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

FedFund

MuniCash

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: 10/31/2024

Date of reporting period: 04/30/2024

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

APRIL

30,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Semi-Annual

Report

(Unaudited)

BlackRock

Liquidity

Funds

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Treasury

Trust

Fund

MuniCash

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

April

30,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

impressive.

Meanwhile,

both

international

developed

market

equities

and

emerging

market

stocks

also

gained,

albeit

at

a

notably

slower

pace

than

that

of

U.S.

stocks.

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.

However,

higher

yields

drove

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period,

and

recent

statements

from

the

Fed

seem

to

support

this

view.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

we

believe

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

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,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

20.98

%

22.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.66

13.32

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

18.63

9.28

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

15.40

9.88

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.66

5.36

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

3.66

(6.40

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.97

(1.47

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.06

2.08

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.99

9.01

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

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

50

Statements

of

Operations

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

55

Statements

of

Changes

in

Net

Assets

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

57

Financial

Highlights

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

61

Notes

to

Financial

Statements

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

114

Additional

Information

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

126

Glossary

of

Terms

Used

in

this

Report

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

128

Money

Market

Overview

For

the

Six-Month

Period

Ended

April

30,

2024

2024

BlackRock

Semi-Annual

Report

to

Shareholders

4

During

the

six-month

period

ended

April

30,

2024,

economic

conditions

in

the

United

States

remained

robust.

The

unemployment

rate

trended

at

low

levels

over

the

period,

although

it

edged

up

to

3.9%

in

April

2024.

Data

released

during

the

month

showed

non-farm

payrolls

rising

303,000

in

March

2024,

well

above

market

expectations,

while

average

hourly

earnings

increased

0.3%

month-over-month,

taking

the

year-over-year

rate

to

4.1%.

At

the

same

time,

inflationary

pressures

showed

signs

of

stickiness

with

the

consumer

price

index

(“CPI”)

report

showing

increased

headline

inflation

at

3.5%

year-over-year

and

Personal

Consumption

Expenditures,

the

Fed’s

preferred

measure

of

inflation,

holding

steady

at

a

rate

of

2.7%

year-over-year.

During

the

period,

the

Federal

Open

Market

Committee

(the

“FOMC”

or

the

“Committee”),

left

the

range

of

the

federal

funds

rate

unchanged

at

the

5.25%-5.50%

range

set

in

July

2023

to

assess

the

impact

of

policy

firming

on

inflation

and

employment.

The

median

federal

funds

rate

forecast

contained

in

the

Summary

of

Economic

Projections

(“SEP”),

released

in

conjunction

with

the

FOMC

meeting

for

March

2024,

was

unchanged

from

the

December

2023

projection

of

4.60%

and

continued

to

imply,

in

our

estimation,

three

cuts

of

0.25%

in

the

range

for

the

target

rate

for

2024.

However,

as

of

April

30,

2024,

Fed

Funds

Futures

pointed

to

the

first

25bps

cut

coming

in

June

2024

and

lowered

the

total

level

of

cuts

expected

by

the

end

of

2024

to

less

than

100bps,

down

from

almost

160bps

in

January.

In

an

additional

notable

change,

the

FOMC

statement

noted

that

beginning

in

June

2024,

the

Committee

would

reduce

the

rate

of

reduction

in

its

securities

holdings

by

lowering

the

ceiling

on

maturing

Treasury

securities

(i.e.,

the

“monthly

redemption

cap”)

by

more

than

half,

to

$25

billion.

In

a

statement

released

in

conjunction

with

the

meeting,

the

Committee

reiterated

that

inflation

“remains

elevated”

while

again

acknowledging

that

it

has

“eased

over

the

past

year.”

The

statement

was

also

updated

to

note

“in

recent

months”

the

“lack

of

further

progress

toward

the

Committee’s

2%

inflation

objective”.

The

Committee

also

echoed

its

previous

outlook

for

future

interest

rate

actions,

noting

“any

adjustments”

to

the

federal

funds

target

range

would

be

based

on

an

evaluation

of

“incoming

data,

the

evolving

outlook,

and

the

balance

of

risks,”

while

again

acknowledging

that

the

FOMC

“does

not

expect

it

will

be

appropriate

to

reduce

the

target

range

until

it

has

gained

greater

confidence

that

inflation

is

moving

sustainably

toward”

its

2%

target.

Utilization

of

the

Fed’s

reverse

repurchase

program

(“RRP”)

decreased

in

2024

as

investors

rotated

out

of

the

RRP

and

into

new

Treasury

supply

and

dealer

repo

rates

remain

more

attractive,

in

our

opinion.

Year

to

date,

balances

held

at

the

RRP

have

fallen

from

$700

billion

to

$327

billion

during

tax

season

before

bouncing

back

to

$534

billion

at

April

2024

month-end.

As

of

April

30,

2024,

Treasury

bill

(“T-bill”)

tenors

between

one-month

and

one-year

traded

between

5.24%

and

5.38%.

For

reference,

T-bills

of

the

same

tenors

traded

between

4.18%

and

4.76%

as

of

April

30,

2023.

Treasury

yields

have

remained

contained

as

market

expectations

for

rate

cuts

have

been

reduced

and

pushed

out.

The

Secured

Overnight

Financing

Rate

(“SOFR”)—a

broad-based

proxy

for

overnight

repo

collateralized

by

Treasuries—has

been

printing

in

line

with

or

just

below

the

Reverse

Repurchase

Program

rate.

As

of

April

30,

SOFR

stood

at

5.34%.

As

of

April

25th,

rates

on

first

tier

non-financial

commercial

paper

(“CP”)

ranged

from

5.29%

to

5.34%

for

tenors

30

days

and

in,

while

financial

CP

rates

were

pegged

at

5.31%.

Turning

to

short-term

municipal

bonds,

municipal

money

market

industry

assets

were

mostly

rangebound

before

drifting

lower

in

January

2024

then

ultimately

moving

higher

to

end

the

reporting

period

at

$124.9

billion

as

of

April

30,

2024.

The

upward

momentum

in

industry

assets

marked

a

$4.7

billion

increase

for

the

period.

Amongst

the

elevated

rate

environment,

the

Securities

Industry

and

Financial

Markets

Association

(“SIFMA”)

Index,

which

represents

the

average

yield

on

weekly

Variable

Rate

Demand

Notes

(“VRDNs”),

remained

at

attractive

levels

relative

to

taxable

alternatives

for

much

of

the

period,

helping

to

attract

and

grow

tax

exempt

money

fund

industry

assets.

VRDN

inventory

on

dealer

balance

sheets

ranged

from

a

low

of

$600

million

to

a

high

of

$9

billion,

corresponding

to

the

lows

and

highs

in

the

SIFMA

Index,

respectively,

and

averaged

approximately

$4.5

billion,

slightly

below

the

one-year

average

of

$4.7

billion.

The

7-day

SIFMA

Index

started

the

period

at

4.09%,

moved

lower

throughout

November

2023,

and

then

higher

to

4.52%

in

late

December

2023

amongst

heavy

VRDN

inventory

at

year-end.

In

early

January

2024,

seasonal

reinvestment

cash

from

bond

maturities

and

coupon

payments

briefly

overwhelmed

available

VRDN

inventory,

pushing

the

SIFMA

Index

to

a

period

low

of

1.90%.

Ultimately,

the

index

posted

its

highest

yield

of

the

period

at

4.55%

in

late

January

2024,

before

ending

the

period

at

3.77%

following

tax

season

in

April.

Looking

ahead,

municipalities

are

currently

in

the

process

of

reviewing

their

2025

fiscal

budgets

and

assessing

their

operating

financing

needs.

Though

overall

municipal

bond

issuance

has

swelled

year

to

date,

short-term

municipal

note

supply

is

expected

to

increase

only

slightly

in

2024,

remaining

subdued

compared

to

pre-pandemic

levels

as

municipal

fundamentals

remain

supportive.

Additionally,

as

the

yield

curve

remains

inverted,

the

bulk

of

issuance

has

been

focused

on

longer-term

municipal

bond

deals

while

front-end

issuance

remains

light.

Overall,

while

the

municipal

credit

cycle

has

likely

plateaued,

in

our

opinion,

high

reserves

should

cushion

potentially

softer

state

and

local

revenue

collections.

Municipal

fundamentals

remain

strong

as

most

issuers

are

positioned

well

to

absorb

the

impact

of

any

economic

contraction,

should

one

surface.

Our

municipal

money

market

fund

continues

to

maintain

high

levels

of

daily

and

weekly

liquidity

amongst

an

attractive

front-end

rate

environment.

Fund

Information

as

of

April

30,

2024

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

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

5.18‌

%

5.18‌

%

Administration

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

5.08‌

5.08‌

Bancroft

Capital

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

5.18‌

5.18‌

Cabrera

Capital

Markets

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

5.18‌

5.18‌

Cash

Management

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

4.68‌

4.68‌

Dollar

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

4.93‌

4.93‌

Great

Pacific

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

5.18‌

5.18‌

Mischler

Financial

Group

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

5.18‌

5.18‌

Penserra

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

5.18‌

5.18‌

Stern

Brothers

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

5.18‌

5.18‌

Tigress

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

5.18‌

5.18‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

76.6‌

%

U.S.

Government

Sponsored

Agency

Obligations

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

22.6‌

Other

Assets

Less

Liabilities

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

0.8‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

5.18‌

%

5.18‌

%

Administration

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

5.08‌

5.08‌

Capital

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

5.14‌

5.14‌

Cash

Management

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

4.69‌

4.69‌

Cash

Reserve

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

4.79‌

4.79‌

Dollar

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

4.93‌

4.93‌

Mischler

Financial

Group

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

5.18‌

5.18‌

Premier

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

5.18‌

5.18‌

Private

Client

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

4.68‌

4.68‌

Select

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

4.36‌

4.36‌

Stern

Brothers

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

5.18‌

5.18‌

Tigress

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

5.18‌

5.18‌

WestCap

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

5.18‌

5.18‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

45.6‌

%

Repurchase

Agreements

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

41.6‌

U.S.

Government

Sponsored

Agency

Obligations

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

10.2‌

Other

Assets

Less

Liabilities

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

2.6‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

5.34‌

%

5.34‌

%

Dollar

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

5.32‌

5.31‌

Great

Pacific

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

5.34‌

5.34‌

Premier

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

5.35‌

5.35‌

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

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

32.7‌

%

Commercial

Paper

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

32.2‌

Certificates

of

Deposit

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

18.7‌

Time

Deposits

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

11.1‌

U.S.

Treasury

Obligations

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

1.5‌

Municipal

Bonds

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

0.6‌

Corporate

Bonds

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

0.3‌

U.S.

Government

Sponsored

Agency

Obligations

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

0.0‌

(a)

Other

Assets

Less

Liabilities

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

2.9‌

(a)

Represents

less

than

0.1%

of

the

Fund's

net

assets.

Fund

Information

as

of

April

30,

2024

(continued)

2024

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

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

5.35‌

%

5.34‌

%

Administration

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

5.25‌

5.24‌

Cabrera

Capital

Markets

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

5.35‌

5.34‌

Capital

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

5.30‌

5.29‌

Cash

Management

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

4.85‌

4.85‌

Cash

Reserve

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

4.98‌

4.97‌

Dollar

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

5.10‌

5.10‌

Private

Client

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

4.85‌

4.85‌

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

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

31.8‌

%

Commercial

Paper

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

30.6‌

Certificates

of

Deposit

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

18.6‌

Time

Deposits

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

11.6‌

Municipal

Bonds

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

1.5‌

U.S.

Treasury

Obligations

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

1.5‌

Corporate

Bonds

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

0.4‌

U.S.

Government

Sponsored

Agency

Obligations

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

0.1‌

Other

Assets

Less

Liabilities

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

3.9‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

5.18‌

%

5.18‌

%

Administration

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

5.08‌

5.08‌

Capital

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

5.13‌

5.13‌

Cash

Management

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

4.68‌

4.68‌

Cash

Reserve

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

4.78‌

4.78‌

Dollar

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

4.93‌

4.93‌

Premier

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

5.18‌

5.18‌

Select

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

4.35‌

4.35‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

54.2‌

%

Repurchase

Agreements

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

43.1‌

Other

Assets

Less

Liabilities

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

2.7‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

5.19‌

%

5.20‌

%

Administration

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

5.09‌

5.11‌

Capital

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

5.14‌

5.15‌

Cash

Management

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

4.69‌

4.70‌

Cash

Reserve

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

4.79‌

4.80‌

Dollar

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

4.95‌

4.96‌

Select

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

4.36‌

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.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

100.3‌

%

Liabilities

in

Excess

of

Other

Assets

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

(0.3‌)

Fund

Information

as

of

April

30,

2024

(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.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

3.45‌

%

3.44‌

%

Dollar

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

3.20‌

3.20‌

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

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

98.3‌

%

Closed-End

Investment

Companies

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

1.1‌

Other

Assets

Less

Liabilities

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

0.6‌

Disclosure

of

Expenses

2024

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

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

BlackRock

Liquid

Federal

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,026.20‌

$

0.86‌

$

1,000.00‌

$

1,024.02‌

$

0.86‌

0.17%

Administration

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

1,000.00‌

1,025.70‌

1.36‌

1,000.00‌

1,023.52‌

1.36‌

0.27

Bancroft

Capital

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Cabrera

Capital

Markets

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Cash

Management

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

1,000.00‌

1,023.70‌

3.37‌

1,000.00‌

1,021.53‌

3.37‌

0.67

Dollar

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

1,000.00‌

1,025.00‌

2.11‌

1,000.00‌

1,022.77‌

2.11‌

0.42

Great

Pacific

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Mischler

Financial

Group

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Penserra

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Stern

Brothers

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Tigress

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

1,000.00‌

1,026.20‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

FedFund

Institutional

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

$

1,000.00‌

$

1,026.30‌

$

0.86‌

$

1,000.00‌

$

1,024.02‌

$

0.86‌

0.17%

Administration

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

1,000.00‌

1,025.80‌

1.36‌

1,000.00‌

1,023.52‌

1.36‌

0.27

Capital

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

1,000.00‌

1,026.10‌

1.11‌

1,000.00‌

1,023.77‌

1

.11‌

0.22

Cash

Management

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

1,000.00‌

1,023.70‌

3.37‌

1,000.00‌

1,021.53‌

3.37‌

0.67

Cash

Reserve

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

1,000.00‌

1,024.20‌

2.87‌

1,000.00‌

1,022.03‌

2.87‌

0.57

Dollar

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

1,000.00‌

1,025.00‌

2.11‌

1,000.00‌

1,022.77‌

2

.11‌

0.42

Mischler

Financial

Group

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Premier

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Private

Client

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

1,000.00‌

1,023.70‌

3.42‌

1,000.00‌

1,021.48‌

3.42‌

0.68

Select

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

1,000.00‌

1,022.10‌

5.03‌

1,000.00‌

1,019.89‌

5.02‌

1.00

Stern

Brothers

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Tigress

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024

.02‌

0.86‌

0.17

WestCap

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

TempCash

Institutional

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

$

1,000.00‌

$

1,027.00‌

$

0.91‌

$

1,000.00‌

$

1,023.97‌

$

0.91‌

0.18%

Dollar

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

1,000.00‌

1,026.40‌

1.61‌

1,000.00‌

1,023.27‌

1.61‌

0.32

Great

Pacific

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

1,000.00‌

1,027.00‌

0.91‌

1,000.00‌

1,023.97‌

0.91‌

0.18

Premier

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

1,000.00‌

1,027.00‌

0.91‌

1,000.00‌

1,023.97‌

0.91‌

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

182/366

(to

reflect

the

one-half

year

period

shown).

Disclosure

of

Expenses

(continued)

9

Disclosure

of

Expenses

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

TempFund

Institutional

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

$

1,000.00‌

$

1,027.00‌

$

0.91‌

$

1,000.00‌

$

1,023.97‌

$

0.91‌

0.18%

Administration

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

1,000.00‌

1,026.50‌

1.41‌

1,000.00‌

1,023.47‌

1.41‌

0.28

Cabrera

Capital

Markets

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

1,000.00‌

1,027.00‌

0.91‌

1,000.00‌

1,023.97‌

0.91‌

0.18

Capital

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

1,000.00‌

1,026.90‌

1.16‌

1,000.00‌

1,023.72‌

1.16‌

0.23

Cash

Management

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

1,000.00‌

1,024.50‌

3.42‌

1,000.00‌

1,021.48‌

3

.42‌

0.68

Cash

Reserve

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

1,000.00‌

1,025.10‌

2.77‌

1,000.00‌

1,022.13‌

2.77‌

0.55

Dollar

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

1,000.00‌

1,025.80‌

2.17‌

1,000.00‌

1,022.73‌

2.16‌

0.43

Private

Client

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

1,000.00‌

1,024.50‌

3.42‌

1,000.00‌

1,021.48‌

3

.42‌

0.68

T-Fund

Institutional

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

$

1,000.00‌

$

1,026.30‌

$

0.86‌

$

1,000.00‌

$

1,024.02‌

$

0.86‌

0.17%

Administration

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

1,000.00‌

1,025.80‌

1.36‌

1,000.00‌

1,023.52‌

1.36‌

0.27

Capital

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

1,000.00‌

1,026.00‌

1.11‌

1,000.00‌

1,023.77‌

1.11‌

0.22

Cash

Management

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

1,000.00‌

1,023.70‌

3.37‌

1,000.00‌

1,021.53‌

3.37‌

0.67

Cash

Reserve

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

1,000.00‌

1,024.20‌

2.87‌

1,000.00‌

1,022.03‌

2.87‌

0.57

Dollar

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

1,000.00‌

1,025.00‌

2.11‌

1,000.00‌

1,022.77‌

2.11‌

0.42

Premier

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

1,000.00‌

1,026.30‌

0.86‌

1,000.00‌

1,024.02‌

0.86‌

0.17

Select

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

1,000.00‌

1,022.10‌

5.03‌

1,000.00‌

1,019.89‌

5.02‌

1.00

Treasury

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,026.30‌

$

0.86‌

$

1,000.00‌

$

1,024.02‌

$

0.86‌

0.17%

Administration

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

1,000.00‌

1,025.80‌

1.36‌

1,000.00‌

1,023.52‌

1.36‌

0.27

Capital

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

1,000.00‌

1,026.10‌

1.11‌

1,000.00‌

1,023.77‌

1.11‌

0.22

Cash

Management

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

1,000.00‌

1,023.80‌

3.37‌

1,000.00‌

1,021.53‌

3.37‌

0.67

Cash

Reserve

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

1,000.00‌

1,024.30‌

2.87‌

1,000.00‌

1,022.03‌

2.87‌

0.57

Dollar

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

1,000.00‌

1,025.10‌

2.06‌

1,000.00‌

1,022.82‌

2.06‌

0.41

Select

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

1,000.00‌

1,022.10‌

5.03‌

1,000.00‌

1,019.89‌

5.02‌

1.00

MuniCash

Institutional

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

$

1,000.00‌

$

1,015.70‌

$

1.00‌

$

1,000.00‌

$

1,023.87‌

$

1.01‌

0.20%

Dollar

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

1,000.00‌

1,014.50‌

2.15‌

1,000.00‌

1,022.73‌

2.16‌

0.43

(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

182/366

(to

reflect

the

one-half

year

period

shown).

Expense

Examples

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

April

30,

2024

BlackRock

Liquid

Federal

Trust

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

5.13%, 12/04/24

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

USD

9,032

$

9,029,835

Federal

Farm

Credit

Bank

Discount

Notes

(a)

5.35%

,

 09/19/24

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

410

401,682

5.28%

,

 12/02/24

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

28,615

27,799,830

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

5.37%

,

 05/09/24

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

22,355

22,355,000

(1-day

SOFR

at

0.00%

Floor

+

0.09%),

5.41%

,

 08/26/24

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

51,440

51,440,000

(1-day

SOFR

at

0.00%

Floor

+

0.09%),

5.41%

,

 09/23/24

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

17,675

17,675,000

(1-day

SOFR

at

0.00%

Floor

+

0.17%),

5.49%

,

 01/23/25

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

28,245

28,245,000

(1-day

SOFR

a

t

0.00%

Floor

+

0.14%),

5.46%

,

 05/27/25

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

30,510

30,510,000

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

5.37%

,

 06/20/25

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

2,217

2,217,000

Federal

Home

Loan

Bank

Bonds,

5.50%, 04/15/25

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

35,140

35,140,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

5.35%

,

 05/01/24

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

100,000

100,000,000

5.36%

,

 05/14/24

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

35,200

35,132,885

5.39%

,

 06/26/24

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

37,035

36,730,646

5.34%

,

 07/24/24

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

50,000

49,386,683

5.34%

,

 07/26/24

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

137,000

135,278,519

5.39%

,

 08/02/24

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

42,760

42,206,326

5.34%

,

 09/03/24

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

7,355

7,231,268

5.30%

,

 11/01/24

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

13,539

13,200,033

5.30%

,

 11/04/24

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

6,875

6,699,655

5.30%

,

 11/12/24

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

5,937

5,785,211

5.31%

,

11/26/24

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

34,940

33,981,552

5.28%

,

 01/24/25

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

34,830

33,589,297

5.24%

,

 02/10/25

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

16,169

15,559,698

5.24%

,

 02/11/25

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

25,560

24,593,434

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32%

,

 05/08/24

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

17,345

17,345,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32%

,

 05/20/24

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

110,000

110,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33%

,

 06/18/24

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

32,900

32,900,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32%

,

 07/09/24

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

72,970

72,970,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32%

,

 09/04/24

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

54,580

54,580,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32%

,

 09/09/24

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

100,000

100,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33%

,

 10/24/24

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

100,000

100,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.16%),

5.48%

,

 07/21/25

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

50,000

50,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.20%),

5.52%

,

 11/13/25

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

50,000

50,000,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

22.6%

(Cost:

$1,351,983,554)

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

1,351,983,554

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

2.67%, 05/02/24

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

412,990

412,929,700

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

4.59%, 05/07/24

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

USD

37,168

$

37,135,379

4.76%, 05/09/24

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

170,508

170,308,095

4.98%, 05/14/24

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

330,380

329,751,123

5.02%, 05/16/24

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

451,000

450,009,056

5.10%, 05/21/24

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

331,491

330,524,515

5.17%, 05/28/24

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

103,162

102,754,691

5.19%, 05/30/24

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

123,846

123,319,242

5.23%, 06/04/24

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

323,371

321,786,462

5.24%, 06/06/24

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

100,000

99,471,500

5.26%, 06/13/24

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

265,000

263,366,054

5.27%, 

06/18/24

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

150,000

148,945,000

5.30%, 06/25/24

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

92,065

91,323,045

5.31%, 07/05/24

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

61,392

60,832,808

5.32%, 07/09/24

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

340

336,616

5.31%, 07/11/24

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

178,086

176,309,823

5.32%, 07/18/24

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

161,068

159,331,013

5.33%, 07/23/24

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

53,636

52,992,607

5.33%, 07/25/24

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

99,219

98,043,399

5.33%, 07/30/24

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

175,829

173,540,997

5.34%, 08/01/24

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

63,796

62,983,875

5.35%, 08/06/24

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

83,116

81,951,255

5.35%, 

08/13/24

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

32,600

32,107,450

5.37%, 08/20/24

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

26,700

26,268,720

5.37%, 08/27/24

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

64,760

63,647,711

5.35%, 09/05/24

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

620

608,834

5.33%, 09/12/24

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

31,849

31,244,400

5.34%, 09/19/24

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

21,829

21,390,793

5.35%, 09/26/24

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

38,000

37,200,923

5.34%, 10/10/24

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

27,304

26,676,232

5.35%, 10/24/24

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

42,943

41,859,691

5.35%, 10/31/24

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

87,900

85,604,761

5.29%, 11/29/24

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

161

156,461

5.20%, 01/23/25

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

21,411

20,685,434

5.23%, 02/20/25

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

3,900

3,747,559

5.24%, 03/20/25

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

884

845,850

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.04%),

5.36%, 07/31/24

(b)

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

20,000

19,997,582

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.14%),

5.47%, 10/31/24

(b)

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

149,970

149,996,460

2.13%, 11/30/24

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

42,750

41,981,022

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.20%),

5.53%, 01/31/25

(b)

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

50,000

50,035,185

1.13%, 02/28/25

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

2,128

2,060,705

2.75%, 02/28/25

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

2,949

2,894,445

(US

Treasury

3

Month

Bill

Mone

y

Market

Yield

at

0.00%

Floor

+

0.13%),

5.45%, 07/31/25

(b)

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

59,255

59,242,245

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.50%, 10/31/25

(b)

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

38,111

38,101,480

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

5.57%, 01/31/26

(b)

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

75,000

75,000,000

Total

U.S.

Treasury

Obligations

—

76.6%

(Cost:

$4,579,300,198)

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

4,579,300,198

Total

Investments

—

99.2%

(Cost:

$5,931,283,752

)

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

5,931,283,752

Other

Assets

Less

Liabilities

—

0.8%

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

50,447,019

Net

Assets

—

100.0%

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

$

5,981,730,771

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

BlackRock

Liquid

Federal

Trust

Fund

Schedules

of

Investments

11

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.

(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.

Government

Sponsored

Agency

Obligations

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

$

—

$

1,351,983,554

$

—

$

1,351,983,554

U.S.

Treasury

Obligations

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

—

4,579,300,198

—

4,579,300,198

$

—

$

5,931,283,752

$

—

$

5,931,283,752

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

April

30,

2024

FedFund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

5.13%, 12/04/24

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

USD

213,740

$

213,688,769

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

5.46

%

,

11/07/24

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

25,000

25,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

5.37

%

,

06/20/25

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

57,547

57,547,000

Federal

Home

Loan

Bank

Bonds,

5.50%, 04/15/25

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

823,760

823,760,000

Federal

Home

Loan

Bank

Discount

Notes

(b)

5.38

%

,

06/10/24

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

25,000

24,854,167

5.39

%

,

06/17/24

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

136,700

135,763,928

5.39

%

,

06/18/24

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

49,500

49,151,520

5.34

%

,

09/03/24

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

166,847

164,040,147

5.35

%

,

09/16/24

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

169,521

166,148,380

5.30

%

,

11/01/24

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

164,385

160,402,499

5.30

%

,

11/04/24

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

162,689

158,539,662

5.30

%

,

11/12/24

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

158,386

154,336,598

5.31

%

,

11/26/24

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

300,000

291,770,625

5.29

%

,

12/26/24

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

100,000

96,879,722

5.28

%

,

01/24/25

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

174,110

167,907,911

5.28

%

,

01/27/25

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

1,058,639

1,021,741,608

5.24

%

,

02/03/25

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

50,000

48,220,028

5.24

%

,

02/10/25

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

484,554

466,294,390

5.24

%

,

02/11/25

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

698,330

671,922,263

Federal

Home

Loan

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

05/08/24

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

454,670

454,670,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

05/09/24

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

382,600

382,600,000

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

5.38

%

,

05/24/24

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

204,600

204,607,107

(1-day

SOFR

at

0.00%

Floor

+

0.08%),

5.40

%

,

06/06/24

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

432,600

432,627,499

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

06/18/24

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

831,700

831,700,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

06/27/24

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

345,000

345,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

07/05/24

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

134,300

134,300,000

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

5.39

%

,

07/12/24

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

213,160

213,160,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

07/29/24

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

303,800

303,800,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

08/23/24

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

475,700

475,700,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

08/26/24

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

167,600

167,600,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

08/27/24

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

712,700

712,700,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

08/29/24

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

170,495

170,495,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

09/04/24

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

1,239,440

1,239,440,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

09/09/24

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

728,675

728,672,735

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

09/17/24

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

127,300

127,300,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

5.32

%

,

09/23/24

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

257,600

257,600,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

10/16/24

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

212,200

212,200,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

10/22/24

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

510,600

510,600,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

10/24/24

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

USD

324,500

$

324,500,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

11/18/24

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

339,500

339,500,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

5.33

%

,

11/21/24

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

85,000

85,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.20%),

5.52

%

,

01/08/26

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

500,000

500,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.20%),

5.52

%

,

01/15/26

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

300,000

300,000,000

Federal

National

Mortgage

Association,

2.63%, 09/06/24

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

569,428

563,823,556

Total

U.S.

Government

Sponsored

Agency

Obligations

—

10.2%

(Cost:

$

14,915,565,114

)

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

14,915,565,114

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(b)

2.67

%

,

05/02/24

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

746,850

746,739,632

4.59

%

,

05/07/24

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

2,741,619

2,739,243,130

4.76

%

,

05/09/24

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

3,892,111

3,887,561,555

4.98

%

,

05/14/24

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

600,000

598,880,917

5.02

%

,

05/16/24

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

2,500,040

2,494,665,600

5.10

%

,

05/21/24

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

269,510

268,733,661

5.17

%

,

05/28/24

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

82,431

82,110,756

5.23

%

,

06/04/24

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

3,530,740

3,513,552,276

5.26

%

,

06/13/24

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

1,019,972

1,013,874,414

5.27

%

,

06/18/24

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

409,400

406,520,553

5.28

%

,

06/20/24

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

2,090,590

2,075,694,968

5.31

%

,

07/05/24

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

3,283,212

3,253,293,856

5.32

%

,

07/09/24

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

328,570

325,299,188

5.31

%

,

07/11/24

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

3,132,112

3,100,702,894

5.32

%

,

07/18/24

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

3,193,146

3,158,726,546

5.33

%

,

07/23/24

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

595,494

588,340,510

5.33

%

,

07/25/24

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

2,666,775

2,635,177,874

5.33

%

,

07/30/24

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

2,286,130

2,256,383,919

5.34

%

,

08/01/24

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

2,383,362

2,353,040,706

5.35

%

,

08/06/24

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

2,483,068

2,448,284,942

5.33

%

,

08/08/24

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

211,010

208,072,857

5.35

%

,

08/13/24

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

751,200

739,850,200

5.32

%

,

08/15/24

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

1,486,000

1,463,838,374

5.37

%

,

08/20/24

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

374,200

368,156,888

5.34

%

,

08/22/24

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

682,385

671,461,155

5.37

%

,

08/27/24

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

1,622,790

1,594,917,682

5.35

%

,

08/29/24

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

301,215

296,064,223

5.35

%

,

09/05/24

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

837,586

822,503,777

5.33

%

,

09/12/24

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

401

393,388

5.34

%

,

09/19/24

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

601,014

588,938,420

5.35

%

,

09/26/24

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

14,000

13,705,603

5.34

%

,

10/03/24

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

49,990

48,882,864

5.34

%

,

10/10/24

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

620,565

606,290,578

5.35

%

,

10/24/24

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

1,111,236

1,083,203,217

5.35

%

,

10/31/24

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

3,915,243

3,813,349,880

5.29

%

,

11/29/24

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

478,889

465,317,718

5.24

%

,

12/26/24

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

717,047

695,181,800

5.20

%

,

01/23/25

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

639,321

617,645,627

5.23

%

,

02/20/25

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

101,400

97,436,528

5.24

%

,

03/20/25

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

181,322

173,496,797

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.14%),

5.47

%

,

10/31/24

(a)

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

2,208,520

2,208,171,856

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.20%),

5.53

%

,

01/31/25

(a)

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

USD

650,000

$

650,105,495

1.13

%

,

02/28/25

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

87,715

84,958,434

2.75

%

,

02/28/25

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

109,136

107,122,637

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.49

%

,

04/30/25

(a)

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

5,371,785

5,371,712,716

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.13%),

5.45

%

,

07/31/25

(a)

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

921,600

921,036,879

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.50

%

,

10/31/25

(a)

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

2,245,180

2,244,948,227

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

5.57

%

,

01/31/26

(a)

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

USD

2,000,590

$

2,001,430,889

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.15%),

5.48

%

,

04/30/26

(a)

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

675,396

675,396,000

Total

U.S.

Treasury

Obligations

—

45

.6

%

(Cost:

$

66,580,418,606

)

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

66,580,418,606

Total

Repurchase

Agreements

—

41

.6

%

(Cost:

$

60,832,236,250

)

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

60,832,236,250

Total

Investments

—

97

.4

%

(Cost:

$

142,328,219,970

)

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

142,328,219,970

Other

Assets

Less

Liabilities

—

2.6

%

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

3,743,480,564

Net

Assets

—

100.0%

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

$

146,071,700,534

(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.

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

14

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5

.31‌

%

04/30/24

05/01/24

$

54,000‌

$

54,000,000‌

$

54,007,965‌

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

11/15/24

to

07/31/25

.........

$

55,776,643‌

$

55,080,000‌

5

.31‌

(a)

04/30/24

05/01/24

600,000‌

600,000,000‌

600,088,500‌

U.S.

Treasury

Obligations,

0.13%

to

5.48%,

due

07/15/24

to

04/30/26

.........

533,199,480‌

612,000,002‌

5

.31‌

04/30/24

05/01/24

25,000‌

25,000,000‌

25,003,687‌

U.S.

Treasury

Obligation,

5.00%,

due

09/30/25

.........

25,450,700‌

25,500,007‌

5

.33‌

04/30/24

05/01/24

10,000‌

10,000,000‌

10,001,481‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

2.00%,

due

05/15/32

to

07/20/67

.........

504,010,899‌

10,500,000‌

–‌

–‌

$

689,000,000‌

$

703,080,009‌

–‌

–‌

Bank

of

Montreal

....

5

.31‌

04/30/24

05/01/24

141,000‌

141,000,000‌

141,020,798‌

U.S.

Treasury

Obligations,

1.25%

to

4.25%,

due

07/15/25

to

02/28/31

.........

155,289,800‌

143,820,031‌

5

.33‌

04/30/24

05/01/24

325,000‌

325,000,000‌

325,048,118‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

6.50%,

due

07/01/48

to

04/01/54

.........

477,942,561‌

334,750,000‌

5

.42‌

04/24/24

05/01/24

25,000‌

25,000,000‌

25,026,347‌

U.S.

Government

Sponsored

Agency

Obligation,

6.83%,

due

11/20/53

.........

26,623,983‌

26,250,001‌

–‌

–‌

$

491,000,000‌

$

504,820,032‌

–‌

–‌

Bank

of

Nova

Scotia

(The)

..........

5

.31‌

04/30/24

05/01/24

3,000‌

3,000,000‌

3,000,442‌

U.S.

Treasury

Obligations,

0.00%

to

3.75%,

due

08/13/24

to

06/30/30

.........

3,150,800‌

3,060,502‌

–‌

–‌

Barclays

Bank

plc

...

5

.31‌

04/30/24

05/01/24

1,200,000‌

1,200,000,000‌

1,200,177,000‌

U.S.

Treasury

Obligations,

3.38%

to

5.00%,

due

09/30/25

to

08/15/42

.........

1,334,087,400‌

1,224,000,026‌

5

.31‌

04/30/24

05/01/24

185,000‌

185,000,000‌

185,027,288‌

U.S.

Treasury

Obligation,

3.88%,

due

02/15/43

.........

213,519,500‌

188,700,037‌

5

.32‌

04/30/24

05/01/24

1,450,000‌

1,450,000,000‌

1,450,214,278‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.00%,

due

07/15/39

to

05/16/65

.........

13,774,502,475‌

1,522,500,000‌

5

.40‌

(b)

04/30/24

05/08/24

200,000‌

200,000,000‌

200,240,000‌

U.S.

Government

Sponsored

Agency

Obligations,

3.50%

to

4.00%,

due

01/20/42

to

05/20/53

.........

1,313,786,999‌

204,000,000‌

–‌

–‌

$

3,035,000,000‌

$

3,139,200,063‌

–‌

–‌

Barclays

Capital,

Inc.

.

5

.47‌

(b)

04/30/24

06/05/24

799,000‌

799,000,000‌

803,370,530‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

13.27%,

due

10/25/26

to

05/25/54

.......

2,381,342,262‌

858,602,573‌

–‌

–‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

Schedules

of

Investments

15

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

BMO

Capital

Markets

Corp.

..........

5

.33‌

%

04/30/24

05/01/24

$

30,000‌

$

30,000,000‌

$

30,004,442‌

U.S.

