N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-02354
 
Name of Fund:  BlackRock Liquidity Funds
BlackRock Liquid Federal Trust Fund
California
Money Fund
FedFund
MuniCash
New York
Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2023
 
Date of reporting period: 04/30/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
  
Not Applicable
April
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-
term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
8
Financial
Statements:
Schedules
of
Investments
...............................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
53
Statements
of
Operations
................................................................................................
58
Statements
of
Changes
in
Net
Assets
........................................................................................
60
Financial
Highlights
.....................................................................................................
65
Notes
to
Financial
Statements
...............................................................................................
120
Additional
Information
....................................................................................................
133
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
135
Money
Market
Overview
For
the
Six-Month
Period
Ended
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
During
the
six-month
period
ended
April
30,
2023,
over
the
course
of
four
meetings,
the
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”),
increased
the
range
of
the
Federal
Funds
target
rate
from
3.00%-3.25%
in
September
2022
to
4.75%-5.00%
in
March
2023.
The
Committee
said
it
“remains
highly
attentive
to
inflation
risks”
but
moderated
previous
guidance
for
its
rate
path,
in
our
view,
noting
it
“anticipates
that
some
additional
policy
firming
may
be
appropriate”
to
reduce
inflation
to
its
2%
objective.
In
contrast,
the
FOMC
had
previously
stated
that
“ongoing
increases
in
the
target
range
will
be
appropriate.”
The
FOMC
again
noted
it
will
continue
reducing
its
holdings
of
Treasury
securities,
agency
debt
and
agency
mortgage-backed
securities
as
delineated
in
its
Plans
for
Reducing
the
Size
of
the
Fed’s
Balance
Sheet
released
in
conjunction
with
the
May
4,
2022
FOMC
meeting.
The
median
federal
funds
rate
forecast
for
2023
contained
in
the
Summary
of
Economic
Projections
(“SEP”)
released
in
conjunction
with
the
FOMC
meeting
was
notably
unchanged
from
the
projection
of
5.10%
at
the
December
14,
2022
meeting.
The
SEP
for
March
2023
also
reflected
a
modestly
higher
core
inflation
forecast
and
a
slightly
lower
unemployment
rate
projection,
relative
to
the
December
2022
forecasts.
Core
inflation
is
projected
to
remain
above
the
FOMC’s
2.00%
objective
over
the
forecast
horizon.
U.S.
macroeconomic
data
showed
signs
of
continued
tightening
as
evidenced
by
the
unemployment
rate
holding
steady
at
3.4%
in
April
2023
(the
lowest
rate
since
May
1969).
In
Q4
2022
and
Q1
2023,
real
gross
domestic
product
increased
2.9%
and
1.1%,
reflecting
increases
in
both
consumer
and
government
spending.
Daily
utilization
of
the
Fed’s
Reverse
Repurchase
Program
(“RRP”)
facility
remains
elevated,
averaging
nearly
$2.0
trillion
in
2022
and
$2.3
trillion
for
April
2023.
On
December
30,
2023,
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
over
$2.55
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—
a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
ended
the
month
of
April
at
4.81%.
SOFR
has
averaged
4.57%
year-to-date
in
2023.
Industry-wide
institutional
money
market
mutual
funds
experienced
record-high
inflows
throughout
the
reporting
period,
averaging
$4.8
billion
in
assets
daily.
Government
Fund
assets
saw
the
biggest
increase
at
$436.8
billion,
while
Prime
Fund
assets
saw
inflows
of
over
$201
billion
throughout
the
reporting
period.
Portfolio
positioning
as
of
April
30,
2023
reflected
our
outlook
that
the
Fed
will
be
less
aggressive
in
tightening
policy
over
the
remainder
of
2023
and
may
soon
conclude
the
hiking
cycle.
With
portfolio
weighted
average
maturities
below
neutral,
the
Funds
remain
well
positioned
to
capitalize
on
additional
rate
hikes
and
subsequent
repricing.
The
allocation
to
floating-rate
securities
provides
a
hedge
against
rising
rates,
allowing
the
Fund
to
immediately
see
the
benefits
of
any
remaining
rate
hikes.
Portfolio
purchases
over
the
reporting
period
were
primarily
focused
on
U.S.
dollar
denominated
certificates
of
deposit
and
commercial
paper
with
floating
rate
coupons
indexed
to
the
SOFR
and
select
fixed-rate
securities.
Turning
to
short-term
municipal
bonds,
despite
peaking
at
$121.6
billion,
municipal
money
market
industry
assets
ended
the
reporting
period
at
$107.5
billion
in
assets,
down
$2.2
billion
versus
November
1,
2022
as
assets
were
volatile
throughout
the
period.
Variable
Rate
Demand
Note
(“VRDN”)
inventory
on
dealer
balance
sheets
was
also
volatile
with
swings
that
depended
on
the
level
of
attractiveness
versus
taxable
alternatives.
VRDN
inventory
ranged
from
a
low
of
$1
billion
to
a
high
of
$13
billion
and
averaged
$4.8
billion
with
their
yields
adjusting
rapidly
in
response
to
dealer
inventory
levels.
A
combination
of
Fed
rate
increases
in
the
Fed
Funds
Rate
target
range
and
VRDN
inventory
levels
contributed
to
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
VRDNs,
exhibiting
sharp
swings
throughout
the
period.
The
7-day
SIFMA
Index
started
the
period
at
2.24%
before
moving
higher
to
3.66%
on
December
31,
2022
amongst
heavy
VRDN
inventory.
However,
a
strong
amount
of
reinvestment
cash
from
bond
maturities
and
coupon
payments
in
January
2023
pushed
the
SIFMA
Index
to
a
period
low
of
1.66%
when
VRDN
inventory
levels
remained
extremely
light.
Due
to
the
strong
demand
for
VRDN
securities,
the
low
yields
caused
industry
outflows
until
VRDN
yields
moved
higher
throughout
the
month
of
February
2023.
In
March
2023,
fears
of
bank
stress
across
the
market
pushed
the
7-day
SIFMA
Index
to
the
period
high
of
4.35%
before
ultimately
ending
at
3.86%
following
the
April
2023
tax
season.
Along
with
a
large
variance
in
VRDN
yields,
commercial
paper
yields
varied
widely
throughout
the
period,
many
times
inverting
in
the
30
–
120-day
maturity
ranges
and
reflecting
a
wide
divergence
of
investor
views
on
the
future
policy
path
of
the
Fed.
The
funds
selectively
purchased
commercial
paper
at
times
when
a
yield
advantage
over
VRDNs
was
available
in
the
market.
Given
the
ongoing
Fed
hiking
cycle,
the
funds
were
guarded
with
respect
to
any
duration
risk
and
remained
extremely
selective
on
any
extension
trades
into
municipal
notes
and
bonds.
Municipal
note
and
municipal
bond
yield
levels
exhibited
large
movements
throughout
the
period.
The
1-year
Municipal
Market
Data
yield
which
represents
1-year
municipal
bonds
started
the
period
at
3.12%,
hit
a
low
of
2.27%,
and
ended
at
3.00%,
reflecting
the
level
of
volatility
in
front-end
municipal
rates.
Looking
ahead,
municipalities
are
currently
in
the
process
of
reviewing
their
2024
fiscal
budgets
and
assessing
their
operating
financing
needs.
As
state
and
local
governments
continue
to
enjoy
near-record
reserves
with
solid
revenue
growth,
municipal
note
issuance
is
expected
to
be
subdued
again
in
2023
as
ample
federal
aid
remains
available
in
reserves
to
offset
a
downturn.
Though
we
believe
that
the
peak
credit
cycle
for
state
and
local
governments
has
been
reached,
fundamentals
remain
sturdy.
With
uncertainty
surrounding
bank
stresses
in
the
market
as
well
as
the
Fed’s
resolve
in
bringing
down
inflation
levels
to
their
acceptable
level
of
2%,
our
municipal
money
market
funds
continue
to
maintain
high
levels
of
daily
and
weekly
liquidity.
In
addition,
we
continue
to
be
selective
with
respect
to
one-year
municipal
note
and
bond
purchases,
while
opportunistically
investing
in
commercial
paper
for
a
laddered
maturity
schedule.
Past
performance
is
no
guarantee
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
April
30,
2023
5
Fund
Information
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
Federal
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
FedFund
FedFund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
TempCash
TempCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.65‌
%
4.65‌
%
Administration
............................
4.55‌
4.55‌
Bancroft
Capital
...........................
4.65‌
4.65‌
Cabrera
Capital
Markets
.....................
4.65‌
4.65‌
Cash
Management
.........................
4.15‌
4.15‌
Dollar
..................................
4.40‌
4.40‌
Great
Pacific
.............................
4.65‌
4.65‌
Mischler
Financial
Group
.....................
4.65‌
4.65‌
Penserra
...............................
4.65‌
4.65‌
Stern
Brothers
............................
4.65‌
4.65‌
Tigress
.................................
4.65‌
4.65‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Government
Sponsored
Agency
Obligations
..............
85.9‌
%
U.S.
Treasury
Obligations
..............................
15.1‌
Liabilities
in
Excess
of
Other
Assets
.......................
(1.0‌)
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.75‌
%
4.75‌
%
Administration
............................
4.65‌
4.65‌
Capital
.................................
4.70‌
4.70‌
Cash
Management
.........................
4.25‌
4.25‌
Cash
Reserve
............................
4.35‌
4.35‌
Dollar
..................................
4.50‌
4.50‌
Mischler
Financial
Group
.....................
4.75‌
4.75‌
Premier
................................
4.75‌
4.75‌
Private
Client
............................
4.23‌
4.23‌
Select
.................................
3.92‌
3.92‌
Stern
Brothers
............................
4.74‌
4.74‌
Tigress
.................................
4.75‌
4.75‌
WestCap
...............................
4.75‌
4.75‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
79.4‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
13.3‌
U.S.
Treasury
Obligations
..............................
4.8‌
Other
Assets
Less
Liabilities
............................
2.5‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.83‌
%
4.83‌
%
Dollar
..................................
4.60‌
4.60‌
Great
Pacific
.............................
4.83‌
4.83‌
Premier
................................
4.84‌
4.84‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
45.8‌
%
Certificates
of
Deposit
.................................
19.7‌
Commercial
Paper
...................................
18.0‌
Time
Deposits
......................................
12.3‌
Municipal
Bonds
....................................
1.2‌
Corporate
Bonds
....................................
0.3‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.1‌
Other
Assets
Less
Liabilities
............................
2.6‌
Fund
Information
as
of
April
30,
2023
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
TempFund
TempFund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
T-Fund
T-Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
Treasury
Trust
Fund
Treasury
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.88‌
%
4.88‌
%
Administration
............................
4.78‌
4.78‌
Cabrera
Capital
Markets
.....................
4.88‌
4.88‌
Capital
.................................
4.83‌
4.83‌
Cash
Management
.........................
4.38‌
4.38‌
Cash
Reserve
............................
4.50‌
4.50‌
Dollar
..................................
4.63‌
4.63‌
Private
Client
............................
4.38‌
4.38‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
31.5‌
%
Certificates
of
Deposit
.................................
25.0‌
Commercial
Paper
...................................
16.8‌
Time
Deposits
......................................
15.9‌
Municipal
Bonds
....................................
4.1‌
Corporate
Bonds
....................................
0.6‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.1‌
Other
Assets
Less
Liabilities
............................
6.0‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.72‌
%
4.72‌
%
Administration
............................
4.62‌
4.62‌
Capital
.................................
4.67‌
4.67‌
Cash
Management
.........................
4.22‌
4.22‌
Cash
Reserve
............................
4.32‌
4.32‌
Dollar
..................................
4.47‌
4.47‌
Premier
................................
4.72‌
4.72‌
Select
.................................
3.89‌
3.89‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
91.9‌
%
U.S.
Treasury
Obligations
..............................
4.8‌
Other
Assets
Less
Liabilities
............................
3.3‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.52‌
%
4.55‌
%
Administration
............................
4.42‌
4.45‌
Capital
.................................
4.47‌
4.50‌
Cash
Management
.........................
4.02‌
4.05‌
Cash
Reserve
............................
4.12‌
4.15‌
Dollar
..................................
4.28‌
4.32‌
Select
.................................
3.69‌
3.72‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
101.8‌
%
Liabilities
in
Excess
of
Other
Assets
.......................
(1.8‌)
Fund
Information
as
of
April
30,
2023
(continued)
7
Fund
Information
MuniCash
MuniCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
exempt
from
federal
income
tax
as
is
consistent
with
liquidity
and
stability
of
principal.
California
Money
Fund
California
Money
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
that
is
exempt
from
federal
income
tax
and,
to
the
extent
possible,
from
California
State
personal
income
tax,
as
is
consistent
with
liquidity
and
stability
of
principal.
New
York
Money
Fund
New
York
Money
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
that
is
exempt
from
federal
income
tax
and,
to
the
extent
possible,
from
New
York
State
and
New
York
City
personal
income
taxes,
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.27‌
%
3.27‌
%
Dollar
..................................
3.02‌
3.02‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
80.1‌
%
Municipal
Bonds
....................................
19.2‌
Closed-End
Investment
Companies
.......................
1.3‌
Liabilities
in
Excess
of
Other
Assets
.......................
(0.6‌)
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
2.94‌
%
2.95‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
78.3‌
%
Municipal
Bonds
....................................
19.9‌
Closed-End
Investment
Companies
.......................
1.5‌
Other
Assets
Less
Liabilities
............................
0.3‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.34‌
%
3.34‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
97.1‌
%
Municipal
Bonds
....................................
2.0‌
Closed-End
Investment
Companies
.......................
0.9‌
Liabilities
in
Excess
of
Other
Assets
.......................
(0.0‌)
(a)
(a)
Represents
greater
than
(0.1)%
of
the
Fund's
net
assets.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Expense
Examples
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,020.20‌
$
0.85‌
$
1,000.00‌
$
1,023.95‌
$
0.85‌
0.17%
Administration
.............................
1,000.00‌
1,019.70‌
1.35‌
1,000.00‌
1,023.46‌
1.35‌
0.27
Bancroft
Capital
............................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Cabrera
Capital
Markets
......................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Cash
Management
..........................
1,000.00‌
1,017.70‌
3.35‌
1,000.00‌
1,021.47‌
3.36‌
0.67
Dollar
...................................
1,000.00‌
1,019.00‌
2.10‌
1,000.00‌
1,022.71‌
2.11‌
0.42
Great
Pacific
..............................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Mischler
Financial
Group
......................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Penserra
................................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Stern
Brothers
.............................
1,000.00‌
1,020.30‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Tigress
..................................
1,000.00‌
1,020.20‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
FedFund
Institutional
...............................
$
1,000.00‌
$
1,020.80‌
$
0.85‌
$
1,000.00‌
$
1,023.95‌
$
0.85‌
0.17%
Administration
.............................
1,000.00‌
1,020.30‌
1.35‌
1,000.00‌
1,023.46‌
1.35‌
0.27
Capital
..................................
1,000.00‌
1,020.60‌
1.05‌
1,000.00‌
1,023.75‌
1.05‌
0.21
Cash
Management
..........................
1,000.00‌
1,018.30‌
3.35‌
1,000.00‌
1,021.47‌
3.36‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,018.80‌
2.85‌
1,000.00‌
1,021.97‌
2.86‌
0.57
Dollar
...................................
1,000.00‌
1,019.50‌
2.10‌
1,000.00‌
1,022.71‌
2.11‌
0.42
Mischler
Financial
Group
......................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Premier
.................................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Private
Client
.............................
1,000.00‌
1,018.20‌
3.40‌
1,000.00‌
1,021.42‌
3.41‌
0.68
Select
..................................
1,000.00‌
1,016.60‌
5.00‌
1,000.00‌
1,019.84‌
5.01‌
1.00
Stern
Brothers
.............................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Tigress
..................................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
WestCap
................................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
TempCash
Institutional
...............................
$
1,000.00‌
$
1,022.20‌
$
0.90‌
$
1,000.00‌
$
1,023.90‌
$
0.90‌
0.18%
Dollar
...................................
1,000.00‌
1,020.90‌
2.15‌
1,000.00‌
1,022.66‌
2.16‌
0.43
Great
Pacific
..............................
1,000.00‌
1,012.4
0‌
0.49‌
1,000.00‌
1,023.90‌
0.90‌
0.18
Premier
.................................
1,000.00‌
1,022.30‌
0.90‌
1,000.00‌
1,023.90‌
0.90‌
0.18
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-
half
year
period
shown)
except
for
Great
Pacific
Shares
of
TempCash,
which
is
multiplied
by
98/365
(to
reflect
the
period
since
the
commencement
date
of
January
23,
2023
to
April
30,
2023).
Disclosure
of
Expenses
(continued)
9
Disclosure
of
Expenses
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
TempFund
Institutional
...............................
$
1,000.00‌
$
1,022.40‌
$
0.90‌
$
1,000.00‌
$
1,023.90‌
$
0.90‌
0.18%
Administration
.............................
1,000.00‌
1,022.00‌
1.40‌
1,000.00‌
1,023.41‌
1.40‌
0.28
Cabrera
Capital
Markets
......................
1,000.00‌
1,022.50‌
0.90‌
1,000.00‌
1,023.90‌
0.90‌
0.18
Capital
..................................
1,000.00‌
1,022.30‌
1.15‌
1,000.00‌
1,023.65‌
1.15‌
0.23
Cash
Management
..........................
1,000.00‌
1,020.00‌
3.41‌
1,000.00‌
1,021.42‌
3.41‌
0.68
Cash
Reserve
.............................
1,000.00‌
1,020.60‌
2.81‌
1,000.00‌
1,022.02‌
2.81‌
0.56
Dollar
...................................
1,000.00‌
1,021.30‌
2.16‌
1,000.00‌
1,022.66‌
2.16‌
0.43
Private
Client
.............................
1,000.00‌
1,020.00‌
3.41‌
1,000.00‌
1,021.42‌
3.41‌
0.68
T-Fund
Institutional
...............................
$
1,000.00‌
$
1,020.80‌
$
0.85‌
$
1,000.00‌
$
1,023.95‌
$
0.85‌
0.17%
Administration
.............................
1,000.00‌
1,020.30‌
1.35‌
1,000.00‌
1,023.46‌
1.35‌
0.27
Capital
..................................
1,000.00‌
1,020.50‌
1.10‌
1,000.00‌
1,023.70‌
1.10‌
0.22
Cash
Management
..........................
1,000.00‌
1,018.30‌
3.35‌
1,000.00‌
1,021.47‌
3.36‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,018.80‌
2.85‌
1,000.00‌
1,021.97‌
2.86‌
0.57
Dollar
...................................
1,000.00‌
1,019.50‌
2.10‌
1,000.00‌
1,022.71‌
2.11‌
0.42
Premier
.................................
1,000.00‌
1,020.80‌
0.85‌
1,000.00‌
1,023.95‌
0.85‌
0.17
Select
..................................
1,000.00‌
1,016.60‌
5.00‌
1,000.00‌
1,019.84‌
5.01‌
1.00
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,020.50‌
$
0.85‌
$
1,000.00‌
$
1,023.95‌
$
0.85‌
0.17%
Administration
.............................
1,000.00‌
1,020.00‌
1.35‌
1,000.00‌
1,023.46‌
1.35‌
0.27
Capital
..................................
1,000.00‌
1,020.20‌
1.10‌
1,000.00‌
1,023.70‌
1.10‌
0.22
Cash
Management
..........................
1,000.00‌
1,017.90‌
3.35‌
1,000.00‌
1,021.47‌
3.36‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,018.40‌
2.85‌
1,000.00‌
1,021.97‌
2.86‌
0.57
Dollar
...................................
1,000.00‌
1,019.30‌
1.95‌
1,000.00‌
1,022.86‌
1.96‌
0.39
Select
..................................
1,000.00‌
1,016.30‌
5.00‌
1,000.00‌
1,019.84‌
5.01‌
1.00
MuniCash
Institutional
...............................
$
1,000.00‌
$
1,012.00‌
$
1.00‌
$
1,000.00‌
$
1,023.80‌
$
1.00‌
0.20%
Dollar
...................................
1,000.00‌
1,010.80‌
2.24‌
1,000.00‌
1,022.56‌
2.26‌
0.45
California
Money
Fund
Institutional
...............................
$
1,000.00‌
$
1,009.80‌
$
1.00‌
$
1,000.00‌
$
1,023.80‌
$
1.00‌
0.20%
New
York
Money
Fund
Institutional
...............................
$
1,000.00‌
$
1,012.00‌
$
1.00‌
$
1,000.00‌
$
1,023.80‌
$
1.00‌
0.20%
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Expense
Examples
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Liquid
Federal
Trust
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
2.25%, 06/07/23
................
USD
8,695
$
8,694,928
Federal
Farm
Credit
Bank
Discount
Notes
(a)
3.46%
,
 05/10/23
.................
24,000
23,972,400
3.55%
,
 05/11/23
.................
125,000
124,842,361
3.89%
,
 05/17/23
.................
92,000
91,811,911
3.92%
,
 05/18/23
.................
112,880
112,632,667
4.06%
,
 05/23/23
.................
100,000
99,717,667
4.08%
,
 05/24/23
.................
125,000
124,627,049
4.12%
,
 05/26/23
.................
31,860
31,754,906
4.50%
,
 06/12/23
.................
63,790
63,440,218
4.52%
,
 06/15/23
.................
100,000
99,403,750
4.83%
,
 09/11/23
.................
12,370
12,141,499
4.82%
,
 10/06/23
.................
48,985
47,989,598
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-Day
SOFR
+
0.02%),
4.83%
,
 05/16/23
50,670
50,669,950
(1-Day
SOFR
+
0.03%),
4.84%
,
 07/25/23
19,570
19,569,862
(1-Day
SOFR
+
0.05%),
4.86%
,
 08/22/23
32,400
32,400,000
(1-Day
SOFR
+
0.05%),
4.85%
,
 10/16/23
40,940
40,940,000
(1-Day
SOFR
+
0.02%),
4.83%
,
 11/15/23
.
17,210
17,207,158
(1-Day
SOFR
+
0.06%),
4.87%
,
 11/22/23
.
72,970
72,970,000
(1-Day
SOFR
+
5.50%),
4.87%
,
 01/10/24
19,325
19,325,000
(1-Day
SOFR
+
0.05%),
4.86%
,
 05/09/24
22,355
22,355,000
(1-Day
SOFR
+
0.09%),
4.90%
,
 08/26/24
51,440
51,440,000
(1-Day
SOFR
+
0.17%),
4.98%
,
 01/23/25
28,245
28,245,000
Federal
Home
Loan
Bank
Bonds
0.13%
,
 06/02/23
.................
47,735
47,617,844
3.45%
,
 09/25/23
.................
34,955
34,952,172
5.45%
,
 03/08/24
.................
14,940
14,931,954
5.34%
,
 04/23/24
.................
78,495
78,495,000
5.35%
,
 04/24/24
.................
22,900
22,900,000
5.34%
,
 04/26/24
.................
15,635
15,635,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
4.55%
,
 05/01/23
.................
378,000
378,000,000
1.84%
,
 05/03/23
.................
35,775
35,765,948
3.55%
,
 05/11/23
.................
19,400
19,374,780
4.50%
,
 06/12/23
.................
100,000
99,449,333
4.58%
,
 06/26/23
.................
60,000
59,550,133
4.60%
,
 06/30/23
.................
25,000
24,799,583
4.69%
,
 07/05/23
.................
14,000
13,878,667
4.72%
,
 07/14/23
.................
156,750
155,224,417
4.75%
,
 07/25/23
.................
47,010
46,459,461
4.77%
,
 08/18/23
.................
35,500
34,977,618
4.78%
,
 08/25/23
.................
8,310
8,177,456
4.79%
,
 08/29/23
.................
12,725
12,520,552
4.82%
,
 09/01/23
.................
57,945
56,957,086
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
4.82%
,
 09/06/23
.................
USD
53,615
$
52,635,156
4.83%
,
 09/15/23
.................
96,020
94,196,607
4.84%
,
 09/22/23
.................
22,227
21,800,242
4.70%
,
 01/16/24
.................
9,145
8,837,880
4.65%
,
 02/06/24
.................
25,000
24,071,139
4.65%
,
 02/09/24
.................
45,000
43,303,100
4.53%
,
 03/08/24
.................
6,695
6,401,982
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-Day
SOFR
+
0.02%),
4.83%
,
 05/02/23
12,500
12,500,000
(1-Day
SOFR
+
0.04%),
4.85%
,
 05/02/23
59,400
59,400,030
(1-Day
SOFR
+
0.04%),
4.85%
,
 05/03/23
148,480
148,480,028
(1-Day
SOFR
+
0.07%),
4.88%
,
 05/08/23
71,485
71,485,671
(1-Day
SOFR
+
0.03%),
4.84%
,
 05/11/23
.
47,170
47,170,000
(1-Day
SOFR
+
0.03%),
4.84%
,
 05/17/23
80,000
80,000,000
(1-Day
SOFR
+
0.09%),
4.90%
,
 05/23/23
32,790
32,790,000
(1-Day
SOFR
+
0.02%),
4.83%
,
 05/26/23
50,000
50,000,000
(1-Day
SOFR
+
0.04%),
4.85%
,
 05/26/23
73,425
73,425,000
(1-Day
SOFR
+
0.09%),
4.90%
,
 09/08/23
60,000
60,000,000
(1-Day
SOFR
+
0.07%),
4.88%
,
 11/30/23
.
19,860
19,860,000
(1-Day
SOFR
+
0.08%),
4.89%
,
 01/24/24
25,000
25,000,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
85.9%
(Cost:
$3,287,174,763)
...........................
3,287,174,763
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
3.75%, 05/18/23
.................
120,000
119,774,750
3.74%, 05/30/23
.................
122,005
121,582,435
3.96%, 06/01/23
.................
50,000
49,796,347
4.98%, 08/08/23
.................
100,000
98,693,750
4.99%, 08/29/23
.................
79,000
77,700,834
U.S.
Treasury
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.12%, 01/31/24
.....
26,895
26,894,957
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
5.17%, 07/31/24
....
20,000
19,987,976
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.27%, 10/31/24
....
64,990
64,987,623
Total
U.S.
Treasury
Obligations
—
15.1%
(Cost:
$579,418,672)
.............................
579,418,672
Total
Investments
—
101.0%
(Cost:
$3,866,593,435
)
...........................
3,866,593,435
Liabilities
in
Excess
of
Other
Assets
—
(1.0)%
............
(37,307,576)
Net
Assets
—
100.0%
..............................
$
3,829,285,859
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Government
Sponsored
Agency
Obligations
...................
$
—
$
3,287,174,763
$
—
$
3,287,174,763
U.S.
Treasury
Obligations
...................................
—
579,418,672
—
579,418,672
$
—
$
3,866,593,435
$
—
$
3,866,593,435
2023
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
2.25%, 06/07/23
................
USD
255,440
$
255,437,881
Federal
Farm
Credit
Bank
Discount
Notes
(a)
4.08%
,
 05/24/23
.................
93,750
93,470,286
4.83%
,
 10/16/23
.................
91,205
89,225,852
4.81%
,
 11/13/23
.................
91,205
88,895,993
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-Day
SOFR
+
0.02%),
4.83%
,
 05/16/23
197,000
196,999,803
(1-Day
SOFR
+
0.04%),
4.84%
,
 07/12/23
135,720
135,718,643
(1-Day
SOFR
+
0.03%),
4.84%
,
 07/25/23
508,055
508,051,409
(1-Day
SOFR
+
5.50%),
4.87%
,
 01/10/24
190,355
190,355,000
(1-Day
SOFR
+
0.14%),
4.95%
,
 11/07/24
.
25,000
25,000,000
Federal
Home
Loan
Bank
Bonds
5.45%
,
 03/08/24
.................
402,755
402,538,108
5.40%
,
 03/27/24
.................
1,140,970
1,140,970,000
5.34%
,
 04/23/24
.................
2,363,730
2,363,730,000
5.35%
,
 04/24/24
.................
710,200
710,200,000
5.34%
,
 04/26/24
.................
473,225
473,225,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
4.55%
,
 05/01/23
.................
230,000
230,000,000
4.47%
,
 06/08/23
.................
143,700
142,968,886
4.69%
,
 07/05/23
.................
400
396,606
4.72%
,
 07/14/23
.................
204,815
202,768,898
4.75%
,
 07/25/23
.................
1,234,055
1,219,602,845
4.75%
,
 08/04/23
.................
256,210
253,022,819
4.78%
,
 08/25/23
.................
141,690
139,430,045
4.79%
,
 08/29/23
.................
396,955
390,577,256
4.83%
,
 09/15/23
.................
2,056,750
2,017,692,889
4.81%
,
 11/08/23
.................
250,000
243,739,444
4.70%
,
 01/16/24
.................
240,855
232,766,286
4.65%
,
 02/02/24
.................
419,870
404,750,481
4.65%
,
 02/09/24
.................
100,000
96,229,111
4.53%
,
 03/08/24
.................
185,305
177,194,818
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-Day
SOFR
+
0.02%),
4.83%
,
 05/02/23
299,980
299,980,000
(1-Day
SOFR
+
0.09%),
4.90%
,
 05/23/23
851,025
851,025,000
(1-Day
SOFR
+
0.05%),
4.86%
,
 06/02/23
100,000
100,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-Day
SOFR
+
0.06%),
4.87%
,
 07/03/23
USD
360,415
$
360,415,000
(1-Day
SOFR
+
0.05%),
4.86%
,
 07/18/23
750,000
750,000,000
(1-Day
SOFR
+
0.09%),
4.90%
,
 09/08/23
862,050
862,050,000
(1-Day
SOFR
+
0.07%),
4.88%
,
 09/25/23
355,695
355,695,000
(1-Day
SOFR
+
0.10%),
4.91%
,
 10/06/23
508,350
508,350,000
(1-Day
SOFR
+
0.07%),
4.88%
,
 11/27/23
.
215,000
215,000,000
(1-Day
SOFR
+
0.07%),
4.88%
,
 11/30/23
.
615,895
615,895,000
(1-Day
SOFR
+
0.08%),
4.89%
,
 01/24/24
891,965
891,965,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
13.3%
(Cost:
$18,235,333,359)
...........................
18,235,333,359
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
4.54%, 06/15/23
.................
19,000
18,933,500
4.75%, 04/18/24
.................
307,765
294,094,335
U.S.
Treasury
Notes
2.75%, 05/31/23
.................
75,000
75,035,293
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.12%, 01/31/24
(b)
....
1,323,095
1,323,093,685
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.06%, 04/30/24
(b)
....
402,705
402,414,045
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.27%, 10/31/24
(b)
...
805,730
805,825,742
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.33%, 01/31/25
(b)
...
650,000
650,245,899
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.30%, 04/30/25
(b)
...
3,034,455
3,034,447,962
Total
U.S.
Treasury
Obligations
—
4.8%
(Cost:
$6,604,090,461)
...........................
6,604,090,461
Total
Repurchase
Agreements
—
79.4%
(Cost:
$108,697,921,875)
..........................
108,697,921,875
Total
Investments
—
97.5%
(Cost:
$133,537,345,695
)
..........................
133,537,345,695
Other
Assets
Less
Liabilities
—
2.5%
...................
3,395,724,909
Net
Assets
—
100.0%
..............................
$
136,933,070,604
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
FedFund
Schedules
of
Investments
13
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.80
%
04/28/23
05/01/23
$
5,000
$
5,000
$
5,002,000
U.S.
Treasury
Obligation,
0.13%,
due
07/15/31
.........
$
4,961,800
$
5,100,047
4.80
(a)
04/28/23
05/01/23
50,000
50,000
50,020,000
U.S.
Treasury
Obligations,
0.00%,
due
02/15/27
to
08/15/38
76,165,208
51,000,000
4.80
04/28/23
05/01/23
100,000
100,000
100,040,000
U.S.
Treasury
Obligations,
2.88%
to
4.75%,
due
02/15/37
to
11/15/48
.........
107,910,200
102,000,064
4.82
04/28/23
05/01/23
2,000
2,000
2,000,803
U.S.
Treasury
Obligation,
2.25%,
due
11/15/25
.........
2,101,000
2,040,015
$
–
$
–
$
157,000
$
160,140,126
$
–
$
–
Bank
of
Montreal
....
4.78
04/28/23
05/01/23
25,000
25,000
25,009,958
U.S.
Treasury
Obligation,
0.00%,
due
10/12/23
.........
26,089,100
25,500,008
4.80
04/28/23
05/01/23
325,000
325,000
325,130,000
U.S.
Government
Sponsored
Agency
Obligations,
4.50%
to
5.50%,
due
08/01/52
to
04/01/53
.........
341,841,913
334,750,001
4.87
04/27/23
05/04/23
12,000
12,000
12,011,363
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
4.00%,
due
07/20/47
to
05/20/50
.........
13,667,944
12,240,001
4.91
03/23/23
05/10/23
75,000
75,000
75,491,000
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.50%,
due
02/20/47
to
02/20/63
.........
89,488,894
76,500,001
$
–
$
–
$
437,000
$
448,990,011
$
–
$
–
Bank
of
Nova
Scotia
(The)
..........
4.76
04/28/23
05/01/23
293,000
293,000
293,116,223
U.S.
Treasury
Obligations,
0.13%
to
4.38%,
due
01/15/26
to
11/15/52
.........
327,160,822
298,978,548
$
–
$
–
Barclays
Bank
plc
...
4.80
04/28/23
05/01/23
950,000
950,000
950,380,000
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
5.59%,
due
07/25/25
to
12/25/54
.........
10,661,794,233
998,583,546
4.80
04/28/23
05/01/23
1,750,000
1,750,000
1,750,700,000
U.S.
Treasury
Obligations,
0.63%
to
3.63%,
due
10/15/24
to
02/15/51
.........
2,154,931,000
1,785,000,068
4.80
04/28/23
05/01/23
5,000
5,000
5,002,000
U.S.
Treasury
Obligation,
4.63%,
due
02/15/40
.........
4,478,700
5,100,003
4.89
(b)
04/28/23
05/08/23
200,000
200,000
200,271,667
U.S.
Government
Sponsored
Agency
Obligations,
4.19%
to
15.36%,
due
02/25/25
to
04/01/53
.......
353,005,869
206,876,044
$
–
$
–
$
2,905,000
$
2,995,559,661
$
–
$
–
Barclays
Capital,
Inc.
.
