N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-02354
 
Name of Fund:  BlackRock Liquidity Funds
BlackRock Liquid Federal Trust Fund
FedFund
MuniCash
TempCash
TempFund
T-Fund
Treasury Trust Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2024
 
Date of reporting period: 04/30/2024
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
  
Not Applicable
APRIL
30,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Treasury
Trust
Fund
MuniCash
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
April
30,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
impressive.
Meanwhile,
both
international
developed
market
equities
and
emerging
market
stocks
also
gained,
albeit
at
a
notably
slower
pace
than
that
of
U.S.
stocks.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period,
and
recent
statements
from
the
Fed
seem
to
support
this
view.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
we
believe
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
20.98
%
22.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.66
13.32
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
18.63
9.28
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
15.40
9.88
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.66
5.36
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
3.66
(6.40
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.97
(1.47
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.06
2.08
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.99
9.01
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
8
Financial
Statements:
Schedules
of
Investments
...............................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
50
Statements
of
Operations
................................................................................................
55
Statements
of
Changes
in
Net
Assets
........................................................................................
57
Financial
Highlights
.....................................................................................................
61
Notes
to
Financial
Statements
...............................................................................................
114
Additional
Information
....................................................................................................
126
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
128
Money
Market
Overview
For
the
Six-Month
Period
Ended
April
30,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
During
the
six-month
period
ended
April
30,
2024,
economic
conditions
in
the
United
States
remained
robust.
The
unemployment
rate
trended
at
low
levels
over
the
period,
although
it
edged
up
to
3.9%
in
April
2024.
Data
released
during
the
month
showed
non-farm
payrolls
rising
303,000
in
March
2024,
well
above
market
expectations,
while
average
hourly
earnings
increased
0.3%
month-over-month,
taking
the
year-over-year
rate
to
4.1%.
At
the
same
time,
inflationary
pressures
showed
signs
of
stickiness
with
the
consumer
price
index
(“CPI”)
report
showing
increased
headline
inflation
at
3.5%
year-over-year
and
Personal
Consumption
Expenditures,
the
Fed’s
preferred
measure
of
inflation,
holding
steady
at
a
rate
of
2.7%
year-over-year.
During
the
period,
the
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”),
left
the
range
of
the
federal
funds
rate
unchanged
at
the
5.25%-5.50%
range
set
in
July
2023
to
assess
the
impact
of
policy
firming
on
inflation
and
employment.
The
median
federal
funds
rate
forecast
contained
in
the
Summary
of
Economic
Projections
(“SEP”),
released
in
conjunction
with
the
FOMC
meeting
for
March
2024,
was
unchanged
from
the
December
2023
projection
of
4.60%
and
continued
to
imply,
in
our
estimation,
three
cuts
of
0.25%
in
the
range
for
the
target
rate
for
2024.
However,
as
of
April
30,
2024,
Fed
Funds
Futures
pointed
to
the
first
25bps
cut
coming
in
June
2024
and
lowered
the
total
level
of
cuts
expected
by
the
end
of
2024
to
less
than
100bps,
down
from
almost
160bps
in
January.
In
an
additional
notable
change,
the
FOMC
statement
noted
that
beginning
in
June
2024,
the
Committee
would
reduce
the
rate
of
reduction
in
its
securities
holdings
by
lowering
the
ceiling
on
maturing
Treasury
securities
(i.e.,
the
“monthly
redemption
cap”)
by
more
than
half,
to
$25
billion.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
reiterated
that
inflation
“remains
elevated”
while
again
acknowledging
that
it
has
“eased
over
the
past
year.”
The
statement
was
also
updated
to
note
“in
recent
months”
the
“lack
of
further
progress
toward
the
Committee’s
2%
inflation
objective”.
The
Committee
also
echoed
its
previous
outlook
for
future
interest
rate
actions,
noting
“any
adjustments”
to
the
federal
funds
target
range
would
be
based
on
an
evaluation
of
“incoming
data,
the
evolving
outlook,
and
the
balance
of
risks,”
while
again
acknowledging
that
the
FOMC
“does
not
expect
it
will
be
appropriate
to
reduce
the
target
range
until
it
has
gained
greater
confidence
that
inflation
is
moving
sustainably
toward”
its
2%
target.
Utilization
of
the
Fed’s
reverse
repurchase
program
(“RRP”)
decreased
in
2024
as
investors
rotated
out
of
the
RRP
and
into
new
Treasury
supply
and
dealer
repo
rates
remain
more
attractive,
in
our
opinion.
Year
to
date,
balances
held
at
the
RRP
have
fallen
from
$700
billion
to
$327
billion
during
tax
season
before
bouncing
back
to
$534
billion
at
April
2024
month-end.
As
of
April
30,
2024,
Treasury
bill
(“T-bill”)
tenors
between
one-month
and
one-year
traded
between
5.24%
and
5.38%.
For
reference,
T-bills
of
the
same
tenors
traded
between
4.18%
and
4.76%
as
of
April
30,
2023.
Treasury
yields
have
remained
contained
as
market
expectations
for
rate
cuts
have
been
reduced
and
pushed
out.
The
Secured
Overnight
Financing
Rate
(“SOFR”)—a
broad-based
proxy
for
overnight
repo
collateralized
by
Treasuries—has
been
printing
in
line
with
or
just
below
the
Reverse
Repurchase
Program
rate.
As
of
April
30,
SOFR
stood
at
5.34%.
As
of
April
25th,
rates
on
first
tier
non-financial
commercial
paper
(“CP”)
ranged
from
5.29%
to
5.34%
for
tenors
30
days
and
in,
while
financial
CP
rates
were
pegged
at
5.31%.
Turning
to
short-term
municipal
bonds,
municipal
money
market
industry
assets
were
mostly
rangebound
before
drifting
lower
in
January
2024
then
ultimately
moving
higher
to
end
the
reporting
period
at
$124.9
billion
as
of
April
30,
2024.
The
upward
momentum
in
industry
assets
marked
a
$4.7
billion
increase
for
the
period.
Amongst
the
elevated
rate
environment,
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
Variable
Rate
Demand
Notes
(“VRDNs”),
remained
at
attractive
levels
relative
to
taxable
alternatives
for
much
of
the
period,
helping
to
attract
and
grow
tax
exempt
money
fund
industry
assets.
VRDN
inventory
on
dealer
balance
sheets
ranged
from
a
low
of
$600
million
to
a
high
of
$9
billion,
corresponding
to
the
lows
and
highs
in
the
SIFMA
Index,
respectively,
and
averaged
approximately
$4.5
billion,
slightly
below
the
one-year
average
of
$4.7
billion.
The
7-day
SIFMA
Index
started
the
period
at
4.09%,
moved
lower
throughout
November
2023,
and
then
higher
to
4.52%
in
late
December
2023
amongst
heavy
VRDN
inventory
at
year-end.
In
early
January
2024,
seasonal
reinvestment
cash
from
bond
maturities
and
coupon
payments
briefly
overwhelmed
available
VRDN
inventory,
pushing
the
SIFMA
Index
to
a
period
low
of
1.90%.
Ultimately,
the
index
posted
its
highest
yield
of
the
period
at
4.55%
in
late
January
2024,
before
ending
the
period
at
3.77%
following
tax
season
in
April.
Looking
ahead,
municipalities
are
currently
in
the
process
of
reviewing
their
2025
fiscal
budgets
and
assessing
their
operating
financing
needs.
Though
overall
municipal
bond
issuance
has
swelled
year
to
date,
short-term
municipal
note
supply
is
expected
to
increase
only
slightly
in
2024,
remaining
subdued
compared
to
pre-pandemic
levels
as
municipal
fundamentals
remain
supportive.
Additionally,
as
the
yield
curve
remains
inverted,
the
bulk
of
issuance
has
been
focused
on
longer-term
municipal
bond
deals
while
front-end
issuance
remains
light.
Overall,
while
the
municipal
credit
cycle
has
likely
plateaued,
in
our
opinion,
high
reserves
should
cushion
potentially
softer
state
and
local
revenue
collections.
Municipal
fundamentals
remain
strong
as
most
issuers
are
positioned
well
to
absorb
the
impact
of
any
economic
contraction,
should
one
surface.
Our
municipal
money
market
fund
continues
to
maintain
high
levels
of
daily
and
weekly
liquidity
amongst
an
attractive
front-end
rate
environment.
Fund
Information
as
of
April
30,
2024
5
Fund
Information
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
Federal
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
FedFund
FedFund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
TempCash
TempCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.18‌
%
5.18‌
%
Administration
............................
5.08‌
5.08‌
Bancroft
Capital
...........................
5.18‌
5.18‌
Cabrera
Capital
Markets
.....................
5.18‌
5.18‌
Cash
Management
.........................
4.68‌
4.68‌
Dollar
..................................
4.93‌
4.93‌
Great
Pacific
.............................
5.18‌
5.18‌
Mischler
Financial
Group
.....................
5.18‌
5.18‌
Penserra
...............................
5.18‌
5.18‌
Stern
Brothers
............................
5.18‌
5.18‌
Tigress
.................................
5.18‌
5.18‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
76.6‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
22.6‌
Other
Assets
Less
Liabilities
............................
0.8‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.18‌
%
5.18‌
%
Administration
............................
5.08‌
5.08‌
Capital
.................................
5.14‌
5.14‌
Cash
Management
.........................
4.69‌
4.69‌
Cash
Reserve
............................
4.79‌
4.79‌
Dollar
..................................
4.93‌
4.93‌
Mischler
Financial
Group
.....................
5.18‌
5.18‌
Premier
................................
5.18‌
5.18‌
Private
Client
............................
4.68‌
4.68‌
Select
.................................
4.36‌
4.36‌
Stern
Brothers
............................
5.18‌
5.18‌
Tigress
.................................
5.18‌
5.18‌
WestCap
...............................
5.18‌
5.18‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
45.6‌
%
Repurchase
Agreements
...............................
41.6‌
U.S.
Government
Sponsored
Agency
Obligations
..............
10.2‌
Other
Assets
Less
Liabilities
............................
2.6‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.34‌
%
5.34‌
%
Dollar
..................................
5.32‌
5.31‌
Great
Pacific
.............................
5.34‌
5.34‌
Premier
................................
5.35‌
5.35‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
32.7‌
%
Commercial
Paper
...................................
32.2‌
Certificates
of
Deposit
.................................
18.7‌
Time
Deposits
......................................
11.1‌
U.S.
Treasury
Obligations
..............................
1.5‌
Municipal
Bonds
....................................
0.6‌
Corporate
Bonds
....................................
0.3‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.0‌
(a)
Other
Assets
Less
Liabilities
............................
2.9‌
(a)
Represents
less
than
0.1%
of
the
Fund's
net
assets.
Fund
Information
as
of
April
30,
2024
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
TempFund
TempFund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
T-Fund
T-Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
Treasury
Trust
Fund
Treasury
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.35‌
%
5.34‌
%
Administration
............................
5.25‌
5.24‌
Cabrera
Capital
Markets
.....................
5.35‌
5.34‌
Capital
.................................
5.30‌
5.29‌
Cash
Management
.........................
4.85‌
4.85‌
Cash
Reserve
............................
4.98‌
4.97‌
Dollar
..................................
5.10‌
5.10‌
Private
Client
............................
4.85‌
4.85‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
31.8‌
%
Commercial
Paper
...................................
30.6‌
Certificates
of
Deposit
.................................
18.6‌
Time
Deposits
......................................
11.6‌
Municipal
Bonds
....................................
1.5‌
U.S.
Treasury
Obligations
..............................
1.5‌
Corporate
Bonds
....................................
0.4‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.1‌
Other
Assets
Less
Liabilities
............................
3.9‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.18‌
%
5.18‌
%
Administration
............................
5.08‌
5.08‌
Capital
.................................
5.13‌
5.13‌
Cash
Management
.........................
4.68‌
4.68‌
Cash
Reserve
............................
4.78‌
4.78‌
Dollar
..................................
4.93‌
4.93‌
Premier
................................
5.18‌
5.18‌
Select
.................................
4.35‌
4.35‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
54.2‌
%
Repurchase
Agreements
...............................
43.1‌
Other
Assets
Less
Liabilities
............................
2.7‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.19‌
%
5.20‌
%
Administration
............................
5.09‌
5.11‌
Capital
.................................
5.14‌
5.15‌
Cash
Management
.........................
4.69‌
4.70‌
Cash
Reserve
............................
4.79‌
4.80‌
Dollar
..................................
4.95‌
4.96‌
Select
.................................
4.36‌
4.38‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
100.3‌
%
Liabilities
in
Excess
of
Other
Assets
.......................
(0.3‌)
Fund
Information
as
of
April
30,
2024
(continued)
7
Fund
Information
MuniCash
MuniCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
exempt
from
federal
income
tax
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.45‌
%
3.44‌
%
Dollar
..................................
3.20‌
3.20‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
98.3‌
%
Closed-End
Investment
Companies
.......................
1.1‌
Other
Assets
Less
Liabilities
............................
0.6‌
Disclosure
of
Expenses
2024
BlackRock
Semi-Annual
Report
to
Shareholders
8
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Expense
Examples
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,026.20‌
$
0.86‌
$
1,000.00‌
$
1,024.02‌
$
0.86‌
0.17%
Administration
.............................
1,000.00‌
1,025.70‌
1.36‌
1,000.00‌
1,023.52‌
1.36‌
0.27
Bancroft
Capital
............................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Cabrera
Capital
Markets
......................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Cash
Management
..........................
1,000.00‌
1,023.70‌
3.37‌
1,000.00‌
1,021.53‌
3.37‌
0.67
Dollar
...................................
1,000.00‌
1,025.00‌
2.11‌
1,000.00‌
1,022.77‌
2.11‌
0.42
Great
Pacific
..............................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Mischler
Financial
Group
......................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Penserra
................................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Stern
Brothers
.............................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Tigress
..................................
1,000.00‌
1,026.20‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
FedFund
Institutional
...............................
$
1,000.00‌
$
1,026.30‌
$
0.86‌
$
1,000.00‌
$
1,024.02‌
$
0.86‌
0.17%
Administration
.............................
1,000.00‌
1,025.80‌
1.36‌
1,000.00‌
1,023.52‌
1.36‌
0.27
Capital
..................................
1,000.00‌
1,026.10‌
1.11‌
1,000.00‌
1,023.77‌
1
.11‌
0.22
Cash
Management
..........................
1,000.00‌
1,023.70‌
3.37‌
1,000.00‌
1,021.53‌
3.37‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,024.20‌
2.87‌
1,000.00‌
1,022.03‌
2.87‌
0.57
Dollar
...................................
1,000.00‌
1,025.00‌
2.11‌
1,000.00‌
1,022.77‌
2
.11‌
0.42
Mischler
Financial
Group
......................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Premier
.................................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Private
Client
.............................
1,000.00‌
1,023.70‌
3.42‌
1,000.00‌
1,021.48‌
3.42‌
0.68
Select
..................................
1,000.00‌
1,022.10‌
5.03‌
1,000.00‌
1,019.89‌
5.02‌
1.00
Stern
Brothers
.............................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Tigress
..................................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024
.02‌
0.86‌
0.17
WestCap
................................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
TempCash
Institutional
...............................
$
1,000.00‌
$
1,027.00‌
$
0.91‌
$
1,000.00‌
$
1,023.97‌
$
0.91‌
0.18%
Dollar
...................................
1,000.00‌
1,026.40‌
1.61‌
1,000.00‌
1,023.27‌
1.61‌
0.32
Great
Pacific
..............................
1,000.00‌
1,027.00‌
0.91‌
1,000.00‌
1,023.97‌
0.91‌
0.18
Premier
.................................
1,000.00‌
1,027.00‌
0.91‌
1,000.00‌
1,023.97‌
0.91‌
0.18
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Disclosure
of
Expenses
(continued)
9
Disclosure
of
Expenses
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
TempFund
Institutional
...............................
$
1,000.00‌
$
1,027.00‌
$
0.91‌
$
1,000.00‌
$
1,023.97‌
$
0.91‌
0.18%
Administration
.............................
1,000.00‌
1,026.50‌
1.41‌
1,000.00‌
1,023.47‌
1.41‌
0.28
Cabrera
Capital
Markets
......................
1,000.00‌
1,027.00‌
0.91‌
1,000.00‌
1,023.97‌
0.91‌
0.18
Capital
..................................
1,000.00‌
1,026.90‌
1.16‌
1,000.00‌
1,023.72‌
1.16‌
0.23
Cash
Management
..........................
1,000.00‌
1,024.50‌
3.42‌
1,000.00‌
1,021.48‌
3
.42‌
0.68
Cash
Reserve
.............................
1,000.00‌
1,025.10‌
2.77‌
1,000.00‌
1,022.13‌
2.77‌
0.55
Dollar
...................................
1,000.00‌
1,025.80‌
2.17‌
1,000.00‌
1,022.73‌
2.16‌
0.43
Private
Client
.............................
1,000.00‌
1,024.50‌
3.42‌
1,000.00‌
1,021.48‌
3
.42‌
0.68
T-Fund
Institutional
...............................
$
1,000.00‌
$
1,026.30‌
$
0.86‌
$
1,000.00‌
$
1,024.02‌
$
0.86‌
0.17%
Administration
.............................
1,000.00‌
1,025.80‌
1.36‌
1,000.00‌
1,023.52‌
1.36‌
0.27
Capital
..................................
1,000.00‌
1,026.00‌
1.11‌
1,000.00‌
1,023.77‌
1.11‌
0.22
Cash
Management
..........................
1,000.00‌
1,023.70‌
3.37‌
1,000.00‌
1,021.53‌
3.37‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,024.20‌
2.87‌
1,000.00‌
1,022.03‌
2.87‌
0.57
Dollar
...................................
1,000.00‌
1,025.00‌
2.11‌
1,000.00‌
1,022.77‌
2.11‌
0.42
Premier
.................................
1,000.00‌
1,026.30‌
0.86‌
1,000.00‌
1,024.02‌
0.86‌
0.17
Select
..................................
1,000.00‌
1,022.10‌
5.03‌
1,000.00‌
1,019.89‌
5.02‌
1.00
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,026.30‌
$
0.86‌
$
1,000.00‌
$
1,024.02‌
$
0.86‌
0.17%
Administration
.............................
1,000.00‌
1,025.80‌
1.36‌
1,000.00‌
1,023.52‌
1.36‌
0.27
Capital
..................................
1,000.00‌
1,026.10‌
1.11‌
1,000.00‌
1,023.77‌
1.11‌
0.22
Cash
Management
..........................
1,000.00‌
1,023.80‌
3.37‌
1,000.00‌
1,021.53‌
3.37‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,024.30‌
2.87‌
1,000.00‌
1,022.03‌
2.87‌
0.57
Dollar
...................................
1,000.00‌
1,025.10‌
2.06‌
1,000.00‌
1,022.82‌
2.06‌
0.41
Select
..................................
1,000.00‌
1,022.10‌
5.03‌
1,000.00‌
1,019.89‌
5.02‌
1.00
MuniCash
Institutional
...............................
$
1,000.00‌
$
1,015.70‌
$
1.00‌
$
1,000.00‌
$
1,023.87‌
$
1.01‌
0.20%
Dollar
...................................
1,000.00‌
1,014.50‌
2.15‌
1,000.00‌
1,022.73‌
2.16‌
0.43
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Expense
Examples
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
April
30,
2024
BlackRock
Liquid
Federal
Trust
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
5.13%, 12/04/24
.................
USD
9,032
$
9,029,835
Federal
Farm
Credit
Bank
Discount
Notes
(a)
5.35%
,
 09/19/24
..................
410
401,682
5.28%
,
 12/02/24
..................
28,615
27,799,830
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
5.37%
,
 05/09/24
................
22,355
22,355,000
(1-day
SOFR
at
0.00%
Floor
+
0.09%),
5.41%
,
 08/26/24
................
51,440
51,440,000
(1-day
SOFR
at
0.00%
Floor
+
0.09%),
5.41%
,
 09/23/24
................
17,675
17,675,000
(1-day
SOFR
at
0.00%
Floor
+
0.17%),
5.49%
,
 01/23/25
................
28,245
28,245,000
(1-day
SOFR
a
t
0.00%
Floor
+
0.14%),
5.46%
,
 05/27/25
................
30,510
30,510,000
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
5.37%
,
 06/20/25
................
2,217
2,217,000
Federal
Home
Loan
Bank
Bonds,
5.50%, 04/15/25
.................
35,140
35,140,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
5.35%
,
 05/01/24
..................
100,000
100,000,000
5.36%
,
 05/14/24
..................
35,200
35,132,885
5.39%
,
 06/26/24
..................
37,035
36,730,646
5.34%
,
 07/24/24
..................
50,000
49,386,683
5.34%
,
 07/26/24
..................
137,000
135,278,519
5.39%
,
 08/02/24
..................
42,760
42,206,326
5.34%
,
 09/03/24
..................
7,355
7,231,268
5.30%
,
 11/01/24
..................
13,539
13,200,033
5.30%
,
 11/04/24
..................
6,875
6,699,655
5.30%
,
 11/12/24
..................
5,937
5,785,211
5.31%
,
11/26/24
..................
34,940
33,981,552
5.28%
,
 01/24/25
..................
34,830
33,589,297
5.24%
,
 02/10/25
..................
16,169
15,559,698
5.24%
,
 02/11/25
..................
25,560
24,593,434
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32%
,
 05/08/24
................
17,345
17,345,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32%
,
 05/20/24
................
110,000
110,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33%
,
 06/18/24
................
32,900
32,900,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32%
,
 07/09/24
................
72,970
72,970,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32%
,
 09/04/24
................
54,580
54,580,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32%
,
 09/09/24
................
100,000
100,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33%
,
 10/24/24
................
100,000
100,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.16%),
5.48%
,
 07/21/25
................
50,000
50,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.52%
,
 11/13/25
................
50,000
50,000,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
22.6%
(Cost:
$1,351,983,554)
............................
1,351,983,554
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
2.67%, 05/02/24
..................
412,990
412,929,700
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.59%, 05/07/24
..................
USD
37,168
$
37,135,379
4.76%, 05/09/24
..................
170,508
170,308,095
4.98%, 05/14/24
..................
330,380
329,751,123
5.02%, 05/16/24
..................
451,000
450,009,056
5.10%, 05/21/24
..................
331,491
330,524,515
5.17%, 05/28/24
..................
103,162
102,754,691
5.19%, 05/30/24
..................
123,846
123,319,242
5.23%, 06/04/24
..................
323,371
321,786,462
5.24%, 06/06/24
..................
100,000
99,471,500
5.26%, 06/13/24
..................
265,000
263,366,054
5.27%, 
06/18/24
..................
150,000
148,945,000
5.30%, 06/25/24
..................
92,065
91,323,045
5.31%, 07/05/24
..................
61,392
60,832,808
5.32%, 07/09/24
..................
340
336,616
5.31%, 07/11/24
..................
178,086
176,309,823
5.32%, 07/18/24
..................
161,068
159,331,013
5.33%, 07/23/24
..................
53,636
52,992,607
5.33%, 07/25/24
..................
99,219
98,043,399
5.33%, 07/30/24
..................
175,829
173,540,997
5.34%, 08/01/24
..................
63,796
62,983,875
5.35%, 08/06/24
..................
83,116
81,951,255
5.35%, 
08/13/24
..................
32,600
32,107,450
5.37%, 08/20/24
..................
26,700
26,268,720
5.37%, 08/27/24
..................
64,760
63,647,711
5.35%, 09/05/24
..................
620
608,834
5.33%, 09/12/24
..................
31,849
31,244,400
5.34%, 09/19/24
..................
21,829
21,390,793
5.35%, 09/26/24
..................
38,000
37,200,923
5.34%, 10/10/24
..................
27,304
26,676,232
5.35%, 10/24/24
..................
42,943
41,859,691
5.35%, 10/31/24
..................
87,900
85,604,761
5.29%, 11/29/24
..................
161
156,461
5.20%, 01/23/25
..................
21,411
20,685,434
5.23%, 02/20/25
..................
3,900
3,747,559
5.24%, 03/20/25
..................
884
845,850
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.04%),
5.36%, 07/31/24
(b)
...............
20,000
19,997,582
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.14%),
5.47%, 10/31/24
(b)
...............
149,970
149,996,460
2.13%, 11/30/24
..................
42,750
41,981,022
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
5.53%, 01/31/25
(b)
...............
50,000
50,035,185
1.13%, 02/28/25
..................
2,128
2,060,705
2.75%, 02/28/25
..................
2,949
2,894,445
(US
Treasury
3
Month
Bill
Mone
y
Market
Yield
at
0.00%
Floor
+
0.13%),
5.45%, 07/31/25
(b)
...............
59,255
59,242,245
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.50%, 10/31/25
(b)
...............
38,111
38,101,480
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
5.57%, 01/31/26
(b)
...............
75,000
75,000,000
Total
U.S.
Treasury
Obligations
—
76.6%
(Cost:
$4,579,300,198)
............................
4,579,300,198
Total
Investments
—
99.2%
(Cost:
$5,931,283,752
)
............................
5,931,283,752
Other
Assets
Less
Liabilities
—
0.8%
....................
50,447,019
Net
Assets
—
100.0%
...............................
$
5,981,730,771
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Government
Sponsored
Agency
Obligations
...................
$
—
$
1,351,983,554
$
—
$
1,351,983,554
U.S.
Treasury
Obligations
...................................
—
4,579,300,198
—
4,579,300,198
$
—
$
5,931,283,752
$
—
$
5,931,283,752
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
April
30,
2024
FedFund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
5.13%, 12/04/24
.................
USD
213,740
$
213,688,769
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
5.46
%
,
11/07/24
................
25,000
25,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
5.37
%
,
06/20/25
................
57,547
57,547,000
Federal
Home
Loan
Bank
Bonds,
5.50%, 04/15/25
.................
823,760
823,760,000
Federal
Home
Loan
Bank
Discount
Notes
(b)
5.38
%
,
06/10/24
..................
25,000
24,854,167
5.39
%
,
06/17/24
..................
136,700
135,763,928
5.39
%
,
06/18/24
..................
49,500
49,151,520
5.34
%
,
09/03/24
..................
166,847
164,040,147
5.35
%
,
09/16/24
..................
169,521
166,148,380
5.30
%
,
11/01/24
..................
164,385
160,402,499
5.30
%
,
11/04/24
..................
162,689
158,539,662
5.30
%
,
11/12/24
..................
158,386
154,336,598
5.31
%
,
11/26/24
..................
300,000
291,770,625
5.29
%
,
12/26/24
..................
100,000
96,879,722
5.28
%
,
01/24/25
..................
174,110
167,907,911
5.28
%
,
01/27/25
..................
1,058,639
1,021,741,608
5.24
%
,
02/03/25
..................
50,000
48,220,028
5.24
%
,
02/10/25
..................
484,554
466,294,390
5.24
%
,
02/11/25
..................
698,330
671,922,263
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
05/08/24
................
454,670
454,670,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
05/09/24
................
382,600
382,600,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
5.38
%
,
05/24/24
................
204,600
204,607,107
(1-day
SOFR
at
0.00%
Floor
+
0.08%),
5.40
%
,
06/06/24
................
432,600
432,627,499
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
06/18/24
................
831,700
831,700,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
06/27/24
................
345,000
345,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
07/05/24
................
134,300
134,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
5.39
%
,
07/12/24
................
213,160
213,160,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
07/29/24
................
303,800
303,800,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
08/23/24
................
475,700
475,700,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
08/26/24
................
167,600
167,600,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
08/27/24
................
712,700
712,700,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
08/29/24
................
170,495
170,495,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
09/04/24
................
1,239,440
1,239,440,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
09/09/24
................
728,675
728,672,735
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
09/17/24
................
127,300
127,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
5.32
%
,
09/23/24
................
257,600
257,600,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
10/16/24
................
212,200
212,200,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
10/22/24
................
510,600
510,600,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
10/24/24
................
USD
324,500
$
324,500,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
11/18/24
................
339,500
339,500,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
5.33
%
,
11/21/24
................
85,000
85,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.52
%
,
01/08/26
................
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.52
%
,
01/15/26
................
300,000
300,000,000
Federal
National
Mortgage
Association,
2.63%, 09/06/24
.................
569,428
563,823,556
Total
U.S.
Government
Sponsored
Agency
Obligations
—
10.2%
(Cost:
$
14,915,565,114
)
............................
14,915,565,114
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
2.67
%
,
05/02/24
..................
746,850
746,739,632
4.59
%
,
05/07/24
..................
2,741,619
2,739,243,130
4.76
%
,
05/09/24
..................
3,892,111
3,887,561,555
4.98
%
,
05/14/24
..................
600,000
598,880,917
5.02
%
,
05/16/24
..................
2,500,040
2,494,665,600
5.10
%
,
05/21/24
..................
269,510
268,733,661
5.17
%
,
05/28/24
..................
82,431
82,110,756
5.23
%
,
06/04/24
..................
3,530,740
3,513,552,276
5.26
%
,
06/13/24
..................
1,019,972
1,013,874,414
5.27
%
,
06/18/24
..................
409,400
406,520,553
5.28
%
,
06/20/24
..................
2,090,590
2,075,694,968
5.31
%
,
07/05/24
..................
3,283,212
3,253,293,856
5.32
%
,
07/09/24
..................
328,570
325,299,188
5.31
%
,
07/11/24
..................
3,132,112
3,100,702,894
5.32
%
,
07/18/24
..................
3,193,146
3,158,726,546
5.33
%
,
07/23/24
..................
595,494
588,340,510
5.33
%
,
07/25/24
..................
2,666,775
2,635,177,874
5.33
%
,
07/30/24
..................
2,286,130
2,256,383,919
5.34
%
,
08/01/24
..................
2,383,362
2,353,040,706
5.35
%
,
08/06/24
..................
2,483,068
2,448,284,942
5.33
%
,
08/08/24
..................
211,010
208,072,857
5.35
%
,
08/13/24
..................
751,200
739,850,200
5.32
%
,
08/15/24
..................
1,486,000
1,463,838,374
5.37
%
,
08/20/24
..................
374,200
368,156,888
5.34
%
,
08/22/24
..................
682,385
671,461,155
5.37
%
,
08/27/24
..................
1,622,790
1,594,917,682
5.35
%
,
08/29/24
..................
301,215
296,064,223
5.35
%
,
09/05/24
..................
837,586
822,503,777
5.33
%
,
09/12/24
..................
401
393,388
5.34
%
,
09/19/24
..................
601,014
588,938,420
5.35
%
,
09/26/24
..................
14,000
13,705,603
5.34
%
,
10/03/24
..................
49,990
48,882,864
5.34
%
,
10/10/24
..................
620,565
606,290,578
5.35
%
,
10/24/24
..................
1,111,236
1,083,203,217
5.35
%
,
10/31/24
..................
3,915,243
3,813,349,880
5.29
%
,
11/29/24
..................
478,889
465,317,718
5.24
%
,
12/26/24
..................
717,047
695,181,800
5.20
%
,
01/23/25
..................
639,321
617,645,627
5.23
%
,
02/20/25
..................
101,400
97,436,528
5.24
%
,
03/20/25
..................
181,322
173,496,797
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.14%),
5.47
%
,
10/31/24
(a)
...............
2,208,520
2,208,171,856
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
5.53
%
,
01/31/25
(a)
...............
USD
650,000
$
650,105,495
1.13
%
,
02/28/25
..................
87,715
84,958,434
2.75
%
,
02/28/25
..................
109,136
107,122,637
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.49
%
,
04/30/25
(a)
...............
5,371,785
5,371,712,716
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
5.45
%
,
07/31/25
(a)
...............
921,600
921,036,879
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.50
%
,
10/31/25
(a)
...............
2,245,180
2,244,948,227
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
5.57
%
,
01/31/26
(a)
...............
USD
2,000,590
$
2,001,430,889
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
5.48
%
,
04/30/26
(a)
...............
675,396
675,396,000
Total
U.S.
Treasury
Obligations
—
45
.6
%
(Cost:
$
66,580,418,606
)
............................
66,580,418,606
Total
Repurchase
Agreements
—
41
.6
%
(Cost:
$
60,832,236,250
)
............................
60,832,236,250
Total
Investments
—
97
.4
%
(Cost:
$
142,328,219,970
)
...........................
142,328,219,970
Other
Assets
Less
Liabilities
—
2.6
%
....................
3,743,480,564
Net
Assets
—
100.0%
...............................
$
146,071,700,534
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
14
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.31‌
%
04/30/24
05/01/24
$
54,000‌
$
54,000,000‌
$
54,007,965‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
11/15/24
to
07/31/25
.........
$
55,776,643‌
$
55,080,000‌
5
.31‌
(a)
04/30/24
05/01/24
600,000‌
600,000,000‌
600,088,500‌
U.S.
Treasury
Obligations,
0.13%
to
5.48%,
due
07/15/24
to
04/30/26
.........
533,199,480‌
612,000,002‌
5
.31‌
04/30/24
05/01/24
25,000‌
25,000,000‌
25,003,687‌
U.S.
Treasury
Obligation,
5.00%,
due
09/30/25
.........
25,450,700‌
25,500,007‌
5
.33‌
04/30/24
05/01/24
10,000‌
10,000,000‌
10,001,481‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
2.00%,
due
05/15/32
to
07/20/67
.........
504,010,899‌
10,500,000‌
–‌
–‌
$
689,000,000‌
$
703,080,009‌
–‌
–‌
Bank
of
Montreal
....
5
.31‌
04/30/24
05/01/24
141,000‌
141,000,000‌
141,020,798‌
U.S.
Treasury
Obligations,
1.25%
to
4.25%,
due
07/15/25
to
02/28/31
.........
155,289,800‌
143,820,031‌
5
.33‌
04/30/24
05/01/24
325,000‌
325,000,000‌
325,048,118‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.50%,
due
07/01/48
to
04/01/54
.........
477,942,561‌
334,750,000‌
5
.42‌
04/24/24
05/01/24
25,000‌
25,000,000‌
25,026,347‌
U.S.
Government
Sponsored
Agency
Obligation,
6.83%,
due
11/20/53
.........
26,623,983‌
26,250,001‌
–‌
–‌
$
491,000,000‌
$
504,820,032‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
5
.31‌
04/30/24
05/01/24
3,000‌
3,000,000‌
3,000,442‌
U.S.
Treasury
Obligations,
0.00%
to
3.75%,
due
08/13/24
to
06/30/30
.........
3,150,800‌
3,060,502‌
–‌
–‌
Barclays
Bank
plc
...
5
.31‌
04/30/24
05/01/24
1,200,000‌
1,200,000,000‌
1,200,177,000‌
U.S.
