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

California

Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York

Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 10/31/2021

Date of reporting period: 04/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

April

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Liquidity

Funds

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

April

30,

2021

reflected

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

As

the

period

began,

the

response

to

the

virus’s

spread

was

well

underway,

and

countries

around

the

world

felt

the

effect

of

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

were

imposed

in

many

parts

of

the

world,

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession.

As

May

2020

began,

stocks

had

just

begun

to

recover

from

the

lowest

point

following

the

onset

of

the

pandemic.

This

recovery

continued

throughout

the

reporting

period,

as

businesses

continued

re-opening

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

rose

through

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

late

in

the

reporting

period,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

announcing

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

To

stabilize

credit

markets,

the

Fed

also

continued

purchasing

significant

quantities

of

bonds,

as

did

other

influential

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

equities.

We

see

U.S.

and

Asian

equities

outside

of

Japan

benefiting

from

structural

growth

trends

in

technology,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

While

we

are

underweight

overall

on

credit,

global

high-yield

and

Asian

bonds

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

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,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

28.85%

45.98%

U.S.

small

cap

equities

(Russell

2000

®

Index)

48.06

74.91

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

28.84

39.88

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

22.95

48.71

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.05

0.11

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.26)

(7.79)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.52)

(0.27)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.42

7.40

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.98

19.57

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

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

9

Financial

Statements:

Schedules

of

Investments

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

11

Statements

of

Assets

and

Liabilities

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

64

Statements

of

Operations

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

69

Statements

of

Changes

in

Net

Assets

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

71

Financial

Highlights

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

76

Notes

to

Financial

Statements

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

125

Disclosure

of

Investment

Sub-Advisory

Agreement

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

138

Additional

Information

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

139

Glossary

of

Terms

Used

in

this

Report

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

141

Money

Market

Overview

For

the

Six-Month

Period

Ended

April

30,

2021

2020

BlackRock

Annual

Report

to

Shareholders

4

Notable

events

over

the

last

six

months

began

with

a

resolution

to

the

U.S.

Presidential

election

and

the

rollout

of

COVID-19

vaccination

programs.

Certain

pandemic

support

facilities

that

were

beneficial

to

the

money

markets

earlier

in

the

year

and

were

scheduled

to

expire

at

the

end

of

December

were

also

extended

during

the

fourth

quarter

of

2020.

The

Federal

Open

Market

Committee

(“FOMC”)

left

interest

rates

unchanged

during

the

period

and

remained

committed

to

the

accommodative

monetary

policies

to

support

the

full

economic

recovery.

During

their

December

16,

2020

meeting,

the

FOMC

stated

that

“the

path

of

the

economy

will

depend

significantly

on

the

course

of

the

virus.”

The

FOMC

also

confirmed

its

plan

to

maintain

the

pace

of

monthly

asset

purchases,

further

reiterating

their

stance

of

abundant

accommodations

to

fuel

a

full

economic

recovery.

In

their

most

recent

March

17,

2021

FOMC

meeting

they

modified

their

statement

to

note

that

“indicators

of

economic

activity

and

employment

have

turned

up

recently,

although

the

sectors

most

adversely

affected

by

the

pandemic

remain

weak.”

On

March

19,

2021,

the

Fed

announced

that

the

temporary

exclusion

of

U.S.

Treasury

securities

and

central

bank

reserves

from

the

calculation

of

the

supplementary

leverage

ratio

would

expire

on

March

31,

2021.

In

our

view,

this

move

could

result

in

banks

offloading

deposits,

which

could

ultimately

lead

to

money

fund

inflows.

According

to

iMoneyNet,

money

market

fund

(“MMF”)

industry

assets

rose

around

$192

billion

between

November

1,

2020

and

April

30,

2021.

Of

this,

government

MMFs

saw

an

increase

of

$290

billion

while

assets

of

prime

and

municipal

MMFs

declined

$81

billion

and

$16

billion,

respectively.

Despite

two

additional

rounds

of

fiscal

stimulus

during

the

period,

net

new

U.S.

Treasury

bill

(“T-bill”)

supply

contracted

about

$85

billion

during

the

fourth

quarter

of

2020

and

contracted

another

$295

during

the

first

quarter

of

2021.

This

net

reduction

in

T-bills

outstanding

contributed

to

the

supply

and

demand

imbalance

as

government

money

market

mutual

fund

assets

continued

to

rise.

Also

contributing

to

the

supply

and

demand

imbalance

is

the

buildup

of

excess

liquidity

in

the

front-end.

One

factor

that

plays

a

role

in

this

is

the

contraction

of

the

Treasury

General

Account

balance

at

the

Fed,

which

declined

more

than

$700

billion

during

the

first

quarter

of

2021.

A

corresponding

increase

in

bank

reserves

in

our

estimation

has

also

applied

downward

pressure

on

money

market

rates.

The

secured

overnight

financing

rate

–

a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities

–

declined

during

the

period

and

has

not

moved

from

0.01%

since

March

11,

2021.

During

the

period,

the

three-month

London

Interbank

Offered

Rate

(“LIBOR”)

ranged

from

0.17%

to

0.25%.

The

three-month

LIBOR

overnight

index

swap

spread

–

a

gauge

of

stress

in

the

financial

system

–

trended

lower

for

much

of

the

period.

During

the

period,

the

spread

ranged

from

0.09%

to

0.17%,

and

stood

at

0.10%

as

of

April

30,

2021.

The

supply-and-demand

imbalance

in

the

money

market

space

has

helped

contribute

to

persistent

tightness

in

credit

spreads.

Our

strategic

allocations

in

April

2021

were

mostly

consistent

with

the

positioning

at

the

beginning

of

November.

In

setting

strategy,

we

maintained

a

bias

toward

higher-quality

issuers

of

commercial

paper

and

U.S.

dollar-denominated

certificates

of

deposits.

Regarding

portfolio

weighted

average

maturity

(“WAM”)

and

weighted

average

life

(“WAL”),

our

preference

has

moved

to

slightly

below

neutral

as

opportunities

to

pick

up

additional

yield

by

extending

duration

became

limited.

This

shift

was

reflected

in

our

average

portfolio

WAMs,

which

decreased

by

six

days

during

the

period,

and

in

our

average

portfolio

WALs,

which

decreased

by

seven

days

during

the

period.

Turning

to

short-term

municipal

bonds,

the

short-term

municipal

market

ended

the

six-month

period

of

April

30,

2021

at

$96.6

billion

in

assets,

down

$15.9

billion

versus

November

1,

2020

as

municipal

money

fund

assets

continued

to

decrease

amongst

the

FOMC’s

ongoing

zero

interest

rate

policy.

Variable

rate

demand

note

(“VRDN”)

inventory

on

dealer

balance

sheets,

however,

remained

manageable

as

cash

continued

to

flow

into

municipal

bond

funds

and

separately

managed

accounts

(“SMAs”),

which

purchased

VRDNs

as

cash

placeholders

while

waiting

for

longer

term

new-issue

supply

to

come

to

market.

The

nontraditional

demand

from

bond

fund

and

SMA

investors

contributed

to

the

Securities

Industry

and

Financial

Markets

Association

(“SIFMA”)

Index,

which

represents

the

average

yield

on

weekly

VRDNs,

remaining

in

a

tight

range

throughout

the

six-month

period.

The

SIFMA

Index

started

the

period

at

0.12%,

moved

lower

to

a

five-year

low

of

0.03%

in

February

2021

amongst

a

strong

amount

of

reinvestment

cash

from

bond

maturities

and

coupon

payments,

and

moved

just

slightly

higher

to

end

the

period

at

0.06%.

In

an

effort

to

accommodate

ongoing

challenges

due

to

the

pandemic,

tax

time

was

once

again

delayed

beyond

April

as

the

IRS

extended

the

tax

deadline

to

May

17,

2021.

As

a

result,

VRDN

inventory

on

dealer

balance

sheets,

which

typically

spikes

in

April

due

to

tax

payment

dates,

remained

manageable,

ending

the

period

at

just

$2.3

billion,

below

the

one-year

average.

Along

with

downward

pressure

on

VRDN

yields,

municipal

note

and

municipal

bond

yield

levels

moved

lower

as

well.

The

one-year

Municipal

Market

Data

yield,

which

represents

one-year

municipal

bonds,

and

the

one-year

MIG1

yield,

which

represents

municipal

notes,

decreased

to

end

the

period

at

0.08%

and

0.12%,

respectively,

offering

minimal

yield

pickup

for

one-year

extension

trades.

As

a

result,

commercial

paper

yields

in

the

0.10%

-

0.14%

range

for

30-day

to

120-day

maturities

remained

favorable

from

a

relative

value

perspective.

Looking

ahead,

contrary

to

the

years

following

the

global

financial

crisis,

municipal

issuers

are

not

expected

to

face

years

of

fiscal

austerity

given

the

rollout

of

fiscal

stimulus

and

rapid

pace

of

economic

recovery.

Seasonal

municipal

note

issuance

should

begin

to

ramp

up

as

municipalities

address

their

annual

operating

financing

needs,

however,

note

issuance

is

expected

to

be

in

line

with

previous

years

since

from

a

fundamental

perspective,

state

and

local

governments

continue

to

benefit

from

the

American

Rescue

Plan’s

massive

$350

billion

in

fiscal

stimulus,

which

is

currently

being

dispersed

with

a

broad

range

of

eligible

uses.

Additionally,

own-source

revenue

continues

to

rapidly

recover

amongst

the

economic

reopening

and

vaccine

rollout,

providing

a

substantial

positive

credit

backdrop

to

the

municipal

space.

Municipal

money

market

fund

managers

are

expected

to

maintain

high

levels

of

fund

liquidity

due

to

the

current

overall

low

rate

environment

and

remain

selective

with

respect

to

one-year

municipal

note

and

bond

purchases,

while

opportunistically

investing

in

commercial

paper

for

a

laddered

maturity

schedule.

Past

performance

is

not

indicative

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Information

as

of

April

30,

2021

5

Fund

Information

Federal

Trust

Fund

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

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

0.01‌

%

0.02‌

%

Administration

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

0.01‌

0.02‌

Cash

Management

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

0.01‌

0.02‌

Cash

Reserve

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

0.03‌

0.05‌

Dollar

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

0.01‌

0.02‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

53‌

%

U.S.

Government

Sponsored

Agency

Obligations

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

48‌

Liabilities

in

Excess

of

Other

Assets

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

(1‌)

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.03‌

%

0.03‌

%

Administration

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

0.03‌

0.03‌

Capital

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

0.03‌

0.03‌

Cash

Management

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

0.03‌

0.03‌

Cash

Reserve

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

0.03‌

0.03‌

Dollar

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

0.03‌

0.03‌

Premier

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

0.03‌

0.03‌

Private

Client

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

0.03‌

0.03‌

Select

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

0.03‌

0.03‌

Mischler

Financial

Group

Shares

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

0.03‌

0.03‌

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

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

44‌

%

Repurchase

Agreements

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

40‌

U.S.

Government

Sponsored

Agency

Obligations

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

15‌

Other

Assets

Less

Liabilities

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

1‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.04‌

%

0.04‌

%

Dollar

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

0.00‌

0.00‌

Premier

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

0.03‌

0.03‌

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

Commercial

Paper

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

28‌

%

Certificates

of

Deposit

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

26‌

Time

Deposits

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

25‌

Repurchase

Agreements

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

15‌

Municipal

Bonds

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

2‌

U.S.

Treasury

Obligations

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

1‌

Closed-End

Investment

Companies

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

—‌

(a)

Corporate

Bonds

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

—‌

(a)

U.S.

Government

Sponsored

Agency

Obligations

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

—‌

(a)

Other

Assets

Less

Liabilities

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

3‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Information

as

of

April

30,

2021

(continued)

2021

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

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

0.04‌

%

0.04‌

%

Administration

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

0.02‌

0.02‌

Capital

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

0.02‌ 

0.02‌ 

Cash

Management

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

0.01‌

0.01‌

Cash

Reserve

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

0.01‌

0.01‌

Dollar

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

0.02‌

0.02‌

Private

Client

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

0.01‌

0.01‌

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

Certificates

of

Deposit

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

29‌

%

Commercial

Paper

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

27‌

Repurchase

Agreements

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

19‌

Time

Deposits

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

18‌

Municipal

Bonds

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

2‌

U.S.

Treasury

Obligations

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

1‌

Closed-End

Investment

Companies

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

—‌

(a)

Corporate

Bonds

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

—‌

(a)

U.S.

Government

Sponsored

Agency

Obligations

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

—‌

(a)

Other

Assets

Less

Liabilities

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

4‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.02‌

%

0.02‌

%

Administration

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

0.02‌

0.02‌

Capital

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

0.02‌

0.02‌

Cash

Management

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

0.02‌

0.02‌

Cash

Reserve

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

0.02‌

0.02‌

Dollar

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

0.02‌

0.02‌

Premier

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

0.02‌

0.02‌

Select

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

0.02‌

0.02‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

69‌

%

Repurchase

Agreements

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

30‌

Other

Assets

Less

Liabilities

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

1‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.02‌

%

0.02‌

%

Administration

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

0.02‌

0.02‌

Capital

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

0.02‌

0.02‌

Cash

Management

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

0.02‌

0.02‌

Cash

Reserve

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

0.02‌

0.02‌

Dollar

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

0.02‌

0.02‌

Select

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

0.02‌

0.02‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

104‌

%

Liabilities

in

Excess

of

Other

Assets

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

(4‌)

Fund

Information

as

of

April

30,

2021

(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.

MuniFund

MuniFund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

exempt

from

federal

income

tax

as

is

consistent

with

liquidity

and

stability

of

principal.

California

Money

Fund

California

Money

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

that

is

exempt

from

federal

income

tax

and,

to

the

extent

possible,

from

California

State

personal

income

tax,

as

is

consistent

with

liquidity

and

stability

of

principal.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Dollar

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

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

R

ate

Demand

Notes

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

73‌

%

Municipal

Bonds

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

21‌ 

Closed-End

Investment

Companies

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

4‌

Other

Assets

Less

Liabilities

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

2‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Administration

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

0.01‌

0.01‌

Dollar

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

0.01‌

0.01‌

Private

Client

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

0.01‌

0.01‌

Select

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

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

Rate

Demand

Notes

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

93‌

%

Municipal

Bonds

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

4‌

Closed-End

Investment

Companies

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

3‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

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

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

81‌%

Municipal

Bonds

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

15‌

Closed-End

Investment

Companies

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

4‌ 

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Information

as

of

April

30,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

New

York

Money

Fund

New

York

Money

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

that

is

exempt

from

federal

income

tax

and,

to

the

extent

possible,

from

New

York

State

and

New

York

City

personal

income

taxes,

as

is

consistent

with

liquidity

and

stability

of

principal.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

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

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

85‌

%

Municipal

Bonds

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

11‌

Closed-End

Investment

Companies

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

4‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Disclosure

of

Expenses

9

Disclosure

of

Expenses

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

below

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on November

1,

2020 and

held

through

April

30,

2021) 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.