4.75
04/28/23
05/01/23
130,000
130,000
130,051,458
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
137,206,200
132,600,043
2023
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
14
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.96
%
(b)
04/28/23
06/05/23
$
799,000
$
799,000
$
803,183,209
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
19.86%,
due
07/25/25
to
03/25/56
.......
$
2,967,682,314
$
856,553,540
$
–
$
–
$
929,000
$
989,153,583
$
–
$
–
BMO
Capital
Markets
Corp.
..........
4.80
04/28/23
05/01/23
30,000
30,000
30,012,000
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
5.00%,
due
05/15/23
to
08/15/64
.........
53,668,594
30,817,580
4.87
04/27/23
05/04/23
100,000
100,000
100,094,694
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
5.00%,
due
02/25/37
to
11/20/72
.........
1,319,670,145
104,837,487
$
–
$
–
$
130,000
$
135,655,067
$
–
$
–
BNP
Paribas
SA
....
4.79
04/28/23
05/01/23
665,000
665,000
665,265,446
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
06/30/26
to
05/15/47
.........
788,415,485
678,300,000
4.80
04/28/23
05/01/23
402,000
402,000
402,160,800
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
03/01/24
to
10/15/62
1,407,201,898
418,206,564
4.88
(b)
04/28/23
05/08/23
400,000
400,000
400,542,222
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
10.50%,
due
07/15/25
to
01/20/71
9,975,810,578
418,656,630
5.00
(b)
04/28/23
06/05/23
300,000
300,000
301,583,333
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
02/29/24
to
11/25/59
.
12,267,522,715
314,059,534
$
–
$
–
$
1,767,000
$
1,829,222,728
$
–
$
–
Citibank
NA
........
4.79
04/28/23
05/01/23
150,000
150,000
150,059,875
U.S.
Treasury
Obligations,
0.13%
to
7.63%,
due
11/30/24
to
08/15/51
.........
148,262,310
153,000,567
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.79
04/28/23
05/01/23
335,000
335,000
335,133,721
U.S.
Treasury
Obligations,
1.38%
to
3.75%,
due
04/15/26
to
08/15/32
.........
349,710,500
341,700,029
4.79
(a)
04/28/23
05/01/23
160,000
160,000
160,063,867
U.S.
Treasury
Obligations,
1.00%
to
2.13%,
due
02/29/24
to
07/31/28
.........
170,420,761
163,200,006
4.81
04/28/23
05/01/23
5,000
5,000
5,002,004
U.S.
Treasury
Obligation,
0.50%,
due
03/31/25
.........
5,462,700
5,100,056
4.81
04/28/23
05/01/23
1,750,000
1,750,000
1,750,701,458
U.S.
Treasury
Obligations,
0.13%
to
1.13%,
due
07/15/25
to
01/15/33
.........
1,632,920,000
1,785,000,100
FedFund
Schedules
of
Investments
15
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.81
%
04/27/23
05/04/23
$
500,000
$
500,000
$
500,467,639
U.S.
Treasury
Obligations,
2.00%
to
4.00%,
due
02/15/25
to
02/29/28
.........
$
516,029,400
$
510,000,063
4.89
(b)
04/28/23
05/01/23
500,000
500,000
500,203,750
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
07/16/28
to
03/20/73
.........
20,047,214,671
553,562,051
$
–
$
–
$
3,250,000
$
3,358,562,305
$
–
$
–
Credit
Agricole
Corporate
&
Investment
Bank
SA
4.78
(a)
04/28/23
05/01/23
600,000
600,000
600,239,000
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
01/15/25
to
02/15/53
.........
643,958,175
612,000,008
4.78
04/28/23
05/01/23
185,000
185,000
185,073,692
U.S.
Treasury
Obligations,
1.63%
to
2.88%,
due
04/30/25
to
05/15/26
.........
196,123,400
188,700,059
$
–
$
–
$
785,000
$
800,700,067
$
–
$
–
Deutsche
Bank
AG
...
4.79
04/28/23
05/01/23
50,000
50,000
50,019,958
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
08/31/23
to
11/15/51
(c)
........
49,645,300
49,985,449
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
4.80
04/28/23
05/01/23
62,400,000
62,400,000
62,424,960,000
U.S.
Treasury
Obligations,
0.13%
to
4.63%,
due
08/15/23
to
05/15/40
.........
56,088,387,866
62,424,960,063
$
–
$
–
Fixed
Income
Clearing
Corporation
.....
4.80
04/28/23
05/01/23
500,000
500,000
500,200,000
U.S.
Treasury
Obligations,
4.80%,
due
05/01/23
.........
518,302,100
510,000,024
4.80
04/28/23
05/01/23
4,000,000
4,000,000
4,001,600,000
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
05/15/24
to
08/15/50
.........
4,425,352,600
4,080,000,043
4.80
04/28/23
05/01/23
3,000,000
3,000,000
3,001,200,000
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.38%
to
8.00%,
due
03/31/25
to
01/01/60
5,727,896,612
3,089,924,052
4.80
04/28/23
05/01/23
500,000
500,000
500,200,000
U.S.
Treasury
Obligation,
2.88%,
due
05/15/32
.........
529,862,000
510,000,050
4.82
04/28/23
05/01/23
441,000
441,000
441,177,135
U.S.
Treasury
Obligation,
4.25%,
due
11/15/40
.........
414,000,000
449,996,415
4.82
04/28/23
05/01/23
5,000,000
5,000,000
5,002,008,333
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
05/15/23
to
02/15/53
.........
5,558,438,670
5,100,000,001
4.82
04/28/23
05/01/23
5,000,000
5,000,000
5,002,008,333
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/31/23
to
02/15/50
.........
5,259,186,700
5,100,000,008
4.82
04/28/23
05/01/23
604,500
604,500
604,742,808
U.S.
Treasury
Obligation,
0.38%,
due
07/15/23
.........
477,000,000
616,832,087
4.82
04/28/23
05/01/23
454,500
454,500
454,682,558
U.S.
Treasury
Obligation,
1.63%,
due
10/15/27
.........
450,000,000
463,772,557
$
–
$
–
$
19,500,000
$
19,920,525,237
$
–
$
–
2023
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
16
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Goldman
Sachs
&
Co.
LLC
...........
4.78
%
04/28/23
05/01/23
$
30,000
$
30,000
$
30,011,950
U.S.
Treasury
Obligations,
0.88%
to
1.25%,
due
06/30/26
to
06/30/28
.........
$
33,457,000
$
30,600,047
4.80
04/28/23
05/01/23
710,000
710,000
710,284,000
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.50%,
due
01/15/26
to
07/15/64
.........
823,129,291
724,200,000
4.87
(b)
04/28/23
06/05/23
1,114,500
1,114,500
1,120,229,149
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
9.86%,
due
08/25/23
to
05/16/61
.........
5,344,855,637
1,170,225,000
$
–
$
–
$
1,854,500
$
1,925,025,047
$
–
$
–
HSBC
Securities
USA,
Inc.
...........
4.80
(d)
04/28/23
05/01/23
286,000
286,000
286,114,400
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
05/04/23
to
09/15/57
635,343,668
292,351,514
4.80
04/28/23
05/01/23
96,000
96,000
96,038,400
U.S.
Treasury
Obligation,
0.00%,
due
06/06/23
.........
98,388,400
97,920,071
4.81
(b)
04/28/23
05/08/23
350,000
350,000
350,467,639
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
03/15/24
to
11/15/57
.
619,701,971
357,921,954
$
–
$
–
$
732,000
$
748,193,539
$
–
$
–
ING
Financial
Markets
LLC
...........
4.80
04/28/23
05/01/23
100,000
100,000
100,040,000
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.00%,
due
02/01/34
to
01/01/57
.........
272,563,469
102,993,483
4.80
04/28/23
05/01/23
25,000
25,000
25,010,000
U.S.
Treasury
Obligations,
0.13%
to
4.25%,
due
10/15/25
to
11/15/51
.........
42,126,600
25,500,010
$
–
$
–
$
125,000
$
128,493,493
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.79
04/28/23
05/01/23
46,000
46,000
46,018,362
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
06/13/23
to
11/15/51
.........
46,315,000
46,920,019
4.80
04/28/23
05/01/23
444,000
444,000
444,177,600
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.00%,
due
09/20/28
to
05/15/63
.........
516,323,940
452,880,001
4.82
(b)
04/28/23
05/08/23
1,500,000
1,500,000
1,502,008,333
U.S.
Treasury
Obligations,
1.13%
to
6.75%,
due
08/15/26
to
02/15/51
.........
1,935,022,200
1,530,000,016
4.84
(b)
04/28/23
05/08/23
126,500
126,500
126,670,072
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.32%,
due
04/25/25
to
07/16/64
.........
1,337,478,289
132,825,001
FedFund
Schedules
of
Investments
17
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.84
%
(b)
04/28/23
05/08/23
$
1,000,000
$
1,000,000
$
1,001,344,444
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.50%,
due
11/20/33
to
04/20/63
.........
$
1,592,239,690
$
1,020,000,001
$
–
$
–
$
3,116,500
$
3,182,625,038
$
–
$
–
Mizuho
Securities
USA
LLC
...........
4.80
04/28/23
05/01/23
50,500
50,500
50,520,200
U.S.
Treasury
Obligation,
3.50%,
due
02/15/33
.........
51,281,300
51,510,083
4.95
(b)
04/28/23
06/05/23
1,000,000
1,000,000
1,005,225,000
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
10.88%,
due
03/25/25
to
03/16/63
.......
4,942,364,200
1,050,000,000
$
–
$
–
$
1,050,500
$
1,101,510,083
$
–
$
–
Morgan
Stanley
&
Co.
LLC
...........
4.80
04/28/23
05/01/23
1,894,000
1,894,000
1,894,757,600
U.S.
Government
Sponsored
Agency
Obligations,
1.47%
to
6.50%,
due
12/01/23
to
01/01/59
.........
2,267,695,306
1,950,820,000
$
–
$
–
MUFG
Securities
Americas,
Inc.
....
4.79
04/28/23
05/01/23
75,000
75,000
75,029,938
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
03/21/24
to
08/15/52
.........
90,816,200
76,500,001
4.80
04/28/23
05/01/23
510,000
510,000
510,204,000
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
01/15/24
to
07/25/56
.........
8,035,062,338
531,254,709
$
–
$
–
$
585,000
$
607,754,710
$
–
$
–
Natixis
SA
.........
4.78
04/28/23
05/01/23
80,000
80,000
80,031,867
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
02/28/26
to
02/15/53
.........
92,575,200
81,600,011
4.80
04/28/23
05/01/23
800,000
800,000
800,320,000
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
07/31/23
to
08/01/56
899,711,375
816,697,594
$
–
$
–
$
880,000
$
898,297,605
$
–
$
–
Nomura
Securities
International,
Inc.
..
4.80
04/28/23
05/01/23
195,000
195,000
195,078,000
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
9.00%,
due
08/01/23
to
04/01/53
.........
329,901,233
200,850,000
$
–
$
–
Prudential
Insurance
Co.
of
America
......
4.81
04/28/23
05/01/23
39,063
39,063
39,078,158
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000
39,859,658
4.81
04/28/23
05/01/23
159,981
159,981
160,044,751
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
358,500,000
163,242,571
4.81
04/28/23
05/01/23
21,656
21,656
21,664,931
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000
22,097,881
4.81
04/28/23
05/01/23
19,338
19,338
19,345,251
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000
19,732,171
2023
BlackRock
Semi-Annual
Report
to
Shareholders
FedFund
18
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.81
%
04/28/23
05/01/23
$
5,325
$
5,325
$
5,327,134
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
$
10,000,000
$
5,433,634
4.81
04/28/23
05/01/23
37,500
37,500
37,515,031
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
60,000,000
38,265,031
4.81
04/28/23
05/01/23
22,425
22,425
22,433,989
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000
22,882,489
4.81
04/28/23
05/01/23
51,525
51,525
51,545,653
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
60,000,000
52,576,453
4.81
04/28/23
05/01/23
23,713
23,713
23,722,005
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000
24,196,255
4.81
04/28/23
05/01/23
118,788
118,788
118,835,114
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000
121,210,864
4.81
04/28/23
05/01/23
42,750
42,750
42,767,136
U.S.
Treasury
Obligation,
3.00%,
due
08/15/52
.........
50,000,000
43,622,136
4.81
04/28/23
05/01/23
26,750
26,747
26,760,722
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
27,295,722
4.81
04/28/23
05/01/23
19,263
19,263
19,270,221
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000
19,655,471
4.81
04/28/23
05/01/23
38,250
38,250
38,265,332
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000
39,030,332
4.81
04/28/23
05/01/23
55,778
55,778
55,799,858
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000
56,915,407
4.81
04/28/23
05/01/23
53,320
53,320
53,341,372
U.S.
Treasury
Obligation,
0.00%,
due
11/15/26
.........
62,000,000
54,407,772
$
–
$
–
$
735,422
$
750,423,847
$
–
$
–
Royal
Bank
of
Canada
4.78
04/28/23
05/01/23
192,000
192,000
192,076,480
U.S.
Treasury
Obligations,
0.63%
to
6.50%,
due
05/31/26
to
05/15/30
.........
206,125,600
195,840,084
4.80
04/28/23
05/01/23
2,300,000
2,300,000
2,300,920,000
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
9.00%,
due
05/04/23
to
06/20/69
30,602,355,763
2,363,210,439
$
–
$
–
$
2,492,000
$
2,559,050,523
$
–
$
–
Societe
Generale
SA
.
4.78
04/28/23
05/01/23
450,000
450,000
450,179,250
U.S.
Treasury
Obligations,
4.13%,
due
01/31/25
to
09/30/27
454,245,900
459,000,005
$
–
$
–
TD
Securities
USA
LLC
4.79
04/28/23
05/01/23
80,000
80,000
80,031,933
U.S.
Treasury
Obligations,
1.38%
to
4.25%,
due
10/15/25
to
10/31/28
.........
82,315,000
81,600,081
4.80
04/28/23
05/01/23
5,000
5,000
5,002,000
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
08/20/51
.........
6,940,414
5,100,000
FedFund
Schedules
of
Investments
19
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.80
%
04/28/23
05/01/23
$
50,000
$
50,000
$
50,020,000
U.S.
Government
Sponsored
Agency
Obligations,
5.00%,
due
08/20/52
to
09/20/52
$
52,226,567
$
51,000,000
$
–
$
–
$
135,000
$
137,700,081
$
–
$
–
Wells
Fargo
Securities
LLC
...........
4.79
(a)
04/28/23
05/01/23
500,000
500,000
500,199,583
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
05/31/23
to
02/15/31
.........
585,609,432
510,000,013
4.79
04/28/23
05/01/23
100,000
100,000
100,039,917
U.S.
Treasury
Obligations,
0.88%
to
1.88%,
due
01/15/29
to
02/15/41
.........
128,768,600
102,000,061
4.81
04/28/23
05/01/23
1,100,000
1,100,000
1,100,440,917
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
09/01/25
to
09/01/57
.........
1,312,175,688
1,133,000,000
$
–
$
–
$
1,700,000
$
1,745,000,074
$
–
$
–
$
108,697,922
$
109,960,177,457
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Includes
$994,657
of
cash
collateral
received.
(d)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
108,697,921,875
$
—
$
108,697,921,875
U.S.
Government
Sponsored
Agency
Obligations
...................
—
18,235,333,359
—
18,235,333,359
U.S.
Treasury
Obligations
...................................
—
6,604,090,461
—
6,604,090,461
$
—
$
133,537,345,695
$
—
$
133,537,345,695
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
2.3%
Bank
of
America
Corp.,
4.90%, 05/04/23
...
USD
95,000
$
95,000,011
Bank
of
America
NA
5.25%, 01/31/24
.................
50,000
49,922,074
5.44%, 02/06/24
.................
28,961
28,938,949
Citibank
NA
3.82%, 07/03/23
.................
12,000
11,967,438
4.16%, 08/25/23
.................
12,000
11,942,024
(1-Day
SOFR
+
0.62%),
5.42%, 09/21/23
(a)
20,000
20,020,596
Wells
Fargo
Bank
NA,
(1-Day
SOFR
+
0.50%),
5.31%, 01/22/24
(a)
................
63,250
63,250,662
281,041,754
Euro
—
0.7%
Rabobank
International,
London,
5.01%, 06/01/23
(b)
................
90,000
89,595,891
Yankee
—
16.7%
(c)
Bank
of
Montreal,
Chicago
4.84%, 05/03/23
.................
30,000
29,999,916
(1-Day
SOFR
+
0.50%),
5.31%, 05/05/23
(a)
14,000
14,000,958
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
(a)
12,000
12,009,252
Bank
of
Nova
Scotia
(The),
Houston
(a)
(1-Day
SOFR
+
0.50%),
5.31%, 05/05/23
26,750
26,752,052
(1-Day
SOFR
+
0.51%),
5.32%, 07/10/23
40,000
40,023,503
(1-Day
SOFR
+
0.49%),
5.30%, 01/26/24
28,000
27,996,792
BNP
Paribas
SA,
New
York
4.12%, 09/06/23
.................
11,000
10,945,744
5.25%, 01/31/24
.................
50,000
49,934,343
(1-Day
SOFR
+
0.63%),
5.44%, 02/05/24
(a)
32,550
32,585,613
Canadian
Imperial
Bank
of
Commerce,
New
York
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
(a)
25,000
25,025,985
(1-Day
SOFR
+
0.75%),
5.56%, 07/21/23
(a)
7,800
7,812,765
4.65%, 09/14/23
.................
25,000
24,926,954
(1-Day
SOFR
+
0.54%),
5.35%, 01/18/24
(a)
50,000
50,022,520
5.23%, 02/02/24
.................
25,000
24,955,079
5.60%, 03/04/24
.................
40,250
40,307,020
Commonwealth
Bank
of
Australia,
New
York,
(1-Day
SOFR
+
0.40%),
5.21%, 05/12/23
(a)
50,000
50,005,621
Cooperatieve
Rabobank
UA,
New
York
(1-Day
SOFR
+
0.42%),
5.23%, 06/12/23
(a)
50,000
50,016,570
4.15%, 09/06/23
.................
13,000
12,935,829
Credit
Industriel
et
Commercial,
New
York,
(1-Day
SOFR
+
0.49%),
5.30%, 07/10/23
(a)
45,000
45,023,813
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
(a)
(1-Day
SOFR
+
0.57%),
5.38%, 06/20/23
45,500
45,524,277
(1-Day
SOFR
+
0.14%),
4.95%, 07/10/23
120,000
119,973,181
Mizuho
Bank
Ltd.,
New
York,
(1-Day
SOFR
+
0.40%),
5.20%, 08/17/23
(a)
..........
63,000
63,010,883
Natixis
SA,
New
York,
5.22%, 10/13/23
....
43,000
42,947,484
Nordea
Bank
Abp,
New
York
(1-Day
SOFR
+
0.52%),
5.32%, 05/12/23
(a)
45,000
45,006,414
(1-Day
SOFR
+
0.49%),
5.30%, 05/24/23
(a)
45,000
45,011,676
5.03%, 08/17/23
.................
44,505
44,470,410
(1-Day
SOFR
+
0.45%),
5.26%, 01/18/24
(a)
47,000
47,008,577
5.15%, 02/02/24
.................
34,000
33,912,006
(1-Day
SOFR
+
0.27%),
5.08%, 02/16/24
(a)
31,650
31,601,389
Royal
Bank
of
Canada,
New
York
(a)
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
14,000
14,010,794
(1-Day
SOFR
+
0.80%),
5.61%, 10/19/23
14,000
14,030,483
Skandinaviska
Enskilda
Banken
AB,
New
York,
(1-Day
SOFR
+
0.25%),
5.05%, 03/04/24
(a)
20,000
19,956,526
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Standard
Chartered
Bank,
New
York
(1-Day
SOFR
+
0.55%),
5.36%, 05/04/23
(a)
USD
16,000
$
16,001,182
5.21%, 10/31/23
.................
60,500
60,405,865
5.63%, 03/01/24
.................
35,000
35,041,402
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-Day
SOFR
+
0.60%),
5.41%, 05/03/23
20,000
20,001,281
(1-Day
SOFR
+
0.31%),
5.12%, 08/11/23
.
92,780
92,781,335
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
4.80%, 05/18/23
.................
90,000
89,993,152
5.00%, 06/16/23
.................
80,000
79,987,359
(1-Day
SOFR
+
0.31%),
5.12%, 08/08/23
(a)
60,000
60,000,564
(1-Day
SOFR
+
0.18%),
4.99%, 08/25/23
(a)
63,000
62,969,262
Svenska
Handelsbanken
AB,
New
York
(a)
(1-Day
SOFR
+
0.55%),
5.35%, 05/19/23
-
04/29/24
....................
79,000
78,994,209
(1-Day
SOFR
+
0.66%),
5.46%, 07/03/23
23,000
23,019,528
Toronto-Dominion
Bank,
New
York
(1-Day
SOFR
+
0.70%),
5.51%, 05/01/23
(a)
30,000
30,001,347
2.80%, 05/08/23
.................
10,000
9,993,871
5.35%, 06/02/23
(a)
................
13,000
13,003,798
5.46%, 07/05/23
(a)
................
16,535
16,549,559
4.12%, 08/28/23
.................
22,000
21,898,570
4.35%, 09/13/23
.................
25,000
24,888,216
5.27%, 01/24/24
.................
60,000
59,903,324
5.30%, 01/29/24
(a)
................
37,000
36,996,532
Westpac
Banking
Corp.,
New
York,
(1-Day
SOFR
+
0.45%),
5.26%, 07/13/23
(a)
....
61,400
61,429,061
2,035,603,846
Total
Certificates
of
Deposit
—
19.7%
(Cost:
$2,407,067,102)
...........................
2,406,241,491
Commercial
Paper
ABN
AMRO
Funding
USA
LLC,
5.07%
,
05/22/23
(b)
.....................
84,000
83,720,896
Antalis
SA,
5.36%
,
08/01/23
(b)
..........
30,750
30,326,987
Atlantic
Asset
Securitization
LLC,
5.22%
,
06/15/23
(b)
.....................
13,000
12,911,323
Bank
of
Montreal
2.80%,
05/12/23
.................
15,000
14,987,456
(1-Day
SOFR
+
0.55%),
5.36%,
06/06/23
(a)
15,000
15,004,715
Bank
of
Nova
Scotia
(The)
(a)
(1-Day
SOFR
+
0.66%),
5.47%,
08/18/23
27,000
27,030,798
(1-Day
SOFR
+
0.36%),
5.17%,
10/23/23
(d)
85,250
85,250,496
(1-Day
SOFR
+
0.50%),
5.31%,
11/06/23
16,500
16,508,252
Barclays
Bank
plc
(b)
4.91%,
05/01/23
.................
200,000
199,919,250
5.17%,
06/16/23
(d)
................
21,000
20,855,254
Barton
Capital
SA,
5.26%
,
06/15/23
(b)
.....
63,000
62,567,568
Bedford
Row
Funding
Corp.,
4.89%
,
05/03/23
(b)
19,000
18,987,288
Bennington
Stark
Capital
Co.
LLC,
4.91%
,
05/01/23
(b)(d)
....................
93,000
92,962,514
BNZ
International
Funding
Ltd.,
(1-Day
SOFR
+
0.40%),
5.20%
,
10/27/23
(a)(d)
.........
55,100
55,096,400
BPCE
SA
(a)
(1-Day
SOFR
+
0.45%),
5.26%,
05/12/23
50,000
50,003,758
(1-Day
SOFR
+
0.58%),
5.39%,
06/01/23
(d)
50,000
50,015,322
Chariot
Funding
LLC
4.93%,
05/09/23
(b)
................
50,000
49,925,765
(1-Day
SOFR
+
0.58%),
5.38%,
05/31/23
(a)
30,000
30,011,609
Commonwealth
Bank
of
Australia
(d)
(1-Day
SOFR
+
0.60%),
5.41%,
07/13/23
(a)
20,500
20,512,604
5.40%,
02/16/24
.................
40,750
40,781,878
DNB
Bank
ASA,
5.30%
,
05/26/23
(a)
.......
47,000
47,009,887
TempCash
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Fairway
Finance
Co.
LLC,
(1-Day
SOFR
+
0.63%),
5.44%
,
05/16/23
(a)(d)
.........
USD
20,000
$
20,005,198
Federation
des
Caisses
Desjardins
du
Quebec
(b)
4.91%,
05/01/23
.................
43,000
42,982,646
4.95%,
05/08/23
.................
69,975
69,880,281
4.95%,
05/09/23
.................
40,755
40,694,268
Gotham
Funding
Corp.,
4.88%
,
05/02/23
(b)
..
52,000
51,972,215
Hydro-Quebec,
4.84%
,
05/01/23
(b)
.......
55,000
54,978,151
ING
US
Funding
LLC,
(1-Day
SOFR
+
0.60%),
5.40%
,
05/22/23
(a)
................
45,000
45,014,297
Mackinac
Funding
Co.
LLC,
5.41%
,
08/07/23
(b)
49,000
48,277,446
Macquarie
Bank
Ltd.
(1-Day
SOFR
+
0.60%),
5.40%,
06/22/23
(a)
32,000
32,016,120
5.50%,
10/23/23
(b)
................
40,000
38,955,931
5.50%,
11/06/23
(b)
................
24,475
23,786,176
5.44%,
02/12/24
(b)
................
20,000
19,163,028
National
Australia
Bank
Ltd.
(a)
(1-Day
SOFR
+
0.40%),
5.21%,
05/12/23
79,000
79,004,845
(1-Day
SOFR
+
0.58%),
5.39%,
06/15/23
40,000
40,016,815
(1-Day
SOFR
+
0.47%),
5.28%,
07/13/23
51,500
51,526,533
Natixis
SA,
New
York,
(1-Day
SOFR
+
0.67%),
5.48%
,
05/04/23
(a)
................
30,000
30,002,813
Old
Line
Funding
LLC,
5.29%
,
05/04/23
(a)(d)
.
40,000
40,002,490
PSP
Capital,
Inc.,
5.24%
,
08/17/23
(b)(d)
.....
25,000
24,608,031
Ridgefield
Funding
Co.
LLC,
5.39%
,
08/02/23
(b)
(d)
...........................
69,000
68,035,472
Siemens
Capital
Co.
LLC,
4.87%
,
05/01/23
(b)
30,000
29,988,008
Svenska
Handelsbanken
AB,
(1-Day
SOFR
+
0.70%),
5.51%
,
07/13/23
(a)
..........
20,000
20,017,848
Swedbank
AB,
(1-Day
SOFR
+
0.27%),
5.08%
,
09/01/23
(a)
.....................
48,000
47,995,034
UBS
AG
(a)(d)
(1-Day
SOFR
+
0.52%),
5.32%,
05/25/23
29,000
29,005,994
(1-Day
SOFR
+
0.40%),
5.20%,
08/02/23
34,000
33,996,878
(1-Day
SOFR
+
0.28%),
5.08%,
12/01/23
30,000
29,971,568
Versailles
Commercial
Paper
LLC,
5.13%
,
06/05/23
(b)(d)
....................
25,750
25,613,309
Westpac
Banking
Corp.
(1-Day
SOFR
+
0.40%),
5.21%,
05/12/23
(a)
50,000
50,003,066
(1-Day
SOFR
+
0.52%),
5.33%,
07/07/23
(a)
40,000
40,023,792
5.34%,
08/30/23
(b)
................
21,000
20,625,747
(1-Day
SOFR
+
0.52%),
5.33%,
04/19/24
(a)
35,000
35,000,659
Total
Commercial
Paper
—
18.0%
(Cost:
$2,208,186,130)
...........................
2,207,554,679
Corporate
Bonds
Consumer
Finance
—
0.3%
Toyota
Motor
Credit
Corp.
(a)
(1-Day
SOFR
+
0.75%),
5.55%,
07/25/23
15,410
15,424,992
(1-Day
SOFR
+
0.38%),
5.18%,
02/22/24
22,655
22,581,002
Total
Corporate
Bonds
—
0.3%
(Cost:
$38,065,000)
..............................
38,005,994
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Arizona
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0949,
COP
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
5.00%, 05/05/23
(d)(e)(f)
.....
USD
3,700
$
3,700,000
California
—
0.1%
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
5.02%, 05/05/23
(d)(e)(f)
..............
7,000
7,000,000
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-1,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.88%, 05/05/23
(f)
............
13,861
13,861,000
New
York
—
0.2%
(f)
State
of
New
York
Mortgage
Agency
,
Series
2021-238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.88%, 05/05/23
.............
18,000
18,000,000
Taxable
Series
2021-XMT0962,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.77%, 05/05/23
(d)(e)
.....
2,255
2,255,000
20,255,000
Other
—
0.8%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.93%, 05/05/23
36,080
36,080,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XF2926T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.07%, 05/05/23
....
17,178
17,177,914
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.07%, 05/05/23
8,005
8,005,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-11,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
4,160
4,160,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-002,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
22,100
22,100,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-008,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 05/05/23
2,000
2,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-010,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
9,000
9,000,000
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-007,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
.................
5,400
5,400,000
103,922,914
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Texas
—
0.0%
Taxable
Series
2021-XF2,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2939TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.07%, 05/05/23
(d)(e)(f)
..............
USD
1,165
$
1,164,615
Total
Municipal
Bonds
—
1.2%
(Cost:
$149,903,529)
.............................
149,903,529
Time
Deposits
ABN
AMRO
Bank
NV,
4.81%, 05/01/23
....
50,000
50,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA,
4.80%, 05/01/23
..............
75,468
75,468,000
Erste
Group
Bank
AG,
4.82%, 05/01/23
....
154,000
154,000,000
First
Abu
Dhabi
Bank
USA
NV,
4.82%, 05/01/23
210,000
210,000,000
ING
Bank
NV,
4.83%, 05/03/23
.........
400,000
400,000,000
KBC
BANK
NV,
4.82%, 05/01/23
........
10,000
10,000,000
Mizuho
Bank
Ltd.,
4.82%, 05/01/23
.......
5,000
5,000,000
Royal
Bank
of
Canada,
4.82%, 05/01/23
...
171,000
171,000,000
Skandinaviska
Enskilda
Banken
AB,
4.81%, 05/01/23
.................
422,000
422,000,000
Svenska
Handelsbanken
AB,
4.80%, 05/01/23
5,000
5,000,000
Total
Time
Deposits
—
12.3%
(Cost:
$1,502,468,000)
...........................
1,502,468,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.10%, 05/05/23
(a)
...............
USD
7,500
$
7,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$7,500,000)
..............................
7,500,000
Total
Repurchase
Agreements
—
45.8%
(Cost:
$5,602,000,000)
...........................
5,602,000,000
Total
Investments
—
97.4%
(Cost:
$11,915,189,761
)
(g)
..........................
11,913,673,693
Other
Assets
Less
Liabilities
—
2.6%
...................
320,651,136
Net
Assets
—
100.0%
..............................
$
12,234,324,829
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
TempCash
Schedules
of
Investments
23
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.93
%
(a)
04/28/23
05/08/23
$
20,000
$
20,000
$
20,027,389
Corporate/Debt
Obligations,
0.00%,
due
07/06/23
to
10/05/23
$
20,932,028
$
20,609,876
5.13
(a)
04/28/23
06/05/23
80,000
80,000
80,433,200
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.45%,
due
04/25/50
to
08/17/61
.........
943,020,918
85,600,000
$
–
$
–
$
100,000
$
106,209,876
$
–
$
–
Bank
of
Montreal
....
4.87
04/27/23
05/04/23
5,000
5,000
5,004,735
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
01/20/48
.........
5,630,834
5,100,000
$
–
$
–
Barclays
Bank
plc
...
4.91
(b)
04/28/23
05/01/23
198,000
198,000
198,081,015
Corporate/Debt
Obligations,
1.45%
to
6.33%,
due
04/01/24
to
12/31/57
.........
234,154,000
207,900,323
4.93
(b)
04/28/23
05/01/23
25,000
25,000
25,010,271
Corporate/Debt
Obligations,
7.35%
to
7.63%,
due
11/01/39
to
03/01/40
.........
20,660,000
26,754,331
5.03
(b)
04/28/23
05/01/23
10,000
10,000
10,004,192
Corporate/Debt
Obligations,
8.25%
to
13.50%,
due
02/15/25
to
03/31/27
.......
12,146,000
11,500,896
5.06
(a)
04/28/23
06/05/23
18,000
18,000
18,096,140
Corporate/Debt
Obligations,
7.50%
to
7.63%,
due
04/01/34
to
03/01/40
.........
15,260,000
19,265,119
$
–
$
–
$
251,000
$
265,420,669
$
–
$
–
Barclays
Capital,
Inc.
.
5.04
(a)
04/28/23
06/05/23
95,000
95,000
95,505,400
Corporate/Debt
Obligations,
0.00%,
due
06/22/23
to
07/10/23
100,803,029
99,750,001
$
–
$
–
BNP
Paribas
SA
....
4.91
(b)
04/28/23
05/01/23
51,000
51,000
51,020,868
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.03%
to
14.67%,
due
07/21/25
to
10/31/82
.......
59,762,871
54,517,407
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.79
(c)
04/28/23
05/01/23
90,000
90,000
90,035,925
U.S.
Treasury
Obligations,
1.00%
to
2.13%,
due
02/29/24
to
07/31/28
.........
95,861,679
91,800,003
4.81
04/28/23
05/01/23
180,000
180,000
180,072,150
U.S.
Treasury
Obligations,
1.63%
to
4.00%,
due
05/15/26
to
02/28/30
.........
181,557,400
183,600,060
4.88
(b)
04/28/23
05/01/23
19,000
19,000
19,007,727
Corporate/Debt
Obligation,
0.00%,
due
05/03/23
.........
19,966,733
19,950,001
5.12
(a)
04/28/23
07/02/23
5,000
5,000
5,046,222
Corporate/Debt
Obligation,
2.50%,
due
02/25/52
.........
7,390,036
5,350,000
$
–
$
–
$
294,000
$
300,700,064
$
–
$
–
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
24
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Credit
Agricole
Corporate
&
Investment
Bank
SA
4.80
%
04/28/23
05/01/23
$
405,000
$
405,000
$
405,162,000
U.S.
Government
Sponsored
Agency
Obligation,
2.00%,
due
01/20/51
.........
$
646,474,915
$
413,100,000
4.80
04/28/23
05/01/23
100,000
100,000
100,040,000
U.S.
Treasury
Obligation,
2.00%,
due
02/15/25
.........