Treasury
Obligations,
3.38%
to
5.00%,
due
09/30/25
to
08/15/42
.........
1,334,087,400‌
1,224,000,026‌
5
.31‌
04/30/24
05/01/24
185,000‌
185,000,000‌
185,027,288‌
U.S.
Treasury
Obligation,
3.88%,
due
02/15/43
.........
213,519,500‌
188,700,037‌
5
.32‌
04/30/24
05/01/24
1,450,000‌
1,450,000,000‌
1,450,214,278‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.00%,
due
07/15/39
to
05/16/65
.........
13,774,502,475‌
1,522,500,000‌
5
.40‌
(b)
04/30/24
05/08/24
200,000‌
200,000,000‌
200,240,000‌
U.S.
Government
Sponsored
Agency
Obligations,
3.50%
to
4.00%,
due
01/20/42
to
05/20/53
.........
1,313,786,999‌
204,000,000‌
–‌
–‌
$
3,035,000,000‌
$
3,139,200,063‌
–‌
–‌
Barclays
Capital,
Inc.
.
5
.47‌
(b)
04/30/24
06/05/24
799,000‌
799,000,000‌
803,370,530‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
13.27%,
due
10/25/26
to
05/25/54
.......
2,381,342,262‌
858,602,573‌
–‌
–‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
Schedules
of
Investments
15
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
BMO
Capital
Markets
Corp.
..........
5
.33‌
%
04/30/24
05/01/24
$
30,000‌
$
30,000,000‌
$
30,004,442‌
U.S.
Government
Sponsored
Agency
Obligation,
4.19%,
due
07/01/33
.........
$
32,939,085‌
$
30,900,000‌
5
.42‌
04/24/24
05/01/24
175,000‌
175,000,000‌
175,184,431‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
06/25/24
to
09/20/73
.........
5,772,106,054‌
183,750,000‌
–‌
–‌
$
205,000,000‌
$
214,650,000‌
–‌
–‌
BNP
Paribas
SA
....
5
.32‌
04/30/24
05/01/24
1,500,000‌
1,500,000,000‌
1,500,221,667‌
U.S.
Treasury
Obligations,
0.00%
to
5.57%,
due
07/05/24
to
02/15/54
.........
1,796,410,032‌
1,530,000,060‌
5
.33‌
04/30/24
05/01/24
573,000‌
573,000,000‌
573,084,836‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
05/21/24
to
02/20/74
1,932,565,022‌
588,817,735‌
5
.36‌
(b)
04/30/24
05/08/24
1,200,000‌
1,200,000,000‌
1,201,429,333‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
05/09/24
to
11/15/52
.........
1,355,466,328‌
1,224,000,007‌
5
.39‌
(b)
04/30/24
05/08/24
400,000‌
400,000,000‌
400,479,111‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.00%,
due
05/15/27
to
01/20/74
.........
6,172,872,683‌
416,432,095‌
5
.43‌
(b)
04/30/24
05/09/24
1,800,000‌
1,800,000,000‌
1,802,443,500‌
U.S.
Treasury
Obligations,
0.13%
to
5.00%,
due
06/15/24
to
02/15/51
.........
1,935,610,500‌
1,836,000,000‌
5
.51‌
(b)
04/30/24
06/05/24
300,000‌
300,000,000‌
301,653,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
01/15/27
to
08/20/73
7,568,960,020‌
312,543,668‌
–‌
–‌
$
5,773,000,000‌
$
5,907,793,565‌
–‌
–‌
Citibank
NA
........
5
.31‌
04/30/24
05/01/24
150,000‌
150,000,000‌
150,022,125‌
U.S.
Treasury
Obligations,
0.13%
to
5.50%,
due
07/15/24
to
04/01/54
.........
133,730,400‌
152,999,054‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5
.31‌
04/30/24
05/01/24
301,000‌
301,000,000‌
301,044,397‌
U.S.
Treasury
Obligations,
3.88%
to
4.88%,
due
11/30/25
to
12/31/27
.........
308,708,200‌
307,020,027‌
5
.31‌
(a)
04/30/24
05/01/24
238,000‌
238,000,000‌
238,035,105‌
U.S.
Treasury
Obligations,
0.75%
to
4.50%,
due
03/31/26
to
04/30/26
.........
260,314,575‌
242,760,024‌
5
.32‌
04/24/24
05/01/24
1,150,000‌
1,150,000,000‌
1,151,189,611‌
U.S.
Treasury
Obligation,
0.13%,
due
10/15/24
.........
975,127,100‌
1,173,000,005‌
5
.33‌
04/24/24
05/01/24
1,000,000‌
1,000,000,000‌
1,001,036,389‌
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
10/15/25
to
02/15/54
.........
1,831,718,142‌
1,020,000,092‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
16
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.33‌
%
04/30/24
05/01/24
$
535,000‌
$
535,000,000‌
$
535,079,210‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.63%
to
4.00%,
due
04/30/25
to
06/20/52
$
713,339,239‌
$
545,700,037‌
5
.40‌
(b)
04/30/24
05/01/24
500,000‌
500,000,000‌
500,075,000‌
U.S.
Treasury
Obligations,
1.25%
to
3.13%,
due
12/31/26
to
08/31/27
.........
543,235,600‌
510,000,023‌
–‌
–‌
$
3,724,000,000‌
$
3,798,480,208‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5
.31‌
(a)
04/30/24
05/01/24
1,249,000‌
1,249,000,000‌
1,249,184,227‌
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
04/15/28
to
08/15/53
.........
1,671,328,648‌
1,273,980,042‌
5
.31‌
04/30/24
05/01/24
27,000‌
27,000,000‌
27,003,983‌
U.S.
Treasury
Obligation,
0.50%,
due
01/15/28
.........
23,354,600‌
27,540,057‌
5
.33‌
04/30/24
05/01/24
50,000‌
50,000,000‌
50,007,403‌
U.S.
Treasury
Obligation,
1.88%,
due
02/28/29
.........
57,733,600‌
51,000,016‌
–‌
–‌
$
1,326,000,000‌
$
1,352,520,115‌
–‌
–‌
Deutsche
Bank
AG
...
5
.31‌
04/30/24
05/01/24
560,000‌
560,000,000‌
560,082,600‌
U.S.
Treasury
Obligations,
3.00%
to
4.25%,
due
05/15/42
to
02/15/54
.........
726,377,400‌
571,200,037‌
5
.33‌
04/30/24
05/01/24
500,000‌
500,000,000‌
500,074,028‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
06/15/24
to
01/01/57
.........
1,073,031,788‌
516,808,570‌
–‌
–‌
$
1,060,000,000‌
$
1,088,008,607‌
–‌
–‌
Fixed
Income
Clearing
Corporation
.....
5
.31‌
04/30/24
05/01/24
1,500,000‌
1,500,000,000‌
1,500,221,250‌
U.S.
Treasury
Obligations,
5.31%,
due
05/01/24
.........
2,518,315,000‌
1,530,000,088‌
5
.31‌
04/30/24
05/01/24
750,000‌
750,000,000‌
750,110,625‌
U.S.
Treasury
Obligations,
4.63%
to
4.88%,
due
04/30/26
to
09/15/26
.........
766,740,300‌
765,000,051‌
5
.31‌
04/30/24
05/01/24
1,500,000‌
1,500,000,000‌
1,500,221,250‌
U.S.
Treasury
Obligations,
3.50%
to
3.75%,
due
09/15/25
to
12/31/28
.........
1,564,254,800‌
1,530,000,081‌
5
.31‌
04/30/24
05/01/24
500,000‌
500,000,000‌
500,073,750‌
U.S.
Treasury
Obligations,
0.00%
to
5.49%,
due
10/03/24
to
11/15/53
.........
581,695,300‌
510,000,090‌
5
.32‌
04/30/24
05/01/24
1,000,000‌
1,000,000,000‌
1,000,147,778‌
U.S.
Treasury
Obligations,
0.00%
to
6.88%,
due
05/31/24
to
06/30/30
.........
1,054,639,700‌
1,020,000,046‌
5
.32‌
04/30/24
05/01/24
750,000‌
750,000,000‌
750,110,833‌
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
05/31/24
to
02/15/50
.........
814,278,800‌
765,000,094‌
5
.33‌
04/30/24
05/01/24
1,750,000‌
1,750,000,000‌
1,750,259,097‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
03/01/43
to
04/01/54
.........
2,129,657,306‌
1,802,500,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
Schedules
of
Investments
17
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.33‌
%
04/30/24
05/01/24
$
2,500,000‌
$
2,500,000,000‌
$
2,500,370,139‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.50%
to
7.50%,
due
04/30/25
to
06/01/62
$
16,364,579,246‌
$
2,574,739,105‌
5
.33‌
04/30/24
05/01/24
3,500,000‌
3,500,000,000‌
3,500,518,194‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
09/12/24
to
05/01/58
6,316,064,687‌
3,614,872,104‌
5
.33‌
04/30/24
05/01/24
500,000‌
500,000,000‌
500,074,028‌
U.S.
Government
Sponsored
Agency
Obligation,
7.00%,
due
01/01/54
.........
531,530,945‌
515,000,001‌
5
.33‌
04/30/24
05/01/24
3,500,000‌
3,500,000,000‌
3,500,518,194‌
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
05/02/24
to
02/15/54
.........
3,929,781,800‌
3,570,000,021‌
5
.33‌
04/30/24
05/01/24
4,000,000‌
4,000,000,000‌
4,000,592,222‌
U.S.
Treasury
Obligations,
0.00%
to
5.53%,
due
05/16/24
to
08/15/52
.........
4,322,627,000‌
4,080,000,008‌
5
.33‌
04/30/24
05/01/24
1,500,000‌
1,500,000,000‌
1,500,222,083‌
U.S.
Treasury
Obligations,
0.00%
to
5.48%,
due
05/15/24
to
02/15/54
.........
1,703,300,800‌
1,530,000,003‌
–‌
–‌
$
23,250,000,000‌
$
23,807,111,692‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
5
.32‌
04/30/24
05/01/24
87,000‌
87,000,000‌
87,012,857‌
U.S.
Treasury
Obligation,
3.50%,
due
01/31/30
.........
93,313,000‌
88,740,089‌
5
.33‌
04/30/24
05/01/24
857,000‌
857,000,000‌
857,126,884‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
09/15/25
to
07/15/65
.........
1,323,229,770‌
874,140,000‌
5
.38‌
(b)
04/30/24
06/05/24
1,114,500‌
1,114,500,000‌
1,120,496,010‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.50%
to
7.50%,
due
08/15/24
to
09/15/64
2,261,088,820‌
1,136,790,001‌
–‌
–‌
$
2,058,500,000‌
$
2,099,670,090‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
5
.32‌
04/30/24
05/01/24
450,000‌
450,000,000‌
450,066,500‌
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
02/15/25
to
02/15/54
.........
679,343,212‌
459,000,001‌
5
.33‌
04/30/24
05/01/24
20,000‌
20,000,000‌
20,002,961‌
U.S.
Government
Sponsored
Agency
Obligations,
2.30%
to
6.00%,
due
06/01/35
to
04/01/54
.........
24,707,070‌
20,600,000‌
5
.33‌
(c)
04/30/24
05/01/24
286,000‌
286,000,000‌
286,042,344‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
06/20/33
to
04/20/54
.........
444,489,684‌
291,720,000‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
18
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.34‌
%
(b)
04/30/24
05/08/24
$
350,000‌
$
350,000,000‌
$
350,415,333‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.50%,
due
06/20/29
to
04/20/54
.........
$
610,739,021‌
$
357,000,000‌
–‌
–‌
$
1,106,000,000‌
$
1,128,320,001‌
–‌
–‌
ING
Financial
Markets
LLC
...........
5
.31‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,438‌
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
08/29/24
to
05/15/53
.........
142,377,000‌
127,500,019‌
5
.33‌
04/30/24
05/01/24
150,000‌
150,000,000‌
150,022,208‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
07/01/33
to
07/01/56
.........
197,677,416‌
154,486,858‌
–‌
–‌
$
275,000,000‌
$
281,986,877‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5
.31‌
04/30/24
05/01/24
266,000‌
266,000,000‌
266,039,235‌
U.S.
Treasury
Obligation,
0.13%,
due
10/15/26
.........
252,238,900‌
271,320,085‌
5
.31‌
04/30/24
05/01/24
65,000‌
65,000,000‌
65,009,588‌
U.S.
Treasury
Obligation,
0.00%,
due
10/17/24
.........
67,953,400‌
66,300,026‌
5
.33‌
04/30/24
05/01/24
1,032,000‌
1,032,000,000‌
1,032,152,793‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
05/20/32
to
03/20/64
.........
1,505,906,888‌
1,052,640,000‌
5
.34‌
(b)
04/30/24
05/08/24
3,000,000‌
3,000,000,000‌
3,003,560,000‌
U.S.
Treasury
Obligations,
0.38%
to
4.50%,
due
05/31/25
to
01/15/27
.........
2,921,629,400‌
3,060,000,043‌
–‌
–‌
$
4,363,000,000‌
$
4,450,260,154‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
5
.33‌
04/30/24
05/01/24
1,269,000‌
1,269,000,000‌
1,269,187,883‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.21%
to
5.50%,
due
06/15/24
to
01/25/58
1,662,141,328‌
1,294,868,389‌
5
.39‌
04/30/24
05/01/24
2,000,000‌
2,000,000,000‌
2,000,299,444‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
8.00%,
due
04/01/25
to
10/16/64
.........
11,943,199,121‌
2,081,890,515‌
5
.46‌
(b)
04/30/24
06/05/24
1,000,000‌
1,000,000,000‌
1,005,460,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
12.08%,
due
03/25/25
to
03/16/63
.......
4,787,323,095‌
1,050,001,333‌
–‌
–‌
$
4,269,000,000‌
$
4,426,760,237‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
5
.31‌
04/30/24
05/01/24
4,000‌
4,000,000‌
4,000,590‌
U.S.
Treasury
Obligations,
0.00%
to
4.13%,
due
03/31/29
to
11/15/51
.........
7,380,500‌
4,080,009‌
5
.33‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,507‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
12/20/24
to
04/20/54
311,335,353‌
127,500,067‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
Schedules
of
Investments
19
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.33‌
%
04/30/24
05/01/24
$
250,000‌
$
250,000,000‌
$
250,037,014‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
10/08/24
to
07/15/63
$
746,522,057‌
$
255,021,895‌
–‌
–‌
$
379,000,000‌
$
386,601,971‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
5
.31‌
04/30/24
05/01/24
105,000‌
105,000,000‌
105,015,488‌
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
07/18/24
to
08/15/46
.........
110,557,800‌
107,100,000‌
5
.33‌
04/30/24
05/01/24
268,000‌
268,000,000‌
268,039,679‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
08/25/35
to
03/25/54
.........
2,960,314,832‌
279,517,761‌
–‌
–‌
$
373,000,000‌
$
386,617,761‌
–‌
–‌
Natixis
SA
.........
5
.31‌
04/30/24
05/01/24
36,000‌
36,000,000‌
36,005,310‌
U.S.
Treasury
Obligations,
0.38%
to
4.63%,
due
11/15/25
to
05/15/51
.........
48,901,800‌
36,720,015‌
5
.33‌
04/30/24
05/01/24
800,000‌
800,000,000‌
800,118,444‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
05/16/24
to
05/01/54
994,992,814‌
816,947,313‌
–‌
–‌
$
836,000,000‌
$
853,667,328‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
5
.31‌
04/30/24
05/01/24
250,000‌
250,000,000‌
250,036,875‌
U.S.
Treasury
Obligations,
1.50%
to
4.38%,
due
08/15/26
to
11/15/52
.........
276,539,300‌
255,000,541‌
5
.33‌
04/30/24
05/01/24
1,815,000‌
1,815,000,000‌
1,815,268,721‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
01/15/25
to
05/15/65
.........
2,350,959,546‌
1,851,307,010‌
–‌
–‌
$
2,065,000,000‌
$
2,106,307,551‌
–‌
–‌
Prudential
Insurance
Co.
of
America
......
5
.34‌
04/30/24
05/01/24
138,919‌
138,918,750‌
138,939,356‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
358,500,000‌
141,717,731‌
5
.34‌
04/30/24
05/01/24
35,850‌
35,850,000‌
35,855,318‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000‌
36,572,318‌
5
.34‌
04/30/24
05/01/24
60,300‌
60,300,000‌
60,308,944‌
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
80,000,000‌
61,514,545‌
5
.34‌
04/30/24
05/01/24
22,488‌
22,487,500‌
22,490,836‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000‌
22,940,586‌
5
.34‌
04/30/24
05/01/24
48,743‌
48,742,500‌
48,749,730‌
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000‌
49,724,580‌
5
.34‌
04/30/24
05/01/24
17,595‌
17,595,000‌
17,597,610‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000‌
17,949,510‌
5
.34‌
04/30/24
05/01/24
17,020‌
17,020,000‌
17,022,525‌
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000‌
17,362,925‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
20
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.34‌
%
04/30/24
05/01/24
$
23,563‌
$
23,562,500‌
$
23,565,995‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
$
50,000,000‌
$
24,037,495‌
5
.34‌
04/30/24
05/01/24
21,675‌
21,675,000‌
21,678,215‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000‌
22,111,715‌
5
.34‌
04/30/24
05/01/24
58,250‌
58,250,000‌
58,258,640‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
100,000,000‌
59,423,640‌
5
.34‌
04/30/24
05/01/24
36,000‌
36,000,000‌
36,005,340‌
U.S.
Treasury
Obligation,
3.00%,
due
08/15/52
.........
50,000,000‌
36,725,340‌
5
.34‌
04/30/24
05/01/24
53,785‌
53,785,000‌
53,792,978‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/26
.........
62,000,000‌
54,868,678‌
5
.34‌
04/30/24
05/01/24
4,763‌
4,762,500‌
4,763,206‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000‌
4,858,506‌
5
.34‌
04/30/24
05/01/24
20,125‌
20,125,000‌
20,127,985‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000‌
20,530,485‌
5
.34‌
04/30/24
05/01/24
38,313‌
38,312,500‌
38,318,183‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000‌
39,084,183‌
5
.34‌
04/30/24
05/01/24
105,350‌
105,350,000‌
105,365,627‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000‌
107,472,627‌
–‌
–‌
$
702,736,250‌
$
716,894,864‌
–‌
–‌
Royal
Bank
of
Canada
5
.31‌
04/30/24
05/01/24
150,000‌
150,000,000‌
150,022,125‌
U.S.
Treasury
Obligations,
0.13%
to
4.38%,
due
07/15/26
to
04/15/28
.........
159,297,500‌
153,000,032‌
–‌
–‌
Societe
Generale
SA
.
5
.31‌
04/30/24
05/01/24
150,000‌
150,000,000‌
150,022,125‌
U.S.
Treasury
Obligation,
2.75%,
due
05/31/29
.........
165,298,100‌
153,000,048‌
5
.33‌
04/30/24
05/01/24
1,250,000‌
1,250,000,000‌
1,250,185,069‌
U.S.
Government
Sponsored
Agency
Obligations,
3.50%
to
6.50%,
due
10/20/47
to
01/20/54
.........
2,200,871,393‌
1,275,000,001‌
–‌
–‌
$
1,400,000,000‌
$
1,428,000,049‌
–‌
–‌
TD
Securities
USA
LLC
5
.31‌
04/30/24
05/01/24
250,000‌
250,000,000‌
250,036,875‌
U.S.
Treasury
Obligations,
2.63%
to
5.00%,
due
09/30/25
to
07/31/29
.........
267,564,400‌
255,000,027‌
5
.33‌
04/30/24
05/01/24
478,000‌
478,000,000‌
478,070,771‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.50%,
due
02/01/41
to
04/01/54
.........
934,754,647‌
492,340,001‌
–‌
–‌
$
728,000,000‌
$
747,340,028‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5
.31‌
(a)
04/30/24
05/01/24
550,000‌
550,000,000‌
550,081,125‌
U.S.
Treasury
Obligations,
0.38%
to
4.63%,
due
05/31/24
to
11/15/33
.........
586,241,853‌
561,000,002‌
5
.31‌
04/30/24
05/01/24
272,000‌
272,000,000‌
272,040,120‌
U.S.
Treasury
Obligations,
1.63%
to
4.50%,
due
05/15/38
to
05/15/52
.........
349,850,100‌
277,440,023‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
FedFund
Schedules
of
Investments
21
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.33‌
%
04/30/24
05/01/24
$
800,000‌
$
800,000,000‌
$
800,118,444‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
03/20/28
to
04/20/54
.........
$
1,295,391,624‌
$
816,000,000‌
–‌
–‌
$
1,622,000,000‌
$
1,654,440,025‌
–‌
–‌
$
60,832,236,250‌
$
62,350,193,388‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
60,832,236,250
$
—
$
60,832,236,250
U.S.
Government
Sponsored
Agency
Obligations
...................
—
14,915,565,114
—
14,915,565,114
U.S.
Treasury
Obligations
...................................
—
66,580,418,606
—
66,580,418,606
$
—
$
142,328,219,970
$
—
$
142,328,219,970
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
April
30,
2024
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
2.3%
Bank
of
America
NA
5.90
%
,
05/14/24
..................
USD
45,000
$
45,005,574
6.00
%
,
08/21/24
..................
30,000
30,031,183
5.75
%
,
11/14/24
..................
57,000
57,025,244
5.15
%
,
01/22/25
..................
35,000
34,893,355
5.22
%
,
02/06/25
..................
28,961
28,882,020
Citibank
NA
5.89
%
,
05/10/24
..................
33,000
33,003,026
5.92
%
,
06/20/24
..................
26,000
26,010,968
Wells
Fargo
Bank
NA
(1-day
SOFR
at
0.00%
Floor
+
0.64%),
5.96
%
,
07/17/24
(a)
...............
32,000
32,037,873
5.18
%
,
02/07/25
..................
40,000
39,880,947
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
02/21/25
(a)
...............
21,000
21,003,931
347,774,121
Yankee
—
16.4%
(b)
Bank
of
Montreal,
Chicago
5.80
%
,
11/12/24
..................
39,000
39,032,224
5.60
%
,
11/29/24
..................
50,000
49,992,372
5.50
%
,
12/06/24
..................
30,000
29,978,389
Bank
of
Nova
Scotia
(The),
Houston
(1-day
SOFR
at
0.00%
Floor
+
0.47%),
5.79
%
,
06/03/24
(a)
...............
66,000
66,020,273
5.80
%
,
11/08/24
..................
38,800
38,834,941
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
02/21/25
(a)
...............
30,000
29,999,697
Barclays
Bank
plc,
New
York
,
5.57
%
,
06/20/24
34,000
34,001,896
BNP
Paribas
SA,
New
York
5.83
%
,
08/08/24
..................
45,000
45,033,371
5.72
%
,
08/19/24
..................
30,000
30,014,927
5.45
%
,
10/01/24
..................
40,000
39,995,674
(1-day
SOFR
+
0.21%),
5.53
%
,
11/26/24
(a)
.
45,000
44,987,088
5.23
%
,
12/18/24
..................
40,000
39,908,569
5.28
%
,
12/31/24
..................
33,000
32,926,267
Canadian
Imperial
Bank
of
Commerce,
New
York
5.90
%
,
06/13/24
..................
52,000
52,022,082
5.80
%
,
11/08/24
..................
30,000
30,022,474
5.17
%
,
02/07/25
..................
44,500
44,361,633
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/27/24
..................
60,500
60,560,102
Cooperatieve
Rabobank
UA,
New
York
,
5.27
%
,
02/05/25
..................
39,000
38,910,893
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
5.69
%
,
05/21/24
..................
70,000
70,009,238
5.41
%
,
07/01/24
..................
33,000
32,997,929
Credit
Industriel
et
Commercial,
New
York
,
5.46
%
,
06/17/24
..................
55,000
54,998,904
HSBC
Bank
USA
NA,
New
York
,
5.90
%
,
06/06/24
..................
42,750
42,763,167
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
5.33
%
,
05/07/24
..................
195,500
195,500,000
(1-day
SOFR
+
0.18%),
5.50
%
,
08/27/24
(a)
.
30,000
30,004,694
(1-day
SOFR
+
0.18%),
5.50
%
,
09/05/24
(a)
.
38,000
38,004,769
(1-day
SOFR
+
0.20%),
5.52
%
,
10/01/24
(a)
.
75,000
75,001,837
Mizuho
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.19%),
5.51
%
,
09/26/24
..
45,000
45,000,013
(1-day
SOFR
+
0.25%),
5.57
%
,
11/06/24
..
50,500
50,498,935
MUFG
Bank
Ltd.,
New
York
,
5.71
%
,
05/28/24
.
29,785
29,791,002
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Natixis
SA,
New
York
,
(1-day
SOFR
+
0.18%),
5.50
%
,
09/10/24
(a)
.................
USD
55,400
$
55,417,175
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.47%),
5.79
%
,
07/24/24
(a)
...........
20,000
20,015,280
Royal
Bank
of
Canada,
New
York
,
5.96
%
,
09/19/24
..................
40,000
40,052,934
Skandinaviska
Enskilda
Banken
AB,
New
York
5.45
%
,
09/19/24
..................
33,670
33,675,615
(1-day
SOFR
+
0.17%),
5.49
%
,
09/27/24
(a)
.
38,000
37,996,721
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.21%),
5.53
%
,
07/23/24
..
50,000
50,007,437
(1-day
SOFR
+
0.17%),
5.49
%
,
08/06/24
..
77,000
77,001,667
(1-day
SOFR
+
0.17%),
5.49
%
,
08/13/24
..
60,000
59,999,693
(1-day
SOFR
+
0.17%),
5.49
%
,
08/28/24
..
56,500
56,494,372
(1-day
SOFR
+
0.20%),
5.52
%
,
09/23/24
..
65,500
65,495,248
(1-day
SOFR
+
0.25%),
5.57
%
,
09/27/24
..
55,000
55,006,620
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
(1-day
SOFR
+
0.27%),
5.59
%
,
07/08/24
(a)
.
70,000
70,019,389
(1-day
SOFR
+
0.21%),
5.53
%
,
07/22/24
(a)
.
68,000
68,010,486
(1-day
SOFR
+
0.18%),
5.50
%
,
08/01/24
(a)
.
74,000
74,004,837
5.46
%
,
08/26/24
..................
80,000
79,993,563
(1-day
SOFR
+
0.17%),
5.49
%
,
08/26/24
(a)
.
30,000
29,999,090
(1-day
SOFR
+
0.17%),
5.49
%
,
09/05/24
(a)
.
75,000
74,994,838
Toronto-Dominion
Bank
(The),
New
York
5.82
%
,
05/24/24
..................
35,000
35,004,758
6.00
%
,
10/02/24
..................
27,500
27,538,730
5.15
%
,
12/31/24
..................
33,000
32,903,026
Westpac
Banking
Corp.,
New
York
5.25
%
,
01/22/25
..................
35,400
35,330,804
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
01/31/25
(a)
...............
18,000
18,009,154
2,508,144,797
Total
Certificates
of
Deposit
—
18
.7
%
(Cost:
$
2,856,266,587
)
............................
2,855,918,918
Commercial
Paper
Alinghi
Funding
Co.
LLC
(c)(d)
5.52%
,
06/12/24
..................
77,350
76,850,692
5.51%
,
06/18/24
..................
39,500
39,209,764
Antalis
SA
,
5.51%
,
06/21/24
(c)
(d)
..........
6,000
5,953,235
Aquitaine
Funding
Co.
LLC
(c)(d)
5.43%
,
05/01/24
..................
94,500
94,485,953
5.49%
,
05/22/24
..................
39,000
38,871,347
5.53%
,
05/31/24
..................
44,500
44,291,913
5.61%
,
07/31/24
..................
82,000
80,857,699
ASB
Bank
Ltd.
,
(1-day
SOFR
+
0.26%),
5.58%
,
11/26/24
(a)
(d)
.....................
36,000
36,001,959
Australia
&
New
Zealand
Banking
Group
Ltd.
(c)(d)
5.43%
,
07/01/24
..................
44,550
44,142,693
5.44%
,
07/30/24
..................
20,000
19,732,561
5.52%
,
08/29/24
..................
48,000
47,136,867
5.56%
,
10/08/24
..................
65,000
63,443,719
5.45%
,
01/14/25
..................
33,000
31,761,927
Bank
of
America
Securities,
Inc.
,
(1-day
SOFR
+
0.20%),
5.52%
,
09/26/24
(a)
(d)
.........
53,000
52,997,797
Bank
of
Montreal
(c)
5.46%
,
06/05/24
..................
65,000
64,651,600
5.57%
,
11/06/24
..................
41,633
40,458,911
Barclays
Bank
plc
,
5.35%
,
05/01/24
(c)
(d)
.....
102,700
102,684,943
Bedford
Row
Funding
Corp.
,
5.39%
,
05/01/24
(c)
(d)
.....................
99,000
98,985,394
Bennington
Stark
Capital
Co.
LLC
(c)(d)
5.40%
,
05/01/24
..................
64,000
63,990,532
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
5.44%
,
05/07/24
..................
USD
39,611
$
39,569,716
BPCE
SA
(d)
5.38%
,
05/08/24
(c)
.................
36,000
35,957,593
(1-day
SOFR
+
0.25%),
5.57%
,
08/01/24
(a)
68,000
68,029,673
Britannia
Funding
Co.
LLC
(c)(d)
5.61%
,
08/16/24
..................
36,900
36,297,858
5.61%
,
08/20/24
..................
40,400
39,716,093
Cabot
Trail
Funding
LLC
,
5.48%
,
05/23/24
(c)
(d)
.
72,000
71,752,070
CAFCO
LLC
,
5.53%
,
07/31/24
(c)
(d)
.........
32,690
32,240,460
CDP
Financial,
Inc.
,
5.51%
,
07/23/24
(c)
(d)
....
50,200
49,570,994
Chesham
Finance
Ltd.
(c)(d)
5.40%
,
05/01/24
..................
230,000
229,966,001
5.40%
,
05/02/24
..................
230,000
229,931,986
Cisco
Systems,
Inc.
(c)(d)
5.43%
,
05/29/24
..................
50,000
49,785,355
5.47%
,
07/08/24
..................
40,000
39,590,293
Columbia
Funding
Co.
LLC
,
5.57%
,
07/10/24
(c)
(d)
.....................
32,000
31,657,075
Commonwealth
Bank
of
Australia
(a)(d)
(1-day
SOFR
+
0.30%),
5.62%
,
01/30/25
.
31,000
31,003,062
(1-day
SOFR
+
0.30%),
5.62%
,
01/31/25
.
33,200
33,202,967
Concord
Minutemen
Capital
Co.
LLC
,
5.67%
,
10/17/24
(c)
(d)
.....................
65,000
63,327,153
DBS
Bank
Ltd.
,
5.46%
,
06/18/24
(c)
(d)
.......
39,250
38,964,522
Dexia
Credit
Local
,
5.41%
,
05/07/24
(c)
(d)
.....
33,450
33,415,333
DNB
Bank
ASA
(c)(d)
5.38%
,
05/28/24
..................
51,600
51,387,824
5.39%
,
06/13/24
..................
40,000
39,741,616
5.40%
,
06/26/24
..................
65,000
64,456,332
5.44%
,
07/30/24
..................
21,000
20,719,271
5.52%
,
12/05/24
..................
52,500
50,809,069
5.51%
,
01/22/25
..................
30,000
28,827,113
Federation
des
Caisses
Desjardins
du
Quebec
(c)(d)
5.50%
,
06/14/24
..................
34,000
33,771,137
5.51%
,
06/20/24
..................
106,000
105,190,452
FMS
Wertmanagement
(c)
5.33%
,
05/02/24
..................
22,750
22,743,357
5.33%
,
05/03/24
..................
22,250
22,240,250
Goldman
Sachs
International
,
5.49%
,
06/11/24
(c)
(d)
.....................
30,000
29,811,630
ING
US
Funding
LLC
(d)
5.39%
,
05/01/24
(c)
.................
60,000
59,991,145
5.50%
,
06/14/24
(c)
.................
31,500
31,287,966
5.59%
,
09/03/24
(c)
.................
31,000
30,413,449
(1-day
SOFR
+
0.24%),
5.56%
,
10/31/24
(a)
26,000
26,000,672
Ionic
Funding
LLC
(c)
5.47%
,
05/14/24
..................
67,000
66,859,762
5.52%
,
05/21/24
..................
126,000
125,601,336
Kreditanstalt
fuer
Wiederaufbau
,
5.28%
,
05/02/24
(c)
(d)
.....................
51,500
51,485,114
Liberty
Street
Funding
LLC
,
5.41%
,
05/07/24
(c)
42,000
41,956,472
LMA-Americas
LLC
,
5.41%
,
05/07/24
(c)
(d)
....
15,400
15,384,040
Mackinac
Funding
Co.
LLC
(c)(d)
5.49%
,
06/07/24
..................
18,500
18,394,784
5.59%
,
09/04/24
..................
50,250
49,291,231
Macquarie
Bank
Ltd.
5.66%
,
07/25/24
(c)
(d)
................
46,000
45,394,439
5.68%
,
08/01/24
(c)
(d)
................
24,840
24,485,782
(1-day
SOFR
+
0.16%),
5.48%
,
08/08/24
(a)
(d)
50,780
50,779,346
(1-day
SOFR
+
0.17%),
5.49%
,
08/16/24
(a)
(d)
84,000
83,997,085
5.70%
,
08/28/24
(c)
.................
48,350
47,460,360
(1-day
SOFR
+
0.20%),
5.52%
,
09/20/24
(a)
(d)
28,500
28,500,384
(1-day
SOFR
+
0.19%),
5.51%
,
10/07/24
(a)
(d)
38,000
37,995,959
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Microsoft
Corp.
,
5.44%
,
06/25/24
(c)
(d)
.......
USD
16,000
$
15,867,691
MUFG
Bank
Ltd.
(c)
5.38%
,
05/28/24
..................
83,000
82,658,652
5.52%
,
08/22/24
..................
38,650
37,995,351
National
Australia
Bank
Ltd.
(d)
5.49%
,
10/04/24
(c)
.................
67,750
66,186,102
(1-day
SOFR
+
0.21%),
5.53%
,
10/15/24
(a)
82,500
82,502,250
(1-day
SOFR
+
0.19%),
5.51%
,
10/21/24
(a)
50,500
50,495,950
Nederlandse
Waterschapsbank
NV
,
5.44%
,
05/28/24
(c)
(d)
.....................
47,000
46,804,777
Nieuw
Amsterdam
Receivables
Corp.
,
5.46%
,
06/12/24
(c)
(d)
.....................
71,000
70,545,866
Nordea
Bank
Abp
,
(1-day
SOFR
+
0.11%),
5.43%
,
06/12/24
(a)
(d)
................
