UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-02354
 
Name of Fund:  BlackRock Liquidity Funds
BlackRock Liquid Federal Trust Fund
FedFund
MuniCash
TempCash
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: 10/31/2025
 
Date of reporting period: 04/30/2025
 
Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.
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BlackRock Liquid Federal Trust Fund

Image

Institutional Shares TFFXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

BlackRock Liquid Federal Trust Fund

Institutional Shares TFFXX

Semi-Annual Shareholder Report — April 30, 2025

TFFXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

Image

Administration Shares BFTXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$14
0.27%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.08%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.08%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

BlackRock Liquid Federal Trust Fund

Administration Shares BFTXX

Semi-Annual Shareholder Report — April 30, 2025

BFTXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

Image

Cash Management Shares BFMXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$34
0.67%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.68%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.68%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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BlackRock Liquid Federal Trust Fund

Cash Management Shares BFMXX

Semi-Annual Shareholder Report — April 30, 2025

BFMXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

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Dollar Shares TSDXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$21
0.42%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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BlackRock Liquid Federal Trust Fund

Dollar Shares TSDXX

Semi-Annual Shareholder Report — April 30, 2025

TSDXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

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Mischler Financial Group Shares EDUXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mischler Financial Group Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Mischler Financial Group Shares EDUXX

Semi-Annual Shareholder Report — April 30, 2025

EDUXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

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Stern Brothers Shares SIGXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Stern Brothers Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Stern Brothers Shares SIGXX

Semi-Annual Shareholder Report — April 30, 2025

SIGXX-04/25-SAR

BlackRock Liquid Federal Trust Fund

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Tigress Shares EVEXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tigress Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,550,383,444
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
95
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
70.0%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(3.0)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Tigress Shares EVEXX

Semi-Annual Shareholder Report — April 30, 2025

EVEXX-04/25-SAR

FedFund

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Institutional Shares TFDXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Institutional Shares TFDXX

Semi-Annual Shareholder Report — April 30, 2025

TFDXX-04/25-SAR

FedFund

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Administration Shares BLFXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$14
0.27%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.12%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.12%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Administration Shares BLFXX

Semi-Annual Shareholder Report — April 30, 2025

BLFXX-04/25-SAR

FedFund

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Capital Shares BFCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$11
0.22%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.17%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.17%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Capital Shares BFCXX

Semi-Annual Shareholder Report — April 30, 2025

BFCXX-04/25-SAR

FedFund

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Cash Management Shares BFFXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$33
0.67%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.73%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.73%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Cash Management Shares BFFXX

Semi-Annual Shareholder Report — April 30, 2025

BFFXX-04/25-SAR

FedFund

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Cash Reserve Shares BFRXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$29
0.57%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.82%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.82%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Cash Reserve Shares BFRXX

Semi-Annual Shareholder Report — April 30, 2025

BFRXX-04/25-SAR

FedFund

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Dollar Shares TDDXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$21
0.42%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.97%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.97%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Dollar Shares TDDXX

Semi-Annual Shareholder Report — April 30, 2025

TDDXX-04/25-SAR

FedFund

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Great Pacific Shares GPAXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Great Pacific Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Great Pacific Shares GPAXX

Semi-Annual Shareholder Report — April 30, 2025

GPAXX-04/25-SAR

FedFund

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Mischler Financial Group Shares HUAXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mischler Financial Group Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Mischler Financial Group Shares HUAXX

Semi-Annual Shareholder Report — April 30, 2025

HUAXX-04/25-SAR

FedFund

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Penserra Shares PSFXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Penserra Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Penserra Shares PSFXX

Semi-Annual Shareholder Report — April 30, 2025

PSFXX-04/25-SAR

FedFund

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Premier Shares BUPXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Premier Shares BUPXX

Semi-Annual Shareholder Report — April 30, 2025

BUPXX-04/25-SAR

FedFund

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Private Client Shares BRPXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Private Client Shares
$34
0.68%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.71%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.71%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Private Client Shares BRPXX

Semi-Annual Shareholder Report — April 30, 2025

BRPXX-04/25-SAR

FedFund

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Select Shares BFBXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$50
1.00%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.39%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.39%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Select Shares BFBXX

Semi-Annual Shareholder Report — April 30, 2025

BFBXX-04/25-SAR

FedFund

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Stern Brothers Shares SBIXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Stern Brothers Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Stern Brothers Shares SBIXX

Semi-Annual Shareholder Report — April 30, 2025

SBIXX-04/25-SAR

FedFund

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Tigress Shares TIGXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tigress Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Tigress Shares TIGXX

Semi-Annual Shareholder Report — April 30, 2025

TIGXX-04/25-SAR

FedFund

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WestCap Shares WSTXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
WestCap Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$168,587,818,648
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
190
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.22%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.1
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

WestCap Shares WSTXX

Semi-Annual Shareholder Report — April 30, 2025

WSTXX-04/25-SAR

TempCash

Image

Institutional Shares TMCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$9
0.18%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$22,151,235,110
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.9%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Institutional Shares TMCXX

Semi-Annual Shareholder Report — April 30, 2025

TMCXX-04/25-SAR

TempCash

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Capital Shares TPCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about TempCash (the “Fund”) for the period of April 14, 2025 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$1Footnote Reference(a)
0.18%Footnote Reference(b)
FootnoteDescription
Footnote(a)
The Capital Shares commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$22,151,235,110
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.34%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.34%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.9%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Capital Shares TPCXX

Semi-Annual Shareholder Report — April 30, 2025

TPCXX-04/25-SAR

TempCash

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Dollar Shares TCDXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$14
0.28%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$22,151,235,110
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.20%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.20%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.9%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Dollar Shares TCDXX

Semi-Annual Shareholder Report — April 30, 2025

TCDXX-04/25-SAR

TempCash

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Great Pacific Shares GPCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Great Pacific Shares
$9
0.18%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$22,151,235,110
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.9%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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TempCash

Great Pacific Shares GPCXX

Semi-Annual Shareholder Report — April 30, 2025

GPCXX-04/25-SAR

TempCash

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Premier Shares TCPXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$9
0.18%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$22,151,235,110
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.33%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.9%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Premier Shares TCPXX

Semi-Annual Shareholder Report — April 30, 2025

TCPXX-04/25-SAR

T-Fund

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Institutional Shares TSTXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.21%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.21%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Institutional Shares TSTXX

Semi-Annual Shareholder Report — April 30, 2025

TSTXX-04/25-SAR

T-Fund

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Administration Shares BTAXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$14
0.27%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.11%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.11%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Administration Shares BTAXX

Semi-Annual Shareholder Report — April 30, 2025

BTAXX-04/25-SAR

T-Fund

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Capital Shares BCHXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$11
0.22%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.16%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.16%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Capital Shares BCHXX

Semi-Annual Shareholder Report — April 30, 2025

BCHXX-04/25-SAR

T-Fund

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Cash Management Shares BPTXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$34
0.67%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.72%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.72%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Cash Management Shares BPTXX

Semi-Annual Shareholder Report — April 30, 2025

BPTXX-04/25-SAR

T-Fund

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Cash Reserve Shares BTRXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$28
0.57%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.82%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.82%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Cash Reserve Shares BTRXX

Semi-Annual Shareholder Report — April 30, 2025

BTRXX-04/25-SAR

T-Fund

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Dollar Shares TFEXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$21
0.42%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.96%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.96%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Dollar Shares TFEXX

Semi-Annual Shareholder Report — April 30, 2025

TFEXX-04/25-SAR

T-Fund

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Premier Shares BEMXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.21%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.21%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Premier Shares BEMXX

Semi-Annual Shareholder Report — April 30, 2025

BEMXX-04/25-SAR

T-Fund

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Select Shares BSLXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$50
1.00%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$112,316,303,127
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.38%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.38%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.7%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
45.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Select Shares BSLXX

Semi-Annual Shareholder Report — April 30, 2025

BSLXX-04/25-SAR

Treasury Trust Fund

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Institutional Shares TTTXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.17%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.17%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Institutional Shares TTTXX

Semi-Annual Shareholder Report — April 30, 2025

TTTXX-04/25-SAR

Treasury Trust Fund

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Administration Shares BITXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$13
0.27%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.07%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.07%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Administration Shares BITXX

Semi-Annual Shareholder Report — April 30, 2025

BITXX-04/25-SAR

Treasury Trust Fund

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Capital Shares BUCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$11
0.22%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.12%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.12%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Capital Shares BUCXX

Semi-Annual Shareholder Report — April 30, 2025

BUCXX-04/25-SAR

Treasury Trust Fund

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Cash Management Shares BTCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$34
0.67%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.67%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.67%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Cash Management Shares BTCXX

Semi-Annual Shareholder Report — April 30, 2025

BTCXX-04/25-SAR

Treasury Trust Fund

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Cash Reserve Shares BTFXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$29
0.57%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.77%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.77%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Cash Reserve Shares BTFXX

Semi-Annual Shareholder Report — April 30, 2025

BTFXX-04/25-SAR

Treasury Trust Fund

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Dollar Shares TTDXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$21
0.41%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Dollar Shares TTDXX

Semi-Annual Shareholder Report — April 30, 2025

TTDXX-04/25-SAR

Treasury Trust Fund

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Select Shares TSLXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$50
1.00%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$149,640,686,804
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.34%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.34%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
106.8%
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(6.8)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

Treasury Trust Fund

Select Shares TSLXX

Semi-Annual Shareholder Report — April 30, 2025

TSLXX-04/25-SAR

MuniCash

Image

Institutional Shares MCSXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about MuniCash (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$10
0.20%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$3,899,455,799
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
179
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.05%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.05%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Variable Rate Demand Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
92.5%
Closed-End Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

MuniCash

Institutional Shares MCSXX

Semi-Annual Shareholder Report — April 30, 2025

MCSXX-04/25-SAR

(b) Not Applicable
 
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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
 