Government

Sponsored

Agency

Obligation,

4.19%,

due

07/01/33

.........

$

32,939,085‌

$

30,900,000‌

5

.42‌

04/24/24

05/01/24

175,000‌

175,000,000‌

175,184,431‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.50%,

due

06/25/24

to

09/20/73

.........

5,772,106,054‌

183,750,000‌

–‌

–‌

$

205,000,000‌

$

214,650,000‌

–‌

–‌

BNP

Paribas

SA

....

5

.32‌

04/30/24

05/01/24

1,500,000‌

1,500,000,000‌

1,500,221,667‌

U.S.

Treasury

Obligations,

0.00%

to

5.57%,

due

07/05/24

to

02/15/54

.........

1,796,410,032‌

1,530,000,060‌

5

.33‌

04/30/24

05/01/24

573,000‌

573,000,000‌

573,084,836‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

05/21/24

to

02/20/74

1,932,565,022‌

588,817,735‌

5

.36‌

(b)

04/30/24

05/08/24

1,200,000‌

1,200,000,000‌

1,201,429,333‌

U.S.

Treasury

Obligations,

0.00%

to

4.88%,

due

05/09/24

to

11/15/52

.........

1,355,466,328‌

1,224,000,007‌

5

.39‌

(b)

04/30/24

05/08/24

400,000‌

400,000,000‌

400,479,111‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.00%,

due

05/15/27

to

01/20/74

.........

6,172,872,683‌

416,432,095‌

5

.43‌

(b)

04/30/24

05/09/24

1,800,000‌

1,800,000,000‌

1,802,443,500‌

U.S.

Treasury

Obligations,

0.13%

to

5.00%,

due

06/15/24

to

02/15/51

.........

1,935,610,500‌

1,836,000,000‌

5

.51‌

(b)

04/30/24

06/05/24

300,000‌

300,000,000‌

301,653,000‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

01/15/27

to

08/20/73

7,568,960,020‌

312,543,668‌

–‌

–‌

$

5,773,000,000‌

$

5,907,793,565‌

–‌

–‌

Citibank

NA

........

5

.31‌

04/30/24

05/01/24

150,000‌

150,000,000‌

150,022,125‌

U.S.

Treasury

Obligations,

0.13%

to

5.50%,

due

07/15/24

to

04/01/54

.........

133,730,400‌

152,999,054‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5

.31‌

04/30/24

05/01/24

301,000‌

301,000,000‌

301,044,397‌

U.S.

Treasury

Obligations,

3.88%

to

4.88%,

due

11/30/25

to

12/31/27

.........

308,708,200‌

307,020,027‌

5

.31‌

(a)

04/30/24

05/01/24

238,000‌

238,000,000‌

238,035,105‌

U.S.

Treasury

Obligations,

0.75%

to

4.50%,

due

03/31/26

to

04/30/26

.........

260,314,575‌

242,760,024‌

5

.32‌

04/24/24

05/01/24

1,150,000‌

1,150,000,000‌

1,151,189,611‌

U.S.

Treasury

Obligation,

0.13%,

due

10/15/24

.........

975,127,100‌

1,173,000,005‌

5

.33‌

04/24/24

05/01/24

1,000,000‌

1,000,000,000‌

1,001,036,389‌

U.S.

Treasury

Obligations,

0.00%

to

4.25%,

due

10/15/25

to

02/15/54

.........

1,831,718,142‌

1,020,000,092‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

16

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.33‌

%

04/30/24

05/01/24

$

535,000‌

$

535,000,000‌

$

535,079,210‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.63%

to

4.00%,

due

04/30/25

to

06/20/52

$

713,339,239‌

$

545,700,037‌

5

.40‌

(b)

04/30/24

05/01/24

500,000‌

500,000,000‌

500,075,000‌

U.S.

Treasury

Obligations,

1.25%

to

3.13%,

due

12/31/26

to

08/31/27

.........

543,235,600‌

510,000,023‌

–‌

–‌

$

3,724,000,000‌

$

3,798,480,208‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5

.31‌

(a)

04/30/24

05/01/24

1,249,000‌

1,249,000,000‌

1,249,184,227‌

U.S.

Treasury

Obligations,

1.13%

to

4.75%,

due

04/15/28

to

08/15/53

.........

1,671,328,648‌

1,273,980,042‌

5

.31‌

04/30/24

05/01/24

27,000‌

27,000,000‌

27,003,983‌

U.S.

Treasury

Obligation,

0.50%,

due

01/15/28

.........

23,354,600‌

27,540,057‌

5

.33‌

04/30/24

05/01/24

50,000‌

50,000,000‌

50,007,403‌

U.S.

Treasury

Obligation,

1.88%,

due

02/28/29

.........

57,733,600‌

51,000,016‌

–‌

–‌

$

1,326,000,000‌

$

1,352,520,115‌

–‌

–‌

Deutsche

Bank

AG

...

5

.31‌

04/30/24

05/01/24

560,000‌

560,000,000‌

560,082,600‌

U.S.

Treasury

Obligations,

3.00%

to

4.25%,

due

05/15/42

to

02/15/54

.........

726,377,400‌

571,200,037‌

5

.33‌

04/30/24

05/01/24

500,000‌

500,000,000‌

500,074,028‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

06/15/24

to

01/01/57

.........

1,073,031,788‌

516,808,570‌

–‌

–‌

$

1,060,000,000‌

$

1,088,008,607‌

–‌

–‌

Fixed

Income

Clearing

Corporation

.....

5

.31‌

04/30/24

05/01/24

1,500,000‌

1,500,000,000‌

1,500,221,250‌

U.S.

Treasury

Obligations,

5.31%,

due

05/01/24

.........

2,518,315,000‌

1,530,000,088‌

5

.31‌

04/30/24

05/01/24

750,000‌

750,000,000‌

750,110,625‌

U.S.

Treasury

Obligations,

4.63%

to

4.88%,

due

04/30/26

to

09/15/26

.........

766,740,300‌

765,000,051‌

5

.31‌

04/30/24

05/01/24

1,500,000‌

1,500,000,000‌

1,500,221,250‌

U.S.

Treasury

Obligations,

3.50%

to

3.75%,

due

09/15/25

to

12/31/28

.........

1,564,254,800‌

1,530,000,081‌

5

.31‌

04/30/24

05/01/24

500,000‌

500,000,000‌

500,073,750‌

U.S.

Treasury

Obligations,

0.00%

to

5.49%,

due

10/03/24

to

11/15/53

.........

581,695,300‌

510,000,090‌

5

.32‌

04/30/24

05/01/24

1,000,000‌

1,000,000,000‌

1,000,147,778‌

U.S.

Treasury

Obligations,

0.00%

to

6.88%,

due

05/31/24

to

06/30/30

.........

1,054,639,700‌

1,020,000,046‌

5

.32‌

04/30/24

05/01/24

750,000‌

750,000,000‌

750,110,833‌

U.S.

Treasury

Obligations,

0.00%

to

4.38%,

due

05/31/24

to

02/15/50

.........

814,278,800‌

765,000,094‌

5

.33‌

04/30/24

05/01/24

1,750,000‌

1,750,000,000‌

1,750,259,097‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

03/01/43

to

04/01/54

.........

2,129,657,306‌

1,802,500,000‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

Schedules

of

Investments

17

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.33‌

%

04/30/24

05/01/24

$

2,500,000‌

$

2,500,000,000‌

$

2,500,370,139‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.50%

to

7.50%,

due

04/30/25

to

06/01/62

$

16,364,579,246‌

$

2,574,739,105‌

5

.33‌

04/30/24

05/01/24

3,500,000‌

3,500,000,000‌

3,500,518,194‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

09/12/24

to

05/01/58

6,316,064,687‌

3,614,872,104‌

5

.33‌

04/30/24

05/01/24

500,000‌

500,000,000‌

500,074,028‌

U.S.

Government

Sponsored

Agency

Obligation,

7.00%,

due

01/01/54

.........

531,530,945‌

515,000,001‌

5

.33‌

04/30/24

05/01/24

3,500,000‌

3,500,000,000‌

3,500,518,194‌

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

05/02/24

to

02/15/54

.........

3,929,781,800‌

3,570,000,021‌

5

.33‌

04/30/24

05/01/24

4,000,000‌

4,000,000,000‌

4,000,592,222‌

U.S.

Treasury

Obligations,

0.00%

to

5.53%,

due

05/16/24

to

08/15/52

.........

4,322,627,000‌

4,080,000,008‌

5

.33‌

04/30/24

05/01/24

1,500,000‌

1,500,000,000‌

1,500,222,083‌

U.S.

Treasury

Obligations,

0.00%

to

5.48%,

due

05/15/24

to

02/15/54

.........

1,703,300,800‌

1,530,000,003‌

–‌

–‌

$

23,250,000,000‌

$

23,807,111,692‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

5

.32‌

04/30/24

05/01/24

87,000‌

87,000,000‌

87,012,857‌

U.S.

Treasury

Obligation,

3.50%,

due

01/31/30

.........

93,313,000‌

88,740,089‌

5

.33‌

04/30/24

05/01/24

857,000‌

857,000,000‌

857,126,884‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

09/15/25

to

07/15/65

.........

1,323,229,770‌

874,140,000‌

5

.38‌

(b)

04/30/24

06/05/24

1,114,500‌

1,114,500,000‌

1,120,496,010‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.50%

to

7.50%,

due

08/15/24

to

09/15/64

2,261,088,820‌

1,136,790,001‌

–‌

–‌

$

2,058,500,000‌

$

2,099,670,090‌

–‌

–‌

HSBC

Securities

USA,

Inc.

...........

5

.32‌

04/30/24

05/01/24

450,000‌

450,000,000‌

450,066,500‌

U.S.

Treasury

Obligations,

0.00%

to

7.63%,

due

02/15/25

to

02/15/54

.........

679,343,212‌

459,000,001‌

5

.33‌

04/30/24

05/01/24

20,000‌

20,000,000‌

20,002,961‌

U.S.

Government

Sponsored

Agency

Obligations,

2.30%

to

6.00%,

due

06/01/35

to

04/01/54

.........

24,707,070‌

20,600,000‌

5

.33‌

(c)

04/30/24

05/01/24

286,000‌

286,000,000‌

286,042,344‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.00%,

due

06/20/33

to

04/20/54

.........

444,489,684‌

291,720,000‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

18

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.34‌

%

(b)

04/30/24

05/08/24

$

350,000‌

$

350,000,000‌

$

350,415,333‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.50%,

due

06/20/29

to

04/20/54

.........

$

610,739,021‌

$

357,000,000‌

–‌

–‌

$

1,106,000,000‌

$

1,128,320,001‌

–‌

–‌

ING

Financial

Markets

LLC

...........

5

.31‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,438‌

U.S.

Treasury

Obligations,

0.00%

to

4.38%,

due

08/29/24

to

05/15/53

.........

142,377,000‌

127,500,019‌

5

.33‌

04/30/24

05/01/24

150,000‌

150,000,000‌

150,022,208‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.00%,

due

07/01/33

to

07/01/56

.........

197,677,416‌

154,486,858‌

–‌

–‌

$

275,000,000‌

$

281,986,877‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5

.31‌

04/30/24

05/01/24

266,000‌

266,000,000‌

266,039,235‌

U.S.

Treasury

Obligation,

0.13%,

due

10/15/26

.........

252,238,900‌

271,320,085‌

5

.31‌

04/30/24

05/01/24

65,000‌

65,000,000‌

65,009,588‌

U.S.

Treasury

Obligation,

0.00%,

due

10/17/24

.........

67,953,400‌

66,300,026‌

5

.33‌

04/30/24

05/01/24

1,032,000‌

1,032,000,000‌

1,032,152,793‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.00%,

due

05/20/32

to

03/20/64

.........

1,505,906,888‌

1,052,640,000‌

5

.34‌

(b)

04/30/24

05/08/24

3,000,000‌

3,000,000,000‌

3,003,560,000‌

U.S.

Treasury

Obligations,

0.38%

to

4.50%,

due

05/31/25

to

01/15/27

.........

2,921,629,400‌

3,060,000,043‌

–‌

–‌

$

4,363,000,000‌

$

4,450,260,154‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

5

.33‌

04/30/24

05/01/24

1,269,000‌

1,269,000,000‌

1,269,187,883‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.21%

to

5.50%,

due

06/15/24

to

01/25/58

1,662,141,328‌

1,294,868,389‌

5

.39‌

04/30/24

05/01/24

2,000,000‌

2,000,000,000‌

2,000,299,444‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

8.00%,

due

04/01/25

to

10/16/64

.........

11,943,199,121‌

2,081,890,515‌

5

.46‌

(b)

04/30/24

06/05/24

1,000,000‌

1,000,000,000‌

1,005,460,000‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

12.08%,

due

03/25/25

to

03/16/63

.......

4,787,323,095‌

1,050,001,333‌

–‌

–‌

$

4,269,000,000‌

$

4,426,760,237‌

–‌

–‌

Morgan

Stanley

&

Co.

LLC

...........

5

.31‌

04/30/24

05/01/24

4,000‌

4,000,000‌

4,000,590‌

U.S.

Treasury

Obligations,

0.00%

to

4.13%,

due

03/31/29

to

11/15/51

.........

7,380,500‌

4,080,009‌

5

.33‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,507‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

12/20/24

to

04/20/54

311,335,353‌

127,500,067‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

Schedules

of

Investments

19

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.33‌

%

04/30/24

05/01/24

$

250,000‌

$

250,000,000‌

$

250,037,014‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

10/08/24

to

07/15/63

$

746,522,057‌

$

255,021,895‌

–‌

–‌

$

379,000,000‌

$

386,601,971‌

–‌

–‌

MUFG

Securities

Americas,

Inc.

....

5

.31‌

04/30/24

05/01/24

105,000‌

105,000,000‌

105,015,488‌

U.S.

Treasury

Obligations,

0.00%

to

4.25%,

due

07/18/24

to

08/15/46

.........

110,557,800‌

107,100,000‌

5

.33‌

04/30/24

05/01/24

268,000‌

268,000,000‌

268,039,679‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.50%,

due

08/25/35

to

03/25/54

.........

2,960,314,832‌

279,517,761‌

–‌

–‌

$

373,000,000‌

$

386,617,761‌

–‌

–‌

Natixis

SA

.........

5

.31‌

04/30/24

05/01/24

36,000‌

36,000,000‌

36,005,310‌

U.S.

Treasury

Obligations,

0.38%

to

4.63%,

due

11/15/25

to

05/15/51

.........

48,901,800‌

36,720,015‌

5

.33‌

04/30/24

05/01/24

800,000‌

800,000,000‌

800,118,444‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

05/16/24

to

05/01/54

994,992,814‌

816,947,313‌

–‌

–‌

$

836,000,000‌

$

853,667,328‌

–‌

–‌

Nomura

Securities

International,

Inc.

..

5

.31‌

04/30/24

05/01/24

250,000‌

250,000,000‌

250,036,875‌

U.S.

Treasury

Obligations,

1.50%

to

4.38%,

due

08/15/26

to

11/15/52

.........

276,539,300‌

255,000,541‌

5

.33‌

04/30/24

05/01/24

1,815,000‌

1,815,000,000‌

1,815,268,721‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

8.00%,

due

01/15/25

to

05/15/65

.........

2,350,959,546‌

1,851,307,010‌

–‌

–‌

$

2,065,000,000‌

$

2,106,307,551‌

–‌

–‌

Prudential

Insurance

Co.

of

America

......

5

.34‌

04/30/24

05/01/24

138,919‌

138,918,750‌

138,939,356‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

358,500,000‌

141,717,731‌

5

.34‌

04/30/24

05/01/24

35,850‌

35,850,000‌

35,855,318‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/34

.........

60,000,000‌

36,572,318‌

5

.34‌

04/30/24

05/01/24

60,300‌

60,300,000‌

60,308,944‌

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.........

80,000,000‌

61,514,545‌

5

.34‌

04/30/24

05/01/24

22,488‌

22,487,500‌

22,490,836‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/33

.........

35,000,000‌

22,940,586‌

5

.34‌

04/30/24

05/01/24

48,743‌

48,742,500‌

48,749,730‌

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

67,000,000‌

49,724,580‌

5

.34‌

04/30/24

05/01/24

17,595‌

17,595,000‌

17,597,610‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/37

.........

34,000,000‌

17,949,510‌

5

.34‌

04/30/24

05/01/24

17,020‌

17,020,000‌

17,022,525‌

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

23,000,000‌

17,362,925‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

20

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.34‌

%

04/30/24

05/01/24

$

23,563‌

$

23,562,500‌

$

23,565,995‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

$

50,000,000‌

$

24,037,495‌

5

.34‌

04/30/24

05/01/24

21,675‌

21,675,000‌

21,678,215‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/30

.........

30,000,000‌

22,111,715‌

5

.34‌

04/30/24

05/01/24

58,250‌

58,250,000‌

58,258,640‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/35

.........

100,000,000‌

59,423,640‌

5

.34‌

04/30/24

05/01/24

36,000‌

36,000,000‌

36,005,340‌

U.S.

Treasury

Obligation,

3.00%,

due

08/15/52

.........

50,000,000‌

36,725,340‌

5

.34‌

04/30/24

05/01/24

53,785‌

53,785,000‌

53,792,978‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/26

.........

62,000,000‌

54,868,678‌

5

.34‌

04/30/24

05/01/24

4,763‌

4,762,500‌

4,763,206‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/39

.........

10,000,000‌

4,858,506‌

5

.34‌

04/30/24

05/01/24

20,125‌

20,125,000‌

20,127,985‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/35

.........

35,000,000‌

20,530,485‌

5

.34‌

04/30/24

05/01/24

38,313‌

38,312,500‌

38,318,183‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/29

.........

50,000,000‌

39,084,183‌

5

.34‌

04/30/24

05/01/24

105,350‌

105,350,000‌

105,365,627‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

215,000,000‌

107,472,627‌

–‌

–‌

$

702,736,250‌

$

716,894,864‌

–‌

–‌

Royal

Bank

of

Canada

5

.31‌

04/30/24

05/01/24

150,000‌

150,000,000‌

150,022,125‌

U.S.

Treasury

Obligations,

0.13%

to

4.38%,

due

07/15/26

to

04/15/28

.........

159,297,500‌

153,000,032‌

–‌

–‌

Societe

Generale

SA

.

5

.31‌

04/30/24

05/01/24

150,000‌

150,000,000‌

150,022,125‌

U.S.

Treasury

Obligation,

2.75%,

due

05/31/29

.........

165,298,100‌

153,000,048‌

5

.33‌

04/30/24

05/01/24

1,250,000‌

1,250,000,000‌

1,250,185,069‌

U.S.

Government

Sponsored

Agency

Obligations,

3.50%

to

6.50%,

due

10/20/47

to

01/20/54

.........

2,200,871,393‌

1,275,000,001‌

–‌

–‌

$

1,400,000,000‌

$

1,428,000,049‌

–‌

–‌

TD

Securities

USA

LLC

5

.31‌

04/30/24

05/01/24

250,000‌

250,000,000‌

250,036,875‌

U.S.

Treasury

Obligations,

2.63%

to

5.00%,

due

09/30/25

to

07/31/29

.........

267,564,400‌

255,000,027‌

5

.33‌

04/30/24

05/01/24

478,000‌

478,000,000‌

478,070,771‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

6.50%,

due

02/01/41

to

04/01/54

.........

934,754,647‌

492,340,001‌

–‌

–‌

$

728,000,000‌

$

747,340,028‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5

.31‌

(a)

04/30/24

05/01/24

550,000‌

550,000,000‌

550,081,125‌

U.S.

Treasury

Obligations,

0.38%

to

4.63%,

due

05/31/24

to

11/15/33

.........

586,241,853‌

561,000,002‌

5

.31‌

04/30/24

05/01/24

272,000‌

272,000,000‌

272,040,120‌

U.S.

Treasury

Obligations,

1.63%

to

4.50%,

due

05/15/38

to

05/15/52

.........

349,850,100‌

277,440,023‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

FedFund

Schedules

of

Investments

21

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

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.33‌

%

04/30/24

05/01/24

$

800,000‌

$

800,000,000‌

$

800,118,444‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

03/20/28

to

04/20/54

.........

$

1,295,391,624‌

$

816,000,000‌

–‌

–‌

$

1,622,000,000‌

$

1,654,440,025‌

–‌

–‌

$

60,832,236,250‌

$

62,350,193,388‌

–‌

–‌

(a)

Traded

in

a

joint

account.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

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

$

—

$

60,832,236,250

$

—

$

60,832,236,250

U.S.

Government

Sponsored

Agency

Obligations

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

—

14,915,565,114

—

14,915,565,114

U.S.

Treasury

Obligations

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

—

66,580,418,606

—

66,580,418,606

$

—

$

142,328,219,970

$

—

$

142,328,219,970

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

April

30,

2024

TempCash

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

2.3%

Bank

of

America

NA

5.90

%

,

05/14/24

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

USD

45,000

$

45,005,574

6.00

%

,

08/21/24

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

30,000

30,031,183

5.75

%

,

11/14/24

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

57,000

57,025,244

5.15

%

,

01/22/25

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

35,000

34,893,355

5.22

%

,

02/06/25

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

28,961

28,882,020

Citibank

NA

5.89

%

,

05/10/24

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

33,000

33,003,026

5.92

%

,

06/20/24

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

26,000

26,010,968

Wells

Fargo

Bank

NA

(1-day

SOFR

at

0.00%

Floor

+

0.64%),

5.96

%

,

07/17/24

(a)

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

32,000

32,037,873

5.18

%

,

02/07/25

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

40,000

39,880,947

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

02/21/25

(a)

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

21,000

21,003,931

347,774,121

Yankee

—

16.4%

(b)

Bank

of

Montreal,

Chicago

5.80

%

,

11/12/24

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

39,000

39,032,224

5.60

%

,

11/29/24

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

50,000

49,992,372

5.50

%

,

12/06/24

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

30,000

29,978,389

Bank

of

Nova

Scotia

(The),

Houston

(1-day

SOFR

at

0.00%

Floor

+

0.47%),

5.79

%

,

06/03/24

(a)

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

66,000

66,020,273

5.80

%

,

11/08/24

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

38,800

38,834,941

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

02/21/25

(a)

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

30,000

29,999,697

Barclays

Bank

plc,

New

York

,

5.57

%

,

06/20/24

34,000

34,001,896

BNP

Paribas

SA,

New

York

5.83

%

,

08/08/24

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

45,000

45,033,371

5.72

%

,

08/19/24

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

30,000

30,014,927

5.45

%

,

10/01/24

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

40,000

39,995,674

(1-day

SOFR

+

0.21%),

5.53

%

,

11/26/24

(a)

.

45,000

44,987,088

5.23

%

,

12/18/24

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

40,000

39,908,569

5.28

%

,

12/31/24

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

33,000

32,926,267

Canadian

Imperial

Bank

of

Commerce,

New

York

5.90

%

,

06/13/24

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

52,000

52,022,082

5.80

%

,

11/08/24

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

30,000

30,022,474

5.17

%

,

02/07/25

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

44,500

44,361,633

Commonwealth

Bank

of

Australia,

New

York

,

5.70

%

,

11/27/24

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

60,500

60,560,102

Cooperatieve

Rabobank

UA,

New

York

,

5.27

%

,

02/05/25

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

39,000

38,910,893

Credit

Agricole

Corporate

&

Investment

Bank

SA,

New

York

5.69

%

,

05/21/24

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

70,000

70,009,238

5.41

%

,

07/01/24

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

33,000

32,997,929

Credit

Industriel

et

Commercial,

New

York

,

5.46

%

,

06/17/24

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

55,000

54,998,904

HSBC

Bank

USA

NA,

New

York

,

5.90

%

,

06/06/24

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

42,750

42,763,167

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

5.33

%

,

05/07/24

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

195,500

195,500,000

(1-day

SOFR

+

0.18%),

5.50

%

,

08/27/24

(a)

.

30,000

30,004,694

(1-day

SOFR

+

0.18%),

5.50

%

,

09/05/24

(a)

.

38,000

38,004,769

(1-day

SOFR

+

0.20%),

5.52

%

,

10/01/24

(a)

.

75,000

75,001,837

Mizuho

Bank

Ltd.,

New

York

(a)

(1-day

SOFR

+

0.19%),

5.51

%

,

09/26/24

..

45,000

45,000,013

(1-day

SOFR

+

0.25%),

5.57

%

,

11/06/24

..

50,500

50,498,935

MUFG

Bank

Ltd.,

New

York

,

5.71

%

,

05/28/24

.

29,785

29,791,002

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Natixis

SA,

New

York

,

(1-day

SOFR

+

0.18%),

5.50

%

,

09/10/24

(a)

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

USD

55,400

$

55,417,175

Nordea

Bank

Abp,

New

York

,

(1-day

SOFR

+

0.47%),

5.79

%

,

07/24/24

(a)

...........

20,000

20,015,280

Royal

Bank

of

Canada,

New

York

,

5.96

%

,

09/19/24

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

40,000

40,052,934

Skandinaviska

Enskilda

Banken

AB,

New

York

5.45

%

,

09/19/24

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

33,670

33,675,615

(1-day

SOFR

+

0.17%),

5.49

%

,

09/27/24

(a)

.

38,000

37,996,721

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-day

SOFR

+

0.21%),

5.53

%

,

07/23/24

..

50,000

50,007,437

(1-day

SOFR

+

0.17%),

5.49

%

,

08/06/24

..

77,000

77,001,667

(1-day

SOFR

+

0.17%),

5.49

%

,

08/13/24

..

60,000

59,999,693

(1-day

SOFR

+

0.17%),

5.49

%

,

08/28/24

..

56,500

56,494,372

(1-day

SOFR

+

0.20%),

5.52

%

,

09/23/24

..

65,500

65,495,248

(1-day

SOFR

+

0.25%),

5.57

%

,

09/27/24

..

55,000

55,006,620

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(1-day

SOFR

+

0.27%),

5.59

%

,

07/08/24

(a)

.

70,000

70,019,389

(1-day

SOFR

+

0.21%),

5.53

%

,

07/22/24

(a)

.

68,000

68,010,486

(1-day

SOFR

+

0.18%),

5.50

%

,

08/01/24

(a)

.

74,000

74,004,837

5.46

%

,

08/26/24

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

80,000

79,993,563

(1-day

SOFR

+

0.17%),

5.49

%

,

08/26/24

(a)

.

30,000

29,999,090

(1-day

SOFR

+

0.17%),

5.49

%

,

09/05/24

(a)

.

75,000

74,994,838

Toronto-Dominion

Bank

(The),

New

York

5.82

%

,

05/24/24

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

35,000

35,004,758

6.00

%

,

10/02/24

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

27,500

27,538,730

5.15

%

,

12/31/24

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

33,000

32,903,026

Westpac

Banking

Corp.,

New

York

5.25

%

,

01/22/25

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

35,400

35,330,804

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

01/31/25

(a)

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

18,000

18,009,154

2,508,144,797

Total

Certificates

of

Deposit

—

18

.7

%

(Cost:

$

2,856,266,587

)

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

2,855,918,918

Commercial

Paper

Alinghi

Funding

Co.

LLC

(c)(d)

5.52%

,

06/12/24

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

77,350

76,850,692

5.51%

,

06/18/24

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

39,500

39,209,764

Antalis

SA

,

5.51%

,

06/21/24

(c)

(d)

..........

6,000

5,953,235

Aquitaine

Funding

Co.

LLC

(c)(d)

5.43%

,

05/01/24

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

94,500

94,485,953

5.49%

,

05/22/24

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

39,000

38,871,347

5.53%

,

05/31/24

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

44,500

44,291,913

5.61%

,

07/31/24

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

82,000

80,857,699

ASB

Bank

Ltd.

,

(1-day

SOFR

+

0.26%),

5.58%

,

11/26/24

(a)

(d)

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

36,000

36,001,959

Australia

&

New

Zealand

Banking

Group

Ltd.

(c)(d)

5.43%

,

07/01/24

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

44,550

44,142,693

5.44%

,

07/30/24

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

20,000

19,732,561

5.52%

,

08/29/24

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

48,000

47,136,867

5.56%

,

10/08/24

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

65,000

63,443,719

5.45%

,

01/14/25

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

33,000

31,761,927

Bank

of

America

Securities,

Inc.

,

(1-day

SOFR

+

0.20%),

5.52%

,

09/26/24

(a)

(d)

.........

53,000

52,997,797

Bank

of

Montreal

(c)

5.46%

,

06/05/24

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

65,000

64,651,600

5.57%

,

11/06/24

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

41,633

40,458,911

Barclays

Bank

plc

,

5.35%

,

05/01/24

(c)

(d)

.....

102,700

102,684,943

Bedford

Row

Funding

Corp.

,

5.39%

,

05/01/24

(c)

(d)

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

99,000

98,985,394

Bennington

Stark

Capital

Co.

LLC

(c)(d)

5.40%

,

05/01/24

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

64,000

63,990,532

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

5.44%

,

05/07/24

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

USD

39,611

$

39,569,716

BPCE

SA

(d)

5.38%

,

05/08/24

(c)

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

36,000

35,957,593

(1-day

SOFR

+

0.25%),

5.57%

,

08/01/24

(a)

68,000

68,029,673

Britannia

Funding

Co.

LLC

(c)(d)

5.61%

,

08/16/24

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

36,900

36,297,858

5.61%

,

08/20/24

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

40,400

39,716,093

Cabot

Trail

Funding

LLC

,

5.48%

,

05/23/24

(c)

(d)

.

72,000

71,752,070

CAFCO

LLC

,

5.53%

,

07/31/24

(c)

(d)

.........

32,690

32,240,460

CDP

Financial,

Inc.

,

5.51%

,

07/23/24

(c)

(d)

....

50,200

49,570,994

Chesham

Finance

Ltd.

(c)(d)

5.40%

,

05/01/24

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

230,000

229,966,001

5.40%

,

05/02/24

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

230,000

229,931,986

Cisco

Systems,

Inc.

(c)(d)

5.43%

,

05/29/24

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

50,000

49,785,355

5.47%

,

07/08/24

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

40,000

39,590,293

Columbia

Funding

Co.

LLC

,

5.57%

,

07/10/24

(c)

(d)

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

32,000

31,657,075

Commonwealth

Bank

of

Australia

(a)(d)

(1-day

SOFR

+

0.30%),

5.62%

,

01/30/25

.

31,000

31,003,062

(1-day

SOFR

+

0.30%),

5.62%

,

01/31/25

.

33,200

33,202,967

Concord

Minutemen

Capital

Co.

LLC

,

5.67%

,

10/17/24

(c)

(d)

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

65,000

63,327,153

DBS

Bank

Ltd.

,

5.46%

,

06/18/24

(c)

(d)

.......

39,250

38,964,522

Dexia

Credit

Local

,

5.41%

,

05/07/24

(c)

(d)

.....

33,450

33,415,333

DNB

Bank

ASA

(c)(d)

5.38%

,

05/28/24

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

51,600

51,387,824

5.39%

,

06/13/24

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

40,000

39,741,616

5.40%

,

06/26/24

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

65,000

64,456,332

5.44%

,

07/30/24

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

21,000

20,719,271

5.52%

,

12/05/24

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

52,500

50,809,069

5.51%

,

01/22/25

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

30,000

28,827,113

Federation

des

Caisses

Desjardins

du

Quebec

(c)(d)

5.50%

,

06/14/24

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

34,000

33,771,137

5.51%

,

06/20/24

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

106,000

105,190,452

FMS

Wertmanagement

(c)

5.33%

,

05/02/24

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

22,750

22,743,357

5.33%

,

05/03/24

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

22,250

22,240,250

Goldman

Sachs

International

,

5.49%

,

06/11/24

(c)

(d)

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

30,000

29,811,630

ING

US

Funding

LLC

(d)

5.39%

,

05/01/24

(c)

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

60,000

59,991,145

5.50%

,

06/14/24

(c)

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

31,500

31,287,966

5.59%

,

09/03/24

(c)

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

31,000

30,413,449

(1-day

SOFR

+

0.24%),

5.56%

,

10/31/24

(a)

26,000

26,000,672

Ionic

Funding

LLC

(c)

5.47%

,

05/14/24

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

67,000

66,859,762

5.52%

,

05/21/24

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

126,000

125,601,336

Kreditanstalt

fuer

Wiederaufbau

,

5.28%

,

05/02/24

(c)

(d)

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

51,500

51,485,114

Liberty

Street

Funding

LLC

,

5.41%

,

05/07/24

(c)

42,000

41,956,472

LMA-Americas

LLC

,

5.41%

,

05/07/24

(c)

(d)

....

15,400

15,384,040

Mackinac

Funding

Co.

LLC

(c)(d)

5.49%

,

06/07/24

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

18,500

18,394,784

5.59%

,

09/04/24

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

50,250

49,291,231

Macquarie

Bank

Ltd.

5.66%

,

07/25/24

(c)

(d)

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

46,000

45,394,439

5.68%

,

08/01/24

(c)

(d)

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

24,840

24,485,782

(1-day

SOFR

+

0.16%),

5.48%

,

08/08/24

(a)

(d)

50,780

50,779,346

(1-day

SOFR

+

0.17%),

5.49%

,

08/16/24

(a)

(d)

84,000

83,997,085

5.70%

,

08/28/24

(c)

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

48,350

47,460,360

(1-day

SOFR

+

0.20%),

5.52%

,

09/20/24

(a)

(d)

28,500

28,500,384

(1-day

SOFR

+

0.19%),

5.51%

,

10/07/24

(a)

(d)

38,000

37,995,959

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Microsoft

Corp.

,

5.44%

,

06/25/24

(c)

(d)

.......

USD

16,000

$

15,867,691

MUFG

Bank

Ltd.

(c)

5.38%

,

05/28/24

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

83,000

82,658,652

5.52%

,

08/22/24

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

38,650

37,995,351

National

Australia

Bank

Ltd.

(d)

5.49%

,

10/04/24

(c)

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

67,750

66,186,102

(1-day

SOFR

+

0.21%),

5.53%

,

10/15/24

(a)

82,500

82,502,250

(1-day

SOFR

+

0.19%),

5.51%

,

10/21/24

(a)

50,500

50,495,950

Nederlandse

Waterschapsbank

NV

,

5.44%

,

05/28/24

(c)

(d)

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

47,000

46,804,777

Nieuw

Amsterdam

Receivables

Corp.

,

5.46%

,

06/12/24

(c)

(d)

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

71,000

70,545,866

Nordea

Bank

Abp

,

(1-day

SOFR

+

0.11%),

5.43%

,

06/12/24

(a)

(d)

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

46,050

46,050,856

Ontario

Teachers'

Finance

Trust

,

5.48%

,

08/06/24

(c)

(d)

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

47,000

46,318,056

Province

of

Quebec

,

5.38%

,

05/07/24

(c)

(d)

....

111,000

110,885,608

Ridgefield

Funding

Co.

LLC

,

5.44%

,

05/20/24

(c)

(d)

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

64,836

64,643,209

Royal

Bank

of

Canada

(1-day

SOFR

+

0.60%),

5.92%

,

05/23/24

(a)

(d)

34,000

34,010,492

5.55%

,

11/06/24

(c)

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

34,000

33,043,741

(1-day

SOFR

+

0.35%),

5.67%

,

01/21/25

(a)

(d)

30,000

30,014,473

Starbird

Funding

Corp.

(d)

5.42%

,

05/10/24

(c)

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

84,000

83,875,511

(1-day

SOFR

+

0.19%),

5.51%

,

10/07/24

(a)

30,500

30,497,226

Svenska

Handelsbanken

AB

(c)

5.43%

,

08/01/24

(d)

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

44,000

43,399,431

5.42%

,

08/09/24

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

20,000

19,704,339

5.54%

,

10/21/24

(d)

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

50,500

49,201,721

Thunder

Bay

Funding

LLC

,

5.46%

,

06/11/24

(c)

(d)

34,458

34,242,764

UBS

AG

(c)

5.47%

,

05/31/24

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

44,000

43,796,474

5.59%

,

08/02/24

(d)

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

60,000

59,149,300

Versailles

Commercial

Paper

LLC

,

5.54%

,

07/01/24

(c)

(d)

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

81,000

80,244,840

Westpac

Banking

Corp.

