12,417,672‌

18,616,847‌

Shares

issued

in

reinvestment

of

distributions

........................................................

498,419‌

203,322‌

Shares

redeemed

(1,844,616‌)

(81,791,501‌)

11,071,475‌

(62,971,332‌)

Bancroft

Capital

Shares

sold

1‌

50,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,020‌

424‌

(a)

1,021‌

50,424‌

Cabrera

Capital

Markets

Shares

sold

1‌

50,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,020‌

424‌

(a)

1,021‌

50,424‌

Cash

Management

Shares

sold

3,221,565‌

28,499,707‌

Shares

issued

in

reinvestment

of

distributions

........................................................

55,028‌

23,878‌

Shares

redeemed

(6,954,971‌)

(24,277,160‌)

(3,678,378‌)

4,246,425‌

Cash

Reserve

Shares

issued

in

reinvestment

of

distributions

........................................................

—‌

3‌

(b)

Shares

redeemed

—‌

(8,153‌)

(b)

—‌

(8,150‌)

Dollar

Shares

sold

38,506,428‌

75,113,047‌

Shares

issued

in

reinvestment

of

distributions

........................................................

9,602‌

3,378‌

Shares

redeemed

(47,218,314‌)

(70,325,226‌)

(8,702,284‌)

4,791,199‌

Great

Pacific

Shares

sold

—‌

50,000‌

(c)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,020‌

407‌

(c)

1,020‌

50,407‌

Mischler

Financial

Group

Shares

sold

750,000‌

231,550,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

65,087‌

20,906‌

(a)

Shares

redeemed

(1,000,000‌)

(226,450,000‌)

(a)

(184,913‌)

5,120,906‌

Penserra

Shares

sold

749,999‌

50,000‌

(d)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,021‌

422‌

(d)

751,020‌

50,422‌

Stern

Brothers

Shares

sold

1,500,000‌

50,000‌

(e)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,861‌

291‌

(e)

Shares

redeemed

(1,500,000‌)

—‌

1,861‌

50,291‌

Tigress

Shares

sold

25,000,010‌

3,050,000‌

(f)

Shares

issued

in

reinvestment

of

distributions

........................................................

61,754‌

1,074‌

(f)

Shares

redeemed

(10‌)

—‌

25,061,754‌

3,051,074‌

(1,351,943,231‌)

160,508,937‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

128

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/23

Year

Ended

10/31/22

FedFund

Institutional

Shares

sold

448,500,992,292‌

1,030,637,249,721‌

Shares

issued

in

reinvestment

of

distributions

........................................................

792,425,886‌

441,007,092‌

Shares

redeemed

(444,722,504,718‌)

(1,047,309,003,144‌)

4,570,913,460‌

(16,230,746,331‌)

Administration

Shares

sold

13,016,481,417‌

51,690,963,371‌

Shares

issued

in

reinvestment

of

distributions

........................................................

261,860,154‌

178,483,736‌

Shares

redeemed

(26,589,349,323‌)

(32,072,119,530‌)

(13,311,007,752‌)

19,797,327,577‌

Capital

Shares

sold

6,917,960‌

12,822,079,189‌

Shares

issued

in

reinvestment

of

distributions

........................................................

88,258‌

2,930,405‌

Shares

redeemed

(3,442,649‌)

(38,546,297,046‌)

3,563,569‌

(25,721,287,452‌)

Cash

Management

Shares

sold

239,384,783‌

780,699,507‌

Shares

issued

in

reinvestment

of

distributions

........................................................

9,510,474‌

3,041,796‌

Shares

redeemed

(310,507,359‌)

(678,544,955‌)

(61,612,102‌)

105,196,348‌

Cash

Reserve

Shares

sold

23,689,175,535‌

50,056,302,595‌

Shares

issued

in

reinvestment

of

distributions

........................................................

42,653‌

21,562‌

Shares

redeemed

(24,451,988,502‌)

(50,391,678,100‌)

(762,770,314‌)

(335,353,943‌)

Dollar

Shares

sold

5,871,594,544‌

15,629,110,135‌

Shares

issued

in

reinvestment

of

distributions

........................................................

