UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02354

Name of Fund: BlackRock Liquidity Funds

California Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52^nd Street, New York, NY 10055.

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

Date of fiscal year end: 10/31/2010

Date of reporting period: 04/30/2010

Item 1 – Report to Stockholders

BlackRock Liquidity Funds
SEMI-ANNUAL REPORT  |   APRIL 30, 2010 (UNAUDITED)

Federal Trust Fund

FedFund

TempCash

TempFund

T-Fund

Treasury Trust Fund

MuniCash

MuniFund

California Money Fund

New York Money Fund

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Information	4
Disclosure of Expenses	7
Financial Statements:
Schedules of Investments	9
Statements of Assets and Liabilities	47
Statements of Operations	51
Statements of Changes in Net Assets	54
Financial Highlights	58
Notes to Financial Statements	88
Officers and Trustees	97
Additional Information	98

2 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regulations added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels have remained elevated — reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regulations. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down.

Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, however, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been outperforming the rest of the market.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

Against this backdrop, the major market averages posted the following returns:

Total Returns as of April 30, 2010	6-month		12-month
US equities (S&P 500 Index)	15.66	%	38.84	%
Small cap US equities (Russell 2000 Index)	28.17		48.95
International equities (MSCI Europe, Australasia, Far East Index)	2.48		34.43
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.04		0.15
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(0.54	)	(1.32	)
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	2.54		8.30
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	3.68		8.85
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	11.60		42.53

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Information as of April 30, 2010

Federal Trust Fund

Portfolio Composition	Percent of Net Assets
U.S. Government Sponsored Agency Obligations	75	%
U.S. Treasury Obligations	25
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.03	%	0.06	%
Dollar	0.00	%	0.03	%
Administration	0.00	%	0.03	%

FedFund

Portfolio Composition	Percent of Net Assets
U.S. Government Sponsored Agency Obligations	48	%
Repurchase Agreements	48
U.S. Treasury Obligations	6
Liabilities in Excess of Other Assets	(2	)
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.05	%	0.05	%
Dollar	0.00	%	0.00	%
Cash Reserve	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Administration	0.00	%	0.00	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

TempCash

Portfolio Composition	Percent of Net Assets
Certificates of Deposit	25	%
U.S. Government Sponsored Agency Obligations	21
Commercial Paper	11
Municipal Bonds	11
U.S. Treasury Obligations	10
Repurchase Agreements	10
Master Notes	5
Corporate Notes	4
Time Deposits	3
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.15	%	0.15	%
Dollar	0.00	%	0.00	%
Administration	0.05	%	0.05	%

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 indicative of future results.

4 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Fund Information (continued) as April 30, 2010

TempFund

Portfolio Composition	Percent of Net  Assets
Certificates of Deposit	40	%
U.S. Government Sponsored Agency Obligations	19
Repurchase Agreements	12
U.S. Treasury Obligations	10
Commercial Paper	9
Master Notes	4
Municipal Bonds	3
Corporate Notes	3
Time Deposits	1
Liabilities in Excess of Other Assets	(1	)
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.14	%	0.14	%
Dollar	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Cash Reserve	0.00	%	0.00	%
Administration	0.04	%	0.04	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

T-Fund

Portfolio Composition	Percent of Net Assets
Repurchase Agreements	64	%
U.S. Treasury Obligations	36
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.02	%	0.02	%
Dollar	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Administration	0.00	%	0.00	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

Treasury Trust Fund

Portfolio Composition	Percent of Net Assets
U.S. Treasury Obligations	100	%
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.00	%	0.01	%
Dollar	0.00	%	0.01	%
Cash Management	0.00	%	0.01	%
Administration	0.00	%	0.01	%

MuniCash

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	81	%
Municipal Bonds	14
Municipal Put Bonds	4
Commercial Paper	2
Liabilities in Excess of Other Assets	(1	)
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.19	%	0.19	%
Dollar	0.00	%	0.00	%

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 indicative of future results.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 5

Fund Information (concluded) as of April 30, 2010

MuniFund

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	75	%
Municipal Bonds	16
Municipal Put Bonds	3
Commercial Paper	6
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.16	%	0.16	%
Dollar	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Administration	0.06	%	0.06	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

California Money Fund

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	68	%
Municipal Bonds	24
Municipal Put Bonds	1
Commercial Paper	7
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.22	%	0.22	%
Dollar	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Administration	0.12	%	0.12	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

New York Money Fund

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes	71	%
Municipal Bonds	27
Municipal Put Bonds	1
Commercial Paper	1
Total	100	%

Yields	7-Day SEC Yield		7-Day Yield
Institutional	0.21	%	0.21	%
Dollar	0.00	%	0.00	%
Cash Management	0.00	%	0.00	%
Administration	0.11	%	0.11	%
Select	0.00	%	0.00	%
Private Client	0.00	%	0.00	%
Premier	0.00	%	0.00	%

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 indicative of future results.

6 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) expenses related to transactions, and (b) operating expenses including advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples below (which are based on a hypothetical investment of $1,000 invested on November 1, 2009 and held through April 30, 2010) 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 tables below provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and hypothetical expenses based on each 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 each Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical tables 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 Example

	Actual						Hypothetical1
	Beginning Account Value November 1, 2009		Ending Account Value April 30, 2010		Expenses Paid During the  Period2		Beginning Account Value November 1, 2009		Ending Account Value April 30, 2010		Expenses Paid During the  Period2		Annualized Expense Ratio
Federal Trust Fund
Institutional	$	1,000	$	1,000.00	$	0.79	$	1,000	$	1,024.00	$	0.80	0.16	%
Dollar	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Administration	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
FedFund
Institutional	$	1,000	$	1,000.10	$	0.99	$	1,000	$	1,023.80	$	1.00	0.20	%
Dollar	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Cash Management	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Cash Reserve	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Administration	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Select	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Private Client	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
Premier	$	1,000	$	1,000.00	$	1.24	$	1,000	$	1,023.55	$	1.25	0.25	%
TempCash
Institutional	$	1,000	$	1,000.50	$	0.89	$	1,000	$	1,023.90	$	0.90	0.18	%
Dollar	$	1,000	$	1,000.00	$	1.69	$	1,000	$	1,023.11	$	1.71	0.34	%
Administration	$	1,000	$	1,000.10	$	1.39	$	1,000	$	1,023.41	$	1.40	0.28	%
TempFund
Institutional	$	1,000	$	1,000.40	$	0.89	$	1,000	$	1,023.90	$	0.90	0.18	%
Dollar	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Cash Management	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Cash Reserve	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Administration	$	1,000	$	1,000.00	$	1.39	$	1,000	$	1,023.41	$	1.40	0.28	%
Select	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Private Client	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Premier	$	1,000	$	1,000.00	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%

1 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

2 For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 7

Expense Example (concluded)

	Actual						Hypothetical1
	Beginning Account Value November 1, 2009		Ending Account Value April 30, 2010		Expenses Paid During the  Period2		Beginning Account Value November 1, 2009		Ending Account Value April 30, 2010		Expenses Paid During the  Period2		Annualized Expense Ratio
T-Fund
Institutional	$	1,000	$	1,000.00	$	0.79	$	1,000	$	1,024.00	$	0.80	0.16	%
Dollar	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Cash Management	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Administration	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Select	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Private Client	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Premier	$	1,000	$	1,000.00	$	0.84	$	1,000	$	1,023.95	$	0.85	0.17	%
Treasury Trust Fund
Institutional	$	1,000	$	1,000.00	$	0.50	$	1,000	$	1,024.30	$	0.50	0.10	%
Dollar	$	1,000	$	1,000.00	$	0.50	$	1,000	$	1,024.30	$	0.50	0.10	%
Cash Management	$	1,000	$	1,000.00	$	0.50	$	1,000	$	1,024.30	$	0.50	0.10	%
Administration	$	1,000	$	1,000.00	$	0.50	$	1,000	$	1,024.30	$	0.50	0.10	%
MuniCash
Institutional	$	1,000	$	1,000.50	$	0.99	$	1,000	$	1,023.80	$	1.00	0.20	%
Dollar	$	1,000	$	1,000.00	$	1.83	$	1,000	$	1,022.96	$	1.86	0.37	%
MuniFund
Institutional	$	1,000	$	1,000.40	$	0.99	$	1,000	$	1,023.80	$	1.00	0.20	%
Dollar	$	1,000	$	1,000.00	$	1.64	$	1,000	$	1,023.16	$	1.66	0.33	%
Cash Management	$	1,000	$	1,000.00	$	1.64	$	1,000	$	1,023.16	$	1.66	0.33	%
Administration	$	1,000	$	1,000.10	$	1.44	$	1,000	$	1,023.36	$	1.45	0.29	%
Select	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%
Private Client	$	1,000	$	1,000.00	$	1.64	$	1,000	$	1,023.16	$	1.66	0.33	%
Premier	$	1,000	$	1,000.00	$	1.64	$	1,000	$	1,023.16	$	1.66	0.33	%
California Money Fund
Institutional	$	1,000	$	1,000.50	$	0.99	$	1,000	$	1,023.80	$	1.00	0.20	%
Dollar	$	1,000	$	1,000.00	$	1.74	$	1,000	$	1,023.06	$	1.76	0.35	%
Cash Management	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.35	%
Administration	$	1,000	$	1,000.20	$	1.49	$	1,000	$	1,023.31	$	1.51	0.30	%
Select	$	1,000	$	1,000.00	$	1.74	$	1,000	$	1,023.06	$	1.76	0.35	%
Private Client	$	1,000	$	1,000.00	$	1.74	$	1,000	$	1,023.06	$	1.76	0.35	%
Premier	$	1,000	$	1,000.00	$	1.74	$	1,000	$	1,023.06	$	1.76	0.35	%
New York Money Fund
Institutional	$	1,000	$	1,000.40	$	0.99	$	1,000	$	1,023.80	$	1.00	0.20	%
Dollar	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%
Cash Management	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%
Administration	$	1,000	$	1,000.10	$	1.44	$	1,000	$	1,023.36	$	1.45	0.29	%
Select	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%
Private Client	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%
Premier	$	1,000	$	1,000.00	$	1.59	$	1,000	$	1,023.21	$	1.61	0.32	%

1 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

2 For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

8 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments April 30, 2010 (Unaudited)	Federal Trust Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Government Sponsored Agency Obligations
Federal Farm Credit Bank Discount Notes:(a)
0.20%, 7/15/10	$	10,000	$	9,995,833
0.50%, 8/09/10		6,400		6,391,111
Federal Farm Credit Bank Variable Rate Notes:(b)
0.25%, 7/06/10		45,000		45,000,000
0.60%, 4/27/11		5,000		5,000,000
0.23%, 12/16/11		10,000		9,998,373
Federal Home Loan Bank Bonds:
0.55%, 8/05/10		5,000		4,999,504
0.30%, 11/26/10		5,000		4,998,680
Federal Home Loan Bank Discount Notes:(a)
0.14%, 5/07/10		10,000		9,999,767
0.17%, 5/12/10		2,041		2,040,894
0.18%, 5/14/10		2,275		2,274,852
0.17%, 5/21/10		2,107		2,106,801
0.21%, 5/26/10		2,035		2,034,703
0.20%, 6/16/10		9,539		9,536,562
0.18%, 7/02/10		3,500		3,498,915
0.19%, 7/02/10		4,500		4,498,528
0.19%, 7/14/10		10,000		9,996,094
0.20%, 7/16/10		5,000		4,997,889
Federal Home Loan Bank Variable Rate Notes:(b)
0.15%, 7/09/10		30,000		29,998,862
0.19%, 11/26/10		8,330		8,330,000
Total U.S. Government Sponsored Agency Obligations — 75.4%				175,697,368
U.S. Treasury Obligations(a)
U.S. Treasury Bills:
0.12%, 5/06/10		8,393		8,392,860
0.13%, 5/06/10		7,212		7,211,870
0.15%, 5/13/10		20,667		20,665,970
0.16%, 5/27/10		4,088		4,087,537
0.20%, 7/01/10		17,124		17,118,197
Total U.S. Treasury Obligations — 24.6%				57,476,434
Total Investments (Cost $233,173,802*) — 100.0%				233,173,802
Liabilities in Excess of Other Assets — (0.0)%				(10,073	)
Net Assets — 100.0%			$	233,163,729

* Cost for federal income tax purposes.

(a) Rate shown reflects the discount rate at the time of purchase.

(b) Variable rate security. Rate shown is as of report date.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	233,173,802	—	$	233,173,802

1 See above Schedule of Investments for values in each security type.

Fund Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	AGM	Assured Guaranty Municipal Corp.	MB	Municipal Bonds
	AMT	Alternative Minimum Tax (subject to)	MERLOTS	Municipal Exempt Receipts Liquidity Optional Tender
	BAN	Bond Anticipation Notes	PCRB	Pollution Control Revenue Bonds
	BHAC-CR	Berkshire Hathaway Assurance	PSF	Permanent School Fund
		Corp.-Custodial Receipts	PUTTERS	Puttable Tax-Exempt Receipts
	CalPERS	California Public Employees’ Retirement System	Q-SBLF	Qualified School Board Loan Fund
			RAN	Revenue Anticipation Notes
	CalSTRS	California State Teachers’ Retirement System	RB	Revenue Bonds
	COP	Certificates of Participation	ROC	Reset Option Certificates
	FDIC	Federal Deposit Insurance Corp.	SBPA	Stand-by Bond Purchase Agreement
	GO	General Obligation Bonds	SPEARS	Short Puttable Exempt Adjustable Receipts
	GTD	Guaranteed	TAN	Tax Anticipation Notes
	IDA	Industrial Development Authority	TECP	Tax-Exempt Commercial Paper
	IDRB	Industrial Development Revenue Bonds	TRAN	Tax Revenue Anticipation Notes
	ISD	Independent School District	VRDN	Variable Rate Demand Notes
	LOC	Letter of Credit	VRDP	Variable Rate Demand Preferred

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 9

Schedule of Investments April 30, 2010  (Unaudited)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Government Sponsored Agency Obligations
Fannie Mae Discount Mortgage-Backed Securities:(a)
0.14%, 5/03/10	$	206,341	$	206,339,395
0.24%, 8/02/10		212,924		212,794,826
Fannie Mae Discount Notes:(a)
0.15%, 5/10/10		25,000		24,999,062
0.16%, 5/10/10		70,000		69,997,200
0.17%, 5/24/10		50,000		49,994,569
0.19%, 6/01/10		100,000		99,983,639
0.24%, 8/23/10		100,000		99,924,000
0.25%, 10/06/10		60,000		59,934,167
0.30%, 11/15/10		190,000		189,686,500
Federal Farm Credit Bank Discount Notes,
0.50%, 8/09/10(a)		3,600		3,595,000
Federal Farm Credit Bank Variable Rate Notes:(b)
0.25%, 7/06/10		35,000		35,000,000
0.60%, 4/27/11		95,500		95,500,000
0.39%, 5/05/11		145,000		144,985,835
Federal Home Loan Bank Bonds,
0.30%, 11/26/10		52,000		51,986,275
Federal Home Loan Bank Discount Notes:(a)
0.17%, 5/12/10		1,988		1,987,897
0.17%, 5/21/10		20,056		20,054,106
0.18%, 6/23/10		2,243		2,242,405
Federal Home Loan Bank Variable Rate Notes:(b)
0.15%, 7/09/10		350,000		349,986,717
0.25%, 10/08/10		400,000		399,947,212
0.70%, 11/08/10		230,000		229,987,877
0.19%, 11/26/10		90,000		90,000,000
0.16%, 7/20/11		70,000		69,973,945
0.17%, 7/28/11		155,000		154,931,495
Freddie Mac Discount Notes:(a)
0.17%, 6/16/10		96,500		96,479,038
0.21%, 7/06/10		265,525		265,424,285
0.19%, 7/07/10		120,000		119,957,567
0.20%, 7/23/10		330,000		329,847,833
0.21%, 8/02/10		90,715		90,665,787
0.24%, 8/11/10		70,000		69,952,400
0.25%, 9/08/10		25,000		24,977,431
0.30%, 9/27/10		158,000		157,803,817
0.29%, 10/26/10		37,500		37,446,229
0.29%, 10/27/10		100,000		99,855,806
0.39%, 1/10/11		14,000		13,961,970
Freddie Mac Variable Rate Notes:(b)
0.20%, 7/14/10		290,000		289,979,473
0.23%, 8/24/10		72,485		72,485,983
0.23%, 9/03/10		66,730		66,725,421
0.25%, 9/24/10		110,000		110,001,217
0.27%, 12/30/10		218,000		218,085,718
0.32%, 2/14/11		530,000		529,955,005
0.35%, 4/01/11		276,100		276,346,658
0.22%, 2/16/12		218,000		217,826,493
Total U.S. Government Sponsored Agency Obligations — 48.3%				5,751,610,253
U.S. Treasury Obligations(a)
U.S. Treasury Bills:
0.12%, 5/06/10		1,607		1,606,973
0.15%, 5/13/10		1,333		1,332,934
0.14%, 6/03/10		5,000		4,999,372
0.54%, 6/10/10		268,645		268,483,813
0.45%, 6/17/10		150,000		149,912,854
0.16%, 7/01/10		7,191		7,189,050
0.39%, 7/15/10		300,000		299,759,375
0.46%, 8/26/10		14,073		14,051,961
Total U.S. Treasury Obligations — 6.3%				747,336,332
Repurchase Agreements
Banc of America Securities LLC,
0.19%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,000,792, collateralized by U.S. Treasury obligation, 4.38% due at 12/15/10, par and fair value of $48,958,700 and $51,000,089, respectively)
Banc of America Securities LLC,
0.20%, 5/03/10		295,000		295,000,000
(Purchased on 4/30/10 to be repurchased at $295,004,917, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/15/24 to 11/16/51, aggregate par and fair value of $1,988,986,509 and $315,650,001, respectively)
Barclays Capital, Inc.,
0.17%, 5/03/10		425,000		425,000,000
(Purchased on 4/30/10 to be repurchased at $425,006,021, collateralized by various U.S. Treasury obligations, 1.38% due from 5/15/12 to 11/15/12, aggregate par and fair value of $428,180,200 and $433,500,021, respectively)
Barclays Capital, Inc.,
0.19%, 5/03/10		750,000		750,000,000
(Purchased on 4/30/10 to be repurchased at $750,011,875, collateralized by various U.S. Treasury obligations, 0.88% to 3. 00% due from 2/29/12 to 2/28/17, aggregate par and fair value of $765,906,700 and $765,000,074, respectively)
Citigroup Global Markets, Inc.,
0.19%, 5/03/10		350,000		350,000,000
(Purchased on 4/30/10 to be repurchased at $350,005,542, collateralized by various U.S. government sponsored agency obligations, 3.75% to 5.28% due from 1/01/38 to 2/01/40, aggregate par and fair value of $404,432,236 and $360,500,001, respectively)
Credit Suisse Securities (USA) LLC,
0.19%, 5/03/10		100,000		100,000,000
(Purchased on 4/30/10 to be repurchased at $100,001,583, collateralized by various U.S. Treasury obligations, 1.22% to 6. 00% due from 5/15/11 to 11/03/11, aggregate par and fair value of $98,570,000 and $102,002,131, respectively)

See Notes to Financial Statements.

10 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements
Credit Suisse Securities (USA) LLC,
0.27%, 5/03/10	$	250,000	$	250,000,000
(Purchased on 4/26/10 to be repurchased at $250,013,125, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 6/01/24 to 5/15/40, aggregate par and fair value of $575,910,614 and $257,500,952, respectively)
Credit Suisse Securities (USA) LLC,
0.19%, 5/06/10		300,000		300,000,000
(Purchased on 4/29/10 to be repurchased at $300,011,083, collateralized by various Freddie Mac Notes, 0.00% due from 11/01/25 to 4/01/40, aggregate par and fair value of $564,478,673 and $309,002,563, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/03/10		408,000		408,000,000
(Purchased on 4/30/10 to be repurchased at $408,006,800, collateralized by various U.S. government sponsored agency obligations, 0.00% to 8.00% due from 1/15/12 to 5/01/40, aggregate par and fair value of $1,758,581,479 and $420,423,419, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/03/10		544,000		544,000,000
(Purchased on 4/30/10 to be repurchased at $544,009,067, collateralized by various U.S. government sponsored agency obligations, 0.00% to 8.00% due from 1/15/12 to 5/01/40, aggregate par and fair value of $2,344,775,306 and $560,564,559, respectively)
Goldman Sachs Co.,
0.19%, 5/03/10		344,000		344,000,000
(Purchased on 4/30/10 to be repurchased at $344,005,447, collateralized by Fannie Mae Bond, 0.00% due at 6/01/39, par and fair value of $498,356,144 and $354,320,000, respectively)
HSBC Securities (USA) Inc.,
0.19%, 5/03/10		100,000		100,000,000
(Purchased on 4/30/10 to be repurchased at $100,001,583, collateralized by various U.S. Treasury obligations, 7.13% to 8. 00% due from 11/15/21 to 2/15/23, aggregate par and fair value of $168,378,000 and $102,001,437, respectively)
JPMorgan Securities Inc.,
0.19%, 5/03/10		281,694		281,694,000
(Purchased on 4/30/10 to be repurchased at $281,698,460, collateralized by various U.S. Treasury obligations, 0.00% due from 8/15/23 to 2/15/25, aggregate par and fair value of $548,735,325 and $287,329,694, respectively)
Morgan Stanley & Co.,
0.18%, 5/03/10		300,000		300,000,000
(Purchased on 4/30/10 to be repurchased at $300,004,500, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/01/33 to 11/01/39, aggregate par and fair value of $551,596,815 and $309,000,001, respectively)
Morgan Stanley & Co.,
0.19%, 5/03/10		294,000		294,000,000
(Purchased on 4/30/10 to be repurchased at $294,004,655, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/01/33 to 11/01/39, aggregate par and fair value of $540,564,879 and $302,820,000, respectively)
RBS Securities Inc.,
0.20%, 5/03/10		375,000		375,000,000
(Purchased on 4/30/10 to be repurchased at $375,006,250, collateralized by U.S. Treasury obligation, 3.63% due at 2/15/20, par and fair value of $382,895,000 and $382,500,699, respectively)
RBS Securities Inc.,
0.20%, 5/12/10		325,000		325,000,000
(Purchased on 4/12/10 to be repurchased at $325,054,167, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.21% due from 2/01/23 to 2/25/44, aggregate par and fair value of $849,080,556 and $334,750,036, respectively)
UBS Securities LLC,
0.21%, 5/03/10		195,489		195,489,000
(Purchased on 4/30/10 to be repurchased at $195,492,421, collateralized by various Ginnie Mae Bonds, 4.50% to 5.00% due from 1/20/40 to 4/20/40, aggregate par and fair value of $191,407,891 and $199,401,660, respectively)
Total Repurchase Agreements — 47.8%				5,687,183,000
Total Investments (Cost $12,186,129,585*) — 102.4%				12,186,129,585
Liabilities in Excess of Other Assets — (2.4)%				(283,432,542	)
Net Assets — 100.0%			$	11,902,697,043

* Cost for federal income tax purposes.

(a) Rate shown reflects the discount rate at the time of purchase.

(b) Variable rate security. Rate shown is as of report date.

• Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Par at October 31, 2009		Net Activity (Par)		Par at April 30, 2010		Income
PNC Bank N.A.	$	—	$	—	$	—	$	15,712

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 11

Schedule of Investments (concluded)

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	12,186,129,585	—	$	12,186,129,585

1 See above Schedule of Investments for values in each security type.

See Notes to Financial Statements.

12 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments April 30,  2010(Unaudited)	TempCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Certificates of Deposit
Euro — 1.3%
Credit Industriel et Commercial, London,
0.39%, 6/02/10	$	85,000	$	85,000,378
Yankee — 24.2%(a)
Abbey National Treasury Services Plc, Connecticut,
0.28%, 11/17/10(b)		65,000		65,000,000
Banco Bilbao Vizcaya Argentaria S.A., New York,
0.34%, 12/13/10(b)		28,500		28,500,000
Bank of Montreal, Chicago,
0.22%, 5/10/10		50,000		50,000,000
Bank of Nova Scotia, Houston,
0.31%, 5/04/10		75,000		75,000,000
Bank of Nova Scotia, New York,
0.39%, 10/15/10		60,000		59,998,611
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.23%, 5/24/10		85,000		85,000,000
0.31%, 6/15/10		50,000		50,000,000
Barclays Bank Plc, New York:
0.43%, 5/12/10		35,000		35,000,000
0.32%, 6/30/10		65,000		65,000,000
Dexia Credit Local S.A., New York,
0.30%, 5/14/10		50,000		50,000,000
Dexia Credit Local, New York - GTD,
1.05%, 5/17/10(c)		121,000		121,000,000
Rabobank Nederland N.V., New York:
0.25%, 1/10/11(b)		38,000		38,000,000
0.25%, 1/13/11(b)		100,000		100,000,000
Royal Bank of Scotland Plc, Connecticut:
0.54%, 5/18/10(b)		100,000		100,000,000
0.54%, 5/20/10(b)		70,000		70,000,000
Royal Bank of Scotland Plc, New York,
0.38%, 7/07/10		75,000		75,000,000
Societe Generale, New York:
0.29%, 6/07/10(b)		40,000		40,000,000
0.28%, 7/12/10(b)		43,500		43,500,000
0.29%, 7/23/10(b)		45,000		45,000,000
Svenska Handelsbanken, New York,
0.43%, 10/25/10		25,000		25,000,613
Toronto Dominion Bank, New York:
0.25%, 11/05/10(b)		60,000		60,000,000
0.25%, 2/04/11(b)		21,000		21,000,000
Unicredit SpA, New York:
0.30%, 6/18/10		75,000		75,000,000
0.34%, 7/16/10		100,000		100,000,000
Westpac Banking Corp., New York:
0.31%, 10/19/10(b)		40,525		40,525,000
0.32%, 10/21/10(b)		52,590		52,590,000
Total Certificates of Deposit — 25.5%				1,655,114,602
Commercial Paper
Atlantis One Funding Corp.,
0.22%, 6/08/10(d)		75,000		74,982,583
BPCE S.A.,
0.25%, 6/01/10(d)		115,000		114,975,738
Chariot Funding LLC,
0.21%, 5/10/10(d)		101,481		101,475,672
Danske Corp. - GTD,
0.20%, 5/10/10(d)		100,000		99,995,000
Gemini Securitization Corp., LLC,
0.22%, 5/11/10(d)		100,000		99,993,889
JPMorgan Chase & Co.,
0.25%, 7/14/10(d)		70,000		69,964,028
Jupiter Securitization Co. LLC,
0.22%, 5/14/10(d)		59,000		58,995,313
Westpac Trust Securities, New Zealand,
0.37%, 11/05/10(b)(e)		72,500		72,500,000
Total Commercial Paper — 10.7%				692,882,223
Citibank N.A. - FDIC GTD,
0.34%, 9/30/10(b)		25,000		25,000,000
Commonwealth Bank of Australia,
0.32%, 11/22/10(b)		45,000		45,000,000
Eksportfinans A/S,
0.31%, 11/09/10(b)		45,000		45,000,000
KBC Bank N.V., New York,
1.31%, 6/01/10(c)		61,090		61,090,000
Rabobank Nederland N.V.,
0.79%, 7/07/10(c)		96,800		96,800,000
Total Corporate Notes — 4.2%				272,890,000
Master Notes — 4.6%
Banc of America Securities LLC,
0.36%, 5/03/10(c)		300,000		300,000,000
Municipal Bonds(c)
Antelope Valley - East Kern Water Agency COP Series 2008A-2 VRDN (Wells Fargo Bank N.A. LOC),
0.25%, 5/07/10		28,450		28,450,000
California GO Municipal Trust Receipts Floaters Series 2007A VRDN (Societe Generale Liquidity Facility, Societe Generale Guaranty),
0.28%, 5/07/10		49,000		49,000,000
East Bay Municipal Utility District Water System RB Series 2002A VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.32%, 5/07/10		66,555		66,555,000
Georgia Municipal Electric Authority RB Series 2009B BAN,
2.25%, 6/21/10		5,625		5,627,699
Jacksonville Trasportation RB Series 2008A VRDN (JPMorgan Chase Bank SBPA),
0.27%, 5/07/10		20,000		20,000,000
Long Island Power Authority Electric System RB Series 2003 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.30%, 5/07/10		60,850		60,850,000
Lower Alabama Gas District RB Series 2007A VRDN (Societe Generale Liquidity Facility),
0.31%, 5/07/10		28,000		28,000,000
Maryland Community Development Administration Department of Housing & Community Development RB (Residential Project) Series 2006J AMT VRDN (State Street Bank & Trust Co. SBPA),
0.30%, 5/07/10		57,000		57,000,000
Massachusetts Development Finance Agency RB (Wentworth Institute of Technology, Inc. Project) Series 2007A VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10		14,015		14,015,000
Massachusetts Water Resources Authority RB Series 2008A VRDN (Dexia Credit Local SBPA),
0.31%, 5/07/10		123,000		123,000,000
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.36%, 5/07/10		74,120		74,120,000
New Mexico Municipal Energy Acquisition Authority Gas Supply RB Series 2009 VRDN (Royal Bank of Canada SBPA),
0.30%, 5/07/10		50,000		50,000,000
New York City GO Series 2008J-13 VRDN (Lloyds TSB Bank Plc SBPA),
0.35%, 5/07/10		35,350		35,350,000
New York City GO Series 2008J-14 VRDN (Lloyds TSB Bank Plc SBPA),
0.35%, 5/07/10		16,850		16,850,000
San Antonio RB Series 2008 VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10		62,250		62,250,000
Total Municipal Bonds — 10.6%				691,067,699

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 13

Schedule of Investments (continued)	TempCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Time Deposits — 2.9%
Societe Generale,
0.22%, 5/03/10	$	185,000	$	185,000,000
U.S. Government Sponsored Agency Obligations
Fannie Mae Discount Notes:(d)
0.16%, 5/26/10		50,000		49,994,618
0.15%, 6/03/10		75,000		74,989,687
0.27%, 10/13/10		40,246		40,196,196
Fannie Mae Variable Rate Notes,
0.20%, 8/05/10(b)		47,100		47,095,487
Federal Home Loan Bank Discount Notes:(d)
0.50%, 8/06/10		55,000		54,925,903
0.19%, 7/14/10		50,000		49,980,472
Federal Home Loan Bank Variable Rate Notes:(b)
0.15%, 7/09/10		91,895		91,891,512
0.25%, 10/08/10		63,000		62,991,686
Freddie Mac Discount Notes:(d)
0.15%, 5/18/10		68,398		68,393,155
0.20%, 7/23/10		49,800		49,777,037
0.21%, 8/25/10		75,000		74,949,250
0.25%, 9/07/10		42,500		42,461,927
0.30%, 10/12/10		50,000		49,931,667
Freddie Mac Variable Rate Notes:(b)
0.20%, 7/14/10		55,000		54,996,107
0.23%, 8/24/10		38,825		38,825,526
0.23%, 9/03/10		142,265		142,255,237
0.32%, 2/14/11		238,315		238,285,044
0.13%, 5/05/11		125,000		124,961,858
Total U.S. Government Sponsored Agency Obligations — 20.9%				1,356,902,369
U.S. Treasury Obligations(d)
U.S. Treasury Bills:
0.55%, 7/01/10		107,800		107,700,450
0.24%, 7/15/10		50,000		49,974,948
0.39%, 7/15/10		162,000		161,870,062
0.47%, 7/29/10		23,500		23,472,694
0.17%, 8/12/10		21,000		20,989,636
0.18%, 8/19/10		155,000		154,915,162
0.23%, 8/26/10		65,000		64,952,469
0.32%, 8/26/10		39,000		38,960,074
0.24%, 9/30/10		65,725		65,658,399
Total U.S. Treasury Obligations — 10.6%				688,493,894
Repurchase Agreements
Banc of America Securities LLC,
0.33%, 5/03/10		10,000		10,000,000
(Purchased on 4/30/10 to be repurchased at $10,000,275, collateralized by various corporate/debt obligations, 2.31% to 8.00% due from 8/11/11 to 12/15/39, aggregate par and fair value of $9,810,996 and $10,700,000, respectively)
Barclays Capital, Inc.,
0.36%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,001,500, collateralized by various corporate/debt obligations, 0.00% to 6.45% due from 10/15/12 to 1/25/44, aggregate par and fair value of $171,552,056 and $53,500,001, respectively)
Barclays Capital, Inc.,
0.56%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt obligations, 0.00% to 13.00% due from 5/24/10 to 7/20/49, aggregate par and fair value of $51,712,963 and $53,500,001, respectively)
Citigroup Global Markets, Inc.,
0.46%, 5/03/10		10,000		10,000,000
(Purchased on 4/30/10 to be repurchased at $10,000,383, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 6.43% due from 5/10/11 to 12/20/37, aggregate par and fair value of $11,712,716 and $10,342,116, respectively)
Citigroup Global Markets, Inc.,
0.56%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 12.25% due from 10/01/10 to 8/15/39, aggregate par and fair value of $52,564,175 and $52,286,027, respectively)
Citigroup Global Markets, Inc.,
0.64%, 5/03/10		75,000		75,000,000
(Purchased on 4/30/10 to be repurchased at $75,004,000, collateralized by various U.S. government sponsored agency obligations, 0.55% to 6.25% due from 6/25/19 to 7/15/37, aggregate par and fair value of $250,694,226 and $80,250,000, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/03/10		253,491		253,491,000
(Purchased on 4/30/10 to be repurchased at $253,495,225, collateralized by various U.S. government sponsored agency obligations, 0.00% to 4.50% due from 6/01/36 to 5/15/40, aggregate par and fair value of $740,062,050 and $261,095,730, respectively)
Deutsche Bank Securities Inc.,
0.31%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,001,292, collateralized by various U.S. government sponsored agency obligations, 0.40% to 8.95% due from 2/15/11 to 10/13/59, aggregate par and fair value of $48,804,148 and $53,500,000, respectively)
HSBC Securities (USA) Inc.,
0.33%, 5/03/10		20,000		20,000,000
(Purchased on 4/30/10 to be repurchased at $20,000,550, collateralized by various corporate/debt obligations, 0.00% to 9.70% due from 9/15/10 to 7/01/43, aggregate par and fair value of $20,568,913 and $21,400,535, respectively)

See Notes to Financial Statements.