(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2025
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
Treasury
Trust
Fund
MuniCash
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
36
Statements
of
Operations
.................................................................................................
41
Statements
of
Changes
in
Net
Assets
..........................................................................................
43
Financial
Highlights
.....................................................................................................
46
Notes
to
Financial
Statements
...............................................................................................
89
Additional
Information
....................................................................................................
100
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
101
Schedule
of
Investments
(unaudited)
April
30,
2025
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Discount
Notes,
4.29%, 05/08/25
(a)
..............
USD
225,000
$
224,813,625
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.02%),
4.38
%
,
05/12/25
..............
4,720
4,720,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
05/27/25
..............
30,510
30,510,000
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
4.41
%
,
06/20/25
..............
2,217
2,217,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
11/17/25
..............
8,400
8,400,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/24/26
..............
3,300
3,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/26/26
..............
8,420
8,420,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49
%
,
10/15/26
..............
42,400
42,396,590
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.27%),
4.51
%
,
10/16/26
..............
25,900
25,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
11/25/26
..............
11,610
11,610,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49
%
,
12/23/26
..............
4,400
4,400,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
12/30/26
..............
4,200
4,200,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
03/26/27
..............
5,880
5,880,000
Federal
Home
Loan
Bank
Bonds
4.38
%
,
03/23/26
................
24,200
24,200,000
4.34
%
,
04/17/26
................
64,630
64,630,000
4.25
%
,
05/22/26
................
45,400
45,383,947
Federal
Home
Loan
Bank
Discount
Notes
(a)
4.30
%
,
05/21/25
................
5,300
5,287,589
4.30
%
,
05/28/25
................
63,775
63,572,291
4.26
%
,
06/06/25
................
40,020
39,849,915
4.26
%
,
06/13/25
................
201,720
200,700,295
4.26
%
,
06/18/25
................
102,090
101,514,212
4.27
%
,
06/25/25
................
42,190
41,918,241
4.27
%
,
06/26/25
................
151,000
150,011,118
4.24
%
,
07/18/25
................
70,690
70,042,433
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/20/25
..............
27,060
27,060,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/22/25
..............
4,000
4,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/27/25
..............
50,295
50,295,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
06/05/25
..............
43,235
43,235,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
06/06/25
..............
43,385
43,385,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
06/13/25
..............
8,900
8,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
06/23/25
..............
13,000
13,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/03/25
..............
125,570
125,570,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/09/25
..............
16,700
16,700,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
07/10/25
..............
50,000
50,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/10/25
..............
USD
75,440
$
75,440,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
07/15/25
..............
56,760
56,760,000
(1-day
SOFR
at
0.00%
Floor
+
0.16%),
4.52
%
,
07/21/25
..............
50,000
50,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/04/25
..............
28,850
28,850,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/05/25
..............
105,670
105,670,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/07/25
..............
49,070
49,070,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/11/25
..............
6,900
6,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
-
4.37
%
08/12/25
.........
81,400
81,400,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
08/21/25
..............
7,780
7,780,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/26/25
..............
12,400
12,400,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
08/29/25
..............
57,755
57,755,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.51
%
,
09/02/25
..............
17,600
17,600,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/26/26
..............
24,195
24,195,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
03/25/27
..............
13,405
13,405,000
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48
%
,
04/09/27
..............
7,620
7,617,770
Total
U.S.
Government
Sponsored
Agency
Obligations
33.0%
(Cost:
$
2,160,865,026
)
..........................
2,160,865,026
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
4.21
%
,
05/01/25
................
484,005
484,005,000
3.55
%
,
05/06/25
................
168,000
167,901,533
3.95
%
,
05/13/25
................
10,000
9,985,975
4.00
%
,
05/15/25
................
135,000
134,777,137
4.09
%
,
05/20/25
................
192,200
191,770,268
4.12
%
,
05/22/25
................
209,915
209,391,783
4.14
%
,
05/27/25
................
160,800
160,309,821
4.14
%
,
05/29/25
................
405,500
404,153,379
4.19
%
,
06/05/25
................
24,810
24,706,160
4.19
%
,
06/10/25
................
60,886
60,601,925
4.21
%
,
06/12/25
................
300,000
298,519,500
4.21
%
,
06/17/25
................
260,000
258,562,648
4.22
%
,
06/20/25
................
108,878
108,248,430
4.23
%
,
06/24/25
................
246,235
244,674,486
4.22
%
,
07/03/25
................
55,000
54,602,006
4.23
%
,
07/10/25
................
86,604
85,879,960
4.23
%
,
07/15/25
................
12,800
12,688,667
4.22
%
,
07/17/25
................
336,800
333,756,404
4.24
%
,
07/22/25
................
45,800
45,362,368
4.24
%
,
07/29/25
................
75,000
74,216,615
4.24
%
,
08/05/25
................
41,400
40,935,551
4.26
%
,
08/12/25
................
125,480
123,955,715
4.27
%
,
08/19/25
................
24,857
24,536,292
4.26
%
,
08/26/25
................
74,365
73,347,792
4.24
%
,
08/28/25
................
12,100
11,933,212
4.10
%
,
09/02/25
................
122,100
120,409,079
4.23
%
,
09/04/25
................
113,500
111,858,544
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
BlackRock
Liquid
Federal
Trust
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
U.S.
Treasury
Obligations
(continued)
4.19
%
,
09/18/25
................
USD
26,445
$
26,023,863
4.19
%
,
09/25/25
................
15,979
15,712,759
4.20
%
,
10/02/25
................
16,054
15,775,408
4.15
%
,
10/30/25
................
13,600
13,320,509
4.02
%
,
11/28/25
................
17,100
16,683,182
3.98
%
,
12/26/25
................
60,000
58,378,783
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.40
%
,
07/31/25
(b)
.............
81,405
81,405,009
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.44
%
,
10/31/25
(b)
.............
38,111
38,107,751
0.38
%
,
11/30/25
................
2,500
2,442,191
0.38
%
,
12/31/25
................
5,855
5,707,543
4.25
%
,
12/31/25
................
9,000
9,001,527
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.52
%
,
01/31/26
(b)
.............
USD
75,000
$
75,000,000
0.50
%
,
02/28/26
................
4,500
4,368,556
4.63
%
,
02/28/26
................
5,300
5,321,514
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.45
%
,
07/31/26
(b)
.............
50,520
50,486,169
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.48
%
,
10/31/26
(b)
.............
184,300
184,389,574
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.10%),
4.37
%
,
01/31/27
(b)
.............
110,670
110,662,505
Total
U.S.
Treasury
Obligations
70
.0
%
(Cost:
$
4,583,877,093
)
..........................
4,583,877,093
Total
Investments
103
.0
%
(Cost:
$
6,744,742,119
)
..........................
6,744,742,119
Liabilities
in
Excess
of
Other
Assets
(
3.0
)
%
...........
(
194,358,675
)
Net
Assets
100.0%
.............................
$
6,550,383,444
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Government
Sponsored
Agency
Obligations
...................
$
$
2,160,865,026
$
$
2,160,865,026
U.S.
Treasury
Obligations
...................................
4,583,877,093
4,583,877,093
$
$
6,744,742,119
$
$
6,744,742,119
Schedule
of
Investments
(unaudited)
April
30,
2025
FedFund
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.02%),
4.38
%
,
05/12/25
...............
USD
142,575
$
142,575,000
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
4.41
%
,
06/20/25
...............
57,547
57,547,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
11/17/25
...............
219,100
219,100,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/24/26
...............
95,300
95,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/26/26
...............
230,525
230,525,000
(1-day
SOFR
at
0.00%
Floor
+
0.09%),
4.44
%
,
08/07/26
...............
85,000
85,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49
%
,
12/23/26
...............
114,900
114,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
12/30/26
...............
110,300
110,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49
%
,
01/08/27
...............
99,500
99,534,155
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48
%
,
02/10/27
...............
430,000
430,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.09%),
4.45
%
,
02/24/27
...............
80,000
80,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
03/26/27
...............
157,190
157,190,000
Federal
Home
Loan
Bank
Bonds
4.38
%
,
03/23/26
.................
762,100
762,100,000
4.34
%
,
04/17/26
.................
1,710,475
1,710,475,000
4.25
%
,
05/22/26
.................
1,133,500
1,133,099,208
Federal
Home
Loan
Bank
Discount
Notes
(b)
4.30
%
,
05/21/25
.................
141,600
141,268,420
4.27
%
,
06/25/25
.................
355,620
353,322,349
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/20/25
...............
698,245
698,245,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/22/25
...............
100,900
100,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
05/28/25
...............
105,000
104,999,990
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
06/13/25
...............
223,800
223,800,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
06/18/25
...............
953,200
953,200,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
06/18/25
...............
471,300
471,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
06/23/25
...............
305,000
305,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/03/25
...............
350,000
350,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/09/25
...............
448,800
448,800,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
07/21/25
...............
317,335
317,335,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
07/22/25
...............
745,000
745,000,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
07/23/25
...............
250,000
250,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
07/23/25
...............
224,000
224,002,205
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/11/25
...............
168,200
168,200,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/12/25
...............
252,300
252,300,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
08/14/25
...............
USD
364,000
$
364,000,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
08/18/25
...............
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
08/20/25
...............
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
08/21/25
...............
214,190
214,190,000
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35
%
,
08/22/25
...............
200,000
200,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
08/26/25
...............
295,100
295,100,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.51
%
,
09/02/25
(b)
..............
421,300
421,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.02%),
4.38
%
,
09/04/25
...............
100,000
100,001,023
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37
%
,
09/12/25
...............
906,665
906,665,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
09/18/25
...............
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36
%
,
09/19/25
...............
1,165,000
1,165,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.03%),
4.39
%
,
02/12/26
...............
250,000
250,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46
%
,
06/26/26
...............
631,285
631,285,000
(1-day
SOFR
at
0.00%
Floor
+
0.13%),
4.48
%
,
02/05/27
...............
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48
%
,
02/10/27
...............
99,750
99,750,000
(1-day
SOFR
at
0.00%
Floor
+
0.09%),
4.45
%
,
02/12/27
...............
400,000
400,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43
%
,
03/25/27
...............
344,070
344,070,000
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48
%
,
04/09/27
...............
185,630
185,575,671
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
09/23/26
...............
418,300
418,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
10/16/26
...............
344,600
344,600,000
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49
%
,
08/21/26
...............
427,500
427,500,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
10/23/26
...............
542,260
542,260,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
11/20/26
...............
669,100
669,100,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.50
%
,
12/11/26
...............
569,950
569,950,000
Total
U.S.
Government
Sponsored
Agency
Obligations
13.1%
(Cost:
$
22,083,965,021
)
...........................
22,083,965,021
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
4.32
%
,
05/01/25
.................
989,100
989,100,000
3.73
%
,
05/08/25
.................
3,834,121
3,830,945,365
4.12
%
,
05/22/25
.................
1,257,990
1,254,820,367
4.14
%
,
05/27/25
.................
684,236
682,158,313
4.14
%
,
05/29/25
.................
2,997,800
2,987,680,757
4.17
%
,
06/03/25
.................
114,400
113,958,511
4.19
%
,
06/05/25
.................
682,690
679,832,657
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.19
%
,
06/10/25
.................
USD
1,082,584
$
1,077,525,828
4.21
%
,
06/12/25
.................
697,700
694,281,270
4.22
%
,
06/20/25
.................
2,802,102
2,785,912,075
4.25
%
,
06/26/25
.................
1,335,000
1,326,340,299
4.22
%
,
07/03/25
.................
1,847,400
1,834,031,753
4.22
%
,
07/08/25
.................
792,700
786,441,194
4.23
%
,
07/10/25
.................
2,909,332
2,884,654,308
4.23
%
,
07/15/25
.................
768,500
761,806,611
4.22
%
,
07/17/25
.................
824,800
817,346,444
4.24
%
,
07/29/25
.................
1,196,000
1,183,577,776
4.24
%
,
08/05/25
.................
2,404,000
2,377,204,947
4.26
%
,
08/12/25
.................
3,339,965
3,299,392,378
4.27
%
,
08/19/25
.................
595,768
588,083,540
4.26
%
,
08/26/25
.................
1,794,330
1,769,788,648
4.24
%
,
08/28/25
.................
338,700
334,031,303
4.10
%
,
09/02/25
.................
3,194,900
3,150,654,962
4.23
%
,
09/04/25
.................
2,139,235
2,108,302,865
4.19
%
,
09/18/25
.................
38,750
38,132,906
4.19
%
,
09/25/25
.................
389,584
383,085,578
4.15
%
,
10/30/25
.................
924,240
905,062,073
4.02
%
,
11/28/25
.................
1,595,600
1,556,499,441
3.98
%
,
12/26/25
.................
2,800,000
2,724,343,218
U.S.
Treasury
Notes
2.13
%
,
05/15/25
.................
115,405
115,306,887
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.40
%
,
07/31/25
(a)
..............
696,000
695,912,576
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.44
%
,
10/31/25
(a)
..............
2,245,180
2,245,100,888
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.25
%
,
11/15/25
.................
USD
141,200
$
139,692,768
0.38
%
,
11/30/25
.................
84,100
82,155,312
0.38
%
,
12/31/25
.................
404,340
394,144,990
4.25
%
,
12/31/25
.................
593,710
593,756,205
0.38
%
,
01/31/26
.................
210,945
204,979,467
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.52
%
,
01/31/26
(a)
..............
2,000,590
2,000,951,320
0.50
%
,
02/28/26
.................
366,570
355,925,404
4.63
%
,
02/28/26
.................
136,400
136,953,693
4.50
%
,
03/31/26
.................
300,000
301,202,587
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.42
%
,
04/30/26
(a)
..............
3,290,896
3,290,969,949
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.45
%
,
07/31/26
(a)
..............
1,501,205
1,500,199,711
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.48
%
,
10/31/26
(a)
..............
2,938,455
2,938,528,016
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.10%),
4.37
%
,
01/31/27
(a)
..............
3,546,600
3,546,711,733
Total
U.S.
Treasury
Obligations
37
.1
%
(Cost:
$
62,467,486,893
)
...........................
62,467,486,893
Total
Repurchase
Agreements
47
.3
%
(Cost:
$
79,785,500,000
)
...........................
79,785,500,000
Total
Investments
97
.5
%
(Cost:
$
164,336,951,914
)
..........................
164,336,951,914
Other
Assets
Less
Liabilities
2.5
%
...................
4,250,866,734
Net
Assets
100.0%
..............................
$
168,587,818,648
(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.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
Schedules
of
Investments
7
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4
.37‌
%
04/30/25
05/01/25
$
100,000‌
$
100,000,000‌
$
100,012,139‌
U.S.
Treasury
Obligation,
3.63%,
due
03/31/30
.........
$
102,315,600‌
$
102,000,091‌
4
.37‌
(a)
04/30/25
05/01/25
600,000‌
600,000,000‌
600,072,833‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
05/15/26
to
05/31/30
.........
630,092,343‌
612,000,000‌
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
2.38%
to
3.63%,
due
03/31/30
to
11/15/49
.........
5,116,000‌
5,100,005‌
4
.38‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,608‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
4.74%,
due
05/15/32
to
10/20/62
.........
2,187,632,416‌
5,250,000‌
4
.44‌
(b)
04/23/25
05/14/25
1,000,000‌
1,000,000,000‌
1,002,590,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
11.70%,
due
02/20/34
to
03/20/65
.......
29,806,354,849‌
1,050,000,000‌
–‌
–‌
$
1,710,000,000‌
$
1,774,350,096‌
–‌
–‌
Barclays
Bank
plc
...
4
.37‌
04/30/25
05/01/25
105,000‌
105,000,000‌
105,012,746‌
U.S.
Treasury
Obligations,
0.00%
to
0.88%,
due
01/15/29
to
02/15/29
.........
123,480,036‌
107,100,116‌
4
.37‌
04/30/25
05/01/25
1,675,000‌
1,675,000,000‌
1,675,203,326‌
U.S.
Treasury
Obligations,
0.88%
to
4.75%,
due
06/30/26
to
08/15/53
.........
1,959,736,500‌
1,708,500,054‌
4
.38‌
04/30/25
05/01/25
200,000‌
200,000,000‌
200,024,333‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.00%,
due
07/25/25
to
04/15/66
.........
4,636,005,606‌
209,538,858‌
–‌
–‌
$
1,980,000,000‌
$
2,025,139,028‌
–‌
–‌
Barclays
Capital,
Inc.
.
4
.48‌
(b)
04/30/25
06/05/25
799,000‌
799,000,000‌
802,579,520‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.00%,
due
05/15/26
to
10/16/65
.........
18,439,829,353‌
862,627,224‌
–‌
–‌
BMO
Capital
Markets
Corp.
..........
4
.38‌
04/30/25
05/01/25
150,000‌
150,000,000‌
150,018,250‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.63%
to
4.63%,
due
09/15/26
to
11/01/52
.
158,009,700‌
153,004,711‌
4
.44‌
(b)
04/30/25
05/08/25
250,000‌
250,000,000‌
250,246,667‌
U.S.
Government
Sponsored
Agency
Obligations,
0.08%
to
6.49%,
due
04/20/46
to
01/20/75
.........
5,832,519,691‌
262,500,000‌
–‌
–‌
$
400,000,000‌
$
415,504,711‌
–‌
–‌
BNP
Paribas
SA
....
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.00%
to
3.88%,
due
03/15/28
to
11/15/47
.........
9,471,606‌
5,100,000‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
8
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.38‌
%
04/30/25
05/01/25
$
309,000‌
$
309,000,000‌
$
309,037,595‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
18.80%,
due
02/15/28
to
02/20/65
$
1,324,388,590‌
$
323,958,387‌
4
.40‌
(b)
04/30/25
05/08/25
400,000‌
400,000,000‌
400,391,111‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
9.00%,
due
06/25/25
to
11/20/74
.........
6,939,941,555‌
419,885,584‌
4
.48‌
(b)
04/30/25
05/02/25
1,800,000‌
1,800,000,000‌
1,800,448,000‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
06/26/25
to
08/15/54
.........
1,851,022,743‌
1,836,000,000‌
4
.55‌
(b)
04/30/25
06/05/25
300,000‌
300,000,000‌
301,365,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
28.65%,
due
01/15/27
to
09/20/74
.......
6,308,601,833‌
314,546,683‌
–‌
–‌
$
2,814,000,000‌
$
2,899,490,654‌
–‌
–‌
Citibank
NA
........
4
.37‌
04/30/25
05/01/25
150,000‌
150,000,000‌
150,018,208‌
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
11/15/27
to
08/15/54
.........
159,313,100‌
153,000,007‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.37‌
(a)
04/30/25
05/01/25
239,000‌
239,000,000‌
239,029,012‌
U.S.
Treasury
Obligations,
4.00%
to
4.50%,
due
05/15/27
to
02/28/29
.........
238,236,156‌
243,780,013‌
4
.37‌
04/30/25
05/01/25
2,506,000‌
2,506,000,000‌
2,506,304,201‌
U.S.
Treasury
Obligations,
0.13%
to
6.88%,
due
08/15/25
to
02/15/55
.........
2,708,644,600‌
2,556,120,028‌
4
.38‌
04/30/25
05/01/25
96,000‌
96,000,000‌
96,011,680‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
7.50%,
due
02/01/47
to
05/01/55
.........
105,448,299‌
98,880,001‌
4
.39‌
03/05/25
06/03/25
1,750,000‌
1,750,000,000‌
1,769,206,243‌
U.S.
Treasury
Obligations,
0.00%
to
3.75%,
due
07/08/25
to
12/31/28
.........
1,817,625,600‌
1,785,000,008‌
4
.41‌
(b)
04/30/25
05/01/25
500,000‌
500,000,000‌
500,061,250‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
10.40%,
due
06/15/33
to
05/25/55
.......
8,888,816,571‌
538,548,852‌
–‌
–‌
$
5,091,000,000‌
$
5,222,328,902‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.37‌
(a)
04/30/25
05/01/25
1,150,000‌
1,150,000,000‌
1,150,139,597‌
U.S.
Treasury
Obligations,
2.88%
to
4.50%,
due
05/15/27
to
08/15/33
.........
1,162,385,605‌
1,173,000,020‌
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligation,
3.75%,
due
04/15/28
.........
5,078,000‌
5,100,073‌
4
.38‌
04/30/25
05/01/25
400,000‌
400,000,000‌
400,048,667‌
U.S.
Government
Sponsored
Agency
Obligation,
5.00%,
due
03/20/53
.........
489,185,815‌
408,000,000‌
–‌
–‌
$
1,555,000,000‌
$
1,586,100,093‌
–‌
–‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
Schedules
of
Investments
9
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Deutsche
Bank
AG
...
4
.37‌
%
04/30/25
05/01/25
$
341,000‌
$
341,000,000‌
$
341,041,394‌
U.S.
Treasury
Obligations,
0.63%
to
4.75%,
due
07/31/25
to
05/15/30
.........
$
347,892,300‌
$
347,820,030‌
4
.38‌
04/30/25
05/01/25
1,850,000‌
1,850,000,000‌
1,850,225,083‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.50%
to
6.50%,
due
04/30/26
to
07/20/52
1,950,940,926‌
1,888,978,062‌
–‌
–‌
$
2,191,000,000‌
$
2,236,798,092‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNP
.
4
.37‌
04/30/25
05/01/25
98,000‌
98,000,000‌
98,011,896‌
U.S.
Treasury
Obligations,
3.63%
to
4.13%,
due
08/15/43
to
08/15/53
.........
110,379,700‌
99,960,005‌
4
.37‌
04/30/25
05/01/25
1,500,000‌
1,500,000,000‌
1,500,182,083‌
U.S.
Treasury
Obligations,
0.38%
to
6.13%,
due
09/30/25
to
08/15/54
.........
1,576,493,800‌
1,530,000,033‌
4
.37‌
04/30/25
05/01/25
4,000,000‌
4,000,000,000‌
4,000,485,556‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/31/25
to
02/15/55
.........
4,234,332,100‌
4,080,000,000‌
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.25%
to
4.25%,
due
02/28/26
to
02/28/31
.........
5,090,500‌
5,100,640‌
4
.39‌
04/30/25
05/01/25
2,500,000‌
2,500,000,000‌
2,500,304,861‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.50%,
due
08/01/31
to
04/01/55
.........
3,897,356,351‌
2,575,000,001‌
4
.41‌
(b)
04/30/25
05/08/25
1,450,000‌
1,450,000,000‌
1,451,421,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.00%,
due
08/25/27
to
09/15/67
.........
28,354,221,214‌
1,514,725,135‌
–‌
–‌
$
9,553,000,000‌
$
9,804,785,814‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNY
.
4
.38‌
04/30/25
05/01/25
325,000‌
325,000,000‌
325,039,542‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
02/01/48
to
04/01/55
.........
448,459,125‌
334,750,001‌
4
.38‌
04/30/25
05/01/25
4,500,000‌
4,500,000,000‌
4,500,547,500‌
U.S.
Treasury
Obligations,
0.50%
to
3.25%,
due
06/30/27
to
08/15/40
.........
4,309,702,100‌
4,590,000,012‌
4
.43‌
(b)
03/28/25
05/04/25
160,000‌
160,000,000‌
160,728,489‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.00%,
due
07/20/50
to
04/20/55
.........
391,611,100‌
166,433,042‌
–‌
–‌
$
4,985,000,000‌
$
5,091,183,055‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BOFA
4
.35‌
04/30/25
05/06/25
650,000‌
650,000,000‌
650,471,250‌
U.S.
Treasury
Obligations,
4.13%
to
4.88%,
due
10/31/28
to
11/30/31
.........
642,060,800‌
663,000,001‌
4
.35‌
04/30/25
05/07/25
350,000‌
350,000,000‌
350,296,042‌
U.S.
Treasury
Obligation,
4.00%,
due
04/30/32
.........
356,076,000‌
357,000,017‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
10
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.37‌
%
04/30/25
05/01/25
$
1,500,000‌
$
1,500,000,000‌
$
1,500,182,083‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
07/08/25
to
05/15/44
.........
$
1,514,183,300‌
$
1,530,000,082‌
4
.37‌
04/23/25
05/01/25
125,000‌
125,000,000‌
125,121,389‌
U.S.
Treasury
Obligations,
0.00%
to
6.88%,
due
08/15/25
to
02/15/53
.........
146,090,900‌
127,500,013‌
4
.37‌
04/30/25
05/05/25
600,000‌
600,000,000‌
600,364,167‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
01/31/26
to
08/15/48
.........
621,290,000‌
612,000,011‌
4
.37‌
04/30/25
05/07/25
350,000‌
350,000,000‌
350,297,403‌
U.S.
Treasury
Obligations,
2.75%
to
4.50%,
due
04/15/27
to
05/15/27
.........
350,762,000‌
357,000,073‌
4
.40‌
04/29/25
05/02/25
1,800,000‌
1,800,000,000‌
1,800,660,000‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
05/31/25
to
02/15/54
.........
1,939,024,700‌
1,836,000,069‌
–‌
–‌
$
5,375,000,000‌
$
5,482,500,266‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
GS
..
4
.37‌
04/30/25
05/01/25
3,000,000‌
3,000,000,000‌
3,000,364,167‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/15/25
to
11/15/51
.........
3,157,004,600‌
3,060,000,014‌
4
.37‌
04/30/25
05/01/25
8,900,000‌
8,900,000,000‌
8,901,080,361‌
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
05/15/25
to
11/15/54
.........
10,435,895,500‌
9,078,000,042‌
–‌
–‌
$
11,900,000,000‌
$
12,138,000,056‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
HSBC
4
.37‌
04/30/25
05/01/25
4,500,000‌
4,500,000,000‌
4,500,546,250‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
05/06/25
to
11/15/33
.........
4,535,017,300‌
4,590,000,075‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
JPM
.
4
.37‌
04/30/25
05/01/25
4,500,000‌
4,500,000,000‌
4,500,546,250‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
06/20/25
to
04/30/29
.........
4,460,034,500‌
4,590,000,050‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
NOMU
4
.37‌
04/30/25
05/01/25
785,000‌
785,000,000‌
785,095,290‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
05/15/25
to
11/15/45
.........
788,235,300‌
800,700,000‌
4
.39‌
04/30/25
05/01/25
500,000‌
500,000,000‌
500,060,972‌
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
06/15/25
to
02/29/32
.........
497,172,200‌
510,000,053‌
–‌
–‌
$
1,285,000,000‌
$
1,310,700,053‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
SSB
.
4
.38‌
04/30/25
05/01/25
1,000,000‌
1,000,000,000‌
1,000,121,667‌