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

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Federal

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.55‌

$

1,000.00‌

$

1,024.25‌

$

0.55‌

0.11%

Administration

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Cash

Management

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Cash

Reserve

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

1,000.00‌

1,000.10‌

0.60‌

1,000.00‌

1,024.20‌

0.60‌

0.12

Dollar

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

FedFund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.55‌

$

1,000.00‌

$

1,024.25‌

$

0.55‌

0.11%

Administration

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Capital

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Cash

Management

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Cash

Reserve

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Dollar

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Premier

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

1,000.00‌

1,000.10‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

Private

Client

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Select

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Mischler

Financial

Group

Shares

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

1,000.00‌

1,000.10‌

0.08‌

1,000.00‌

1,024.65‌

0.15‌

0.03

TempCash

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.89‌

$

1,000.00‌

$

1,023.90‌

$

0.90‌

0.18%

Dollar

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

1,000.00‌

999.90‌

1.14‌

1,000.00‌

1,023.65‌

1.15‌

0.23

Premier

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

1,000.00‌

1,000.00‌

0.89‌

1,000.00‌

1,023.90‌

0.90‌

0.18

TempFund

Institutional

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

$

1,000.00‌

$

1,000.00‌

$

0.89‌

$

1,000.00‌

$

1,023.90‌

$

0.90‌

0.18%

Administration

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

1,000.00‌

999.90‌

1.09‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Capital

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

1,000.00‌

1,000.00‌

1.09‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Cash

Management

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

1,000.00‌

999.80‌

1.14‌

1,000.00‌

1,023.65‌

1.15‌

0.23

Cash

Reserve

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

1,000.00‌

999.80‌

1.09‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Dollar

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

1,000.00‌

999.80‌

1.09‌

1,000.00‌

1,023.70‌

1.10‌

0.22

Private

Client

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

1,000.00‌

999.90‌

1.14‌

1,000.00‌

1,023.65‌

1.15‌

0.23

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

a

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period

shown)

except

for

Mischler

Financial

Group

Shares

of

FedFund

,

which

is

multiplied

by

99/365

(to

reflect

the

period

since

the

commencement

date

of

January

22,

2021

to

April

30,

2021)

.

Disclosure

of

Expenses

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

T-Fund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.50‌

$

1,000.00‌

$

1,024.30‌

$

0.50‌

0.10%

Administration

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Capital

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Cash

Management

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Cash

Reserve

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

1,000.00‌

1,000.10‌

0.40‌

1,000.00‌

1,024.40‌

0.40‌

0.08

Dollar

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Premier

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

1,000.00‌

1,000.10‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

Select

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

1,000.00‌

1,000.10‌

0.45‌

1,000.00‌

1,024.35‌

0.45‌

0.09

Treasury

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.45‌

$

1,000.00‌

$

1,024.35‌

$

0.45‌

0.09%

Administration

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Capital

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

1,000.00‌

1,000.10‌

0.55‌

1,000.00‌

1,024.25‌

0.55‌

0.11

Cash

Management

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Cash

Reserve

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Dollar

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

1,000.00‌

1,000.10‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

Select

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

1,000.00‌

1,000.10‌

0.45‌

1,000.00‌

1,024.35‌

0.45‌

0.09

MuniCash

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.50‌

$

1,000.00‌

$

1,024.30‌

$

0.50‌

0.10%

Dollar

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

1,000.00‌

1,000.00‌

0.50‌

1,000.00‌

1,024.30‌

0.50‌

0.10

MuniFund

Institutional

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

$

1,000.00‌

$

1,000.00‌

$

0.35‌

$

1,000.00‌

$

1,024.45‌

$

0.35‌

0.07%

Administration

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

1,000.00‌

1,000.00‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

Dollar

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

1,000.00‌

1,000.00‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

Private

Client

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

1,000.00‌

1,000.00‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

Select

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

1,000.00‌

1,000.00‌

0.35‌

1,000.00‌

1,024.45‌

0.35‌

0.07

California

Money

Fund

Institutional

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

$

1,000.00‌

$

1,000.70‌

$

0.30‌

$

1,000.00‌

$

1,024.50‌

$

0.30‌

0.06%

New

York

Money

Fund

Institutional

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

$

1,000.00‌

$

1,000.00‌

$

0.40‌

$

1,000.00‌

$

1,024.40‌

$

0.40‌

0.08%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

a

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-

half

year

period

shown).

Expense

Examples

(continued)

Federal

Trust

Fund

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

48.3%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.19%

,

 06/01/21

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

USD

31,325

$

31,319,875

0.13%

,

 06/15/21

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

26,645

26,640,670

0.02%

,

 09/17/21

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

17,785

17,776,760

0.03%

,

 10/26/21

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

20,560

20,546,784

0.03%

,

 10/28/21

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

5,000

4,997,250

0.03%

,

 11/09/21

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

37,515

37,502,995

0.04%

,

 12/06/21

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

7,000

6,994,890

0.04%

,

 12/28/21

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

4,980

4,977,333

0.04%

,

 01/19/22

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

13,285

13,277,236

0.04%

,

 01/28/22

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

11,625

11,617,973

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.16%),

0.17%

,

 05/07/21

.....

75,925

75,925,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.28%

,

 06/17/21

....

13,085

13,084,833

(LIBOR

USD

1

Month

+

0.16%),

0.28%

,

 07/01/21

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

10,525

10,525,000

(LIBOR

USD

1

Month

+

0.08%),

0.19%

,

 07/08/21

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

15,000

15,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.25%

,

 07/08/21

....

7,105

7,105,000

(SOFR

+

0.08%),

0.08%

,

 07/09/21

.....

28,175

28,175,000

(SOFR

+

0.07%),

0.07%

,

 08/20/21

.....

15,725

15,725,000

(SOFR

+

0.19%),

0.20%

,

 11/18/21

.....

6,715

6,715,000

(SOFR

+

0.18%),

0.19%

,

 01/14/22

.....

16,200

16,200,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.28%),

0.30%

,

 02/08/22

....

38,000

38,000,000

(SOFR

+

0.40%),

0.41%

,

 04/01/22

.....

40,000

40,000,000

(SOFR

+

0.20%),

0.21%

,

 06/23/22

.....

25,000

25,000,000

(SOFR

+

0.04%),

0.05%

,

 07/11/22

.....

21,750

21,755,273

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.24%

,

 07/20/22

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

55,990

55,983,239

(SOFR

+

0.10%),

0.11%

,

 09/02/22

.....

8,160

8,160,000

(SOFR

+

0.05%),

0.06%

,

 09/08/22

.....

24,035

24,039,944

(SOFR

+

0.06%),

0.07%

,

 10/21/22

.....

41,035

41,035,000

(SOFR

+

0.08%),

0.08%

,

 11/03/22

.....

33,455

33,455,000

(SOFR

+

0.03%),

0.03%

,

 01/12/23

.....

34,915

34,911,995

(SOFR

+

0.06%),

0.07%

,

 01/13/23

.....

11,855

11,855,000

(SOFR

+

0.06%),

0.07%

,

 01/20/23

.....

11,260

11,260,000

(SOFR

+

0.05%),

0.06%

,

 02/17/23

.....

19,120

19,120,000

Federal

Home

Loan

Bank:

0.12%

,

 06/04/21

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

30,215

30,214,678

0.20%

,

 06/17/21

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

12,615

12,614,873

0.13%

,

 07/13/21

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

50,000

49,995,783

0.04%

,

 10/15/21

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

8,130

8,129,976

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.03%

,

 05/05/21

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

61,575

61,574,781

0.01%

,

 05/06/21

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

200,000

199,999,722

0.01%

,

 05/12/21

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

61,080

61,079,786

0.02%

,

 05/19/21

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

135,665

135,663,497

0.01%

,

 05/26/21

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

99,655

99,654,446

0.02%

,

 05/28/21

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

30,000

29,999,662

0.01%

,

 06/02/21

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

126,600

126,598,425

0.04%

,

 06/04/21

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

20,345

20,344,231

0.01%

,

 06/09/21

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

16,485

16,484,786

0.20%

,

 06/11/21

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

24,025

24,019,528

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

0.01%

,

 06/17/21

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

USD

30,730

$

30,729,599

0.02%

,

 06/18/21

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

11,445

11,444,756

0.01%

,

 06/23/21

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

62,555

62,554,263

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.16%),

0.17%

,

 05/07/21

.....

38,970

38,970,000

(SOFR

+

0.00%),

0.01%

,

 05/12/21

.....

8,350

8,350,000

(LIBOR

USD

1

Month

+

0.00%),

0.11%

,

 05/14/21

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

50,000

50,000,000

(SOFR

+

0.08%),

0.08%

,

 07/08/21

.....

10,500

10,500,000

(SOFR

+

0.08%),

0.08%

,

 07/23/21

.....

6,685

6,685,000

(SOFR

+

0.12%),

0.13%

,

 02/28/22

.....

19,470

19,470,000

(SOFR

+

0.01%),

0.02%

,

 03/28/22

.....

2,595

2,595,000

(SOFR

+

0.07%),

0.07%

,

 04/28/22

.....

7,365

7,365,000

(SOFR

+

0.06%),

0.07%

,

 12/16/22

.....

53,590

53,590,000

(SOFR

+

0.06%),

0.07%

,

 02/03/23

.....

10,000

10,000,890

Total

U.S.

Government

Sponsored

Agency

Obligations

—

48.3%

(Cost:

$1,917,310,732)

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

1,917,310,732

U.S.

Treasury

Obligations

—

53.0%

U.S.

Treasury

Bills

(a)

:

0.00%, 05/04/21

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

136,000

135,999,830

0.00%, 05/06/21

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

218,000

217,998,676

0.01%, 05/11/21

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

62,860

62,858,790

0.00%, 05/13/21

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

175,000

174,999,530

0.01%, 05/18/21

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

93,000

92,999,780

0.01%, 05/20/21

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

190,625

190,621,589

0.00%, 05/25/21

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

39,833

39,832,367

0.00%, 05/27/21

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

12,000

11,999,957

0.01%, 06/01/21

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

290,925

290,920,961

0.01%, 06/03/21

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

4,941

4,941,155

0.01%, 06/08/21

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

36,000

35,999,544

0.01%, 06/10/21

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

155,000

154,998,278

0.01%, 06/17/21

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

25,000

24,999,510

0.01%, 06/24/21

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

96,785

96,777,559

0.01%, 07/08/21

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

168,000

167,993,653

0.01%, 07/15/21

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

45,000

44,999,063

0.02%, 07/27/21

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

71,920

71,914,786

0.01%, 08/12/21

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

21,490

21,481,392

0.03%, 12/02/21

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

80,733

80,678,622

U.S.

Treasury

Notes

(b)

:

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.24%, 07/31/21

....

12,000

12,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.32%, 10/31/21

....

25,090

25,095,977

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.13%, 04/30/22

....

85,000

85,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.08%, 10/31/22

....

60,000

59,995,454

Total

U.S.

Treasury

Obligations

—

53.0%

(Cost:

$2,105,106,473)

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

2,105,106,473

Total

Investments

—

101.3%

(Cost:

$4,022,417,205

)

(c)

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

4,022,417,205

Liabilities

in

Excess

of

Other

Assets

—

(1.3)%

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

(51,459,738)

Net

Assets

—

100.0%

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

$

3,970,957,467

(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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

Federal

Trust

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

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

instrument

s

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

4,022,417,205

$

—

$

4,022,417,205

FedFund

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

14.8%

Federal

Farm

Credit

Bank:

0.35%

,

 05/07/21

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

USD

180,000

$

179,998,384

0.13%

,

 07/13/21

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

300,750

300,724,635

0.09%

,

 12/29/21

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

45,470

45,466,638

0.10%

,

 01/13/22

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

196,910

196,901,047

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.01%

,

 07/13/21

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

7,000

6,997,587

0.01%

,

 07/19/21

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

25,000

24,993,417

0.02%

,

 08/24/21

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

163,680

163,612,027

0.02%

,

 08/31/21

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

134,350

134,290,811

0.02%

,

 09/16/21

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

18,000

17,991,030

0.03%

,

 10/04/21

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

10,000

9,997,400

0.03%

,

 10/26/21

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

23,000

22,993,177

0.03%

,

 10/28/21

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

188,325

188,230,837

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.09%

,

 06/10/21

.....

100,000

100,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.28%

,

 06/17/21

....

50,000

49,999,363

(LIBOR

USD

1

Month

+

0.08%),

0.19%

,

 07/08/21

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

73,325

73,325,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.25%

,

 07/08/21

....

225,705

225,705,000

(LIBOR

USD

1

Month

+

0.11%),

0.22%

,

 07/09/21

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

108,400

108,400,000

(LIBOR

USD

1

Month

+

0.10%),

0.22%

,

 07/16/21

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

99,000

99,000,000

(LIBOR

USD

1

Month

+

0.09%),

0.20%

,

 08/30/21

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

27,000

27,000,000

(LIBOR

USD

1

Month

+

0.10%),

0.21%

,

 09/09/21

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

55,000

55,000,000

(LIBOR

USD

1

Month

+

0.16%),

0.27%

,

 10/04/21

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

138,000

138,000,000

(LIBOR

USD

1

Month

+

0.13%),

0.24%

,

 10/08/21

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

78,480

78,480,000

(SOFR

+

0.06%),

0.07%

,

 10/15/21

.....

105,000

105,003,652

(LIBOR

USD

1

Month

+

0.00%),

0.11%

,

 10/18/21

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

166,165

166,176,348

(SOFR

+

0.21%),

0.22%

,

 10/28/21

.....

100,000

100,000,000

(SOFR

+

0.04%),

0.05%

,

 11/03/21

.....

400,000

399,993,807

(LIBOR

USD

1

Month

+

0.13%),

0.24%

,

 11/05/21

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

100,000

100,000,000

(LIBOR

USD

1

Month

+

0.11%),

0.22%

,

 11/12/21

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

127,735

127,735,000

(SOFR

+

0.19%),

0.20%

,

 11/18/21

.....

222,545

222,545,000

(LIBOR

USD

1

Month

+

0.11%),

0.22%

,

 12/10/21

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

150,000

150,000,000

(LIBOR

USD

1

Month

+

0.01%),

0.12%

,

 12/28/21

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

266,000

265,985,713

(SOFR

+

0.18%),

0.19%

,

 01/14/22

.....

60,000

60,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.28%),

0.30%

,

 02/08/22

....

123,000

123,000,000

(SOFR

+

0.13%),

0.14%

,

 02/11/22

.....

89,000

89,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.21%),

0.23%

,

 03/17/22

....

150,000

149,997,350

(SOFR

+

0.40%),

0.41%

,

 04/01/22

.....

660,000

660,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.14%

,

 05/02/22

....

232,975

232,960,825

(SOFR

+

0.05%),

0.06%

,

 05/05/22

.....

440,000

439,979,637

(SOFR

+

0.09%),

0.10%

,

 06/17/22

.....