(1-day

SOFR

+

0.47%),

5.79%

,

07/22/24

(a)

(d)

50,000

50,040,880

5.45%

,

09/12/24

(c)

(d)

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

34,000

33,328,394

5.53%

,

11/07/24

(c)

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

36,000

34,986,898

5.52%

,

11/14/24

(c)

(d)

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

46,400

45,047,797

Total

Commercial

Paper

—

32

.2

%

(Cost:

$

4,931,619,530

)

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

4,931,003,736

Corporate

Bonds

Commercial

Services

&

Supplies

—

0.3%

Ecmc

Group,

Inc.,

Series

23-1,

5.38%,

05/07/24

(a)

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

53,000

53,000,000

Total

Corporate

Bonds

—

0

.3

%

(Cost:

$

53,000,000

)

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

53,000,000

Municipal

Bonds

California

—

0.0%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0955

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LIQ

)

,

5.50

%

,

05/07/24

(d)

(e)

(f)

7,000

7,000,000

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Iowa

—

0.1%

Iowa

Student

Loan

Liquidity

Corp.

,

Series

2023-

1

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

5.38

%

,

05/07/24

(f)

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

USD

11,361

$

11,361,000

New

York

—

0.1%

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

,

Series

238

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.35

%

,

05/07/24

(f)

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

18,000

18,000,000

Other

—

0.3%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

LOC

)

,

5.44

%

,

05/07/24

.

30,370

30,370,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.48

%

,

05/07/24

.

5,510

5,510,000

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2953TX

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.48

%

,

05/07/24

.

8,014

8,014,000

43,894,000

Texas

—

0.1%

(f)

North

Texas

Higher

Education

Authority,

Inc.

,

Series

2023-1

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

5.38

%

,

05/07/24

........

10,000

10,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2

,

RB

,

VRDN

(

Mizuho

Capital

Markets

LLC

LOC

)

,

5.59

%

,

05/07/24

(d)

(e)

..

300

300,047

10,300,047

Total

Municipal

Bonds

—

0

.6

%

(Cost:

$

90,555,047

)

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

90,555,047

Time

Deposits

ABN

AMRO

Bank

NV

,

5.33

%

,

05/02/24

.....

82,000

82,000,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

,

5.30

%

,

05/01/24

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

61,830

61,830,000

Erste

Group

Bank

AG

,

5.33

%

,

05/01/24

.....

240,000

240,000,000

First

Abu

Dhabi

Bank

USA

NV

,

5.32

%

,

05/01/24

136,000

136,000,000

ING

Bank

NV

,

5.33

%

,

05/01/24

..........

175,000

175,000,000

KBC

Bank

NV

,

5.32

%

,

05/01/24

..........

150,000

150,000,000

Mizuho

Bank

Ltd.

,

5.32

%

,

05/01/24

........

125,000

125,000,000

Royal

Bank

of

Canada

,

5.32

%

,

05/01/24

....

121,000

121,000,000

Skandinaviska

Enskilda

Banken

AB

,

5.32

%

,

05/01/24

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

360,000

360,000,000

Svenska

Handelsbanken

AB

,

5.31

%

,

05/01/24

10,000

10,000,000

Swedbank

AB

,

5.32

%

,

05/01/24

..........

244,000

244,000,000

Total

Time

Deposits

—

11

.1

%

(Cost:

$

1,704,830,000

)

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

1,704,830,000

U.S.

Government

Sponsored

Agency

Obligations

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3-mo.

Treasury

Bill

Rate

+

0.00%),

5.49%, 05/07/24

(a)

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

6,429

6,428,571

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.0%

(Cost:

$

6,428,571

)

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

6,428,571

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(c)

5.34

%

,

10/03/24

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

USD

35,700

$

34,903,791

5.20

%

,

01/23/25

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

110,500

106,404,545

5.23

%

,

02/20/25

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

49,000

46,987,342

5.24

%

,

03/20/25

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

30,000

28,652,736

U.S.

Treasury

Notes

,

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.49

%

,

04/30/25

(a)

...........

8,000

8,007,682

Total

U.S.

Treasury

Obligations

—

1

.5

%

(Cost:

$

225,286,806

)

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

224,956,096

Total

Repurchase

Agreements

—

32

.7

%

(Cost:

$

5,017,000,000

)

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

5,017,000,000

Total

Investments

—

97

.1

%

(Cost:

$

14,884,986,541

)

(g)

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

14,883,692,368

Other

Assets

Less

Liabilities

—

2.9

%

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

441,382,811

Net

Assets

—

100.0%

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

$

15,325,075,179

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

Schedules

of

Investments

25

(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)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(c)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

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.

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

26

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5

.37‌

%

04/30/24

05/01/24

$

145,000‌

$

145,000,000‌

$

145,021,629‌

Corporate/Debt

Obligations,

0.00%

to

7.78%,

due

05/09/24

to

12/31/79

.........

$

160,680,342‌

$

152,250,001‌

5

.39‌

(a)

04/30/24

05/01/24

75,000‌

75,000,000‌

75,011,229‌

Corporate/Debt

Obligations,

0.35%

to

8.80%,

due

04/26/32

to

11/25/68

.........

751,941,135‌

80,250,000‌

5

.44‌

(b)

04/30/24

05/08/24

20,000‌

20,000,000‌

20,024,178‌

Corporate/Debt

Obligations,

2.82%

to

5.38%,

due

04/17/25

to

01/30/50

.........

22,411,000‌

21,000,052‌

5

.64‌

(b)

04/30/24

06/05/24

80,000‌

80,000,000‌

80,451,200‌

Corporate/Debt

Obligations,

0.12%

to

7.74%,

due

10/18/40

to

09/25/68

.........

460,206,430‌

85,600,000‌

–‌

–‌

$

320,000,000‌

$

339,100,053‌

–‌

–‌

Bank

of

Montreal

....

5

.42‌

04/24/24

05/01/24

47,000‌

47,000,000‌

47,049,533‌

U.S.

Government

Sponsored

Agency

Obligations,

6.11%

to

6.83%,

due

11/20/53

to

05/20/72

.........

49,169,457‌

49,350,001‌

–‌

–‌

Barclays

Bank

plc

...

5

.42‌

04/30/24

05/01/24

119,000‌

119,000,000‌

119,017,916‌

Corporate/Debt

Obligations,

1.95%

to

5.88%,

due

04/01/26

to

11/15/48

.........

130,990,000‌

124,950,070‌

5

.42‌

(a)

04/30/24

05/01/24

227,000‌

227,000,000‌

227,034,176‌

Corporate/Debt

Obligations,

1.49%

to

6.70%,

due

05/16/26

to

08/15/62

.........

271,337,000‌

238,350,050‌

5

.44‌

(a)

04/30/24

05/01/24

35,000‌

35,000,000‌

35,005,289‌

Corporate/Debt

Obligations,

4.13%

to

7.50%,

due

04/01/34

to

05/15/64

.........

38,975,000‌

37,453,499‌

5

.52‌

(a)

04/30/24

05/01/24

21,000‌

21,000,000‌

21,003,220‌

Corporate/Debt

Obligations,

4.60%

to

7.50%,

due

04/17/25

22,545,000‌

22,680,227‌

5

.57‌

(b)

04/30/24

06/05/24

18,000‌

18,000,000‌

18,100,260‌

Corporate/Debt

Obligation,

5.50%,

due

07/01/54

.........

17,210,000‌

19,264,425‌

–‌

–‌

$

420,000,000‌

$

442,698,271‌

–‌

–‌

Barclays

Capital,

Inc.

.

5

.55‌

(b)

04/30/24

06/05/24

108,000‌

108,000,000‌

108,599,400‌

Corporate/Debt

Obligation,

0.00%,

due

07/03/24

.........

114,504,742‌

113,400,000‌

–‌

–‌

BNP

Paribas

SA

....

5

.42‌

(a)

04/30/24

05/01/24

54,000‌

54,000,000‌

54,008,130‌

Corporate/Debt

Obligations,

3.60%

to

4.91%,

due

05/24/33

to

06/30/50

.........

73,457,000‌

56,700,294‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5

.31‌

(c)

04/30/24

05/01/24

1,000‌

1,000,000‌

1,000,147‌

U.S.

Treasury

Obligations,

0.75%

to

4.50%,

due

03/31/26

to

04/30/26

.........

1,093,758‌

1,020,000‌

5

.33‌

04/30/24

05/01/24

10,000‌

10,000,000‌

10,001,481‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

4.00%,

due

05/20/52

13,445,228‌

10,200,640‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

Schedules

of

Investments

27

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.39‌

%

(a)

04/30/24

05/01/24

$

19,000‌

$

19,000,000‌

$

19,002,845‌

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

2.75%,

due

05/06/24

to

02/15/42

.........

$

24,706,353‌

$

19,422,411‌

5

.63‌

(b)

04/30/24

07/02/24

5,000‌

5,000,000‌

5,049,262‌

U.S.

Government

Sponsored

Agency

Obligations,

0.40%

to

2.82%,

due

06/25/40

to

09/25/48

.........

138,993,940‌

5,550,000‌

–‌

–‌

$

35,000,000‌

$

36,193,051‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5

.33‌

04/30/24

05/01/24

50,000‌

50,000,000‌

50,007,403‌

U.S.

Treasury

Obligation,

1.88%,

due

02/28/29

.........

57,733,600‌

51,000,016‌

5

.33‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,507‌

U.S.

Treasury

Obligations,

3.50%

to

4.38%,

due

12/15/26

to

04/30/30

.........

132,169,200‌

127,500,094‌

5

.45‌

(b)

04/30/24

05/08/24

27,000‌

27,000,000‌

27,032,700‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.79%

to

8.75%,

due

01/27/25

to

10/15/75

.........

40,070,021‌

28,813,167‌

–‌

–‌

$

202,000,000‌

$

207,313,277‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

5

.74‌

(b)

04/30/24

06/15/24

115,000‌

115,000,000‌

115,843,461‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.65%

to

7.20%,

due

07/15/26

to

10/01/53

.........

291,528,964‌

118,610,106‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5

.33‌

04/30/24

05/01/24

1,302,000‌

1,302,000,000‌

1,302,192,768‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.50%,

due

06/20/26

to

04/20/64

.........

2,770,205,316‌

1,328,040,000‌

5

.44‌

(a)

04/30/24

05/01/24

50,000‌

50,000,000‌

50,007,556‌

Corporate/Debt

Obligations,

0.00%,

due

05/14/24

to

06/11/24

.

52,729,543‌

52,500,001‌

5

.52‌

(a)

04/30/24

05/01/24

25,000‌

25,000,000‌

25,003,833‌

Corporate/Debt

Obligations,

1.63%

to

7.00%,

due

07/01/24

to

07/29/49

.........

27,588,000‌

26,250,315‌

5

.52‌

(b)

04/30/24

05/08/24

20,000‌

20,000,000‌

20,024,533‌

Corporate/Debt

Obligations,

0.00%

to

10.75%,

due

02/28/28

to

12/31/79

.......

21,383,000‌

23,000,060‌

5

.54‌

(a)

04/30/24

05/01/24

25,000‌

25,000,000‌

25,003,847‌

Corporate/Debt

Obligations,

1.80%

to

7.60%,

due

03/27/25

to

02/10/48

.........

29,401,000‌

26,250,665‌

5

.62‌

(a)

04/30/24

05/01/24

70,000‌

70,000,000‌

70,010,928‌

Corporate/Debt

Obligations,

0.50%

to

14.75%,

due

06/15/24

to

12/31/79

.......

82,950,544‌

79,791,789‌

5

.62‌

(b)

04/30/24

05/08/24

100,000‌

100,000,000‌

100,124,889‌

Corporate/Debt

Obligations,

0.00%

to

8.44%,

due

05/12/27

to

12/25/67

.........

4,239,410,707‌

107,000,000‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

28

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.69‌

%

(b)

04/30/24

07/30/24

$

40,000‌

$

40,000,000‌

$

40,575,322‌

Corporate/Debt

Obligations,

0.00%

to

6.26%,

due

07/01/24

to

02/15/52

.........

$

248,138,006‌

$

42,785,006‌

5

.80‌

(b)

04/30/24

07/30/24

90,000‌

90,000,000‌

91,319,500‌

Corporate/Debt

Obligations,

0.39%

to

10.09%,

due

10/15/25

to

11/25/68

.......

142,117,797‌

96,312,131‌

5

.80‌

(b)

04/30/24

07/30/24

25,000‌

25,000,000‌

25,366,528‌

Corporate/Debt

Obligations,

0.77%

to

10.09%,

due

03/15/29

to

09/16/61

.......

506,038,923‌

26,750,000‌

5

.80‌

(b)

04/30/24

07/30/24

65,000‌

65,000,000‌

65,952,972‌

Corporate/Debt

Obligations,

0.17%

to

13.59%,

due

12/31/24

to

04/25/67

.......

871,699,432‌

70,156,633‌

–‌

–‌

$

1,812,000,000‌

$

1,878,836,600‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

5

.47‌

(a)

04/30/24

05/01/24

75,000‌

75,000,000‌

75,011,396‌

Corporate/Debt

Obligations,

4.00%

to

6.00%,

due

08/15/35

to

06/30/60

.........

74,530,000‌

80,253,135‌

5

.77‌

(b)

04/30/24

06/05/24

50,000‌

50,000,000‌

50,288,500‌

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

4.00%

to

5.25%,

due

10/31/28

to

06/01/54

.........

49,373,400‌

52,499,996‌

–‌

–‌

$

125,000,000‌

$

132,753,131‌

–‌

–‌

Natixis

SA

.........

5

.44‌

(a)

04/30/24

05/01/24

26,000‌

26,000,000‌

26,003,929‌

Corporate/Debt

Obligations,

1.92%

to

7.23%,

due

05/01/25

to

03/15/52

.........

30,951,218‌

27,300,000‌

5

.47‌

(b)

04/30/24

05/08/24

9,000‌

9,000,000‌

9,010,940‌

Corporate/Debt

Obligations,

1.00%

to

7.50%,

due

05/01/25

to

11/15/95

.........

10,745,543‌

9,450,000‌

5

.52‌

(a)

04/30/24

05/01/24

181,000‌

181,000,000‌

181,027,753‌

Corporate/Debt

Obligations,

2.62%

to

11.69%,

due

03/01/26

to

10/17/57

.......

1,419,333,868‌

193,556,299‌

5

.55‌

(b)

04/30/24

05/08/24

5,000‌

5,000,000‌

5,006,167‌

Corporate/Debt

Obligations,

2.00%

to

9.88%,

due

02/01/29

to

05/15/97

.........

5,525,033‌

5,594,404‌

–‌

–‌

$

221,000,000‌

$

235,900,703‌

–‌

–‌

TD

Securities

USA

LLC

5

.40‌

(a)

04/30/24

05/01/24

240,000‌

240,000,000‌

240,036,000‌

Corporate/Debt

Obligations,

1.58%

to

6.73%,

due

12/15/25

to

12/14/51

.........

282,799,000‌

252,000,630‌

5

.42‌

(b)

04/30/24

05/08/24

35,000‌

35,000,000‌

35,042,155‌

Corporate/Debt

Obligations,

3.10%

to

4.63%,

due

06/15/25

to

06/01/52

.........

44,489,000‌

38,500,420‌

–‌

–‌

$

275,000,000‌

$

290,501,050‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5

.33‌

04/30/24

05/01/24

1,110,000‌

1,110,000,000‌

1,110,164,342‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.00%,

due

04/20/29

to

07/16/66

.........

2,121,383,663‌

1,134,495,019‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempCash

Schedules

of

Investments

29

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

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.72‌

%

(b)

04/30/24

08/04/24

$

150,000‌

$

150,000,000‌

$

152,288,000‌

Corporate/Debt

Obligations,

0.00%,

due

05/07/24

to

04/11/25

.

$

161,615,910‌

$

157,500,000‌

5

.77‌

(b)

04/30/24

06/30/24

23,000‌

23,000,000‌

23,224,870‌

Corporate/Debt

Obligations,

2.00%

to

6.90%,

due

07/01/24

to

11/01/50

.........

26,069,000‌

24,613,439‌

–‌

–‌

$

1,283,000,000‌

$

1,316,608,458‌

–‌

–‌

$

5,017,000,000‌

$

5,217,964,995‌

–‌

–‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

Traded

in

a

joint

account.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

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

$

—

$

2,855,918,918

$

—

$

2,855,918,918

Commercial

Paper

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

—

4,931,003,736

—

4,931,003,736

Corporate

Bonds

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

—

53,000,000

—

53,000,000

Municipal

Bonds

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

—

90,555,047

—

90,555,047

Repurchase

Agreements

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

—

5,017,000,000

—

5,017,000,000

Time

Deposits

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

—

1,704,830,000

—

1,704,830,000

U.S.

Government

Sponsored

Agency

Obligations

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

—

6,428,571

—

6,428,571

U.S.

Treasury

Obligations

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

—

224,956,096

—

224,956,096

$

—

$

14,883,692,368

$

—

$

14,883,692,368

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

April

30,

2024

TempFund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

2.6%

Bank

of

America

NA

5.90

%

,

05/14/24

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

USD

15,000

$

15,001,858

6.00

%

,

08/21/24

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

11,000

11,011,434

5.75

%

,

11/14/24

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

20,000

20,008,857

5.15

%

,

01/22/25

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

13,700

13,658,256

5.22

%

,

02/06/25

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

18,482

18,431,598

Citibank

NA

5.89

%

,

05/10/24

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

13,000

13,001,192

5.92

%

,

06/20/24

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

20,000

20,008,437

Wells

Fargo

Bank

NA

(1-day

SOFR

at

0.00%

Floor

+

0.64%),

5.96

%

,

07/17/24

(a)

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

14,000

14,016,569

5.18

%

,

02/07/25

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

14,100

14,058,034

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

02/21/25

(a)

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

10,000

10,001,872

149,198,107

Yankee

—

16.0%

(b)

Bank

of

Montreal,

Chicago

5.80

%

,

11/12/24

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

15,000

15,012,394

5.60

%

,

11/29/24

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

19,250

19,247,063

5.50

%

,

12/06/24

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

10,000

9,992,796

Bank

of

Nova

Scotia

(The),

Houston

(1-day

SOFR

at

0.00%

Floor

+

0.47%),

5.79

%

,

06/03/24

(a)

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

25,000

25,007,679

5.80

%

,

11/08/24

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

13,000

13,011,707

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

02/21/25

(a)

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

11,000

10,999,889

Barclays

Bank

plc,

New

York

,

5.57

%

,

06/20/24

13,600

13,600,758

BNP

Paribas

SA,

New

York

5.83

%

,

08/08/24

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

15,000

15,011,124

5.72

%

,

08/19/24

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

12,000

12,005,970

5.45

%

,

10/01/24

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

15,000

14,998,378

(1-day

SOFR

+

0.21%),

5.53

%

,

11/26/24

(a)

.

18,000

17,994,835

5.23

%

,

12/18/24

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

15,100

15,065,485

5.28

%

,

12/31/24

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

12,500

12,472,071

Canadian

Imperial

Bank

of

Commerce,

New

York

5.90

%

,

06/13/24

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

24,000

24,010,192

5.17

%

,

02/07/25

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

16,000

15,950,250

Commonwealth

Bank

of

Australia,

New

York

,

5.70

%

,

11/27/24

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

22,600

22,622,452

Cooperatieve

Rabobank

UA,

New

York

,

5.27

%

,

02/05/25

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

14,300

14,267,327

Credit

Agricole

Corporate

&

Investment

Bank

SA,

New

York

5.69

%

,

05/21/24

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

27,000

27,003,564

5.41

%

,

07/01/24

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

13,000

12,999,184

Credit

Industriel

et

Commercial,

New

York

,

5.46

%

,

06/17/24

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

20,000

19,999,601

HSBC

Bank

USA

NA,

New

York

,

5.90

%

,

06/06/24

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

16,500

16,505,082

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

5.33

%

,

05/07/24

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

87,000

87,000,000

(1-day

SOFR

+

0.18%),

5.50

%

,

08/27/24

(a)

.

12,000

12,001,877

(1-day

SOFR

+

0.18%),

5.50

%

,

09/05/24

(a)

.

14,000

14,001,757

(1-day

SOFR

+

0.20%),

5.52

%

,

10/01/24

(a)

.

21,300

21,300,522

Mizuho

Bank

Ltd.,

New

York

,

(1-day

SOFR

+

0.19%),

5.51

%

,

09/26/24

(a)

...........

18,000

18,000,005

MUFG

Bank

Ltd.,

New

York

,

5.71

%

,

05/28/24

.

11,500

11,502,318

Natixis

SA,

New

York

,

(1-day

SOFR

+

0.18%),

5.50

%

,

09/10/24

(a)

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

19,000

19,005,890

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Nordea

Bank

Abp,

New

York

,

(1-day

SOFR

+

0.47%),

5.79

%

,

07/24/24

(a)

...........

USD

8,000

$

8,006,112

Royal

Bank

of

Canada,

New

York

,

5.96

%

,

09/19/24

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

16,000

16,021,173

Skandinaviska

Enskilda

Banken

AB,

New

York

,

(1-day

SOFR

+

0.17%),

5.49

%

,

09/27/24

(a)

.

15,000

14,998,706

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-day

SOFR

+

0.21%),

5.53

%

,

07/23/24

..

20,000

20,002,975

(1-day

SOFR

+

0.17%),

5.49

%

,

08/06/24

..

30,500

30,500,661

(1-day

SOFR

+

0.17%),

5.49

%

,

08/13/24

..

25,000

24,999,872

(1-day

SOFR

+

0.17%),

5.49

%

,

08/28/24

..

22,500

22,497,759

(1-day

SOFR

+

0.20%),

5.52

%

,

09/23/24

..

14,000

13,998,984

(1-day

SOFR

+

0.25%),

5.57

%

,

09/27/24

..

20,000

20,002,407

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(1-day

SOFR

+

0.27%),

5.59

%

,

07/08/24

(a)

.

28,000

28,007,756

(1-day

SOFR

+

0.21%),

5.53

%

,

07/22/24

(a)

.

27,000

27,004,163

(1-day

SOFR

+

0.18%),

5.50

%

,

08/01/24

(a)

.

30,000

30,001,961

5.46

%

,

08/26/24

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

24,000

23,998,069

(1-day

SOFR

+

0.17%),

5.49

%

,

08/26/24

(a)

.

12,000

11,999,636

(1-day

SOFR

+

0.17%),

5.49

%

,

09/05/24

(a)

.

27,000

26,998,142

Toronto-Dominion

Bank

(The),

New

York

5.82

%

,

05/24/24

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

15,000

15,002,039

6.00

%

,

10/02/24

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

11,000

11,015,492

5.15

%

,

12/31/24

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

13,000

12,961,798

Westpac

Banking

Corp.,

New

York

5.25

%

,

01/22/25

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

13,750

13,723,123

(1-day

SOFR

at

0.00%

Floor

+

0.30%),

5.62

%

,

01/31/25

(a)

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

7,000

7,003,560

909,334,558

Total

Certificates

of

Deposit

—

18

.6

%

(Cost:

$

1,058,682,236

)

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

1,058,532,665

Commercial

Paper

Albion

Capital

Corp.

SA

,

5.52%

,

05/28/24

(c)

(d)

.

34,000

33,856,659

Alinghi

Funding

Co.

LLC

,

5.52%

,

06/12/24

(c)

(d)

.

15,500

15,399,945

Aquitaine

Funding

Co.

LLC

(c)(d)

5.43%

,

05/01/24

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

35,500

35,494,723

5.49%

,

05/22/24

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

18,364

18,303,421

5.53%

,

05/31/24

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

17,500

17,418,168

5.61%

,

07/31/24

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

15,000

14,791,042

ASB

Bank

Ltd.

,

(1-day

SOFR

+

0.26%),

5.58%

,

11/26/24

(a)

(d)

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

14,000

14,000,762

Australia

&

New

Zealand

Banking

Group

Ltd.

(c)(d)

5.43%

,

07/01/24

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

17,000

16,844,574

5.44%

,

07/30/24

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

10,000

9,866,281

5.52%

,

08/29/24

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

19,000

18,658,343

5.56%

,

10/08/24

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

24,950

24,352,627

5.45%

,

01/14/25

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

13,000

12,512,275

Bank

of

America

Securities,

Inc.

,

(1-day

SOFR

+

0.20%),

5.52%

,

09/26/24

(a)

(d)

.........

21,000

20,999,127

Bank

of

Montreal

(c)

5.46%

,

06/05/24

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

25,000

24,866,000

5.57%

,

11/06/24

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

16,000

15,548,785

Bennington

Stark

Capital

Co.

LLC

(c)(d)

5.40%

,

05/01/24

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

26,000

25,996,153

5.44%

,

05/07/24

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

14,000

13,985,409

BPCE

SA

,

(1-day

SOFR

+

0.25%),

5.57%

,

08/01/24

(a)

(d)

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

27,000

27,011,782

Britannia

Funding

Co.

LLC

,

5.61%

,

08/16/24

(c)

(d)

14,500

14,263,386

Cabot

Trail

Funding

LLC

,

5.48%

,

05/23/24

(c)

(d)

.

28,000

27,903,583

CAFCO

LLC

,

5.53%

,

07/31/24

(c)

(d)

.........

12,500

12,328,105

Caisse

d'Amortissement

de

la

Dette

Sociale

,

5.58%

,

08/26/24

(c)

(d)

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

30,000

29,468,607

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

CDP

Financial,

Inc.

,

5.51%

,

07/23/24

(c)

(d)

....

USD

20,000

$

19,749,400

Charta

Corp.

,

5.50%

,

06/24/24

(c)

(d)

.........

44,670

44,302,951

Chesham

Finance

Ltd.

(c)(d)

5.40%

,

05/01/24

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

90,000

89,986,696

5.40%

,

05/02/24

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

90,000

89,973,386

Cisco

Systems,

Inc.

(c)(d)

5.43%

,

05/29/24

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

20,000

19,914,142

5.47%

,

07/08/24

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

15,000

14,846,360

Commonwealth

Bank

of

Australia

(a)(d)

(1-day

SOFR

+

0.30%),

5.62%

,

01/30/25

.

12,000

12,001,185

(1-day

SOFR

+

0.30%),

5.62%

,

01/31/25

.

12,000

12,001,073

Concord

Minutemen

Capital

Co.

LLC

,

5.67%

,

10/17/24

(c)

(d)

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

23,500

22,895,201

DNB

Bank

ASA

(c)(d)

5.38%

,

05/28/24

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

28,500

28,382,810

5.39%

,

06/13/24

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

15,000

14,903,106

5.40%

,

06/26/24

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

25,000

24,790,897

5.44%

,

07/30/24

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

10,000

9,866,319

5.52%

,

12/05/24

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

20,000

19,355,836

5.51%

,

01/22/25

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

15,000

14,413,556

Federation

des

Caisses

Desjardins

du

Quebec

,

5.51%

,

06/20/24

(c)

(d)

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

38,000

37,709,785

FMS

Wertmanagement

(c)

5.33%

,

05/02/24

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

9,000

8,997,372

5.33%

,

05/03/24

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

9,000

8,996,056

Goldman

Sachs

International

,

5.49%

,

06/11/24

(c)

(d)

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

10,000

9,937,210

ING

US

Funding

LLC

(d)

5.39%

,

05/01/24

(c)

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

22,000

21,996,753

5.50%

,

06/14/24

(c)

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

11,210

11,134,543

5.59%

,

09/03/24

(c)

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

11,500

11,282,408

(1-day

SOFR

+

0.24%),

5.56%

,

10/31/24

(a)

10,000

10,000,259

Ionic

Funding

LLC

(c)

5.47%

,

05/14/24

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

24,500

24,448,719

5.52%

,

05/21/24

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

49,000

48,844,964

Kreditanstalt

fuer

Wiederaufbau

,

5.28%

,

05/02/24

(c)

(d)

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

21,000

20,993,930

Liberty

Street

Funding

LLC

,

5.41%

,

05/07/24

(c)

16,000

15,983,418

Mackinac

Funding

Co.

LLC

(c)(d)

5.49%

,

06/07/24

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

5,500

5,468,720

5.59%

,

09/04/24

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

20,000

19,618,400

Macquarie

Bank

Ltd.

5.66%

,

07/25/24

(c)

(d)

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

15,000

14,802,535

5.68%

,

07/29/24

(c)

(d)

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

20,000

19,724,000

5.68%

,

08/01/24

(c)

(d)

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

9,500

9,364,530

(1-day

SOFR

+

0.16%),

5.48%

,

08/08/24

(a)

(d)

14,000

13,999,820

(1-day

SOFR

+

0.17%),

5.49%

,

08/16/24

(a)

(d)

30,000

29,998,959

5.70%

,

08/28/24

(c)

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

18,500

18,159,600

(1-day

SOFR

+

0.20%),

5.52%

,

09/20/24

(a)

(d)

11,000

11,000,148

(1-day

SOFR

+

0.19%),

5.51%

,

10/07/24

(a)

(d)

14,000

13,998,511

Microsoft

Corp.

,

5.44%

,

06/25/24

(c)

(d)

.......

6,000

5,950,384

MUFG

Bank

Ltd.

,

5.38%

,

05/28/24

(c)

.......

32,000

31,868,396

National

Australia

Bank

Ltd.

(d)

5.49%

,

10/04/24

(c)

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

26,000

25,399,833

(1-day

SOFR

+

0.21%),

5.53%

,

10/15/24

(a)

22,500

22,500,613

(1-day

SOFR

+

0.19%),

5.51%

,

10/21/24

(a)

21,000

20,998,316

Nederlandse

Waterschapsbank

NV

,

5.44%

,

05/28/24

(c)

(d)

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

19,000

18,921,080

Nieuw

Amsterdam

Receivables

Corp.

,

5.46%

,

06/12/24

(c)

(d)

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

26,000

25,833,697

Nordea

Bank

Abp

,

(1-day

SOFR

+

0.11%),

5.43%

,

06/12/24

(a)

(d)

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

19,000

19,000,353

Ontario

Teachers'

Finance

Trust

,

5.48%

,

08/06/24

(c)

(d)

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

19,800

19,512,713

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Ridgefield

Funding

Co.

LLC

,

5.44%

,

05/20/24

(c)

(d)

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

USD

30,000

$

29,910,794

Royal

Bank

of

Canada

(1-day

SOFR

+

0.60%),

5.92%

,

05/23/24

(a)

(d)

15,500

15,504,783

5.55%

,

11/06/24

(c)

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

13,000

12,634,372

(1-day

SOFR

+

0.35%),

5.67%

,

01/21/25

(a)

(d)

18,000

18,008,684

Starbird

Funding

Corp.

(d)

5.42%

,

05/10/24

(c)

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

35,000

34,948,130

(1-day

SOFR

+

0.19%),

5.51%

,

10/07/24

(a)

12,000

11,998,908

Svenska

Handelsbanken

AB

(c)

5.43%

,

08/01/24

(d)

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

14,000

13,808,910

5.42%

,

08/09/24

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

8,000

7,881,736

5.54%

,

10/21/24

(d)

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

17,000

16,562,955

UBS

AG

(c)

5.47%

,

05/31/24

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

17,000

16,921,365

5.59%

,

08/02/24

(d)

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

22,000

21,688,077

Versailles

Commercial

Paper

LLC

,

5.44%

,

05/15/24

(c)

(d)

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

26,000

25,941,998

Westpac

Banking

Corp.

(1-day

SOFR

+

0.47%),

5.79%

,

07/22/24

(a)

(d)

20,000

20,016,352

5.45%

,

09/12/24

(c)

(d)

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

11,000

10,782,716

5.53%

,

11/07/24

(c)

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

13,500

13,120,087

5.52%

,

11/14/24

(c)

(d)

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

18,000

17,475,438

Total

Commercial

Paper

—

30

.6

%

(Cost:

$

1,745,127,567

)

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

1,744,904,005

Corporate

Bonds

Commercial

Services

&

Supplies

—

0.4%

Ecmc

Group,

Inc.,

Series

23-1,

5.38%,

05/07/24

(a)

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

20,800

20,800,000

Total

Corporate

Bonds

—

0

.4

%

(Cost:

$

20,800,000

)

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

20,800,000

Municipal

Bonds

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

)

,

5.44

%

,

05/07/24

.....

3,155

3,155,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0955

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LIQ

)

,

5.50

%

,

05/07/24

...

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

)

,

5.38

%

,

05/07/24

(f)

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

5,239

5,239,000

New

York

—

0.5%

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

,

Series

238

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.35

%

,

05/07/24

(f)

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

27,000

27,000,000

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Other

—

0.6%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

LOC

)

,

5.44

%

,

05/07/24

.

USD

26,185

$

26,185,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.48

%

,

05/07/24

.

6,220

6,220,000

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2953TX

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

5.48

%

,

05/07/24

.

2,800

2,800,000

35,205,000

Texas

—

0.1%

North

Texas

Higher

Education

Authority,

Inc.

,

Series

2023-1

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

5.38

%

,

05/07/24

(f)

.......

4,000

4,000,000

Total

Municipal

Bonds

—

1

.5

%

(Cost:

$

85,484,000

)

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

85,484,000

Time

Deposits

ABN

AMRO

Bank

NV

,

5.33

%

,

05/02/24

.....

33,000

33,000,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

,

5.30

%

,

05/01/24

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

37,656

37,656,000

Erste

Group

Bank

AG

,

5.33

%

,

05/01/24

.....

93,000

93,000,000

First

Abu

Dhabi

Bank

USA

NV

,

5.32

%

,

05/01/24

53,000

53,000,000

ING

Bank

NV

,

5.33

%

,

05/01/24

..........

63,000

63,000,000

Mizuho

Bank

Ltd.

,

5.32

%

,

05/01/24

........

25,000

25,000,000

Royal

Bank

of

Canada

,

5.32

%

,

05/01/24

....

127,000

127,000,000

Skandinaviska

Enskilda

Banken

AB

,

5.32

%

,

05/01/24

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

109,000

109,000,000

Svenska

Handelsbanken

AB

,

5.31

%

,

05/01/24

30,000

30,000,000

Swedbank

AB

,

5.32

%

,

05/01/24

..........

90,000

90,000,000

Total

Time

Deposits

—

11

.6

%

(Cost:

$

660,656,000

)

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

660,656,000

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%),

5.49%, 05/07/24

(a)

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

USD

4,714

$

4,714,286

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

(Cost:

$

4,714,286

)

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

4,714,286

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(c)

5.34

%

,

10/03/24

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

14,000

13,687,761

5.20

%

,

01/23/25

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

40,500

38,998,951

5.23

%

,

02/20/25

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

19,000

18,219,582

5.24

%

,

03/20/25

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

11,000

10,506,003

U.S.

Treasury

Notes

,

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.49

%

,

04/30/25

(a)

...........

4,000

4,003,841

Total

U.S.

Treasury

Obligations

—

1

.5

%

(Cost:

$

85,539,130

)

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

85,416,138

Total

Repurchase

Agreements

—

31

.8

%

(Cost:

$

1,813,500,000

)

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

1,813,500,000

Total

Investments

—

96

.1

%

(Cost:

$

5,474,503,219

)

(g)

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

5,474,007,094

Other

Assets

Less

Liabilities

—

3.9

%

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

220,890,944

Net

Assets

—

100.0%

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

$

5,694,898,038

(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)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(c)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

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.

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

Schedules

of

Investments

33

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5

.31‌

%

(a)

04/30/24

05/01/24

$

1,000‌

$

1,000,000‌

$

1,000,147‌

U.S.

Treasury

Obligations,

0.13%

to

5.48%,

due

07/15/24

to

04/30/26

.........

$

888,666‌

$

1,020,000‌

5

.37‌

04/30/24

05/01/24

55,000‌

55,000,000‌

55,008,204‌

Corporate/Debt

Obligations,

1.12%

to

7.00%,

due

09/11/24

to

08/18/60

.........