105,680,700
102,000,042
4.94
(a)
04/28/23
05/08/23
37,000
37,000
37,050,772
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.51%
to
11.75%,
due
06/09/23
to
06/01/54
.......
40,352,160
39,263,956
$
–
$
–
$
542,000
$
554,363,998
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
4.80
04/28/23
05/01/23
1,850,000
1,850,000
1,850,740,000
U.S.
Treasury
Obligation,
0.25%,
due
05/15/24
.........
1,937,475,800
1,850,740,039
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.80
04/28/23
05/01/23
1,771,000
1,771,000
1,771,708,400
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.00%,
due
05/20/34
to
03/15/64
.........
3,259,687,456
1,806,420,001
4.93
(b)
04/28/23
05/01/23
50,000
50,000
50,020,542
Corporate/Debt
Obligations,
0.00%
to
4.85%,
due
05/04/23
to
11/03/23
.........
52,155,700
51,754,560
5.01
(b)
04/28/23
05/01/23
25,000
25,000
25,010,437
Corporate/Debt
Obligations,
3.73%
to
4.00%,
due
05/15/36
to
01/01/53
.........
26,570,000
26,754,487
5.03
(b)
04/28/23
05/01/23
25,000
25,000
25,010,479
Corporate/Debt
Obligations,
3.65%
to
7.04%,
due
05/09/24
to
05/15/2115
.......
27,026,524
26,779,451
5.11
(b)
04/28/23
05/01/23
70,000
70,000
70,029,808
Corporate/Debt
Obligations,
4.75%
to
13.50%,
due
04/15/25
to
05/01/34
.......
79,306,000
79,612,099
5.11
(a)
04/28/23
05/08/23
100,000
100,000
100,141,944
Corporate/Debt
Obligations,
2.07%
to
8.38%,
due
02/01/25
to
04/25/57
.........
113,670,210
107,019,585
5.29
(a)
04/28/23
07/30/23
65,000
65,000
65,888,279
Corporate/Debt
Obligations,
0.00%
to
7.37%,
due
08/16/33
to
08/25/58
.........
234,798,262
69,550,001
5.29
(a)
04/28/23
07/30/23
25,000
25,000
25,341,646
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
8.66%,
due
05/18/23
to
04/15/60
.........
10,295,222,843
26,812,474
5.29
(a)
04/28/23
07/30/23
90,000
90,000
91,229,925
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.29%
to
7.52%,
due
07/01/29
to
11/25/61
.........
719,601,875
96,832,101
$
–
$
–
$
2,221,000
$
2,291,534,759
$
–
$
–
TempCash
Schedules
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Mizuho
Securities
USA
LLC
...........
5.26
%
(a)
04/28/23
06/05/23
$
50,000
$
50,000
$
50,277,611
Corporate/Debt
Obligations,
0.00%
to
5.50%,
due
09/15/32
to
12/01/52
.........
$
68,620,000
$
53,502,365
$
–
$
–
Natixis
SA
.........
4.96
(a)
04/28/23
05/08/23
9,000
9,000
9,012,400
Corporate/Debt
Obligations,
1.00%
to
7.50%,
due
10/01/25
to
11/15/95
.........
9,676,497
9,450,581
5.04
(a)
04/28/23
05/08/23
9,000
9,000
9,012,600
Corporate/Debt
Obligations,
3.25%
to
7.50%,
due
04/15/24
to
01/15/67
.........
12,416,762
9,927,098
$
–
$
–
$
18,000
$
19,377,679
$
–
$
–
TD
Securities
USA
LLC
4.89
(b)
04/28/23
05/01/23
26,000
26,000
26,010,595
Corporate/Debt
Obligations,
3.20%
to
5.20%,
due
11/21/29
to
09/15/42
.........
29,248,000
27,300,245
$
–
$
–
Wells
Fargo
Securities
LLC
...........
4.81
04/28/23
05/01/23
10,000
10,000
10,004,008
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
5.50%,
due
03/01/35
to
11/01/52
.........
21,073,883
10,300,000
5.01
02/06/23
05/04/23
25,000
25,000
25,302,688
Corporate/Debt
Obligations,
0.25%
to
8.54%,
due
06/17/24
to
05/25/66
.........
56,667,291
26,750,000
5.06
02/13/23
05/05/23
21,000
21,000
21,239,085
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.50%
to
6.29%,
due
03/15/39
to
01/25/65
.........
28,973,739
22,470,001
5.21
(a)
04/28/23
07/30/23
43,000
43,000
43,578,744
Corporate/Debt
Obligations,
0.50%
to
6.47%,
due
03/20/25
to
10/25/66
.........
80,321,393
46,010,791
$
–
$
–
$
99,000
$
105,530,792
$
–
$
–
$
5,602,000
$
5,734,047,894
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Traded
in
a
joint
account.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempCash
26
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
2,406,241,491
$
—
$
2,406,241,491
Commercial
Paper
.......................................
—
2,207,554,679
—
2,207,554,679
Corporate
Bonds
........................................
—
38,005,994
—
38,005,994
Municipal
Bonds
.........................................
—
149,903,529
—
149,903,529
Repurchase
Agreements
...................................
—
5,602,000,000
—
5,602,000,000
Time
Deposits
..........................................
—
1,502,468,000
—
1,502,468,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
7,500,000
—
7,500,000
$
—
$
11,913,673,693
$
—
$
11,913,673,693
TempFund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
3.1%
Bank
of
America
Corp.,
4.90%, 05/04/23
...
USD
45,000
$
45,000,005
Bank
of
America
NA
5.25%, 01/31/24
.................
30,000
29,953,245
5.44%, 02/06/24
.................
18,388
18,373,999
Citibank
NA
3.82%, 07/03/23
.................
17,500
17,452,514
4.16%, 08/25/23
.................
14,500
14,429,945
(1-Day
SOFR
+
0.62%),
5.42%, 09/21/23
(a)
20,000
20,020,596
Wells
Fargo
Bank
NA,
(1-Day
SOFR
+
0.50%),
5.31%, 01/22/24
(a)
................
30,000
30,000,314
175,230,618
Euro
—
0.7%
Rabobank
International,
London,
5.01%, 06/01/23
(b)
................
40,500
40,318,151
Yankee
—
21.2%
(c)
Bank
of
Montreal,
Chicago
4.84%, 05/03/23
.................
15,000
14,999,958
(1-Day
SOFR
+
0.50%),
5.31%, 05/05/23
(a)
30,000
30,002,054
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
(a)
20,000
20,015,420
Bank
of
Nova
Scotia
(The),
Houston
(a)
(1-Day
SOFR
+
0.50%),
5.31%, 05/05/23
65,000
65,004,986
(1-Day
SOFR
+
0.49%),
5.30%, 01/26/24
14,000
13,998,396
BNP
Paribas
SA,
New
York
4.12%, 09/06/23
.................
13,000
12,935,879
5.25%, 01/31/24
.................
30,000
29,960,606
(1-Day
SOFR
+
0.63%),
5.44%, 02/05/24
(a)
25,000
25,027,352
Canadian
Imperial
Bank
of
Commerce,
New
York
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
(a)
40,000
40,041,576
(1-Day
SOFR
+
0.75%),
5.56%, 07/21/23
(a)
11,700
11,719,148
(1-Day
SOFR
+
0.54%),
5.35%, 01/18/24
(a)
25,000
25,011,260
5.60%, 03/04/24
.................
20,000
20,028,333
Commonwealth
Bank
of
Australia,
New
York,
(1-Day
SOFR
+
0.40%),
5.21%, 05/12/23
(a)
18,000
18,002,024
Cooperatieve
Rabobank
UA,
New
York
(1-Day
SOFR
+
0.42%),
5.23%, 06/12/23
(a)
50,000
50,016,570
4.15%, 09/06/23
.................
14,000
13,930,893
Credit
Industriel
et
Commercial,
New
York,
(1-Day
SOFR
+
0.49%),
5.30%, 07/10/23
(a)
30,000
30,015,875
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
(a)
(1-Day
SOFR
+
0.57%),
5.38%, 06/20/23
45,000
45,024,010
(1-Day
SOFR
+
0.14%),
4.95%, 07/10/23
50,000
49,988,825
Mizuho
Bank
Ltd.,
New
York,
(1-Day
SOFR
+
0.40%),
5.20%, 08/17/23
(a)
..........
30,000
30,005,182
Natixis
SA,
New
York,
5.22%, 10/13/23
....
31,000
30,962,140
Nordea
Bank
Abp,
New
York
(1-Day
SOFR
+
0.52%),
5.32%, 05/12/23
(a)
30,000
30,004,276
(1-Day
SOFR
+
0.49%),
5.30%, 05/24/23
(a)
40,500
40,510,509
5.03%, 08/17/23
.................
32,000
31,975,129
(1-Day
SOFR
+
0.45%),
5.26%, 01/18/24
(a)
28,000
28,005,110
(1-Day
SOFR
+
0.27%),
5.08%, 02/16/24
(a)
18,350
18,321,816
Royal
Bank
of
Canada,
New
York
(a)
(1-Day
SOFR
+
0.65%),
5.46%, 07/03/23
23,000
23,017,733
(1-Day
SOFR
+
0.80%),
5.61%, 10/19/23
14,000
14,030,484
Standard
Chartered
Bank,
New
York
(1-Day
SOFR
+
0.55%),
5.36%, 05/04/23
(a)
34,000
34,002,511
5.21%, 10/31/23
.................
39,000
38,939,318
5.63%, 03/01/24
.................
20,000
20,023,658
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-Day
SOFR
+
0.60%),
5.41%, 05/03/23
40,000
40,002,562
(1-Day
SOFR
+
0.31%),
5.12%, 08/11/23
.
20,000
20,000,288
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.00%, 06/16/23
.................
USD
30,000
$
29,995,260
(1-Day
SOFR
+
0.31%),
5.12%, 08/08/23
(a)
31,000
31,000,291
Svenska
Handelsbanken
AB,
New
York,
(1-Day
SOFR
+
0.66%),
5.46%, 07/03/23
(a)
....
36,000
36,030,566
Toronto-Dominion
Bank,
New
York
(1-Day
SOFR
+
0.70%),
5.51%, 05/01/23
(a)
28,000
28,001,257
2.80%, 05/08/23
.................
23,000
22,985,903
5.35%, 06/02/23
(a)
................
25,000
25,007,304
5.46%, 07/05/23
(a)
................
24,975
24,996,991
4.12%, 08/28/23
.................
22,000
21,898,570
4.35%, 09/13/23
.................
25,000
24,888,216
5.27%, 01/24/24
.................
30,000
29,951,662
Westpac
Banking
Corp.,
New
York,
(1-Day
SOFR
+
0.45%),
5.26%, 07/13/23
(a)
....
25,000
25,011,832
1,215,291,733
Total
Certificates
of
Deposit
—
25.0%
(Cost:
$1,431,249,035)
...........................
1,430,840,502
Commercial
Paper
Bank
of
Montreal
2.80%,
05/12/23
.................
30,000
29,974,912
(1-Day
SOFR
+
0.55%),
5.36%,
06/06/23
(a)
35,000
35,011,002
Bank
of
Nova
Scotia
(The)
(a)
(1-Day
SOFR
+
0.66%),
5.47%,
08/18/23
25,250
25,278,801
(1-Day
SOFR
+
0.36%),
5.17%,
10/23/23
(d)
39,000
39,000,227
Barclays
Bank
plc,
4.91
%
,
05/01/23
(b)
.....
5,000
4,997,981
Bennington
Stark
Capital
Co.
LLC,
4.91
%
,
05/01/23
(b)(d)
....................
45,000
44,981,861
BNZ
International
Funding
Ltd.,
(1-Day
SOFR
+
0.40%),
5.20%
,
10/27/23
(a)(d)
.........
15,000
14,999,020
BPCE
SA,
(1-Day
SOFR
+
0.45%),
5.26%
,
05/12/23
(a)
.....................
50,000
50,003,758
Chariot
Funding
LLC,
(1-Day
SOFR
+
0.58%),
5.38%
,
05/31/23
(a)
................
21,500
21,508,320
Commonwealth
Bank
of
Australia,
5.40%
,
02/16/24
(d)
.....................
21,000
21,016,428
DNB
Bank
ASA,
5.30%
,
05/26/23
(a)
.......
46,000
46,009,677
Fairway
Finance
Co.
LLC,
(1-Day
SOFR
+
0.63%),
5.44%
,
05/16/23
(a)(d)
.........
15,000
15,003,899
Federation
des
Caisses
Desjardins
du
Quebec,
4.95
%
,
05/09/23
(b)
................
23,545
23,509,913
ING
US
Funding
LLC,
(1-Day
SOFR
+
0.60%),
5.40%
,
05/22/23
(a)
................
45,000
45,014,297
Mackinac
Funding
Co.
LLC,
5.41%
,
08/07/23
(b)
15,500
15,271,437
Macquarie
Bank
Ltd.
(1-Day
SOFR
+
0.60%),
5.40%,
06/22/23
(a)
33,000
33,016,624
5.50%,
10/23/23
(b)
................
30,000
29,216,948
5.50%,
11/06/23
(b)
................
15,235
14,806,226
5.44%,
02/12/24
(b)
................
15,000
14,372,271
National
Australia
Bank
Ltd.
(a)
(1-Day
SOFR
+
0.40%),
5.21%,
05/12/23
50,000
50,003,066
(1-Day
SOFR
+
0.58%),
5.39%,
06/15/23
35,000
35,014,714
(1-Day
SOFR
+
0.47%),
5.28%,
07/13/23
40,000
40,020,608
Old
Line
Funding
LLC,
5.29%
,
05/04/23
(a)(d)
.
34,000
34,002,116
PSP
Capital,
Inc.,
5.24%
,
08/17/23
(b)(d)
.....
19,000
18,702,104
Ridgefield
Funding
Co.
LLC,
5.39%
,
08/02/23
(b)
(d)
...........................
20,000
19,720,427
Siemens
Capital
Co.
LLC,
4.87
%
,
05/01/23
(b)
14,000
13,994,404
Svenska
Handelsbanken
AB,
(1-Day
SOFR
+
0.70%),
5.51%
,
07/13/23
(a)
..........
20,000
20,017,848
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Swedbank
AB,
(1-Day
SOFR
+
0.27%),
5.08%
,
09/01/23
(a)
.....................
USD
30,000
$
29,996,897
UBS
AG
(a)(d)
(1-Day
SOFR
+
0.52%),
5.32%,
05/25/23
34,000
34,007,027
(1-Day
SOFR
+
0.40%),
5.20%,
08/02/23
16,000
15,998,531
Versailles
Commercial
Paper
LLC,
5.13%
,
06/05/23
(b)(d)
....................
15,000
14,920,374
Westpac
Banking
Corp.
(1-Day
SOFR
+
0.40%),
5.21%,
05/12/23
(a)
50,000
50,003,066
(1-Day
SOFR
+
0.52%),
5.33%,
07/07/23
(a)
28,000
28,016,654
5.34%,
08/30/23
(b)
................
24,000
23,572,283
(1-Day
SOFR
+
0.52%),
5.33%,
04/19/24
(a)
13,000
13,000,245
Total
Commercial
Paper
—
16.8%
(Cost:
$964,147,430)
.............................
963,983,966
Corporate
Bonds
Consumer
Finance
—
0.6%
Toyota
Motor
Credit
Corp.
(a)
(1-Day
SOFR
+
0.75%),
5.55%,
07/25/23
20,030
20,049,488
(1-Day
SOFR
+
0.38%),
5.18%,
02/22/24
13,595
13,550,594
Total
Corporate
Bonds
—
0.6%
(Cost:
$33,625,000)
..............................
33,600,082
Municipal
Bonds
Arizona
—
0.1%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0949,
COP
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
5.00%, 05/05/23
(d)(e)(f)
.....
5,215
5,215,000
California
—
0.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2020-MIZ9042,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
4.93%, 05/05/23
....
3,155
3,155,000
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
5.02%, 05/05/23
.................
10,885
10,885,000
14,040,000
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-1,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.88%, 05/05/23
(f)
............
6,139
6,139,000
New
York
—
0.6%
(f)
State
of
New
York
Mortgage
Agency
,
Series
2021-238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.88%, 05/05/23
.............
27,000
27,000,000
Taxable
Series
2021-XMT0962,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.77%, 05/05/23
(d)(e)
.....
4,245
4,245,000
31,245,000
Security
Par
(000)
Par
(000)
Value
Other
—
3.1%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.93%, 05/05/23
USD
31,095
$
31,095,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XF2926T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.07%, 05/05/23
....
51,111
51,111,196
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.07%, 05/05/23
8,920
8,920,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-11,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
7,435
7,435,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-XF2908,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.07%, 05/05/23
.................
27,490
27,489,810
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-002,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
26,600
26,600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-008,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 05/05/23
4,000
4,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-010,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
11,800
11,800,000
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-007,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.22%, 06/02/23
.................
9,000
9,000,000
177,451,006
Total
Municipal
Bonds
—
4.1%
(Cost:
$234,090,006)
.............................
234,090,006
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA,
4.80%, 05/01/23
..............
21,075
21,075,000
Erste
Group
Bank
AG,
4.82%, 05/01/23
....
158,000
158,000,000
First
Abu
Dhabi
Bank
USA
NV,
4.82%, 05/01/23
98,000
98,000,000
ING
Bank
NV,
4.83%, 05/03/23
.........
205,000
205,000,000
Mizuho
Bank
Ltd.,
4.82%, 05/01/23
.......
5,000
5,000,000
Royal
Bank
of
Canada,
4.82%, 05/01/23
...
157,000
157,000,000
Skandinaviska
Enskilda
Banken
AB,
4.81%, 05/01/23
.................
259,000
259,000,000
Svenska
Handelsbanken
AB,
4.80%, 05/01/23
5,000
5,000,000
Total
Time
Deposits
—
15.9%
(Cost:
$908,075,000)
.............................
908,075,000
TempFund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.10%, 05/05/23
(a)
...............
USD
5,500
$
5,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$5,500,000)
..............................
5,500,000
Total
Repurchase
Agreements
—
31.5%
(Cost:
$1,799,000,000)
...........................
1,799,000,000
Total
Investments
—
94.0%
(Cost:
$5,375,686,471
)
(g)
..........................
5,375,089,556
Other
Assets
Less
Liabilities
—
6.0%
...................
340,901,947
Net
Assets
—
100.0%
..............................
$
5,715,991,503
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
30
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.80
%
(a)
04/28/23
05/01/23
$
150,000
$
150,000
$
150,060,000
U.S.
Treasury
Obligations,
0.00%,
due
02/15/27
to
08/15/38
$
228,495,620
$
153,000,000
4.93
(b)
04/28/23
05/08/23
9,000
9,000
9,012,325
Corporate/Debt
Obligation,
0.00%,
due
08/08/23
.........
9,413,251
9,270,000
5.13
(b)
04/28/23
06/05/23
48,000
48,000
48,259,920
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.20%,
due
09/17/29
to
06/25/60
.........
2,981,142,352
51,360,000
$
–
$
–
$
207,000
$
213,630,000
$
–
$
–
Bank
of
Montreal
....
4.87
04/27/23
05/04/23
8,000
8,000
8,007,576
U.S.
Government
Sponsored
Agency
Obligation,
3.50%,
due
07/20/47
.........
8,953,988
8,160,000
$
–
$
–
Barclays
Bank
plc
...
4.91
(c)
04/28/23
05/01/23
138,000
138,000
138,056,465
Corporate/Debt
Obligations,
2.20%
to
6.44%,
due
04/01/24
to
11/15/48
.........
147,548,000
144,900,376
4.93
(c)
04/28/23
05/01/23
25,000
25,000
25,010,271
Corporate/Debt
Obligation,
7.63%,
due
03/01/40
.........
20,515,000
26,750,389
5.03
(c)
04/28/23
05/01/23
22,000
22,000
22,009,222
Corporate/Debt
Obligations,
5.00%
to
8.50%,
due
10/30/25
to
08/15/29
.........
28,544,000
25,300,071
5.06
(b)
04/28/23
06/05/23
8,000
8,000
8,042,729
Corporate/Debt
Obligation,
7.50%,
due
04/01/34
.........
6,810,000
8,560,749
$
–
$
–
$
193,000
$
205,511,585
$
–
$
–
Barclays
Capital,
Inc.
.
5.04
(b)
04/28/23
06/05/23
66,000
66,000
66,351,120
Corporate/Debt
Obligation,
0.00%,
due
07/10/23
.........
70,053,850
69,300,001
$
–
$
–
BNP
Paribas
SA
....
4.91
(c)
04/28/23
05/01/23
24,000
24,000
24,009,820
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
4.95%
to
10.50%,
due
04/25/43
to
12/31/79
.......
23,254,281
25,200,001
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.79
(a)
04/28/23
05/01/23
90,000
90,000
90,035,925
U.S.
Treasury
Obligations,
1.00%
to
2.13%,
due
02/29/24
to
07/31/28
.........
95,861,679
91,800,003
4.81
04/28/23
05/01/23
10,000
10,000
10,004,008
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.10%
to
30.46%,
due
04/20/53
to
07/16/53
.......
95,718,911
10,738,753
4.88
(c)
04/28/23
05/01/23
29,000
29,000
29,011,793
Corporate/Debt
Obligations,
0.00%,
due
05/05/23
to
05/15/23
30,484,845
30,450,000
TempFund
Schedules
of
Investments
31
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.12
%
(b)
04/28/23
07/02/23
$
5,000
$
5,000
$
5,046,222
Corporate/Debt
Obligation,
2.50%,
due
02/25/52
.........
$
7,390,036
$
5,350,000
$
–
$
–
$
134,000
$
138,338,756
$
–
$
–
Credit
Agricole
Corporate
&
Investment
Bank
SA
4.78
(a)
04/28/23
05/01/23
50,000
50,000
50,019,917
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
01/15/25
to
02/15/53
.........
53,663,173
50,999,993
4.80
04/28/23
05/01/23
35,000
35,000
35,014,000
U.S.
Treasury
Obligation,
2.25%,
due
08/15/27
.........
37,649,400
35,700,070
4.94
(b)
04/28/23
05/08/23
68,000
68,000
68,093,311
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
3.00%
to
8.75%,
due
09/15/23
to
08/25/64
.........
71,460,831
71,553,190
$
–
$
–
$
153,000
$
158,253,253
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
4.80
04/28/23
05/01/23
550,000
550,000
550,220,000
U.S.
Treasury
Obligation,
0.25%,
due
05/15/24
.........
576,006,400
550,220,089
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.80
04/28/23
05/01/23
1,000
1,000
1,000,400
U.S.
Government
Sponsored
Agency
Obligation,
2.00%,
due
09/20/50
.........
1,743,669
1,020,001
4.84
(b)
04/28/23
05/08/23
59,000
59,000
59,079,322
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
4.50%,
due
11/25/28
to
07/16/64
.........
1,590,080,257
61,950,001
4.93
(c)
04/28/23
05/01/23
25,000
25,000
25,010,271
Corporate/Debt
Obligations,
1.00%
to
6.85%,
due
11/19/24
to
07/28/2121
.......
34,580,000
26,449,555
5.01
(c)
04/28/23
05/01/23
13,000
13,000
13,005,428
Corporate/Debt
Obligations,
3.80%
to
4.02%,
due
12/01/43
to
01/31/52
.........
15,339,050
13,754,872
5.03
(c)
04/28/23
05/01/23
12,000
12,000
12,005,030
Corporate/Debt
Obligations,
0.00%
to
7.55%,
due
01/01/24
to
04/20/52
.........
15,332,000
12,890,033
5.11
(c)
04/28/23
05/01/23
30,000
30,000
30,012,775
Corporate/Debt
Obligations,
5.50%
to
11.00%,
due
09/15/24
to
08/08/28
.......
33,164,074
34,500,000
5.11
(b)
04/28/23
05/08/23
50,000
50,000
50,070,972
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.18%
to
6.89%,
due
06/15/27
to
05/15/53
.........
59,551,869
53,528,070
5.29
(b)
04/28/23
07/30/23
30,000
30,000
30,409,975
Corporate/Debt
Obligations,
2.99%
to
6.85%,
due
02/22/28
to
01/15/53
.........
35,497,554
32,100,002
2023
BlackRock
Semi-Annual
Report
to
Shareholders
TempFund
32
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.29
%
(b)
04/28/23
07/30/23
$
40,000
$
40,000
$
40,546,633
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
6.90%
to
7.59%,
due
07/21/31
to
06/01/39
.........
$
43,069,149
$
42,800,002
$
–
$
–
$
260,000
$
278,992,536
$
–
$
–
Mizuho
Securities
USA
LLC
...........
4.96
(c)
04/28/23
05/01/23
71,000
71,000
71,029,347
Corporate/Debt
Obligations,
4.13%
to
5.25%,
due
10/01/34
to
10/01/57
.........
69,545,000
75,971,172
5.26
(b)
04/28/23
06/05/23
8,000
8,000
8,044,418
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
02/01/39
to
10/01/52
.........
7,745,000
8,562,946
$
–
$
–
$
79,000
$
84,534,118
$
–
$
–
Natixis
SA
.........
4.96
(b)
04/28/23
05/08/23
16,000
16,000
16,022,044
Corporate/Debt
Obligations,
1.00%
to
7.50%,
due
11/26/24
to
11/15/95
.........
18,058,194
16,800,000
5.04
(b)
04/28/23
05/08/23
16,000
16,000
16,022,400
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.70%
to
7.74%,
due
05/09/24
to
01/15/67
.........
20,012,874
17,329,194
$
–
$
–
$
32,000
$
34,129,194
$
–
$
–
TD
Securities
USA
LLC
4.89
(c)
04/28/23
05/01/23
20,000
20,000
20,008,150
Corporate/Debt
Obligations,
3.50%
to
6.15%,
due
02/15/24
to
04/01/63
.........
21,776,000
21,000,181
$
–
$
–
Wells
Fargo
Securities
LLC
...........
4.81
04/28/23
05/01/23
10,000
10,000
10,004,008
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.00%,
due
07/01/35
to
02/01/53
.........
12,435,286
10,300,000
5.01
02/06/23
05/04/23
30,000
30,000
30,363,225
Corporate/Debt
Obligations,
0.53%
to
8.76%,
due
03/20/25
to
08/25/62
.........
65,038,691
32,100,097
5.06
02/13/23
05/05/23
13,000
13,000
13,148,005
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.11%
to
6.05%,
due
11/15/34
to
11/25/57
.........
128,546,989
13,910,000
5.21
(b)
04/28/23
07/30/23
20,000
20,000
20,269,183
Corporate/Debt
Obligations,
0.58%
to
8.54%,
due
03/17/25
to
08/25/62
.........
23,835,265
21,400,000
$
–
$
–
$
73,000
$
77,710,097
$
–
$
–
$
1,799,000
$
1,864,979,811
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
TempFund
Schedules
of
Investments
33
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
1,430,840,502
$
—
$
1,430,840,502
Commercial
Paper
.......................................
—
963,983,966
—
963,983,966
Corporate
Bonds
........................................
—
33,600,082
—
33,600,082
Municipal
Bonds
.........................................
—
234,090,006
—
234,090,006
Repurchase
Agreements
...................................
—
1,799,000,000
—
1,799,000,000
Time
Deposits
..........................................
—
908,075,000
—
908,075,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
5,500,000
—
5,500,000
$
—
$
5,375,089,556
$
—
$
5,375,089,556
2023
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
,
4.75%, 04/18/24
(a)
.....
USD
208,520
$
199,257,715
U.S.
Treasury
Notes
1.75%, 05/15/23
.................
188,145
188,118,659
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.12%, 01/31/24
(b)
....
932,665
932,664,061
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.06%, 04/30/24
(b)
....
267,915
267,721,431
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.27%, 10/31/24
(b)
...
567,995
568,064,793
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.33%, 01/31/25
(b)
...
400,000
400,140,514
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.30%, 04/30/25
(b)
...
USD
1,991,175
$
1,991,170,377
Total
U.S.
Treasury
Obligations
—
4.8%
(Cost:
$4,547,137,550)
...........................
4,547,137,550
Total
Repurchase
Agreements
—
91.9%
(Cost:
$86,971,346,250)
...........................
86,971,346,250
Total
Investments
—
96.7%
(Cost:
$91,518,483,800
)
...........................
91,518,483,800
Other
Assets
Less
Liabilities
—
3.3%
...................
3,078,496,723
Net
Assets
—
100.0%
..............................
$
94,596,980,523
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
T-Fund
Schedules
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.80
%
04/28/23
05/01/23
$
5,000
$
5,000
$
5,002,000
U.S.
Treasury
Obligation,
0.13%,
due
07/15/31
.........
$
4,961,800
$
5,100,047
4.80
(a)
04/28/23
05/01/23
800,000
800,000
800,320,000
U.S.
Treasury
Obligations,
0.00%,
due
02/15/27
to
08/15/38
1,218,643,307
816,000,000
4.80
04/28/23
05/01/23
5,000
5,000
5,002,000
U.S.
Treasury
Obligation,
0.13%,
due
07/15/31
.........
4,961,800
5,100,047
$
–
$
–
$
810,000
$
826,200,094
$
–
$
–
Bank
of
Montreal
....
4.78
04/28/23
05/01/23
20,000
20,000
20,007,967
U.S.
Treasury
Obligation,
0.00%,
due
10/12/23
.........
20,871,300
20,400,026
$
–
$
–
Bank
of
Nova
Scotia
(The)
..........
4.76
04/28/23
05/01/23
219,000
219,000
219,086,870
U.S.
Treasury
Obligations,
2.38%
to
4.13%,
due
01/31/25
to
02/15/53
.........
230,676,400
223,468,618
$
–
$
–
Barclays
Bank
plc
...
4.80
04/28/23
05/01/23
2,500,000
2,500,000
2,501,000,000
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
06/08/23
to
02/15/53
.........
2,734,445,000
2,550,000,034
4.80
04/28/23
05/01/23
25,000
25,000
25,010,000
U.S.
Treasury
Obligation,
4.63%,
due
02/15/40
.........
22,393,500
25,500,013
$
–
$
–
$
2,525,000
$
2,575,500,047
$
–
$
–
Barclays
Capital,
Inc.
.
4.75
04/28/23
05/01/23
130,000
130,000
130,051,458
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
137,206,200
132,600,043
$
–
$
–
BNP
Paribas
SA
....
4.79
04/28/23
05/01/23
1,232,000
1,232,000
1,232,491,773
U.S.
Treasury
Obligations,
0.00%
to
5.27%,
due
10/31/24
to
11/15/50
.........
1,241,419,537
1,256,640,000
4.79
04/28/23
05/01/23
5,000
5,000
5,001,996
U.S.
Treasury
Obligations,
0.00%
to
0.13%,
due
06/22/23
to
04/15/26
.........
4,652,100
5,100,081
$
–
$
–
$
1,237,000
$
1,261,740,081
$
–
$
–
Citibank
NA
........
4.79
04/28/23
05/01/23
100,000
100,000
100,039,917
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/30/23
to
08/15/51
.........
101,510,269
102,000,028
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.79
04/28/23
05/01/23
490,000
490,000
490,195,592
U.S.
Treasury
Obligations,
0.75%
to
4.00%,
due
08/31/24
to
02/29/28
.........
518,794,200
499,800,076
4.79
04/28/23
05/01/23
5,000
5,000
5,001,996
U.S.
Treasury
Obligations,
0.25%
to
3.00%,
due
02/15/49
to
02/15/50
.........
6,089,200
5,100,079
4.79
(a)
04/28/23
05/01/23
285,000
285,000
285,113,762
U.S.
Treasury
Obligations,
1.00%
to
2.13%,
due
02/29/24
to
07/31/28
.........
303,561,981
290,700,011
2023
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
36
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.81
%
04/28/23
05/01/23
$
1,250,000
$
1,250,000
$
1,250,501,042
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
02/15/38
to
02/15/48
.........
$
1,401,176,469
$
1,275,000,027
$
–
$
–
$
2,030,000
$
2,070,600,193
$
–
$
–
Credit
Agricole
Corporate
&
Investment
Bank
SA
4.78
04/28/23
05/01/23
5,000
5,000
5,001,992
U.S.
Treasury
Obligation,
4.63%,
due
03/15/26
.........
4,965,800
5,100,050
4.78
(a)
04/28/23
05/01/23
1,750,000
1,750,000
1,750,697,083
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
01/15/25
to
02/15/53
.........
1,878,211,352
1,785,000,032
4.78
04/28/23
05/01/23
565,000
565,000
565,225,058
U.S.
Treasury
Obligations,
0.38%
to
2.75%,
due
11/15/23
to
12/31/26
.........
615,625,100
576,300,004
$
–
$
–
$
2,320,000
$
2,366,400,086
$
–
$
–
Deutsche
Bank
AG
...
4.79
04/28/23
05/01/23
125,000
125,000
125,049,896
U.S.
Treasury
Obligations,
1.38%
to
4.13%,
due
10/31/27
to
02/15/53
.........
174,525,000
127,500,091
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
4.80
04/28/23
05/01/23
59,750,000
59,750,000
59,773,900,000
U.S.
Treasury
Obligations,
0.38%
to
4.50%,
due
11/30/23
to
11/30/29
.........
61,720,327,700
59,773,900,061
$
–
$
–
Fixed
Income
Clearing
Corporation
.....
4.80
04/28/23
05/01/23
500,000
500,000
500,200,000
U.S.
Treasury
Obligation,
2.88%,
due
05/15/32
.........
529,862,000
510,000,050
4.80
04/28/23
05/01/23
500,000
500,000
500,200,000
U.S.
Treasury
Obligations,
4.80%,
due
05/01/23
.........
512,656,800
510,000,009
4.80
04/28/23
05/01/23
3,000,000
3,000,000
3,001,200,000
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
07/06/23
to
05/15/49
.........
3,239,883,400
3,060,000,054
4.82
04/28/23
05/01/23
302,500
302,500
302,621,504
U.S.
Treasury
Obligation,
0.38%,
due
07/15/25
.........
250,000,000
308,671,504
4.82
04/28/23
05/01/23
284,000
284,000
284,114,073
U.S.
Treasury
Obligation,
0.13%,
due
01/15/32
.........
294,000,000
289,795,213
4.82
04/28/23
05/01/23
261,000
261,000
261,104,835
U.S.
Treasury
Obligation,
1.13%,
due
05/15/40
.........
400,000,000
266,324,835
4.82
04/28/23
05/01/23
309,375
309,375
309,499,266
U.S.
Treasury
Obligation,
0.13%,
due
10/15/26
.........