324,500

324,509,279

(SOFR

+

0.10%),

0.11%

,

 09/02/22

.....

279,885

279,885,000

(SOFR

+

0.09%),

0.10%

,

 09/23/22

.....

315,000

315,000,000

(SOFR

+

0.07%),

0.07%

,

 11/18/22

.....

150,000

150,000,000

(SOFR

+

0.06%),

0.07%

,

 12/01/22

.....

138,000

138,000,000

(SOFR

+

0.06%),

0.07%

,

 02/09/23

.....

40,000

40,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.04%),

0.05%

,

 03/10/23

.....

USD

189,000

$

189,000,000

Federal

Home

Loan

Bank:

0.12%

,

 06/04/21

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

100,000

99,998,935

0.20%

,

 06/17/21

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

308,885

308,881,895

0.13%

,

 08/16/21

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

250,000

249,989,634

0.13%

,

 09/17/21

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

122,500

122,493,307

0.04%

,

 10/15/21

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

50,000

49,999,848

0.13%

,

 10/27/21

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

78,790

78,786,725

0.09%

,

 12/09/21

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

35,045

35,042,608

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.01%

,

 05/12/21

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

101,000

100,999,722

0.10%

,

 05/19/21

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

252,795

252,782,487

0.09%

,

 05/26/21

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

50,000

49,996,875

0.09%

,

 05/28/21

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

230,000

229,984,648

0.04%

,

 06/04/21

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

197,965

197,957,521

0.02%

,

 06/07/21

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

100,000

99,997,944

0.02%

,

 06/16/21

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

270,215

270,208,785

0.02%

,

 06/18/21

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

442,020

442,010,570

0.02%

,

 06/25/21

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

789,515

789,487,257

0.01%

,

 07/02/21

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

150,000

149,995,350

0.03%

,

 10/06/21

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

160,000

159,974,018

0.03%

,

 10/08/21

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

94,000

93,985,796

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.01%),

0.02%

,

 05/03/21

.....

394,830

394,830,000

(LIBOR

USD

1

Month

-

0.01%),

0.10%

,

 05/03/21

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

492,730

492,730,000

(SOFR

+

0.16%),

0.17%

,

 05/07/21

.....

326,305

326,305,000

(SOFR

+

0.00%),

0.01%

,

 05/12/21

.....

206,005

206,005,000

(LIBOR

USD

1

Month

+

0.00%),

0.11%

,

 05/14/21

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

85,000

85,000,000

(SOFR

+

0.08%),

0.08%

,

 06/11/21

.....

245,000

245,000,000

(SOFR

+

0.05%),

0.06%

,

 06/15/21

.....

473,895

473,895,000

(SOFR

+

0.08%),

0.08%

,

 07/08/21

.....

413,655

413,655,000

(SOFR

+

0.08%),

0.08%

,

 07/23/21

.....

225,670

225,670,000

(SOFR

+

0.15%),

0.16%

,

 09/03/21

.....

120,000

120,000,000

(SOFR

+

0.09%),

0.10%

,

 09/10/21

.....

11,100

11,100,000

(SOFR

+

0.12%),

0.13%

,

 10/13/21

.....

75,000

75,000,000

(SOFR

+

0.02%),

0.02%

,

 12/10/21

.....

240,000

240,000,000

(SOFR

+

0.02%),

0.02%

,

 01/12/22

.....

352,000

352,000,000

(SOFR

+

0.12%),

0.13%

,

 02/28/22

.....

487,000

487,000,000

(SOFR

+

0.01%),

0.02%

,

 03/25/22

.....

200,000

200,000,000

(SOFR

+

0.01%),

0.02%

,

 03/28/22

.....

132,055

132,055,000

(SOFR

+

0.01%),

0.02%

,

 03/30/22

.....

223,095

223,095,000

(SOFR

+

0.02%),

0.02%

,

 04/12/22

.....

235,380

235,380,000

(SOFR

+

0.07%),

0.07%

,

 04/28/22

.....

255,915

255,915,000

(SOFR

+

0.20%),

0.21%

,

 05/13/22

.....

150,000

150,000,000

(SOFR

+

0.19%),

0.20%

,

 05/26/22

.....

75,000

75,000,000

(SOFR

+

0.09%),

0.10%

,

 09/08/22

.....

91,000

91,000,000

(SOFR

+

0.07%),

0.07%

,

 11/09/22

.....

99,000

99,000,000

(SOFR

+

0.07%),

0.07%

,

 11/10/22

.....

536,480

536,480,000

(SOFR

+

0.06%),

0.07%

,

 11/23/22

.....

250,000

250,000,000

(SOFR

+

0.06%),

0.07%

,

 02/03/23

.....

259,200

259,200,000

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

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

223,875

224,498,196

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.12%),

0.13%

,

 06/04/21

.....

155,000

154,970,614

(SOFR

+

0.32%),

0.33%

,

 09/23/21

.....

1,143,535

1,143,535,000

(SOFR

+

0.32%),

0.33%

,

 09/27/21

.....

500,000

500,000,000

(SOFR

+

0.32%),

0.33%

,

 09/30/21

.....

200,000

200,000,000

(SOFR

+

0.30%),

0.31%

,

 10/25/21

.....

270,000

270,000,000

(SOFR

+

0.18%),

0.19%

,

 12/13/21

.....

884,415

884,415,000

(SOFR

+

0.31%),

0.32%

,

 01/03/22

.....

300,000

300,000,000

(SOFR

+

0.20%),

0.21%

,

 03/11/22

.....

477,670

477,670,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.19%),

0.20%

,

 06/02/22

.....

USD

297,000

$

297,000,000

(SOFR

+

0.10%),

0.11%

,

 07/29/22

.....

375,000

375,000,000

(SOFR

+

0.07%),

0.07%

,

 11/10/22

.....

191,555

191,555,000

(SOFR

+

0.06%),

0.07%

,

 11/17/22

.....

350,000

350,000,000

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.29%),

0.30%

,

 10/04/21

.....

1,063,000

1,063,000,000

(SOFR

+

0.28%),

0.29%

,

 10/27/21

.....

690,000

690,000,000

(SOFR

+

0.20%),

0.21%

,

 12/16/21

.....

232,000

232,000,000

(SOFR

+

0.36%),

0.37%

,

 01/20/22

.....

448,400

448,400,000

(SOFR

+

0.30%),

0.31%

,

 01/27/22

.....

475,000

475,000,000

(SOFR

+

0.35%),

0.36%

,

 04/07/22

.....

830,620

830,620,000

(SOFR

+

0.39%),

0.40%

,

 04/15/22

.....

925,995

925,995,000

(SOFR

+

0.32%),

0.33%

,

 04/28/22

.....

338,350

339,388,066

(SOFR

+

0.18%),

0.19%

,

 05/13/22

.....

600,000

600,000,000

(SOFR

+

0.19%),

0.20%

,

 05/27/22

.....

75,000

75,000,000

(SOFR

+

0.12%),

0.13%

,

 07/29/22

.....

19,110

19,110,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

14.8%

(Cost:

$28,580,923,765)

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

28,580,923,765

U.S.

Treasury

Obligations

—

43.7%

U.S.

Treasury

Bills

(a)

:

0.00%, 05/04/21

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

2,456,804

2,456,796,835

0.00%, 05/06/21

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

7,985,475

7,985,415,305

0.01%, 05/11/21

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

3,940,435

3,940,372,809

0.00%, 05/13/21

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

2,471,015

2,470,986,046

0.01%, 05/18/21

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

220,000

219,998,442

0.01%, 05/20/21

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

4,469,170

4,468,988,309

0.00%, 05/25/21

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

1,751,188

1,751,173,466

0.00%, 05/27/21

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

2,805,315

2,805,265,053

0.01%, 06/01/21

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

6,250,960

6,250,815,524

0.01%, 06/03/21

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

1,809,025

1,809,009,265

0.01%, 06/08/21

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

1,470,600

1,470,584,477

0.01%, 06/10/21

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

3,790,450

3,790,378,915

0.01%, 06/17/21

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

3,846,950

3,846,759,431

0.01%, 06/24/21

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

1,445,775

1,445,743,413

0.01%, 06/29/21

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

1,499,000

1,498,963,613

0.01%, 07/01/21

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

1,752,300

1,752,240,611

0.01%, 07/06/21

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

1,500,310

1,500,115,225

0.01%, 07/08/21

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

3,050,000

3,049,884,768

0.01%, 07/13/21

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

3,328,010

3,327,656,986

0.01%, 07/15/21

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

440,790

440,647,661

0.02%, 07/22/21

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

2,400,000

2,399,863,343

0.02%, 07/27/21

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

3,078,935

3,078,711,777

0.02%, 08/05/21

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

3,365,937

3,365,319,102

0.01%, 08/10/21

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

664,785

664,740,959

0.01%, 08/12/21

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

546,640

546,421,040

0.02%, 08/19/21

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

974,160

973,981,404

0.02%, 09/02/21

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

283,085

283,026,496

0.02%, 09/09/21

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

341,350

341,275,472

0.02%, 10/07/21

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

721,500

721,388,471

0.03%, 11/04/21

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

1,338,548

1,337,614,043

0.03%, 12/02/21

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

2,654,650

2,652,906,046

0.03%, 12/30/21

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

375,735

375,472,363

0.04%, 01/27/22

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

2,014,130

2,012,765,427

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Notes:

2.13%, 05/31/21

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

USD

292,045

$

292,549,003

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.24%, 07/31/21

(b)

...

1,040,700

1,040,674,455

2.75%, 09/15/21

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

150,000

151,476,258

2.88%, 10/15/21

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

75,125

76,066,834

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.32%, 10/31/21

(b)

...

343,555

343,751,902

2.00%, 10/31/21

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

197,485

199,332,098

2.00%, 11/15/21

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

63,000

63,637,993

2.88%, 11/15/21

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

217,245

220,473,580

1.50%, 11/30/21

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

127,650

128,667,949

1.75%, 11/30/21

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

251,215

253,583,909

2.50%, 02/15/22

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

237,365

241,898,471

1.75%, 02/28/22

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

37,275

37,787,977

0.38%, 03/31/22

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

37,275

37,371,054

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.13%, 04/30/22

(b)

...

158,900

158,925,635

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.05%),

0.07%, 01/31/23

(b)

...

5,935,750

5,936,695,157

Total

U.S.

Treasury

Obligations

—

43.7%

(Cost:

$84,218,174,372)

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

84,218,174,372

Total

Repurchase

Agreements

—

40.5%

(Cost:

$78,063,444,341)

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

78,063,444,341

Total

Investments

—

99.0%

(Cost:

$190,862,542,478

)

(c)

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

190,862,542,478

Other

Assets

Less

Liabilities

—

1.0%

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

2,013,059,711

Net

Assets

—

100.0%

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

$

192,875,602,189

(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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

FedFund

Schedules

of

Investments

15

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.01

%

04/30/21

05/03/21

$

402,000

$

402,000

$

402,000,335

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

20.37%,

due

09/25/21

to

05/25/51

.......

$

3,983,464,273

$

422,100,000

0.01

04/30/21

05/03/21

25,000

25,000

25,000,021

U.S.

Treasury

Obligations,

1.38%

to

4.38%,

due

11/15/39

to

11/15/48

.........

22,078,128

25,500,000

0.01

04/30/21

05/03/21

70,000

70,000

70,000,058

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.........

97,703,155

71,400,000

0.01

04/30/21

05/03/21

159,000

159,000

159,000,132

U.S.

Treasury

Obligation,

1.63%,

due

10/31/26

.........

156,888,400

162,180,089

$

–

$

–

$

656,000

$

681,180,089

$

–

$

–

Bank

of

Montreal

......

0.01

04/30/21

05/03/21

625,000

625,000

625,000,521

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

8.00%,

due

03/01/22

to

05/01/51

.........

881,073,812

643,183,159

$

–

$

–

Bank

of

Nova

Scotia

(The)

0.01

04/30/21

05/03/21

33,335

33,335

33,335,028

U.S.

Treasury

Obligations,

0.38%

to

1.88%,

due

03/31/22

to

02/15/41

.........

33,885,800

34,001,759

0.01

04/30/21

05/03/21

423,000

423,000

423,000,352

U.S.

Treasury

Obligations,

0.13%

to

8.00%,

due

11/15/21

to

05/15/49

.........

418,062,800

431,460,405

$

–

$

–

$

456,335

$

465,462,164

$

–

$

–

Barclays

Bank

plc

.....

0.01

04/30/21

05/03/21

4,500,000

4,500,000

4,500,003,750

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

05/04/21

to

02/15/51

.........

4,396,424,300

4,590,000,002

0.01

04/30/21

05/03/21

275,000

275,000

275,000,229

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

07/15/23

to

08/15/45

.........

273,890,600

280,500,108

0.01

04/30/21

05/03/21

1,700,000

1,700,000

1,700,001,417

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

10.61%,

due

06/25/21

to

08/25/56

.......

9,677,845,118

1,771,023,776

0.13

(a)

04/30/21

05/10/21

200,000

200,000

200,007,222

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

4.50%,

due

05/01/35

to

06/01/49

.........

414,735,769

206,000,000

$

–

$

–

$

6,675,000

$

6,847,523,886

$

–

$

–

Barclays

Capital,

Inc.

...

0.01

04/30/21

05/03/21

100,000

100,000

100,000,083

U.S.

Treasury

Obligation,

0.25%,

due

07/31/25

.........

103,850,900

102,000,032

$

–

$

–

BMO

Capital

Markets

Corp.

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

0.01

04/30/21

05/03/21

130,000

130,000

130,000,108

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.25%,

due

07/22/21

to

10/20/70

253,700,457

133,759,143

$

–

$

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

16

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

BNP

Paribas

SA

......

0.01

%

04/30/21

05/03/21

$

552,000

$

552,000

$

552,000,460

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.27%

to

8.64%,

due

08/31/23

to

06/25/59

$

6,448,388,330

$

579,311,398

0.01

04/30/21

05/03/21

596,000

596,000

596,000,497

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

05/15/21

to

02/15/51

.........

604,588,300

607,920,089

0.01

04/26/21

05/03/21

1,250,000

1,250,000

1,250,002,431

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

08/15/21

to

11/15/50

.........

1,506,582,514

1,275,000,000

0.01

04/27/21

05/04/21

1,100,000

1,100,000

1,100,002,139

U.S.

Treasury

Obligations,

0.00%

to

6.00%,

due

08/15/21

to

08/15/50

.........

1,084,981,190

1,122,000,000

0.12

(a)

04/30/21

05/10/21

400,000

400,000

400,013,333

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

17.12%,

due

08/31/21

to

01/25/61

7,521,475,457

418,808,211

0.26

(a)

04/30/21

06/08/21

300,000

300,000

300,083,606

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

53.73%,

due

05/20/21

to

11/25/59

.

3,754,477,185

313,477,942

$

–

$

–

$

4,198,000

$

4,316,517,640

$

–

$

–

Citibank

NA

..........

0.01

04/30/21

05/03/21

150,000

150,000

150,000,125

U.S.