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/08/25
to
02/15/55
.........
1,047,581,400‌
1,024,080,127‌
4
.39‌
04/30/25
05/01/25
2,000,000‌
2,000,000,000‌
2,000,243,889‌
U.S.
Government
Sponsored
Agency
Obligations,
1.00%
to
7.50%,
due
01/01/29
to
01/01/57
.........
5,290,160,456‌
2,062,077,340‌
–‌
–‌
$
3,000,000,000‌
$
3,086,157,467‌
–‌
–‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
Schedules
of
Investments
11
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Fixed
Income
Clearing
Corporation
-
WF
..
4
.37‌
%
04/30/25
05/01/25
$
1,150,000‌
$
1,150,000,000‌
$
1,150,139,597‌
U.S.
Treasury
Obligations,
0.25%
to
4.75%,
due
05/31/25
to
11/15/53
.........
$
1,255,909,300‌
$
1,173,000,095‌
4
.37‌
04/23/25
05/01/25
250,000‌
250,000,000‌
250,242,778‌
U.S.
Treasury
Obligations,
1.25%
to
4.13%,
due
12/31/26
to
11/15/51
.........
250,077,300‌
255,000,008‌
4
.37‌
04/02/25
05/30/25
450,000‌
450,000,000‌
453,168,250‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
05/15/25
to
11/15/54
.........
537,203,800‌
459,000,024‌
4
.38‌
02/05/25
05/08/25
400,000‌
400,000,000‌
404,477,333‌
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
05/31/25
to
05/15/54
.........
433,296,000‌
408,000,001‌
4
.40‌
04/25/25
05/12/25
100,000‌
100,000,000‌
100,207,778‌
U.S.
Treasury
Obligations,
4.13%
to
4.75%,
due
07/31/31
to
02/15/41
.........
99,773,000‌
102,000,099‌
–‌
–‌
$
2,350,000,000‌
$
2,397,000,227‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.37‌
04/30/25
05/01/25
29,000‌
29,000,000‌
29,003,520‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/29
.........
35,235,301‌
29,580,000‌
4
.38‌
04/30/25
05/01/25
106,000‌
106,000,000‌
106,012,897‌
U.S.
Government
Sponsored
Agency
Obligations,
5.50%
to
6.50%,
due
01/20/54
to
03/20/55
.........
124,589,092‌
108,120,001‌
4
.39‌
(b)
04/30/25
06/05/25
1,114,500‌
1,114,500,000‌
1,119,392,655‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.50%,
due
05/15/29
to
11/15/57
.........
1,807,459,037‌
1,136,790,000‌
–‌
–‌
$
1,249,500,000‌
$
1,274,490,001‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
4
.37‌
04/30/25
05/01/25
750,000‌
750,000,000‌
750,091,042‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
08/15/25
to
02/15/55
.........
1,484,774,718‌
765,000,001‌
4
.38‌
(c)
04/30/25
05/01/25
286,000‌
286,000,000‌
286,034,797‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
01/20/37
to
07/15/66
.........
416,625,024‌
291,720,000‌
4
.38‌
04/30/25
05/01/25
95,000‌
95,000,000‌
95,011,558‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
08/20/28
to
10/15/59
.........
165,638,443‌
96,900,000‌
4
.39‌
(b)
04/30/25
05/08/25
350,000‌
350,000,000‌
350,341,444‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
01/20/27
to
05/15/58
.........
580,190,623‌
357,000,000‌
–‌
–‌
$
1,481,000,000‌
$
1,510,620,001‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.37‌
04/30/25
05/01/25
52,000‌
52,000,000‌
52,006,312‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/25
.........
54,199,601‌
53,040,000‌
4
.37‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Treasury
Obligations,
0.63%
to
4.00%,
due
01/15/26
to
02/15/34
.........
1,518,900‌
2,040,043‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
12
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.38‌
%
04/30/25
05/01/25
$
15,000‌
$
15,000,000‌
$
15,001,825‌
U.S.
Government
Sponsored
Agency
Obligation,
6.50%,
due
09/20/54
.........
$
15,396,691‌
$
15,300,001‌
4
.38‌
(b)
04/30/25
05/08/25
3,000,000‌
3,000,000,000‌
3,002,920,000‌
U.S.
Treasury
Obligations,
0.00%
to
2.63%,
due
05/15/26
to
02/15/29
.........
3,027,267,139‌
3,060,000,000‌
4
.39‌
(b)
04/30/25
05/08/25
1,845,000‌
1,845,000,000‌
1,846,799,900‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
12.30%,
due
11/20/29
to
02/15/66
.......
2,853,094,350‌
1,881,900,000‌
4
.51‌
(b)
04/30/25
07/31/25
483,000‌
483,000,000‌
488,566,843‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
03/25/37
to
10/20/64
.........
6,227,223,109‌
507,150,000‌
–‌
–‌
$
5,397,000,000‌
$
5,519,430,044‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.32‌
04/24/25
05/01/25
350,000‌
350,000,000‌
350,294,000‌
U.S.
Treasury
Obligations,
1.50%
to
4.50%,
due
05/15/26
to
07/31/29
.........
366,738,000‌
357,000,049‌
4
.37‌
04/30/25
05/01/25
350,000‌
350,000,000‌
350,042,486‌
U.S.
Treasury
Obligations,
0.63%
to
5.00%,
due
10/31/25
to
05/15/30
.........
370,249,200‌
357,000,015‌
4
.38‌
04/30/25
05/01/25
900,000‌
900,000,000‌
900,109,500‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
05/20/33
to
03/16/63
.........
12,842,036,620‌
945,000,000‌
4
.50‌
(b)
04/30/25
06/05/25
1,600,000‌
1,600,000,000‌
1,607,200,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
13.45%,
due
07/25/25
to
08/25/61
.......
14,260,220,333‌
1,685,718,023‌
–‌
–‌
$
3,200,000,000‌
$
3,344,718,087‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
4
.37‌
04/30/25
05/01/25
98,000‌
98,000,000‌
98,011,896‌
U.S.
Treasury
Obligation,
0.00%,
due
06/24/25
.........
100,610,200‌
99,960,057‌
4
.38‌
04/30/25
05/01/25
415,000‌
415,000,000‌
415,050,492‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
06/30/26
to
01/20/73
2,861,036,713‌
427,366,728‌
–‌
–‌
$
513,000,000‌
$
527,326,785‌
–‌
–‌
Natixis
SA
.........
4
.37‌
04/30/25
05/01/25
3,000‌
3,000,000‌
3,000,364‌
U.S.
Treasury
Obligations,
0.00%
to
2.13%,
due
02/15/28
to
01/15/35
.........
2,961,900‌
3,060,081‌
4
.38‌
04/30/25
05/01/25
800,000‌
800,000,000‌
800,097,333‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
05/01/25
to
04/01/55
961,219,146‌
813,011,981‌
–‌
–‌
$
803,000,000‌
$
816,072,062‌
–‌
–‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
Schedules
of
Investments
13
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Nomura
Securities
International,
Inc.
..
4
.37‌
%
04/30/25
05/01/25
$
950,000‌
$
950,000,000‌
$
950,115,319‌
U.S.
Treasury
Obligations,
0.00%
to
5.25%,
due
05/08/25
to
08/15/54
.........
$
1,097,938,200‌
$
969,000,633‌
4
.38‌
04/30/25
05/01/25
358,000‌
358,000,000‌
358,043,557‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
11/15/26
to
07/20/64
.........
811,232,738‌
365,160,001‌
–‌
–‌
$
1,308,000,000‌
$
1,334,160,634‌
–‌
–‌
Royal
Bank
of
Canada
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.00%
to
0.63%,
due
08/15/25
to
11/15/50
.........
7,527,088‌
5,100,085‌
–‌
–‌
Societe
Generale
SA
.
4
.37‌
04/30/25
05/01/25
34,000‌
34,000,000‌
34,004,127‌
U.S.
Treasury
Obligation,
4.75%,
due
02/15/45
.........
33,983,700‌
34,680,024‌
4
.38‌
04/30/25
05/01/25
950,000‌
950,000,000‌
950,115,583‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
01/01/37
to
04/01/55
.........
2,741,479,656‌
978,500,000‌
–‌
–‌
$
984,000,000‌
$
1,013,180,024‌
–‌
–‌
TD
Securities
USA
LLC
4
.38‌
04/30/25
05/01/25
3,000‌
3,000,000‌
3,000,365‌
U.S.
Treasury
Obligations,
2.25%
to
3.63%,
due
05/15/26
to
02/15/27
.........
3,063,400‌
3,060,064‌
4
.39‌
04/30/25
05/01/25
56,000‌
56,000,000‌
56,006,829‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
2.50%,
due
09/01/51
to
12/01/51
.........
89,488,164‌
57,680,000‌
–‌
–‌
$
59,000,000‌
$
60,740,064‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.37‌
(a)
04/30/25
05/01/25
550,000‌
550,000,000‌
550,066,764‌
U.S.
Treasury
Obligations,
0.38%
to
4.88%,
due
09/15/25
to
11/15/33
.........
578,580,982‌
561,000,001‌
4
.37‌
04/30/25
05/01/25
10,000‌
10,000,000‌
10,001,214‌
U.S.
Treasury
Obligation,
3.00%,
due
08/15/48
.........
13,457,000‌
10,200,037‌
4
.38‌
04/30/25
05/01/25
88,000‌
88,000,000‌
88,010,707‌
U.S.
Government
Sponsored
Agency
Obligations,
1.94%
to
11.70%,
due
03/15/57
to
01/15/67
.......
89,216,769‌
89,760,000‌
–‌
–‌
$
648,000,000‌
$
660,960,038‌
–‌
–‌
$
79,785,500,000‌
$
81,732,463,695‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
FedFund
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
Repurchase
Agreements
...................................
$
$
79,785,500,000
$
$
79,785,500,000
U.S.
Government
Sponsored
Agency
Obligations
...................
22,083,965,021
22,083,965,021
U.S.
Treasury
Obligations
...................................
62,467,486,893
62,467,486,893
$
$
164,336,951,914
$
$
164,336,951,914
Schedule
of
Investments
(unaudited)
April
30,
2025
TempCash
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
2.5%
Bank
of
America
Corp.
,
(1-day
SOFR
+
0.42%),
4.78
%
,
05/01/26
(a)
..................
USD
46,000‌
$
45,999,692‌
Bank
of
America
NA
4.59
%
,
05/05/25
...................
50,000‌
50,000,970‌
4.54
%
,
07/10/25
...................
75,000‌
75,002,123‌
(1-day
SOFR
+
0.27%),
4.63
%
,
07/15/25
(a)
..
54,000‌
54,013,856‌
4.51
%
,
10/31/25
...................
25,000‌
25,002,585‌
4.50
%
,
01/02/26
...................
42,000‌
42,045,457‌
4.50
%
,
01/22/26
...................
35,000‌
35,044,537‌
Citibank
NA
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
4.63
%
,
06/20/25
(a)
................
25,000‌
25,005,415‌
4.48
%
,
01/21/26
...................
32,000‌
32,047,645‌
4.48
%
,
02/25/26
...................
31,000‌
31,059,979‌
(1-day
SOFR
at
0.00%
Floor
+
0.39%),
4.75
%
,
03/27/26
(a)
................
45,600‌
45,603,684‌
Northern
Trust
Corp.
,
4.53
%
,
10/15/25
......
55,000‌
55,028,781‌
State
Street
Bank
&
Trust
Co.
,
(1-day
SOFR
+
0.32%),
4.68
%
,
11/12/25
(a)
.............
40,000‌
40,001,844‌
555,856,568‌
Yankee
18.8%
(b)
Bank
of
Montreal,
Chicago
5.50
%
,
06/11/25
...................
30,000‌
30,031,329‌
4.34
%
,
10/10/25
(c)
..................
60,500‌
59,347,177‌
(1-day
SOFR
+
0.40%),
4.76
%
,
10/20/25
(a)
..
56,000‌
56,033,859‌
4.56
%
,
11/10/25
...................
55,000‌
55,032,819‌
4.50
%
,
01/23/26
...................
57,050‌
57,130,589‌
(1-day
SOFR
+
0.29%),
4.65
%
,
02/20/26
(a)
..
67,500‌
67,436,064‌
(1-day
SOFR
+
0.47%),
4.83
%
,
05/20/26
(a)
..
35,000‌
35,006,935‌
Bank
of
Nova
Scotia
(The),
Houston
,
(1-
day
SOFR
at
0.00%
Floor
+
0.31%),
4.67
%
,
02/05/26
(a)
..................
54,000‌
53,968,437‌
BNP
Paribas
SA,
New
York
,
4.42
%
,
09/19/25
..
70,500‌
70,502,009‌
Canadian
Imperial
Bank
of
Commerce,
New
York
(1-day
SOFR
+
0.26%),
4.62
%
,
06/04/25
(a)
..
80,000‌
80,013,592‌
(1-day
SOFR
+
0.35%),
4.71
%
,
09/23/25
(a)
..
50,500‌
50,521,821‌
4.50
%
,
10/09/25
...................
40,000‌
40,004,460‌
4.49
%
,
01/23/26
...................
62,500‌
62,583,831‌
(1-day
SOFR
at
0.00%
Floor
+
0.46%),
4.82
%
,
05/15/26
(a)
................
40,300‌
40,316,126‌
(1-day
SOFR
at
0.00%
Floor
+
0.47%),
4.83
%
,
05/21/26
(a)
................
34,600‌
34,610,480‌
Cooperatieve
Rabobank
UA,
New
York
5.17
%
,
06/24/25
...................
41,350‌
41,387,000‌
4.46
%
,
10/17/25
...................
75,455‌
75,476,475‌
4.43
%
,
02/10/26
...................
113,500‌
113,666,561‌
(1-day
SOFR
+
0.22%),
4.58
%
,
03/06/26
(a)
..
53,500‌
53,438,213‌
DNB
Bank
ASA,
New
York
,
4.40
%
,
08/28/25
...
45,000‌
45,004,280‌
DZ
Bank
AG,
New
York
4.41
%
,
05/12/25
...................
70,000‌
70,000,035‌
4.50
%
,
06/11/25
...................
40,000‌
40,002,768‌
4.45
%
,
06/16/25
...................
53,000‌
53,001,903‌
HSBC
Bank
USA
NA,
New
York
,
(1-day
SOFR
+
0.35%),
4.71
%
,
05/16/25
(a)
............
22,810‌
22,811,765‌
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.24%),
4.60
%
,
07/16/25
...
41,000‌
41,008,024‌
(1-day
SOFR
+
0.23%),
4.59
%
,
08/08/25
...
44,000‌
44,005,935‌
(1-day
SOFR
+
0.25%),
4.61
%
,
09/02/25
...
70,000‌
70,010,829‌
(1-day
SOFR
+
0.22%),
4.58
%
,
09/25/25
...
114,000‌
113,990,173‌
Mizuho
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.23%),
4.59
%
,
05/01/25
...
98,750‌
98,750,365‌
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.25%),
4.61
%
,
07/08/25
.................
USD
57,000‌
$
57,010,089‌
(1-day
SOFR
+
0.23%),
4.59
%
,
07/22/25
...
74,500‌
74,508,590‌
MUFG
Bank
Ltd.,
New
York
(1-day
SOFR
+
0.23%),
4.59
%
,
05/01/25
(a)
..
50,500‌
50,500,147‌
4.64
%
,
05/13/25
...................
101,790‌
101,795,354‌
4.50
%
,
06/16/25
...................
67,900‌
67,903,463‌
4.50
%
,
08/15/25
...................
127,425‌
127,426,830‌
4.37
%
,
09/09/25
...................
49,500‌
49,487,694‌
4.36
%
,
10/14/25
...................
94,500‌
94,484,719‌
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.25%),
4.61
%
,
03/17/26
(a)
............
53,000‌
52,959,572‌
Royal
Bank
of
Canada,
New
York
4.50
%
,
10/07/25
...................
25,000‌
25,006,437‌
4.44
%
,
12/12/25
...................
72,000‌
72,052,272‌
4.21
%
,
03/12/26
...................
64,000‌
64,024,832‌
Standard
Chartered
Bank,
New
York
,
4.67
%
,
02/12/26
...................
48,000‌
48,135,341‌
Sumitomo
Mitsui
Banking
Corp.,
New
York
(1-day
SOFR
+
0.23%),
4.59
%
,
05/12/25
(a)
..
113,500‌
113,504,233‌
(1-day
SOFR
+
0.25%),
4.61
%
,
06/11/25
(a)
..
60,000‌
60,008,052‌
4.54
%
,
06/17/25
...................
62,500‌
62,498,588‌
(1-day
SOFR
+
0.27%),
4.63
%
,
07/03/25
(a)
..
45,500‌
45,510,160‌
(1-day
SOFR
+
0.23%),
4.59
%
,
10/01/25
(a)
..
61,200‌
61,181,169‌
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
4.43
%
,
05/30/25
...................
108,000‌
108,000,896‌
(1-day
SOFR
+
0.23%),
4.59
%
,
06/02/25
(a)
..
90,550‌
90,561,301‌
(1-day
SOFR
+
0.31%),
4.67
%
,
10/30/25
(a)
..
110,000‌
109,999,395‌
Svenska
Handelsbanken,
New
York
(1-day
SOFR
at
0.00%
Floor
+
0.25%),
4.61
%
,
07/10/25
(a)
................
95,000‌
95,023,864‌
4.43
%
,
11/07/25
...................
103,800‌
103,810,276‌
(1-day
SOFR
at
0.00%
Floor
+
0.31%),
4.67
%
,
01/13/26
(a)
................
30,000‌
29,993,151‌
(1-day
SOFR
at
0.00%
Floor
+
0.26%),
4.62
%
,
02/20/26
(a)
................
60,000‌
59,948,316‌
(1-day
SOFR
+
0.40%),
4.76
%
,
04/22/26
(a)
..
30,000‌
30,001,209‌
(1-day
SOFR
+
0.38%),
4.71
%
,
04/30/26
(a)
..
35,700‌
35,692,921‌
Swedbank
AB,
New
York
,
(1-day
SOFR
+
0.25%),
4.61
%
,
06/05/25
(a)
............
75,000‌
75,010,545‌
Toronto-Dominion
Bank
(The),
New
York
5.10
%
,
08/25/25
...................
47,250‌
47,326,275‌
(1-day
SOFR
+
0.35%),
4.71
%
,
09/22/25
(a)
..
30,000‌
30,014,058‌
4.50
%
,
10/07/25
...................
39,000‌
39,004,411‌
4.52
%
,
02/04/26
...................
55,500‌
55,585,631‌
4.50
%
,
02/20/26
...................
35,000‌
35,058,583‌
(1-day
SOFR
+
0.45%),
4.81
%
,
04/28/26
(a)
..
40,000‌
40,011,812‌
(1-day
SOFR
+
0.45%),
4.81
%
,
05/04/26
(a)
..
35,000‌
35,016,998‌
Westpac
Banking
Corp.,
New
York
5.40
%
,
06/06/25
...................
47,889‌
47,927,340‌
(1-day
SOFR
+
0.25%),
4.61
%
,
07/10/25
(a)
..
100,000‌
100,022,970‌
4.42
%
,
10/10/25
...................
37,000‌
36,992,149‌
(1-day
SOFR
at
0.00%
Floor
+
0.22%),
4.58
%
,
03/12/26
(a)
................
57,000‌
56,918,832‌
4,165,012,329‌
Total
Certificates
of
Deposit
21
.3
%
(Cost:
$
4,719,726,896
)
............................
4,720,868,897‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Commercial
Paper
Albion
Capital
Corp.
SA
,
4.49
%
,
05/20/25
(c)
(d)
..
USD
116,283‌
$
115,997,595‌
ANZ
New
Zealand
International
Ltd.
,
4.39
%
,
05/09/25
(c)
(d)
......................
50,000‌
49,945,980‌
Aquitaine
Funding
Co.
LLC
(c)(d)
4.44
%
,
05/02/25
...................
45,000‌
44,989,060‌
4.45
%
,
05/05/25
...................
20,000‌
19,987,822‌
ASB
Bank
Ltd.
(1-day
SOFR
+
0.23%),
4.59
%
,
09/29/25
(a)
(d)
......................
112,000‌
111,982,550‌
Australia
&
New
Zealand
Banking
Group
Ltd.
(d)
4.39
%
,
07/10/25
(c)
..................
54,000‌
53,542,550‌
(1-day
SOFR
+
0.20%),
4.56
%
,
08/08/25
(a)
..
50,000‌
49,999,840‌
(1-day
SOFR
+
0.26%),
4.62
%
,
08/21/25
(a)
..
71,000‌
71,009,159‌
(1-day
SOFR
+
0.26%),
4.62
%
,
11/17/25
(a)
..
50,000‌
49,997,090‌
4.35
%
,
11/25/25
(c)
..................
45,000‌
43,903,332‌
Bank
of
New
York
Mellon
(The)
(1-day
SOFR
+
0.25%),
4.61
%
,
03/26/26
(a)
............
67,000‌
66,950,025‌
Bank
of
Nova
Scotia
(The)
(1-day
SOFR
+
0.23%),
4.59
%
,
03/06/26
(a)
(d)
...........
75,100‌
75,000,538‌
Barclays
Bank
plc
,
4.53
%
,
08/06/25
(c)
(d)
......
39,100‌
38,630,198‌
Bedford
Row
Funding
Corp.
,
4.41
%
,
05/06/25
(c)
(d)
218,000‌
217,842,059‌
BPCE
SA
(c)(d)
4.45
%
,
06/13/25
...................
55,000‌
54,706,327‌
4.47
%
,
08/13/25
...................
55,000‌
54,302,188‌
Cabot
Trail
Funding
LLC
,
4.39
%
,
05/01/25
(c)
(d)
..
50,435‌
50,428,928‌
Chesham
Finance
Ltd.
(c)(d)
4.42
%
,
05/05/25
...................
38,000‌
37,977,018‌
4.40
%
,
05/01/25
...................
428,000‌
427,946,928‌
Citigroup
Global
Markets,
Inc.
,
4.42
%
,
05/23/25
(c)
(d)
......................
55,000‌
54,847,204‌
Columbia
Funding
Co.
LLC
(c)(d)
4.50
%
,
07/11/25
...................
51,800‌
51,343,746‌
4.51
%
,
07/16/25
...................
84,500‌
83,703,739‌
Commonwealth
Bank
of
Australia
(a)(d)
(1-day
SOFR
+
0.20%),
4.56
%
,
07/03/25
...
94,500‌
94,512,550‌
(1-day
SOFR
+
0.25%),
4.61
%
,
07/10/25
...
62,230‌
62,244,294‌
Concord
Minutemen
Capital
Co.
LLC
(1-day
SOFR
+
0.30%),
4.66
%
,
07/28/25
(a)
(d)
.....
48,000‌
48,003,048‌
Constellation
Funding
Co.
LLC
,
4.57
%
,
06/04/25
(c)
(d)
......................
45,000‌
44,803,854‌
Cooperatieve
Rabobank
UA
,
4.40
%
,
10/03/25
(c)
69,810‌
68,522,843‌
DNB
Bank
ASA
(c)(d)
4.43
%
,
09/23/25
...................
46,750‌
45,936,101‌
4.20
%
,
03/18/26
...................
61,000‌
58,801,060‌
4.38
%
,
11/05/25
...................
70,800‌
69,227,008‌
DZ
Bank
AG
,
4.47
%
,
09/26/25
(c)
(d)
..........
75,000‌
73,655,535‌
Falcon
Asset
Funding
LLC
(1-day
SOFR
+
0.28%),
4.64
%
,
08/04/25
(a)
(d)
...........
54,200‌
54,205,422‌
First
Abu
Dhabi
Bank
PJSC
,
4.44
%
,
07/01/25
(c)
(d)
62,000‌
61,536,302‌
Great
Bear
Funding
LLC
,
4.41
%
,
05/01/25
(c)
(d)
..
196,000‌
195,976,304‌
HSBC
Bank
plc
(1-day
SOFR
+
0.28%),
4.64
%
,
07/16/25
(a)
(d)
......................
73,000‌
73,014,753‌
ING
US
Funding
LLC
(1-day
SOFR
+
0.26%),
4.62
%
,
06/05/25
(a)
(d)
.
76,000‌
76,009,253‌
4.48
%
,
06/20/25
(c)
..................
103,270‌
102,627,599‌
(1-day
SOFR
+
0.25%),
4.61
%
,
10/10/25
(a)
..
37,000‌
36,994,664‌
Ionic
Funding
LLC
(c)
4.48
%
,
05/09/25
...................
75,000‌
74,917,328‌
4.50
%
,
05/21/25
...................
55,000‌
54,858,122‌
4.50
%
,
06/04/25
...................
103,000‌
102,557,388‌
4.52
%
,
07/02/25
(d)
..................
80,000‌
79,381,200‌
4.52
%
,
07/10/25
(d)
..................
85,500‌
84,754,679‌
JP
Morgan
Securities
LLC
(1-day
SOFR
+
0.26%),
4.62
%
,
12/26/25
(a)
............
69,000‌
68,954,479‌
Lion
Bay
Funding
DAC
,
4.42
%
,
05/07/25
(c)
(d)
...
90,000‌
89,922,150‌
Lion
Bay
Funding
LLC
,
4.39
%
,
05/01/25
(c)
(d)
...
16,000‌
15,998,032‌
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Lloyds
Bank
Corporate
Markets
plc
,
4.43
%
,
08/06/25
(c)
.......................
USD
114,500‌
$
113,153,892‌
Mackinac
Funding
Co.
LLC
(c)(d)
4.51
%
,
08/27/25
...................
70,500‌
69,478,885‌
4.49
%
,
09/12/25
...................
33,000‌
32,461,070‌
Macquarie
Bank
Ltd.
(d)
(1-day
SOFR
+
0.24%),
4.60
%
,
06/20/25
(a)
..
106,000‌
106,018,296‌
4.51
%
,
08/21/25
(c)
..................
106,300‌
104,836,270‌
(1-day
SOFR
+
0.21%),
4.57
%
,
08/22/25
(a)
..
20,000‌
19,997,324‌
4.46
%
,
10/24/25
(c)
..................
48,500‌
47,472,484‌
(1-day
SOFR
+
0.23%),
4.59
%
,
10/24/25
(a)
..
27,000‌
26,989,743‌
4.43
%
,
11/13/25
(c)
..................
60,500‌
59,084,971‌
(1-day
SOFR
+
0.25%),
4.61
%
,
11/20/25
(a)
..
50,000‌
49,980,985‌
(1-day
SOFR
+
0.25%),
4.61
%
,
11/21/25
(a)
..
53,000‌
52,979,659‌
Mainbeach
Funding
LLC
(c)(d)
4.39
%
,
05/01/25
...................
109,500‌
109,486,816‌
4.41
%
,
05/07/25
...................
107,000‌
106,909,500‌
Mizuho
Bank
Ltd.
,
4.44
%
,
10/01/25
(c)
(d)
......
67,900‌
66,651,883‌
National
Australia
Bank
Ltd.
(a)(d)
(1-day
SOFR
+
0.20%),
4.56
%
,
05/02/25
...
78,000‌
78,000,406‌
(1-day
SOFR
+
0.28%),
4.64
%
,
06/27/25
...
67,000‌
67,011,290‌
(1-day
SOFR
+
0.25%),
4.61
%
,
07/09/25
...
70,000‌
70,017,346‌
(1-day
SOFR
+
0.27%),
4.63
%
,
09/05/25
...
46,000‌
46,002,686‌
National
Bank
of
Canada
,
4.27
%
,
01/20/26
(c)
(d)
.
50,000‌
48,487,085‌
Natixis
SA
(c)
4.44
%
,
09/08/25
...................
96,800‌
95,280,492‌
4.45
%
,
09/05/25
...................
50,000‌
49,231,105‌
Ontario
Teachers'
Finance
Trust
,
4.37
%
,
05/01/25
(c)
(d)
......................
54,500‌
54,493,471‌
Oversea-Chinese
Banking
Corp.
Ltd.
,
4.34
%
,
05/07/25
(c)
(d)
......................
35,000‌
34,970,897‌
Overwatch
Alpha
Funding
LLC
,
4.40
%
,
05/01/25
(c)
(d)
......................
67,000‌
66,991,920‌
Province
of
British
Columbia
(c)
4.38
%
,
05/12/25
...................
72,000‌
71,896,507‌
4.40
%
,
05/30/25
...................
46,400‌
46,232,960‌
4.42
%
,
06/17/25
...................
46,000‌
45,734,180‌
Ridgefield
Funding
Co.
LLC
,
4.47
%
,
09/02/25
(c)
(d)
50,000‌
49,246,530‌
Royal
Bank
of
Canada
(d)
4.38
%
,
11/07/25
(c)
..................
54,500‌
53,277,042‌
(1-day
SOFR
+
0.34%),
4.70
%
,
01/02/26
(a)
..
50,600‌
50,604,695‌
Sheffield
Receivables
Co.
LLC
,
4.50
%
,
07/10/25
(c)
(d)
......................
93,500‌
92,688,962‌
Skandinaviska
Enskilda
Banken
AB
(a)(d)
(1-day
SOFR
+
0.25%),
4.61
%
,
07/02/25
...
66,000‌
66,013,814‌
(1-day
SOFR
+
0.18%),
4.54
%
,
08/11/25
...
65,000‌
65,006,403‌
(1-day
SOFR
+
0.25%),
4.61
%
,
10/03/25
...
49,600‌
49,595,610‌
(1-day
SOFR
+
0.25%),
4.61
%
,
10/06/25
...
30,000‌
29,997,123‌
Standard
Chartered
Bank
,
4.51
%
,
08/04/25
(c)
(d)
.
53,000‌
52,378,501‌
Starbird
Funding
Corp.
,
4.50
%
,
09/03/25
(c)
(d)
...
80,680‌
79,445,999‌
Svenska
Handelsbanken
AB
(1-day
SOFR
+
0.26%),
4.62
%
,
07/18/25
(a)
(d)
...........
60,000‌
60,018,078‌
Swedbank
AB
(a)(d)
(1-day
SOFR
+
0.27%),
4.63
%
,
07/03/25
...
103,000‌
103,026,636‌
(1-day
SOFR
+
0.27%),
4.63
%
,
07/16/25
...
55,000‌
55,015,983‌
(1-day
SOFR
+
0.24%),
4.60
%
,
10/14/25
...
60,000‌
59,999,004‌
(1-day
SOFR
+
0.20%),
4.56
%
,
11/26/25
...
67,500‌
67,469,071‌
UBS
AG
(1-day
SOFR
+
0.45%),
4.79
%
,
04/14/26
(a)
(d)
......................
40,500‌
40,506,183‌
United
Overseas
Bank
Ltd.
(1-day
SOFR
+
0.17%),
4.54
%
,
09/17/25
(a)
(d)
...........
50,000‌
49,993,690‌
Verto
Capital
Compartment
B
,
4.40
%
,
05/01/25
(c)
(d)
......................
117,000‌
116,985,375‌
Verto
Capital
I
Compartment
A
(1-day
SOFR
+
0.15%),
4.51
%
,
07/14/25
(a)
(d)
...........
150,000‌
150,011,880‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Westpac
Banking
Corp.
(a)(d)
(1-day
SOFR
+
0.25%),
4.61
%
,
07/02/25
...
USD
56,000‌
$
56,012,298‌
(1-day
SOFR
+
0.26%),
4.62
%
,
10/03/25
...
49,600‌
49,605,426‌
(1-day
SOFR
+
0.29%),
4.65
%
,
01/02/26
...
76,500‌
76,485,159‌
(1-day
SOFR
+
0.27%),
4.63
%
,
02/03/26
...
74,250‌
74,207,908‌
Total
Commercial
Paper
30
.9
%
(Cost:
$
6,850,282,987
)
............................
6,849,891,337‌
Corporate
Bonds
Commercial
Services
&
Supplies
0.3%
Ecmc
Group,
Inc.
(a)
Series
23-1
,
4.38%
,
12/01/50
...........
41,200‌
41,200,000‌
4.38%
,
12/01/54
...................
22,800‌
22,800,000‌
Consumer
Finance
0.2%
Toyota
Motor
Credit
Corp.,
(1-day
SOFR
+
0.30%),
4.66%,
02/24/26
(a)
............
47,600‌
47,503,183‌
Total
Corporate
Bonds
0
.5
%
(Cost:
$
111,600,000
)
..............................
111,503,183‌
Municipal
Bonds
California
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-
XMT0955
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
4.51
%
,
05/07/25
(d)
(e)
(f)
.........
6,300‌
6,300,000‌
Iowa
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-
1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
4.38
%
,
05/07/25
(f)
..................
9,361‌
9,361,000‌
New
York
0.1%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.40
%
,
05/07/25
(f)
........
18,000‌
18,000,000‌
Other
0.2%
(d)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
4.30
%
,
05/07/25
(e)
.
30,370‌
30,370,000‌
Taxable
Municipal
Funding
Trust
,
Series
2019-
TMFT005
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.45
%
,
05/07/25
...............
5,115‌
5,115,000‌
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.45
%
,
05/07/25
(e)
.......
11,634‌
11,633,925‌
47,118,925‌
Texas
0.0%
North
Texas
Higher
Education
Authority,
Inc.
,
Series
2023-1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
4.38
%
,
05/07/25
(f)
........
7,500‌
7,500,000‌
Total
Municipal
Bonds
0
.4
%
(Cost:
$
88,279,925
)
...............................
88,279,925‌
Security
Par
(000)
Pa
r
(
000)
Value
Time
Deposits
ABN
AMRO
Bank
NV
,
4.33
%
,
05/01/25
......
USD
597,000‌
$
597,000,000‌
Canadian
Imperial
Bank
of
Commerce
,
4.33
%
,
05/01/25
...................
29,000‌
29,000,000‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
4.32
%
,
05/01/25
...................
79,000‌
79,000,000‌
Erste
Group
Bank
AG
,
4.33
%
,
05/01/25
......
665,000‌
665,000,000‌
ING
Bank
NV
,
4.34
%
,
05/07/25
...........
409,000‌
409,000,000‌
KBC
Bank
NV
,
4.33
%
,
05/01/25
...........
400,000‌
400,000,000‌
Mizuho
Bank
Ltd.
,
4.33
%
,
05/01/25
.........
228,000‌
228,000,000‌
Royal
Bank
of
Canada
,
4.33
%
,
05/01/25
.....
377,000‌
377,000,000‌
Skandinaviska
Enskilda
Banken
AB
,
4.33
%
,
05/01/25
...................
600,000‌
600,000,000‌
Svenska
Handelsbanken
AB
,
4.32
%
,
05/01/25
.
450,000‌
450,000,000‌
Swedbank
AB
,
4.33
%
,
05/01/25
...........
600,000‌
600,000,000‌
Total
Time
Deposits
20
.0
%
(Cost:
$
4,434,000,000
)
............................
4,434,000,000‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
3.73
%
,
05/08/25
...................
65,000‌
64,946,887‌
4.15
%
,
10/30/25
...................
101,100‌
99,035,395‌
3.91
%
,
02/19/26
...................
50,000‌
48,453,667‌
Total
U.S.
Treasury
Obligations
1
.0
%
(Cost:
$
212,357,789
)
..............................
212,435,949‌
Total
Repurchase
Agreements
22
.8
%
(Cost:
$
5,044,000,000
)
............................
5,044,000,000‌
Total
Investments
96
.9
%
(Cost:
$
21,460,247,597
)
(g)
..........................
21,460,979,291‌
Other
Assets
Less
Liabilities
3.1
%
....................
690,255,819‌
Net
Assets
100.0%
...............................
$
22,151,235,110‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
18
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
Schedules
of
Investments
19
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4
.62‌
%
(a)
04/30/25
06/05/25
$
195,000‌
$
195,000,000‌
$
195,900,900‌
Corporate/Debt
Obligations,
0.00%
to
8.23%,
due
02/15/29
to
01/27/70
.........
$
879,337,068‌
$
208,650,000‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
4
.55‌
(b)
04/30/25
05/01/25
55,000‌
55,000,000‌
55,006,951‌
Corporate/Debt
Obligations,
1.93%
to
5.25%,
due
04/01/27
to
05/15/53
.........
64,543,000‌
57,757,430‌
4
.73‌
(a)
04/30/25
06/05/25
35,000‌
35,000,000‌
35,165,550‌
Corporate/Debt
Obligations,
4.95%
to
5.65%,
due
01/15/53
to
05/15/53
.........
37,413,000‌
36,755,200‌
–‌
–‌
$
90,000,000‌
$
94,512,630‌
–‌
–‌
Barclays
Bank
plc
...
4
.41‌
(a)
04/30/25
05/08/25
48,000‌
48,000,000‌
48,047,040‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
2.75%,
due
01/20/51
to
11/20/53
.........
158,476,737‌
49,087,509‌
4
.43‌
(b)
04/30/25
05/01/25
529,000‌
529,000,000‌
529,065,096‌
Corporate/Debt
Obligations,
0.88%
to
7.50%,
due
05/14/25
to
04/27/85
.........
559,190,000‌
555,450,579‌
4
.45‌
(b)
04/30/25
05/01/25
35,000‌
35,000,000‌
35,004,326‌
Corporate/Debt
Obligation,
5.00%,
due
04/01/60
.........
36,595,000‌
37,452,096‌
4
.53‌
(b)
04/30/25
05/01/25
21,000‌
21,000,000‌
21,002,643‌
Corporate/Debt
Obligations,
4.66%
to
6.00%,
due
08/18/26
to
02/15/55
.........
23,433,000‌
22,055,876‌
4
.58‌
(a)
04/30/25
06/05/25
26,000‌
26,000,000‌
26,119,080‌
Corporate/Debt
Obligation,
5.00%,
due
04/01/60
.........
27,185,000‌
27,821,703‌
–‌
–‌
$
659,000,000‌
$
691,867,763‌
–‌
–‌
Barclays
Capital,
Inc.
.
4
.56‌
(a)
04/30/25
06/05/25
108,000‌
108,000,000‌
108,492,480‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
3.50%
to
4.25%,
due
11/30/26
to
01/15/48
.
102,298,867‌
112,888,589‌
–‌
–‌
BNP
Paribas
SA
....
4
.43‌
(b)
04/30/25
05/01/25
77,000‌
77,000,000‌
77,009,475‌
Corporate/Debt
Obligations,
1.75%
to
8.18%,
due
03/09/26
to
05/01/79
.........
80,563,000‌
80,850,001‌
4
.46‌
04/30/25
05/01/25
31,000‌
31,000,000‌
31,003,841‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
3.88%
to
5.79%,
due
04/15/30
to
04/04/51
.........
32,643,900‌
32,482,808‌
–‌
–‌
$
108,000,000‌
$
113,332,809‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.37‌
(c)
04/30/25
05/01/25
1,000‌
1,000,000‌
1,000,121‌
U.S.
Treasury
Obligations,
4.00%
to
4.50%,
due
05/15/27
to
02/28/29
.........