300,000,000
315,688,266
4.82
04/28/23
05/01/23
343,125
343,125
343,262,822
U.S.
Treasury
Obligation,
0.50%,
due
04/15/24
.........
300,000,000
350,123,822
4.82
04/28/23
05/01/23
3,000,000
3,000,000
3,001,205,000
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
06/15/23
to
11/15/52
.........
3,341,636,380
3,060,000,000
4.82
04/28/23
05/01/23
5,000,000
5,000,000
5,002,008,333
U.S.
Treasury
Obligations,
0.00%
to
6.88%,
due
05/02/23
to
11/15/52
.........
5,340,484,560
5,100,000,001
$
–
$
–
$
13,500,000
$
13,770,603,754
$
–
$
–
T-Fund
Schedules
of
Investments
37
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Goldman
Sachs
&
Co.
LLC
...........
4.78
%
04/28/23
05/01/23
$
51,000
$
51,000
$
51,020,315
U.S.
Treasury
Obligation,
3.88%,
due
11/30/27
.........
$
50,712,600
$
52,020,070
$
–
$
–
HSBC
Securities
USA,
Inc.
...........
4.79
04/28/23
05/01/23
2,000
2,000
2,000,798
U.S.
Treasury
Obligation,
0.00%,
due
10/12/23
.........
2,086,200
2,040,001
$
–
$
–
ING
Financial
Markets
LLC
...........
4.80
04/28/23
05/01/23
25,000
25,000
25,010,000
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
05/09/23
to
11/15/52
.........
32,364,400
25,500,062
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.79
(b)
04/28/23
05/01/23
250,000
250,000
250,099,792
U.S.
Treasury
Obligations,
0.00%
to
1.88%,
due
08/31/23
to
11/15/51
.........
369,508,800
255,000,064
4.79
04/28/23
05/01/23
5,000
5,000
5,001,996
U.S.
Treasury
Obligations,
0.00%
to
3.88%,
due
06/20/23
to
11/15/48
.........
5,359,400
5,100,074
4.82
(c)
04/28/23
05/08/23
500,000
500,000
500,669,444
U.S.
Treasury
Obligations,
0.25%
to
3.63%,
due
07/31/25
to
11/15/48
.........
565,752,900
510,000,015
$
–
$
–
$
755,000
$
770,100,153
$
–
$
–
MUFG
Securities
Americas,
Inc.
....
4.79
04/28/23
05/01/23
95,000
95,000
95,037,921
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
09/30/23
to
08/15/50
.........
169,738,900
96,900,002
$
–
$
–
Natixis
SA
.........
4.78
(b)
04/28/23
05/01/23
243,000
243,000
243,096,795
U.S.
Treasury
Obligations,
0.00%
to
3.88%,
due
10/12/23
to
02/15/53
.........
257,333,200
247,860,028
4.78
04/28/23
05/01/23
76,000
76,000
76,030,273
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
07/13/23
to
11/15/52
.........
79,516,100
77,520,073
$
–
$
–
$
319,000
$
325,380,101
$
–
$
–
Prudential
Insurance
Co.
of
America
......
4.81
04/28/23
05/01/23
18,650
18,650
18,657,475
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000
19,030,275
4.81
04/28/23
05/01/23
44,625
44,625
44,642,887
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
100,000,000
45,534,887
4.81
04/28/23
05/01/23
7,350
7,350
7,352,946
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000
7,499,946
4.81
04/28/23
05/01/23
76,000
76,000
76,030,463
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000
77,550,463
4.81
04/28/23
05/01/23
60,500
60,500
60,524,250
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000
61,734,250
4.81
04/28/23
05/01/23
40,125
40,125
40,141,083
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
60,000,000
40,943,883
4.81
04/28/23
05/01/23
44,010
44,010
44,027,641
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000
44,907,481
4.81
04/28/23
05/01/23
16,560
16,560
16,566,638
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000
16,897,838
2023
BlackRock
Semi-Annual
Report
to
Shareholders
T-Fund
38
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4.81
%
04/28/23
05/01/23
$
15,120
$
15,120
$
15,126,061
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
$
28,000,000
$
15,428,461
4.81
04/28/23
05/01/23
13,965
13,965
13,970,598
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000
14,249,898
4.81
04/28/23
05/01/23
13,125
13,125
13,130,261
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
25,000,000
13,392,761
4.81
04/28/23
05/01/23
46,300
46,298
46,318,559
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000
47,244,159
4.81
04/28/23
05/01/23
33,500
33,500
33,513,428
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
40,000,000
34,183,428
4.81
04/28/23
05/01/23
35,613
35,613
35,626,775
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000
36,338,675
4.81
04/28/23
05/01/23
37,744
37,744
37,758,879
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000
38,513,529
4.81
04/28/23
05/01/23
13,350
13,350
13,355,351
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000
13,622,231
4.81
04/28/23
05/01/23
13,000
13,000
13,005,211
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000
13,265,211
4.81
04/28/23
05/01/23
25,688
25,688
25,697,796
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
50,000,000
26,211,796
4.81
04/28/23
05/01/23
29,123
29,123
29,134,173
U.S.
Treasury
Obligation,
0.00%,
due
02/15/26
.........
33,000,000
29,716,623
$
–
$
–
$
584,346
$
596,265,795
$
–
$
–
Royal
Bank
of
Canada
4.78
04/28/23
05/01/23
200,000
200,000
200,079,667
U.S.
Treasury
Obligations,
0.38%
to
5.00%,
due
12/31/25
to
02/15/48
.........
179,875,700
204,000,008
$
–
$
–
Societe
Generale
SA
.
4.78
04/28/23
05/01/23
450,000
450,000
450,179,250
U.S.
Treasury
Obligations,
2.38%
to
4.13%,
due
09/30/27
to
03/31/29
.........
465,426,800
459,000,070
$
–
$
–
TD
Securities
USA
LLC
4.79
04/28/23
05/01/23
24,000
24,000
24,009,580
U.S.
Treasury
Obligations,
1.13%
to
3.50%,
due
02/28/25
to
09/15/25
.........
25,274,900
24,480,065
$
–
$
–
Wells
Fargo
Securities
LLC
...........
4.79
(a)
04/28/23
05/01/23
550,000
550,000
550,219,542
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
05/31/23
to
02/15/31
.........
644,170,368
561,000,006
4.79
04/28/23
05/01/23
1,150,000
1,150,000
1,150,459,042
U.S.
Treasury
Obligations,
0.13%
to
7.63%,
due
09/15/23
to
02/15/53
.........
1,267,138,300
1,173,000,054
$
–
$
–
$
1,700,000
$
1,734,000,060
$
–
$
–
$
86,971,346
$
87,540,599,509
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
T-Fund
Schedules
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(c)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
86,971,346,250
$
—
$
86,971,346,250
U.S.
Treasury
Obligations
...................................
—
4,547,137,550
—
4,547,137,550
$
—
$
91,518,483,800
$
—
$
91,518,483,800
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Treasury
Trust
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
1.05%, 05/02/23
.................
USD
13,421,650
$
13,419,948,094
2.10%, 05/04/23
.................
3,383,000
3,381,804,714
3.06%, 05/09/23
.................
11,643,650
11,631,778,955
3.28%, 05/11/23
.................
2,060,000
2,057,446,271
3.56%, 05/16/23
.................
14,185,350
14,160,114,450
3.75%, 05/18/23
.................
13,468,000
13,440,360,618
3.70%, 05/23/23
.................
4,152,710
4,142,363,778
3.82%, 05/25/23
.................
2,825,000
2,816,922,333
3.74%, 05/30/23
.................
5,245,345
5,227,771,744
3.96%, 06/01/23
.................
630,000
627,686,453
4.46%, 06/06/23
.................
598,000
595,231,260
4.64%, 06/20/23
.................
884,200
878,408,965
4.78%, 07/06/23
.................
4,340,000
4,301,606,517
4.79%, 07/13/23
.................
874,000
865,353,981
4.98%, 08/08/23
.................
625,000
616,835,938
4.98%, 08/15/23
.................
500,000
492,712,500
5.01%, 08/22/23
.................
500,000
492,058,612
4.99%, 08/29/23
.................
3,481,000
3,423,717,284
4.85%, 09/21/23
.................
250,000
245,402,153
4.84%, 09/28/23
.................
250,000
245,161,458
4.94%, 10/12/23
.................
1,250,000
1,222,917,222
4.93%, 10/19/23
.................
750,000
732,721,875
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.95%, 10/26/23
.................
USD
4,100,000
$
4,001,882,440
4.75%, 04/18/24
.................
228,235
218,096,991
U.S.
Treasury
Notes
0.13%, 05/15/23
.................
779,700
778,401,278
1.75%, 05/15/23
.................
1,156,085
1,155,017,445
0.13%, 05/31/23
.................
672,380
669,962,111
1.63%, 05/31/23
.................
361,000
360,054,645
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
5.17%, 10/31/23
(b)
...
200,000
200,123,206
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.12%, 01/31/24
(b)
....
2,679,620
2,679,785,613
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.06%, 04/30/24
(b)
....
1,611,260
1,610,062,727
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
5.17%, 07/31/24
(b)
...
826,000
825,924,050
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.27%, 10/31/24
(b)
...
4,321,540
4,320,196,515
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.33%, 01/31/25
(b)
...
2,614,255
2,615,186,523
Total
U.S.
Treasury
Obligations
—
101.8%
(Cost:
$104,453,018,719)
..........................
104,453,018,719
Total
Investments
—
101.8%
(Cost:
$104,453,018,719
)
..........................
104,453,018,719
Liabilities
in
Excess
of
Other
Assets
—
(1.8)%
............
(1,820,286,950)
Net
Assets
—
100.0%
..............................
$
102,632,731,769
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Treasury
Obligations
...................................
$
—
$
104,453,018,719
$
—
$
104,453,018,719
$
—
$
104,453,018,719
$
—
$
104,453,018,719
MuniCash
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alaska
—
0.7%
(a)
Alaska
Housing
Finance
Corp.
,
Series
2007B,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
3.80%, 05/05/23
............
USD
4,450
$
4,450,000
Alaska
Housing
Finance
Corp.
,
Series
2009B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
3.85%, 05/05/23
.................
400
400,000
Alaska
Housing
Finance
Corp.
,
Series
2009B,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
3.80%, 05/05/23
............
5,325
5,325,000
Alaska
Housing
Finance
Corp.
,
Series
2009D,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
3.80%, 05/05/23
............
12,700
12,700,000
22,875,000
Arizona
—
0.2%
Mesa
Arizona
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XM1012,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
3.91%, 05/05/23
(a)(b)(c)
..........
4,800
4,800,000
California
—
4.1%
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
6,630
6,630,000
City
of
Los
Angeles
,
TECP
(Barclays
Bank
plc
LOC)
,
2.90%, 06/27/23
.............
30,000
29,992,734
City
of
Los
Angeles
,
TECP
(TD
Bank
NA
LOC)
,
2.80%, 07/19/23
.................
14,000
13,984,872
City
of
Los
Angeles
,
Series
2022,
RB,
4.00%, 06/29/23
.................
73,450
73,545,720
San
Mateo
Joint
Powers
Financing
Authority
,
Series
2007A,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
3.30%, 05/05/23
(a)
.........
200
200,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XX1258,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.88%, 05/05/23
(a)(b)(c)
..........
2,000
2,000,000
126,353,326
Colorado
—
4.6%
(a)
Colorado
Health
Facilities
Authority
,
Series
F,
RB
,
VRDN
,
3.85%, 05/05/23
.........
114,100
114,100,000
Colorado
Housing
and
Finance
Authority
,
Series
2020A-1,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.00%, 05/05/23
....
10,375
10,375,000
County
of
Arapahoe
,
Series
2001,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
3.98%, 05/05/23
.................
8,485
8,485,000
Denver
Colorado
City
&
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF2686,
RB
,
VRDN
(Citibank
NA
LIQ)
,
3.66%, 05/05/23
(b)(c)
...............
8,000
8,000,000
140,960,000
Connecticut
—
0.2%
Connecticut
Housing
Finance
Authority
,
Series
2022E-2,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.81%, 05/05/23
(a)
.
6,300
6,300,000
Security
Par
(000)
Par
(000)
Value
Delaware
—
1.4%
(a)
University
of
Delaware
,
Series
2004B,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
3.74%, 05/01/23
.................
USD
26,380
$
26,380,000
University
of
Delaware
,
Series
2013C,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.80%, 05/01/23
.................
16,695
16,695,000
43,075,000
District
of
Columbia
—
0.1%
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XG0267,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.91%, 05/05/23
(a)(b)(c)
..............
3,395
3,395,000
Florida
—
8.9%
Broward
County
Tourist
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0429,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.97%, 05/05/23
(a)(b)(c)
3,720
3,720,000
Cape
Coral
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-YX1071,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.55%, 05/05/23
(a)(b)(c)
.......
12,880
12,880,000
City
of
Gainesville
,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.00%, 05/05/23
(a)
............
2,600
2,600,000
City
of
Gainesville
,
Series
2012B,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.80%, 05/01/23
(a)
................
15,400
15,400,000
County
of
Escambia
,
Series
2009,
RB
,
VRDN
,
3.80%, 05/01/23
(a)
................
43,600
43,600,000
County
of
Hillsborough
,
TECP
(Wells
Fargo
Bank
NA
SBPA)
,
2.65%, 05/18/23
.....
11,985
11,980,797
County
of
St
Lucie
,
RB
,
VRDN
,
4.00%, 05/01/23
(a)
................
29,540
29,540,000
Escambia
County
Health
Facilities
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.85%, 05/01/23
(a)
...........
14,340
14,340,000
Florida
Housing
Finance
Corp.
,
Series
2004M,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
4.01%, 05/05/23
(a)
........
8,375
8,375,000
Highlands
County
Health
Facilities
Authority
,
Series
2012I-3,
RB
,
VRDN
,
3.85%, 05/05/23
(a)
................
20,250
20,250,000
Highlands
County
Health
Facilities
Authority
,
Series
2021D-2,
RB
,
VRDN
,
3.75%, 05/05/23
(a)
................
88,405
88,405,000
Hillsborough
County
Industrial
Development
Authority
,
Series
2020B,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.80%, 05/01/23
(a)
.....
13,900
13,900,000
JEA
Electric
System
,
Series
2008B-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.85%, 05/05/23
(a)
................
9,550
9,550,000
274,540,797
Georgia
—
2.1%
(a)
Atlanta
Water
&
Waste
Water,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF2649,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.89%, 05/05/23
(b)(c)
.....
13,000
13,000,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0307,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.89%, 05/05/23
(b)(c)
3,135
3,135,000
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017
E-107,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.91%, 05/05/23
(b)(c)
...
5,000
5,000,000
2023
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.85%, 05/01/23
.....
USD
25,015
$
25,015,000
Oglethorpe
Power
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
E-155,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.90%, 05/05/23
(b)(c)
...........
20,000
20,000,000
66,150,000
Idaho
—
0.4%
Idaho
Housing
&
Finance
Association
,
Series
2011A,
RB
,
VRDN
(
Federal
Hom
e
Loan
Mortgage
Corp.
Guaranty)
,
3.95%, 05/05/23
(a)
................
11,245
11,245,000
Illinois
—
1.6%
(a)
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3069,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.98%, 05/05/23
(b)(c)
...........
12,400
12,400,000
Illinois
Finance
Authority
,
RB
,
VRDN
,
3.80%, 05/05/23
.................
5,551
5,551,000
Illinois
Finance
Authority
,
Series
1998,
RB
,
VRDN
(Northern
Trust
Co.
(The)
LOC)
,
3.97%, 05/05/23
.................
8,000
8,000,000
Illinois
Finance
Authority
,
Series
2021B,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.78%, 05/01/23
.................
15,600
15,600,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-
XL0072,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 05/01/23
(b)(c)
.........
7,500
7,500,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-XF2202,
RB
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
3.91%, 05/05/23
(b)(c)
1,140
1,140,000
50,191,000
Indiana
—
1.2%
(a)
Indiana
Finance
Authority
,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.80%, 05/05/23
......
3,700
3,700,000
Indiana
Finance
Authority
,
Series
2009D,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
3.75%, 05/01/23
.................
34,965
34,965,000
38,665,000
Iowa
—
4.6%
(a)
Iowa
Finance
Authority
,
Series
2008B-1,
RB
,
VRDN
,
3.95%, 05/01/23
............
44,325
44,325,000
Iowa
Finance
Authority
,
Series
2016A,
RB
,
VRDN
,
3.95%, 05/05/23
............
31,800
31,800,000
Iowa
Finance
Authority
,
Series
2021,
RB
,
VRDN
(Korea
Development
Bank
LOC)
,
3.98%, 05/05/23
.................
62,000
62,000,000
Iowa
Finance
Authority
,
Series
2016E,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
3.85%, 05/05/23
.....
5,000
5,000,000
143,125,000
Security
Par
(000)
Par
(000)
Value
Kansas
—
0.8%
(a)(b)(c)
Topeka
Kansas
Utility,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-
XF0696,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.89%, 05/05/23
...........
USD
8,580
$
8,580,000
Wyandotte
County
Kansas
USD,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018G-23,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.29%, 05/05/23
.......
15,000
15,000,000
23,580,000
Kentucky
—
1.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XG0161,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
..............
4,960
4,960,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.15%, 05/01/23
.....
10,000
10,000,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(Bank
of
America
NA
SBPA)
,
3.50%, 05/08/23
............
9,500
9,499,404
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.30%, 06/21/23
.....
10,000
9,996,501
34,455,905
Louisiana
—
1.9%
(a)
Louisiana
Public
Facilities
Authority
,
Series
2008C,
RB
,
VRDN
,
3.80%, 05/01/23
....
10,100
10,100,000
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023A-1,
RB
,
VRDN
(Toronto-Dominion
Bank
LOC)
,
3.80%, 05/01/23
.........
35,000
35,000,000
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023A-2,
RB
,
VRDN
(Toronto-Dominion
Bank
LOC)
,
3.80%, 05/01/23
.........
14,400
14,400,000
59,500,000
Maryland
—
1.0%
(a)
City
of
Baltimore,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3014,
RB
,
VRDN
(Citibank
NA
LIQ)
,
3.89%, 05/05/23
(b)(c)
...............
9,840
9,840,000
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Series
2008D,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.80%, 05/01/23
......
19,570
19,570,000
29,410,000
Massachusetts
—
1.5%
City
of
Quincy
,
GO,
4.00%, 07/07/23
......
14,500
14,511,460
Massachusetts
Bay
Transportation
Authority
,
TECP
(Barclays
Bank
plc
SBPA)
,
3.72%, 06/22/23
.................
11,500
11,503,068
Massachusetts
Bay
Transportation
Authority
Sales
Tax
,
TECP
(Barclays
Bank
plc
LIQ)
,
3.48%, 06/27/23
.................
20,000
19,999,742
46,014,270
Michigan
—
0.6%
Michigan
State
University
,
Series
2003A,
RB
,
VRDN
(Northern
Trust
Co.
(The)
SBPA)
,
3.70%, 05/05/23
(a)
................
5,500
5,500,000
University
of
Michigan
,
Series
2012D-2,
RB
,
VRDN
,
3.75%, 05/05/23
(a)
...........
11,315
11,315,000
Waterford
School
District
,
GO,
5.00%, 05/01/23
1,305
1,305,000
18,120,000
MuniCash
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Minnesota
—
3.1%
City
of
Minneapolis
,
Series
1997B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
3.90%, 05/05/23
(a)
................
USD
7,100
$
7,100,000
City
of
Minneapolis
,
Series
2018C,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
3.75%, 05/01/23
(a)
................
43,555
43,555,000
Minnesota
Housing
Finance
Agency
,
Series
2015G,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.85%, 05/05/23
(a)
...........
13,000
13,000,000
Minnesota
Housing
Finance
Agency
,
Series
2017F,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.85%, 05/05/23
(a)
...........
4,450
4,450,000
Regents
of
the
University
of
Minnesota
,
TECP,
3.02%, 06/08/23
.................
27,100
27,089,992
95,194,992
Mississippi
—
3.9%
(a)
County
of
Jackson
,
Series
1993,
RB
,
VRDN
,
3.75%, 05/01/23
.................
28,455
28,455,000
Mississippi
Business
Finance
Corp.
,
Series
2007C,
RB
,
VRDN
,
3.75%, 05/01/23
....
5,935
5,935,000
Mississippi
Business
Finance
Corp.
,
Series
2007E,
RB
,
VRDN
,
3.75%, 05/01/23
....
13,920
13,920,000
Mississippi
Business
Finance
Corp.
,
Series
2009A,
RB
,
VRDN
,
3.75%, 05/01/23
....
6,945
6,945,000
Mississippi
Business
Finance
Corp.
,
Series
2010G,
RB
,
VRDN
,
3.75%, 05/01/23
....
22,050
22,050,000
Mississippi
Business
Finance
Corp.
,
Series
2010L,
RB
,
VRDN
,
3.75%, 05/01/23
....
23,290
23,290,000
Mississippi
Business
Finance
Corp.
,
Series
2011G,
RB
,
VRDN
,
3.75%, 05/01/23
....
21,475
21,475,000
122,070,000
Missouri
—
3.0%
(a)(b)(c)
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018C-16,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.91%, 05/05/23
.................
54,500
54,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0678,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
3.89%, 05/05/23
.................
13,675
13,675,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019C-17,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.90%, 05/05/23
.................
14,000
14,000,000
St
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0382,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.89%, 05/05/23
.................
10,640
10,640,000
92,815,000
Nebraska
—
3.2%
Lincoln
Nebraska
Electric
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.20%, 06/02/23
.
40,000
39,985,396
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
3.00%, 05/01/23
...
10,050
10,050,000
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
2.80%, 05/02/23
...
13,450
13,449,510
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
3.30%, 06/01/23
...
11,500
11,495,913
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
3.20%, 06/02/23
...
10,500
10,496,158
Security
Par
(000)
Par
(000)
Value
Nebraska
(continued)
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
3.40%, 07/06/23
...
USD
15,000
$
14,999,787
100,476,764
New
Hampshire
—
0.5%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Series
2005A-2,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.80%, 05/01/23
(a)
................
15,070
15,070,000
New
Jersey
—
1.1%
(a)
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009D,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.25%, 05/05/23
......
26,425
26,425,000
New
Jersey
State
Appropriation,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XG0168,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.90%, 05/05/23
(b)(c)
........
7,725
7,725,000
34,150,000
New
Mexico
—
3.5%
Albuquerque
Municipal
School
District
No.
12
,
Series
2023A,
GO,
5.00%, 08/01/23
(d)
...
22,800
22,859,346
New
Mexico
Hospital
Equipment
Loan
Council
,
Series
2008C,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
3.80%, 05/05/23
(a)
....
41,900
41,900,000
New
Mexico
Hospital
Equipment
Loan
Council
,
Series
2008D,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
3.80%, 05/05/23
(a)
....
42,250
42,250,000
107,009,346
New
York
—
10.7%
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-
E-137,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
.........
4,635
4,635,000
City
of
New
York
,
Series
2006I,
Sub-Series
I-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.75%, 05/01/23
(a)
................
10,605
10,605,000
City
of
New
York
,
Series
2023A,
Sub-Series
A3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
3.75%, 05/01/23
(a)
................
86,200
86,200,000
Metropolitan
Transportation
Authority
,
Series
2005,
Sub-Series
E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.85%, 05/05/23
(a)
.....
6,850
6,850,000
New
York
City
Housing
Development
Corp.
,
Series
2018L-2,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
4.00%, 05/05/23
(a)
............
14,000
14,000,000
New
York
City
Housing
Development
Corp.
,
Series
2021K3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.85%, 05/05/23
(a)
........
5,100
5,100,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2006CC-2,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.65%, 05/01/23
(a)
................
31,985
31,985,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2009CC,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.75%, 05/01/23
(a)
................
49,450
49,450,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2012AA-2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.85%, 05/05/23
(a)
................
5,355
5,355,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2022
Sub-Series
BB-2,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.70%, 05/01/23
(a)
................
10,200
10,200,000
2023
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023
Sub-Series
CC,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.77%, 05/01/23
(a)
................
USD
28,380
$
28,380,000
New
York
City
Transitional
Finance
Authority
,
Series
2010
Sub-Series
A-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.77%, 05/01/23
(a)
................
21,900
21,900,000
New
York
Power
Authority
,
TECP
(Bank
of
America
NA
SBPA,
JPMorgan
Chase
Bank
NA
SBPA,
TD
Bank
NA
SBPA
&
Wells
Fargo
Bank
NA
SBPA)
,
3.25%, 06/07/23
.....
5,000
4,996,999
New
York
State
Dormitory
Authority
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.67%, 05/05/23
(a)
................
32,510
32,510,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF2647,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
2,500
2,500,000
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1359,
RB
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
3.90%, 05/05/23
(a)(b)(c)
15,000
15,000,000
329,666,999
North
Carolina
—
1.0%
(a)
City
of
Charlotte
,
Series
2013G,
COP
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.85%, 05/05/23
.................
2,300
2,300,000
City
of
Charlotte
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XG0403,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.89%, 05/05/23
(b)(c)
...............
2,276
2,276,000
Durham
Housing
Authority
,
Series
2021A,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
&
United
Fidelity
Bank
FSB
LOC)
,
3.98%, 05/05/23
.................
22,885
22,885,000
Durham
Housing
Authority
,
Series
2021B,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
&
United
Fidelity
Bank
FSB
LOC)
,
3.98%, 05/05/23
.................
4,900
4,900,000
32,361,000
North
Dakota
—
0.2%
North
Dakota
Housing
Finance
Agency
,
Series
2015E,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.00%, 05/05/23
(a)
................
5,565
5,565,000
Ohio
—
4.8%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-E-133,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(b)(c)
...
11,270
11,270,000
County
of
Franklin
,
Series
2011D,
RB
,
VRDN
,
3.80%, 05/05/23
.................
28,100
28,100,000
County
of
Franklin
,
Series
2015B,
RB
,
VRDN
,
3.65%, 05/05/23
.................
23,100
23,100,000
Miami
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-XG0225,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(b)(c)
3,000
3,000,000
Ohio
Higher
Educational
Facility
Commission
,
Series
2013B-1,
RB
,
VRDN
(Ohio
State
Treasurer
SBPA)
,
3.80%, 05/05/23
.....
24,470
24,470,000
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-18,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.90%, 05/05/23
(b)(c)
...............
USD
9,000
$
9,000,000
Ohio
State
University
(The)
,
Series
2023A-1,
RB
,
VRDN
,
3.78%, 05/05/23
.........
20,000
20,000,000
Ohio
State
University
(The)
,
Series
2023A-2,
RB
,
VRDN
,
3.90%, 05/05/23
.........
20,000
20,000,000
State
of
Ohio
,
Series
2022B,
RB
,
VRDN
,
3.80%, 05/05/23
.................
9,950
9,950,000
148,890,000
Oregon
—
0.7%
Oregon
State
Facilities
Authority
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.07%, 05/05/23
(a)
...
6,475
6,475,000
State
of
Oregon
Department
of
Administrative
Services
,
TECP
(Bank
of
Montreal
LOC)
,
2.80%, 05/04/23
.................
11,400
11,398,709
State
of
Oregon
Department
of
Transportation
,
TECP
(Wells
Fargo
Bank
NA
LOC)
,
3.40%, 06/29/23
.................
2,915
2,914,260
20,787,969
Pennsylvania
—
4.3%
City
of
Philadelphia
,
TECP
(TD
Bank
NA
LOC)
,
3.75%, 05/25/23
.................
15,000
14,996,045
Emmaus
General
Authority
,
Series
1996-1,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
3.95%, 05/05/23
(a)
................
23,120
23,120,000
Montgomery
County
Industrial
Development
Authority
,
Series
2002,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.85%, 05/01/23
(a)
........
7,445
7,445,000
Pennsylvania
Economic
Development
Financing
Authority
,
Series
2009C,
RB
,
VRDN
(MUFG
Bank
Ltd.
LOC)
,
5.25%, 05/05/23
(a)
................
18,100
18,100,000
Pennsylvania
Housing
Finance
Agency
,
Series
2023-141B,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.80%, 05/05/23
(a)
.....
26,000
26,000,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2020-XL0140,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
1,625
1,625,000
Pennsylvania
Turnpike
Commission
,
Series
2019,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 05/05/23
(a)
................
7,250
7,250,000
Philadelphia
Authority
for
Industrial
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
19XF2,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
4.21%, 05/05/23
(a)(b)(c)
..............
3,930
3,930,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Series
2007A,
RB
,
VRDN
(PNC
Bank
NA
SBPA)
,
3.84%, 05/05/23
(a)
13,020
13,020,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-YX1075,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.79%, 05/05/23
(a)(b)(c)
...
17,190
17,190,000
132,676,045
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Rhode
Island
—
0.2%
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XM0721,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
USD
7,150
$
7,150,000
South
Carolina
—
3.5%
(a)
City
of
Columbia
Waterworks
&
Sewer
System
,
Series
2009,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.86%, 05/05/23
...
18,815
18,815,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2021B,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
3.99%, 05/05/23
5,800
5,800,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
3.88%, 05/05/23
44,500
44,500,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023B,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
3.88%, 05/05/23
10,000
10,000,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0398,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.98%, 05/05/23
(b)(c)
.....
6,145
6,145,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0313,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.98%, 05/05/23
(b)(c)
7,140
7,140,000
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Series
2020,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
3.99%, 05/05/23
.................
17,050
17,050,000
109,450,000
South
Dakota
—
1.4%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.01%, 05/05/23
....
9,755
9,755,000
South
Dakota
Housing
Development
Authority
,
Series
2020B,
RB
,
VRDN
(SD
Housing
Development
Authority
SBPA)
,
3.80%, 05/05/23
.................
27,975
27,975,000
South
Dakota
Housing
Development
Authority
,
Series
2022D,
RB
,
VRDN
(Federal
Home
Loan
Bank
LIQ)
,
4.01%, 05/05/23
......
5,200
5,200,000
42,930,000
Tennessee
—
0.8%
Metropolitan
Government
of
Nashville
&
Davidson
County
,
TECP
(TD
Bank
NA
LOC),
3.45%, 05/17/23
.................
2,000
1,999,891
Metropolitan
Government
of
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
TECP,
3.42%, 05/10/23
.
5,000
4,999,598
Public
Building
Authority
of
Sevier
County
(The)
,
Series
2008
VII,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.88%, 05/05/23
(a)
...
2,000
2,000,000
Sullivan
County
Health
Educational
&
Human
Services,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
BAML5024,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.90%, 05/01/23
(a)(b)(c)
.........
11,000
11,000,000
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-YX1087,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
5,405
5,405,000
25,404,489
Security
Par
(000)
Par
(000)
Value
Texas
—
12.5%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-XF0220,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 05/01/23
(a)(b)(c)
....
USD
25,345
$
25,345,000
Bowie
County
Industrial
Development
Corp.
,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
3.72%, 05/01/23
(a)
............
2,700
2,700,000
City
of
Garland
,
TECP
(Barclays
Bank
plc
LOC)
,
3.28%, 05/31/23
.............
20,800
20,795,414
City
of
Garland
,
TECP
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.60%, 05/31/23
...
11,000
10,996,828
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
3.60%, 05/15/23
.........
19,000
18,996,344
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
2.63%, 05/18/23
.........
40,000
39,972,624
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
3.20%, 08/10/23
.........
10,000
9,985,344
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
2.85%, 08/10/23
.........
70,000
69,793,430
Dallas
Texas
Water
Works
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2018-XF2697,
RB
,
VRDN
(Citibank
NA
LIQ)
,
3.48%, 05/05/23
(a)
(b)(c)
..........................
6,000
6,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.31%, 05/05/23
(a)
.....
30,000
30,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2015-3,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 05/05/23
(a)
..
52,225
52,225,000
Katy
Independent
School
District
,
GO,
5.00%, 02/15/24
(d)
................
8,300
8,410,388
Pasadena
Independent
School
District
,
Series
2005-B,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.85%, 05/05/23
(a)
........
34,820
34,820,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A,
RB
,
VRDN
,
3.80%, 05/05/23
(a)
................
9,350
9,350,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
3.85%, 05/05/23
(a)
................
10,595
10,595,000
Red
River
Education
Finance
Corp.
,
Series
2006,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.75%, 05/05/23
(a)
................
36,900
36,900,000
386,885,372
Utah
—
0.2%
Utah
Water
Finance
Agency
,
Series
2008B-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 05/05/23
(a)
...........
5,645
5,645,000
Virginia
—
1.3%
(a)
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0606,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
3.89%, 05/05/23
(b)(c)
...
6,130
6,130,000
Loudoun
County
Economic
Development
Authority
,
Series
2003B,
RB
,
VRDN
,
3.72%, 05/05/23
.................
4,870
4,870,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2018-XG0183,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(b)(c)
...............
12,860
12,860,000
2023
BlackRock
Semi-Annual
Report
to
Shareholders
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022C-19,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.90%, 05/05/23
(b)(c)
...............
USD
4,730
$
4,730,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-C-20,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.90%, 05/05/23
(b)(c)
...............
6,000
6,000,000
Virginia
Commonwealth
Transportation
Board
Trust,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2018-XF0659,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
3.89%, 05/05/23
(b)(c)
...............
6,000
6,000,000
40,590,000
Washington
—
0.6%
County
of
King
,
TECP,
2.80%, 05/04/23
....
18,000
17,998,335
Wisconsin
—
1.2%
(a)
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C,
RB
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
3.66%, 05/01/23
.........
32,900
32,900,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2008A-1,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
3.85%, 05/05/23
.................
3,590
3,590,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2017C,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
3.75%, 05/05/23
1,500
1,500,000
37,990,000
Security
Par
(000)
Par
(000)
Value
Wyoming
—
0.6%
(a)
Wyoming
Community
Development
Authority
,
Series
2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.80%, 05/05/23
............
USD
5,095
$
5,095,000
Wyoming
Community
Development
Authority
,
Series
2023-2,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
4.00%, 05/05/23
.............
15,000
15,000,000
20,095,000
Total
Municipal
Bonds
—
99.3%
(Cost:
$3,074,091,535)
...........................
3,073,626,609
Closed-End
Investment
Companies
New
York
—
1.3%
(a)(c)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
1,
VRDP,
3.90%, 05/05/23
.................
10,200
10,200,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
5,
VRDP,
3.90%, 05/05/23
.................
30,000
30,000,000
40,200,000
Total
Closed-End
Investment
Companies
—
1.3%
(Cost:
$40,200,000)
..............................