46,050
46,050,856
Ontario
Teachers'
Finance
Trust
,
5.48%
,
08/06/24
(c)
(d)
.....................
47,000
46,318,056
Province
of
Quebec
,
5.38%
,
05/07/24
(c)
(d)
....
111,000
110,885,608
Ridgefield
Funding
Co.
LLC
,
5.44%
,
05/20/24
(c)
(d)
.....................
64,836
64,643,209
Royal
Bank
of
Canada
(1-day
SOFR
+
0.60%),
5.92%
,
05/23/24
(a)
(d)
34,000
34,010,492
5.55%
,
11/06/24
(c)
.................
34,000
33,043,741
(1-day
SOFR
+
0.35%),
5.67%
,
01/21/25
(a)
(d)
30,000
30,014,473
Starbird
Funding
Corp.
(d)
5.42%
,
05/10/24
(c)
.................
84,000
83,875,511
(1-day
SOFR
+
0.19%),
5.51%
,
10/07/24
(a)
30,500
30,497,226
Svenska
Handelsbanken
AB
(c)
5.43%
,
08/01/24
(d)
.................
44,000
43,399,431
5.42%
,
08/09/24
..................
20,000
19,704,339
5.54%
,
10/21/24
(d)
.................
50,500
49,201,721
Thunder
Bay
Funding
LLC
,
5.46%
,
06/11/24
(c)
(d)
34,458
34,242,764
UBS
AG
(c)
5.47%
,
05/31/24
..................
44,000
43,796,474
5.59%
,
08/02/24
(d)
.................
60,000
59,149,300
Versailles
Commercial
Paper
LLC
,
5.54%
,
07/01/24
(c)
(d)
.....................
81,000
80,244,840
Westpac
Banking
Corp.
(1-day
SOFR
+
0.47%),
5.79%
,
07/22/24
(a)
(d)
50,000
50,040,880
5.45%
,
09/12/24
(c)
(d)
................
34,000
33,328,394
5.53%
,
11/07/24
(c)
.................
36,000
34,986,898
5.52%
,
11/14/24
(c)
(d)
................
46,400
45,047,797
Total
Commercial
Paper
—
32
.2
%
(Cost:
$
4,931,619,530
)
............................
4,931,003,736
Corporate
Bonds
Commercial
Services
&
Supplies
—
0.3%
Ecmc
Group,
Inc.,
Series
23-1,
5.38%,
05/07/24
(a)
.....................
53,000
53,000,000
Total
Corporate
Bonds
—
0
.3
%
(Cost:
$
53,000,000
)
...............................
53,000,000
Municipal
Bonds
California
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0955
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
5.50
%
,
05/07/24
(d)
(e)
(f)
7,000
7,000,000
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-
1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
5.38
%
,
05/07/24
(f)
.................
USD
11,361
$
11,361,000
New
York
—
0.1%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.35
%
,
05/07/24
(f)
.................
18,000
18,000,000
Other
—
0.3%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
5.44
%
,
05/07/24
.
30,370
30,370,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.48
%
,
05/07/24
.
5,510
5,510,000
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.48
%
,
05/07/24
.
8,014
8,014,000
43,894,000
Texas
—
0.1%
(f)
North
Texas
Higher
Education
Authority,
Inc.
,
Series
2023-1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
5.38
%
,
05/07/24
........
10,000
10,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2
,
RB
,
VRDN
(
Mizuho
Capital
Markets
LLC
LOC
)
,
5.59
%
,
05/07/24
(d)
(e)
..
300
300,047
10,300,047
Total
Municipal
Bonds
—
0
.6
%
(Cost:
$
90,555,047
)
...............................
90,555,047
Time
Deposits
ABN
AMRO
Bank
NV
,
5.33
%
,
05/02/24
.....
82,000
82,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
5.30
%
,
05/01/24
...............
61,830
61,830,000
Erste
Group
Bank
AG
,
5.33
%
,
05/01/24
.....
240,000
240,000,000
First
Abu
Dhabi
Bank
USA
NV
,
5.32
%
,
05/01/24
136,000
136,000,000
ING
Bank
NV
,
5.33
%
,
05/01/24
..........
175,000
175,000,000
KBC
Bank
NV
,
5.32
%
,
05/01/24
..........
150,000
150,000,000
Mizuho
Bank
Ltd.
,
5.32
%
,
05/01/24
........
125,000
125,000,000
Royal
Bank
of
Canada
,
5.32
%
,
05/01/24
....
121,000
121,000,000
Skandinaviska
Enskilda
Banken
AB
,
5.32
%
,
05/01/24
..................
360,000
360,000,000
Svenska
Handelsbanken
AB
,
5.31
%
,
05/01/24
10,000
10,000,000
Swedbank
AB
,
5.32
%
,
05/01/24
..........
244,000
244,000,000
Total
Time
Deposits
—
11
.1
%
(Cost:
$
1,704,830,000
)
............................
1,704,830,000
U.S.
Government
Sponsored
Agency
Obligations
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.49%, 05/07/24
(a)
................
6,429
6,428,571
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.0%
(Cost:
$
6,428,571
)
...............................
6,428,571
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
5.34
%
,
10/03/24
..................
USD
35,700
$
34,903,791
5.20
%
,
01/23/25
..................
110,500
106,404,545
5.23
%
,
02/20/25
..................
49,000
46,987,342
5.24
%
,
03/20/25
..................
30,000
28,652,736
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.49
%
,
04/30/25
(a)
...........
8,000
8,007,682
Total
U.S.
Treasury
Obligations
—
1
.5
%
(Cost:
$
225,286,806
)
..............................
224,956,096
Total
Repurchase
Agreements
—
32
.7
%
(Cost:
$
5,017,000,000
)
............................
5,017,000,000
Total
Investments
—
97
.1
%
(Cost:
$
14,884,986,541
)
(g)
..........................
14,883,692,368
Other
Assets
Less
Liabilities
—
2.9
%
....................
441,382,811
Net
Assets
—
100.0%
...............................
$
15,325,075,179
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
Schedules
of
Investments
25
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
26
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.37‌
%
04/30/24
05/01/24
$
145,000‌
$
145,000,000‌
$
145,021,629‌
Corporate/Debt
Obligations,
0.00%
to
7.78%,
due
05/09/24
to
12/31/79
.........
$
160,680,342‌
$
152,250,001‌
5
.39‌
(a)
04/30/24
05/01/24
75,000‌
75,000,000‌
75,011,229‌
Corporate/Debt
Obligations,
0.35%
to
8.80%,
due
04/26/32
to
11/25/68
.........
751,941,135‌
80,250,000‌
5
.44‌
(b)
04/30/24
05/08/24
20,000‌
20,000,000‌
20,024,178‌
Corporate/Debt
Obligations,
2.82%
to
5.38%,
due
04/17/25
to
01/30/50
.........
22,411,000‌
21,000,052‌
5
.64‌
(b)
04/30/24
06/05/24
80,000‌
80,000,000‌
80,451,200‌
Corporate/Debt
Obligations,
0.12%
to
7.74%,
due
10/18/40
to
09/25/68
.........
460,206,430‌
85,600,000‌
–‌
–‌
$
320,000,000‌
$
339,100,053‌
–‌
–‌
Bank
of
Montreal
....
5
.42‌
04/24/24
05/01/24
47,000‌
47,000,000‌
47,049,533‌
U.S.
Government
Sponsored
Agency
Obligations,
6.11%
to
6.83%,
due
11/20/53
to
05/20/72
.........
49,169,457‌
49,350,001‌
–‌
–‌
Barclays
Bank
plc
...
5
.42‌
04/30/24
05/01/24
119,000‌
119,000,000‌
119,017,916‌
Corporate/Debt
Obligations,
1.95%
to
5.88%,
due
04/01/26
to
11/15/48
.........
130,990,000‌
124,950,070‌
5
.42‌
(a)
04/30/24
05/01/24
227,000‌
227,000,000‌
227,034,176‌
Corporate/Debt
Obligations,
1.49%
to
6.70%,
due
05/16/26
to
08/15/62
.........
271,337,000‌
238,350,050‌
5
.44‌
(a)
04/30/24
05/01/24
35,000‌
35,000,000‌
35,005,289‌
Corporate/Debt
Obligations,
4.13%
to
7.50%,
due
04/01/34
to
05/15/64
.........
38,975,000‌
37,453,499‌
5
.52‌
(a)
04/30/24
05/01/24
21,000‌
21,000,000‌
21,003,220‌
Corporate/Debt
Obligations,
4.60%
to
7.50%,
due
04/17/25
22,545,000‌
22,680,227‌
5
.57‌
(b)
04/30/24
06/05/24
18,000‌
18,000,000‌
18,100,260‌
Corporate/Debt
Obligation,
5.50%,
due
07/01/54
.........
17,210,000‌
19,264,425‌
–‌
–‌
$
420,000,000‌
$
442,698,271‌
–‌
–‌
Barclays
Capital,
Inc.
.
5
.55‌
(b)
04/30/24
06/05/24
108,000‌
108,000,000‌
108,599,400‌
Corporate/Debt
Obligation,
0.00%,
due
07/03/24
.........
114,504,742‌
113,400,000‌
–‌
–‌
BNP
Paribas
SA
....
5
.42‌
(a)
04/30/24
05/01/24
54,000‌
54,000,000‌
54,008,130‌
Corporate/Debt
Obligations,
3.60%
to
4.91%,
due
05/24/33
to
06/30/50
.........
73,457,000‌
56,700,294‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5
.31‌
(c)
04/30/24
05/01/24
1,000‌
1,000,000‌
1,000,147‌
U.S.
Treasury
Obligations,
0.75%
to
4.50%,
due
03/31/26
to
04/30/26
.........
1,093,758‌
1,020,000‌
5
.33‌
04/30/24
05/01/24
10,000‌
10,000,000‌
10,001,481‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
4.00%,
due
05/20/52
13,445,228‌
10,200,640‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
Schedules
of
Investments
27
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.39‌
%
(a)
04/30/24
05/01/24
$
19,000‌
$
19,000,000‌
$
19,002,845‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
2.75%,
due
05/06/24
to
02/15/42
.........
$
24,706,353‌
$
19,422,411‌
5
.63‌
(b)
04/30/24
07/02/24
5,000‌
5,000,000‌
5,049,262‌
U.S.
Government
Sponsored
Agency
Obligations,
0.40%
to
2.82%,
due
06/25/40
to
09/25/48
.........
138,993,940‌
5,550,000‌
–‌
–‌
$
35,000,000‌
$
36,193,051‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5
.33‌
04/30/24
05/01/24
50,000‌
50,000,000‌
50,007,403‌
U.S.
Treasury
Obligation,
1.88%,
due
02/28/29
.........
57,733,600‌
51,000,016‌
5
.33‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,507‌
U.S.
Treasury
Obligations,
3.50%
to
4.38%,
due
12/15/26
to
04/30/30
.........
132,169,200‌
127,500,094‌
5
.45‌
(b)
04/30/24
05/08/24
27,000‌
27,000,000‌
27,032,700‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.79%
to
8.75%,
due
01/27/25
to
10/15/75
.........
40,070,021‌
28,813,167‌
–‌
–‌
$
202,000,000‌
$
207,313,277‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
5
.74‌
(b)
04/30/24
06/15/24
115,000‌
115,000,000‌
115,843,461‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.65%
to
7.20%,
due
07/15/26
to
10/01/53
.........
291,528,964‌
118,610,106‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5
.33‌
04/30/24
05/01/24
1,302,000‌
1,302,000,000‌
1,302,192,768‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.50%,
due
06/20/26
to
04/20/64
.........
2,770,205,316‌
1,328,040,000‌
5
.44‌
(a)
04/30/24
05/01/24
50,000‌
50,000,000‌
50,007,556‌
Corporate/Debt
Obligations,
0.00%,
due
05/14/24
to
06/11/24
.
52,729,543‌
52,500,001‌
5
.52‌
(a)
04/30/24
05/01/24
25,000‌
25,000,000‌
25,003,833‌
Corporate/Debt
Obligations,
1.63%
to
7.00%,
due
07/01/24
to
07/29/49
.........
27,588,000‌
26,250,315‌
5
.52‌
(b)
04/30/24
05/08/24
20,000‌
20,000,000‌
20,024,533‌
Corporate/Debt
Obligations,
0.00%
to
10.75%,
due
02/28/28
to
12/31/79
.......
21,383,000‌
23,000,060‌
5
.54‌
(a)
04/30/24
05/01/24
25,000‌
25,000,000‌
25,003,847‌
Corporate/Debt
Obligations,
1.80%
to
7.60%,
due
03/27/25
to
02/10/48
.........
29,401,000‌
26,250,665‌
5
.62‌
(a)
04/30/24
05/01/24
70,000‌
70,000,000‌
70,010,928‌
Corporate/Debt
Obligations,
0.50%
to
14.75%,
due
06/15/24
to
12/31/79
.......
82,950,544‌
79,791,789‌
5
.62‌
(b)
04/30/24
05/08/24
100,000‌
100,000,000‌
100,124,889‌
Corporate/Debt
Obligations,
0.00%
to
8.44%,
due
05/12/27
to
12/25/67
.........
4,239,410,707‌
107,000,000‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
28
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.69‌
%
(b)
04/30/24
07/30/24
$
40,000‌
$
40,000,000‌
$
40,575,322‌
Corporate/Debt
Obligations,
0.00%
to
6.26%,
due
07/01/24
to
02/15/52
.........
$
248,138,006‌
$
42,785,006‌
5
.80‌
(b)
04/30/24
07/30/24
90,000‌
90,000,000‌
91,319,500‌
Corporate/Debt
Obligations,
0.39%
to
10.09%,
due
10/15/25
to
11/25/68
.......
142,117,797‌
96,312,131‌
5
.80‌
(b)
04/30/24
07/30/24
25,000‌
25,000,000‌
25,366,528‌
Corporate/Debt
Obligations,
0.77%
to
10.09%,
due
03/15/29
to
09/16/61
.......
506,038,923‌
26,750,000‌
5
.80‌
(b)
04/30/24
07/30/24
65,000‌
65,000,000‌
65,952,972‌
Corporate/Debt
Obligations,
0.17%
to
13.59%,
due
12/31/24
to
04/25/67
.......
871,699,432‌
70,156,633‌
–‌
–‌
$
1,812,000,000‌
$
1,878,836,600‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
5
.47‌
(a)
04/30/24
05/01/24
75,000‌
75,000,000‌
75,011,396‌
Corporate/Debt
Obligations,
4.00%
to
6.00%,
due
08/15/35
to
06/30/60
.........
74,530,000‌
80,253,135‌
5
.77‌
(b)
04/30/24
06/05/24
50,000‌
50,000,000‌
50,288,500‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
4.00%
to
5.25%,
due
10/31/28
to
06/01/54
.........
49,373,400‌
52,499,996‌
–‌
–‌
$
125,000,000‌
$
132,753,131‌
–‌
–‌
Natixis
SA
.........
5
.44‌
(a)
04/30/24
05/01/24
26,000‌
26,000,000‌
26,003,929‌
Corporate/Debt
Obligations,
1.92%
to
7.23%,
due
05/01/25
to
03/15/52
.........
30,951,218‌
27,300,000‌
5
.47‌
(b)
04/30/24
05/08/24
9,000‌
9,000,000‌
9,010,940‌
Corporate/Debt
Obligations,
1.00%
to
7.50%,
due
05/01/25
to
11/15/95
.........
10,745,543‌
9,450,000‌
5
.52‌
(a)
04/30/24
05/01/24
181,000‌
181,000,000‌
181,027,753‌
Corporate/Debt
Obligations,
2.62%
to
11.69%,
due
03/01/26
to
10/17/57
.......
1,419,333,868‌
193,556,299‌
5
.55‌
(b)
04/30/24
05/08/24
5,000‌
5,000,000‌
5,006,167‌
Corporate/Debt
Obligations,
2.00%
to
9.88%,
due
02/01/29
to
05/15/97
.........
5,525,033‌
5,594,404‌
–‌
–‌
$
221,000,000‌
$
235,900,703‌
–‌
–‌
TD
Securities
USA
LLC
5
.40‌
(a)
04/30/24
05/01/24
240,000‌
240,000,000‌
240,036,000‌
Corporate/Debt
Obligations,
1.58%
to
6.73%,
due
12/15/25
to
12/14/51
.........
282,799,000‌
252,000,630‌
5
.42‌
(b)
04/30/24
05/08/24
35,000‌
35,000,000‌
35,042,155‌
Corporate/Debt
Obligations,
3.10%
to
4.63%,
due
06/15/25
to
06/01/52
.........
44,489,000‌
38,500,420‌
–‌
–‌
$
275,000,000‌
$
290,501,050‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5
.33‌
04/30/24
05/01/24
1,110,000‌
1,110,000,000‌
1,110,164,342‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.00%,
due
04/20/29
to
07/16/66
.........
2,121,383,663‌
1,134,495,019‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempCash
Schedules
of
Investments
29
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.72‌
%
(b)
04/30/24
08/04/24
$
150,000‌
$
150,000,000‌
$
152,288,000‌
Corporate/Debt
Obligations,
0.00%,
due
05/07/24
to
04/11/25
.
$
161,615,910‌
$
157,500,000‌
5
.77‌
(b)
04/30/24
06/30/24
23,000‌
23,000,000‌
23,224,870‌
Corporate/Debt
Obligations,
2.00%
to
6.90%,
due
07/01/24
to
11/01/50
.........
26,069,000‌
24,613,439‌
–‌
–‌
$
1,283,000,000‌
$
1,316,608,458‌
–‌
–‌
$
5,017,000,000‌
$
5,217,964,995‌
–‌
–‌
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Traded
in
a
joint
account.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
2,855,918,918
$
—
$
2,855,918,918
Commercial
Paper
.......................................
—
4,931,003,736
—
4,931,003,736
Corporate
Bonds
........................................
—
53,000,000
—
53,000,000
Municipal
Bonds
.........................................
—
90,555,047
—
90,555,047
Repurchase
Agreements
...................................
—
5,017,000,000
—
5,017,000,000
Time
Deposits
..........................................
—
1,704,830,000
—
1,704,830,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
6,428,571
—
6,428,571
U.S.
Treasury
Obligations
...................................
—
224,956,096
—
224,956,096
$
—
$
14,883,692,368
$
—
$
14,883,692,368
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
April
30,
2024
TempFund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
2.6%
Bank
of
America
NA
5.90
%
,
05/14/24
..................
USD
15,000
$
15,001,858
6.00
%
,
08/21/24
..................
11,000
11,011,434
5.75
%
,
11/14/24
..................
20,000
20,008,857
5.15
%
,
01/22/25
..................
13,700
13,658,256
5.22
%
,
02/06/25
..................
18,482
18,431,598
Citibank
NA
5.89
%
,
05/10/24
..................
13,000
13,001,192
5.92
%
,
06/20/24
..................
20,000
20,008,437
Wells
Fargo
Bank
NA
(1-day
SOFR
at
0.00%
Floor
+
0.64%),
5.96
%
,
07/17/24
(a)
...............
14,000
14,016,569
5.18
%
,
02/07/25
..................
14,100
14,058,034
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
02/21/25
(a)
...............
10,000
10,001,872
149,198,107
Yankee
—
16.0%
(b)
Bank
of
Montreal,
Chicago
5.80
%
,
11/12/24
..................
15,000
15,012,394
5.60
%
,
11/29/24
..................
19,250
19,247,063
5.50
%
,
12/06/24
..................
10,000
9,992,796
Bank
of
Nova
Scotia
(The),
Houston
(1-day
SOFR
at
0.00%
Floor
+
0.47%),
5.79
%
,
06/03/24
(a)
...............
25,000
25,007,679
5.80
%
,
11/08/24
..................
13,000
13,011,707
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
02/21/25
(a)
...............
11,000
10,999,889
Barclays
Bank
plc,
New
York
,
5.57
%
,
06/20/24
13,600
13,600,758
BNP
Paribas
SA,
New
York
5.83
%
,
08/08/24
..................
15,000
15,011,124
5.72
%
,
08/19/24
..................
12,000
12,005,970
5.45
%
,
10/01/24
..................
15,000
14,998,378
(1-day
SOFR
+
0.21%),
5.53
%
,
11/26/24
(a)
.
18,000
17,994,835
5.23
%
,
12/18/24
..................
15,100
15,065,485
5.28
%
,
12/31/24
..................
12,500
12,472,071
Canadian
Imperial
Bank
of
Commerce,
New
York
5.90
%
,
06/13/24
..................
24,000
24,010,192
5.17
%
,
02/07/25
..................
16,000
15,950,250
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/27/24
..................
22,600
22,622,452
Cooperatieve
Rabobank
UA,
New
York
,
5.27
%
,
02/05/25
..................
14,300
14,267,327
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
5.69
%
,
05/21/24
..................
27,000
27,003,564
5.41
%
,
07/01/24
..................
13,000
12,999,184
Credit
Industriel
et
Commercial,
New
York
,
5.46
%
,
06/17/24
..................
20,000
19,999,601
HSBC
Bank
USA
NA,
New
York
,
5.90
%
,
06/06/24
..................
16,500
16,505,082
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
5.33
%
,
05/07/24
..................
87,000
87,000,000
(1-day
SOFR
+
0.18%),
5.50
%
,
08/27/24
(a)
.
12,000
12,001,877
(1-day
SOFR
+
0.18%),
5.50
%
,
09/05/24
(a)
.
14,000
14,001,757
(1-day
SOFR
+
0.20%),
5.52
%
,
10/01/24
(a)
.
21,300
21,300,522
Mizuho
Bank
Ltd.,
New
York
,
(1-day
SOFR
+
0.19%),
5.51
%
,
09/26/24
(a)
...........
18,000
18,000,005
MUFG
Bank
Ltd.,
New
York
,
5.71
%
,
05/28/24
.
11,500
11,502,318
Natixis
SA,
New
York
,
(1-day
SOFR
+
0.18%),
5.50
%
,
09/10/24
(a)
.................
19,000
19,005,890
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.47%),
5.79
%
,
07/24/24
(a)
...........
USD
8,000
$
8,006,112
Royal
Bank
of
Canada,
New
York
,
5.96
%
,
09/19/24
..................
16,000
16,021,173
Skandinaviska
Enskilda
Banken
AB,
New
York
,
(1-day
SOFR
+
0.17%),
5.49
%
,
09/27/24
(a)
.
15,000
14,998,706
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.21%),
5.53
%
,
07/23/24
..
20,000
20,002,975
(1-day
SOFR
+
0.17%),
5.49
%
,
08/06/24
..
30,500
30,500,661
(1-day
SOFR
+
0.17%),
5.49
%
,
08/13/24
..
25,000
24,999,872
(1-day
SOFR
+
0.17%),
5.49
%
,
08/28/24
..
22,500
22,497,759
(1-day
SOFR
+
0.20%),
5.52
%
,
09/23/24
..
14,000
13,998,984
(1-day
SOFR
+
0.25%),
5.57
%
,
09/27/24
..
20,000
20,002,407
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
(1-day
SOFR
+
0.27%),
5.59
%
,
07/08/24
(a)
.
28,000
28,007,756
(1-day
SOFR
+
0.21%),
5.53
%
,
07/22/24
(a)
.
27,000
27,004,163
(1-day
SOFR
+
0.18%),
5.50
%
,
08/01/24
(a)
.
30,000
30,001,961
5.46
%
,
08/26/24
..................
24,000
23,998,069
(1-day
SOFR
+
0.17%),
5.49
%
,
08/26/24
(a)
.
12,000
11,999,636
(1-day
SOFR
+
0.17%),
5.49
%
,
09/05/24
(a)
.
27,000
26,998,142
Toronto-Dominion
Bank
(The),
New
York
5.82
%
,
05/24/24
..................
15,000
15,002,039
6.00
%
,
10/02/24
..................
11,000
11,015,492
5.15
%
,
12/31/24
..................
13,000
12,961,798
Westpac
Banking
Corp.,
New
York
5.25
%
,
01/22/25
..................
13,750
13,723,123
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.62
%
,
01/31/25
(a)
...............
7,000
7,003,560
909,334,558
Total
Certificates
of
Deposit
—
18
.6
%
(Cost:
$
1,058,682,236
)
............................
1,058,532,665
Commercial
Paper
Albion
Capital
Corp.
SA
,
5.52%
,
05/28/24
(c)
(d)
.
34,000
33,856,659
Alinghi
Funding
Co.
LLC
,
5.52%
,
06/12/24
(c)
(d)
.
15,500
15,399,945
Aquitaine
Funding
Co.
LLC
(c)(d)
5.43%
,
05/01/24
..................
35,500
35,494,723
5.49%
,
05/22/24
..................
18,364
18,303,421
5.53%
,
05/31/24
..................
17,500
17,418,168
5.61%
,
07/31/24
..................
15,000
14,791,042
ASB
Bank
Ltd.
,
(1-day
SOFR
+
0.26%),
5.58%
,
11/26/24
(a)
(d)
.....................
14,000
14,000,762
Australia
&
New
Zealand
Banking
Group
Ltd.
(c)(d)
5.43%
,
07/01/24
..................
17,000
16,844,574
5.44%
,
07/30/24
..................
10,000
9,866,281
5.52%
,
08/29/24
..................
19,000
18,658,343
5.56%
,
10/08/24
..................
24,950
24,352,627
5.45%
,
01/14/25
..................
13,000
12,512,275
Bank
of
America
Securities,
Inc.
,
(1-day
SOFR
+
0.20%),
5.52%
,
09/26/24
(a)
(d)
.........
21,000
20,999,127
Bank
of
Montreal
(c)
5.46%
,
06/05/24
..................
25,000
24,866,000
5.57%
,
11/06/24
..................
16,000
15,548,785
Bennington
Stark
Capital
Co.
LLC
(c)(d)
5.40%
,
05/01/24
..................
26,000
25,996,153
5.44%
,
05/07/24
..................
14,000
13,985,409
BPCE
SA
,
(1-day
SOFR
+
0.25%),
5.57%
,
08/01/24
(a)
(d)
.....................
27,000
27,011,782
Britannia
Funding
Co.
LLC
,
5.61%
,
08/16/24
(c)
(d)
14,500
14,263,386
Cabot
Trail
Funding
LLC
,
5.48%
,
05/23/24
(c)
(d)
.
28,000
27,903,583
CAFCO
LLC
,
5.53%
,
07/31/24
(c)
(d)
.........
12,500
12,328,105
Caisse
d'Amortissement
de
la
Dette
Sociale
,
5.58%
,
08/26/24
(c)
(d)
................
30,000
29,468,607
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
CDP
Financial,
Inc.
,
5.51%
,
07/23/24
(c)
(d)
....
USD
20,000
$
19,749,400
Charta
Corp.
,
5.50%
,
06/24/24
(c)
(d)
.........
44,670
44,302,951
Chesham
Finance
Ltd.
(c)(d)
5.40%
,
05/01/24
..................
90,000
89,986,696
5.40%
,
05/02/24
..................
90,000
89,973,386
Cisco
Systems,
Inc.
(c)(d)
5.43%
,
05/29/24
..................
20,000
19,914,142
5.47%
,
07/08/24
..................
15,000
14,846,360
Commonwealth
Bank
of
Australia
(a)(d)
(1-day
SOFR
+
0.30%),
5.62%
,
01/30/25
.
12,000
12,001,185
(1-day
SOFR
+
0.30%),
5.62%
,
01/31/25
.
12,000
12,001,073
Concord
Minutemen
Capital
Co.
LLC
,
5.67%
,
10/17/24
(c)
(d)
.....................
23,500
22,895,201
DNB
Bank
ASA
(c)(d)
5.38%
,
05/28/24
..................
28,500
28,382,810
5.39%
,
06/13/24
..................
15,000
14,903,106
5.40%
,
06/26/24
..................
25,000
24,790,897
5.44%
,
07/30/24
..................
10,000
9,866,319
5.52%
,
12/05/24
..................
20,000
19,355,836
5.51%
,
01/22/25
..................
15,000
14,413,556
Federation
des
Caisses
Desjardins
du
Quebec
,
5.51%
,
06/20/24
(c)
(d)
................
38,000
37,709,785
FMS
Wertmanagement
(c)
5.33%
,
05/02/24
..................
9,000
8,997,372
5.33%
,
05/03/24
..................
9,000
8,996,056
Goldman
Sachs
International
,
5.49%
,
06/11/24
(c)
(d)
.....................
10,000
9,937,210
ING
US
Funding
LLC
(d)
5.39%
,
05/01/24
(c)
.................
22,000
21,996,753
5.50%
,
06/14/24
(c)
.................
11,210
11,134,543
5.59%
,
09/03/24
(c)
.................
11,500
11,282,408
(1-day
SOFR
+
0.24%),
5.56%
,
10/31/24
(a)
10,000
10,000,259
Ionic
Funding
LLC
(c)
5.47%
,
05/14/24
..................
24,500
24,448,719
5.52%
,
05/21/24
..................
49,000
48,844,964
Kreditanstalt
fuer
Wiederaufbau
,
5.28%
,
05/02/24
(c)
(d)
.....................
21,000
20,993,930
Liberty
Street
Funding
LLC
,
5.41%
,
05/07/24
(c)
16,000
15,983,418
Mackinac
Funding
Co.
LLC
(c)(d)
5.49%
,
06/07/24
..................
5,500
5,468,720
5.59%
,
09/04/24
..................
20,000
19,618,400
Macquarie
Bank
Ltd.
5.66%
,
07/25/24
(c)
(d)
................
15,000
14,802,535
5.68%
,
07/29/24
(c)
(d)
................
20,000
19,724,000
5.68%
,
08/01/24
(c)
(d)
................
9,500
9,364,530
(1-day
SOFR
+
0.16%),
5.48%
,
08/08/24
(a)
(d)
14,000
13,999,820
(1-day
SOFR
+
0.17%),
5.49%
,
08/16/24
(a)
(d)
30,000
29,998,959
5.70%
,
08/28/24
(c)
.................
18,500
18,159,600
(1-day
SOFR
+
0.20%),
5.52%
,
09/20/24
(a)
(d)
11,000
11,000,148
(1-day
SOFR
+
0.19%),
5.51%
,
10/07/24
(a)
(d)
14,000
13,998,511
Microsoft
Corp.
,
5.44%
,
06/25/24
(c)
(d)
.......
6,000
5,950,384
MUFG
Bank
Ltd.
,
5.38%
,
05/28/24
(c)
.......
32,000
31,868,396
National
Australia
Bank
Ltd.
(d)
5.49%
,
10/04/24
(c)
.................
26,000
25,399,833
(1-day
SOFR
+
0.21%),
5.53%
,
10/15/24
(a)
22,500
22,500,613
(1-day
SOFR
+
0.19%),
5.51%
,
10/21/24
(a)
21,000
20,998,316
Nederlandse
Waterschapsbank
NV
,
5.44%
,
05/28/24
(c)
(d)
.....................
19,000
18,921,080
Nieuw
Amsterdam
Receivables
Corp.
,
5.46%
,
06/12/24
(c)
(d)
.....................
26,000
25,833,697
Nordea
Bank
Abp
,
(1-day
SOFR
+
0.11%),
5.43%
,
06/12/24
(a)
(d)
................
19,000
19,000,353
Ontario
Teachers'
Finance
Trust
,
5.48%
,
08/06/24
(c)
(d)
.....................
19,800
19,512,713
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Ridgefield
Funding
Co.
LLC
,
5.44%
,
05/20/24
(c)
(d)
.....................
USD
30,000
$
29,910,794
Royal
Bank
of
Canada
(1-day
SOFR
+
0.60%),
5.92%
,
05/23/24
(a)
(d)
15,500
15,504,783
5.55%
,
11/06/24
(c)
.................
13,000
12,634,372
(1-day
SOFR
+
0.35%),
5.67%
,
01/21/25
(a)
(d)
18,000
18,008,684
Starbird
Funding
Corp.
(d)
5.42%
,
05/10/24
(c)
.................
35,000
34,948,130
(1-day
SOFR
+
0.19%),
5.51%
,
10/07/24
(a)
12,000
11,998,908
Svenska
Handelsbanken
AB
(c)
5.43%
,
08/01/24
(d)
.................
14,000
13,808,910
5.42%
,
08/09/24
..................
8,000
7,881,736
5.54%
,
10/21/24
(d)
.................
17,000
16,562,955
UBS
AG
(c)
5.47%
,
05/31/24
..................
17,000
16,921,365
5.59%
,
08/02/24
(d)
.................
22,000
21,688,077
Versailles
Commercial
Paper
LLC
,
5.44%
,
05/15/24
(c)
(d)
.....................
26,000
25,941,998
Westpac
Banking
Corp.
(1-day
SOFR
+
0.47%),
5.79%
,
07/22/24
(a)
(d)
20,000
20,016,352
5.45%
,
09/12/24
(c)
(d)
................
11,000
10,782,716
5.53%
,
11/07/24
(c)
.................
13,500
13,120,087
5.52%
,
11/14/24
(c)
(d)
................
18,000
17,475,438
Total
Commercial
Paper
—
30
.6
%
(Cost:
$
1,745,127,567
)
............................
1,744,904,005
Corporate
Bonds
Commercial
Services
&
Supplies
—
0.4%
Ecmc
Group,
Inc.,
Series
23-1,
5.38%,
05/07/24
(a)
.....................
20,800
20,800,000
Total
Corporate
Bonds
—
0
.4
%
(Cost:
$
20,800,000
)
...............................
20,800,000
Municipal
Bonds
California
—
0.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2020-MIZ9042
,
RB
,
VRDN
(
Mizuho
Capital
Markets
LLC
LOC
)
,
5.44
%
,
05/07/24
.....
3,155
3,155,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0955
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
5.50
%
,
05/07/24
...
10,885
10,885,000
14,040,000
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-
1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
5.38
%
,
05/07/24
(f)
.................
5,239
5,239,000
New
York
—
0.5%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.35
%
,
05/07/24
(f)
.................
27,000
27,000,000
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Other
—
0.6%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
5.44
%
,
05/07/24
.
USD
26,185
$
26,185,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.48
%
,
05/07/24
.
6,220
6,220,000
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
5.48
%
,
05/07/24
.
2,800
2,800,000
35,205,000
Texas
—
0.1%
North
Texas
Higher
Education
Authority,
Inc.
,
Series
2023-1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
5.38
%
,
05/07/24
(f)
.......
4,000
4,000,000
Total
Municipal
Bonds
—
1
.5
%
(Cost:
$
85,484,000
)
...............................
85,484,000
Time
Deposits
ABN
AMRO
Bank
NV
,
5.33
%
,
05/02/24
.....