24,439,291‌

8,730,950‌

Shares

redeemed

(6,254,120,581‌)

(14,847,284,223‌)

(358,086,746‌)

790,556,862‌

Mischler

Financial

Group

Shares

sold

11,712,216,276‌

24,406,918,879‌

Shares

issued

in

reinvestment

of

distributions

........................................................

17,156,251‌

11,390,175‌

Shares

redeemed

(10,971,162,136‌)

(25,380,702,059‌)

758,210,391‌

(962,393,005‌)

Premier

Shares

sold

955,463,698‌

3,608,457,808‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,947,498‌

1,864,396‌

Shares

redeemed

(876,752,978‌)

(2,198,960,628‌)

84,658,218‌

1,411,361,576‌

Private

Client

Shares

issued

in

reinvestment

of

distributions

........................................................

4,613‌

1,554‌

Shares

redeemed

—‌

(280‌)

4,613‌

1,274‌

Select

Shares

sold

847,835,780‌

1,912,292,513‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,776,466‌

3,107,617‌

Shares

redeemed

(1,194,335,086‌)

(1,984,792,713‌)

(338,722,840‌)

(69,392,583‌)

Stern

Brothers

Shares

sold

1,500,000‌

50,000‌

(e)

Shares

issued

in

reinvestment

of

distributions

........................................................

1,890‌

299‌

(e)

Shares

redeemed

(1,500,000‌)

—‌

1,890‌

50,299‌

Tigress

Shares

sold

21,496,402‌

2,050,000‌

(f)

Shares

issued

in

reinvestment

of

distributions

........................................................

64,267‌

743‌

(f)

Shares

redeemed

(19,048,724‌)

—‌

2,511,945‌

2,050,743‌

Notes

to

Financial

Statements

(unaudited)

(continued)

129

Notes

to

Financial

Statements

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/23

Year

Ended

10/31/22

WestCap

Shares

sold

88,000,000‌

50,000‌

(g)

Shares

issued

in

reinvestment

of

distributions

........................................................

584,785‌

269‌

(g)

88,584,785‌

50,269‌

(9,323,750,883‌)

(21,212,578,366‌)

T-Fund

Institutional

Shares

sold

578,787,139,4

79‌

1,130,088,249,661‌

Shares

issued

in

reinvestment

of

distributions

........................................................

486,363,861‌

200,986,153‌

Shares

redeemed

(575,291,646,855‌)

(1,138,600,488,935‌)

3,981,856,48

5‌

(8,311,253,121‌)

Administration

Shares

sold

3,840,690,904‌

35,189,075,748‌

Shares

issued

in

reinvestment

of

distributions

........................................................

208,793,865‌

141,478,818‌

Shares

redeemed

(15,307,284,598‌)

(20,049,893,915‌)

(11,257,799,829‌)

15,280,660,651‌

Capital

Shares

sold

165,303,238‌

11,810,436,969‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,638,038‌

893,971‌

Shares

redeemed

(86,465,074‌)

(39,060,254,288‌)

80,476,202‌

(27,248,923,348‌)

Cash

Management

Shares

sold

1,958,658,28

2‌

4,498,561,177‌

Shares

issued

in

reinvestment

of

distributions

........................................................

10,215,579‌

3,818,361‌

Shares

redeemed

(2,155,569,042‌)

(4,440,475,621‌)

(186,695,18

1‌

)

61,903,917‌

Cash

Reserve

Shares

sold

228,882,53

5‌

1,059,106,115‌

Shares

issued

in

reinvestment

of

distributions

........................................................

530,166‌

224,084‌

Shares

redeemed

(250,734,504‌)

(1,453,257,146‌)

(21,321,80

3‌

)

(393,926,947‌)

Dollar

Shares

sold

4,563,947,493‌

15,300,359,363‌

Shares

issued

in

reinvestment

of

distributions

........................................................