40,200,000
Total
Investments
—
100.6%
(Cost:
$3,114,291,535
)
(e)
..........................
3,113,826,609
Liabilities
in
Excess
of
Other
Assets
—
(0.6)%
............
(19,972,812)
Net
Assets
—
100.0%
..............................
$
3,093,853,797
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
When-issued
security.
(e)
Cost
for
U.S.
federal
income
tax
purposes.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—
$
40,200,000
$
—
$
40,200,000
Municipal
Bonds
.........................................
—
3,073,626,609
—
3,073,626,609
$
—
$
3,113,826,609
$
—
$
3,113,826,609
California
Money
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
—
98.2%
Abag
Finance
Authority
for
Nonprofit
Corp.
,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.15%, 05/05/23
(a)
................
USD
200
$
200,000
Abag
Finance
Authority
for
Nonprofit
Corp.
,
Series
2009A,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.43%, 05/05/23
(a)
.........
1,600
1,600,000
Antelope
Valley
Community
College
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XX1272,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.91%, 05/05/23
(a)(b)(c)
..............
2,500
2,500,000
Bay
Area
Toll
Authority
,
Series
2007A-2,
RB
,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC)
,
3.00%, 05/05/23
(a)
............
520
520,000
Bay
Area
Toll
Authority
,
Series
2008C-1,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.42%, 05/05/23
(a)
............
900
900,000
Bay
Area
Toll
Authority
,
Series
2008E-1,
RB
,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC)
,
3.00%, 05/05/23
(a)
............
8,640
8,640,000
California
Educational
Facilities
Authority
,
Series
2006B,
RB
,
VRDN
,
3.00%, 05/05/23
(a)
................
18,650
18,650,000
California
Health
Facilities
Financing
Authority
,
Series
2008B-1,
RB
,
VRDN
,
3.00%, 05/05/23
(a)
................
1,200
1,200,000
California
Health
Facilities
Financing
Authority
,
Series
2011B,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
3.00%, 05/05/23
(a)
............
6,140
6,140,000
California
Health
Facilities
Financing
Authority
,
Series
2011C,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
3.49%, 05/05/23
(a)
............
6,200
6,200,000
California
Health
Facilities
Financing
Authority
,
Series
2012B,
RB
,
VRDN
,
3.00%, 05/05/23
(a)
................
400
400,000
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
3,495
3,495,000
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-BAML5025,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
3.65%, 05/01/23
(a)(b)(c)
..............
2,000
2,000,000
California
Municipal
Finance
Authority
,
Series
2010A,
RB
,
VRDN
,
3.45%, 05/01/23
(a)
...
18,815
18,815,000
California
Pollution
Control
Financing
Authority
,
Series
1997B,
RB
,
VRDN
,
3.10%, 05/01/23
(a)
................
2,500
2,500,000
California
Public
Finance
Authority
,
Series
2022B1,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.10%, 05/01/23
(a)
..........
11,025
11,025,000
California
Public
Finance
Authority
,
Series
2022B-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.10%, 05/01/23
(a)
......
3,360
3,360,000
California
Public
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF3006,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
....
4,000
4,000,000
California
Statewide
Communities
Development
Authority
,
Series
2008B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
3.37%, 05/01/23
(a)
.
1,565
1,565,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
California
Statewide
Communities
Development
Authority
,
Series
2008C,
RB
,
VRDN
(Northern
Trust
Co.
(The)
LOC)
,
3.35%, 05/05/23
(a)
................
USD
950
$
950,000
City
&
County
of
San
Francisco
,
TECP
(US
Bank
NA
LOC)
,
3.05%, 06/07/23
......
4,085
4,081,798
City
of
Irvine
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.66%, 05/01/23
(a)
.......
5,330
5,330,000
City
of
Los
Angeles
,
TECP
(TD
Bank
NA
LOC)
,
2.80%, 07/19/23
.................
4,000
3,995,678
City
of
Los
Angeles
,
Series
2022,
RB,
4.00%, 06/29/23
.................
4,000
4,005,213
City
of
Los
Angeles
Department
of
Airports
,
TECP
(PNC
Bank
NA
LOC)
,
2.75%, 06/01/23
.................
3,793
3,791,672
City
of
Modesto
,
Series
2008A,
COP
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
3.00%, 05/05/23
(a)
................
2,740
2,740,000
City
of
Riverside
,
Series
2008C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.52%, 05/05/23
(a)
1,945
1,945,000
City
of
Vacaville
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
3.47%, 05/05/23
(a)
............
4,600
4,600,000
County
of
San
Bernardino
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.47%, 05/05/23
(a)
...
6,745
6,745,000
East
Bay
Municipal
Utility
District
,
TECP
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
2.62%, 05/04/23
.................
4,500
4,499,585
Eastern
Municipal
Water
District
,
Series
2018A,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
3.35%, 05/01/23
(a)
................
8,600
8,600,000
Imperial
Irrigation
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-XM0488,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
3.92%, 05/05/23
(a)(b)(c)
5,000
5,000,000
Irvine
Ranch
Water
District
,
Series
2011A-1,
VRDN,
3.91%, 02/29/24
(a)
...........
7,000
6,999,054
Lodi
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1477,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.70%, 05/01/23
(a)(b)(c)
2,000
2,000,000
Long
Beach
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XG0478,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
3.92%, 05/05/23
(a)(b)(c)
..........
11,475
11,475,000
Los
Angeles
Community
College
District
,
Series
2013F,
GO,
5.00%, 08/01/23
.........
3,200
3,215,007
Los
Angeles
County
Housing
Authority
,
TECP
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.80%, 06/06/23
.................
3,000
2,998,225
Los
Angeles
County
Metropolitan
Transportation
Authority
,
TECP
(Bank
of
America
NA
LOC)
,
2.30%, 05/16/23
....
3,000
2,998,681
Los
Angeles
Department
of
Water
&
Power
,
Series
2001B,
Sub-Series
B-7,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.30%, 05/05/23
(a)
................
2,700
2,700,000
Los
Angeles
Department
of
Water
&
Power
,
Series
2019A,
Sub-Series
A-2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.40%, 05/01/23
(a)
................
10,000
10,000,000
Los
Angeles
Department
of
Water
&
Power
,
Series
2021
A-1,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.40%, 05/01/23
(a)
.....
4,000
4,000,000
2023
BlackRock
Semi-Annual
Report
to
Shareholders
California
Money
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
California
(continued)
Los
Angeles
Department
of
Water
&
Power,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF3072,
RB
,
VRDN
(Morgan
Stanley
Bank
NA
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
USD
3,420
$
3,420,000
Los
Angeles
Department
of
Water,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XM1040,
RB
,
VRDN
(UBS
AG
LIQ)
,
3.88%, 05/05/23
(a)(b)(c)
..........
4,325
4,325,000
Los
Angeles
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XG0447,
GO
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.84%, 05/05/23
(a)(b)(c)
....
5,625
5,625,000
Municipal
Improvement
Corp.
of
Los
Angeles
,
TECP
(BMO
Harris
Bank
NA
LOC)
,
2.60%, 05/15/23
.................
10,000
9,998,832
Municipal
Improvement
Corp.
of
Los
Angeles
,
TECP
(US
Bank
NA
LOC)
,
2.90%, 05/16/23
5,800
5,798,205
Orange
County
Water
District
,
Series
2003A,
COP
,
VRDN
(Bank
of
America
NA
LOC)
,
3.05%, 05/05/23
(a)
................
6,000
6,000,000
Sacramento
County
Housing
Authority
,
Series
1996C,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
3.47%, 05/05/23
(a)
................
2,780
2,780,000
Sacramento
Transportation
Authority
,
Series
2014A,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.35%, 05/05/23
(a)
.
8,320
8,320,000
Sacramento
Transportation
Authority
,
Series
2015,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.00%, 05/05/23
(a)
.......
6,215
6,215,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008A,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.15%, 05/05/23
(a)
................
900
900,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008B,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.00%, 05/05/23
(a)
................
1,455
1,455,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008D,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.10%, 05/05/23
(a)
................
525
525,000
San
Diego
Public
Facilities
Financing
Authority
,
TECP
(Bank
of
America
NA
LOC)
,
3.50%, 06/29/23
.................
4,500
4,501,372
San
Diego
Public
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF1429,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.94%, 05/05/23
(a)(b)(c)
..............
4,600
4,600,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1331,
GO
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
1,875
1,875,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XX1268,
GO
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.88%, 05/05/23
(a)(b)(c)
..............
2,795
2,795,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1482,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.70%, 05/01/23
(a)(b)(c)
..............
1,815
1,815,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Francisco
City
&
County
Airport
Community
,
Series
2018C,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
3.50%, 05/05/23
(a)
................
USD
3,225
$
3,225,000
San
Francisco
City
&
County
Public
Utilities
Commission
,
TECP
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
2.85%, 06/06/23
...
4,000
3,997,782
San
Mateo
County
Transit
District
Sales
Tax
,
Series
2020A,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.50%, 05/05/23
(a)
.........
3,000
3,000,000
San
Mateo
Union
High
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1481,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.70%, 05/01/23
(a)(b)(c)
5,125
5,125,000
Santa
Clara
Valley
Transportation
Authority
,
Series
2008B,
RB
,
VRDN
(Toronto-Dominion
Bank
SBPA)
,
3.49%, 05/05/23
(a)
.......
2,280
2,280,000
Southern
California
Public
Power
Authority
,
Series
2020A-3,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
3.64%, 05/01/23
(a)
..
6,500
6,500,000
State
of
California
,
TECP
(UBS
AG
Stamford
Branch
LOC)
,
3.00%, 05/24/23
.......
3,000
2,999,591
State
of
California
,
TECP
(UBS
AG
Stamford
Branch
LOC)
,
2.90%, 06/05/23
.......
4,000
3,999,595
State
of
California
,
Series
2003A-1,
GO
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.95%, 05/01/23
(a)
400
400,000
State
of
California
,
Series
2003C-1,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.20%, 05/05/23
(a)
..
3,455
3,455,000
State
of
California
,
Series
2005B1,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
3.40%, 05/05/23
(a)
................
2,650
2,650,000
Tustin
Unified
School
District
,
Series
2023C,
GO,
4.00%, 08/01/23
..............
2,700
2,705,820
University
of
California
,
TECP,
2.90%, 08/02/23
5,000
4,999,927
University
of
California
,
Series
2013AL-3,
RB
,
VRDN
,
3.40%, 05/01/23
(a)
...........
2,905
2,905,000
University
of
California
,
Series
2013AL-4,
RB
,
VRDN
,
3.35%, 05/01/23
(a)
...........
6,375
6,375,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XF1479,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
......
1,280
1,280,000
Ventura
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0442,
GO
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
....
3,500
3,500,000
Washington
Township
Health
Care
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XL0384,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
..............
1,900
1,900,000
Western
Municipal
Water
District
Facilities
Authority
,
Series
2012A,
RB
,
VRDN
(Toronto-Dominion
Bank
LOC)
,
3.20%, 05/05/23
(a)
................
9,100
9,100,000
Total
Municipal
Bonds
—
98.2%
(Cost:
$337,755,785)
.............................
337,726,037
California
Money
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
California
—
1.5%
Nuveen
California
AMT-Free
Quality
Munici
pal
Income
Fund,
Series
4,
VRDP
(Royal
Bank
of
Canada
LOC),
3.88%, 05/05/23
(a)(c)
...
USD
5,000
$
5,000,000
Total
Closed-End
Investment
Companies
—
1.5%
(Cost:
$5,000,000)
..............................
5,000,000
Total
Investments
—
99.7%
(Cost:
$342,755,785
)
(d)
............................
342,726,037
Other
Assets
Less
Liabilities
—
0.3%
...................
953,879
Net
Assets
—
100.0%
..............................
$
343,679,916
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—
$
5,000,000
$
—
$
5,000,000
Municipal
Bonds
.........................................
—
337,726,037
—
337,726,037
$
—
$
342,726,037
$
—
$
342,726,037
2023
BlackRock
Semi-Annual
Report
to
Shareholders
New
York
Money
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2023
Schedule
of
Investments
(unaudited)
April
30,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
New
York
—
99.1%
Battery
Park
City
Authority
,
Series
2019D-
1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.88%, 05/05/23
(a)
................
USD
7,295
$
7,295,000
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-
E-137,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
.........
1,100
1,100,000
Build
NYC
Resource
Corp.
,
Series
2015,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.88%, 05/05/23
(a)
................
435
435,000
City
of
New
York
,
Series
2006I,
Sub-Series
I-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.75%, 05/01/23
(a)
................
2,800
2,800,000
City
of
New
York
,
Series
2012A-2,
GO
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.75%, 05/01/23
(a)
2,000
2,000,000
City
of
New
York
,
Series
2014I,
Sub-Series
I-3,
GO
,
VRDN
(Citibank
NA
LOC)
,
3.93%, 05/05/23
(a)
................
1,100
1,100,000
City
of
New
York
,
Series
2023A,
Sub-Series
A3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
3.75%, 05/01/23
(a)
................
16,870
16,870,000
Dutchess
County
Industrial
Development
Agency
,
Series
2008,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.88%, 05/05/23
(a)
.........
2,640
2,640,000
Metropolitan
Transportation
Authority
,
Series
2005
Sub-Series
D-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
3.70%, 05/01/23
(a)
.....
5,200
5,200,000
Metropolitan
Transportation
Authority
,
Series
2005,
Sub-Series
E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.85%, 05/05/23
(a)
.....
4,480
4,480,000
Metropolitan
Transportation
Authority
,
Series
2008A-1,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.75%, 05/01/23
(a)
................
2,700
2,700,000
New
York
City
Housing
Development
Corp.
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.80%, 05/05/23
(a)
................
2,465
2,465,000
New
York
City
Housing
Development
Corp.
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.70%, 05/05/23
(a)
................
8,180
8,180,000
New
York
City
Housing
Development
Corp.
,
Series
2009A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
3.88%, 05/05/23
(a)
................
6,175
6,175,000
New
York
City
Housing
Development
Corp.
,
Series
2010A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
3.88%, 05/05/23
(a)
................
6,055
6,055,000
New
York
City
Housing
Development
Corp.
,
Series
2011B,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
3.85%, 05/05/23
(a)
................
875
875,000
New
York
City
Housing
Development
Corp.
,
Series
2018L-2,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
4.00%, 05/05/23
(a)
............
525
525,000
New
York
City
Housing
Development
Corp.
,
Series
2019A-4,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
3.86%, 05/05/23
(a)
.....
3,800
3,800,000
New
York
City
Housing
Development
Corp.
,
Series
2021F-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.85%, 05/05/23
(a)
........
9,000
9,000,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Industrial
Development
Agency
,
Series
2004B,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.72%, 05/01/23
(a)
.........
USD
11,225
$
11,225,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2009CC,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.75%, 05/01/23
(a)
................
10,755
10,755,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2013AA-5,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.75%, 05/01/23
(a)
................
8,925
8,925,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2016BB-1A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.72%, 05/01/23
(a)
................
3,900
3,900,000
New
York
City
Transitional
Finance
Authority
,
Series
2003,
Sub-Series
A-4,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.75%, 05/01/23
(a)
.
4,855
4,855,000
New
York
City
Transitional
Finance
Authority
,
Series
2010
Sub-Series
A-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.77%, 05/01/23
(a)
................
1,500
1,500,000
New
York
City
Transitional
Finance
Authority
,
Series
2014D-3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.70%, 05/01/23
(a)
........
2,000
2,000,000
New
York
City
Transitional
Finance
Authority
,
Series
2016
Sub-Series
A-4,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
3.72%, 05/01/23
(a)
................
1,200
1,200,000
New
York
City
Trust
for
Cultural
Resources
,
Series
2009A,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
3.88%, 05/05/23
(a)
.....
3,740
3,740,000
New
York
Power
Authority
,
TECP
(Bank
of
America
NA
SBPA,
JPMorgan
Chase
Bank
NA
SBPA,
TD
Bank
NA
SBPA
&
Wells
Fargo
Bank
NA
SBPA)
,
3.25%, 06/07/23
.....
5,300
5,296,819
New
York
Power
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XL0416,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..........
2,900
2,900,000
New
York
Power
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XX1281,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..........
3,000
3,000,000
New
York
State
Dormitory
Authority
,
Series
2002A-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.00%, 05/05/23
(a)
....
1,555
1,555,000
New
York
State
Dormitory
Authority
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.67%, 05/05/23
(a)
................
7,825
7,825,000
New
York
State
Dormitory
Authority
,
Series
2008A-1,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
3.89%, 05/05/23
(a)
............
2,790
2,790,000
New
York
State
Dormitory
Authority
,
Series
2009,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.00%, 05/05/23
(a)
................
2,295
2,295,000
New
York
State
Dormitory
Authority
,
Series
2009A,
RB
,
VRDN
,
3.45%, 05/05/23
(a)
...
8,875
8,875,000
New
York
State
Dormitory
Authority
,
Series
2012,
RB
,
VRDN
(HSBC
Bank
USA
NA
LOC)
,
3.90%, 05/05/23
(a)
............
6,155
6,155,000
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A,
Sub-
Series
A-1,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.96%, 05/05/23
(a)
............
3,050
3,050,000
New
York
Money
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A,
Sub-
Series
A-3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.88%, 05/05/23
(a)
............
USD
5,025
$
5,025,000
New
York
State
Environmental
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF3049,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
2,670
2,670,000
New
York
State
Environmental
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF1442,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
3,560
3,560,000
New
York
State
Housing
Finance
Agency
,
Series
2004A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.80%, 05/05/23
(a)
................
1,750
1,750,000
New
York
State
Housing
Finance
Agency
,
Series
2008A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
3.79%, 05/05/23
(a)
................
4,500
4,500,000
New
York
State
Housing
Finance
Agency
,
Series
2009A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.89%, 05/05/23
(a)
................
850
850,000
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
4.02%, 05/05/23
(a)
................
7,050
7,050,000
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
3.80%, 05/05/23
(a)
................
5,000
5,000,000
New
York
State
Housing
Finance
Agency
,
Series
2013A,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
3.69%, 05/01/23
(a)
................
7,000
7,000,000
New
York
State
Housing
Finance
Agency
,
Series
2022G-3,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
3.83%, 05/05/23
(a)
..
1,985
1,985,000
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-YX1250,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
1,730
1,730,000
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF1450,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
..............
2,590
2,590,000
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF1496,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
3.91%, 05/05/23
(a)(b)(c)
..............
1,525
1,525,000
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XL0414,
RB
,
VRDN
(Citibank
NA
LIQ)
,
3.88%, 05/05/23
(a)
(b)(c)
..........................
2,000
2,000,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Sales
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XG0464,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 05/01/23
(a)(b)(c)
USD
1,215
$
1,215,000
New
York
State
Thruway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-XF0847,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
1,395
1,395,000
New
York
State
Urban
Development
Corp.
,
Series
2004A-3-,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.82%, 05/05/23
(a)
3,000
3,000,000
State
of
New
York
Mortgage
Agency
,
Series
247,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.90%, 05/05/23
(a)
................
3,000
3,000,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005,
Sub-Series
B-2B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
4.10%, 05/05/23
(a)
................
5,000
5,000,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-3,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
3.72%, 05/01/23
(a)
.....
4,250
4,250,000
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1495,
RB
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
3.89%, 05/05/23
(a)(b)(c)
1,550
1,550,000
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Series
2014B-1,
RB,
VRDN
,
3.91%, 01/12/24
(a)
................
3,005
3,004,980
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Series
2014B-2,
RB
,
VRDN
,
3.91%, 10/23/23
(a)
................
8,200
8,196,935
Yankee
Stadium,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1455,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.89%, 05/05/23
(a)(b)(c)
..............
1,800
1,800,000
Yonkers
Industrial
Development
Agency
,
Series
2005,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
3.79%, 05/05/23
(a)
.........
6,750
6,750,000
Total
Municipal
Bonds
—
99.1%
(Cost:
$261,940,000)
.............................
261,933,734
Closed-End
Investment
Companies
New
York
—
0.9%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
3,
VRDP,
3.90%, 05/05/23
(a)(c)
...............
2,500
2,500,000
Total
Closed-End
Investment
Companies
—
0.9%
(Cost:
$2,500,000)
..............................
2,500,000
Total
Investments
—
100.0%
(Cost:
$264,440,000
)
(d)
............................
264,433,734
Liabilities
in
Excess
of
Other
Assets
—
(0.0)%
............
(94,433)
Net
Assets
—
100.0%
..............................
$
264,339,301
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
New
York
Money
Fund
52
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—
$
2,500,000
$
—
$
2,500,000
Municipal
Bonds
.........................................
—
261,933,734
—
261,933,734
$
—
$
264,433,734
$
—
$
264,433,734
Statements
of
Assets
and
Liabilities
(unaudited)

April
30,
2023
53
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
...........................
$
3,866,593,435‌
$
24,839,423,820‌
$
6,311,673,693‌
$
3,576,089,556‌
$
4,547,137,550‌
Cash  
................................................
194,484,769‌
6,702,757,527‌
285,296,239‌
330,165,053‌
5,227,314,718‌
Repurchase
agreements,
at
value
—
unaffiliated
(b)
...................
—‌
108,697,921,875‌
5,602,000,000‌
1,799,000,000‌
86,971,346,250‌
Receivables:
–‌
–‌
–‌
–‌
–‌
Investments
sold
.......................................
8,205,125‌
—‌
—‌
—‌
—‌
Capital
shares
sold
......................................
3,647,269‌
1,444,340,587‌
80,579,629‌
(702,151‌)
84,545,007‌
Interest
—
unaffiliated
....................................
9,926,165‌
107,987,404‌
25,371,036‌
18,176,355‌
38,708,185‌
Prepaid
expenses
........................................
627,146‌
95,803,783‌
623,156‌
5,537,561‌
36,651,905‌
Total
assets
............................................
4,083,483,909‌
141,888,234,996‌
12,305,543,753‌
5,728,266,374‌
96,905,703,615‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
–‌
Investments
purchased
...................................
240,296,561‌
3,034,447,962‌
—‌
—‌
1,991,170,377‌
Capital
shares
redeemed
..................................
1,117,879‌
1,452,930,652‌
23,284,505‌
—‌
17,466,904‌
Custodian
fees
.........................................
30,132‌
357,044‌
25,122‌
36,806‌
266,448‌
Income
dividend
distributions
...............................
11,065,691‌
326,611,362‌
44,335,445‌
3,674,001‌
234,236,022‌
Management
fees
.......................................
1,046,734‌
36,858,821‌
3,375,824‌
1,607,884‌
25,463,760‌
Trustees'
and
Officer's
fees
................................
2,831‌
41,395‌
—‌
1,072‌
29,561‌
Professional
fees
.......................................
33,614‌
238,659‌
45,345‌
52,475‌
192,303‌
Registration
fees
.......................................
156,669‌
5,464,974‌
104,544‌
1,196,660‌
2,549,821‌
Service
and
distribution
fees
................................
373,159‌
97,683,140‌
101‌
5,544,431‌
36,809,055‌
Transfer
agent
fees
.....................................
49,630‌
465,030‌
48,038‌
153,705‌
498,108‌
Other
accrued
expenses
..................................
25,150‌
65,353‌
—‌
7,837‌
40,733‌
Total
liabilities
...........................................
254,198,050‌
4,955,164,392‌
71,218,924‌
12,274,871‌
2,308,723,092‌
NET
ASSETS
...........................................
$
3,829,285,859‌
$
136,933,070,604‌
$
12,234,324,829‌
$
5,715,991,503‌
$
94,596,980,523‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
...........................................
$
3,829,571,407‌
$
137,019,555,757‌
$
12,236,948,586‌
$
5,717,363,160‌
$
94,648,747,950‌
Accumulated
loss
........................................
(285,548‌)
(86,485,153‌)
(2,623,757‌)
(1,371,657‌)
(51,767,427‌)
NET
ASSETS
...........................................
$
3,829,285,859‌
$
136,933,070,604‌
$
12,234,324,829‌
$
5,715,991,503‌
$
94,596,980,523‌
(a)
  Investments,
at
cost
—
unaffiliated
...........................
$
3,866,593,435‌
$
24,839,423,820‌
$
6,313,189,761‌
$
3,576,686,471‌
$
4,547,137,550‌
(b)
  Repurchase
agreements,
at
cost
—
unaffiliated
..................
$
—‌
$
108,697,921,875‌
$
5,602,000,000‌
$
1,799,000,000‌
$
86,971,346,250‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
54
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
............................................
$
3,742,224,554‌
$
115,723,750,724‌
$
11,641,840,879‌
$
4,916,276,524‌
$
86,654,141,530‌
Shares
outstanding
.....................................
3,742,496,222‌
115,796,971,018‌
11,638,992,946‌
4,914,557,201‌
86,701,516,598‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
1.0002‌
$
1.0003‌
$
1.00‌
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
............................................
$
35,184,186‌
$
9,501,387,418‌
$
—‌
$
17,602,570‌
$
4,524,812,845‌
Shares
outstanding
.....................................
35,186,736‌
9,507,378,017‌
—‌
17,595,947‌
4,527,282,159‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
......................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Bancroft
Capital
Net
assets
............................................
$
51,441‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
51,445‌
—‌
—‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
—
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cabrera
Capital
Markets
Net
assets
............................................
$
51,441‌
$
—‌
$
—‌
$
178,062‌
$
—‌
Shares
outstanding
.....................................
51,445‌
—‌
—‌
177,992‌
—‌
Net
asset
value
........................................
$
1.00‌
$
—‌
$
—‌
$
1.0004‌
$
—‌
Shares
authorized
......................................
Unlimited
—
—
Unlimited
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
............................................
$
—‌
$
4,813,141‌
$
—‌
$
132,269,307‌
$
135,419,456‌
Shares
outstanding
.....................................
—‌
4,816,174‌
—‌
132,216,079‌
135,493,383‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
......................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
............................................
$
10,757,964‌
$
633,762,783‌
$
—‌
$
525,257,924‌
$
700,236,785‌
Shares
outstanding
.....................................
10,758,744‌
634,161,883‌
—‌
525,066,268‌
700,619,404‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
......................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
............................................
$
—‌
$
4,417,558,051‌
$
—‌
$
12,497,190‌
$
66,940,067‌
Shares
outstanding
.....................................
—‌
4,420,350,050‌
—‌
12,491,977‌
66,976,716‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
......................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
............................................
$
7,064,898‌
$
3,294,050,789‌
$
18,455‌
$
111,281,215‌
$
1,542,051,905‌
Shares
outstanding
.....................................
7,065,412‌
3,296,129,916‌
18,450‌
111,239,638‌
1,542,895,277‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
1.0002‌
$
1.0004‌
$
1.00‌
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Great
Pacific
Net
assets
............................................
$
51,423‌
$
—‌
$
592,429,007‌
$
—‌
$
—‌
Shares
outstanding
.....................................
51,427‌
—‌
592,313,972‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
—‌
$
1.0002‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
—
Unlimited
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2023
55
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Mischler
Financial
Group
Net
assets
............................................
$
4,935,635‌
$
1,431,327,160‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
4,935,993‌
1,432,229,394‌
—‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
Unlimited
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Penserra
Net
assets
............................................
$
801,384‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
801,442‌
—‌
—‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
—
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Premier
Net
assets
............................................
$
—‌
$
1,513,943,743‌
$
36,488‌
$
—‌
$
923,021,805‌
Shares
outstanding
.....................................
—‌
1,514,911,412‌
36,478‌
—‌
923,526,055‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
1.0003‌
$
—‌
$
1.00‌
Shares
authorized
......................................
—
Unlimited
Unlimited
—
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Private
Client
Net
assets
............................................
$
—‌
$
257,813‌
$
—‌
$
628,711‌
$
—‌
Shares
outstanding
.....................................
—‌
257,975‌
—‌
628,460‌
—‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
—‌
$
1.0004‌
$
—‌
Shares
authorized
......................................
—
Unlimited
—
Unlimited
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
............................................
$
—‌
$
319,027,722‌
$
—‌
$
—‌
$
50,356,130‌
Shares
outstanding
.....................................
—‌
319,228,664‌
—‌
—‌
50,383,605‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
1.00‌
Shares
authorized
......................................
—
Unlimited
—
—
Unlimited
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Stern
Brothers
Net
assets
............................................
$
52,148‌
$
52,156‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
52,152‌
52,189‌
—‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
Unlimited
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Tigress
Net
assets
............................................
$
28,110,785‌
$
4,559,818‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
28,112,828‌
4,562,688‌
—‌
—‌
—‌
Net
asset
value
........................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
Unlimited
Unlimited
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
WestCap
Net
assets
............................................
$
—‌
$
88,579,286‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
.....................................
—‌
88,635,054‌
—‌
—‌
—‌
Net
asset
value
........................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
......................................
—
Unlimited
—
—
—
Par
value
............................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
56
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
104,453,018,719‌
$
3,113,826,609‌
$
342,726,037‌
$
264,433,734‌
Cash  
...............................................................
8,499,906,824‌
130,700‌
88,873‌
480,363‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
8,599,526,290‌
—‌
—‌
—‌
Capital
shares
sold
.....................................................
3,876,526‌
2,410,410‌
101,977‌
440,227‌
Interest
—
unaffiliated
...................................................
165,659,420‌
14,803,443‌
1,205,201‌
691,291‌
Prepaid
expenses
.......................................................
15,077,078‌
282,846‌
13,572‌
44,961‌
Total
assets
...........................................................
121,737,064,857‌
3,131,454,008‌
344,135,660‌
266,090,576‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
18,827,493,735‌
31,279,686‌
—‌
400,785‌
Capital
shares
redeemed
.................................................
1,516,705‌
1,946,887‌
64,680‌
770,000‌
Custodian
fees
........................................................
389,591‌
45,872‌
5,946‌
3,343‌
Income
dividend
distributions
..............................................
227,103,714‌
3,087,759‌
122,458‌
445,639‌
Management
fees
......................................................
27,822,802‌
1,092,076‌
111,308‌
54,744‌
Trustees'
and
Officer's
fees
...............................................
22,695‌
1,527‌
394‌
442‌
Professional
fees
......................................................
93,589‌
50,992‌
51,685‌
32,242‌
Registration
fees
......................................................
4,339,577‌
41,064‌
77,588‌
23,219‌
Service
and
distribution
fees
...............................................
14,749,018‌
19,587‌
1,375‌
269‌
Transfer
agent
fees
....................................................
79,577‌
20,067‌
942‌
941‌
Other
accrued
expenses
.................................................
722,085‌
14,694‌
19,368‌
19,651‌
Total
liabilities
..........................................................
19,104,333,088‌
37,600,211‌
455,744‌
1,751,275‌
NET
ASSETS
..........................................................
$
102,632,731,769‌
$
3,093,853,797‌
$
343,679,916‌
$
264,339,301‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
102,624,249,005‌
$
3,094,317,504‌
$
343,708,247‌
$
264,340,758‌
Accumulated
earnings
(loss)
................................................
8,482,764‌
(463,707‌)
(28,331‌)
(1,457‌)
NET
ASSETS
..........................................................
$
102,632,731,769‌
$
3,093,853,797‌
$
343,679,916‌
$
264,339,301‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
104,453,018,719‌
$
3,114,291,535‌
$
342,755,785‌
$
264,440,000‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2023
57
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................
$
99,737,808,107‌
$
3,091,854,615‌
$
343,679,916‌
$
264,339,301‌
Shares
outstanding
....................................................
99,729,560,009‌
3,092,115,085‌
343,939,654‌
264,338,270‌
Net
asset
value
.......................................................
$
1.00‌
$
0.9999‌
$
0.9992‌
$
1.0000‌
Shares
authorized
.....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
...........................................................
$
448,980,082‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
....................................................
448,942,730‌
—‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
...........................................................
$
231,414,459‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
....................................................
231,395,827‌
—‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
...........................................................
$
14,675,963‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
....................................................
14,674,767‌
—‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
...........................................................
$
119,502,183‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
....................................................
119,492,426‌
—‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
...........................................................
$
1,910,205,892‌
$
1,999,182‌
$
—‌
$
—‌
Shares
outstanding
....................................................
1,910,053,139‌
1,999,391‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
0.9999‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
Unlimited
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
...........................................................
$
170,145,083‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
....................................................
170,130,107‌
—‌
—‌
—‌
Net
asset
value
.......................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
.....................................................
Unlimited
—
—
—
Par
value
...........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
58
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
99,119,692‌
$
2,824,498,710‌
$
253,201,500‌
$
159,357,143‌
$
1,961,086,400‌
Total
investment
income
....................................
99,119,692‌
2,824,498,710‌
253,201,500‌
159,357,143‌
1,961,086,400‌
EXPENSES
Management
..........................................
5,039,099‌
119,042,743‌
11,903,947‌
8,264,970‌
82,868,614‌
Registration
..........................................
157,786‌
865,098‌
350,236‌
116,887‌
465,910‌
Transfer
agent
.........................................
108,556‌
738,309‌
68,373‌
318,845‌
232,659‌
Service
and
distribution
—
class
specific
.......................
53,364‌
26,180,633‌
22‌
1,506,928‌
9,770,739‌
Professional
..........................................
42,022‌
232,954‌
37,963‌
43,760‌
174,705‌
Printing
and
postage
....................................
30,477‌
21,914‌
15,575‌
17,432‌
18,708‌
Custodian
............................................
29,936‌
389,913‌
43,173‌
48,693‌
290,225‌
Trustees
and
Officer
.....................................
22,074‌
169,088‌
24,996‌
26,888‌
152,568‌
Miscellaneous
.........................................
41,244‌
320,750‌
42,216‌
46,044‌
262,078‌
Total
expenses
..........................................
5,524,558‌
147,961,402‌
12,486,501‌
10,390,447‌
94,236,206‌
Less:
–‌
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(1,433,634‌)
(10,550,342‌)
(2,760,358‌)
(2,612,283‌)
(7,231,764‌)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(112‌)
(49,259‌)
—‌
(4,346‌)
(4,168‌)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
4,090,812‌
137,361,801‌
9,726,143‌
7,773,818‌
87,000,274‌
Net
investment
income
.....................................
95,028,880‌
2,687,136,909‌
243,475,357‌
151,583,325‌
1,874,086,126‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
495,043‌
$
(48,165,162‌)
$
2,286,733‌
$
3,453,224‌
$
(31,682,347‌)
Net
realized
gain
(loss)
from
investments
.......................
495,043‌
(48,165,162‌)
50,939‌
(81,756‌)
(31,682,347‌)
Net
change
in
unreal
ized
appreciation
on
investments
..............