60,131,787‌

57,750,000‌

5

.39‌

(b)

04/30/24

05/01/24

23,000‌

23,000,000‌

23,003,444‌

Corporate/Debt

Obligations,

1.41%

to

9.66%,

due

12/20/25

to

08/26/69

.........

55,448,901‌

24,610,000‌

5

.44‌

(c)

04/30/24

05/08/24

9,000‌

9,000,000‌

9,010,880‌

Corporate/Debt

Obligations,

0.90%

to

6.71%,

due

09/20/24

to

08/15/63

.........

9,515,000‌

9,450,571‌

5

.64‌

(c)

04/30/24

06/05/24

48,000‌

48,000,000‌

48,270,720‌

Corporate/Debt

Obligations,

1.07%

to

7.36%,

due

12/26/31

to

06/25/68

.........

94,387,295‌

51,360,000‌

–‌

–‌

$

136,000,000‌

$

144,190,571‌

–‌

–‌

Bank

of

Montreal

....

5

.42‌

04/24/24

05/01/24

18,000‌

18,000,000‌

18,018,970‌

U.S.

Government

Sponsored

Agency

Obligation,

6.83%,

due

11/20/53

.........

19,169,268‌

18,900,001‌

–‌

–‌

Barclays

Bank

plc

...

5

.42‌

(b)

04/30/24

05/01/24

73,000‌

73,000,000‌

73,010,991‌

Corporate/Debt

Obligations,

4.25%

to

6.88%,

due

10/15/25

to

03/15/54

.........

77,119,000‌

76,650,307‌

5

.42‌

04/30/24

05/01/24

43,000‌

43,000,000‌

43,006,474‌

Corporate/Debt

Obligations,

2.70%

to

5.80%,

due

09/28/25

to

04/15/50

.........

55,439,000‌

45,150,095‌

5

.44‌

(b)

04/30/24

05/01/24

25,000‌

25,000,000‌

25,003,778‌

Corporate/Debt

Obligations,

5.50%

to

7.50%,

due

04/01/34

to

07/01/54

.........

23,655,000‌

26,751,717‌

5

.52‌

(b)

04/30/24

05/01/24

5,000‌

5,000,000‌

5,000,767‌

Corporate/Debt

Obligation,

9.35%,

due

12/31/79

.........

5,132,000‌

5,250,603‌

5

.57‌

(c)

04/30/24

06/05/24

8,000‌

8,000,000‌

8,044,560‌

Corporate/Debt

Obligations,

2.00%

to

4.00%,

due

08/01/38

to

08/15/54

.........

9,315,000‌

8,563,083‌

–‌

–‌

$

154,000,000‌

$

162,365,805‌

–‌

–‌

Barclays

Capital,

Inc.

.

5

.55‌

(c)

04/30/24

06/05/24

71,000‌

71,000,000‌

71,394,050‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

5.50%,

due

04/25/35

to

05/25/54

.........

70,385,313‌

75,970,000‌

–‌

–‌

BNP

Paribas

SA

....

5

.42‌

(b)

04/30/24

05/01/24

21,000‌

21,000,000‌

21,003,162‌

Corporate/Debt

Obligations,

4.65%

to

4.91%,

due

05/24/33

to

07/23/48

.........

24,225,000‌

22,050,262‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5

.31‌

(a)

04/30/24

05/01/24

1,000‌

1,000,000‌

1,000,147‌

U.S.

Treasury

Obligations,

0.75%

to

4.50%,

due

03/31/26

to

04/30/26

.........

1,093,758‌

1,020,000‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

34

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.33‌

%

04/30/24

05/01/24

$

10,000‌

$

10,000,000‌

$

10,001,481‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

1.56%,

due

04/25/37

to

02/25/43

.........

$

1,320,913,405‌

$

10,700,752‌

5

.39‌

(b)

04/30/24

05/01/24

29,000‌

29,000,000‌

29,004,342‌

Corporate/Debt

Obligation,

0.00%,

due

05/06/24

.........

30,482,190‌

30,450,001‌

5

.63‌

(c)

04/30/24

07/02/24

5,000‌

5,000,000‌

5,049,262‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

6.07%,

due

09/25/26

to

01/25/64

.........

618,616,254‌

5,442,669‌

–‌

–‌

$

45,000,000‌

$

47,613,422‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5

.31‌

(a)

04/30/24

05/01/24

1,000‌

1,000,000‌

1,000,148‌

U.S.

Treasury

Obligations,

1.13%

to

4.75%,

due

04/15/28

to

08/15/53

.........

1,338,144‌

1,020,008‌

5

.33‌

04/30/24

05/01/24

15,000‌

15,000,000‌

15,002,221‌

U.S.

Treasury

Obligations,

0.63%

to

1.75%,

due

07/15/32

to

01/15/34

.........

15,996,000‌

15,300,016‌

5

.45‌

(c)

04/30/24

05/08/24

46,000‌

46,000,000‌

46,055,711‌

Corporate/Debt

Obligations,

0.38%

to

9.23%,

due

01/13/25

to

09/15/72

.........

54,935,988‌

49,578,859‌

–‌

–‌

$

62,000,000‌

$

65,898,883‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

5

.74‌

(c)

04/30/24

06/15/24

5,000‌

5,000,000‌

5,036,672‌

U.S.

Government

Sponsored

Agency

Obligation,

5.50%,

due

01/01/54

.........

5,261,141‌

5,150,000‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5

.33‌

04/30/24

05/01/24

351,000‌

351,000,000‌

351,051,968‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.00%,

due

12/20/25

to

04/15/65

.........

661,381,676‌

358,020,000‌

5

.44‌

(b)

04/30/24

05/01/24

25,000‌

25,000,000‌

25,003,778‌

Corporate/Debt

Obligations,

2.30%

to

4.75%,

due

06/23/25

to

01/31/50

.........

27,626,000‌

26,250,449‌

5

.52‌

(b)

04/30/24

05/01/24

13,000‌

13,000,000‌

13,001,993‌

Corporate/Debt

Obligations,

4.32%

to

4.90%,

due

01/10/48

14,816,000‌

13,650,747‌

5

.52‌

(c)

04/30/24

05/08/24

8,000‌

8,000,000‌

8,009,813‌

Corporate/Debt

Obligations,

3.25%

to

8.38%,

due

09/15/28

to

07/15/48

.........

11,357,897‌

8,760,474‌

5

.54‌

(b)

04/30/24

05/01/24

12,000‌

12,000,000‌

12,001,847‌

Corporate/Debt

Obligations,

3.08%

to

5.00%,

due

09/01/43

to

04/28/51

.........

11,644,000‌

12,836,131‌

5

.62‌

(b)

04/30/24

05/01/24

30,000‌

30,000,000‌

30,004,683‌

Corporate/Debt

Obligations,

6.50%

to

14.75%,

due

04/15/27

to

11/01/66

.......

30,603,000‌

34,121,589‌

5

.62‌

(c)

04/30/24

05/08/24

50,000‌

50,000,000‌

50,062,444‌

Corporate/Debt

Obligations,

1.00%

to

8.50%,

due

08/14/24

to

09/21/50

.........

88,354,629‌

53,367,201‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

Schedules

of

Investments

35

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.69‌

%

(c)

04/30/24

07/30/24

$

17,000‌

$

17,000,000‌

$

17,244,512‌

Corporate/Debt

Obligations,

1.21%

to

9.00%,

due

10/01/25

to

03/15/72

.........

$

21,180,588‌

$

18,190,000‌

5

.80‌

(c)

04/30/24

07/30/24

40,000‌

40,000,000‌

40,586,444‌

Corporate/Debt

Obligations,

0.00%

to

7.98%,

due

08/10/35

to

01/25/67

.........

248,284,598‌

42,800,000‌

5

.80‌

(c)

04/30/24

07/30/24

30,000‌

30,000,000‌

30,439,833‌

Corporate/Debt

Obligations,

0.00%

to

8.25%,

due

12/01/24

to

11/25/51

.........

69,038,895‌

32,190,807‌

–‌

–‌

$

576,000,000‌

$

600,187,398‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

5

.47‌

(b)

04/30/24

05/01/24

86,000‌

86,000,000‌

86,013,067‌

Corporate/Debt

Obligations,

5.00%,

due

03/15/44

to

09/01/53

84,120,000‌

92,020,796‌

5

.77‌

(c)

04/30/24

06/05/24

8,000‌

8,000,000‌

8,046,160‌

Corporate/Debt

Obligation,

9.09%,

due

02/27/40

.........

9,011,283‌

9,600,000‌

–‌

–‌

$

94,000,000‌

$

101,620,796‌

–‌

–‌

Natixis

SA

.........

5

.44‌

(b)

04/30/24

05/01/24

10,000‌

10,000,000‌

10,001,511‌

Corporate/Debt

Obligations,

1.63%

to

7.23%,

due

05/01/25

to

05/15/42

.........

11,495,000‌

10,500,122‌

5

.47‌

(c)

04/30/24

05/08/24

16,000‌

16,000,000‌

16,019,449‌

Corporate/Debt

Obligations,

1.00%

to

6.50%,

due

11/13/25

to

03/15/52

.........

21,097,829‌

16,800,000‌

5

.52‌

(b)

04/30/24

05/01/24

69,000‌

69,000,000‌

69,010,580‌

Corporate/Debt

Obligations,

0.00%

to

9.17%,

due

03/01/26

to

10/17/57

.........

86,474,302‌

73,660,492‌

5

.55‌

(c)

04/30/24

05/08/24

11,000‌

11,000,000‌

11,013,567‌

Corporate/Debt

Obligations,

2.70%

to

11.00%,

due

03/01/26

to

05/15/97

.......

12,313,055‌

12,245,273‌

–‌

–‌

$

106,000,000‌

$

113,205,887‌

–‌

–‌

TD

Securities

USA

LLC

5

.40‌

(b)

04/30/24

05/01/24

70,000‌

70,000,000‌

70,010,500‌

Corporate/Debt

Obligations,

3.40%

to

5.55%,

due

03/15/26

to

01/15/31

.........

80,411,000‌

77,000,749‌

5

.42‌

(c)

04/30/24

05/08/24

90,000‌

90,000,000‌

90,108,400‌

Corporate/Debt

Obligations,

4.00%

to

7.46%,

due

09/17/30

to

01/15/83

.........

90,081,000‌

97,397,430‌

–‌

–‌

$

160,000,000‌

$

174,398,179‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5

.33‌

04/30/24

05/01/24

310,000‌

310,000,000‌

310,045,897‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

8.50%,

due

11/20/30

to

04/20/54

.........

385,939,227‌

316,200,000‌

5

.72‌

(c)

04/30/24

08/04/24

45,500‌

45,500,000‌

46,194,027‌

Corporate/Debt

Obligations,

0.00%

to

6.40%,

due

05/08/24

to

02/15/43

.........

45,837,975‌

47,775,000‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

TempFund

36

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

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.77‌

%

(c)

04/30/24

06/30/24

$

10,000‌

$

10,000,000‌

$

10,097,769‌

Corporate/Debt

Obligations,

2.40%

to

6.63%,

due

11/01/28

to

12/01/48

.........

$

12,230,000‌

$

10,703,794‌

–‌

–‌

$

365,500,000‌

$

374,678,794‌

–‌

–‌

$

1,813,500,000‌

$

1,906,229,998‌

–‌

–‌

(a)

Traded

in

a

joint

account.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

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

$

—

$

1,058,532,665

$

—

$

1,058,532,665

Commercial

Paper

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

—

1,744,904,005

—

1,744,904,005

Corporate

Bonds

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

—

20,800,000

—

20,800,000

Municipal

Bonds

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

—

85,484,000

—

85,484,000

Repurchase

Agreements

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

—

1,813,500,000

—

1,813,500,000

Time

Deposits

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

—

660,656,000

—

660,656,000

U.S.

Government

Sponsored

Agency

Obligations

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

—

4,714,286

—

4,714,286

U.S.

Treasury

Obligations

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

—

85,416,138

—

85,416,138

$

—

$

5,474,007,094

$

—

$

5,474,007,094

Schedule

of

Investments

(unaudited)

April

30,

2024

T-Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

2.67

%

,

05/02/24

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

USD

500,000

$

499,926,111

4.59

%

,

05/07/24

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

1,910,098

1,908,442,881

4.76

%

,

05/09/24

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

4,515,270

4,509,992,152

4.98

%

,

05/14/24

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

400,000

399,253,944

5.02

%

,

05/16/24

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

1,465,345

1,462,203,266

5.10

%

,

05/21/24

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

197,780

197,210,284

5.17

%

,

05/28/24

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

57,316

57,093,327

5.23

%

,

06/04/24

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

2,482,899

2,470,812,190

5.26

%

,

06/13/24

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

684,961

680,862,958

5.27

%

,

06/18/24

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

282,600

280,612,380

5.28

%

,

06/20/24

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

1,475,528

1,465,014,813

5.31

%

,

07/05/24

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

2,359,835

2,338,331,068

5.32

%

,

07/09/24

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

229,480

227,195,598

5.31

%

,

07/11/24

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

5,062,040

5,011,594,349

5.32

%

,

07/18/24

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

2,383,602

2,357,908,662

5.33

%

,

07/23/24

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

409,542

404,622,311

5.33

%

,

07/25/24

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

2,450,882

2,421,840,480

5.33

%

,

07/30/24

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

1,565,882

1,545,507,522

5.34

%

,

08/01/24

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

1,564,072

1,544,176,126

5.35

%

,

08/06/24

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

1,410,628

1,390,865,066

5.35

%

,

08/13/24

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

509,000

501,309,574

5.32

%

,

08/15/24

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

1,035,000

1,019,564,412

5.37

%

,

08/20/24

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

250,400

246,356,212

5.34

%

,

08/22/24

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

530,755

522,258,498

5.37

%

,

08/27/24

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

1,115,240

1,096,085,135

5.35

%

,

08/29/24

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

166,762

163,910,370

5.35

%

,

09/05/24

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

627,278

615,982,579

5.34

%

,

09/19/24

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

401,106

393,046,876

5.34

%

,

10/03/24

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

33,280

32,543,277

5.34

%

,

10/10/24

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

426,284

416,478,475

5.35

%

,

10/24/24

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

749,909

730,991,586

5.35

%

,

10/31/24

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

2,705,390

2,634,977,194

5.29

%

,

11/29/24

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

349,170

339,267,218

5.24

%

,

12/26/24

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

522,909

506,964,810

5.20

%

,

01/23/25

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

856,035

826,971,224

5.23

%

,

02/20/25

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

996,260

957,887,273

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.24

%

,

03/20/25

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

USD

118,982

$

113,847,167

U.S.

Treasury

Notes

1.50

%

,

10/31/24

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

152,538

149,777,221

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.14%),

5.47

%

,

10/31/24

(b)

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

1,177,305

1,177,567,778

2.25

%

,

11/15/24

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

83,800

82,471,192

1.00

%

,

12/15/24

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

60,680

59,196,044

2.25

%

,

12/31/24

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

228,540

224,417,891

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.20%),

5.53

%

,

01/31/25

(b)

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

400,000

400,060,283

1.13

%

,

02/28/25

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

61,347

59,419,045

2.75

%

,

02/28/25

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

76,199

74,793,232

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.49

%

,

04/30/25

(b)

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

3,523,565

3,523,517,605

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.13%),

5.45

%

,

07/31/25

(b)

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

1,268,235

1,267,524,407

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.50

%

,

10/31/25

(b)

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

2,158,689

2,158,536,251

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

5.57

%

,

01/31/26

(b)

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

1,714,200

1,714,632,582

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.15%),

5.48

%

,

04/30/26

(b)

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

451,093

451,093,000

Total

U.S.

Treasury

Obligations

—

54

.2

%

(Cost:

$

53,634,913,899

)

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

53,634,913,899

Total

Repurchase

Agreements

—

43

.1

%

(Cost:

$

42,566,047,500

)

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

42,566,047,500

Total

Investments

—

97

.3

%

(Cost:

$

96,200,961,399

)

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

96,200,961,399

Other

Assets

Less

Liabilities

—

2.7

%

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

2,691,652,044

Net

Assets

—

100.0%

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

$

98,892,613,443

(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.

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

T-Fund

38

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5

.31‌

%

(a)

04/30/24

05/01/24

$

399,000‌

$

399,000,000‌

$

399,058,852‌

U.S.

Treasury

Obligations,

0.13%

to

5.48%,

due

07/15/24

to

04/30/26

.........

$

354,577,654‌

$

406,980,001‌

5

.31‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,437‌

U.S.

Treasury

Obligation,

0.13%,

due

10/15/24

.........

106,017,200‌

127,500,101‌

5

.31‌

04/30/24

05/01/24

60,000‌

60,000,000‌

60,008,850‌

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

07/15/24

to

06/15/25

.........

49,976,000‌

61,200,045‌

–‌

–‌

$

584,000,000‌

$

595,680,147‌

–‌

–‌

Bank

of

Montreal

....

5

.31‌

04/30/24

05/01/24

174,000‌

174,000,000‌

174,025,665‌

U.S.

Treasury

Obligations,

3.50%

to

4.63%,

due

02/15/27

to

02/15/33

.........

182,167,300‌

177,480,053‌

–‌

–‌

Bank

of

Nova

Scotia

(The)

..........

5

.31‌

04/30/24

05/01/24

1,000‌

1,000,000‌

1,000,148‌

U.S.

Treasury

Obligation,

0.75%,

due

02/15/45

.........

1,056,500‌

1,020,233‌

–‌

–‌

Barclays

Bank

plc

...

5

.31‌

04/30/24

05/01/24

225,000‌

225,000,000‌

225,033,188‌

U.S.

Treasury

Obligation,

3.38%,

due

11/15/48

.........

286,708,700‌

229,500,051‌

5

.31‌

04/30/24

05/01/24

1,250,000‌

1,250,000,000‌

1,250,184,375‌

U.S.

Treasury

Obligations,

2.00%

to

4.88%,

due

05/31/30

to

08/15/51

.........

1,611,046,200‌

1,275,000,075‌

–‌

–‌

$

1,475,000,000‌

$

1,504,500,126‌

–‌

–‌

BNP

Paribas

SA

....

5

.32‌

04/30/24

05/01/24

5,000‌

5,000,000‌

5,000,739‌

U.S.

Treasury

Obligations,

2.88%

to

4.38%,

due

04/15/28

to

04/30/29

.........

5,538,800‌

5,100,062‌

5

.32‌

04/30/24

05/01/24

2,250,000‌

2,250,000,000‌

2,250,332,500‌

U.S.

Treasury

Obligations,

0.00%

to

5.25%,

due

01/15/25

to

02/15/54

.........

2,408,452,150‌

2,295,000,032‌

5

.36‌

(b)

04/30/24

05/08/24

800,000‌

800,000,000‌

800,952,889‌

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

07/16/24

to

11/15/53

.........

794,811,863‌

816,000,001‌

5

.43‌

(b)

04/30/24

05/09/24

1,200,000‌

1,200,000,000‌

1,201,629,000‌

U.S.

Treasury

Obligations,

0.00%

to

5.00%,

due

05/15/24

to

11/15/53

.........

1,219,558,625‌

1,224,000,007‌

–‌

–‌

$

4,255,000,000‌

$

4,340,100,102‌

–‌

–‌

Citibank

NA

........

5

.31‌

04/30/24

05/01/24

100,000‌

100,000,000‌

100,014,750‌

U.S.

Treasury

Obligations,

0.13%

to

4.63%,

due

07/15/24

to

02/28/31

.........

105,399,700‌

102,000,478‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5

.31‌

04/30/24

05/01/24

85,000‌

85,000,000‌

85,012,537‌

U.S.

Treasury

Obligations,

0.38%

to

4.63%,

due

08/15/24

to

06/30/30

.........

86,753,800‌

86,700,000‌

5

.31‌

(a)

04/30/24

05/01/24

385,000‌

385,000,000‌

385,056,787‌

U.S.

Treasury

Obligations,

0.75%

to

4.50%,

due

03/31/26

to

04/30/26

.........

421,097,107‌

392,700,039‌

5

.31‌

04/30/24

05/01/24

647,000‌

647,000,000‌

647,095,433‌

U.S.

Treasury

Obligation,

4.50%,

due

03/31/26

.........

663,424,700‌

659,940,078‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

T-Fund

Schedules

of

Investments

39

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.32‌

%

04/24/24

05/01/24

$

850,000‌

$

850,000,000‌

$

850,879,278‌

U.S.

Treasury

Obligations,

0.13%

to

4.88%,

due

01/15/26

to

02/15/54

.........

$

803,963,400‌

$

867,000,023‌

–‌

–‌

$

1,967,000,000‌

$

2,006,340,140‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5

.31‌

04/30/24

05/01/24

50,000‌

50,000,000‌

50,007,375‌

U.S.

Treasury

Obligation,

1.88%,

due

02/28/29

.........

57,733,600‌

51,000,016‌

5

.31‌

(a)

04/30/24

05/01/24

1,150,000‌

1,150,000,000‌

1,150,169,625‌

U.S.

Treasury

Obligations,

1.13%

to

4.75%,

due

04/15/28

to

08/15/53

.........

1,538,853,439‌

1,173,000,040‌

5

.31‌

04/30/24

05/01/24

73,000‌

73,000,000‌

73,010,768‌

U.S.

Treasury

Obligation,

0.88%,

due

11/15/30

.........

93,638,700‌

74,460,036‌

–‌

–‌

$

1,273,000,000‌

$

1,298,460,092‌

–‌

–‌

Deutsche

Bank

AG

...

5

.31‌

04/30/24

05/01/24

473,000‌

473,000,000‌

473,069,768‌

U.S.

Treasury

Obligation,

4.25%,

due

02/15/54

.........

518,074,100‌

482,460,064‌

5

.35‌

04/30/24

05/01/24

2,000,000‌

2,000,000,000‌

2,000,297,222‌

U.S.

Treasury

Obligations,

0.00%

to

6.13%,

due

10/10/24

to

02/15/53

.........

2,312,956,300‌

2,040,000,027‌

–‌

–‌

$

2,473,000,000‌

$

2,522,460,091‌

–‌

–‌

Federal

Reserve

Bank

of

New

York

.......

5

.30‌

04/30/24

05/01/24

1,400,000‌

1,400,000,000‌

1,400,206,111‌

U.S.

Treasury

Obligations,

0.38%

to

3.13%,

due

08/15/24

to

02/15/31

.........

1,527,167,500‌

1,400,206,185‌

–‌

–‌

Fixed

Income

Clearing

Corporation

.....

5

.31‌

04/30/24

05/01/24

2,000,000‌

2,000,000,000‌

2,000,295,000‌

U.S.

Treasury

Obligations,

5.31%,

due

05/01/24

.........

2,100,705,300‌

2,040,000,050‌

5

.31‌

04/30/24

05/01/24

1,000,000‌

1,000,000,000‌

1,000,147,500‌

U.S.

Treasury

Obligations,

2.63%

to

4.63%,

due

04/30/25

to

05/31/27

.........

1,066,787,600‌

1,020,000,022‌

5

.31‌

04/30/24

05/01/24

3,500,000‌

3,500,000,000‌

3,500,516,250‌

U.S.

Treasury

Obligations,

0.50%

to

4.63%,

due

04/30/25

to

11/15/49

.........

4,092,252,400‌

3,570,000,036‌

5

.31‌

04/30/24

05/01/24

2,000,000‌

2,000,000,000‌

2,000,295,000‌

U.S.

Treasury

Obligations,

0.38%

to

6.13%,

due

01/31/25

to

02/15/54

.........

2,317,895,300‌

2,040,000,006‌

5

.32‌

04/30/24

05/01/24

750,000‌

750,000,000‌

750,110,833‌

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

05/31/24

to

08/15/53

.........

783,643,900‌

765,000,067‌

5

.33‌

04/30/24

05/01/24

6,500,000‌

6,500,000,000‌

6,500,962,361‌

U.S.

Treasury

Obligations,

0.00%

to

5.57%,

due

05/15/24

to

11/15/49

.........

7,133,237,400‌

6,630,000,019‌

5

.33‌

04/30/24

05/01/24

4,000,000‌

4,000,000,000‌

4,000,592,222‌

U.S.

Treasury

Obligations,

0.00%

to

6.75%,

due

05/15/24

to

02/15/54

.........

4,857,780,500‌

4,080,000,042‌

5

.33‌

04/30/24

05/01/24

1,500,000‌

1,500,000,000‌

1,500,222,083‌

U.S.

Treasury

Obligations,

0.00%

to

5.49%,

due

06/13/24

to

02/15/53

.........

1,667,424,700‌

1,530,000,038‌

–‌

–‌

$

21,250,000,000‌

$

21,675,000,280‌

–‌

–‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

T-Fund

40

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Goldman

Sachs

&

Co.

LLC

...........

5

.32‌

%

04/30/24

05/01/24

$

42,000‌

$

42,000,000‌

$

42,006,207‌

U.S.

Treasury

Obligations,

0.00%

to

0.13%,

due

01/15/32

to

08/15/53

.........

$

51,770,692‌

$

42,840,001‌

–‌

–‌

HSBC

Securities

USA,

Inc.

...........

5

.32‌

04/30/24

05/01/24

2,000‌

2,000,000‌

2,000,296‌

U.S.

Treasury

Obligations,

0.00%,

due

06/06/24

to

02/15/54

4,187,527‌

2,040,001‌

5

.32‌

04/30/24

05/01/24

1,000,000‌

1,000,000,000‌

1,000,147,778‌

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

07/15/24

to

05/15/51

.........

1,226,200,431‌

1,020,000,001‌

–‌

–‌

$

1,002,000,000‌

$

1,022,040,002‌

–‌

–‌

ING

Financial

Markets

LLC

...........

5

.31‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,438‌

U.S.

Treasury

Obligations,

0.38%

to

4.75%,

due

07/15/26

to

11/15/53

.........

138,460,900‌

127,500,072‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5

.31‌

04/30/24

05/01/24

197,000‌

197,000,000‌

197,029,057‌

U.S.

Treasury

Obligation,

0.13%,

due

04/15/26

.........

178,225,600‌

200,940,062‌

5

.31‌

04/30/24

05/01/24

35,000‌

35,000,000‌

35,005,163‌

U.S.

Treasury

Obligations,

0.63%

to

1.75%,

due

12/31/24

to

11/30/27

.........

39,554,900‌

35,700,015‌

5

.31‌

(c)

04/30/24

05/01/24

250,000‌

250,000,000‌

250,036,875‌

U.S.

Treasury

Obligation,

0.88%,

due

09/30/26

.........

280,385,800‌

255,000,010‌

5

.34‌

(b)

04/30/24

05/08/24

2,000,000‌

2,000,000,000‌

2,002,373,333‌

U.S.

Treasury

Obligations,

0.00%

to

4.00%,

due

09/19/24

to

02/29/28

.........

2,161,661,300‌

2,040,000,045‌

–‌

–‌

$

2,482,000,000‌

$

2,531,640,132‌

–‌

–‌

Morgan

Stanley

&

Co.

LLC

...........

5

.31‌

04/30/24

05/01/24

4,500‌

4,500,000‌

4,500,664‌

U.S.

Treasury

Obligations,

0.00%

to

3.50%,

due

08/15/25

to

02/15/51

.........

7,162,485‌

4,590,000‌

–‌

–‌

MUFG

Securities

Americas,

Inc.

....

5

.31‌

04/30/24

05/01/24

200,000‌

200,000,000‌

200,029,500‌

U.S.

Treasury

Obligations,

0.00%

to

4.88%,

due

05/07/24

to

10/31/30

.........

205,389,200‌

204,000,028‌

–‌

–‌

Natixis

SA

.........

5

.31‌

04/30/24

05/01/24

15,000‌

15,000,000‌

15,002,213‌

U.S.

Treasury

Obligations,

0.13%

to

4.75%,

due

09/15/24

to

02/15/53

.........

17,940,200‌

15,300,019‌

5

.31‌

(c)

04/30/24

05/01/24

243,000‌

243,000,000‌

243,035,843‌

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

06/15/25

to

11/15/51

.........

309,120,403‌

247,860,000‌

–‌

–‌

$

258,000,000‌

$

263,160,019‌

–‌

–‌

Nomura

Securities

International,

Inc.

..

5

.31‌

04/30/24

05/01/24

750,000‌

750,000,000‌

750,110,625‌

U.S.

Treasury

Obligations,

0.50%

to

4.38%,

due

02/15/26

to

02/15/53

.........

835,752,800‌

765,090,051‌

–‌

–‌

Prudential

Insurance

Co.

of

America

......

5

.34‌

04/30/24

05/01/24

6,469‌

6,468,750‌

6,469,710‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/41

.........

15,000,000‌

6,599,010‌

5

.34‌

04/30/24

05/01/24

38,750‌

38,750,000‌

38,755,748‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

100,000,000‌

39,530,748‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

T-Fund

Schedules

of

Investments

41

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5

.34‌

%

04/30/24

05/01/24

$

40,860‌

$

40,860,000‌

$

40,866,061‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.........

$

72,000,000‌

$

41,683,261‌

5

.34‌

04/30/24

05/01/24

42,600‌

42,600,000‌

42,606,319‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/37

.........

80,000,000‌

43,458,319‌

5

.34‌

04/30/24

05/01/24

16,300‌

16,300,000‌

16,302,418‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/41

.........

40,000,000‌

16,628,418‌

5

.34‌

04/30/24

05/01/24

31,413‌

31,412,500‌

31,417,160‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

70,000,000‌

32,045,760‌

5

.34‌

04/30/24

05/01/24

29,576‌

29,576,250‌

29,580,637‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/26

.........

33,000,000‌

30,172,327‌

5

.34‌

04/30/24

05/01/24

12,225‌

12,225,000‌

12,226,813‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/34

.........

20,000,000‌

12,471,213‌

5

.34‌

04/30/24

05/01/24

38,100‌

38,100,000‌

38,105,651‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/33

.........

60,000,000‌

38,867,651‌

5

.34‌

04/30/24

05/01/24

11,719‌

11,718,750‌

11,720,488‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

25,000,000‌

11,954,988‌

5

.34‌

04/30/24

05/01/24

13,370‌

13,370,000‌

13,371,983‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

28,000,000‌

13,639,383‌

5

.34‌

04/30/24

05/01/24

13,419‌

13,418,750‌

13,420,740‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/31

.........

19,000,000‌

13,689,020‌

5

.34‌

04/30/24

05/01/24

54,588‌

54,587,500‌

54,595,597‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/38

.........

110,000,000‌

55,687,897‌

5

.34‌

04/30/24

05/01/24

12,090‌

12,090,000‌

12,091,793‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/38

.........

24,000,000‌

12,333,713‌

5

.34‌

04/30/24

05/01/24

29,600‌

29,600,000‌

29,604,391‌

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

40,000,000‌

30,196,391‌

5

.34‌

04/30/24

05/01/24

14,558‌

14,557,500‌

14,559,659‌

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.........

18,000,000‌

14,850,899‌

5

.34‌

04/30/24

05/01/24

47,288‌

47,287,500‌

47,294,514‌

U.S.

Treasury

Obligation,

2.88%,

due

11/15/46

.........

65,000,000‌

48,240,264‌

5

.34‌

04/30/24

05/01/24

73,875‌

73,875,000‌

73,885,958‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/30

.........

100,000,000‌

75,363,958‌

5

.34‌

04/30/24

05/01/24

22,750‌

22,750,000‌

22,753,375‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

50,000,000‌

23,208,375‌

–‌

–‌

$

549,547,500‌

$

560,621,595‌

–‌

–‌

Royal

Bank

of

Canada

5

.31‌

04/30/24

05/01/24

800,000‌

800,000,000‌

800,118,000‌

U.S.

Treasury

Obligations,

0.25%

to

4.63%,

due

05/15/24

to

02/15/33

.........

834,083,700‌

816,000,076‌

–‌

–‌

Societe

Generale

SA

.

5

.31‌

04/30/24

05/01/24

125,000‌

125,000,000‌

125,018,437‌

U.S.

Treasury

Obligation,

4.63%,

due

04/30/31

.........

127,527,500‌

127,500,082‌

–‌

–‌

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

T-Fund

42

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

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

TD

Securities

USA

LLC

5

.31‌

%

04/30/24

05/01/24

$

550,000‌

$

550,000,000‌

$

550,081,125‌

U.S.

Treasury

Obligations,

0.25%

to

4.63%,

due

07/31/25

to

04/30/29

.........

$

594,420,700‌

$

561,000,078‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5

.31‌

(a)

04/30/24

05/01/24

500,000‌

500,000,000‌

500,073,750‌

U.S.

Treasury

Obligations,

0.38%

to

4.63%,

due

05/31/24

to

11/15/33

.........

532,947,147‌

510,000,010‌

5

.31‌

04/30/24

05/01/24

226,000‌

226,000,000‌

226,033,335‌

U.S.

Treasury

Obligations,

0.38%

to

4.75%,

due

04/30/25

to

02/15/54

.........

302,593,300‌

230,520,073‌

–‌

–‌

$

726,000,000‌

$

740,520,083‌

–‌

–‌

$

42,566,047,500‌

$

43,389,750,146‌

–‌

–‌

(a)

Traded

in

a

joint

account.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

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

$

—

$

42,566,047,500

$

—

$

42,566,047,500

U.S.

Treasury

Obligations

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

—

53,634,913,899

—

53,634,913,899

$

—

$

96,200,961,399

$

—

$

96,200,961,399

Schedule

of

Investments

(unaudited)

April

30,

2024

Treasury

Trust

Fund

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

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

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

2.67

%

,

05/02/24

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

USD

7,224,056

$

7,222,999,277

4.59

%

,

05/07/24

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

4,245,133

4,241,425,161

4.76

%

,

05/09/24

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

1,955,204

1,952,913,573

4.98

%

,

05/14/24

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

14,387,300

14,359,970,973

5.02

%

,

05/16/24

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

8,942,312

8,922,663,669

5.10

%

,

05/21/24

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

3,914,640

3,903,183,324

5.17

%

,

05/28/24

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

3,105,702

3,093,505,786

5.19

%

,

05/30/24

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

1,869,600

1,861,642,452

5.23

%

,

06/04/24

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

7,129,760

7,094,591,944

5.24

%

,

06/06/24

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

2,250,000

2,238,108,750

5.26

%

,

06/11/24

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

5,510,000

5,476,926,382

5.26

%

,

06/13/24

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

6,380,915

6,341,689,592

5.27

%

,

06/18/24

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

3,426,300

3,402,201,678

5.28

%

,

06/20/24

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

1,446,771

1,436,462,955

5.30

%

,

06/25/24

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

1,806,400

1,791,842,172

5.31

%

,

07/05/24

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

2,033,043

2,014,521,300

5.31

%

,

07/11/24

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

2,385,894

2,361,967,498

5.32

%

,

07/18/24

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

2,587,177

2,559,284,867

5.33

%

,

07/23/24

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

441,245

435,944,492

5.33

%

,

07/25/24

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

2,028,457

2,004,422,790

5.33

%

,

07/30/24

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

1,720,655

1,698,266,578

5.34

%

,

08/01/24

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

2,069,517

2,042,909,787

5.35

%

,

08/06/24

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

1,555,940

1,534,140,609

5.33

%

,

08/08/24

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

458,450

452,064,755

5.35

%

,

08/13/24

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

567,900

559,319,660

5.32

%

,

08/15/24

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

1,079,000

1,062,908,214

5.37

%

,

08/20/24

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

268,100

263,770,450

5.34

%

,

08/22/24

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

1,720,740

1,693,193,824

5.37

%

,

08/27/24

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

1,251,460

1,229,965,481

5.35

%

,

09/05/24

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

1,296,713

1,273,337,674

5.33

%

,

09/12/24

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

745,205

731,058,525

5.34

%

,

09/19/24

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

428,604

419,991,980

5.34

%

,

10/03/24

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

31,975

31,268,678

5.34

%

,

10/10/24

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

521,971

509,966,710

5.35

%

,

10/24/24

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

846,117

824,772,481

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.35

%

,

10/31/24

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

USD

1,733,800

$

1,688,527,118

5.29

%

,

11/29/24

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

200,078

194,436,601

5.24

%

,

12/26/24

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

542,083

525,553,317

5.20

%

,

01/23/25

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

485,311

468,856,981

5.23

%

,

02/20/25

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

73,600

70,723,160

5.24

%

,

03/20/25

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

132,985

127,245,848

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.04%),

5.36

%

,

07/31/24

(b)

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

826,000

825,984,728

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.14%),

5.47

%

,

10/31/24

(b)

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

4,436,005

4,435,517,238

1.00

%

,

12/15/24

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

63,145

61,600,761

2.25

%

,

12/31/24

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

140,000

137,474,861

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.20%),

5.53

%

,

01/31/25

(b)

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

2,614,255

2,614,654,639

1.13

%

,

02/28/25

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

24,221

23,467,842

2.75

%

,

02/28/25

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

24,307

23,861,468

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.13%),

5.45

%

,

07/31/25

(b)

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

363,815

363,581,755

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

5.50

%

,

10/31/25

(b)

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

1,079,428

1,079,262,739

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

5.57

%

,

01/31/26

(b)

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

2,216,695

2,217,415,971

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.15%),

5.48

%

,

04/30/26

(b)

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

514,134

514,134,000

Total

U.S.