14 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (concluded)	TempCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements
JPMorgan Securities Inc.,
0.61%, 5/03/10	$	50,000	$	50,000,000
(Purchased on 4/30/10 to be repurchased at $50,002,542, collateralized by various corporate/debt obligations, 0.00% to 11.75% due from 5/01/11 to 3/15/29, aggregate par and fair value of $52,399,410 and $53,503,758, respectively)
Morgan Stanley & Co.,
0.36%, 5/03/10		5,000		5,000,000
(Purchased on 4/30/10 to be repurchased at $5,000,150, collateralized by various corporate/debt obligations, 0.00% to 7.00% due from 6/18/10 to 12/17/54, aggregate par and fair value of $6,669,509 and $5,350,000, respectively)
RBS Securities Inc.,
0.36%, 5/03/10		25,000		25,000,000
(Purchased on 4/30/10 to be repurchased at $25,000,750, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.50% due from 10/25/13 to 4/20/40, aggregate par and fair value of $638,323,560 and $25,750,649, respectively)
Total Repurchase Agreements — 10.0%				648,491,000
Total Investments (Cost $6,490,841,787*) — 100.0%				6,490,841,787
Other Assets Less Liabilities — 0.0%				606,936
Net Assets — 100.0%			$	6,491,448,723

* Cost for federal income tax purposes.

(a) Issuer is a US branch of a foreign domiciled bank. (b) Variable rate security. Rate shown is as of report date.

(c) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(d) Rate shown reflects the discount rate at the time of purchase.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	6,490,841,787	—	$	6,490,841,787

1 See above Schedule of Investments for values in each security type.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 15

Schedule of Investments April 30, 2010  (Unaudited)	TempFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Certificates of Deposit
Domestic — 0.3%
State Street Bank & Trust Co.,
0.29%, 7/07/10	$	201,000	$	201,000,000
Euro — 1.1%
Credit Industriel et Commercial, London,
0.39%, 6/02/10		660,000		660,002,931
Yankee — 38.4%(a)
Abbey National Treasury Services Plc, Connecticut:
0.56%, 7/20/10(b)		521,160		521,160,000
0.28%, 11/17/10(b)		527,000		527,000,000
Banco Bilbao Vizcaya Argentaria S.A., New York:
0.36%, 6/30/10		100,000		100,000,832
0.34%, 12/13/10(b)		219,100		219,100,000
Bank of Montreal, Chicago:
0.22%, 5/10/10		250,000		250,000,000
0.23%, 6/01/10		400,000		400,000,000
0.30%, 7/23/10		400,000		400,000,000
0.30%, 7/26/10		150,000		150,000,000
Bank of Nova Scotia, New York,
0.39%, 10/15/10		443,000		442,989,744
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.23%, 5/24/10		400,000		400,000,000
0.23%, 6/04/10		500,000		500,002,359
0.31%, 6/15/10		432,000		432,000,000
0.30%, 6/16/10		325,000		325,000,000
0.30%, 6/23/10		469,000		469,000,000
0.32%, 6/29/10		387,000		387,000,000
Barclays Bank Plc, New York:
0.43%, 5/12/10		400,000		400,000,000
0.32%, 6/30/10		521,000		521,000,000
0.33%, 8/18/10(b)		498,670		498,670,000
BNP Paribas S.A., New York:
0.20%, 5/04/10		400,000		400,000,000
0.32%, 5/04/10		413,000		413,000,000
0.24%, 5/10/10		523,500		523,500,000
0.22%, 6/04/10		400,000		400,000,000
0.24%, 6/14/10		800,000		800,000,000
0.31%, 8/06/10		88,000		88,002,356
0.35%, 10/15/10(b)		303,000		303,000,000
Credit Agricole CIB, New York,
0.35%, 10/12/10(b)		400,000		400,000,000
Deutsche Bank A.G., New York:
0.30%, 7/27/10		503,000		503,000,000
0.30%, 7/28/10		700,000		700,000,000
Dexia Credit Local S.A., New York:
0.30%, 5/05/10		500,000		500,000,000
0.30%, 5/06/10		300,000		300,000,000
0.30%, 5/14/10		500,000		500,000,000
0.30%, 5/14/10		450,000		450,000,000
Dexia Credit Local, New York - GTD,
1.05%, 5/17/10(c)		793,500		793,500,000
Lloyds TSB Bank Plc, New York,
0.22%, 5/10/10		500,000		500,000,000
Rabobank Nederland N.V., New York:
0.25%, 5/04/10		19,500		19,500,000
0.20%, 6/07/10		315,000		315,000,000
0.20%, 6/15/10		396,300		396,300,000
0.25%, 1/10/11(b)		355,000		355,000,000
0.25%, 1/12/11(b)		500,000		500,000,000
0.25%, 2/09/11(b)		188,000		188,000,000
Royal Bank of Scotland Plc, Connecticut:
0.54%, 5/18/10		680,000		680,000,000
0.54%, 5/20/10		620,000		620,000,000
0.36%, 7/21/10		51,000		51,000,000
Royal Bank of Scotland Plc, New York,
0.38%, 7/07/10		747,000		747,000,000
Societe Generale, New York:
0.29%, 6/07/10(b)		500,000		500,000,000
0.30%, 7/09/10		100,000		100,000,000
0.28%, 7/12/10(b)		395,600		395,600,000
0.30%, 7/14/10		250,000		250,000,000
0.29%, 7/23/10(b)		519,055		519,055,000
Svenska Handelsbanken, New York,
0.43%, 10/25/10		335,000		335,008,218
Toronto Dominion Bank, New York:
0.25%, 11/05/10(b)		505,000		505,000,000
0.25%, 2/04/11(b)		208,450		208,450,000
UBS A.G., Stamford,
0.21%, 5/07/10		500,000		500,000,000
Unicredit SpA, New York:
0.27%, 5/10/10		40,000		40,000,149
0.30%, 5/21/10		500,000		500,000,000
0.30%, 6/18/10		690,000		690,000,000
0.34%, 7/16/10		540,000		540,000,000
0.36%, 7/23/10		371,000		371,000,000
Westpac Banking Corp., New York:
0.31%, 10/19/10(b)		315,620		315,620,000
0.32%, 10/21/10(b)		406,160		406,160,000
Total Certificates of Deposit — 39.8%				25,425,621,589
Commercial Paper(d)
Argento Variable Funding Co. LLC,
0.29%, 6/01/10		97,000		96,975,777
Atlantis One Funding Corp.:
0.24%, 5/03/10		100,000		99,998,667
0.24%, 5/06/10		100,000		99,996,667
0.25%, 5/24/10		50,000		49,992,014
0.20%, 6/01/10		684,500		684,382,114
Barton Capital Corp.,
0.26%, 6/02/10		51,018		51,006,209
BPCE S.A.,
0.26%, 6/04/10		130,000		129,968,078
Cancara Asset Securitisation LLC,
0.31%, 7/22/10		250,000		249,823,472
Chariot Funding LLC,
0.22%, 5/14/10		80,000		79,993,644
Clipper Receivables Co. LLC,
0.22%, 6/01/10		176,000		175,966,658
Commonwealth Bank of Australia:
0.21%, 6/15/10		200,000		199,947,500
0.32%, 7/30/10		115,000		114,908,000
Danske Corp. - GTD:
0.20%, 5/10/10		300,000		299,985,000
0.27%, 6/23/10		792,061		791,751,986
Falcon Asset Securitization Co. LLC,
0.22%, 5/25/10		76,394		76,382,795
Grampian Funding LLC:
0.24%, 5/07/10		187,000		186,992,520
0.24%, 5/13/10		100,000		99,992,000
0.27%, 5/19/10		80,000		79,989,200
0.26%, 6/07/10		45,000		44,987,975
ING US Funding LLC:
0.21%, 6/04/10		145,000		144,971,242
0.30%, 7/12/10		100,000		99,940,000
Intesa Funding LLC,
0.26%, 5/26/10		400,000		399,927,778
JPMorgan Chase & Co.,
0.25%, 7/14/10		580,000		579,701,944
LMA Americas LLC,
0.22%, 5/10/10		86,000		85,995,270
NRW.Bank,
0.22%, 5/10/10		300,000		299,983,500
Park Avenue Receivables,
0.20%, 5/03/10		115,982		115,980,711
Regency Markets No. 1 LLC,
0.25%, 5/21/10		83,552		83,540,396

See Notes to Financial Statements.

16 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	TempFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Commercial Paper(d)
Scaldis Capital LLC:
0.23%, 5/26/10	$	85,000	$	84,986,424
0.30%, 6/28/10		150,000		149,927,500
Total Commercial Paper — 8.8%				5,657,995,041
Corporate Notes
Citibank N.A. - FDIC GTD,
0.34%, 9/30/10(b)		176,000		176,000,000
Commonwealth Bank of Australia,
0.32%, 11/22/10(b)		357,200		357,200,000
KBC Bank N.V., New York,
1.31%, 6/01/10(c)		400,640		400,640,000
Rabobank Nederland N.V.,
0.79%, 7/07/10(c)		686,300		686,300,000
Total Corporate Notes — 2.5%				1,620,140,000
Master Notes — 4.1%
Banc of America Securities LLC,
0.36%, 5/03/10(c)		2,647,600		2,647,600,000
Municipal Bonds(b)
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006C-3 VRDN (Lloyds Banking Group Plc Liquidity Facility),
0.26%, 5/07/10		24,000		24,000,000
Broward County School Board COP Series 2004D VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.30%, 5/07/10		53,880		53,880,000
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 1995 VRDN,
0.26%, 5/03/10		45,100		45,100,000
California Department of Water Resource Power Supply RB Series 2002B-1 VRDN (Bank of New York LOC, CalSTRS LOC),
0.24%, 5/03/10		54,900		54,900,000
California Housing Finance Agency Home Mortgage RB Series 2002B VRDN (Fannie Mae LOC, Freddie Mac LOC),
0.27%, 5/07/10		39,960		39,960,000
California Housing Finance Agency Home Mortgage RB Series 2003U VRDN (Fannie Mae LOC, Freddie Mac LOC),
0.27%, 5/07/10		20,000		20,000,000
California Housing Finance Agency Home Mortgage RB Series 2005H VRDN (Fannie Mae LOC, Freddie Mac LOC),
0.27%, 5/07/10		147,930		147,930,000
California Housing Finance Agency Home Mortgage RB Series 2008D AMT VRDN (Fannie Mae LOC, Freddie Mac LOC),
0.27%, 5/07/10		72,545		72,545,000
California Municipal Finance Authority RB (Westmont College Project) Series 2010A VRDN (US Bank N.A. LOC),
0.31%, 5/07/10		12,500		12,500,000
Charlotte-Mecklenberg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2007D VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.35%, 5/07/10		25,415		25,415,000
Connecticut GO Series 2005A-1 VRDN (Dexia Credit Local SBPA),
0.30%, 5/07/10		56,100		56,100,000
Connecticut Health & Educational Facilities Authority RB (Yale University Project) Series 1999U-2 VRDN,
0.23%, 5/07/10		33,900		33,900,000
Connecticut Housing Finance Authority RB (Housing Mortgages Finance Program) Series 2008E AMT VRDN (GO of Authority, Bank of America N.A. SBPA),
0.30%, 5/07/10		88,000		88,000,000
Connecticut Housing Finance Authority RB Series 2010A-6 VRDN (Bank of America N.A. SBPA),
0.29%, 5/07/10		17,000		17,000,000
Delaware River Joint Toll Bridge Commission RB Series 2007B-2 VRDN (Dexia Credit Local LOC),
0.33%, 5/07/10		22,465		22,465,000
District of Columbia GO Series 2008C-2 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10		78,552		78,552,000
East Bay Municipal Utility District Water System RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.28%, 5/07/10		47,210		47,210,000
Harris County IDRB (ExxonMobil Guaranty Project) Series 1997 VRDN,
0.21%, 5/03/10		14,700		14,700,000
Illinois Toll Highway Authority RB Series 2008A-1 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.33%, 5/07/10		88,300		88,300,000
JEA Water & Sewer Systems RB Series 2008A-2 VRDN (Bank of New York SBPA),
0.30%, 5/07/10		32,035		32,035,000
Kentucky Public Energy Authority Gas Supply RB Series 2006A VRDN (British Petroleum Guaranty),
0.24%, 5/03/10		150,000		150,000,000
Los Angeles Department of Water & Power RB Series 2001B-6 VRDN (RBC Bank USA SBPA, CalSTRS SBPA, CalPERS SBPA),
0.22%, 5/03/10		35,800		35,800,000
Lubbock Health Facilities Development Corp. RB (St. Josephs Health System Project) Series 2008B VRDN (Wells Fargo Bank N.A. LOC),
0.24%, 5/03/10		64,570		64,570,000
Massachusetts Bay Transportation Authority RB (General Transportation System Project) Series 2000 VRDN (Dexia Credit Local SBPA),
0.30%, 5/07/10		91,580		91,580,000
Minneapolis & St Paul Housing & Redevelopment Authority RB (Allina Health Project) Series 2007C-2 VRDN (Wells Fargo Bank N.A. LOC),
0.27%, 5/07/10		51,900		51,900,000
Mississippi Development Bank Special Obligation Municipal Gas Authority RB (Natural Gas Project) Series 2005 VRDN (BP Corp. N.A. Inc. SBPA),
0.29%, 5/07/10		115,000		115,000,000
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-4 VRDN (Bank of America N.A. LOC),
0.25%, 5/07/10		50,000		50,000,000
New Jersey Turnpike Authority RB Series 2003C-2 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.35%, 5/07/10		100,000		100,000,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 VRDN (State Street Bank & Trust Co. SBPA, CalSTRS SBPA),
0.27%, 5/03/10		116,885		116,884,810
North Carolina Capital Facilities Finance Agency RB (Duke Energy Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10		16,300		16,300,000
Orlando & Orange County Expressway Authority RB Series 2003C-1 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.32%, 5/07/10		88,400		88,400,000
Piedmont Municipal Power Agency Ltd. RB Series 2008C VRDN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA),
0.40%, 5/07/10		58,000		58,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 17

Schedule of Investments (continued)	TempFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds(b)
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009B VRDN (JPMorgan Chase Bank Liquidity Facility),
0.25%, 5/07/10	$	103,100	$	103,100,000
South Placer Wastewater Authority RB Series 2008A VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC),
0.28%, 5/07/10		30,800		30,800,000
Tarrant County Cultural Education Facilities Finance Corp. RB (Scott and White Memorial Hospital and Scott, Sherwood and Brindley Foundation Project) Series 2008B VRDN (JPMorgan Chase Bank LOC),
0.26%, 5/07/10		36,395		36,395,000
Texas GO Series 2004E VRDN (Dexia Credit Local SBPA),
0.26%, 5/07/10		16,520		16,520,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Dexia Credit Local SBPA),
0.30%, 5/07/10		46,670		46,670,000
Wisconsin Housing & Economic Development Authority RB Series 2003B VRDN (GO of Authority, Fannie Mae LOC, Freddie Mac LOC),
0.28%, 5/07/10		15,845		15,845,000
Total Municipal Bonds — 3.4%				2,162,256,810
Time Deposits — 1.2%
Societe Generale,
0.22%, 5/03/10		749,000		749,000,000
U.S. Government Sponsored Agency Obligations
Fannie Mae Discount Notes:(d)
0.15%, 5/12/10		250,000		249,988,542
0.15%, 5/26/10		235,000		234,975,521
0.15%, 6/02/10		300,000		299,960,000
0.15%, 6/03/10		225,000		224,969,062
0.25%, 9/08/10		100,000		99,909,722
0.24%, 9/20/10		502,500		502,024,300
0.30%, 9/22/10		126,652		126,500,018
0.25%, 10/06/10		279,938		279,630,846
0.29%, 10/13/10		44,528		44,468,815
0.29%, 10/20/10		100,000		99,861,444
Fannie Mae Variable Rate Notes:(b)
0.20%, 8/05/10		401,745		401,706,505
0.13%, 5/13/11		370,000		370,072,635
Federal Home Loan Bank Discount Notes:(d)
0.15%, 5/19/10		230,000		229,982,750
0.16%, 5/26/10		121,516		121,502,920
0.19%, 7/14/10		150,000		149,941,417
Federal Home Loan Bank Variable Rate Notes:(b)
0.15%, 7/09/10		705,020		704,993,244
0.25%, 10/08/10		435,000		434,942,593
0.23%, 10/06/11		500,000		499,708,819
Freddie Mac Discount Notes:(d)
0.14%, 5/05/10		100,000		99,998,444
0.14%, 5/17/10		125,000		124,992,222
0.16%, 6/18/10		375,000		374,920,000
0.20%, 7/16/10		345,000		344,854,333
0.20%, 7/23/10		479,800		479,578,759
0.20%, 7/27/10		200,000		199,905,555
0.22%, 8/23/10		248,000		247,827,227
0.23%, 8/23/10		74,167		74,112,982
0.25%, 9/07/10		229,000		228,794,854
0.30%, 9/27/10		50,500		50,437,296
0.24%, 9/28/10		400,000		399,600,000
0.30%, 10/12/10		58,760		58,679,695
0.30%, 10/20/10		100,000		99,856,667
Freddie Mac Variable Rate Notes:(b)
0.20%, 7/14/10		435,000		434,969,210
0.23%, 8/24/10		338,950		338,954,594
0.23%, 9/03/10		510,120		510,084,993
0.32%, 2/14/11		1,733,155		1,732,938,119
0.13%, 5/05/11		995,000		994,696,390
Total U.S. Government Sponsored Agency Obligations — 18.6%				11,870,340,493
U.S. Treasury Obligations(d)
U.S. Treasury Bills:
0.20%, 6/17/10		300,000		299,921,667
0.55%, 7/01/10		686,400		685,766,129
0.24%, 7/15/10		100,000		99,949,896
0.39%, 7/15/10		1,137,100		1,136,187,951
0.16%, 7/22/10		500,000		499,827,222
0.47%, 7/29/10		150,577		150,402,038
0.17%, 8/12/10		490,000		489,758,594
0.17%, 8/19/10		404,000		403,784,522
0.18%, 8/19/10		839,000		838,537,230
0.23%, 8/26/10		200,000		199,853,750
0.30%, 8/26/10		200,000		199,719,283
0.31%, 8/26/10		210,000		209,874,630
0.32%, 8/26/10		301,000		300,691,851
0.19%, 9/02/10		500,000		499,681,389
0.24%, 9/30/10		636,555		635,909,957
Total U.S. Treasury Obligations — 10.4%				6,649,866,109
Repurchase Agreements
Banc of America Securities LLC,
0.18%, 5/03/10		200,000		200,000,000
(Purchased on 4/30/10 to be repurchased at $200,003,000, collateralized by various U.S. government sponsored agency obligations, 0.00% to 9.30% due from 1/25/13 to 5/25/40, aggregate par and fair value of $1,086,151,480 and $209,744,347, respectively)
Banc of America Securities LLC,
0.20%, 5/03/10		101,000		101,000,000
(Purchased on 4/30/10 to be repurchased at $101,001,683, collateralized by various U.S. government sponsored agency obligations, 0.00% to 5.50% due from 7/01/36 to 5/01/40, aggregate par and fair value of $551,355,738 and $104,030,000, respectively)
Banc of America Securities LLC,
0.33%, 5/03/10		160,000		160,000,000
(Purchased on 4/30/10 to be repurchased at $160,004,400, collateralized by various corporate/debt obligations, 0.00% to 9.80% due from 5/10/10 to 6/15/67, aggregate par and fair value of $158,468,006 and $171,200,001, respectively)

See Notes to Financial Statements.

18 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	TempFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements
Barclays Capital, Inc.,
0.36%, 5/03/10	$	200,000	$	200,000,000
(Purchased on 4/30/10 to be repurchased at $200,006,000, collateralized by various corporate/debt obligations, 0.00% to 6.90% due from 5/30/11 to 5/25/37, aggregate par and fair value of $440,539,749 and $214,000,000, respectively)
Barclays Capital, Inc.,
0.56%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt obligations, 4.88% to 12.00% due from 3/02/11 to 2/01/30, aggregate par and fair value of $51,749,932 and $53,500,000, respectively)
Citigroup Global Markets, Inc.,
0.46%, 5/03/10		660,000		660,000,000
(Purchased on 4/30/10 to be repurchased at $660,025,300, collateralized by various corporate/debt and U.S. government sponsored agency and U.S. Treasury obligations, 0.00% to 8.88% due from 6/01/10 to 10/30/47, aggregate par and fair value of $2,945,290,699 and $705,668,633, respectively)
Citigroup Global Markets, Inc.,
0.56%, 5/03/10		810,000		810,000,000
(Purchased on 4/30/10 to be repurchased at $810,037,800, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 9.50% due from 7/09/10 to 2/25/46, aggregate par and fair value of $7,874,472,814 and $865,532,920, respectively)
Citigroup Global Markets, Inc.,
0.64%, 5/03/10		525,000		525,000,000
(Purchased on 4/30/10 to be repurchased at $525,028,000, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 10.00% due from 11/25/10 to 1/25/49, aggregate par and fair value of $3,881,032,110 and $560,400,542, respectively)
Credit Suisse Securities (USA) LLC,
0.27%, 5/03/10		250,000		250,000,000
(Purchased on 4/26/10 to be repurchased at $250,013,125, collateralized by various U.S. government sponsored agency obligations, 0.00% to 10.00% due from 1/01/17 to 5/15/40, aggregate par and fair value of $9,480,919,098 and $257,501,947, respectively)
Deutsche Bank Securities Inc.,
0.19%, 5/03/10		700,000		700,000,000
(Purchased on 4/30/10 to be repurchased at $700,011,083, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 10/20/10 to 4/18/11, aggregate par and fair value of $716,589,000 and $714,000,752, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/03/10		306,417		306,417,000
(Purchased on 4/30/10 to be repurchased at $306,422,107, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 10/15/36 to 11/01/39, aggregate par and fair value of $655,412,663 and $317,385,317, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/03/10		392,000		392,000,000
(Purchased on 4/30/10 to be repurchased at $500,006,533, collateralized by various U.S. Treasury obligations, 1.38% to 3.13% due from 1/15/13 to 1/31/17, aggregate par and fair value of $397,389,530 and $399,840,037, respectively)
Deutsche Bank Securities Inc.,
0.31%, 5/03/10		150,000		150,000,000
(Purchased on 4/30/10 to be repurchased at $150,003,875, collateralized by various corporate/debt obligations, 0.00% to 6.95% due from 1/30/11 to 12/31/99, aggregate par and fair value of $160,974,907 and $160,500,000, respectively)
HSBC Securities (USA) Inc.,
0.33%, 5/03/10		110,000		110,000,000
(Purchased on 4/30/10 to be repurchased at $110,003,025, collateralized by various corporate/debt obligations, 0.00% to 10.20% due from 2/15/11 to 12/17/46, aggregate par and fair value of $111,886,507 and $117,702,735, respectively)
JPMorgan Securities Inc.,
0.31%, 5/03/10		50,000		50,000,000
(Purchased on 4/30/10 to be repurchased at $50,001,292, collateralized by corporate/debt obligation, 0.02% due at 8/03/10, par and fair value of $52,950,000 and $52,503,934, respectively)
JPMorgan Securities Inc.,
0.61%, 5/03/10		100,000		100,000,000
(Purchased on 4/30/10 to be repurchased at $100,005,083, collateralized by various U.S. government sponsored agency obligations, 0.00% to 11.75% due from 10/15/10 to 5/01/31, aggregate par and fair value of $106,431,934 and $107,004,393, respectively)
Morgan Stanley & Co.,
0.36%, 5/03/10		1,815,000		1,815,000,000
(Purchased on 4/30/10 to be repurchased at $1,815,054,450, collateralized by various corporate/debt obligations, 0.00% to 9.25% due from 5/03/10 to 12/20/54, aggregate par and fair value of $43,616,893,330 and $1,936,665,778, respectively)

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 19

Schedule of Investments (concluded)	TempFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements
PNC Bank N.A.,
0.20%, 5/03/10(e)	$	24,000	$	24,000,000
(Purchased on 4/30/10 to be repurchased at $24,000,400, collateralized by Freddie Mac Note 2.75% due at 4/29/14, par and fair value of $300,000,000 and $301,755,000, respectively)
RBS Securities Inc.,
0.36%, 5/03/10		885,000		885,000,000
(Purchased on 4/30/10 to be repurchased at $885,026,550, collateralized by various corporate/debt obligations, 0.00% to 9.25% due from 6/15/10 to 10/13/59, aggregate par and fair value of $9,328,384,480 and $946,955,535, respectively)
UBS Securities LLC,
0.39%, 5/03/10		325,000		325,000,000
(Purchased on 4/30/10 to be repurchased at $325,010,563, collateralized by various corporate/debt obligations, 0.00% to 13.50% due from 6/15/10 to 11/15/34, aggregate par and fair value of $331,604,549 and $347,750,190, respectively)
Total Repurchase Agreements — 12.2%				7,813,417,000
Total Investments (Cost $64,596,237,042*) — 101.0%				64,596,237,042
Liabilities in Excess of Other Assets — (1.0)%				(654,651,307	)
Net Assets — 100.0%			$	63,941,585,735

* Cost for federal income tax purposes.

(a) Issuer is a US branch of a foreign domiciled bank.

(b) Variable rate security. Rate shown is as of report date.

(c) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(d) Rate shown reflects the discount rate at the time of purchase.

(e) Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of Investment Company Act of 1940, were as follows:

Affiliate	Par at October 31, 2009		Net Activity (Par)			Par at April 30, 2010		Income
PNC Bank N.A.	$	79,500,000	$	(55,500,000	)	$	24,000,000	$	53,005

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	64,596,237,042	—	$	64,596,237,042

1 See above Schedule of Investments for values in each security type.

See Notes to Financial Statements.

20 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments April 30, 2010 (Unaudited)	T-Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Treasury Obligations(a)
U.S. Treasury Bills:
0.14%, 5/20/10	$	5,467	$	5,466,596
0.15%, 6/03/10		75,000		74,989,687
0.45%, 6/03/10		80,100		80,067,326
0.54%, 6/10/10		43,575		43,548,855
0.45%, 6/17/10		75,000		74,956,427
0.17%, 6/24/10		80,993		80,972,347
0.15%, 7/01/10		75,000		74,981,236
0.53%, 7/01/10		71,000		70,936,840
0.18%, 7/08/10		100,000		99,966,000
0.39%, 7/15/10		130,000		129,895,729
0.15%, 7/22/10		90,000		89,970,275
0.14%, 7/29/10		25,000		24,991,656
0.50%, 7/29/10		60,000		59,925,833
0.16%, 8/05/10		50,000		49,978,667
0.17%, 8/12/10		72,784		72,748,599
0.19%, 8/19/10		80,000		79,954,778
0.19%, 8/26/10		155,000		154,904,287
0.25%, 8/26/10		155,000		154,874,875
0.27%, 8/26/10		25,000		24,978,103
0.32%, 8/26/10		68,000		67,930,385
0.19%, 9/02/10		50,000		49,968,139
0.21%, 9/09/10		40,000		39,970,161
0.24%, 9/23/10		160,000		159,845,333
0.41%, 9/23/10		25,000		24,959,219
0.24%, 9/30/10		100,000		99,898,667
0.27%, 10/07/10		75,000		74,912,219
0.24%, 10/14/10		100,000		99,889,333
0.38%, 10/21/10		74,722		74,587,345
0.23%, 10/28/10		60,000		59,931,000
0.24%, 10/28/10		35,000		34,958,000
0.32%, 11/18/10		80,000		79,859,300
0.41%, 12/16/10		120,000		119,687,033
0.49%, 4/07/11		114,000		113,476,281
Total U.S. Treasury Obligations — 36.1%				2,547,980,531
Repurchase Agreements
Banc of America Securities LLC,
0.19%, 5/03/10		225,000		225,000,000
(Purchased on 4/30/10 to be repurchased at $225,003,563, collateralized by various U.S. Treasury obligations, 0.00% due from 5/15/14 to 5/15/26, aggregate par and fair value of $351,382,633 and $229,500,000, respectively)
Barclays Capital, Inc.,
0.19%, 5/03/10		475,000		475,000,000
(Purchased on 4/30/10 to be repurchased at $475,007,521, collateralized by U.S. Treasury obligation, 6.00% due at 2/15/26, par and fair value of $401,008,100 and $484,500,069, respectively)
Citigroup Global Markets, Inc.,
0.19%, 5/03/10		400,000		400,000,000
(Purchased on 4/30/10 to be repurchased at $400,006,333, collateralized by various U.S. Treasury obligations, 0.88% to 7.50% due from 4/30/11 to 8/15/25, aggregate par and fair value of $330,195,300 and $408,000,033, respectively)
Credit Suisse Securities (USA) LLC,
0.19%, 5/03/10		175,000		175,000,000
(Purchased on 4/30/10 to be repurchased at $175,002,771, collateralized by various U.S. Treasury obligations, 1.88% to 2.63% due from 4/15/11 to 7/15/17, aggregate par and fair value of $148,998,100 and $178,503,762, respectively)
Credit Suisse Securities (USA) LLC,
0.17%, 5/06/10		275,000		275,000,000
(Purchased on 4/29/10 to be repurchased at $275,009,090, collateralized by various U.S. Treasury obligations, 0.63% to 2.50% due from 4/15/11 to 7/15/19, aggregate par and fair value of $244,785,500 and $280,503,522, respectively)
Deutsche Bank Securities Inc.,
0.19%, 5/03/10		225,000		225,000,000
(Purchased on 4/30/10 to be repurchased at $225,003,563, collateralized by various U.S. Treasury obligations, 2.25% to 3.63% due from 1/31/15 to 8/15/19, aggregate par and fair value of $229,861,544 and $229,500,022, respectively)
Deutsche Bank Securities Inc.,
0.19%, 5/03/10		463,286		463,286,000
(Purchased on 4/30/10 to be repurchased at $463,293,335, collateralized by various U.S. Treasury obligations, 2.25% to 3.63% due from 1/31/15 to 8/15/19, aggregate par and fair value of $473,296,156 and $472,551,764, respectively)
Goldman Sachs & Co.,
0.18%, 5/03/10		635,000		635,000,000
(Purchased on 4/30/10 to be repurchased at $635,009,525, collateralized by various U.S. Treasury obligations, 2.88% to 4.63% due from 10/31/11 to 5/15/15, aggregate par and fair value of $604,741,500 and $647,700,035, respectively)
HSBC Securities (USA) Inc.,
0.19%, 5/03/10		401,106		401,106,000
(Purchased on 4/30/10 to be repurchased at $401,112,351, collateralized by various U.S. Treasury obligations, 0.00% due from 2/15/13 to 8/15/15, aggregate par and fair value of $445,756,072 and $409,130,954, respectively)
JPMorgan Securities Inc.,
0.19%, 5/03/10		248,772		248,772,000
(Purchased on 4/30/10 to be repurchased at $248,775,939, collateralized by various U.S. Treasury obligations, 0.00% to 2.75% due from 11/30/16 to 11/15/29, aggregate par and fair value of $465,707,600 and $253,752,437, respectively)
RBS Securities Inc.,
0.19%, 5/03/10		400,000		400,000,000
(Purchased on 4/30/10 to be repurchased at $400,006,333, collateralized by various U.S. Treasury obligations, 0.88% to 2.63% due from 1/31/11 to 6/30/14, aggregate par and fair value of $403,443,800 and $408,004,327, respectively)

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 21

Schedule of Investments (concluded)	T-Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements
RBS Securities Inc.,
0.19%, 7/21/10	$	375,000	$	375,000,000
(Purchased on 4/21/10 to be repurchased at $375,180,104, collateralized by various U.S. Treasury obligations, 0.88% to 3.75% due from 1/31/11 to 11/15/18, aggregate par and fair value of $371,098,100 and $382,505,111, respectively)
UBS Securities LLC,
0.19%, 5/03/10		206,333		206,333,000
(Purchased on 4/30/10 to be repurchased at $206,336,267, collateralized by various U.S. Treasury obligations, 0.00% to 9.25% due from 2/15/16 to 11/15/39, aggregate par and fair value of $473,330,300 and $210,462,618, respectively)
Total Repurchase Agreements — 63.9%				4,504,497,000
Total Investments (Cost $7,052,477,531*) — 100.0%				7,052,477,531
Liabilities in Excess of Other Assets — (0.0)%				(1,077,868	)
Net Assets — 100.0%			$	7,051,399,663

* Cost for federal income tax purposes.

(a) Rate shown reflects the discount rate at the time of purchase.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	7,052,477,531	—	$	7,052,477,531

1 See above Schedule of Investments for values in each security type.

See Notes to Financial Statements.