996,803‌
1,020,000‌
4
.38‌
04/30/25
05/01/25
250,000‌
250,000,000‌
250,030,417‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
6.50%,
due
09/20/52
to
11/20/52
.........
321,236,030‌
255,000,093‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
20
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.43‌
%
(b)
04/30/25
05/01/25
$
48,000‌
$
48,000,000‌
$
48,005,907‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
4.38%,
due
05/21/25
to
05/15/34
.........
$
50,559,296‌
$
50,396,821‌
4
.67‌
(a)
04/30/25
07/02/25
5,000‌
5,000,000‌
5,040,863‌
Corporate/Debt
Obligation,
5.77%,
due
08/25/64
.........
5,550,482‌
5,350,000‌
–‌
–‌
$
304,000,000‌
$
311,766,914‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.38‌
04/30/25
05/01/25
25,000‌
25,000,000‌
25,003,042‌
U.S.
Treasury
Obligation,
3.88%,
due
08/15/34
.........
25,856,800‌
25,500,009‌
4
.38‌
04/30/25
05/01/25
100,000‌
100,000,000‌
100,012,167‌
U.S.
Treasury
Obligation,
0.63%,
due
05/15/30
.........
118,813,200‌
102,000,066‌
4
.49‌
(a)
04/30/25
05/08/25
73,000‌
73,000,000‌
73,072,838‌
Corporate/Debt
Obligations,
0.55%
to
8.40%,
due
07/21/25
to
02/25/69
.........
104,476,543‌
77,718,227‌
–‌
–‌
$
198,000,000‌
$
205,218,302‌
–‌
–‌
Federal
Reserve
Bank
of
New
York
.......
4
.25‌
04/30/25
05/01/25
34,000‌
34,000,000‌
34,004,014‌
U.S.
Treasury
Obligation,
1.13%,
due
02/28/27
.........
35,551,100‌
34,004,052‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BOFA
4
.41‌
(b)
04/30/25
05/01/25
217,000‌
217,000,000‌
217,026,583‌
Corporate/Debt
Obligations,
2.00%
to
8.63%,
due
06/16/25
to
07/01/42
.........
273,146,000‌
241,813,536‌
4
.41‌
04/24/25
05/01/25
32,000‌
32,000,000‌
32,027,440‌
Corporate/Debt
Obligations,
3.70%
to
6.88%,
due
05/01/30
to
02/01/55
.........
36,612,000‌
33,600,522‌
4
.43‌
(a)
04/30/25
05/08/25
55,000‌
55,000,000‌
55,054,144‌
Corporate/Debt
Obligations,
1.65%
to
6.25%,
due
09/01/26
to
07/22/30
.........
56,860,000‌
57,750,952‌
4
.63‌
(a)
04/30/25
06/05/25
63,000‌
63,000,000‌
63,291,690‌
Corporate/Debt
Obligations,
1.65%
to
6.25%,
due
06/15/26
to
01/15/30
.........
66,914,000‌
66,150,313‌
4
.73‌
(a)
04/30/25
06/05/25
10,000‌
10,000,000‌
10,047,300‌
Corporate/Debt
Obligations,
5.13%
to
8.63%,
due
06/01/28
to
04/15/33
.........
10,657,000‌
11,174,757‌
4
.78‌
(a)
04/30/25
08/09/25
170,000‌
170,000,000‌
172,279,794‌
Corporate/Debt
Obligations,
0.00%
to
6.38%,
due
10/03/25
to
02/25/60
.........
194,409,000‌
178,500,075‌
4
.83‌
(a)
04/30/25
08/09/25
23,000‌
23,000,000‌
23,311,669‌
Corporate/Debt
Obligations,
2.63%
to
5.90%,
due
07/01/25
to
10/15/50
.........
26,311,000‌
24,320,433‌
–‌
–‌
$
570,000,000‌
$
613,310,588‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
NOMU
4
.37‌
04/30/25
05/01/25
850,000‌
850,000,000‌
850,103,181‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
05/13/25
to
08/15/51
.........
879,003,100‌
867,000,000‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.38‌
04/30/25
05/01/25
296,000‌
296,000,000‌
296,036,013‌
U.S.
Treasury
Obligations,
2.75%
to
4.25%,
due
10/15/25
to
08/15/32
.........
325,743,400‌
301,920,018‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
Schedules
of
Investments
21
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.78‌
%
(a)
04/30/25
06/15/25
$
115,000‌
$
115,000,000‌
$
115,702,394‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
10.45%,
due
08/14/25
to
01/15/84
.......
$
566,802,187‌
$
122,107,389‌
–‌
–‌
$
411,000,000‌
$
424,027,407‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.38‌
04/30/25
05/01/25
128,000‌
128,000,000‌
128,015,573‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
7.00%,
due
05/20/46
to
11/15/66
.........
228,747,769‌
130,560,000‌
4
.39‌
(a)
04/30/25
05/08/25
196,000‌
196,000,000‌
196,191,209‌
U.S.
Government
Sponsored
Agency
Obligation,
5.00%,
due
01/20/53
.........
247,315,342‌
199,920,000‌
4
.45‌
(b)
04/30/25
05/01/25
50,000‌
50,000,000‌
50,006,181‌
Corporate/Debt
Obligations,
0.00%,
due
06/13/25
to
08/29/25
52,163,000‌
51,998,490‌
4
.53‌
(b)
04/30/25
05/01/25
25,000‌
25,000,000‌
25,003,146‌
Corporate/Debt
Obligations,
0.00%
to
6.90%,
due
06/01/26
to
10/01/52
.........
27,743,000‌
26,750,388‌
4
.53‌
(a)
04/30/25
05/08/25
100,000‌
100,000,000‌
100,100,667‌
Corporate/Debt
Obligations,
2.81%
to
8.20%,
due
03/24/26
to
02/09/51
.........
111,068,000‌
105,000,243‌
4
.55‌
(b)
04/30/25
05/01/25
37,000‌
37,000,000‌
37,004,676‌
Corporate/Debt
Obligations,
0.00%
to
7.63%,
due
10/14/25
to
03/12/71
.........
43,049,000‌
38,873,209‌
4
.58‌
(a)
04/30/25
05/08/25
90,000‌
90,000,000‌
90,091,600‌
Corporate/Debt
Obligations,
3.25%
to
14.50%,
due
08/01/26
to
12/31/79
.......
109,740,889‌
101,818,503‌
4
.70‌
(a)
04/30/25
07/30/25
40,000‌
40,000,000‌
40,475,222‌
Corporate/Debt
Obligations,
4.98%
to
6.66%,
due
02/15/28
to
12/15/39
.........
43,149,098‌
42,800,001‌
4
.81‌
(a)
04/30/25
07/30/25
90,000‌
90,000,000‌
91,094,275‌
Corporate/Debt
Obligations,
2.30%
to
9.88%,
due
10/04/26
to
07/25/67
.........
123,082,778‌
96,742,699‌
4
.81‌
(a)
04/30/25
07/30/25
25,000‌
25,000,000‌
25,303,965‌
Corporate/Debt
Obligations,
3.63%
to
7.50%,
due
06/15/26
to
03/15/82
.........
27,988,000‌
27,472,023‌
4
.81‌
(a)
04/30/25
07/30/25
65,000‌
65,000,000‌
65,790,310‌
Corporate/Debt
Obligations,
2.65%
to
13.38%,
due
02/15/26
to
12/01/86
.......
79,881,295‌
71,217,479‌
–‌
–‌
$
846,000,000‌
$
893,153,035‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.48‌
(b)
04/30/25
05/01/25
75,000‌
75,000,000‌
75,009,333‌
Corporate/Debt
Obligations,
2.39%
to
9.38%,
due
07/21/25
to
07/28/21
.........
76,660,231‌
80,504,838‌
4
.78‌
(a)
04/30/25
06/05/25
50,000‌
50,000,000‌
50,239,000‌
Corporate/Debt
Obligations,
5.62%
to
6.51%,
due
04/18/36
to
07/30/54
.........
53,622,775‌
53,500,001‌
–‌
–‌
$
125,000,000‌
$
134,004,839‌
–‌
–‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
TempCash
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Natixis
SA
.........
4
.48‌
%
(b)
04/30/25
05/01/25
$
36,000‌
$
36,000,000‌
$
36,004,480‌
Corporate/Debt
Obligations,
2.63%
to
7.50%,
due
05/09/27
to
11/15/95
.........
$
41,903,700‌
$
37,800,000‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
4
.38‌
04/30/25
05/01/25
400,000‌
400,000,000‌
400,048,667‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
10/20/26
to
08/20/62
.........
2,217,862,422‌
408,152,826‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.38‌
04/30/25
05/01/25
110,000‌
110,000,000‌
110,013,383‌
U.S.
Government
Sponsored
Agency
Obligations,
1.00%
to
6.05%,
due
10/16/37
to
12/16/65
.........
127,417,844‌
114,122,530‌
–‌
–‌
$
5,044,000,000‌
$
5,263,812,284‌
–‌
–‌
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
$
4,720,868,897
$
$
4,720,868,897
Commercial
Paper
.......................................
6,849,891,337
6,849,891,337
Corporate
Bonds
........................................
111,503,183
111,503,183
Municipal
Bonds
.........................................
88,279,925
88,279,925
Repurchase
Agreements
...................................
5,044,000,000
5,044,000,000
Time
Deposits
..........................................
4,434,000,000
4,434,000,000
U.S.
Treasury
Obligations
...................................
212,435,949
212,435,949
$
$
21,460,979,291
$
$
21,460,979,291
Schedule
of
Investments
(unaudited)
April
30,
2025
T-Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
4.31
%
,
05/01/25
.................
USD
671,400
$
671,400,000
3.73
%
,
05/08/25
.................
2,500,493
2,498,422,492
4.12
%
,
05/22/25
.................
758,190
756,279,876
4.14
%
,
05/27/25
.................
412,885
411,630,693
4.14
%
,
05/29/25
.................
1,862,000
1,855,714,714
4.17
%
,
06/03/25
.................
71,100
70,825,613
4.19
%
,
06/05/25
.................
422,185
420,417,980
4.19
%
,
06/10/25
.................
690,209
686,984,290
4.21
%
,
06/12/25
.................
440,200
438,043,020
4.22
%
,
06/20/25
.................
1,758,672
1,748,510,584
4.25
%
,
06/26/25
.................
959,900
953,673,448
4.23
%
,
07/01/25
.................
300,000
297,877,708
4.22
%
,
07/03/25
.................
1,166,900
1,158,456,021
4.22
%
,
07/08/25
.................
507,300
503,294,585
4.23
%
,
07/10/25
.................
1,880,296
1,864,376,120
4.23
%
,
07/15/25
.................
466,700
462,635,184
4.22
%
,
07/17/25
.................
540,400
535,516,511
4.24
%
,
07/29/25
.................
127,200
125,880,812
4.24
%
,
08/05/25
.................
2,856,800
2,824,876,207
4.26
%
,
08/12/25
.................
2,130,845
2,104,960,728
4.27
%
,
08/19/25
.................
382,108
377,179,219
4.26
%
,
08/26/25
.................
1,189,615
1,173,344,937
4.24
%
,
08/28/25
.................
205,100
202,272,867
4.10
%
,
09/02/25
.................
2,084,500
2,055,632,500
4.23
%
,
09/04/25
.................
1,797,765
1,771,810,293
4.19
%
,
09/18/25
.................
350,260
344,682,109
4.19
%
,
09/25/25
.................
233,636
229,738,560
4.15
%
,
10/30/25
.................
597,095
584,708,129
4.02
%
,
11/28/25
.................
993,900
969,544,975
3.98
%
,
12/26/25
.................
1,758,000
1,710,498,349
U.S.
Treasury
Notes
2.13
%
,
05/15/25
.................
72,700
72,638,193
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.40
%
,
07/31/25
(b)
..............
1,568,235
1,568,125,528
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.44
%
,
10/31/25
(b)
..............
USD
2,158,689
$
2,158,636,862
2.25
%
,
11/15/25
.................
89,200
88,247,839
0.38
%
,
11/30/25
.................
52,100
50,895,265
0.38
%
,
12/31/25
.................
250,968
244,639,745
4.25
%
,
12/31/25
.................
376,400
376,430,036
0.38
%
,
01/31/26
.................
132,815
129,058,987
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.52
%
,
01/31/26
(b)
..............
1,714,200
1,714,385,875
0.50
%
,
02/28/26
.................
71,800
69,702,730
4.63
%
,
02/28/26
.................
84,000
84,340,984
0.75
%
,
03/31/26
.................
1,530,000
1,485,151,130
4.50
%
,
03/31/26
.................
200,000
200,801,725
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.42
%
,
04/30/26
(b)
..............
3,001,793
3,001,773,025
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.45
%
,
07/31/26
(b)
..............
948,360
947,724,926
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.48
%
,
10/31/26
(b)
..............
3,503,660
3,505,162,797
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.10%),
4.37
%
,
01/31/27
(b)
..............
3,518,000
3,518,023,486
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.16%),
4.43
%
,
04/30/27
(b)
..............
1,705,195
1,705,196,820
Total
U.S.
Treasury
Obligations
45
.2
%
(Cost:
$
50,730,124,477
)
...........................
50,730,124,477
Total
Repurchase
Agreements
51
.7
%
(Cost:
$
58,143,000,000
)
...........................
58,143,000,000
Total
Investments
96
.9
%
(Cost:
$
108,873,124,477
)
..........................
108,873,124,477
Other
Assets
Less
Liabilities
3.1
%
...................
3,443,178,650
Net
Assets
100.0%
..............................
$
112,316,303,127
(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.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
T-Fund
24
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4
.37‌
%
04/30/25
05/01/25
$
50,000‌
$
50,000,000‌
$
50,006,069‌
U.S.
Treasury
Obligation,
0.13%,
due
07/15/30
.........
$
43,730,300‌
$
51,000,005‌
4
.37‌
(a)
04/30/25
05/01/25
400,000‌
400,000,000‌
400,048,556‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
05/15/26
to
05/31/30
.........
420,061,562‌
408,000,000‌
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.50%
to
3.88%,
due
10/31/27
to
12/31/29
.........
5,488,100‌
5,100,040‌
–‌
–‌
$
455,000,000‌
$
464,100,045‌
–‌
–‌
Bank
of
Montreal
....
4
.37‌
04/30/25
05/01/25
178,000‌
178,000,000‌
178,021,607‌
U.S.
Treasury
Obligations,
4.13%,
due
02/28/27
to
02/29/32
178,863,600‌
181,560,097‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
09/30/25
to
08/15/44
.........
5,038,900‌
5,100,619‌
–‌
–‌
Barclays
Bank
plc
...
4
.37‌
04/30/25
05/01/25
135,000‌
135,000,000‌
135,016,387‌
U.S.
Treasury
Obligations,
0.00%
to
0.63%,
due
02/15/28
to
02/15/51
.........
154,373,829‌
137,700,087‌
4
.37‌
04/30/25
05/01/25
2,475,000‌
2,475,000,000‌
2,475,300,437‌
U.S.
Treasury
Obligations,
0.63%
to
4.63%,
due
06/30/26
to
02/15/50
.........
2,696,351,000‌
2,524,500,063‌
–‌
–‌
$
2,610,000,000‌
$
2,662,200,150‌
–‌
–‌
BNP
Paribas
SA
....
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
10/15/27
to
09/30/29
.........
5,137,082‌
5,100,031‌
4
.37‌
04/30/25
05/01/25
25,000‌
25,000,000‌
25,003,035‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
07/15/25
to
02/15/47
.........
30,658,600‌
25,500,016‌
4
.48‌
(b)
04/30/25
05/02/25
1,200,000‌
1,200,000,000‌
1,200,298,667‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/06/25
to
08/15/54
.........
1,500,473,473‌
1,224,000,000‌
–‌
–‌
$
1,230,000,000‌
$
1,254,600,047‌
–‌
–‌
Citibank
NA
........
4
.37‌
04/30/25
05/01/25
100,000‌
100,000,000‌
100,012,139‌
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
10/15/26
to
02/15/48
.........
98,456,200‌
102,000,009‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.37‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Treasury
Obligation,
1.88%,
due
02/15/32
.........
2,320,000‌
2,040,423‌
4
.37‌
(a)
04/30/25
05/01/25
385,000‌
385,000,000‌
385,046,735‌
U.S.
Treasury
Obligations,
4.00%
to
4.50%,
due
05/15/27
to
02/28/29
.........
383,769,540‌
392,700,021‌
4
.37‌
04/30/25
05/01/25
3,594,000‌
3,594,000,000‌
3,594,436,272‌
U.S.
Treasury
Obligations,
1.63%
to
4.75%,
due
02/15/41
to
11/15/54
.........
4,525,629,400‌
3,665,880,051‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
T-Fund
Schedules
of
Investments
25
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.39‌
%
03/05/25
06/03/25
$
1,250,000‌
$
1,250,000,000‌
$
1,263,718,745‌
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
06/24/25
to
04/30/32
.........
$
1,282,882,700‌
$
1,275,000,012‌
–‌
–‌
$
5,231,000,000‌
$
5,335,620,507‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.37‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Treasury
Obligation,
3.75%,
due
04/15/28
.........
2,031,200‌
2,040,029‌
4
.37‌
(a)
04/30/25
05/01/25
1,250,000‌
1,250,000,000‌
1,250,151,736‌
U.S.
Treasury
Obligations,
2.88%
to
4.50%,
due
05/15/27
to
08/15/33
.........
1,263,462,595‌
1,275,000,005‌
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligation,
3.75%,
due
04/15/28
.........
5,078,000‌
5,100,074‌
–‌
–‌
$
1,257,000,000‌
$
1,282,140,108‌
–‌
–‌
Deutsche
Bank
AG
...
4
.37‌
04/30/25
05/01/25
499,000‌
499,000,000‌
499,060,573‌
U.S.
Treasury
Obligations,
1.38%
to
4.25%,
due
11/15/40
to
02/15/54
.........
631,949,600‌
509,069,635‌
–‌
–‌
Federal
Reserve
Bank
of
New
York
.......
4
.25‌
04/30/25
05/01/25
250,000‌
250,000,000‌
250,029,514‌
U.S.
Treasury
Obligations,
1.50%
to
2.13%,
due
01/31/27
to
02/15/41
.........
221,455,000‌
250,029,609‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNP
.
4
.37‌
04/30/25
05/01/25
500,000‌
500,000,000‌
500,060,694‌
U.S.
Treasury
Obligations,
0.38%
to
5.00%,
due
10/31/25
to
08/15/54
.........
533,965,300‌
510,000,019‌
4
.37‌
04/30/25
05/01/25
4,000,000‌
4,000,000,000‌
4,000,485,556‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
06/12/25
to
08/15/54
.........
4,326,476,200‌
4,080,000,008‌
–‌
–‌
$
4,500,000,000‌
$
4,590,000,027‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNY
.
4
.38‌
04/30/25
05/01/25
4,750,000‌
4,750,000,000‌
4,750,577,917‌
U.S.
Treasury
Obligations,
1.13%
to
4.38%,
due
05/31/26
to
08/15/40
.........
5,075,587,300‌
4,845,000,056‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BOFA
4
.35‌
04/30/25
05/06/25
450,000‌
450,000,000‌
450,326,250‌
U.S.
Treasury
Obligations,
2.75%
to
4.75%,
due
03/31/30
to
02/15/55
.........
468,528,800‌
459,000,008‌
4
.35‌
04/30/25
05/07/25
250,000‌
250,000,000‌
250,211,458‌
U.S.
Treasury
Obligations,
1.13%
to
2.38%,
due
08/15/40
to
02/15/42
.........
351,974,800‌
255,000,044‌
4
.37‌
04/30/25
05/01/25
1,500,000‌
1,500,000,000‌
1,500,182,083‌
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
05/22/25
to
08/15/46
.........
1,807,153,900‌
1,530,000,005‌
4
.37‌
04/23/25
05/01/25
975,000‌
975,000,000‌
975,946,833‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/15/25
to
11/15/53
.........
1,129,922,500‌
994,500,041‌
4
.37‌
04/30/25
05/05/25
400,000‌
400,000,000‌
400,242,778‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
07/03/25
to
11/15/52
.........
503,176,700‌
408,000,062‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
T-Fund
26
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.37‌
%
04/30/25
05/07/25
$
250,000‌
$
250,000,000‌
$
250,212,430‌
U.S.
Treasury
Obligations,
2.25%
to
4.25%,
due
12/31/25
to
08/15/53
.........
$
285,444,600‌
$
255,000,010‌
4
.40‌
04/29/25
05/02/25
1,200,000‌
1,200,000,000‌
1,200,440,000‌
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
08/05/25
to
11/15/50
.........
1,438,011,200‌
1,224,000,000‌
–‌
–‌
$
5,025,000,000‌
$
5,125,500,170‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
GS
..
4
.37‌
04/30/25
05/01/25
2,000,000‌
2,000,000,000‌
2,000,242,778‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
08/31/25
to
08/15/53
.........
2,299,193,400‌
2,040,000,000‌
4
.37‌
04/30/25
05/01/25
6,000,000‌
6,000,000,000‌
6,000,728,333‌
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
05/06/25
to
05/15/54
.........
6,632,929,500‌
6,120,000,001‌
–‌
–‌
$
8,000,000,000‌
$
8,160,000,001‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
HSBC
4
.37‌
04/30/25
05/01/25
5,500,000‌
5,500,000,000‌
5,500,667,639‌
U.S.
Treasury
Obligations,
0.50%
to
4.88%,
due
05/15/25
to
02/15/35
.........
5,571,421,200‌
5,610,000,060‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
JPM
.
4
.37‌
04/30/25
05/01/25
4,250,000‌
4,250,000,000‌
4,250,515,903‌
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
05/06/25
to
09/30/27
.........
4,357,744,300‌
4,335,000,089‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
NOMU
4
.39‌
04/30/25
05/01/25
500,000‌
500,000,000‌
500,060,972‌
U.S.
Treasury
Obligations,
0.00%
to
4.13%,
due
05/13/25
to
08/15/44
.........
530,958,800‌
510,000,019‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
SSB
.
4
.38‌
04/30/25
05/01/25
1,250,000‌
1,250,000,000‌
1,250,152,083‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
06/05/25
to
02/15/53
.........
1,308,986,500‌
1,279,080,114‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
WF
..
4
.37‌
04/30/25
05/01/25
1,300,000‌
1,300,000,000‌
1,300,157,806‌
U.S.
Treasury
Obligations,
0.50%
to
4.88%,
due
07/31/25
to
05/15/53
.........
1,333,325,400‌
1,326,000,032‌
4
.37‌
04/30/25
05/01/25
2,000,000‌
2,000,000,000‌
2,000,242,778‌
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
05/31/25
to
08/15/54
.........
2,196,005,100‌
2,040,000,050‌
4
.37‌
04/23/25
05/01/25
500,000‌
500,000,000‌
500,485,555‌
U.S.
Treasury
Obligations,
1.88%
to
4.88%,
due
04/30/26
to
08/15/54
.........
495,818,700‌
510,000,005‌
4
.37‌
04/02/25
05/30/25
550,000‌
550,000,000‌
553,872,306‌
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
05/31/25
to
08/15/54
.........
671,533,000‌
561,000,018‌
4
.38‌
02/05/25
05/08/25
600,000‌
600,000,000‌
606,716,000‌
U.S.
Treasury
Obligations,
0.50%
to
5.00%,
due
10/31/26
to
02/15/55
.........
838,339,800‌
612,000,000‌
4
.39‌
04/16/25
05/02/25
325,000‌
325,000,000‌
325,634,111‌
U.S.
Treasury
Obligations,
0.50%
to
4.88%,
due
11/30/25
to
02/15/53
.........
320,457,500‌
331,500,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
T-Fund
Schedules
of
Investments
27
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.40‌
%
04/25/25
05/12/25
$
1,500,000‌
$
1,500,000,000‌
$
1,503,116,667‌
U.S.
Treasury
Obligations,
1.38%
to
4.50%,
due
08/15/25
to
02/15/53
.........
$
1,493,742,000‌
$
1,530,000,018‌
–‌
–‌
$
6,775,000,000‌
$
6,910,500,123‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.37‌
04/30/25
05/01/25
20,000‌
20,000,000‌
20,002,428‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/37
.........
36,189,912‌
20,400,000‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
4
.37‌
04/30/25
05/01/25
10,000‌
10,000,000‌
10,001,214‌
U.S.
Treasury
Obligations,
0.00%
to
3.75%,
due
06/30/30
to
02/15/55
.........
26,262,598‌
10,200,001‌
4
.37‌
04/30/25
05/01/25
350,000‌
350,000,000‌
350,042,486‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
11/15/26
to
08/15/51
.........
640,040,198‌
357,000,001‌
–‌
–‌
$
360,000,000‌
$
367,200,002‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.37‌
(c)
04/30/25
05/01/25
250,000‌
250,000,000‌
250,030,347‌
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
11/30/26
to
08/31/31
.........
251,723,200‌
255,000,011‌
4
.37‌
04/30/25
05/01/25
102,000‌
102,000,000‌
102,012,382‌
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
05/15/26
to
09/15/27
.........
103,916,647‌
104,040,000‌
4
.37‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Treasury
Obligations,
0.88%
to
5.38%,
due
09/30/26
to
02/15/36
.........
1,919,000‌
2,040,000‌
4
.38‌
(b)
04/30/25
05/08/25
2,000,000‌
2,000,000,000‌
2,001,946,667‌
U.S.
Treasury
Obligation,
0.50%,
due
01/15/28
.........
1,597,039,200‌
2,040,000,110‌
–‌
–‌
$
2,354,000,000‌
$
2,401,080,121‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.32‌
04/24/25
05/01/25
400,000‌
400,000,000‌
400,336,000‌
U.S.
Treasury
Obligations,
3.63%
to
4.13%,
due
06/30/28
to
02/29/32
.........
400,612,200‌
408,000,082‌
4
.37‌
04/30/25
05/01/25
550,000‌
550,000,000‌
550,066,764‌
U.S.
Treasury
Obligations,
3.50%
to
4.63%,
due
09/15/25
to
05/15/34
.........
547,658,300‌
561,000,049‌
–‌
–‌
$
950,000,000‌
$
969,000,131‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
4
.37‌
04/30/25
05/01/25
216,000‌
216,000,000‌
216,026,220‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
06/10/25
to
11/15/53
.........
229,896,300‌
220,320,019‌
–‌
–‌
Natixis
SA
.........
4
.37‌
(c)
04/30/25
05/01/25
243,000‌
243,000,000‌
243,029,497‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
06/05/25
to
11/15/54
.........
245,185,001‌
247,860,079‌
4
.37‌
04/30/25
05/01/25
3,000‌
3,000,000‌
3,000,364‌
U.S.
Treasury
Obligations,
0.88%
to
2.13%,
due
08/15/26
to
01/15/35
.........
3,570,000‌
3,060,068‌
–‌
–‌
$
246,000,000‌
$
250,920,147‌
–‌
–‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
T-Fund
28
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Nomura
Securities
International,
Inc.
..
4
.37‌
%
04/30/25
05/01/25
$
1,100,000‌
$
1,100,000,000‌
$
1,100,133,528‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
06/03/25
to
02/15/55
.........
$
1,230,826,400‌
$
1,122,000,724‌
–‌
–‌
Royal
Bank
of
Canada
4
.37‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,607‌
U.S.
Treasury
Obligations,
0.13%
to
0.63%,
due
10/15/25
to
11/30/27
.........
4,417,000‌
5,100,010‌
–‌
–‌
Societe
Generale
SA
.
4
.37‌
04/30/25
05/01/25
14,000‌
14,000,000‌
14,001,699‌
U.S.
Treasury
Obligation,
4.75%,
due
02/15/45
.........
13,993,300‌
14,280,022‌
–‌
–‌
TD
Securities
USA
LLC
4
.38‌
04/30/25
05/01/25
3,000‌
3,000,000‌
3,000,365‌
U.S.
Treasury
Obligations,
3.63%
to
5.00%,
due
10/31/25
to
05/15/26
.........
3,028,500‌
3,060,026‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.37‌
(a)
04/30/25
05/01/25
500,000‌
500,000,000‌
500,060,694‌
U.S.
Treasury
Obligations,
0.38%
to
4.88%,
due
09/15/25
to
11/15/33
.........
525,982,718‌
510,000,009‌
4
.37‌
04/30/25
05/01/25
10,000‌
10,000,000‌
10,001,214‌
U.S.
Treasury
Obligations,
2.88%
to
3.00%,
due
05/15/43
to
08/15/48
.........
13,175,000‌
10,200,075‌
–‌
–‌
$
510,000,000‌
$
520,200,084‌
–‌
–‌
$
58,143,000,000‌
$
59,305,062,771‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
$
58,143,000,000
$
$
58,143,000,000
U.S.
Treasury
Obligations
...................................
50,730,124,477
50,730,124,477
$
$
108,873,124,477
$
$
108,873,124,477
Schedule
of
Investments
(unaudited)
April
30,
2025
Treasury
Trust
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
4.22
%
,
05/01/25
................
USD
13,153,405
$
13,153,405,000
3.55
%
,
05/06/25
................
14,337,600
14,329,185,613
3.73
%
,
05/08/25
................
5,063,810
5,059,630,174
3.95
%
,
05/13/25
................
5,000,500
4,993,465,968
4.00
%
,
05/15/25
................
9,901,725
9,885,375,991
4.09
%
,
05/20/25
................
6,495,755
6,481,283,518
4.12
%
,
05/22/25
................
3,631,655
3,622,603,169
4.14
%
,
05/27/25
................
5,424,823
5,408,235,149
4.14
%
,
05/29/25
................
1,753,900
1,748,028,611
4.17
%
,
06/03/25
................
4,150,000
4,133,873,073
4.19
%
,
06/05/25
................
3,604,125
3,589,236,617
4.19
%
,
06/10/25
................
4,456,572
4,435,633,432
4.21
%
,
06/12/25
................
14,059,000
13,989,682,151
4.21
%
,
06/17/25
................
5,500,000
5,469,593,602
4.22
%
,
06/20/25
................
2,684,918
2,669,404,641
4.23
%
,
06/24/25
................
256,700
255,081,885
4.22
%
,
07/03/25
................
4,022,400
3,993,050,836
4.23
%
,
07/10/25
................
4,168,326
4,133,760,082
4.23
%
,
07/15/25
................
1,615,400
1,601,321,773
4.22
%
,
07/17/25
................
4,936,400
4,891,800,343
4.24
%
,
07/22/25
................
1,245,000
1,233,103,675
4.24
%
,
07/29/25
................
2,476,800
2,451,084,750
4.24
%
,
08/05/25
................
2,907,160
2,874,607,596
4.26
%
,
08/12/25
................
3,691,235
3,646,461,725
4.27
%
,
08/19/25
................
791,473
781,265,105
4.26
%
,
08/26/25
................
2,001,195
1,973,843,209
4.24
%
,
08/28/25
................
287,100
283,142,566
4.10
%
,
09/02/25
................
2,902,300
2,862,107,020
4.23
%
,
09/04/25
................
2,595,200
2,557,730,027
4.19
%
,
09/18/25
................
1,436,185
1,413,313,754
4.19
%
,
09/25/25
................
417,396
410,433,859
4.15
%
,
10/30/25
................
751,495
735,974,863
4.02
%
,
11/28/25
................
1,325,100
1,292,629,593
3.98
%
,
12/26/25
................
1,625,400
1,581,481,238
U.S.
Treasury
Notes
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.40
%
,
07/31/25
(b)
.............
USD
750,500
$
750,497,995
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.44
%
,
10/31/25
(b)
.............
1,229,428
1,229,384,507
0.38
%
,
11/30/25
................
68,300
66,720,664
0.38
%
,
12/31/25
................
127,025
123,825,911
4.25
%
,
12/31/25
................
202,535
202,569,880
0.38
%
,
01/31/26
................
184,635
179,413,516
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.52
%
,
01/31/26
(b)
.............
2,348,995
2,349,347,770
0.50
%
,
02/28/26
................
101,100
98,146,880
4.63
%
,
02/28/26
................
118,370
118,850,503
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.42
%
,
04/30/26
(b)
.............
3,289,834
3,289,831,444
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.45
%
,
07/31/26
(b)
.............
2,561,060
2,560,315,973
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.48
%
,
10/31/26
(b)
.............
4,358,175
4,360,212,018
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.10%),
4.37
%
,
01/31/27
(b)
.............
4,536,130
4,535,978,514
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.16%),
4.43
%
,
04/30/27
(b)
.............
2,033,985
2,033,987,452
Total
U.S.
Treasury
Obligations
106
.8
%
(Cost:
$
159,839,913,635
)
.........................
159,839,913,635
Total
Investments
106
.8
%
(Cost:
$
159,839,913,635
)
.........................
159,839,913,635
Liabilities
in
Excess
of
Other
Assets
(
6.8
)
%
...........
(
10,199,226,831
)
Net
Assets
100.0%
.............................
$
149,640,686,804
(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
...................................
$
$
159,839,913,635
$
$
159,839,913,635
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
April
30,
2025
MuniCash
30
(Percentages
shown
are
based
on
Net
Assets)
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
)
,
3.60
%
,
05/07/25
...................
USD
13,440‌
$
13,440,000‌
Alaska
Housing
Finance
Corp.
,
Series
2007D
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.57
%
,
05/07/25
...................
600‌
600,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.57
%
,
05/07/25
...................
320‌