—‌
—‌
2,235,794‌
3,534,980‌
—‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
95,523,923‌
$
2,638,971,747‌
$
245,762,090‌
$
155,036,549‌
$
1,842,403,779‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
April
30,
2023
59
Financial
Statements
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
Interest
—
unaffiliated
...................................................
$
2,122,599,127‌
$
41,959,463‌
$
3,918,329‌
$
3,193,782‌
Total
investment
income
...................................................
2,122,599,127‌
41,959,463‌
3,918,329‌
3,193,782‌
EXPENSES
Management
.........................................................
91,208,109‌
4,712,422‌
661,326‌
454,590‌
Service
and
distribution
—
class
specific
......................................
2,827,259‌
2,895‌
—‌
—‌
Custodian
...........................................................
558,916‌
33,096‌
6,077‌
6,444‌
Registration
.........................................................
455,705‌
112,687‌
6,373‌
55,733‌
Transfer
agent
........................................................
247,790‌
16,674‌
678‌
954‌
Trustees
and
Officer
....................................................
152,568‌
14,159‌
3,953‌
3,750‌
Professional
.........................................................
150,208‌
34,415‌
36,929‌
32,933‌
Printing
and
postage
...................................................
17,164‌
15,286‌
15,810‌
15,926‌
Miscellaneous
........................................................
211,185‌
20,172‌
3,621‌
3,756‌
Total
expenses
.........................................................
95,828,904‌
4,961,806‌
734,767‌
574,086‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(7,939,462‌)
(1,728,554‌)
(382,001‌)
(331,581‌)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
.................
(180,505‌)
—‌
—‌
—‌
Total
expenses
after
fees
waived
and/or
reimbursed
................................
87,708,937‌
3,233,252‌
352,766‌
242,505‌
Net
investment
income
....................................................
2,034,890,190‌
38,726,211‌
3,565,563‌
2,951,277‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
12,734,810‌
$
385,060‌
$
(2,532‌)
$
(1,219‌)
Net
realized
gain
from
investments
..........................................
12,734,811‌
1,403‌
1,061‌
4,808‌
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
...................
—‌
383,658‌
(3,593‌)
(6,027‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
2,047,625,001‌
$
39,111,272‌
$
3,563,031‌
$
2,950,058‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
................................................
$
95,028,880‌
$
48,619,419‌
$
2,687,136,909‌
$
1,390,465,990‌
Net
realized
gain
(loss)
................................................
495,043‌
(690,428‌)
(48,165,162‌)
(36,843,185‌)
Net
increase
in
net
assets
resulting
from
operations
...............................
95,523,923‌
47,928,991‌
2,638,971,747‌
1,353,622,805‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.......................................................
(93,812,977‌)
(48,537,193‌)
(2,129,495,962‌)
(1,077,596,668‌)
  Administration
.....................................................
(498,419‌)
(203,462‌)
(328,160,616‌)
(213,403,476‌)
  Bancroft
Capital
....................................................
(1,021‌)
(424‌)
—‌
—‌
  Cabrera
Capital
Markets
..............................................
(1,021‌)
(424‌)
—‌
—‌
  Capital
..........................................................
—‌
—‌
(88,259‌)
(3,026,915‌)
  Cash
Management
..................................................
(213,527‌)
(78,794‌)
(11,948,362‌)
(4,284,003‌)
  Cash
Reserve
.....................................................
—‌
(3‌)
(90,724,879‌)
(35,255,621‌)
  Dollar
...........................................................
(160,970‌)
(53,184‌)
(68,903,645‌)
(27,091,528‌)
  Great
Pacific
......................................................
(1,020‌)
(407‌)
—‌
—‌
Mischler
Financial
Group
..............................................
(93,112‌)
(68,040‌)
(19,713,323‌)
(11,486,407‌)
Penserra
.........................................................
(8,972‌)
(422‌)
—‌
—‌
  Premier
..........................................................
—‌
—‌
(29,628,806‌)
(18,686,982‌)
  Private
Client
......................................................
—‌
—‌
(4,613‌)
(1,554‌)
  Select
...........................................................
—‌
—‌
(7,778,565‌)
(3,107,617‌)
  Stern
Brothers
.....................................................
(1,861‌)
(291‌)
(1,890‌)
(299‌)
  Tigress
..........................................................
(235,980‌)
(1,074‌)
(102,724‌)
(743‌)
WestCap
.........................................................
—‌
—‌
(585,265‌)
(269‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.....................
(95,028,880‌)
(48,943,718‌)
(2,687,136,909‌)
(1,393,942,082‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.............
(1,351,943,231‌)
160,508,937‌
(9,323,750,883‌)
(21,212,578,366‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.......................................
(1,351,448,188‌)
159,494,210‌
(9,371,916,045‌)
(21,252,897,643‌)
Beginning
of
period
....................................................
5,180,734,047‌
5,021,239,837‌
146,304,986,649‌
167,557,884,292‌
End
of
period
........................................................
$
3,829,285,859‌
$
5,180,734,047‌
$
136,933,070,604‌
$
146,304,986,649‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
61
Financial
Statements
See
notes
to
financial
statements.
TempCash
TempFund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
243,475,357‌
$
65,593,917‌
$
151,583,325‌
$
74,680,071‌
Net
realized
gain
(loss)
....................................................
50,939‌
12,497‌
(81,756‌)
10,023‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
2,235,794‌
(3,932,958‌)
3,534,980‌
(4,441,139‌)
Net
increase
in
net
assets
resulting
from
operations
...................................
245,762,090‌
61,673,456‌
155,036,549‌
70,248,955‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(236,183,419‌)
(65,593,405‌)
(136,292,023‌)
(69,791,863‌)
  Administration
.........................................................
—‌
—‌
(475,005‌)
(150,396‌)
  Cabrera
Capital
Markets
..................................................
—‌
—‌
(2,644‌)
(495‌)
  Capital
..............................................................
—‌
—‌
(2,090,518‌)
(62,777‌)
  Cash
Management
......................................................
—‌
—‌
(10,272,088‌)
(3,801,518‌)
  Cash
Reserve
.........................................................
—‌
—‌
(344,559‌)
(82,973‌)
  Dollar
...............................................................
(375‌)
(150‌)
(2,086,927‌)
(953,713‌)
  Great
Pacific
..........................................................
(7,290,768‌)
—‌
—‌
—‌
  Premier
..............................................................
(795‌)
(362‌)
—‌
—‌
  Private
Client
..........................................................
—‌
—‌
(19,561‌)
(7,842‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(243,475,357‌)
(65,593,917‌)
(151,583,325‌)
(74,851,577‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
3,573,432,704‌
2,875,694,021‌
(1,628,277,654‌)
(1,309,031,942‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
3,575,719,437‌
2,871,773,560‌
(1,624,824,430‌)
(1,313,634,564‌)
Beginning
of
period
........................................................
8,658,605,392‌
5,786,831,832‌
7,340,815,933‌
8,654,450,497‌
End
of
period
............................................................
$
12,234,324,829‌
$
8,658,605,392‌
$
5,715,991,503‌
$
7,340,815,933‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................
$
1,874,086,126‌
$
936,985,893‌
$
2,034,890,190‌
$
903,323,482‌
Net
realized
gain
(loss)
..............................................
(31,682,347‌)
(20,182,880‌)
12,734,811‌
2,426,101‌
Net
increase
in
net
assets
resulting
from
operations
.............................
1,842,403,779‌
916,803,013‌
2,047,625,001‌
905,749,583‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.....................................................
(1,596,996,167‌)
(772,514,168‌)
(1,998,315,664‌)
(893,603,138‌)
  Administration
...................................................
(212,955,852‌)
(143,818,630‌)
(8,549,758‌)
(3,879,189‌)
  Capital
........................................................
(1,661,702‌)
(952,166‌)
(2,102,557‌)
(101,615‌)
  Cash
Management
................................................
(14,282,191‌)
(5,473,066‌)
(235,184‌)
(156,314‌)
  Cash
Reserve
...................................................
(1,660,876‌)
(782,324‌)
(1,834,931‌)
(502,788‌)
  Dollar
.........................................................
(31,232,800‌)
(11,632,288‌)
(24,489,572‌)
(7,124,384‌)
  Premier
........................................................
(14,575,387‌)
(2,939,940‌)
—‌
—‌
  Select
.........................................................
(721,151‌)
(135,326‌)
(3,029,638‌)
(2,012,121‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................
(1,874,086,126‌)
(938,247,908‌)
(2,038,557,304‌)
(907,379,549‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........
(6,663,476,469‌)
(19,885,886,464‌)
(5,662,151,260‌)
7,255,815,540‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................
(6,695,158,816‌)
(19,907,331,359‌)
(5,653,083,563‌)
7,254,185,574‌
Beginning
of
period
..................................................
101,292,139,339‌
121,199,470,698‌
108,285,815,332‌
101,031,629,758‌
End
of
period
......................................................
$
94,596,980,523‌
$
101,292,139,339‌
$
102,632,731,769‌
$
108,285,815,332‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
63
Financial
Statements
See
notes
to
financial
statements.
MuniCash
California
Money
Fund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
38,726,211‌
$
20,242,474‌
$
3,565,563‌
$
1,059,497‌
Net
realized
gain
........................................................
1,403‌
60,574‌
1,061‌
2,729‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
383,658‌
(787,449‌)
(3,593‌)
(24,988‌)
Net
increase
in
net
assets
resulting
from
operations
...................................
39,111,272‌
19,515,599‌
3,563,031‌
1,037,238‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(38,701,666‌)
(20,457,399‌)
(3,565,563‌)
(1,228,434‌)
  Dollar
...............................................................
(24,545‌)
(14,473‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(38,726,211‌)
(20,471,872‌)
(3,565,563‌)
(1,228,434‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(502,082,407‌)
(1,777,099,677‌)
26,121,712‌
110,594,977‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(501,697,346‌)
(1,778,055,950‌)
26,119,180‌
110,403,781‌
Beginning
of
period
........................................................
3,595,551,143‌
5,373,607,093‌
317,560,736‌
207,156,955‌
End
of
period
............................................................
$
3,093,853,797‌
$
3,595,551,143‌
$
343,679,916‌
$
317,560,736‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
New
York
Money
Fund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
2,951,277‌
$
849,816‌
Net
realized
gain
......................................................................................
4,808‌
—‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(6,027‌)
1,000‌
Net
increase
in
net
assets
resulting
from
operations
.................................................................
2,950,058‌
850,816‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(2,951,277‌)
(849,816‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(2,951,277‌)
(849,816‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.......................................................
65,381,251‌
139,158,163‌
NET
ASSETS
Total
increase
in
net
assets
.................................................................................
65,380,032‌
139,159,163‌
Beginning
of
period
......................................................................................
198,959,269‌
59,800,106‌
End
of
period
..........................................................................................
$
264,339,301‌
$
198,959,269‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
65
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0198
‌
0.0077
‌
0.0000
(a)
0.0051
‌
0.0214
‌
0.0151
‌
Net
realized
and
unrealized
gain
(loss)
................
0.0003
‌
0.0007
(b)
0.0001
‌
0.0014
‌
0.0000
(a)
(0.0001
)
Net
increase
from
investment
operations
................
0.0201
‌
0.0084
‌
0.0001
‌
0.0065
‌
0.0214
‌
0.0150
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0201
)
(0.0084
)
(0.0000
)
(d)
(0.0064
)
(0.0214
)
(0.0150
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
...............................
(0.0201
)
(0.0084
)
(0.0001
)
(0.0065
)
(0.0214
)
(0.0150
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.02
%
(f)
0.85
%
0.02
%
0.65
%
2.16
%
1.51
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.23
%
(g)
0.22
%
0.23
%
0.23
%
0.25
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.17
%
(g)
0.13
%
0.09
%
0.17
%
0.17
%
0.17
%
Net
investment
income
...........................
4.00
%
(g)
0.77
%
0.00
%
(h)
0.51
%
2.14
%
1.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
3,742,225
‌
$
5,117,999
‌
$
4,912,973
‌
$
4,488,126
‌
$
3,442,530
‌
$
2,996,754
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
66
BlackRock
Liquid
Federal
Trust
Fund
Administration
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0197
‌
0.0043
‌
0.0000
(a)
0.0051
‌
0.0204
‌
0.0140
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.0001
)
(b)
0.0035
(b)
0.0001
‌
0.0006
‌
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
................
0.0196
‌
0.0078
‌
0.0001
‌
0.0057
‌
0.0204
‌
0.0140
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0196
)
(0.0078
)
(0.0000
)
(d)
(0.0056
)
(0.0204
)
(0.0140
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
...............................
(0.0196
)
(0.0078
)
(0.0001
)
(0.0057
)
(0.0204
)
(0.0140
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.97
%
(f)
0.78
%
0.02
%
0.57
%
2.06
%
1.41
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.33
%
(g)
0.32
%
0.33
%
0.33
%
0.35
%
0.34
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.27
%
(g)
0.15
%
0.08
%
0.24
%
0.27
%
0.27
%
Net
investment
income
...........................
3.98
%
(g)
0.43
%
0.00
%
(h)
0.51
%
2.05
%
1.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
35,184
‌
$
24,112
‌
$
87,091
‌
$
78,219
‌
$
80,271
‌
$
75,807
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Bancroft
Capital
Six
Months
Ended
04/30/23
(unaudited)
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0201
‌
0.0084
‌
Net
realized
and
unrealized
gain
............................................................................
0.0000
(b)
(
0.0000
)
(c)
Net
increase
from
investment
operations
........................................................................
0.0201
‌
0.0084
‌
Distributions
(d)
–
–
From
net
investment
income
..............................................................................
(0.0201
)
(0.0084
)
From
net
realized
gain
...................................................................................
—
‌
(0.0000
)
(c)
Total
distributions
.......................................................................................
(0.0201
)
(0.0084
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.02
%
(f)
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.23
%
(g)
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.13
%
(g)
Net
investment
income
...................................................................................
4.05
%
(g)
0.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
51
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
68
BlackRock
Liquid
Federal
Trust
Fund
Cabrera
Capital
Markets
Six
Months
Ended
04/30/23
(unaudited)
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0201
‌
0.0084
‌
Net
realized
and
unrealized
gain
............................................................................
0.0000
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
........................................................................
0.0201
‌
0.0084
‌
Distributions
(d)
–
–
From
net
investment
income
..............................................................................
(0.0201
)
(0.0084
)
From
net
realized
gain
...................................................................................
—
‌
(0.0000
)
(c)
Total
distributions
.......................................................................................
(0.0201
)
(0.0084
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.02
%
(f)
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.23
%
(g)
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.13
%
(g)
Net
investment
income
...................................................................................
4.05
%
(g)
0.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
51
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0174
‌
0.0051
‌
0.0000
(a)
0.0022
‌
0.0164
‌
0.0099
‌
Net
realized
and
unrealized
gain
....................
0.0002
‌
0.0006
(b)
0.0001
‌
0.0016
‌
0.0000
(a)
0.0001
‌
Net
increase
from
investment
operations
................
0.0176
‌
0.0057
‌
0.0001
‌
0.0038
‌
0.0164
‌
0.0100
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0176
)
(0.0057
)
(0.0000
)
(d)
(0.0037
)
(0.0164
)
(0.0100
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
...............................
(0.0176
)
(0.0057
)
(0.0001
)
(0.0038
)
(0.0164
)
(0.0100
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.77
%
(f)
0.57
%
0.02
%
0.38
%
1.65
%
1.01
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.73
%
(g)
0.72
%
0.73
%
0.73
%
0.75
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.67
%
(g)
0.39
%
0.08
%
0.36
%
0.67
%
0.67
%
Net
investment
income
...........................
3.50
%
(g)
0.51
%
0.00
%
(h)
0.22
%
1.65
%
0.99
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
10,758
‌
$
14,435
‌
$
10,191
‌
$
10,809
‌
$
11,839
‌
$
13,175
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
70
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.........................
0.0193
‌
0.0084
‌
0.0000
(a)
0.0032
‌
0.0189
‌
0.0116
‌
Net
realized
and
unrealized
gain
(loss)
...............
(0.0005
)
(b)
(0.0015
)
0.0001
‌
0.0018
‌
0.0000
(a)
0.0009
‌
Net
increase
from
investment
operations
...............
0.0188
‌
0.0069
‌
0.0001
‌
0.0050
‌
0.0189
‌
0.0125
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.0188
)
(0.0069
)
(0.0000
)
(d)
(0.0049
)
(0.0189
)
(0.0125
)
From
net
realized
gain
..........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
..............................
(0.0188
)
(0.0069
)
(0.0001
)
(0.0050
)
(0.0189
)
(0.0125
)
Net
asset
value,
end
of
period
.....................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.90
%
(f)
0.70
%
0.02
%
0.49
%
1.91
%
1.26
%
Ratios
to
Average
Net
Assets
Total
expenses
................................
0.48
%
(g)
0.47
%
0.48
%
0.48
%
0.50
%
0.49
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.42
%
(g)
0.29
%
0.09
%
0.29
%
0.42
%
0.42
%
Net
investment
income
..........................
3.89
%
(g)
0.84
%
0.00
%
(h)
0.32
%
1.90
%
1.16
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
7,065
‌
$
15,765
‌
$
10,977
‌
$
30,848
‌
$
11,152
‌
$
13,751
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Great
Pacific
Six
Months
Ended
04/30/23
(unaudited)
Period
from
05/02/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0201
‌
0.0081
‌
Net
realized
and
unrealized
gain
............................................................................
0.0000
(b)
(
0.0000
)
(c)
Net
increase
from
investment
operations
........................................................................
0.0201
‌
0.0081
‌
Distributions
from
net
investment
income
(d)
....................................................................
(0.0201
)
(0.0081
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.02
%
(f)
0.81
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.23
%
(g)
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.17
%
(g)
Net
investment
income
...................................................................................
4.05
%
(g)
1.62
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
51
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
72
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Six
Months
Ended
04/30/23
(unaudited)
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0201
‌
0.0089
‌
Net
realized
and
unrealized
loss
............................................................................
0.0000
(b)
(0.0005
)
Net
increase
from
investment
operations
........................................................................
0.0201
‌
0.0084
‌
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.0201
)
(0.0084
)
From
net
realized
gain
...................................................................................
—
‌
(0.0000
)
(d)
Total
distributions
.......................................................................................
(0.0201
)
(0.0084
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.02
%
(f)
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.23
%
(g)
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.17
%
(g)
Net
investment
income
...................................................................................
4.06
%
(g)
0.89
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
4,936
‌
$
5,120
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Penserra
Six
Months
Ended
04/30/23
(unaudited)
Period
from
01/21/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0218
‌
0.0084
‌
Net
realized
and
unrealized
loss
...........................................................................
(0.0017
)
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
.......................................................................
0.0201
‌
0.0084
‌
Distributions
from
net
investment
income
(d)
...................................................................
(0.0201
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
2.02
%
(f)
0.84
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.24
%
(g)
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
(g)
0.15
%
(g)
Net
investment
income
..................................................................................
4.40
%
(g)
1.08
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
801
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
74
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Six
Months
Ended
04/30/23
(unaudited)
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0201
‌
0.0058
‌
Net
realized
and
unrealized
gain
............................................................................
0.0000
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
........................................................................
0.0201
‌
0.0058
‌
Distributions
from
net
investment
income
(d)
....................................................................
(0.0201
)
(0.0058
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.03
%
(f)
0.58
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.23
%
(g)
0.23
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.17
%
(g)
Net
investment
income
...................................................................................
4.06
%
(g)
2.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
52
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Six
Months
Ended
04/30/23
(unaudited)
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0218
‌
0.0026
‌
Net
realized
and
unrealized
loss
...........................................................................
(0.0017
)
(b)
(0.0004
)
Net
increase
from
investment
operations
.......................................................................
0.0201
‌
0.0022
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0201
)
(0.0022
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
2.02
%
(e)
0.22
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.24
%
(f)
0.25
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
(f)
0.17
%
(f)
Net
investment
income
..................................................................................
4.40
%
(f)
2.91
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
28,111
‌
$
3,051
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
76
FedFund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...........................
0.0206
‌
0.0084
‌
0.0002
‌
0.0054
‌
0.0217
‌
0.0152
‌
Net
realized
and
unrealized
gain
.....................
(
0.0000
)
(a)
0.0006
(b)
0.0001
‌
0.0010
‌
0.0001
‌
0.0001
‌
Net
increase
from
investment
operations
.................
0.0206
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0218
‌
0.0153
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0206
)
(0.0090
)
(0.0002
)
(0.0063
)
(0.0218
)
(0.0153
)
From
net
realized
gain
............................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
................................
(0.0206
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0218
)
(0.0153
)
Net
asset
value,
end
of
period
.......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
2.08
%
(e)
0.90
%
0.03
%
0.64
%
2.20
%
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
0.19
%
(f)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.17
%
(f)
0.13
%
0.08
%
0.17
%
0.17
%
0.17
%
Net
investment
income
............................
4.16
%
(f)
0.84
%
0.02
%
0.54
%
2.17
%
1.52
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
115,723,751
‌
$
111,196,831
‌
$
127,458,227
‌
$
141,084,816
‌
$
93,106,503
‌
$
74,278,100
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
FedFund
Administration
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0196
‌
0.0116
‌
0.0002
‌
0.0054
‌
0.0207
‌
0.0145
‌
Net
realized
and
unrealized
gain
(loss)
................
0.0005
(a)
(0.0032
)
0.0001
‌
0.0002
‌
0.0001
‌
(0.0002
)
Net
increase
from
investment
operations
................
0.0201
‌
0.0084
‌
0.0003
‌
0.0056
‌
0.0208
‌
0.0143
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0201
)
(0.0084
)
(0.0002
)
(0.0055
)
(0.0208
)
(0.0143
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
...............................
(0.0201
)
(0.0084
)
(0.0003
)
(0.0056
)
(0.0208
)
(0.0143
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.03
%
(e)
0.84
%
0.03
%
0.56
%
2.10
%
1.44
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.29
%
(f)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.27
%
(f)
0.25
%
0.08
%
0.24
%
0.27
%
0.27
%
Net
investment
income
...........................
3.94
%
(f)
1.16
%
0.02
%
0.54
%
2.07
%
1.45
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
9,501,387
‌
$
22,812,396
‌
$
3,021,092
‌
$
2,977,997
‌
$
2,870,758
‌
$
2,500,290
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
78
FedFund
Capital
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Period
from
11/10/17
(a)
to
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0207
‌
0.0003
‌
0.0002
‌
0.0051
‌
0.0213
‌
0.0172
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.0003
)
0.0085
(b)
0.0001
‌
0.0009
‌
0.0001
‌
(0.0026
)
Net
increase
from
investment
operations
................
0.0204
‌
0.0088
‌
0.0003
‌
0.0060
‌
0.0214
‌
0.0146
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0204
)
(0.0088
)
(0.0002
)
(0.0059
)
(0.0214
)
(0.0146
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
...............................
(0.0204
)
(0.0088
)
(0.0003
)
(0.0060
)
(0.0214
)
(0.0146
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.06
%
(f)
0.88
%
0.03
%
0.60
%
2.16
%
1.47
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.24
%
(g)
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.21
%
(g)
0.07
%
0.07
%
0.21
%
0.21
%
0.21
%
(g)
Net
investment
income
...........................
4.17
%
(g)
0.03
%
0.02
%
0.51
%
2.13
%
1.77
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
4,813
‌
$
1,252
‌
$
25,722,827
‌
$
11,247,218
‌
$
8,078,893
‌
$
7,138,766
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
FedFund
Cash
Management
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0181
‌
0.0062
‌
0.0002
‌
0.0035
‌
0.0165
‌
0.0100
‌
Net
realized
and
unrealized
gain
....................
(0.0000
)
(a)
(0.0000
)
(a)
0.0001
‌
0.0003
‌
0.0003
‌
0.0003
‌
Net
increase
from
investment
operations
................
0.0181
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0168
‌
0.0103
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0181
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0168
)
(0.0103
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
...............................
(0.0181
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0168
)
(0.0103
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.83
%
(d)
0.62
%
0.03
%
0.38
%
1.69
%
1.04
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.69
%
(e)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.67
%
(e)
0.42
%
0.08
%
0.42
%
0.67
%
0.67
%
Net
investment
income
...........................
3.64
%
(e)
0.62
%
0.02
%
0.35
%
1.65
%
1.00
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
633,763
‌
$
695,591
‌
$
590,584
‌
$
440,893
‌
$
377,591
‌
$
154,607
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
80
FedFund
Cash
Reserve
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...........................
0.0185
‌
0.0063
‌
0.0002
‌
0.0040
‌
0.0178
‌
0.0115
‌
Net
realized
and
unrealized
gain
(loss)
.................
0.0001
(a)
0.0004
(a)
0.0001
‌
0.0002
‌
0.0000
(b)
(0.0002
)
Net
increase
from
investment
operations
.................
0.0186
‌
0.0067
‌
0.0003
‌
0.0042
‌
0.0178
‌
0.0113
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0186
)
(0.0067
)
(0.0002
)
(0.0041
)
(0.0178
)
(0.0113
)
From
net
realized
gain
............................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
................................
(0.0186
)
(0.0067
)
(0.0003
)
(0.0042
)
(0.0178
)
(0.0113
)
Net
asset
value,
end
of
period
.......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
1.88
%
(f)
0.67
%
0.03
%
0.42
%
1.79
%
1.14
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
0.59
%
(g)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.57
%
(g)
0.35
%
0.08
%
0.39
%
0.57
%
0.57
%
Net
investment
income
............................
3.73
%
(g)
0.63
%
0.02
%
0.40
%
1.78
%
1.15
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
4,417,558
‌
$
5,181,757
‌
$
5,518,536
‌
$
5,079,903
‌
$
4,907,193
‌
$
1,649,400
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
FedFund
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...........................
0.0193
‌
0.0080
‌
0.0002
‌
0.0039
‌
0.0195
‌
0.0129
‌
Net
realized
and
unrealized
gain
(loss)
.................
0.0001
(a)
(0.0005
)
0.0001
‌
0.0009
‌
0.0000
(b)
(0.0001
)
Net
increase
from
investment
operations
.................
0.0194
‌
0.0075
‌
0.0003
‌
0.0048
‌
0.0195
‌
0.0128
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0194
)
(0.0075
)
(0.0002
)
(0.0047
)
(0.0195
)
(0.0128
)
From
net
realized
gain
............................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
................................
(0.0194
)
(0.0075
)
(0.0003
)
(0.0048
)
(0.0195
)
(0.0128
)
Net
asset
value,
end
of
period
.......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
1.95
%
(f)
0.75
%
0.03
%
0.48
%
1.97
%
1.29
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
0.44
%
(g)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.42
%
(g)
0.29
%
0.08
%
0.31
%
0.42
%
0.42
%
Net
investment
income
............................
3.89
%
(g)
0.80
%
0.02
%
0.39
%
1.95
%
1.29
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
3,294,051
‌
$
3,653,256
‌
$
2,863,692
‌
$
2,991,892
‌
$
2,307,110
‌
$
1,776,032
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
82
FedFund
Mischler
Financial
Group
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
...........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................................................................
0.0213
‌
0.0081
‌
0.0001
‌
Net
realized
and
unrealized
gain
(loss)
..........................................................
(0.0007
)
0.0009
(b)
0.0001
‌
Net
increase
from
investment
operations
..........................................................
0.0206
‌
0.0090
‌
0.0002
‌
Distributions
(c)
–
–
–
From
net
investment
income
................................................................
(0.0206
)
(0.0090
)
(0.0001
)
From
net
realized
gain
.....................................................................
—
‌
(0.0000
)
(d)
(0.0001
)
Total
distributions
.........................................................................
(0.0206
)
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
................................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
....................................................................
2.08
%
(f)
0.90
%
0.02
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.19
%
(g)
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.17
%
(g)
0.13
%
0.05
%
(g)
Net
investment
income
.....................................................................
4.29
%
(g)
0.81
%
0.03
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
1,431,327
‌
$
673,842
‌
$
1,636,430
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
FedFund
Premier
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.......................................
0.0206
‌
0.0208
‌
0.0002
‌
0.0062
‌
0.0051
‌
Net
realized
and
unrealized
gain
(loss)
.............................
(
0.0000
)
(b)
(0.0118
)
0.0001
‌
0.0002
‌
0.0000
(c)
Net
increase
from
investment
operations
.............................
0.0206
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0051
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...................................
(0.0206
)
(0.0090
)
(0.0002
)
(0.0063
)
(0.0051
)
From
net
realized
gain
........................................
—
‌
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
............................................
(0.0206
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0051
)
Net
asset
value,
end
of
period
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.......................................
2.08
%
(f)
0.90
%
0.03
%
0.64
%
0.51
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.19
%
(g)
0.18
%
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.17
%
(g)
0.17
%
0.06
%
0.17
%
0.17
%
(g)
Net
investment
income
........................................
4.15
%
(g)
2.09
%
0.02
%
0.62
%
1.95
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
1,513,944
‌
$
1,429,878
‌
$
18,892
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
84
FedFund
Private
Client
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...........................
0.0181
‌
0.0061
‌
0.0002
‌
0.0036
‌
0.0166
‌
0.0090
‌
Net
realized
and
unrealized
gain
.....................
(
0.0000
)
(a)
0.0001
(b)
0.0001
‌
0.0002
‌
0.0001
‌
0.0012
‌
Net
increase
from
investment
operations
.................
0.0181
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0167
‌
0.0102
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0181
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0102
)
From
net
realized
gain
............................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
................................
(0.0181
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0167
)
(0.0102
)
Net
asset
value,
end
of
period
.......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
1.82
%
(e)
0.62
%
0.03
%
0.38
%
1.68
%
1.02
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
1.04
%
(f)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.68
%
(f)
0.42
%
0.08
%
0.43
%
0.68
%
0.68
%
Net
investment
income
............................
3.65
%
(f)
0.61
%
0.02
%
0.36
%
1.66
%
0.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
258
‌
$
253
‌
$
252
‌
$
252
‌
$
230
‌
$
768
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
FedFund
Select
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...........................
0.0159
‌
0.0042
‌
0.0002
‌
0.0021
‌
0.0133
‌
0.0066
‌
Net
realized
and
unrealized
gain
.....................
0.0006
(a)
0.0005
(a)
0.0001
‌
0.0004
‌
0.0002
‌
0.0004
‌
Net
increase
from
investment
operations
.................
0.0165
‌
0.0047
‌
0.0003
‌
0.0025
‌
0.0135
‌
0.0070
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0165
)
(0.0047
)
(0.0002
)
(0.0024
)
(0.0135
)
(0.0070
)
From
net
realized
gain
............................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
—
‌
Total
distributions
................................
(0.0165
)
(0.0047
)
(0.0003
)
(0.0025
)
(0.0135
)
(0.0070
)
Net
asset
value,
end
of
period
.......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
1.66
%
(e)
0.47
%
0.03
%
0.26
%
1.36
%
0.71
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
1.04
%
(f)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
1.00
%
(f)
0.50
%
0.08
%
0.54
%
1.00
%
1.00
%
Net
investment
income
............................
3.20
%
(f)
0.42
%
0.02
%
0.22
%
1.33
%
0.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
319,028
‌
$
657,779
‌
$
727,352
‌
$
301,826
‌
$
256,241
‌
$
195,297
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
86
FedFund
Stern
Brothers
Six
Months
Ended
04/30/23
(unaudited)
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................................
0.0204
‌
0.0060
‌
Net
realized
and
unrealized
gain
............................................................................
0.0002
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
........................................................................
0.0206
‌
0.0060
‌
Distributions
from
net
investment
income
(d)
....................................................................
(0.0206
)
(0.0060
)
Net
asset
value,
end
of
period
..............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
..................................................................................
2.08
%
(f)
0.60
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.18
%
(g)
0.18
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.17
%
(g)
0.17
%
(g)
Net
investment
income
...................................................................................
4.12
%
(g)
2.37
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
52
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
FedFund
Tigress
Six
Months
Ended
04/30/23
(unaudited)
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0199
‌
0.0025
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................................
0.0007
(b)
(0.0002
)
Net
increase
from
investment
operations
.......................................................................
0.0206
‌
0.0023
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0206
)
(0.0023
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
2.08
%
(e)
0.23
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.19
%
(f)
0.19
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
(f)
0.17
%
(f)
Net
investment
income
..................................................................................
4.12
%
(f)
2.87
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
4,560
‌
$
2,050
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
88
FedFund
WestCap
Six
Months
Ended
04/30/23
(unaudited)
Period
from
08/12/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0228
‌
0.0054
‌
Net
realized
and
unrealized
loss
...........................................................................
(0.0022
)
(
0.0000
)
(b)
Net
increase
from
investment
operations
.......................................................................
0.0206
‌
0.0054
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0206
)
(0.0054
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
2.08
%
(e)
0.54
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.19
%
(f)
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
(f)
0.17
%
(f)
Net
investment
income
..................................................................................
4.60
%
(f)
2.42
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
88,579
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
TempCash
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
$
1.0002
‌
Net
investment
income
..........................
0.0219
‌
0.0119
‌
0.0005
‌
0.0084
‌
0.0233
‌
0.0188
‌
Net
realized
and
unrealized
gain
(loss)
................
0.0001
‌
(0.0026
)
(0.0003
)
0.0004
‌
0.0005
‌
(0.0010
)
Net
increase
from
investment
operations
................
0.0220
‌
0.0093
‌
0.0002
‌
0.0088
‌
0.0238
‌
0.0178
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0218
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
From
net
realized
gain
...........................
—
‌
—
‌
—
‌
(0.0000
)
(b)
(0.0000
)
(b)
—
‌
Total
distributions
...............................
(0.0218
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
Net
asset
value,
end
of
period
......................
$
1.0002
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.22
%
(d)
0.94
%
0.02
%
0.88
%
2.41
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.23
%
(e)
0.26
%
0.24
%
0.23
%
0.26
%
0.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.18
%
(e)
0.17
%
0.17
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........................
4.43
%
(e)
1.19
%
0.05
%
0.84
%
2.33
%
1.88
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
11,641,841
‌
$
8,658,551
‌
$
5,786,777
‌
$
10,638,146
‌
$
10,035,653
‌
$
4,875,313
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
90
TempCash
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..............
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
$
1.0002
‌
Net
investment
income
.......................
0.0206
‌
0.0084
‌
0.0000
(a)
0.0062
‌
0.1405
(b)
0.0122
‌
Net
realized
and
unrealized
gain
(loss)
.............