13,964,055‌

5,754,182‌

Shares

redeemed

(4,294,239,477‌)

(15,047,279,578‌)

283,672,071‌

258,833,967‌

Premier

Shares

sold

930,717,531‌

783,579,642‌

Shares

issued

in

reinvestment

of

distributions

........................................................

8,436,656‌

1,911,883‌

Shares

redeemed

(511,898,259‌)

(302,179,262‌)

427,255,928‌

483,312,263‌

Select

Shares

sold

192,428,451‌

152,218,729‌

Shares

issued

in

reinvestment

of

distributions

........................................................

721,151‌

135,326‌

Shares

redeemed

(164,069,944‌)

(168,847,901‌)

29,079,658‌

(16,493,846‌)

(6,663,476,4

69‌

)

(19,885,886,464‌)

Treasury

Trust

Fund

Institutional

Shares

sold

123,981,287,345‌

275,811,620,566‌

Shares

issued

in

reinvestment

of

distributions

........................................................

882,847,427‌

451,551,434‌

Shares

redeemed

(131,679,544,197‌)

(268,319,833,043‌)

(6,815,409,425‌)

7,943,338,957‌

Administration

Shares

sold

662,688,225‌

1,501,043,709‌

Shares

issued

in

reinvestment

of

distributions

........................................................

6,311,204‌

2,905,488‌

Shares

redeemed

(603,014,011‌)

(1,720,175,754‌)

65,985,418‌

(216,226,557‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

130

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

04/30/23

Year

Ended

10/31/22

Capital

Shares

sold

310,782,476‌

45,866,399‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,061,750‌

97,696‌

Shares

redeemed

(108,972,221‌)

(21,739,697‌)

203,872,005‌

24,224,398‌

Cash

Management

Shares

sold

9,955,134‌

50,917,744‌

Shares

issued

in

reinvestment

of

distributions

........................................................

113,513‌

10,536‌

Shares

redeemed

(16,723,954‌)

(62,557,550‌)

(6,655,307‌)

(11,629,270‌)

Cash

Reserve

Shares

sold

269,978,623‌

355,051,481‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,284‌

616‌

Shares

redeemed

(229,602,012‌)

(372,944,893‌)

40,377,895‌

(17,892,796‌)

Dollar

Shares

sold

3,196,572,097‌

3,544,056,801‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,176,701‌

864,712‌

Shares

redeemed

(2,349,504,524‌)

(3,519,947,987‌)

849,244,274‌

24,973,526‌

Select

Shares

sold

331,608,643‌

1,905,146,766‌

Shares

issued

in

reinvestment

of

distributions

........................................................

3,029,635‌

2,012,121‌

Shares

redeemed

(334,204,398‌)

(2,398,131,605‌)

433,880‌

(490,972,718‌)

(5,662,151,260‌)

7,255,815,540‌

d

Six

Months

Ended

04/30/23

Year

Ended

10/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

TempCash

Institutional

Shares

sold

..........................................

11,077,253,416‌

$

11,080,745,081‌

9,600,080,601‌

$

9,601,791,284‌

Shares

issued

in

reinvestment

of

distributions

.....................

10,833,026‌

10,836,671‌

3,890,755‌

3,891,427‌

Shares

redeemed

......................................

(8,107,968,977‌)

(8,110,699,063‌)

(6,728,448,109‌)

(6,729,988,840‌)

2,980,117,465‌

$

2,980,882,689‌

2,875,523,247‌

$

2,875,693,871‌

Dollar

Shares

issued

in

reinvestment

of

distributions

.....................

374‌

$

375‌

150‌

$

150‌

374‌

$

375‌

150‌

$

150‌

Great

Pacific

(h)

Shares

sold

..........................................

585,024,980‌

$

585,258,875‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

7,288,992‌

7,290,765‌

—‌

—‌

592,313,972‌

$

592,549,640‌

—‌

$

—‌

Premier

Shares

sold

..........................................

—‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

—‌

—‌

—‌

—‌

Shares

redeemed

......................................