33,000
33,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
5.30
%
,
05/01/24
...............
37,656
37,656,000
Erste
Group
Bank
AG
,
5.33
%
,
05/01/24
.....
93,000
93,000,000
First
Abu
Dhabi
Bank
USA
NV
,
5.32
%
,
05/01/24
53,000
53,000,000
ING
Bank
NV
,
5.33
%
,
05/01/24
..........
63,000
63,000,000
Mizuho
Bank
Ltd.
,
5.32
%
,
05/01/24
........
25,000
25,000,000
Royal
Bank
of
Canada
,
5.32
%
,
05/01/24
....
127,000
127,000,000
Skandinaviska
Enskilda
Banken
AB
,
5.32
%
,
05/01/24
..................
109,000
109,000,000
Svenska
Handelsbanken
AB
,
5.31
%
,
05/01/24
30,000
30,000,000
Swedbank
AB
,
5.32
%
,
05/01/24
..........
90,000
90,000,000
Total
Time
Deposits
—
11
.6
%
(Cost:
$
660,656,000
)
..............................
660,656,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.49%, 05/07/24
(a)
................
USD
4,714
$
4,714,286
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$
4,714,286
)
...............................
4,714,286
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
5.34
%
,
10/03/24
..................
14,000
13,687,761
5.20
%
,
01/23/25
..................
40,500
38,998,951
5.23
%
,
02/20/25
..................
19,000
18,219,582
5.24
%
,
03/20/25
..................
11,000
10,506,003
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.49
%
,
04/30/25
(a)
...........
4,000
4,003,841
Total
U.S.
Treasury
Obligations
—
1
.5
%
(Cost:
$
85,539,130
)
...............................
85,416,138
Total
Repurchase
Agreements
—
31
.8
%
(Cost:
$
1,813,500,000
)
............................
1,813,500,000
Total
Investments
—
96
.1
%
(Cost:
$
5,474,503,219
)
(g)
...........................
5,474,007,094
Other
Assets
Less
Liabilities
—
3.9
%
....................
220,890,944
Net
Assets
—
100.0%
...............................
$
5,694,898,038
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
Schedules
of
Investments
33
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.31‌
%
(a)
04/30/24
05/01/24
$
1,000‌
$
1,000,000‌
$
1,000,147‌
U.S.
Treasury
Obligations,
0.13%
to
5.48%,
due
07/15/24
to
04/30/26
.........
$
888,666‌
$
1,020,000‌
5
.37‌
04/30/24
05/01/24
55,000‌
55,000,000‌
55,008,204‌
Corporate/Debt
Obligations,
1.12%
to
7.00%,
due
09/11/24
to
08/18/60
.........
60,131,787‌
57,750,000‌
5
.39‌
(b)
04/30/24
05/01/24
23,000‌
23,000,000‌
23,003,444‌
Corporate/Debt
Obligations,
1.41%
to
9.66%,
due
12/20/25
to
08/26/69
.........
55,448,901‌
24,610,000‌
5
.44‌
(c)
04/30/24
05/08/24
9,000‌
9,000,000‌
9,010,880‌
Corporate/Debt
Obligations,
0.90%
to
6.71%,
due
09/20/24
to
08/15/63
.........
9,515,000‌
9,450,571‌
5
.64‌
(c)
04/30/24
06/05/24
48,000‌
48,000,000‌
48,270,720‌
Corporate/Debt
Obligations,
1.07%
to
7.36%,
due
12/26/31
to
06/25/68
.........
94,387,295‌
51,360,000‌
–‌
–‌
$
136,000,000‌
$
144,190,571‌
–‌
–‌
Bank
of
Montreal
....
5
.42‌
04/24/24
05/01/24
18,000‌
18,000,000‌
18,018,970‌
U.S.
Government
Sponsored
Agency
Obligation,
6.83%,
due
11/20/53
.........
19,169,268‌
18,900,001‌
–‌
–‌
Barclays
Bank
plc
...
5
.42‌
(b)
04/30/24
05/01/24
73,000‌
73,000,000‌
73,010,991‌
Corporate/Debt
Obligations,
4.25%
to
6.88%,
due
10/15/25
to
03/15/54
.........
77,119,000‌
76,650,307‌
5
.42‌
04/30/24
05/01/24
43,000‌
43,000,000‌
43,006,474‌
Corporate/Debt
Obligations,
2.70%
to
5.80%,
due
09/28/25
to
04/15/50
.........
55,439,000‌
45,150,095‌
5
.44‌
(b)
04/30/24
05/01/24
25,000‌
25,000,000‌
25,003,778‌
Corporate/Debt
Obligations,
5.50%
to
7.50%,
due
04/01/34
to
07/01/54
.........
23,655,000‌
26,751,717‌
5
.52‌
(b)
04/30/24
05/01/24
5,000‌
5,000,000‌
5,000,767‌
Corporate/Debt
Obligation,
9.35%,
due
12/31/79
.........
5,132,000‌
5,250,603‌
5
.57‌
(c)
04/30/24
06/05/24
8,000‌
8,000,000‌
8,044,560‌
Corporate/Debt
Obligations,
2.00%
to
4.00%,
due
08/01/38
to
08/15/54
.........
9,315,000‌
8,563,083‌
–‌
–‌
$
154,000,000‌
$
162,365,805‌
–‌
–‌
Barclays
Capital,
Inc.
.
5
.55‌
(c)
04/30/24
06/05/24
71,000‌
71,000,000‌
71,394,050‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
5.50%,
due
04/25/35
to
05/25/54
.........
70,385,313‌
75,970,000‌
–‌
–‌
BNP
Paribas
SA
....
5
.42‌
(b)
04/30/24
05/01/24
21,000‌
21,000,000‌
21,003,162‌
Corporate/Debt
Obligations,
4.65%
to
4.91%,
due
05/24/33
to
07/23/48
.........
24,225,000‌
22,050,262‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5
.31‌
(a)
04/30/24
05/01/24
1,000‌
1,000,000‌
1,000,147‌
U.S.
Treasury
Obligations,
0.75%
to
4.50%,
due
03/31/26
to
04/30/26
.........
1,093,758‌
1,020,000‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
34
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.33‌
%
04/30/24
05/01/24
$
10,000‌
$
10,000,000‌
$
10,001,481‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
1.56%,
due
04/25/37
to
02/25/43
.........
$
1,320,913,405‌
$
10,700,752‌
5
.39‌
(b)
04/30/24
05/01/24
29,000‌
29,000,000‌
29,004,342‌
Corporate/Debt
Obligation,
0.00%,
due
05/06/24
.........
30,482,190‌
30,450,001‌
5
.63‌
(c)
04/30/24
07/02/24
5,000‌
5,000,000‌
5,049,262‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.07%,
due
09/25/26
to
01/25/64
.........
618,616,254‌
5,442,669‌
–‌
–‌
$
45,000,000‌
$
47,613,422‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5
.31‌
(a)
04/30/24
05/01/24
1,000‌
1,000,000‌
1,000,148‌
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
04/15/28
to
08/15/53
.........
1,338,144‌
1,020,008‌
5
.33‌
04/30/24
05/01/24
15,000‌
15,000,000‌
15,002,221‌
U.S.
Treasury
Obligations,
0.63%
to
1.75%,
due
07/15/32
to
01/15/34
.........
15,996,000‌
15,300,016‌
5
.45‌
(c)
04/30/24
05/08/24
46,000‌
46,000,000‌
46,055,711‌
Corporate/Debt
Obligations,
0.38%
to
9.23%,
due
01/13/25
to
09/15/72
.........
54,935,988‌
49,578,859‌
–‌
–‌
$
62,000,000‌
$
65,898,883‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
5
.74‌
(c)
04/30/24
06/15/24
5,000‌
5,000,000‌
5,036,672‌
U.S.
Government
Sponsored
Agency
Obligation,
5.50%,
due
01/01/54
.........
5,261,141‌
5,150,000‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5
.33‌
04/30/24
05/01/24
351,000‌
351,000,000‌
351,051,968‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
12/20/25
to
04/15/65
.........
661,381,676‌
358,020,000‌
5
.44‌
(b)
04/30/24
05/01/24
25,000‌
25,000,000‌
25,003,778‌
Corporate/Debt
Obligations,
2.30%
to
4.75%,
due
06/23/25
to
01/31/50
.........
27,626,000‌
26,250,449‌
5
.52‌
(b)
04/30/24
05/01/24
13,000‌
13,000,000‌
13,001,993‌
Corporate/Debt
Obligations,
4.32%
to
4.90%,
due
01/10/48
14,816,000‌
13,650,747‌
5
.52‌
(c)
04/30/24
05/08/24
8,000‌
8,000,000‌
8,009,813‌
Corporate/Debt
Obligations,
3.25%
to
8.38%,
due
09/15/28
to
07/15/48
.........
11,357,897‌
8,760,474‌
5
.54‌
(b)
04/30/24
05/01/24
12,000‌
12,000,000‌
12,001,847‌
Corporate/Debt
Obligations,
3.08%
to
5.00%,
due
09/01/43
to
04/28/51
.........
11,644,000‌
12,836,131‌
5
.62‌
(b)
04/30/24
05/01/24
30,000‌
30,000,000‌
30,004,683‌
Corporate/Debt
Obligations,
6.50%
to
14.75%,
due
04/15/27
to
11/01/66
.......
30,603,000‌
34,121,589‌
5
.62‌
(c)
04/30/24
05/08/24
50,000‌
50,000,000‌
50,062,444‌
Corporate/Debt
Obligations,
1.00%
to
8.50%,
due
08/14/24
to
09/21/50
.........
88,354,629‌
53,367,201‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
Schedules
of
Investments
35
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.69‌
%
(c)
04/30/24
07/30/24
$
17,000‌
$
17,000,000‌
$
17,244,512‌
Corporate/Debt
Obligations,
1.21%
to
9.00%,
due
10/01/25
to
03/15/72
.........
$
21,180,588‌
$
18,190,000‌
5
.80‌
(c)
04/30/24
07/30/24
40,000‌
40,000,000‌
40,586,444‌
Corporate/Debt
Obligations,
0.00%
to
7.98%,
due
08/10/35
to
01/25/67
.........
248,284,598‌
42,800,000‌
5
.80‌
(c)
04/30/24
07/30/24
30,000‌
30,000,000‌
30,439,833‌
Corporate/Debt
Obligations,
0.00%
to
8.25%,
due
12/01/24
to
11/25/51
.........
69,038,895‌
32,190,807‌
–‌
–‌
$
576,000,000‌
$
600,187,398‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
5
.47‌
(b)
04/30/24
05/01/24
86,000‌
86,000,000‌
86,013,067‌
Corporate/Debt
Obligations,
5.00%,
due
03/15/44
to
09/01/53
84,120,000‌
92,020,796‌
5
.77‌
(c)
04/30/24
06/05/24
8,000‌
8,000,000‌
8,046,160‌
Corporate/Debt
Obligation,
9.09%,
due
02/27/40
.........
9,011,283‌
9,600,000‌
–‌
–‌
$
94,000,000‌
$
101,620,796‌
–‌
–‌
Natixis
SA
.........
5
.44‌
(b)
04/30/24
05/01/24
10,000‌
10,000,000‌
10,001,511‌
Corporate/Debt
Obligations,
1.63%
to
7.23%,
due
05/01/25
to
05/15/42
.........
11,495,000‌
10,500,122‌
5
.47‌
(c)
04/30/24
05/08/24
16,000‌
16,000,000‌
16,019,449‌
Corporate/Debt
Obligations,
1.00%
to
6.50%,
due
11/13/25
to
03/15/52
.........
21,097,829‌
16,800,000‌
5
.52‌
(b)
04/30/24
05/01/24
69,000‌
69,000,000‌
69,010,580‌
Corporate/Debt
Obligations,
0.00%
to
9.17%,
due
03/01/26
to
10/17/57
.........
86,474,302‌
73,660,492‌
5
.55‌
(c)
04/30/24
05/08/24
11,000‌
11,000,000‌
11,013,567‌
Corporate/Debt
Obligations,
2.70%
to
11.00%,
due
03/01/26
to
05/15/97
.......
12,313,055‌
12,245,273‌
–‌
–‌
$
106,000,000‌
$
113,205,887‌
–‌
–‌
TD
Securities
USA
LLC
5
.40‌
(b)
04/30/24
05/01/24
70,000‌
70,000,000‌
70,010,500‌
Corporate/Debt
Obligations,
3.40%
to
5.55%,
due
03/15/26
to
01/15/31
.........
80,411,000‌
77,000,749‌
5
.42‌
(c)
04/30/24
05/08/24
90,000‌
90,000,000‌
90,108,400‌
Corporate/Debt
Obligations,
4.00%
to
7.46%,
due
09/17/30
to
01/15/83
.........
90,081,000‌
97,397,430‌
–‌
–‌
$
160,000,000‌
$
174,398,179‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5
.33‌
04/30/24
05/01/24
310,000‌
310,000,000‌
310,045,897‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
8.50%,
due
11/20/30
to
04/20/54
.........
385,939,227‌
316,200,000‌
5
.72‌
(c)
04/30/24
08/04/24
45,500‌
45,500,000‌
46,194,027‌
Corporate/Debt
Obligations,
0.00%
to
6.40%,
due
05/08/24
to
02/15/43
.........
45,837,975‌
47,775,000‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
TempFund
36
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.77‌
%
(c)
04/30/24
06/30/24
$
10,000‌
$
10,000,000‌
$
10,097,769‌
Corporate/Debt
Obligations,
2.40%
to
6.63%,
due
11/01/28
to
12/01/48
.........
$
12,230,000‌
$
10,703,794‌
–‌
–‌
$
365,500,000‌
$
374,678,794‌
–‌
–‌
$
1,813,500,000‌
$
1,906,229,998‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
1,058,532,665
$
—
$
1,058,532,665
Commercial
Paper
.......................................
—
1,744,904,005
—
1,744,904,005
Corporate
Bonds
........................................
—
20,800,000
—
20,800,000
Municipal
Bonds
.........................................
—
85,484,000
—
85,484,000
Repurchase
Agreements
...................................
—
1,813,500,000
—
1,813,500,000
Time
Deposits
..........................................
—
660,656,000
—
660,656,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
4,714,286
—
4,714,286
U.S.
Treasury
Obligations
...................................
—
85,416,138
—
85,416,138
$
—
$
5,474,007,094
$
—
$
5,474,007,094
Schedule
of
Investments
(unaudited)
April
30,
2024
T-Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
2.67
%
,
05/02/24
..................
USD
500,000
$
499,926,111
4.59
%
,
05/07/24
..................
1,910,098
1,908,442,881
4.76
%
,
05/09/24
..................
4,515,270
4,509,992,152
4.98
%
,
05/14/24
..................
400,000
399,253,944
5.02
%
,
05/16/24
..................
1,465,345
1,462,203,266
5.10
%
,
05/21/24
..................
197,780
197,210,284
5.17
%
,
05/28/24
..................
57,316
57,093,327
5.23
%
,
06/04/24
..................
2,482,899
2,470,812,190
5.26
%
,
06/13/24
..................
684,961
680,862,958
5.27
%
,
06/18/24
..................
282,600
280,612,380
5.28
%
,
06/20/24
..................
1,475,528
1,465,014,813
5.31
%
,
07/05/24
..................
2,359,835
2,338,331,068
5.32
%
,
07/09/24
..................
229,480
227,195,598
5.31
%
,
07/11/24
..................
5,062,040
5,011,594,349
5.32
%
,
07/18/24
..................
2,383,602
2,357,908,662
5.33
%
,
07/23/24
..................
409,542
404,622,311
5.33
%
,
07/25/24
..................
2,450,882
2,421,840,480
5.33
%
,
07/30/24
..................
1,565,882
1,545,507,522
5.34
%
,
08/01/24
..................
1,564,072
1,544,176,126
5.35
%
,
08/06/24
..................
1,410,628
1,390,865,066
5.35
%
,
08/13/24
..................
509,000
501,309,574
5.32
%
,
08/15/24
..................
1,035,000
1,019,564,412
5.37
%
,
08/20/24
..................
250,400
246,356,212
5.34
%
,
08/22/24
..................
530,755
522,258,498
5.37
%
,
08/27/24
..................
1,115,240
1,096,085,135
5.35
%
,
08/29/24
..................
166,762
163,910,370
5.35
%
,
09/05/24
..................
627,278
615,982,579
5.34
%
,
09/19/24
..................
401,106
393,046,876
5.34
%
,
10/03/24
..................
33,280
32,543,277
5.34
%
,
10/10/24
..................
426,284
416,478,475
5.35
%
,
10/24/24
..................
749,909
730,991,586
5.35
%
,
10/31/24
..................
2,705,390
2,634,977,194
5.29
%
,
11/29/24
..................
349,170
339,267,218
5.24
%
,
12/26/24
..................
522,909
506,964,810
5.20
%
,
01/23/25
..................
856,035
826,971,224
5.23
%
,
02/20/25
..................
996,260
957,887,273
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.24
%
,
03/20/25
..................
USD
118,982
$
113,847,167
U.S.
Treasury
Notes
1.50
%
,
10/31/24
..................
152,538
149,777,221
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.14%),
5.47
%
,
10/31/24
(b)
...............
1,177,305
1,177,567,778
2.25
%
,
11/15/24
..................
83,800
82,471,192
1.00
%
,
12/15/24
..................
60,680
59,196,044
2.25
%
,
12/31/24
..................
228,540
224,417,891
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
5.53
%
,
01/31/25
(b)
...............
400,000
400,060,283
1.13
%
,
02/28/25
..................
61,347
59,419,045
2.75
%
,
02/28/25
..................
76,199
74,793,232
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.49
%
,
04/30/25
(b)
...............
3,523,565
3,523,517,605
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
5.45
%
,
07/31/25
(b)
...............
1,268,235
1,267,524,407
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.50
%
,
10/31/25
(b)
...............
2,158,689
2,158,536,251
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
5.57
%
,
01/31/26
(b)
...............
1,714,200
1,714,632,582
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
5.48
%
,
04/30/26
(b)
...............
451,093
451,093,000
Total
U.S.
Treasury
Obligations
—
54
.2
%
(Cost:
$
53,634,913,899
)
............................
53,634,913,899
Total
Repurchase
Agreements
—
43
.1
%
(Cost:
$
42,566,047,500
)
............................
42,566,047,500
Total
Investments
—
97
.3
%
(Cost:
$
96,200,961,399
)
............................
96,200,961,399
Other
Assets
Less
Liabilities
—
2.7
%
....................
2,691,652,044
Net
Assets
—
100.0%
...............................
$
98,892,613,443
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
T-Fund
38
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.31‌
%
(a)
04/30/24
05/01/24
$
399,000‌
$
399,000,000‌
$
399,058,852‌
U.S.
Treasury
Obligations,
0.13%
to
5.48%,
due
07/15/24
to
04/30/26
.........
$
354,577,654‌
$
406,980,001‌
5
.31‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,437‌
U.S.
Treasury
Obligation,
0.13%,
due
10/15/24
.........
106,017,200‌
127,500,101‌
5
.31‌
04/30/24
05/01/24
60,000‌
60,000,000‌
60,008,850‌
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
07/15/24
to
06/15/25
.........
49,976,000‌
61,200,045‌
–‌
–‌
$
584,000,000‌
$
595,680,147‌
–‌
–‌
Bank
of
Montreal
....
5
.31‌
04/30/24
05/01/24
174,000‌
174,000,000‌
174,025,665‌
U.S.
Treasury
Obligations,
3.50%
to
4.63%,
due
02/15/27
to
02/15/33
.........
182,167,300‌
177,480,053‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
5
.31‌
04/30/24
05/01/24
1,000‌
1,000,000‌
1,000,148‌
U.S.
Treasury
Obligation,
0.75%,
due
02/15/45
.........
1,056,500‌
1,020,233‌
–‌
–‌
Barclays
Bank
plc
...
5
.31‌
04/30/24
05/01/24
225,000‌
225,000,000‌
225,033,188‌
U.S.
Treasury
Obligation,
3.38%,
due
11/15/48
.........
286,708,700‌
229,500,051‌
5
.31‌
04/30/24
05/01/24
1,250,000‌
1,250,000,000‌
1,250,184,375‌
U.S.
Treasury
Obligations,
2.00%
to
4.88%,
due
05/31/30
to
08/15/51
.........
1,611,046,200‌
1,275,000,075‌
–‌
–‌
$
1,475,000,000‌
$
1,504,500,126‌
–‌
–‌
BNP
Paribas
SA
....
5
.32‌
04/30/24
05/01/24
5,000‌
5,000,000‌
5,000,739‌
U.S.
Treasury
Obligations,
2.88%
to
4.38%,
due
04/15/28
to
04/30/29
.........
5,538,800‌
5,100,062‌
5
.32‌
04/30/24
05/01/24
2,250,000‌
2,250,000,000‌
2,250,332,500‌
U.S.
Treasury
Obligations,
0.00%
to
5.25%,
due
01/15/25
to
02/15/54
.........
2,408,452,150‌
2,295,000,032‌
5
.36‌
(b)
04/30/24
05/08/24
800,000‌
800,000,000‌
800,952,889‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
07/16/24
to
11/15/53
.........
794,811,863‌
816,000,001‌
5
.43‌
(b)
04/30/24
05/09/24
1,200,000‌
1,200,000,000‌
1,201,629,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
05/15/24
to
11/15/53
.........
1,219,558,625‌
1,224,000,007‌
–‌
–‌
$
4,255,000,000‌
$
4,340,100,102‌
–‌
–‌
Citibank
NA
........
5
.31‌
04/30/24
05/01/24
100,000‌
100,000,000‌
100,014,750‌
U.S.
Treasury
Obligations,
0.13%
to
4.63%,
due
07/15/24
to
02/28/31
.........
105,399,700‌
102,000,478‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5
.31‌
04/30/24
05/01/24
85,000‌
85,000,000‌
85,012,537‌
U.S.
Treasury
Obligations,
0.38%
to
4.63%,
due
08/15/24
to
06/30/30
.........
86,753,800‌
86,700,000‌
5
.31‌
(a)
04/30/24
05/01/24
385,000‌
385,000,000‌
385,056,787‌
U.S.
Treasury
Obligations,
0.75%
to
4.50%,
due
03/31/26
to
04/30/26
.........
421,097,107‌
392,700,039‌
5
.31‌
04/30/24
05/01/24
647,000‌
647,000,000‌
647,095,433‌
U.S.
Treasury
Obligation,
4.50%,
due
03/31/26
.........
663,424,700‌
659,940,078‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
T-Fund
Schedules
of
Investments
39
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.32‌
%
04/24/24
05/01/24
$
850,000‌
$
850,000,000‌
$
850,879,278‌
U.S.
Treasury
Obligations,
0.13%
to
4.88%,
due
01/15/26
to
02/15/54
.........
$
803,963,400‌
$
867,000,023‌
–‌
–‌
$
1,967,000,000‌
$
2,006,340,140‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5
.31‌
04/30/24
05/01/24
50,000‌
50,000,000‌
50,007,375‌
U.S.
Treasury
Obligation,
1.88%,
due
02/28/29
.........
57,733,600‌
51,000,016‌
5
.31‌
(a)
04/30/24
05/01/24
1,150,000‌
1,150,000,000‌
1,150,169,625‌
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
04/15/28
to
08/15/53
.........
1,538,853,439‌
1,173,000,040‌
5
.31‌
04/30/24
05/01/24
73,000‌
73,000,000‌
73,010,768‌
U.S.
Treasury
Obligation,
0.88%,
due
11/15/30
.........
93,638,700‌
74,460,036‌
–‌
–‌
$
1,273,000,000‌
$
1,298,460,092‌
–‌
–‌
Deutsche
Bank
AG
...
5
.31‌
04/30/24
05/01/24
473,000‌
473,000,000‌
473,069,768‌
U.S.
Treasury
Obligation,
4.25%,
due
02/15/54
.........
518,074,100‌
482,460,064‌
5
.35‌
04/30/24
05/01/24
2,000,000‌
2,000,000,000‌
2,000,297,222‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
10/10/24
to
02/15/53
.........
2,312,956,300‌
2,040,000,027‌
–‌
–‌
$
2,473,000,000‌
$
2,522,460,091‌
–‌
–‌
Federal
Reserve
Bank
of
New
York
.......
5
.30‌
04/30/24
05/01/24
1,400,000‌
1,400,000,000‌
1,400,206,111‌
U.S.
Treasury
Obligations,
0.38%
to
3.13%,
due
08/15/24
to
02/15/31
.........
1,527,167,500‌
1,400,206,185‌
–‌
–‌
Fixed
Income
Clearing
Corporation
.....
5
.31‌
04/30/24
05/01/24
2,000,000‌
2,000,000,000‌
2,000,295,000‌
U.S.
Treasury
Obligations,
5.31%,
due
05/01/24
.........
2,100,705,300‌
2,040,000,050‌
5
.31‌
04/30/24
05/01/24
1,000,000‌
1,000,000,000‌
1,000,147,500‌
U.S.
Treasury
Obligations,
2.63%
to
4.63%,
due
04/30/25
to
05/31/27
.........
1,066,787,600‌
1,020,000,022‌
5
.31‌
04/30/24
05/01/24
3,500,000‌
3,500,000,000‌
3,500,516,250‌
U.S.
Treasury
Obligations,
0.50%
to
4.63%,
due
04/30/25
to
11/15/49
.........
4,092,252,400‌
3,570,000,036‌
5
.31‌
04/30/24
05/01/24
2,000,000‌
2,000,000,000‌
2,000,295,000‌
U.S.
Treasury
Obligations,
0.38%
to
6.13%,
due
01/31/25
to
02/15/54
.........
2,317,895,300‌
2,040,000,006‌
5
.32‌
04/30/24
05/01/24
750,000‌
750,000,000‌
750,110,833‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
05/31/24
to
08/15/53
.........
783,643,900‌
765,000,067‌
5
.33‌
04/30/24
05/01/24
6,500,000‌
6,500,000,000‌
6,500,962,361‌
U.S.
Treasury
Obligations,
0.00%
to
5.57%,
due
05/15/24
to
11/15/49
.........
7,133,237,400‌
6,630,000,019‌
5
.33‌
04/30/24
05/01/24
4,000,000‌
4,000,000,000‌
4,000,592,222‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/15/24
to
02/15/54
.........
4,857,780,500‌
4,080,000,042‌
5
.33‌
04/30/24
05/01/24
1,500,000‌
1,500,000,000‌
1,500,222,083‌
U.S.
Treasury
Obligations,
0.00%
to
5.49%,
due
06/13/24
to
02/15/53
.........
1,667,424,700‌
1,530,000,038‌
–‌
–‌
$
21,250,000,000‌
$
21,675,000,280‌
–‌
–‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
T-Fund
40
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Goldman
Sachs
&
Co.
LLC
...........
5
.32‌
%
04/30/24
05/01/24
$
42,000‌
$
42,000,000‌
$
42,006,207‌
U.S.
Treasury
Obligations,
0.00%
to
0.13%,
due
01/15/32
to
08/15/53
.........
$
51,770,692‌
$
42,840,001‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
5
.32‌
04/30/24
05/01/24
2,000‌
2,000,000‌
2,000,296‌
U.S.
Treasury
Obligations,
0.00%,
due
06/06/24
to
02/15/54
4,187,527‌
2,040,001‌
5
.32‌
04/30/24
05/01/24
1,000,000‌
1,000,000,000‌
1,000,147,778‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
07/15/24
to
05/15/51
.........
1,226,200,431‌
1,020,000,001‌
–‌
–‌
$
1,002,000,000‌
$
1,022,040,002‌
–‌
–‌
ING
Financial
Markets
LLC
...........
5
.31‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,438‌
U.S.
Treasury
Obligations,
0.38%
to
4.75%,
due
07/15/26
to
11/15/53
.........
138,460,900‌
127,500,072‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5
.31‌
04/30/24
05/01/24
197,000‌
197,000,000‌
197,029,057‌
U.S.
Treasury
Obligation,
0.13%,
due
04/15/26
.........
178,225,600‌
200,940,062‌
5
.31‌
04/30/24
05/01/24
35,000‌
35,000,000‌
35,005,163‌
U.S.
Treasury
Obligations,
0.63%
to
1.75%,
due
12/31/24
to
11/30/27
.........
39,554,900‌
35,700,015‌
5
.31‌
(c)
04/30/24
05/01/24
250,000‌
250,000,000‌
250,036,875‌
U.S.
Treasury
Obligation,
0.88%,
due
09/30/26
.........
280,385,800‌
255,000,010‌
5
.34‌
(b)
04/30/24
05/08/24
2,000,000‌
2,000,000,000‌
2,002,373,333‌
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
09/19/24
to
02/29/28
.........
2,161,661,300‌
2,040,000,045‌
–‌
–‌
$
2,482,000,000‌
$
2,531,640,132‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
5
.31‌
04/30/24
05/01/24
4,500‌
4,500,000‌
4,500,664‌
U.S.
Treasury
Obligations,
0.00%
to
3.50%,
due
08/15/25
to
02/15/51
.........
7,162,485‌
4,590,000‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
5
.31‌
04/30/24
05/01/24
200,000‌
200,000,000‌
200,029,500‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
05/07/24
to
10/31/30
.........
205,389,200‌
204,000,028‌
–‌
–‌
Natixis
SA
.........
5
.31‌
04/30/24
05/01/24
15,000‌
15,000,000‌
15,002,213‌
U.S.
Treasury
Obligations,
0.13%
to
4.75%,
due
09/15/24
to
02/15/53
.........
17,940,200‌
15,300,019‌
5
.31‌
(c)
04/30/24
05/01/24
243,000‌
243,000,000‌
243,035,843‌
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
06/15/25
to
11/15/51
.........
309,120,403‌
247,860,000‌
–‌
–‌
$
258,000,000‌
$
263,160,019‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
5
.31‌
04/30/24
05/01/24
750,000‌
750,000,000‌
750,110,625‌
U.S.
Treasury
Obligations,
0.50%
to
4.38%,
due
02/15/26
to
02/15/53
.........
835,752,800‌
765,090,051‌
–‌
–‌
Prudential
Insurance
Co.
of
America
......
5
.34‌
04/30/24
05/01/24
6,469‌
6,468,750‌
6,469,710‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000‌
6,599,010‌
5
.34‌
04/30/24
05/01/24
38,750‌
38,750,000‌
38,755,748‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
100,000,000‌
39,530,748‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
T-Fund
Schedules
of
Investments
41
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5
.34‌
%
04/30/24
05/01/24
$
40,860‌
$
40,860,000‌
$
40,866,061‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
$
72,000,000‌
$
41,683,261‌
5
.34‌
04/30/24
05/01/24
42,600‌
42,600,000‌
42,606,319‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000‌
43,458,319‌
5
.34‌
04/30/24
05/01/24
16,300‌
16,300,000‌
16,302,418‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000‌
16,628,418‌
5
.34‌
04/30/24
05/01/24
31,413‌
31,412,500‌
31,417,160‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000‌
32,045,760‌
5
.34‌
04/30/24
05/01/24
29,576‌
29,576,250‌
29,580,637‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/26
.........
33,000,000‌
30,172,327‌
5
.34‌
04/30/24
05/01/24
12,225‌
12,225,000‌
12,226,813‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000‌
12,471,213‌
5
.34‌
04/30/24
05/01/24
38,100‌
38,100,000‌
38,105,651‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
60,000,000‌
38,867,651‌
5
.34‌
04/30/24
05/01/24
11,719‌
11,718,750‌
11,720,488‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
25,000,000‌
11,954,988‌
5
.34‌
04/30/24
05/01/24
13,370‌
13,370,000‌
13,371,983‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
28,000,000‌
13,639,383‌
5
.34‌
04/30/24
05/01/24
13,419‌
13,418,750‌
13,420,740‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000‌
13,689,020‌
5
.34‌
04/30/24
05/01/24
54,588‌
54,587,500‌
54,595,597‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000‌
55,687,897‌
5
.34‌
04/30/24
05/01/24
12,090‌
12,090,000‌
12,091,793‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000‌
12,333,713‌
5
.34‌
04/30/24
05/01/24
29,600‌
29,600,000‌
29,604,391‌
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
40,000,000‌
30,196,391‌
5
.34‌
04/30/24
05/01/24
14,558‌
14,557,500‌
14,559,659‌
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000‌
14,850,899‌
5
.34‌
04/30/24
05/01/24
47,288‌
47,287,500‌
47,294,514‌
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
65,000,000‌
48,240,264‌
5
.34‌
04/30/24
05/01/24
73,875‌
73,875,000‌
73,885,958‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000‌
75,363,958‌
5
.34‌
04/30/24
05/01/24
22,750‌
22,750,000‌
22,753,375‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
50,000,000‌
23,208,375‌
–‌
–‌
$
549,547,500‌
$
560,621,595‌
–‌
–‌
Royal
Bank
of
Canada
5
.31‌
04/30/24
05/01/24
800,000‌
800,000,000‌
800,118,000‌
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
05/15/24
to
02/15/33
.........
834,083,700‌
816,000,076‌
–‌
–‌
Societe
Generale
SA
.
5
.31‌
04/30/24
05/01/24
125,000‌
125,000,000‌
125,018,437‌
U.S.
Treasury
Obligation,
4.63%,
due
04/30/31
.........
127,527,500‌
127,500,082‌
–‌
–‌
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
T-Fund
42
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
TD
Securities
USA
LLC
5
.31‌
%
04/30/24
05/01/24
$
550,000‌
$
550,000,000‌
$
550,081,125‌
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
07/31/25
to
04/30/29
.........
$
594,420,700‌
$
561,000,078‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5
.31‌
(a)
04/30/24
05/01/24
500,000‌
500,000,000‌
500,073,750‌
U.S.
Treasury
Obligations,
0.38%
to
4.63%,
due
05/31/24
to
11/15/33
.........
532,947,147‌
510,000,010‌
5
.31‌
04/30/24
05/01/24
226,000‌
226,000,000‌
226,033,335‌
U.S.
Treasury
Obligations,
0.38%
to
4.75%,
due
04/30/25
to
02/15/54
.........
302,593,300‌
230,520,073‌
–‌
–‌
$
726,000,000‌
$
740,520,083‌
–‌
–‌
$
42,566,047,500‌
$
43,389,750,146‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
42,566,047,500
$
—
$
42,566,047,500
U.S.
Treasury
Obligations
...................................
—
53,634,913,899
—
53,634,913,899
$
—
$
96,200,961,399
$
—
$
96,200,961,399
Schedule
of
Investments
(unaudited)
April
30,
2024
Treasury
Trust
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
2.67
%
,
05/02/24
..................