320,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.57
%
,
05/07/25
...................
700‌
700,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.60
%
,
05/07/25
...................
11,230‌
11,230,000‌
26,290,000‌
Arizona
1.8%
(a)
Arizona
Industrial
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
2.80
%
,
05/07/25
...................
33,410‌
33,410,000‌
Maricopa
County
Industrial
Development
Authority
,
Series
2024C
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
2.75
%
,
05/07/25
...
37,155‌
37,155,000‌
70,565,000‌
California
1.9%
(a)
City
of
Modesto
,
Series
2008A
,
COP
,
VRDN
(
BMO
Harris
Bank
NA
SBPA
)
,
3.15
%
,
05/07/25
...................
14,800‌
14,800,000‌
State
of
California
,
Series
2024A1
,
GO
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
1.65
%
,
05/07/25
..
27,050‌
27,050,000‌
State
of
California
,
Series
2024A2
,
GO
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
1.85
%
,
05/07/25
..
31,600‌
31,600,000‌
73,450,000‌
Colorado
4.6%
(a)
Board
of
Governors
of
Colorado
State
University
System
,
Series
2025B
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
2.80
%
,
05/07/25
.....
25,965‌
25,965,000‌
City
of
Colorado
Springs
Utilities
System
,
Series
2005A
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.63
%
,
05/07/25
..............
43,275‌
43,275,000‌
City
of
Colorado
Springs
Utilities
System
,
Series
2012A
,
RB
,
VRDN
(
US
Bank
NA
SBPA
)
,
3.55
%
,
05/07/25
...................
3,720‌
3,720,000‌
Colorado
Health
Facilities
Authority
,
Series
2024D
,
RB
,
VRDN
,
2.35
%
,
05/01/25
......
26,900‌
26,900,000‌
Colorado
Health
Facilities
Authority
,
Series
2024E
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
17,965‌
17,965,000‌
County
of
Arapahoe
,
Series
2001
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LOC
)
,
3.64
%
,
05/07/25
...................
7,800‌
7,800,000‌
University
of
Colorado
Hospital
Authority
,
Series
2018B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
12,540‌
12,540,000‌
University
of
Colorado
Hospital
Authority
,
Series
2018C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
31,565‌
31,565,000‌
University
of
Colorado
Hospital
Authority
,
Series
2019A
,
RB
,
VRDN
,
2.90
%
,
05/07/25
......
11,000‌
11,000,000‌
180,730,000‌
Security
Par
(000)
Par
(000)
Value
Connecticut
6.4%
(a)
Connecticut
Housing
Finance
Authority
,
Series
2017F,
Sub-Series
F-3
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.60
%
,
05/07/25
...
USD
35,560‌
$
35,560,000‌
Connecticut
Housing
Finance
Authority
,
Series
2020A-3
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.60
%
,
05/07/25
....
11,250‌
11,250,000‌
Connecticut
Housing
Finance
Authority
,
Series
2022,
Sub-Series
C-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.60
%
,
05/07/25
...
11,475‌
11,475,000‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2010A-4-1
,
RB
,
VRDN
,
2.10
%
,
05/01/25
...................
53,700‌
53,700,000‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2013A
,
RB
,
VRDN
,
2.10
%
,
05/01/25
...................
55,640‌
55,640,000‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-2
,
RB
,
VRDN
,
2.75
%
,
05/07/25
...................
47,510‌
47,510,000‌
Connecticut
State
Housing
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2024-XX1346
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
9,535‌
9,535,000‌
State
of
Connecticut
,
Series
2016C
,
GO
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.64
%
,
05/07/25
23,245‌
23,245,000‌
247,915,000‌
District
of
Columbia
0.1%
(a)
District
of
Columbia
,
Series
A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.45
%
,
05/01/25
........
4,455‌
4,455,000‌
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XG0267
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.67
%
,
05/07/25
(b)
(c)
.................
475‌
475,000‌
4,930,000‌
Florida
5.8%
(a)
Broward
County
Tourist
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0429
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.73
%
,
05/07/25
(b)
(c)
.......
3,720‌
3,720,000‌
Cape
Coral,
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-YX1317
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
......
12,135‌
12,135,000‌
City
of
Gainesville
Utilities
System
,
Series
2012B
,
RB
,
VRDN
(
Truist
Bank
SBPA
)
,
2.45
%
,
05/01/25
...................
10,920‌
10,920,000‌
City
of
Jacksonville
,
Series
1994
,
RB
,
VRDN
,
3.00
%
,
05/07/25
...................
35,960‌
35,960,000‌
County
of
St
Lucie
,
Series
2000
,
RB
,
VRDN
,
2.80
%
,
05/07/25
...................
29,540‌
29,540,000‌
Escambia
County
Health
Facilities
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.60
%
,
05/01/25
..............
10,620‌
10,620,000‌
Florida
Housing
Finance
Corp.
,
Series
2004M
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LIQ
)
,
3.65
%
,
05/07/25
...........
7,475‌
7,475,000‌
Hillsborough
County
Industrial
Development
Authority
,
Series
2024D
,
RB
,
VRDN
(
PNC
Bank
NA
LIQ
)
,
2.35
%
,
05/01/25
.........
36,850‌
36,850,000‌
Hillsborough
County
Industrial
Development
Authority
,
Series
2024E
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
2.40
%
,
05/01/25
....
27,895‌
27,895,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
MuniCash
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Hillsborough
County
Industrial
Development
Authority
,
Series
2024F
,
RB
,
VRDN
(
PNC
Bank
NA
LIQ
)
,
2.80
%
,
05/07/25
.........
USD
50,000‌
$
50,000,000‌
225,115,000‌
Georgia
1.9%
(a)
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017E-107
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.67
%
,
05/07/25
(b)
(c)
.......
5,000‌
5,000,000‌
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.60
%
,
05/01/25
..............
20,845‌
20,845,000‌
Oglethorpe
Power
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-E-
155
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
.................
20,000‌
20,000,000‌
Roswell
Development
Authority
,
Series
2025A
,
RB
,
VRDN
(
Truist
Bank
LOC
)
,
2.50
%
,
05/01/25
...................
28,595‌
28,595,000‌
74,440,000‌
Idaho
0.9%
Idaho
Health
Facilities
Authority
,
Series
2025D
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
(a)
..................
33,450‌
33,450,000‌
Illinois
3.9%
(a)
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3069
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.72
%
,
05/07/25
(b)
(c)
.................
24,800‌
24,800,000‌
Illinois
Finance
Authority
,
Series
2001
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
LOC
)
,
2.90
%
,
05/07/25
22,300‌
22,300,000‌
Illinois
Finance
Authority
,
Series
2008
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
LOC
)
,
3.80
%
,
05/07/25
15,700‌
15,700,000‌
Illinois
Finance
Authority
,
Series
2008-D
,
RB
,
VRDN
,
2.85
%
,
05/07/25
..............
45,100‌
45,100,000‌
Illinois
Finance
Authority
,
Series
2009D-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.45
%
,
05/01/25
.
10,450‌
10,450,000‌
Illinois
Finance
Authority
,
Series
2020C
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.25
%
,
05/01/25
...................
31,935‌
31,935,000‌
150,285,000‌
Iowa
2.2%
(a)
Iowa
Finance
Authority
,
Series
2016E
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LIQ
)
,
3.62
%
,
05/07/25
...................
10,440‌
10,440,000‌
Iowa
Finance
Authority
,
Series
2021
,
RB
,
VRDN
(
Korea
Development
Bank
LOC
)
,
3.90
%
,
05/07/25
(c)
..................
62,000‌
62,000,000‌
Iowa
Finance
Authority
,
Series
2022B
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.62
%
,
05/07/25
...................
11,650‌
11,650,000‌
84,090,000‌
Kentucky
0.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2018-XG0161
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.65
%
,
05/07/25
(a)
(b)
(c)
............................
4,960‌
4,960,000‌
Security
Par
(000)
Par
(000)
Value
Louisiana
0.6%
(a)
Louisiana
Public
Facilities
Authority
,
Series
2009B-1
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
2.75
%
,
05/07/25
.....
USD
11,000‌
$
11,000,000‌
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023A-2
,
RB
,
VRDN
(
Toronto-Dominion
Bank
LOC
)
,
2.50
%
,
05/01/25
...............
11,500‌
11,500,000‌
22,500,000‌
Maryland
0.8%
(a)
County
of
Montgomery
,
Series
2017E
,
GO
,
VRDN
(
US
Bank
NA
SBPA
)
,
2.30
%
,
05/01/25
13,160‌
13,160,000‌
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF3014
,
RB
,
VRDN
(
Morgan
Stanley
Bank
NA
LIQ
)
,
3.69
%
,
05/07/25
(b)
(c)
.
19,385‌
19,385,000‌
32,545,000‌
Massachusetts
2.0%
(a)
Massachusetts
Development
Finance
Agency
,
Series
2008-U6C
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.30
%
,
05/01/25
...............
13,960‌
13,960,000‌
Massachusetts
Development
Finance
Agency
,
Series
2008U-6E-R
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.40
%
,
05/01/25
...............
14,520‌
14,520,000‌
Massachusetts
Development
Finance
Agency
,
Series
2011K-2
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.30
%
,
05/07/25
.....
19,200‌
19,200,000‌
Massachusetts
Development
Finance
Agency
,
Series
2024U-1
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.40
%
,
05/01/25
...............
15,105‌
15,105,000‌
Massachusetts
Development
Finance
Agency
,
Series
2024U-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.40
%
,
05/01/25
...............
16,560‌
16,560,000‌
79,345,000‌
Michigan
1.1%
(a)
Green
Lake
Township
Economic
Development
Corp.
,
Series
2004
,
RB
,
VRDN
(
PNC
Bank
NA
LOC
)
,
2.45
%
,
05/01/25
...............
17,800‌
17,800,000‌
Michigan
State
Housing
Development
Authority
,
Series
2022B
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
2.75
%
,
05/07/25
...............
25,275‌
25,275,000‌
43,075,000‌
Minnesota
1.7%
(a)
City
of
Minneapolis
,
Series
1997B
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.62
%
,
05/07/25
...................
7,100‌
7,100,000‌
City
of
Rochester
,
Series
2025D
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
2.15
%
,
05/01/25
..
20,000‌
20,000,000‌
Minnesota
Housing
Finance
Agency
,
Series
2015G
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.62
%
,
05/07/25
..............
24,415‌
24,415,000‌
Minnesota
Housing
Finance
Agency
,
Series
2018H
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.62
%
,
05/07/25
..............
10,510‌
10,510,000‌
State
of
Minnesota,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-
CF7001
,
GO
,
VRDN
(
Citibank
NA
LIQ
)
,
3.64
%
,
05/07/25
(b)
(c)
.................
3,400‌
3,400,000‌
65,425,000‌
Mississippi
0.8%
(a)
Mississippi
Business
Finance
Corp.
,
Series
2009C
,
RB
,
VRDN
,
2.50
%
,
05/01/25
......
13,335‌
13,335,000‌
Mississippi
Business
Finance
Corp.
,
Series
2010I
,
RB
,
VRDN
,
2.50
%
,
05/01/25
......
19,155‌
19,155,000‌
32,490,000‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
MuniCash
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Missouri
1.8%
(a)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Series
2000B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.30
%
,
05/01/25
...................
USD
2,500‌
$
2,500,000‌
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018C-16
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.67
%
,
05/07/25
(b)
(c)
.................
56,500‌
56,500,000‌
St.
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0382
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
.................
10,640‌
10,640,000‌
69,640,000‌
New
Hampshire
1.7%
(a)
National
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-E157
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.65
%
,
05/07/25
(b)
(c)
.................
15,000‌
15,000,000‌
New
Hampshire
Business
Finance
Authority
,
Series
2024B
,
RB
,
VRDN
(
Truist
Bank
LOC
)
,
2.45
%
,
05/07/25
...................
52,800‌
52,800,000‌
67,800,000‌
New
Jersey
0.1%
New
Jersey
Housing
&
Mortgage
Finance,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2024-XX1359
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.65
%
,
05/07/25
(a)
(b)
(c)
4,085‌
4,085,000‌
New
Mexico
0.1%
County
of
Sandoval
,
Series
2024A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
2.80
%
,
05/07/25
(a)
2,655‌
2,655,000‌
New
York
18.7%
(a)
City
of
New
York
,
Series
2012G-6
,
GO
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
2.55
%
,
05/01/25
..
26,470‌
26,470,000‌
City
of
New
York
,
Series
2013,
Sub-Series
A-2
,
GO
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
2.50
%
,
05/01/25
...................
44,330‌
44,330,000‌
City
of
New
York
,
Series
2014I-2
,
GO
,
VRDN
(
JP
Morgan
Chase
Bank
NA
LIQ
)
,
2.50
%
,
05/01/25
...................
47,480‌
47,480,000‌
City
of
New
York
,
Series
2017A,
Sub-Series
A4
,
GO
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
2.55
%
,
05/01/25
..............
7,000‌
7,000,000‌
City
of
New
York
,
Series
2019D-4
,
GO
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
2.55
%
,
05/01/25
...................
23,605‌
23,605,000‌
City
of
New
York
,
Series
2023A,
Sub-Series
A-3
,
GO
,
VRDN
(
Bank
of
Montreal
SBPA
)
,
2.50
%
,
05/01/25
...................
33,450‌
33,450,000‌
Empire
State
Development
Corp.
,
Series
2004A-3-C
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.45
%
,
05/07/25
.......
9,370‌
9,370,000‌
Metropolitan
Transportation
Authority
,
Series
2002D-2B
,
RB
,
VRDN
(
Truist
Bank
LOC
)
,
2.50
%
,
05/01/25
...................
25,000‌
25,000,000‌
Metropolitan
Transportation
Authority
,
Series
2020B
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
2.47
%
,
05/01/25
...............
20,650‌
20,650,000‌
Metropolitan
Transportation
Authority
,
Series
SUB
2005D-1
,
RB
,
VRDN
(
Truist
Bank
LOC
)
,
2.45
%
,
05/01/25
...................
34,885‌
34,885,000‌
Nassau
County
Industrial
Development
Agency
,
Series
2006
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
16,405‌
16,405,000‌
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Housing
Development
Corp.
,
Series
2006A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
2.80
%
,
05/07/25
USD
19,150‌
$
19,150,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2009BB
,
RB
,
VRDN
(
UBS
AG
SBPA
)
,
2.50
%
,
05/01/25
...................
49,885‌
49,885,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2009BB-2
,
RB
,
VRDN
(
UBS
AG
SBPA
)
,
2.50
%
,
05/01/25
..............
15,000‌
15,000,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2014AA-3
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
..............
17,000‌
17,000,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2015BB-2
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
2.50
%
,
05/01/25
...........
40,030‌
40,030,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-6
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
2.50
%
,
05/01/25
..............
29,735‌
29,735,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
DD-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
11,970‌
11,970,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2025,
Sub-Series
H-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
2.50
%
,
05/01/25
20,000‌
20,000,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2025H,
Sub-Series
H-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
....
16,650‌
16,650,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2011A-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
2.55
%
,
05/01/25
...................
11,700‌
11,700,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2013A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
17,240‌
17,240,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2013C-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
29,295‌
29,295,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2016E-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
13,730‌
13,730,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...................
12,100‌
12,100,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
A-4
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
2.50
%
,
05/01/25
.
13,750‌
13,750,000‌
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2025-CF7016
,
RB
,
VRDN
(
Citibank
NA
LIQ
)
,
3.64
%
,
05/07/25
(b)
(c)
....
16,540‌
16,540,000‌
New
York
State
Dormitory
Authority
,
Series
2008A
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.50
%
,
05/07/25
...........
30,000‌
30,000,000‌
New
York
State
Dormitory
Authority
,
Series
2009A
,
RB
,
VRDN
,
2.80
%
,
05/07/25
......
13,500‌
13,500,000‌
New
York
State
Housing
Finance
Agency
,
Series
2004A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
2.70
%
,
05/07/25
25,500‌
25,500,000‌
New
York
State
Housing
Finance
Agency
,
Series
2022G-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
2.70
%
,
05/07/25
..............
12,835‌
12,835,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
MuniCash
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
207
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
2.75
%
,
05/07/25
..
USD
5,110‌
$
5,110,000‌
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
234
,
RB
,
VRDN
(
UBS
AG
SBPA
)
,
2.75
%
,
05/07/25
..............
1,845‌
1,845,000‌
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-4A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
...................
16,700‌
16,700,000‌
727,910,000‌
North
Carolina
2.0%
(a)
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2007E
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
...................
11,300‌
11,300,000‌
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2021E
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
2.40
%
,
05/01/25
.........
6,700‌
6,700,000‌
Durham
Housing
Authority
,
Series
2021A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.74
%
,
05/07/25
...................
22,885‌
22,885,000‌
Durham
Housing
Authority
,
Series
2021B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.74
%
,
05/07/25
...................
4,900‌
4,900,000‌
North
Carolina
Housing
Finance
Agency
,
Series
55-B
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
2.50
%
,
05/01/25
...................
31,180‌
31,180,000‌
76,965,000‌
Ohio
3.3%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-E-133
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.65
%
,
05/07/25
(b)
(c)
.......
10,270‌
10,270,000‌
City
of
Columbus
Sewerage
,
Series
2008B
,
RB
,
VRDN
,
3.60
%
,
05/07/25
..............
12,900‌
12,900,000‌
County
of
Franklin
,
Series
2008B
,
RB
,
VRDN
,
3.65
%
,
05/07/25
...................
34,230‌
34,230,000‌
Dayton-Montgomery
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-
YX1357
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.72
%
,
05/07/25
(b)
(c)
.................
7,450‌
7,450,000‌
Ohio
Higher
Educational
Facility
Commission
,
Series
2013B-1
,
RB
,
VRDN
,
2.70
%
,
05/07/25
30,025‌
30,025,000‌
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-18
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
.................
9,000‌
9,000,000‌
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
,
Series
2024C
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
2.50
%
,
05/01/25
...................
16,700‌
16,700,000‌
University
Hospitals
Health
Systems,
Inc.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-C-22
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
.......
10,000‌
10,000,000‌
130,575,000‌
Oregon
0.1%
Oregon
State
Facilities
Authority
,
Series
2005A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.68
%
,
05/07/25
(a)
.....
5,175‌
5,175,000‌
Other
0.6%
Federal
Home
Loan
Mortgage
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-CF7004
,
RB
,
VRDN
(
Citibank
NA
LOC
)
,
3.74
%
,
05/07/25
(a)
(b)
(c)
...........
24,000‌
24,000,000‌
Security
Par
(000)
Par
(000)
Value
Pennsylvania
2.7%
(a)
Delaware
Valley
Regional
Finance
Authority
,
Series
2024B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
...................
USD
30,880‌
$
30,880,000‌
Emmaus
General
Authority
,
Series
1996
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
2.75
%
,
05/07/25
...................
3,000‌
3,000,000‌
Pennsylvania
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts
,
Series
2024-
XF1700
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
.............
10,260‌
10,260,000‌
Sports
&
Exhibition
Authority
of
Pittsburgh
&
Allegheny
County
,
Series
2007-A
,
RB
,
VRDN
(
PNC
Bank
NA
SBPA
)
,
3.60
%
,
05/07/25
...
63,130‌
63,130,000‌
107,270,000‌
Rhode
Island
0.1%
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XM0721
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.65
%
,
05/07/25
(a)
(b)
(c)
............................
4,360‌
4,360,000‌
South
Carolina
2.0%
(a)
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2021B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.84
%
,
05/07/25
..
3,150‌
3,150,000‌
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.62
%
,
05/07/25
..
50,500‌
50,500,000‌
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.62
%
,
05/07/25
..
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
)
,
3.74
%
,
05/07/25
(b)
(c)
.......
7,365‌
7,365,000‌
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0313
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.74
%
,
05/07/25
(b)
(c)
.......
8,935‌
8,935,000‌
79,950,000‌
South
Dakota
1.9%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.62
%
,
05/07/25
......
10,010‌
10,010,000‌
South
Dakota
Housing
Development
Authority
,
Series
2020B
,
RB
,
VRDN
,
3.57
%
,
05/07/25
.
31,500‌
31,500,000‌
South
Dakota
Housing
Development
Authority
,
Series
2020D
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.61
%
,
05/07/25
...........
32,750‌
32,750,000‌
74,260,000‌
Tennessee
0.1%
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2018-YX1087
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.65
%
,
05/07/25
(a)
(b)
(c)
5,405‌
5,405,000‌
Texas
13.5%
(a)
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-
XF0220
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
2.50
%
,
05/01/25
(b)
(c)
...........
21,235‌
21,235,000‌
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.53
%
,
05/07/25
...................
78,440‌
78,440,000‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
MuniCash
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Corpus
Christi
Texas
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-XF1710
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.67
%
,
05/07/25
(b)
(c)
......
USD
6,400‌
$
6,400,000‌
Gulf
Coast
Industrial
Development
Authority
,
Series
2012
,
RB
,
VRDN
,
2.45
%
,
05/01/25
..
105,250‌
105,250,000‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2024E
,
RB
,
VRDN
,
2.77
%
,
05/07/25
...................
108,015‌
108,015,000‌
Lamar
Consolidated
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF3163
,
GO
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
.................
5,245‌
5,245,000‌
Port
Arthur
Navigation
District
,
Series
2002C
,
RB
,
VRDN
,
2.90
%
,
05/07/25
..............
4,500‌
4,500,000‌
State
of
Texas
,
Series
2011C
,
GO
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
2.85
%
,
05/07/25
...................
715‌
715,000‌
State
of
Texas
,
Series
2022
,
GO
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
2.90
%
,
05/07/25
...................
24,200‌
24,200,000‌
State
of
Texas
,
Series
2025B
,
GO
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
2.90
%
,
05/07/25
...................
43,000‌
43,000,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2008A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.40
%
,
05/01/25
........
28,255‌
28,255,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2008-B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
........
28,800‌
28,800,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2011C
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.10
%
,
05/01/25
........
16,165‌
16,165,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2024A
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.10
%
,
05/01/25
...................
6,150‌
6,150,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2024C
,
RB
,
VRDN
,
2.75
%
,
05/07/25
...................
45,000‌
45,000,000‌
Waller
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2025-XG0596
,
GO
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
......
3,410‌
3,410,000‌
524,780,000‌
Utah
0.9%
(a)
Utah
County
Hospital
,
Series
2018C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
2.40
%
,
05/01/25
....
9,500‌
9,500,000‌
Utah
Water
Finance
Agency
,
Series
B-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.65
%
,
05/07/25
...................
24,445‌
24,445,000‌
33,945,000‌
Vermont
0.1%
Vermont
Housing
Finance
Agency
,
Series
2019A
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
3.72
%
,
05/07/25
(a)
..................
3,380‌
3,380,000‌
Virginia
1.6%
(a)
Hampton
Roads
Sanitation
District
,
Series
2016B
,
RB
,
VRDN
,
3.55
%
,
05/07/25
......
17,690‌
17,690,000‌
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0606
,
RB
,
VRDN
(
Bank
of
America
NA
LIQ
)
,
3.68
%
,
05/07/25
(b)
(c)
.....
1,050‌
1,050,000‌
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Loudoun
County
Economic
Development
Authority
,
Series
2003A
,
RB
,
VRDN
,
3.28
%
,
05/07/25
...................
USD
7,745‌
$
7,745,000‌
Loudoun
County
Economic
Development
Authority
,
Series
2003B
,
RB
,
VRDN
,
3.28
%
,
05/07/25
...................
24,125‌
24,125,000‌
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-19
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
.......
4,730‌
4,730,000‌
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-C-20
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.66
%
,
05/07/25
(b)
(c)
.......
6,000‌
6,000,000‌
61,340,000‌
Washington
0.1%
State
of
Washington,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-
CF7002
,
RB
,
VRDN
(
Citibank
NA
LIQ
)
,
3.64
%
,
05/07/25
(a)
(b)
(c)
................
3,200‌
3,200,000‌
Wisconsin
2.9%
(a)
Public
Finance
Authority
,
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.45
%
,
05/01/25
.
17,225‌
17,225,000‌
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
...........
36,350‌
36,350,000‌
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2024C
,
RB
,
VRDN
(
US
Bank
NA
SBPA
)
,
2.50
%
,
05/01/25
..............
37,175‌
37,175,000‌
Wisconsin
Health
&
Educational
Facilities
Authority
,
Series
2008B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.50
%
,
05/01/25
............
15,165‌
15,165,000‌
Wisconsin
Housing
&
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-XL0554
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.65
%
,
05/07/25
(b)
(c)
.................
7,500‌
7,500,000‌
113,415,000‌
Wyoming
0.9%
Wyoming
Community
Development
Authority
,
Series
2022-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.60
%
,
05/07/25
(a)
.............
36,980‌
36,980,000‌
Total
Municipal
Bonds
92
.5
%
(Cost:
$
3,608,690,000
)
............................
3,608,690,000‌
Closed-End
Investment
Companies
(a)(c)
New
York
1.1%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
1
,
VRDP
,
(
Societe
Generale
LIQ
)
,
3.67
%
,
5/7/2025
.........
10,200‌
10,200,000‌
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
5
,
VRDP
,
(
Toronto-
Dominion
Bank
LIQ
)
,
3.69
%
,
5/7/2025
.....
30,000‌
30,000,000‌
40,200,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
MuniCash
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
Other
3.6%
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
,
Series
1
,
VRDP
,
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
3.69
%
,
5/7/2025
.........
USD
55,800‌
$
55,800,000‌
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
,
Series
4
,
VRDP
,
(
Barclays
Bank
plc
LIQ
)
,
3.70
%
,
5/7/2025
...............
85,200‌
85,200,000‌
141,000,000‌
Total
Closed-End
Investment
Companies
4
.7
%
(Cost:
$
181,200,000
)
..............................
181,200,000‌
Total
Investments
97
.2
%
(Cost:
$
3,789,890,000
)
(d)
...........................
3,789,890,000‌
Other
Assets
Less
Liabilities
2.8
%
....................
109,565,799‌
Net
Assets
100.0%
...............................
$
3,899,455,799‌
(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
............................
$
$
181,200,000
$
$
181,200,000
Municipal
Bonds
.........................................
3,608,690,000
3,608,690,000
$
$
3,789,890,000
$
$
3,789,890,000
Statements
of
Assets
and
Liabilities
(unaudited)