Treasury

Obligations,

0.00%

to

5.00%,

due

05/18/21

to

11/15/47

.........

111,982,400

153,000,042

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.01

04/30/21

05/03/21

60,000

60,000

60,000,050

U.S.

Treasury

Obligations,

0.38%

to

6.38%,

due

08/15/27

to

08/15/44

.........

58,422,249

61,200,007

0.01

04/30/21

05/03/21

488,000

488,000

488,000,407

U.S.

Treasury

Obligations,

0.13%

to

2.75%,

due

07/15/21

to

07/15/30

.........

456,714,900

497,760,037

0.01

04/30/21

05/03/21

1,139,000

1,139,000

1,139,000,949

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.63%

to

4.50%,

due

08/15/22

to

03/20/51

1,112,305,940

1,161,780,096

0.01

04/27/21

05/04/21

500,000

500,000

500,000,972

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.13%

to

5.81%,

due

08/31/21

to

04/01/51

547,718,113

511,062,594

0.13

(a)

04/30/21

05/03/21

500,000

500,000

500,005,417

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

15.94%,

due

05/01/36

to

08/20/64

.......

3,377,706,478

522,570,342

$

–

$

–

$

2,687,000

$

2,754,373,076

$

–

$

–

FedFund

Schedules

of

Investments

17

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.01

%

04/30/21

05/03/21

$

465,000

$

465,000

$

465,000,194

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

10/15/21

to

02/15/50

.........

$

433,681,670

$

474,300,025

0.01

04/30/21

05/03/21

2,535,000

2,535,000

2,535,002,112

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

5.00%,

due

10/20/39

to

04/20/51

.........

4,953,296,848

2,585,700,001

$

–

$

–

$

3,000,000

$

3,060,000,026

$

–

$

–

Credit

Suisse

AG

......

0.01

04/30/21

05/03/21

512,000

512,000

512,000,427

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

06/30/21

to

02/15/30

.........

502,395,500

522,240,001

0.18

(a)

04/30/21

06/07/21

900,000

900,000

900,168,387

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.59%,

due

12/25/36

to

11/25/59

.........

6,742,272,279

945,000,000

$

–

$

–

$

1,412,000

$

1,467,240,001

$

–

$

–

Deutsche

Bank

AG

.....

0.01

04/30/21

05/03/21

450,000

450,000

450,000,188

U.S.

Treasury

Obligations,

0.50%

to

2.88%,

due

06/30/23

to

05/15/28

.........

437,079,700

459,000,038

$

–

$

–

Federal

Reserve

Bank

of

New

York

.........

0.00

04/30/21

05/03/21

15,300,000

15,300,000

15,300,000,000

U.S.

Treasury

Obligations,

2.38%

to

3.63%,

due

08/15/23

to

08/15/43

.........

13,294,709,200

15,300,000,092

$

–

$

–

Fixed

Income

Clearing

Corporation

.......

0.01

04/30/21

05/03/21

6,924,000

6,924,000

6,924,005,770

U.S.

Treasury

Obligations,

0.01%,

due

05/03/21

.........

6,640,506,800

7,062,480,038

0.01

04/30/21

05/03/21

3,000,000

3,000,000

3,000,002,500

U.S.

Treasury

Obligations,

0.00%

to

3.38%,

due

09/30/21

to

02/15/50

.........

2,664,562,600

3,060,000,073

0.01

04/30/21

05/03/21

1,000,000

1,000,000

1,000,000,833

U.S.

Treasury

Obligations,

0.01%,

due

05/03/21

.........

902,061,700

1,020,000,088

0.01

04/30/21

05/03/21

10,497

10,497

10,497,068

U.S.

Treasury

Obligation,

3.88%,

due

08/15/40

.........

8,300,000

10,707,009

0.01

04/30/21

05/03/21

212,511

212,511

212,510,714

U.S.

Treasury

Obligation,

2.88%,

due

05/15/43

.........

192,249,000

216,760,925

0.01

04/30/21

05/03/21

314,716

314,716

314,715,870

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

286,616,000

321,010,182

0.01

04/30/21

05/03/21

542,583

542,583

542,583,448

U.S.

Treasury

Obligation,

3.00%,

due

11/15/44

.........

480,725,000

553,435,108

0.01

04/30/21

05/03/21

1,743,909

1,743,909

1,743,910,767

U.S.

Treasury

Obligation,

1.38%,

due

11/15/40

.........

2,030,000,000

1,778,788,953

0.01

04/30/21

05/03/21

491,176

491,176

491,176,880

U.S.

Treasury

Obligation,

1.13%,

due

08/15/40

.........

600,000,000

501,000,409

0.01

04/30/21

05/03/21

79,869

79,869

79,869,243

U.S.

Treasury

Obligation,

1.13%,

due

05/15/40

.........

96,984,000

81,466,627

2021

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

18

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.01

%

04/30/21

05/03/21

$

239,703

$

239,703

$

239,702,865

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.........

$

212,375,000

$

244,496,919

0.01

04/30/21

05/03/21

174,366

174,366

174,365,954

U.S.

Treasury

Obligation,

3.13%,

due

08/15/44

.........

152,500,000

177,853,270

0.01

04/30/21

05/03/21

190,670

190,670

190,671,115

U.S.

Treasury

Obligation,

3.00%,

due

05/15/42

.........

168,750,000

194,484,534

$

–

$

–

$

14,924,000

$

15,222,484,135

$

–

$

–

Goldman

Sachs

&

Co.

LLC

0.01

04/30/21

05/03/21

275,000

275,000

275,000,229

U.S.

Treasury

Obligations,

0.00%,

due

02/15/27

to

05/15/50

392,689,834

280,500,022

0.01

04/30/21

05/03/21

2,726,000

2,726,000

2,726,002,272

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.75%

to

8.50%,

due

04/30/26

to

02/15/61

4,738,878,100

2,780,520,000

0.33

(a)

04/30/21

06/07/21

1,114,500

1,114,500

1,114,888,219

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

05/01/22

to

02/01/57

.........

2,561,096,291

1,147,935,000

$

–

$

–

$

4,115,500

$

4,208,955,022

$

–

$

–

HSBC

Securities

USA,

Inc.

0.01

04/30/21

05/03/21

75,000

75,000

75,000,062

U.S.

Treasury

Obligation,

0.13%,

due

01/15/24

.........

76,800,500

76,500,023

0.01

(b)

04/30/21

05/03/21

110,000

110,000

110,000,092

U.S.

Treasury

Obligations,

0.00%

to

3.63%,

due

09/30/25

to

05/15/50

.........

61,563,300

112,200,011

0.01

(b)

04/30/21

05/03/21

286,000

286,000

286,000,238

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

5.50%,

due

07/20/34

to

08/15/60

.........

930,262,098

291,720,000

0.02

(a)

04/30/21

05/10/21

1,111,915

1,111,915

1,111,921,178

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

05/15/21

to

11/15/50

.........

1,040,544,500

1,134,153,309

0.02

(a)

04/30/21

05/10/21

350,000

350,000

350,001,945

U.S.

Government

Sponsored

Agency

Obligations,

2.20%

to

5.00%,

due

01/15/40

to

10/15/55

.........

745,675,103

357,000,000

0.02

(a)

04/30/21

05/10/21

1,028,000

1,028,000

1,028,005,712

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

11/15/21

to

02/15/50

.........

1,009,210,800

1,048,560,051

$

–

$

–

$

2,960,915

$

3,020,133,394

$

–

$

–

ING

Financial

Markets

LLC

0.01

04/28/21

05/05/21

200,000

200,000

200,000,389

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

05/31/21

to

08/15/50

.........

198,208,500

204,000,006

$

–

$

–

JP

Morgan

Securities

LLC

0.01

04/30/21

05/03/21

25,000

25,000

25,000,021

U.S.

Treasury

Obligation,

0.38%,

due

04/30/25

.........

25,742,100

25,500,099

FedFund

Schedules

of

Investments

19

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.01

%

04/30/21

05/03/21

$

193,000

$

193,000

$

193,000,161

U.S.

Treasury

Obligations,

0.00%

to

2.13%,

due

05/27/21

to

09/30/21

.........

$

196,190,500

$

196,860,051

0.01

04/30/21

05/03/21

597,000

597,000

597,000,497

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

8.00%,

due

09/20/29

to

09/15/62

.........

852,684,094

608,940,000

0.01

(a)

04/30/21

05/10/21

3,250,000

3,250,000

3,250,009,029

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

05/20/21

to

10/31/25

.........

3,299,531,700

3,315,000,078

0.04

04/30/21

05/03/21

250,000

250,000

250,000,833

U.S.

Government

Sponsored

Agency

Obligations,

0.41%

to

6.00%,

due

09/20/27

to

12/16/61

.........

1,785,866,692

262,500,000

0.10

(b)

04/30/21

05/03/21

350,000

350,000

350,002,917

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.58%,

due

09/25/26

to

06/16/63

.........

6,479,562,764

367,500,000

0.11

(a)

04/30/21

05/11/21

442,000

442,000

442,014,485

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.48%,

due

03/25/22

to

05/16/63

.........

6,258,836,778

464,100,000

0.21

(a)

04/30/21

06/08/21

334,500

334,500

334,575,102

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.33%,

due

04/25/25

to

02/16/62

.........

4,643,064,672

351,225,000

$

–

$

–

$

5,441,500

$

5,591,625,228

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.01

04/30/21

05/03/21

115,000

115,000

115,000,096

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.58%,

due

07/20/39

to

11/16/60

.........

1,864,676,883

120,750,000

0.24

(a)

04/30/21

06/07/21

1,000,000

1,000,000

1,000,256,762

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

46.69%,

due

10/27/25

to

03/25/60

.......

8,420,402,986

1,040,498,074

$

–

$

–

$

1,115,000

$

1,161,248,074

$

–

$

–

Morgan

Stanley

&

Co.

LLC

0.01

04/30/21

05/03/21

2,000,000

2,000,000

2,000,001,667

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.50%,

due

05/18/22

to

05/01/51

.........

2,167,678,892

2,059,999,894

$

–

$

–

MUFG

Securities

Americas,

Inc.

......

0.01

04/30/21

05/03/21

125,000

125,000

125,000,104

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

07/15/23

to

08/15/44

.........

166,349,400

127,500,056

0.01

04/30/21

05/03/21

700,000

700,000

700,000,583

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.25%

to

6.39%,

due

04/15/24

to

05/15/62

5,146,998,674

722,920,563

2021

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

20

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.06

%

(a)

04/30/21

06/07/21

$

500,000

$

500,000

$

500,031,667

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

4.50%,

due

12/01/28

to

05/01/51

.........

$

558,136,483

$

515,000,000

$

–

$

–

$

1,325,000

$

1,365,420,619

$

–

$

–

Natixis

SA

...........

0.01

04/30/21

05/03/21

595,000

595,000

595,000,496

U.S.

Treasury

Obligations,

0.13%

to

2.50%,

due

02/15/22

to

02/15/42

.........

586,854,700

606,900,091

0.01

04/30/21

05/03/21

656,000

656,000

656,000,547

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.88%,

due

05/11/21

to

02/15/51

.

667,254,976

669,349,293

0.01

(b)

04/30/21

05/03/21

1,000

1,000

1,000,001

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

02/28/23

to

07/20/50

1,093,852

1,020,613

$

–

$

–

$

1,252,000

$

1,277,269,997

$

–

$

–

Nomura

Securities

International,

Inc.

....

0.01

04/30/21

05/03/21

2,250,000

2,250,000

2,250,001,875

U.S.

Treasury

Obligations,

0.00%

to

6.13%,

due

05/11/21

to

05/15/48

.........

2,342,406,854

2,295,000,089

0.01

04/30/21

05/03/21

950,000

950,000

950,000,792

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.00%,

due

07/29/21

to

07/20/69

2,684,566,039

972,443,441

$

–

$

–

$

3,200,000

$

3,267,443,530

$

–

$

–

Prudential

Insurance

Co.

of

America

........

0.03

04/30/21

05/03/21

31,812

31,812

31,812,580

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

50,000,000

32,448,580

0.03

04/30/21

05/03/21

24,825

24,825

24,825,062

U.S.

Treasury

Obligation,

0.00%,

due

11/15/30

.........

30,000,000

25,321,562

0.03

04/30/21

05/03/21

44,400

44,400

44,400,111

U.S.

Treasury

Obligation,

0.00%,

due

11/15/34

.........

60,000,000

45,288,111

0.03

04/30/21

05/03/21

32,750

32,750

32,750,082

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

50,000,000

33,405,082

0.03

04/30/21

05/03/21

50,375

50,375

50,375,126

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.........

50,000,000

51,382,626

0.03

04/30/21

05/03/21

26,125

26,125

26,125,065

U.S.

Treasury

Obligation,

0.00%,

due

02/15/47

.........

50,000,000

26,647,565

0.03

04/30/21

05/03/21

6,525

6,525

6,525,016

U.S.

Treasury

Obligation,

0.00%,

due

02/15/39

.........

10,000,000

6,655,516

0.03

04/30/21

05/03/21

42,875

42,875

42,875,107

U.S.

Treasury

Obligation,

0.00%,

due

08/15/29

.........

50,000,000

43,732,607

0.03

04/30/21

05/03/21

24,926

24,926

24,926,312

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

23,000,000

25,424,952

FedFund

Schedules

of

Investments

21

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.03

%

04/30/21

05/03/21

$

23,248

$

23,248

$

23,247,558

U.S.

Treasury

Obligation,

0.00%,

due

08/15/37

.........

$

34,000,000

$

23,712,678

0.03

04/30/21

05/03/21

67,650

67,650

67,650,169

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.........

60,000,000

69,003,169

0.03

04/30/21

05/03/21

52,625

52,625

52,625,132

U.S.

Treasury

Obligation,

0.00%,

due

08/15/47

.........

100,000,000

53,678,132

0.03

04/30/21

05/03/21

25,331

25,331

25,331,313

U.S.

Treasury

Obligation,

0.00%,

due

08/15/35

.........

35,000,000

25,838,113

0.03

04/30/21

05/03/21

73,449

73,449

73,448,934

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

67,000,000

74,918,244

0.03

04/30/21

05/03/21

43,725

43,725

43,725,109

U.S.

Treasury

Obligation,

0.00%,

due

05/15/35

.........

60,000,000

44,599,309

0.03

04/30/21

05/03/21

143,781

143,781

143,781,609

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

215,000,000

146,658,309

0.03

04/30/21

05/03/21

48,813

48,813

48,812,622

U.S.

Treasury

Obligation,

2.25%,

due

08/15/46

.........

50,000,000

49,789,122

0.03

04/30/21

05/03/21

65,025

65,025

65,025,163

U.S.

Treasury

Obligation,

1.25%,

due

05/15/50

.........

85,000,000

66,325,663

0.03

04/30/21

05/03/21

42,940

42,940

42,940,107

U.S.

Treasury

Obligation,

3.00%,

due

02/15/49

.........

38,000,000

43,798,907

0.03

04/30/21

05/03/21

26,994

26,994

26,993,817

U.S.