22 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments April 30, 2010  (Unaudited)	Treasury Trust Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Treasury Obligations(a)
U.S. Treasury Bills:
0.14%, 5/06/10	$	150,000	$	149,997,031
0.15%, 5/06/10		29,241		29,240,391
0.10%, 5/13/10		698		697,981
0.11%, 5/13/10		167,000		166,994,014
0.12%, 5/13/10		58,000		57,997,768
0.10%, 5/20/10		92,000		91,995,656
0.11%, 5/20/10		108,000		107,993,503
0.13%, 5/20/10		32,802		32,799,749
0.11%, 5/27/10		35,000		34,997,219
0.14%, 5/27/10		45,567		45,562,393
0.16%, 5/27/10		250,000		249,971,111
0.13%, 6/03/10		91,000		90,989,573
0.14%, 6/03/10		64,000		63,992,080
0.17%, 6/03/10		150,205		150,182,282
0.15%, 6/10/10		220,127		220,090,312
0.16%, 6/10/10		50,000		49,991,389
0.54%, 6/10/10		20,120		20,107,928
0.15%, 6/17/10		125,000		124,975,521
0.16%, 6/17/10		140,000		139,970,651
0.22%, 6/17/10		99,630		99,601,691
0.17%, 6/24/10		100,000		99,974,500
0.15%, 7/01/10		120,000		119,969,536
0.16%, 7/01/10		114		113,969
0.53%, 7/01/10		36,000		35,967,975
0.18%, 7/08/10		205,000		204,931,528
0.16%, 7/15/10		150,000		149,951,175
0.15%, 7/22/10		130,235		130,191,453
0.15%, 7/29/10		126,000		125,953,275
0.47%, 7/29/10		9,600		9,588,845
0.19%, 8/19/10		15,000		14,991,521
0.19%, 8/26/10		69,000		68,957,392
0.24%, 9/23/10		66,000		65,936,200
0.41%, 9/23/10		10,000		9,983,688
0.24%, 9/30/10		30,000		29,969,600
0.27%, 10/07/10		25,000		24,970,740
0.22%, 10/21/10		17,910		17,891,565
0.24%, 10/28/10		33,000		32,960,400
0.41%, 12/16/10		44,000		43,885,246
0.49%, 4/07/11		16,000		15,926,496
Total U.S. Treasury Obligations — 100.0%				3,130,263,347
Total Investments (Cost $3,130,263,347*) — 100.0%				3,130,263,347
Liabilities in Excess of Other Assets — (0.0)%				(395,676	)
Net Assets — 100.0%			$	3,129,867,671

* Aggregate cost for federal income tax purposes is $3,130,263,790.

(a) Rate shown reflects the discount rate at the time of purchase.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	3,130,263,347	—	$	3,130,263,347

1 See above Schedule of Investments for values in each security type.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 23

Schedule of Investments April 30, 2010  (Unaudited)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Alabama — 1.8%
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT VRDN (SouthTrust Bank N.A. LOC),
0.52%, 5/07/10(a)	$	750	$	750,000
Columbia IDRB (Alabama Power Co. Project) Series 1998 VRDN,
0.29%, 5/03/10(a)		9,800		9,800,000
Columbia IDRB (Alabama Power Co. Project) Series 1999A VRDN,
0.27%, 5/03/10(a)		5,800		5,800,000
Tuscaloosa IDRB Series 2000A AMT VRDN (SouthTrust Bank N.A. LOC),
0.52%, 5/07/10(a)		1,090		1,090,000
				17,440,000
Arizona — 6.6%
Apache County IDRB (Tucson Electric Power Co. Project) Series 1983A VRDN (ABN-AMRO Bank N.V. LOC),
0.35%, 5/07/10(a)		6,900		6,900,000
Arizona Board of Regents University System RB Series 2008B VRDN ((Lloyds TSB Bank Plc LOC),
0.26%, 5/07/10(a)		700		700,000
Arizona School Facilities Board COP Series 2008 MB,
5.00%, 9/01/10		5,750		5,833,860
Arizona Transportation Board RB (Maricopa County Regional Area Road Fund Project) Series 2009 MB,
3.00%, 7/01/10		3,000		3,012,893
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP VRDN (Wells Fargo Bank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,500		3,500,000
Chandler IDA IDRB SPEARS (Intel Corp. Project) Series 2007DBE-150 AMT VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.33%, 5/03/10(a)(b)		800		800,000
Maricopa County IDA Multi-Family Housing RB (Las Gardenias Apartments Project) Series 2000A AMT VRDN (Fannie Mae Insurance, Fannie Mae Liquidity Agreement),
0.34%, 5/07/10(a)		2,540		2,540,000
Maricopa County IDA Multi-Family Housing RB (Villas Solanas Apartments Project) Series 2001A AMT VRDN (Fannie Mae Insurance, Fannie Mae Liquidity Agreement),
0.36%, 5/07/10(a)		2,800		2,800,000
Phoenix GO Municipal Trust Receipts Floaters Series 2007-2012 VRDN (Branch Banking & Trust Co. Liquidity Facility),
0.31%, 5/07/10(a)(b)		500		500,000
Phoenix IDA Multi-Family Housing RB (Westward Home Apartments Project) Series 2003A AMT VRDN (Fleet National Bank LOC),
0.35%, 5/07/10(a)		2,320		2,320,000
Phoenix IDA Multi-Family Housing RB Series 2002A AMT VRDN (East West Bank LOC, Federal Home Loan Bank SBPA),
0.35%, 5/07/10(a)		5,710		5,710,000
Pinal County Electrical District No. 3 RB Series 2006U-1 VRDN (Bank of America N.A. SBPA),
0.39%, 5/07/10(a)		13,100		13,100,000
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2009-9W VRDN (Barclays Bank Plc Liquidity Facility),
0.31%, 5/07/10(a)(b)		2,500		2,500,000
Tempe IDA Senior Living RB (Friendship Village Project) Series 2002C VRDN (Sovereign Bank FSB LOC, Banco Santander LOC),
0.30%, 5/07/10(a)		4,475		4,475,000
Tempe IDRB (Arizona State University Football Brickyard Project) Series 2004A VRDN (Bank of America N.A. LOC),
0.33%, 5/07/10(a)		2,270		2,270,000
Yavapai County IDA Hospital Facilities RB (Northern Arizona Healthcare Project) Series 2009B VRDN (BBVA Bank LOC),
0.33%, 5/07/10(a)		2,900		2,900,000
Yavapai County IDA Hospital Facilities RB (Yavapai Regulated Medical Center Project) Series 2008A VRDN (UBS A.G. LOC),
0.30%, 5/07/10(a)		4,600		4,600,000
				64,461,753
Arkansas — 0.5%
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program) Series 2006E AMT VRDN (Ginnie Mae Insurance, Fannie Mae Insurance, State Street Bank & Trust Co. SBPA),
0.38%, 5/07/10(a)		5,000		5,000,000
California — 8.7%
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2008B-1 VRDN (Bank of America N.A. SBPA),
0.26%, 5/07/10(a)		5,600		5,600,000
California Communities Note Program RB Series 2009 TRAN,
2.00%, 6/30/10		3,200		3,205,994
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002B VRDN (Wells Fargo Bank N.A. LOC),
0.23%, 5/03/10(a)		3,000		3,000,000
California School Cash Reserve Program Authority RB Series 2009-10A TRAN,
2.50%, 7/01/10		7,000		7,022,085
California Statewide Communities Development Authority RB Series 2007A VRDN (Assured Guaranty Ltd. Insurance, Wells Fargo Bank N.A. SBPA),
0.25%, 5/07/10(a)		27,800		27,800,000
East Bay Municipal Utility District Water System Series 2010 TECP:
0.39%, 5/17/10		10,000		10,000,000
0.45%, 6/10/10		8,000		8,000,000
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)		1,008		1,008,000
Los Angeles GO Series 2009A TRAN,
2.50%, 6/30/10		7,500		7,520,782
Los Angeles Unified School District GO Series 2009A TRAN,
2.00%, 8/12/10		10,000		10,042,487
San Francisco City & County Airports Commission RB Series 2009A Municipal Put Bonds,
0.75%, 9/15/10(a)		1,000		1,000,000
				84,199,348
Colorado — 0.4%
Colorado Housing & Finance Authority RB (Single Family Project) Series 2002C-3 AMT VRDN (Fannie Mae LOC, Freddie Mac LOC),
0.40%, 5/07/10(a)		4,000		4,000,000
Florida — 4.6%
Capital Trust Agency RB (Aero Miami FX Project) Series 2004 AMT VRDN (Bank One N.A. LOC),
0.40%, 5/07/10(a)		11,795		11,795,000
Florida Housing Finance Corp. RB (Wexford Apartments Project) Series 2003P VRDN (Citibank N.A. LOC),
0.35%, 5/07/10(a)		3,000		3,000,000

See Notes to Financial Statements.

24 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Florida (concluded)
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT VRDN (Branch Banking & Trust Co. LOC),
0.38%, 5/07/10(a)	$	1,050	$	1,050,000
Miami-Dade County RB SPEARS (Capital Asset Acquisition) Series 2008DBE-538 VRDN (Deutsche Bank A.G. Liquidity Facility, Deutsche Bank A.G. Guaranty),
0.30%, 5/07/10(a)(b)		2,220		2,220,000
Orange County Educational Facilities Authority RB (Rollins College Project) Series 2001 VRDN (Bank of America N.A. LOC),
0.26%, 5/03/10(a)		6,960		6,960,000
Orlando Utilities Commission Utilities System RB Series 2009B-1 MB,
2.00%, 6/01/10		10,000		10,013,111
Volusia County School Board GO Series 2009 TAN,
3.00%, 9/07/10		10,000		10,089,299
				45,127,410
Georgia — 1.0%
Fulton County Development Authority Airport Facility RB (Flightsafety International, Inc. Project) Series 1999B AMT VRDN (Berkshire Hathaway Obligor LOC),
0.37%, 5/07/10(a)		2,400		2,400,000
Georgia Municipal Electric Authority RB Series 2008B-1 VRDN (Dexia Credit Local LOC),
0.30%, 5/07/10(a)		4,700		4,700,000
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT VRDN (Wells Fargo Bank N.A. LOC),
0.52%, 5/07/10(a)		1,000		1,000,000
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B VRDN (Wells Fargo Bank N.A. LOC),
0.52%, 5/07/10(a)		1,000		1,000,000
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT VRDN (Wells Fargo Bank N.A. LOC),
0.52%, 5/07/10(a)		1,000		1,000,000
				10,100,000
Illinois — 7.4%
Chicago IDRB (Promise Candy Project) Series 2001 AMT VRDN (LaSalle Bank N.A. LOC),
0.41%, 5/07/10(a)		2,355		2,355,000
Chicago Transit Authority COP Series 2009 ROC-RR-II-R-11786 VRDN (Assured Guaranty Ltd. Insurance, Citibank N.A. Liquidity Facility),
0.42%, 5/07/10(a)(b)		1,490		1,490,000
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 VRDN (LaSalle Bank N.A. LOC),
0.65%, 5/07/10(a)		2,615		2,615,000
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT VRDN (LaSalle Bank N.A. LOC),
0.41%, 5/07/10(a)		1,670		1,670,000
Illinois Finance Authority RB (Alternative Behavior Treatment Project) Series 2005 VRDN (JPMorgan Chase Bank LOC),
0.45%, 5/07/10(a)		2,870		2,870,000
Illinois GO Series 2003B VRDN (DEPFA Bank Plc SBPA),
2.60%, 5/07/10(a)		11,100		11,100,000
Illinois Toll Highway Authority RB Series 2007A-1 VRDN (Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		9,100		9,100,000
Illinois Toll Highway Authority RB Series 2007A-2 VRDN (Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		12,000		12,000,000
Illinois Toll Highway Authority RB Series 2008A-2 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.31%, 5/07/10(a)		5,600		5,600,000
Metropolitan Pier & Exposition Authority Dedicated State Tax RB SPEARS (McCormick Place Expansion Project) Series 2007DB-453 VRDN (Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,665		3,665,000
Metropolitan Pier & Exposition Authority RB Municipal Trust Receipts Floaters Series 2003-165 VRDN (Societe Generale Liquidity Facility),
0.35%, 5/07/10(a)(b)		17,500		17,500,000
Regional Transit Authority RB Series 2005-B1 VRDN (RTA Guaranty),
0.75%, 1/25/11(a)		2,100		2,100,000
				72,065,000
Indiana — 1.8%
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT VRDN (Star Financial Bank LOC, U.S. Bank N.A. LOC),
0.85%, 5/07/10(a)		1,040		1,040,000
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT VRDN (Federal Home Loan Bank LOC),
0.42%, 5/07/10(a)		2,150		2,150,000
Indiana Finance Authority RB (Ascension Senior Credit Group Project) Series 2008E-7 MB,
0.33%, 6/15/10		6,510		6,510,000
IPS Multi-School Building Corp. RB Municipal Trust Receipts Floaters Series 2007 ROC-RR-II-R-885WF VRDN (State Aid Withholding Insurance, Wells Fargo & Co. Liquidity Agreement, Wells Fargo & Co. Guaranty),
0.31%, 5/07/10(a)(b)		7,510		7,510,000
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT VRDN (Bank One N.A. LOC),
1.00%, 5/07/10(a)		200		200,000
				17,410,000
Iowa — 0.2%
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT VRDN (Firstar Bank N.A. LOC),
0.50%, 5/07/10(a)		1,000		1,000,000
Iowa Finance Authority Senior RB (Iowa School Project) Series 2009A RAN,
2.50%, 6/23/10		1,000		1,002,815
				2,002,815
Kentucky — 0.4%
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT VRDN (Peoples Bank LOC, Firstar Bank N.A. LOC),
0.39%, 5/07/10(a)		510		510,000
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT VRDN (U.S. Bank N.A. LOC),
0.39%, 5/07/10(a)		795		795,000
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT VRDN (Bank One N.A. LOC),
0.85%, 5/07/10(a)		2,480		2,480,000
				3,785,000
Louisiana — 1.8%
Ascension Parish RB (BASF Corp. Project) Series 1997 AMT VRDN (BASF Corp. Liquidity Facility),
0.45%, 5/03/10(a)		2,400		2,400,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 25

Schedule of Investments (continued)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Louisiana (concluded)
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A VRDN,
0.45%, 5/07/10(a)	$	6,000	$	6,000,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 VRDN (Bank One N.A. LOC),
0.55%, 5/07/10(a)		935		935,000
St. James Parish RB (Louisiana Sugar Refining Project) Series 2009 VRDN (Natixis LOC),
0.35%, 5/07/10(a)		8,500		8,500,000
				17,835,000
Maryland — 2.0%
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		3,470		3,470,000
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.40%, 5/07/10(a)		5,355		5,355,000
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		2,800		2,800,000
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.40%, 5/07/10(a)		4,200		4,200,000
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.45%, 5/03/10(a)		220		220,000
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.40%, 5/07/10(a)		1,000		1,000,000
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC),
0.45%, 5/07/10(a)		1,900		1,900,000
				18,945,000
Massachusetts — 2.4%
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN,
0.39%, 11/26/10(a)		1,000		1,000,000
Massachusetts Development Finance Agency RB (Boston University Project) Series 2008U-6A VRDN (Bank of America N.A. LOC),
0.25%, 5/03/10(a)		11,000		11,000,000
Massachusetts GO Series 2006A VRDN (Dexia Credit Local SBPA),
0.32%, 5/03/10(a)		5,400		5,400,000
Massachusetts Industrial Finance Agency RB (Lightolier Inc. Project) Series 1990 VRDN (Bank of America N.A. LOC),
0.32%, 5/07/10(a)		3,700		3,700,000
Massachusetts RB Municipal Trust Receipts Floaters Series 2005-3058 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty),
0.55%, 5/07/10(a)(b)		2,700		2,700,000
				23,800,000
Michigan — 5.6%
Holt Public Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA),
0.35%, 5/07/10(a)		9,000		9,000,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN,
0.39%, 11/26/10(a)		3,000		3,000,000
Michigan Housing Development Authority Single Family Mortgage RB Series 2007F AMT VRDN (Bank of Nova Scotia SBPA),
0.40%, 5/07/10(a)		2,400		2,400,000
Michigan Strategic Fund Ltd. Obligation RB (Amera Group LLC Project) Series 2000 AMT VRDN (JPMorgan Chase & Co. LOC),
0.90%, 5/07/10(a)		2,600		2,600,000
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT VRDN (JPMorgan Chase & Co. LOC),
0.85%, 5/07/10(a)		2,400		2,400,000
Saline Area Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale LOC),
0.32%, 5/07/10(a)		35,420		35,420,000
				54,820,000
Mississippi — 0.7%
Mississippi Business Finance Corp. RB (Mississippi Power Co. Project) Series 1999 AMT VRDN,
0.32%, 5/03/10(a)		6,500		6,500,000
Missouri — 0.7%
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT VRDN (TD Banknorth N.A. LOC),
0.55%, 5/07/10(a)		2,325		2,325,000
Palmyra IDA Solid Waste Disposal RB (BASF Corp. Project) Series 2002 AMT VRDN (BASF Aktiengesellsch Liquidity Facility),
0.45%, 5/07/10(a)		4,000		4,000,000
				6,325,000
Nevada — 0.7%
Clark County Airport System Subordinate Lien RB Series 2009A RAN,
2.50%, 7/15/10		7,000		7,023,577
New Hampshire — 0.2%
New Hampshire Business Finance Authority Industrial Facilities RB (Felton Brush, Inc. Project) Series 1997 AMT VRDN (KeyBank N.A. LOC),
0.69%, 5/07/10(a)		485		485,000
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.45%, 5/07/10(a)		1,325		1,325,000
				1,810,000
New Jersey — 4.4%
Burlington Township GO Series 2010 Notes,
1.50%, 3/24/11		3,363		3,392,778
Livingston Township GO Series 2010 BAN,
1.25%, 2/11/11		1,400		1,407,913
Montclair Township GO Series 2010 Notes,
1.50%, 3/10/11		10,000		10,089,543
New Jersey Economic Development Authority RB (School Facilities Construction Project) Series 2008V-2 VRDN (Dexia Credit Local LOC),
0.35%, 5/07/10(a)		10,300		10,300,000
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2005-2805 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty),
0.55%, 5/07/10(a)(b)		2,015		2,015,000

See Notes to Financial Statements.

26 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New Jersey (concluded)
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2007-3824 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty),
0.55%, 5/07/10(a)(b)	$	1,480	$	1,480,000
New Jersey Economic Development Authority RB Series 2009A RAN,
2.50%, 6/18/10		5,000		5,013,151
New Jersey Turnpike Authority RB Municipal Trust Receipts Floaters Series 2005-2493 VRDN (Dexia Credit Local SBPA, Dexia Credit Local Guaranty),
0.55%, 5/07/10(a)(b)		1,500		1,500,000
Palisades Park GO Series 2010 BAN,
1.25%, 4/21/11		200		200,926
Readington Township GO Series 2010 BAN,
1.00%, 2/03/11		2,900		2,912,524
Woodbridge Township GO Series 2009 BAN,
1.50%, 7/02/10		4,000		4,005,055
				42,316,890
New York — 13.5%
Beekmantown Central School District GO Notes Series 2010 BAN,
1.00%, 7/16/10		6,055		6,060,481
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.36%, 5/07/10(a)		18,300		18,300,000
Metropolitan Transportation Authority RB Series 2008A VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.35%, 5/07/10(a)		5,000		5,000,000
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA),
0.24%, 5/03/10(a)		39,585		39,585,000
New York City Housing Development Corp. Multi-Family Housing RB Series 2008I-2-5 AMT VRDN,
0.72%, 5/03/10(a)		5,000		5,000,000
New York City Housing Development Corp. Multi-Family Housing RB Series 2009L Municipal Put Bonds,
0.40%, 12/15/10(a)		500		500,000
New York City Housing Development Corp. RB Series 2010 ROC-RR-II-R-13100 VRDN (Citibank N.A. Liquidity Facility),
0.33%, 5/07/10(a)(b)		7,000		7,000,000
New York Liberty Development Corp. RB (World Trade Center Project) Series 2009A Municipal Put Bonds (U.S. Government Securities Guaranty),
0.50%, 1/18/11(a)		27,000		27,000,000
New York Mortgage Agency Homeowner Mortgage RB Series 2007-147 VRDN (Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		21,500		21,500,000
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT VRDN (KeyBank N.A. LOC),
0.69%, 5/07/10(a)		605		605,000
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.42%, 5/07/10(a)		1,195		1,195,000
				131,745,481
North Carolina — 1.1%
Lee County Industrial Facilities & Pollution Control Financing Authority IDRB (Arden Corp. Project) Series 1999 AMT VRDN (Comerica Bank N.A. LOC),
0.50%, 5/07/10(a)		1,450		1,450,000
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT VRDN (Branch Banking & Trust Co. LOC),
0.48%, 5/07/10(a)		1,120		1,120,000
North Carolina Housing Finance Agency RB Series 2002 ROC-RR-II-R-175 AMT VRDN (Citibank N.A. Liquidity Facility),
0.36%, 5/07/10(a)(b)(c)		1,785		1,785,000
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004B VRDN (JPMorgan Chase Bank SBPA),
0.30%, 5/07/10(a)		5,285		5,285,000
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT VRDN (Branch Banking & Trust Co. LOC),
0.38%, 5/07/10(a)		1,065		1,065,000
				10,705,000
Ohio — 1.3%
Delaware GO Series 2010 BAN,
1.25%, 4/27/11		1,000		1,006,486
Ohio Air Quality Development Authority PCRB (FirstEnergy Nuclear Generation Corp. Project) Series 2008A VRDN (Bank of Nova Scotia LOC, FirstEnergy Solutions Guaranty),
0.33%, 5/07/10(a)		1,600		1,600,000
Ohio Higher Educational Facility RB (Cedarville University Project) Series 2004 VRDN (KeyBank N.A. LOC),
0.49%, 5/07/10(a)		1,300		1,300,000
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)		2,900		2,900,000
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT VRDN (KeyBank N.A. LOC),
0.64%, 5/07/10(a)		2,160		2,160,000
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC, Manufacturers and Traders Trust Co. SBPA),
0.30%, 5/07/10(a)		2,660		2,660,000
Willoughby GO (Various Purpose Improvements Project) Series 2009 BAN,
1.00%, 10/08/10		1,000		1,002,004
				12,628,490
Oklahoma — 0.4%
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT VRDN (Bank of America LOC),
0.47%, 5/07/10(a)		2,850		2,850,000
Oklahoma Development Finance Authority RB (ConocoPhillips Co. Project) Series 2003 AMT VRDN (ConocoPhillips Co. Guaranty),
0.31%, 5/07/10(a)		1,000		1,000,000
				3,850,000
Pennsylvania — 15.0%
Allegheny County Hospital Development Authority RBC Municipal Products, Inc. Trust (University of Pittsburgh Medical Center Project) Series 2010E-16 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada Liquidity Facility),
0.30%, 5/07/10(a)		7,000		7,000,000
Beaver County IDA RB (BASF Corp. Project) Series 1997 AMT VRDN,
0.45%, 5/07/10(a)		300		300,000
Cumberland County Municipal Authority RB (Asbury Obligated Group Project) Series 2006 VRDN (KBC Bank N.V. LOC),
0.30%, 5/07/10(a)		23,900		23,900,000
Emmaus General Authority RB (Pennsylvania Loan Program) Series 2000A VRDN (U.S. Bank N.A. LOC),
0.30%, 5/07/10(a)		21,900		21,900,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 27

Schedule of Investments (continued)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania (concluded)
Emmaus General Authority RB Series 1989F-24 VRDN (U.S. Bank N.A. LOC),
0.28%, 5/07/10(a)	$	1,500	$	1,500,000
Emmaus General Authority RB Series 1989H-22 VRDN (U.S. Bank N.A. LOC),
0.28%, 5/07/10(a)		1,000		1,000,000
Erie County Hospital Authority RB (St. Mary’s Home Erie Project) Series 2008A VRDN (Bank of America N.A. LOC),
0.32%, 5/07/10(a)		8,200		8,200,000
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008D VRDN (GO of Agency Insurance, Bank of America N.A. SBPA),
0.32%, 5/07/10(a)		20,200		20,200,000
Pennsylvania Housing Finance Agency RB Series 2006-94B VRDN (GO of Agency Insurance, Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		19,815		19,815,000
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		14,000		14,000,000
Philadelphia Gas Works RB Series 2009E VRDN (JPMorgan Chase Bank LOC),
0.27%, 5/07/10(a)		8,500		8,500,000
Washington County Authority RB (Girard Estate Project) Series 1999 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		19,845		19,845,000
				146,160,000
Puerto Rico — 2.0%
Commonwealth of Puerto Rico GO (Public Improvements Project) Series 2003-C5 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.30%, 5/07/10(a)		15,000		15,000,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2005-3189 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty),
0.55%, 5/07/10(a)(b)		2,800		2,800,000
Puerto Rico Electric Power Authority RB Municipal Securities Trust Receipts Series 2008A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility),
0.29%, 5/07/10(a)		1,500		1,500,000
				19,300,000
South Dakota — 0.4%
Spink County Solid Waste Disposal RB (United Feeders LLP Project) Series 2007 AMT VRDN (Wells Fargo Bank N.A. LOC),
0.41%, 5/07/10(a)		3,800		3,800,000
Tennessee — 0.8%
Chattanooga IDRB (TB Woods, Inc. Project) Series 1997 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.45%, 5/07/10(a)		2,290		2,290,000
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT VRDN (Bank of America N.A. LOC),
0.60%, 5/07/10(a)		520		520,000
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Project) Series 2001 VRDN,
0.45%, 11/26/10(a)		5,300		5,300,000
				8,110,000
Texas — 5.6%
Brazos River Harbor Navigation District Brazoria County RB (BASF Corp. Project) Series 2002 AMT VRDN,
0.45%, 5/07/10(a)		5,000		5,000,000
Gulf Coast Waste Disposal Authority Environmental Facilities RB (Exxon Mobil Project) Series 2001B AMT VRDN,
0.24%, 5/03/10(a)		50		50,000
Northwest ISD GO Series 2008 ROC-RR-II-R- 11539PB VRDN (PSF-GTD Insurance, PB Capital Corp. Liquidity Facility),
0.34%, 5/07/10(a)(b)		12,570		12,570,000
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT VRDN (Manufacturers and Traders Trust Co. LOC),
0.45%, 5/07/10(a)		3,000		3,000,000
South Plains Housing Corp. Single Family Mortgage RB MERLOTS Trust Receipts Series 2002A-11 AMT VRDN (Ginnie Mae/Fannie Mae Guaranty, Wells Fargo Bank N.A. SBPA),
0.37%, 5/07/10(a)(b)		690		690,000
Texas GO SPEARS (Water Financial Assistance Project) Series 2008DB-499 AMT VRDN (Deutsche Bank A.G. SBPA),
0.33%, 5/07/10(a)(b)		2,400		2,400,000
Texas Public Finance Authority GO Series 2009A MB,
2.50%, 10/01/10		205		206,955
Texas RB Series 2009 TRAN,
2.50%, 8/31/10		30,000		30,203,415
				54,120,370
Virginia — 3.7%
Fairfax County Economic Development Authority Health Care Facilities RB (Capital Hospice Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		1,000		1,000,000
Fairfax County IDA RB (Inova Health Systems Project) Series 2005A-1 VRDN (TD Bank N.A. SBPA),
0.28%, 5/07/10(a)		23,120		23,120,000
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN,
0.42%, 11/26/10(a)		1,500		1,500,000
Norfolk Economic Development Authority Hospital Facilities RB (Sentara Healthcare Project) Series 2009A Mandatory Put Bonds,
0.23%, 5/05/10		1,000		1,000,000
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT VRDN (U.S. Bank N.A. LOC),
0.56%, 5/07/10(a)		1,400		1,400,000
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 VRDN (Wells Fargo Bank N.A. SBPA),
0.29%, 5/03/10(a)		3,000		3,000,000
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT VRDN (Wells Fargo Bank N.A. LOC),
0.37%, 5/07/10(a)(b)		45		45,000
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT VRDN (Wells Fargo Bank N.A. LOC),
0.37%, 5/07/10(a)(b)		4,405		4,405,000
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT VRDN (Bank of America N.A. LOC),
1.10%, 5/07/10(a)		20		20,000
				35,490,000

See Notes to Financial Statements.

28 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (concluded)	MuniCash
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Washington — 1.1%
Port of Seattle RB Municipal Trust Receipts Floaters Series 2009-3003 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.33%, 5/07/10(a)(b)	$	10,425	$	10,425,000
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT VRDN (Bank of America N.A. LOC),
0.45%, 5/07/10(a)		120		120,000
				10,545,000
West Virginia — 1.1%
West Virginia Economic Development Authority Solid Waste Disposal Facilities RB (Appalachian Power Co. Project) Series 2009A VRDN (Royal Bank of Scotland LOC),
0.30%, 5/07/10(a)		3,000		3,000,000
West Virginia State Parkways Economic Development & Tourism Authority RB Series 2008 (GO of Authority, Dexia Credit Local SBPA),
0.31%, 5/07/10(a)		7,800		7,800,000
				10,800,000
Wisconsin — 0.8%
Green Bay Area Public School District RB Series 2009 TRAN,
2.00%, 6/25/10		4,000		4,009,357
Marshfield Housing Authority RB (Wildwood Regency Project) Series 2003 AMT VRDN (U.S. Bank N.A. LOC),
0.55%, 5/07/10(a)		2,385		2,385,000
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT VRDN (Bank One N.A. LOC),
0.85%, 5/07/10(a)		1,540		1,540,000
				7,934,357
Wyoming — 0.4%
Green River Solid Waste Disposal RB (OCI Wyoming LP Project) Series 1997 VRDN (Comerica Bank N.A. LOC),
0.50%, 5/07/10(a)		4,000		4,000,000
Closed-End Investment Companies
Multi-State — 1.3%
Nuveen Municipal Advantage Fund, Inc. Series 2010 VRDP (JPMorgan Chase Bank Liquidity Facility),
0.45%, 5/07/10(a)		9,800		9,800,000
Nuveen Municipal Market Opportunities Fund, Inc. Series 2010-3509 VRDP (Deutsche Bank A.G. Liquidity Facility),
0.45%, 5/07/10(a)		2,900		2,900,000
				12,700,000
Total Investments (Cost $976,855,491*) — 100.4%				976,855,491
Liabilities in Excess of Other Assets — (0.4)%				(4,375,118	)
Net Assets — 100.0%			$	972,480,373

* Cost for federal income tax purposes.

(a) Variable rate security. Rate shown is as of report date and maturity shown 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 under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	976,855,491	—	$	976,855,491

1 See above Schedule of Investments for values in each state or political subdivision.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 29

Schedule of Investments April 30, 2010 (Unaudited)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Alabama — 0.6%
Huntsville IDRB (Brown Precision Project) Series 2009 VRDN (Federal Home Loan Bank LOC, First Commercial Bank LOC),
0.33%, 5/07/10(a)	$	6,640	$	6,640,000
Mobile Industrial Development Board PCRB (Alabama Power Co. Barry Plant Project) Series 2008 (Southern Companies Guaranty),
1.40%, 7/15/10(a)		7,500		7,500,000
Mobile Industrial Development Board RB (Alabama Power Co. Barry Plant Project) Series 2009 MB (Southern Companies Guaranty),
1.40%, 3/19/11(a)		2,900		2,900,000
Taylor-Ryan Improvement District RB Series 2005 VRDN (Federal Home Loan Bank LOC, Columbus Bank & Trust LOC),
0.30%, 5/07/10(a)		13,800		13,800,000
				30,840,000
Alaska — 0.2%
Alaska Housing Finance Corp. RB Municipal Trust Receipts Floaters Series 2009-3001 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.31%, 5/07/10(a)(b)		10,365		10,365,000
Arizona — 1.0%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2007-2003 VRDN (Branch Banking & Trust Co. Liquidity Facility),
0.34%, 5/07/10(a)(b)		9,395		9,395,000
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP VRDN (Wells Fargo Bank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)		775		775,000
Pinal County Electrical District No. 3 RB Series 2006U-1 VRDN (Bank of America N.A. SBPA),
0.39%, 5/07/10(a)		11,100		11,100,000
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2005-1076 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.33%, 5/07/10(a)(b)		4,850		4,850,000
Tempe IDA Senior Living RB (Friendship Village Project) Series 2002C VRDN (Sovereign Bank FSB LOC, Banco Santander LOC),
0.30%, 5/07/10(a)		13,725		13,725,000
Tempe IDRB (Arizona State University Football Brickyard Project) Series 2004A VRDN (Bank of America N.A. LOC),
0.33%, 5/07/10(a)		7,400		7,400,000
				47,245,000
Arkansas — 0.0%
Fort Smith Sales & Use Tax RB Series 2010 MB,
2.00%, 9/01/10		1,330		1,336,254
California — 8.4%
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006C-2 VRDN (Lloyds Banking Group Plc Liquidity Facility),
0.22%, 5/07/10(a)		30,000		30,000,000
California Communities Note Program RB (Tulare County Project) Series 2009A5 TRAN,
2.00%, 6/30/10		5,900		5,914,180
California GO (Daily Kindergarten University Project) Series 2004B-1 VRDN (Citibank N.A. LOC),
0.24%, 5/03/10(a)		24,930		24,930,000
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility),
0.35%, 5/07/10(a)(b)		5,100		5,100,000
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty),
0.35%, 5/07/10(a)(b)		39,300		39,300,000
California GO Municipal Trust Receipts Floaters Series 2008DCL-009 VRDN (AGM Insurance, Dexia Credit Local Liquidity Facility),
0.50%, 5/07/10(a)(b)		109,930		109,930,000
California School Cash Reserve Program Authority RB Series 2009-10A TRAN,
2.50%, 7/01/10		31,900		32,000,646
East Bay Municipal Utility District Water System Series 2010 TECP,
0.39%, 5/17/10		10,900		10,900,000
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)		27,361		27,361,000
Los Angeles GO Series 2009 TRAN,
2.50%, 5/28/10		24,800		24,837,074
Los Angeles Unified School District GO Series 2009A TRAN,
2.00%, 8/12/10		12,900		12,949,899
Metropolitan Water District of Southern California Waterworks RB Series 2005B-2 VRDN (Citibank N.A. LOC),
0.28%, 5/03/10(a)		20,500		20,500,000
San Francisco City & County Airports Commission RB Series 2009A Municipal Put Bonds,
0.75%, 9/15/10(a)		6,500		6,500,000
San Francisco County Transportation TECP:
0.35%, 6/09/10		50,250		50,250,000
0.40%, 8/12/10		4,585		4,585,000
				405,057,799
Colorado — 4.3%
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 VRDN (U.S. Bank N.A. LOC),
0.32%, 5/07/10(a)		9,930		9,930,000
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 VRDN (U.S. Bank N.A. LOC),
0.32%, 5/07/10(a)		6,180		6,180,000
Aurora Centretech Metropolitan District GO Series 1998 VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		3,170		3,170,000
Base Village Metropolitan District No. 2 RB Series 2008A VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		4,835		4,835,000
Base Village Metropolitan District No. 2 RB Series 2008B VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		6,510		6,510,000
Colorado Educational & Cultural Facilities Authority RB (Northwest University Project) Series 2007 VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		22,485		22,485,000
Colorado Educational & Cultural Facilities Authority RB (Southeastern California Conference of Seventh-Day Adventists Projects) Series 2008 VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		32,330		32,330,000
Colorado Health Facilities Authority RB (Covenant Retirement Project) Series 1999A VRDN (LaSalle Bank N.A. LOC),
0.30%, 5/07/10(a)		5,875		5,875,000

See Notes to Financial Statements.