Treasury

Obligations

—

100

.3

%

(Cost:

$

112,415,503,068

)

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

112,415,503,068

Total

Investments

—

100

.3

%

(Cost:

$

112,415,503,068

)

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

112,415,503,068

Liabilities

in

Excess

of

Other

Assets

—

(

0.3

)

%

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

(

390,240,256

)

Net

Assets

—

100.0%

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

$

112,025,262,812

(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

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

$

—

$

112,415,503,068

$

—

$

112,415,503,068

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

April

30,

2024

MuniCash

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

Alaska

—

1.5%

(a)

Alaska

Housing

Finance

Corp.

,

Series

2007B

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.72

%

,

05/07/24

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

USD

10,690

$

10,690,000

Alaska

Housing

Finance

Corp.

,

Series

2007D

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.72

%

,

05/07/24

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

25,925

25,925,000

Alaska

Housing

Finance

Corp.

,

Series

2009-B

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.72

%

,

05/07/24

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

4,720

4,720,000

Alaska

Housing

Finance

Corp.

,

Series

2009D

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.72

%

,

05/07/24

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

12,300

12,300,000

53,635,000

Arizona

—

0.8%

(a)

Arizona

Industrial

Development

Authority

,

Series

2023A

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.85

%

,

05/07/24

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

5,405

5,405,000

Maricopa

County

Industrial

Development

Authority

,

Series

2024C

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.77

%

,

05/07/24

..

25,000

25,000,000

30,405,000

California

—

1.9%

(a)

Bay

Area

Toll

Authority

,

Series

2007C-2

,

RB

,

VRDN

(

Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC

)

,

3.08

%

,

05/07/24

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

10,000

10,000,000

Bay

Area

Toll

Authority

,

Series

2008C-1

,

RB

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

LOC

)

,

3.08

%

,

05/07/24

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

14,900

14,900,000

City

of

Modesto

,

Series

2008A

,

COP

,

VRDN

(

BMO

Harris

Bank

NA

SBPA

)

,

3.50

%

,

05/07/24

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

13,100

13,100,000

Orange

County

Water

District

,

Series

2003A

,

COP

,

VRDN

(

Bank

of

America

NA

LOC

)

,

3.05

%

,

05/07/24

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

17,300

17,300,000

San

Diego

Public

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF1429

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LIQ

)

,

3.85

%

,

05/07/24

(b)

(c)

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

4,600

4,600,000

Santa

Clara

County

Financing

Authority

,

Series

2008M

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

)

,

3.22

%

,

05/07/24

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

8,370

8,370,000

68,270,000

Colorado

—

2.2%

(a)

City

of

Colorado

Springs

Utilities

System

,

Series

2005A

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.92

%

,

05/07/24

..........

45,000

45,000,000

Colorado

Health

Facilities

Authority

,

Series

2020B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/07/24

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

17,590

17,590,000

Colorado

Housing

&

Finance

Authority

,

Series

2020A-1

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.80

%

,

05/07/24

.........

9,655

9,655,000

County

of

Arapahoe

,

Series

2001

,

RB

,

VRDN

(

Federal

Home

Loan

Mortgage

Corp.

LOC

)

,

3.79

%

,

05/07/24

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

8,200

8,200,000

80,445,000

Security

Par

(000)

Par

(000)

Value

Connecticut

—

6.8%

(a)

Connecticut

Housing

Finance

Authority

,

Series

2017F,

Sub-Series

F-3

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.72

%

,

05/07/24

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

USD

28,930

$

28,930,000

Connecticut

Housing

Finance

Authority

,

Series

2019B-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.74

%

,

05/07/24

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

11,720

11,720,000

Connecticut

Housing

Finance

Authority

,

Series

2016B,

Sub-Series

B-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.72

%

,

05/07/24

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

13,500

13,500,000

Connecticut

Housing

Finance

Authority

,

Series

2018A-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.74

%

,

05/07/24

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

39,215

39,215,000

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2017A-1

,

RB

,

VRDN

,

3.55

%

,

05/07/24

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

65,810

65,810,000

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2017A-2

,

RB

,

VRDN

,

3.55

%

,

05/07/24

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

67,910

67,910,000

State

of

Connecticut

,

Series

2016C

,

GO

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.88

%

,

05/07/24

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

21,655

21,655,000

248,740,000

District

of

Columbia

—

0.0%

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XG0267

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

)

,

3.82

%

,

05/07/24

(a)

(b)

(c)

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

475

475,000

Florida

—

6.8%

(a)

Broward

County

Tourist

Development,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XL0429

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.88

%

,

05/07/24

(b)

(c)

.

3,720

3,720,000

Cape

Coral,

Water

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-YX1317

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

.....

12,135

12,135,000

County

of

Escambia

,

Series

2

,

RB

,

VRDN

,

3.90

%

,

05/01/24

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

53,500

53,500,000

County

of

St

Lucie

,

Series

2000

,

RB

,

VRDN

,

3.85

%

,

05/07/24

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

29,540

29,540,000

Escambia

County

Health

Facilities

Authority

,

Series

2003B

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.85

%

,

05/01/24

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

12,515

12,515,000

Florida

Housing

Finance

Corp.

,

Series

2004M

,

RB

,

VRDN

(

Federal

Home

Loan

Mortgage

Corp.

LIQ

)

,

3.80

%

,

05/07/24

..........

7,975

7,975,000

Highlands

County

Health

Facilities

Authority

,

Series

2012I-3

,

RB

,

VRDN

,

3.72

%

,

05/07/24

38,270

38,270,000

JEA

Electric

System

,

Series

2008B-3

,

RB

,

VRDN

(

Royal

Bank

of

Canada

SBPA

)

,

3.78

%

,

05/07/24

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

24,655

24,655,000

JEA

Water

&

Sewer

System

,

Series

2008A-2

,

RB

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

LOC

)

,

3.75

%

,

05/07/24

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

19,855

19,855,000

Orange

County

Health

Facilities

Authority

,

Series

2009B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.77

%

,

05/07/24

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

37,990

37,990,000

Orlando

Utilities

Commission

,

Series

2015B

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.54

%

,

05/07/24

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

8,300

8,300,000

248,455,000

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

MuniCash

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Georgia

—

2.3%

(a)

Burke

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017E-107

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.82

%

,

05/07/24

(b)

(c)

....

USD

5,000

$

5,000,000

Gainesville

&

Hall

County

Development

Authority

,

Series

2003B

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.85

%

,

05/01/24

......

15,705

15,705,000

Oglethorpe

Power

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

E-155

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

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

20,000

20,000,000

Private

Colleges

&

Universities

Authority

,

Series

2022B

,

RB

,

VRDN

,

3.60

%

,

05/07/24

.....

42,670

42,670,000

83,375,000

Idaho

—

0.3%

Idaho

Housing

&

Finance

Association

,

Series

2011A

,

RB

,

VRDN

(

Federal

Home

Loan

Mortgage

Corp.

LOC

)

,

3.92

%

,

05/07/24

(a)

..

9,815

9,815,000

Illinois

—

4.7%

(a)

Chicago

Transit

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XF3069

,

RB

,

VRDN

(

Barclays

Bank

plc

LIQ

)

,

3.89

%

,

05/07/24

(b)

(c)

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

12,400

12,400,000

Chicago

Transit

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XF3153

,

RB

,

VRDN

(

Barclays

Bank

plc

LIQ

)

,

3.85

%

,

05/07/24

(b)

(c)

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

28,950

28,950,000

Illinois

Finance

Authority

,

Series

2001

,

RB

,

VRDN

(

BMO

Harris

Bank

NA

LOC

)

,

3.75

%

,

05/07/24

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

13,700

13,700,000

Illinois

Finance

Authority

,

Series

2008C-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.90

%

,

05/07/24

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

26,420

26,420,000

Illinois

Finance

Authority

,

Series

2008-D

,

RB

,

VRDN

,

3.60

%

,

05/07/24

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

51,000

51,000,000

Illinois

Finance

Authority

,

Series

2021C

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.80

%

,

05/07/24

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

15,300

15,300,000

Illinois

Finance

Authority

,

Series

2008

,

RB

,

VRDN

(

BMO

Harris

Bank

NA

LOC

)

,

3.92

%

,

05/07/24

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

15,700

15,700,000

Illinois

Housing

Development

Authority

,

Series

2024A

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.78

%

,

05/07/24

.........

8,000

8,000,000

171,470,000

Indiana

—

1.1%

(a)

Indiana

Finance

Authority

,

Series

2009B

,

RB

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

LOC

)

,

3.85

%

,

05/07/24

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

25,245

25,245,000

Indiana

Finance

Authority

,

Series

2009D

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

13,730

13,730,000

38,975,000

Iowa

—

2.5%

(a)

Iowa

Finance

Authority

,

Series

2021

,

RB

,

VRDN

(

Korea

Development

Bank

LOC

)

,

4.01

%

,

05/07/24

(c)

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

62,000

62,000,000

Iowa

Finance

Authority

,

Series

2016E

,

RB

,

VRDN

(

Federal

National

Mortgage

Association

LIQ

)

,

3.75

%

,

05/07/24

......

10,440

10,440,000

Iowa

Finance

Authority

,

Series

2018D

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LOC

)

,

3.70

%

,

05/07/24

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

18,360

18,360,000

90,800,000

Security

Par

(000)

Par

(000)

Value

Kentucky

—

0.1%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XG0161

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

)

,

3.80

%

,

05/07/24

(a)

(b)

(c)

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

USD

4,960

$

4,960,000

Louisiana

—

5.6%

(a)

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

,

Series

2010B

,

RB

,

VRDN

,

3.82

%

,

05/01/24

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

40,400

40,400,000

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

,

Series

2010

,

RB

,

VRDN

,

3.82

%

,

05/01/24

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

15,470

15,470,000

Louisiana

Public

Facilities

Authority

,

Series

2004

,

RB

,

VRDN

,

3.60

%

,

05/07/24

......

22,700

22,700,000

Louisiana

Public

Facilities

Authority

,

Series

2008A

,

RB

,

VRDN

,

3.80

%

,

05/01/24

.....

9,525

9,525,000

Louisiana

Public

Facilities

Authority

,

Series

2008B

,

RB

,

VRDN

,

3.75

%

,

05/07/24

.....

18,400

18,400,000

Louisiana

Public

Facilities

Authority

,

Series

2017A

,

RB

,

VRDN

(

UBS

AG

LOC

)

,

3.73

%

,

05/07/24

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

20,000

20,000,000

Louisiana

Public

Facilities

Authority

,

Series

2017B

,

RB

,

VRDN

(

UBS

AG

LOC

)

,

3.77

%

,

05/07/24

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

27,500

27,500,000

Louisiana

Public

Facilities

Authority

,

Series

2009A

,

RB

,

VRDN

,

3.60

%

,

05/07/24

.....

49,950

49,950,000

203,945,000

Maryland

—

0.8%

(a)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Series

1985A

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.54

%

,

05/07/24

.......

22,100

22,100,000

Washington

Suburban

Sanitary

Commission

,

Series

2013A

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.85

%

,

05/01/24

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

5,800

5,800,000

27,900,000

Massachusetts

—

0.9%

(a)

Massachusetts

Bay

Transportation

Authority

,

Series

2022A

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.68

%

,

05/07/24

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

23,400

23,400,000

Massachusetts

Development

Finance

Agency

,

Series

2011K-1

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

SBPA

)

,

3.70

%

,

05/07/24

......

6,435

6,435,000

Massachusetts

Water

Resources

Authority

,

Series

2008A-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.75

%

,

05/07/24

..

4,135

4,135,000

33,970,000

Michigan

—

2.7%

(a)

Michigan

Strategic

Fund

,

Series

2007

,

RB

,

VRDN

,

3.80

%

,

05/01/24

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

57,235

57,235,000

Oakland

University

,

Series

2008

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LOC

)

,

3.80

%

,

05/07/24

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

22,885

22,885,000

University

of

Michigan

,

Series

2012D-2

,

RB

,

VRDN

,

3.65

%

,

05/07/24

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

16,775

16,775,000

96,895,000

Minnesota

—

1.8%

(a)

City

of

Minneapolis

,

Series

1997B

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

SBPA

)

,

3.77

%

,

05/07/24

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

7,100

7,100,000

City

of

Minneapolis

,

Series

2018C

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LOC

)

,

3.85

%

,

05/01/24

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

4,170

4,170,000

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

MuniCash

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Minnesota

(continued)

Minnesota

Housing

Finance

Agency

,

Series

2015G

,

RB

,

VRDN

(

Royal

Bank

of

Canada

SBPA

)

,

3.75

%

,

05/07/24

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

USD

20,260

$

20,260,000

Minnesota

Housing

Finance

Agency

,

Series

2017F

,

RB

,

VRDN

(

Royal

Bank

of

Canada

SBPA

)

,

3.75

%

,

05/07/24

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

27,865

27,865,000

Minnesota

Housing

Finance

Agency

,

Series

2018D

,

RB

,

VRDN

(

Royal

Bank

of

Canada

SBPA

)

,

3.75

%

,

05/07/24

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

6,540

6,540,000

65,935,000

Mississippi

—

3.3%

(a)

Mississippi

Business

Finance

Corp.

,

Series

2007B

,

RB

,

VRDN

,

3.95

%

,

05/01/24

.....

4,570

4,570,000

Mississippi

Business

Finance

Corp.

,

Series

2009E

,

RB

,

VRDN

,

3.95

%

,

05/01/24

.....

8,905

8,905,000

Mississippi

Business

Finance

Corp.

,

Series

2010A

,

RB

,

VRDN

,

3.70

%

,

05/07/24

.....

56,835

56,835,000

Mississippi

Business

Finance

Corp.

,

Series

2010H

,

RB

,

VRDN

,

3.75

%

,

05/01/24

.....

14,625

14,625,000

Mississippi

Business

Finance

Corp.

,

Series

2010L

,

RB

,

VRDN

,

3.75

%

,

05/01/24

.....

10,995

10,995,000

Mississippi

Business

Finance

Corp.

,

Series

2011G

,

RB

,

VRDN

,

3.95

%

,

05/01/24

.....

9,095

9,095,000

Mississippi

Business

Finance

Corp.

,

Series

2010F

,

RB

,

VRDN

,

3.70

%

,

05/07/24

.....

13,615

13,615,000

118,640,000

Missouri

—

3.1%

(a)

Curators

of

the

University

of

Missouri

(The)

,

Series

2007B

,

RB

,

VRDN

,

3.77

%

,

05/07/24

26,645

26,645,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018C-16

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.82

%

,

05/07/24

(b)

(c)

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

56,500

56,500,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0678

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

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

6,880

6,880,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019C-17

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.91

%

,

05/07/24

(b)

(c)

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

14,000

14,000,000

St

Louis

County,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0382

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

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

10,640

10,640,000

114,665,000

Nevada

—

0.9%

County

of

Clark

,

Series

2009A

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

)

,

3.80

%

,

05/07/24

(a)

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

31,715

31,715,000

New

Jersey

—

1.0%

(a)

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2009D

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.70

%

,

05/07/24

.......

26,575

26,575,000

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2009E

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.40

%

,

05/07/24

.......

9,500

9,500,000

36,075,000

Security

Par

(000)

Par

(000)

Value

New

York

—

16.0%

(a)

City

of

New

York

,

Series

2012A-4

,

GO

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

LOC

)

,

3.75

%

,

05/07/24

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

USD

30,000

$

30,000,000

City

of

New

York

,

Series

2015

F-5

,

GO

,

VRDN

(

Barclays

Bank

plc

SBPA

)

,

3.85

%

,

05/01/24

17,965

17,965,000

City

of

New

York

,

Series

2019D-4

,

GO

,

VRDN

(

State

Street

Bank

&

Trust

Co.

SBPA

)

,

3.85

%

,

05/01/24

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

53,190

53,190,000

Long

Island

Power

Authority

,

Series

2023D

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.78

%

,

05/07/24

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

17,200

17,200,000

Metropolitan

Transportation

Authority

,

Series

2012,

Sub-Series

G-4

,

RB

,

VRDN

(

Bank

of

Montreal

LOC

)

,

3.75

%

,

05/01/24

.......

23,300

23,300,000

New

York

City

Housing

Development

Corp.

,

Series

2023B-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.67

%

,

05/07/24

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

19,385

19,385,000

New

York

City

Housing

Development

Corp.

,

Series

2021F-3

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

)

,

3.75

%

,

05/07/24

..........

55,575

55,575,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2007,

Sub-Series

CC-1

,

RB

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

SBPA

)

,

3.80

%

,

05/07/24

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

26,760

26,760,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2013AA-2

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

)

,

3.75

%

,

05/07/24

44,325

44,325,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-5

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

SBPA

)

,

3.75

%

,

05/01/24

......

13,100

13,100,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-6

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

SBPA

)

,

3.70

%

,

05/01/24

......

18,000

18,000,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

BB1A

,

RB

,

VRDN

(

State

Street

Bank

&

Trust

Co.

SBPA

)

,

3.80

%

,

05/01/24

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

10,000

10,000,000

New

York

City

Transitional

Finance

Authority

,

Series

2011A-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

)

,

3.85

%

,

05/01/24

..........

20,300

20,300,000

New

York

City

Transitional

Finance

Authority

,

Series

2013C-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.80

%

,

05/01/24

..

17,040

17,040,000

New

York

City

Transitional

Finance

Authority

,

Series

2014A-4

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

SBPA

)

,

3.85

%

,

05/01/24

..........

7,600

7,600,000

New

York

City

Transitional

Finance

Authority

,

Series

2016E-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.80

%

,

05/01/24

..

16,510

16,510,000

New

York

City

Transitional

Finance

Authority

,

Series

2019,

Sub-Series

B-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.80

%

,

05/01/24

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

24,420

24,420,000

New

York

City

Transitional

Finance

Authority

,

Series

2019A-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.80

%

,

05/01/24

..

37,570

37,570,000

New

York

City

Trust

for

Cultural

Resources

,

Series

2009A

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LOC

)

,

3.70

%

,

05/07/24

.......

10,040

10,040,000

New

York

State

Dormitory

Authority

,

Series

2006A

,

RB

,

VRDN

(

Federal

National

Mortgage

Association

LOC

)

,

3.58

%

,

05/07/24

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

24,220

24,220,000

New

York

State

Dormitory

Authority

,

Series

2009A

,

RB

,

VRDN

,

3.60

%

,

05/07/24

.....

24,620

24,620,000

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

MuniCash

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF2647

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

.

USD

2,300

$

2,300,000

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A-

3

,

RB

,

VRDN

(

Mizuho

Bank

Ltd.

LOC

)

,

3.70

%

,

05/07/24

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

14,200

14,200,000

New

York

State

Housing

Finance

Agency

,

Series

2004A

,

RB

,

VRDN

(

Federal

National

Mortgage

Association

LOC

)

,

3.75

%

,

05/07/24

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

5,500

5,500,000

New

York

State

Housing

Finance

Agency

,

Series

2022G-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.76

%

,

05/07/24

....

10,335

10,335,000

New

York

State

Urban

Development

Corp.

,

Series

2004A-3-C

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.80

%

,

05/07/24

..

13,775

13,775,000

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B-4A

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

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

9,200

9,200,000

Triborough

Bridge

&

Tunnel

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF1359

,

RB

,

VRDN

(

Toronto-

Dominion

Bank

LIQ

)

,

3.81

%

,

05/07/24

(b)

(c)

.

15,000

15,000,000

581,430,000

North

Carolina

—

1.0%

(a)

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Series

2007E

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

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

10,310

10,310,000

City

of

Charlotte

Water

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0403

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

.

2,276

2,276,000

Durham

Housing

Authority

,

Series

2021A

,

RB

,

VRDN

(

United

Fidelity

Bank

FSB

LOC,

Federal

Home

Loan

Bank

LIQ

)

,

3.92

%

,

05/07/24

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

22,885

22,885,000

35,471,000

Ohio

—

6.4%

(a)

Allen

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-E-133

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.80

%

,

05/07/24

(b)

(c)

....

10,665

10,665,000

City

of

Columbus

,

Series

2008B

,

RB

,

VRDN

,

3.72

%

,

05/07/24

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

25,900

25,900,000

County

of

Franklin

,

Series

2008B

,

RB

,

VRDN

,

3.77

%

,

05/07/24

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

34,505

34,505,000

County

of

Franklin

,

Series

2011D

,

RB

,

VRDN

,

3.75

%

,

05/07/24

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

24,100

24,100,000

County

of

Franklin

,

Series

2015B

,

RB

,

VRDN

,

3.77

%

,

05/07/24

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

19,000

19,000,000

Ohio

Higher

Educational

Facility

Commission

,

Series

2013B-1

,

RB

,

VRDN

(

Ohio

State

Treasurer

SBPA

)

,

3.75

%

,

05/07/24

......

10,355

10,355,000

Ohio

State

Hospital,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022C-18

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

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

9,000

9,000,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

,

Series

2016A

,

RB

,

VRDN

(

Toronto-Dominion

Bank

SBPA

)

,

3.70

%

,

05/07/24

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

85,500

85,500,000

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

StoryPoint

Senior

Living

Care,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2024-YX1330

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.87

%

,

05/07/24

(b)

(c)

.........

USD

5,450

$

5,450,000

University

Hospitals

Health

Systems,

Inc.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-C-22

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

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

10,000

10,000,000

234,475,000

Oregon

—

0.2%

Oregon

State

Facilities

Authority

,

Series

2005A

,

RB

,

VRDN

(

Federal

National

Mortgage

Association

LOC

)

,

3.85

%

,

05/07/24

(a)

....

5,775

5,775,000

Pennsylvania

—

4.4%

(a)

Emmaus

General

Authority

,

Series

1996

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

SBPA

)

,

3.80

%

,

05/07/24

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

20,505

20,505,000

Montgomery

County

Industrial

Development

Authority

,

Series

2002

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.85

%

,

05/01/24

..........

4,970

4,970,000

Pennsylvania

Economic

Development

Financing

Authority

,

Series

2009C

,

RB

,

VRDN

(

MUFG

Bank

Ltd.

LOC

)

,

4.50

%

,

05/07/24

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

18,100

18,100,000

Pennsylvania

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts

,

Series

2024-

XF1700

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

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

10,260

10,260,000

Pennsylvania

State

Health,

Tender

Option

Bond

Trust

Receipts

,

Series

2024-XG0566

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.80

%

,

05/07/24

(b)

(c)

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

2,065

2,065,000

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County

,

Series

2007-

A

,

RB

,

VRDN

(

PNC

Bank

NA

SBPA

)

,

3.79

%

,

05/07/24

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

66,725

66,725,000

Washington

County

Authority

,

Series

2004

,

RB

,

VRDN

,

3.57

%

,

05/07/24

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

21,465

21,465,000

Westmoreland

County

Muni

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017-YX1075

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

.....

17,190

17,190,000

161,280,000

Rhode

Island

—

0.1%

Rhode

Island

Health

&

Education

Building

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XM0721

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.80

%

,

05/07/24

(a)

(b)

(c)

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

4,360

4,360,000

South

Carolina

—

2.6%

(a)

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2018B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

.......

18,150

18,150,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023A

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

LOC

)

,

3.79

%

,

05/07/24

.

50,500

50,500,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023B

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

LOC

)

,

3.79

%

,

05/07/24

.

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

)

,

3.89

%

,

05/07/24

(b)

(c)

......

6,145

6,145,000

2024

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

MuniCash

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

South

Carolina

(continued)

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XL0313

,

RB

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.89

%

,

05/07/24

(b)

(c)

.

USD

9,010

$

9,010,000

93,805,000

South

Dakota

—

1.1%

(a)

South

Dakota

Housing

Development

Authority

,

Series

2020A

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.78

%

,

05/07/24

.....

10,965

10,965,000

South

Dakota

Housing

Development

Authority

,

Series

2020B

,

RB

,

VRDN

(

SD

Housing

Development

Authority

SBPA

)

,

3.75

%

,

05/07/24

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

27,975

27,975,000

38,940,000

Tennessee

—

0.1%

Tennessee

Housing

Development

Agency

Resident,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-YX1087

,

RB

,

VRDN

(

Barclays

Bank

plc

LIQ

)

,

3.80

%

,

05/07/24

(a)

(b)

(c)

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

5,405

5,405,000

Texas

—

10.3%

(a)

Austin

Electric

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2015-XF0220

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

LIQ

)

,

3.80

%

,

05/01/24

(b)

(c)

......

21,235

21,235,000

Board

of

Regents

of

the

University

of

Texas

System

,

Series

2008B

,

RB

,

VRDN

(

University

of

Texas

Management

Co.

LIQ

)

,

3.77

%

,

05/07/24

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

55,055

55,055,000

Gulf

Coast

Industrial

Development

Authority

,

Series

2012

,

RB

,

VRDN

,

3.70

%

,

05/01/24

.

8,195

8,195,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2015-3

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.80

%

,

05/07/24

....

19,450

19,450,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2020B

,

RB

,

VRDN

,

3.75

%

,

05/01/24

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

37,110

37,110,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2021C

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

)

,

3.65

%

,

05/01/24

..................

12,340

12,340,000

Lamar

Consolidated

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF3163

,

GO

,

VRDN

(

Wells

Fargo

Bank

NA

LIQ

)

,

3.80

%

,

05/07/24

(b)

(c)

................

5,245

5,245,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A

,

RB

,

VRDN

(

University

of

Texas

Management

Co.

LIQ

)

,

3.75

%

,

05/07/24

..................

14,910

14,910,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A

,

RB

,

VRDN

(

University

of

Texas

Management

Co.

LIQ

)

,

3.70

%

,

05/07/24

..................

55,260

55,260,000

Red

River

Education

Finance

Corp.

,

Series

2006

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.80

%

,

05/07/24

..................

36,900

36,900,000

State

of

Texas

,

Series

2014A

,

GO

,

VRDN

(

State

Street

Bank

&

Trust

Co.

SBPA

)

,

3.90

%

,

05/07/24

..................

22,205

22,205,000

State

of

Texas

,

Series

2020

,

GO

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.75

%

,

05/07/24

..................

21,200

21,200,000

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

State

of

Texas

,

Series

2022

,

GO

,

VRDN

(

Sumitomo

Mitsui

Banking

Corp.

LOC

)

,

3.95

%

,

05/07/24

..................

USD

25,900

$

25,900,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2008A

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

....

20,125

20,125,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

C-4

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.80

%

,

05/07/24

.......

20,620

20,620,000

375,750,000

Utah

—

0.7%

Utah

Water

Finance

Agency

,

Series

B-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

)

,

3.90

%

,

05/07/24

(a)

.................

25,345

25,345,000

Virginia

—

2.1%

(a)

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0606

,

RB

,

VRDN

(

Bank

of

America

NA

LIQ

)

,

3.83

%

,

05/07/24

(b)

(c)

....

1,050

1,050,000

Loudoun

County

Economic

Development

Authority

,

Series

2003D

,

RB

,

VRDN

,

3.72

%

,

05/07/24

..................

39,020

39,020,000

Norfolk

Economic

Development

Authority

,

Series

2016A

,

RB

,

VRDN

,

3.75

%

,

05/07/24

26,050

26,050,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022C-19

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

)

,

3.81

%

,

05/07/24

(b)

(c)

................

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

)

,

3.81

%

,

05/07/24

(b)

(c)

................

6,000

6,000,000

76,850,000

Washington

—

0.4%

County

of

King

,

Series

2019B

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

)

,

3.75

%

,

05/07/24

(a)

.....

15,935

15,935,000

Wisconsin

—

0.8%

(a)

University

of

Wisconsin

Hospitals

&

Clinics

,

Series

2018C

,

RB

,

VRDN

(

BMO

Harris

Bank

NA

SBPA

)

,

3.80

%

,

05/01/24

..........

20,715

20,715,000

Wisconsin

Health

&

Educational

Facilities

Authority

,

Series

2008B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

)

,

3.75

%

,

05/01/24

.......

5,360

5,360,000

Wisconsin

Housing

&

Economic

Development

Authority

,

Series

2017C

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

)

,

3.72

%

,

05/07/24

.

4,360

4,360,000

30,435,000

Wyoming

—

1.0%

Wyoming

Community

Development

Authority

,

Series

2022-2

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

)

,

3.75

%

,

05/07/24

(a)

.........

35,280

35,280,000

Total

Municipal

Bonds

—

98

.3

%

(Cost:

$

3,580,096,000

)

............................

3,580,096,000

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

MuniCash

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

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

New

York

—

1.1%

(a)(c)

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund

,

Series

1

,

VRDP

,

(

Societe

Generale

LIQ

)

,

3.82

%

,

05/07/24

........

USD

10,200

$

10,200,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund

,

Series

5

,

VRDP

,

(

Toronto-

Dominion

Bank

LIQ

)

,

3.81

%

,

05/07/24

....

30,000

30,000,000

40,200,000

Total

Closed-End

Investment

Companies

—

1

.1

%

(Cost:

$

40,200,000

)

...............................

40,200,000

Total

Investments

—

99

.4

%

(Cost:

$

3,620,296,000

)

(d)

...........................

3,620,296,000

Other

Assets

Less

Liabilities

—

0.6

%

....................

21,625,731

Net

Assets

—

100.0%

...............................

$

3,641,921,731

(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

............................

$

—

$

40,200,000

$

—

$

40,200,000

Municipal

Bonds

.........................................

—

3,580,096,000

—

3,580,096,000

$

—

$

3,620,296,000

$

—

$

3,620,296,000

Statements

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

2024

BlackRock

Semi-Annual

Report

to

Shareholders

50

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

...........................

$

5,931,283,752‌

$

81,495,983,720‌

$

9,866,692,368‌

$

3,660,507,094‌

$

53,634,913,899‌

Cash

................................................

442,411,645‌

8,478,977,939‌

662,221,992‌

300,393,076‌

5,700,744,056‌

Repurchase

agreements,

at

value

—

unaffiliated

(b)

...................

—‌

60,832,236,250‌

5,017,000,000‌

1,813,500,000‌

42,566,047,500‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Capital

shares

sold

......................................

12,189,768‌

11,968,305‌

118,815,293‌

—‌

33,816,512‌

Interest

—

unaffiliated

....................................

5,141,462‌

73,080,277‌

42,383,929‌

16,599,877‌

17,280,728‌

Prepaid

e

xpenses

........................................

590,565‌

95,966,619‌

294,999‌

5,478,615‌

36,510,882‌

Total

a

ssets

............................................

6,391,617,192‌

150,988,213,110‌

15,707,408,581‌

5,796,478,662‌

101,989,313,577‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

385,701,461‌

4,388,388,250‌

229,965,861‌

89,986,641‌

2,727,543,422‌

Capital

shares

redeemed

..................................

3,772,480‌

5,735,799‌

91,189,886‌

—‌

10,715,607‌

Custodian

fees

.........................................

23,075‌

160,172‌

38,843‌

32,558‌

145,460‌

Income

dividend

distributions

...............................

18,978,491‌

398,438,887‌

58,796,621‌

3,857,645‌

304,758,119‌

Management

fees

.......................................

770,109‌

20,005,588‌

2,164,636‌

769,902‌

13,790,804‌

Trustees'

and

Officer's

fees

................................

3,398‌

72,306‌

—‌

8,848‌

49,260‌

Professional

fees

.......................................

24,667‌

62,269‌

6,641‌

32,505‌

61,288‌

Registration

fees

.......................................

156,669‌

5,464,974‌

104,544‌

1,196,660‌

2,549,821‌

Service

and

distribution

fees

................................

373,167‌

97,474,969‌

4,146‌

5,530,565‌

36,656,929‌

Transfer

agent

fees

.....................................

41,499‌

540,934‌

48,792‌

136,989‌

365,961‌

Other

accrued

expenses

..................................

41,405‌

168,428‌

13,432‌

28,311‌

63,463‌

Total

li

abilities

...........................................

409,886,421‌

4,916,512,576‌

382,333,402‌

101,580,624‌

3,096,700,134‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

—‌

NET

ASSETS

...........................................

$

5,981,730,771‌

$

146,071,700,534‌

$

15,325,075,179‌

$

5,694,898,038‌

$

98,892,613,443‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

...........................................

$

5,981,500,114‌

$

146,151,826,182‌

$

15,327,461,418‌

$

5,696,150,687‌

$

98,939,207,941‌

Accumulated

earnings

(loss)

.................................

230,657‌

(

80,125,648‌

)

(

2,386,239‌

)

(

1,252,649‌

)

(

46,594,498‌

)

NET

ASSETS

...........................................

$

5,981,730,771‌

$

146,071,700,534‌

$

15,325,075,179‌

$

5,694,898,038‌

$

98,892,613,443‌

(a)

  Investments,

at

cost

—

unaffiliated

.........................

$

5,931,283,752‌

$

81,495,983,720‌

$

9,867,986,541‌

$

3,661,003,219‌

$

53,634,913,899‌

(b)

  Repurchase

agreements,

at

cost

—

unaffiliated

.................

$

—‌

$

60,832,236,250‌

$

5,017,000,000‌

$

1,813,500,000‌

$

42,566,047,500‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2024

51

Financial

Statements

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................

$

5,890,039,793‌

$

124,639,511,102‌

$

14,740,315,197‌

$

4,828,169,220‌

$

91,057,956,974‌

Shares

outstanding

..................................

5,889,805,228‌

124,708,003,423‌

14,735,956,250‌

4,826,212,219‌

91,100,820,068‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

1.0003‌

$

1.0004‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

.........................................

$

34,984,435‌

$

6,952,460,945‌

$

—‌

$

27,463,295‌

$

4,307,204,234‌

Shares

outstanding

..................................

34,983,043‌

6,956,271,848‌

—‌

27,451,631‌

4,309,225,828‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Bancroft

Capital

Net

assets

.........................................

$

54,159‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

54,157‌

—‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cabrera

Capital

Markets

Net

assets

.........................................

$

54,159‌

$

—‌

$

—‌

$

806,796‌

$

—‌

Shares

outstanding

..................................

54,157‌

—‌

—‌

806,440‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

1.0004‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

Unlimited

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

.........................................

$

—‌

$

126,447,012‌

$

—‌

$

243,943,202‌

$

219,109,987‌

Shares

outstanding

..................................

—‌

126,516,351‌

—‌

243,832,792‌

219,212,851‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

.........................................

$

8,659,380‌

$

641,817,453‌

$

—‌

$

490,984,196‌

$

779,987,209‌

Shares

outstanding

..................................

8,659,035‌

642,169,526‌

—‌

490,780,592‌

780,353,664‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0004‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

.........................................

$

—‌

$

3,844,590,076‌

$

—‌

$

13,630,238‌

$

71,070,536‌

Shares

outstanding

..................................

—‌

3,846,704,245‌

—‌

13,623,954‌

71,104,004‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

.........................................

$

7,728,141‌

$

3,876,726,360‌

$

18,826,574‌

$

89,551,890‌

$

946,556,487‌

Shares

outstanding

..................................

7,727,833‌

3,878,855,500‌

18,819,421‌

89,514,655‌

947,001,673‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

1.0004‌

$

1.0004‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Great

Pacific

Net

assets

.........................................