Treasury

Obligation,

0.00%,

due

05/15/33

.........

35,000,000

27,533,868

$

–

$

–

$

898,194

$

916,162,115

$

–

$

–

Royal

Bank

of

Canada

..

0.01

04/30/21

05/03/21

1,500,000

1,500,000

1,500,001,250

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.18%,

due

06/15/22

to

05/25/51

2,678,917,900

1,536,464,299

$

–

$

–

Societe

Generale

SA

...

0.01

04/30/21

05/03/21

1,385,000

1,385,000

1,385,001,154

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

05/15/21

to

02/15/51

.........

1,336,609,224

1,412,700,000

0.01

04/30/21

05/03/21

750,000

750,000

750,000,625

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

06/17/21

to

02/20/51

2,608,140,918

766,734,222

0.01

04/27/21

05/04/21

200,000

200,000

200,000,389

U.S.

Treasury

Obligations,

0.00%

to

7.63%,

due

05/13/21

to

05/15/50

.........

239,526,352

204,000,000

0.01

04/28/21

05/05/21

400,000

400,000

400,000,778

U.S.

Treasury

Obligations,

0.00%

to

3.63%,

due

05/20/21

to

08/15/48

.........

392,336,426

408,000,000

$

–

$

–

$

2,735,000

$

2,791,434,222

$

–

$

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

FedFund

22

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

TD

Securities

USA

LLC

..

0.01

%

04/30/21

05/03/21

$

49,000

$

49,000

$

49,000,041

U.S.

Treasury

Obligations,

1.38%

to

1.63%,

due

11/15/40

to

11/15/50

.........

$

57,325,100

$

49,980,050

0.01

04/30/21

05/03/21

451,000

451,000

451,000,376

U.S.

Treasury

Obligations,

2.25%,

due

04/30/24

to

02/15/27

431,958,400

460,020,030

$

–

$

–

$

500,000

$

510,000,080

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.01

04/30/21

05/03/21

57,000

57,000

57,000,047

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

4.00%,

due

02/01/25

to

03/01/51

.........

57,201,328

58,710,001

$

–

$

–

$

78,063,444

$

79,574,590,004

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

190,862,542,478

$

—

$

190,862,542,478

TempCash

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

—

25.5%

Domestic

—

0.2%

Bank

of

America

NA,

(SOFR

+

0.26%),

0.27%, 01/10/22

(a)

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

USD

10,500

$

10,500,109

Euro

—

1.4%

(b)

Bank

of

Montreal,

0.28%, 03/09/22

.......

18,000

17,966,259

Credit

Industriel

et

Commercial

SA,

0.27%, 02/22/22

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

25,000

24,947,753

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.31%, 05/17/21

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

62,000

61,996,838

104,910,850

Yankee

—

23.9%

(c)

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.04%),

0.22%, 09/17/21

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

75,000

75,011,161

(LIBOR

USD

3

Month

+

0.04%),

0.23%, 10/06/21

-

02/23/22

........

70,000

70,011,723

Canadian

Imperial

Bank

of

Commerce,

New

York:

0.60%, 05/04/21

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

50,000

50,002,886

(LIBOR

USD

3

Month

+

0.14%),

0.31%, 07/23/21

(a)

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

50,000

50,015,549

(LIBOR

USD

3

Month

+

0.16%),

0.35%, 08/06/21

(a)

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

29,000

29,011,852

(LIBOR

USD

3

Month

+

0.05%),

0.23%, 09/13/21

-

10/04/21

(a)

.......

109,000

109,014,664

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 12/13/21

(a)

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

30,000

30,016,560

0.24%, 04/06/22

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

31,700

31,702,386

Credit

Suisse

AG,

New

York

(a)

:

(SOFR

+

0.30%),

0.31%, 11/16/21

.....

20,000

20,002,484

(SOFR

+

0.22%),

0.23%, 04/08/22

.....

41,000

40,957,091

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.20%),

0.40%, 05/05/21

(a)

....

30,000

30,000,200

Mizuho

Bank

Ltd.,

New

York:

0.28%, 05/10/21

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

50,000

50,002,484

0.25%, 08/10/21

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

30,000

30,006,955

0.21%, 08/26/21

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

50,000

50,005,062

0.24%, 11/03/21

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

30,000

30,005,742

MUFG

Bank

Ltd.,

New

York:

0.24%, 10/19/21

-

01/13/22

..........

105,000

105,020,838

0.23%, 01/28/22

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

40,000

39,997,023

Nordea

Bank

Abp

,

New

York,

(LIBOR

USD

3

Month

+

0.10%),

0.29%, 06/09/21

(a)

....

51,000

51,008,156

Norinchukin

Bank,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.03%),

0.23%, 09/27/21

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

45,000

44,999,998

(LIBOR

USD

3

Month

+

0.02%),

0.22%, 10/08/21

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

24,750

24,750,000

Royal

Bank

of

Canada,

New

York:

0.65%, 05/03/21

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

25,000

25,001,209

0.43%, 07/26/21

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

35,000

35,034,676

(LIBOR

USD

3

Month

+

0.09%),

0.27%, 12/10/21

(a)

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

30,000

30,012,647

Skandinaviska

Enskilda

Banken

AB,

New

York,

0.25%, 06/01/21

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

25,000

25,003,731

Standard

Chartered

Bank,

New

York:

(LIBOR

USD

3

Month

+

0.02%),

0.21%, 09/03/21

(a)

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

45,000

44,998,499

(LIBOR

USD

3

Month

+

0.03%),

0.22%, 10/01/21

(a)

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

40,000

39,999,997

0.24%, 02/01/22

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

30,000

29,997,235

Sumitomo

Mitsui

Banking

Corp.,

New

York:

0.27%, 05/10/21

-

06/01/21

..........

108,000

108,013,135

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

0.28%, 06/01/21

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

USD

50,000

$

50,007,949

0.26%, 07/06/21

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

46,000

46,011,546

(LIBOR

USD

3

Month

+

0.04%),

0.22%, 09/13/21

(a)

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

43,000

43,003,150

(LIBOR

USD

3

Month

+

0.04%),

0.24%, 01/20/22

(a)

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

10,750

10,750,766

Svenska

Handelsbanken

AB,

New

York,

(LIBOR

USD

3

Month

+

0.11%),

0.30%, 06/16/21

(a)

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

35,000

35,006,267

SwedBank

,

Inc.,

New

York,

0.25%, 07/26/21

30,000

30,011,081

Toronto-Dominion

Bank,

New

York:

0.50%, 05/13/21

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

40,000

40,005,843

(LIBOR

USD

3

Month

+

0.14%),

0.33%, 07/19/21

(a)

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

35,000

35,011,078

0.43%, 07/28/21

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

50,000

50,038,300

0.40%, 08/16/21

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

35,000

35,028,123

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 08/24/21

(a)

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

91,000

91,030,570

(SOFR

+

0.20%),

0.21%, 02/18/22

(a)

....

15,000

14,999,649

1,780,508,265

Total

Certificates

of

Deposit

—

25.5%

(Cost:

$1,895,591,364)

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

1,895,919,224

Commercial

Paper

—

28.0%

Alinghi

Funding

Co.

LLC,

0.19%

,

12/07/21

(b)

.

34,000

33,962,012

Alpine

Securitization

Ltd.

(d)

:

0.26%,

06/04/21

(b)

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

25,000

25,005,924

0.20%,

07/30/21

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

20,000

20,001,512

Antalis

SA,

0.08%

,

05/04/21

(b)

..........

43,000

42,999,637

ANZ

New

Zealand

Int'l

Ltd.,

0.22%

,

04/26/22

(b)

20,000

19,956,279

ASB

Finance

Ltd.

(b)

:

0.09%,

06/28/21

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

45,000

44,993,436

0.10%,

07/22/21

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

30,000

29,993,222

0.13%,

09/13/21

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

38,000

37,981,625

Australia

&

New

Zealand

Banking

Group

Ltd.

(a)

:

(LIBOR

USD

3

Month

+

0.03%),

0.21%,

03/02/22

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

15,000

15,000,000

(LIBOR

USD

3

Month

+

0.03%),

0.22%,

03/09/22

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

25,000

24,999,999

Bank

of

Nova

Scotia

(The),

(LIBOR

USD

3

Month

+

0.03%),

0.23%

,

08/10/21

(a)

....

50,000

50,005,331

Barclays

Bank

plc,

0.10%

,

05/03/21

(b)

.....

130,000

129,998,982

Barton

Capital

LLC,

0.12%

,

05/19/21

(b)

....

20,000

19,998,807

Bedford

Row

Funding

Corp.:

0.11%,

05/05/21

(b)

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

50,000

49,999,284

(LIBOR

USD

3

Month

+

0.05%),

0.25%,

08/12/21

(a)

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

40,000

40,005,442

(LIBOR

USD

3

Month

+

0.08%),

0.27%,

11/04/21

(a)

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

30,000

30,007,577

Bennington

Stark

Capital

Co.

LLC

(b)(d)

:

0.08%,

05/04/21

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

28,000

27,999,764

0.08%,

05/05/21

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

65,000

64,999,305

BNZ

International

Funding

Ltd.

(b)

:

0.13%,

09/10/21

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

20,250

20,240,499

0.15%,

10/18/21

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

46,800

46,767,544

0.16%,

11/16/21

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

35,500

35,469,036

0.17%,

01/21/22

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

45,000

44,943,808

BPCE

SA

(b)

:

0.08%,

05/13/21

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

39,000

38,998,873

0.21%,

12/01/21

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

30,000

29,963,809

Citigroup

Global

Markets,

Inc.,

0.09%

,

06/04/21

(b)

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

57,000

56,995,290

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.09%),

0.28%

,

05/28/21

(a)

...

USD

23,000

$

23,001,992

Concord

Minutemen

Capital

Co.

LLC,

0.14%

,

06/14/21

(b)(d)

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

10,500

10,498,163

Crown

Point

Capital

Co.

LLC:

0.17%,

10/05/21

(b)(d)

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

56,500

56,457,845

0.18%,

10/29/21

(b)(d)

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

45,000

44,960,642

0.34%,

04/25/22

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

15,000

15,000,000

DNB

Bank

ASA,

(LIBOR

USD

3

Month

+

0.10%),

0.30%

,

06/25/21

(a)

..........

55,000

55,011,911

HSBC

Bank

plc

(a)

:

(LIBOR

USD

3

Month

+

0.19%),

0.39%,

08/11/21

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

40,000

40,018,312

(LIBOR

USD

3

Month

+

0.14%),

0.33%,

08/31/21

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

30,000

30,011,693

ING

US

Funding

LLC,

0.18%

,

12/14/21

(b)

...

30,000

29,967,130

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.16%

,

08/20/21

(b)

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

20,000

19,989,920

National

Australia

Bank

Ltd.

(a)

:

(LIBOR

USD

3

Month

+

0.12%),

0.32%,

07/08/21

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

14,000

14,005,536

(LIBOR

USD

3

Month

+

0.04%),

0.23%,

03/29/22

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

20,000

19,999,999

(SOFR

+

0.20%),

0.21%,

04/14/22

.....

15,000

15,000,768

Natixis

SA,

0.09%

,

05/18/21

(b)

..........

20,000

19,999,160

NRW

Bank,

0.05%

,

05/06/21

(b)

..........

50,000

49,999,584

Ontario

Teachers'

Finance

Trust,

0.06%

,

07/06/21

(b)(d)

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

50,000

49,994,230

Ridgefield

Funding

Co.

LLC

(b)(d)

:

0.09%,

05/10/21

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

30,000

29,999,267

0.16%,

08/12/21

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

45,000

44,978,940

0.20%,

11/01/21

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

35,000

34,964,028

0.20%,

11/02/21

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

62,000

61,935,933

Societe

Generale

SA,

0.09%

,

06/02/21

(b)

...

20,000

19,998,313

Svenska

Handelsbanken

AB,

(LIBOR

USD

3

Month

+

0.02%),

0.21%

,

09/02/21

(a)

....

41,000

41,002,708

Toronto-Dominion

Bank

(The),

0.08%

,

05/06/21

(b)

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

20,000

19,999,733

UBS

AG

(a)

:

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

07/09/21

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

50,000

50,004,943

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

10/14/21

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

50,000

50,017,873

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

12/02/21

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

20,000

20,009,277

(SOFR

+

0.24%),

0.25%,

04/05/22

.....

20,000

20,000,513

United

Overseas

Bank

Ltd.,

0.17%

,

09/03/21

(b)

20,250

20,238,447

Westpac

Banking

Corp.

(a)

:

(LIBOR

USD

3

Month

+

0.09%),

0.28%,

05/28/21

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

30,000

30,002,798

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

07/02/21

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

49,000

49,011,237

(LIBOR

USD

3

Month

+

0.01%),

0.20%,

08/31/21

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

30,000

29,999,999

(LIBOR

USD

3

Month

+

0.00%),

0.19%,

09/01/21

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

40,000

39,998,689

(LIBOR

USD

3

Month

+

0.01%),

0.21%,

02/04/22

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

23,500

23,496,453

Westpac

Securities

NZ

Ltd.,

0.16%

,

08/19/21

(b)

25,000

24,987,898

Total

Commercial

Paper

—

28.0%

(Cost:

$2,085,453,374)

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

2,085,850,931

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

—

0.3%

Consumer

Finance

—

0.3%

Toyota

Motor

Credit

Corp.,

(SOFR

+

0.23%),

0.24%,

12/13/21

(a)

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

USD

18,000

$

18,008,911

Total

Corporate

Bonds

—

0.3%

(Cost:

$18,000,000)

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

18,008,911

Municipal

Bonds

—

2.4%

Arizona

—

0.2%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9028,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 06/04/21

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

5,290

5,290,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9060TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/07/21

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

5,000

5,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-004,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

1,000

1,000,000

11,290,000

California

—

0.0%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-001,

VRDP

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

(d)(e)(f)

...

950

950,000

Other

—

1.7%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9029,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 06/04/21

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

13,325

13,325,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 06/04/21

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

15,500

15,500,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9043,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.31%, 05/07/21

31,095

31,095,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-TMFT005,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/07/21

8,200

8,200,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-007,

VRDN

(Barclays

Bank

plc

SBPA),

0.36%, 05/07/21

......

600

600,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-013,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/07/21

15,600

15,600,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

15,890

15,890,000

TempCash

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Other

(continued)

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-002,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

USD

10,500

$

10,500,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-003,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/07/21

13,870

13,870,000

124,580,000

Texas

—

0.5%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9064,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/07/21

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

500

500,000

Taxable

Series

2020-XF2907,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2907,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.31%, 05/07/21

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

35,925

35,925,000

Taxable

Series

2021-XFT1216,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-XFT1216,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.21%, 05/07/21

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

2,605

2,605,000

39,030,000

Total

Municipal

Bonds

—

2.4%

(Cost:

$175,850,000)

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

175,850,000

Time

Deposits

—

24.7%

ABN

AMRO

Bank

NV:

0.08%, 05/03/21

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

53,000

53,000,000

0.08%, 05/04/21

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

26,000

26,000,000

0.08%, 05/05/21

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

85,000

85,000,000

0.08%, 05/06/21

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

84,000

84,000,000

0.08%, 05/07/21

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

42,000

42,000,000

Banque

Nationale

du

Canada,

0.07%, 05/04/21

48,000

48,000,000

Credit

Agricole

Corporate

and

Investment

Bank

SA:

0.03%, 05/03/21

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

169,939

169,939,000

0.10%, 05/04/21

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

48,000

48,000,000

0.10%, 05/05/21

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

35,000

35,000,000

KBC

Bank

NV,

0.03%, 05/03/21

.........