30 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Colorado (concluded)
Colorado Health Facilities Authority RB (Frasier Meadows Community Project) Series 2008 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)	$	8,000	$	8,000,000
Colorado Housing & Finance Authority RB (Single Family Mortgage Project) Series 2006-1B2 VRDN (Federal Home Loan Bank SBPA),
0.28%, 5/07/10(a)		5,125		5,125,000
Colorado Housing & Finance Authority RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA),
0.34%, 5/07/10(a)		5,750		5,750,000
Colorado RB Series 2010 TRAN (State Aid Withholding Insurance),
1.50%, 8/12/10		6,900		6,924,094
Colorado Springs Utilities RB Series 2004A VRDN (Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		49,500		49,500,000
Colorado Springs Utilities RB Series 2009C VRDN (Bank of Nova Scotia SBPA),
0.28%, 5/07/10(a)		11,000		11,000,000
Commerce City Northern Infrastructure General Improvement District GO Series 2008 VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		8,625		8,625,000
Denver COP Series 2000A MB,
5.50%, 5/03/10		2,325		2,325,000
Denver Urban Renewal Authority Tax Increment RB Series 2008A-2 VRDN (U.S. Bank N.A. LOC),
0.30%, 5/07/10(a)		9,800		9,800,000
Meridian Health System GO Series 2009 VRDN (U.S. BANK N.A. LOC),
0.31%, 5/07/10(a)		2,135		2,135,000
Parker Automotive Metropolitan District GO Series 2005 VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		3,200		3,200,000
Southglenn Metropolitan District RB Series 2007 VRDN (BNP Paribas LOC),
0.31%, 5/07/10(a)		3,100		3,100,000
				206,799,094
Connecticut — 0.9%
Connecticut GO Series 2010A BAN,
2.00%, 5/19/11		7,250		7,367,536
Connecticut Health & Educational Facilities Authority RB (Yale University Project) Series 2005Y-3 VRDN,
0.24%, 5/03/10(a)		30,000		30,000,000
Waterford Township GO Series 2009 BAN,
1.50%, 8/12/10		4,900		4,913,338
				42,280,874
Delaware — 0.1%
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 VRDN (Manufacturers and Traders Trust Co. LOC),
0.37%, 5/07/10(a)		2,115		2,115,000
Sussex County IDRB (Rehoboth Mall Project) Series 2001A VRDN (Manufacturers and Traders Trust Co. LOC),
0.35%, 5/07/10(a)		2,125		2,125,000
				4,240,000
District of Columbia — 1.6%
District of Columbia GO Municipal Trust Receipts Floaters Series 2008-2934 VRDN (HypoVereinsbank Liquidity Facility, UniCredit SpA Guaranty),
0.40%, 5/07/10(a)(b)(c)		10,875		10,875,000
District of Columbia GO Series 2008C-1 VRDN (TD Bank N.A. LOC),
0.30%, 5/07/10(a)		8,000		8,000,000
District of Columbia RB (American Assoc. Homes & Services Project) Series 2005A VRDN (Sovereign Bank LOC, Unicredito Italiano SpA LOC),
0.65%, 5/07/10(a)		11,090		11,090,000
District of Columbia RB (Arts & Technology Academy Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		3,230		3,230,000
District of Columbia RB (Community Connections Real Estate Foundation Issue Project) Series 2007A VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		7,100		7,100,000
District of Columbia RB (Georgetown University Project) Series 2009B VRDN (TD Bank N.A. LOC),
0.26%, 5/07/10(a)		8,050		8,050,000
District of Columbia RB (Internships & Academic Center Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		1,700		1,700,000
District of Columbia RB (Washington Center Internship Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		4,000		4,000,000
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2008-57C VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)(b)		24,995		24,995,000
				79,040,000
Florida — 7.5%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2009-1034 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
0.37%, 5/07/10(a)(b)(c)		6,148		6,147,500
Brevard County Health Facilities Authority RB (Retirement Housing Foundation Project) Series 2008 VRDN (KBC Bank N.V. LOC),
0.30%, 5/07/10(a)		6,400		6,400,000
Broward County Professional Sports Facilities RB SPEARS (Civic Arena Project) Series 2008DB-487 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		7,075		7,075,000
Florida State Board of Education GO (Capital Outlay Project) Series 2005D MB,
5.00%, 6/01/10		1,035		1,039,020
Florida State Board of Education GO (Capital Outlay Project) Series 2008C MB,
5.00%, 6/01/10		5,320		5,340,587
Florida State Board of Education GO (Public Education Project) Series 2000E MB,
5.62%, 6/01/10		3,000		3,043,645
Fort Pierce Redevelopment Agency RB Eclipse Funding Trust Series 2006-0130 VRDN (U.S. bank N.A. LOC, U.S. Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		3,925		3,925,000
Hernando County Water & Sewer RB Eclipse Funding Trust Series 2006-0035 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		10,325		10,325,000
Highlands County Health Facilities Authority RB (Adventist Health Systems Project) Series 2007D VRDN (Bank of America N.A. LOC),
0.31%, 5/07/10(a)		32,950		32,950,000
Jacksonville Economic Development Commission Hospital RB (Shands Medical Center Inc. Project) Series 2008 VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/07/10(a)		12,400		12,400,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 31

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Florida (continued)
Jacksonville Health Facilities Authority Hospital RB (Baptist Medical Center Project) Series 2007D VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)	$	7,800	$	7,800,000
JEA Electrical System RB Series 2008-3B1 VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		18,665		18,665,000
Lee County Healthcare Facilities IDRB (Shell Point Project) Series 2002A VRDN (Bank of America N.A. LOC),
0.31%, 5/07/10(a)		17,125		17,125,000
Lee Memorial Health System RB Series 2009C VRDN (Northern Trust Co. LOC),
0.28%, 5/07/10(a)		1,930		1,930,000
Martin County Health Facilities Authority RB (Martin Memorial Medical Center Project) Series 2007B VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		15,355		15,355,000
Miami-Dade County Educational Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2710 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty),
0.31%, 5/07/10(a)(b)		7,410		7,410,000
Miami-Dade County School Board COP Eclipse Funding Trust Series 2007A VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)(b)		2,530		2,530,000
Orange County Health Facilities Authority RB (Presbyterian Retirement Project) Series 2006A VRDN (Branch Banking & Trust Co. LOC),
0.29%, 5/07/10(a)		7,400		7,400,000
Orlando & Orange County Expressway Authority RB Series 2003C-2 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		65,900		65,900,000
Orlando & Orange County Expressway Authority RB Series 2003C-4 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.30%, 5/07/10(a)		20,000		20,000,000
Orlando County Utilities Commission Water & Electric RB Municipal Trust Receipts Floaters Series 2009-3023 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.31%, 5/07/10(a)(b)		8,000		8,000,000
Orlando Utilities Commission Utilities System RB Series 2009B-1 MB,
2.00%, 6/01/10		43,000		43,056,376
Palm Beach County Housing Finance Authority RB (Emerald Bay Club Apartments Project) Series 2004 VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		9,500		9,500,000
Palm Beach County RB (Morse Obligation Group Project) Series 2003 VRDN (TD Bank N.A. LOC),
0.30%, 5/07/10(a)		19,530		19,530,000
Palm Beach County RB (Pine Crest Preparatory Project) Series 2008 VRDN (Bank of America N.A. LOC),
0.33%, 5/07/10(a)		7,700		7,700,000
Palm Beach County RB PUTTERS Series 2008-2622 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		2,765		2,765,000
Palm Beach RB Series 2008 MB,
4.00%, 5/03/10		1,020		1,020,000
Pinellas County Health Facilities Authority RB (Baycare Health System Issue Project) Series 2009A-2 VRDN (Northern Trust Co. LOC),
0.29%, 5/07/10(a)		9,750		9,750,000
South Miami Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2749 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.31%, 5/07/10(a)(b)		5,335		5,335,000
South Miami Health Facilities Authority RB PUTTERS (Baptist Health Project) Series 2008-2473 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		1,035		1,035,000
				360,452,128
Georgia — 1.6%
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 2009-1st VRDN,
0.25%, 5/03/10(a)		23,275		23,275,000
Columbus Downtown Development Authority RB Series 2009 VRDN (Columbus Bank & Trust LOC, Federal Home Loan Bank Guaranty),
0.30%, 5/07/10(a)		2,100		2,100,000
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		1,000		1,000,000
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		3,000		3,000,000
Gainesville & Hall County Development Authority RB (Senior Living Facility—Lanier Village Project) Series 2003B VRDN (TD Bank N.A. LOC),
0.25%, 5/03/10(a)		7,700		7,700,000
Georgia Municipal Electric Authority RB (Georgia Power Co. Plant Vogtle Project) Series 2009A BAN:
1.50%, 5/25/10		6,950		6,954,087
2.00%, 6/21/10		12,760		12,786,934
Georgia Municipal Electric Authority RB Series 2008B-1 VRDN (Dexia Credit Local LOC),
0.30%, 5/07/10(a)		7,000		7,000,000
Georgia RB Series 2000D MB,
5.00%, 10/01/10		250		254,875
Gwinnett County Hospital Authority RB (Gwinnett Hospital System Project) Series 2008C VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		11,530		11,530,000
				75,600,896
Hawaii — 0.0%
Hawaii Department of Budget & Finance RB (Hawaii Pacific Health Project) Series 2009A-2 VRDN (Union Bank N.A. LOC),
0.28%, 5/07/10(a)		2,500		2,500,000
Idaho — 0.3%
Idaho Health Facilities Authority RB (St. Lukes Health System Project) Series 2009B VRDN (Harris N.A. LOC),
0.30%, 5/07/10(a)		13,000		13,000,000
Illinois — 3.9%
Chicago Board of Education GO Series 2010-B VRDN (JPMorgan Chase Bank LOC),
0.24%, 5/03/10(a)		13,800		13,800,000
Chicago GO (Neighborhoods Alive Project) Series 2002B-4 VRDN (Bank of New York LOC),
0.25%, 5/03/10(a)		5,185		5,185,000
Chicago GO (Neighborhoods Alive Project) Series 2002B-5 VRDN (Northern Trust Co. LOC),
0.25%, 5/03/10(a)		6,450		6,450,000
Chicago GO Municipal Trust Receipts Floaters Series 2008A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,270		3,270,000
Decatur Park GO Series 2010A MB,
1.50%, 12/15/10		2,125		2,138,927

See Notes to Financial Statements.

32 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Illinois (concluded)
Illinois Educational Facilities Authority RB (Benedictine University Project) Series 2000 VRDN (U.S. Bank N.A. LOC),
0.29%, 5/07/10(a)	$	11,000	$	11,000,000
Illinois Finance Authority RB (Benedictine University Project) Series 2006 VRDN (U.S. Bank N.A. LOC),
0.29%, 5/07/10(a)		5,900		5,900,000
Illinois Finance Authority RB (Evanston Northwestern Healthcare Corp. Project) Series 2001C VRDN (JPMorgan Chase Bank SBPA),
0.27%, 5/03/10(a)		20,800		20,800,000
Illinois Finance Authority RB (Rest Haven Christian Service Project) Series 2005B VRDN (Banco Santander LOC, Soveriegn Bank FSB LOC),
0.30%, 5/07/10(a)		645		645,000
Illinois Finance Authority RB (The Landing at Plymouth Place Project) Series 2005B VRDN (Banco Santander LOC, Soveriegn Bank FSB LOC),
0.30%, 5/07/10(a)		10,000		10,000,000
Illinois Toll Highway Authority RB Series 2007A-1 VRDN (Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		52,245		52,245,000
Illinois Toll Highway Authority RB Series 2008A-1 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		40,000		40,000,000
Regional Transit Authority RB Series 2005-B1 VRDN (RTA Guaranty),
0.75%, 1/25/11(a)		16,200		16,200,000
Regional Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-55A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility),
0.30%, 5/07/10(a)(b)		2,420		2,420,000
				190,053,927
Indiana — 2.7%
Fort Wayne RB (University of St. Francis Project) Series 2008 VRDN (JPMorgan Chase Bank LOC),
0.29%, 5/07/10(a)		1,800		1,800,000
Indiana Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2008E-8 MB,
0.33%, 6/15/10(a)		5,750		5,750,000
Indiana Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2009E-4 MB,
0.39%, 5/17/10(a)		8,000		8,000,000
Indiana Finance Authority RB (Duke Energy Indiana, Inc. Project) Series 2009A-5 VRDN (Bank of America N.A. LOC),
0.29%, 5/03/10(a)		20,100		20,100,000
Indiana Finance Authority RB (Hamilton Grove Project) Series 2008A VRDN (LaSalle Bank N.A. LOC),
0.30%, 5/07/10(a)		12,665		12,665,000
Indiana Finance Authority RB (Lease Appropriation Project) Series 2005A-5 VRDN (Bank of New York SBPA),
0.27%, 5/03/10(a)		66,950		66,950,000
Indiana Finance Authority RB (Marquette Project) Series 2009A VRDN (Branch Banking & Trust Co. LOC),
0.32%, 5/07/10(a)		5,345		5,345,000
Indiana Health Facilities Financing Authority RB (Ascension Health Project) Series 2003E-6,
0.39%, 3/15/11(a)		6,000		6,000,000
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2009-55C VRDN (Wells Fargo Bank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)		4,860		4,860,000
				131,470,000
Iowa — 0.3%
Iowa Finance Authority Senior RB (Iowa School Project) Series 2009A RAN,
2.50%, 6/23/10		7,350		7,370,690
Iowa Higher Education Loan Authority RB (Loras College Project) Series 2006 VRDN (LaSalle Bank N.A. LOC),
0.27%, 5/03/10(a)		8,000		8,000,000
				15,370,690
Kansas — 0.3%
Kansas Development Finance Authority RB (Village Shalom Obligated Group Project) Series 1988BB VRDN (Banco Santander LOC, Sovereign Bank FSB LOC),
0.30%, 5/03/10(a)		10,085		10,085,000
Lenexa RB Series 2007-302 VRDN (Bank of America N.A. Liquidity Facility),
0.32%, 5/07/10(a)		3,850		3,850,000
				13,935,000
Kentucky — 0.2%
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A VRDN (U.S. Bank N.A. LOC),
0.28%, 5/07/10(a)		3,255		3,255,000
Lexington-Fayette Urban County Government GO Series 2009C BAN,
1.00%, 7/15/10		8,000		8,005,221
				11,260,221
Louisiana — 3.0%
Eclipse Funding Trust RB (Solar Eclipse Project) Series 2007-0042 VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)(b)		21,200		21,200,000
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 VRDN (Fannie Mae Guaranty),
0.40%, 5/07/10(a)		5,135		5,135,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B VRDN,
0.42%, 5/07/10(a)		7,500		7,500,000
Louisiana Public Facilities Authority RB (Christus Health Project) Series 2009B-1 VRDN (Bank of New York LOC),
0.28%, 5/07/10(a)		3,000		3,000,000
Louisiana Public Facilities Authority RB (Dynamic Fuels LLC Project) Series 2008 VRDN (JPMorgan Chase Bank LOC),
0.26%, 5/03/10(a)		30,000		30,000,000
Monroe Sales & Use Tax RB Series 2007A VRDN (AGM Insurance, JPMorgan Chase Bank SBPA),
0.50%, 5/07/10(a)		27,040		27,040,000
St. James Parish RB (Louisiana Sugar Refining Project) Series 2009 VRDN (Natixis LOC),
0.35%, 5/07/10(a)		41,500		41,500,000
St. James Parish RB (Nustar Logistics Project) Series 2008 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		10,000		10,000,000
				145,375,000
Maryland — 0.8%
Anne Arundel County RB Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC),
0.37%, 5/07/10(a)		4,465		4,465,000
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		1,975		1,975,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 33

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Maryland (concluded)
Carroll County RB (Fairhaven & Copper Project) Series 2004B VRDN (LaSalle Bank N.A. LOC),
0.30%, 5/07/10(a)	$	6,240	$	6,240,000
Howard County RB (Bluffs Hawthorne Project) Series 1995 VRDN (Manufacturers and Traders Trust Co. LOC),
0.37%, 5/07/10(a)		3,410		3,410,000
Maryland Economic Development Corp. RB (American Health Assistance Foundation Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC),
0.35%, 5/07/10(a)		1,560		1,560,000
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999A VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		1,875		1,875,000
Maryland Economic Development Corp. RB (Local Government Insurance Trust Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		4,105		4,105,000
Maryland Health & Higher Education Facilities Authority RB (The Norwood School) Series 1998 VRDN (Manufacturers Traders & Trust LOC),
0.35%, 5/07/10(a)		3,150		3,150,000
Maryland Health & Higher Educational Facilities Authority RB (Pickersgill Project) Series 2005A VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. SBPA),
0.30%, 5/07/10(a)		3,280		3,280,000
Maryland Industrial Development Financing Authority RB (Occidental Pete Corp. Project) Series 2010 VRDN,
0.29%, 5/07/10(a)		4,300		4,300,000
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC),
0.35%, 5/07/10(a)		2,220		2,220,000
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC),
0.30%, 5/07/10(a)		2,300		2,300,000
				38,880,000
Massachusetts — 2.7%
Massachusetts Bay Transportation Authority RB Series 2000A MB,
5.75%, 7/01/10		1,110		1,119,705
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN,
0.39%, 11/26/10(a)		2,000		2,000,000
Massachusetts Development Finance Agency RB (Boston University Project) Series 2008U-6A VRDN (Bank of America N.A. LOC),
0.25%, 5/03/10(a)		6,800		6,800,000
Massachusetts Development Finance Agency RB (Custodial Receipts Project) Series 2007-344 VRDN (Bank of America N.A. LOC, Bank of America N.A. Liquidity Facility),
0.39%, 5/07/10(a)		49,175		49,175,000
Massachusetts Development Finance Agency RB (Hillside School Project) Series 2007 VRDN (Sovereign Bank LOC, JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		4,130		4,130,000
Massachusetts Development Finance Agency RB (ISO New England, Inc. Project) Series 2005 VRDN (TD Bank N.A. LOC),
0.28%, 5/07/10(a)		2,280		2,280,000
Massachusetts Water Resources Authority RB Series 2008A VRDN (Dexia Credit Local SBPA),
0.31%, 5/07/10(a)		64,275		64,275,000
				129,779,705
Michigan — 2.3%
Holt Public Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA),
0.35%, 5/07/10(a)		27,235		27,235,000
Lakeview School District GO (School Building & Site Project) Series 2002B VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility),
0.32%, 5/07/10(a)		6,900		6,900,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Center Project) Series 2010F-6 VRDN,
0.39%, 5/07/10(a)		6,000		6,000,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN,
0.39%, 11/26/10(a)		4,520		4,520,000
Michigan Municipal Bond Authority RB Series 2009C-2 BAN (JPMorgan Chase Bank LOC),
2.50%, 8/20/10		9,600		9,647,762
Michigan State Hospital Finance Authority RB (Ascension Health Project) Series 1999B-1 MB,
0.28%, 7/06/10(a)		7,000		7,000,000
Michigan State Housing Development Authority RB Series 2009D VRDN (Fannie Mae LOC),
0.35%, 5/07/10(a)		2,300		2,300,000
Saline Area Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale LOC),
0.32%, 5/07/10(a)		46,395		46,395,000
				109,997,762
Mississippi — 0.4%
Mississippi Business Finance Commission RB (Peco Foods, Inc. Project) Series 2009 VRDN (Harris Bank N.A. LOC),
0.31%, 5/07/10(a)		14,650		14,650,000
Mississippi Business Finance Corp. RB (Renaissance Project) Series 2009 VRDN (Regions Bank LOC, Federal Home Loan Bank LOC),
0.29%, 5/07/10(a)		4,100		4,100,000
				18,750,000
Missouri — 0.3%
Missouri Health and Educational Facilities Authority RB (Ascension Health Credit Group Project) Series 2009C-5 MB,
0.39%, 5/17/10(a)		12,500		12,500,000
Multi-State — 0.3%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-5001 VRDN (Rabobank International LOC, Rabobank International Liquidity Facility),
0.45%, 5/07/10(a)(b)(c)		12,700		12,700,000
Nebraska — 0.2%
Lincoln Electric System RB Municipal Trust Receipts Floaters Series 2008-2900 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.33%, 5/07/10(a)(b)		8,500		8,500,000
Omaha GO Series 2000-A,
6.50%, 12/01/10		1,000		1,036,344
				9,536,344
Nevada — 1.2%
Clark County Airport System Subordinate Lien RB Series 2009A RAN,		46,000		46,154,931
2.50%, 7/15/10
Clark County of Nevada GO Series 2000,
5.50%, 7/01/10		1,000		1,008,681
Clark County of Nevada GO Series 2000 NATL-RE,
5.50%, 7/01/10		1,000		1,008,681

See Notes to Financial Statements.

34 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Nevada (concluded)
Clark County School District GO Series 2000A MB,
6.00%, 6/15/10	$	1,000	$	1,006,691
Clark County School District GO SPEARS Series 2008DBE-668 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		7,125		7,125,000
				56,303,984
New Hampshire — 0.8%
New Hampshire Business Finance Authority RB (Alice Peck Day Health Systems Project) Series 2008 VRDN (TD Banknorth N.A. LOC),
0.29%, 5/03/10(a)		6,000		6,000,000
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005A VRDN (TD Banknorth N.A. LOC),
0.27%, 5/07/10(a)		3,800		3,800,000
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005B VRDN (TD Banknorth N.A. LOC),
0.27%, 5/07/10(a)		4,165		4,165,000
New Hampshire Health & Education Facilities Authority RB (RiverWoods-Exeter Project) Series 2003 VRDN (Fleet National Bank LOC),
0.30%, 5/07/10(a)		3,080		3,080,000
New Hampshire Health & Education Facilities Authority RB (RiverWoods-Exeter Project) Series 2008 VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		23,700		23,700,000
				40,745,000
New Jersey — 4.4%
New Jersey Economic Development Authority RB (Facilities Construction Project) Sub-Series 2006R-1 VRDN (Bank of Nova Scotia LOC),
0.25%, 5/03/10(a)		26,730		26,730,000
New Jersey Economic Development Authority RB (Facilities Construction Project) Sub-Series 2006R-2 VRDN (Bank of Nova Scotia LOC),
0.24%, 5/03/10(a)		22,800		22,800,000
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2009-3008 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)(c)		8,562		8,562,500
New Jersey Economic Development Authority RB Series 2009A RAN,
2.50%, 6/18/10		31,850		31,932,866
New Jersey Educational Facilities Authority RB (Princenton University Project) Series 2000E MB,
5.25%, 7/01/10		2,885		2,908,743
New Jersey GO Series 2009 TRAN,
2.50%, 6/24/10		58,000		58,168,696
New Jersey Health Care Facilities Financing Authority RB (Children Specialized Project) Series 2005B VRDN (Wells Fargo Bank N.A. LOC),
0.25%, 5/07/10(a)		7,580		7,580,000
New Jersey Tobacco Settlement Financing Corp. RB Municipal Trust Receipts Floaters Series 2008-2959 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)(c)		5,200		5,200,000
New Jersey Transportation Trust Fund Authority RB (Transportation System Project) Series 2009D VRDN (Sumitomo Mitsui Banking LOC),
0.32%, 5/07/10(a)		19,500		19,500,000
New Jersey Transportation Trust Fund Authority RB SPEARS (Transportation System Project) Series 2007DB-447 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.29%, 5/07/10(a)(b)		21,750		21,750,000
North Brunswick Township GO Series 2010A BAN,
1.50%, 8/13/10		5,600		5,619,489
				210,752,294
New York — 13.3%
Branch Banking & Trust GO Municipal Trust Receipts Floaters 2007-2049 VRDN (AGM Insurance, Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
0.34%, 5/07/10(a)(b)		205		205,000
Cohoes Industrial Development Agency RB (Eddy Cohoes Project) Series 2008 VRDN (Bank of America N.A. LOC),
0.27%, 5/07/10(a)		28,750		28,750,000
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.36%, 5/07/10(a)		65,000		65,000,000
Metropolitan Transportation Authority RB Series 2002D-2 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.30%, 5/07/10(a)		27,885		27,885,000
Metropolitan Transportation Authority RB Series 2005G VRDN (BNP Paribas LOC),
0.23%, 5/07/10(a)		13,200		13,200,000
Metropolitan Transportation Authority RB Series 2008A ROC-RR-II-R-10378 VRDN (AGM Insurance, Citibank N.A. SBPA),
0.31%, 5/07/10(a)(b)		21,860		21,860,000
Metropolitan Transportation Authority RB Series 2010 RAN,
2.00%, 12/31/10		37,500		37,902,933
New York City GO Series 2008L-3 VRDN (Bank of America N.A. SBPA),
0.19%, 5/03/10(a)		50,000		50,000,000
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA),
0.24%, 5/03/10(a)		28,300		28,300,000
New York City Housing Development Corp. RB Series 2010 ROC-RR-II-R-13100 VRDN (Citibank N.A. Liquidity Facility),
0.33%, 5/07/10(a)(b)		10,000		10,000,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2005AA-2 VRDN (Dexia Credit Local SBPA),
0.25%, 5/03/10(a)		24,505		24,505,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3B VRDN (Wells Fargo Bank N.A. SBPA),
0.24%, 5/03/10(a)		24,000		24,000,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA),
0.24%, 5/03/10(a)		35,385		35,385,000
New York Dormitory Authority RB (Beverwyck, Inc. Project) Series 1995 VRDN (Bank of America LOC),
0.36%, 5/07/10(a)		4,600		4,600,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Banknorth N.A. LOC),
0.26%, 5/07/10(a)		38,500		38,500,000
New York Dormitory Authority RB (Wagner College Project) Series 2009 VRDN (TD Bank N.A. LOC),
0.29%, 5/07/10(a)		4,000		4,000,000
New York Housing Finance Agency RB (Economic Development Project) Series 2005C VRDN,
0.28%, 5/07/10(a)		70,280		70,280,000
New York Liberty Development Corp. RB (World Trade Center Project) Series 2009A Municipal Put Bonds (U.S. Government Securities Guaranty),
0.50%, 1/18/11(a)		66,000		66,000,000
New York State Housing Finance Agency Service RB Series 2003C VRDN (Credit Locale de France LOC),
0.28%, 5/07/10(a)		34,700		34,700,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 35

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New York (concluded)
New York TOB Asset Securitization Corp. RB Series 2000A,
6.25%, 7/15/10	$	1,165	$	1,190,624
New York Urban Development Corp. RB Series 2004 VRDN (Dexia Credit Local SBPA),
0.33%, 5/03/10(a)		41,315		41,315,000
Triborough Bridge & Tunnel Authority RB PUTTERS Series 2003-342 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.33%, 5/07/10(a)(b)		7,055		7,055,000
Troy IDA Civic Facilities RB (Rensselaer Polytechnic Institute Project) Series 2002B VRDN (JPMorgan Chase & Co. LOC),
0.28%, 5/07/10(a)		8,500		8,500,000
				643,133,557
North Carolina — 3.5%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1015 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
0.37%, 5/07/10(a)(b)		17,400		17,400,000
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1021 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
0.37%, 5/07/10(a)(b)		7,100		7,100,000
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		235		235,000
Mecklenburg County GO Series 2009D VRDN,
0.40%, 11/26/10(a)		3,455		3,455,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		6,960		6,960,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		4,000		4,000,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Lake Norman Charter School Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		19,500		19,500,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Lake Norman Charter School Project) Series 2008B VRDN (Wells Fargo Bank N.A. LOC),
0.55%, 5/07/10(a)		500		500,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Summit School, Inc. Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		3,000		3,000,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		2,715		2,715,000
North Carolina Capital Facilities Finance Agency RB (Campbell University Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		2,000		2,000,000
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004A VRDN (JPMorgan Chase Bank SBPA),
0.30%, 5/07/10(a)		12,200		12,200,000
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004B VRDN (JPMorgan Chase Bank SBPA),
0.30%, 5/07/10(a)		17,420		17,420,000
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		2,950		2,950,000
North Carolina Medical Care Commission Retirement Facilities RB (United Church Homes & Services Project) Series 2007 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		7,000		7,000,000
Raleigh COP (Downtown Improvement Project) Series 2004A VRDN,
0.27%, 5/07/10(a)		35,200		35,200,000
Raleigh RB (Comb Enterprise System Project) Series 2008B VRDN (Wells Fargo Bank N.A. SBPA),
0.27%, 5/07/10(a)		18,100		18,100,000
Raleigh RB Series 2009 VRDN,
0.40%, 11/26/10(a)		2,210		2,210,000
Sampson County COP Eclipse Funding Trust Series 2006-0160 VRDN (AGM Insurance, U.S. Bank N.A. Liquidity Facility),
0.29%, 5/07/10(a)(b)		670		670,000
University of North Carolina at Chapel Hill RB Eagle Trust Receipts Floaters Series 2005A VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		7,900		7,900,000
				170,515,000
North Dakota — 0.2%
Grand Forks Hospital Facilities RB (United Hospital Obligation Group Project) Series 1992 VRDN (LaSalle Bank N.A. LOC),
0.27%, 5/03/10(a)		8,435		8,435,000
Ohio — 3.6%
Butler County Healthcare Facilities RB (LifeSphere Project) Series 2007 VRDN (U.S. Bank N.A. LOC),
0.31%, 5/07/10(a)		7,065		7,065,000
Columbus Regional Airport Authority RB SPEARS Series 2007 VRDN (Deutsche Bank A.G. Guaranty),
0.30%, 5/07/10(a)(b)		700		700,000
Columbus Sewerage System RB PUTTERS Series 2008-2456 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		1,400		1,400,000
Columbus Water System RB Series 1999,
5.00%, 11/01/10		1,000		1,023,617
Delaware County Port Authority Economic Development RB (The Columbus Zoological Park Assoc. Project) Series 2006 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		1,650		1,650,000
Green GO Series 2009 BAN,
1.75%, 7/09/10		5,000		5,010,322
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A VRDN (U.S. Bank N.A. LOC),
0.30%, 5/07/10(a)		280		280,000
Lima RB (Lima Memorial Hospital Project) Series 2007 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		4,000		4,000,000
Lucas County GO (Arena Improvement Project) Series 2009 BAN,
1.00%, 7/22/10		13,500		13,509,008
Montgomery County RB (Catholic Healthcare Project) Series 2004B-2 VRDN (Bayerische Landesbank Girozentrale SBPA),
0.29%, 5/07/10(a)		6,300		6,300,000

See Notes to Financial Statements.