USD
7,224,056
$
7,222,999,277
4.59
%
,
05/07/24
..................
4,245,133
4,241,425,161
4.76
%
,
05/09/24
..................
1,955,204
1,952,913,573
4.98
%
,
05/14/24
..................
14,387,300
14,359,970,973
5.02
%
,
05/16/24
..................
8,942,312
8,922,663,669
5.10
%
,
05/21/24
..................
3,914,640
3,903,183,324
5.17
%
,
05/28/24
..................
3,105,702
3,093,505,786
5.19
%
,
05/30/24
..................
1,869,600
1,861,642,452
5.23
%
,
06/04/24
..................
7,129,760
7,094,591,944
5.24
%
,
06/06/24
..................
2,250,000
2,238,108,750
5.26
%
,
06/11/24
..................
5,510,000
5,476,926,382
5.26
%
,
06/13/24
..................
6,380,915
6,341,689,592
5.27
%
,
06/18/24
..................
3,426,300
3,402,201,678
5.28
%
,
06/20/24
..................
1,446,771
1,436,462,955
5.30
%
,
06/25/24
..................
1,806,400
1,791,842,172
5.31
%
,
07/05/24
..................
2,033,043
2,014,521,300
5.31
%
,
07/11/24
..................
2,385,894
2,361,967,498
5.32
%
,
07/18/24
..................
2,587,177
2,559,284,867
5.33
%
,
07/23/24
..................
441,245
435,944,492
5.33
%
,
07/25/24
..................
2,028,457
2,004,422,790
5.33
%
,
07/30/24
..................
1,720,655
1,698,266,578
5.34
%
,
08/01/24
..................
2,069,517
2,042,909,787
5.35
%
,
08/06/24
..................
1,555,940
1,534,140,609
5.33
%
,
08/08/24
..................
458,450
452,064,755
5.35
%
,
08/13/24
..................
567,900
559,319,660
5.32
%
,
08/15/24
..................
1,079,000
1,062,908,214
5.37
%
,
08/20/24
..................
268,100
263,770,450
5.34
%
,
08/22/24
..................
1,720,740
1,693,193,824
5.37
%
,
08/27/24
..................
1,251,460
1,229,965,481
5.35
%
,
09/05/24
..................
1,296,713
1,273,337,674
5.33
%
,
09/12/24
..................
745,205
731,058,525
5.34
%
,
09/19/24
..................
428,604
419,991,980
5.34
%
,
10/03/24
..................
31,975
31,268,678
5.34
%
,
10/10/24
..................
521,971
509,966,710
5.35
%
,
10/24/24
..................
846,117
824,772,481
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.35
%
,
10/31/24
..................
USD
1,733,800
$
1,688,527,118
5.29
%
,
11/29/24
..................
200,078
194,436,601
5.24
%
,
12/26/24
..................
542,083
525,553,317
5.20
%
,
01/23/25
..................
485,311
468,856,981
5.23
%
,
02/20/25
..................
73,600
70,723,160
5.24
%
,
03/20/25
..................
132,985
127,245,848
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.04%),
5.36
%
,
07/31/24
(b)
...............
826,000
825,984,728
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.14%),
5.47
%
,
10/31/24
(b)
...............
4,436,005
4,435,517,238
1.00
%
,
12/15/24
..................
63,145
61,600,761
2.25
%
,
12/31/24
..................
140,000
137,474,861
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
5.53
%
,
01/31/25
(b)
...............
2,614,255
2,614,654,639
1.13
%
,
02/28/25
..................
24,221
23,467,842
2.75
%
,
02/28/25
..................
24,307
23,861,468
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
5.45
%
,
07/31/25
(b)
...............
363,815
363,581,755
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
5.50
%
,
10/31/25
(b)
...............
1,079,428
1,079,262,739
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
5.57
%
,
01/31/26
(b)
...............
2,216,695
2,217,415,971
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
5.48
%
,
04/30/26
(b)
...............
514,134
514,134,000
Total
U.S.
Treasury
Obligations
—
100
.3
%
(Cost:
$
112,415,503,068
)
...........................
112,415,503,068
Total
Investments
—
100
.3
%
(Cost:
$
112,415,503,068
)
...........................
112,415,503,068
Liabilities
in
Excess
of
Other
Assets
—
(
0.3
)
%
.............
(
390,240,256
)
Net
Assets
—
100.0%
...............................
$
112,025,262,812
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Treasury
Obligations
...................................
$
—
$
112,415,503,068
$
—
$
112,415,503,068
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
April
30,
2024
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alaska
—
1.5%
(a)
Alaska
Housing
Finance
Corp.
,
Series
2007B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.72
%
,
05/07/24
.............
USD
10,690
$
10,690,000
Alaska
Housing
Finance
Corp.
,
Series
2007D
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.72
%
,
05/07/24
.............
25,925
25,925,000
Alaska
Housing
Finance
Corp.
,
Series
2009-B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.72
%
,
05/07/24
.............
4,720
4,720,000
Alaska
Housing
Finance
Corp.
,
Series
2009D
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.72
%
,
05/07/24
.............
12,300
12,300,000
53,635,000
Arizona
—
0.8%
(a)
Arizona
Industrial
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.85
%
,
05/07/24
..............
5,405
5,405,000
Maricopa
County
Industrial
Development
Authority
,
Series
2024C
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.77
%
,
05/07/24
..
25,000
25,000,000
30,405,000
California
—
1.9%
(a)
Bay
Area
Toll
Authority
,
Series
2007C-2
,
RB
,
VRDN
(
Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC
)
,
3.08
%
,
05/07/24
..............
10,000
10,000,000
Bay
Area
Toll
Authority
,
Series
2008C-1
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.08
%
,
05/07/24
..............
14,900
14,900,000
City
of
Modesto
,
Series
2008A
,
COP
,
VRDN
(
BMO
Harris
Bank
NA
SBPA
)
,
3.50
%
,
05/07/24
..................
13,100
13,100,000
Orange
County
Water
District
,
Series
2003A
,
COP
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.05
%
,
05/07/24
..................
17,300
17,300,000
San
Diego
Public
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF1429
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
3.85
%
,
05/07/24
(b)
(c)
................
4,600
4,600,000
Santa
Clara
County
Financing
Authority
,
Series
2008M
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.22
%
,
05/07/24
..............
8,370
8,370,000
68,270,000
Colorado
—
2.2%
(a)
City
of
Colorado
Springs
Utilities
System
,
Series
2005A
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.92
%
,
05/07/24
..........
45,000
45,000,000
Colorado
Health
Facilities
Authority
,
Series
2020B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/07/24
..................
17,590
17,590,000
Colorado
Housing
&
Finance
Authority
,
Series
2020A-1
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.80
%
,
05/07/24
.........
9,655
9,655,000
County
of
Arapahoe
,
Series
2001
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LOC
)
,
3.79
%
,
05/07/24
..................
8,200
8,200,000
80,445,000
Security
Par
(000)
Par
(000)
Value
Connecticut
—
6.8%
(a)
Connecticut
Housing
Finance
Authority
,
Series
2017F,
Sub-Series
F-3
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.72
%
,
05/07/24
..................
USD
28,930
$
28,930,000
Connecticut
Housing
Finance
Authority
,
Series
2019B-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.74
%
,
05/07/24
.............
11,720
11,720,000
Connecticut
Housing
Finance
Authority
,
Series
2016B,
Sub-Series
B-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.72
%
,
05/07/24
..................
13,500
13,500,000
Connecticut
Housing
Finance
Authority
,
Series
2018A-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.74
%
,
05/07/24
.............
39,215
39,215,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-1
,
RB
,
VRDN
,
3.55
%
,
05/07/24
.............
65,810
65,810,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-2
,
RB
,
VRDN
,
3.55
%
,
05/07/24
.............
67,910
67,910,000
State
of
Connecticut
,
Series
2016C
,
GO
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.88
%
,
05/07/24
..................
21,655
21,655,000
248,740,000
District
of
Columbia
—
0.0%
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XG0267
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.82
%
,
05/07/24
(a)
(b)
(c)
...............
475
475,000
Florida
—
6.8%
(a)
Broward
County
Tourist
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0429
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.88
%
,
05/07/24
(b)
(c)
.
3,720
3,720,000
Cape
Coral,
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-YX1317
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
.....
12,135
12,135,000
County
of
Escambia
,
Series
2
,
RB
,
VRDN
,
3.90
%
,
05/01/24
..................
53,500
53,500,000
County
of
St
Lucie
,
Series
2000
,
RB
,
VRDN
,
3.85
%
,
05/07/24
..................
29,540
29,540,000
Escambia
County
Health
Facilities
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.85
%
,
05/01/24
.............
12,515
12,515,000
Florida
Housing
Finance
Corp.
,
Series
2004M
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LIQ
)
,
3.80
%
,
05/07/24
..........
7,975
7,975,000
Highlands
County
Health
Facilities
Authority
,
Series
2012I-3
,
RB
,
VRDN
,
3.72
%
,
05/07/24
38,270
38,270,000
JEA
Electric
System
,
Series
2008B-3
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.78
%
,
05/07/24
..................
24,655
24,655,000
JEA
Water
&
Sewer
System
,
Series
2008A-2
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.75
%
,
05/07/24
..............
19,855
19,855,000
Orange
County
Health
Facilities
Authority
,
Series
2009B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.77
%
,
05/07/24
..............
37,990
37,990,000
Orlando
Utilities
Commission
,
Series
2015B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.54
%
,
05/07/24
..................
8,300
8,300,000
248,455,000
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Georgia
—
2.3%
(a)
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017E-107
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.82
%
,
05/07/24
(b)
(c)
....
USD
5,000
$
5,000,000
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.85
%
,
05/01/24
......
15,705
15,705,000
Oglethorpe
Power
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
E-155
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
............
20,000
20,000,000
Private
Colleges
&
Universities
Authority
,
Series
2022B
,
RB
,
VRDN
,
3.60
%
,
05/07/24
.....
42,670
42,670,000
83,375,000
Idaho
—
0.3%
Idaho
Housing
&
Finance
Association
,
Series
2011A
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LOC
)
,
3.92
%
,
05/07/24
(a)
..
9,815
9,815,000
Illinois
—
4.7%
(a)
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3069
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.89
%
,
05/07/24
(b)
(c)
................
12,400
12,400,000
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XF3153
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.85
%
,
05/07/24
(b)
(c)
................
28,950
28,950,000
Illinois
Finance
Authority
,
Series
2001
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
LOC
)
,
3.75
%
,
05/07/24
..................
13,700
13,700,000
Illinois
Finance
Authority
,
Series
2008C-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.90
%
,
05/07/24
..................
26,420
26,420,000
Illinois
Finance
Authority
,
Series
2008-D
,
RB
,
VRDN
,
3.60
%
,
05/07/24
.............
51,000
51,000,000
Illinois
Finance
Authority
,
Series
2021C
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.80
%
,
05/07/24
..................
15,300
15,300,000
Illinois
Finance
Authority
,
Series
2008
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
LOC
)
,
3.92
%
,
05/07/24
..................
15,700
15,700,000
Illinois
Housing
Development
Authority
,
Series
2024A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.78
%
,
05/07/24
.........
8,000
8,000,000
171,470,000
Indiana
—
1.1%
(a)
Indiana
Finance
Authority
,
Series
2009B
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.85
%
,
05/07/24
..............
25,245
25,245,000
Indiana
Finance
Authority
,
Series
2009D
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
13,730
13,730,000
38,975,000
Iowa
—
2.5%
(a)
Iowa
Finance
Authority
,
Series
2021
,
RB
,
VRDN
(
Korea
Development
Bank
LOC
)
,
4.01
%
,
05/07/24
(c)
.................
62,000
62,000,000
Iowa
Finance
Authority
,
Series
2016E
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LIQ
)
,
3.75
%
,
05/07/24
......
10,440
10,440,000
Iowa
Finance
Authority
,
Series
2018D
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
3.70
%
,
05/07/24
..................
18,360
18,360,000
90,800,000
Security
Par
(000)
Par
(000)
Value
Kentucky
—
0.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XG0161
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.80
%
,
05/07/24
(a)
(b)
(c)
...............
USD
4,960
$
4,960,000
Louisiana
—
5.6%
(a)
East
Baton
Rouge
Parish
Industrial
Development
Board,
Inc.
,
Series
2010B
,
RB
,
VRDN
,
3.82
%
,
05/01/24
.............
40,400
40,400,000
East
Baton
Rouge
Parish
Industrial
Development
Board,
Inc.
,
Series
2010
,
RB
,
VRDN
,
3.82
%
,
05/01/24
.............
15,470
15,470,000
Louisiana
Public
Facilities
Authority
,
Series
2004
,
RB
,
VRDN
,
3.60
%
,
05/07/24
......
22,700
22,700,000
Louisiana
Public
Facilities
Authority
,
Series
2008A
,
RB
,
VRDN
,
3.80
%
,
05/01/24
.....
9,525
9,525,000
Louisiana
Public
Facilities
Authority
,
Series
2008B
,
RB
,
VRDN
,
3.75
%
,
05/07/24
.....
18,400
18,400,000
Louisiana
Public
Facilities
Authority
,
Series
2017A
,
RB
,
VRDN
(
UBS
AG
LOC
)
,
3.73
%
,
05/07/24
..................
20,000
20,000,000
Louisiana
Public
Facilities
Authority
,
Series
2017B
,
RB
,
VRDN
(
UBS
AG
LOC
)
,
3.77
%
,
05/07/24
..................
27,500
27,500,000
Louisiana
Public
Facilities
Authority
,
Series
2009A
,
RB
,
VRDN
,
3.60
%
,
05/07/24
.....
49,950
49,950,000
203,945,000
Maryland
—
0.8%
(a)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Series
1985A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.54
%
,
05/07/24
.......
22,100
22,100,000
Washington
Suburban
Sanitary
Commission
,
Series
2013A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.85
%
,
05/01/24
.............
5,800
5,800,000
27,900,000
Massachusetts
—
0.9%
(a)
Massachusetts
Bay
Transportation
Authority
,
Series
2022A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.68
%
,
05/07/24
.............
23,400
23,400,000
Massachusetts
Development
Finance
Agency
,
Series
2011K-1
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.70
%
,
05/07/24
......
6,435
6,435,000
Massachusetts
Water
Resources
Authority
,
Series
2008A-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.75
%
,
05/07/24
..
4,135
4,135,000
33,970,000
Michigan
—
2.7%
(a)
Michigan
Strategic
Fund
,
Series
2007
,
RB
,
VRDN
,
3.80
%
,
05/01/24
.............
57,235
57,235,000
Oakland
University
,
Series
2008
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
3.80
%
,
05/07/24
..................
22,885
22,885,000
University
of
Michigan
,
Series
2012D-2
,
RB
,
VRDN
,
3.65
%
,
05/07/24
.............
16,775
16,775,000
96,895,000
Minnesota
—
1.8%
(a)
City
of
Minneapolis
,
Series
1997B
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.77
%
,
05/07/24
..................
7,100
7,100,000
City
of
Minneapolis
,
Series
2018C
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LOC
)
,
3.85
%
,
05/01/24
..................
4,170
4,170,000
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Minnesota
(continued)
Minnesota
Housing
Finance
Agency
,
Series
2015G
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.75
%
,
05/07/24
.............
USD
20,260
$
20,260,000
Minnesota
Housing
Finance
Agency
,
Series
2017F
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.75
%
,
05/07/24
.............
27,865
27,865,000
Minnesota
Housing
Finance
Agency
,
Series
2018D
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.75
%
,
05/07/24
.............
6,540
6,540,000
65,935,000
Mississippi
—
3.3%
(a)
Mississippi
Business
Finance
Corp.
,
Series
2007B
,
RB
,
VRDN
,
3.95
%
,
05/01/24
.....
4,570
4,570,000
Mississippi
Business
Finance
Corp.
,
Series
2009E
,
RB
,
VRDN
,
3.95
%
,
05/01/24
.....
8,905
8,905,000
Mississippi
Business
Finance
Corp.
,
Series
2010A
,
RB
,
VRDN
,
3.70
%
,
05/07/24
.....
56,835
56,835,000
Mississippi
Business
Finance
Corp.
,
Series
2010H
,
RB
,
VRDN
,
3.75
%
,
05/01/24
.....
14,625
14,625,000
Mississippi
Business
Finance
Corp.
,
Series
2010L
,
RB
,
VRDN
,
3.75
%
,
05/01/24
.....
10,995
10,995,000
Mississippi
Business
Finance
Corp.
,
Series
2011G
,
RB
,
VRDN
,
3.95
%
,
05/01/24
.....
9,095
9,095,000
Mississippi
Business
Finance
Corp.
,
Series
2010F
,
RB
,
VRDN
,
3.70
%
,
05/07/24
.....
13,615
13,615,000
118,640,000
Missouri
—
3.1%
(a)
Curators
of
the
University
of
Missouri
(The)
,
Series
2007B
,
RB
,
VRDN
,
3.77
%
,
05/07/24
26,645
26,645,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018C-16
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.82
%
,
05/07/24
(b)
(c)
................
56,500
56,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0678
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
................
6,880
6,880,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019C-17
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.91
%
,
05/07/24
(b)
(c)
................
14,000
14,000,000
St
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0382
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
................
10,640
10,640,000
114,665,000
Nevada
—
0.9%
County
of
Clark
,
Series
2009A
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.80
%
,
05/07/24
(a)
.................
31,715
31,715,000
New
Jersey
—
1.0%
(a)
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009D
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.70
%
,
05/07/24
.......
26,575
26,575,000
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009E
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.40
%
,
05/07/24
.......
9,500
9,500,000
36,075,000
Security
Par
(000)
Par
(000)
Value
New
York
—
16.0%
(a)
City
of
New
York
,
Series
2012A-4
,
GO
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.75
%
,
05/07/24
..................
USD
30,000
$
30,000,000
City
of
New
York
,
Series
2015
F-5
,
GO
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.85
%
,
05/01/24
17,965
17,965,000
City
of
New
York
,
Series
2019D-4
,
GO
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
3.85
%
,
05/01/24
..................
53,190
53,190,000
Long
Island
Power
Authority
,
Series
2023D
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.78
%
,
05/07/24
..................
17,200
17,200,000
Metropolitan
Transportation
Authority
,
Series
2012,
Sub-Series
G-4
,
RB
,
VRDN
(
Bank
of
Montreal
LOC
)
,
3.75
%
,
05/01/24
.......
23,300
23,300,000
New
York
City
Housing
Development
Corp.
,
Series
2023B-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.67
%
,
05/07/24
.............
19,385
19,385,000
New
York
City
Housing
Development
Corp.
,
Series
2021F-3
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.75
%
,
05/07/24
..........
55,575
55,575,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2007,
Sub-Series
CC-1
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.80
%
,
05/07/24
.............
26,760
26,760,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2013AA-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.75
%
,
05/07/24
44,325
44,325,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-5
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
3.75
%
,
05/01/24
......
13,100
13,100,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-6
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
3.70
%
,
05/01/24
......
18,000
18,000,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
BB1A
,
RB
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
3.80
%
,
05/01/24
..................
10,000
10,000,000
New
York
City
Transitional
Finance
Authority
,
Series
2011A-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.85
%
,
05/01/24
..........
20,300
20,300,000
New
York
City
Transitional
Finance
Authority
,
Series
2013C-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.80
%
,
05/01/24
..
17,040
17,040,000
New
York
City
Transitional
Finance
Authority
,
Series
2014A-4
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
3.85
%
,
05/01/24
..........
7,600
7,600,000
New
York
City
Transitional
Finance
Authority
,
Series
2016E-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.80
%
,
05/01/24
..
16,510
16,510,000
New
York
City
Transitional
Finance
Authority
,
Series
2019,
Sub-Series
B-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.80
%
,
05/01/24
..................
24,420
24,420,000
New
York
City
Transitional
Finance
Authority
,
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.80
%
,
05/01/24
..
37,570
37,570,000
New
York
City
Trust
for
Cultural
Resources
,
Series
2009A
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
3.70
%
,
05/07/24
.......
10,040
10,040,000
New
York
State
Dormitory
Authority
,
Series
2006A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.58
%
,
05/07/24
..................
24,220
24,220,000
New
York
State
Dormitory
Authority
,
Series
2009A
,
RB
,
VRDN
,
3.60
%
,
05/07/24
.....
24,620
24,620,000
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF2647
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
.
USD
2,300
$
2,300,000
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A-
3
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
3.70
%
,
05/07/24
..................
14,200
14,200,000
New
York
State
Housing
Finance
Agency
,
Series
2004A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.75
%
,
05/07/24
..................
5,500
5,500,000
New
York
State
Housing
Finance
Agency
,
Series
2022G-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.76
%
,
05/07/24
....
10,335
10,335,000
New
York
State
Urban
Development
Corp.
,
Series
2004A-3-C
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.80
%
,
05/07/24
..
13,775
13,775,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-4A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
..................
9,200
9,200,000
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1359
,
RB
,
VRDN
(
Toronto-
Dominion
Bank
LIQ
)
,
3.81
%
,
05/07/24
(b)
(c)
.
15,000
15,000,000
581,430,000
North
Carolina
—
1.0%
(a)
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2007E
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
..............
10,310
10,310,000
City
of
Charlotte
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0403
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
.
2,276
2,276,000
Durham
Housing
Authority
,
Series
2021A
,
RB
,
VRDN
(
United
Fidelity
Bank
FSB
LOC,
Federal
Home
Loan
Bank
LIQ
)
,
3.92
%
,
05/07/24
..................
22,885
22,885,000
35,471,000
Ohio
—
6.4%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-E-133
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.80
%
,
05/07/24
(b)
(c)
....
10,665
10,665,000
City
of
Columbus
,
Series
2008B
,
RB
,
VRDN
,
3.72
%
,
05/07/24
..................
25,900
25,900,000
County
of
Franklin
,
Series
2008B
,
RB
,
VRDN
,
3.77
%
,
05/07/24
..................
34,505
34,505,000
County
of
Franklin
,
Series
2011D
,
RB
,
VRDN
,
3.75
%
,
05/07/24
..................
24,100
24,100,000
County
of
Franklin
,
Series
2015B
,
RB
,
VRDN
,
3.77
%
,
05/07/24
..................
19,000
19,000,000
Ohio
Higher
Educational
Facility
Commission
,
Series
2013B-1
,
RB
,
VRDN
(
Ohio
State
Treasurer
SBPA
)
,
3.75
%
,
05/07/24
......
10,355
10,355,000
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-18
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
................
9,000
9,000,000
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
,
Series
2016A
,
RB
,
VRDN
(
Toronto-Dominion
Bank
SBPA
)
,
3.70
%
,
05/07/24
..................
85,500
85,500,000
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
StoryPoint
Senior
Living
Care,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-YX1330
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.87
%
,
05/07/24
(b)
(c)
.........
USD
5,450
$
5,450,000
University
Hospitals
Health
Systems,
Inc.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-C-22
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
................
10,000
10,000,000
234,475,000
Oregon
—
0.2%
Oregon
State
Facilities
Authority
,
Series
2005A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.85
%
,
05/07/24
(a)
....
5,775
5,775,000
Pennsylvania
—
4.4%
(a)
Emmaus
General
Authority
,
Series
1996
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.80
%
,
05/07/24
..................
20,505
20,505,000
Montgomery
County
Industrial
Development
Authority
,
Series
2002
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.85
%
,
05/01/24
..........
4,970
4,970,000
Pennsylvania
Economic
Development
Financing
Authority
,
Series
2009C
,
RB
,
VRDN
(
MUFG
Bank
Ltd.
LOC
)
,
4.50
%
,
05/07/24
..................
18,100
18,100,000
Pennsylvania
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts
,
Series
2024-
XF1700
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
............
10,260
10,260,000
Pennsylvania
State
Health,
Tender
Option
Bond
Trust
Receipts
,
Series
2024-XG0566
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.80
%
,
05/07/24
(b)
(c)
................
2,065
2,065,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Series
2007-
A
,
RB
,
VRDN
(
PNC
Bank
NA
SBPA
)
,
3.79
%
,
05/07/24
..................
66,725
66,725,000
Washington
County
Authority
,
Series
2004
,
RB
,
VRDN
,
3.57
%
,
05/07/24
.............
21,465
21,465,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-YX1075
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
.....
17,190
17,190,000
161,280,000
Rhode
Island
—
0.1%
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XM0721
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.80
%
,
05/07/24
(a)
(b)
(c)
...............
4,360
4,360,000
South
Carolina
—
2.6%
(a)
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2018B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
.......
18,150
18,150,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.79
%
,
05/07/24
.
50,500
50,500,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.79
%
,
05/07/24
.
10,000
10,000,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0398
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.89
%
,
05/07/24
(b)
(c)
......
6,145
6,145,000
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Carolina
(continued)
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0313
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.89
%
,
05/07/24
(b)
(c)
.
USD
9,010
$
9,010,000
93,805,000
South
Dakota
—
1.1%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.78
%
,
05/07/24
.....
10,965
10,965,000
South
Dakota
Housing
Development
Authority
,
Series
2020B
,
RB
,
VRDN
(
SD
Housing
Development
Authority
SBPA
)
,
3.75
%
,
05/07/24
..................
27,975
27,975,000
38,940,000
Tennessee
—
0.1%
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-YX1087
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.80
%
,
05/07/24
(a)
(b)
(c)
...............
5,405
5,405,000
Texas
—
10.3%
(a)
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-XF0220
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
3.80
%
,
05/01/24
(b)
(c)
......
21,235
21,235,000
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.77
%
,
05/07/24
..................
55,055
55,055,000
Gulf
Coast
Industrial
Development
Authority
,
Series
2012
,
RB
,
VRDN
,
3.70
%
,
05/01/24
.
8,195
8,195,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2015-3
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.80
%
,
05/07/24
....
19,450
19,450,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2020B
,
RB
,
VRDN
,
3.75
%
,
05/01/24
..................
37,110
37,110,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2021C
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.65
%
,
05/01/24
..................
12,340
12,340,000
Lamar
Consolidated
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF3163
,
GO
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.80
%
,
05/07/24
(b)
(c)
................
5,245
5,245,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.75
%
,
05/07/24
..................
14,910
14,910,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.70
%
,
05/07/24
..................
55,260
55,260,000
Red
River
Education
Finance
Corp.
,
Series
2006
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.80
%
,
05/07/24
..................
36,900
36,900,000
State
of
Texas
,
Series
2014A
,
GO
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
3.90
%
,
05/07/24
..................
22,205
22,205,000
State
of
Texas
,
Series
2020
,
GO
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.75
%
,
05/07/24
..................
21,200
21,200,000
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
State
of
Texas
,
Series
2022
,
GO
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.95
%
,
05/07/24
..................
USD
25,900
$
25,900,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2008A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
....
20,125
20,125,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
C-4
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.80
%
,
05/07/24
.......
20,620
20,620,000
375,750,000
Utah
—
0.7%
Utah
Water
Finance
Agency
,
Series
B-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.90
%
,
05/07/24
(a)
.................
25,345
25,345,000
Virginia
—
2.1%
(a)
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0606
,
RB
,
VRDN
(
Bank
of
America
NA
LIQ
)
,
3.83
%
,
05/07/24
(b)
(c)
....
1,050
1,050,000
Loudoun
County
Economic
Development
Authority
,
Series
2003D
,
RB
,
VRDN
,
3.72
%
,
05/07/24
..................
39,020
39,020,000
Norfolk
Economic
Development
Authority
,
Series
2016A
,
RB
,
VRDN
,
3.75
%
,
05/07/24
26,050
26,050,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022C-19
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
................
4,730
4,730,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-C-20
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.81
%
,
05/07/24
(b)
(c)
................
6,000
6,000,000
76,850,000
Washington
—
0.4%
County
of
King
,
Series
2019B
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.75
%
,
05/07/24
(a)
.....
15,935
15,935,000
Wisconsin
—
0.8%
(a)
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
SBPA
)
,
3.80
%
,
05/01/24
..........
20,715
20,715,000
Wisconsin
Health
&
Educational
Facilities
Authority
,
Series
2008B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.75
%
,
05/01/24
.......
5,360
5,360,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2017C
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.72
%
,
05/07/24
.
4,360
4,360,000
30,435,000
Wyoming
—
1.0%
Wyoming
Community
Development
Authority
,
Series
2022-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.75
%
,
05/07/24
(a)
.........
35,280
35,280,000
Total
Municipal
Bonds
—
98
.3
%
(Cost:
$
3,580,096,000
)
............................
3,580,096,000
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
MuniCash
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
New
York
—
1.1%
(a)(c)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
1
,
VRDP
,
(
Societe
Generale
LIQ
)
,
3.82
%
,
05/07/24
........
USD
10,200
$
10,200,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
5
,
VRDP
,
(
Toronto-
Dominion
Bank
LIQ
)
,
3.81
%
,
05/07/24
....
30,000
30,000,000
40,200,000
Total
Closed-End
Investment
Companies
—
1
.1
%
(Cost:
$
40,200,000
)
...............................
40,200,000
Total
Investments
—
99
.4
%
(Cost:
$
3,620,296,000
)
(d)
...........................
3,620,296,000
Other
Assets
Less
Liabilities
—
0.6
%
....................
21,625,731
Net
Assets
—
100.0%
...............................
$
3,641,921,731
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—
$
40,200,000
$
—
$
40,200,000
Municipal
Bonds
.........................................
—
3,580,096,000
—
3,580,096,000
$
—
$
3,620,296,000
$
—
$
3,620,296,000
Statements
of
Assets
and
Liabilities
(unaudited)

April
30,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
50
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
...........................
$
5,931,283,752‌
$
81,495,983,720‌
$
9,866,692,368‌
$
3,660,507,094‌
$
53,634,913,899‌
Cash
................................................
442,411,645‌
8,478,977,939‌
662,221,992‌
300,393,076‌
5,700,744,056‌
Repurchase
agreements,
at
value
—
unaffiliated
(b)
...................
—‌
60,832,236,250‌
5,017,000,000‌
1,813,500,000‌
42,566,047,500‌
Receivables:
–‌
–‌
–‌
–‌
–‌
Capital
shares
sold
......................................
12,189,768‌
11,968,305‌
118,815,293‌
—‌
33,816,512‌
Interest
—
unaffiliated
....................................
5,141,462‌
73,080,277‌
42,383,929‌
16,599,877‌
17,280,728‌
Prepaid
e
xpenses
........................................
590,565‌
95,966,619‌
294,999‌
5,478,615‌
36,510,882‌
Total
a
ssets
............................................
6,391,617,192‌
150,988,213,110‌
15,707,408,581‌
5,796,478,662‌
101,989,313,577‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
–‌
Investments
purchased
...................................
385,701,461‌
4,388,388,250‌
229,965,861‌
89,986,641‌
2,727,543,422‌
Capital
shares
redeemed
..................................
3,772,480‌
5,735,799‌
91,189,886‌
—‌
10,715,607‌
Custodian
fees
.........................................
23,075‌
160,172‌
38,843‌
32,558‌
145,460‌
Income
dividend
distributions
...............................
18,978,491‌
398,438,887‌
58,796,621‌
3,857,645‌
304,758,119‌
Management
fees
.......................................
770,109‌
20,005,588‌
2,164,636‌
769,902‌
13,790,804‌
Trustees'
and
Officer's
fees
................................
3,398‌
72,306‌
—‌
8,848‌
49,260‌
Professional
fees
.......................................
24,667‌
62,269‌
6,641‌
32,505‌
61,288‌
Registration
fees
.......................................
156,669‌
5,464,974‌
104,544‌
1,196,660‌
2,549,821‌
Service
and
distribution
fees
................................
373,167‌
97,474,969‌
4,146‌
5,530,565‌
36,656,929‌
Transfer
agent
fees
.....................................
41,499‌
540,934‌
48,792‌
136,989‌
365,961‌
Other
accrued
expenses
..................................
41,405‌
168,428‌
13,432‌
28,311‌
63,463‌
Total
li
abilities
...........................................
409,886,421‌
4,916,512,576‌
382,333,402‌
101,580,624‌
3,096,700,134‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
—‌
NET
ASSETS
...........................................
$
5,981,730,771‌
$
146,071,700,534‌
$
15,325,075,179‌
$
5,694,898,038‌
$
98,892,613,443‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
...........................................
$
5,981,500,114‌
$
146,151,826,182‌
$
15,327,461,418‌
$
5,696,150,687‌
$
98,939,207,941‌
Accumulated
earnings
(loss)
.................................
230,657‌
(
80,125,648‌
)
(
2,386,239‌
)
(
1,252,649‌
)
(
46,594,498‌
)
NET
ASSETS
...........................................
$
5,981,730,771‌
$
146,071,700,534‌
$
15,325,075,179‌
$
5,694,898,038‌
$
98,892,613,443‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................
$
5,931,283,752‌
$
81,495,983,720‌
$
9,867,986,541‌
$
3,661,003,219‌
$
53,634,913,899‌
(b)
  Repurchase
agreements,
at
cost
—
unaffiliated
.................
$
—‌
$
60,832,236,250‌
$
5,017,000,000‌
$
1,813,500,000‌
$
42,566,047,500‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2024
51
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................
$
5,890,039,793‌
$
124,639,511,102‌
$
14,740,315,197‌
$
4,828,169,220‌
$
91,057,956,974‌
Shares
outstanding
..................................
5,889,805,228‌
124,708,003,423‌
14,735,956,250‌
4,826,212,219‌
91,100,820,068‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
1.0003‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
.........................................
$
34,984,435‌
$
6,952,460,945‌
$
—‌
$
27,463,295‌
$
4,307,204,234‌
Shares
outstanding
..................................
34,983,043‌
6,956,271,848‌
—‌
27,451,631‌
4,309,225,828‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Bancroft
Capital
Net
assets
.........................................
$
54,159‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
54,157‌
—‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cabrera
Capital
Markets
Net
assets
.........................................
$
54,159‌
$
—‌
$
—‌
$
806,796‌
$
—‌
Shares
outstanding
..................................
54,157‌
—‌
—‌
806,440‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
1.0004‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
Unlimited
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
.........................................
$
—‌
$
126,447,012‌
$
—‌
$
243,943,202‌
$
219,109,987‌
Shares
outstanding
..................................
—‌
126,516,351‌
—‌
243,832,792‌
219,212,851‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................
$
8,659,380‌
$
641,817,453‌
$
—‌
$
490,984,196‌
$
779,987,209‌
Shares
outstanding
..................................
8,659,035‌
642,169,526‌
—‌
490,780,592‌
780,353,664‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................
$
—‌
$
3,844,590,076‌
$
—‌
$
13,630,238‌
$
71,070,536‌
Shares
outstanding
..................................