300,000

300,000,000

Landesbank

Hessen-

Thuringen

Girozentrale

:

Security

Par

(000)

Par

(000)

Value

Time

Deposits

(continued)

0.09%, 05/04/21

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

USD

85,000

$

85,000,000

0.12%, 05/04/21

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

71,000

71,000,000

0.12%, 05/05/21

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

70,000

70,000,000

0.12%, 05/06/21

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

46,000

46,000,000

0.12%, 05/07/21

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

51,000

51,000,000

Mizuho

Bank

Ltd.,

0.05%, 05/03/21

.......

100,000

100,000,000

Royal

Bank

of

Canada,

0.02%, 05/03/21

...

150,000

150,000,000

Skandinaviska

Enskilda

Banken

AB,

0.02%, 05/03/21

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

150,000

150,000,000

Svenska

Handelsbanken

AB,

0.02%, 05/03/21

220,000

220,000,000

Total

Time

Deposits

—

24.7%

(Cost:

$1,833,939,000)

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

1,833,939,000

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.09%, 05/07/21

(a)

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

7,500

7,500,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

(Cost:

$7,500,000)

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

7,500,000

U.S.

Treasury

Obligations

—

0.5%

U.S.

Treasury

Bills,

0.03%, 12/30/21

(b)

.....

39,047

39,038,505

Total

U.S.

Treasury

Obligations

—

0.5%

(Cost:

$39,018,008)

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

39,038,505

Total

Repurchase

Agreements

—

14.8%

(Cost:

$1,104,500,000)

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

1,104,500,000

Closed-End

Investment

Companies

—

0.4%

California

—

0.4%

Nuveen

California

Quality

Municipal

Income

Fund,

VRDP,

(JP

Morgan

Chase

Bank

NA

LOC),

0.15%, 05/07/21

(f)

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

31,900

31,900,000

Total

Closed-End

Investment

Companies

—

0.4%

(Cost:

$31,900,000)

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

31,900,000

Total

Investments

—

96.7%

(Cost:

$7,191,751,746

)

(g)

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

7,192,506,571

Other

Assets

Less

Liabilities

—

3.3%

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

246,005,243

Net

Assets

—

100.0%

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

$

7,438,511,814

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(f)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

26

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.37

%

(a)

04/30/21

06/07/21

$

23,000

$

23,000

$

23,008,983

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.13%

to

7.88%,

due

02/08/22

to

02/15/61

.........

$

21,829,872

$

24,150,001

0.65

(a)

04/30/21

07/07/21

38,000

38,000

38,046,656

U.S.

Government

Sponsored

Agency

Obligations,

6.35%

to

6.75%,

due

01/23/27

to

02/12/48

.........

44,241,000

41,800,476

$

–

$

–

$

61,000

$

65,950,477

$

–

$

–

Bank

of

Montreal

......

0.18

04/26/21

05/03/21

23,000

23,000

23,000,805

U.S.

Government

Sponsored

Agency

Obl

igations,

1.50%

to

3.00%,

due

04

/01/36

to

04/20/51

.........

22,160,875

23,460,173

$

–

$

–

Barclays

Bank

plc

.....

0.15

(b)

04/30/21

05/03/21

85,000

85,000

85,001,063

U.S.

Government

Sponsored

Agency

Obligations,

2.80%

to

4.60%,

due

04/01/22

to

04/01/41

.........

85,723,000

89,250,191

0.35

(b)

04/30/21

05/03/21

15,000

15,000

15,000,437

Corporate/Debt

Obligations,

4.25%

to

4.63%,

due

04/15/29

to

08/01/31

.........

16,186,508

16,500,001

0.55

(a)

04/30/21

08/06/21

13,000

13,000

13,019,464

Corporate/Debt

Obligations,

5.00%

to

7.60%,

due

11/01/40

to

12/31/56

.........

9,570,000

13,912,423

$

–

$

–

$

113,000

$

119,662,615

$

–

$

–

Barclays

Capital,

Inc.

...

0.55

(a)

04/30/21

08/06/21

13,000

13,000

13,019,464

Corporate/Debt

Obligations,

0.00%

to

8.68%,

due

02/18/25

to

07/20/47

.........

26,895,481

16,250,001

$

–

$

–

BNP

Paribas

SA

......

0.15

(b)

04/30/21

05/03/21

11,000

11,000

11,000,138

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.31%

to

4.85%,

due

08/26/30

to

04/22/52

.........

11,562,949

11,768,477

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.01

04/30/21

05/03/21

1,000

1,000

1,000,001

U.S.

Treasury

Obligation,

1.00%,

due

02/15/48

.........

752,400

1,020,099

0.01

04/30/21

05/03/21

90,000

90,000

90,000,075

U.S.

Treasury

Obligations,

0.38%

to

6.38%,

due

08/15/27

to

08/15/44

.........

87,633,375

91,800,010

0.10

(b)

04/30/21

05/03/21

12,000

12,000

12,000,100

U.S.

Treasury

Obligations,

0.63%

to

3.88%,

due

11/30/27

to

05/15/30

.........

13,129,300

12,240,078

TempCash

Schedules

of

Investments

27

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.50

%

(a)

04/30/21

07/04/21

$

5,000

$

5,000

$

5,004,490

U.S.

Government

Sponsored

Agency

Obligations,

1.65%

to

6.03%,

due

08/20/43

to

06/20/69

.........

$

139,816,035

$

5,484,618

$

–

$

–

$

108,000

$

110,544,805

$

–

$

–

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.01

04/30/21

05/03/21

5,000

5,000

5,000,004

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

02/20/51

.........

4,954,121

5,100,000

0.14

04/28/21

05/05/21

42,000

42,000

42,001,143

U.S.

Government

Sponsored

Agency

Obligations,

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

5.88%,

due

07/20/21

to

06/15/28

.........

40,775,945

44,790,022

0.14

04/30/21

05/07/21

29,000

29,000

29,000,789

U.S.

Government

Sponsored

Agency

Obligations,

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

10.25%,

due

11/15/21

to

09/16/62

.......

29,025,258

30,610,210

$

–

$

–

$

76,000

$

80,500,232

$

–

$

–

Credit

Suisse

Securities

USA

LLC

.........

0.73

(a)

04/30/21

08/07/21

75,000

75,000

75,149,816

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.24%

to

37.76%,

due

05/15/22

to

07/25/47

.......

509,264,311

86,216,012

$

–

$

–

Fixed

Income

Clearing

Corporation

.......

0.01

04/30/21

05/03/21

32,000

32,000

32,000,027

U.S.

Treasury

Obligation,

0.01%,

due

05/03/21

.........

23,322,100

32,640,002

$

–

$

–

HSBC

Securities

USA,

Inc.

0.17

(b)

04/30/21

05/03/21

6,000

6,000

6,000,085

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.15%

to

5.80%,

due

01/09/23

to

04/01/50

.........

5,586,000

6,300,808

0.25

(b)

04/30/21

05/03/21

4,500

4,500

4,500,094

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.38%

to

7.63%,

due

11/21/22

to

02/01/61

.........

4,749,000

4,875,078

$

–

$

–

$

10,500

$

11,175,886

$

–

$

–

JP

Morgan

Securities

LLC

0.01

04/30/21

05/03/21

50,000

50,000

50,000,042

U.S.

Government

Sponsored

Agency

Obligations,

2.23%

to

8.00%,

due

07/20/26

to

07/15/62

.........

66,298,342

51,000,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempCash

28

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.01

%

04/30/21

05/03/21

$

93,000

$

93,000

$

93,000,077

U.S.

Treasury

Obligations,

0.00%

to

2.88%,

due

05/31/21

to

03/15/22

.........

$

94,257,313

$

94,860,000

0.17

(b)

04/30/21

05/03/21

8,000

8,000

8,000,113

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

6.04%,

due

06/03/21

to

08/15/47

.........

21,844,480

8,312,871

0.23

(b)

04/30/21

05/03/21

1,000

1,000

1,000,019

Corporate/Debt

Obligation,

4.13%,

due

11/15/26

.........

1,589,000

1,070,404

0.35

(a)

04/30/21

05/10/21

100,000

100,000

100,009,722

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.65%

to

11.50%,

due

10/03/21

to

02/15/43

.......

117,954,000

113,123,099

0.40

(a)

04/30/21

05/10/21

50,000

50,000

50,005,556

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.19%

to

7.88%,

due

11/10/21

to

01/15/77

.........

713,608,422

54,626,475

0.53

(a)

04/30/21

08/02/21

30,000

30,000

30,041,233

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.50%

to

6.38%,

due

02/15/26

to

08/17/57

.........

119,014,494

32,432,461

$

–

$

–

$

332,000

$

355,425,310

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.59

(a)

04/30/21

06/07/21

50,000

50,000

50,031,310

Corporate/Debt

Obligations,

4.00%

to

5.00%,

due

03/01/31

to

02/01/49

.........

40,655,000

53,506,542

$

–

$

–

TD

Securities

USA

LLC

..

0.15

(b)

04/30/21

05/03/21

14,000

14,000

14,000,175

Corporate/Debt

Obligations,

1.35%

to

1.94%,

due

04/20/24

to

05/25/33

.........

14,715,000

14,980,882

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.17

(b)

04/30/21

05/03/21

97,000

97,000

97,001,374

Corporate/Debt

Obligations,

1.03%

to

6.11%,

due

03/18/25

to

02/25/66

.........

103,703,131

103,790,001

0.20

04/30/21

05/07/21

10,000

10,000

10,000,389

Corporate/Debt

Obligations,

0.00%,

due

01/18/22

to

04/26/22

10,531,558

10,500,000

0.33

02/17/21

05/18/21

40,000

40,000

40,033,000

Corporate/Debt

Obligations,

0.00%,

due

11/29/21

to

12/01/21

.

41,242,651

41,200,000

0.35

02/12/21

05/13/21

24,000

24,000

24,021,000

Corporate/Debt

Obligations,

1.37%

to

4.63%,

due

11/15/34

to

04/25/60

.........

88,011,325

25,680,001

TempCash

Schedules

of

Investments

29

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.54

%

02/26/21

05/27/21

$

15,000

$

15,000

$

15,020,250

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.13%

to

6.75%,

due

11/15/22

to

06/15/47

.........

$

16,055,000

$

17,052,897

$

–

$

–

$

186,000

$

198,222,899

$

–

$

–

$

1,104,500

$

1,180,304,313

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

7,192,506,571

$

—

$

7,192,506,571

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

—

28.9%

Domestic

—

0.1%

Bank

of

America

NA,

(SOFR

+

0.26%),

0.27%, 01/10/22

(a)

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

USD

13,200

$

13,200,137

Euro

—

2.3%

(b)

Bank

of

Montreal,

0.28%, 03/09/22

.......

21,000

20,960,636

Credit

Industriel

et

Commercial

SA,

0.27%, 02/22/22

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

30,000

29,937,303

Mitsubishi

UFJ

Trust

International

Ltd.,

0.22%, 07/08/21

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

50,000

49,985,150

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.31%, 05/17/21

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

73,000

72,996,277

Sumitomo

Mitsui

Trust

International

Ltd.,

0.30%, 05/12/21

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

30,000

29,998,920

203,878,286

Yankee

—

26.5%

(c)

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.05%),

0.24%, 08/06/21

-

04/06/22

........

86,500

86,513,890

(LIBOR

USD

3

Month

+

0.04%),

0.22%, 09/17/21

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

75,000

75,011,161

(LIBOR

USD

3

Month

+

0.04%),

0.23%, 10/06/21

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

50,000

50,008,494

(LIBOR

USD

3

Month

+

0.11%),

0.29%, 12/13/21

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

35,000

35,019,147

Bank

of

Nova

Scotia

Trust

Co.,

New

York,

0.23%, 04/07/22

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

13,700

13,702,204

Canadian

Imperial

Bank

of

Commerce,

New

York:

0.60%, 05/04/21

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

50,000

50,002,886

(LIBOR

USD

3

Month

+

0.14%),

0.31%, 07/23/21

(a)

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

51,000

51,015,860

(LIBOR

USD

3

Month

+

0.16%),

0.35%, 08/06/21

(a)

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

29,500

29,512,057

(LIBOR

USD

3

Month

+

0.05%),

0.23%, 09/13/21

-

10/04/21

(a)

.......

108,000

108,014,520

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 12/13/21

(a)

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

30,000

30,016,560

(LIBOR

USD

3

Month

+

0.11%),

0.30%, 01/14/22

(a)

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

30,000

30,018,806

0.24%, 04/06/22

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

45,500

45,503,424

Credit

Suisse

AG,

New

York:

0.30%, 08/23/21

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

40,000

40,009,157

(SOFR

+

0.30%),

0.31%, 11/16/21

(a)

....

20,000

20,002,484

(SOFR

+

0.22%),

0.23%, 04/08/22

(a)

....

50,000

49,947,672

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.20%),

0.40%, 05/05/21

(a)

....

30,000

30,000,200

Mizuho

Bank

Ltd.,

New

York:

0.28%, 05/10/21

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

52,000

52,002,583

0.21%, 08/26/21

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

50,000

50,005,062

0.24%, 11/03/21

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

35,000

35,006,699

MUFG

Bank

Ltd.,

New

York:

0.24%, 10/19/21

-

01/13/22

..........

75,000

75,013,147

0.23%, 01/28/22

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

50,000

49,996,278

Nordea

Bank

Abp

,

New

York,

(LIBOR

USD

3

Month

+

0.10%),

0.29%, 06/09/21

(a)

....

50,000

50,007,996

Norinchukin

Bank,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.03%),

0.23%, 09/27/21

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

50,000

49,999,998

(LIBOR

USD

3

Month

+

0.02%),

0.22%, 10/08/21

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

30,000

29,999,999

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York,

0.29%, 06/21/21

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

50,000

50,013,204

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Royal

Bank

of

Canada,

New

York:

0.65%, 05/03/21

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

USD

25,000

$

25,001,210

0.43%, 07/26/21

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

35,000

35,034,676

(LIBOR

USD

3

Month

+

0.09%),

0.27%, 12/10/21

(a)

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

40,000

40,016,862

Skandinaviska

Enskilda

Banken

AB,

New

York:

0.25%, 05/13/21

-

06/01/21

..........