0.0002
‌
(0.0006
)
(0.0001
)
0.0004
‌
0.0156
‌
0.0031
‌
Net
increase
(decrease)
from
investment
operations
.....
0.0208
‌
0.0078
‌
(0.0001
)
0.0066
‌
0.1561
‌
0.0153
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...................
(0.0206
)
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
From
net
realized
gain
........................
—
‌
—
‌
—
‌
(0.0000
)
(a)
(0.0000
)
(a)
—
‌
Total
distributions
............................
(0.0206
)
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
Net
asset
value,
end
of
period
...................
$
1.0002
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.......................
2.09
%
(e)
0.78
%
(0.01
)%
0.66
%
15.90
%
(b)
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
..............................
0.48
%
(f)
0.51
%
0.50
%
0.47
%
0.51
%
0.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.43
%
(f)
0.33
%
0.20
%
0.40
%
0.43
%
0.43
%
Net
investment
income
........................
4.15
%
(f)
0.84
%
(0.00
)%
(g)
0.62
%
14.04
%
(b)
1.22
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
18
‌
$
18
‌
$
18
‌
$
18
‌
$
18
‌
$
15
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Includes
a
non-recurring
income
payment,
which
impacted
income
per
share,
total
return
and
the
net
invested
income
ratio.
Excluding
this
one
time
payment,
the
net
investment
income
per
share,
the
total
return
and
the
net
investment
income
ratio
were
$0.0211,
2.15%
and
2.10%,
respectively.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
(g)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
TempCash
Great
Pacific
Period
from
01/23/23
(a)
to
04/30/23
(unaudited)
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.0004
‌
Net
investment
income
................................................................................................
0.0232
‌
Net
realized
and
unrealized
loss
..........................................................................................
(0.0108
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0124
‌
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0126
)
Net
asset
value,
end
of
period
............................................................................................
$
1.0002
‌
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
1.24
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.18
%
(f)
Net
investment
income
.................................................................................................
4.68
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
592,429
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
92
TempCash
Premier
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
..............................
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
$
1.0006
‌
Net
investment
income
.......................................
0.0218
‌
0.0099
‌
0.0005
‌
0.0085
‌
0.0055
‌
Net
realized
and
unrealized
gain
(loss)
.............................
0.0003
‌
(0.0006
)
(0.0004
)
0.0003
‌
0.0001
‌
Net
increase
from
investment
operations
.............................
0.0221
‌
0.0093
‌
0.0001
‌
0.0088
‌
0.0056
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
...................................
(0.0218
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
From
net
realized
gain
........................................
—
‌
—
‌
—
‌
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
............................................
(0.0218
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
Net
asset
value,
end
of
period
...................................
$
1.0003
‌
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.......................................
2.23
%
(e)
0.94
%
0.01
%
0.88
%
0.56
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.23
%
(f)
0.27
%
0.25
%
0.23
%
0.24
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.18
%
(f)
0.17
%
0.16
%
0.18
%
0.18
%
(f)
Net
investment
income
........................................
4.40
%
(f)
0.99
%
0.05
%
0.84
%
2.10
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
36
‌
$
36
‌
$
37
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
TempFund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
$
1.0003
‌
Net
investment
income
..........................
0.0218
‌
0.0091
‌
0.0004
‌
0.0084
‌
0.0237
‌
0.0177
‌
Net
realized
and
unrealized
gain
(loss)
................
0.0004
‌
0.0003
(a)
(0.0003
)
0.0002
‌
0.0003
‌
0.0001
‌
Net
increase
from
investment
operations
................
0.0222
‌
0.0094
‌
0.0001
‌
0.0086
‌
0.0240
‌
0.0178
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0219
)
(0.0098
)
(0.0005
)
(0.0083
)
(0.0237
)
(0.0178
)
From
net
realized
gain
...........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(c)
—
‌
Total
distributions
...............................
(0.0219
)
(0.0098
)
(0.0005
)
(0.0084
)
(0.0237
)
(0.0178
)
Net
asset
value,
end
of
period
......................
$
1.0003
‌
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.24
%
(e)
0.95
%
0.01
%
0.86
%
(f)
2.42
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.25
%
(g)
0.25
%
0.23
%
0.22
%
0.22
%
0.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.18
%
(g)
0.17
%
0.16
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........................
4.39
%
(g)
0.91
%
0.05
%
0.84
%
2.37
%
1.77
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
4,916,277
‌
$
6,633,563
‌
$
7,923,377
‌
$
10,928,671
‌
$
10,609,770
‌
$
12,325,770
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
94
TempFund
Administration
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
...............
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
$
1.0004
‌
Net
investment
income
........................
0.0213
‌
0.0120
‌
0.0002
‌
0.0072
‌
0.0227
‌
0.0153
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.0005
‌
(0.0033
)
(0.0002
)
0.0004
‌
0.0002
‌
0.0015
‌
Net
increase
from
investment
operations
..............
0.0218
‌
0.0087
‌
0.0000
‌
0.0076
‌
0.0229
‌
0.0168
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0214
)
(0.0092
)
(0.0003
)
(0.0073
)
(0.0227
)
(0.0168
)
From
net
realized
gain
.........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
—
‌
Total
distributions
.............................
(0.0214
)
(0.0092
)
(0.0003
)
(0.0074
)
(0.0227
)
(0.0168
)
Net
asset
value,
end
of
period
....................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
2.20
%
(d)
0.87
%
0.00
%
(e)
0.76
%
(f)
2.31
%
1.69
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.36
%
(g)
0.35
%
0.33
%
0.32
%
0.32
%
0.32
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.28
%
(g)
0.24
%
0.18
%
0.28
%
0.28
%
0.28
%
Net
investment
income
.........................
4.29
%
(g)
1.20
%
0.02
%
0.72
%
2.27
%
1.53
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
17,603
‌
$
24,601
‌
$
10,577
‌
$
9,524
‌
$
42,214
‌
$
23,965
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
TempFund
Cabrera
Capital
Markets
Six
Months
Ended
04/30/23
(unaudited)
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.0000
‌
$
1.0005
‌
Net
investment
income
.................................................................................
0.0228
‌
0.0099
‌
Net
realized
and
unrealized
loss
...........................................................................
(0.0005
)
(b)
(0.0005
)
Net
increase
from
investment
operations
.......................................................................
0.0223
‌
0.0094
‌
Distributions
(c)
–
–
From
net
investment
income
.............................................................................
(0.0219
)
(0.0099
)
Total
distributions
......................................................................................
(0.0219
)
(0.0099
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0004
‌
$
1.0000
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
2.25
%
(e)
0.94
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.26
%
(f)
0.25
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.18
%
(f)
0.17
%
(f)
Net
investment
income
..................................................................................
4.60
%
(f)
0.99
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
178
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
96
TempFund
Capital
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
..........................................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0010
‌
Net
investment
income
...................................................
0.0223
‌
0.0196
‌
0.0002
‌
0.0002
‌
Net
realized
and
unrealized
loss
.............................................
(0.0002
)
(b)
(0.0106
)
(0.0002
)
(0.0001
)
Net
increase
from
investment
operations
.........................................
0.0221
‌
0.0090
‌
0.0000
‌
0.0001
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
...............................................
(0.0217
)
(0.0095
)
(0.0003
)
(0.0002
)
From
net
realized
gain
....................................................
—
‌
—
‌
—
‌
(0.0001
)
Total
distributions
........................................................
(0.0217
)
(0.0095
)
(0.0003
)
(0.0003
)
Net
asset
value,
end
of
period
...............................................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
...................................................
2.23
%
(e)
0.90
%
0.00
%
(f)
0.01
%
(e)(g)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................................
0.31
%
(h)
0.30
%
0.28
%
0.27
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................
0.23
%
(h)
0.22
%
0.19
%
0.23
%
(h)
Net
investment
income
....................................................
4.49
%
(h)
1.96
%
0.02
%
0.05
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................
$
132,269
‌
$
31,255
‌
$
1,149
‌
$
3,223
‌
(a)
Recommencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Amount
is
less
than
0.005%.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
TempFund
Cash
Management
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
...............
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
$
1.0003
‌
Net
investment
income
........................
0.0194
‌
0.0067
‌
0.0002
‌
0.0048
‌
0.0188
‌
0.0127
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.0005
‌
(0.0002
)
(0.0002
)
0.0002
‌
0.0003
‌
0.0001
‌
Net
increase
from
investment
operations
..............
0.0199
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0191
‌
0.0128
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0195
)
(0.0070
)
(0.0003
)
(0.0047
)
(0.0188
)
(0.0128
)
From
net
realized
gain
.........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
—
‌
Total
distributions
.............................
(0.0195
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0188
)
(0.0128
)
Net
asset
value,
end
of
period
....................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
2.00
%
(d)
0.65
%
0.00
%
(e)
0.50
%
(f)
1.92
%
1.28
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.76
%
(g)
0.75
%
0.73
%
0.73
%
0.72
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.68
%
(g)
0.45
%
0.18
%
0.54
%
0.68
%
0.68
%
Net
investment
income
.........................
3.92
%
(g)
0.67
%
0.02
%
0.48
%
1.88
%
1.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
525,258
‌
$
537,877
‌
$
596,683
‌
$
576,228
‌
$
624,658
‌
$
632,405
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
98
TempFund
Cash
Reserve
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
$
1.0003
‌
Net
investment
income
.........................
0.0202
‌
0.0057
‌
0.0002
‌
0.0052
‌
0.0231
‌
0.0143
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.0003
‌
0.0014
(a)
(0.0002
)
0.0008
‌
0.0000
(b)
(0.0004
)
Net
increase
from
investment
operations
...............
0.0205
‌
0.0071
‌
0.0000
‌
0.0060
‌
0.0231
‌
0.0139
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.0201
)
(0.0076
)
(0.0003
)
(0.0057
)
(0.0229
)
(0.0138
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
..............................
(0.0201
)
(0.0076
)
(0.0003
)
(0.0058
)
(0.0229
)
(0.0138
)
Net
asset
value,
end
of
period
.....................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.06
%
(f)
0.71
%
0.00
%
(g)
0.60
%
(h)
2.33
%
1.39
%
Ratios
to
Average
Net
Assets
Total
expenses
................................
0.66
%
(i)
0.65
%
0.63
%
0.63
%
0.62
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.56
%
(i)
0.35
%
0.17
%
0.44
%
0.50
%
0.58
%
Net
investment
income
..........................
4.07
%
(i)
0.57
%
0.02
%
0.52
%
2.31
%
1.43
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
12,497
‌
$
12,014
‌
$
14,234
‌
$
5,544
‌
$
4,296
‌
$
4,320
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
TempFund
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
...............
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
$
1.0004
‌
Net
investment
income
........................
0.0208
‌
0.0083
‌
0.0002
‌
0.0056
‌
0.0221
‌
0.0151
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.0003
‌
(0.0005
)
(0.0002
)
0.0009
‌
0.0001
‌
0.0002
‌
Net
increase
from
investment
operations
..............
0.0211
‌
0.0078
‌
0.0000
‌
0.0065
‌
0.0222
‌
0.0153
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0207
)
(0.0083
)
(0.0003
)
(0.0062
)
(0.0220
)
(0.0153
)
From
net
realized
gain
.........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
—
‌
Total
distributions
.............................
(0.0207
)
(0.0083
)
(0.0003
)
(0.0063
)
(0.0220
)
(0.0153
)
Net
asset
value,
end
of
period
....................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
2.13
%
(d)
0.78
%
0.00
%
(e)
0.65
%
(f)
2.24
%
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.51
%
(g)
0.50
%
0.48
%
0.48
%
0.47
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.43
%
(g)
0.33
%
0.18
%
0.38
%
0.43
%
0.43
%
Net
investment
income
.........................
4.19
%
(g)
0.83
%
0.02
%
0.56
%
2.21
%
1.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
111,281
‌
$
100,333
‌
$
107,298
‌
$
106,802
‌
$
79,837
‌
$
80,471
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
100
TempFund
Private
Client
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
...............
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
$
1.0003
‌
Net
investment
income
........................
0.0192
‌
0.0070
‌
0.0002
‌
0.0017
‌
0.0190
‌
0.0136
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.0007
‌
(0.0005
)
(0.0002
)
0.0033
‌
(0.0001
)
(0.0007
)
Net
increase
from
investment
operations
..............
0.0199
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0189
‌
0.0129
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0195
)
(0.0070
)
(0.0003
)
(0.0047
)
(0.0187
)
(0.0128
)
From
net
realized
gain
.........................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
—
‌
Total
distributions
.............................
(0.0195
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0187
)
(0.0128
)
Net
asset
value,
end
of
period
....................
$
1.0004
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
2.00
%
(d)
0.65
%
0.00
%
(e)
0.50
%
(f)
1.90
%
1.29
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
1.10
%
(g)
1.10
%
1.08
%
1.08
%
1.07
%
1.07
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.68
%
(g)
0.45
%
0.18
%
0.59
%
0.68
%
0.68
%
Net
investment
income
.........................
3.88
%
(g)
0.70
%
0.02
%
0.17
%
1.90
%
1.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
629
‌
$
1,122
‌
$
1,131
‌
$
1,043
‌
$
1,165
‌
$
2,042
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
T-Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.........................
0.0206
‌
0.0084
‌
0.0001
‌
0.0057
‌
0.0215
‌
0.0151
‌
Net
realized
and
unrealized
gain
...................
(
0.0000
)
(a)
0.0006
(b)
0.0001
‌
0.0005
‌
0.0001
‌
0.0000
‌
Net
increase
from
investment
operations
...............
0.0206
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0216
‌
0.0153
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.0206
)
(0.0090
)
(0.0001
)
(0.0061
)
(0.0216
)
(0.0153
)
From
net
realized
gain
..........................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
(0.0000
)
(a)
(0.0000
)
(a)
Total
distributions
..............................
(0.0206
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0216
)
(0.0153
)
Net
asset
value,
end
of
period
.....................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.08
%
(e)
0.90
%
0.02
%
0.62
%
(f)
2.18
%
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
................................
0.19
%
(g)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.17
%
(g)
0.14
%
0.08
%
0.17
%
0.17
%
0.17
%
Net
investment
income
..........................
4.16
%
(g)
0.84
%
0.01
%
0.57
%
2.15
%
1.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
86,654,142
‌
$
82,703,301
‌
$
91,031,976
‌
$
88,266,743
‌
$
65,112,830
‌
$
57,671,676
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
102
T-Fund
Administration
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.........................
0.0194
‌
0.0120
‌
0.0001
‌
0.0056
‌
0.0206
‌
0.0146
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.0007
(a)
(0.0037
)
0.0001
‌
(0.0002
)
0.0000
(b)
(0.0003
)
Net
increase
from
investment
operations
...............
0.0201
‌
0.0083
‌
0.0002
‌
0.0054
‌
0.0206
‌
0.0143
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.0201
)
(0.0083
)
(0.0001
)
(0.0053
)
(0.0206
)
(0.0143
)
From
net
realized
gain
..........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............................
(0.0201
)
(0.0083
)
(0.0002
)
(0.0054
)
(0.0206
)
(0.0143
)
Net
asset
value,
end
of
period
.....................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.03
%
(f)
0.84
%
0.01
%
0.53
%
(g)
2.08
%
1.43
%
Ratios
to
Average
Net
Assets
Total
expenses
................................
0.29
%
(h)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.27
%
(h)
0.27
%
0.08
%
0.25
%
0.27
%
0.27
%
Net
investment
income
..........................
3.92
%
(h)
1.20
%
0.01
%
0.56
%
2.08
%
1.46
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
4,524,813
‌
$
15,781,965
‌
$
504,427
‌
$
489,691
‌
$
733,783
‌
$
924,933
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
T-Fund
Capital
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Period
from
11/10/17
(a)
to
10/31/18
Net
asset
value,
beginning
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.........................
0.0210
‌
0.0001
‌
0.0001
‌
0.0048
‌
0.0212
‌
0.0172
‌
Net
realized
and
unrealized
gain
(loss)
...............
(0.0006
)
0.0086
(b)
0.0001
‌
0.0010
‌
0.0000
(c)
(0.0027
)
Net
increase
from
investment
operations
...............
0.0204
‌
0.0087
‌
0.0002
‌
0.0058
‌
0.0212
‌
0.0145
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.0204
)
(0.0087
)
(0.0001
)
(0.0057
)
(0.0212
)
(0.0145
)
From
net
realized
gain
..........................
—
‌
(0.0000
)
(e)
(0.0001
)
(0.0001
)
(0.0000
)
(e)
(0.0000
)
(e)
Total
distributions
..............................
(0.0204
)
(0.0087
)
(0.0002
)
(0.0058
)
(0.0212
)
(0.0145
)
Net
asset
value,
end
of
period
.....................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.05
%
(g)
0.87
%
0.01
%
0.57
%
(h)
2.14
%
1.46
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
................................
0.24
%
(i)
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.22
%
(i)
0.09
%
0.08
%
0.21
%
0.21
%
0.21
%
(i)
Net
investment
income
..........................
4.22
%
(i)
0.01
%
0.01
%
0.48
%
2.13
%
1.76
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
135,419
‌
$
55,006
‌
$
27,304,259
‌
$
15,842,877
‌
$
10,347,984
‌
$
10,978,658
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
104
T-Fund
Cash
Management
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0179
‌
0.0059
‌
0.0001
‌
0.0034
‌
0.0164
‌
0.0103
‌
Net
realized
and
unrealized
gain
....................
0.0002
(a)
0.0003
(a)
0.0001
‌
0.0003
‌
0.0003
‌
0.0000
(b)
Net
increase
from
investment
operations
................
0.0181
‌
0.0062
‌
0.0002
‌
0.0037
‌
0.0167
‌
0.0103
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0181
)
(0.0062
)
(0.0001
)
(0.0036
)
(0.0167
)
(0.0103
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
...............................
(0.0181
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0103
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.83
%
(f)
0.62
%
0.01
%
0.37
%
(g)
1.69
%
1.03
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.69
%
(h)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.67
%
(h)
0.41
%
0.08
%
0.41
%
0.67
%
0.67
%
Net
investment
income
...........................
3.62
%
(h)
0.59
%
0.00
%
(i)
0.34
%
1.64
%
1.03
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
700,237
‌
$
887,139
‌
$
825,420
‌
$
1,009,514
‌
$
1,035,657
‌
$
600,314
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
T-Fund
Cash
Reserve
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0183
‌
0.0033
‌
0.0001
‌
0.0037
‌
0.0176
‌
0.0128
‌
Net
realized
and
unrealized
gain
(loss)
................
0.0003
(a)
0.0034
(a)
0.0001
‌
0.0004
‌
0.0000
(b)
(0.0015
)
Net
increase
from
investment
operations
................
0.0186
‌
0.0067
‌
0.0002
‌
0.0041
‌
0.0176
‌
0.0113
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0186
)
(0.0067
)
(0.0001
)
(0.0040
)
(0.0176
)
(0.0113
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
...............................
(0.0186
)
(0.0067
)
(0.0002
)
(0.0041
)
(0.0176
)
(0.0113
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.88
%
(f)
0.67
%
0.01
%
0.40
%
(g)
1.78
%
1.13
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.59
%
(h)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.57
%
(h)
0.22
%
0.07
%
0.39
%
0.57
%
0.57
%
Net
investment
income
...........................
3.69
%
(h)
0.33
%
0.01
%
0.37
%
1.78
%
1.28
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
66,940
‌
$
88,281
‌
$
482,231
‌
$
56,822
‌
$
123,578
‌
$
239,734
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
106
T-Fund
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0195
‌
0.0071
‌
0.0001
‌
0.0044
‌
0.0191
‌
0.0123
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.0001
)
0.0003
(a)
0.0001
‌
0.0003
‌
0.0000
(b)
0.0004
‌
Net
increase
from
investment
operations
................
0.0194
‌
0.0074
‌
0.0002
‌
0.0047
‌
0.0191
‌
0.0127
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0194
)
(0.0074
)
(0.0001
)
(0.0046
)
(0.0191
)
(0.0127
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
...............................
(0.0194
)
(0.0074
)
(0.0002
)
(0.0047
)
(0.0191
)
(0.0127
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.95
%
(f)
0.75
%
0.01
%
0.46
%
(g)
1.93
%
1.28
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.44
%
(h)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.42
%
(h)
0.29
%
0.08
%
0.32
%
0.42
%
0.42
%
Net
investment
income
...........................
3.93
%
(h)
0.71
%
0.01
%
0.44
%
1.92
%
1.23
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,542,052
‌
$
1,258,974
‌
$
1,000,401
‌
$
670,205
‌
$
794,485
‌
$
1,230,374
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
T-Fund
Premier
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.......................................
0.0209
‌
0.0193
‌
0.0001
‌
0.0060
‌
0.0050
‌
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0003
)
(0.0103
)
0.0001
‌
0.0002
‌
0.0000
(b)
Net
increase
from
investment
operations
.............................
0.0206
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0050
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
...................................
(0.0206
)
(0.0090
)
(0.0001
)
(0.0061
)
(0.0050
)
From
net
realized
gain
........................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
............................................
(0.0206
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0050
)
Net
asset
value,
end
of
period
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.......................................
2.08
%
(f)
0.90
%
0.02
%
0.61
%
(g)
0.50
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.19
%
(h)
0.19
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.17
%
(h)
0.17
%
0.06
%
0.17
%
0.17
%
(h)
Net
investment
income
........................................
4.23
%
(h)
1.95
%
0.01
%
0.60
%
1.93
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
923,022
‌
$
496,172
‌
$
12,958
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
108
T-Fund
Select
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0172
‌
0.0031
‌
0.0001
‌
0.0011
‌
0.0133
‌
0.0051
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.0007
)
0.0016
(a)
0.0001
‌
0.0014
‌
0.0000
(b)
0.0019
‌
Net
increase
from
investment
operations
................
0.0165
‌
0.0047
‌
0.0002
‌
0.0025
‌
0.0133
‌
0.0070
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0165
)
(0.0047
)
(0.0001
)
(0.0024
)
(0.0133
)
(0.0070
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
...............................
(0.0165
)
(0.0047
)
(0.0002
)
(0.0025
)
(0.0133
)
(0.0070
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.66
%
(f)
0.47
%
0.01
%
0.24
%
(g)
1.34
%
0.70
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
1.04
%
(h)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
1.00
%
(h)
0.52
%
0.07
%
0.41
%
1.00
%
1.00
%
Net
investment
income
...........................
3.46
%
(h)
0.31
%
0.01
%
0.11
%
1.37
%
0.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
50,356
‌
$
21,300
‌
$
37,798
‌
$
30,444
‌
$
14,769
‌
$
19,710
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
Treasury
Trust
Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0202
‌
0.0082
‌
0.0001
‌
0.0048
‌
0.0212
‌
0.0153
‌
Net
realized
gain
(loss)
..........................
0.0001
‌
0.0001
‌
0.0001
‌
0.0015
‌
0.0000
(a)
(0.0002
)
Net
increase
from
investment
operations
................
0.0203
‌
0.0083
‌
0.0002
‌
0.0063
‌
0.0212
‌
0.0151
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0203
)
(0.0083
)
(0.0001
)
(0.0062
)
(0.0212
)
(0.0151
)
From
net
realized
gain
...........................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(c)
Total
distributions
...............................
(0.0203
)
(0.0083
)
(0.0002
)
(0.0063
)
(0.0212
)
(0.0151
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.05
%
(e)
0.84
%
0.01
%
0.63
%
2.14
%
1.52
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.19
%
(f)
0.19
%
0.19
%
0.19
%
0.20
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.17
%
(f)
0.14
%
0.06
%
0.17
%
0.17
%
0.17
%
Net
investment
income
...........................
4.07
%
(f)
0.82
%
0.01
%
0.48
%
2.12
%
1.53
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
99,737,808
‌
$
106,544,392
‌
$
98,602,650
‌
$
56,400,526
‌
$
38,728,217
‌
$
30,530,122
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
110
Treasury
Trust
Fund
Administration
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0198
‌
0.0065
‌
0.0001
‌
0.0058
‌
0.0203
‌
0.0136
‌
Net
realized
gain
(loss)
..........................
0.0000
(a)
0.0012
‌
0.0001
‌
(0.0002
)
0.0000
(a)
0.0005
‌
Net
increase
from
investment
operations
................
0.0198
‌
0.0077
‌
0.0002
‌
0.0056
‌
0.0203
‌
0.0141
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0198
)
(0.0077
)
(0.0001
)
(0.0055
)
(0.0203
)
(0.0141
)
From
net
realized
gain
...........................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(c)
Total
distributions
...............................
(0.0198
)
(0.0077
)
(0.0002
)
(0.0056
)
(0.0203
)
(0.0141
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.00
%
(e)
0.77
%
0.01
%
0.56
%
2.05
%
1.42
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.29
%
(f)
0.29
%
0.29
%
0.29
%
0.30
%
0.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.27
%
(f)
0.19
%
0.07
%
0.24
%
0.26
%
0.27
%
Net
investment
income
...........................
3.99
%
(f)
0.65
%
0.01
%
0.58
%
2.03
%
1.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
448,980
‌
$
382,956
‌
$
599,190
‌
$
399,846
‌
$
465,703
‌
$
413,618
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
Treasury
Trust
Fund
Capital
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
............................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................................
0.0211
‌
0.0163
‌
0.0001
‌
0.0000
(b)
Net
realized
gain
(loss)
.....................................................
(0.0011
)
(c)
(0.0083
)
(c)
0.0001
‌
0.0000
(b)
Net
increase
from
investment
operations
...........................................
0.0200
‌
0.0080
‌
0.0002
‌
0.0000
‌
Distributions
(d)
–
–
–
–
From
net
investment
income
.................................................
(0.0200
)
(0.0080
)
(0.0001
)
—
‌
From
net
realized
gain
......................................................
(0.0000
)
(e)
(0.0000
)
(e)
(0.0001
)
—
‌
Total
distributions
..........................................................
(0.0200
)
(0.0080
)
(0.0002
)
—
‌
Net
asset
value,
end
of
period
.................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
—
—
—
—
Based
on
net
asset
value
.....................................................
2.02
%
(g)
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.24
%
(h)
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.22
%
(h)
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
..................................................
4.25
%
(h)
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
231,414
‌
$
27,524
‌
$
3,299
‌
$
250
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
112
Treasury
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0178
‌
0.0051
‌
0.0001
‌
0.0034
‌
0.0158
‌
0.0098
‌
Net
realized
gain
..............................
0.0000
(a)
0.0005
‌
0.0001
‌
0.0003
‌
0.0005
‌
0.0003
‌
Net
increase
from
investment
operations
................
0.0178
‌
0.0056
‌
0.0002
‌
0.0037
‌
0.0163
‌
0.0101
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0178
)
(0.0056
)
(0.0001
)
(0.0036
)
(0.0163
)
(0.0101
)
From
net
realized
gain
...........................
(0.0000
)
(c
)
(0.0000
)
(c
)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(c
)
Total
distributions
...............................
(0.0178
)
(0.0056
)
(0.0002
)
(0.0037
)
(0.0163
)
(0.0101
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.79
%
(e)
0.56
%
0.01
%
0.37
%
1.64
%
1.02
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.69
%
(f)
0.69
%
0.69
%
0.69
%
0.69
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.67
%
(f)
0.41
%
0.08
%
0.41
%
0.67
%
0.67
%
Net
investment
income
...........................
3.58
%
(f)
0.51
%
0.01
%
0.34
%
1.58
%
0.98
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
14,676
‌
$
21,330
‌
$
32,960
‌
$
53,101
‌
$
36,492
‌
$
13,843
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
Treasury
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0182
‌
0.0053
‌
0.0001
‌
0.0040
‌
0.0172
‌
0.0124
‌
Net
realized
gain
(loss)
..........................
0.0001
‌
0.0007
‌
0.0001
‌
0.0001
‌
0.0000
(a)
(0.0013
)
Net
increase
from
investment
operations
................
0.0183
‌
0.0060
‌
0.0002
‌
0.0041
‌
0.0172
‌
0.0111
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0183
)
(0.0060
)
(0.0001
)
(0.0040
)
(0.0172
)
(0.0111
)
From
net
realized
gain
...........................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(c)
Total
distributions
...............................
(0.0183
)
(0.0060
)
(0.0002
)
(0.0041
)
(0.0172
)
(0.0111
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.84
%
(e)
0.61
%
0.01
%
0.41
%
1.74
%
1.12
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.59
%
(f)
0.59
%
0.59
%
0.59
%
0.60
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.57
%
(f)
0.35
%
0.07
%
0.39
%
0.57
%
0.57
%
Net
investment
income
...........................
3.68
%
(f)
0.53
%
0.01
%
0.40
%
1.73
%
1.24
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
119,502
‌
$
79,114
‌
$
97,008
‌
$
102,984
‌
$
74,034
‌
$
8,044
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
114
Treasury
Trust
Fund
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0193
‌
0.0073
‌
0.0001
‌
0.0046
‌
0.0194
‌
0.0127
‌
Net
realized
gain
(loss)
..........................
(0.0001
)
(a)
(0.0003
)
(a)
0.0001
‌
0.0003
‌
0.0002
‌
(0.0001
)
Net
increase
from
investment
operations
................
0.0192
‌
0.0070
‌
0.0002
‌
0.0049
‌
0.0196
‌
0.0126
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0192
)
(0.0070
)
(0.0001
)
(0.0048
)
(0.0196
)
(0.0126
)
From
net
realized
gain
...........................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(c)
Total
distributions
...............................
(0.0192
)
(0.0070
)
(0.0002
)
(0.0049
)
(0.0196
)
(0.0126
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.93
%
(e)
0.70
%
0.01
%
0.49
%
1.98
%
1.27
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.44
%
(f)
0.44
%
0.44
%
0.44
%
0.44
%
0.45
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.39
%
(f)
0.27
%
0.07
%
0.30
%
0.40
%
0.42
%
Net
investment
income
...........................
3.90
%
(f)
0.73
%
0.01
%
0.46
%
1.94
%
1.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,910,206
‌
$
1,060,804
‌
$
1,035,846
‌
$
939,241
‌
$
977,335
‌
$
482,014
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
Treasury
Trust
Fund
Select
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0161
‌
0.0032
‌
0.0001
‌
0.0016
‌
0.0129
‌
0.0067
‌
Net
realized
gain
..............................
0.0001
‌
0.0010
‌
0.0001
‌
0.0008
‌
0.0001
‌
0.0001
‌
Net
increase
from
investment
operations
................
0.0162
‌
0.0042
‌
0.0002
‌
0.0024
‌
0.0130
‌
0.0068
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0162
)
(0.0042
)
(0.0001
)
(0.0023
)
(0.0130
)
(0.0068
)
From
net
realized
gain
...........................
(0.0000
)
(b
)
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
‌
(0.0000
)
(b)
Total
distributions
...............................
(0.0162
)
(0.0042
)
(0.0002
)
(0.0024
)
(0.0130
)
(0.0068
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.63
%
(d)
0.42
%
0.01
%
0.24
%
1.30
%
0.68
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
1.04
%
(e)
1.04
%
1.04
%
1.04
%
1.05
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
1.00
%
(e)
0.49
%
0.06
%
0.45
%
1.00
%
1.00
%
Net
investment
income
...........................
3.25
%
(e)
0.32
%
0.01
%
0.16
%
1.29
%
0.67
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
170,145
‌
$
169,696
‌
$
660,676
‌
$
103,647
‌
$
38,265
‌
$
39,675
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
116
MuniCash
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0003
‌
Net
investment
income
..........................
0.0119
‌
0.0048
‌
0.0001
‌
0.0051
‌
0.0137
‌
0.0112
‌
Net
realized
and
unrealized
gain
....................
0.0000
(a)
0.0007
(b)
0.0000
(a)
0.0004
‌
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
................
0.0119
‌
0.0055
‌
0.0001
‌
0.0055
‌
0.0137
‌
0.0112
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0119
)
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0112
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
—
‌
—
‌
(0.0000
)
(d)
(0.0002
)
Total
distributions
...............................
(0.0119
)
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0114
)
Net
asset
value,
end
of
period
......................
$
0.9999
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.20
%
(f)
0.56
%
0.01
%
0.55
%
1.38
%
1.13
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.31
%
(h)
0.28
%
0.26
%
0.26
%
0.28
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.20
%
(h)
0.16
%
0.08
%
0.19
%
0.20
%
0.20
%
Net
investment
income
...........................
2.40
%
(h)
0.48
%
0.01
%
0.51
%
1.36
%
1.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
3,091,855
‌
$
3,592,640
‌
$
5,368,797
‌
$
5,160,531
‌
$
5,182,923
‌
$
3,992,552
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
MuniCash
Dollar
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0003
‌
Net
investment
income
..........................
0.0105
‌
0.0033
‌
0.0001
‌
0.0040
‌
0.0123
‌
0.0087
‌
Net
realized
and
unrealized
gain
....................
0.0002
‌
0.0007
(a)
0.0000
(b)
0.0002
‌
0.0000
(b)
0.0000
(b)
Net
increase
from
investment
operations
................
0.0107
‌
0.0040
‌
0.0001
‌
0.0042
‌
0.0123
‌
0.0087
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0107
)
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0087
)
From
net
realized
gain
...........................
—
‌
(0.0000
)
(d)
—
‌
—
‌
(0.0000
)
(d)
(0.0002
)
Total
distributions
...............................
(0.0107
)
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0089
)
Net
asset
value,
end
of
period
......................
$
0.9999
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.08
%
(f)
0.40
%
0.01
%
0.42
%
1.23
%
0.88
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.56
%
(h)
0.53
%
0.52
%
0.51
%
0.53
%
0.54
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.45
%
(h)
0.30
%
0.07
%
0.31
%
0.45
%
0.45
%
Net
investment
income
...........................
2.12
%
(h)
0.33
%
0.01
%
0.40
%
1.22
%
0.87
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,999
‌
$
2,911
‌
$
4,810
‌
$
3,176
‌
$
2,207
‌
$
1,893
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
118
California
Money
Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
..................
$
0.9993
‌
$
1.0006
‌
$
1.0000
‌
$
1.0002
‌
$
1.0002
‌
$
1.0000
‌
Net
investment
income
...........................
0.0100
‌
0.0043
‌
0.0001
‌
0.0051
‌
0.0107
‌
0.0101
‌
Net
realized
and
unrealized
gain
(loss)
.................
(0.0002
)
0.0006
(a)
0.0006
‌
(0.0007
)
0.0001
‌
0.0002
‌
Net
increase
from
investment
operations
.................