—‌
3,846,704,245‌
—‌
13,623,954‌
71,104,004‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
.........................................
$
7,728,141‌
$
3,876,726,360‌
$
18,826,574‌
$
89,551,890‌
$
946,556,487‌
Shares
outstanding
..................................
7,727,833‌
3,878,855,500‌
18,819,421‌
89,514,655‌
947,001,673‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
1.0004‌
$
1.0004‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Great
Pacific
Net
assets
.........................................
$
54,140‌
$
—‌
$
565,896,918‌
$
—‌
$
—‌
Shares
outstanding
..................................
54,138‌
—‌
565,773,004‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
1.0002‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
Unlimited
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
52
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Mischler
Financial
Group
Net
assets
.........................................
$
14,053,314‌
$
1,730,272,723‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
14,052,754‌
1,731,219,487‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Penserra
Net
assets
.........................................
$
804,186‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
804,154‌
—‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Premier
Net
assets
.........................................
$
—‌
$
3,720,199,129‌
$
36,490‌
$
—‌
$
1,491,604,147‌
Shares
outstanding
..................................
—‌
3,722,243,110‌
36,478‌
—‌
1,492,302,234‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
1.0003‌
$
—‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
Unlimited
—
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Private
Client
Net
assets
.........................................
$
—‌
$
248,028‌
$
—‌
$
349,201‌
$
—‌
Shares
outstanding
..................................
—‌
248,164‌
—‌
349,046‌
—‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0004‌
$
—‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
.........................................
$
—‌
$
337,100,911‌
$
—‌
$
—‌
$
19,123,869‌
Shares
outstanding
..................................
—‌
337,285,642‌
—‌
—‌
19,132,866‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
—
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Stern
Brothers
Net
assets
.........................................
$
54,904‌
$
9,920,245‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
54,902‌
9,925,686‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Tigress
Net
assets
.........................................
$
25,244,160‌
$
88,813,444‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
25,243,152‌
88,862,043‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
WestCap
Net
assets
.........................................
$
—‌
$
103,593,106‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
—‌
103,649,834‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
—
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2024
53
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
ASSETS
Investments,
at
value
—
unaffiliated
(a)
.........................................................................
$
112,415,503,068‌
$
3,620,296,000‌
Cash
..............................................................................................
7,941,074,762‌
—‌
Receivables:
–‌
–‌
Capital
shares
sold
....................................................................................
3,327,673‌
13,020,026‌
Interest
—
unaffiliated
..................................................................................
4,460,392‌
16,666,493‌
Prepaid
e
xpenses
......................................................................................
14,904,802‌
391,576‌
Total
a
ssets
..........................................................................................
120,379,270,697‌
3,650,374,095‌
LIABILITIES
Bank
overdraft
.........................................................................................
—‌
4,907‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
7,966,804,779‌
1,665,000‌
Capital
shares
redeemed
................................................................................
801,357‌
1,422,506‌
Custodian
fees
.......................................................................................
360,393‌
18,296‌
Income
dividend
distributions
.............................................................................
349,736,884‌
4,672,003‌
Management
fees
.....................................................................................
15,220,495‌
542,002‌
Trustees'
and
Officer's
fees
..............................................................................
45,126‌
2,656‌
Professional
fees
.....................................................................................
50,351‌
26,845‌
Registration
fees
.....................................................................................
4,339,577‌
41,064‌
Service
and
distribution
fees
..............................................................................
15,012,294‌
19,854‌
Transfer
agent
fees
...................................................................................
193,087‌
14,463‌
Other
accrued
expenses
................................................................................
1,443,542‌
22,768‌
Total
li
abilities
.........................................................................................
8,354,007,885‌
8,452,364‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
112,025,262,812‌
$
3,641,921,731‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
112,012,754,518‌
$
3,641,807,802‌
Accumulated
earnings
...................................................................................
12,508,294‌
113,929‌
NET
ASSETS
.........................................................................................
$
112,025,262,812‌
$
3,641,921,731‌
(a)
  Investments,
at
cost
—
unaffiliated
...................................................................
$
112,415,503,068‌
$
3,620,296,000‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
54
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
107,933,990,248‌
$
3,639,607,840‌
Shares
outstanding
..................................................................................
107,921,938,502‌
3,639,288,668‌
Net
asset
value
.....................................................................................
$
1.00‌
$
1.0001‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Administration
Net
assets
.........................................................................................
$
511,598,280‌
$
—‌
Shares
outstanding
..................................................................................
511,541,237‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
—
Par
value
.........................................................................................
$
—‌
$
—‌
Capital
Net
assets
.........................................................................................
$
638,624,699‌
$
—‌
Shares
outstanding
..................................................................................
638,553,606‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
—
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................................................
$
9,188,158‌
$
—‌
Shares
outstanding
..................................................................................
9,187,135‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
—
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................................................
$
137,466,648‌
$
—‌
Shares
outstanding
..................................................................................
137,451,248‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
—
Par
value
.........................................................................................
$
—‌
$
—‌
Dollar
Net
assets
.........................................................................................
$
2,525,580,010‌
$
2,313,891‌
Shares
outstanding
..................................................................................
2,525,298,007‌
2,313,816‌
Net
asset
value
.....................................................................................
$
1.00‌
$
1.0000‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Select
Net
assets
.........................................................................................
$
268,814,769‌
$
—‌
Shares
outstanding
..................................................................................
268,784,783‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
—
Par
value
.........................................................................................
$
—‌
$
—‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2024
55
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
159,580,931‌
$
3,965,512,561‌
$
397,675,726‌
$
150,791,261‌
$
2,760,967,877‌
Total
investment
income
....................................
159,580,931‌
3,965,512,561‌
397,675,726‌
150,791,261‌
2,760,967,877‌
EXPENSES
Management
..........................................
6,094,747‌
133,577,247‌
14,880,270‌
6,852,654‌
93,251,807‌
Registration
..........................................
139,626‌
582,386‌
161,337‌
77,480‌
211,878‌
Service
and
distribution
—
class
specific
.......................
53,866‌
20,216,729‌
4,052‌
1,445,920‌
6,004,234‌
Professional
..........................................
42,852‌
263,318‌
56,088‌
44,102‌
178,016‌
Transfer
agent
.........................................
41,715‌
649,896‌
82,794‌
175,810‌
215,557‌
Custodian
............................................
37,614‌
275,057‌
64,718‌
44,649‌
107,436‌
Printing
and
postage
....................................
33,284‌
30,859‌
18,308‌
21,035‌
24,220‌
Trustees
and
Officer
.....................................
22,151‌
157,342‌
52,910‌
19,642‌
146,321‌
Miscellaneous
.........................................
47,744‌
388,793‌
65,142‌
50,868‌
317,273‌
Total
expenses
..........................................
6,513,599‌
156,141,627‌
15,385,619‌
8,732,160‌
100,456,742‌
Less:
–‌
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(
1,429,495‌
)
(
10,918,707‌
)
(
2,537,584‌
)
(
2,415,166‌
)
(
7,377,417‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
—‌
(
34,609‌
)
—‌
(
953‌
)
(
3,046‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
.................
5,084,104‌
145,188,311‌
12,848,035‌
6,316,041‌
93,076,279‌
Net
investment
income
.....................................
154,496,827‌
3,820,324,250‌
384,827,691‌
144,475,220‌
2,667,891,598‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
367,436‌
$
3,651,590‌
$
(
1,678,554‌
)
$
(
563,462‌
)
$
2,938,369‌
Net
realized
gain
from
investments
..........................
367,436‌
3,651,590‌
6,092‌
15,893‌
2,938,369‌
Net
change
in
unrealized
depreciation
on
investments
..............
—‌
—‌
(
1,684,646‌
)
(
579,355‌
)
—‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
154,864,263‌
$
3,823,975,840‌
$
383,149,137‌
$
143,911,758‌
$
2,670,829,967‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
April
30,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
56
Treasury
Trust
Fund
MuniCash
INVESTMENT
INCOME
–
–
Interest
—
unaffiliated
..................................................................................
$
2,914,206,836‌
$
51,701,538‌
Total
investment
income
..................................................................................
2,914,206,836‌
51,701,538‌
EXPENSES
Management
........................................................................................
98,255,257‌
4,584,262‌
Service
and
distribution
—
class
specific
.....................................................................
4,498,387‌
2,281‌
Custodian
..........................................................................................
520,120‌
10,841‌
Transfer
agent
.......................................................................................
423,365‌
11,666‌
Registration
........................................................................................
312,038‌
85,270‌
Professional
........................................................................................
194,362‌
38,132‌
Trustees
and
Officer
...................................................................................
149,270‌
16,521‌
Printing
and
postage
..................................................................................
21,507‌
10,374‌
Miscellaneous
.......................................................................................
237,501‌
21,013‌
Total
expenses
excluding
interest
expense
......................................................................
104,611,807‌
4,780,360‌
Interest
expense
.....................................................................................
—‌
10,217‌
Total
expenses
........................................................................................
104,611,807‌
4,790,577‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(
8,387,867‌
)
(
1,659,219‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
................................................
(
23,820‌
)
—‌
Total
ex
penses
after
fees
waived
and/or
reimbursed
...............................................................
96,200,120‌
3,131,358‌
Net
investment
income
...................................................................................
2,818,006,716‌
48,570,180‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
3,434,716‌
$
275,972‌
Net
realized
gain
from
investments
........................................................................
3,434,716‌
113,931‌
Net
change
in
unrealized
appreciation
on
investments
............................................................
—‌
162,042‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
2,821,441,432‌
$
48,846,153‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

57
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
154,496,827‌
$
224,871,365‌
$
3,820,324,250‌
$
6,447,505,093‌
Net
realized
gain
(loss)
............................................
367,436‌
647,809‌
3,651,590‌
(
45,185,505‌
)
Net
increase
in
net
assets
resulting
from
operations
...........................
154,864,263‌
225,519,174‌
3,823,975,840‌
6,402,319,588‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
152,168,507‌
)
(
221,257,571‌
)
(
3,245,456,238‌
)
(
5,350,110,036‌
)
Administration
.................................................
(
724,226‌
)
(
1,258,380‌
)
(
207,370,036‌
)
(
548,004,687‌
)
Bancroft
Capital
................................................
(
1,385‌
)
(
2,348‌
)
—‌
—‌
Cabrera
Capital
Markets
..........................................
(
1,385‌
)
(
2,348‌
)
—‌
—‌
Capital
......................................................
—‌
—‌
(
1,616,620‌
)
(
151,947‌
)
Cash
Management
..............................................
(
210,965‌
)
(
452,379‌
)
(
15,276,915‌
)
(
26,770,197‌
)
Cash
Reserve
.................................................
—‌
—‌
(
97,515,775‌
)
(
190,618,421‌
)
Dollar
.......................................................
(
347,617‌
)
(
497,569‌
)
(
99,651,526‌
)
(
162,022,146‌
)
Great
Pacific
..................................................
(
1,384‌
)
(
2,347‌
)
—‌
—‌
Mischler
Financial
Group
..........................................
(
323,938‌
)
(
411,410‌
)
(
54,715,124‌
)
(
78,385,377‌
)
Penserra
.....................................................
(
20,859‌
)
(
29,442‌
)
—‌
—‌
Premier
......................................................
—‌
—‌
(
85,158,363‌
)
(
72,073,104‌
)
Private
Client
..................................................
—‌
—‌
(
5,850‌
)
(
10,459‌
)
Select
.......................................................
—‌
—‌
(
7,514,340‌
)
(
15,135,753‌
)
Stern
Brothers
.................................................
(
1,404‌
)
(
3,206‌
)
(
199,062‌
)
(
26,326‌
)
Tigress
......................................................
(
699,154‌
)
(
954,365‌
)
(
3,654,247‌
)
(
752,039‌
)
WestCap
.....................................................
—‌
—‌
(
2,755,969‌
)
(
3,150,528‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(154,500,824‌)
(224,871,365‌)
(3,820,890,065‌)
(6,447,211,020‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(67,628,446‌)
867,613,922‌
1,627,368,502‌
(1,818,848,960‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(
67,265,007‌
)
868,261,731‌
1,630,454,277‌
(
1,863,740,392‌
)
Beginning
of
period
................................................
6,048,995,778‌
5,180,734,047‌
144,441,246,257‌
146,304,986,649‌
End
of
period
....................................................
$
5,981,730,771‌
$
6,048,995,778‌
$
146,071,700,534‌
$
144,441,246,257‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
TempCash
TempFund
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
384,827,691‌
$
590,601,806‌
$
144,475,220‌
$
291,420,205‌
Net
realized
gain
(loss)
............................................
6,092‌
60,470‌
15,893‌
(
79,431‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
1,684,646‌
)
4,142,335‌
(
579,355‌
)
4,215,125‌
Net
increase
in
net
assets
resulting
from
operations
...........................
383,149,137‌
594,804,611‌
143,911,758‌
295,555,899‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
373,114,183‌
)
(
570,810,672‌
)
(
123,010,894‌
)
(
255,677,073‌
)
Administration
.................................................
—‌
—‌
(
761,637‌
)
(
1,408,620‌
)
Cabrera
Capital
Markets
..........................................
—‌
—‌
(
6,597‌
)
(
7,399‌
)
Capital
......................................................
—‌
—‌
(
5,902,014‌
)
(
6,611,763‌
)
Cash
Management
..............................................
—‌
—‌
(
12,125,808‌
)
(
22,540,001‌
)
Cash
Reserve
.................................................
—‌
—‌
(
306,802‌
)
(
707,240‌
)
Dollar
.......................................................
(
152,450‌
)
(
846‌
)
(
2,348,108‌
)
(
4,433,374‌
)
Great
Pacific
..................................................
(
11,560,079‌
)
(
19,788,529‌
)
—‌
—‌
Premier
......................................................
(
979‌
)
(
1,759‌
)
—‌
—‌
Private
Client
..................................................
—‌
—‌
(
13,360‌
)
(
34,735‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(384,827,691‌)
(590,601,806‌)
(144,475,220‌)
(291,420,205‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
1,771,155,957‌
4,892,789,579‌
449,849,496‌
(2,099,339,623‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
1,769,477,403‌
4,896,992,384‌
449,286,034‌
(
2,095,203,929‌
)
Beginning
of
period
................................................
13,555,597,776‌
8,658,605,392‌
5,245,612,004‌
7,340,815,933‌
End
of
period
....................................................
$
15,325,075,179‌
$
13,555,597,776‌
$
5,694,898,038‌
$
5,245,612,004‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
59
Financial
Statements
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
2,667,891,598‌
$
4,410,418,831‌
$
2,818,006,716‌
$
4,638,364,343‌
Net
realized
gain
(loss)
............................................
2,938,369‌
(
29,108,642‌
)
3,434,716‌
18,563,686‌
Net
increase
in
net
assets
resulting
from
operations
...........................
2,670,829,967‌
4,381,310,189‌
2,821,441,432‌
4,656,928,029‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
2,463,967,675‌
)
(
3,937,571,942‌
)
(
2,727,656,817‌
)
(
4,529,645,292‌
)
Administration
.................................................
(
108,227,316‌
)
(
320,493,272‌
)
(
12,639,781‌
)
(
19,482,279‌
)
Capital
......................................................
(
5,456,775‌
)
(
6,007,199‌
)
(
14,812,316‌
)
(
11,772,075‌
)
Cash
Management
..............................................
(
18,730,782‌
)
(
31,999,834‌
)
(
178,041‌
)
(
490,313‌
)
Cash
Reserve
.................................................
(
1,507,440‌
)
(
3,501,185‌
)
(
4,269,174‌
)
(
3,925,185‌
)
Dollar
.......................................................
(
31,923,155‌
)
(
67,441,132‌
)
(
56,858,614‌
)
(
70,921,213‌
)
Premier
......................................................
(
38,040,947‌
)
(
40,693,855‌
)
—‌
—‌
Select
.......................................................
(
670,769‌
)
(
2,416,296‌
)
(
5,254,142‌
)
(
7,370,992‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(2,668,524,859‌)
(4,410,124,715‌)
(2,821,668,885‌)
(4,643,607,349‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
3,281,508,283‌
(5,654,524,761‌)
11,193,139,070‌
(7,466,784,817‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
3,283,813,391‌
(
5,683,339,287‌
)
11,192,911,617‌
(
7,453,464,137‌
)
Beginning
of
period
................................................
95,608,800,052‌
101,292,139,339‌
100,832,351,195‌
108,285,815,332‌
End
of
period
....................................................
$
98,892,613,443‌
$
95,608,800,052‌
$
112,025,262,812‌
$
100,832,351,195‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
MuniCash
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
48,570,180‌
$
96,340,897‌
Net
realized
gain
..................................................................................
113,931‌
8,109‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
162,042‌
686,542‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
48,846,153‌
97,035,548‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
48,549,671‌
)
(
96,283,682‌
)
Dollar
.........................................................................................
(
28,436‌
)
(
57,215‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(48,578,107‌)
(96,340,897‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(900,775,376‌)
946,183,267‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(
900,507,330‌
)
946,877,918‌
Beginning
of
period
..................................................................................
4,542,429,061‌
3,595,551,143‌
End
of
period
......................................................................................
$
3,641,921,731‌
$
4,542,429,061‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0260
‌
0
.0456
‌
0
.0077
‌
0
.0000
(a)
0
.0051
‌
0
.0214
‌
Net
realized
and
unrealized
gain
...............
0
.0000
(a)
0
.0000
(a)
0
.0007
(b)
0
.0001
‌
0
.0014
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0260
‌
0.0456
‌
0.0084
‌
0.0001
‌
0.0065
‌
0.0214
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0260
)
(
0
.0456
)
(
0
.0084
)
(
0
.0000
)
(d)
(
0
.0064
)
(
0
.0214
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0260
)
(0.0456
)
(0.0084
)
(0.0001
)
(0.0065
)
(0.0214
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.62
%
(f)
4.66
%
0.85
%
0.02
%
0.65
%
2.16
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.22
%
(g)
0.23
%
0.22
%
0.23
%
0.23
%
0.25
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(g)
0.17
%
0.13
%
0.09
%
0.17
%
0.17
%
Net
investment
income
......................
5.22
%
(g)
4.56
%
0.77
%
0.00
%
(h)
0.51
%
2.14
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
5,890,040
‌
$
5,944,451
‌
$
5,117,999
‌
$
4,912,973
‌
$
4,488,126
‌
$
3,442,530
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
62
BlackRock
Liquid
Federal
Trust
Fund
Administration
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0255
‌
0
.0452
‌
0
.0043
‌
0
.0000
(a)
0
.0051
‌
0
.0204
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.0000
(a)
(
0
.0006
)
(b)
0
.0035
(b)
0
.0001
‌
0
.0006
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0255
‌
0.0446
‌
0.0078
‌
0.0001
‌
0.0057
‌
0.0204
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0255
)
(
0
.0446
)
(
0
.0078
)
(
0
.0000
)
(d)
(
0
.0056
)
(
0
.0204
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0255
)
(0.0446
)
(0.0078
)
(0.0001
)
(0.0057
)
(0.0204
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.57
%
(f)
4.55
%
0.78
%
0.02
%
0.57
%
2.06
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.32
%
(g)
0.33
%
0.32
%
0.33
%
0.33
%
0.35
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.27
%
(g)
0.27
%
0.15
%
0.08
%
0.24
%
0.27
%
Net
investment
income
......................
5.12
%
(g)
4.52
%
0.43
%
0.00
%
(h)
0.51
%
2.05
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
34,984
‌
$
31,594
‌
$
24,112
‌
$
87,091
‌
$
78,219
‌
$
80,271
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Bancroft
Capital
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0457
‌
0
.0084
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0001
)
(c)
(
0
.0000
)
(d)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0084
‌
Distributions
(e)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
.................................................................
2.62
%
(g)
4.66
%
0.85
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(h)
0.23
%
0.22
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(h)
0.17
%
0.13
%
(h)
Net
investment
income
..................................................................
5.22
%
(h)
4.57
%
0.85
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
54
‌
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
64
BlackRock
Liquid
Federal
Trust
Fund
Cabrera
Capital
Markets
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0457
‌
0
.0084
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0001
)
(c)
(
0
.0000
)
(d)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0084
‌
Distributions
(e)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
.................................................................
2.62
%
(g)
4.66
%
0.85
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(h)
0.23
%
0.22
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(h)
0.17
%
0.13
%
(h)
Net
investment
income
..................................................................
5.22
%
(h)
4.57
%
0.85
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
54
‌
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
65
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0235
‌
0
.0399
‌
0
.0051
‌
0
.0000
(a)
0
.0022
‌
0
.0164
‌
Net
realized
and
unrealized
gain
...............
0
.0000
(a)
0
.0007
‌
0
.0006
(b)
0
.0001
‌
0
.0016
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0235
‌
0.0406
‌
0.0057
‌
0.0001
‌
0.0038
‌
0.0164
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0235
)
(
0
.0406
)
(
0
.0057
)
(
0
.0000
)
(d)
(
0
.0037
)
(
0
.0164
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0235
)
(0.0406
)
(0.0057
)
(0.0001
)
(0.0038
)
(0.0164
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.37
%
(f)
4.14
%
0.57
%
0.02
%
0.38
%
1.65
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.72
%
(g)
0.73
%
0.72
%
0.73
%
0.73
%
0.75
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(g)
0.67
%
0.39
%
0.08
%
0.36
%
0.67
%
Net
investment
income
......................
4.72
%
(g)
3.99
%
0.51
%
0.00
%
(h)
0.22
%
1.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
8,659
‌
$
9,810
‌
$
14,435
‌
$
10,191
‌
$
10,809
‌
$
11,839
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
66
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
...........
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................
0
.0248
‌
0
.0446
‌
0
.0084
‌
0
.0000
(a)
0
.0032
‌
0
.0189
‌
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0001
)
(b)
(
0
.0015
)
(b)
(
0
.0015
)
0
.0001
‌
0
.0018
‌
0
.0000
(a)
Net
increase
from
investment
operations
..........
0.0247
‌
0.0431
‌
0.0069
‌
0.0001
‌
0.0050
‌
0.0189
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.0247
)
(
0
.0431
)
(
0
.0069
)
(
0
.0000
)
(d)
(
0
.0049
)
(
0
.0189
)
From
net
realized
gain
.....................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
..........................
(0.0247
)
(0.0431
)
(0.0069
)
(0.0001
)
(0.0050
)
(0.0189
)
Net
asset
value,
end
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
....................
2.50
%
(f)
4.40
%
0.70
%
0.02
%
0.49
%
1.91
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.47
%
(g)
0.48
%
0.47
%
0.48
%
0.48
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.42
%
(g)
0.42
%
0.29
%
0.09
%
0.29
%
0.42
%
Net
investment
income
.....................
4.98
%
(g)
4.46
%
0.84
%
0.00
%
(h)
0.32
%
1.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
7,728
‌
$
23,416
‌
$
15,765
‌
$
10,977
‌
$
30,848
‌
$
11,152
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Great
Pacific
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
05/02/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0457
‌
0
.0081
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0001
)
(c)
(
0
.0000
)
(d)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0081
‌
Distributions
(e)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0081
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0081
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
.................................................................
2.62
%
(g)
4.66
%
0.81
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(h)
0.23
%
0.22
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(h)
0.17
%
0.17
%
(h)
Net
investment
income
..................................................................
5.22
%
(h)
4.57
%
1.62
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
54
‌
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
68
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0259
‌
0
.0482
‌
0
.0089
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0001
‌
(
0
.0026
)
(b)
(
0
.0005
)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0084
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.................................................................
2.62
%
(f)
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(g)
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(g)
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................
5.22
%
(g)
4.82
%
0.89
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
14,053
‌
$
10,519
‌
$
5,120
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Penserra
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
01/21/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0484
‌
0
.0084
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0028
)
(c)
(
0
.0000
)
(d)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0084
‌
Distributions
(e)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
.................................................................
2.62
%
(g)
4.66
%
0.84
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(h)
0.23
%
0.22
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(h)
0.17
%
0.15
%
(h)
Net
investment
income
..................................................................
5.22
%
(h)
4.84
%
1.08
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
804
‌
$
803
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
70
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0443
‌
0
.0058
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
0
.0013
‌
(
0
.0000
)
(c)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0058
‌
Distributions
(d)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0058
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(c)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0058
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.................................................................
2.62
%
(f)
4.66
%
0.58
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(g)
0.23
%
0.23
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(g)
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................
5.22
%
(g)
4.43
%
2.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
55
‌
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0488
‌
0
.0026
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0032
)
(c)
(
0
.0004
)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0456
‌
0.0022
‌
Distributions
(d)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0456
)
(
0
.0022
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(e)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0456
)
(0.0022
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
.................................................................
2.62
%
(g)
4.66
%
0.22
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
(h)
0.23
%
0.25
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(h)
0.17
%
0.17
%
(h)
Net
investment
income
..................................................................
5.22
%
(h)
4.88
%
2.91
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
25,244
‌
$
28,193
‌
$
3,051
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
72
FedFund
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0260
‌
0
.0468
‌
0
.0084
‌
0
.0002
‌
0
.0054
‌
0
.0217
‌
Net
realized
and
unrealized
gain
(loss)
............
0
.0000
(a)
(
0
.0005
)
0
.0006
(b)
0
.0001
‌
0
.0010
‌
0
.0001
‌
Net
increase
from
investment
operations
............
0.0260
‌
0.0463
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0218
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0260
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
(
0
.0218
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0260
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0218
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
......................
2.63
%
(f)
4.73
%
0.90
%
0.03
%
0.64
%
2.20
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.18
%
(g)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.17
%
(g)
0.17
%
0.13
%
0.08
%
0.17
%
0.17
%
Net
investment
income
.......................
5.22
%
(g)
4.68
%
0.84
%
0.02
%
0.54
%
2.17
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
124,639,511
‌
$
122,363,197
‌
$
111,196,831
‌
$
127,458,227
‌
$
141,084,816
‌
$
93,106,503
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
FedFund
Administration
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0255
‌
0
.0431
‌
0
.0116
‌
0
.0002
‌
0
.0054
‌
0
.0207
‌
Net
realized
and
unrealized
gain
(loss)
............
0
.0000
(a)
0
.0022
(b)
(
0
.0032
)
0
.0001
‌
0
.0002
‌
0
.0001
‌
Net
increase
from
investment
operations
............
0.0255
‌
0.0453
‌
0.0084
‌
0.0003
‌
0.0056
‌
0.0208
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0255
)
(
0
.0453
)
(
0
.0084
)
(
0
.0002
)
(
0
.0055
)
(
0
.0208
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0255
)
(0.0453
)
(0.0084
)
(0.0003
)
(0.0056
)
(0.0208
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
......................
2.58
%
(f)
4.63
%
0.84
%
0.03
%
0.56
%
2.10
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.28
%
(g)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.27
%
(g)
0.27
%
0.25
%
0.08
%
0.24
%
0.27
%
Net
investment
income
.......................
5.13
%
(g)
4.31
%
1.16
%
0.02
%
0.54
%
2.07
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
6,952,461
‌
$
7,965,006
‌
$
22,812,396
‌
$
3,021,092
‌
$
2,977,997
‌
$
2,870,758
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
74
FedFund
Capital
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0257
‌
0
.0448
‌
0
.0003
‌
0
.0002
‌
0
.0051
‌
0
.0213
‌
Net
realized
and
unrealized
gain
................
0
.0001
‌
0
.0012
(a)
0
.0085
(a)
0
.0001
‌
0
.0009
‌
0
.0001
‌
Net
increase
from
investment
operations
............
0.0258
‌
0.0460
‌
0.0088
‌
0.0003
‌
0.0060
‌
0.0214
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0258
)
(
0
.0460
)
(
0
.0088
)
(
0
.0002
)
(
0
.0059
)
(
0
.0214
)
From
net
realized
gain
.......................
(
0
.0000
)
(c)
—
‌
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0258
)
(0.0460
)
(0.0088
)
(0.0003
)
(0.0060
)
(0.0214
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
......................
2.61
%
(e)
4.70
%
0.88
%
0.03
%
0.60
%
2.16
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.23
%
(f)
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.22
%
(f)
0.21
%
0.07
%
0.07
%
0.21
%
0.21
%
Net
investment
income
.......................
5.16
%
(f)
4.48
%
0.03
%
0.02
%
0.51
%
2.13
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
126,447
‌
$
2,588
‌
$
1,252
‌
$
25,722,827
‌
$
11,247,218
‌
$
8,078,893
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
FedFund
Cash
Management
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0235
‌
0
.0412
‌
0
.0062
‌
0
.0002
‌
0
.0035
‌
0
.0165
‌
Net
realized
and
unrealized
gain
(loss)
............
0
.0000
(a)
0
.0001
(b)
(
0
.0000
)
(c)
0
.0001
‌
0
.0003
‌
0
.0003
‌
Net
increase
from
investment
operations
............
0.0235
‌
0.0413
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0168
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0235
)
(
0
.0413
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
(
0
.0168
)
From
net
realized
gain
.......................
(
0
.0000
)
(c)
—
‌
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0235
)
(0.0413
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0168
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
......................
2.37
%
(f)
4.21
%
0.62
%
0.03
%
0.38
%
1.69
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.68
%
(g)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.67
%
(g)
0.67
%
0.42
%
0.08
%
0.42
%
0.67
%
Net
investment
income
.......................
4.73
%
(g)
4.12
%
0.62
%
0.02
%
0.35
%
1.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
641,817
‌
$
718,126
‌
$
695,591
‌
$
590,584
‌
$
440,893
‌
$
377,591
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
76
FedFund
Cash
Reserve
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0240
‌
0
.0418
‌
0
.0063
‌
0
.0002
‌
0
.0040
‌
0
.0178
‌
Net
realized
and
unrealized
gain
................
0
.0000
(a)
0
.0005
(b)
0
.0004
(b)
0
.0001
‌
0
.0002
‌
0
.0000
(a)
Net
increase
from
investment
operations
............
0.0240
‌
0.0423
‌
0.0067
‌
0.0003
‌
0.0042
‌
0.0178
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0240
)
(
0
.0423
)
(
0
.0067
)
(
0
.0002
)
(
0
.0041
)
(
0
.0178
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0240
)
(0.0423
)
(0.0067
)
(0.0003
)
(0.0042
)
(0.0178
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
......................
2.42
%
(f)
4.32
%
0.67
%
0.03
%
0.42
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.58
%
(g)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.57
%
(g)
0.57
%
0.35
%
0.08
%
0.39
%
0.57
%
Net
investment
income
.......................
4.83
%
(g)
4.18
%
0.63
%
0.02
%
0.40
%
1.78
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
3,844,590
‌
$
4,048,351
‌
$
5,181,757
‌
$
5,518,536
‌
$
5,079,903
‌
$
4,907,193
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
FedFund
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0247
‌
0
.0439
‌
0
.0080
‌
0
.0002
‌
0
.0039
‌
0
.0195
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.0000
(a)
(
0
.0001
)
(
0
.0005
)
0
.0001
‌
0
.0009
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0247
‌
0.0438
‌
0.0075
‌
0.0003
‌
0.0048
‌
0.0195
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0247
)
(
0
.0438
)
(
0
.0075
)
(
0
.0002
)
(
0
.0047
)
(
0
.0195
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
—
‌
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0247
)
(0.0438
)
(0.0075
)
(0.0003
)
(0.0048
)
(0.0195
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.50
%
(e)
4.47
%
0.75
%
0.03
%
0.48
%
1.97
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(f)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.42
%
(f)
0.42
%
0.29
%
0.08
%
0.31
%
0.42
%
Net
investment
income
......................
4.98
%
(f)
4.39
%
0.80
%
0.02
%
0.39
%
1.95
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,876,726
‌
$
3,987,319
‌
$
3,653,256
‌
$
2,863,692
‌
$
2,991,892
‌
$
2,307,110
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
78
FedFund
Mischler
Financial
Group
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
.........................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................
0
.0260
‌
0
.0489
‌
0
.0081
‌
0
.0001
‌
Net
realized
and
unrealized
gain
(loss)
........................................
0
.0000
(b)
(
0
.0026
)
0
.0009
(c)
0
.0001
‌
Net
increase
from
investment
operations
........................................
0.0260
‌
0.0463
‌
0.0090
‌
0.0002
‌
Distributions
(d)
–
–
–
–
From
net
investment
income
..............................................
(
0
.0260
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
From
net
realized
gain
...................................................
(
0
.0000
)
(e)
—
‌
(
0
.0000
)
(e)
(
0
.0001
)
Total
distributions
........................................................
(0.0260
)
(0.0463
)
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
..............................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
..................................................
2.63
%
(g)
4.73
%
0.90
%
0.02
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................
0.18
%
(h)
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.17
%
(h)
0.17
%
0.13
%
0.05
%
(h)
Net
investment
income
...................................................
5.22
%
(h)
4.89
%
0.81
%
0.03
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
1,730,273
‌
$
2,018,045
‌
$
673,842
‌
$
1,636,430
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
FedFund
Premier
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................
0
.0260
‌
0
.0466
‌
0
.0208
‌
0
.0002
‌
0
.0062
‌
0
.0051
‌
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0000
)
(b)
(
0
.0003
)
(
0
.0118
)
0
.0001
‌
0
.0002
‌
0
.0000
(c)
Net
increase
from
investment
operations
..........
0.0260
‌
0.0463
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0051
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.0260
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
(
0
.0051
)
From
net
realized
gain
.....................
(
0
.0000
)
(b)
—
‌
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
..........................
(0.0260
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0051
)
Net
asset
value,
end
of
period
................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
....................
2.63
%
(f)
4.73
%
0.90
%
0.03
%
0.64
%
0.51
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.18
%
(g)
0.19
%
0.18
%
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.17
%
(g)
0.17
%
0.17
%
0.06
%
0.17
%
0.17
%
(g)
Net
investment
income
.....................
5.22
%
(g)
4.66
%
2.09
%
0.02
%
0.62
%
1.95
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,720,199
‌
$
2,879,645
‌
$
1,429,878
‌
$
18,892
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
80
FedFund
Private
Client
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0234
‌
0
.0412
‌
0
.0061
‌
0
.0002
‌
0
.0036
‌
0
.0166
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.0001
‌
(
0
.0000
)
(a)
0
.0001
(b)
0
.0001
‌
0
.0002
‌
0
.0001
‌
Net
increase
from
investment
operations
...........
0.0235
‌
0.0412
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0167
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0235
)
(
0
.0412
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
(
0
.0167
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
—
‌
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0235
)
(0.0412
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0167
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.37
%
(e)
4.20
%
0.62
%
0.03
%
0.38
%
1.68
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.03
%
(f)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.68
%
(f)
0.68
%
0.42
%
0.08
%
0.43
%
0.68
%
Net
investment
income
......................