$

54,140‌

$

—‌

$

565,896,918‌

$

—‌

$

—‌

Shares

outstanding

..................................

54,138‌

—‌

565,773,004‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

1.0002‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

Unlimited

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2024

2024

BlackRock

Semi-Annual

Report

to

Shareholders

52

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Mischler

Financial

Group

Net

assets

.........................................

$

14,053,314‌

$

1,730,272,723‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

14,052,754‌

1,731,219,487‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Penserra

Net

assets

.........................................

$

804,186‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

804,154‌

—‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Premier

Net

assets

.........................................

$

—‌

$

3,720,199,129‌

$

36,490‌

$

—‌

$

1,491,604,147‌

Shares

outstanding

..................................

—‌

3,722,243,110‌

36,478‌

—‌

1,492,302,234‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

1.0003‌

$

—‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

Unlimited

—

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Private

Client

Net

assets

.........................................

$

—‌

$

248,028‌

$

—‌

$

349,201‌

$

—‌

Shares

outstanding

..................................

—‌

248,164‌

—‌

349,046‌

—‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0004‌

$

—‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

.........................................

$

—‌

$

337,100,911‌

$

—‌

$

—‌

$

19,123,869‌

Shares

outstanding

..................................

—‌

337,285,642‌

—‌

—‌

19,132,866‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

—

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Stern

Brothers

Net

assets

.........................................

$

54,904‌

$

9,920,245‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

54,902‌

9,925,686‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Tigress

Net

assets

.........................................

$

25,244,160‌

$

88,813,444‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

25,243,152‌

88,862,043‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

WestCap

Net

assets

.........................................

$

—‌

$

103,593,106‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

—‌

103,649,834‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

—

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2024

53

Financial

Statements

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

ASSETS

Investments,

at

value

—

unaffiliated

(a)

.........................................................................

$

112,415,503,068‌

$

3,620,296,000‌

Cash

..............................................................................................

7,941,074,762‌

—‌

Receivables:

–‌

–‌

Capital

shares

sold

....................................................................................

3,327,673‌

13,020,026‌

Interest

—

unaffiliated

..................................................................................

4,460,392‌

16,666,493‌

Prepaid

e

xpenses

......................................................................................

14,904,802‌

391,576‌

Total

a

ssets

..........................................................................................

120,379,270,697‌

3,650,374,095‌

LIABILITIES

Bank

overdraft

.........................................................................................

—‌

4,907‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

7,966,804,779‌

1,665,000‌

Capital

shares

redeemed

................................................................................

801,357‌

1,422,506‌

Custodian

fees

.......................................................................................

360,393‌

18,296‌

Income

dividend

distributions

.............................................................................

349,736,884‌

4,672,003‌

Management

fees

.....................................................................................

15,220,495‌

542,002‌

Trustees'

and

Officer's

fees

..............................................................................

45,126‌

2,656‌

Professional

fees

.....................................................................................

50,351‌

26,845‌

Registration

fees

.....................................................................................

4,339,577‌

41,064‌

Service

and

distribution

fees

..............................................................................

15,012,294‌

19,854‌

Transfer

agent

fees

...................................................................................

193,087‌

14,463‌

Other

accrued

expenses

................................................................................

1,443,542‌

22,768‌

Total

li

abilities

.........................................................................................

8,354,007,885‌

8,452,364‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

112,025,262,812‌

$

3,641,921,731‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

112,012,754,518‌

$

3,641,807,802‌

Accumulated

earnings

...................................................................................

12,508,294‌

113,929‌

NET

ASSETS

.........................................................................................

$

112,025,262,812‌

$

3,641,921,731‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

112,415,503,068‌

$

3,620,296,000‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2024

2024

BlackRock

Semi-Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

107,933,990,248‌

$

3,639,607,840‌

Shares

outstanding

..................................................................................

107,921,938,502‌

3,639,288,668‌

Net

asset

value

.....................................................................................

$

1.00‌

$

1.0001‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

—‌

$

—‌

Administration

Net

assets

.........................................................................................

$

511,598,280‌

$

—‌

Shares

outstanding

..................................................................................

511,541,237‌

—‌

Net

asset

value

.....................................................................................

$

1.00‌

$

—‌

Shares

authorized

...................................................................................

Unlimited

—

Par

value

.........................................................................................

$

—‌

$

—‌

Capital

Net

assets

.........................................................................................

$

638,624,699‌

$

—‌

Shares

outstanding

..................................................................................

638,553,606‌

—‌

Net

asset

value

.....................................................................................

$

1.00‌

$

—‌

Shares

authorized

...................................................................................

Unlimited

—

Par

value

.........................................................................................

$

—‌

$

—‌

Cash

Management

Net

assets

.........................................................................................

$

9,188,158‌

$

—‌

Shares

outstanding

..................................................................................

9,187,135‌

—‌

Net

asset

value

.....................................................................................

$

1.00‌

$

—‌

Shares

authorized

...................................................................................

Unlimited

—

Par

value

.........................................................................................

$

—‌

$

—‌

Cash

Reserve

Net

assets

.........................................................................................

$

137,466,648‌

$

—‌

Shares

outstanding

..................................................................................

137,451,248‌

—‌

Net

asset

value

.....................................................................................

$

1.00‌

$

—‌

Shares

authorized

...................................................................................

Unlimited

—

Par

value

.........................................................................................

$

—‌

$

—‌

Dollar

Net

assets

.........................................................................................

$

2,525,580,010‌

$

2,313,891‌

Shares

outstanding

..................................................................................

2,525,298,007‌

2,313,816‌

Net

asset

value

.....................................................................................

$

1.00‌

$

1.0000‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

—‌

$

—‌

Select

Net

assets

.........................................................................................

$

268,814,769‌

$

—‌

Shares

outstanding

..................................................................................

268,784,783‌

—‌

Net

asset

value

.....................................................................................

$

1.00‌

$

—‌

Shares

authorized

...................................................................................

Unlimited

—

Par

value

.........................................................................................

$

—‌

$

—‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

April

30,

2024

55

Financial

Statements

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

159,580,931‌

$

3,965,512,561‌

$

397,675,726‌

$

150,791,261‌

$

2,760,967,877‌

Total

investment

income

....................................

159,580,931‌

3,965,512,561‌

397,675,726‌

150,791,261‌

2,760,967,877‌

EXPENSES

Management

..........................................

6,094,747‌

133,577,247‌

14,880,270‌

6,852,654‌

93,251,807‌

Registration

..........................................

139,626‌

582,386‌

161,337‌

77,480‌

211,878‌

Service

and

distribution

—

class

specific

.......................

53,866‌

20,216,729‌

4,052‌

1,445,920‌

6,004,234‌

Professional

..........................................

42,852‌

263,318‌

56,088‌

44,102‌

178,016‌

Transfer

agent

.........................................

41,715‌

649,896‌

82,794‌

175,810‌

215,557‌

Custodian

............................................

37,614‌

275,057‌

64,718‌

44,649‌

107,436‌

Printing

and

postage

....................................

33,284‌

30,859‌

18,308‌

21,035‌

24,220‌

Trustees

and

Officer

.....................................

22,151‌

157,342‌

52,910‌

19,642‌

146,321‌

Miscellaneous

.........................................

47,744‌

388,793‌

65,142‌

50,868‌

317,273‌

Total

expenses

..........................................

6,513,599‌

156,141,627‌

15,385,619‌

8,732,160‌

100,456,742‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(

1,429,495‌

)

(

10,918,707‌

)

(

2,537,584‌

)

(

2,415,166‌

)

(

7,377,417‌

)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

—‌

(

34,609‌

)

—‌

(

953‌

)

(

3,046‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

.................

5,084,104‌

145,188,311‌

12,848,035‌

6,316,041‌

93,076,279‌

Net

investment

income

.....................................

154,496,827‌

3,820,324,250‌

384,827,691‌

144,475,220‌

2,667,891,598‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

367,436‌

$

3,651,590‌

$

(

1,678,554‌

)

$

(

563,462‌

)

$

2,938,369‌

Net

realized

gain

from

investments

..........................

367,436‌

3,651,590‌

6,092‌

15,893‌

2,938,369‌

Net

change

in

unrealized

depreciation

on

investments

..............

—‌

—‌

(

1,684,646‌

)

(

579,355‌

)

—‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

154,864,263‌

$

3,823,975,840‌

$

383,149,137‌

$

143,911,758‌

$

2,670,829,967‌

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

April

30,

2024

2024

BlackRock

Semi-Annual

Report

to

Shareholders

56

Treasury

Trust

Fund

MuniCash

INVESTMENT

INCOME

–

–

Interest

—

unaffiliated

..................................................................................

$

2,914,206,836‌

$

51,701,538‌

Total

investment

income

..................................................................................

2,914,206,836‌

51,701,538‌

EXPENSES

Management

........................................................................................

98,255,257‌

4,584,262‌

Service

and

distribution

—

class

specific

.....................................................................

4,498,387‌

2,281‌

Custodian

..........................................................................................

520,120‌

10,841‌

Transfer

agent

.......................................................................................

423,365‌

11,666‌

Registration

........................................................................................

312,038‌

85,270‌

Professional

........................................................................................

194,362‌

38,132‌

Trustees

and

Officer

...................................................................................

149,270‌

16,521‌

Printing

and

postage

..................................................................................

21,507‌

10,374‌

Miscellaneous

.......................................................................................

237,501‌

21,013‌

Total

expenses

excluding

interest

expense

......................................................................

104,611,807‌

4,780,360‌

Interest

expense

.....................................................................................

—‌

10,217‌

Total

expenses

........................................................................................

104,611,807‌

4,790,577‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(

8,387,867‌

)

(

1,659,219‌

)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

................................................

(

23,820‌

)

—‌

Total

ex

penses

after

fees

waived

and/or

reimbursed

...............................................................

96,200,120‌

3,131,358‌

Net

investment

income

...................................................................................

2,818,006,716‌

48,570,180‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

3,434,716‌

$

275,972‌

Net

realized

gain

from

investments

........................................................................

3,434,716‌

113,931‌

Net

change

in

unrealized

appreciation

on

investments

............................................................

—‌

162,042‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

2,821,441,432‌

$

48,846,153‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

57

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

154,496,827‌

$

224,871,365‌

$

3,820,324,250‌

$

6,447,505,093‌

Net

realized

gain

(loss)

............................................

367,436‌

647,809‌

3,651,590‌

(

45,185,505‌

)

Net

increase

in

net

assets

resulting

from

operations

...........................

154,864,263‌

225,519,174‌

3,823,975,840‌

6,402,319,588‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

...................................................

(

152,168,507‌

)

(

221,257,571‌

)

(

3,245,456,238‌

)

(

5,350,110,036‌

)

Administration

.................................................

(

724,226‌

)

(

1,258,380‌

)

(

207,370,036‌

)

(

548,004,687‌

)

Bancroft

Capital

................................................

(

1,385‌

)

(

2,348‌

)

—‌

—‌

Cabrera

Capital

Markets

..........................................

(

1,385‌

)

(

2,348‌

)

—‌

—‌

Capital

......................................................

—‌

—‌

(

1,616,620‌

)

(

151,947‌

)

Cash

Management

..............................................

(

210,965‌

)

(

452,379‌

)

(

15,276,915‌

)

(

26,770,197‌

)

Cash

Reserve

.................................................

—‌

—‌

(

97,515,775‌

)

(

190,618,421‌

)

Dollar

.......................................................

(

347,617‌

)

(

497,569‌

)

(

99,651,526‌

)

(

162,022,146‌

)

Great

Pacific

..................................................

(

1,384‌

)

(

2,347‌

)

—‌

—‌

Mischler

Financial

Group

..........................................

(

323,938‌

)

(

411,410‌

)

(

54,715,124‌

)

(

78,385,377‌

)

Penserra

.....................................................

(

20,859‌

)

(

29,442‌

)

—‌

—‌

Premier

......................................................

—‌

—‌

(

85,158,363‌

)

(

72,073,104‌

)

Private

Client

..................................................

—‌

—‌

(

5,850‌

)

(

10,459‌

)

Select

.......................................................

—‌

—‌

(

7,514,340‌

)

(

15,135,753‌

)

Stern

Brothers

.................................................

(

1,404‌

)

(

3,206‌

)

(

199,062‌

)

(

26,326‌

)

Tigress

......................................................

(

699,154‌

)

(

954,365‌

)

(

3,654,247‌

)

(

752,039‌

)

WestCap

.....................................................

—‌

—‌

(

2,755,969‌

)

(

3,150,528‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(154,500,824‌)

(224,871,365‌)

(3,820,890,065‌)

(6,447,211,020‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(67,628,446‌)

867,613,922‌

1,627,368,502‌

(1,818,848,960‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

67,265,007‌

)

868,261,731‌

1,630,454,277‌

(

1,863,740,392‌

)

Beginning

of

period

................................................

6,048,995,778‌

5,180,734,047‌

144,441,246,257‌

146,304,986,649‌

End

of

period

....................................................

$

5,981,730,771‌

$

6,048,995,778‌

$

146,071,700,534‌

$

144,441,246,257‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

TempCash

TempFund

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

384,827,691‌

$

590,601,806‌

$

144,475,220‌

$

291,420,205‌

Net

realized

gain

(loss)

............................................

6,092‌

60,470‌

15,893‌

(

79,431‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

1,684,646‌

)

4,142,335‌

(

579,355‌

)

4,215,125‌

Net

increase

in

net

assets

resulting

from

operations

...........................

383,149,137‌

594,804,611‌

143,911,758‌

295,555,899‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

...................................................

(

373,114,183‌

)

(

570,810,672‌

)

(

123,010,894‌

)

(

255,677,073‌

)

Administration

.................................................

—‌

—‌

(

761,637‌

)

(

1,408,620‌

)

Cabrera

Capital

Markets

..........................................

—‌

—‌

(

6,597‌

)

(

7,399‌

)

Capital

......................................................

—‌

—‌

(

5,902,014‌

)

(

6,611,763‌

)

Cash

Management

..............................................

—‌

—‌

(

12,125,808‌

)

(

22,540,001‌

)

Cash

Reserve

.................................................

—‌

—‌

(

306,802‌

)

(

707,240‌

)

Dollar

.......................................................

(

152,450‌

)

(

846‌

)

(

2,348,108‌

)

(

4,433,374‌

)

Great

Pacific

..................................................

(

11,560,079‌

)

(

19,788,529‌

)

—‌

—‌

Premier

......................................................

(

979‌

)

(

1,759‌

)

—‌

—‌

Private

Client

..................................................

—‌

—‌

(

13,360‌

)

(

34,735‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(384,827,691‌)

(590,601,806‌)

(144,475,220‌)

(291,420,205‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

1,771,155,957‌

4,892,789,579‌

449,849,496‌

(2,099,339,623‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

1,769,477,403‌

4,896,992,384‌

449,286,034‌

(

2,095,203,929‌

)

Beginning

of

period

................................................

13,555,597,776‌

8,658,605,392‌

5,245,612,004‌

7,340,815,933‌

End

of

period

....................................................

$

15,325,075,179‌

$

13,555,597,776‌

$

5,694,898,038‌

$

5,245,612,004‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

59

Financial

Statements

See

notes

to

financial

statements.

T-Fund

Treasury

Trust

Fund

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

2,667,891,598‌

$

4,410,418,831‌

$

2,818,006,716‌

$

4,638,364,343‌

Net

realized

gain

(loss)

............................................

2,938,369‌

(

29,108,642‌

)

3,434,716‌

18,563,686‌

Net

increase

in

net

assets

resulting

from

operations

...........................

2,670,829,967‌

4,381,310,189‌

2,821,441,432‌

4,656,928,029‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

...................................................

(

2,463,967,675‌

)

(

3,937,571,942‌

)

(

2,727,656,817‌

)

(

4,529,645,292‌

)

Administration

.................................................

(

108,227,316‌

)

(

320,493,272‌

)

(

12,639,781‌

)

(

19,482,279‌

)

Capital

......................................................

(

5,456,775‌

)

(

6,007,199‌

)

(

14,812,316‌

)

(

11,772,075‌

)

Cash

Management

..............................................

(

18,730,782‌

)

(

31,999,834‌

)

(

178,041‌

)

(

490,313‌

)

Cash

Reserve

.................................................

(

1,507,440‌

)

(

3,501,185‌

)

(

4,269,174‌

)

(

3,925,185‌

)

Dollar

.......................................................

(

31,923,155‌

)

(

67,441,132‌

)

(

56,858,614‌

)

(

70,921,213‌

)

Premier

......................................................

(

38,040,947‌

)

(

40,693,855‌

)

—‌

—‌

Select

.......................................................

(

670,769‌

)

(

2,416,296‌

)

(

5,254,142‌

)

(

7,370,992‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(2,668,524,859‌)

(4,410,124,715‌)

(2,821,668,885‌)

(4,643,607,349‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

3,281,508,283‌

(5,654,524,761‌)

11,193,139,070‌

(7,466,784,817‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

3,283,813,391‌

(

5,683,339,287‌

)

11,192,911,617‌

(

7,453,464,137‌

)

Beginning

of

period

................................................

95,608,800,052‌

101,292,139,339‌

100,832,351,195‌

108,285,815,332‌

End

of

period

....................................................

$

98,892,613,443‌

$

95,608,800,052‌

$

112,025,262,812‌

$

100,832,351,195‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

MuniCash

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

48,570,180‌

$

96,340,897‌

Net

realized

gain

..................................................................................

113,931‌

8,109‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

162,042‌

686,542‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

48,846,153‌

97,035,548‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

.....................................................................................

(

48,549,671‌

)

(

96,283,682‌

)

Dollar

.........................................................................................

(

28,436‌

)

(

57,215‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(48,578,107‌)

(96,340,897‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(900,775,376‌)

946,183,267‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(

900,507,330‌

)

946,877,918‌

Beginning

of

period

..................................................................................

4,542,429,061‌

3,595,551,143‌

End

of

period

......................................................................................

$

3,641,921,731‌

$

4,542,429,061‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0260

‌

0

.0456

‌

0

.0077

‌

0

.0000

(a)

0

.0051

‌

0

.0214

‌

Net

realized

and

unrealized

gain

...............

0

.0000

(a)

0

.0000

(a)

0

.0007

(b)

0

.0001

‌

0

.0014

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0260

‌

0.0456

‌

0.0084

‌

0.0001

‌

0.0065

‌

0.0214

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0260

)

(

0

.0456

)

(

0

.0084

)

(

0

.0000

)

(d)

(

0

.0064

)

(

0

.0214

)

From

net

realized

gain

......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0260

)

(0.0456

)

(0.0084

)

(0.0001

)

(0.0065

)

(0.0214

)

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

.....................

2.62

%

(f)

4.66

%

0.85

%

0.02

%

0.65

%

2.16

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.22

%

(g)

0.23

%

0.22

%

0.23

%

0.23

%

0.25

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.17

%

(g)

0.17

%

0.13

%

0.09

%

0.17

%

0.17

%

Net

investment

income

......................

5.22

%

(g)

4.56

%

0.77

%

0.00

%

(h)

0.51

%

2.14

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

5,890,040

‌

$

5,944,451

‌

$

5,117,999

‌

$

4,912,973

‌

$

4,488,126

‌

$

3,442,530

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

62

BlackRock

Liquid

Federal

Trust

Fund

Administration

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0255

‌

0

.0452

‌

0

.0043

‌

0

.0000

(a)

0

.0051

‌

0

.0204

‌

Net

realized

and

unrealized

gain

(loss)

...........

0

.0000

(a)

(

0

.0006

)

(b)

0

.0035

(b)

0

.0001

‌

0

.0006

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0255

‌

0.0446

‌

0.0078

‌

0.0001

‌

0.0057

‌

0.0204

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0255

)

(

0

.0446

)

(

0

.0078

)

(

0

.0000

)

(d)

(

0

.0056

)

(

0

.0204

)

From

net

realized

gain

......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0255

)

(0.0446

)

(0.0078

)

(0.0001

)

(0.0057

)

(0.0204

)

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

.....................

2.57

%

(f)

4.55

%

0.78

%

0.02

%

0.57

%

2.06

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.32

%

(g)

0.33

%

0.32

%

0.33

%

0.33

%

0.35

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.27

%

(g)

0.27

%

0.15

%

0.08

%

0.24

%

0.27

%

Net

investment

income

......................

5.12

%

(g)

4.52

%

0.43

%

0.00

%

(h)

0.51

%

2.05

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

34,984

‌

$

31,594

‌

$

24,112

‌

$

87,091

‌

$

78,219

‌

$

80,271

‌

(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)

63

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Bancroft

Capital

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0457

‌

0

.0084

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0001

)

(c)

(

0

.0000

)

(d)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0084

‌

Distributions

(e)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0084

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

.................................................................

2.62

%

(g)

4.66

%

0.85

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(h)

0.23

%

0.22

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(h)

0.17

%

0.13

%

(h)

Net

investment

income

..................................................................

5.22

%

(h)

4.57

%

0.85

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

54

‌

$

53

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

64

BlackRock

Liquid

Federal

Trust

Fund

Cabrera

Capital

Markets

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0457

‌

0

.0084

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0001

)

(c)

(

0

.0000

)

(d)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0084

‌

Distributions

(e)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0084

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

.................................................................

2.62

%

(g)

4.66

%

0.85

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(h)

0.23

%

0.22

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(h)

0.17

%

0.13

%

(h)

Net

investment

income

..................................................................

5.22

%

(h)

4.57

%

0.85

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

54

‌

$

53

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

65

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0235

‌

0

.0399

‌

0

.0051

‌

0

.0000

(a)

0

.0022

‌

0

.0164

‌

Net

realized

and

unrealized

gain

...............

0

.0000

(a)

0

.0007

‌

0

.0006

(b)

0

.0001

‌

0

.0016

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0235

‌

0.0406

‌

0.0057

‌

0.0001

‌

0.0038

‌

0.0164

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0235

)

(

0

.0406

)

(

0

.0057

)

(

0

.0000

)

(d)

(

0

.0037

)

(

0

.0164

)

From

net

realized

gain

......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0235

)

(0.0406

)

(0.0057

)

(0.0001

)

(0.0038

)

(0.0164

)

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

.....................

2.37

%

(f)

4.14

%

0.57

%

0.02

%

0.38

%

1.65

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.72

%

(g)

0.73

%

0.72

%

0.73

%

0.73

%

0.75

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.67

%

(g)

0.67

%

0.39

%

0.08

%

0.36

%

0.67

%

Net

investment

income

......................

4.72

%

(g)

3.99

%

0.51

%

0.00

%

(h)

0.22

%

1.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

8,659

‌

$

9,810

‌

$

14,435

‌

$

10,191

‌

$

10,809

‌

$

11,839

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

66

BlackRock

Liquid

Federal

Trust

Fund

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

...........

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

....................

0

.0248

‌

0

.0446

‌

0

.0084

‌

0

.0000

(a)

0

.0032

‌

0

.0189

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.0001

)

(b)

(

0

.0015

)

(b)

(

0

.0015

)

0

.0001

‌

0

.0018

‌

0

.0000

(a)

Net

increase

from

investment

operations

..........

0.0247

‌

0.0431

‌

0.0069

‌

0.0001

‌

0.0050

‌

0.0189

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.0247

)

(

0

.0431

)

(

0

.0069

)

(

0

.0000

)

(d)

(

0

.0049

)

(

0

.0189

)

From

net

realized

gain

.....................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

..........................

(0.0247

)

(0.0431

)

(0.0069

)

(0.0001

)

(0.0050

)

(0.0189

)

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

....................

2.50

%

(f)

4.40

%

0.70

%

0.02

%

0.49

%

1.91

%

Ratios

to

Average

Net

Assets

Total

expen

ses

...........................

0.47

%

(g)

0.48

%

0.47

%

0.48

%

0.48

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.42

%

(g)

0.42

%

0.29

%

0.09

%

0.29

%

0.42

%

Net

investment

income

.....................

4.98

%

(g)

4.46

%

0.84

%

0.00

%

(h)

0.32

%

1.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

7,728

‌

$

23,416

‌

$

15,765

‌

$

10,977

‌

$

30,848

‌

$

11,152

‌

(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

Great

Pacific

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

05/02/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0457

‌

0

.0081

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0001

)

(c)

(

0

.0000

)

(d)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0081

‌

Distributions

(e)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0081

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0081

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

.................................................................

2.62

%

(g)

4.66

%

0.81

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(h)

0.23

%

0.22

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(h)

0.17

%

0.17

%

(h)

Net

investment

income

..................................................................

5.22

%

(h)

4.57

%

1.62

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

54

‌

$

53

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

68

BlackRock

Liquid

Federal

Trust

Fund

Mischler

Financial

Group

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0259

‌

0

.0482

‌

0

.0089

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0001

‌

(

0

.0026

)

(b)

(

0

.0005

)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0084

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0084

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.................................................................

2.62

%

(f)

4.66

%

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(g)

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(g)

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................

5.22

%

(g)

4.82

%

0.89

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

14,053

‌

$

10,519

‌

$

5,120

‌

(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)

69

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Penserra

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

01/21/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0484

‌

0

.0084

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0028

)

(c)

(

0

.0000

)

(d)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0084

‌

Distributions

(e)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0084

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

.................................................................

2.62

%

(g)

4.66

%

0.84

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(h)

0.23

%

0.22

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(h)

0.17

%

0.15

%

(h)

Net

investment

income

..................................................................

5.22

%

(h)

4.84

%

1.08

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

804

‌

$

803

‌

$

50

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

70

BlackRock

Liquid

Federal

Trust

Fund

Stern

Brothers

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0443

‌

0

.0058

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

0

.0013

‌

(

0

.0000

)

(c)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0058

‌

Distributions

(d)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0058

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(c)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0058

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.................................................................

2.62

%

(f)

4.66

%

0.58

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(g)

0.23

%

0.23

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(g)

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................

5.22

%

(g)

4.43

%

2.31

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

55

‌

$

53

‌

$

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)

71

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Tigress

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0488

‌

0

.0026

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0032

)

(c)

(

0

.0004

)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0456

‌

0.0022

‌

Distributions

(d)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0456

)

(

0

.0022

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(e)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0456

)

(0.0022

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

.................................................................

2.62

%

(g)

4.66

%

0.22

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.22

%

(h)

0.23

%

0.25

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(h)

0.17

%

0.17

%

(h)

Net

investment

income

..................................................................

5.22

%

(h)

4.88

%

2.91

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

25,244

‌

$

28,193

‌

$

3,051

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Amount

is

greater

than

$(0.00005)

per

share.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

72

FedFund

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0260

‌

0

.0468

‌

0

.0084

‌

0

.0002

‌

0

.0054

‌

0

.0217

‌

Net

realized

and

unrealized

gain

(loss)

............

0

.0000

(a)

(

0

.0005

)

0

.0006

(b)

0

.0001

‌

0

.0010

‌

0

.0001

‌

Net

increase

from

investment

operations

............

0.0260

‌

0.0463

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0218

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0260

)

(

0

.0463

)

(

0

.0090

)

(

0

.0002

)

(

0

.0063

)

(

0

.0218

)

From

net

realized

gain

.......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0260

)

(0.0463

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0218

)

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

......................

2.63

%

(f)

4.73

%

0.90

%

0.03

%

0.64

%

2.20

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.18

%

(g)

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.17

%

(g)

0.17

%

0.13

%

0.08

%

0.17

%

0.17

%

Net

investment

income

.......................

5.22

%

(g)

4.68

%

0.84

%

0.02

%

0.54

%

2.17

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

124,639,511

‌

$

122,363,197

‌

$

111,196,831

‌

$

127,458,227

‌

$

141,084,816

‌

$

93,106,503

‌

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

73

Financial

Highlights

FedFund

Administration

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0255

‌

0

.0431

‌

0

.0116

‌

0

.0002

‌

0

.0054

‌

0

.0207

‌

Net

realized

and

unrealized

gain

(loss)

............

0

.0000

(a)

0

.0022

(b)

(

0

.0032

)

0

.0001

‌

0

.0002

‌

0

.0001

‌

Net

increase

from

investment

operations

............

0.0255

‌

0.0453

‌

0.0084

‌

0.0003

‌

0.0056

‌

0.0208

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0255

)

(

0

.0453

)

(

0

.0084

)

(

0

.0002

)

(

0

.0055

)

(

0

.0208

)

From

net

realized

gain

.......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0255

)

(0.0453

)

(0.0084

)

(0.0003

)

(0.0056

)

(0.0208

)

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

......................

2.58

%

(f)

4.63

%

0.84

%

0.03

%

0.56

%

2.10

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.28

%

(g)

0.29

%

0.29

%

0.29

%

0.29

%

0.29

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.27

%

(g)

0.27

%

0.25

%

0.08

%

0.24

%

0.27

%

Net

investment

income

.......................

5.13

%

(g)

4.31

%

1.16

%

0.02

%

0.54

%

2.07

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

6,952,461

‌

$

7,965,006

‌

$

22,812,396

‌

$

3,021,092

‌

$

2,977,997

‌

$

2,870,758

‌

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

74

FedFund

Capital

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0257

‌

0

.0448

‌

0

.0003

‌

0

.0002

‌

0

.0051

‌

0

.0213

‌

Net

realized

and

unrealized

gain

................

0

.0001

‌

0

.0012

(a)

0

.0085

(a)

0

.0001

‌

0

.0009

‌

0

.0001

‌

Net

increase

from

investment

operations

............

0.0258

‌

0.0460

‌

0.0088

‌

0.0003

‌

0.0060

‌

0.0214

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0258

)

(

0

.0460

)

(

0

.0088

)

(

0

.0002

)

(

0

.0059

)

(

0

.0214

)

From

net

realized

gain

.......................

(

0

.0000

)

(c)

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0258

)

(0.0460

)

(0.0088

)

(0.0003

)

(0.0060

)

(0.0214

)

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

......................

2.61

%

(e)

4.70

%

0.88

%

0.03

%

0.60

%

2.16

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.23

%

(f)

0.24

%

0.24

%

0.24

%

0.24

%

0.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.22

%

(f)

0.21

%

0.07

%

0.07

%

0.21

%

0.21

%

Net

investment

income

.......................

5.16

%

(f)

4.48

%

0.03

%

0.02

%

0.51

%

2.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

126,447

‌

$

2,588

‌

$

1,252

‌

$

25,722,827

‌

$

11,247,218

‌

$

8,078,893

‌

(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)

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)

75

Financial

Highlights

FedFund

Cash

Management

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0235

‌

0

.0412

‌

0

.0062

‌

0

.0002

‌

0

.0035

‌

0

.0165

‌

Net

realized

and

unrealized

gain

(loss)

............

0

.0000

(a)

0

.0001

(b)

(

0

.0000

)

(c)

0

.0001

‌

0

.0003

‌

0

.0003

‌

Net

increase

from

investment

operations

............

0.0235

‌

0.0413

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0168

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0235

)

(

0

.0413

)

(

0

.0062

)

(

0

.0002

)

(

0

.0037

)

(

0

.0168

)

From

net

realized

gain

.......................

(

0

.0000

)

(c)

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0235

)

(0.0413

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0168

)

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

......................

2.37

%

(f)

4.21

%

0.62

%

0.03

%

0.38

%

1.69

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.68

%

(g)

0.69

%

0.69

%

0.69

%

0.69

%

0.69

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.67

%

(g)

0.67

%

0.42

%

0.08

%

0.42

%

0.67

%

Net

investment

income

.......................

4.73

%

(g)

4.12

%

0.62

%

0.02

%

0.35

%

1.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

641,817

‌

$

718,126

‌

$

695,591

‌

$

590,584

‌

$

440,893

‌

$

377,591

‌

(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)

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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

76

FedFund

Cash

Reserve

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0240

‌

0

.0418

‌

0

.0063

‌

0

.0002

‌

0

.0040

‌

0

.0178

‌

Net

realized

and

unrealized

gain

................

0

.0000

(a)

0

.0005

(b)

0

.0004

(b)

0

.0001

‌

0

.0002

‌

0

.0000

(a)

Net

increase

from

investment

operations

............

0.0240

‌

0.0423

‌

0.0067

‌

0.0003

‌

0.0042

‌

0.0178

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0240

)

(

0

.0423

)

(

0

.0067

)

(

0

.0002

)

(

0

.0041

)

(

0

.0178

)

From

net

realized

gain

.......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0240

)

(0.0423

)

(0.0067

)

(0.0003

)

(0.0042

)

(0.0178

)

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

......................

2.42

%

(f)

4.32

%

0.67

%

0.03

%

0.42

%

1.79

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.58

%

(g)

0.59

%

0.59

%

0.59

%

0.59

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.57

%

(g)

0.57

%

0.35

%

0.08

%

0.39

%

0.57

%

Net

investment

income

.......................

4.83

%

(g)

4.18

%

0.63

%

0.02

%

0.40

%

1.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

3,844,590

‌

$

4,048,351

‌

$

5,181,757

‌

$

5,518,536

‌

$

5,079,903

‌

$

4,907,193

‌

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

FedFund

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0247

‌

0

.0439

‌

0

.0080

‌

0

.0002

‌

0

.0039

‌

0

.0195

‌

Net

realized

and

unrealized

gain

(loss)

...........

0

.0000

(a)

(

0

.0001

)

(

0

.0005

)

0

.0001

‌

0

.0009

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0247

‌

0.0438

‌

0.0075

‌

0.0003

‌

0.0048

‌

0.0195

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0247

)

(

0

.0438

)

(

0

.0075

)

(

0

.0002

)

(

0

.0047

)

(

0

.0195

)

From

net

realized

gain

......................

(

0

.0000

)

(c)

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0247

)

(0.0438

)

(0.0075

)

(0.0003

)

(0.0048

)

(0.0195

)

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

.....................

2.50

%

(e)

4.47

%

0.75

%

0.03

%

0.48

%

1.97

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.43

%

(f)

0.44

%

0.44

%

0.44

%

0.44

%

0.44

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.42

%

(f)

0.42

%

0.29

%

0.08

%

0.31

%

0.42

%

Net

investment

income

......................

4.98

%

(f)

4.39

%

0.80

%

0.02

%

0.39

%

1.95

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

3,876,726

‌

$

3,987,319

‌

$

3,653,256

‌

$

2,863,692

‌

$

2,991,892

‌

$

2,307,110

‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

78

FedFund

Mischler

Financial

Group

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

..................................................

0

.0260

‌

0

.0489

‌

0

.0081

‌

0

.0001

‌

Net

realized

and

unrealized

gain

(loss)

........................................

0

.0000

(b)

(

0

.0026

)

0

.0009

(c)

0

.0001

‌

Net

increase

from

investment

operations

........................................

0.0260

‌

0.0463

‌

0.0090

‌

0.0002

‌

Distributions

(d)

–

–

–

–

From

net

investment

income

..............................................

(

0

.0260

)

(

0

.0463

)

(

0

.0090

)

(

0

.0001

)

From

net

realized

gain

...................................................

(

0

.0000

)

(e)

—

‌

(

0

.0000

)

(e)

(

0

.0001

)

Total

distributions

........................................................

(0.0260

)

(0.0463

)

(0.0090

)

(0.0002

)

Net

asset

value,

end

of

period

..............................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

..................................................

2.63

%

(g)

4.73

%

0.90

%

0.02

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

.........................................................

0.18

%

(h)

0.19

%

0.19

%

0.19

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

0.17

%

(h)

0.17

%

0.13

%

0.05

%

(h)

Net

investment

income

...................................................

5.22

%

(h)

4.89

%

0.81

%

0.03

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................

$

1,730,273

‌

$

2,018,045

‌

$

673,842

‌

$

1,636,430

‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Amount

is

greater

than

$(0.00005)

per

share.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

FedFund

Premier

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

....................

0

.0260

‌

0

.0466

‌

0

.0208

‌

0

.0002

‌

0

.0062

‌

0

.0051

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.0000

)

(b)

(

0

.0003

)

(

0

.0118

)

0

.0001

‌

0

.0002

‌

0

.0000

(c)

Net

increase

from

investment

operations

..........

0.0260

‌

0.0463

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0051

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.0260

)

(

0

.0463

)

(

0

.0090

)

(

0

.0002

)

(

0

.0063

)

(

0

.0051

)

From

net

realized

gain

.....................