0.0098
‌
0.0049
‌
0.0007
‌
0.0044
‌
0.0108
‌
0.0103
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......................
(0.0099
)
(0.0050
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
From
net
realized
gain
............................
—
‌
(0.0012
)
(0.0000
)
(c)
—
‌
—
‌
—
‌
Total
distributions
................................
(0.0099
)
(0.0062
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
Net
asset
value,
end
of
period
.......................
$
0.9992
‌
$
0.9993
‌
$
1.0006
‌
$
1.0000
‌
$
1.0002
‌
$
1.0002
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
...........................
0.98
%
(e)
0.49
%
0.07
%
0.44
%
1.09
%
1.03
%
Ratios
to
Average
Net
Assets
Total
expenses
..................................
0.42
%
(f)
0.46
%
0.45
%
0.45
%
0.47
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
0.20
%
(f)
0.15
%
0.05
%
0.18
%
0.20
%
0.20
%
Net
investment
income
............................
2.02
%
(f)
0.43
%
0.01
%
0.51
%
1.07
%
1.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......................
$
343,680
‌
$
317,561
‌
$
207,157
‌
$
153,630
‌
$
397,288
‌
$
169,293
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
119
Financial
Highlights
New
York
Money
Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
period
.................
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
Net
investment
income
..........................
0.0121
‌
0.0066
‌
0.0001
‌
0.0062
‌
0.0129
‌
0.0113
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.0001
)
(0.0009
)
(a)
(
0.0000
)
(b)
(0.0008
)
0.0003
‌
(0.0002
)
Net
increase
from
investment
operations
................
0.0120
‌
0.0057
‌
0.0001
‌
0.0054
‌
0.0132
‌
0.0111
‌
Distributions
from
net
investment
income
(c)
............
(0.0120
)
(0.0057
)
(0.0001
)
(0.0054
)
(0.0132
)
(0.0111
)
Net
asset
value,
end
of
period
......................
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.20
%
(e)
0.57
%
0.01
%
0.54
%
1.33
%
1.12
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.47
%
(f)
0.50
%
0.53
%
0.46
%
0.56
%
1.35
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.20
%
(f)
0.16
%
0.06
%
0.18
%
0.20
%
0.20
%
Net
investment
income
...........................
2.43
%
(f)
0.66
%
0.01
%
0.62
%
1.29
%
1.13
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
264,339
‌
$
198,959
‌
$
59,800
‌
$
149,946
‌
$
243,502
‌
$
46,066
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
120
1.
ORGANIZATION 
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
(a)
California
Money
Fund
and
New
York
Money
Fund
must
satisfy
the
diversification
requirement
set
forth
in
Rule
2a-7
under
the
1940
Act
and
will
thereby
be
deemed
to
be
diversified
under
the
1940
Act.
Each
Fund
offers
multiple
classes
of
shares
although
certain
share
classes
may
not
be
outstanding
at
the
report
date.
Each
share
class
is
offered
as
follows:
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Bancroft
Capital
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Bancroft
Capital,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
and
its
affiliates.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Great
Pacific
Securities
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Stern
Brothers
Shares
are
sold
without
a
sales
charge
and
are
only
available to
clients
of
Stern
Brothers
&
Co.
and
its
affiliates.
Tigress
Shares
are
sold
without
a
sales
charge
and are
only
available
to
clients
of
Tigress
Financial
Partners
LLC
and
its
affiliates.
WestCap
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
portfolio
companies
of
WestCap
Management,
LLC
and
its
affiliates.
Administration,
Select,
Capital,
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
each
operate
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act. 
Each
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in 
a
Fund's
weekly
liquid
assets.
On
October
11,
2016,
TempCash,
TempFund
and
MuniCash,
and
on
October
15,
2018,
California
Money
Fund
and
New
York
Money
Fund
began pricing
and
transacting
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
four
decimal
places,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
The
NAV
of
TempFund
is
priced
multiple
times
each
day
such
Fund
accepts
purchase
orders
and
redemption
requests
at
such
intervals.
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money Fund,
the
Board
of
Trustees
of
the
Trust (the
"Board")
is
permitted
to
impose
a
liquidity
fee
of
up
to
2%
on
the
value
of
shares
redeemed
or
temporarily
restrict
redemptions
from
each
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund or
New
York
Money
Fund
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
TempCash,
TempFund,
MuniCash,
California
Money
Fund or
New
York
Money
Fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
TempFund
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
California
Money
Fund
.................................................................................................
Non-Diversified
(a)
New
York
Money
Fund
.................................................................................................
Non-Diversified
(a)
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Great
Pacific,
Mischler
Financial
Group,
Penserra,
Stern
Brothers
and
Tigress
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
WestCap
TempCash
.....................................
Institutional,
Capital,
Dollar,
Great
Pacific
and
Premier
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Private
Client
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
California
Money
Fund
.............................
Institutional
and
Capital
New
York
Money
Fund
.............................
Institutional
and
Capital
Notes
to
Financial
Statements
(unaudited)
(continued)
121
Notes
to
Financial
Statements
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
in
the
event
that
TempCash,
TempFund,
MuniCash,
California
Money
Fund
or
New
York
Money Fund’s
weekly
liquid
assets
fall
below
certain
thresholds
are
recorded
as
paid-in-capital.
The
liquidity
fees
are
collected
and
retained
by each
Fund
for
the
benefit
of
a
Fund’s
remaining
shareholders. 
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.  
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
The
Funds
have
an
arrangement
with
one
of
their
custodians
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Funds
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies
(TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund):
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Funds'
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Investment
Valuation
Policies
(BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund):
U.S.
GAAP
defines
fair
value
as
the
price
the
Funds
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Funds'
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
122
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Each
Fund
seeks
to
maintain
its
NAV
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically, a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
The
Funds
,
along
with
other
registered
investment
companies
advised
by
the
Manager,
may
transfer
uninvested
cash
into
a
single
joint
trading
account
which
is
then
invested
in
one
or
more
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
Under
the
management
agreement,
the
Manager
is
entitled
to
receive
the
following
annual
fees
computed
daily
and
paid
monthly
based
upon
each
Fund’s
average
daily
net
assets:
(a)
Based
on
the
combined
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
(b)
Based
on
the
average
daily
net
assets
of
the
Fund
whose
management
fee
is
being
calculated.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
(a)
Calculation
B
(b)
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
.175%
of
the
first
$1
billion
.150%
of
the
next
$1
billion
.150%
of
the
next
$1
billion
.125%
of
the
next
$1
billion  
.125%
of
the
next
$1
billion
.100%
of
the
next
$1
billion
.100%
of
amounts
in
excess
of
$3
billion
.095%
of
the
next
$1
billion
.090%
of
the
next
$1
billion
.085%
of
the
next
$1
billion
.080%
of
amounts
in
excess
of
$7
billion
Notes
to
Financial
Statements
(unaudited)
(continued)
123
Notes
to
Financial
Statements
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan
,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the six
months
ended
April
30,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended April
30,
2023,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager,
as
investment
adviser
and
administrator,
has
contractually
agreed
to
reduce
its
fees
and/or
reimburse
ordinary
operating
expenses
to
ensure
that
the
combined
“Management
Fees”
and
“Miscellaneous/Other
Expenses,”
excluding
service
fees,
distribution
fees
and
any
extraordinary
expenses,
do
not
exceed
0.18%
of
the
average
daily
net
assets
of
TempCash
and
TempFund, 0.17%
of
the
average
daily
net
assets
Fund
Name
Management
Fees
TempCash
and
MuniCash
...................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.185%
of
the
next
$1
billion
.180%
of
amounts
in
excess
of
$7
billion
Fund
Name
Management
Fees
TempFund
..............................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.180%
of
the
next
$1
billion
.175%
of
the
next
$1
billion
.170%
of
amounts
in
excess
of
$8
billion
Fund
Name
Management
Fees
California
Money
Fund
and
New
York
Money
Fund
...................................
.375%
of
the
first
$1
billion
.350%
of
the
next
$1
billion
.325%
of
the
next
$1
billion
.300%
of
amounts
in
excess
of
$3
billion
Share
Class
Service
Fees
(a)
Distribution
Fees
(a)
Administration
..............................................................................................
0.10‌%
—‌%
Capital
...................................................................................................
0.05‌
—‌
Cash
Management
...........................................................................................
0.50‌
—‌
Cash
Reserve
..............................................................................................
0.40‌
—‌
Dollar
....................................................................................................
0.25‌
—‌
Private
Client
..............................................................................................
0.50‌
0.35‌
Select
...................................................................................................
0.50‌
0.35‌
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
12,538‌
$
—‌
$
30,468‌
$
—‌
$
10,358‌
$
—‌
$
—‌
$
53,364‌
FedFund
.....................
8,319,662‌
1,059‌
1,640,410‌
9,722,357‌
4,431,643‌
1,076‌
2,064,426‌
26,180,633‌
TempCash
....................
—‌
—‌
—‌
—‌
2
2‌
—‌
—‌
22‌
TempFund
....................
11,069‌
23,276‌
1,309,88
2‌
33,864‌
124,552‌
4,285‌
—‌
1,506,92
8‌
T-Fund
.......................
5,436,458‌
19,665‌
1,973,07
0‌
179,903‌
1,984,512‌
—‌
177,131‌
9,770,7
39‌
Treasury
Trust
Fund
..............
213,711‌
24,681‌
32,751‌
199,190‌
1,566,447‌
—‌
790,479‌
2,827,259‌
MuniCash
.....................
—‌
—‌
—‌
—‌
2,895‌
—‌
—‌
2,895‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
124
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund,
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash,
California
Money
Fund
and
New
York
Money
Fund.
Any
fees
waived
by
the
Manager
with
respect
to
a
particular
fiscal
year
are
not
recoverable.
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
prior
to
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
such
Fund. 
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months ended
April
30,
2023,
the
amounts
waived
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
29,
2024
so
that
the
net
annual
fund
operating
expenses,
excluding
extraordinary
expenses,
of
the
Select
Shares
and
Private
Client
Shares
do
not
exceed
1.00%
and
0.68%
of
the
average
daily
net
assets
of
the
shares,
respectively.
The
agreement
renews
automatically
for
successive
one-year
periods
and
may
be
terminated
by
any
party
to
the
agreement
upon
written
notice
75
days
prior
to
the
commencement
of
a
successive
one
year
period.
For
the
six
months ended
April
30,
2023,
the
amounts
waived
and/or
reimbursed
were
as
follows:
With
respect
to
each
Fund,
the
Manager
and
BRIL
have
also
voluntarily
agreed
to
waive
a
portion
of
their
respective
fees
and/or
reimburse
operating
expenses
to
enable
the
Funds’
share
classes
to
maintain
minimum
levels
of
net
investment
income.
These
amounts
are
reported
in
the
Statements
of
Operations
as
service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
voluntary
waiver
and/or
reimbursement
at
any
time.
For
the
six
months
ended
April
30,
2023,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
e
ach
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the six
months
ended
April
30,
2023,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Fund
Name
Fees
waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
1,433,634‌
FedFund
................................................................................................................
10,550,34
2‌
TempCash
...............................................................................................................
2,760,358‌
TempFund
...............................................................................................................
2,612,28
3‌
T-Fund
..................................................................................................................
7,231,764‌
Treasury
Trust
Fund
.........................................................................................................
7,939,46
2‌
MuniCash
................................................................................................................
1,728,554‌
California
Money
Fund
.......................................................................................................
382
,001‌
New
York
Money
Fund
.......................................................................................................
331,581‌
Service
and
distribution
fees
waived
and/or
reimbursed
-
class
specific
Administration
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
.......
$
44‌
$
—‌
$
68‌
$
—‌
$
—‌
$
112‌
FedFund
..........................
—‌
—‌
—‌
43
1‌
48,538‌
48,96
9‌
TempFund
.........................
—‌
1,884‌
698‌
1,764‌
—‌
4,346‌
T-Fund
............................
—‌
—‌
—‌
—‌
4,168‌
4,168‌
Treasury
Trust
Fund
...................
3,206‌
—‌
158,703‌
—‌
18,596‌
180,505‌
Service
and
distribution
fees
waived
and/or
reimbursed
-
class
specific
Capital
FedFund
..............................................................................................................
$
290
Notes
to
Financial
Statements
(unaudited)
(continued)
125
Notes
to
Financial
Statements
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
April
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
6.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
April
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
October
31,
2022, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
April
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
For
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third-party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution. 
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
MuniCash
...........................................................................
$
702,528,476‌
$
445,756,765‌
$
—‌
California
Money
Fund
..................................................................
145,136,669‌
257,099,414‌
—‌
New
York
Money
Fund
..................................................................
62,778,056‌
35,740,627‌
—‌
Fund
Name
Non-expiring
Capital
Loss
Carryforwards
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
$
673,555‌
FedFund
..........................................................................................................
36,796,858‌
TempCash
.........................................................................................................
1,159,104‌
Temp
Fund
.........................................................................................................
700,769‌
T-
Fund
...........................................................................................................
20,152,675‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
3,866,610,817‌
$
–‌
$
(17,382‌)
$
(17,382‌)
FedFund
.......................................................
133,537,392,024‌
–‌
(46,329‌)
(46,329‌)
T-Fund
........................................................
91,518,514,006‌
–‌
(30,206‌)
(30,206‌)
Treasury
Trust
Fund
...............................................
104,453,615,776‌
–‌
(597,057‌)
(597,057‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
126
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
invest
a
substantial
amount
of their
assets
in
issuers
located
in
a
single
state
or
limited
number
of
states.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact certain
Funds’
performance.
The
Funds
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
the
Fund
invests. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Funds
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
The
Secured
Overnight
Financing
Rate
(“SOFR”)
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
on
SOFR
that
will
replace
LIBOR
in
certain
financial
products
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
8.
CAPITAL
SHARE
TRANSACTIONS 
The
Trust’s
Declaration
of
Trust
permits
the
Trustees
to
issue
an
unlimited
number
of
full
and
fractional
shares
of
beneficial
interest
(shares)
and
to
classify
or
reclassify
any
unissued
shares
into
one
or
more
additional
classes
of
shares. 
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold
and
redeemed
at
$1.00
per
share
for
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Notes
to
Financial
Statements
(unaudited)
(continued)
127
Notes
to
Financial
Statements
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
12,996,516,470‌
37,721,624,450‌
Shares
issued
in
reinvestment
of
distributions
........................................................
31,606,626‌
18,793,845‌
Shares
redeemed
(14,404,389,924‌)
(37,534,391,448‌)
(1,376,266,828‌)
206,026,847‌
Administration
Shares
sold
12,417,672‌
18,616,847‌
Shares
issued
in
reinvestment
of
distributions
........................................................
498,419‌
203,322‌
Shares
redeemed
(1,844,616‌)
(81,791,501‌)
11,071,475‌
(62,971,332‌)
Bancroft
Capital
Shares
sold
1‌
50,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,020‌
424‌
(a)
1,021‌
50,424‌
Cabrera
Capital
Markets
Shares
sold
1‌
50,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,020‌
424‌
(a)
1,021‌
50,424‌
Cash
Management
Shares
sold
3,221,565‌
28,499,707‌
Shares
issued
in
reinvestment
of
distributions
........................................................
55,028‌
23,878‌
Shares
redeemed
(6,954,971‌)
(24,277,160‌)
(3,678,378‌)
4,246,425‌
Cash
Reserve
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
3‌
(b)
Shares
redeemed
—‌
(8,153‌)
(b)
—‌
(8,150‌)
Dollar
Shares
sold
38,506,428‌
75,113,047‌
Shares
issued
in
reinvestment
of
distributions
........................................................
9,602‌
3,378‌
Shares
redeemed
(47,218,314‌)
(70,325,226‌)
(8,702,284‌)
4,791,199‌
Great
Pacific
Shares
sold
—‌
50,000‌
(c)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,020‌
407‌
(c)
1,020‌
50,407‌
Mischler
Financial
Group
Shares
sold
750,000‌
231,550,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
65,087‌
20,906‌
(a)
Shares
redeemed
(1,000,000‌)
(226,450,000‌)
(a)
(184,913‌)
5,120,906‌
Penserra
Shares
sold
749,999‌
50,000‌
(d)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,021‌
422‌
(d)
751,020‌
50,422‌
Stern
Brothers
Shares
sold
1,500,000‌
50,000‌
(e)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,861‌
291‌
(e)
Shares
redeemed
(1,500,000‌)
—‌
1,861‌
50,291‌
Tigress
Shares
sold
25,000,010‌
3,050,000‌
(f)
Shares
issued
in
reinvestment
of
distributions
........................................................
61,754‌
1,074‌
(f)
Shares
redeemed
(10‌)
—‌
25,061,754‌
3,051,074‌
(1,351,943,231‌)
160,508,937‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
128
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
FedFund
Institutional
Shares
sold
448,500,992,292‌
1,030,637,249,721‌
Shares
issued
in
reinvestment
of
distributions
........................................................
792,425,886‌
441,007,092‌
Shares
redeemed
(444,722,504,718‌)
(1,047,309,003,144‌)
4,570,913,460‌
(16,230,746,331‌)
Administration
Shares
sold
13,016,481,417‌
51,690,963,371‌
Shares
issued
in
reinvestment
of
distributions
........................................................
261,860,154‌
178,483,736‌
Shares
redeemed
(26,589,349,323‌)
(32,072,119,530‌)
(13,311,007,752‌)
19,797,327,577‌
Capital
Shares
sold
6,917,960‌
12,822,079,189‌
Shares
issued
in
reinvestment
of
distributions
........................................................
88,258‌
2,930,405‌
Shares
redeemed
(3,442,649‌)
(38,546,297,046‌)
3,563,569‌
(25,721,287,452‌)
Cash
Management
Shares
sold
239,384,783‌
780,699,507‌
Shares
issued
in
reinvestment
of
distributions
........................................................
9,510,474‌
3,041,796‌
Shares
redeemed
(310,507,359‌)
(678,544,955‌)
(61,612,102‌)
105,196,348‌
Cash
Reserve
Shares
sold
23,689,175,535‌
50,056,302,595‌
Shares
issued
in
reinvestment
of
distributions
........................................................
42,653‌
21,562‌
Shares
redeemed
(24,451,988,502‌)
(50,391,678,100‌)
(762,770,314‌)
(335,353,943‌)
Dollar
Shares
sold
5,871,594,544‌
15,629,110,135‌
Shares
issued
in
reinvestment
of
distributions
........................................................
24,439,291‌
8,730,950‌
Shares
redeemed
(6,254,120,581‌)
(14,847,284,223‌)
(358,086,746‌)
790,556,862‌
Mischler
Financial
Group
Shares
sold
11,712,216,276‌
24,406,918,879‌
Shares
issued
in
reinvestment
of
distributions
........................................................
17,156,251‌
11,390,175‌
Shares
redeemed
(10,971,162,136‌)
(25,380,702,059‌)
758,210,391‌
(962,393,005‌)
Premier
Shares
sold
955,463,698‌
3,608,457,808‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,947,498‌
1,864,396‌
Shares
redeemed
(876,752,978‌)
(2,198,960,628‌)
84,658,218‌
1,411,361,576‌
Private
Client
Shares
issued
in
reinvestment
of
distributions
........................................................
4,613‌
1,554‌
Shares
redeemed
—‌
(280‌)
4,613‌
1,274‌
Select
Shares
sold
847,835,780‌
1,912,292,513‌
Shares
issued
in
reinvestment
of
distributions
........................................................
7,776,466‌
3,107,617‌
Shares
redeemed
(1,194,335,086‌)
(1,984,792,713‌)
(338,722,840‌)
(69,392,583‌)
Stern
Brothers
Shares
sold
1,500,000‌
50,000‌
(e)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,890‌
299‌
(e)
Shares
redeemed
(1,500,000‌)
—‌
1,890‌
50,299‌
Tigress
Shares
sold
21,496,402‌
2,050,000‌
(f)
Shares
issued
in
reinvestment
of
distributions
........................................................
64,267‌
743‌
(f)
Shares
redeemed
(19,048,724‌)
—‌
2,511,945‌
2,050,743‌
Notes
to
Financial
Statements
(unaudited)
(continued)
129
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
WestCap
Shares
sold
88,000,000‌
50,000‌
(g)
Shares
issued
in
reinvestment
of
distributions
........................................................
584,785‌
269‌
(g)
88,584,785‌
50,269‌
(9,323,750,883‌)
(21,212,578,366‌)
T-Fund
Institutional
Shares
sold
578,787,139,4
79‌
1,130,088,249,661‌
Shares
issued
in
reinvestment
of
distributions
........................................................
486,363,861‌
200,986,153‌
Shares
redeemed
(575,291,646,855‌)
(1,138,600,488,935‌)
3,981,856,48
5‌
(8,311,253,121‌)
Administration
Shares
sold
3,840,690,904‌
35,189,075,748‌
Shares
issued
in
reinvestment
of
distributions
........................................................
208,793,865‌
141,478,818‌
Shares
redeemed
(15,307,284,598‌)
(20,049,893,915‌)
(11,257,799,829‌)
15,280,660,651‌
Capital
Shares
sold
165,303,238‌
11,810,436,969‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,638,038‌
893,971‌
Shares
redeemed
(86,465,074‌)
(39,060,254,288‌)
80,476,202‌
(27,248,923,348‌)
Cash
Management
Shares
sold
1,958,658,28
2‌
4,498,561,177‌
Shares
issued
in
reinvestment
of
distributions
........................................................
10,215,579‌
3,818,361‌
Shares
redeemed
(2,155,569,042‌)
(4,440,475,621‌)
(186,695,18
1‌
)
61,903,917‌
Cash
Reserve
Shares
sold
228,882,53
5‌
1,059,106,115‌
Shares
issued
in
reinvestment
of
distributions
........................................................
530,166‌
224,084‌
Shares
redeemed
(250,734,504‌)
(1,453,257,146‌)
(21,321,80
3‌
)
(393,926,947‌)
Dollar
Shares
sold
4,563,947,493‌
15,300,359,363‌
Shares
issued
in
reinvestment
of
distributions
........................................................
13,964,055‌
5,754,182‌
Shares
redeemed
(4,294,239,477‌)
(15,047,279,578‌)
283,672,071‌
258,833,967‌
Premier
Shares
sold
930,717,531‌
783,579,642‌
Shares
issued
in
reinvestment
of
distributions
........................................................
8,436,656‌
1,911,883‌
Shares
redeemed
(511,898,259‌)
(302,179,262‌)
427,255,928‌
483,312,263‌
Select
Shares
sold
192,428,451‌
152,218,729‌
Shares
issued
in
reinvestment
of
distributions
........................................................
721,151‌
135,326‌
Shares
redeemed
(164,069,944‌)
(168,847,901‌)
29,079,658‌
(16,493,846‌)
(6,663,476,4
69‌
)
(19,885,886,464‌)
Treasury
Trust
Fund
Institutional
Shares
sold
123,981,287,345‌
275,811,620,566‌
Shares
issued
in
reinvestment
of
distributions
........................................................
882,847,427‌
451,551,434‌
Shares
redeemed
(131,679,544,197‌)
(268,319,833,043‌)
(6,815,409,425‌)
7,943,338,957‌
Administration
Shares
sold
662,688,225‌
1,501,043,709‌
Shares
issued
in
reinvestment
of
distributions
........................................................
6,311,204‌
2,905,488‌
Shares
redeemed
(603,014,011‌)
(1,720,175,754‌)
65,985,418‌
(216,226,557‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
130
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
were
as
follows:
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
Capital
Shares
sold
310,782,476‌
45,866,399‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,061,750‌
97,696‌
Shares
redeemed
(108,972,221‌)
(21,739,697‌)
203,872,005‌
24,224,398‌
Cash
Management
Shares
sold
9,955,134‌
50,917,744‌
Shares
issued
in
reinvestment
of
distributions
........................................................
113,513‌
10,536‌
Shares
redeemed
(16,723,954‌)
(62,557,550‌)
(6,655,307‌)
(11,629,270‌)
Cash
Reserve
Shares
sold
269,978,623‌
355,051,481‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,284‌
616‌
Shares
redeemed
(229,602,012‌)
(372,944,893‌)
40,377,895‌
(17,892,796‌)
Dollar
Shares
sold
3,196,572,097‌
3,544,056,801‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,176,701‌
864,712‌
Shares
redeemed
(2,349,504,524‌)
(3,519,947,987‌)
849,244,274‌
24,973,526‌
Select
Shares
sold
331,608,643‌
1,905,146,766‌
Shares
issued
in
reinvestment
of
distributions
........................................................
3,029,635‌
2,012,121‌
Shares
redeemed
(334,204,398‌)
(2,398,131,605‌)
433,880‌
(490,972,718‌)
(5,662,151,260‌)
7,255,815,540‌
d
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
11,077,253,416‌
$
11,080,745,081‌
9,600,080,601‌
$
9,601,791,284‌
Shares
issued
in
reinvestment
of
distributions
.....................
10,833,026‌
10,836,671‌
3,890,755‌
3,891,427‌
Shares
redeemed
......................................
(8,107,968,977‌)
(8,110,699,063‌)
(6,728,448,109‌)
(6,729,988,840‌)
2,980,117,465‌
$
2,980,882,689‌
2,875,523,247‌
$
2,875,693,871‌
Dollar
Shares
issued
in
reinvestment
of
distributions
.....................
374‌
$
375‌
150‌
$
150‌
374‌
$
375‌
150‌
$
150‌
Great
Pacific
(h)
Shares
sold
..........................................
585,024,980‌
$
585,258,875‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
7,288,992‌
7,290,765‌
—‌
—‌
592,313,972‌
$
592,549,640‌
—‌
$
—‌
Premier
Shares
sold
..........................................
—‌
$
—‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
—‌
—‌
—‌
—‌
Shares
redeemed
......................................
—‌
—‌
—‌
—‌
—‌
$
—‌
—‌
$
—‌
3,572,431,811‌
$
3,573,432,704‌
2,875,523,397‌
$
2,875,694,021‌
TempFund
Institutional
Shares
sold
..........................................
10,406,729,719‌
$
10,411,003,704‌
29,219,735,194‌
$
29,223,593,041‌
Shares
issued
in
reinvestment
of
distributions
.....................
109,689,639‌
109,738,042‌
56,440,667‌
56,447,053‌
Shares
redeemed
......................................
(12,235,740,082‌)
(12,241,198,369‌)
(30,562,133,416‌)
(30,565,617,972‌)
(1,719,320,724‌)
$
(1,720,456,623‌)
(1,285,957,555‌)
$
(1,285,577,878‌)
Administration
Shares
sold
..........................................
5,719,281‌
$
5,721,661‌
22,922,307‌
$
22,926,204‌
Shares
issued
in
reinvestment
of
distributions
.....................
473,672‌
473,888‌
150,228‌
150,250‌
Shares
redeemed
......................................
(13,198,883‌)
(13,204,977‌)
(9,042,750‌)
(9,044,672‌)
(7,005,930‌)
$
(7,009,428‌)
14,029,785‌
$
14,031,782‌
Notes
to
Financial
Statements
(unaudited)
(continued)
131
Notes
to
Financial
Statements
(a)
Period
November
1,
2021
(commencement
of
operations)
to
October
31,
2022
for
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares
and
Mischler
Financial
Group
Shares.
(b)
There
were
no
Cash
Reserve
Shares
outstanding
for
the
year
ended
October
31,
2022.
(c)
Period
May
2,
2022
(commencement
of
operations)
to
October
31,
2022
for
Great
Pacific
Shares.
(d)
Period
January
21,
2022
(commencement
of
operations)
to
October
31,
2022
for
Penserra
Shares.
(e)
Period
August
1,
2022
(commencement
of
operations)
to
October
31,
2022
for
Stern
Brothers
Shares.
d
Six
Months
Ended
04/30/23
Year
Ended
10/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Cabrera
Capital
Markets
Shares
sold
..........................................
124,925‌
$
125,005‌
49,975‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,597‌
2,599‌
495‌
495‌
Shares
redeemed
......................................
—‌
(2‌)
—‌
—‌
127,522‌
$
127,602‌
50,470‌
$
50,495‌
Capital
Shares
sold
..........................................
234,560,911‌
$
234,670,279‌
41,317,345‌
$
41,324,464‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,952,895‌
1,953,806‌
60,701‌
60,704‌
Shares
redeemed
......................................
(135,551,864‌)
(135,622,866‌)
(11,272,057‌)
(11,273,308‌)
100,961,942‌
$
101,001,219‌
30,105,989‌
$
30,111,860‌
Cash
Management
Shares
sold
..........................................
101,728,997‌
$
101,770,287‌
262,023,985‌
$
262,057,634‌
Shares
issued
in
reinvestment
of
distributions
.....................
10,267,454‌
10,271,948‌
3,800,989‌
3,801,488‌
Shares
redeemed
......................................
(124,823,974‌)
(124,876,686‌)
(324,336,305‌)
(324,376,857‌)
(12,827,523‌)
$
(12,834,451‌)
(58,511,331‌)
$
(58,517,735‌)
Cash
Reserve
Shares
sold
..........................................
16,627,602‌
$
16,634,099‌
40,130,742‌
$
40,141,262‌
Shares
issued
in
reinvestment
of
distributions
.....................
342,873‌
343,035‌
82,560‌
82,573‌
Shares
redeemed
......................................
(16,492,795‌)
(16,500,291‌)
(42,426,716‌)
(42,433,639‌)
477,680‌
$
476,843‌
(2,213,414‌)
$
(2,209,804‌)
Dollar
Shares
sold
..........................................
77,314,714‌
$
77,347,187‌
101,482,514‌
$
101,493,465‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,709,165‌
1,709,942‌
722,935‌
723,035‌
Shares
redeemed
......................................
(68,119,355‌)
(68,146,411‌)
(109,118,262‌)
(109,128,018‌)
10,904,524‌
$
10,910,718‌
(6,912,813‌)
$
(6,911,518‌)
Private
Client
  Shares
issued
in
reinvestment
of
distributions
......................
18,235‌
$
18,244‌
7,827‌
$
7,829‌
Shares
redeemed
......................................
(511,518‌)
(511,778‌)
(16,969‌)
(16,973‌)
(493,283‌)
$
(493,534‌)
(9,142‌)
$
(9,144‌)
(1,627,175,792‌)
$
(1,628,277,654‌)
(1,309,418,011‌)
$
(1,309,031,942‌)
MuniCash
Institutional
Shares
sold
..........................................
18,928,525,306‌
$
18,928,196,900‌
43,233,900,980‌
$
43,236,483,206‌
Shares
issued
in
reinvestment
of
distributions
.....................
20,178,006‌
20,177,217‌
9,691,100‌
9,691,295‌
Shares
redeemed
......................................
(19,449,595,959‌)
(19,449,544,848‌)
(45,018,624,832‌)
(45,021,375,647‌)
(500,892,647‌)
$
(501,170,731‌)
(1,775,032,752‌)
$
(1,775,201,146‌)
Dollar
Shares
sold
..........................................
1,010,083‌
$
1,010,010‌
3,246,982‌
$
3,246,997‌
Shares
issued
in
reinvestment
of
distributions
.....................
24,540‌
24,538‌
14,459‌
14,459‌
Shares
redeemed
......................................
(1,946,404‌)
(1,946,224‌)
(5,159,835‌)
(5,159,987‌)
(911,781‌)
$
(911,676‌)
(1,898,394‌)
$
(1,898,531‌)
(501,804,428‌)
$
(502,082,407‌)
(1,776,931,146‌)
$
(1,777,099,677‌)
California
Money
Fund
Institutional
Shares
sold
..........................................
1,801,197,514‌
$
1,799,976,928‌
3,122,928,236‌
$
3,121,371,243‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,873,484‌
2,871,358‌
970,885‌
970,232‌
Shares
redeemed
......................................
(1,777,920,857‌)
(1,776,726,574‌)
(3,013,148,212‌)
(3,011,746,498‌)
26,150,141‌
$
26,121,712‌
110,750,909‌
$
110,594,977‌
New
York
Money
Fund
Institutional
Shares
sold
..........................................
845,047,939‌
$
845,049,335‌
1,169,906,443‌
$
1,169,906,444‌
Shares
issued
in
reinvestment
of
distributions
.....................
947,619‌
947,632‌
334,396‌
334,396‌
Shares
redeemed
......................................
(780,615,291‌)
(780,615,716‌)
(1,031,082,677‌)
(1,031,082,677‌)
65,380,267‌
$
65,381,251‌
139,158,162‌
$
139,158,163‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
132
(f)
Period
September
30,
2022
(commencement
of
operations)
to
October
31,
2022
for
Tigress
Shares.
(g)
Period
August
12,
2022
(commencement
of
operations)
to
October
31,
2022
for
WestCap
Shares.
(h)
Period
January
23,
2023
(commencement
of
operations)
to
April
30,
2023
for
Great
Pacific
Shares.
As
of
April
30,
2023,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
36,478
Premier
Shares
of
TempCash.
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Additional
Information
133
Additional
Information
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Transfer
Agent at
(800)
441-7450.
Availability
of
Quarterly
Schedule
of
Investments 
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
each
month
on
Forms
N-MFP.
The
Funds’
reports
on
Forms
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
Each
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7450
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Additional
Information
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
134
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
TempCash
and
TempFund.
Glossary
of
Terms
Used
in
this
Report
135
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SOFR
Secured
Overnight
Financing
Rate
SBPA
Stand-by-Bond
Purchase
Agreement
TECP
Tax
Exempt
Commercial
Paper
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
The
following
applies
to
TempCash
,
TempFund
,
MuniCash
,
California
Money
Fund
and
New
York
Money
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Because
the
share
price
of
the
Funds
will
fluctuate,
when
you
sell
your
shares
they
may
be
worth
more
or
less
than
what
you
originally
paid
for
them.
The
Funds
may
impose
a
fee
upon
sale
of
your
shares
or
may
temporarily
suspend
your
ability
to
sell
shares
if
the
Funds’
liquidity
falls
below
required
minimums
because
of
market
conditions
or
other
factors.
An
investment
in
a
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds’
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Funds
at
any
time.
The
following
applies
to
BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Although
the
Funds
seek
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
they
cannot
guarantee
they
will
do
so.
An
investment
in
a
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds’
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Funds
at
any
time.
Want
to
know
more?
blackrock.com
|
800-441-7450
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
Each
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
a
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
BRLF-4/23-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
           
  <<section302>>
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Liquidity Funds
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: June 21, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: June 21, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
 
Date: June 21, 2023