—‌

—‌

—‌

—‌

—‌

$

—‌

—‌

$

—‌

3,572,431,811‌

$

3,573,432,704‌

2,875,523,397‌

$

2,875,694,021‌

TempFund

Institutional

Shares

sold

..........................................

10,406,729,719‌

$

10,411,003,704‌

29,219,735,194‌

$

29,223,593,041‌

Shares

issued

in

reinvestment

of

distributions

.....................

109,689,639‌

109,738,042‌

56,440,667‌

56,447,053‌

Shares

redeemed

......................................

(12,235,740,082‌)

(12,241,198,369‌)

(30,562,133,416‌)

(30,565,617,972‌)

(1,719,320,724‌)

$

(1,720,456,623‌)

(1,285,957,555‌)

$

(1,285,577,878‌)

Administration

Shares

sold

..........................................

5,719,281‌

$

5,721,661‌

22,922,307‌

$

22,926,204‌

Shares

issued

in

reinvestment

of

distributions

.....................

473,672‌

473,888‌

150,228‌

150,250‌

Shares

redeemed

......................................

(13,198,883‌)

(13,204,977‌)

(9,042,750‌)

(9,044,672‌)

(7,005,930‌)

$

(7,009,428‌)

14,029,785‌

$

14,031,782‌

Notes

to

Financial

Statements

(unaudited)

(continued)

131

Notes

to

Financial

Statements

(a)

Period

November

1,

2021

(commencement

of

operations)

to

October

31,

2022

for

Bancroft

Capital

Shares,

Cabrera

Capital

Markets

Shares

and

Mischler

Financial

Group

Shares.

(b)

There

were

no

Cash

Reserve

Shares

outstanding

for

the

year

ended

October

31,

2022.

(c)

Period

May

2,

2022

(commencement

of

operations)

to

October

31,

2022

for

Great

Pacific

Shares.

(d)

Period

January

21,

2022

(commencement

of

operations)

to

October

31,

2022

for

Penserra

Shares.

(e)

Period

August

1,

2022

(commencement

of

operations)

to

October

31,

2022

for

Stern

Brothers

Shares.

d

Six

Months

Ended

04/30/23

Year

Ended

10/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Cabrera

Capital

Markets

Shares

sold

..........................................

124,925‌

$

125,005‌

49,975‌

$

50,000‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,597‌

2,599‌

495‌

495‌

Shares

redeemed

......................................

—‌

(2‌)

—‌

—‌

127,522‌

$

127,602‌

50,470‌

$

50,495‌

Capital

Shares

sold

..........................................

234,560,911‌

$

234,670,279‌

41,317,345‌

$

41,324,464‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,952,895‌

1,953,806‌

60,701‌

60,704‌

Shares

redeemed

......................................

(135,551,864‌)

(135,622,866‌)

(11,272,057‌)

(11,273,308‌)

100,961,942‌

$

101,001,219‌

30,105,989‌

$

30,111,860‌

Cash

Management

Shares

sold

..........................................

101,728,997‌

$

101,770,287‌

262,023,985‌

$

262,057,634‌

Shares

issued

in

reinvestment

of

distributions

.....................

10,267,454‌

10,271,948‌

3,800,989‌

3,801,488‌

Shares

redeemed

......................................

(124,823,974‌)

(124,876,686‌)

(324,336,305‌)

(324,376,857‌)

(12,827,523‌)

$

(12,834,451‌)

(58,511,331‌)

$

(58,517,735‌)

Cash

Reserve

Shares

sold

..........................................

16,627,602‌

$

16,634,099‌

40,130,742‌

$

40,141,262‌

Shares

issued

in

reinvestment

of

distributions

.....................

342,873‌

343,035‌

82,560‌

82,573‌

Shares

redeemed

......................................

(16,492,795‌)

(16,500,291‌)

(42,426,716‌)

(42,433,639‌)

477,680‌

$

476,843‌

(2,213,414‌)

$

(2,209,804‌)

Dollar

Shares

sold

..........................................

77,314,714‌

$

77,347,187‌

101,482,514‌

$

101,493,465‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,709,165‌

1,709,942‌

722,935‌

723,035‌

Shares

redeemed

......................................