(

0

.0000

)

(b)

—

‌

(

0

.0000

)

(b)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

..........................

(0.0260

)

(0.0463

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0051

)

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

....................

2.63

%

(f)

4.73

%

0.90

%

0.03

%

0.64

%

0.51

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

...........................

0.18

%

(g)

0.19

%

0.18

%

0.19

%

0.19

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.17

%

(g)

0.17

%

0.17

%

0.06

%

0.17

%

0.17

%

(g)

Net

investment

income

.....................

5.22

%

(g)

4.66

%

2.09

%

0.02

%

0.62

%

1.95

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

3,720,199

‌

$

2,879,645

‌

$

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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

80

FedFund

Private

Client

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0234

‌

0

.0412

‌

0

.0061

‌

0

.0002

‌

0

.0036

‌

0

.0166

‌

Net

realized

and

unrealized

gain

(loss)

...........

0

.0001

‌

(

0

.0000

)

(a)

0

.0001

(b)

0

.0001

‌

0

.0002

‌

0

.0001

‌

Net

increase

from

investment

operations

...........

0.0235

‌

0.0412

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0167

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0235

)

(

0

.0412

)

(

0

.0062

)

(

0

.0002

)

(

0

.0037

)

(

0

.0167

)

From

net

realized

gain

......................

(

0

.0000

)

(a)

—

‌

(

0

.0000

)

(a)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0235

)

(0.0412

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0167

)

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

.....................

2.37

%

(e)

4.20

%

0.62

%

0.03

%

0.38

%

1.68

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

1.03

%

(f)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.68

%

(f)

0.68

%

0.42

%

0.08

%

0.43

%

0.68

%

Net

investment

income

......................

4.72

%

(f)

4.12

%

0.61

%

0.02

%

0.36

%

1.66

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

248

‌

$

250

‌

$

253

‌

$

252

‌

$

252

‌

$

230

‌

(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)

81

Financial

Highlights

FedFund

Select

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0218

‌

0

.0365

‌

0

.0042

‌

0

.0002

‌

0

.0021

‌

0

.0133

‌

Net

realized

and

unrealized

gain

................

0

.0001

‌

0

.0015

(a)

0

.0005

(a)

0

.0001

‌

0

.0004

‌

0

.0002

‌

Net

increase

from

investment

operations

............

0.0219

‌

0.0380

‌

0.0047

‌

0.0003

‌

0.0025

‌

0.0135

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0219

)

(

0

.0380

)

(

0

.0047

)

(

0

.0002

)

(

0

.0024

)

(

0

.0135

)

From

net

realized

gain

.......................

(

0

.0000

)

(c)

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0219

)

(0.0380

)

(0.0047

)

(0.0003

)

(0.0025

)

(0.0135

)

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

......................

2.21

%

(e)

3.87

%

0.47

%

0.03

%

0.26

%

1.36

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

1.03

%

(f)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

1.00

%

(f)

1.00

%

0.50

%

0.08

%

0.54

%

1.00

%

Net

investment

income

.......................

4.39

%

(f)

3.65

%

0.42

%

0.02

%

0.22

%

1.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

337,101

‌

$

325,700

‌

$

657,779

‌

$

727,352

‌

$

301,826

‌

$

256,241

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

82

FedFund

Stern

Brothers

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0513

‌

0

.0060

‌

Net

realized

and

unrealized

(loss)

..........................................................

(

0

.0000

)

(b)

(

0

.0050

)

(

0

.0000

)

(b)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0463

‌

0.0060

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0463

)

(

0

.0060

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(b)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0463

)

(0.0060

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

Based

on

net

asset

value

.................................................................

2.63

%

(e)

4.73

%

0.60

%

(e)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.18

%

(f)

0.18

%

0.18

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(f)

0.17

%

0.17

%

(f)

Net

investment

income

..................................................................

5.23

%

(f)

5.13

%

2.37

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

9,920

‌

$

27

‌

$

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

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

FedFund

Tigress

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0494

‌

0

.0025

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0031

)

(

0

.0002

)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0463

‌

0.0023

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0463

)

(

0

.0260

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(d)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0463

)

(0.0023

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.................................................................

2.63

%

(f)

4.73

%

0.23

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.18

%

(g)

0.18

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(g)

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................

5.22

%

(g)

4.97

%

2.87

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

88,813

‌

$

29,732

‌

$

2,050

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

84

FedFund

WestCap

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

08/12/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................

0

.0260

‌

0

.0501

‌

0

.0054

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

0

.0000

(b)

(

0

.0038

)

(

0

.0000

)

(c)

Net

increase

from

investment

operations

.......................................................

0.0260

‌

0.0463

‌

0.0054

‌

Distributions

(d)

–

–

–

From

net

investment

income

.............................................................

(

0

.0260

)

(

0

.0463

)

(

0

.0054

)

From

net

realized

gain

..................................................................

(

0

.0000

)

(c)

—

‌

—

‌

Total

distributions

.......................................................................

(0.0260

)

(0.0463

)

(0.0054

)

Net

asset

value,

end

of

period

.............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.................................................................

2.63

%

(f)

4.73

%

0.54

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.18

%

(g)

0.18

%

0.18

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.17

%

(g)

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................

5.23

%

(g)

5.01

%

2.42

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

103,593

‌

$

103,261

‌

$

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

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

TempCash

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

.....................

0

.0268

‌

0

.0488

‌

0

.0119

‌

0

.0005

‌

0

.0084

‌

0

.0233

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.0001

)

(

0

.0002

)

(a)

(

0

.0026

)

(

0

.0003

)

0

.0004

‌

0

.0005

‌

Net

increase

from

investment

operations

...........

0.0267

‌

0.0486

‌

0.0093

‌

0.0002

‌

0.0088

‌

0.0238

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0268

)

(

0

.0482

)

(

0

.0099

)

(

0

.0005

)

(

0

.0085

)

(

0

.0235

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.0000

)

(c)

(

0

.0000

)

(c)

Total

distributions

...........................

(0.0268

)

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0235

)

Net

asset

value,

end

of

period

.................

$

1.0003

‌

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

2.70

%

(e)

4.97

%

0.94

%

0.02

%

0.88

%

2.41

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.22

%

(f)

0.22

%

0.26

%

0.24

%

0.23

%

0.26

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.18

%

(f)

0.18

%

0.17

%

0.17

%

0.18

%

0.18

%

Net

investment

income

......................

5.39

%

(f)

4.88

%

1.19

%

0.05

%

0.84

%

2.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

14,740,315

‌

$

13,151,148

‌

$

8,658,551

‌

$

5,786,777

‌

$

10,638,146

‌

$

10,035,653

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

86

TempCash

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

..........

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

...................

0

.0250

‌

0

.0459

‌

0

.0084

‌

(

0

.0000

)

(a)

0

.0062

‌

0

.1405

(b)

Net

realized

and

unrealized

gain

(loss)

.........

0

.0011

(c)

0

.0003

‌

(

0

.0006

)

(

0

.0001

)

0

.0004

‌

0

.0156

‌

Net

increase

(decrease)

from

investment

operations

.

0.0261

‌

0.0462

‌

0.0078

‌

(0.0001

)

0.0066

‌

0.1561

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0261

)

(

0

.0458

)

(

0

.0084

)

(

0

.0002

)

(

0

.0063

)

(

0

.1558

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

—

‌

(

0

.0000

)

(a)

(

0

.0000

)

(a)

Total

distributions

.........................

(0.0261

)

(0.0458

)

(0.0084

)

(0.0002

)

(0.0063

)

(0.1558

)

Net

asset

value,

end

of

period

...............

$

1.0004

‌

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

Total

Return

(e)

Based

on

net

asset

value

...................

2.64

%

(f)

4.72

%

0.78

%

(0.01

)%

0.66

%

15.90

%

(b)

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

0.35

%

(g)

0.47

%

0.51

%

0.50

%

0.47

%

0.51

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.32

%

(g)

0.42

%

0.33

%

0.20

%

0.40

%

0.43

%

Net

investment

income

....................

5.22

%

(g)

4.59

%

0.84

%

(0.00

)%

(h)

0.62

%

14.04

%

(b)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

18,827

‌

$

19

‌

$

18

‌

$

18

‌

$

18

‌

$

18

‌

(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)

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Annualized.

(h)

Amount

is

greater

than

(0.005)%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

TempCash

Great

Pacific

Six

Months

Ended

04/30/24

(unaudited)

Period

from

01/23/23

(a)

to

10/31/23

Net

asset

value,

beginning

of

period

.......................................................................

$

1.0003

‌

$

1.0004

‌

Net

investment

income

................................................................................

0

.0268

‌

0

.0387

‌

Net

realized

and

unrealized

gain

(loss)

......................................................................

(

0

.0001

)

0

.0002

‌

Net

increase

from

investment

operations

......................................................................

0.0267

‌

0.0389

‌

Distributions

from

net

investment

income

(b)

..................................................................

(0.0268

)

(0.0390

)

Net

asset

value,

end

of

period

............................................................................

$

1.0002

‌

$

1.0003

‌

Total

Return

(c)

Based

on

net

asset

value

................................................................................

2.70

%

(d)

3.96

%

(d)

Ratios

to

Average

Net

Assets

Total

expen

ses

.......................................................................................

0.22

%

(e)

0.22

%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................

0.18

%

(e)

0.18

%

(e)

Net

investment

income

.................................................................................

5.39

%

(e)

5.01

%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................

$

565,897

‌

$

404,394

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

88

TempCash

Premier

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

...........

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

$

1.0006

‌

Net

investment

income

....................

0

.0268

‌

0

.0482

‌

0

.0099

‌

0

.0005

‌

0

.0085

‌

0

.0055

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.0001

)

0

.0004

‌

(

0

.0006

)

(

0

.0004

)

0

.0003

‌

0

.0001

‌

Net

increase

from

investment

operations

..........

0.0267

‌

0.0486

‌

0.0093

‌

0.0001

‌

0.0088

‌

0.0056

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.0268

)

(

0

.0482

)

(

0

.0099

)

(

0

.0005

)

(

0

.0085

)

(

0

.0055

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.0000

)

(c)

(

0

.0000

)

(c)

Total

distributions

..........................

(0.0268

)

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0055

)

Net

asset

value,

end

of

period

................

$

1.0003

‌

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

Total

Return

(d)

Based

on

net

asset

value

....................

2.70

%

(e)

4.97

%

0.94

%

0.01

%

0.88

%

0.56

%

(e)

Ratios

to

Average

Net

Assets

Total

expen

ses

...........................

0.22

%

(f)

0.22

%

0.27

%

0.25

%

0.23

%

0.24

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.18

%

(f)

0.18

%

0.17

%

0.16

%

0.18

%

0.18

%

(f)

Net

investment

income

.....................

5.40

%

(f)

4.82

%

0.99

%

0.05

%

0.84

%

2.10

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

36

‌

$

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)

89

Financial

Highlights

TempFund

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.0005

‌

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

.....................

0

.0268

‌

0

.0475

‌

0

.0091

‌

0

.0004

‌

0

.0084

‌

0

.0237

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.0001

)

0

.0014

‌

0

.0003

(a)

(

0

.0003

)

0

.0002

‌

0

.0003

‌

Net

increase

from

investment

operations

...........

0.0267

‌

0.0489

‌

0.0094

‌

0.0001

‌

0.0086

‌

0.0240

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0268

)

(

0

.0484

)

(

0

.0098

)

(

0

.0005

)

(

0

.0083

)

(

0

.0237

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(c)

Total

distributions

...........................

(0.0268

)

(0.0484

)

(0.0098

)

(0.0005

)

(0.0084

)

(0.0237

)

Net

asset

value,

end

of

period

.................

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

2.70

%

(e)

5.00

%

0.95

%

0.01

%

0.86

%

(f)

2.42

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.27

%

(g)

0.26

%

0.25

%

0.23

%

0.22

%

0.22

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.18

%

(g)

0.18

%

0.17

%

0.16

%

0.18

%

0.18

%

Net

investment

income

......................

5.40

%

(g)

4.75

%

0.91

%

0.05

%

0.84

%

2.37

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

4,828,169

‌

$

4,418,932

‌

$

6,633,563

‌

$

7,923,377

‌

$

10,928,671

‌

$

10,609,770

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

90

TempFund

Administration

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

..........

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................

0

.0263

‌

0

.0482

‌

0

.0120

‌

0

.0002

‌

0

.0072

‌

0

.0227

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.0001

)

(

0

.0003

)

(a)

(

0

.0033

)

(

0

.0002

)

0

.0004

‌

0

.0002

‌

Net

increase

from

investment

operations

.........

0.0262

‌

0.0479

‌

0.0087

‌

0.0000

‌

0.0076

‌

0.0229

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0263

)

(

0

.0474

)

(

0

.0092

)

(

0

.0003

)

(

0

.0073

)

(

0

.0227

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(c)

Total

distributions

.........................

(0.0263

)

(0.0474

)

(0.0092

)

(0.0003

)

(0.0074

)

(0.0227

)

Net

asset

value,

end

of

period

...............

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(d)

Based

on

net

asset

value

...................

2.65

%

(e)

4.89

%

0.87

%

0.00

%

(f)

0.76

%

(g)

2.31

%

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

0.37

%

(h)

0.37

%

0.35

%

0.33

%

0.32

%

0.32

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.28

%

(h)

0.28

%

0.24

%

0.18

%

0.28

%

0.28

%

Net

investment

income

....................

5.30

%

(h)

4.82

%

1.20

%

0.02

%

0.72

%

2.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

27,463

‌

$

28,314

‌

$

24,601

‌

$

10,577

‌

$

9,524

‌

$

42,214

‌

(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)

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)

91

Financial

Highlights

TempFund

Cabrera

Capital

Markets

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

Net

investment

income

.................................................................

0

.0268

‌

0

.0499

‌

0

.0099

‌

Net

realized

and

unrealized

(loss)

..........................................................

(

0

.0001

)

(

0

.0010

)

(b)

(

0

.0005

)

Net

increase

from

investment

operations

.......................................................

0.0267

‌

0.0489

‌

0.0094

‌

Distributions

from

net

investment

income

(c)

...................................................

(0.0268

)

(0.0484

)

(0.0099

)

Net

asset

value,

end

of

period

.............................................................

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

Total

Return

(d)

Based

on

net

asset

value

.................................................................

2.70

%

(e)

5.00

%

0.94

%

(e)

Ratios

to

Average

Net

Assets

Total

expen

ses

........................................................................

0.27

%

(f)

0.27

%

0.25

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.18

%

(f)

0.18

%

0.17

%

(f)

Net

investment

income

..................................................................

5.39

%

(f)

4.99

%

0.99

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

807

‌

$

183

‌

$

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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

92

TempFund

Capital

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

.........................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0010

‌

Net

investment

income

..................................

0

.0266

‌

0

.0496

‌

0

.0196

‌

0

.0002

‌

0

.0002

‌

Net

realized

and

unrealized

(loss)

...........................

(

0

.0000

)

(b)

(

0

.0012

)

(c)

(

0

.0106

)

(

0

.0002

)

(

0

.0001

)

Net

increase

from

investment

operations

........................

0.0266

‌

0.0484

‌

0.0090

‌

0.0000

‌

0.0001

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

..............................

(

0

.0266

)

(

0

.0479

)

(

0

.0095

)

(

0

.0003

)

(

0

.0002

)

From

net

realized

gain

...................................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

Total

distributions

........................................

(0.0266

)

(0.0479

)

(0.0095

)

(0.0003

)

(0.0003

)

Net

asset

value,

end

of

period

..............................

$

1.0005

‌

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

Total

Return

(e)

Based

on

net

asset

value

..................................

2.69

%

(f)

4.94

%

0.90

%

0.00

%

(g)

0.01

%

(f)

(h)

Ratios

to

Average

Net

Assets

Total

expen

ses

.........................................

0.32

%

(i)

0.32

%

0.30

%

0.28

%

0.27

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.23

%

(i)

0.23

%

0.22

%

0.19

%

0.23

%

(i)

Net

investment

income

...................................

5.35

%

(i)

4.96

%

1.96

%

0.02

%

0.05

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................

$

243,943

‌

$

190,670

‌

$

31,255

‌

$

1,149

‌

$

3,223

‌

(a)

Recommencement

of

operations.

(b)

Amount

is

greater

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)

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)

93

Financial

Highlights

TempFund

Cash

Management

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

..........

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

...................

0

.0244

‌

0

.0433

‌

0

.0067

‌

0

.0002

‌

0

.0048

‌

0

.0188

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.0001

)

0

.0006

‌

(

0

.0002

)

(

0

.0002

)

0

.0002

‌

0

.0003

‌

Net

increase

from

investment

operations

.........

0.0243

‌

0.0439

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0191

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0244

)

(

0

.0434

)

(

0

.0070

)

(

0

.0003

)

(

0

.0047

)

(

0

.0188

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(b)

Total

distributions

.........................

(0.0244

)

(0.0434

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0188

)

Net

asset

value,

end

of

period

...............

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

Based

on

net

asset

value

...................

2.45

%

(d)

4.47

%

0.65

%

0.00

%

(e)

0.50

%

(f)

1.92

%

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

0.77

%

(g)

0.76

%

0.75

%

0.73

%

0.73

%

0.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.68

%

(g)

0.68

%

0.45

%

0.18

%

0.54

%

0.68

%

Net

investment

income

....................

4.90

%

(g)

4.33

%

0.67

%

0.02

%

0.48

%

1.88

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

490,984

‌

$

508,937

‌

$

537,877

‌

$

596,683

‌

$

576,228

‌

$

624,658

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

94

TempFund

Cash

Reserve

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

...........

$

1.0006

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

....................

0

.0250

‌

0

.0445

‌

0

.0057

‌

0

.0002

‌

0

.0052

‌

0

.0231

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.0001

)

0

.0007

‌

0

.0014

(a)

(

0

.0002

)

0

.0008

‌

0

.0000

(b)

Net

increase

from

investment

operations

..........

0.0249

‌

0.0452

‌

0.0071

‌

0.0000

‌

0.0060

‌

0.0231

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.0250

)

(

0

.0446

)

(

0

.0076

)

(

0

.0003

)

(

0

.0057

)

(

0

.0229

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

..........................

(0.0250

)

(0.0446

)

(0.0076

)

(0.0003

)

(0.0058

)

(0.0229

)

Net

asset

value,

end

of

period

................

$

1.0005

‌

$

1.0006

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(e)

Based

on

net

asset

value

....................

2.51

%

(f)

4.61

%

0.71

%

0.00

%

(g)

0.60

%

(h)

2.33

%

Ratios

to

Average

Net

Assets

Total

expen

ses

...........................

0.64

%

(i)

0.66

%

0.65

%

0.63

%

0.63

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.55

%

(i)

0.56

%

0.35

%

0.17

%

0.44

%

0.50

%

Net

investment

income

.....................

5.02

%

(i)

4.45

%

0.57

%

0.02

%

0.52

%

2.31

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

13,630

‌

$

15,135

‌

$

12,014

‌

$

14,234

‌

$

5,544

‌

$

4,296

‌

(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)

95

Financial

Highlights

TempFund

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

..........

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................

0

.0256

‌

0

.0458

‌

0

.0083

‌

0

.0002

‌

0

.0056

‌

0

.0221

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.0001

)

0

.0006

‌

(

0

.0005

)

(

0

.0002

)

0

.0009

‌

0

.0001

‌

Net

increase

from

investment

operations

.........

0.0255

‌

0.0464

‌

0.0078

‌

0.0000

‌

0.0065

‌

0.0222

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0256

)

(

0

.0459

)

(

0

.0083

)

(

0

.0003

)

(

0

.0062

)

(

0

.0220

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(b)

Total

distributions

.........................

(0.0256

)

(0.0459

)

(0.0083

)

(0.0003

)

(0.0063

)

(0.0220

)

Net

asset

value,

end

of

period

...............

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

Based

on

net

asset

value

...................

2.58

%

(d)

4.74

%

0.78

%

0.00

%

(e)

0.65

%

(f)

2.24

%

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

0.52

%

(g)

0.51

%

0.50

%

0.48

%

0.48

%

0.47

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.43

%

(g)

0.43

%

0.33

%

0.18

%

0.38

%

0.43

%

Net

investment

income

....................

5.15

%

(g)

4.58

%

0.83

%

0.02

%

0.56

%

2.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

89,552

‌

$

82,732

‌

$

100,333

‌

$

107,298

‌

$

106,802

‌

$

79,837

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

96

TempFund

Private

Client

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

..........

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................

0

.0244

‌

0

.0421

‌

0

.0070

‌

0

.0002

‌

0

.0017

‌

0

.0190

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.0001

)

0

.0018

‌

(

0

.0005

)

(

0

.0002

)

0

.0033

‌

(

0

.0001

)

Net

increase

from

investment

operations

.........

0.0243

‌

0.0439

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0189

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0244

)

(

0

.0434

)

(

0

.0070

)

(

0

.0003

)

(

0

.0047

)

(

0

.0187

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

—

‌

(

0

.0001

)

(

0

.0000

)

(b)

Total

distributions

.........................

(0.0244

)

(0.0434

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0187

)

Net

asset

value,

end

of

period

...............

$

1.0004

‌

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

Based

on

net

asset

value

...................

2.45

%

(d)

4.47

%

0.65

%

0.00

%

(e)

0.50

%

(f)

1.90

%

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

1.12

%

(g)

1.11

%

1.10

%

1.08

%

1.08

%

1.07

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.68

%

(g)

0.68

%

0.45

%

0.18

%

0.59

%

0.68

%

Net

investment

income

....................

4.90

%

(g)

4.21

%

0.70

%

0.02

%

0.17

%

1.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

349

‌

$

709

‌

$

1,122

‌

$

1,131

‌

$

1,043

‌

$

1,165

‌

(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)

97

Financial

Highlights

T-Fund

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0260

‌

0

.0468

‌

0

.0084

‌

0

.0001

‌

0

.0057

‌

0

.0215

‌

Net

realized

gain

(loss)

.....................

0

.0000

(a)

(

0

.0005

)

0

.0006

(b)

0

.0001

‌

0

.0005

‌

0

.0001

‌

Net

increase

from

investment

operations

...........

0.0260

‌

0.0463

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0216

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0260

)

(

0

.0463

)

(

0

.0090

)

(

0

.0001

)

(

0

.0061

)

(

0

.0216

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0260

)

(0.0463

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0216

)

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

.....................

2.63

%

(f)

4.73

%

0.90

%

0.02

%

0.62

%

(g)

2.18

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.18

%

(h)

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.17

%

(h)

0.17

%

0.14

%

0.08

%

0.17

%

0.17

%

Net

investment

income

......................

5.22

%

(h)

4.68

%

0.84

%

0.01

%

0.57

%

2.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

91,057,957

‌

$

87,613,217

‌

$

82,703,301

‌

$

91,031,976

‌

$

88,266,743

‌

$

65,112,830

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

98

T-Fund

Administration

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0255

‌

0

.0423

‌

0

.0120

‌

0

.0001

‌

0

.0056

‌

0

.0206

‌

Net

realized

gain

(loss)

.....................

0

.0000

(a)

0

.0030

(b)

(

0

.0037

)

0

.0001

‌

(

0

.0002

)

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0255

‌

0.0453

‌

0.0083

‌

0.0002

‌

0.0054

‌

0.0206

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0255

)

(

0

.0453

)

(

0

.0083

)

(

0

.0001

)

(

0

.0053

)

(

0

.0206

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0255

)

(0.0453

)

(0.0083

)

(0.0002

)

(0.0054

)

(0.0206

)

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

.....................

2.58

%

(f)

4.63

%

0.84

%

0.01

%

0.53

%

(g)

2.08

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.28

%

(h)

0.29

%

0.29

%

0.29

%

0.29

%

0.29

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.27

%

(h)

0.27

%

0.27

%

0.08

%

0.25

%

0.27

%

Net

investment

income

......................

5.12

%

(h)

4.23

%

1.20

%

0.01

%

0.56

%

2.08

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

4,307,204

‌

$

3,987,751

‌

$

15,781,965

‌

$

504,427

‌

$

489,691

‌

$

733,783

‌

(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)

99

Financial

Highlights

T-Fund

Capital

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0257

‌

0

.0480

‌

0

.0001

‌

0

.0001

‌

0

.0048

‌

0

.0212

‌

Net

realized

gain

(loss)

.....................

0

.0000

(a)

(

0

.0022

)

0

.0086

(b)

0

.0001

‌

0

.0010

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0257

‌

0.0458

‌

0.0087

‌

0.0002

‌

0.0058

‌

0.0212

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0257

)

(

0

.0458

)

(

0

.0087

)

(

0

.0001

)

(

0

.0057

)

(

0

.0212

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0257

)

(0.0458

)

(0.0087

)

(0.0002

)

(0.0058

)

(0.0212

)

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

.....................

2.60

%

(f)

4.68

%

0.87

%

0.01

%

0.57

%

(g)

2.14

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.23

%

(h)

0.24

%

0.24

%

0.24

%

0.24

%

0.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.22

%

(h)

0.22

%

0.09

%

0.08

%

0.21

%

0.21

%

Net

investment

income

......................

5.17

%

(h)

4.80

%

0.01

%

0.01

%

0.48

%

2.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

219,110

‌

$

202,286

‌

$

55,006

‌

$

27,304,259

‌

$

15,842,877

‌

$

10,347,984

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

100

T-Fund

Cash

Management

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0235

‌

0

.0411

‌

0

.0059

‌

0

.0001

‌

0

.0034

‌

0

.0164

‌

Net

realized

gain

.........................

0

.0000

(a)

0

.0002

(b)

0

.0003

(b)

0

.0001

‌

0

.0003

‌

0

.0003

‌

Net

increase

from

investment

operations

...........

0.0235

‌

0.0413

‌

0.0062

‌

0.0002

‌

0.0037

‌

0.0167

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0235

)

(

0

.0413

)

(

0

.0062

)

(

0

.0001

)

(

0

.0036

)

(

0

.0167

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0235

)

(0.0413

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0167

)

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

.....................

2.37

%

(f)

4.21

%

0.62

%

0.01

%

0.37

%

(g)

1.69

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.68

%

(h)

0.69

%

0.69

%

0.69

%

0.69

%

0.69

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.67

%

(h)

0.67

%

0.41

%

0.08

%

0.41

%

0.67

%

Net

investment

income

......................

4.72

%

(h)

4.11

%

0.59

%

0.00

%

(i)

0.34

%

1.64

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

779,987

‌

$

915,927

‌

$

887,139

‌

$

825,420

‌

$

1,009,514

‌

$

1,035,657

‌

(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.

(i)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

101

Financial

Highlights

T-Fund

Cash

Reserve

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0240

‌

0

.0417

‌

0

.0033

‌

0

.0001

‌

0

.0037

‌

0

.0176

‌

Net

realized

gain

.........................

0

.0000

(a)

0

.0006

(b)

0

.0034

(b)

0

.0001

‌

0

.0004

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0240

‌

0.0423

‌

0.0067

‌

0.0002

‌

0.0041

‌

0.0176

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0240

)

(

0

.0423

)

(

0

.0067

)

(

0

.0001

)

(

0

.0040

)

(

0

.0176

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

...........................

(0.0240

)

(0.0423

)

(0.0067

)

(0.0002

)

(0.0041

)

(0.0176

)

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

.....................

2.42

%

(f)

4.32

%

0.67

%

0.01

%

0.40

%

(g)

1.78

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.58

%

(h)

0.59

%

0.59

%

0.59

%

0.59

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.57

%

(h)

0.57

%

0.22

%

0.07

%

0.39

%

0.57

%

Net

investment

income

......................

4.82

%

(h)

4.17

%

0.33

%

0.01

%

0.37

%

1.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

71,071

‌

$

43,531

‌

$

88,281

‌

$

482,231

‌

$

56,822

‌

$

123,578

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

102

T-Fund

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0247

‌

0

.0438

‌

0

.0071

‌

0

.0001

‌

0

.0044

‌

0

.0191

‌

Net

realized

gain

(loss)

.....................

0

.0000

(a)

(

0

.0000

)

(b)

0

.0003

(c)

0

.0001

‌

0

.0003

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0247

‌

0.0438

‌

0.0074

‌

0.0002

‌

0.0047

‌

0.0191

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0247

)

(

0

.0438

)

(

0

.0074

)

(

0

.0001

)

(

0

.0046

)

(

0

.0191

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(b)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(b)

Total

distributions

...........................

(0.0247

)

(0.0438

)

(0.0074

)

(0.0002

)

(0.0047

)

(0.0191

)

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

.....................

2.50

%

(f)

4.47

%

0.75

%

0.01

%

0.46

%

(g)

1.93

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.43

%

(h)

0.44

%

0.44

%

0.44

%

0.44

%

0.44

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.42

%

(h)

0.42

%

0.29

%

0.08

%

0.32

%

0.42

%

Net

investment

income

......................

4.98

%

(h)

4.38

%

0.71

%

0.01

%

0.44

%

1.92

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

946,556

‌

$

1,364,428

‌

$

1,258,974

‌

$

1,000,401

‌

$

670,205

‌

$

794,485

‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Amount

is

greater

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)

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

Premier

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

...................

0

.0260

‌

0

.0475

‌

0

.0193

‌

0

.0001

‌

0

.0060

‌

0

.0050

‌

Net

realized

gain

(loss)

...................

0

.0000

(b)

(

0

.0012

)

(

0

.0103

)

0

.0001

‌

0

.0002

‌

0

.0000

(b)

Net

increase

from

investment

operations

.........

0.0260

‌

0.0463

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0050

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

...............

(

0

.0260

)

(

0

.0463

)

(

0

.0090

)

(

0

.0001

)

(

0

.0061

)

(

0

.0050

)

From

net

realized

gain

....................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(d)

Total

distributions

.........................

(0.0260

)

(0.0463

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0050

)

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

...................

2.63

%

(f)

4.73

%

0.90

%

0.02

%

0.61

%

(g)

0.50

%

(f)

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................

0.18

%

(h)

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.17

%

(h)

0.17

%

0.17

%

0.06

%

0.17

%

0.17

%

(h)

Net

investment

income

....................

5.22

%

(h)

4.75

%

1.95

%

0.01

%

0.60

%

1.93

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

1,491,604

‌

$

1,431,264

‌

$

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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

104

T-Fund

Select

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0219

‌

0

.0400

‌

0

.0031

‌

0

.0001

‌

0

.0011

‌

0

.0133

‌

Net

realized

gain

(loss)

.....................

(

0

.0000

)

(a)

(

0

.0020

)

0

.0016

(b)

0

.0001

‌

0

.0014

‌

0

.0000

(c)

Net

increase

from

investment

operations

...........

0.0219

‌

0.0380

‌

0.0047

‌

0.0002

‌

0.0025

‌

0.0133

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0219

)

(

0

.0380

)

(

0

.0047

)

(

0

.0001

)

(

0

.0024

)

(

0

.0133

)

From

net

realized

gain

......................

—

‌

—

‌

(

0

.0000

)

(a)

(

0

.0001

)

(

0

.0001

)

(

0

.0000

)

(a)

Total

distributions

...........................

(0.0219

)

(0.0380

)

(0.0047

)

(0.0002

)

(0.0025

)

(0.0133

)

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

.....................

2.21

%

(f)

3.87

%

0.47

%

0.01

%

0.24

%

(g)

1.34

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

1.03

%

(h)

1.04

%

1.04

%

1.04

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.00

%

(h)

1.00

%

0.52

%

0.07

%

0.41

%

1.00

%

Net

investment

income

......................

4.40

%

(h)

4.00

%

0.31

%

0.01

%

0.11

%

1.37

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

19,124

‌

$

50,396

‌

$

21,300

‌

$

37,798

‌

$

30,444

‌

$

14,769

‌

(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)

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)

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)

105

Financial

Highlights

Treasury

Trust

Fund

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0260

‌

0

.0458

‌

0

.0082

‌

0

.0001

‌

0

.0048

‌

0

.0212

‌

Net

realized

gain

.........................

0

.0000

(a)

0

.0001

‌

0

.0001

‌

0

.0001

‌

0

.0015

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0260

‌

0.0459

‌

0.0083

‌

0.0002

‌

0.0063

‌

0.0212

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0260

)

(

0

.0459

)

(

0

.0083

)

(

0

.0001

)

(

0

.0062

)

(

0

.0212

)

From

net

realized

gain

......................

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0260

)

(0.0459

)

(0.0083

)

(0.0002

)

(0.0063

)

(0.0212

)

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

.....................

2.63

%

(e)

4.69

%

0.84

%

0.01

%

0.63

%

2.14

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.19

%

(f)

0.19

%

0.19

%

0.19

%

0.19

%

0.20

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.17

%

(f)

0.17

%

0.14

%

0.06

%

0.17

%

0.17

%

Net

investment

income

......................

5.23

%

(f)

4.58

%

0.82

%

0.01

%

0.48

%

2.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

107,933,990

‌

$

97,157,593

‌

$

106,544,392

‌

$

98,602,650

‌

$

56,400,526

‌

$

38,728,217

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

106

Treasury

Trust

Fund

Administration

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................

0

.0255

‌

0

.0449

‌

0

.0065

‌

0

.0001

‌

0

.0058

‌

0

.0203

‌

Net

realized

gain

(loss)

......................

0

.0001

‌

0

.0000

(a)

0

.0012

‌

0

.0001

‌

(

0

.0002

)

0

.0000

(a)

Net

increase

from

investment

operations

............

0.0256

‌

0.0449

‌

0.0077

‌

0.0002

‌

0.0056

‌

0.0203

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0256

)

(

0

.0449

)

(

0

.0077

)

(

0

.0001

)

(

0

.0055

)

(

0

.0203

)

From

net

realized

gain

.......................

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

............................

(0.0256

)

(0.0449

)

(0.0077

)

(0.0002

)

(0.0056

)

(0.0203

)

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

......................

2.58

%

(e)

4.58

%

0.77

%

0.01

%

0.56

%

2.05

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.28

%

(f)

0.29

%

0.29

%

0.29

%

0.29

%

0.30

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.27

%

(f)

0.27

%

0.19

%

0.07

%

0.24

%

0.26

%

Net

investment

income

.......................

5.13

%

(f)

4.49

%

0.65

%

0.01

%

0.58

%

2.03

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

511,598

‌

$

442,723

‌

$

382,956

‌

$

599,190

‌

$

399,846

‌

$

465,703

‌

(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)

107

Financial

Highlights

Treasury

Trust

Fund

Capital

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

...................................

0

.0258

‌

0

.0489

‌

0

.0163

‌

0

.0001

‌

0

.0000

(b)

Net

realized

gain

(loss)

...................................

0

.0000

(b)

(

0

.0035

)

(c)

(

0

.0083

)

(c)

0

.0001

‌

0

.0000

(b)

Net

increase

from

investment

operations

.........................

0.0258

‌

0.0454

‌

0.0080

‌

0.0002

‌

0.0000

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

...............................

(

0

.0258

)

(

0

.0454

)

(

0

.0080

)

(

0

.0001

)

—

‌

From

net

realized

gain

....................................

(

0

.0000

)

(e)

(

0

.0000

)

(e)

(

0

.0000

)

(e)

(

0

.0001

)

—

‌

Total

distributions

.........................................

(0.0258

)

(0.0454

)

(0.0080

)

(0.0002

)

—

‌

Net

asset

value,

end

of

period

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

Based

on

net

asset

value

...................................

2.61

%

(g)

4.63

%

0.80

%

0.01

%

0.00

%

(g)

Ratios

to

Average

Net

Assets

Total

expen

ses

..........................................

0.24

%

(h)

0.24

%

0.24

%

0.24

%

0.24

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.22

%

(h)

0.22

%

0.20

%

0.06

%

0.17

%

(h)

Net

investment

income

(loss)

................................

5.18

%

(h)

4.89

%

1.63

%

0.01

%

(0.03

)%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............................

$

638,625

‌

$

500,685

‌

$

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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

108

Treasury

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0235

‌

0

.0402

‌

0

.0051

‌

0

.0001

‌

0

.0034

‌

0

.0158

‌

Net

realized

gain

.........................