92,500

92,510,948

Societe

Generale

,

New

York,

0.25%, 05/10/21

63,820

63,823,118

Standard

Chartered

Bank,

New

York:

(LIBOR

USD

3

Month

+

0.02%),

0.21%, 09/03/21

(a)

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

50,000

49,998,333

(LIBOR

USD

3

Month

+

0.03%),

0.22%, 10/01/21

(a)

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

42,000

41,999,997

0.24%, 02/01/22

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

35,000

34,996,774

Sumitomo

Mitsui

Banking

Corp.,

New

York:

0.27%, 05/10/21

-

06/01/21

..........

124,715

124,729,662

0.28%, 06/01/21

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

79,500

79,512,639

0.26%, 07/06/21

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

49,500

49,512,424

(LIBOR

USD

3

Month

+

0.04%),

0.22%, 09/13/21

(a)

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

51,000

51,003,736

(LIBOR

USD

3

Month

+

0.04%),

0.24%, 01/20/22

(a)

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

17,000

17,001,212

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York:

0.05%, 05/06/21

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

73,000

72,999,878

0.27%, 05/17/21

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

30,000

30,002,733

Svenska

Handelsbanken

AB,

New

York:

(LIBOR

USD

3

Month

+

0.11%),

0.30%, 06/16/21

(a)

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

35,000

35,006,267

0.24%, 04/06/22

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

17,530

17,532,480

SwedBank

,

Inc.,

New

York,

0.25%, 07/26/21

35,000

35,012,928

Toronto-Dominion

Bank,

New

York:

0.50%, 05/13/21

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

55,000

55,008,034

(LIBOR

USD

3

Month

+

0.14%),

0.33%, 07/19/21

(a)

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

35,000

35,011,078

0.43%, 07/28/21

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

50,000

50,038,300

0.40%, 08/16/21

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

35,000

35,028,123

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 08/24/21

(a)

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

36,000

36,012,094

(SOFR

+

0.20%),

0.21%, 02/18/22

(a)

....

15,000

14,999,649

2,308,136,643

Total

Certificates

of

Deposit

—

28.9%

(Cost:

$2,524,813,511)

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

2,525,215,066

Commercial

Paper

—

27.0%

Alinghi

Funding

Co.

LLC

(b)

:

0.17%,

09/16/21

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

20,800

20,786,508

0.19%,

12/07/21

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

42,000

41,953,074

Alpine

Securitization

Ltd.

(d)

:

0.26%,

06/04/21

(b)

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

25,000

25,005,924

0.20%,

07/30/21

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

21,000

21,001,588

Antalis

SA,

0.08%

,

05/04/21

(b)

..........

66,000

65,999,443

ANZ

New

Zealand

Int'l

Ltd.,

0.22%

,

04/26/22

(b)

20,000

19,956,279

ASB

Finance

Ltd.

(b)

:

0.07%,

06/11/21

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

17,900

17,898,496

0.09%,

06/28/21

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

59,000

58,991,394

0.10%,

07/22/21

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

30,000

29,993,222

Australia

&

New

Zealand

Banking

Group

Ltd.:

0.11%,

06/10/21

(b)

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

50,000

49,994,078

(LIBOR

USD

3

Month

+

0.03%),

0.21%,

03/02/22

(a)

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

15,000

15,000,000

(LIBOR

USD

3

Month

+

0.03%),

0.22%,

03/09/22

(a)

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

32,500

32,499,999

Barclays

Bank

plc,

0.10%

,

05/03/21

(b)

.....

70,000

69,999,452

TempFund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Barton

Capital

LLC

(b)

:

0.09%,

05/10/21

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

USD

45,100

$

45,098,898

0.12%,

05/19/21

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

30,000

29,998,211

Bedford

Row

Funding

Corp.:

0.11%,

05/05/21

(b)

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

50,000

49,999,285

(LIBOR

USD

3

Month

+

0.05%),

0.25%,

08/12/21

(a)

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

30,000

30,004,081

(LIBOR

USD

3

Month

+

0.08%),

0.27%,

11/04/21

(a)

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

31,000

31,007,830

Bennington

Stark

Capital

Co.

LLC

(b)(d)

:

0.08%,

05/04/21

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

33,000

32,999,721

0.08%,

05/05/21

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

77,000

76,999,177

BNZ

International

Funding

Ltd.

(b)

:

0.13%,

09/10/21

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

20,250

20,240,499

0.16%,

11/16/21

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

49,000

48,957,261

0.17%,

01/21/22

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

50,000

49,937,564

BPCE

SA

(b)

:

0.08%,

05/13/21

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

39,000

38,998,873

0.21%,

12/01/21

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

40,000

39,951,745

Citigroup

Global

Markets,

Inc.,

0.09%

,

06/04/21

(b)

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

58,000

57,995,207

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.09%),

0.28%

,

05/28/21

(a)

...

22,000

22,001,905

Concord

Minutemen

Capital

Co.

LLC,

0.14%

,

06/14/21

(b)(d)

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

14,000

13,997,550

Crown

Point

Capital

Co.

LLC:

0.17%,

10/05/21

(b)(d)

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

60,000

59,955,234

0.18%,

10/29/21

(b)(d)

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

49,750

49,706,488

0.34%,

04/25/22

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

20,000

20,000,000

DNB

Bank

ASA,

(LIBOR

USD

3

Month

+

0.10%),

0.30%

,

06/25/21

(a)

..........

55,000

55,011,911

HSBC

Bank

plc

(a)

:

(LIBOR

USD

3

Month

+

0.22%),

0.41%,

07/20/21

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

53,500

53,522,873

(LIBOR

USD

3

Month

+

0.19%),

0.39%,

08/11/21

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

40,000

40,018,312

(LIBOR

USD

3

Month

+

0.14%),

0.33%,

08/31/21

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

30,000

30,011,693

ING

US

Funding

LLC,

0.18%

,

12/14/21

(b)

...

40,000

39,956,173

Matchpoint

Finance

plc,

0.12%

,

05/19/21

(b)

..

50,000

49,997,018

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.16%

,

08/20/21

(b)

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

20,000

19,989,920

National

Australia

Bank

Ltd.

(a)

:

(LIBOR

USD

3

Month

+

0.12%),

0.32%,

07/08/21

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

14,000

14,005,536

(LIBOR

USD

3

Month

+

0.04%),

0.23%,

03/29/22

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

25,000

24,999,999

(SOFR

+

0.20%),

0.21%,

04/14/22

.....

17,000

17,000,870

Natixis

SA,

0.09%

,

05/18/21

(b)

..........

44,500

44,498,131

NRW

Bank,

0.05%

,

05/06/21

(b)

..........

60,000

59,999,500

Ontario

Teachers'

Finance

Trust,

0.06%

,

07/06/21

(b)(d)

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

50,000

49,994,231

Ridgefield

Funding

Co.

LLC

(b)(d)

:

0.09%,

05/10/21

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

54,500

54,498,668

0.20%,

11/02/21

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

52,500

52,445,750

Societe

Generale

SA,

0.09%

,

06/02/21

(b)

...

30,000

29,997,470

Svenska

Handelsbanken

AB

(a)

:

(LIBOR

USD

3

Month

+

0.02%),

0.21%,

09/02/21

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

42,650

42,652,817

(LIBOR

USD

3

Month

+

0.01%),

0.21%,

09/23/21

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

32,000

32,001,243

Toronto-Dominion

Bank

(The),

0.08%

,

05/06/21

(b)

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

100,000

99,998,667

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

UBS

AG

(a)

:

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

07/09/21

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

USD

50,000

$

50,004,943

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

10/14/21

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

50,000

50,017,873

(LIBOR

USD

3

Month

+

0.12%),

0.32%,

11/12/21

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

30,000

30,010,957

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

12/02/21

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

30,000

30,013,916

(SOFR

+

0.24%),

0.25%,

04/05/22

.....

24,000

24,000,615

United

Overseas

Bank

Ltd.,

0.17%

,

09/03/21

(b)

20,250

20,238,447

Westpac

Banking

Corp.

(a)

:

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

07/02/21

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

50,000

50,011,466

(LIBOR

USD

3

Month

+

0.01%),

0.20%,

08/31/21

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

34,000

33,999,999

(LIBOR

USD

3

Month

+

0.00%),

0.19%,

09/01/21

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

42,900

42,898,594

(LIBOR

USD

3

Month

+

0.01%),

0.21%,

02/04/22

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

25,000

24,996,226

Total

Commercial

Paper

—

27.0%

(Cost:

$2,353,276,526)

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

2,353,722,804

Corporate

Bonds

—

0.2%

Consumer

Finance

—

0.2%

Toyota

Motor

Credit

Corp.,

(SOFR

+

0.23%),

0.24%,

12/13/21

(a)

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

22,500

22,511,139

Total

Corporate

Bonds

—

0.2%

(Cost:

$22,500,000)

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

22,511,139

Municipal

Bonds

—

2.4%

Arizona

—

0.2%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9052,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/07/21

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

10,000

10,000,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9060TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/07/21

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

6,000

6,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-004,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

1,000

1,000,000

17,000,000

California

—

0.0%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-001,

VRDP

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

(d)(e)(f)

...

1,000

1,000,000

Louisiana

—

0.0%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9054,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LIQ),

0.47%, 06/04/21

(d)(e)(f)

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

3,915

3,915,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Ohio

—

0.1%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9067TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LIQ),

0.47%, 06/04/21

(d)(e)(f)

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

USD

5,370

$

5,370,000

Other

—

1.6%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 06/04/21

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

18,000

18,000,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9043,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.31%, 05/07/21

31,095

31,095,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9065TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LIQ),

0.47%, 06/04/21

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

2,750

2,750,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9066TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

SBPA),

0.47%, 05/07/21

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

2,340

2,340,000

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-XF2926T,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.31%, 05/07/21

....

17,680

17,680,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-TMFT005,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/07/21

8,940

8,940,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-007,

VRDN

(Barclays

Bank

plc

SBPA),

0.36%, 05/07/21

......

700

700,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-012,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/22/21

10,300

10,300,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

15,970

15,970,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-002,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 06/04/21

12,000

12,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-003,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 05/07/21

16,000

16,000,000

Taxable

Series

2020-XF2908,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2908,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.31%, 05/07/21

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

4,790

4,790,000

140,565,000

Security

Par

(000)

Par

(000)

Value

Texas

—

0.5%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-MIZ9064,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/07/21

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

USD

500

$

500,000

Taxable

Series

2020-XF2907,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2907,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.31%, 05/07/21

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

39,750

39,750,000

Taxable

Series

2021-XFT1216,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-XFT1216,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.21%, 05/07/21

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

2,905

2,905,000

43,155,000

Total

Municipal

Bonds

—

2.4%

(Cost:

$211,005,000)

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

211,005,000

Time

Deposits

—

17.8%

ABN

AMRO

Bank

NV:

0.08%, 05/03/21

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

62,000

62,000,000

0.08%, 05/04/21

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

30,000

30,000,000

0.08%, 05/05/21

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

99,000

99,000,000

0.08%, 05/06/21

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

99,000

99,000,000

0.08%, 05/07/21

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

49,000

49,000,000

Banque

Nationale

du

Canada,

0.07%, 05/04/21

56,000

56,000,000

Credit

Agricole

Corporate

and

Investment

Bank

SA:

0.03%, 05/03/21

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

34,409

34,409,000

0.10%, 05/04/21

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

56,000

56,000,000

0.10%, 05/05/21

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

41,000

41,000,000

KBC

Bank

NV,

0.03%, 05/03/21

.........

200,000

200,000,000

Landesbank

Hessen-

Thuringen

Girozentrale

:

0.09%, 05/04/21

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

100,000

100,000,000

0.12%, 05/04/21

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

84,000

84,000,000

0.12%, 05/05/21

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

82,000

82,000,000

0.12%, 05/06/21

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

55,000

55,000,000

0.12%, 05/07/21

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

60,000

60,000,000

Mizuho

Bank

Ltd.,

0.05%, 05/03/21

.......

75,000

75,000,000

Royal

Bank

of

Canada,

0.02%, 05/03/21

...

25,000

25,000,000

Skandinaviska

Enskilda

Banken

AB,

0.02%, 05/03/21

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

125,000

125,000,000

Svenska

Handelsbanken

AB,

0.02%, 05/03/21

220,000

220,000,000

Total

Time

Deposits

—

17.8%

(Cost:

$1,552,409,000)

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

1,552,409,000

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.09%, 05/07/21

(a)

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

5,500

5,500,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

(Cost:

$5,500,000)

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

5,500,000

TempFund

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

0.6%

U.S.

Treasury

Bills,

0.03%, 12/30/21

(b)

.....

USD

50,000

$

49,989,121

Total

U.S.

Treasury

Obligations

—

0.6%

(Cost:

$49,962,875)

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

49,989,121

Total

Repurchase

Agreements

—

18.9%

(Cost:

$1,652,000,000)

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

1,652,000,000

Security

Par

(000)

Pa

r

(

000)

Value

Closed-End

Investment

Companies

—

0.5%

California

—

0.5%

Nuveen

California

Quality

Municipal

Income

Fund,

VRDP,

(JP

Morgan

Chase

Bank

NA

LOC),

0.15%, 05/07/21

(f)

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

USD

40,800

$

40,800,000

Total

Closed-End

Investment

Companies

—

0.5%

(Cost:

$40,800,000)

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

40,800,000

Total

Investments

—

96.4%

(Cost:

$8,412,266,912

)

(g)

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

8,413,152,130

Other

Assets

Less

Liabilities

—

3.6%

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

310,678,886

Net

Assets

—

100.0%

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

$

8,723,831,016

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(f)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.01

%

04/30/21

05/03/21

$

150,000

$

150,000

$

150,000,125

U.S.

Treasury

Obligations,

1.38%

to

4.38%,

due

11/15/39

to

11/15/48

.........

$

132,468,765

$

153,000,003

0.37

(a)

04/30/21

06/07/21

48,000

48,000

48,018,747

Corporate/Debt

Obligations,

0.45%

to

4.71%,

due

02/15/39

to

08/25/49

.........

53,509,258

51,360,000

$

–

$

–

$

198,000

$

204,360,003

$

–

$

–

Bank

of

Montreal

......

0.18

04/26/21

05/03/21

27,000

27,000

27,000,945

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

3.00%,

due

04/01/36

to

04/20/51

.........

26,014,940

27,540,202

$

–

$

–

Barclays

Bank

plc

.....

0.15

(b)

04/30/21

05/03/21

84,000

84,000

84,001,050

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.76%

to

3.60%,

due

04/08/22

to

10/24/31

.........

87,606,000

88,200,911

0.35

(b)

04/30/21

05/03/21

42,000

42,000

42,001,225

Corporate/Debt

Obligations,

4.25%,

due

02/01/31

to

08/01/31

46,905,000

47,440,077

0.55

(a)

04/30/21

08/06/21

13,000

13,000

13,019,464

Corporate/Debt

Obligations,

3.12%

to

7.60%,

due

06/01/38

to

11/01/40

.........