4.72
%
(f)
4.12
%
0.61
%
0.02
%
0.36
%
1.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
248
‌
$
250
‌
$
253
‌
$
252
‌
$
252
‌
$
230
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
FedFund
Select
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0218
‌
0
.0365
‌
0
.0042
‌
0
.0002
‌
0
.0021
‌
0
.0133
‌
Net
realized
and
unrealized
gain
................
0
.0001
‌
0
.0015
(a)
0
.0005
(a)
0
.0001
‌
0
.0004
‌
0
.0002
‌
Net
increase
from
investment
operations
............
0.0219
‌
0.0380
‌
0.0047
‌
0.0003
‌
0.0025
‌
0.0135
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0219
)
(
0
.0380
)
(
0
.0047
)
(
0
.0002
)
(
0
.0024
)
(
0
.0135
)
From
net
realized
gain
.......................
(
0
.0000
)
(c)
—
‌
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0219
)
(0.0380
)
(0.0047
)
(0.0003
)
(0.0025
)
(0.0135
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
......................
2.21
%
(e)
3.87
%
0.47
%
0.03
%
0.26
%
1.36
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
1.03
%
(f)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
1.00
%
(f)
1.00
%
0.50
%
0.08
%
0.54
%
1.00
%
Net
investment
income
.......................
4.39
%
(f)
3.65
%
0.42
%
0.02
%
0.22
%
1.33
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
337,101
‌
$
325,700
‌
$
657,779
‌
$
727,352
‌
$
301,826
‌
$
256,241
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
82
FedFund
Stern
Brothers
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0513
‌
0
.0060
‌
Net
realized
and
unrealized
(loss)
..........................................................
(
0
.0000
)
(b)
(
0
.0050
)
(
0
.0000
)
(b)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0463
‌
0.0060
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0463
)
(
0
.0060
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(b)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0463
)
(0.0060
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.................................................................
2.63
%
(e)
4.73
%
0.60
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.18
%
(f)
0.18
%
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(f)
0.17
%
0.17
%
(f)
Net
investment
income
..................................................................
5.23
%
(f)
5.13
%
2.37
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
9,920
‌
$
27
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
FedFund
Tigress
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0494
‌
0
.0025
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0031
)
(
0
.0002
)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0463
‌
0.0023
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0463
)
(
0
.0260
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0463
)
(0.0023
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.................................................................
2.63
%
(f)
4.73
%
0.23
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.18
%
(g)
0.18
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(g)
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................
5.22
%
(g)
4.97
%
2.87
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
88,813
‌
$
29,732
‌
$
2,050
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
84
FedFund
WestCap
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
08/12/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................
0
.0260
‌
0
.0501
‌
0
.0054
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0000
(b)
(
0
.0038
)
(
0
.0000
)
(c)
Net
increase
from
investment
operations
.......................................................
0.0260
‌
0.0463
‌
0.0054
‌
Distributions
(d)
–
–
–
From
net
investment
income
.............................................................
(
0
.0260
)
(
0
.0463
)
(
0
.0054
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(c)
—
‌
—
‌
Total
distributions
.......................................................................
(0.0260
)
(0.0463
)
(0.0054
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.................................................................
2.63
%
(f)
4.73
%
0.54
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.18
%
(g)
0.18
%
0.18
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
(g)
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................
5.23
%
(g)
5.01
%
2.42
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
103,593
‌
$
103,261
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
TempCash
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
.....................
0
.0268
‌
0
.0488
‌
0
.0119
‌
0
.0005
‌
0
.0084
‌
0
.0233
‌
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0001
)
(
0
.0002
)
(a)
(
0
.0026
)
(
0
.0003
)
0
.0004
‌
0
.0005
‌
Net
increase
from
investment
operations
...........
0.0267
‌
0.0486
‌
0.0093
‌
0.0002
‌
0.0088
‌
0.0238
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0268
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
(
0
.0235
)
From
net
realized
gain
......................
—
‌
—
‌
—
‌
—
‌
(
0
.0000
)
(c)
(
0
.0000
)
(c)
Total
distributions
...........................
(0.0268
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
Net
asset
value,
end
of
period
.................
$
1.0003
‌
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.70
%
(e)
4.97
%
0.94
%
0.02
%
0.88
%
2.41
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.22
%
(f)
0.22
%
0.26
%
0.24
%
0.23
%
0.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.18
%
(f)
0.18
%
0.17
%
0.17
%
0.18
%
0.18
%
Net
investment
income
......................
5.39
%
(f)
4.88
%
1.19
%
0.05
%
0.84
%
2.33
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
14,740,315
‌
$
13,151,148
‌
$
8,658,551
‌
$
5,786,777
‌
$
10,638,146
‌
$
10,035,653
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
86
TempCash
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
...................
0
.0250
‌
0
.0459
‌
0
.0084
‌
(
0
.0000
)
(a)
0
.0062
‌
0
.1405
(b)
Net
realized
and
unrealized
gain
(loss)
.........
0
.0011
(c)
0
.0003
‌
(
0
.0006
)
(
0
.0001
)
0
.0004
‌
0
.0156
‌
Net
increase
(decrease)
from
investment
operations
.
0.0261
‌
0.0462
‌
0.0078
‌
(0.0001
)
0.0066
‌
0.1561
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0261
)
(
0
.0458
)
(
0
.0084
)
(
0
.0002
)
(
0
.0063
)
(
0
.1558
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(
0
.0000
)
(a)
(
0
.0000
)
(a)
Total
distributions
.........................
(0.0261
)
(0.0458
)
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
Net
asset
value,
end
of
period
...............
$
1.0004
‌
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
Total
Return
(e)
Based
on
net
asset
value
...................
2.64
%
(f)
4.72
%
0.78
%
(0.01
)%
0.66
%
15.90
%
(b)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.35
%
(g)
0.47
%
0.51
%
0.50
%
0.47
%
0.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.32
%
(g)
0.42
%
0.33
%
0.20
%
0.40
%
0.43
%
Net
investment
income
....................
5.22
%
(g)
4.59
%
0.84
%
(0.00
)%
(h)
0.62
%
14.04
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
18,827
‌
$
19
‌
$
18
‌
$
18
‌
$
18
‌
$
18
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Includes
a
non-recurring
income
payment,
which
impacted
income
per
share,
total
return
and
the
net
invested
income
ratio.
Excluding
this
one
time
payment,
the
net
investment
income
per
share,
the
total
return
and
the
net
investment
income
ratio
were
$0.0211,
2.15%
and
2.10%,
respectively.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
TempCash
Great
Pacific
Six
Months
Ended
04/30/24
(unaudited)
Period
from
01/23/23
(a)
to
10/31/23
Net
asset
value,
beginning
of
period
.......................................................................
$
1.0003
‌
$
1.0004
‌
Net
investment
income
................................................................................
0
.0268
‌
0
.0387
‌
Net
realized
and
unrealized
gain
(loss)
......................................................................
(
0
.0001
)
0
.0002
‌
Net
increase
from
investment
operations
......................................................................
0.0267
‌
0.0389
‌
Distributions
from
net
investment
income
(b)
..................................................................
(0.0268
)
(0.0390
)
Net
asset
value,
end
of
period
............................................................................
$
1.0002
‌
$
1.0003
‌
Total
Return
(c)
Based
on
net
asset
value
................................................................................
2.70
%
(d)
3.96
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................
0.22
%
(e)
0.22
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
0.18
%
(e)
0.18
%
(e)
Net
investment
income
.................................................................................
5.39
%
(e)
5.01
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
565,897
‌
$
404,394
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
88
TempCash
Premier
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
$
1.0006
‌
Net
investment
income
....................
0
.0268
‌
0
.0482
‌
0
.0099
‌
0
.0005
‌
0
.0085
‌
0
.0055
‌
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0001
)
0
.0004
‌
(
0
.0006
)
(
0
.0004
)
0
.0003
‌
0
.0001
‌
Net
increase
from
investment
operations
..........
0.0267
‌
0.0486
‌
0.0093
‌
0.0001
‌
0.0088
‌
0.0056
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.0268
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
(
0
.0055
)
From
net
realized
gain
.....................
—
‌
—
‌
—
‌
—
‌
(
0
.0000
)
(c)
(
0
.0000
)
(c)
Total
distributions
..........................
(0.0268
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
Net
asset
value,
end
of
period
................
$
1.0003
‌
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
Total
Return
(d)
Based
on
net
asset
value
....................
2.70
%
(e)
4.97
%
0.94
%
0.01
%
0.88
%
0.56
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.22
%
(f)
0.22
%
0.27
%
0.25
%
0.23
%
0.24
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.18
%
(f)
0.18
%
0.17
%
0.16
%
0.18
%
0.18
%
(f)
Net
investment
income
.....................
5.40
%
(f)
4.82
%
0.99
%
0.05
%
0.84
%
2.10
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
36
‌
$
36
‌
$
36
‌
$
37
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
TempFund
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.0005
‌
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
.....................
0
.0268
‌
0
.0475
‌
0
.0091
‌
0
.0004
‌
0
.0084
‌
0
.0237
‌
Net
realized
and
unrealized
gain
(loss)
...........
(
0
.0001
)
0
.0014
‌
0
.0003
(a)
(
0
.0003
)
0
.0002
‌
0
.0003
‌
Net
increase
from
investment
operations
...........
0.0267
‌
0.0489
‌
0.0094
‌
0.0001
‌
0.0086
‌
0.0240
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0268
)
(
0
.0484
)
(
0
.0098
)
(
0
.0005
)
(
0
.0083
)
(
0
.0237
)
From
net
realized
gain
......................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(c)
Total
distributions
...........................
(0.0268
)
(0.0484
)
(0.0098
)
(0.0005
)
(0.0084
)
(0.0237
)
Net
asset
value,
end
of
period
.................
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.70
%
(e)
5.00
%
0.95
%
0.01
%
0.86
%
(f)
2.42
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.27
%
(g)
0.26
%
0.25
%
0.23
%
0.22
%
0.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.18
%
(g)
0.18
%
0.17
%
0.16
%
0.18
%
0.18
%
Net
investment
income
......................
5.40
%
(g)
4.75
%
0.91
%
0.05
%
0.84
%
2.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
4,828,169
‌
$
4,418,932
‌
$
6,633,563
‌
$
7,923,377
‌
$
10,928,671
‌
$
10,609,770
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
90
TempFund
Administration
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................
0
.0263
‌
0
.0482
‌
0
.0120
‌
0
.0002
‌
0
.0072
‌
0
.0227
‌
Net
realized
and
unrealized
gain
(loss)
.........
(
0
.0001
)
(
0
.0003
)
(a)
(
0
.0033
)
(
0
.0002
)
0
.0004
‌
0
.0002
‌
Net
increase
from
investment
operations
.........
0.0262
‌
0.0479
‌
0.0087
‌
0.0000
‌
0.0076
‌
0.0229
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0263
)
(
0
.0474
)
(
0
.0092
)
(
0
.0003
)
(
0
.0073
)
(
0
.0227
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(c)
Total
distributions
.........................
(0.0263
)
(0.0474
)
(0.0092
)
(0.0003
)
(0.0074
)
(0.0227
)
Net
asset
value,
end
of
period
...............
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(d)
Based
on
net
asset
value
...................
2.65
%
(e)
4.89
%
0.87
%
0.00
%
(f)
0.76
%
(g)
2.31
%
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.37
%
(h)
0.37
%
0.35
%
0.33
%
0.32
%
0.32
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.28
%
(h)
0.28
%
0.24
%
0.18
%
0.28
%
0.28
%
Net
investment
income
....................
5.30
%
(h)
4.82
%
1.20
%
0.02
%
0.72
%
2.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
27,463
‌
$
28,314
‌
$
24,601
‌
$
10,577
‌
$
9,524
‌
$
42,214
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Amount
is
less
than
0.005%.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
TempFund
Cabrera
Capital
Markets
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
Net
investment
income
.................................................................
0
.0268
‌
0
.0499
‌
0
.0099
‌
Net
realized
and
unrealized
(loss)
..........................................................
(
0
.0001
)
(
0
.0010
)
(b)
(
0
.0005
)
Net
increase
from
investment
operations
.......................................................
0.0267
‌
0.0489
‌
0.0094
‌
Distributions
from
net
investment
income
(c)
...................................................
(0.0268
)
(0.0484
)
(0.0099
)
Net
asset
value,
end
of
period
.............................................................
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
Total
Return
(d)
Based
on
net
asset
value
.................................................................
2.70
%
(e)
5.00
%
0.94
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.27
%
(f)
0.27
%
0.25
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.18
%
(f)
0.18
%
0.17
%
(f)
Net
investment
income
..................................................................
5.39
%
(f)
4.99
%
0.99
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
807
‌
$
183
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
92
TempFund
Capital
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
.........................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0010
‌
Net
investment
income
..................................
0
.0266
‌
0
.0496
‌
0
.0196
‌
0
.0002
‌
0
.0002
‌
Net
realized
and
unrealized
(loss)
...........................
(
0
.0000
)
(b)
(
0
.0012
)
(c)
(
0
.0106
)
(
0
.0002
)
(
0
.0001
)
Net
increase
from
investment
operations
........................
0.0266
‌
0.0484
‌
0.0090
‌
0.0000
‌
0.0001
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
..............................
(
0
.0266
)
(
0
.0479
)
(
0
.0095
)
(
0
.0003
)
(
0
.0002
)
From
net
realized
gain
...................................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
Total
distributions
........................................
(0.0266
)
(0.0479
)
(0.0095
)
(0.0003
)
(0.0003
)
Net
asset
value,
end
of
period
..............................
$
1.0005
‌
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
Total
Return
(e)
Based
on
net
asset
value
..................................
2.69
%
(f)
4.94
%
0.90
%
0.00
%
(g)
0.01
%
(f)
(h)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................
0.32
%
(i)
0.32
%
0.30
%
0.28
%
0.27
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.23
%
(i)
0.23
%
0.22
%
0.19
%
0.23
%
(i)
Net
investment
income
...................................
5.35
%
(i)
4.96
%
1.96
%
0.02
%
0.05
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................
$
243,943
‌
$
190,670
‌
$
31,255
‌
$
1,149
‌
$
3,223
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
TempFund
Cash
Management
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
...................
0
.0244
‌
0
.0433
‌
0
.0067
‌
0
.0002
‌
0
.0048
‌
0
.0188
‌
Net
realized
and
unrealized
gain
(loss)
.........
(
0
.0001
)
0
.0006
‌
(
0
.0002
)
(
0
.0002
)
0
.0002
‌
0
.0003
‌
Net
increase
from
investment
operations
.........
0.0243
‌
0.0439
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0191
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0244
)
(
0
.0434
)
(
0
.0070
)
(
0
.0003
)
(
0
.0047
)
(
0
.0188
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(b)
Total
distributions
.........................
(0.0244
)
(0.0434
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0188
)
Net
asset
value,
end
of
period
...............
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
Based
on
net
asset
value
...................
2.45
%
(d)
4.47
%
0.65
%
0.00
%
(e)
0.50
%
(f)
1.92
%
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.77
%
(g)
0.76
%
0.75
%
0.73
%
0.73
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.68
%
(g)
0.68
%
0.45
%
0.18
%
0.54
%
0.68
%
Net
investment
income
....................
4.90
%
(g)
4.33
%
0.67
%
0.02
%
0.48
%
1.88
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
490,984
‌
$
508,937
‌
$
537,877
‌
$
596,683
‌
$
576,228
‌
$
624,658
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
94
TempFund
Cash
Reserve
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
...........
$
1.0006
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
....................
0
.0250
‌
0
.0445
‌
0
.0057
‌
0
.0002
‌
0
.0052
‌
0
.0231
‌
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.0001
)
0
.0007
‌
0
.0014
(a)
(
0
.0002
)
0
.0008
‌
0
.0000
(b)
Net
increase
from
investment
operations
..........
0.0249
‌
0.0452
‌
0.0071
‌
0.0000
‌
0.0060
‌
0.0231
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.0250
)
(
0
.0446
)
(
0
.0076
)
(
0
.0003
)
(
0
.0057
)
(
0
.0229
)
From
net
realized
gain
.....................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
..........................
(0.0250
)
(0.0446
)
(0.0076
)
(0.0003
)
(0.0058
)
(0.0229
)
Net
asset
value,
end
of
period
................
$
1.0005
‌
$
1.0006
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(e)
Based
on
net
asset
value
....................
2.51
%
(f)
4.61
%
0.71
%
0.00
%
(g)
0.60
%
(h)
2.33
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................
0.64
%
(i)
0.66
%
0.65
%
0.63
%
0.63
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.55
%
(i)
0.56
%
0.35
%
0.17
%
0.44
%
0.50
%
Net
investment
income
.....................
5.02
%
(i)
4.45
%
0.57
%
0.02
%
0.52
%
2.31
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
13,630
‌
$
15,135
‌
$
12,014
‌
$
14,234
‌
$
5,544
‌
$
4,296
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Amount
is
less
than
0.005%.
(h)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
TempFund
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................
0
.0256
‌
0
.0458
‌
0
.0083
‌
0
.0002
‌
0
.0056
‌
0
.0221
‌
Net
realized
and
unrealized
gain
(loss)
.........
(
0
.0001
)
0
.0006
‌
(
0
.0005
)
(
0
.0002
)
0
.0009
‌
0
.0001
‌
Net
increase
from
investment
operations
.........
0.0255
‌
0.0464
‌
0.0078
‌
0.0000
‌
0.0065
‌
0.0222
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0256
)
(
0
.0459
)
(
0
.0083
)
(
0
.0003
)
(
0
.0062
)
(
0
.0220
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(b)
Total
distributions
.........................
(0.0256
)
(0.0459
)
(0.0083
)
(0.0003
)
(0.0063
)
(0.0220
)
Net
asset
value,
end
of
period
...............
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
Based
on
net
asset
value
...................
2.58
%
(d)
4.74
%
0.78
%
0.00
%
(e)
0.65
%
(f)
2.24
%
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.52
%
(g)
0.51
%
0.50
%
0.48
%
0.48
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.43
%
(g)
0.43
%
0.33
%
0.18
%
0.38
%
0.43
%
Net
investment
income
....................
5.15
%
(g)
4.58
%
0.83
%
0.02
%
0.56
%
2.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
89,552
‌
$
82,732
‌
$
100,333
‌
$
107,298
‌
$
106,802
‌
$
79,837
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
96
TempFund
Private
Client
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................
0
.0244
‌
0
.0421
‌
0
.0070
‌
0
.0002
‌
0
.0017
‌
0
.0190
‌
Net
realized
and
unrealized
gain
(loss)
.........
(
0
.0001
)
0
.0018
‌
(
0
.0005
)
(
0
.0002
)
0
.0033
‌
(
0
.0001
)
Net
increase
from
investment
operations
.........
0.0243
‌
0.0439
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0189
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0244
)
(
0
.0434
)
(
0
.0070
)
(
0
.0003
)
(
0
.0047
)
(
0
.0187
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(
0
.0001
)
(
0
.0000
)
(b)
Total
distributions
.........................
(0.0244
)
(0.0434
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0187
)
Net
asset
value,
end
of
period
...............
$
1.0004
‌
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
Based
on
net
asset
value
...................
2.45
%
(d)
4.47
%
0.65
%
0.00
%
(e)
0.50
%
(f)
1.90
%
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
1.12
%
(g)
1.11
%
1.10
%
1.08
%
1.08
%
1.07
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.68
%
(g)
0.68
%
0.45
%
0.18
%
0.59
%
0.68
%
Net
investment
income
....................
4.90
%
(g)
4.21
%
0.70
%
0.02
%
0.17
%
1.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
349
‌
$
709
‌
$
1,122
‌
$
1,131
‌
$
1,043
‌
$
1,165
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
T-Fund
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0260
‌
0
.0468
‌
0
.0084
‌
0
.0001
‌
0
.0057
‌
0
.0215
‌
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(
0
.0005
)
0
.0006
(b)
0
.0001
‌
0
.0005
‌
0
.0001
‌
Net
increase
from
investment
operations
...........
0.0260
‌
0.0463
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0216
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0260
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
(
0
.0216
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0260
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0216
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.63
%
(f)
4.73
%
0.90
%
0.02
%
0.62
%
(g)
2.18
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.18
%
(h)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(h)
0.17
%
0.14
%
0.08
%
0.17
%
0.17
%
Net
investment
income
......................
5.22
%
(h)
4.68
%
0.84
%
0.01
%
0.57
%
2.15
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
91,057,957
‌
$
87,613,217
‌
$
82,703,301
‌
$
91,031,976
‌
$
88,266,743
‌
$
65,112,830
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
98
T-Fund
Administration
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0255
‌
0
.0423
‌
0
.0120
‌
0
.0001
‌
0
.0056
‌
0
.0206
‌
Net
realized
gain
(loss)
.....................
0
.0000
(a)
0
.0030
(b)
(
0
.0037
)
0
.0001
‌
(
0
.0002
)
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0255
‌
0.0453
‌
0.0083
‌
0.0002
‌
0.0054
‌
0.0206
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0255
)
(
0
.0453
)
(
0
.0083
)
(
0
.0001
)
(
0
.0053
)
(
0
.0206
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0255
)
(0.0453
)
(0.0083
)
(0.0002
)
(0.0054
)
(0.0206
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.58
%
(f)
4.63
%
0.84
%
0.01
%
0.53
%
(g)
2.08
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.28
%
(h)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.27
%
(h)
0.27
%
0.27
%
0.08
%
0.25
%
0.27
%
Net
investment
income
......................
5.12
%
(h)
4.23
%
1.20
%
0.01
%
0.56
%
2.08
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
4,307,204
‌
$
3,987,751
‌
$
15,781,965
‌
$
504,427
‌
$
489,691
‌
$
733,783
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
T-Fund
Capital
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0257
‌
0
.0480
‌
0
.0001
‌
0
.0001
‌
0
.0048
‌
0
.0212
‌
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(
0
.0022
)
0
.0086
(b)
0
.0001
‌
0
.0010
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0257
‌
0.0458
‌
0.0087
‌
0.0002
‌
0.0058
‌
0.0212
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0257
)
(
0
.0458
)
(
0
.0087
)
(
0
.0001
)
(
0
.0057
)
(
0
.0212
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0257
)
(0.0458
)
(0.0087
)
(0.0002
)
(0.0058
)
(0.0212
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.60
%
(f)
4.68
%
0.87
%
0.01
%
0.57
%
(g)
2.14
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.23
%
(h)
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.22
%
(h)
0.22
%
0.09
%
0.08
%
0.21
%
0.21
%
Net
investment
income
......................
5.17
%
(h)
4.80
%
0.01
%
0.01
%
0.48
%
2.13
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
219,110
‌
$
202,286
‌
$
55,006
‌
$
27,304,259
‌
$
15,842,877
‌
$
10,347,984
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
100
T-Fund
Cash
Management
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0235
‌
0
.0411
‌
0
.0059
‌
0
.0001
‌
0
.0034
‌
0
.0164
‌
Net
realized
gain
.........................
0
.0000
(a)
0
.0002
(b)
0
.0003
(b)
0
.0001
‌
0
.0003
‌
0
.0003
‌
Net
increase
from
investment
operations
...........
0.0235
‌
0.0413
‌
0.0062
‌
0.0002
‌
0.0037
‌
0.0167
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0235
)
(
0
.0413
)
(
0
.0062
)
(
0
.0001
)
(
0
.0036
)
(
0
.0167
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0235
)
(0.0413
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.37
%
(f)
4.21
%
0.62
%
0.01
%
0.37
%
(g)
1.69
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.68
%
(h)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(h)
0.67
%
0.41
%
0.08
%
0.41
%
0.67
%
Net
investment
income
......................
4.72
%
(h)
4.11
%
0.59
%
0.00
%
(i)
0.34
%
1.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
779,987
‌
$
915,927
‌
$
887,139
‌
$
825,420
‌
$
1,009,514
‌
$
1,035,657
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
T-Fund
Cash
Reserve
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0240
‌
0
.0417
‌
0
.0033
‌
0
.0001
‌
0
.0037
‌
0
.0176
‌
Net
realized
gain
.........................
0
.0000
(a)
0
.0006
(b)
0
.0034
(b)
0
.0001
‌
0
.0004
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0240
‌
0.0423
‌
0.0067
‌
0.0002
‌
0.0041
‌
0.0176
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0240
)
(
0
.0423
)
(
0
.0067
)
(
0
.0001
)
(
0
.0040
)
(
0
.0176
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0240
)
(0.0423
)
(0.0067
)
(0.0002
)
(0.0041
)
(0.0176
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.42
%
(f)
4.32
%
0.67
%
0.01
%
0.40
%
(g)
1.78
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.58
%
(h)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.57
%
(h)
0.57
%
0.22
%
0.07
%
0.39
%
0.57
%
Net
investment
income
......................
4.82
%
(h)
4.17
%
0.33
%
0.01
%
0.37
%
1.78
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
71,071
‌
$
43,531
‌
$
88,281
‌
$
482,231
‌
$
56,822
‌
$
123,578
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
102
T-Fund
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0247
‌
0
.0438
‌
0
.0071
‌
0
.0001
‌
0
.0044
‌
0
.0191
‌
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(
0
.0000
)
(b)
0
.0003
(c)
0
.0001
‌
0
.0003
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0247
‌
0.0438
‌
0.0074
‌
0.0002
‌
0.0047
‌
0.0191
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0247
)
(
0
.0438
)
(
0
.0074
)
(
0
.0001
)
(
0
.0046
)
(
0
.0191
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(b)
Total
distributions
...........................
(0.0247
)
(0.0438
)
(0.0074
)
(0.0002
)
(0.0047
)
(0.0191
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.50
%
(f)
4.47
%
0.75
%
0.01
%
0.46
%
(g)
1.93
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(h)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.42
%
(h)
0.42
%
0.29
%
0.08
%
0.32
%
0.42
%
Net
investment
income
......................
4.98
%
(h)
4.38
%
0.71
%
0.01
%
0.44
%
1.92
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
946,556
‌
$
1,364,428
‌
$
1,258,974
‌
$
1,000,401
‌
$
670,205
‌
$
794,485
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
T-Fund
Premier
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
..........
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...................
0
.0260
‌
0
.0475
‌
0
.0193
‌
0
.0001
‌
0
.0060
‌
0
.0050
‌
Net
realized
gain
(loss)
...................
0
.0000
(b)
(
0
.0012
)
(
0
.0103
)
0
.0001
‌
0
.0002
‌
0
.0000
(b)
Net
increase
from
investment
operations
.........
0.0260
‌
0.0463
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0050
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.0260
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
(
0
.0050
)
From
net
realized
gain
....................
—
‌
—
‌
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
.........................
(0.0260
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0050
)
Net
asset
value,
end
of
period
...............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
...................
2.63
%
(f)
4.73
%
0.90
%
0.02
%
0.61
%
(g)
0.50
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.18
%
(h)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.17
%
(h)
0.17
%
0.17
%
0.06
%
0.17
%
0.17
%
(h)
Net
investment
income
....................
5.22
%
(h)
4.75
%
1.95
%
0.01
%
0.60
%
1.93
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
1,491,604
‌
$
1,431,264
‌
$
496,172
‌
$
12,958
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
104
T-Fund
Select
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0219
‌
0
.0400
‌
0
.0031
‌
0
.0001
‌
0
.0011
‌
0
.0133
‌
Net
realized
gain
(loss)
.....................
(
0
.0000
)
(a)
(
0
.0020
)
0
.0016
(b)
0
.0001
‌
0
.0014
‌
0
.0000
(c)
Net
increase
from
investment
operations
...........
0.0219
‌
0.0380
‌
0.0047
‌
0.0002
‌
0.0025
‌
0.0133
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0219
)
(
0
.0380
)
(
0
.0047
)
(
0
.0001
)
(
0
.0024
)
(
0
.0133
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.0000
)
(a)
(
0
.0001
)
(
0
.0001
)
(
0
.0000
)
(a)
Total
distributions
...........................
(0.0219
)
(0.0380
)
(0.0047
)
(0.0002
)
(0.0025
)
(0.0133
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.21
%
(f)
3.87
%
0.47
%
0.01
%
0.24
%
(g)
1.34
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.03
%
(h)
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.00
%
(h)
1.00
%
0.52
%
0.07
%
0.41
%
1.00
%
Net
investment
income
......................
4.40
%
(h)
4.00
%
0.31
%
0.01
%
0.11
%
1.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
19,124
‌
$
50,396
‌
$
21,300
‌
$
37,798
‌
$
30,444
‌
$
14,769
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
Treasury
Trust
Fund
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0260
‌
0
.0458
‌
0
.0082
‌
0
.0001
‌
0
.0048
‌
0
.0212
‌
Net
realized
gain
.........................
0
.0000
(a)
0
.0001
‌
0
.0001
‌
0
.0001
‌
0
.0015
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0260
‌
0.0459
‌
0.0083
‌
0.0002
‌
0.0063
‌
0.0212
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0260
)
(
0
.0459
)
(
0
.0083
)
(
0
.0001
)
(
0
.0062
)
(
0
.0212
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0260
)
(0.0459
)
(0.0083
)
(0.0002
)
(0.0063
)
(0.0212
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.63
%
(e)
4.69
%
0.84
%
0.01
%
0.63
%
2.14
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.19
%
(f)
0.19
%
0.19
%
0.19
%
0.19
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.17
%
(f)
0.17
%
0.14
%
0.06
%
0.17
%
0.17
%
Net
investment
income
......................
5.23
%
(f)
4.58
%
0.82
%
0.01
%
0.48
%
2.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
107,933,990
‌
$
97,157,593
‌
$
106,544,392
‌
$
98,602,650
‌
$
56,400,526
‌
$
38,728,217
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
106
Treasury
Trust
Fund
Administration
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................
0
.0255
‌
0
.0449
‌
0
.0065
‌
0
.0001
‌
0
.0058
‌
0
.0203
‌
Net
realized
gain
(loss)
......................
0
.0001
‌
0
.0000
(a)
0
.0012
‌
0
.0001
‌
(
0
.0002
)
0
.0000
(a)
Net
increase
from
investment
operations
............
0.0256
‌
0.0449
‌
0.0077
‌
0.0002
‌
0.0056
‌
0.0203
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0256
)
(
0
.0449
)
(
0
.0077
)
(
0
.0001
)
(
0
.0055
)
(
0
.0203
)
From
net
realized
gain
.......................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
............................
(0.0256
)
(0.0449
)
(0.0077
)
(0.0002
)
(0.0056
)
(0.0203
)
Net
asset
value,
end
of
period
..................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
......................
2.58
%
(e)
4.58
%
0.77
%
0.01
%
0.56
%
2.05
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.28
%
(f)
0.29
%
0.29
%
0.29
%
0.29
%
0.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.27
%
(f)
0.27
%
0.19
%
0.07
%
0.24
%
0.26
%
Net
investment
income
.......................
5.13
%
(f)
4.49
%
0.65
%
0.01
%
0.58
%
2.03
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
511,598
‌
$
442,723
‌
$
382,956
‌
$
599,190
‌
$
399,846
‌
$
465,703
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
Treasury
Trust
Fund
Capital
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
..........................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...................................
0
.0258
‌
0
.0489
‌
0
.0163
‌
0
.0001
‌
0
.0000
(b)
Net
realized
gain
(loss)
...................................
0
.0000
(b)
(
0
.0035
)
(c)
(
0
.0083
)
(c)
0
.0001
‌
0
.0000
(b)
Net
increase
from
investment
operations
.........................
0.0258
‌
0.0454
‌
0.0080
‌
0.0002
‌
0.0000
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...............................
(
0
.0258
)
(
0
.0454
)
(
0
.0080
)
(
0
.0001
)
—
‌
From
net
realized
gain
....................................
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0001
)
—
‌
Total
distributions
.........................................
(0.0258
)
(0.0454
)
(0.0080
)
(0.0002
)
—
‌
Net
asset
value,
end
of
period
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
Based
on
net
asset
value
...................................
2.61
%
(g)
4.63
%
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................................
0.24
%
(h)
0.24
%
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.22
%
(h)
0.22
%
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
................................
5.18
%
(h)
4.89
%
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................
$
638,625
‌
$
500,685
‌
$
27,524
‌
$
3,299
‌
$
250
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
108
Treasury
Trust
Fund
Cash
Management
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0235
‌
0
.0402
‌
0
.0051
‌
0
.0001
‌
0
.0034
‌
0
.0158
‌
Net
realized
gain
.........................
0
.0001
‌
0
.0007
‌
0
.0005
‌
0
.0001
‌
0
.0003
‌
0
.0005
‌
Net
increase
from
investment
operations
...........
0.0236
‌
0.0409
‌
0.0056
‌
0.0002
‌
0.0037
‌
0.0163
‌
Distributions
(a)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0236
)
(
0
.0409
)
(
0
.0056
)
(
0
.0001
)
(
0
.0036
)
(
0
.0163
)
From
net
realized
gain
......................
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0236
)
(0.0409
)
(0.0056
)
(0.0002
)
(0.0037
)
(0.0163
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(c)
Based
on
net
asset
value
.....................
2.38
%
(d)
4.16
%
0.56
%
0.01
%
0.37
%
1.64
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.69
%
(e)
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
(e)
0.67
%
0.41
%
0.08
%
0.41
%
0.67
%
Net
investment
income
......................
4.73
%
(e)
4.02
%
0.51
%
0.01
%
0.34
%
1.58
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
9,188
‌
$
5,085
‌
$
21,330
‌
$
32,960
‌
$
53,101
‌
$
36,492
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
Treasury
Trust
Fund
Cash
Reserve
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0240
‌
0
.0415
‌
0
.0053
‌
0
.0001
‌
0
.0040
‌
0
.0172
‌
Net
realized
gain
.........................
0
.0001
‌
0
.0004
‌
0
.0007
‌
0
.0001
‌
0
.0001
‌
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0241
‌
0.0419
‌
0.0060
‌
0.0002
‌
0.0041
‌
0.0172
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0241
)
(
0
.0419
)
(
0
.0060
)
(
0
.0001
)
(
0
.0040
)
(
0
.0172
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0241
)
(0.0419
)
(0.0060
)
(0.0002
)
(0.0041
)
(0.0172
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.43
%
(e)
4.27
%
0.61
%
0.01
%
0.41
%
1.74
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.59
%
(f)
0.59
%
0.59
%
0.59
%
0.59
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.57
%
(f)
0.57
%
0.35
%
0.07
%
0.39
%
0.57
%
Net
investment
income
......................