0

.0001

‌

0

.0007

‌

0

.0005

‌

0

.0001

‌

0

.0003

‌

0

.0005

‌

Net

increase

from

investment

operations

...........

0.0236

‌

0.0409

‌

0.0056

‌

0.0002

‌

0.0037

‌

0.0163

‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0236

)

(

0

.0409

)

(

0

.0056

)

(

0

.0001

)

(

0

.0036

)

(

0

.0163

)

From

net

realized

gain

......................

(

0

.0000

)

(b)

(

0

.0000

)

(b)

(

0

.0000

)

(b)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0236

)

(0.0409

)

(0.0056

)

(0.0002

)

(0.0037

)

(0.0163

)

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

.....................

2.38

%

(d)

4.16

%

0.56

%

0.01

%

0.37

%

1.64

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.69

%

(e)

0.69

%

0.69

%

0.69

%

0.69

%

0.69

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.67

%

(e)

0.67

%

0.41

%

0.08

%

0.41

%

0.67

%

Net

investment

income

......................

4.73

%

(e)

4.02

%

0.51

%

0.01

%

0.34

%

1.58

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

9,188

‌

$

5,085

‌

$

21,330

‌

$

32,960

‌

$

53,101

‌

$

36,492

‌

(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)

109

Financial

Highlights

Treasury

Trust

Fund

Cash

Reserve

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0240

‌

0

.0415

‌

0

.0053

‌

0

.0001

‌

0

.0040

‌

0

.0172

‌

Net

realized

gain

.........................

0

.0001

‌

0

.0004

‌

0

.0007

‌

0

.0001

‌

0

.0001

‌

0

.0000

(a)

Net

increase

from

investment

operations

...........

0.0241

‌

0.0419

‌

0.0060

‌

0.0002

‌

0.0041

‌

0.0172

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0241

)

(

0

.0419

)

(

0

.0060

)

(

0

.0001

)

(

0

.0040

)

(

0

.0172

)

From

net

realized

gain

......................

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0241

)

(0.0419

)

(0.0060

)

(0.0002

)

(0.0041

)

(0.0172

)

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

.....................

2.43

%

(e)

4.27

%

0.61

%

0.01

%

0.41

%

1.74

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.59

%

(f)

0.59

%

0.59

%

0.59

%

0.59

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.57

%

(f)

0.57

%

0.35

%

0.07

%

0.39

%

0.57

%

Net

investment

income

......................

4.83

%

(f)

4.15

%

0.53

%

0.01

%

0.40

%

1.73

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

137,467

‌

$

128,272

‌

$

79,114

‌

$

97,008

‌

$

102,984

‌

$

74,034

‌

(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)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

110

Treasury

Trust

Fund

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0248

‌

0

.0447

‌

0

.0073

‌

0

.0001

‌

0

.0046

‌

0

.0194

‌

Net

realized

gain

(loss)

.....................

0

.0001

‌

(

0

.0011

)

(a)

(

0

.0003

)

(a)

0

.0001

‌

0

.0003

‌

0

.0002

‌

Net

increase

from

investment

operations

...........

0.0249

‌

0.0436

‌

0.0070

‌

0.0002

‌

0.0049

‌

0.0196

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0249

)

(

0

.0436

)

(

0

.0070

)

(

0

.0001

)

(

0

.0048

)

(

0

.0196

)

From

net

realized

gain

......................

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0000

)

(c)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0249

)

(0.0436

)

(0.0070

)

(0.0002

)

(0.0049

)

(0.0196

)

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

.....................

2.51

%

(e)

4.44

%

0.70

%

0.01

%

0.49

%

1.98

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.43

%

(f)

0.44

%

0.44

%

0.44

%

0.44

%

0.44

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.41

%

(f)

0.40

%

0.27

%

0.07

%

0.30

%

0.40

%

Net

investment

income

......................

4.99

%

(f)

4.47

%

0.73

%

0.01

%

0.46

%

1.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

2,525,580

‌

$

2,343,866

‌

$

1,060,804

‌

$

1,035,846

‌

$

939,241

‌

$

977,335

‌

(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)

111

Financial

Highlights

Treasury

Trust

Fund

Select

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................

0

.0219

‌

0

.0378

‌

0

.0032

‌

0

.0001

‌

0

.0016

‌

0

.0129

‌

Net

realized

gain

(loss)

.....................

0

.0000

(a)

(

0

.0002

)

(b)

0

.0010

‌

0

.0001

‌

0

.0008

‌

0

.0001

‌

Net

increase

from

investment

operations

...........

0.0219

‌

0.0376

‌

0.0042

‌

0.0002

‌

0.0024

‌

0.0130

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0219

)

(

0

.0376

)

(

0

.0042

)

(

0

.0001

)

(

0

.0023

)

(

0

.0130

)

From

net

realized

gain

......................

(

0

.0000

)

(d)

(

0

.0000

)

(d)

(

0

.0000

)

(d)

(

0

.0001

)

(

0

.0001

)

—

‌

Total

distributions

...........................

(0.0219

)

(0.0376

)

(0.0042

)

(0.0002

)

(0.0024

)

(0.0130

)

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

.....................

2.21

%

(f)

3.82

%

0.42

%

0.01

%

0.24

%

1.30

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

1.04

%

(g)

1.04

%

1.04

%

1.04

%

1.04

%

1.05

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.00

%

(g)

1.00

%

0.49

%

0.06

%

0.45

%

1.00

%

Net

investment

income

......................

4.40

%

(g)

3.78

%

0.32

%

0.01

%

0.16

%

1.29

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

268,815

‌

$

254,127

‌

$

169,696

‌

$

660,676

‌

$

103,647

‌

$

38,265

‌

(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.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

112

MuniCash

Institutional

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

............

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Net

investment

income

.....................

0

.0155

‌

0

.0282

‌

0

.0048

‌

0

.0001

‌

0

.0051

‌

0

.0137

‌

Net

realized

and

unrealized

gain

(loss)

...........

0

.0001

‌

(

0

.0000

)

(a)

(b)

0

.0007

(b)

0

.0000

(c)

0

.0004

‌

0

.0000

(c)

Net

increase

from

investment

operations

...........

0.0156

‌

0.0282

‌

0.0055

‌

0.0001

‌

0.0055

‌

0.0137

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.0155

)

(

0

.0281

)

(

0

.0057

)

(

0

.0001

)

(

0

.0055

)

(

0

.0137

)

From

net

realized

gain

......................

(

0

.0000

)

(a)

—

‌

(

0

.0000

)

(a)

—

‌

—

‌

(

0

.0000

)

(a)

Total

distributions

...........................

(0.0155

)

(0.0281

)

(0.0057

)

(0.0001

)

(0.0055

)

(0.0137

)

Net

asset

value,

end

of

period

.................

$

1.0001

‌

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

Based

on

net

asset

value

.....................

1.57

%

(f)

2.86

%

0.56

%

0.01

%

0.55

%

1.38

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................

0.31

%

(g)

0.30

%

0.28

%

0.26

%

0.26

%

0.28

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.20

%

(g)

0.20

%

0.16

%

0.08

%

0.19

%

0.20

%

Net

investment

income

......................

3.11

%

(g)

2.82

%

0.48

%

0.01

%

0.51

%

1.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

3,639,608

‌

$

4,540,657

‌

$

3,592,640

‌

$

5,368,797

‌

$

5,160,531

‌

$

5,182,923

‌

(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)

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)

113

Financial

Highlights

MuniCash

Dollar

Six

Months

Ended

04/30/24

(unaudited)

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

period

.............

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Net

investment

income

......................

0

.0144

‌

0

.0254

‌

0

.0033

‌

0

.0001

‌

0

.0040

‌

0

.0123

‌

Net

realized

and

unrealized

gain

................

0

.0000

(a)

0

.0003

‌

0

.0007

(b)

0

.0000

(a)

0

.0002

‌

0

.0000

(a)

Net

increase

from

investment

operations

............

0.0144

‌

0.0257

‌

0.0040

‌

0.0001

‌

0.0042

‌

0.0123

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..................

(

0

.0144

)

(

0

.0256

)

(

0

.0042

)

(

0

.0001

)

(

0

.0042

)

(

0

.0123

)

From

net

realized

gain

.......................

(

0

.0000

)

(d)

—

‌

(

0

.0000

)

(d)

—

‌

—

‌

(

0

.0000

)

(d)

Total

distributions

............................

(0.0144

)

(0.0256

)

(0.0042

)

(0.0001

)

(0.0042

)

(0.0123

)

Net

asset

value,

end

of

period

..................

$

1.0000

‌

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

Based

on

net

asset

value

......................

1.45

%

(f)

2.60

%

0.40

%

0.01

%

0.42

%

1.23

%

Ratios

to

Average

Net

Assets

Total

expen

ses

.............................

0.54

%

(g)

0.55

%

0.53

%

0.52

%

0.51

%

0.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

0.43

%

(g)

0.45

%

0.30

%

0.07

%

0.31

%

0.45

%

Net

investment

income

.......................

2.90

%

(g)

2.54

%

0.33

%

0.01

%

0.40

%

1.22

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

2,314

‌

$

1,772

‌

$

2,911

‌

$

4,810

‌

$

3,176

‌

$

2,207

‌

(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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

114

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”:

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

operates

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

Each

Fund

is

not

subject

to

discretionary

liquidity

fees.

TempCash,

TempFund

and

MuniCash

price

and

transact

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

and

MuniCash,the

Board

of

Trustees

of

the

Trust (the

"Board"),

or

its

delegate,

may

impose

a

discretionary liquidity

fee

of

up

to

2%

upon

the

value

of

shares

redeemed,

if

such

fee

is

determined

to

be

in

the

best

interests

of

such

Fund.

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.

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. 

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

115

Notes

to

Financial

Statements

Bank

Overdraft

:

MuniCash

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

MuniCash is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

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

. 

Discretionary

Liquidity

Fees:

Any

discretionary

liquidity

fees

imposed

on

the

value

of

shares

redeemed

are

recorded

as

paid-in-capital.

The

discretionary

liquidity

fees

are

collected

and

retained

by each

Fund

for

the

benefit

of

a

Fund’s

remaining

shareholders. 

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

The

Funds

have

an

arrangement

with

one

of

their

custodians

whereby

credits

are

earned

on

uninvested

cash

balances.

For

financial

reporting

purposes,

custodian

credits,

if

any,

are

included

in

interest

income

in

the

Statements

of

Operations.

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies

(TempCash,

TempFund

and

MuniCash):

The

Fund's

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

and

MuniCash

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

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).

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

116

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)

117

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,

2024,

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,

2024,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund,

the

Manager,

as

investment

adviser

and

administrator,

has

contractually

agreed

to

reduce

its

fees

and/or

reimburse

ordinary

operating

expenses

to

ensure

that

the

combined

“Management

Fees”

and

“Miscellaneous/Other

Expenses,”

excluding

service

fees,

distribution

fees

and

any

extraordinary

expenses,

do

not

exceed

0.18%

of

the

average

daily

net

assets

of

TempCash

and

TempFund, 0.17%

of

the

average

daily

net

assets

of

BlackRock

Liquid

Federal

Trust

Fund,

FedFund,

T-Fund,

and

Treasury

Trust

Fund

and

0.20%

of

the

average

daily

net

assets

of

MuniCash.

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,

2025,

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. 

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

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

..

$

14,136‌

$

—‌

$

22,335‌

$

—‌

$

17,395‌

$

—‌

$

—‌

$

53,866‌

FedFund

.....................

4,044,615‌

14,849‌

1,613,564‌

8,082,663‌

5,006,639‌

1,054‌

1,453,346‌

20,216,729‌

TempCash

....................

—‌

—‌

—‌

—‌

4,052‌

—‌

—‌

4,052‌

TempFund

....................

14,375‌

55,199‌

1,237,783‌

22,879‌

113,368‌

2,316‌

—‌

1,445,920‌

T-Fund

.......................

2,112,312‌

52,740‌

1,982,043‌

124,665‌

1,603,007‌

—‌

129,46

7‌

6,004,23

4‌

Treasury

Trust

Fund

..............

241,539‌

142,786‌

18,800‌

353,369‌

2,729,150‌

—‌

1,012,744‌

4,498,387‌

MuniCash

.....................

—‌

—‌

—‌

—‌

2,281‌

—‌

—‌

2,281‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

118

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,

2024,

the

amounts

waived

were

as

follows:

In

addition,

BRIL

has

contractually

agreed

to

waive

service

and/or

distribution

fees

through February

28,

2025

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,

2024,

the

amounts

waived

and/or

reimbursed

were

as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

April

30,

2024,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

six

months

ended

April

30,

2024,

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,

2024,

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.

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

BlackRock

Liquid

Federal

Trust

Fund

.............................................................................................

$

1,429,495‌

FedFund

................................................................................................................

10,918,707‌

TempCash

...............................................................................................................

2,537,584‌

TempFund

...............................................................................................................

2,415,166‌

T-Fund

..................................................................................................................

7,377,417‌

Treasury

Trust

Fund

.........................................................................................................

8,387,867‌

MuniCash

................................................................................................................

1,659,219‌

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

Private

Client

Select

Total

FedFund

........................................................................

$

422‌

$

34,186‌

$

34,60

9‌

TempFund

.......................................................................

953‌

—‌

953‌

T-Fund

..........................................................................

—‌

3,046‌

3,046‌

Treasury

Trust

Fund

.................................................................

—‌

23,820‌

23,820‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

MuniCash

...........................................................................

$

615,827,871‌

$

442,304,532‌

$

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

119

Notes

to

Financial

Statements

As

of

October

31,

2023, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows: 

As

of

April

30,

2024, 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

and

MuniCash,

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. 

On

July

12,

2023,

the

SEC

approved

changes

to

money

market

fund

regulations.

These

changes,

among

other

things:

(i)

eliminate

provisions

that

permit

a

money

market

fund

to

suspend

redemptions

except

in

liquidations,

(ii)

require

institutional

prime

and

institutional

tax-exempt

money

market

funds

to

impose

mandatory

liquidity

fees

under

certain

conditions,

(iii)

permit

a

discretionary

liquidity

fee

for

a

non-government

money

market

fund

and

(iv)

increase

minimum

daily

and

weekly

liquidity

for

all

money

market

funds.

These

changes

will

be

implemented

over

the

next

12

months

depending

on

the

change

and

may

affect

the

Funds’

operations

and

return

potential.

Certain

obligations

held

by

the

Funds

have

a

credit

enhancement

or

liquidity

feature

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

when

due. These

enhancements,

which

may

include

letters

of

credit,

stand-by

bond

purchase

agreements

and/or

third-party

insurance,

are

issued

by

financial

institutions. The

value

of

the

obligations

may

be

affected

by

changes

in

creditworthiness

of

the

entities

that

provide

the

credit

enhancements

or

liquidity

features. The

Funds

monitor

their

exposure

by

reviewing

the

creditworthiness

of

the

issuers,

as

well

as

the

financial

institutions

issuing

the

credit

enhancements

and

by

limiting

the

amount

of

holdings

with

credit

enhancements

from

one

financial

institution. 

Market

Risk

:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

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. 

Geographic/Asset

Class

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.

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

BlackRock

Liquid

Federal

Trust

Fund

........................................................................................

$

(43,092‌)

FedFund

...........................................................................................................

(82,025,194‌)

TempCash

..........................................................................................................

(1,098,634‌)

TempFund

..........................................................................................................

(780,200‌)

T-Fund

.............................................................................................................

(49,288,847‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Liquid

Federal

Trust

Fund

....................................

$

5,931,283,788‌

$

–‌

$

(36‌)

$

(36‌)

FedFund

.......................................................

142,328,223,46

8‌

–‌

(3,498‌)

(3,498‌)

T-Fund

........................................................

96,200,964,075‌

–‌

(2,676‌)

(2,676‌)

Treasury

Trust

Fund

...............................................

112,415,503,397‌

–‌

(329‌)

(329‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

120

MuniCash

invests

a

substantial

amount

of its

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 period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has raised 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

the

Funds'

performance.

The

Funds invest

a

significant

portion

of their

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

Funds

invest. 

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.

8.

CAPITAL

SHARE

TRANSACTIONS 

The

Trust’s

Declaration

of

Trust

permits

the

Trustees

to

issue

an

unlimited

number

of

full

and

fractional

shares

of

beneficial

interest

(shares)

and

to

classify

or

reclassify

any

unissued

shares

into

one

or

more

additional

classes

of

shares. 

The

number

of

shares

sold,

reinvested

and

redeemed

corresponds

to

the

net

proceeds

from

the

sale

of

shares,

reinvestment

of

all

distributions

and

cost

of

shares

redeemed,

respectively,

since

shares

are

sold

and

redeemed

at

$1.00

per

share

for

BlackRock

Liquid

Federal

Trust

Fund,

FedFund,

T-Fund

and

Treasury

Trust

Fund.

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Shares

sold

20,919,574,013‌

30,621,001,915‌

Shares

issued

in

reinvestment

of

distributions

........................................................

41,482,984‌

66,202,478‌

Shares

redeemed

(21,015,825,658‌)

(29,861,393,554‌)

(54,768,661‌)

825,810,839‌

Administration

Shares

sold

72,719,718‌

80,901,405‌

Shares

issued

in

reinvestment

of

distributions

........................................................

724,225‌

1,253,451‌

Shares

redeemed

(70,055,669‌)

(74,675,348‌)

3,388,274‌

7,479,508‌

Bancroft

Capital

Shares

sold

1‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,384‌

2,348‌

1,385‌

2,348‌

Cabrera

Capital

Markets

Shares

sold

1‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,384‌

2,348‌

1,385‌

2,348‌

Cash

Management

Shares

sold

1,764,432‌

5,087,771‌

Shares

issued

in

reinvestment

of

distributions

........................................................

8,222‌

93,876‌

Shares

redeemed

(2,923,396‌)

(9,808,992‌)

(1,150,742‌)

(4,627,345‌)

Dollar

Shares

sold

38,545,498‌

80,931,698‌

Shares

issued

in

reinvestment

of

distributions

........................................................

17,935‌

23,581‌

Shares

redeemed

(54,251,725‌)

(73,306,850‌)

(15,688,292‌)

7,648,429‌

Notes

to

Financial

Statements

(unaudited)

(continued)

121

Notes

to

Financial

Statements

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

Great

Pacific

Shares

issued

in

reinvestment

of

distributions

........................................................

1,385‌

2,347‌

Shares

redeemed

(1‌)

—‌

1,384‌

2,347‌

Mischler

Financial

Group

Shares

sold

17,699,999‌

202,250,000‌

Shares

issued

in

reinvestment

of

distributions

........................................................

134,003‌

147,846‌

Shares

redeemed

(14,300,000‌)

(197,000,000‌)

3,534,002‌

5,397,846‌

Penserra

Shares

sold

—‌

750,000‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,385‌

2,347‌

1,385‌

752,347‌

Stern

Brothers

Shares

sold

—‌

1,500,000‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,405‌

3,206‌

Shares

redeemed

—‌

(1,500,000‌)

1,405‌

3,206‌

Tigress

Shares

sold

—‌

25,000,010‌

Shares

issued

in

reinvestment

of

distributions

........................................................

50,029‌

142,049‌

Shares

redeemed

(3,000,000‌)

(10‌)

(2,949,971‌)

25,142,049‌

(67,628,446‌)

867,613,922‌

FedFund

Institutional

Shares

sold

464,526,570,569‌

941,796,456,420‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,170,028,637‌

2,005,616,089‌

Shares

redeemed

(463,422,870,481‌)

(932,593,855,369‌)

2,273,728,725‌

11,208,217,140‌

Administration

Shares

sold

10,926,788,768‌

21,082,794,544‌

Shares

issued

in

reinvestment

of

distributions

........................................................

120,671,726‌

398,054,292‌

Shares

redeemed

(12,060,785,389‌)

(36,329,637,862‌)

(1,013,324,895‌)

(14,848,789,026‌)

Capital

Shares

sold

218,888,963‌

13,580,571‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,565,617‌

150,992‌

Shares

redeemed

(96,527,532‌)

(12,394,865‌)

123,927,048‌

1,336,698‌

Cash

Management

Shares

sold

189,115,477‌

591,793,057‌

Shares

issued

in

reinvestment

of

distributions

........................................................

12,763,537‌

22,702,513‌

Shares

redeemed

(278,248,843‌)

(591,730,200‌)

(76,369,829‌)

22,765,370‌

Cash

Reserve

Shares

sold

26,200,391,964‌

45,843,430,347‌

Shares

issued

in

reinvestment

of

distributions

........................................................

356,258‌

201,503‌

Shares

redeemed

(26,404,735,371‌)

(46,976,060,820‌)

(203,987,149‌)

(1,132,428,970‌)

Dollar

Shares

sold

5,849,802,143‌

12,639,188,049‌

Shares

issued

in

reinvestment

of

distributions

........................................................

29,674,816‌

54,932,668‌

Shares

redeemed

(5,990,242,543‌)

(12,358,716,295‌)

(110,765,584‌)

335,404,422‌

Mischler

Financial

Group

Shares

sold

14,948,763,241‌

31,177,816,277‌

Shares

issued

in

reinvestment

of

distributions

........................................................

25,993,479‌

53,523,489‌

Shares

redeemed

(15,262,744,646‌)

(29,886,151,356‌)

(287,987,926‌)

1,345,188,410‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

122

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

Premier

Shares

sold

2,665,422,486‌

3,350,415,754‌

Shares

issued

in

reinvestment

of

distributions

........................................................

11,504,735‌

16,504,973‌

Shares

redeemed

(1,835,517,246‌)

(1,916,340,786‌)

841,409,975‌

1,450,579,941‌

Private

Client

Shares

sold

—‌

4,791‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,849‌

10,459‌

Shares

redeemed

(7,463‌)

(18,834‌)

(1,614‌)

(3,584‌)

Select

Shares

sold

591,253,856‌

1,339,475,954‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,514,316‌

15,133,650‌

Shares

redeemed

(587,370,276‌)

(1,686,673,362‌)

11,397,896‌

(332,063,758‌)

Stern

Brothers

Shares

sold

45,499,999‌

11,500,001‌

Shares

issued

in

reinvestment

of

distributions

........................................................

199,062‌

26,325‌

Shares

redeemed

(35,800,000‌)

(11,550,000‌)

9,899,061‌

(23,674‌)

Tigress

Shares

sold

312,810,215‌

46,562,693‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,751,806‌

184,054‌

Shares

redeemed

(256,448,745‌)

(19,048,723‌)

59,113,276‌

27,698,024‌

WestCap

Shares

sold

37,678,751‌

118,000,000‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,755,968‌

3,150,047‌

Shares

redeemed

(40,105,201‌)

(17,880,000‌)

329,518‌

103,270,047‌

1,627,368,502‌

(1,818,848,960‌)

T-Fund

Institutional

Shares

sold

685,662,209,417‌

1,124,983,592,331‌

Shares

issued

in

reinvestment

of

distributions

........................................................

659,620,133‌

1,173,900,710‌

Shares

redeemed

(682,879,050,193‌)

(1,121,219,112,443‌)

3,442,779,357‌

4,938,380,598‌

Administration

Shares

sold

3,920,717,507‌

7,852,313,986‌

Shares

issued

in

reinvestment

of

distributions

........................................................

100,868,176‌

309,549,338‌

Shares

redeemed

(3,702,143,706‌)

(19,957,161,461‌)

319,441,977‌

(11,795,298,137‌)

Capital

Shares

sold

320,188,211‌

405,304,186‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,262,527‌

5,865,916‌

Shares

redeemed

(308,627,084‌)

(263,798,086‌)

16,823,654‌

147,372,016‌

Cash

Management

Shares

sold

2,646,869,653‌

4,313,088,808‌

Shares

issued

in

reinvestment

of

distributions

........................................................

14,902,030‌

24,332,943‌

Shares

redeemed

(2,797,811,840‌)

(4,308,342,515‌)

(136,040,157‌)

29,079,236‌

Cash

Reserve

Shares

sold

291,494,034‌

323,421,715‌

Shares

issued

in

reinvestment

of

distributions

........................................................

449,105‌

772,240‌

Shares

redeemed

(264,392,648‌)

(368,938,961‌)

27,550,491‌

(44,745,006‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

123

Notes

to

Financial

Statements

d

Fund

Name/Share

Class        

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

Dollar

Shares

sold

4,235,666,119‌

9,928,734,641‌

Shares

issued

in

reinvestment

of

distributions

........................................................

11,347,800‌

28,968,263‌

Shares

redeemed

(4,665,137,194‌)

(9,851,801,162‌)

(418,123,275‌)

105,901,742‌

Premier

Shares

sold

1,536,559,006‌

2,283,790,381‌

Shares

issued

in

reinvestment

of

distributions

........................................................

18,841,662‌

25,486,576‌

Shares

redeemed

(1,495,035,532‌)

(1,373,609,986‌)

60,365,136‌

935,666,971‌

Select

Shares

sold

196,243,794‌

523,278,909‌

Shares

issued

in

reinvestment

of

distributions

........................................................

670,770‌

2,416,295‌

Shares

redeemed

(228,203,464‌)

(496,577,385‌)

(31,288,900‌)

29,117,819‌

3,281,508,283‌

(5,654,524,761‌)

Treasury

Trust

Fund

Institutional

Shares

sold

175,682,774,278‌

270,716,368,499‌

Shares

issued

in

reinvestment

of

distributions

........................................................

759,355,188‌

1,693,628,787‌

Shares

redeemed

(165,665,512,631‌)

(281,809,645,053‌)

10,776,616,835‌

(9,399,647,767‌)

Administration

Shares

sold

606,559,936‌

1,228,748,237‌

Shares

issued

in

reinvestment

of

distributions

........................................................

8,729,822‌

14,155,842‌

Shares

redeemed

(546,415,830‌)

(1,183,194,082‌)

68,873,928‌

59,709,997‌

Capital

Shares

sold

722,709,141‌

913,705,465‌

Shares

issued

in

reinvestment

of

distributions

........................................................

14,397,926‌

11,527,571‌

Shares

redeemed

(599,175,493‌)

(452,134,826‌)

137,931,574‌

473,098,210‌

Cash

Management

Shares

sold

24,987,348‌

29,920,721‌

Shares

issued

in

reinvestment

of

distributions

........................................................

115,161‌

368,642‌

Shares

redeemed

(20,999,846‌)

(46,534,965‌)

4,102,663‌

(16,245,602‌)

Cash

Reserve

Shares

sold

884,743,258‌

610,857,948‌

Shares

issued

in

reinvestment

of

distributions

........................................................

117‌

1,324‌

Shares

redeemed

(875,547,558‌)

(561,718,372‌)

9,195,817‌

49,140,900‌

Dollar

Shares

sold

4,964,419,533‌

7,763,879,918‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,043,854‌

5,306,384‌

Shares

redeemed

(4,787,735,366‌)

(6,486,425,181‌)

181,728,021‌

1,282,761,121‌

Select

Shares

sold

454,240,540‌

750,589,215‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,253,884‌

7,370,864‌

Shares

redeemed

(444,804,192‌)

(673,561,755‌)

14,690,232‌

84,398,324‌

11,193,139,070‌

(7,466,784,817‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

to

Shareholders

124

The

number

of

shares

sold,

reinvested

and

redeemed

for

TempCash,

TempFund

and

MuniCash

were

transacted

at

each

class's

floating

NAV

per

share

calculated

to

four

decimal

places. 

Transactions

in

capital

shares

for

each

class

of

TempCash,

TempFund

and

MuniCash

were

as

follows:

d

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

TempCash

Institutional

Shares

sold

..........................................

10,195,733,692‌

$

10,201,387,209‌

19,184,097,745‌

$

19,189,951,147‌

Shares

issued

in

reinvestment

of

distributions

.....................

21,949,941‌

21,960,745‌

23,922,723‌

23,930,356‌

Shares

redeemed

......................................

(8,627,806,705‌)

(8,632,563,770‌)

(14,720,816,627‌)

(14,725,554,167‌)

1,589,876,928‌

$

1,590,784,184‌

4,487,203,841‌

$

4,488,327,336‌

Dollar

Shares

sold

..........................................

18,800,001‌

$

18,811,202‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

499‌

500‌

845‌

$

846‌

18,800,500‌

$

18,811,702‌

845‌

$

846‌

Great

Pacific

Shares

sold

..........................................

149,955,013‌

$

149,999,996‌

585,024,981‌

(a)

$

585,258,875‌

(a)

Shares

issued

in

reinvestment

of

distributions

.....................

11,554,634‌

11,560,075‌

19,784,211‌

(a)

19,788,522‌

(a)

Shares

redeemed

......................................

—‌

—‌

(200,545,835‌)

(a)

(200,586,000‌)

(a)

161,509,647‌

$

161,560,071‌

404,263,357‌

$

404,461,397‌

1,770,187,075‌

$

1,771,155,957‌

4,891,468,043‌

$

4,892,789,579‌

TempFund

Institutional

Shares

sold

..........................................

8,608,723,712‌

$

8,614,338,639‌

18,908,539,487‌

$

18,916,051,607‌

Shares

issued

in

reinvestment

of

distributions

.....................

100,931,990‌

100,999,270‌

204,679,581‌

204,762,886‌

Shares

redeemed

......................................

(8,300,234,004‌)

(8,305,615,284‌)

(21,330,306,472‌)

(21,339,185,990‌)

409,421,698‌

$

409,722,625‌

(2,217,087,404‌)

$

(2,218,371,497‌)

Administration

Shares

sold

..........................................

9,157,115‌

$

9,163,627‌

48,903,102‌

$

48,922,965‌

Shares

issued

in

reinvestment

of

distributions

.....................

758,072‌

758,594‌

1,404,546‌

1,405,136‌

Shares

redeemed

......................................

(10,763,027‌)

(10,770,316‌)

(46,610,054‌)

(46,631,185‌)

(847,840‌)

$

(848,095‌)

3,697,594‌

$

3,696,916‌

Cabrera

Capital

Markets

Shares

sold

..........................................

749,625‌

$

750,025‌

124,925‌

$

125,002‌

Shares

issued

in

reinvestment

of

distributions

.....................

6,187‌

6,190‌

7,350‌

7,353‌

Shares

redeemed

......................................

(132,117‌)

(132,199‌)

—‌

—‌

623,695‌

$

624,016‌

132,275‌

$

132,355‌

Capital

Shares

sold

..........................................

221,316,972‌

$

221,475,756‌

438,259,205‌

$

438,451,580‌

Shares

issued

in

reinvestment

of

distributions

.....................

5,790,023‌

5,794,147‌

6,337,865‌

6,340,663‌

Shares

redeemed

......................................

(173,842,251‌)

(173,966,877‌)

(285,283,159‌)

(285,417,146‌)

53,264,744‌

$

53,303,026‌

159,313,911‌

$

159,375,097‌

Cash

Management

Shares

sold

..........................................

51,780,595‌

$

51,816,461‌

153,641,233‌

$

153,702,543‌

Shares

issued

in

reinvestment

of

distributions

.....................

12,113,241‌

12,121,569‌

22,528,431‌

22,537,848‌

Shares

redeemed

......................................

(81,797,308‌)

(81,854,238‌)

(205,379,391‌)

(205,463,655‌)

(17,903,472‌)

$

(17,916,208‌)

(29,209,727‌)

$

(29,223,264‌)

Cash

Reserve

Shares

sold

..........................................

11,670,411‌

$

11,679,005‌

37,187,243‌

$

37,203,114‌

Shares

issued

in

reinvestment

of

distributions

.....................

303,360‌

303,579‌

702,199‌

702,516‌

Shares

redeemed

......................................

(13,476,622‌)

(13,486,083‌)

(34,776,934‌)

(34,793,115‌)

(1,502,851‌)

$

(1,503,499‌)

3,112,508‌

$

3,112,515‌

Dollar

Shares

sold

..........................................

85,423,093‌

$

85,477,927‌

155,527,541‌

$

155,589,180‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,855,708‌

1,856,979‌

3,449,949‌

3,451,418‌

Shares

redeemed

......................................

(80,455,251‌)

(80,507,102‌)

(176,621,499‌)

(176,689,353‌)

6,823,550‌

$

6,827,804‌

(17,644,009‌)

$

(17,648,755‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

125

Notes

to

Financial

Statements

(a)

Period

January

23,

2023

(commencement

of

operations)

to

October

31,

2023

for

Great

Pacific

Shares.

As

of

April

30,

2024,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

2,993,392,626

Institutional

Shares

of

FedFund.

As

of

April

30,

2024,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

36,478

Premier

Shares

of

TempCash.

9.

SUBSEQUENT

EVENTS 

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds’

financial

statements

was

completed

through

the

date

the

financial

statements

were

issued

and

the

following

item

was

noted:

On

May

16,

2024,

the

Board

approved

a

proposal

to

close

TempFund

to

new

investors

and

thereafter

to

liquidate

the

Fund.

Accordingly,

effective

on

June

14,

2024,

the

Fund

will

no

longer

accept

purchase

orders

from

new

investors.

On

or

about

September

5,

2024

(the

“Liquidation

Date”),

all

of

the

assets

of

the

Fund

will

be

liquidated

completely,

the

shares

of

any

shareholders

on

the

Liquidation

Date

will

be

redeemed

at

the

NAV

per

share

and

the

Fund

will

then

be

terminated

as

a

series

of

the

Trust.

d

Six

Months

Ended

04/30/24

Year

Ended

10/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Private

Client

Shares

sold

..........................................

49,934‌

$

49,980‌

65,887‌

$

65,920‌

Shares

issued

in

reinvestment

of

distributions

.....................

12,056‌

12,064‌

33,401‌

33,416‌

Shares

redeemed

......................................

(421,908‌)

(422,217‌)

(512,067‌)

(512,326‌)

(359,918‌)

$

(360,173‌)

(412,779‌)

$

(412,990‌)

449,519,606‌

$

449,849,496‌

(2,098,097,631‌)

$

(2,099,339,623‌)

MuniCash

Institutional

Shares

sold

..........................................

16,617,486,663‌

$

16,618,860,140‌

35,981,486,604‌

$

35,981,358,818‌

Shares

issued

in

reinvestment

of

distributions

.....................

24,709,534‌

24,712,005‌

51,656,917‌

51,656,128‌

Shares

redeemed

......................................

(17,543,602,314‌)

(17,544,889,555‌)

(35,085,456,468‌)

(35,085,692,424‌)

(901,406,117‌)

$

(901,317,410‌)

947,687,053‌

$

947,322,522‌

Dollar

Shares

sold

..........................................

1,855,571‌

$

1,855,570‌

5,093,134‌

$

5,093,161‌

Shares

issued

in

reinvestment

of

distributions

.....................

28,436‌

28,436‌

52,079‌

52,078‌

Shares

redeemed

......................................

(1,341,972‌)

(1,341,972‌)

(6,284,604‌)

(6,284,494‌)

542,035‌

$

542,034‌

(1,139,391‌)

$

(1,139,255‌)

(900,864,082‌)

$

(900,775,376‌)

946,547,662‌

$

946,183,267‌

Additional

Information

2024

BlackRock

Semi-Annual

Report

to

Shareholders

126

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Transfer

Agent at

(800)

441-7450.

Availability

of

Quarterly

Schedule

of

Investments 

The Funds

file their

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Funds'

reports

on

Form

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)

127

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

(a)

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

The

Bank

of

New

York

Mellon

New

York,

NY

10286

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

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

2024

BlackRock

Semi-Annual

Report

to

Shareholders

128

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

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes

VRDP

Variable

Rate

Demand

Preferred

Notice

to

Shareholders

The

following

applies

to

TempCash,

TempFund

and

MuniCash:

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.

An

investment

in

a

Fund

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds'

sponsor

is

not

required

to

reimburse

the

Funds

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Funds

at

any

time,

including

during

periods

of

market

stress.

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

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds'

sponsor

is

not

required

to

reimburse

the

Funds

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Funds

at

any

time,

including

during

periods

of

market

stress.

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-04/24-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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

<<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(5) 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, 2024

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, 2024

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

Date: June 21, 2024