36 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Ohio (concluded)
Ohio Building Authority RB (Juvenile Correctional Facility Project) Series 2005B MB,
5.00%, 10/01/10	$	1,480	$	1,508,541
Ohio GO (Adjustment Common School Project) Series 2006B VRDN,
0.28%, 5/07/10(a)		19,700		19,700,000
Ohio GO (Common Schools Project) Series 2007A MB,
5.00%, 6/15/10		2,170		2,182,333
Ohio GO (Conservation Project) Series 2002A MB,
5.25%, 3/01/11		650		676,482
Ohio Higher Educational Facility Commission RB Eclipse Funding Trust (University of Dayton Project) Series 2006-0107 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		1,295		1,295,000
Ohio Higher Educational Facility RB (Ohio Dominican University Project) Series 2007 VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		3,500		3,500,000
Ohio RB (Major New State Infrastructure Project) Series 2004-1 MB,
5.00%, 6/15/10		3,730		3,750,104
Ohio RB (Major New State Infrastruture Project) Series 2002 MB,
5.00%, 6/15/10		400		402,371
Ohio State University RB Series 2005A MB,
5.00%, 6/01/10		1,000		1,003,915
Ohio State University Series 2010:
0.20%, 7/08/10		25,000		25,000,000
0.20%, 7/12/10		25,000		25,000,000
Ohio Turnpike Commission RB (Highway Revenue Tolls) Series 2001A,
5.50%, 2/15/11		3,000		3,121,993
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)		4,800		4,800,000
Sidney GO Series 2009 BAN,
1.50%, 6/23/10		1,570		1,571,150
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC, Manufacturers and Traders Trust Co. SBPA),
0.30%, 5/07/10(a)		12,350		12,350,000
University of Akron General Receipts RB Series 2008C-1 VRDN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA),
0.35%, 5/07/10(a)		10,865		10,865,000
Vantage Career Center Joint Vocational School District GO Series 2010 BAN,
1.40%, 9/08/10		5,000		5,014,964
Willoughby GO (Various Purpose Improvements Project) Series 2009 BAN,
1.00%, 10/08/10		4,200		4,208,414
Wooster GO Series 2010 BAN,
1.00%, 10/15/10		5,380		5,394,925
				172,283,139
Oregon — 0.7%
Clackamas County Hospital Facility Authority RB (Mary’s Woods Senior Living Facility Project) Series 2005 VRDN (Sovereign Bank FSB LOC, Banco Santander LOC),
0.30%, 5/07/10(a)		20,000		20,000,000
Clackamas County Hospital Facility Authority RB (Willamette Project) Series 2005A-1 VRDN (Banco Santander LOC, Sovereign Bank FSB LOC),
0.30%, 5/07/10(a)		5,000		5,000,000
Lane Community College GO Series 2009 (School Board Guaranty Insurance),
2.50%, 6/15/10		3,985		3,995,034
Portland RB Series 2007A MB,
5.00%, 6/01/10		7,370		7,398,131
				36,393,165
Pennsylvania — 4.1%
Butler County IDA RB (Concordia Lutheran Project) Series 2004A VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		2,185		2,185,000
Cumberland County Municipal Authority RB (Asbury Obligated Group Project) Series 2006 VRDN (KBC Bank N.V. LOC),
0.30%, 5/07/10(a)		10,000		10,000,000
Emmaus General Authority RB (Pennsylvania Loan Program) Series 2000A VRDN (U.S. Bank N.A. LOC),
0.30%, 5/07/10(a)		17,200		17,200,000
Geisinger Authority Health System RB (Geisinger Health System Project) Series 2002 VRDN (Bank of America N.A. SBPA),
0.25%, 5/03/10(a)		25,750		25,750,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)		6,800		6,800,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008D VRDN (JPMorgan Chase Bank LOC),
0.29%, 5/03/10(a)		11,865		11,865,000
Lehigh County General Purpose Hospital Authority RB (Lehigh Valley Health Network Project) Series 2008B VRDN (Assured Guaranty Ltd. Insurance, Wells Fargo Bank N.A. SBPA),
0.29%, 5/03/10(a)		42,100		42,100,000
Montgomery County IDA RB (Active Retirement Life Community Project) Series 2002 VRDN (TD Bank N.A. LOC),
0.25%, 5/03/10(a)		1,150		1,150,000
Montgomery County IDRB (Fountain Life Christian Project) Series 2007A VRDN (JPMorgan Chase & Co. LOC),
0.30%, 5/07/10(a)		3,220		3,220,000
Pennsylvania GO Series 2009 TAN,
1.50%, 6/30/10		10,000		10,019,768
Philadelphia Authority IDRB (Gift of Life Donor Program Project) Series 2003 VRDN (TD Bank N.A. LOC),
0.28%, 5/07/10(a)		7,140		7,140,000
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 VRDN (Bank of America N.A. LOC),
0.30%, 5/07/10(a)		5,910		5,910,000
Philadelphia Hospitals & Higher Education Facilities Authority RB (Children’s Hospital Project) Series 2008A VRDN (Wachovia Bank N.A. SBPA),
0.24%, 5/03/10(a)		38,825		38,825,000
Philadelphia School District GO Series 2008C-1 VRDN (TD Bank N.A. LOC),
0.30%, 5/07/10(a)		5,300		5,300,000
Westmoreland County IDRB (Redstone Retirement Project) Series 2005B VRDN (Sovereign Bank FSB, Banco Santander Guaranty),
0.30%, 5/07/10(a)		8,865		8,865,000
				196,329,768
Puerto Rico — 0.9%
Commonwealth of Puerto Rico GO Austin Trust Certificates Series 2008-355 VRDN (Bank of America N.A. LOC, Bank of America N.A. SBPA),
0.39%, 5/07/10(a)		27,300		27,300,000
Commonwealth of Puerto Rico GO Series 2004B-3 VRDN (FSA Insurance, Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		18,800		18,800,000
				46,100,000
South Carolina — 1.4%
Berkeley County GO Series 2009 BAN,
1.25%, 5/28/10		9,200		9,205,213

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 37

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
South Carolina (concluded)
Piedmont Municipal Power Agency RB Series 2008 VRDN (Dexia Credit Local SBPA),
0.32%, 5/07/10(a)	$	52,500	$	52,500,000
Richland County School District No. 2 GO Series 2009 MB (South Carolina School District Insurance),
4.00%, 5/03/10		5,800		5,800,000
South Carolina Jobs-Economic Development Authority RB (UMA Refinance Project) Series 2008 VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)		200		200,000
				67,705,213
Tennessee — 2.9%
Blount County Public Building Authority RB (Local Government Public Improvement Project) Series 2009E-8-A VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		3,100		3,100,000
Blount County Public Building Authority RB Series 2008E1-A VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		6,000		6,000,000
Jackson Energy Authority RB Series 2009 VRDN (Bank of America N.A. LOC),
0.36%, 5/07/10(a)		10,425		10,425,000
Maury County IDRB (Occidental Petroleum Project) Series 2000A MB,
6.30%, 8/01/10		3,460		3,509,043
Memphis GO Series 2009 BAN,
2.00%, 5/18/10		5,180		5,183,528
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Project) Series 2001 VRDN,
0.45%, 11/26/10(a)		14,000		14,000,000
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC),
0.36%, 5/07/10(a)		8,690		8,690,000
Municipal Energy Acquisition Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 VRDN (JPMorgan Chase & Co. Liquidity Facility),
0.30%, 5/07/10(a)(b)		63,985		63,985,000
Tennergy Corp. Gas RB BNP Paribas STARS Certificates Trust Series 2006-001 VRDN (BNP Paribas Liquidity Facility),
0.32%, 5/07/10(a)		22,970		22,970,000
				137,862,571
Texas — 10.6%
Austin Water & Wastewater System RB Series 2000 MB,
5.75%, 5/15/10		1,000		1,002,033
Conroe ISD GO PUTTERS (School Building Project) Series 2008-2487 VRDN (PSF-GTD Insurance, JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		1,000		1,000,000
Fort Bend GO Citi Trust Receipts TOB Series 2003-46A VRDN (Societe Generale Liquidity Facility),
0.31%, 5/07/10(a)		4,500		4,500,000
Fort Bend ISD GO PUTTERS Series 2008-2852 VRDN (PSF-GTD Insurance, JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		1,800		1,800,000
Harris County GO Municipal Trust Receipts Floaters Series 2009-3028 VRDN (AGM Insurance, Morgan Stanley Municipal Funding Liquidity Facility),
0.33%, 5/07/10(a)(b)(c)		8,070		8,070,000
Harris County Health Facilities Development Corp. RB (Methodist Hospital System Project) Series 2008A-2 VRDN,
0.24%, 5/03/10(a)		12,300		12,300,000
Harris County Health Facilities Development Corp. RB (St. Luke’s Episcopal Health System Project) Series 2005A VRDN (JPMorgan Chase Bank SBPA, Landesbank Baden-Wuerttemberg Girozentrale SBPA),
0.30%, 5/07/10(a)		25,820		25,820,000
Harris County RB (Toll Road Project) Series 2009B-2 MB,
2.00%, 5/07/10(a)		7,000		7,029,910
Houston ISD GO (Schoolhouse Project) Eagle Trust Receipts Series 2009-0036A VRDN (Citibank N.A. SBPA, PSF Guaranty),
0.31%, 5/07/10(a)		4,950		4,950,000
Houston Utility System RB (First Lien Water Revenue) Series 2004B1-4 VRDN (Bank of America N.A. LOC),
0.29%, 5/07/10(a)		20,000		20,000,000
Houston Utility System RB (First Lien Water Revenue) Series 2004-B3 VRDN (Sumitomo Mitsui Banking LOC),
0.26%, 5/07/10(a)		24,500		24,500,000
Houston Utility System RB (First Lien Water Revenue) Series 2004-B4 VRDN (JPMorgan Chase & Co. LOC),
0.29%, 5/07/10(a)		11,750		11,750,000
Houston Utility System RB (First Lien Water Revenue) Series 2004-B6 VRDN (Scotia Bank LOC),
0.25%, 5/07/10(a)		18,325		18,325,000
Judson ISD GO Municipal Trust Receipts Floaters Series 2007-1859 VRDN (PSF-GTD Insurance, Wells Fargo Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		3,940		3,940,000
Lamar Consolidated ISD Series 2009 ROC-RR-II-R-12266 VRDN (PSF Guaranty, Citibank N.A. SBPA),
0.31%, 5/07/10(a)(b)		5,120		5,120,000
Lamar Consolidation ISD GO SPEARS Series 2008DB-512 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,225		3,225,000
Lovejoy ISD GO SPEARS (School Building Project) Series 2008DB-514 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,195		3,195,000
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 (Chevron Corp. Guaranty),
0.29%, 8/16/10(a)		15,610		15,610,000
Port of Port Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Fina Elf S.A. Guaranty),
0.33%, 5/07/10(a)		1,500		1,500,000
Texas GO Eagle Trust Receipts Series 2006A-0126 VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)		5,700		5,700,000
Texas GO PUTTERS Series 2008-2568 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		2,800		2,800,000
Texas GO Series 2006-0122 VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)		7,650		7,650,000
Texas Municipal Gas Acquisition & Supply,
0.30%, 5/07/10(a)		36,650		36,650,000
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II-R-10014 VRDN (Dexia Credit Local Liquidity Facility),
0.46%, 5/07/10(a)(b)		44,400		44,400,000
Texas Public Finance Authority GO Series 2009A MB,
2.50%, 10/01/10		3,545		3,578,587
Texas RB Series 2009 TRAN,
2.50%, 8/31/10		225,000		226,524,571
University of Texas TECP,
0.24%, 8/12/10		8,171		8,171,000

See Notes to Financial Statements.

38 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	MuniFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2009-60C VRDN (Wells Fargo Bank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)(c)	$	3,450	$	3,450,000
				512,561,101
Utah — 0.0%
Murray RB (IHC Health Services, Inc. Project) Series 2005D VRDN (Wells Fargo Bank N.A. SBPA),
0.27%, 5/03/10(a)		500		500,000
Vermont — 0.1%
Vermont Educational & Health Buildings Financing Agency RB (Landmark College Project) Series 2009A VRDN (TD Banknorth N.A. LOC),
0.29%, 5/03/10(a)		3,000		3,000,000
Vermont Educational & Health Buildings Financing Agency RB (Porter Hospital Project) Series 2005A VRDN (TD Banknorth N.A. LOC),
0.27%, 5/07/10(a)		3,700		3,700,000
				6,700,000
Virginia — 1.3%
Alexandria IDRB (Goodwin House Project) Series 2005 VRDN (Wells Fargo Bank N.A. LOC),
0.25%, 5/03/10(a)		17,450		17,450,000
Chesterfield Health Center Commission Residential Care Facility RB (Lucy Corr Village Project) Series 2008B VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		1,580		1,580,000
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC),
0.30%, 5/07/10(a)		18,050		18,050,000
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN,
0.42%, 11/26/10(a)		2,000		2,000,000
Hanover County IDA Residential Care Facility RB (Covenant Woods Project) Series 1999 VRDN (Branch Banking & Trust Co. LOC),
0.30%, 5/07/10(a)		2,760		2,760,000
Lexington IDA Educational Facilities RB (VMI Development Board, Inc. Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC),
0.29%, 5/03/10(a)		3,900		3,900,000
Norfolk Economic Development Authority Hospital Facilities RB (Sentara Healthcare Project) Series 2009A Mandatory Put Bonds,
0.23%, 5/05/10		2,000		2,000,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA),
0.29%, 5/03/10(a)		4,000		4,000,000
Virginia Port Authority RB Series 2009 BAN,
2.00%, 5/18/10		10,200		10,207,199
				61,947,199
Washington — 1.0%
King County Public Hospital District No. 1 GO SPEARS Series 2008DB-614 VRDN (Assured Guaranty Ltd. Insurance, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		3,925		3,925,000
NJB Properties RB (King County Washington Project) Eclipse Funding Trust Series 2007-0106 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		3,370		3,370,000
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 VRDN (Societe Generale SBPA),
0.30%, 5/07/10(a)		4,000		4,000,000
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 VRDN (Bank of America N.A. LOC),
0.35%, 5/03/10(a)		20,000		20,000,000
Washington Housing Finance Commission RB (Judson Park Project) Series 2007 VRDN (Banco Santander LOC, Sovereign Bank FSB LOC),
0.30%, 5/07/10(a)		14,895		14,895,000
				46,190,000
West Virginia — 0.2%
West Virginia Economic Development Authority PCRB (Ohio Power Co. Sporn Project) Series 2008C VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		8,000		8,000,000
Wisconsin — 5.7%
Milwaukee City PN GO Series 2010-R4,
1.50%, 12/15/10		27,000		27,190,143
Wisconsin GO TECP,
0.40%, 5/24/10		50,650		50,650,000
Wisconsin Health & Educational Facilities Authority RB (Marshfield Project) Series 2006B VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		49,500		49,500,000
Wisconsin RB Series 2009 BAN,
2.50%, 6/15/10		29,000		29,071,892
Wisconsin TECP:
0.40%, 6/03/10		53,000		53,000,000
0.43%, 6/11/10		10,590		10,590,000
0.35%, 7/12/10		28,646		28,646,000
0.35%, 8/09/10		25,000		25,000,000
				273,648,035
Total Investments (Cost $4,814,470,720*) — 99.8%				4,814,470,720
Other Assets Less Liabilities — 0.2%				10,968,939
Net Assets — 100.0%			$	4,825,439,659

* Aggregate cost for federal income tax purposes is $4,814,479,849.

(a) Variable rate security. Rate shown is as of report date and maturity shown 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 under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 39

Schedule of Investments (concluded) MuniFund

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	4,814,470,720	—	$	4,814,470,720

1 See above Schedule of Investments for values in each state or political subdivision.

See Notes to Financial Statements.

40 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments April 30, 2010  (Unaudited)	California Money Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
California — 97.3%
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek at Union City Project) Series 2008A VRDN (Bank of America N.A. SBPA, Masonic Homes of California Guaranty),
0.28%, 5/03/10(a)	$	15,200	$	15,200,000
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1998F VRDN (Kredietbank N.V. LOC),
0.36%, 5/07/10(a)		500		500,000
Berkeley Unified School District GO Series 2009 TRAN,
1.75%, 11/23/10		2,400		2,417,793
California Communities Note Program RB (Tulare County Project) Series 2009A5 TRAN,
2.00%, 6/30/10		6,000		6,014,420
California Communities Note Program RB Series 2009 TRAN,
2.00%, 6/30/10		3,100		3,105,806
California Community College Financing Authority RB Series 2009A TRAN (GO of District),
2.00%, 6/30/10		7,400		7,412,636
California Department of Water Resource Power Supply RB Series 2002C-1 VRDN (Dexia Credit Local LOC),
0.30%, 5/07/10(a)		10,500		10,500,000
California Department of Water Resources Power Supply RB Series 2002C-13 VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		9,400		9,400,000
California Department of Water Resources Power Supply RB Series 2002C-7 VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		3,075		3,075,000
California Department of Water Resources Power Supply RB Series 2005G-2 VRDN (Lloyds Banking Group Plc LOC),
0.31%, 5/07/10(a)		1,000		1,000,000
California Department of Water Resources Power Supply RB Series 2008I-1 VRDN (Allied Irish Bank Plc LOC, Republic of Ireland Guaranty),
0.50%, 5/03/10(a)		4,800		4,800,000
California Educational Facilities Authority GO (Stanford University Project) Series 2009S-3 TECP,
0.40%, 7/14/10		2,800		2,800,000
California GO (Daily Kindergarten University Project) Series 2004A-3 VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC),
0.28%, 5/03/10(a)		3,700		3,700,000
California GO (Daily Kindergarten University Project) Series 2004B-2 VRDN (Citibank N.A. LOC),
0.24%, 5/03/10(a)		6,600		6,600,000
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility),
0.35%, 5/07/10(a)(b)		14,000		14,000,000
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty),
0.35%, 5/07/10(a)(b)		4,000		4,000,000
California GO Municipal Trust Receipts Floaters Series 2008-2813 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.37%, 5/07/10(a)(b)		1,300		1,300,000
California GO Series 2005B-6 VRDN (KBC Bank N.V. LOC),
0.29%, 5/03/10(a)		4,900		4,900,000
California GO SPEARS Series 2007DB-457 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.29%, 5/07/10(a)(b)		2,600		2,600,000
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002A VRDN (Wells Fargo Bank N.A. LOC),
0.23%, 5/03/10(a)		5,400		5,400,000
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002B VRDN (Wells Fargo Bank N.A. LOC),
0.23%, 5/03/10(a)		3,400		3,400,000
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2008B VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty),
0.50%, 5/03/10(a)		8,070		8,070,000
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC),
0.35%, 5/07/10(a)		1,800		1,800,000
California Infrastructure & Economic Development Bank RB (Jewish Community Center Project) Series 2008A VRDN (Bank of America N.A. LOC),
0.25%, 5/03/10(a)		3,530		3,530,000
California Municipal Finance Authority RB (Serra Catholic School Project) Series 2009 VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty),
0.58%, 5/07/10(a)		3,500		3,500,000
California School Cash Reserve Program Authority RB Series 2009-10A TRAN,
2.50%, 7/01/10		15,000		15,047,326
California School Cash Reserve Program Authority RB Series 2010B TRAN,
2.50%, 12/30/10		3,000		3,031,669
California School Cash Reserve Program Authority RB Series 2010E TRAN,
2.50%, 12/30/10		4,900		4,951,726
California Statewide Communities Development Authority COP (Covenant Retirement Communities Project) Series 1992 VRDN (LaSalle National Bank LOC),
0.35%, 5/07/10(a)		11,000		11,000,000
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty),
0.60%, 5/07/10(a)		5,615		5,615,000
California Statewide Communities Development Authority RB (Multi-Family Housing Project) PUTTERS Series 2008-2680 VRDN (JPMorgan Chase Bank Liquidity Facility, JPMorgan Chase Bank LOC),
0.40%, 5/07/10(a)(b)		5,300		5,300,000
California Statewide Communities Development Authority RB (North Peninsula Jewish Campus Project) Series 2004 VRDN (Bank of America N.A. LOC),
0.25%, 5/03/10(a)		6,400		6,400,000
California Statewide Communities Development Authority RB (Rady Children’s Hospital Project) Series 2008A VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty),
0.55%, 5/07/10(a)		1,900		1,900,000
California Statewide Communities Development Authority Series 2010-9B1 TECP,
0.31%, 5/05/10		2,800		2,800,000
Chino Basin Regional Financing Authority RB SPEARS Series 2008DBE-500 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
0.30%, 5/07/10(a)(b)		5,420		5,420,000
East Bay Municipal Utility District Water System RB Series 2008A-2 VRDN (Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		7,600		7,600,000
East Bay Municipal Utility District Water System RB Series 2008A-3 VRDN (Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		2,400		2,400,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 41

Schedule of Investments (continued)	California Money Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
California (continued)
East Bay Municipal Utility District Water System Series 2010 TECP:
0.39%, 5/17/10	$	4,000	$	4,000,000
0.45%, 6/10/10		4,200		4,200,000
0.40%, 7/08/10-7/15/10		11,500		11,500,000
East Bay Municipal Utility District Water Systems RB Series 2010A-1 Mandatory Put Bonds,
0.30%, 12/01/10(a)		10,600		10,600,000
El Dorado Irrigation District & El Dorado Water Agency COP Series 2008A VRDN (Dexia Credit Local LOC),
0.30%, 5/07/10(a)		6,200		6,200,000
Golden Empire Schools Financing Authority RB (Kern High School District Project) Series 2009 BAN,
2.50%, 5/03/10		4,900		4,900,000
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2007-2215 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)		3,000		3,000,000
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty),
0.37%, 5/07/10(a)(b)		21,815		21,815,000
Los Angeles County Sanitation District Financing Authority RB Eclipse Funding Trust Series 2006-0055 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		2,600		2,600,000
Los Angeles County Schools RB Series 2009A TRAN (GO of Participants),
2.50%, 6/30/10		4,100		4,111,023
Los Angeles County Schools RB Series 2011F-1 TRAN,
0.02%, 2/28/11		2,900		2,921,779
Los Angeles GO Series 2009A TRAN,
2.50%, 6/30/10		15,000		15,041,563
Los Angeles GO Series 2009 TRAN,
2.50%, 5/28/10		3,200		3,204,812
Los Angeles Unified School District GO Series 2009A TRAN,
2.00%, 8/12/10		9,000		9,034,813
Los Angeles Unified School District GO Series 2010A COP,
1.00%, 12/01/10		1,400		1,404,338
Metropolitan Water District of Southern California Waterworks RB Series 2001C-1 VRDN (Lloyds TBS Bank Plc SBPA),
0.28%, 5/03/10(a)		5,000		5,000,000
Mount Diablo Unified School District GO Series 2010 TRAN,
2.00%, 10/01/10		2,600		2,616,619
Orange County Sanitation District COP Series 2008-2928 VRDN (Morgan Stanley Municipal Funding Liquidity Facility),
0.33%, 5/07/10(a)		10,000		10,000,000
Orange County Sanitation District COP Series 2009 ROC-RR-II-R-11736 VRDN (Citibank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)		2,400		2,400,000
Orange County Water District COP Series 2009 ROC-RR-II-R-11782-1 VRDN (Citibank N.A. Liquidity Facility),
0.30%, 5/07/10(a)(b)		9,000		9,000,000
Pittsburg Unified School District GO Series 2010 TAN,
2.00%, 2/01/11		1,900		1,915,658
Pleasanton RB (Assisted Living Facilities Financing Project) Series 2005 VRDN (Citibank N.A. LOC),
0.28%, 5/07/10(a)		9,800		9,800,000
Sacramento County Sanitation District Financing Authority RB Municipal Trust Receipts Floaters Series 2008A-SGC-48 VRDN (Societe Generale LOC, Societe Generale Liquidity Facility),
0.28%, 5/07/10(a)(b)		9,200		9,200,000
Sacramento County Sanitation District Financing Authority RB Municipal Trust Receipts Floaters Series 2008A-SGC-49 VRDN (FGIC Insurance, Societe Generale LOC),
0.28%, 5/07/10(a)(b)		5,000		5,000,000
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009A VRDN (Barclays Bank Plc Liquidity Facility),
0.31%, 5/07/10(a)		700		700,000
San Bernardino TRAN Series 2009 MB,
2.00%, 6/30/10		5,000		5,013,096
San Francisco City & County Airports Commission RB (International Airport Project) Series 2009-37C VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA),
0.32%, 5/07/10(a)		6,900		6,900,000
San Francisco City & County Airports Commission RB Series 2009B Mandatory Put Bonds,
0.75%, 9/15/10(a)		4,000		4,000,933
San Francisco City & County Redevelopment Agency RB (Hunters Point Project) Series 2005A-7 VRDN (JPMorgan Chase & Co. LOC),
0.35%, 5/07/10(a)		5,400		5,400,000
San Francisco County Transportation Series 2009B TECP,
0.30%, 6/15/10		6,250		6,250,000
San Jose Financing Authority RB Series 2008 ROC-RR-II-R-11629 VRDN (BHAC-CR Insurance, Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		5,000		5,000,000
San Jose Redevelopment Agency RB (Merged Area Redevelopment Project) Series 1996A VRDN (JPMorgan Chase Bank LOC),
0.26%, 5/07/10(a)		3,200		3,200,000
San Mateo Union High School District GO Series 2008 ROC-RR-II-R-11578PB VRDN (Assured Municipal Guaranty Corp., PB Capital Corp. Liquidity Facility),
0.33%, 5/07/10(a)(b)		4,135		4,135,000
Santa Clara County GO Series 2009 TRAN,
2.00%, 6/30/10		4,300		4,310,542
Santa Clara Unified School District GO Series 2009 TRAN,
1.50%, 6/30/10		2,500		2,504,418
Santa Monica-Malibu Unified School District GO Series 2009 BAN,
2.00%, 7/30/10		2,100		2,107,744
Sequoia Union High School District GO Municipal Trust Receipts Floaters Series 2007-2160 VRDN (Assured Municipal Guaranty Corp., Wells Fargo Bank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		2,060		2,060,000
Yosemite Community College District GO Series 2007 ROC-RR-II-R-12065 VRDN (Assured Municipal Guaranty Corp., Citigroup Financial Products Liquidity Facility),
0.32%, 5/07/10(a)(b)		5,840		5,840,000
				417,378,714

See Notes to Financial Statements.

42 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (concluded)	California Money Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Puerto Rico — 3.0%
Commonwealth of Puerto Rico GO Austin Trust Certificates Series 2008-355 VRDN (Bank of America N.A. LOC, Bank of America N.A. SBPA),
0.39%, 5/07/10(a)	$	10,000	$	10,000,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2007-2035 VRDN (Assured Municipal Guaranty Corp., Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
0.31%, 5/07/10(a)(b)		2,825		2,825,000
				12,825,000
Total Investments (Cost $430,203,714*) — 100.3%				430,203,714
Liabilities in Excess of Other Assets — (0.3)%				(1,391,369	)
Net Assets — 100.0%			$	428,812,345

* Cost for federal income tax purposes.

(a) Variable rate security. Rate shown is as of report date and maturity shown 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.

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	430,203,714	—	$	430,203,714

1 See above Schedule of Investments for values in the state or political subdivision.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 43

Schedule of Investments April 30, 2010(Unaudited)	New York Money Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New York — 99.3%
Arlington Central School District GO Series 2009 BAN (State Aid Withholding Insurance),
2.25%, 8/20/10	$	416	$	417,290
Bayport-Blue Point Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.25%, 6/30/10		1,566		1,567,975
Beekmantown Central School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 5/07/10		835		835,075
Central Islip Union Free School District GO
Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 9/15/10		1,175		1,178,061
Central Islip Union Free School District GO
Series 2009 TAN (State Aid Withholding Insurance),
1.50%, 6/30/10		4,375		4,380,733
Clarence GO Series 2009 BAN,
1.25%, 7/29/10		850		851,255
Erie County Civic Facilities IDRB (Hauptman- Woodward Project) Series 2004 VRDN (KeyBank N.A. LOC),
0.49%, 5/07/10(a)		2,390		2,390,000
Erie County Fiscal Stability Authority RB Series 2009A BAN,
2.00%, 5/19/10		6,000		6,003,225
Erie County Fiscal Stability Authority RB Series 2009B BAN,
1.25%, 7/30/10		2,155		2,158,605
Grand Island GO Series 2009 BAN,
1.25%, 10/21/10		1,118		1,120,734
Guilderland Central School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 6/18/10		2,185		2,187,138
Harborfields Central School District GO Series 2009 TAN,
2.00%, 6/25/10		2,900		2,906,438
Harrison Village GO Series 2009 BAN,
1.25%, 12/23/10		575		576,390
Harrison Village GO Series 2010 BAN,
1.00%, 3/17/11		1,800		1,804,718
Huntington GO (Public Improvement Project) Series 2009 MB,
3.00%, 6/15/10		155		155,479
Hyde Park Central School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 6/25/10		1,270		1,270,040
Irvington Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.75%, 6/18/10		700		700,784
Levittown Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 7/16/10		1,055		1,056,744
Lindenhurst Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 7/08/10		925		926,661
Middletown City School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.50%, 8/26/10		2,537		2,543,783
Miller Place Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.50%, 6/30/10		815		816,333
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A VRDN (JPMorgan Chase Bank LOC),
0.29%, 5/07/10(a)		2,215		2,215,000
Mount Sinai Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.75%, 6/30/10		2,000		2,003,590
New York City Convention Center RB Eclipse Funding Trust Series 2006-0004 VRDN (U.S. Bank N.A. Guaranty, Liquidity Facility),
0.31%, 5/07/10(a)(b)		7,225		7,225,000
New York City GO Series 1995F-5 VRDN (Bayerische Landesbank Girozentrale LOC),
0.29%, 5/07/10(a)		3,975		3,975,000
New York City GO Series 2001A-6 VRDN (AGM Insurance, Dexia Credit Local SBPA),
0.24%, 5/03/10(a)		8,290		8,290,000
New York City GO Series 2002C-2 VRDN (Bayerische Landesbank Girozentrale LOC),
0.29%, 5/07/10(a)		4,070		4,070,000
New York City GO Series 2003 ROC-II-R-251A VRDN (Citigroup Global Markets Guaranty, Citigroup Global Markets Liquidity Facility),
0.31%, 5/07/10(a)(b)		6,500		6,500,000
New York City GO Series 2005F-3 VRDN (Royal Bank of Scotland LOC),
0.29%, 5/07/10(a)		2,300		2,300,000
New York City GO Series 2006H-2 VRDN (Dexia Credit Local LOC),
0.24%, 5/03/10(a)		2,600		2,600,000
New York City GO Series 2008 ROC-RR-11- R-11685 VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)(b)		5,170		5,170,000
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA),
0.24%, 5/03/10(a)		10,800		10,800,000
New York City Housing Development Corp. Multi-Family Housing RB Series 2009L Municipal Put Bonds,
0.40%, 12/15/10(a)		185		185,000
New York City Housing Development Corp. Multi-Family Housing RB Series 2009M Municipal Put Bonds,
0.55%, 10/01/10(a)		1,200		1,200,000
New York City Municipal Water Finance Authority RB Series 2003F-1A VRDN (Wells Fargo Bank N.A. SBPA),
0.25%, 5/07/10(a)		10,000		10,000,000
New York City Municipal Water Finance Authority RB Series 2008 ROC-RR-II-R-9301 VRDN (Citigroup Financial Products Liquidity Facility),
0.33%, 5/07/10(a)(b)		3,900		3,900,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 VRDN (State Street Bank & Trust Co. SBPA, CalSTRS SBPA),
0.27%, 5/03/10(a)		12,005		12,005,000
New York City Municipal Water Finance Authority Water & Sewer System RB Eagle Trust Receipts Series 2009-0047A VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)		2,500		2,500,000
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2005-988 VRDN (JPMorgan Chase Bank Liquidity Facility),
0.30%, 5/07/10(a)(b)		1,600		1,600,000
New York City Transitional Finance Authority RB (Future Tax Secured Bonds Project) Series 1998C VRDN (Bayerische Landesbank Girozentrale SBPA),
0.23%, 5/03/10(a)		5,600		5,600,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA),
0.24%, 5/03/10(a)		6,500		6,500,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3G VRDN (Bank of New York SBPA),
0.28%, 5/07/10(a)		3,300		3,300,000
New York City Transitional Finance Authority RB Series 2002-2F VRDN (Bayerische Landesbank Girozentrale Liquidity Facility),
0.24%, 5/03/10(a)		9,900		9,900,000

See Notes to Financial Statements.

44 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Schedule of Investments (continued)	New York Money Fund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New York (continued)
New York City Trust for Cultural Resources RB (The American Museum Project) Series 2008A-1 VRDN (Bank of America SBPA),
0.23%, 5/03/10(a)	$	2,000	$	2,000,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Banknorth N.A. LOC),
0.26%, 5/07/10(a)		1,500		1,500,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2H VRDN (Royal Bank of Canada LOC),
0.27%, 5/07/10(a)		7,295		7,295,000
New York Dormitory Authority RB Eagle Trust Receipts Series 2006-0164A VRDN (Citibank N.A. Liquidity Facility),
0.31%, 5/07/10(a)		8,800		8,800,000
New York Dormitory Authority RB Municipal Trust Receipts Floaters (Columbia University Project) Series 2001-132 VRDN (Societe Generale Liquidity Facility),
0.30%, 5/07/10(a)(b)		2,000		2,000,000
New York Energy Research & Development Authority RB (New York State Electric & Gas Project) Series 1994B VRDN (JPMorgan Chase Bank LOC),
0.30%, 5/07/10(a)		5,000		5,000,000
New York Local Government Assistance Corp. RB Series 1995E VRDN (Landesbank Hessen-Thuringen Girozentrale LOC),
0.31%, 5/07/10(a)		3,900		3,900,000
New York Power Authority Series 2010-1 TECP,
0.28%, 5/12/10		2,100		2,100,000
Newburgh City School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.25%, 7/30/10		3,725		3,731,900
North Hempstead GO (Public Improvement Project) Series 2009 MB,
2.50%, 6/01/10		480		480,688
North Shore Central School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.25%, 6/23/10		825		825,905
Otsego County IDRB (Templeton Foundation Project) Series 2007A VRDN (KeyBank N.A. LOC),
0.49%, 5/07/10(a)		575		575,000
Peekskill City School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.75%, 8/27/10		876		877,818
Pleasantville Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance),
1.25%, 5/04/10		4,500		4,500,287
Port Authority of New York & New Jersey RB (Versatile Structure Obligation Project) Series 1995-3 VRDN (JPMorgan Chase Bank SBPA),
0.26%, 5/03/10(a)		900		900,000
Port Authority of New York & New Jersey RB Municipal Trust Receipts Floaters Series 2002-766 VRDN (AGM Insurance, Morgan Stanley Liquidity Facility),
0.33%, 5/07/10(a)(b)		1,000		1,000,000
Port Jefferson Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.50%, 6/30/10		1,550		1,552,162
Port Washington Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
2.00%, 6/23/10		3,035		3,041,811
Ramapo GO Series 2009 BAN,
1.50%, 12/15/10		775		779,825
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A VRDN (Manufacturers and Traders Trust Co. LOC),
0.35%, 5/07/10(a)		1,200		1,200,000
Rockland County Industrial Development Agency RB (Dominican College Project) Series 2004A VRDN (TD Bank N.A. LOC),
0.29%, 5/07/10(a)		7,300		7,300,000
Rocky Point Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.50%, 6/30/10		900		901,337
Sachem Central School District of Holbrook GO Series 2009 (State Aid Withholding Insurance):
2.50%, 6/23/10		6,600		6,619,577
2.00%, 8/27/10		1,625		1,632,838
Sag Harbor Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.50%, 6/30/10		1,560		1,561,788
Shenendehowa Central School District GO Series 2009 BAN,
1.40%, 6/25/10		1,600		1,600,051
Tarrytown GO Series 2009C BAN,
1.25%, 11/12/10		2,227		2,235,896
Triborough Bridge & Tunnel Authority RB Series 2005A VRDN (Dexia Credit Local SBPA),
0.33%, 5/07/10(a)		3,900		3,900,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Dexia Credit Local SBPA),
0.30%, 5/07/10(a)		4,830		4,830,000
Triborough Bridge & Tunnel Authority RB Series 2005B-3 VRDN (Bank of America N.A. SBPA),
0.30%, 5/07/10(a)		15,340		15,340,000
Troy IDA Civic Facility RB (Rensselaer Polytechnic Institute Project) Series 2008A VRDN (Bank of America N.A. LOC),
0.28%, 5/07/10(a)		5,000		5,000,000
Vestal GO Series 2009 BAN,
1.75%, 5/21/10		2,000		2,000,901
Wallkill Center School District GO Series 2009 BAN,
2.00%, 8/13/10		1,600		1,603,648
Westhampton Beach Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance),
1.25%, 6/30/10		870		870,853
Puerto Rico — 0.4%
Commonwealth of Puerto Rico GO Series 2008B VRDN (Wells Fargo Bank N.A. LOC),
0.23%, 5/03/10(a)		1,000		1,000,000
Total Investments (Cost $256,143,336*) — 99.7%			$	256,143,336
Other Assets Less Liabilities — 0.3%				875,100
Net Assets — 100.0%			$	257,018,436

* Cost for federal income tax purposes.