(68,119,355‌)

(68,146,411‌)

(109,118,262‌)

(109,128,018‌)

10,904,524‌

$

10,910,718‌

(6,912,813‌)

$

(6,911,518‌)

Private

Client

  Shares

issued

in

reinvestment

of

distributions

......................

18,235‌

$

18,244‌

7,827‌

$

7,829‌

Shares

redeemed

......................................

(511,518‌)

(511,778‌)

(16,969‌)

(16,973‌)

(493,283‌)

$

(493,534‌)

(9,142‌)

$

(9,144‌)

(1,627,175,792‌)

$

(1,628,277,654‌)

(1,309,418,011‌)

$

(1,309,031,942‌)

MuniCash

Institutional

Shares

sold

..........................................

18,928,525,306‌

$

18,928,196,900‌

43,233,900,980‌

$

43,236,483,206‌

Shares

issued

in

reinvestment

of

distributions

.....................

20,178,006‌

20,177,217‌

9,691,100‌

9,691,295‌

Shares

redeemed

......................................

(19,449,595,959‌)

(19,449,544,848‌)

(45,018,624,832‌)

(45,021,375,647‌)

(500,892,647‌)

$

(501,170,731‌)

(1,775,032,752‌)

$

(1,775,201,146‌)

Dollar

Shares

sold

..........................................

1,010,083‌

$

1,010,010‌

3,246,982‌

$

3,246,997‌

Shares

issued

in

reinvestment

of

distributions

.....................

24,540‌

24,538‌

14,459‌

14,459‌

Shares

redeemed

......................................

(1,946,404‌)

(1,946,224‌)

(5,159,835‌)

(5,159,987‌)

(911,781‌)

$

(911,676‌)

(1,898,394‌)

$

(1,898,531‌)

(501,804,428‌)

$

(502,082,407‌)

(1,776,931,146‌)

$

(1,777,099,677‌)

California

Money

Fund

Institutional

Shares

sold

..........................................

1,801,197,514‌

$

1,799,976,928‌

3,122,928,236‌

$

3,121,371,243‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,873,484‌

2,871,358‌

970,885‌

970,232‌

Shares

redeemed

......................................

(1,777,920,857‌)

(1,776,726,574‌)

(3,013,148,212‌)

(3,011,746,498‌)

26,150,141‌

$

26,121,712‌

110,750,909‌

$

110,594,977‌

New

York

Money

Fund

Institutional

Shares

sold

..........................................

845,047,939‌

$

845,049,335‌

1,169,906,443‌

$

1,169,906,444‌

Shares

issued

in

reinvestment

of

distributions

.....................

947,619‌

947,632‌

334,396‌

334,396‌

Shares

redeemed

......................................

(780,615,291‌)

(780,615,716‌)

(1,031,082,677‌)

(1,031,082,677‌)

65,380,267‌

$

65,381,251‌

139,158,162‌

$

139,158,163‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

132

(f)

Period

September

30,

2022

(commencement

of

operations)

to

October

31,

2022

for

Tigress

Shares.

(g)

Period

August

12,

2022

(commencement

of

operations)

to

October

31,

2022

for

WestCap

Shares.

(h)

Period

January

23,

2023

(commencement

of

operations)

to

April

30,

2023

for

Great

Pacific

Shares.

As

of

April

30,

2023,

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.

Additional

Information

133

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Transfer

Agent at

(800)

441-7450.

Availability

of

Quarterly

Schedule

of

Investments 

The

Funds

file

their

complete

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

134

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

10001

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

135

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

AMT

Alternative

Minimum

Tax

COP

Certificates

of

Participation

GO

General

Obligation

Bonds

LIQ

Liquidity

Agreement

LOC

Letter

of

Credit

RB

Revenue

Bonds

SOFR

Secured

Overnight

Financing

Rate

SBPA

Stand-by-Bond

Purchase

Agreement

TECP

Tax

Exempt

Commercial

Paper

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-4/23-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 21, 2023

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 21, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

Date: June 21, 2023