April
30,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
36
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
ASSETS
Investments,
at
value
unaffiliated
(a)
..........................................
$
6,744,742,119‌
$
84,551,451,914‌
$
16,416,979,291‌
$
50,730,124,477‌
Cash
...............................................................
262,394,230‌
8,350,535,604‌
660,662,518‌
5,917,496,212‌
Repurchase
agreements,
at
value
unaffiliated
(b)
..................................
—‌
79,785,500,000‌
5,044,000,000‌
58,143,000,000‌
Receivables:
–‌
–‌
–‌
–‌
Capital
shares
sold
.....................................................
8,975,093‌
13,158,518‌
129,306,420‌
40,168,213‌
Interest
unaffiliated
...................................................
7,199,082‌
245,632,898‌
56,342,864‌
88,591,348‌
Prepaid
e
xpenses
.......................................................
570,403‌
95,482,247‌
699,340‌
36,610,608‌
Total
a
ssets
...........................................................
7,023,880,927‌
173,041,761,181‌
22,307,990,433‌
114,955,990,858‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
449,849,088‌
3,920,149,142‌
5,550,000‌
2,282,570,872‌
Capital
shares
redeemed
.................................................
5,023,133‌
12,778,505‌
82,681,908‌
52,763,967‌
Custodian
fees
........................................................
26,144‌
289,454‌
49,469‌
201,857‌
Income
dividend
distributions
..............................................
17,206,957‌
397,493,079‌
65,157,149‌
250,342,764‌
Management
fees
......................................................
880,350‌
23,014,898‌
3,201,721‌
15,078,637‌
Trustees'
and
Officer's
fees
...............................................
217‌
—‌
1,239‌
—‌
Professional
fees
......................................................
35,946‌
188,337‌
46,148‌
154,852‌
Registration
fees
......................................................
—‌
2,208,141‌
—‌
1,276,627‌
Service
and
distribution
fees
...............................................
372,267‌
97,744,860‌
—‌
36,960,925‌
Transfer
agent
fees
....................................................
41,144‌
—‌
38,850‌
285,967‌
Other
accrued
expenses
.................................................
62,237‌
76,117‌
28,839‌
51,263‌
Total
li
abilities
..........................................................
473,497,483‌
4,453,942,533‌
156,755,323‌
2,639,687,731‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
6,550,383,444‌
$
168,587,818,648‌
$
22,151,235,110‌
$
112,316,303,127‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
6,548,964,231‌
$
168,661,746,874‌
$
22,151,547,325‌
$
112,358,989,819‌
Accumulated
earnings
(loss)
................................................
1,419,213‌
(
73,928,226‌
)
(
312,215‌
)
(
42,686,692‌
)
NET
ASSETS
..........................................................
$
6,550,383,444‌
$
168,587,818,648‌
$
22,151,235,110‌
$
112,316,303,127‌
(a)
  Investments,
at
cost
unaffiliated
.......................................
$
6,744,742,119‌
$
84,551,451,914‌
$
16,416,247,597‌
$
50,730,124,477‌
(b)
  Repurchase
agreements,
at
cost
unaffiliated
...............................
$
—‌
$
79,785,500,000‌
$
5,044,000,000‌
$
58,143,000,000‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2025
37
Statements
of
Assets
and
Liabilities
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................
$
6,255,075,737‌
$
146,123,989,850‌
$
21,337,864,770‌
$
102,362,071,852‌
Shares
outstanding
...................................................
6,253,713,324‌
146,188,183,609‌
21,328,428,380‌
102,400,921,117‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
.........................................................
$
19,304,481‌
$
7,466,240,398‌
$
—‌
$
5,406,820,877‌
Shares
outstanding
...................................................
19,300,295‌
7,469,516,222‌
—‌
5,408,869,585‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Bancroft
Capital
Net
assets
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cabrera
Capital
Markets
Net
assets
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
.........................................................
$
—‌
$
317,876,598‌
$
50,103‌
$
352,897,805‌
Shares
outstanding
...................................................
—‌
318,016,128‌
50,081‌
353,031,605‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................
$
7,606,217‌
$
662,654,795‌
$
—‌
$
989,813,229‌
Shares
outstanding
...................................................
7,604,563‌
662,945,258‌
—‌
990,188,777‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................
$
—‌
$
4,048,422,579‌
$
—‌
$
59,208,686‌
Shares
outstanding
...................................................
—‌
4,050,203,460‌
—‌
59,231,204‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
.........................................................
$
13,766,852‌
$
4,276,477,619‌
$
21,415,861‌
$
1,363,081,120‌
Shares
outstanding
...................................................
13,763,856‌
4,278,356,508‌
21,404,379‌
1,363,598,003‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Great
Pacific
Net
assets
.........................................................
$
—‌
$
51,627‌
$
791,867,881‌
$
—‌
Shares
outstanding
...................................................
—‌
51,649‌
791,581,915‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
1.0004‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
38
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
Mischler
Financial
Group
Net
assets
.........................................................
$
23,467,411‌
$
1,494,968,191‌
$
—‌
$
—‌
Shares
outstanding
...................................................
23,462,312‌
1,495,620,787‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Penserra
Net
assets
.........................................................
$
—‌
$
14,111,652‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
14,117,852‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Premier
Net
assets
.........................................................
$
—‌
$
3,633,425,974‌
$
36,495‌
$
1,758,561,930‌
Shares
outstanding
...................................................
—‌
3,635,024,281‌
36,478‌
1,759,238,077‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Private
Client
Net
assets
.........................................................
$
—‌
$
164,205‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
164,277‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
.........................................................
$
—‌
$
403,727,120‌
$
—‌
$
23,847,628‌
Shares
outstanding
...................................................
—‌
403,904,174‌
—‌
23,856,699‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Stern
Brothers
Net
assets
.........................................................
$
200,101,180‌
$
13,059,001‌
$
—‌
$
—‌
Shares
outstanding
...................................................
200,057,530‌
13,064,282‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Tigress
Net
assets
.........................................................
$
31,061,566‌
$
69,041,648‌
$
—‌
$
—‌
Shares
outstanding
...................................................
31,054,790‌
69,071,828‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
WestCap
Net
assets
.........................................................
$
—‌
$
63,607,391‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
63,635,236‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2025
39
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
ASSETS
Investments,
at
value
unaffiliated
(a)
.........................................................................
$
159,839,913,635‌
$
3,789,890,000‌
Cash
..............................................................................................
5,563,467,734‌
—‌
Receivables:
–‌
–‌
Investment
s
sold
.....................................................................................
—‌
93,500,000‌
Capital
shares
sold
....................................................................................
7,656,830‌
16,745,779‌
Interest
unaffiliated
..................................................................................
7,588,801‌
15,503,756‌
Prepaid
e
xpenses
......................................................................................
14,978,314‌
169,146‌
Total
a
ssets
..........................................................................................
165,433,605,314‌
3,915,808,681‌
LIABILITIES
Bank
overdraft
.........................................................................................
—‌
144,516‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
15,360,963,318‌
3,415,000‌
Capital
shares
redeemed
................................................................................
1,038,266‌
5,854,106‌
Custodian
fees
.......................................................................................
393,181‌
5,559‌
Income
dividend
distributions
.............................................................................
391,235,977‌
6,256,815‌
Management
fees
.....................................................................................
20,751,769‌
574,409‌
Trustees'
and
Officer's
fees
..............................................................................
—‌
2,156‌
Professional
fees
.....................................................................................
92,622‌
34,966‌
Registration
fees
.....................................................................................
2,097,297‌
—‌
Service
and
distribution
fees
..............................................................................
15,364,492‌
19,406‌
Transfer
agent
fees
...................................................................................
294,214‌
10,444‌
Other
accrued
expenses
................................................................................
687,374‌
35,505‌
Total
li
abilities
.........................................................................................
15,792,918,510‌
16,352,882‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
149,640,686,804‌
$
3,899,455,799‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
149,637,189,481‌
$
3,899,454,719‌
Accumulated
earnings
...................................................................................
3,497,323‌
1,080‌
NET
ASSETS
.........................................................................................
$
149,640,686,804‌
$
3,899,455,799‌
(a)
  Investments,
at
cost
unaffiliated
...................................................................
$
159,839,913,635‌
$
3,789,890,000‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
40
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
142,985,571,005‌
$
3,899,455,799‌
Shares
outstanding
...................................................................................
142,982,222,602‌
3,899,109,490‌
Net
asset
value
.....................................................................................
$
1.00‌
$
1.0001‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Administration
Net
assets
.........................................................................................
$
952,411,533‌
$
—‌
Shares
outstanding
...................................................................................
952,387,906‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Capital
Net
assets
.........................................................................................
$
1,507,822,741‌
$
—‌
Shares
outstanding
...................................................................................
1,507,787,124‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................................................
$
4,407,097‌
$
—‌
Shares
outstanding
...................................................................................
4,406,969‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................................................
$
90,046,277‌
$
—‌
Shares
outstanding
...................................................................................
90,043,959‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Dollar
Net
assets
.........................................................................................
$
3,814,545,653‌
$
—‌
Shares
outstanding
...................................................................................
3,814,465,086‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Select
Net
assets
.........................................................................................
$
285,882,498‌
$
—‌
Shares
outstanding
...................................................................................
285,875,835‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2025
41
Statements
of
Operations
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
INVESTMENT
INCOME
Interest
unaffiliated
.............................................
$
142,350,180‌
$
3,902,960,024‌
$
502,840,803‌
$
2,450,269,185‌
Total
investment
income
.............................................
142,350,180‌
3,902,960,024‌
502,840,803‌
2,450,269,185‌
EXPENSES
Management
...................................................
6,512,460‌
157,236,752‌
21,582,006‌
99,161,088‌
Registration
...................................................
121,001‌
612,665‌
128,516‌
329,827‌
Transfer
agent
..................................................
64,241‌
920,638‌
110,367‌
385,034‌
Service
and
distribution
class
specific
................................
48,812‌
21,230,276‌
17,555‌
7,096,042‌
Professional
...................................................
48,494‌
301,251‌
72,319‌
210,644‌
Printing
and
postage
.............................................
30,259‌
62,751‌
24,652‌
35,007‌
Trustees
and
Officer
..............................................
28,923‌
178,271‌
83,882‌
159,905‌
Custodian
.....................................................
10,493‌
177,343‌
54,609‌
96,581‌
Transfer
agent
class
specific
......................................
7‌
103‌
308‌
—‌
Miscellaneous
..................................................
58,350‌
407,480‌
85,078‌
295,380‌
Total
expenses
...................................................
6,923,040‌
181,127,530‌
22,159,292‌
107,769,508‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...........................
(
1,444,552‌
)
(
12,514,195‌
)
(
2,585,884‌
)
(
7,959,000‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
class
specific
...........
—‌
(
42,844‌
)
—‌
(
2,054‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
class
specific
......
(
5‌
)
(
79‌
)
(
183‌
)
—‌
Total
ex
penses
after
fees
waived
and/or
reimbursed
..........................
5,478,483‌
168,570,412‌
19,573,225‌
99,808,454‌
Net
investment
income
..............................................
136,871,697‌
3,734,389,612‌
483,267,578‌
2,350,460,731‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
469,384‌
$
4,183,163‌
$
(
3,085,569‌
)
$
2,745,988‌
Net
realized
gain
from
investments
...................................
469,384‌
4,183,163‌
18,676‌
2,745,988‌
Net
change
in
unrealized
depreciation
on
investments
.......................
—‌
—‌
(
3,104,245‌
)
—‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
137,341,081‌
$
3,738,572,775‌
$
480,182,009‌
$
2,353,206,719‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
April
30,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
42
Treasury
Trust
Fund
MuniCash
INVESTMENT
INCOME
Interest
unaffiliated
...............................................................................
$
3,313,125,986‌
$
54,080,965‌
Total
investment
income
...............................................................................
3,313,125,986‌
54,080,965‌
EXPENSES
Management
.....................................................................................
135,316,164‌
5,411,445‌
Service
and
distribution
class
specific
..................................................................
6,642,946‌
—‌
Transfer
agent
....................................................................................
676,792‌
14,246‌
Professional
.....................................................................................
228,665‌
46,999‌
Registration
.....................................................................................
201,504‌
61,520‌
Trustees
and
Officer
................................................................................
165,089‌
17,098‌
Custodian
.......................................................................................
136,223‌
13,984‌
Printing
and
postage
...............................................................................
38,757‌
13,874‌
Miscellaneous
....................................................................................
238,254‌
24,327‌
Total
expenses
excluding
interest
expense
...................................................................
143,644,394‌
5,603,493‌
Interest
expense
..................................................................................
—‌
39,884‌
Total
expenses
.....................................................................................
143,644,394‌
5,643,377‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................
(
10,325,483‌
)
(
1,675,216‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
class
specific
.............................................
(
24,064‌
)
—‌
Total
ex
penses
after
fees
waived
and/or
reimbursed
............................................................
133,294,847‌
3,968,161‌
Net
investment
income
................................................................................
3,179,831,139‌
50,112,804‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
11,340,792‌
$
1,080‌
Net
realized
gain
from
investments
.....................................................................
11,340,792‌
1,080‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
................................................
$
3,191,171,931‌
$
50,113,884‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