(a) Variable rate security. Rate shown is as of report date and maturity shown 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.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 45

Schedule of Investments (concluded) New York Money Fund

• Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

• 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)

• Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:

	Investments in Securities
Valuation Inputs	Level 1	Level 21		Level 3	Total
Assets:
Total Investments.	—	$	256,143,336	—	$	256,143,336

1 See above Schedule of Investments for values in the state or political subdivision.

See Notes to Financial Statements.

46 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Statements of Assets and Liabilities

April 30, 2010 (Unaudited)	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
Assets
Investments at value1	$	233,173,802	$	6,498,946,585	$	5,842,350,787	$	56,782,820,042	$	2,547,980,531
Repurchase agreements at value - affiliated2		—		—		—		24,000,000		—
Repurchase agreements at value - unaffiliated3		—		5,687,183,000		648,491,000		7,789,417,000		4,504,497,000
Cash		947		683,671		711,221		46,628,065		196
Capital shares sold receivable		—		—		—		1,230,658		—
Interest receivable - unaffiliated		20,556		921,587		1,210,424		11,096,169		42,557
Interest receivable - affiliated		—		—		—		400		—
Receivable from advisor		51		—		—		—		—
Prepaid expenses		34,110		222,463		199,372		1,021,918		158,588
Total assets		233,229,466		12,187,957,306		6,492,962,804		64,656,214,252		7,052,678,872
Liabilities
Investments purchased payable		—		187,794,826		—		598,732,778		—
Management fees payable		26,586		1,658,117		884,740		8,896,944		1,034,007
Officer’s and Trustees’ fees payable		6,768		10,670		11,301		—		1,410
Other affiliates payable		5,787		134,702		76,369		557,944		75,348
Income dividends payable		3,520		166,894		295,212		3,199,627		51,626
Service and distribution fees payable		342		33,504		97,346		650,549		11,714
Capital shares redeemed payable		—		95,347,201		—		102,055,657		—
Other accrued expenses payable		22,734		114,349		149,113		535,018		105,104
Total liabilities		65,737		285,260,263		1,514,081		714,628,517		1,279,209
Net Assets	$	233,163,729	$	11,902,697,043	$	6,491,448,723	$	63,941,585,735	$	7,051,399,663
Net Assets Consist of
Paid-in capital	$	233,135,942	$	11,901,863,873	$	6,491,036,818	$	63,940,684,195	$	7,051,206,502
Undistributed (distributions in excess of) net investment income		—		—		454		4,327		—
Accumulated net realized gain		27,787		833,170		411,451		897,213		193,161
Net Assets	$	233,163,729	$	11,902,697,043	$	6,491,448,723	$	63,941,585,735	$	7,051,399,663
1 Investments at cost	$	233,173,802	$	6,498,946,585	$	5,842,350,787	$	56,782,820,042	$	2,547,980,531
2 Repurchase agreements at cost - affiliated		—		—		—	$	24,000,000		—
3 Repurchase agreements at cost - unaffiliated		—	$	5,687,183,000	$	648,491,000	$	7,789,417,000	$	4,504,497,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 47

Statements of Assets and Liabilities (continued)

April 30, 2010 (Unaudited)	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
Net Asset Value
Institutional
Net assets	$	215,024,149	$	11,030,529,678	$	5,679,551,491	$	58,077,263,581	$	6,099,381,763
Shares outstanding4		214,995,431		11,029,800,343		5,679,070,564		58,075,812,114		6,099,202,947
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Dollar
Net assets	$	17,759,556	$	581,641,539	$	786,991,558	$	2,563,747,459	$	399,280,149
Shares outstanding4		17,761,068		581,557,189		787,051,555		2,564,215,232		399,277,161
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Cash Management
Net assets		—	$	12,540,671		—	$	687,672,493	$	239,867,513
Shares outstanding4		—		12,539,432		—		687,675,187		239,865,261
Net asset value		—	$	1.00		—	$	1.00	$	1.00
Cash Reserve
Net assets		—	$	2,237,811		—	$	34,345,195		—
Shares outstanding4		—		2,236,467		—		34,342,111		—
Net asset value		—	$	1.00		—	$	1.00		—
Administration
Net assets	$	380,024	$	59,379,068	$	24,905,674	$	1,727,685,204	$	36,405,459
Shares outstanding4		380,065		59,368,247		24,914,699		1,727,821,805		36,398,737
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Select
Net assets		—	$	116,383,882		—	$	681,746,203	$	197,667,155
Shares outstanding4		—		116,375,467		—		681,737,700		197,668,659
Net asset value		—	$	1.00		—	$	1.00	$	1.00
Private Client
Net assets		—	$	25,793,578		—	$	26,886,905	$	1
Shares outstanding4		—		25,801,430		—		26,888,961		1
Net asset value		—	$	1.00		—	$	1.00	$	1.00
Premier
Net assets		—	$	74,190,816		—	$	142,238,695	$	78,797,623
Shares outstanding4		—		74,185,298		—		142,191,085		78,793,736
Net asset value		—	$	1.00		—	$	1.00	$	1.00

4 Unlimited number of shares authorized, $0.001 par value.

See Notes to Financial Statements.

48 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Statements of Assets and Liabilities (continued)

April 30, 2010 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund			California Money Fund		New York Money Fund
Assets
Investments at value1	$	3,130,263,347	$	976,855,491	$	4,814,470,720		$	430,203,714	$	256,143,336
Cash		517		—		58,692			10,863		32,552
Interest receivable		—		1,950,687		11,921,809			1,650,658		924,577
Receivable from advisor		11,175		—		—			4		—
Prepaid expenses		74,442		53,570		133,886			30,509		20,933
Total assets		3,130,349,481		978,859,748		4,826,585,107			431,895,748		257,121,398
Liabilities
Bank overdraft		—		39,284		—			—		—
Investments purchased payable		—		6,060,481		—			2,921,779		—
Management fees payable		389,921		150,890		712,948			62,492		35,259
Other affiliates payable		26,154		3,336		53,444			9,055		6,875
Officer’s and Trustees’ fees payable		4,228		6,352		5,967			7,013		6,816
Income dividends payable		1,814		74,359		243,715			47,407		28,207
Service and distribution fees payable		—		19,214		79,015			9,675		4,864
Other accrued expenses payable		59,693		25,459		50,359			25,982		20,941
Total liabilities		481,810		6,379,375		1,145,448			3,083,403		102,962
Net Assets	$	3,129,867,671	$	972,480,373	$	4,825,439,659		$	428,812,345	$	257,018,436
Net Assets Consist of
Paid-in capital	$	3,129,757,331	$	972,469,853	$	4,825,486,532		$	428,780,543	$	257,017,057
Undistributed (accumulated) net investment income (loss)		—		10,029		2,309			159		18
Accumulated net realized gain (loss)		110,340		491		(49,182	)		31,643		1,361
Net Assets	$	3,129,867,671	$	972,480,373	$	4,825,439,659		$	428,812,345	$	257,018,436
1 Investments at cost	$	3,130,263,347	$	976,855,491	$	4,814,470,720		$	430,203,714	$	256,143,336

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 49

Statements of Assets and Liabilities (concluded)

April 30, 2010 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
Net Asset Value
Institutional
Net assets	$	2,732,119,003	$	868,708,931	$	4,047,743,350	$	365,935,498	$	225,969,696
Shares outstanding2		2,732,075,470		868,698,465		4,047,669,309		365,533,541		225,461,812
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Dollar
Net assets	$	252,376,124	$	103,771,442	$	143,160,786	$	23,014,322	$	984,024
Shares outstanding2		252,347,345		103,742,649		143,170,001		23,006,528		982,702
Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Cash Management
Net assets	$	49,797,332		—	$	53,974,460	$	3,459	$	3,629,622
Shares outstanding2		49,771,741		—		53,984,896		3,454		3,620,409
Net asset value	$	1.00		—	$	1.00	$	1.00	$	1.00
Administration
Net assets	$	95,575,212		—	$	400,923,591	$	2,200,357	$	12,018,457
Shares outstanding2		95,562,775		—		400,886,065		2,198,143		12,000,620
Net asset value	$	1.00		—	$	1.00	$	1.00	$	1.00
Select
Net assets		—		—	$	23,790,107	$	28,720,241	$	5,372,943
Shares outstanding2		—		—		23,788,216		28,696,105		5,367,108
Net asset value		—		—	$	1.00	$	1.00	$	1.00
Private Client
Net assets		—		—	$	5,156,353	$	4,581,827	$	7,076,947
Shares outstanding2		—		—		5,156,245		4,576,891		7,067,531
Net asset value		—		—	$	1.00	$	1.00	$	1.00
Premier
Net assets		—		—	$	150,691,012	$	4,356,641	$	1,966,747
Shares outstanding2		—		—		150,651,217		4,348,111		1,963,445
Net asset value		—		—	$	1.00	$	1.00	$	1.00

2 Unlimited number of shares authorized, $0.001 par value.

See Notes to Financial Statements.

50 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Statements of Operations

Six Months Ended April 30, 2010 (Unaudited)	Federal Trust Fund			FedFund			TempCash
Investment Income
Interest	$	290,274		$	16,769,853		$	12,555,565
Interest - affiliated		—			15,712			—
Total investment income		290,274			16,785,565			12,555,565
Expenses
Management		470,321			13,487,922			8,703,777
Service and distribution - class specific		31,622			2,110,605			1,049,616
Professional		16,569			111,156			68,100
Registration		14,902			31,761			22,531
Transfer agent		11,229			260,997			131,144
Officer and Trustees		7,417			61,699			31,954
Custodian		6,137			170,576			96,853
Printing		1,696			36,890			15,934
Miscellaneous		18,504			134,296			76,984
Total expenses		578,397			16,405,902			10,196,893
Less management fees waived		(259,254	)		(910,130	)		(2,473,223	)
Less service and distribution fees waived - class specific		(31,362	)		(1,826,280	)		(380,941	)
Less fees paid indirectly		(107	)		(966	)		(414	)
Total expenses after fees waived and paid indirectly		287,674			13,668,526			7,342,315
Net investment income		2,600			3,117,039			5,213,250
Realized Gain
Net realized gain from:
Investments		13,711			116,297			209,912
Net Increase in Net Assets Resulting from Operations	$	16,311		$	3,233,336		$	5,423,162

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 51

Statements of Operations (continued)

Six Months Ended April 30, 2010 (Unaudited)	TempFund			T-Fund			Treasury Trust Fund
Investment Income
Interest	$	99,383,319		$	6,855,594		$	2,078,977
Interest - affiliated		53,005			—			—
Total investment income		99,436,324			6,855,594			2,078,977
Expenses
Management		58,602,656			8,383,426			4,575,341
Service and distribution - class specific		11,059,095			2,392,190			517,169
Transfer agent		1,053,572			118,666			72,717
Custodian		723,162			101,739			44,089
Professional		437,494			66,282			42,088
Officer and Trustees		239,182			31,288			19,457
Printing		198,987			18,904			8,863
Registration		36,487			27,995			15,352
Miscellaneous		528,381			91,532			54,530
Total expenses		72,879,016			11,232,022			5,349,606
Less management fees waived		(2,286,033	)		(2,280,874	)		(2,753,120	)
Less service and distribution fees waived - class specific		(7,097,358	)		(2,380,074	)		(517,167	)
Less fees paid indirectly		(3,099	)		(602	)		(342	)
Total expenses after fees waived and paid indirectly		63,492,526			6,570,472			2,078,977
Net investment income (loss)		35,943,798			285,122			—
Realized Gain
Net realized gain from:
investments		695,049			69,341			92,716
Net Increase in Net Assets Resulting from Operations	$	36,638,847		$	354,463		$	92,716

See Notes to Financial Statements.

52 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Statements of Operations (concluded)

Six Months Ended April 30, 2010 (Unaudited)	MuniCash			MuniFund			California Money Fund			New York Money Fund
Investment Income
Interest	$	1,932,149		$	7,862,395		$	867,054		$	527,145
Total investment income		1,932,149			7,862,395			867,054			527,145
Expenses
Management		1,796,887			6,283,338			933,065			626,105
Service and distribution - class specific		153,328			1,226,636			222,857			76,695
Registration		23,282			35,145			9,900			6,199
Professional		20,172			48,237			17,651			16,217
Transfer agent		20,043			93,780			21,632			12,929
Custodian		15,444			60,837			8,410			6,283
Officer and Trustees		9,223			24,194			7,960			7,270
Printing		2,387			15,226			3,331			1,517
Miscellaneous		13,112			62,610			9,277			8,620
Total expenses		2,053,878			7,850,003			1,234,083			761,835
Less management fees waived		(866,197	)		(1,804,211	)		(513,409	)		(351,158	)
Less service and distribution fees waived - class specific		(47,192	)		(700,003	)		(169,499	)		(58,687	)
Less fees paid indirectly		(125	)		(414	)		(181	)		(61	)
Total expenses after fees waived and paid indirectly		1,140,364			5,345,375			550,994			351,929
Net investment income		791,785			2,517,020			316,060			175,216
Realized Gain
Net realized gain from:
investments		276			33,974			29,696			—
Net Increase in Net Assets Resulting from Operations	$	792,061		$	2,550,994		$	345,756		$	175,216

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 53

Statements of Changes in Net Assets

	Federal Trust Fund						FedFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
Operations
Net investment income	$	2,600		$	1,924,970		$	3,117,039		$	59,418,900
Net realized gain		13,711			59,582			116,297			1,413,012
Net increase in net assets resulting from operations		16,311			1,984,552			3,233,336			60,831,912
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(2,600	)		(1,464,210	)		(3,116,869	)		(56,052,866	)
Dollar		—			(460,760	)		(113	)		(2,511,532	)
Cash Management		—			—			(3	)		(30,599	)
Cash Reserve		—			—			—			(7,223	)
Administration		—			(1	)		(11	)		(441,718	)
Select		—			—			(23	)		(119,776	)
Premier Choice		—			—			—			(2	)
Private Client		—			—			(5	)		(129,741	)
Premier		—			—			(15	)		(125,435	)
Net realized gain:
Institutional		(110,111	)		(71,468	)		(469,767	)		(178,575	)
Dollar		(6,329	)		(4,961	)		(25,877	)		(9,815	)
Cash Management		—			—			(932	)		(339	)
Cash Reserve		—			—			(139	)		(53	)
Administration		(36	)		(17	)		(3,194	)		(1,247	)
Select		—			—			(6,486	)		(2,516	)
Private Client		—			—			(1,376	)		(514	)
Premier		—			—			(3,427	)		(1,149	)
Decrease in net assets resulting from dividends and distributions to shareholders		(119,076	)		(2,001,417	)		(3,628,237	)		(59,613,100	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(161,553,560	)		(88,621,877	)		(3,264,223,239	)		3,192,452,292
Net Assets
Total increase (decrease) in net assets		(161,656,325	)		(88,638,742	)		(3,264,618,140	)		3,193,671,104
Beginning of period		394,820,054			483,458,796			15,167,315,183			11,973,644,079
End of period	$	233,163,729		$	394,820,054		$	11,902,697,043		$	15,167,315,183
Undistributed net investment income		—			—			—			—

See Notes to Financial Statements.

54 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

TempCash						TempFund						T-Fund
Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
$	5,213,250		$	76,515,418		$	35,943,798		$	546,361,021		$	285,122		$	16,811,498
	209,912			1,701,898			695,049			6,422,427			69,341			996,391
	5,423,162			78,217,316			36,638,847			552,783,448			354,463			17,807,889
	(5,199,992	)		(69,387,835	)		(35,729,515	)		(479,147,712	)		(260,439	)		(16,367,180	)
	(150	)		(6,701,404	)		(549	)		(40,174,944	)		(9,737	)		(218,510	)
	—			(307	)		(176	)		(4,961,922	)		(5,575	)		(39,262	)
	—			—			(7	)		(55,813	)		—			—
	(12,654	)		(425,873	)		(209,048	)		(16,978,640	)		(1,012	)		(22,913	)
	—			—			(140	)		(2,857,507	)		(5,854	)		(90,344	)
	—			—			—			(4	)		—			—
	—			—			(5	)		(583,205	)		—			(154	)
	—			—			(31	)		(1,601,245	)		(2,505	)		(73,135	)
	—			—			(259,663	)		—			(458,624	)		(634,869	)
	(53,960	)		—			(12,589	)		—			(22,862	)		(38,204	)
	(6,780	)		—			(3,085	)		—			(22,644	)		(50,534	)
	—			—			(151	)		—			—			—
	(381	)		—			(7,610	)		—			(2,442	)		(4,196	)
	—			—			(3,206	)		—			(15,284	)		(25,185	)
	—			—			(122	)		—			—			(26	)
	—			—			(712	)		—			(7,025	)		(11,885	)
	(5,273,917	)		(76,515,419	)		(36,226,609	)		(546,360,992	)		(814,003	)		(17,576,397	)
	(1,430,891,857	)		785,448,828			(2,579,372,896	)		11,438,624,904			112,655,699			(13,453,341,070	)
	(1,430,742,612	)		787,150,725			(2,578,960,658	)		11,445,047,360			112,196,159			(13,453,109,578	)
	7,922,191,335			7,135,040,610			66,520,546,393			55,075,499,033			6,939,203,504			20,392,313,082
$	6,491,448,723		$	7,922,191,335		$	63,941,585,735		$	66,520,546,393		$	7,051,399,663		$	6,939,203,504
$	454			—		$	4,327			—			—			—

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 55

Statements of Changes in Net Assets (concluded)

	Treasury Trust Fund						MuniCash
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
Operations
Net investment income (loss)	$	—		$	5,893,750		$	791,785		$	4,468,373
Net realized gain (loss)		92,716			343,681			276			421
Net increase in net assets resulting from operations		92,716			6,237,431			792,061			4,468,794
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		—			(5,569,194	)		(791,615	)		(3,979,073	)
Dollar		—			(195,708	)		(172	)		(489,299	)
Cash Management		—			(7,999	)		—			—
Administration		—			(120,848	)		—			—
Select		—			—			—			—
Premier Choice		—			—			—			—
Private Client		—			—			—			—
Premier		—			—			—			—
Net realized gain:
Institutional		(330,469	)		(887,982	)		—			—
Dollar		(13,378	)		(30,465	)		—			—
Cash Management		(3,144	)		(13,423	)		—			—
Administration		(9,657	)		(35,648	)		—			—
Select		—			—			—			—
Private Client		—			—			—			—
Premier		—			—			—			—
Decrease in net assets resulting from dividends and distributions to shareholders		(356,648	)		(6,861,267	)		(791,787	)		(4,468,372	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(1,387,716,278	)		(3,127,527,154	)		(44,056,321	)		466,849,376
Net Assets
Total increase (decrease) in net assets		(1,387,980,210	)		(3,128,150,990	)		(44,056,047	)		466,849,798
Beginning of period		4,517,847,881			7,645,998,871			1,016,536,420			549,686,622
End of period	$	3,129,867,671		$	4,517,847,881		$	972,480,373		$	1,016,536,420
Undistributed (distributions in excess of) net investment income		—			—		$	10,029		$	10,031

See Notes to Financial Statements.

56 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

MuniFund						California Money Fund						New York Money Fund
Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
$	2,517,020		$	26,255,868		$	316,060		$	22,561,831		$	175,216		$	1,890,118
	33,974			(959	)		29,696			198,255			—			19,487
	2,550,994			26,254,909			345,756			22,760,086			175,216			1,909,605
	(2,418,832	)		(21,193,503	)		(315,323	)		(2,702,502	)		(173,368	)		(1,780,026	)
	(27	)		(873,007	)		(4	)		(26,657	)		—			(17,162	)
	(11	)		(274,351	)		—			(25	)		(1	)		(20,917	)
	(98,113	)		(3,390,953	)		(725	)		(9,649	)		(1,845	)		(49,193	)
	(6	)		(23,612	)		(7	)		(18,487	)		(1	)		(3,072	)
	—			(2	)		—			(1	)		—			(2	)
	(1	)		(56,335	)		(1	)		(17,725	)		(1	)		(15,764	)
	(27	)		(444,103	)		(1	)		(11,135	)		—			(3,982	)
	—			—			(3,537	)		—			(1,761	)		—
	—			—			(157	)		—			(6	)		—
	—			—			—			—			(51	)		—
	—			—			(26	)		—			(63	)		—
	—			—			(306	)		—			(16	)		—
	—			—			(39	)		—			(33	)		—
	—			—			(49	)		—			(12	)		—
	(2,517,017	)		(26,255,866	)		(320,175	)		(2,786,181	)		(177,158	)		(1,890,118	)
	(638,359,870	)		1,615,035,011			(103,793,071	)		(230,312,371	)		(137,651,986	)		(60,255,124	)
	(638,325,893	)		1,615,034,054			(103,767,490	)		(230,209,152	)		(137,653,928	)		(60,235,637	)
	5,463,765,552			3,848,731,498			532,579,835			762,788,987			394,672,364			454,908,001
$	4,825,439,659		$	5,463,765,552		$	428,812,345		$	532,579,835		$	257,018,436		$	394,672,364
$	2,309		$	2,306		$	159		$	160		$	18		$	18

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 57

Financial Highlights Federal Trust Fund

	Institutional
	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0043			0.0283			0.0503			0.0459			0.0263
Net realized gain		0.0003			0.0002			—			—			—			—
Net increase from investment operations		0.0003			0.0045			0.0283			0.0503			0.0459			0.0263
Dividends and distributions from:
Net investment income		—			(0.0043	)		(0.0283	)		(0.0503	)		(0.0459	)		(0.0263	)
Net realized gain		(0.0003	)		(0.0002	)		—			—			—			—
Total dividends and distributions		(0.0003	)		(0.0045	)		(0.0283	)		(0.0503	)		(0.0459	)		(0.0263	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.09	%2		0.45	%		2.86	%		5.15	%		4.68	%		2.67	%
Ratios to Average Net Assets
Total expenses		0.31	%3		0.33	%		0.30	%		0.32	%		0.36	%		0.38	%
Total expenses after fees waived and paid indirectly		0.16	%3		0.23	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.00	%3		0.47	%		2.88	%		5.02	%		4.56	%		2.68	%
Supplemental Data
Net assets, end of period (000)	$	215,024		$	374,728		$	314,886		$	331,909		$	105,242		$	110,741

See Notes to Financial Statements.

58 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) Federal Trust Fund

	Dollar																		Administration
	Six Months Ended April 30, 2010			Year Ended October 31,															Six Months Ended April 30, 2010 (Unaudited)			Period April 24,  20094 to October 31, 2009			Period November 1, 2007 to August 12,  20084			Period June 1,  20075 to October 31, 2007
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0026			0.0258			0.0478			0.0434			0.0238			—			0.0002			0.0232			0.0201
Net realized gain		0.0003			0.0002			—			—			—			—			0.0003			0.0002			—			—
Net increase in investment operations		0.0003			0.0028			0.0258			0.0478			0.0434			0.0238			0.0003			0.0004			0.0232			0.0201
Dividends and distributions from:
Net investment income		—			(0.0026	)		(0.0258	)		(0.0478	)		(0.0434	)		(0.0238	)		—			(0.0002	)		(0.0232	)		(0.0201	)
Net realized gain		(0.0003	)		(0.0002	)		—			—			—			—			(0.0003	)		(0.0002	)		—			—
Total dividends and distributions		(0.0003	)		(0.0028	)		(0.0258	)		(0.0478	)		(0.0434	)		(0.0238	)		(0.0003	)		(0.0004	)		(0.0232	)		(0.0201	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.05	%2		0.28	%		2.61	%		4.89	%		4.42	%		2.41	%		0.06	%2		0.03	%2		2.34	%2		2.01	%2
Ratios to Average Net Assets
Total expenses		0.56	%3		0.58	%		0.56	%		0.57	%		0.60	%		0.63	%		0.44	%3		0.43	%3		0.39	%3		0.40	%3
Total expenses after fees waived and paid indirectly		0.17	%3		0.43	%		0.45	%		0.45	%		0.45	%		0.45	%		0.17	%3		0.25	%3		0.30	%3		0.30	%3
Net investment income		0.00	%3		0.30	%		2.34	%		4.77	%		4.34	%		2.55	%		0.00	%3		0.00	%3		3.15	%3		4.88	%3
Supplemental Data
Net assets, end of period (000)	$	17,760		$	19,993		$	168,573		$	43,013		$	37,625		$	18,857		$	380		$	99			—		$	33,680

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 There were no Administration Shares outstanding during the period August 13, 2008 to April 23, 2009.

5 Commencement of operations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 59

Financial Highlights (continued) FedFund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0042			0.0289			0.0507			0.0463			0.0269
Dividends from net investment income		(0.0003	)		(0.0042	)		(0.0289	)		(0.0507	)		(0.0463	)		(0.0269	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.11	%2		0.42	%		2.93	%		5.19	%		4.73	%		2.73	%
Ratios to Average Net Assets
Total expenses		0.21	%3		0.23	%		0.22	%		0.27	%		0.28	%		0.29	%
Total expenses after fees waived and paid indirectly		0.20	%3		0.22	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.05	%3		0.39	%		2.74	%		5.04	%		4.64	%		2.73	%
Supplemental Data
Net assets, end of period (000)	$	11,030,530		$	13,937,909		$	10,300,496		$	4,583,892		$	2,417,594		$	2,320,001

	Dollar																		Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,															Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Period August 12,  20084 to October 31, 2008
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0022			0.0264			0.0482			0.0438			0.0244			0.0000			0.0012			0.0032
Dividends from net investment income		(0.0000	)		(0.0022	)		(0.0264	)		(0.0482	)		(0.0438	)		(0.0244	)		(0.0000	)		(0.0012	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.22	%		2.68	%		4.93	%		4.47	%		2.47	%		0.00	%2		0.12	%		0.32	%2
Ratios to Average Net Assets
Total expenses		0.46	%3		0.48	%		0.48	%		0.52	%		0.53	%		0.54	%		0.71	%3		0.73	%		0.72	%3
Total expenses after fees waived and paid indirectly		0.25	%3		0.43	%		0.45	%		0.45	%		0.45	%		0.45	%		0.25	%3		0.51	%		0.69	%3
Net investment income		0.00	%3		0.23	%		2.50	%		4.83	%		4.46	%		2.49	%		0.00	%3		0.12	%		1.45	%3
Supplemental Data
Net assets, end of period (000)	$	581,642		$	778,298		$	1,148,784		$	683,594		$	415,040		$	372,460		$	12,541		$	26,633		$	25,057

See Notes to Financial Statements.

60 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) FedFund

	Cash Reserve
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0016			0.0250			0.0467			0.0423			0.0229
Dividends from net investment income		(0.0000	)		(0.0016	)		(0.0250	)		(0.0467	)		(0.0423	)		(0.0229	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.16	%		2.52	%		4.78	%		4.31	%		2.32	%
Ratios to Average Net Assets
Total expenses		0.61	%3		0.63	%		0.63	%		0.66	%		0.68	%		0.70	%
Total expenses after fees waived and paid indirectly		0.25	%3		0.48	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.00	%3		0.16	%		2.18	%		4.61	%		4.26	%		1.94	%
Supplemental Data
Net assets, end of period (000)	$	2,238		$	4,046		$	4,336		$	1,183		$	1,082		$	1,547

	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,												Period November 10,  20044 to October 31, 20055
	(Unaudited)			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0032			0.0280			0.0497			0.0453			0.0110
Dividends from net investment income		(0.0000	)		(0.0032	)		(0.0280	)		(0.0497	)		(0.0453	)		(0.0110	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.03	%2		0.32	%		2.83	%		5.09	%		4.63	%		1.10	%2
Ratios to Average Net Assets
Total expenses		0.31	%3		0.33	%		0.32	%		0.38	%		0.38	%		0.39	%3
Total expenses after fees waived and paid indirectly		0.25	%3		0.32	%		0.30	%		0.30	%		0.30	%		0.30	%3
Net investment income		0.00	%3		0.34	%		2.51	%		4.97	%		4.67	%		2.63	%3
Supplemental Data
Net assets, end of period (000)	$	59,379		$	111,129		$	134,241		$	41,411		$	83,069		$	43,480

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 Commencement of operations.

5 There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 61

Financial Highlights (continued) FedFund

	Select
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0007			0.0209			0.0427			0.0383			0.0189
Dividends from net investment income		(0.0000	)		(0.0007	)		(0.0209	)		(0.0427	)		(0.0383	)		(0.0189	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.07	%		2.11	%		4.36	%		3.90	%		1.91	%
Ratios to Average Net Assets
Total expenses		1.06	%3		1.08	%		1.07	%		1.12	%		1.13	%		1.09	%
Total expenses after fees waived and paid indirectly		0.25	%3		0.56	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.00	%3		0.06	%		2.03	%		4.24	%		3.86	%		2.14	%
Supplemental Data
Net assets, end of period (000)	$	116,384		$	181,556		$	166,590		$	98,752		$	52,420		$	47,205
	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0013			0.0241			0.0462			0.0423			0.0229
Dividends from net investment income		(0.0000	)		(0.0013	)		(0.0241	)		(0.0462	)		(0.0423	)		(0.0229	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.13	%		2.44	%		4.72	%		4.31	%		2.32	%
Ratios to Average Net Assets
Total expenses		1.06	%3		1.08	%		1.07	%		1.12	%		1.13	%		1.14	%
Total expenses after fees waived and paid indirectly		0.25	%3		0.55	%		0.68	%		0.66	%		0.60	%		0.60	%
Net investment income		0.00	%3		0.18	%		2.59	%		4.58	%		4.25	%		2.59	%
Supplemental Data
Net assets, end of period (000)	$	25,794		$	41,179		$	102,147		$	768,612		$	295,307		$	241,913

See Notes to Financial Statements.

62 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) FedFund

	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0013			0.0241			0.0462			0.0423			0.0227
Dividends from net investment income		(0.0000	)		(0.0013	)		(0.0241	)		(0.0462	)		(0.0423	)		(0.0227	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.13	%		2.44	%		4.72	%		4.31	%		2.30	%
Ratios to Average Net Assets
Total expenses		0.81	%3		0.83	%		0.82	%		0.87	%		0.88	%		0.89	%
Total expenses after fees waived and paid indirectly		0.25	%3		0.53	%		0.68	%		0.66	%		0.60	%		0.60	%
Net investment income		0.00	%3		0.11	%		2.47	%		4.60	%		4.15	%		2.84	%
Supplemental Data
Net assets, end of period (000)	$	74,191		$	86,563		$	91,990		$	93,867		$	48,396		$	86,126

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 63

Financial Highlights (continued) TempCash

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0008			0.0090			0.0336			0.0521			0.0471			0.0278
Dividends from net investment income		(0.0008	)		(0.0090	)		(0.0336	)		(0.0521	)		(0.0471	)		(0.0278	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.28	%2		0.90	%		3.42	%		5.34	%		4.82	%		2.82	%
Ratios to Average Net Assets
Total expenses		0.25	%3		0.27	%		0.22	%		0.24	%		0.23	%		0.24	%
Total expenses after fees waived and paid indirectly		0.18	%3		0.21	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.16	%3		0.85	%		3.46	%		5.22	%		4.79	%		2.88	%
Supplemental Data
Net assets, end of period (000)	$	5,679,551		$	6,992,221		$	6,073,793		$	11,420,516		$	9,769,075		$	11,576,987
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0065			0.0313			0.0496			0.0446			0.0253
Dividends from net investment income		(0.0000	)		(0.0065	)		(0.0313	)		(0.0496	)		(0.0446	)		(0.0253	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.08	%2		0.65	%		3.16	%		5.08	%		4.56	%		2.56	%
Ratios to Average Net Assets
Total expenses		0.50	%3		0.52	%		0.48	%		0.49	%		0.48	%		0.49	%
Total expenses after fees waived and paid indirectly		0.34	%3		0.46	%		0.44	%		0.43	%		0.43	%		0.43	%
Net investment income		0.00	%3		0.67	%		3.07	%		4.96	%		4.50	%		2.63	%
Supplemental Data
Net assets, end of period (000)	$	786,992		$	879,332		$	1,011,158		$	1,004,425		$	826,331		$	595,873

See Notes to Financial Statements.