4.83
%
(f)
4.15
%
0.53
%
0.01
%
0.40
%
1.73
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
137,467
‌
$
128,272
‌
$
79,114
‌
$
97,008
‌
$
102,984
‌
$
74,034
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
110
Treasury
Trust
Fund
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0248
‌
0
.0447
‌
0
.0073
‌
0
.0001
‌
0
.0046
‌
0
.0194
‌
Net
realized
gain
(loss)
.....................
0
.0001
‌
(
0
.0011
)
(a)
(
0
.0003
)
(a)
0
.0001
‌
0
.0003
‌
0
.0002
‌
Net
increase
from
investment
operations
...........
0.0249
‌
0.0436
‌
0.0070
‌
0.0002
‌
0.0049
‌
0.0196
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0249
)
(
0
.0436
)
(
0
.0070
)
(
0
.0001
)
(
0
.0048
)
(
0
.0196
)
From
net
realized
gain
......................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0249
)
(0.0436
)
(0.0070
)
(0.0002
)
(0.0049
)
(0.0196
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
Based
on
net
asset
value
.....................
2.51
%
(e)
4.44
%
0.70
%
0.01
%
0.49
%
1.98
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.43
%
(f)
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.41
%
(f)
0.40
%
0.27
%
0.07
%
0.30
%
0.40
%
Net
investment
income
......................
4.99
%
(f)
4.47
%
0.73
%
0.01
%
0.46
%
1.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
2,525,580
‌
$
2,343,866
‌
$
1,060,804
‌
$
1,035,846
‌
$
939,241
‌
$
977,335
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
Treasury
Trust
Fund
Select
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................
0
.0219
‌
0
.0378
‌
0
.0032
‌
0
.0001
‌
0
.0016
‌
0
.0129
‌
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(
0
.0002
)
(b)
0
.0010
‌
0
.0001
‌
0
.0008
‌
0
.0001
‌
Net
increase
from
investment
operations
...........
0.0219
‌
0.0376
‌
0.0042
‌
0.0002
‌
0.0024
‌
0.0130
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0219
)
(
0
.0376
)
(
0
.0042
)
(
0
.0001
)
(
0
.0023
)
(
0
.0130
)
From
net
realized
gain
......................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
—
‌
Total
distributions
...........................
(0.0219
)
(0.0376
)
(0.0042
)
(0.0002
)
(0.0024
)
(0.0130
)
Net
asset
value,
end
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
2.21
%
(f)
3.82
%
0.42
%
0.01
%
0.24
%
1.30
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.04
%
(g)
1.04
%
1.04
%
1.04
%
1.04
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.00
%
(g)
1.00
%
0.49
%
0.06
%
0.45
%
1.00
%
Net
investment
income
......................
4.40
%
(g)
3.78
%
0.32
%
0.01
%
0.16
%
1.29
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
268,815
‌
$
254,127
‌
$
169,696
‌
$
660,676
‌
$
103,647
‌
$
38,265
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
112
MuniCash
Institutional
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
............
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Net
investment
income
.....................
0
.0155
‌
0
.0282
‌
0
.0048
‌
0
.0001
‌
0
.0051
‌
0
.0137
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.0001
‌
(
0
.0000
)
(a)
(b)
0
.0007
(b)
0
.0000
(c)
0
.0004
‌
0
.0000
(c)
Net
increase
from
investment
operations
...........
0.0156
‌
0.0282
‌
0.0055
‌
0.0001
‌
0.0055
‌
0.0137
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.0155
)
(
0
.0281
)
(
0
.0057
)
(
0
.0001
)
(
0
.0055
)
(
0
.0137
)
From
net
realized
gain
......................
(
0
.0000
)
(a)
—
‌
(
0
.0000
)
(a)
—
‌
—
‌
(
0
.0000
)
(a)
Total
distributions
...........................
(0.0155
)
(0.0281
)
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
Net
asset
value,
end
of
period
.................
$
1.0001
‌
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
Based
on
net
asset
value
.....................
1.57
%
(f)
2.86
%
0.56
%
0.01
%
0.55
%
1.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.31
%
(g)
0.30
%
0.28
%
0.26
%
0.26
%
0.28
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.20
%
(g)
0.20
%
0.16
%
0.08
%
0.19
%
0.20
%
Net
investment
income
......................
3.11
%
(g)
2.82
%
0.48
%
0.01
%
0.51
%
1.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,639,608
‌
$
4,540,657
‌
$
3,592,640
‌
$
5,368,797
‌
$
5,160,531
‌
$
5,182,923
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
MuniCash
Dollar
Six
Months
Ended
04/30/24
(unaudited)
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
period
.............
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Net
investment
income
......................
0
.0144
‌
0
.0254
‌
0
.0033
‌
0
.0001
‌
0
.0040
‌
0
.0123
‌
Net
realized
and
unrealized
gain
................
0
.0000
(a)
0
.0003
‌
0
.0007
(b)
0
.0000
(a)
0
.0002
‌
0
.0000
(a)
Net
increase
from
investment
operations
............
0.0144
‌
0.0257
‌
0.0040
‌
0.0001
‌
0.0042
‌
0.0123
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
..................
(
0
.0144
)
(
0
.0256
)
(
0
.0042
)
(
0
.0001
)
(
0
.0042
)
(
0
.0123
)
From
net
realized
gain
.......................
(
0
.0000
)
(d)
—
‌
(
0
.0000
)
(d)
—
‌
—
‌
(
0
.0000
)
(d)
Total
distributions
............................
(0.0144
)
(0.0256
)
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
Net
asset
value,
end
of
period
..................
$
1.0000
‌
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
Based
on
net
asset
value
......................
1.45
%
(f)
2.60
%
0.40
%
0.01
%
0.42
%
1.23
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................
0.54
%
(g)
0.55
%
0.53
%
0.52
%
0.51
%
0.53
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
0.43
%
(g)
0.45
%
0.30
%
0.07
%
0.31
%
0.45
%
Net
investment
income
.......................
2.90
%
(g)
2.54
%
0.33
%
0.01
%
0.40
%
1.22
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
2,314
‌
$
1,772
‌
$
2,911
‌
$
4,810
‌
$
3,176
‌
$
2,207
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
114
1.
ORGANIZATION 
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares
although
certain
share
classes
may
not
be
outstanding
at
the
report
date.
Each
share
class
is
offered
as
follows:
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Bancroft
Capital
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Bancroft
Capital,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
and
its
affiliates.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Great
Pacific
Securities
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Stern
Brothers
Shares
are
sold
without
a
sales
charge
and
are
only
available to
clients
of
Stern
Brothers
&
Co.
and
its
affiliates.
Tigress
Shares
are
sold
without
a
sales
charge
and are
only
available
to
clients
of
Tigress
Financial
Partners
LLC
and
its
affiliates.
WestCap
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
portfolio
companies
of
WestCap
Management,
LLC
and
its
affiliates.
Administration,
Select,
Capital,
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
each
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act.
Each
Fund
is
not
subject
to
discretionary
liquidity
fees.
TempCash,
TempFund
and
MuniCash
price
and
transact
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
four
decimal
places,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
The
NAV
of
TempFund
is
priced
multiple
times
each
day
such
Fund
accepts
purchase
orders
and
redemption
requests
at
such
intervals.
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash,
TempFund
and
MuniCash,the
Board
of
Trustees
of
the
Trust (the
"Board"),
or
its
delegate,
may
impose
a
discretionary liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
TempFund
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Great
Pacific,
Mischler
Financial
Group,
Penserra,
Stern
Brothers
and
Tigress.
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
WestCap.
TempCash
.....................................
Institutional,
Capital,
Dollar,
Great
Pacific
and
Premier
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Private
Client
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
Notes
to
Financial
Statements
(unaudited)
(continued)
115
Notes
to
Financial
Statements
Bank
Overdraft
:
MuniCash
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
MuniCash is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Discretionary
Liquidity
Fees:
Any
discretionary
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
discretionary
liquidity
fees
are
collected
and
retained
by each
Fund
for
the
benefit
of
a
Fund’s
remaining
shareholders. 
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
The
Funds
have
an
arrangement
with
one
of
their
custodians
whereby
credits
are
earned
on
uninvested
cash
balances.
For
financial
reporting
purposes,
custodian
credits,
if
any,
are
included
in
interest
income
in
the
Statements
of
Operations.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies
(TempCash,
TempFund
and
MuniCash):
The
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
TempCash,
TempFund
and
MuniCash
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.  Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Investment
Valuation
Policies
(BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund):
U.S.
GAAP
defines
fair
value
as
the
price
the
Funds
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Funds'
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Each
Fund
seeks
to
maintain
its
NAV
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
116
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically, a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
The
Funds
,
along
with
other
registered
investment
companies
advised
by
the
Manager,
may
transfer
uninvested
cash
into
a
single
joint
trading
account
which
is
then
invested
in
one
or
more
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
Under
the
management
agreement,
the
Manager
is
entitled
to
receive
the
following
annual
fees
computed
daily
and
paid
monthly
based
upon
each
Fund’s
average
daily
net
assets:
(a)
Based
on
the
combined
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
(b)
Based
on
the
average
daily
net
assets
of
the
Fund
whose
management
fee
is
being
calculated.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
(a)
Calculation
B
(b)
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
.175%
of
the
first
$1
billion
.150%
of
the
next
$1
billion
.150%
of
the
next
$1
billion
.125%
of
the
next
$1
billion  
.125%
of
the
next
$1
billion
.100%
of
the
next
$1
billion
.100%
of
amounts
in
excess
of
$3
billion
.095%
of
the
next
$1
billion
.090%
of
the
next
$1
billion
.085%
of
the
next
$1
billion
.080%
of
amounts
in
excess
of
$7
billion
Notes
to
Financial
Statements
(unaudited)
(continued)
117
Notes
to
Financial
Statements
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of each Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the six
months
ended
April
30,
2024,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended April
30,
2024,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager,
as
investment
adviser
and
administrator,
has
contractually
agreed
to
reduce
its
fees
and/or
reimburse
ordinary
operating
expenses
to
ensure
that
the
combined
“Management
Fees”
and
“Miscellaneous/Other
Expenses,”
excluding
service
fees,
distribution
fees
and
any
extraordinary
expenses,
do
not
exceed
0.18%
of
the
average
daily
net
assets
of
TempCash
and
TempFund, 0.17%
of
the
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund,
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash.
Any
fees
waived
by
the
Manager
with
respect
to
a
particular
fiscal
year
are
not
recoverable.
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
prior
to
June
30,
2025,
unless
approved
by
the
Board,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
such
Fund. 
Fund
Name
Management
Fees
TempCash
and
MuniCash
...................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.185%
of
the
next
$1
billion
.180%
of
amounts
in
excess
of
$7
billion
Fund
Name
Management
Fees
TempFund
..............................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.180%
of
the
next
$1
billion
.175%
of
the
next
$1
billion
.170%
of
amounts
in
excess
of
$8
billion
Share
Class
Service
Fees
(a)
Distribution
Fees
(a)
Administration
..............................................................................................
0.10‌
%
—‌%
Capital
...................................................................................................
0.05‌
—‌
Cash
Management
...........................................................................................
0.50‌
—‌
Cash
Reserve
..............................................................................................
0.40‌
—‌
Dollar
....................................................................................................
0.25‌
—‌
Private
Client
..............................................................................................
0.50‌
0.35‌ 
Select
...................................................................................................
0.50‌
0.35‌
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
14,136‌
$
—‌
$
22,335‌
$
—‌
$
17,395‌
$
—‌
$
—‌
$
53,866‌
FedFund
.....................
4,044,615‌
14,849‌
1,613,564‌
8,082,663‌
5,006,639‌
1,054‌
1,453,346‌
20,216,729‌
TempCash
....................
—‌
—‌
—‌
—‌
4,052‌
—‌
—‌
4,052‌
TempFund
....................
14,375‌
55,199‌
1,237,783‌
22,879‌
113,368‌
2,316‌
—‌
1,445,920‌
T-Fund
.......................
2,112,312‌
52,740‌
1,982,043‌
124,665‌
1,603,007‌
—‌
129,46
7‌
6,004,23
4‌
Treasury
Trust
Fund
..............
241,539‌
142,786‌
18,800‌
353,369‌
2,729,150‌
—‌
1,012,744‌
4,498,387‌
MuniCash
.....................
—‌
—‌
—‌
—‌
2,281‌
—‌
—‌
2,281‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
118
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months ended
April
30,
2024,
the
amounts
waived
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
28,
2025
so
that
the
net
annual
fund
operating
expenses,
excluding
extraordinary
expenses,
of
the
Select
Shares
and
Private
Client
Shares
do
not
exceed
1.00%
and
0.68%
of
the
average
daily
net
assets
of
the
shares,
respectively.
The
agreement
renews
automatically
for
successive
one-year
periods
and
may
be
terminated
by
any
party
to
the
agreement
upon
written
notice
75
days
prior
to
the
commencement
of
a
successive
one
year
period.
For
the
six
months ended
April
30,
2024,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
April
30,
2024,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
April
30,
2024,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
6.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
April
30,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
1,429,495‌
FedFund
................................................................................................................
10,918,707‌
TempCash
...............................................................................................................
2,537,584‌
TempFund
...............................................................................................................
2,415,166‌
T-Fund
..................................................................................................................
7,377,417‌
Treasury
Trust
Fund
.........................................................................................................
8,387,867‌
MuniCash
................................................................................................................
1,659,219‌
Service
and
distribution
fees
waived
and/or
reimbursed
-
class
specific
Private
Client
Select
Total
FedFund
........................................................................
$
422‌
$
34,186‌
$
34,60
9‌
TempFund
.......................................................................
953‌
—‌
953‌
T-Fund
..........................................................................
—‌
3,046‌
3,046‌
Treasury
Trust
Fund
.................................................................
—‌
23,820‌
23,820‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
MuniCash
...........................................................................
$
615,827,871‌
$
442,304,532‌
$
—‌
Notes
to
Financial
Statements
(unaudited)
(continued)
119
Notes
to
Financial
Statements
As
of
October
31,
2023, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
April
30,
2024, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
For
TempCash,
TempFund
and
MuniCash,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
On
July
12,
2023,
the
SEC
approved
changes
to
money
market
fund
regulations.
These
changes,
among
other
things:
(i)
eliminate
provisions
that
permit
a
money
market
fund
to
suspend
redemptions
except
in
liquidations,
(ii)
require
institutional
prime
and
institutional
tax-exempt
money
market
funds
to
impose
mandatory
liquidity
fees
under
certain
conditions,
(iii)
permit
a
discretionary
liquidity
fee
for
a
non-government
money
market
fund
and
(iv)
increase
minimum
daily
and
weekly
liquidity
for
all
money
market
funds.
These
changes
will
be
implemented
over
the
next
12
months
depending
on
the
change
and
may
affect
the
Funds’
operations
and
return
potential.
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third-party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution. 
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
BlackRock
Liquid
Federal
Trust
Fund
........................................................................................
$
(43,092‌)
FedFund
...........................................................................................................
(82,025,194‌)
TempCash
..........................................................................................................
(1,098,634‌)
TempFund
..........................................................................................................
(780,200‌)
T-Fund
.............................................................................................................
(49,288,847‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,931,283,788‌
$
–‌
$
(36‌)
$
(36‌)
FedFund
.......................................................
142,328,223,46
8‌
–‌
(3,498‌)
(3,498‌)
T-Fund
........................................................
96,200,964,075‌
–‌
(2,676‌)
(2,676‌)
Treasury
Trust
Fund
...............................................
112,415,503,397‌
–‌
(329‌)
(329‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
120
MuniCash
invests
a
substantial
amount
of its
assets
in
issuers
located
in
a
single
state
or
limited
number
of
states.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has raised the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Funds'
performance.
The
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
8.
CAPITAL
SHARE
TRANSACTIONS 
The
Trust’s
Declaration
of
Trust
permits
the
Trustees
to
issue
an
unlimited
number
of
full
and
fractional
shares
of
beneficial
interest
(shares)
and
to
classify
or
reclassify
any
unissued
shares
into
one
or
more
additional
classes
of
shares. 
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold
and
redeemed
at
$1.00
per
share
for
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
20,919,574,013‌
30,621,001,915‌
Shares
issued
in
reinvestment
of
distributions
........................................................
41,482,984‌
66,202,478‌
Shares
redeemed
(21,015,825,658‌)
(29,861,393,554‌)
(54,768,661‌)
825,810,839‌
Administration
Shares
sold
72,719,718‌
80,901,405‌
Shares
issued
in
reinvestment
of
distributions
........................................................
724,225‌
1,253,451‌
Shares
redeemed
(70,055,669‌)
(74,675,348‌)
3,388,274‌
7,479,508‌
Bancroft
Capital
Shares
sold
1‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,384‌
2,348‌
1,385‌
2,348‌
Cabrera
Capital
Markets
Shares
sold
1‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,384‌
2,348‌
1,385‌
2,348‌
Cash
Management
Shares
sold
1,764,432‌
5,087,771‌
Shares
issued
in
reinvestment
of
distributions
........................................................
8,222‌
93,876‌
Shares
redeemed
(2,923,396‌)
(9,808,992‌)
(1,150,742‌)
(4,627,345‌)
Dollar
Shares
sold
38,545,498‌
80,931,698‌
Shares
issued
in
reinvestment
of
distributions
........................................................
17,935‌
23,581‌
Shares
redeemed
(54,251,725‌)
(73,306,850‌)
(15,688,292‌)
7,648,429‌
Notes
to
Financial
Statements
(unaudited)
(continued)
121
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
Great
Pacific
Shares
issued
in
reinvestment
of
distributions
........................................................
1,385‌
2,347‌
Shares
redeemed
(1‌)
—‌
1,384‌
2,347‌
Mischler
Financial
Group
Shares
sold
17,699,999‌
202,250,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
134,003‌
147,846‌
Shares
redeemed
(14,300,000‌)
(197,000,000‌)
3,534,002‌
5,397,846‌
Penserra
Shares
sold
—‌
750,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,385‌
2,347‌
1,385‌
752,347‌
Stern
Brothers
Shares
sold
—‌
1,500,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,405‌
3,206‌
Shares
redeemed
—‌
(1,500,000‌)
1,405‌
3,206‌
Tigress
Shares
sold
—‌
25,000,010‌
Shares
issued
in
reinvestment
of
distributions
........................................................
50,029‌
142,049‌
Shares
redeemed
(3,000,000‌)
(10‌)
(2,949,971‌)
25,142,049‌
(67,628,446‌)
867,613,922‌
FedFund
Institutional
Shares
sold
464,526,570,569‌
941,796,456,420‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,170,028,637‌
2,005,616,089‌
Shares
redeemed
(463,422,870,481‌)
(932,593,855,369‌)
2,273,728,725‌
11,208,217,140‌
Administration
Shares
sold
10,926,788,768‌
21,082,794,544‌
Shares
issued
in
reinvestment
of
distributions
........................................................
120,671,726‌
398,054,292‌
Shares
redeemed
(12,060,785,389‌)
(36,329,637,862‌)
(1,013,324,895‌)
(14,848,789,026‌)
Capital
Shares
sold
218,888,963‌
13,580,571‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,565,617‌
150,992‌
Shares
redeemed
(96,527,532‌)
(12,394,865‌)
123,927,048‌
1,336,698‌
Cash
Management
Shares
sold
189,115,477‌
591,793,057‌
Shares
issued
in
reinvestment
of
distributions
........................................................
12,763,537‌
22,702,513‌
Shares
redeemed
(278,248,843‌)
(591,730,200‌)
(76,369,829‌)
22,765,370‌
Cash
Reserve
Shares
sold
26,200,391,964‌
45,843,430,347‌
Shares
issued
in
reinvestment
of
distributions
........................................................
356,258‌
201,503‌
Shares
redeemed
(26,404,735,371‌)
(46,976,060,820‌)
(203,987,149‌)
(1,132,428,970‌)
Dollar
Shares
sold
5,849,802,143‌
12,639,188,049‌
Shares
issued
in
reinvestment
of
distributions
........................................................
29,674,816‌
54,932,668‌
Shares
redeemed
(5,990,242,543‌)
(12,358,716,295‌)
(110,765,584‌)
335,404,422‌
Mischler
Financial
Group
Shares
sold
14,948,763,241‌
31,177,816,277‌
Shares
issued
in
reinvestment
of
distributions
........................................................
25,993,479‌
53,523,489‌
Shares
redeemed
(15,262,744,646‌)
(29,886,151,356‌)
(287,987,926‌)
1,345,188,410‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
122
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
Premier
Shares
sold
2,665,422,486‌
3,350,415,754‌
Shares
issued
in
reinvestment
of
distributions
........................................................
11,504,735‌
16,504,973‌
Shares
redeemed
(1,835,517,246‌)
(1,916,340,786‌)
841,409,975‌
1,450,579,941‌
Private
Client
Shares
sold
—‌
4,791‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,849‌
10,459‌
Shares
redeemed
(7,463‌)
(18,834‌)
(1,614‌)
(3,584‌)
Select
Shares
sold
591,253,856‌
1,339,475,954‌
Shares
issued
in
reinvestment
of
distributions
........................................................
7,514,316‌
15,133,650‌
Shares
redeemed
(587,370,276‌)
(1,686,673,362‌)
11,397,896‌
(332,063,758‌)
Stern
Brothers
Shares
sold
45,499,999‌
11,500,001‌
Shares
issued
in
reinvestment
of
distributions
........................................................
199,062‌
26,325‌
Shares
redeemed
(35,800,000‌)
(11,550,000‌)
9,899,061‌
(23,674‌)
Tigress
Shares
sold
312,810,215‌
46,562,693‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,751,806‌
184,054‌
Shares
redeemed
(256,448,745‌)
(19,048,723‌)
59,113,276‌
27,698,024‌
WestCap
Shares
sold
37,678,751‌
118,000,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,755,968‌
3,150,047‌
Shares
redeemed
(40,105,201‌)
(17,880,000‌)
329,518‌
103,270,047‌
1,627,368,502‌
(1,818,848,960‌)
T-Fund
Institutional
Shares
sold
685,662,209,417‌
1,124,983,592,331‌
Shares
issued
in
reinvestment
of
distributions
........................................................
659,620,133‌
1,173,900,710‌
Shares
redeemed
(682,879,050,193‌)
(1,121,219,112,443‌)
3,442,779,357‌
4,938,380,598‌
Administration
Shares
sold
3,920,717,507‌
7,852,313,986‌
Shares
issued
in
reinvestment
of
distributions
........................................................
100,868,176‌
309,549,338‌
Shares
redeemed
(3,702,143,706‌)
(19,957,161,461‌)
319,441,977‌
(11,795,298,137‌)
Capital
Shares
sold
320,188,211‌
405,304,186‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,262,527‌
5,865,916‌
Shares
redeemed
(308,627,084‌)
(263,798,086‌)
16,823,654‌
147,372,016‌
Cash
Management
Shares
sold
2,646,869,653‌
4,313,088,808‌
Shares
issued
in
reinvestment
of
distributions
........................................................
14,902,030‌
24,332,943‌
Shares
redeemed
(2,797,811,840‌)
(4,308,342,515‌)
(136,040,157‌)
29,079,236‌
Cash
Reserve
Shares
sold
291,494,034‌
323,421,715‌
Shares
issued
in
reinvestment
of
distributions
........................................................
449,105‌
772,240‌
Shares
redeemed
(264,392,648‌)
(368,938,961‌)
27,550,491‌
(44,745,006‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
123
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
Dollar
Shares
sold
4,235,666,119‌
9,928,734,641‌
Shares
issued
in
reinvestment
of
distributions
........................................................
11,347,800‌
28,968,263‌
Shares
redeemed
(4,665,137,194‌)
(9,851,801,162‌)
(418,123,275‌)
105,901,742‌
Premier
Shares
sold
1,536,559,006‌
2,283,790,381‌
Shares
issued
in
reinvestment
of
distributions
........................................................
18,841,662‌
25,486,576‌
Shares
redeemed
(1,495,035,532‌)
(1,373,609,986‌)
60,365,136‌
935,666,971‌
Select
Shares
sold
196,243,794‌
523,278,909‌
Shares
issued
in
reinvestment
of
distributions
........................................................
670,770‌
2,416,295‌
Shares
redeemed
(228,203,464‌)
(496,577,385‌)
(31,288,900‌)
29,117,819‌
3,281,508,283‌
(5,654,524,761‌)
Treasury
Trust
Fund
Institutional
Shares
sold
175,682,774,278‌
270,716,368,499‌
Shares
issued
in
reinvestment
of
distributions
........................................................
759,355,188‌
1,693,628,787‌
Shares
redeemed
(165,665,512,631‌)
(281,809,645,053‌)
10,776,616,835‌
(9,399,647,767‌)
Administration
Shares
sold
606,559,936‌
1,228,748,237‌
Shares
issued
in
reinvestment
of
distributions
........................................................
8,729,822‌
14,155,842‌
Shares
redeemed
(546,415,830‌)
(1,183,194,082‌)
68,873,928‌
59,709,997‌
Capital
Shares
sold
722,709,141‌
913,705,465‌
Shares
issued
in
reinvestment
of
distributions
........................................................
14,397,926‌
11,527,571‌
Shares
redeemed
(599,175,493‌)
(452,134,826‌)
137,931,574‌
473,098,210‌
Cash
Management
Shares
sold
24,987,348‌
29,920,721‌
Shares
issued
in
reinvestment
of
distributions
........................................................
115,161‌
368,642‌
Shares
redeemed
(20,999,846‌)
(46,534,965‌)
4,102,663‌
(16,245,602‌)
Cash
Reserve
Shares
sold
884,743,258‌
610,857,948‌
Shares
issued
in
reinvestment
of
distributions
........................................................
117‌
1,324‌
Shares
redeemed
(875,547,558‌)
(561,718,372‌)
9,195,817‌
49,140,900‌
Dollar
Shares
sold
4,964,419,533‌
7,763,879,918‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,043,854‌
5,306,384‌
Shares
redeemed
(4,787,735,366‌)
(6,486,425,181‌)
181,728,021‌
1,282,761,121‌
Select
Shares
sold
454,240,540‌
750,589,215‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,253,884‌
7,370,864‌
Shares
redeemed
(444,804,192‌)
(673,561,755‌)
14,690,232‌
84,398,324‌
11,193,139,070‌
(7,466,784,817‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
124
The
number
of
shares
sold,
reinvested
and
redeemed
for
TempCash,
TempFund
and
MuniCash
were
transacted
at
each
class's
floating
NAV
per
share
calculated
to
four
decimal
places. 
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund
and
MuniCash
were
as
follows:
d
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
10,195,733,692‌
$
10,201,387,209‌
19,184,097,745‌
$
19,189,951,147‌
Shares
issued
in
reinvestment
of
distributions
.....................
21,949,941‌
21,960,745‌
23,922,723‌
23,930,356‌
Shares
redeemed
......................................
(8,627,806,705‌)
(8,632,563,770‌)
(14,720,816,627‌)
(14,725,554,167‌)
1,589,876,928‌
$
1,590,784,184‌
4,487,203,841‌
$
4,488,327,336‌
Dollar
Shares
sold
..........................................
18,800,001‌
$
18,811,202‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
499‌
500‌
845‌
$
846‌
18,800,500‌
$
18,811,702‌
845‌
$
846‌
Great
Pacific
Shares
sold
..........................................
149,955,013‌
$
149,999,996‌
585,024,981‌
(a)
$
585,258,875‌
(a)
Shares
issued
in
reinvestment
of
distributions
.....................
11,554,634‌
11,560,075‌
19,784,211‌
(a)
19,788,522‌
(a)
Shares
redeemed
......................................
—‌
—‌
(200,545,835‌)
(a)
(200,586,000‌)
(a)
161,509,647‌
$
161,560,071‌
404,263,357‌
$
404,461,397‌
1,770,187,075‌
$
1,771,155,957‌
4,891,468,043‌
$
4,892,789,579‌
TempFund
Institutional
Shares
sold
..........................................
8,608,723,712‌
$
8,614,338,639‌
18,908,539,487‌
$
18,916,051,607‌
Shares
issued
in
reinvestment
of
distributions
.....................
100,931,990‌
100,999,270‌
204,679,581‌
204,762,886‌
Shares
redeemed
......................................
(8,300,234,004‌)
(8,305,615,284‌)
(21,330,306,472‌)
(21,339,185,990‌)
409,421,698‌
$
409,722,625‌
(2,217,087,404‌)
$
(2,218,371,497‌)
Administration
Shares
sold
..........................................
9,157,115‌
$
9,163,627‌
48,903,102‌
$
48,922,965‌
Shares
issued
in
reinvestment
of
distributions
.....................
758,072‌
758,594‌
1,404,546‌
1,405,136‌
Shares
redeemed
......................................
(10,763,027‌)
(10,770,316‌)
(46,610,054‌)
(46,631,185‌)
(847,840‌)
$
(848,095‌)
3,697,594‌
$
3,696,916‌
Cabrera
Capital
Markets
Shares
sold
..........................................
749,625‌
$
750,025‌
124,925‌
$
125,002‌
Shares
issued
in
reinvestment
of
distributions
.....................
6,187‌
6,190‌
7,350‌
7,353‌
Shares
redeemed
......................................
(132,117‌)
(132,199‌)
—‌
—‌
623,695‌
$
624,016‌
132,275‌
$
132,355‌
Capital
Shares
sold
..........................................
221,316,972‌
$
221,475,756‌
438,259,205‌
$
438,451,580‌
Shares
issued
in
reinvestment
of
distributions
.....................
5,790,023‌
5,794,147‌
6,337,865‌
6,340,663‌
Shares
redeemed
......................................
(173,842,251‌)
(173,966,877‌)
(285,283,159‌)
(285,417,146‌)
53,264,744‌
$
53,303,026‌
159,313,911‌
$
159,375,097‌
Cash
Management
Shares
sold
..........................................
51,780,595‌
$
51,816,461‌
153,641,233‌
$
153,702,543‌
Shares
issued
in
reinvestment
of
distributions
.....................
12,113,241‌
12,121,569‌
22,528,431‌
22,537,848‌
Shares
redeemed
......................................
(81,797,308‌)
(81,854,238‌)
(205,379,391‌)
(205,463,655‌)
(17,903,472‌)
$
(17,916,208‌)
(29,209,727‌)
$
(29,223,264‌)
Cash
Reserve
Shares
sold
..........................................
11,670,411‌
$
11,679,005‌
37,187,243‌
$
37,203,114‌
Shares
issued
in
reinvestment
of
distributions
.....................
303,360‌
303,579‌
702,199‌
702,516‌
Shares
redeemed
......................................
(13,476,622‌)
(13,486,083‌)
(34,776,934‌)
(34,793,115‌)
(1,502,851‌)
$
(1,503,499‌)
3,112,508‌
$
3,112,515‌
Dollar
Shares
sold
..........................................
85,423,093‌
$
85,477,927‌
155,527,541‌
$
155,589,180‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,855,708‌
1,856,979‌
3,449,949‌
3,451,418‌
Shares
redeemed
......................................
(80,455,251‌)
(80,507,102‌)
(176,621,499‌)
(176,689,353‌)
6,823,550‌
$
6,827,804‌
(17,644,009‌)
$
(17,648,755‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
125
Notes
to
Financial
Statements
(a)
Period
January
23,
2023
(commencement
of
operations)
to
October
31,
2023
for
Great
Pacific
Shares.
As
of
April
30,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
2,993,392,626
Institutional
Shares
of
FedFund.
As
of
April
30,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
36,478
Premier
Shares
of
TempCash.
9.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
item
was
noted:
On
May
16,
2024,
the
Board
approved
a
proposal
to
close
TempFund
to
new
investors
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
June
14,
2024,
the
Fund
will
no
longer
accept
purchase
orders
from
new
investors.
On
or
about
September
5,
2024
(the
“Liquidation
Date”),
all
of
the
assets
of
the
Fund
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
the
Fund
will
then
be
terminated
as
a
series
of
the
Trust.
d
Six
Months
Ended
04/30/24
Year
Ended
10/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Private
Client
Shares
sold
..........................................
49,934‌
$
49,980‌
65,887‌
$
65,920‌
Shares
issued
in
reinvestment
of
distributions
.....................
12,056‌
12,064‌
33,401‌
33,416‌
Shares
redeemed
......................................
(421,908‌)
(422,217‌)
(512,067‌)
(512,326‌)
(359,918‌)
$
(360,173‌)
(412,779‌)
$
(412,990‌)
449,519,606‌
$
449,849,496‌
(2,098,097,631‌)
$
(2,099,339,623‌)
MuniCash
Institutional
Shares
sold
..........................................
16,617,486,663‌
$
16,618,860,140‌
35,981,486,604‌
$
35,981,358,818‌
Shares
issued
in
reinvestment
of
distributions
.....................
24,709,534‌
24,712,005‌
51,656,917‌
51,656,128‌
Shares
redeemed
......................................
(17,543,602,314‌)
(17,544,889,555‌)
(35,085,456,468‌)
(35,085,692,424‌)
(901,406,117‌)
$
(901,317,410‌)
947,687,053‌
$
947,322,522‌
Dollar
Shares
sold
..........................................
1,855,571‌
$
1,855,570‌
5,093,134‌
$
5,093,161‌
Shares
issued
in
reinvestment
of
distributions
.....................
28,436‌
28,436‌
52,079‌
52,078‌
Shares
redeemed
......................................
(1,341,972‌)
(1,341,972‌)
(6,284,604‌)
(6,284,494‌)
542,035‌
$
542,034‌
(1,139,391‌)
$
(1,139,255‌)
(900,864,082‌)
$
(900,775,376‌)
946,547,662‌
$
946,183,267‌
Additional
Information
2024
BlackRock
Semi-Annual
Report
to
Shareholders
126
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Transfer
Agent at
(800)
441-7450.
Availability
of
Quarterly
Schedule
of
Investments 
The Funds
file their
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Funds'
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
. Each
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7450
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Additional
Information
(continued)
127
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
TempCash
and
TempFund.
Glossary
of
Terms
Used
in
this
Report
2024
BlackRock
Semi-Annual
Report
to
Shareholders
128
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
The
following
applies
to
TempCash,
TempFund
and
MuniCash:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Because
the
share
price
of
the
Funds
will
fluctuate,
when
you
sell
your
shares
they
may
be
worth
more
or
less
than
what
you
originally
paid
for
them.
The
Funds
may
impose
a
fee
upon
sale
of
your
shares.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
The
following
applies
to
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Although
the
Funds
seek
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
they
cannot
guarantee
they
will
do
so.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
Want
to
know
more?
blackrock.com
|
800-441-7450
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
Each
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
a
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
BRLF-04/24-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable
 
Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
             
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
             
<<section302>>
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(5) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Liquidity Funds
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: June 21, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: June 21, 2024
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
 
Date: June 21, 2024