43
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
136,871,697‌
$
295,948,960‌
$
3,734,389,612‌
$
7,882,292,162‌
Net
realized
gain
................................................
469,384‌
1,095,224‌
4,183,163‌
7,144,533‌
Net
increase
in
net
assets
resulting
from
operations
...........................
137,341,081‌
297,044,184‌
3,738,572,775‌
7,889,436,695‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
134,324,241‌
)
(
290,783,861‌
)
(
3,234,483,528‌
)
(
6,730,691,875‌
)
Administration
.................................................
(
619,393‌
)
(
1,560,845‌
)
(
160,787,867‌
)
(
399,697,933‌
)
Bancroft
Capital
................................................
—‌
(
1,994‌
)
—‌
—‌
Cabrera
Capital
Markets
..........................................
—‌
(
1,970‌
)
—‌
—‌
Capital
......................................................
—‌
—‌
(
6,391,468‌
)
(
6,622,512‌
)
Cash
Management
..............................................
(
142,169‌
)
(
411,123‌
)
(
12,315,885‌
)
(
30,287,836‌
)
Cash
Reserve
.................................................
—‌
—‌
(
84,048,761‌
)
(
189,929,180‌
)
Dollar
.......................................................
(
249,647‌
)
(
615,807‌
)
(
88,156,736‌
)
(
198,757,655‌
)
Great
Pacific
..................................................
—‌
(
2,203‌
)
(
1,095‌
)
(
554‌
)
Mischler
Financial
Group
..........................................
(
786,283‌
)
(
1,205,224‌
)
(
55,083,622‌
)
(
115,894,747‌
)
Penserra
.....................................................
—‌
(
22,246‌
)
(
50,318‌
)
(
1,108‌
)
Premier
......................................................
—‌
—‌
(
81,201,054‌
)
(
181,769,104‌
)
Private
Client
..................................................
—‌
—‌
(
3,080‌
)
(
9,745‌
)
Select
.......................................................
—‌
—‌
(
7,449,485‌
)
(
14,628,487‌
)
Stern
Brothers
.................................................
(
207,357‌
)
(
2,823‌
)
(
2,413,390‌
)
(
3,201,468‌
)
Tigress
......................................................
(
551,222‌
)
(
1,344,862‌
)
(
1,620,990‌
)
(
6,523,018‌
)
WestCap
.....................................................
—‌
—‌
(
1,593,746‌
)
(
5,110,026‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(136,880,312‌)
(295,952,958‌)
(3,735,601,025‌)
(7,883,125,248‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
1,064,918,960‌
(565,083,289‌)
(8,923,762,521‌)
33,061,051,715‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
1,065,379,729‌
(
563,992,063‌
)
(
8,920,790,771‌
)
33,067,363,162‌
Beginning
of
period
................................................
5,485,003,715‌
6,048,995,778‌
177,508,609,419‌
144,441,246,257‌
End
of
period
....................................................
$
6,550,383,444‌
$
5,485,003,715‌
$
168,587,818,648‌
$
177,508,609,419‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
44
See
notes
to
financial
statements.
TempCash
T-Fund
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
483,267,578‌
$
866,328,318‌
$
2,350,460,731‌
$
5,295,191,487‌
Net
realized
gain
................................................
18,676‌
35,573‌
2,745,988‌
5,228,490‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
3,104,245‌
)
3,445,466‌
—‌
—‌
Net
increase
in
net
assets
resulting
from
operations
...........................
480,182,009‌
869,809,357‌
2,353,206,719‌
5,300,419,977‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
465,217,941‌
)
(
837,058,306‌
)
(
2,155,539,814‌
)
(
4,884,917,923‌
)
Administration
.................................................
—‌
—‌
(
107,462,284‌
)
(
222,953,309‌
)
Capital
......................................................
(
101‌
)
—‌
(
6,830,691‌
)
(
11,892,280‌
)
Cash
Management
..............................................
—‌
—‌
(
19,577,081‌
)
(
37,741,814‌
)
Cash
Reserve
.................................................
—‌
—‌
(
1,188,859‌
)
(
3,244,188‌
)
Dollar
.......................................................
(
793,193‌
)
(
1,050,393‌
)
(
27,676,327‌
)
(
59,269,781‌
)
Great
Pacific
..................................................
(
17,255,538‌
)
(
28,217,684‌
)
—‌
—‌
Premier
......................................................
(
805‌
)
(
1,935‌
)
(
32,672,606‌
)
(
74,987,360‌
)
Select
.......................................................
—‌
—‌
(
357,372‌
)
(
1,102,093‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(483,267,578‌)
(866,328,318‌)
(2,351,305,034‌)
(5,296,108,748‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
1,297,839,490‌
7,297,402,374‌
1,990,501,898‌
14,710,788,263‌
NET
ASSETS
Total
increase
in
net
assets
...........................................
1,294,753,921‌
7,300,883,413‌
1,992,403,583‌
14,715,099,492‌
Beginning
of
period
................................................
20,856,481,189‌
13,555,597,776‌
110,323,899,544‌
95,608,800,052‌
End
of
period
....................................................
$
22,151,235,110‌
$
20,856,481,189‌
$
112,316,303,127‌
$
110,323,899,544‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
45
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
3,179,831,139‌
$
5,960,740,234‌
$
50,112,804‌
$
104,371,674‌
Net
realized
gain
................................................
11,340,792‌
14,784,690‌
1,080‌
113,930‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
—‌
—‌
—‌
162,042‌
Net
increase
in
net
assets
resulting
from
operations
...........................
3,191,171,931‌
5,975,524,924‌
50,113,884‌
104,647,646‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
3,073,073,317‌
)
(
5,758,661,642‌
)
(
50,112,804‌
)
(
104,328,401‌
)
Administration
.................................................
(
16,741,199‌
)
(
27,602,502‌
)
—‌
—‌
Capital
......................................................
(
29,856,446‌
)
(
37,202,009‌
)
—‌
—‌
Cash
Management
..............................................
(
115,121‌
)
(
404,861‌
)
—‌
—‌
Cash
Reserve
.................................................
(
2,154,870‌
)
(
7,189,521‌
)
—‌
—‌
Dollar
.......................................................
(
78,079,324‌
)
(
131,015,210‌
)
—‌
(
51,200‌
)
Select
.......................................................
(
4,180,855‌
)
(
9,658,402‌
)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(3,204,201,132‌)
(5,971,734,147‌)
(50,112,804‌)
(104,379,601‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
20,508,914,875‌
28,308,659,158‌
(95,456,477‌)
(547,785,910‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
20,495,885,674‌
28,312,449,935‌
(
95,455,397‌
)
(
547,517,865‌
)
Beginning
of
period
................................................
129,144,801,130‌
100,832,351,195‌
3,994,911,196‌
4,542,429,061‌
End
of
period
....................................................
$
149,640,686,804‌
$
129,144,801,130‌
$
3,899,455,799‌
$
3,994,911,196‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
46
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0213
0
.0516
0
.0456
0
.0077
0
.0000
(a)
0
.0051
Net
realized
and
unrealized
gain
(loss)
...........
0
.0000
(a)
(
0
.0001
)
(b)
0
.0000
(a)
0
.0007
(b)
0
.0001
0
.0014
Net
increase
from
investment
operations
...........
0.0213
0.0515
0.0456
0.0084
0.0001
0.0065
Distributions
(c)
From
net
investment
income
.................
(
0
.0213
)
(
0
.0515
)
(
0
.0456
)
(
0
.0084
)
(
0
.0000
)
(d)
(
0
.0064
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0213
)
(0.0515
)
(0.0456
)
(0.0084
)
(0.0001
)
(0.0065
)
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
.....................
2.15
%
(f)
5.28
%
4.66
%
0.85
%
0.02
%
0.65
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.22
%
(g)
0.22
%
0.23
%
0.22
%
0.23
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(g)
0.17
%
0.17
%
0.13
%
0.09
%
0.17
%
Net
investment
income
......................
4.29
%
(g)
5.16
%
4.56
%
0.77
%
0.00
%
(h)
0.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
6,255,076
$
5,358,073
$
5,944,451
$
5,117,999
$
4,912,973
$
4,488,126
(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)
47
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Administration
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
...........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................
0
.0209
0
.0503
0
.0452
0
.0043
0
.0000
(a)
0
.0051
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0001
)
(b)
0
.0002
(
0
.0006
)
(b)
0
.0035
(b)
0
.0001
0
.0006
Net
increase
from
investment
operations
..........
0.0208
0.0505
0.0446
0.0078
0.0001
0.0057
Distributions
(c)
From
net
investment
income
................
(
0
.0208
)
(
0
.0505
)
(
0
.0446
)
(
0
.0078
)
(
0
.0000
)
(d)
(
0
.0056
)
From
net
realized
gain
.....................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................
(0.0208
)
(0.0505
)
(0.0446
)
(0.0078
)
(0.0001
)
(0.0057
)
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
....................
2.10
%
(f)
5.17
%
4.55
%
0.78
%
0.02
%
0.57
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.32
%
(g)
0.32
%
0.33
%
0.32
%
0.33
%
0.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.27
%
(g)
0.27
%
0.27
%
0.15
%
0.08
%
0.24
%
Net
investment
income
.....................
4.22
%
(g)
5.03
%
4.52
%
0.43
%
0.00
%
(h)
0.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
19,304
$
49,572
$
31,594
$
24,112
$
87,091
$
78,219
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
48
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0188
0
.0466
0
.0399
0
.0051
0
.0000
(a)
0
.0022
Net
realized
and
unrealized
gain
(loss)
...........
0
.0000
(a)
(
0
.0001
)
(b)
0
.0007
0
.0006
(b)
0
.0001
0
.0016
Net
increase
from
investment
operations
...........
0.0188
0.0465
0.0406
0.0057
0.0001
0.0038
Distributions
(c)
From
net
investment
income
.................
(
0
.0188
)
(
0
.0465
)
(
0
.0406
)
(
0
.0057
)
(
0
.0000
)
(d)
(
0
.0037
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0188
)
(0.0465
)
(0.0406
)
(0.0057
)
(0.0001
)
(0.0038
)
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
.....................
1.89
%
(f)
4.76
%
4.14
%
0.57
%
0.02
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.72
%
(g)
0.72
%
0.73
%
0.72
%
0.73
%
0.73
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(g)
0.67
%
0.67
%
0.39
%
0.08
%
0.36
%
Net
investment
income
......................
3.79
%
(g)
4.66
%
3.99
%
0.51
%
0.00
%
(h)
0.22
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
7,606
$
7,577
$
9,810
$
14,435
$
10,191
$
10,809
(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)
49
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
...........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................
0
.0201
0
.0492
0
.0446
0
.0084
0
.0000
(a)
0
.0032
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0001
)
(b)
(
0
.0001
)
(b)
(
0
.0015
)
(b)
(
0
.0015
)
0
.0001
0
.0018
Net
increase
from
investment
operations
..........
0.0200
0.0491
0.0431
0.0069
0.0001
0.0050
Distributions
(c)
From
net
investment
income
................
(
0
.0200
)
(
0
.0491
)
(
0
.0431
)
(
0
.0069
)
(
0
.0000
)
(d)
(
0
.0049
)
From
net
realized
gain
.....................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................
(0.0200
)
(0.0491
)
(0.0431
)
(0.0069
)
(0.0001
)
(0.0050
)
Net
asset
value,
end
of
period
................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
....................
2.02
%
(f)
5.02
%
4.40
%
0.70
%
0.02
%
0.49
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.46
%
(g)
0.47
%
0.48
%
0.47
%
0.48
%
0.48
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.42
%
(g)
0.42
%
0.42
%
0.29
%
0.09
%
0.29
%
Net
investment
income
.....................
4.04
%
(g)
4.92
%
4.46
%
0.84
%
0.00
%
(h)
0.32
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
13,767
$
14,422
$
23,416
$
15,765
$
10,977
$
30,848
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
50
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..................................................
0
.0212
0
.0508
0
.0482
0
.0089
Net
realized
and
unrealized
gain
(loss)
........................................
0
.0001
0
.0007
(
0
.0026
)
(b)
(
0
.0005
)
Net
increase
from
investment
operations
........................................
0.0213
0.0515
0.0456
0.0084
Distributions
(c)
From
net
investment
income
..............................................
(
0
.0213
)
(
0
.0515
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
...................................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
Total
distributions
........................................................
(0.0213
)
(0.0515
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
..............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................
2.15
%
(f)
5.28
%
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.22
%
(g)
0.22
%
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(g)
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................
4.28
%
(g)
5.08
%
4.82
%
0.89
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
23,467
$
30,050
$
10,519
$
5,120
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
51
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
..........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
...................................................
0
.0207
0
.0515
0
.0443
0
.0058
Net
realized
and
unrealized
gain
(loss)
.........................................
0
.0006
0
.0000
(b)
0
.0013
(
0
.0000
)
(c)
Net
increase
from
investment
operations
.........................................
0.0213
0.0515
0.0456
0.0058
Distributions
(d)
From
net
investment
income
...............................................
(
0
.0213
)
(
0
.0515
)
(
0
.0456
)
(
0
.0058
)
From
net
realized
gain
....................................................
(
0
.0000
)
(c)
Total
distributions
.........................................................
(0.0213
)
(0.0515
)
(0.0456
)
(0.0058
)
Net
asset
value,
end
of
period
...............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
...................................................
2.15
%
(f)
5.28
%
4.66
%
0.58
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................................................
0.21
%
(g)
0.22
%
0.23
%
0.23
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................
0.17
%
(g)
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
....................................................
4.18
%
(g)
5.15
%
4.43
%
2.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................
$
200,101
$
56
$
53
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
52
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..................................................
0
.0213
0
.0516
0
.0488
0
.0026
Net
realized
and
unrealized
gain
(loss)
........................................
0
.0000
(b)
(
0
.0001
)
(c)
(
0
.0032
)
(c)
(
0
.0004
)
Net
increase
from
investment
operations
........................................
0.0213
0.0515
0.0456
0.0022
Distributions
(d)
From
net
investment
income
..............................................
(
0
.0213
)
(
0
.0515
)
(
0
.0456
)
(
0
.0022
)
From
net
realized
gain
...................................................
(
0
.0000
)
(e)
Total
distributions
........................................................
(0.0213
)
(0.0515
)
(0.0456
)
(0.0022
)
Net
asset
value,
end
of
period
..............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
..................................................
2.15
%
(g)
5.28
%
4.66
%
0.22
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.22
%
(h)
0.22
%
0.23
%
0.25
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(h)
0.17
%
0.17
%
0.17
%
(h)
Net
investment
income
...................................................
4.29
%
(h)
5.16
%
4.88
%
2.91
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
31,062
$
25,254
$
28,193
$
3,051
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
53
Financial
Highlights
FedFund
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0215
0
.0516
0
.0468
0
.0084
0
.0002
0
.0054
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0000
)
(a)
(b)
0
.0001
(
0
.0005
)
0
.0006
(b)
0
.0001
0
.0010
Net
increase
from
investment
operations
...........
0.0215
0.0517
0.0463
0.0090
0.0003
0.0064
Distributions
(c)
From
net
investment
income
.................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
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
.....................
2.17
%
(e)
5.29
%
4.73
%
0.90
%
0.03
%
0.64
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(f)
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(f)
0.17
%
0.17
%
0.13
%
0.08
%
0.17
%
Net
investment
income
......................
4.33
%
(f)
5.16
%
4.68
%
0.84
%
0.02
%
0.54
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
146,123,990
$
152,727,713
$
122,363,197
$
111,196,831
$
127,458,227
$
141,084,816
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
54
FedFund
Administration
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0210
0
.0507
0
.0431
0
.0116
0
.0002
0
.0054
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0000
)
(a)
(b)
0
.0000
(c)
0
.0022
(b)
(
0
.0032
)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........
0.0210
0.0507
0.0453
0.0084
0.0003
0.0056
Distributions
(d)
From
net
investment
income
.................
(
0
.0210
)
(
0
.0507
)
(
0
.0453
)
(
0
.0084
)
(
0
.0002
)
(
0
.0055
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0210
)
(0.0507
)
(0.0453
)
(0.0084
)
(0.0003
)
(0.0056
)
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
.....................
2.12
%
(f)
5.19
%
4.63
%
0.84
%
0.03
%
0.56
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.28
%
(g)
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.27
%
(g)
0.27
%
0.27
%
0.25
%
0.08
%
0.24
%
Net
investment
income
......................
4.23
%
(g)
5.07
%
4.31
%
1.16
%
0.02
%
0.54
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
7,466,240
$
7,725,784
$
7,965,006
$
22,812,396
$
3,021,092
$
2,977,997
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
55
Financial
Highlights
FedFund
Capital
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
.............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................
0
.0212
0
.0506
0
.0448
0
.0003
0
.0002
0
.0051
Net
realized
and
unrealized
gain
................
0
.0000
(a)
0
.0006
0
.0012
(b)
0
.0085
(b)
0
.0001
0
.0009
Net
increase
from
investment
operations
............
0.0212
0.0512
0.0460
0.0088
0.0003
0.0060
Distributions
(c)
From
net
investment
income
..................
(
0
.0212
)
(
0
.0512
)
(
0
.0460
)
(
0
.0088
)
(
0
.0002
)
(
0
.0059
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................
(0.0212
)
(0.0512
)
(0.0460
)
(0.0088
)
(0.0003
)
(0.0060
)
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
......................
2.14
%
(f)
5.25
%
4.70
%
0.88
%
0.03
%
0.60
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.23
%
(g)
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.22
%
(g)
0.22
%
0.21
%
0.07
%
0.07
%
0.21
%
Net
investment
income
.......................
4.27
%
(g)
5.06
%
4.48
%
0.03
%
0.02
%
0.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
317,877
$
277,306
$
2,588
$
1,252
$
25,722,827
$
11,247,218
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
56
FedFund
Cash
Management
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0190
0
.0467
0
.0412
0
.0062
0
.0002
0
.0035
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0000
)
(a)
(b)
0
.0000
(c)
0
.0001
(b)
(
0
.0000
)
(a)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........
0.0190
0.0467
0.0413
0.0062
0.0003
0.0038
Distributions
(d)
From
net
investment
income
.................
(
0
.0190
)
(
0
.0467
)
(
0
.0413
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0190
)
(0.0467
)
(0.0413
)
(0.0062
)
(0.0003
)
(0.0038
)
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
.....................
1.92
%
(f)
4.77
%
4.21
%
0.62
%
0.03
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.68
%
(g)
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(g)
0.67
%
0.67
%
0.42
%
0.08
%
0.42
%
Net
investment
income
......................
3.84
%
(g)
4.67
%
4.12
%
0.62
%
0.02
%
0.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
662,655
$
658,764
$
718,126
$
695,591
$
590,584
$
440,893
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
57
Financial
Highlights
FedFund
Cash
Reserve
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
.............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................
0
.0195
0
.0477
0
.0418
0
.0063
0
.0002
0
.0040
Net
realized
and
unrealized
gain
(loss)
............
(
0
.0000
)
(a)
(b)
0
.0000
(c)
0
.0005
(b)
0
.0004
(b)
0
.0001
0
.0002
Net
increase
from
investment
operations
............
0.0195
0.0477
0.0423
0.0067
0.0003
0.0042
Distributions
(d)
From
net
investment
income
..................
(
0
.0195
)
(
0
.0477
)
(
0
.0423
)
(
0
.0067
)
(
0
.0002
)
(
0
.0041
)
From
net
realized
gain
.......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................
(0.0195
)
(0.0477
)
(0.0423
)
(0.0067
)
(0.0003
)
(0.0042
)
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)
4.87
%
4.32
%
0.67
%
0.03
%
0.42
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.58
%
(g)
0.58
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.57
%
(g)
0.57
%
0.57
%
0.35
%
0.08
%
0.39
%
Net
investment
income
.......................
3.93
%
(g)
4.77
%
4.18
%
0.63
%
0.02
%
0.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
4,048,423
$
4,143,595
$
4,048,351
$
5,181,757
$
5,518,536
$
5,079,903
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
58
FedFund
Dollar
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0202
0
.0492
0
.0439
0
.0080
0
.0002
0
.0039
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0000
)
(a)
(b)
0
.0000
(c)
(
0
.0001
)
(
0
.0005
)
0
.0001
0
.0009
Net
increase
from
investment
operations
...........
0.0202
0.0492
0.0438
0.0075
0.0003
0.0048
Distributions
(d)
From
net
investment
income
.................
(
0
.0202
)
(
0
.0492
)
(
0
.0438
)
(
0
.0075
)
(
0
.0002
)
(
0
.0047
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0202
)
(0.0492
)
(0.0438
)
(0.0075
)
(0.0003
)
(0.0048
)
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
.....................
2.04
%
(f)
5.03
%
4.47
%
0.75
%
0.03
%
0.48
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(g)
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.42
%
(g)
0.42
%
0.42
%
0.29
%
0.08
%
0.31
%
Net
investment
income
......................
4.08
%
(g)
4.92
%
4.39
%
0.80
%
0.02
%
0.39
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
4,276,478
$
4,043,250
$
3,987,319
$
3,653,256
$
2,863,692
$
2,991,892
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
59
Financial
Highlights
FedFund
Great
Pacific
Six
Months
Ended
04/30/25
(unaudited)
Period
from
08/12/24
(a)
to
10/31/24
Net
asset
value,
beginning
of
period
.......................................................................
$
1.00
$
1.00
Net
investment
income
................................................................................
0
.0215
0
.0110
Net
increase
from
investment
operations
......................................................................
0.0215
0.0110
Distributions
from
net
investment
income
(b)
..................................................................
(0.0215
)
(0.0110
)
Net
asset
value,
end
of
period
............................................................................
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
................................................................................
2.17
%
(d)
1.11
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................
0.19
%
(e)
0.18
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
0.17
%
(e)
0.17
%
(e)
Net
investment
income
.................................................................................
4.33
%
(e)
4.99
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
52
$
51
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
60
FedFund
Mischler
Financial
Group
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
...........................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0216
0
.0517
0
.0489
0
.0081
0
.0001
Net
realized
and
unrealized
gain
(loss)
..........................
(
0
.0001
)
(b)
0
.0000
(c)
(
0
.0026
)
0
.0009
(b)
0
.0001
Net
increase
from
investment
operations
..........................
0.0215
0.0517
0.0463
0.0090
0.0002
Distributions
(d)
From
net
investment
income
................................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
From
net
realized
gain
.....................................
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0001
)
Total
distributions
..........................................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
....................................
2.17
%
(g)
5.29
%
4.73
%
0.90
%
0.02
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.18
%
(h)
0.18
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.17
%
(h)
0.17
%
0.17
%
0.13
%
0.05
%
(h)
Net
investment
income
.....................................
4.35
%
(h)
5.17
%
4.89
%
0.81
%
0.03
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................
$
1,494,968
$
3,113,093
$
2,018,045
$
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)
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)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
FedFund
Penserra
Six
Months
Ended
04/30/25
(unaudited)
Period
from
08/12/24
(a)
to
10/31/24
Net
asset
value,
beginning
of
period
.......................................................................
$
1.00
$
1.00
Net
investment
income
................................................................................
0
.0210
0
.0110
Net
realized
gain
....................................................................................
0
.0005
0
.0000
Net
increase
from
investment
operations
......................................................................
0.0215
0.0110
Distributions
from
net
investment
income
(b)
..................................................................
(0.0215
)
(0.0110
)
Net
asset
value,
end
of
period
............................................................................
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
................................................................................
2.17
%
(d)
1.11
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................
0.18
%
(e)
0.18
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
0.17
%
(e)
0.17
%
(e)
Net
investment
income
.................................................................................
4.23
%
(e)
4.99
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
14,112
$
101
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
62
FedFund
Premier
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0215
0
.0516
0
.0466
0
.0208
0
.0002
0
.0062
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0000
)
(a)
(b)
0
.0001
(
0
.0003
)
(
0
.0118
)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........
0.0215
0.0517
0.0463
0.0090
0.0003
0.0064
Distributions
(c)
From
net
investment
income
.................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
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
.....................
2.17
%
(e)
5.29
%
4.73
%
0.90
%
0.03
%
0.64
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(f)
0.18
%
0.19
%
0.18
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(f)
0.17
%
0.17
%
0.17
%
0.06
%
0.17
%
Net
investment
income
......................
4.33
%
(f)
5.16
%
4.66
%
2.09
%
0.02
%
0.62
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,633,426
$
3,911,216
$
2,879,645
$
1,429,878
$
18,892
$
37
(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)
63
Financial
Highlights
FedFund
Private
Client
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0189
0
.0467
0
.0412
0
.0061
0
.0002
0
.0036
Net
realized
and
unrealized
gain
(loss)
...........
0
.0001
(
0
.0001
)
(a)
(
0
.0000
)
(b)
0
.0001
(a)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........
0.0190
0.0466
0.0412
0.0062
0.0003
0.0038
Distributions
(c)
From
net
investment
income
.................
(
0
.0190
)
(
0
.0466
)
(
0
.0412
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
From
net
realized
gain
......................
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0190
)
(0.0466
)
(0.0412
)
(0.0062
)
(0.0003
)
(0.0038
)
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
.....................
1.91
%
(e)
4.76
%
4.20
%
0.62
%
0.03
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.03
%
(f)
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.68
%
(f)
0.68
%
0.68
%
0.42
%
0.08
%
0.43
%
Net
investment
income
......................
3.82
%
(f)
4.67
%
4.12
%
0.61
%
0.02
%
0.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
164
$
160
$
250
$
253
$
252
$
252
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
64
FedFund
Select
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
.............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................
0
.0173
0
.0434
0
.0365
0
.0042
0
.0002
0
.0021
Net
realized
and
unrealized
gain
................
0
.0001
0
.0000
(a)
0
.0015
(b)
0
.0005
(b)
0
.0001
0
.0004
Net
increase
from
investment
operations
............
0.0174
0.0434
0.0380
0.0047
0.0003
0.0025
Distributions
(c)
From
net
investment
income
..................
(
0
.0174
)
(
0
.0434
)
(
0
.0380
)
(
0
.0047
)
(
0
.0002
)
(
0
.0024
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................
(0.0174
)
(0.0434
)
(0.0380
)
(0.0047
)
(0.0003
)
(0.0025
)
Net
asset
value,
end
of
period
..................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
......................
1.75
%
(f)
4.43
%
3.87
%
0.47
%
0.03
%
0.26
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
1.03
%
(g)
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
1.00
%
(g)
1.00
%
1.00
%
0.50
%
0.08
%
0.54
%
Net
investment
income
.......................
3.49
%
(g)
4.34
%
3.65
%
0.42
%
0.02
%
0.22
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
403,727
$
335,419
$
325,700
$
657,779
$
727,352
$
301,826
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
65
Financial
Highlights
FedFund
Stern
Brothers
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..................................................
0
.0225
0
.0491
0
.0513
0
.0060
Net
realized
and
unrealized
gain
(loss)
........................................
(
0
.0010
)
(b)
0
.0026
(
0
.0050
)
(
0
.0000
)
(c)
Net
increase
from
investment
operations
........................................
0.0215
0.0517
0.0463
0.0060
Distributions
(d)
From
net
investment
income
..............................................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0060
)
From
net
realized
gain
...................................................
(
0
.0000
)
(c)
Total
distributions
........................................................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0060
)
Net
asset
value,
end
of
period
..............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................
2.17
%
(f)
5.29
%
4.73
%
0.60
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.18
%
(g)
0.18
%
0.18
%
0.18
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(g)
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................
4.55
%
(g)
4.91
%
5.13
%
2.37
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
13,059
$
409,802
$
27
$
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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
66
FedFund
Tigress
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..................................................
0
.0215
0
.0518
0
.0494
0
.0025
Net
realized
and
unrealized
(loss)
...........................................
(
0
.0000
)
(b)
(c)
(
0
.0001
)
(c)
(
0
.0031
)
(
0
.0002
)
Net
increase
from
investment
operations
........................................
0.0215
0.0517
0.0463
0.0023
Distributions
(d)
From
net
investment
income
..............................................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0023
)
From
net
realized
gain
...................................................
(
0
.0000
)
(b)
Total
distributions
........................................................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0023
)
Net
asset
value,
end
of
period
..............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................
2.17
%
(f)
5.29
%
4.73
%
0.23
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.18
%
(g)
0.18
%
0.18
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(g)
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................
4.34
%
(g)
5.18
%
4.97
%
2.87
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
69,042
$
83,692
$
29,732
$
2,050
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
See
notes
to
financial
statements.
FedFund
WestCap
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Period
from
08/12/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.........................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..................................................
0
.0215
0
.0517
0
.0501
0
.0054
Net
realized
and
unrealized
gain
(loss)
........................................
(
0
.0000
)
(b)
(c)
0
.0000
(d)
(
0
.0038
)
(
0
.0000
)
(b)
Net
increase
from
investment
operations
........................................
0.0215
0.0517
0.0463
0.0054
Distributions
(e)
From
net
investment
income
..............................................
(
0
.0215
)
(
0
.0517
)
(
0
.0463
)
(
0
.0054
)
From
net
realized
gain
...................................................
(
0
.0000
)
(b)
Total
distributions
........................................................
(0.0215
)
(0.0517
)
(0.0463
)
(0.0054
)
Net
asset
value,
end
of
period
..............................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
..................................................
2.17
%
(g)
5.29
%
4.73
%
0.54
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.18
%
(h)
0.18
%
0.18
%
0.18
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(h)
0.17
%
0.17
%
0.17
%
(h)
Net
investment
income
...................................................
4.34
%
(h)
5.17
%
5.01
%
2.42
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
63,607
$
78,664
$
103,261
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
less
than
$0.00005
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
68
TempCash
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0009
$
1.0006
Net
investment
income
.....................
0
.0221
0
.0529
0
.0488
0
.0119
0
.0005
0
.0084
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0002
)
0
.0004
(
0
.0002
)
(a)
(
0
.0026
)
(
0
.0003
)
0
.0004
Net
increase
from
investment
operations
...........
0.0219
0.0533
0.0486
0.0093
0.0002
0.0088
Distributions
(b)
From
net
investment
income
.................
(
0
.0221
)
(
0
.0531
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
Total
distributions
...........................
(0.0221
)
(0.0531
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
Net
asset
value,
end
of
period
.................
$
1.0004
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0009
Total
Return
(d)
Based
on
net
asset
value
.....................
2.21
%
(e)
5.45
%
4.97
%
0.94
%
0.02
%
0.88
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.20
%
(f)
0.21
%
0.22
%
0.26
%
0.24
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.18
%
(f)
0.18
%
0.18
%
0.17
%
0.17
%
0.18
%
Net
investment
income
......................
4.45
%
(f)
5.29
%
4.88
%
1.19
%
0.05
%
0.84
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
21,337,865
$
20,034,823
$
13,151,148
$
8,658,551
$
5,786,777
$
10,638,146
(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)
69
Financial
Highlights
TempCash
Capital
Period
from
04/14/25
(a)
to
04/30/25
(unaudited)
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.0004
Net
investment
income
................................................................................................
0
.0020
Net
increase
from
investment
operations
......................................................................................
0.0020
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0020
)
Net
asset
value,
end
of
period
............................................................................................
$
1.0004
Total
Return
(c)
Based
on
net
asset
value
................................................................................................
0.20
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................................
0.20
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.18
%
(e)
Net
investment
income
.................................................................................................
4.34
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
70
TempCash
Dollar
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
...........
$
1.0007
$
1.0004
$
1.0000
$
1.0006
$
1.0009
$
1.0006
Net
investment
income
....................
0
.0218
0
.0513
0
.0459
0
.0084
(
0
.0000
)
(a)
0
.0062
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0004
)
0
.0013
0
.0003
(
0
.0006
)
(
0
.0001
)
0
.0004
Net
increase
(decrease)
from
investment
operations
..
0.0214
0.0526
0.0462
0.0078
(0.0001
)
0.0066
Distributions
(b)
From
net
investment
income
................
(
0
.0216
)
(
0
.0523
)
(
0
.0458
)
(
0
.0084
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
.....................
(
0
.0000
)
(a)
Total
distributions
..........................
(0.0216
)
(0.0523
)
(0.0458
)
(0.0084
)
(0.0002
)
(0.0063
)
Net
asset
value,
end
of
period
................
$
1.0005
$
1.0007
$
1.0004
$
1.0000
$
1.0006
$
1.0009
Total
Return
(c)
Based
on
net
asset
value
....................
2.16
%
(d)
5.39
%
4.72
%
0.78
%
(0.01
)%
0.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.30
%
(e)
0.24
%
0.47
%
0.51
%
0.50
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.28
%
(e)
0.21
%
0.42
%
0.33
%
0.20
%
0.40
%
Net
investment
income
.....................
4.39
%
(e)
5.17
%
4.59
%
0.84
%
(0.00
)%
(f)
0.62
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
21,416
$
46,896
$
19
$
18
$
18
$
18
(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.
(f)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
TempCash
Great
Pacific
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Period
from
01/23/23
(a)
to
10/31/23
Net
asset
value,
beginning
of
period
........................................................
$
1.0005
$
1.0003
$
1.0004
Net
investment
income
.................................................................
0
.0221
0
.0527
0
.0387
Net
realized
and
unrealized
gain
(loss)
.......................................................
(
0
.0001
)
0
.0006
0
.0002
Net
increase
from
investment
operations
.......................................................
0.0220
0.0533
0.0389
Distributions
from
net
investment
income
(b)
...................................................
(0.0221
)
(0.0531
)
(0.0390
)
Net
asset
value,
end
of
period
.............................................................
$
1.0004
$
1.0005
$
1.0003
Total
Return
(c)
Based
on
net
asset
value
.................................................................
2.22
%
(d)
5.45
%
3.96
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.20
%
(e)
0.21
%
0.22
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.18
%
(e)
0.18
%
0.18
%
(e)
Net
investment
income
..................................................................
4.45
%
(e)
5.27
%
5.01
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
791,868
$
774,727
$
404,394
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
72
TempCash
Premier
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0010
$
1.0007
Net
investment
income
.....................
0
.0221
0
.0530
0
.0482
0
.0099
0
.0005
0
.0085
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0001
)
0
.0002
0
.0004
(
0
.0006
)
(
0
.0004
)
0
.0003
Net
increase
from
investment
operations
...........
0.0220
0.0532
0.0486
0.0093
0.0001
0.0088
Distributions
(a)
From
net
investment
income
.................
(
0
.0221
)
(
0
.0530
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
From
net
realized
gain
......................
(
0
.0000
)
(b)
Total
distributions
...........................
(0.0221
)
(0.0530
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
Net
asset
value,
end
of
period
.................
$
1.0005
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0010
Total
Return
(c)
Based
on
net
asset
value
.....................
2.22
%
(d)
5.45
%
4.97
%
0.94
%
0.01
%
0.88
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.20
%
(e)
0.21
%
0.22
%
0.27
%
0.25
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.18
%
(e)
0.18
%
0.18
%
0.17
%
0.16
%
0.18
%
Net
investment
income
......................
4.45
%
(e)
5.30
%
4.82
%
0.99
%
0.05
%
0.84
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
36
$
37
$
36
$
36
$
37
$
37
(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)
73
Financial
Highlights
T-Fund
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0215
0
.0516
0
.0468
0
.0084
0
.0001
0
.0057
Net
realized
gain
(loss)
.....................
(
0
.0001
)
(a)
0
.0000
(b)
(
0
.0005
)
0
.0006
(a)
0
.0001
0
.0005
Net
increase
from
investment
operations
...........
0.0214
0.0516
0.0463
0.0090
0.0002
0.0062
Distributions
(c)
From
net
investment
income
.................
(
0
.0214
)
(
0
.0516
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0214
)
(0.0516
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
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
.....................
2.16
%
(f)
5.29
%
4.73
%
0.90
%
0.02
%
0.62
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(h)
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(h)
0.17
%
0.17
%
0.14
%
0.08
%
0.17
%
Net
investment
income
......................
4.33
%
(h)
5.16
%
4.68
%
0.84
%
0.01
%
0.57
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
102,362,072
$
101,661,627
$
87,613,217
$
82,703,301
$
91,031,976
$
88,266,743
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
74
T-Fund
Administration
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0209
0
.0506
0
.0423
0
.0120
0
.0001
0
.0056
Net
realized
gain
(loss)
.....................
0
.0001
0
.0000
(a)
0
.0030
(b)
(
0
.0037
)
0
.0001
(
0
.0002
)
Net
increase
from
investment
operations
...........
0.0210
0.0506
0.0453
0.0083
0.0002
0.0054
Distributions
(c)
From
net
investment
income
.................
(
0
.0210
)
(
0
.0506
)
(
0
.0453
)
(
0
.0083
)
(
0
.0001
)
(
0
.0053
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0210
)