64 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) TempCash

	Administration
	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Period November 30, 2007 to October 31, 20085			Period November 1, 2006 to September 24, 20076			Period November 15,  20054 to October 31, 20067
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0080			0.0169			0.0386			0.0301
Dividends from net investment income		(0.0003	)		(0.0080	)		(0.0169	)		(0.0386	)		(0.0301	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.18	%2		0.80	%		1.70	%2		3.92	%2		3.04	%2
Ratios to Average Net Assets
Total expenses		0.35	%3		0.37	%		0.33	%3		0.34	%3		0.34	%3
Total expenses after fees waived and paid indirectly		0.28	%3		0.31	%		0.28	%3		0.28	%3		0.28	%3
Net investment income		0.06	%3		0.78	%		2.51	%3		5.12	%3		5.01	%3
Supplemental Data
Net assets, end of period (000)	$	24,906		$	50,638		$	50,014			—		$	25,461

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 Commencement of operations.

5 There were no Administration Shares outstanding during the period November 1, 2007 to November 29, 2007 or the period December 24, 2007 to April 15, 2008.

6 There were no Administration Shares outstanding during the period June 28, 2007 to August 20, 2007 or the period September 25, 2007 to October 31, 2007.

7 There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 65

Financial Highlights (continued) TempFund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0086			0.0338			0.0521			0.0470			0.0276
Dividends from net investment income		(0.0006	)		(0.0086	)		(0.0338	)		(0.0521	)		(0.0470	)		(0.0276	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.24	%2		0.87	%		3.43	%		5.33	%		4.81	%		2.80	%
Ratios to Average Net Assets
Total expenses		0.19	%3		0.21	%		0.19	%		0.20	%		0.20	%		0.21	%
Total expenses after fees waived and paid indirectly		0.18	%3		0.21	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.12	%3		0.83	%		3.33	%		5.22	%		4.78	%		2.78	%
Supplemental Data
Net assets, end of period (000)	$	58,077,264		$	58,792,099		$	43,874,587		$	50,720,755		$	25,788,255		$	20,229,031
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0062			0.0313			0.0496			0.0445			0.0252
Dividends from net investment income		(0.0000	)		(0.0062	)		(0.0313	)		(0.0496	)		(0.0445	)		(0.0252	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.06	%2		0.62	%		3.18	%		5.07	%		4.55	%		2.54	%
Ratios to Average Net Assets
Total expenses		0.44	%3		0.46	%		0.44	%		0.45	%		0.45	%		0.46	%
Total expenses after fees waived and paid indirectly		0.30	%3		0.45	%		0.43	%		0.43	%		0.43	%		0.43	%
Net investment income		0.00	%3		0.68	%		3.14	%		4.95	%		4.44	%		2.57	%
Supplemental Data
Net assets, end of period (000)	$	2,563,747		$	3,788,512		$	6,546,254		$	6,310,899		$	4,971,729		$	4,212,168

See Notes to Financial Statements.

66 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) TempFund

				Cash Management
				Six Months Ended April 30, 2010			Year Ended October 31,
				(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period				$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income					0.0000			0.0045			0.0288			0.0471			0.0420			0.0227
Dividends from net investment income					(0.0000	)		(0.0045	)		(0.0288	)		(0.0471	)		(0.0420	)		(0.0227	)
Net asset value, end of period				$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value					0.01	%2		0.45	%		2.92	%		4.81	%		4.28	%		2.29	%
Ratios to Average Net Assets
Total expenses					0.69	%3		0.71	%		0.69	%		0.70	%		0.70	%		0.71	%
Total expenses after fees waived and paid indirectly					0.30	%3		0.62	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income					0.01	%3		0.48	%		2.77	%		4.71	%		4.24	%		2.38	%
Supplemental Data
Net assets, end of period (000)				$	687,672		$	835,930		$	1,155,402		$	724,122		$	358,944		$	282,475
	Cash Reserve
	Six Months Ended April 30, 2010			Year Ended October 31,												Period October 4,  20054 to October 31, 2005			Period November 1, 2003 to December 15,  20034
	(Unaudited)			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0051			0.0298			0.0481			0.0430			0.0025			0.0007
Dividends from net investment income		(0.0000	)		(0.0051	)		(0.0298	)		(0.0481	)		(0.0430	)		(0.0025	)		(0.0007	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.51	%		3.02	%		4.92	%		4.39	%		0.24	%2		0.07	%2
Ratios to Average Net Assets
Total expenses		0.59	%3		0.61	%		0.59	%		0.60	%		0.61	%		0.62	%3		0.60	%3
Total expenses after fees waived and paid indirectly		0.30	%3		0.54	%		0.58	%		0.58	%		0.58	%		0.58	%3		0.58	%3
Net investment income		0.00	%3		0.45	%		3.09	%		4.80	%		4.38	%		3.34	%3		0.54	%3
Supplemental Data
Net assets, end of period (000)	$	34,345		$	16,312		$	10,398		$	12,090		$	17,173		$	3,723		$	—

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 There were no Cash Reverse Shares outstanding during the period December 16, 2003 to October 3, 2005.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 67

Financial Highlights (continued) TempFund

	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0076			0.0328			0.0511			0.0460			0.0267
Dividends from net investment income		(0.0001	)		(0.0076	)		(0.0328	)		(0.0511	)		(0.0460	)		(0.0267	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.13	%2		0.76	%		3.33	%		5.23	%		4.70	%		2.70	%
Ratios to Average Net Assets
Total expenses		0.29	%3		0.31	%		0.29	%		0.30	%		0.30	%		0.31	%
Total expenses after fees waived and paid indirectly		0.28	%3		0.31	%		0.28	%		0.28	%		0.28	%		0.28	%
Net investment income		0.02	%3		0.75	%		3.25	%		5.11	%		4.65	%		2.71	%
Supplemental Data
Net assets, end of period (000)	$	1,727,685		$	2,007,285		$	2,079,257		$	1,842,566		$	1,763,132		$	1,261,354
	Select
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0031			0.0256			0.0439			0.0388			0.0195
Dividends from net investment income		(0.0000	)		(0.0031	)		(0.0256	)		(0.0439	)		(0.0388	)		(0.0195	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.31	%		2.59	%		4.48	%		3.95	%		1.96	%
Ratios to Average Net Assets
Total expenses		1.04	%3		1.06	%		1.04	%		1.05	%		1.05	%		1.03	%
Total expenses after fees waived and paid indirectly		0.30	%3		0.77	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.00	%3		0.32	%		2.56	%		4.39	%		3.89	%		2.25	%
Supplemental Data
Net assets, end of period (000)	$	681,746		$	829,031		$	922,457		$	888,584		$	810,613		$	706,592

See Notes to Financial Statements.

68 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) TempFund

	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0045			0.0288			0.0473			0.0428			0.0235
Dividends from net investment income		(0.0000	)		(0.0045	)		(0.0288	)		(0.0473	)		(0.0428	)		(0.0235	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.45	%		2.92	%		4.84	%		4.37	%		2.37	%
Ratios to Average Net Assets
Total expenses		1.04	%3		1.07	%		1.04	%		1.05	%		1.05	%		1.06	%
Total expenses after fees waived and paid indirectly		0.30	%3		0.66	%		0.68	%		0.65	%		0.60	%		0.60	%
Net investment income		0.00	%3		0.65	%		3.03	%		4.73	%		4.32	%		2.57	%
Supplemental Data
Net assets, end of period (000)	$	26,887		$	30,502		$	148,322		$	1,566,346		$	1,479,708		$	1,018,935

	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,												Period March 2,  20054 to October 31, 2005
	(Unaudited)			2009			2008			2007			2006
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0045			0.0288			0.0473			0.0428			0.0179
Dividends from net investment income		(0.0000	)		(0.0045	)		(0.0288	)		(0.0473	)		(0.0428	)		(0.0179	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.45	%		2.92	%		4.84	%		4.37	%		1.80	%2
Ratios to Average Net Assets
Total expenses		0.79	%3		0.81	%		0.79	%		0.80	%		0.80	%		0.81	%3
Total expenses after fees waived and paid indirectly		0.30	%3		0.64	%		0.68	%		0.66	%		0.60	%		0.60	%3
Net investment income		0.00	%3		0.50	%		2.99	%		4.73	%		4.29	%		2.93	%3
Supplemental Data
Net assets, end of period (000)	$	142,239		$	220,876		$	338,821		$	509,731		$	395,943		$	321,636

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 Commencement of operations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 69

Financial Highlights (continued) T-Fund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0012			0.0224			0.0493			0.0456			0.0260
Net realized gain		0.0001			0.0001			—			—			—			—
Net increase from investment operations		0.0001			0.0013			0.0224			0.0493			0.0456			0.0260
Dividends and distributions from:
Net investment income		—			(0.0012	)		(0.0224	)		0.0493			0.0456			0.0260
Net realized gain		(0.0001	)		(0.0001	)		—			—			—			—
Total dividends and distributions		(0.0001	)		(0.0013	)		(0.0224	)		(0.0493	)		(0.0456	)		(0.0260	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.04	%2		0.13	%		2.26	%		5.05	%		4.65	%		2.63	%
Ratios to Average Net Assets
Total expenses		0.22	%3		0.25	%		0.22	%		0.25	%		0.26	%		0.28	%
Total expenses after fees waived and paid indirectly		0.16	%3		0.23	%		0.21	%		0.20	%		0.20	%		0.20	%
Net investment income		0.01	%3		0.17	%		2.01	%		4.88	%		4.57	%		2.66	%
Supplemental Data
Net assets, end of period (000)	$	6,099,382		$	5,753,138		$	18,422,915		$	6,280,213		$	2,906,319		$	2,958,524
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0002			0.0199			0.0468			0.0431			0.0235
Net realized gain		0.0001			0.0001			—			—			—			—
Net increase from investment operations		0.0001			0.0003			0.0199			0.0468			0.0431			0.0235
Dividends and distributions from:
Net investment income		—			(0.0002	)		(0.0199	)		(0.0468	)		(0.0431	)		(0.0235	)
Net realized gain		(0.0001	)		(0.0001	)		—			—			—			—
Total dividends and distributions		(0.0001	)		(0.0003	)		(0.0199	)		(0.0468	)		(0.0431	)		(0.0235	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.03	%		2.00	%		4.79	%		4.39	%		2.37	%
Ratios to Average Net Assets
Total expenses		0.47	%3		0.50	%		0.47	%		0.51	%		0.51	%		0.53	%
Total expenses after fees waived and paid indirectly		0.17	%3		0.36	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		0.01	%3		0.04	%		2.13	%		4.69	%		4.32	%		2.43	%
Supplemental Data
Net assets, end of period (000)	$	399,280		$	339,493		$	973,576		$	775,904		$	691,792		$	728,168

See Notes to Financial Statements.

70 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) T-Fund

	Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0001			0.0174			0.0443			0.0406			0.0210
Net realized gain		0.0001			0.0001			—			—			—			—
Net increase from investment operations		0.0001			0.0002			0.0174			0.0443			0.0406			0.0210
Dividends and distributions from:
Net investment income		—			(0.0001	)		(0.0174	)		(0.0443	)		(0.0406	)		(0.0210	)
Net realized gain		(0.0001	)		(0.0001	)		—			—			—			—
Total dividends and distributions		(0.0001	)		(0.0002	)		(0.0174	)		(0.0443	)		(0.0406	)		(0.0210	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.02	%		1.75	%		4.53	%		4.13	%		2.12	%
Ratios to Average Net Assets
Total expenses		0.72	%3		0.74	%		0.72	%		0.75	%		0.77	%		0.78	%
Total expenses after fees waived and paid indirectly		0.17	%3		0.34	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.00	%3		0.01	%		1.78	%		4.42	%		4.25	%		2.21	%
Supplemental Data
Net assets, end of period (000)	$	239,868		$	470,609		$	543,153		$	552,059		$	364,515		$	126,531
	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0005			0.0214			0.0484			0.0446			0.0250
Net realized gain		0.0001			0.0001			—			—			—			—
Net increase from investment operations		0.0001			0.0006			0.0214			0.0484			0.0446			0.0250
Dividends and distributions from:
Net investment income		—			(0.0005	)		(0.0214	)		(0.0484	)		(0.0446	)		(0.0250	)
Net realized gain		(0.0001	)		(0.0001	)		—			—			—			—
Total dividends and distributions		(0.0001	)		(0.0006	)		(0.0214	)		(0.0484	)		(0.0446	)		(0.0250	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.06	%		2.16	%		4.94	%		4.55	%		2.53	%
Ratios to Average Net Assets
Total expenses		0.32	%3		0.34	%		0.31	%		0.35	%		0.37	%		0.37	%
Total expenses after fees waived and paid indirectly		0.17	%3		0.29	%		0.29	%		0.30	%		0.30	%		0.30	%
Net investment income		0.02	%3		0.06	%		2.30	%		4.77	%		4.47	%		2.98	%
Supplemental Data
Net assets, end of period (000)	$	36,405		$	38,571		$	44,215		$	83,990		$	15,574		$	19,832

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 71

Financial Highlights (continued) T-Fund

	Select
	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Period February 28,  20081 to October 31, 20081
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Net investment income		—			0.0003			0.0061
Net realized gain		0.0001			0.0001			—
Net increase from investment operations		0.0001			0.0004			0.0061
Dividends and distributions from:
Net investment income		—			(0.0003	)		(0.0061	)
Net realized gain		(0.0001	)		(0.0001	)		—
Total dividends and distributions		(0.0001	)		(0.0004	)		(0.0061	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total Investment Return2
Based on net asset value		0.02	%3		0.04	%		0.61	%3
Ratios to Average Net Assets
Total expenses		1.07	%4		1.10	%		1.07	%4
Total expenses after fees waived and paid indirectly		0.17	%4		0.32	%		0.91	%4
Net investment income		0.01	%4		0.03	%		0.66	%4
Supplemental Data
Net assets, end of period (000)	$	197,667		$	233,098		$	218,773

	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,						Period October 9,  20071 to October 31, 2007
	(Unaudited)			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0003			0.0176			0.0025
Net realized gain		0.0001			0.0001			—			—
Net increase from investment operations		0.0001			0.0004			0.0176			0.0025
Dividends and distributions from:
Net investment income		—			(0.0003	)		(0.0176	)		(0.0025	)
Net realized gain		(0.0001	)		(0.0001	)		—			—
Total dividends and distributions		(0.0001	)		(0.0004	)		(0.0176	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return2
Based on net asset value		0.02	%3		0.04	%		1.77	%		0.24	%3
Ratios to Average Net Assets
Total expenses		1.07	%4		1.09	%		1.07	%		1.09	%4
Total expenses after fees waived and paid indirectly		0.17	%4		0.32	%		0.68	%		0.68	%4
Net investment income		0.00	%4		0.05	%		2.43	%		4.14	%4
Supplemental Data
Net assets, end of period (000)	$	—	5	$	—	5	$	460		$	1

See Notes to Financial Statements.

72 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) T-Fund

	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,						Period October 9,  20071 to October 31, 2007
	(Unaudited)			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0003			0.0176			0.0025
Net realized gain		0.0001			0.0001			—			—
Net increase from investment operations		0.0001			0.0004			0.0176			0.0025
Dividends and distributions from:
Net investment income		—			(0.0003	)		(0.0176	)		(0.0025	)
Net realized gain		(0.0001	)		(0.0001	)		—			—
Total dividends and distributions		(0.0001	)		(0.0004	)		(0.0176	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return2
Based on net asset value		0.02	%3		0.04	%		1.77	%		0.24	%3
Ratios to Average Net Assets
Total expenses		0.82	%4		0.85	%		0.82	%		0.84	%4
Total expenses after fees waived and paid indirectly		0.17	%4		0.33	%		0.68	%		0.68	%4
Net investment income		0.00	%4		0.05	%		1.43	%		4.14	%4
Supplemental Data
Net assets, end of period (000)	$	78,798		$	104,295		$	189,222		$	1

1 Commencement of operations.

2 Where applicable, total investment returns include the reinvestment of dividends and distributions.

3 Aggregate total investment return.

4 Annualized.

5 Net assets end of period are less than $500.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 73

Financial Highlights (continued) Treasury Trust Fund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0009			0.0199			0.0458			0.0431			0.0244
Net realized gain		0.0001			0.0002			—			—			—			—
Net increase from investment operations		0.0001			0.0011			0.0199			0.0458			0.0431			0.0244
Dividends and distributions from:
Net investment income		—			(0.0009	)		(0.0199	)		(0.0458	)		(0.0431	)		(0.0244	)
Net realized gain		(0.0001	)		(0.0002	)		(0.0000	)		—			—			—
Total dividends and distributions		(0.0001	)		(0.0011	)		(0.0199	)		(0.0458	)		(0.0431	)		(0.0244	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.03	%2		0.11	%		2.01	%		4.68	%		4.39	%		2.47	%
Ratios to Average Net Assets
Total expenses		0.24	%3		0.26	%		0.24	%		0.29	%		0.31	%		0.31	%
Total expenses after fees waived and paid indirectly		0.10	%3		0.23	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.00	%3		0.13	%		1.73	%		4.38	%		4.32	%		2.43	%
Supplemental Data
Net assets, end of period (000)	$	2,732,108		$	4,229,992		$	6,669,302		$	2,370,308		$	882,971		$	806,381
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0003			0.0174			0.0433			0.0406			0.0219
Net realized gain		0.0001			0.0002			—			—			—			—
Net increase from investment operations		0.0001			0.0005			0.0174			0.0433			0.0406			0.0219
Dividends and distributions from:
Net investment income		—			(0.0003	)		(0.0174	)		(0.0433	)		(0.0406	)		(0.0219	)
Net realized gain		(0.0001	)		(0.0002	)		(0.0000	)		—			—			—
Total dividends and distributions		(0.0001	)		(0.0005	)		(0.0174	)		(0.0433	)		(0.0406	)		(0.0219	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.05	%		1.75	%		4.42	%		4.14	%		2.21	%
Ratios to Average Net Assets
Total expenses		0.49	%3		0.51	%		0.49	%		0.55	%		0.56	%		0.56	%
Total expenses after fees waived and paid indirectly		0.10	%3		0.36	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		0.00	%3		0.08	%		1.39	%		4.36	%		4.06	%		2.09	%
Supplemental Data
Net assets, end of period (000)	$	252,376		$	107,483		$	632,855		$	173,312		$	205,317		$	206,999

See Notes to Financial Statements.

74 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) Treasury Trust Fund

	Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,												Period November 17,  20044 to October 31, 2005
	(Unaudited)			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0001			0.0149			0.0408			0.0381			0.0190
Net realized gain		0.0001			0.0002			—			—			—			—
Net increase from investment operations		0.0001			0.0003			0.0149			0.0408			0.0381			0.0190
Dividends and distributions from:
Net investment income		—			(0.0001	)		(0.0149	)		(0.0408	)		(0.0381	)		(0.0190	)
Net realized gain		(0.0001	)		(0.0002	)		(0.0000	)		—			—			—
Total dividends and distributions		(0.0001	)		(0.0003	)		(0.0149	)		(0.0408	)		(0.0381	)		(0.0190	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.03	%		1.50	%		4.16	%		3.88	%		1.92	%2
Ratios to Average Net Assets
Total expenses		0.74	%3		0.76	%		0.73	%		0.80	%		0.80	%		0.81	%3
Total expenses after fees waived and paid indirectly		0.10	%3		0.35	%		0.70	%		0.70	%		0.70	%		0.70	%3
Net investment income		0.01	%3		0.01	%		1.34	%		4.10	%		3.72	%		1.58	%3
Supplemental Data
Net assets, end of period (000)	$	49,797		$	42,613		$	109,531		$	54,373		$	50,437		$	21,929
	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		—			0.0005			0.0189			0.0448			0.0421			0.0234
Net realized gain		0.0001			0.0002			—			—			—			—
Net increase from investment operations		0.0001			0.0007			0.0189			0.0448			0.0421			0.0234
Dividends and distributions from:
Net investment income		—			(0.0005	)		(0.0189	)		(0.0448	)		(0.0421	)		(0.0234	)
Net realized gain		(0.0001	)		(0.0002	)		(0.0000	)		—			—			—
Total dividends and distributions		(0.0001	)		(0.0007	)		(0.0189	)		(0.0448	)		(0.0421	)		(0.0234	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.08	%		1.90	%		4.57	%		4.29	%		2.37	%
Ratios to Average Net Assets
Total expenses		0.34	%3		0.36	%		0.34	%		0.40	%		0.41	%		0.41	%
Total expenses after fees waived and paid indirectly		0.10	%3		0.27	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.00	%3		0.08	%		1.79	%		4.49	%		4.16	%		2.36	%
Supplemental Data
Net assets, end of period (000)	$	95,575		$	137,760		$	234,311		$	96,955		$	113,067		$	154,211

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 There were no Cash Management Shares outstanding during the period November 1, 2004 to November 16, 2004.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 75

Financial Highlights (continued) MuniCash

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0009			0.0076			0.0266			0.0353			0.0318			0.0206
Dividends from net investment income		(0.0009	)		(0.0076	)		(0.0266	)		(0.0353	)		(0.0318	)		(0.0206	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.33	%2		0.76	%		2.68	%		3.59	%		3.23	%		2.09	%
Ratios to Average Net Assets
Total expenses		0.37	%3		0.42	%		0.38	%		0.36	%		0.36	%		0.34	%
Total expenses after fees waived and paid indirectly		0.20	%3		0.24	%		0.17	%		0.20	%		0.20	%		0.19	%
Net investment income		0.17	%3		0.70	%		2.72	%		3.54	%		3.12	%		2.04	%
Supplemental Data
Net assets, end of period (000)	$	868,709		$	881,869		$	459,835		$	919,878		$	1,232,427		$	2,181,441
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0051			0.0241			0.0328			0.0293			0.0181
Dividends from net investment income		(0.0000	)		(0.0051	)		(0.0241	)		(0.0328	)		(0.0293	)		(0.0181	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.11	%2		0.51	%		2.42	%		3.33	%		2.97	%		1.83	%
Ratios to Average Net Assets
Total expenses		0.62	%3		0.67	%		0.63	%		0.61	%		0.61	%		0.59	%
Total expenses after fees waived and paid indirectly		0.37	%3		0.49	%		0.42	%		0.45	%		0.45	%		0.44	%
Net investment income		0.00	%3		0.46	%		2.37	%		3.28	%		2.93	%		1.79	%
Supplemental Data
Net assets, end of period (000)	$	103,771		$	134,668		$	89,851		$	85,628		$	91,505		$	59,321

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

76 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) MuniFund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0063			0.0254			0.0349			0.0312			0.0199
Dividends from net investment income		(0.0006	)		(0.0063	)		(0.0254	)		(0.0349	)		(0.0312	)		(0.0199	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.24	%2		0.63	%		2.56	%		3.55	%		3.17	%		2.01	%
Ratios to Average Net Assets
Total expenses		0.27	%3		0.30	%		0.29	%		0.33	%		0.33	%		0.33	%
Total expenses after fees waived and paid indirectly		0.20	%3		0.23	%		0.20	%		0.20	%		0.20	%		0.19	%
Net investment income		0.13	%3		0.57	%		2.46	%		3.49	%		3.10	%		2.02	%
Supplemental Data
Net assets, end of period (000)	$	4,047,743		$	4,233,114		$	2,834,406		$	2,316,504		$	1,420,560		$	2,135,257
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0039			0.0229			0.0324			0.0287			0.0174
Dividends from net investment income		(0.0000	)		(0.0039	)		(0.0229	)		(0.0324	)		(0.0287	)		(0.0174	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.06	%2		0.39	%		2.30	%		3.29	%		2.91	%		1.76	%
Ratios to Average Net Assets
Total expenses		0.52	%3		0.55	%		0.54	%		0.58	%		0.58	%		0.58	%
Total expenses after fees waived and paid indirectly		0.33	%3		0.47	%		0.45	%		0.45	%		0.45	%		0.44	%
Net investment income		0.00	%3		0.38	%		2.21	%		3.23	%		2.87	%		1.75	%
Supplemental Data
Net assets, end of period (000)	$	143,161		$	188,188		$	135,168		$	147,606		$	96,853		$	84,763

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 77

Financial Highlights (continued) MuniFund

	Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0022			0.0204			0.0299			0.0262			0.0149
Dividends from net investment income		(0.0000	)		(0.0022	)		(0.0204	)		(0.0299	)		(0.0262	)		(0.0149	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.01	%2		0.22	%		2.05	%		3.03	%		2.65	%		1.51	%
Ratios to Average Net Assets
Total expenses		0.77	%3		0.81	%		0.79	%		0.83	%		0.83	%		0.83	%
Total expenses after fees waived and paid indirectly		0.33	%3		0.66	%		0.70	%		0.70	%		0.70	%		0.69	%
Net investment income		0.00	%3		0.26	%		1.92	%		2.98	%		2.65	%		1.58	%
Supplemental Data
Net assets, end of period (000)	$	53,974		$	75,347		$	132,115		$	40,620		$	41,699		$	35,774
	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0053			0.0244			0.0339			0.0302			0.0189
Dividends from net investment income		(0.0002	)		(0.0053	)		(0.0244	)		(0.0339	)		(0.0302	)		(0.0189	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.14	%2		0.53	%		2.46	%		3.44	%		3.07	%		1.91	%
Ratios to Average Net Assets
Total expenses		0.37	%3		0.40	%		0.39	%		0.43	%		0.43	%		0.43	%
Total expenses after fees waived and paid indirectly		0.29	%3		0.33	%		0.30	%		0.30	%		0.30	%		0.29	%
Net investment income		0.03	%3		0.49	%		2.35	%		3.39	%		3.01	%		1.90	%
Supplemental Data
Net assets, end of period (000)	$	400,924		$	777,416		$	557,300		$	389,468		$	371,211		$	516,607

See Notes to Financial Statements.

78 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) MuniFund

	Select
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0009			0.0173			0.0269			0.0232			0.0119
Dividends from net investment income		(0.0000	)		(0.0009	)		(0.0173	)		(0.0269	)		(0.0232	)		(0.0119	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.09	%		1.74	%		2.72	%		2.35	%		1.20	%
Ratios to Average Net Assets
Total expenses		1.13	%3		1.15	%		1.14	%		1.18	%		1.18	%		1.13	%
Total expenses after fees waived and paid indirectly		0.32	%3		0.77	%		1.00	%		1.00	%		1.00	%		0.99	%
Net investment income		0.00	%3		0.07	%		1.70	%		2.68	%		2.32	%		1.15	%
Supplemental Data
Net assets, end of period (000)	$	23,790		$	30,169		$	25,432		$	38,401		$	31,467		$	24,225
	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0023			0.0206			0.0303			0.0272			0.0155
Dividends from net investment income		(0.0000	)		(0.0023	)		(0.0206	)		(0.0303	)		(0.0272	)		(0.0155	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.23	%		2.07	%		3.08	%		2.76	%		1.56	%
Ratios to Average Net Assets
Total expenses		1.13	%3		1.16	%		1.14	%		1.18	%		1.18	%		1.18	%
Total expenses after fees waived and paid indirectly		0.33	%3		0.66	%		0.68	%		0.65	%		0.60	%		0.62	%
Net investment income		0.00	%3		0.30	%		1.95	%		3.03	%		2.75	%		1.64	%
Supplemental Data
Net assets, end of period (000)	$	5,156		$	5,575		$	29,315		$	293,358		$	252,344		$	161,860

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 79

Financial Highlights (continued) MuniFund

	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,												Period March 2, 20051 to October 31, 2005
	(Unaudited)			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0023			0.0206			0.0300			0.0272			0.0120
Dividends from net investment income		(0.0000	)		(0.0023	)		(0.0206	)		(0.0300	)		(0.0272	)		(0.0120	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return2
Based on net asset value		0.02	%3		0.23	%		2.07	%		3.08	%		2.76	%		1.21	%3
Ratios to Average Net Assets
Total expenses		0.87	%4		0.90	%		0.89	%		0.93	%		0.93	%		0.93	%4
Total expenses after fees waived and paid indirectly		0.33	%4		0.64	%		0.68	%		0.66	%		0.60	%		0.59	%4
Net investment income		0.00	%4		0.25	%		2.04	%		3.03	%		2.72	%		1.88	%4
Supplemental Data
Net assets, end of period (000)	$	150,691		$	153,956		$	134,994		$	264,304		$	160,053		$	126,455

1 Commencement of operations.

2 Where applicable, total investment returns include the reinvestment of dividends and distributions.

3 Aggregate total investment return.

4 Annualized.

See Notes to Financial Statements.

80 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) California Money Fund

	Institutional																		Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,															Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005						2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.0008			0.0042			0.0216			0.0341			0.0308			0.0197			0.0000			0.0020			0.0191			0.0316			0.0283			0.0172
Dividends from net investment income		(0.0008	)		(0.0042	)		(0.0216	)		(0.0341	)		(0.0308	)		(0.0197	)		(0.0000	)		(0.0020	)		(0.0191	)		(0.0316	)		(0.0283	)		(0.0172	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.19	%2		0.43	%		2.18	%		3.46	%		3.13	%		1.99	%		0.02	%2		0.20	%		1.92	%		3.20	%		2.87	%		1.74	%
Ratios to Average Net Assets
Total expenses		0.41	%3		0.44	%		0.40	%		0.40	%		0.40	%		0.41	%		0.66	%3		0.69	%		0.65	%		0.65	%		0.65	%		0.65	%
Total expenses after fees waived and paid indirectly		0.20	%3		0.24	%		0.20	%		0.20	%		0.20	%		0.20	%		0.35	%3		0.47	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		0.15	%3		0.44	%		2.14	%		3.40	%		3.13	%		2.00	%		0.00	%3		0.19	%		2.25	%		3.16	%		2.86	%		1.84	%
Supplemental Data
Net assets, end of period (000)	$	365,935		$	459,650		$	669,672		$	778,621		$	860,859		$	593,417		$	23,014		$	18,147		$	9,421		$	47,235		$	40,850		$	26,293

	Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0008			0.0166			0.0291			0.0258			0.0147
Dividends from net investment income		(0.0000	)		(0.0008	)		(0.0166	)		(0.0291	)		(0.0258	)		(0.0147	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.08	%		1.67	%		2.95	%		2.61	%		1.48	%
Ratios to Average Net Assets
Total expenses		0.89	%3		0.93	%		0.89	%		0.90	%		0.90	%		0.91	%
Total expenses after fees waived and paid indirectly		0.35	%3		0.64	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.07	%3		0.18	%		1.93	%		2.92	%		2.70	%		1.50	%
Supplemental Data
Net assets, end of period (000)	$	3		$	10		$	63		$	21,289		$	10,122		$	205

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 81

Financial Highlights (continued) California Money Fund

	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0033			0.0206			0.0331			0.0298			0.0187
Dividends from net investment income		(0.0003	)		(0.0033	)		(0.0206	)		(0.0331	)		(0.0298	)		(0.0187	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.10	%2		0.33	%		2.08	%		3.36	%		3.02	%		1.89	%
Ratios to Average Net Assets
Total expenses		0.51	%3		0.54	%		0.50	%		0.50	%		0.50	%		0.51	%
Total expenses after fees waived and paid indirectly		0.30	%3		0.34	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.05	%3		0.34	%		2.20	%		3.31	%		2.99	%		1.98	%
Supplemental Data
Net assets, end of period (000)	$	2,200		$	2,676		$	2,418		$	6,971		$	5,013		$	3,898
	Select
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0004			0.0136			0.0261			0.0228			0.0117
Dividends from net investment income		(0.0000	)		(0.0004	)		(0.0136	)		(0.0261	)		(0.0228	)		(0.0117	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.04	%		1.37	%		2.64	%		2.31	%		1.18	%
Ratios to Average Net Assets
Total expenses		1.26	%3		1.29	%		1.25	%		1.25	%		1.25	%		1.21	%
Total expenses after fees waived and paid indirectly		0.35	%3		0.62	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.00	%3		0.04	%		1.36	%		2.61	%		2.31	%		1.27	%
Supplemental Data
Net assets, end of period (000)	$	28,720		$	40,601		$	43,261		$	35,563		$	33,556		$	15,777

See Notes to Financial Statements.

82 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) California Money Fund

	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0008			0.0168			0.0296			0.0268			0.0152
Dividends from net investment income		(0.0000	)		(0.0008	)		(0.0168	)		(0.0296	)		(0.0268	)		(0.0152	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.08	%		1.69	%		2.99	%		2.72	%		1.54	%
Ratios to Average Net Assets
Total expenses		1.26	%3		1.29	%		1.24	%		1.25	%		1.25	%		1.26	%
Total expenses after fees waived and paid indirectly		0.35	%3		0.61	%		0.68	%		0.65	%		0.60	%		0.64	%
Net investment income		0.00	%3		0.11	%		1.59	%		2.95	%		2.71	%		1.62	%
Supplemental Data
Net assets, end of period (000)	$	4,582		$	5,403		$	24,422		$	196,002		$	203,719		$	127,509
	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0008			0.0168			0.0295			0.0268			0.0154
Dividends from net investment income		(0.0000	)		(0.0008	)		(0.0168	)		(0.0295	)		(0.0268	)		(0.0154	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.08	%		1.69	%		2.99	%		2.72	%		1.55	%
Ratios to Average Net Assets
Total expenses		1.01	%3		1.04	%		1.00	%		1.00	%		1.00	%		1.01	%
Total expenses after fees waived and paid indirectly		0.35	%3		0.63	%		0.68	%		0.66	%		0.60	%		0.60	%
Net investment income		0.00	%3		0.08	%		1.86	%		2.94	%		2.70	%		1.90	%
Supplemental Data
Net assets, end of period (000)	$	4,357		$	6,093		$	13,530		$	45,924		$	13,822		$	15,778

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 83

Financial Highlights (continued) New York Money Fund

	Institutional
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0044			0.0227			0.0346			0.0314			0.0197
Dividends from net investment income		(0.0006	)		(0.0044	)		(0.0227	)		(0.0346	)		(0.0314	)		(0.0197	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.15	%2		0.44	%		2.28	%		3.51	%		3.18	%		1.99	%
Ratios to Average Net Assets
Total expenses		0.41	%3		0.45	%		0.40	%		0.41	%		0.41	%		0.41	%
Total expenses after fees waived and paid indirectly		0.20	%3		0.24	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.12	%3		0.44	%		2.16	%		3.45	%		3.14	%		1.98	%
Supplemental Data
Net assets, end of period (000)	$	225,970		$	361,353		$	391,793		$	357,803		$	313,842		$	271,454
	Dollar
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0024			0.0201			0.0323			0.0289			0.0172
Dividends from net investment income		(0.0000	)		(0.0024	)		(0.0201	)		(0.0323	)		(0.0289	)		(0.0172	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.02	%2		0.24	%		2.03	%		3.26	%		2.93	%		1.74	%
Ratios to Average Net Assets
Total expenses		0.66	%3		0.70	%		0.66	%		0.66	%		0.66	%		0.66	%
Total expenses after fees waived and paid indirectly		0.32	%3		0.47	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		0.00	%3		0.29	%		2.02	%		3.21	%		2.88	%		1.67	%
Supplemental Data
Net assets, end of period (000)	$	984		$	869		$	5,024		$	6,514		$	6,362		$	5,515

See Notes to Financial Statements.

84 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (continued) New York Money Fund

	Cash Management
	Six Months Ended April 30, 2010			Year Ended October 31,												Period March 3,  20054 to October 31, 2005
	(Unaudited)			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0010			0.0176			0.0296			0.0264			0.0114
Dividends from net investment income		(0.0000	)		(0.0010	)		(0.0176	)		(0.0296	)		(0.0264	)		(0.0114	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.10	%		1.77	%		3.00	%		2.67	%		1.14	%2
Ratios to Average Net Assets
Total expenses		0.91	%3		0.95	%		0.91	%		0.91	%		0.91	%		0.91	%3
Total expenses after fees waived and paid indirectly		0.32	%3		0.65	%		0.70	%		0.70	%		0.70	%		0.70	%3
Net investment income		0.00	%3		0.15	%		1.70	%		2.96	%		2.70	%		1.80	%3
Supplemental Data
Net assets, end of period (000)	$	3,630		$	6,968		$	20,066		$	15,062		$	9,398		$	3,585
	Administration
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0034			0.0216			0.0336			0.0304			0.0187
Dividends from net investment income		(0.0001	)		(0.0034	)		(0.0216	)		(0.0336	)		(0.0304	)		(0.0187	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.06	%2		0.34	%		2.18	%		3.41	%		3.08	%		1.89	%
Ratios to Average Net Assets
Total expenses		0.51	%3		0.55	%		0.51	%		0.51	%		0.51	%		0.51	%
Total expenses after fees waived and paid indirectly		0.29	%3		0.34	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.03	%3		0.36	%		2.18	%		3.35	%		3.04	%		1.84	%
Supplemental Data
Net assets, end of period (000)	$	12,018		$	11,997		$	15,587		$	13,158		$	16,125		$	16,394

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

4 Commencement of operations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 85

Financial Highlights (continued) New York Money Fund

	Select
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0005			0.0146			0.0266			0.0234			0.0117
Dividends from net investment income		(0.0000	)		(0.0005	)		(0.0146	)		(0.0266	)		(0.0234	)		(0.0117	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.05	%		1.47	%		2.69	%		2.36	%		1.18	%
Ratios to Average Net Assets
Total expenses		1.26	%3		1.30	%		1.25	%		1.26	%		1.26	%		1.21	%
Total expenses after fees waived and paid indirectly		0.32	%3		0.65	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.00	%3		0.06	%		1.40	%		2.66	%		2.33	%		1.35	%
Supplemental Data
Net assets, end of period (000)	$	5,373		$	4,512		$	6,173		$	6,255		$	2,686		$	3,831
	Private Client
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0011			0.0178			0.0300			0.0274			0.0152
Dividends from net investment income		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)		(0.0274	)		(0.0152	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.11	%		1.79	%		3.05	%		2.77	%		1.54	%
Ratios to Average Net Assets
Total expenses		1.26	%3		1.30	%		1.25	%		1.26	%		1.26	%		1.26	%
Total expenses after fees waived and paid indirectly		0.32	%3		0.60	%		0.68	%		0.66	%		0.60	%		0.64	%
Net investment income		0.00	%3		0.14	%		1.68	%		3.00	%		2.75	%		1.58	%
Supplemental Data
Net assets, end of period (000)	$	7,077		$	6,556		$	13,877		$	175,446		$	138,323		$	111,739

See Notes to Financial Statements.

86 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Financial Highlights (concluded) New York Money Fund

	Premier
	Six Months Ended April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0011			0.0178			0.0300			0.0274			0.0154
Dividends from net investment income		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)		(0.0274	)		(0.0154	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return1
Based on net asset value		0.00	%2		0.11	%		1.79	%		3.05	%		2.77	%		1.56	%
Ratios to Average Net Assets
Total expenses		1.01	%3		1.05	%		1.01	%		1.01	%		1.01	%		1.02	%
Total expenses after fees waived and paid indirectly		0.32	%3		0.58	%		0.68	%		0.68	%		0.60	%		0.61	%
Net investment income		0.00	%3		0.11	%		2.18	%		3.01	%		2.72	%		1.82	%
Supplemental Data
Net assets, end of period (000)	$	1,967		$	2,418		$	2,387		$	14,221		$	8,339		$	5,774

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 87

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock Liquidity Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements and these accompanying notes relate to the Trust’s ten Series: Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund (collectively the “Funds”). Each of the Funds, except California Money Fund and New York Money Fund, is diversified. The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require the use of management accruals and estimates. Actual results may differ from these estimates. Each Fund may offer multiple classes of shares although certain share classes may not be outstanding at the report date. Each Fund offers the following classes of shares: Institutional Shares, Dollar Shares, Cash Management Shares, Cash Reserve Shares, Administration Shares, Select Shares, Private Client Shares, Premier Shares and Premier Choice Shares. TempFund, T-Fund, MuniFund, California Money Fund and New York Money Fund also offer Plus Shares. FedFund, TempCash, MuniCash, California Money Fund and New York Money Fund also offer Cash Plus Shares. As of April 30, 2010, no Plus Shares, Cash Plus Shares, or Premier Choice Shares were outstanding.

The following is a summary of significant accounting policies followed by the Funds:

Valuation: The Funds’ securities are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. The Funds seek to maintain their net asset value per share at $1.00, although there is no assurance that they will be able to do so on a continuing basis.

Repurchase Agreements: Certain Funds may invest in repurchase agreements, under which the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities as collateral subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by each Fund’s custodian. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization of premium and accretion of discount on debt securities, is recognized on the accrual basis.

Income and realized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains, if any, are recorded on the ex-dividend date. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Income Taxes: It is the Funds’ 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 their taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s US Federal tax returns remains open for the four years ended October 31, 2009. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.

Recent Accounting Standard: In January 2010, the Financial Accounting Standards Board issued amended guidance for improving disclosure about fair value measurements which will require additional disclosure about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Fund’s financial statements and disclosures, is currently being assessed.

Bank Overdraft: As of April 30, 2010, Municash recorded a bank overdraft resulting from the estimation of available cash. The overdraft balance results in fees charged by the custodian which are included in custodian in the Statements of Operations.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or its classes. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.

88 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Notes to Financial Statements (continued)

2. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”)and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the owernship structure, PNC is an affiliate of the Funds for 1940 Act purposes, but BAC and Barclays are not.

Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC“), an indirect wholly owned subsidiary of BlackRock, BIMC provides both investment management and administration services to the Trust. PFPC Trust Company (”PTC“), an indirect, wholly owned subsidiary of PNC, is the Trust’s custodian and PNC Global Investment Servicing (U.S.) Inc. (”PNCGIS“), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator.

The Trust entered into a management agreement with BIMC under which BIMC provides certain advisory, administration and accounting services to the Funds. Pursuant to the sub-administration agreement with PNCGIS, PNCGIS provides certain administration services with respect to the Trust.

For the management and administration services provided and certain expenses assumed by it under the management agreement, BIMC is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:

Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund
Calculation A	Calculation B
Management Fee is 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.*

* Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund.

** Based on the average net assets of the Fund whose fee is being calculated.

TempCash, MuniCash and MuniFund
Management Fee	.350% of the first $1 billion
	.300% of the next $1 billion
	.250% of the next $1 billion
	.200% of the next $1 billion
	.195% of the next $1 billion
	.190% of the next $1 billion
	.185% of the next $1 billion
	.180% of amounts in excess of $7 billion.

TempFund
Management Fee	.350% of the first $1 billion.
	.300% of the next $1 billion
	.250% of the next $1 billion
	.200% of the next $1 billion
	.195% of the next $1 billion
	.190% of the next $1 billion
	.180% of the next $1 billion
	.175% of the next $1 billion
	.170% of amounts in excess of $8 billion.
California Money Fund and New York Money Fund
Management Fee	.375% of the first $1 billion
	.350% of the next $1 billion
	.325% of the next $1 billion
	.300% of amounts in excess of $3 billion.

Until March 1, 2011, BIMC, as investment advisor and administrator, has contractually agreed to reduce its fees and reimburse expenses to ensure that the combined “Management Fees” and “Miscellaneous 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 and 0.20% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.

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, the Premier Choice Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier 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 BIMC, 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 Dollar, Cash Management, Cash Reserve, Administration, Select, Premier Choice, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of BIMC. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:

	Service Fee1		Distribution Fee1
Dollar	0.25	%	—
Cash Management	0.50	%	—
Cash Reserve	0.40	%	—
Administration	0.10	%	—
Select	0.50	%	0.35	%
Premier Choice	0.10	%	—
Private Client	0.50	%	0.35	%
Premier	0.50	%	0.10	%

(1) Due to certain contractual and voluntary waivers the above stated rates may be reduced.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 89

Notes to Financial Statements (continued)

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Dollar, Cash Management, Cash Reserve, Administration, Select, Premier Choice, Private Client and Premier shareholders.

In addition, BRIL has contractually agreed to waive service and distribution fees until March 1, 2011 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively.

BIMC and BRIL have also voluntarily agreed to waive a portion of their respective management, service and distribution fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of net investment income. These amounts are reported in the Statements of Operations as management fees waived and service and distribution fees waived — class specific. BIMC and BRIL may discontinue the voluntary waiver at any time.

For the six months ended April 30, 2010, the following tables show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers or reimbursements of those expenses.

Service and Distribution Fees			Share Classes
	Dollar		Cash Management		Cash Reserve		Administration		Select		Premier Choice	Private Client		Premier		Total
Federal Trust Fund	$	31,528	$	—	$	—	$	94	$	—	—	$	—	$	—	$	31,622
FedFund		915,831		53,461		6,881		37,633		705,652	—		150,372		240,775		2,110,605
TempCash		1,028,778		—		—		20,838		—	—		—		—		1,049,616
TempFund		3,762,083		2,413,600		72,222		930,044		3,247,022	—		121,764		512,360		11,059,095
T-Fund		464,395		648,487		—		18,760		959,470	—		—		301,078		2,392,190
Treasury Trust Fund		346,341		113,445		—		57,383		—	—		—		—		517,169
MuniCash		153,328		—		—		—		—	—		—		—		153,328
MuniFund		186,060		153,884		—		294,398		124,653	—		21,525		446,116		1,226,636
California Money Fund		28,431		12		—		1,420		154,599	—		21,276		17,119		222,857
New York Money Fund		1,271		15,918		—		6,332		17,391	—		29,607		6,176		76,695
Service and Distribution Fees Waived			Share Classes
	Dollar		Cash Management		Cash Reserve		Administration		Select		Premier Choice	Private Client		Premier		Total
Federal Trust Fund	$	31,273	$	—	$	—	$	89	$	—	—	$	—	$	—	$	31,362
FedFund		730,876		47,908		6,002		17,662		663,285	—		141,296		219,251		1,826,280
TempCash		380,941		—		—		—		—	—		—		—		380,941
TempFund		1,922,798		1,826,224		50,285		5,441		2,780,941	—		104,358		407,311		7,097,358
T-Fund		459,469		645,712		—		18,286		956,591	—		—		300,016		2,380,074
Treasury Trust Fund		346,339		113,445		—		57,383		—	—		—		—		517,167
MuniCash		47,192		—		—		—		—	—		—		—		47,192
MuniFund		91,719		114,939		—		15,952		106,466	—		18,342		352,585		700,003
California Money Fund		11,271		8		—		26		127,746	—		17,529		12,919		169,499
New York Money Fund		670		12,207		—		523		14,943	—		25,387		4,957		58,687

In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.

The Fund has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

Pursuant to the transfer agent agreement, PNCGIS serves as the transfer and dividend disbursing agent for the Funds. For its services, PNCGIS receives an annual fee of $1,750,000 for the first 40 share classes of the Trust plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.

The Funds may receive earnings credits related to cash balances in accounts maintained with PNCGIS which are included in the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse BIMC for compensation paid to the Trust’s Chief Compliance Officer.

90 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Notes to Financial Statements (continued)

3. Capital Loss Carryforward

As of October 31, 2009, capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

	Expiring October 31,
	2016		2017		Total
MuniFund	$	3,654	$	70,373	$	74,027

4. Concentration, Market and Credit Risk:

The California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risks, or the risk that an entity with which the Funds have unsettled or open transactions may default. The Fund manages counterparty risk by entering into transactions only with counterparties that it 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 credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets is generally approximated by their value as recorded in the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.

5. Capital Shares 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 sale of shares, reinvestment of dividends and cost of shares redeemed, respectively, since shares are redeemed at $1.00 per share.

Transactions in capital shares for each class were as follows:

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
Federal Trust Fund
Institutional
Shares sold	615,663,365		984,269,254
Shares issued in reinvestment of dividends and distributions	42,998		805,733
Total issued	615,706,363		985,074,987
Shares redeemed	(775,352,127	)	(925,203,681	)
Net increase (decrease)	(159,645,764	)	59,871,306
Dollar
Shares sold	54,523,164		287,760,996
Shares issued in reinvestment of dividends	4		—
Total issued	54,523,168		287,760,996
Shares redeemed	(56,711,742	)	(436,353,466	)
Net decrease	(2,188,574	)	(148,592,470	)
Administration
Shares sold	365,085		117,736	*
Shares issued in reinvestment of dividends and distributions	36		17	*
Total issued	365,121		117,753
Shares redeemed	(84,343	)	(18,466	)*
Net increase	280,778		99,287
FedFund
Institutional
Shares sold	55,598,718,969		110,693,447,799
Shares issued in reinvestment of dividends	1,918,085		31,925,180
Total issued	55,600,637,054		110,725,372,979
Shares redeemed	(58,507,653,864	)	(107,089,142,444	)
Net increase (decrease)	(2,907,016,810	)	3,636,230,535
Dollar
Shares sold	5,056,341,289		17,470,415,110
Shares issued in reinvestment of dividends	370		47,925
Total issued	5,056,341,659		17,470,463,035
Shares redeemed	(5,252,978,840	)	(17,840,859,830	)
Net decrease	(196,637,181	)	(370,396,795	)
Cash Management
Shares sold	1,901,259		2,055,257
Shares redeemed	(15,993,133	)	(481,136	)
Net increase (decrease)	(14,091,874	)	1,574,121

* Period ended October 31, 2009.

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 91

Notes to Financial Statements (continued)

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
FedFund (concluded)
Cash Reserve
Shares sold	723,982		25,924,161
Shares issued in reinvestment of dividends	139		7,271
Total issued	724,121		25,931,432
Shares redeemed	(2,532,264	)	(26,223,567	)
Net decrease	(1,808,143	)	(292,135	)
Administration
Shares sold	177,326,715		268,601,152
Shares issued in reinvestment of dividends	1,795		169,567
Total issued	177,328,510		268,770,719
Shares redeemed	(229,076,026	)	(291,906,738	)
Net decrease	(51,747,516	)	(23,136,019	)
Select
Shares sold	111,796,319		399,206,808
Shares issued in reinvestment of dividends	6,509		125,201
Total issued	111,802,828		399,332,009
Shares redeemed	(176,970,076	)	(384,393,842	)
Net increase (decrease)	(65,167,248	)	14,938,167
Premier Choice
Shares sold	—		2
Total issued	—		2
Shares redeemed	—		(2,303	)
Net decrease	—		(2,301	)
Private Client
Shares sold	9,509,911		64,539,423
Shares issued in reinvestment of dividends	1,381		132,974
Total issued	9,511,292		64,672,397
Shares redeemed	(24,896,096	)	(125,675,219	)
Net decrease	(15,384,804	)	(61,002,822	)
Premier
Shares sold	132,674,886		517,263,397
Shares issued in reinvestment of dividends	3,442		129,086
Total issued	132,678,328		517,392,483
Shares redeemed	(145,047,991	)	(522,852,942	)
Net decrease	(12,369,663	)	(5,460,459	)
TempCash
Institutional
Shares sold	29,212,530,537		78,439,530,022
Shares issued in reinvestment of dividends	2,633,851		30,630,738
Total issued	29,215,164,388		78,470,160,760
Shares redeemed	(30,527,966,152	)	(77,552,711,167	)
Net increase (decrease)	(1,312,801,764	)	917,449,593
Dollar
Shares sold	327,140,691		840,330,945
Shares issued in reinvestment of dividends	5,606		5,727,072
Total issued	327,146,297		846,058,017
Shares redeemed	(419,503,057	)	(978,591,665	)
Net decrease	(92,356,760	)	(132,533,648	)
Cash Management
Shares sold	—		478,587
Shares issued in reinvestment of dividends	—		294
Total issued	—		478,881
Shares redeemed	—		(553,753	)
Net decrease	—		(74,872	)
Administration
Shares sold	11,604,721		17,870,932
Shares issued in reinvestment of dividends	13,022		425,786
Total issued	11,617,743		18,296,718
Shares redeemed	(37,351,076	)	(17,688,963	)
Net increase (decrease)	(25,733,333	)	607,755
TempFund
Institutional
Shares sold	252,130,495,164		489,959,199,414
Shares issued in reinvestment of dividends	15,944,347		258,968,113
Total issued	252,146,439,511		490,218,167,527
Shares redeemed	(252,861,640,588	)	(475,299,852,929	)
Net increase (decrease)	(715,201,077	)	14,918,314,598
Dollar
Shares sold	19,947,942,150		54,879,841,800
Shares issued in reinvestment of dividends	621		1,414,566
Total issued	19,947,942,771		54,881,256,366
Shares redeemed	(21,172,727,030	)	(57,643,242,895	)
Net decrease	(1,224,784,259	)	(2,761,986,529	)

92 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Notes to Financial Statements (continued)

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
TempFund (concluded)
Cash Management
Shares sold	2,283,761,904		3,430,987,932
Shares issued in reinvestment of dividends	2,362		2,237,252
Total issued	2,283,764,266		3,433,225,184
Shares redeemed	(2,432,028,704	)	(3,753,010,052	)
Net decrease	(148,264,438	)	(319,784,868	)
Cash Reserve
Shares sold	24,523,711		11,243,844
Shares issued in reinvestment of dividends	127		23,600
Total issued	24,523,838		11,267,444
Shares redeemed	(6,491,094	)	(5,388,104	)
Net increase	18,032,744		5,879,340
Administration
Shares sold	774,634,588		3,705,268,799
Shares issued in reinvestment of dividends	40,482		3,274,869
Total issued	774,675,070		3,708,543,668
Shares redeemed	(1,054,287,440	)	(3,781,567,310	)
Net decrease	(279,612,370	)	(73,023,642	)
Select
Shares sold	252,114,987		469,598,919
Shares issued in reinvestment of dividends	3,327		2,910,051
Total issued	252,118,314		472,508,970
Shares redeemed	(399,408,186	)	(566,588,989	)
Net decrease	(147,289,872	)	(94,080,019	)
Premier Choice
Shares issued in reinvestment of dividends	—		4
Total issued	—		4
Shares redeemed	—		(2,038	)
Net decrease	—		(2,034	)
Private Client
Shares sold	15,932,865		60,671,469
Shares issued in reinvestment of dividends	123		592,933
Total issued	15,932,988		61,264,402
Shares redeemed	(19,547,800	)	(179,729,951	)
Net decrease	(3,614,812	)	(118,465,549	)
Premier
Shares sold	136,409,225		554,000,983
Shares issued in reinvestment of dividends	743		1,623,543
Total issued	136,409,968		555,624,526
Shares redeemed	(215,048,780	)	(673,850,919	)
Net decrease	(78,638,812	)	(118,226,393	)
T-Fund
Institutional
Shares sold	24,596,951,591		50,946,396,159
Shares issued in reinvestment of dividends and distributions	321,121		9,038,228
Total issued	24,597,272,712		50,955,434,387
Shares redeemed	(24,250,630,232	)	(63,625,498,901	)
Net increase (decrease)	346,642,480		(12,670,064,514	)
Dollar
Shares sold	1,907,603,949		3,799,231,462
Shares issued in reinvestment of dividends and distributions	871		8,790
Total issued	1,907,604,820		3,799,240,252
Shares redeemed	(1,847,798,312	)	(4,433,208,460	)
Net increase (decrease)	59,806,508		(633,968,208	)
Cash Management
Shares sold	610,227,218		947,483,646
Shares issued in reinvestment of dividends and distributions	1,391		3,152
Total issued	610,228,609		947,486,798
Shares redeemed	(840,950,371	)	(1,020,064,697	)
Net decrease	(230,721,762	)	(72,577,899	)
Administration
Shares sold	318,299,110		682,402,354
Shares issued in reinvestment of dividends and distributions	3,015		23,292
Total issued	318,302,125		682,425,646
Shares redeemed	(320,465,232	)	(688,080,568	)
Net decrease	(2,163,107	)	(5,654,922	)
Select
Shares sold	170,590,193		371,527,664
Shares issued in reinvestment of dividends and distributions	21,138		116,058
Total issued	170,611,331		371,643,722
Shares redeemed	(206,028,533	)	(357,326,821	)
Net increase (decrease)	(35,417,202	)	14,316,901

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 93

Notes to Financial Statements (continued)

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
T-Fund (concluded)
Premier Choice
Shares redeemed	—		(513	)
Net decrease	—		(513	)
Private Client
Shares sold	—		158,238
Shares issued in reinvestment of dividends and distributions	—		183
Total issued	—		158,421
Shares redeemed	(14	)	(618,754	)
Net decrease	(14	)	(460,333	)
Premier
Shares sold	85,433,923		402,518,353
Shares issued in reinvestment of dividends and distributions	9,530		85,761
Total issued	85,443,453		402,604,114
Shares redeemed	(110,934,657	)	(487,535,696	)
Net decrease	(25,491,204	)	(84,931,582	)
Treasury Trust Fund
Institutional
Shares sold	6,584,390,194		13,281,681,809
Shares issued in reinvestment of dividends and distributions	208,564		2,930,304
Total issued	6,584,598,758		13,284,612,113
Shares redeemed	(8,082,226,789	)	(15,723,328,803	)
Net decrease	(1,497,628,031	)	(2,438,716,690	)
Dollar
Shares sold	719,701,770		897,587,030
Shares issued in reinvestment of dividends and distributions	8,697		98,427
Total issued	719,710,467		897,685,457
Shares redeemed	(574,808,058	)	(1,423,051,001	)
Net increase (decrease)	144,902,409		(525,365,544	)
Cash Management
Shares sold	84,883,621		127,066,983
Shares issued in reinvestment of dividends and distributions	579		2,857
Total issued	84,884,200		127,069,840
Shares redeemed	(77,697,979	)	(193,989,105	)
Net increase (decrease)	7,186,221		(66,919,265	)
Administration
Shares sold	47,752,571		136,864,251
Shares issued in reinvestment of dividends and distributions	1,434		14,425
Total issued	47,754,005		136,878,676
Shares redeemed	(89,930,882	)	(233,404,331	)
Net decrease	(42,176,877	)	(96,525,655	)
MuniCash
Institutional
Shares sold	3,409,827,479		3,065,914,758
Shares issued in reinvestment of dividends	263,433		639,942
Total issued	3,410,090,912		3,066,554,700
Shares redeemed	(3,423,250,927	)	(2,644,524,179	)
Net increase (decrease)	(13,160,015	)	422,030,521
Dollar
Shares sold	290,109,162		476,869,570
Shares issued in reinvestment of dividends	157		429,142
Total issued	290,109,319		477,298,712
Shares redeemed	(321,005,625	)	(432,479,857	)
Net increase (decrease)	(30,896,306	)	44,818,855
MuniFund
Institutional
Shares sold	9,785,536,188		17,527,939,882
Shares issued in reinvestment of dividends	1,203,413		11,041,369
Total issued	9,786,739,601		17,538,981,251
Shares redeemed	(9,972,137,999	)	(16,140,356,236	)
Net increase (decrease)	(185,398,398	)	1,398,625,015
Dollar
Shares sold	409,299,638		1,487,407,112
Shares issued in reinvestment of dividends	—		5,028
Total issued	409,299,638		1,487,412,140
Shares redeemed	(454,328,242	)	(1,434,387,645	)
Net increase (decrease)	(45,028,604	)	53,024,495

94 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Notes to Financial Statements (continued)

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
MuniFund (concluded)
Cash Management
Shares sold	34,913,712		108,671,984
Shares issued in reinvestment of dividends	1		28,421
Total issued	34,913,713		108,700,405
Shares redeemed	(56,286,736	)	(165,465,429	)
Net decrease	(21,373,023	)	(56,765,024	)
Administration
Shares sold	534,525,040		1,123,800,795
Shares redeemed	(911,021,002	)	(903,681,284	)
Net increase (decrease)	(376,495,962	)	220,119,511
Select
Shares sold	36,650,715		73,763,803
Shares issued in reinvestment of dividends	5		24,380
Total issued	36,650,720		73,788,183
Shares redeemed	(43,030,109	)	(69,051,024	)
Net increase (decrease)	(6,379,389	)	4,737,159
Premier Choice
Shares issued in reinvestment of dividends	—		2
Shares redeemed	—		(2,322	)
Net decrease	—		(2,320	)
Private Client
Shares sold	1,419,872		49,879,124
Shares issued in reinvestment of dividends	1		57,468
Total issued	1,419,873		49,936,592
Shares redeemed	(1,838,673	)	(73,604,132	)
Net decrease	(418,800	)	(23,667,540	)
Premier
Shares sold	182,257,801		426,480,568
Shares issued in reinvestment of dividends	27		449,354
Total issued	182,257,828		426,929,922
Shares redeemed.	(185,523,522	)	(407,966,207	)
Net increase (decrease)	(3,265,694	)	18,963,715
California Money Fund
Institutional
Shares sold	819,114,070		3,224,218,705
Shares issued in reinvestment of dividends	66,975		334,966
Total issued	819,181,045		3,224,553,671
Shares redeemed	(912,924,541	)	(3,434,762,779	)
Net decrease	(93,743,496	)	(210,209,108	)
Dollar
Shares sold	53,740,495		168,729,228
Shares issued in reinvestment of dividends	59		12,362
Total issued	53,740,554		168,741,590
Shares redeemed	(48,874,964	)	(160,008,233	)
Net increase	4,865,590		8,733,357
Cash Management
Shares sold	3,219		64,946
Shares issued in reinvestment of dividends	—		25
Total issued	3,219		64,971
Shares redeemed	(9,541	)	(118,520	)
Net decrease	(6,322	)	(53,549	)
Administration
Shares sold	2,391,572		3,812,223
Shares redeemed	(2,867,478	)	(3,554,410	)
Net increase (decrease)	(475,906	)	257,813
Select
Shares sold	18,938,995		60,301,019
Shares issued in reinvestment of dividends	312		19,211
Total issued	18,939,307		60,320,230
Shares redeemed	(30,821,717	)	(62,986,485	)
Net decrease	(11,882,410	)	(2,666,255	)
Premier Choice
Shares issued in reinvestment of dividends	—		1
Total issued	—		1
Shares redeemed	—		(2,154	)
Net decrease	—		(2,153	)

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 95

Notes to Financial Statements (concluded)

	Six Months Ended April 30, 2010		Year Ended October 31, 2009
California Money Fund (concluded)
Private Client
Shares sold	1,352,696		25,376,726
Shares issued in reinvestment of dividends	40		18,344
Total issued	1,352,736		25,395,070
Shares redeemed	(2,166,492	)	(44,333,968	)
Net decrease	(813,756	)	(18,938,898	)
Premier
Shares sold	7,562,890		65,960,200
Shares issued in reinvestment of dividends	50		11,477
Total issued	7,562,940		65,971,677
Shares redeemed	(9,299,711	)	(73,405,255	)
Net decrease	(1,736,771	)	(7,433,578	)
New York Money Fund
Institutional
Shares sold	733,159,990		1,847,526,694
Shares issued in reinvestment of dividends	39,221		331,356
Total issued	733,199,211		1,847,858,050
Shares redeemed	(868,591,063	)	(1,878,324,045	)
Net decrease	(135,391,852	)	(30,465,995	)
Dollar
Shares sold	821,588		18,106,622
Shares issued in reinvestment of dividends	5		17,162
Total issued	821,593		18,123,784
Shares redeemed	(705,406	)	(22,273,230	)
Net increase (decrease)	116,187		(4,149,446	)
Cash Management
Shares sold	13,611,088		23,635,274
Shares redeemed	(16,946,851	)	(36,733,888	)
Net decrease	(3,335,763	)	(13,098,614	)
Administration
Shares sold	4,198,730		12,598,067
Shares redeemed	(4,177,206	)	(16,188,394	)
Net increase (decrease)	21,524		(3,590,327	)
Select
Shares sold	9,397,310		13,179,439
Shares issued in reinvestment of dividends	17		3,199
Total issued	9,397,327		13,182,638
Shares redeemed	(8,536,838	)	(14,843,480	)
Net increase (decrease)	860,489		(1,660,842	)
Premier Choice
Shares issued in reinvestment of dividends	—		2
Total issued	—		2
Shares redeemed	—		(2,257	)
Net decrease	—		(2,255	)
Private Client
Shares sold	2,687,025		24,383,220
Shares issued in reinvestment of dividends	34		16,171
Total issued	2,687,059		24,399,391
Shares redeemed	(2,158,730	)	(31,721,580	)
Net increase (decrease)	528,329		(7,322,189	)
Premier
Shares sold	2,059,822		10,419,285
Shares issued in reinvestment of dividends	12		4,053
Total issued	2,059,834		10,423,338
Shares redeemed	(2,510,734	)	(10,388,794	)
Net increase (decrease)	(450,900	)	34,544

6. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

96 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

Officers and Trustees

Ronald W. Forbes, Co-Chairman of the Board and Trustee

Rodney D. Johnson, Co-Chairman of the Board and Trustee

David O. Beim, Trustee

Dick S. Davis, Trustee

Henry Gabbay, Trustee

Dr. Matina Horner, Trustee

Herbert I. London, Trustee and Member of the Audit Committee

Cynthia A. Montgomery, Trustee

Joseph P. Platt, Jr., Trustee

Robert C. Robb, Jr., Trustee

Toby Rosenblatt, Trustee

Kenneth L. Urish, Chairman of the Audit Committee and Trustee

Frederick W. Winter, Trustee and Member of the Audit Committee

Anne F. Ackerley, President and Chief Executive Officer

Richard Hoerner, CFA, Vice President

Jeffrey Holland, CFA, Vice President

Brendan Kyne, Vice President

Simon Mendelson, Vice President

Brian Schmidt, Vice President

Christopher Stavrakos, CFA, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer

Howard B. Surloff, Secretary

Investment Advisor and Administrator

BlackRock Institutional Management Corporation

Wilmington, DE 19809

Sub-Administrator and Transfer Agent

PNC Global Investment Servicing (U.S.) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Custodian

PFPC Trust Company

Philadelphia, PA 19153

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Address of the Funds

100 Bellevue Parkway LLP

Wilmington, DE 19809

BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010 97

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Trust’s website or shareholders can sign up for
e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trust’s electronic delivery program.

Availability of Quarterly Portfolio Schedule

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained, upon request, by calling (800) 441-7762.

This report is submitted for the general information of the shareholders of the Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by effective prospectuses for each Fund of the Trust, which contain information concerning the investment policies of the Funds as well as other pertinent information. Statements and other information contained in this report are as dated and subject to change.

Availability of Proxy Voting Policies and Procedures

The Trust has delegated proxy voting responsibilities to BlackRock, subject to the general oversight of the Trust’s Board of Trustees. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s at website at http:// www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in each Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.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 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 inquiries or 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.

98 BLACKROCK LIQUIDITY FUNDS APRIL 30, 2010

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This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds’ current prospectus. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Fund. 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) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

BRLF-SA-001/2010

100

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 Registrants – Not Applicable
Item 6	–	Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7	–	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8	–	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9	–	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10	–	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11	–	Controls and Procedures
11(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 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
11(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 second fiscal quarter of 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	–	Exhibits attached hereto
		12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
		12(a)(2) – Certifications – Attached hereto
		12(a)(3) – Not Applicable
		12(b) – Certifications – Attached hereto

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/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer of
	BlackRock Liquidity Funds
Date: June 28, 2010

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/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds
Date: June 28, 2010
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Liquidity Funds
Date: June 28, 2010