(0.0506
)
(0.0453
)
(0.0083
)
(0.0002
)
(0.0054
)
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
.....................
2.11
%
(f)
5.18
%
4.63
%
0.84
%
0.01
%
0.53
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.28
%
(h)
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.27
%
(h)
0.27
%
0.27
%
0.27
%
0.08
%
0.25
%
Net
investment
income
......................
4.22
%
(h)
5.06
%
4.23
%
1.20
%
0.01
%
0.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
5,406,821
$
4,655,387
$
3,987,751
$
15,781,965
$
504,427
$
489,691
(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)
75
Financial
Highlights
T-Fund
Capital
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0211
0
.0510
0
.0480
0
.0001
0
.0001
0
.0048
Net
realized
gain
(loss)
.....................
0
.0001
0
.0001
(
0
.0022
)
0
.0086
(a)
0
.0001
0
.0010
Net
increase
from
investment
operations
...........
0.0212
0.0511
0.0458
0.0087
0.0002
0.0058
Distributions
(b)
From
net
investment
income
.................
(
0
.0212
)
(
0
.0511
)
(
0
.0458
)
(
0
.0087
)
(
0
.0001
)
(
0
.0057
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0212
)
(0.0511
)
(0.0458
)
(0.0087
)
(0.0002
)
(0.0058
)
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
.....................
2.14
%
(e)
5.23
%
4.68
%
0.87
%
0.01
%
0.57
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.23
%
(g)
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.22
%
(g)
0.22
%
0.22
%
0.09
%
0.08
%
0.21
%
Net
investment
income
......................
4.26
%
(g)
5.10
%
4.80
%
0.01
%
0.01
%
0.48
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
352,898
$
275,247
$
202,286
$
55,006
$
27,304,259
$
15,842,877
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
76
T-Fund
Cash
Management
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0190
0
.0465
0
.0411
0
.0059
0
.0001
0
.0034
Net
realized
gain
.........................
0
.0000
(a)
0
.0001
0
.0002
(b)
0
.0003
(b)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........
0.0190
0.0466
0.0413
0.0062
0.0002
0.0037
Distributions
(c)
From
net
investment
income
.................
(
0
.0190
)
(
0
.0466
)
(
0
.0413
)
(
0
.0062
)
(
0
.0001
)
(
0
.0036
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0190
)
(0.0466
)
(0.0413
)
(0.0062
)
(0.0002
)
(0.0037
)
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
.....................
1.91
%
(f)
4.76
%
4.21
%
0.62
%
0.01
%
0.37
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.68
%
(h)
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(h)
0.67
%
0.67
%
0.41
%
0.08
%
0.41
%
Net
investment
income
......................
3.82
%
(h)
4.65
%
4.11
%
0.59
%
0.00
%
(i)
0.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
989,813
$
1,019,811
$
915,927
$
887,139
$
825,420
$
1,009,514
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
T-Fund
Cash
Reserve
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0194
0
.0477
0
.0417
0
.0033
0
.0001
0
.0037
Net
realized
gain
(loss)
.....................
0
.0001
(
0
.0001
)
(a)
0
.0006
(a)
0
.0034
(a)
0
.0001
0
.0004
Net
increase
from
investment
operations
...........
0.0195
0.0476
0.0423
0.0067
0.0002
0.0041
Distributions
(b)
From
net
investment
income
.................
(
0
.0195
)
(
0
.0476
)
(
0
.0423
)
(
0
.0067
)
(
0
.0001
)
(
0
.0040
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0195
)
(0.0476
)
(0.0423
)
(0.0067
)
(0.0002
)
(0.0041
)
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
.....................
1.96
%
(e)
4.87
%
4.32
%
0.67
%
0.01
%
0.40
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.58
%
(g)
0.58
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.57
%
(g)
0.57
%
0.57
%
0.22
%
0.07
%
0.39
%
Net
investment
income
......................
3.91
%
(g)
4.77
%
4.17
%
0.33
%
0.01
%
0.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
59,209
$
49,363
$
43,531
$
88,281
$
482,231
$
56,822
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
78
T-Fund
Dollar
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0201
0
.0491
0
.0438
0
.0071
0
.0001
0
.0044
Net
realized
gain
(loss)
.....................
0
.0001
0
.0000
(a)
(
0
.0000
)
(b)
0
.0003
(c)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........
0.0202
0.0491
0.0438
0.0074
0.0002
0.0047
Distributions
(d)
From
net
investment
income
.................
(
0
.0202
)
(
0
.0491
)
(
0
.0438
)
(
0
.0074
)
(
0
.0001
)
(
0
.0046
)
From
net
realized
gain
......................
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0202
)
(0.0491
)
(0.0438
)
(0.0074
)
(0.0002
)
(0.0047
)
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
.....................
2.04
%
(f)
5.03
%
4.47
%
0.75
%
0.01
%
0.46
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(h)
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.42
%
(h)
0.42
%
0.42
%
0.29
%
0.08
%
0.32
%
Net
investment
income
......................
4.06
%
(h)
4.92
%
4.38
%
0.71
%
0.01
%
0.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
1,363,081
$
1,199,807
$
1,364,428
$
1,258,974
$
1,000,401
$
670,205
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
T-Fund
Premier
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0214
0
.0516
0
.0475
0
.0193
0
.0001
0
.0060
Net
realized
gain
(loss)
.....................
0
.0000
(a)
0
.0000
(a)
(
0
.0012
)
(
0
.0103
)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........
0.0214
0.0516
0.0463
0.0090
0.0002
0.0062
Distributions
(b)
From
net
investment
income
.................
(
0
.0214
)
(
0
.0516
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0214
)
(0.0516
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
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
.....................
2.16
%
(e)
5.29
%
4.73
%
0.90
%
0.02
%
0.61
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(g)
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(g)
0.17
%
0.17
%
0.17
%
0.06
%
0.17
%
Net
investment
income
......................
4.32
%
(g)
5.16
%
4.75
%
1.95
%
0.01
%
0.60
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
1,758,562
$
1,443,015
$
1,431,264
$
496,172
$
12,958
$
37
(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)
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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
80
T-Fund
Select
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0172
0
.0435
0
.0400
0
.0031
0
.0001
0
.0011
Net
realized
gain
(loss)
.....................
0
.0001
(
0
.0002
)
(a)
(
0
.0020
)
0
.0016
(a)
0
.0001
0
.0014
Net
increase
from
investment
operations
...........
0.0173
0.0433
0.0380
0.0047
0.0002
0.0025
Distributions
(b)
From
net
investment
income
.................
(
0
.0173
)
(
0
.0433
)
(
0
.0380
)
(
0
.0047
)
(
0
.0001
)
(
0
.0024
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0173
)
(0.0433
)
(0.0380
)
(0.0047
)
(0.0002
)
(0.0025
)
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
.....................
1.75
%
(e)
4.42
%
3.87
%
0.47
%
0.01
%
0.24
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.03
%
(g)
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.00
%
(g)
1.00
%
1.00
%
0.52
%
0.07
%
0.41
%
Net
investment
income
......................
3.48
%
(g)
4.35
%
4.00
%
0.31
%
0.01
%
0.11
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
23,848
$
19,643
$
50,396
$
21,300
$
37,798
$
30,444
(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
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
Treasury
Trust
Fund
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0212
0
.0515
0
.0458
0
.0082
0
.0001
0
.0048
Net
realized
gain
.........................
0
.0003
0
.0003
0
.0001
0
.0001
0
.0001
0
.0015
Net
increase
from
investment
operations
...........
0.0215
0.0518
0.0459
0.0083
0.0002
0.0063
Distributions
(a)
From
net
investment
income
.................
(
0
.0214
)
(
0
.0517
)
(
0
.0459
)
(
0
.0083
)
(
0
.0001
)
(
0
.0062
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0215
)
(0.0518
)
(0.0459
)
(0.0083
)
(0.0002
)
(0.0063
)
Net
asset
value,
end
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
.....................
2.16
%
(d)
5.30
%
4.69
%
0.84
%
0.01
%
0.63
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(e)
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(e)
0.17
%
0.17
%
0.14
%
0.06
%
0.17
%
Net
investment
income
......................
4.28
%
(e)
5.15
%
4.58
%
0.82
%
0.01
%
0.48
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
142,985,571
$
123,707,288
$
97,157,593
$
106,544,392
$
98,602,650
$
56,400,526
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
82
Treasury
Trust
Fund
Administration
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0206
0
.0505
0
.0449
0
.0065
0
.0001
0
.0058
Net
realized
gain
(loss)
.....................
0
.0004
0
.0003
0
.0000
(a)
0
.0012
0
.0001
(
0
.0002
)
Net
increase
from
investment
operations
...........
0.0210
0.0508
0.0449
0.0077
0.0002
0.0056
Distributions
(b)
From
net
investment
income
.................
(
0
.0209
)
(
0
.0507
)
(
0
.0449
)
(
0
.0077
)
(
0
.0001
)
(
0
.0055
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0210
)
(0.0508
)
(0.0449
)
(0.0077
)
(0.0002
)
(0.0056
)
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
.....................
2.11
%
(e)
5.19
%
4.58
%
0.77
%
0.01
%
0.56
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.28
%
(f)
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.27
%
(f)
0.27
%
0.27
%
0.19
%
0.07
%
0.24
%
Net
investment
income
......................
4.16
%
(f)
5.05
%
4.49
%
0.65
%
0.01
%
0.58
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
952,412
$
661,719
$
442,723
$
382,956
$
599,190
$
399,846
(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)
83
Financial
Highlights
Treasury
Trust
Fund
Capital
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
...........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................
0
.0209
0
.0508
0
.0489
0
.0163
0
.0001
0
.0000
(b)
Net
realized
gain
(loss)
....................
0
.0003
0
.0005
(
0
.0035
)
(c)
(
0
.0083
)
(c)
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
..........
0.0212
0.0513
0.0454
0.0080
0.0002
0.0000
Distributions
(d)
From
net
investment
income
................
(
0
.0211
)
(
0
.0512
)
(
0
.0454
)
(
0
.0080
)
(
0
.0001
)
From
net
realized
gain
.....................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0001
)
Total
distributions
..........................
(0.0212
)
(0.0513
)
(0.0454
)
(0.0080
)
(0.0002
)
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
....................
2.13
%
(g)
5.24
%
4.63
%
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.23
%
(h)
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.22
%
(h)
0.22
%
0.22
%
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
.................
4.22
%
(h)
5.08
%
4.89
%
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,507,823
$
1,253,391
$
500,685
$
27,524
$
3,299
$
250
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
84
Treasury
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0189
0
.0465
0
.0402
0
.0051
0
.0001
0
.0034
Net
realized
gain
.........................
0
.0001
0
.0003
0
.0007
0
.0005
0
.0001
0
.0003
Net
increase
from
investment
operations
...........
0.0190
0.0468
0.0409
0.0056
0.0002
0.0037
Distributions
(a)
From
net
investment
income
.................
(
0
.0189
)
(
0
.0467
)
(
0
.0409
)
(
0
.0056
)
(
0
.0001
)
(
0
.0036
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0190
)
(0.0468
)
(0.0409
)
(0.0056
)
(0.0002
)
(0.0037
)
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
.....................
1.91
%
(d)
4.77
%
4.16
%
0.56
%
0.01
%
0.37
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.68
%
(e)
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(e)
0.67
%
0.67
%
0.41
%
0.08
%
0.41
%
Net
investment
income
......................
3.81
%
(e)
4.65
%
4.02
%
0.51
%
0.01
%
0.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
4,407
$
7,192
$
5,085
$
21,330
$
32,960
$
53,101
(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)
85
Financial
Highlights
Treasury
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0192
0
.0477
0
.0415
0
.0053
0
.0001
0
.0040
Net
realized
gain
.........................
0
.0003
0
.0001
0
.0004
0
.0007
0
.0001
0
.0001
Net
increase
from
investment
operations
...........
0.0195
0.0478
0.0419
0.0060
0.0002
0.0041
Distributions
(a)
From
net
investment
income
.................
(
0
.0194
)
(
0
.0477
)
(
0
.0419
)
(
0
.0060
)
(
0
.0001
)
(
0
.0040
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0195
)
(0.0478
)
(0.0419
)
(0.0060
)
(0.0002
)
(0.0041
)
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
.....................
1.96
%
(d)
4.88
%
4.27
%
0.61
%
0.01
%
0.41
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.58
%
(e)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.57
%
(e)
0.57
%
0.57
%
0.35
%
0.07
%
0.39
%
Net
investment
income
......................
3.88
%
(e)
4.77
%
4.15
%
0.53
%
0.01
%
0.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
90,046
$
103,703
$
128,272
$
79,114
$
97,008
$
102,984
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
86
Treasury
Trust
Fund
Dollar
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0200
0
.0491
0
.0447
0
.0073
0
.0001
0
.0046
Net
realized
gain
(loss)
.....................
0
.0003
0
.0003
(
0
.0011
)
(a)
(
0
.0003
)
(a)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........
0.0203
0.0494
0.0436
0.0070
0.0002
0.0049
Distributions
(b)
From
net
investment
income
.................
(
0
.0202
)
(
0
.0493
)
(
0
.0436
)
(
0
.0070
)
(
0
.0001
)
(
0
.0048
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0203
)
(0.0494
)
(0.0436
)
(0.0070
)
(0.0002
)
(0.0049
)
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
.....................
2.04
%
(e)
5.04
%
4.44
%
0.70
%
0.01
%
0.49
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(f)
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.41
%
(f)
0.41
%
0.40
%
0.27
%
0.07
%
0.30
%
Net
investment
income
......................
4.04
%
(f)
4.91
%
4.47
%
0.73
%
0.01
%
0.46
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,814,546
$
3,207,547
$
2,343,866
$
1,060,804
$
1,035,846
$
939,241
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
Treasury
Trust
Fund
Select
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0171
0
.0434
0
.0378
0
.0032
0
.0001
0
.0016
Net
realized
gain
(loss)
.....................
0
.0003
0
.0001
(
0
.0002
)
(a)
0
.0010
0
.0001
0
.0008
Net
increase
from
investment
operations
...........
0.0174
0.0435
0.0376
0.0042
0.0002
0.0024
Distributions
(b)
From
net
investment
income
.................
(
0
.0173
)
(
0
.0434
)
(
0
.0376
)
(
0
.0042
)
(
0
.0001
)
(
0
.0023
)
From
net
realized
gain
......................
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................
(0.0174
)
(0.0435
)
(0.0376
)
(0.0042
)
(0.0002
)
(0.0024
)
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
.....................
1.74
%
(e)
4.43
%
3.82
%
0.42
%
0.01
%
0.24
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.03
%
(f)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.00
%
(f)
1.00
%
1.00
%
0.49
%
0.06
%
0.45
%
Net
investment
income
......................
3.44
%
(f)
4.34
%
3.78
%
0.32
%
0.01
%
0.16
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
285,882
$
203,961
$
254,127
$
169,696
$
660,676
$
103,647
(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)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
88
MuniCash
Institutional
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
............
$
1.0001
$
1.0000
$
0.9999
$
1.0001
$
1.0001
$
1.0001
Net
investment
income
.....................
0
.0127
0
.0310
0
.0282
0
.0048
0
.0001
0
.0051
Net
realized
and
unrealized
gain
(loss)
...........
0
.0001
0
.0002
(
0
.0000
)
(a)
(b)
0
.0007
(b)
0
.0000
(c)
0
.0004
Net
increase
from
investment
operations
...........
0.0128
0.0312
0.0282
0.0055
0.0001
0.0055
Distributions
(d)
From
net
investment
income
.................
(
0
.0128
)
(
0
.0311
)
(
0
.0281
)
(
0
.0057
)
(
0
.0001
)
(
0
.0055
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
Total
distributions
...........................
(0.0128
)
(0.0311
)
(0.0281
)
(0.0057
)
(0.0001
)
(0.0055
)
Net
asset
value,
end
of
period
.................
$
1.0001
$
1.0001
$
1.0000
$
0.9999
$
1.0001
$
1.0001
Total
Return
(e)
Based
on
net
asset
value
.....................
1.29
%
(f)
3.17
%
2.86
%
0.56
%
0.01
%
0.55
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.29
%
(g)
0.31
%
0.30
%
0.28
%
0.26
%
0.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.20
%
(g)
0.21
%
0.20
%
0.16
%
0.08
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
interest
expense
.........................
0.20
%
(g)
0.20
%
0.20
%
0.16
%
0.08
%
0.19
%
Net
investment
income
......................
2.55
%
(g)
3.10
%
2.82
%
0.48
%
0.01
%
0.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,899,456
$
3,994,911
$
4,540,657
$
3,592,640
$
5,368,797
$
5,160,531
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
89
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
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.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Great
Pacific
Securities
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Stern
Brothers
Shares
are
sold
without
a
sales
charge
and
are
only
available to
clients
of
Stern
Brothers
&
Co.
and
its
affiliates.
Tigress
Shares
are
sold
without
a
sales
charge
and are
only
available
to
clients
of
Tigress
Financial
Partners
LLC
and
its
affiliates.
WestCap
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
portfolio
companies
of
WestCap
Management,
LLC
and
its
affiliates.
Administration,
Select,
Capital,
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
each
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act.
Each
Fund
is
not
subject
to
discretionary
liquidity
fees.
TempCash
and
MuniCash
price
and
transact
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
four
decimal
places,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash
and
MuniCash,
the
Board
of
Trustees
of
the
Trust
(the
"Board"),
or
its
delegate,
must
impose
a
mandatory
liquidity
fee
upon
the
sale
of
shares
if
the
Fund’s
net
redemptions
on
any
business
day
exceed
5%
of
the
Fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
Board,
or
its
delegate,
may
also
impose
a
discretionary
liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
at
certain
times,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Stern
Brothers
and
Tigress.
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Great
Pacific,
Mischler
Financial
Group,
Penserra,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
West
Cap.
TempCash
.....................................
Institutional,
Capital,
Dollar,
Great
Pacific
and
Premier
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
90
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
liquidity
fees
are
collected
and
retained
by
TempCash
and
MuniCash
for
the
benefit
of
the
Funds'
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. 
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Funds'
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
(“CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
each
Fund has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds'
financial
statements. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies
(TempCash
and
MuniCash):
The
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
TempCash
and MuniCash
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price 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
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Investment
Valuation
Policies
(BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund):
U.S.
GAAP
defines
fair
value
as
the
price
the
Funds
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Funds'
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Each
Fund
seeks
to
maintain
its
NAV
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Notes
to
Financial
Statements
(unaudited)
(continued)
91
Notes
to
Financial
Statements
Level
2
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(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
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
92
With
respect
to
TempCash,
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 the Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
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:
For
the
six
months
ended
April
30,
2025,
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,
2025,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
For
the
six
months ended
April
30,
2025,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
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, 0.17%
of
the
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund,
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash.
Any
fees
waived
by
the
Manager
with
respect
to
a
particular
fiscal
year
are
not
recoverable.
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
prior
to
June
30,
2026,
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.
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
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
14,685‌
$
—‌
$
18,754‌
$
—‌
$
15,373‌
$
—‌
$
—‌
$
48,812‌
FedFund
.....................
3,797,558‌
74,285‌
1,595,473‌
8,547,992‌
5,401,674‌
685‌
1,812,609‌
21,230,276‌
TempCash
....................
—‌
—‌
—‌
—‌
17,555‌
—‌
—‌
17,555‌
T-Fund
.......................
2,547,427‌
80,085‌
2,558,335‌
121,145‌
1,701,740‌
—‌
87,309‌
7,096,041‌
Treasury
Trust
Fund
..............
395,194‌
350,887‌
14,973‌
220,500‌
4,638,291‌
—‌
1,023,101‌
6,642,946‌
Fund
Name
Great
Pacific
Shares
Tigress
Stern
Brothers
Shares
WestCap
Shares
Total
BlackRock
Liquid
Federal
Trust
Fund
..................................................
$
—‌
$
7‌
$
—‌
$
—‌
$
7‌
FedFund
.....................................................................
—‌
48‌
5‌
50‌
103‌
TempCash
....................................................................
308‌
—‌
—‌
—‌
308‌
Notes
to
Financial
Statements
(unaudited)
(continued)
93
Notes
to
Financial
Statements
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,
2025,
the
amounts
waived
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
28,
2026
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,
2025,
the
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees waived
and/or
reimbursed
by
the
manager
class
specific, in
the
Statements
of
Operations.
For
the
six
months ended
April
30,
2025,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
participated
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.
Effective
March
3,
2025,
the
Interfund
Lending
Program
was
not
renewed
but
remains
available
for
renewal
in
the
future.
During the period
ended
March
3,
2025,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
April
30,
2025,
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. 
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
1,444,552‌
FedFund
................................................................................................................
12,514,195‌
TempCash
...............................................................................................................
2,585,884‌
T-Fund
..................................................................................................................
7,959,000‌
Treasury
Trust
Fund
.........................................................................................................
10,325,483‌
MuniCash
................................................................................................................
1,675,216‌
Service
and
Distribution
Fees
Waived
and/or
Reimbursed
-
Class
Specific
Private
Client
Select
Total
FedFund
........................................................................
$
274‌
$
42,570‌
$
42,844‌
T-Fund
..........................................................................
—‌
2,054‌
2,054‌
Treasury
Trust
Fund
.................................................................
—‌
24,064‌
24,064‌
Fund
Name/Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
Class
Specific
BlackRock
Liquid
Federal
Trust
Fund
Tigress
..........................................................................................................
$
5‌
FedFund
Tigress
..........................................................................................................
$
41‌
Stern
Brothers
.....................................................................................................
2‌
WestCap
........................................................................................................
36‌
$
79‌
TempCash
Great
Pacific
......................................................................................................
$
183‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
MuniCash
...........................................................................
$
733,641,981‌
$
509,382,530‌
$
—‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
94
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,
2025,
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.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect
which
may
impact
the
Funds’
NAV.
As
of
October
31,
2024, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
April
30,
2025, 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
and
MuniCash,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Funds
invest  in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third-party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution. 
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
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. 
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
FedFund
...........................................................................................................
$
(74,864,734
)
TempCash
..........................................................................................................
(1,063,061
)
T-Fund
.............................................................................................................
(44,040,460
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
6,744,743,004‌
$
–‌
$
(885‌)
$
(885‌)
FedFund
.......................................................
164,336,971,340‌
–‌
(19,426‌)
(19,426‌)
T-Fund
........................................................
108,873,147,050‌
–‌
(22,573‌)
(22,573‌)
Treasury
Trust
Fund
...............................................
159,839,925,980‌
–‌
(12,345‌)
(12,345‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
95
Notes
to
Financial
Statements
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
MuniCash
invests
a
substantial
amount
of its
assets
in
issuers
located
in
a
single
state
or
limited
number
of
states.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
The
Funds invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates. Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Funds' performance.
The
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
8.
CAPITAL
SHARE
TRANSACTIONS 
The
Trust’s
Declaration
of
Trust
permits
the
Trustees
to
issue
an
unlimited
number
of
full
and
fractional
shares
of
beneficial
interest
(shares)
and
to
classify
or
reclassify
any
unissued
shares
into
one
or
more
additional
classes
of
shares. 
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold,
reinvested and
redeemed
at
$1.00
per
share
for
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
25,207,487,315‌
40,999,612,124‌
Shares
issued
in
reinvestment
of
distributions
........................................................
33,189,421‌
78,311,507‌
Shares
redeemed
(24,344,092,694‌)
(41,665,368,238‌)
896,584,042‌
(587,444,607‌)
Administration
Shares
sold
115,052,930‌
161,834,138‌
Shares
issued
in
reinvestment
of
distributions
........................................................
619,393‌
1,560,845‌
Shares
redeemed
(145,935,201‌)
(145,426,579‌)
(30,262,878‌)
17,968,404‌
Bancroft
Capital
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
1,854‌
(a)
Shares
redeemed
—‌
(54,626‌)
(a)
—‌
(52,772‌)
Cabrera
Capital
Markets
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
1,854‌
(a)
Shares
redeemed
—‌
(54,626‌)
(a)
—‌
(52,772‌)
Cash
Management
Shares
sold
133,261‌
3,195,070‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5‌
16,853‌
Shares
redeemed
(104,119‌)
(5,446,284‌)
29,147‌
(2,234,361‌)
Dollar
Shares
sold
133,410,632‌
77,548,806‌
Shares
issued
in
reinvestment
of
distributions
........................................................
19,116‌
39,293‌
Shares
redeemed
(134,085,714‌)
(86,584,402‌)
(655,966‌)
(8,996,303‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
96
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
Great
Pacific
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
2,094‌
(a)
Shares
redeemed
—‌
(54,848‌)
(a)
—‌
(52,754‌)
Mischler
Financial
Group
Shares
sold
57,745,999‌
242,831,161‌
Shares
issued
in
reinvestment
of
distributions
........................................................
728,153‌
790,695‌
Shares
redeemed
(65,056,100‌)
(224,096,348‌)
(6,581,948‌)
19,525,508‌
Penserra
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
2,095‌
(a)
Shares
redeemed
—‌
(804,864‌)
(a)
—‌
(802,769‌)
Stern
Brothers
Shares
sold
200,000,001‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,209‌
2,823‌
200,001,210‌
2,823‌
Tigress
Shares
sold
5,799,999‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,354‌
56,313‌
Shares
redeemed
—‌
(2,999,999‌)
5,805,353‌
(2,943,686‌)
1,064,918,960‌
(565,083,289‌)
FedFund
Institutional
Shares
sold
512,995,182,381‌
960,873,887,287‌
Shares
issued
in
reinvestment
of
distributions
........................................................
953,097,715‌
2,305,706,156‌
Shares
redeemed
(520,554,086,583‌)
(932,819,878,045‌)
(6,605,806,487‌)
30,359,715,398‌
Administration
Shares
sold
8,098,974,672‌
18,851,949,320‌
Shares
issued
in
reinvestment
of
distributions
........................................................
97,962,703‌
236,281,031‌
Shares
redeemed
(8,456,552,625‌)
(19,328,695,622‌)
(259,615,250‌)
(240,465,271‌)
Capital
Shares
sold
497,470,420‌
623,938,069‌
Shares
issued
in
reinvestment
of
distributions
........................................................
6,146,545‌
6,406,147‌
Shares
redeemed
(463,026,774‌)
(355,507,582‌)
40,590,191‌
274,836,634‌
Cash
Management
Shares
sold
166,931,411‌
343,203,202‌
Shares
issued
in
reinvestment
of
distributions
........................................................
10,280,189‌
24,959,923‌
Shares
redeemed
(173,314,746‌)
(427,654,076‌)
3,896,854‌
(59,490,951‌)
Cash
Reserve
Shares
sold
29,511,201,279‌
52,041,441,295‌
Shares
issued
in
reinvestment
of
distributions
........................................................
4,565‌
360,941‌
Shares
redeemed
(29,606,398,218‌)
(51,947,097,796‌)
(95,192,374‌)
94,704,440‌
Dollar
Shares
sold
6,974,334,201‌
12,228,797,970‌
Shares
issued
in
reinvestment
of
distributions
........................................................
22,206,213‌
56,110,489‌
Shares
redeemed
(6,763,189,122‌)
(12,229,524,327‌)
233,351,292‌
55,384,132‌
Great
Pacific
Shares
sold
—‌
50,000‌
(b)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,095‌
554‌
(b)
1,095‌
50,554‌
Notes
to
Financial
Statements
(unaudited)
(continued)
97
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
Mischler
Financial
Group
Shares
sold
15,986,424,707‌
33,218,216,511‌
Shares
issued
in
reinvestment
of
distributions
........................................................
28,986,001‌
48,622,644‌
Shares
redeemed
(17,634,232,333‌)
(32,171,604,156‌)
(1,618,821,625‌)
1,095,234,999‌
Penserra
Shares
sold
23,999,999‌
100,000‌
(b)
Shares
issued
in
reinvestment
of
distributions
........................................................
16,745‌
1,108‌
(b)
Shares
redeemed
(10,000,000‌)
—‌
14,016,744‌
101,108‌
Premier
Shares
sold
1,618,098,809‌
3,882,607,034‌
Shares
issued
in
reinvestment
of
distributions
........................................................
7,455,109‌
20,972,458‌
Shares
redeemed
(1,903,447,158‌)
(2,871,495,106‌)
(277,893,240‌)
1,032,084,386‌
Private
Client
Shares
sold
4,602‌
41‌
Shares
issued
in
reinvestment
of
distributions
........................................................
3,075‌
9,745‌
Shares
redeemed
(3,646‌)
(99,318‌)
4,031‌
(89,532‌)
Select
Shares
sold
664,029,225‌
978,173,401‌
Shares
issued
in
reinvestment
of
distributions
........................................................
7,449,331‌
14,628,461‌
Shares
redeemed
(603,138,241‌)
(983,125,749‌)
68,340,315‌
9,676,113‌
Stern
Brothers
Shares
sold
67,499,999‌
509,199,999‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,746,689‌
3,201,468‌
Shares
redeemed
(466,161,614‌)
(102,448,884‌)
(396,914,926‌)
409,952,583‌
Tigress
Shares
sold
222,365,136‌
636,836,894‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,058,715‌
4,626,199‌
Shares
redeemed
(238,080,464‌)
(587,483,419‌)
(14,656,613‌)
53,979,674‌
WestCap
Shares
sold
9,075,000‌
44,978,749‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,593,139‌
5,110,026‌
Shares
redeemed
(25,730,667‌)
(74,711,327‌)
(15,062,528‌)
(24,622,552‌)
(8,923,762,521‌)
33,061,051,715‌
T-Fund
Institutional
Shares
sold
624,575,581,740‌
1,306,205,313,758‌
Shares
issued
in
reinvestment
of
distributions
........................................................
597,221,272‌
1,231,737,225‌
Shares
redeemed
(624,474,550,879‌)
(1,293,392,422,710‌)
698,252,133‌
14,044,628,273‌
Administration
Shares
sold
4,587,018,077‌
7,550,204,907‌
Shares
issued
in
reinvestment
of
distributions
........................................................
99,562,280‌
205,504,945‌
Shares
redeemed
(3,934,972,578‌)
(7,088,231,897‌)
751,607,779‌
667,477,955‌
Capital
Shares
sold
438,605,325‌
664,978,449‌
Shares
issued
in
reinvestment
of
distributions
........................................................
6,139,744‌
11,158,050‌
Shares
redeemed
(367,071,289‌)
(603,167,871‌)
77,673,780‌
72,968,628‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
98
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
Cash
Management
Shares
sold
2,592,885,813‌
4,961,063,034‌
Shares
issued
in
reinvestment
of
distributions
........................................................
16,594,114‌
30,531,604‌
Shares
redeemed
(2,639,513,048‌)
(4,887,766,561‌)
(30,033,121‌)
103,828,077‌
Cash
Reserve
Shares
sold
92,354,658‌
416,188,745‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,579‌
452,179‌
Shares
redeemed
(82,509,154‌)
(410,811,316‌)
9,848,083‌
5,829,608‌
Dollar
Shares
sold
3,495,174,906‌
7,400,875,405‌
Shares
issued
in
reinvestment
of
distributions
........................................................
8,522,795‌
17,683,387‌
Shares
redeemed
(3,340,391,539‌)
(7,583,391,899‌)
163,306,162‌
(164,833,107‌)
Premier
Shares
sold
1,780,112,721‌
2,986,603,430‌
Shares
issued
in
reinvestment
of
distributions
........................................................
16,762,118‌
36,899,572‌
Shares
redeemed
(1,481,233,502‌)
(3,011,843,360‌)
315,641,337‌
11,659,642‌
Select
Shares
sold
178,638,463‌
316,995,158‌
Shares
issued
in
reinvestment
of
distributions
........................................................
357,307‌
1,102,093‌
Shares
redeemed
(174,790,025‌)
(348,868,063‌)
4,205,745‌
(30,770,812‌)
1,990,501,898‌
14,710,788,264‌
Treasury
Trust
Fund
Institutional
Shares
sold
186,348,861,450‌
348,099,471,270‌
Shares
issued
in
reinvestment
of
distributions
........................................................
700,808,013‌
1,508,135,661‌
Shares
redeemed
(167,758,901,569‌)
(323,061,473,890‌)
19,290,767,894‌
26,546,133,041‌
Administration
Shares
sold
1,425,376,513‌
1,542,967,789‌
Shares
issued
in
reinvestment
of
distributions
........................................................
9,815,808‌
19,059,296‌
Shares
redeemed
(1,144,438,890‌)
(1,343,059,919‌)
290,753,431‌
218,967,166‌
Capital
Shares
sold
1,821,552,855‌
2,353,944,538‌
Shares
issued
in
reinvestment
of
distributions
........................................................
28,908,808‌
36,012,458‌
Shares
redeemed
(1,595,905,809‌)
(1,637,347,758‌)
254,555,854‌
752,609,238‌
Cash
Management
Shares
sold
25,024,665‌
59,265,535‌
Shares
issued
in
reinvestment
of
distributions
........................................................
68,766‌
246,863‌
Shares
redeemed
(27,877,905‌)
(57,405,427‌)
(2,784,474‌)
2,106,971‌
Cash
Reserve
Shares
sold
365,003,571‌
1,325,249,632‌
Shares
issued
in
reinvestment
of
distributions
........................................................
98‌
234‌
Shares
redeemed
(378,649,439‌)
(1,349,815,568‌)
(13,645,770‌)
(24,565,702‌)
Dollar
Shares
sold
7,674,305,854‌
12,043,739,465‌
Shares
issued
in
reinvestment
of
distributions
........................................................
3,456,114‌
11,737,276‌
Shares
redeemed
(7,070,435,061‌)
(11,191,908,548‌)
607,326,907‌
863,568,193‌
Select
Shares
sold
542,829,039‌
847,511,404‌
Shares
issued
in
reinvestment
of
distributions
........................................................
4,180,481‌
9,657,554‌
Shares
redeemed
(465,068,487‌)
(907,328,707‌)
81,941,033‌
(50,159,749‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
99
Notes
to
Financial
Statements
The
number
of
shares
sold,
reinvested
and
redeemed
for
TempCash
and
MuniCash
were
transacted
at
each
class's
floating
NAV
per
share
calculated
to
four
decimal
places. 
Transactions
in
capital
shares
for
each
class
of
TempCash
and
MuniCash
were
as
follows:
(a)
There
were
no
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares,
Great
Pacific
Shares
and
Penserra
Shares
outstanding
for
the
year
ended
October
31,
2024.
(b)
Period
August
12,
2024
(commencement
of
operations)
to
October
31,
2024
for
Great
Pacific
Shares
and
Penserra
Shares.
(c)
Period
April
14,
2025
(commencement
of
operations)
to
April
30,
2025
for
Capital
Shares.
(d)
There
were
no
Dollar
Shares
outstanding
for
the
year
ended
October
31,
2024.
As
of
April
30,
2025,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 1,552,123,528 Institutional Shares
of
FedFund.
As
of
April
30,
2025,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 36,478 Premier Shares
of
TempCash.
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
20,508,914,875‌
28,308,659,158‌
d
Six
Months
Ended
04/30/25
Year
Ended
10/31/24
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
16,677,435,398‌
$
16,686,146,241‌
25,076,170,569‌
$
25,088,834,874‌
Shares
issued
in
reinvestment
of
distributions
.....................
80,084,532‌
80,124,918‌
83,814,650‌
83,860,592‌
Shares
redeemed
......................................
(15,452,211,746‌)
(15,460,263,747‌)
(18,282,944,345‌)
(18,292,389,737‌)
1,305,308,184‌
$
1,306,007,412‌
6,877,040,874‌
$
6,880,305,729‌
Capital
(c)
Shares
sold
..........................................
49,980‌
$
50,000‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
101‌
101‌
—‌
$
—‌
50,081‌
$
50,101‌
—‌
$
—‌
Dollar
Shares
sold
..........................................
63,635,782‌
$
63,674,303‌
63,584,538‌
$
63,623,740‌
Shares
issued
in
reinvestment
of
distributions
.....................
17,929‌
17,940‌
1,012‌
1,013‌
Shares
redeemed
......................................
(89,114,091‌)
(89,165,800‌)
(16,739,712‌)
(16,752,216‌)
(25,460,380‌)
$
(25,473,557‌)
46,845,838‌
$
46,872,537‌
Great
Pacific
Shares
sold
..........................................
—‌
$
—‌
341,865,528‌
$
342,006,436‌
Shares
issued
in
reinvestment
of
distributions
.....................
17,247,745‌
17,255,534‌
28,205,285‌
28,217,672‌
17,247,745‌
$
17,255,534‌
370,070,813‌
$
370,224,108‌
Premier
Shares
sold
..............................................
—‌
$
—‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
—‌
—‌
Shares
redeemed
..........................................
—‌
—‌
—‌
—‌
1,297,145,630‌
$
1,297,839,490‌
7,293,957,525‌
$
7,297,402,374‌
MuniCash
Institutional
Shares
sold
..........................................
19,589,678,125‌
$
19,591,637,093‌
35,643,322,757‌
$
35,646,598,893‌
Shares
issued
in
reinvestment
of
distributions
.....................
22,830,609‌
22,832,892‌
52,437,603‌
52,442,847‌
Shares
redeemed
......................................
(19,707,955,667‌)
(19,709,926,462‌)
(36,241,898,722‌)
(36,245,055,794‌)
(95,446,933‌)
$
(95,456,477‌)
(546,138,362‌)
$
(546,014,054‌)
Dollar
Shares
sold
..........................................
—‌
$
—‌
2,561,175‌
(d)
$
2,561,175‌
(d)
Shares
issued
in
reinvestment
of
distributions
.....................
—‌
—‌
49,762‌
(d)
49,762‌
(d)
Shares
redeemed
......................................
—‌
—‌
(4,382,718‌)
(d)
(4,382,793‌)
(d)
—‌
$
—‌
(1,771,781‌)
$
(1,771,856‌)
(95,446,933‌)
$
(95,456,477‌)
(547,910,143‌)
$
(547,785,910‌)
Additional
Information
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
100
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Funds.
General
Information 
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
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.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
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
02110
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
Glossary
of
Terms
Used
in
these
Financial
Statements
101
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
COP
Certificates
of
Participation
DAC
Designated
Activity
Company
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
PJSC
Public
Joint
Stock
Company
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
The
following
applies
to
TempCash
and
MuniCash
:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Because
the
share
price
of
the
Funds
will
fluctuate,
when
you
sell
your
shares
they
may
be
worth
more
or
less
than
what
you
originally
paid
for
them.
The
Funds
may
impose
a
fee
upon
sale
of
your
shares.
The
Funds
generally
must
impose
a
fee
when
net
sales
of
Fund
shares
exceed
certain
levels.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
The
following
applies
to
BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Although
the
Funds
seek
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
they
cannot
guarantee
they
will
do
so.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
Want
to
know
more?
blackrock.com
|
800-441-7450
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
Each
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
a
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – 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 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
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 24, 2025 
 
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 24, 2025 
 
By:     /s/ Trent Walker                      
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
 
Date: June 24, 2025