8,735,000

13,911,409

$

–

$

–

$

139,000

$

149,552,397

$

–

$

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

34

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Barclays

Capital,

Inc.

...

0.28

%

(a)

04/30/21

06/07/21

$

51,000

$

51,000

$

51,015,073

U.S.

Treasury

Obligation,

1.88%,

due

02/15/41

.........

$

54,591,700

$

52,020,042

0.55

(a)

04/30/21

08/06/21

13,000

13,000

13,019,464

Corporate/Debt

Obligations,

0.00%

to

7.09%,

due

12/16/24

to

11/19/37

.........

21,992,478

16,250,000

$

–

$

–

$

64,000

$

68,270,042

$

–

$

–

BNP

Paribas

SA

......

0.15

(b)

04/30/21

05/03/21

30,000

30,000

30,000,375

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.69%

to

6.88%,

due

10/14/21

to

04/22/42

.........

28,807,230

31,500,000

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.01

04/30/21

05/03/21

90,000

90,000

90,000,075

U.S.

Treasury

Obligations,

0.38%

to

6.38%,

due

08/15/27

to

08/15/44

.........

87,633,375

91,800,010

0.10

(b)

04/30/21

05/03/21

86,000

86,000

86,000,717

U.S.

Treasury

Obligation,

0.63%,

due

05/15/30

.........

95,184,800

87,720,029

0.50

(a)

04/30/21

07/04/21

5,000

5,000

5,004,490

U.S.

Government

Sponsored

Agency

Obligations,

1.26%

to

5.99%,

due

09/25/49

to

02/25/50

.........

7,890,713

5,362,404

$

–

$

–

$

181,000

$

184,882,443

$

–

$

–

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.01

04/30/21

05/03/21

145,000

145,000

145,000,060

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

10/15/21

to

02/15/50

.........

135,234,075

147,900,016

0.01

04/30/21

05/03/21

50,000

50,000

50,000,042

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

02/20/51

.........

49,541,208

51,000,000

0.14

04/28/21

05/05/21

49,000

49,000

49,001,334

U.S.

Government

Sponsored

Agency

Obligations,

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

3.60%,

due

07/07/21

to

02/15/48

.........

46,732,634

50,874,113

0.14

04/30/21

05/07/21

34,000

34,000

34,000,926

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

0.93%,

due

04/15/22

to

11/15/27

.

31,255,053

34,680,058

$

–

$

–

$

278,000

$

284,454,187

$

–

$

–

Credit

Suisse

Securities

USA

LLC

.........

0.73

(a)

04/30/21

08/07/21

80,000

80,000

80,159,803

Corporate/Debt

Obligations,

0.49%

to

7.47%,

due

07/15/26

to

09/25/59

.........

385,418,415

91,250,028

$

–

$

–

Fixed

Income

Clearing

Corporation

.......

0.01

04/30/21

05/03/21

36,000

36,000

36,000,030

U.S.

Treasury

Obligation,

0.01%,

due

05/03/21

.........

34,733,900

36,720,002

$

–

$

–

TempFund

Schedules

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

HSBC

Securities

USA,

Inc.

0.17

%

(b)

04/30/21

05/03/21

$

8,000

$

8,000

$

8,000,113

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.05%

to

5.00%,

due

10/02/24

to

04/20/51

.........

$

16,461,628

$

8,318,355

0.25

(b)

04/30/21

05/03/21

9,500

9,500

9,500,198

Corporate/Debt

Obligations,

0.51%

to

8.63%,

due

06/15/39

to

02/01/61

.........

15,289,000

10,183,681

$

–

$

–

$

17,500

$

18,502,036

$

–

$

–

JP

Morgan

Securities

LLC

0.01

04/30/21

05/03/21

1,000

1,000

1,000,001

U.S.

Government

Sponsored

Agency

Obligation,

4.50%,

due

11/20/48

.........

3,672,960

1,020,015

0.11

(a)

04/30/21

05/11/21

59,000

59,000

59,001,933

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.73%,

due

03/16/30

to

12/16/62

.........

1,827,745,501

61,950,000

0.23

(b)

04/30/21

05/03/21

2,500

2,500

2,500,048

Corporate/Debt

Obligations,

0.08%

to

3.41%,

due

06/15/26

to

07/12/52

.........

889,594,200

2,675,000

0.35

(a)

04/30/21

05/10/21

100,000

100,000

100,009,722

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.15%

to

10.50%,

due

10/20/21

to

07/15/47

.......

115,914,400

114,189,573

0.40

(a)

04/30/21

05/10/21

50,000

50,000

50,005,556

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.23%

to

7.75%,

due

04/01/25

to

07/25/59

.........

259,303,499

53,966,596

0.53

(a)

04/30/21

08/02/21

65,000

65,000

65,089,339

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.15%

to

8.38%,

due

08/01/23

to

07/15/77

.........

475,324,098

70,223,368

$

–

$

–

$

277,500

$

304,024,552

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.20

(b)

04/30/21

05/03/21

71,000

71,000

71,001,183

Corporate/Debt

Obligations,

4.00%

to

5.25%,

due

11/15/21

to

02/01/49

.........

62,420,000

75,970,845

0.59

(a)

04/30/21

06/07/21

8,000

8,000

8,005,010

U.S.

Treasury

Obligation,

2.88%,

due

10/15/21

.........

8,045,700

8,160,064

$

–

$

–

$

79,000

$

84,130,909

$

–

$

–

TD

Securities

USA

LLC

..

0.15

(b)

04/30/21

05/03/21

25,000

25,000

25,000,312

Corporate/Debt

Obligations,

1.94%

to

2.95%,

due

04/20/24

to

03/15/25

.........

26,242,000

26,750,713

$

–

$

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

TempFund

36

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Wells

Fargo

Securities

LLC

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

0.17

%

(b)

04/30/21

05/03/21

$

144,000

$

144,000

$

144,002,040

Corporate/Debt

Obligations,

0.35%

to

6.25%,

due

01/17/23

to

05/25/65

.........

$

154,865,481

$

154,080,000

0.20

04/30/21

05/07/21

12,000

12,000

12,000,467

Corporate/Debt

Obligation,

0.00%,

due

12/01/21

.........

12,383,107

12,360,000

0.33

02/17/21

05/18/21

40,000

40,000

40,033,000

Corporate/Debt

Obligation,

0.00%,

due

01/18/22

.........

42,104,040

42,000,001

0.35

02/12/21

05/13/21

24,000

24,000

24,021,000

Corporate/Debt

Obligations,

0.86%

to

5.27%,

due

12/15/36

to

02/18/53

.........

185,818,498

25,680,001

$

–

$

–

$

220,000

$

234,120,002

$

–

$

–

$

1,652,000

$

1,746,057,516

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

8,413,152,130

$

—

$

8,413,152,130

T-Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

69.1%

U.S.

Treasury

Bills

(a)

:

0.00%, 05/04/21

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

USD

2,643,230

$

2,643,222,158

0.00%, 05/06/21

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

5,600,190

5,600,147,965

0.01%, 05/11/21

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

7,989,202

7,989,116,247

0.00%, 05/13/21

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

3,907,575

3,907,531,948

0.01%, 05/18/21

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

166,000

165,998,824

0.01%, 05/20/21

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

3,402,780

3,402,645,012

0.00%, 05/25/21

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

2,063,690

2,063,644,141

0.00%, 05/27/21

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

2,736,585

2,736,528,344

0.01%, 06/01/21

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

8,769,950

8,769,547,907

0.01%, 06/03/21

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

2,720,256

2,720,232,067

0.01%, 06/08/21

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

1,960,800

1,960,779,303

0.01%, 06/10/21

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

3,278,985

3,278,901,344

0.01%, 06/17/21

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

2,769,375

2,769,250,956

0.01%, 06/24/21

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

2,567,203

2,566,987,488

0.01%, 06/29/21

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

1,176,000

1,175,971,674

0.01%, 07/06/21

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

1,038,650

1,038,517,045

0.01%, 07/08/21

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

2,200,000

2,199,916,882

0.01%, 07/13/21

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

3,793,545

3,793,154,194

0.02%, 07/22/21

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

1,565,000

1,564,910,888

0.02%, 07/27/21

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

2,130,420

2,130,265,545

0.02%, 08/05/21

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

3,375,945

3,375,323,307

0.01%, 08/10/21

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

526,990

526,955,031

0.01%, 08/12/21

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

349,500

349,360,005

0.02%, 08/19/21

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

760,180

760,040,634

0.02%, 09/02/21

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

491,915

491,813,338

0.02%, 09/09/21

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

755,800

755,488,519

0.02%, 10/07/21

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

537,000

536,916,991

0.03%, 11/04/21

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

838,349

837,763,700

0.03%, 12/02/21

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

1,501,470

1,500,483,620

0.03%, 12/30/21

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

295,450

295,243,032

0.04%, 01/27/22

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

1,512,121

1,511,096,738

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Notes:

2.13%, 05/31/21

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

USD

207,955

$

208,313,883

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.24%, 07/31/21

(b)

...

3,674,300

3,674,184,527

2.88%, 10/15/21

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

48,480

49,087,788

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.32%, 10/31/21

(b)

...

3,110,345

3,111,107,220

2.00%, 10/31/21

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

324,955

328,002,499

2.00%, 11/15/21

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

39,945

40,349,518

2.88%, 11/15/21

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

136,730

138,761,998

1.50%, 11/30/21

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

229,730

231,570,820

1.75%, 11/30/21

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

160,685

162,200,229

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.17%, 01/31/22

(b)

...

1,131,945

1,131,766,894

2.50%, 02/15/22

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

28,315

28,855,756

1.75%, 02/28/22

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

28,555

28,947,973

0.38%, 03/31/22

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

28,555

28,628,583

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.13%, 04/30/22

(b)

...

1,757,085

1,757,280,799

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.08%, 07/31/22

(b)

...

2,062,049

2,062,036,885

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.08%, 10/31/22

(b)

...

3,270,000

3,269,964,512

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.05%),

0.07%, 01/31/23

(b)

...

3,853,068

3,853,629,210

Total

U.S.

Treasury

Obligations

—

69.1%

(Cost:

$93,522,443,941)

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

93,522,443,941

Total

Repurchase

Agreements

—

29.8%

(Cost:

$40,356,958,792)

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

40,356,958,792

Total

Investments

—

98.9%

(Cost:

$133,879,402,733

)

(c)

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

133,879,402,733

Other

Assets

Less

Liabilities

—

1.1%

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

1,428,807,580

Net

Assets

—

100.0%

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

$

135,308,210,313

(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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.01

%

04/30/21

05/03/21

$

825,000

$

825,000

$

825,000,688

U.S.

Treasury

Obligations,

1.38%

to

4.38%,

due

11/15/39

to

11/15/48

.........

$

728,578,208

$

841,500,015

0.01

04/30/21

05/03/21

30,000

30,000

30,000,025

U.S.

Treasury

Obligations,

0.00%

to

1.25%,

due

03/31/28

to

11/15/35

.........

41,344,775

30,600,000

0.01

04/30/21

05/03/21

275,000

275,000

275,000,229

U.S.

Treasury

Obligation,

2.75%,

due

02/15/24

.........

261,224,700

280,500,091

$

–

$

–

$

1,130,000

$

1,152,600,106

$

–

$

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

38

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

Nova

Scotia

(The)

0.01

%

04/30/21

05/03/21

$

66,665

$

66,665

$

66,665,056

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

06/10/21

to

08/15/42

.........

$

71,447,500

$

67,998,401

0.01

04/30/21

05/03/21

25,000

25,000

25,000,021

U.S.

Treasury

Obligation,

2.38%,

due

01/15/27

.........

15,734,800

25,500,095

$

–

$

–

$

91,665

$

93,498,496

$

–

$

–

Barclays

Bank

plc

.....

0.01

04/30/21

05/03/21

2,550,000

2,550,000

2,550,002,125

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

07/22/21

to

05/15/49

.........

2,429,309,000

2,601,000,029

0.01

04/30/21

05/03/21

690,000

690,000

690,000,575

U.S.

Treasury

Obligations,

2.38%

to

5.00%,

due

05/15/37

to

11/15/49

.........

553,930,500

703,800,025

$

–

$

–

$

3,240,000

$

3,304,800,054

$

–

$

–

Barclays

Capital,

Inc.

...

0.01

04/30/21

05/03/21

150,000

150,000

150,000,125

U.S.

Treasury

Obligation,

2.25%,

due

04/30/24

.........

144,803,600

153,000,063

$

–

$

–

BNP

Paribas

SA

......

0.01

04/30/21

05/03/21

100,000

100,000

100,000,083

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

05/31/21

to

04/15/22

.........

96,894,200

102,000,026

0.01

04/30/21

05/03/21

306,000

306,000

306,000,255

U.S.

Treasury

Obligations,

0.13%

to

2.50%,

due

07/15/22

to

07/15/29

.........

296,939,000

312,120,004

0.01

04/26/21

05/03/21

750,000

750,000

750,001,458

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

05/20/21

to

02/15/51

.........

743,144,214

765,000,000

0.01

04/27/21

05/04/21

850,000

850,000

850,001,653

U.S.

Treasury

Obligations,

0.00%

to

4.50%,

due

05/20/21

to

08/15/48

.........

792,298,430

867,000,000

$

–

$

–

$

2,006,000

$

2,046,120,030

$

–

$

–

Citibank

NA

..........

0.01

04/30/21

05/03/21

100,000

100,000

100,000,083

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

05/13/21

to

08/15/49

.........

89,925,708

102,000,015

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.01

04/30/21

05/03/21

385,000

385,000

385,000,321

U.S.

Treasury

Obligations,

0.38%

to

6.38%,

due

08/15/27

to

08/15/44

.........

374,876,101

392,700,045

0.01

04/30/21

05/03/21

20,000

20,000

20,000,017

U.S.

Treasury

Obligations,

0.13%

to

3.00%,

due

08/31/25

to

02/15/41

.........

18,346,200

20,400,134

0.01

04/30/21

05/03/21

127,000

127,000

127,000,106

U.S.

Treasury

Obligations,

1.13%

to

4.63%,

due

08/15/39

to

02/15/41

.........

95,028,041

129,540,138

0.03

04/16/21

05/17/21

1,000,000

1,000,000

1,000,025,833

U.S.

Treasury

Obligations,

0.13%

to

6.13%,

due

07/31/21

to

01/15/30

.........

924,308,600

1,020,000,045

$

–

$

–

$

1,532,000

$

1,562,640,362

$

–

$

–

T-Fund

Schedules

of

Investments

39

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.01

%

04/30/21

05/03/21

$

1,790,000

$

1,790,000

$

1,790,000,746

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

10/15/21

to

02/15/50

.........

$

1,669,441,254

$

1,825,800,089

0.01

04/30/21

05/03/21

50,000

50,000

50,000,021

U.S.

Treasury

Obligation,

0.63%,

due

02/15/43

.........

38,735,000

51,000,040

$

–

$

–

$

1,840,000

$

1,876,800,129

$

–

$

–

Credit

Suisse

AG

......

0.01

04/30/21

05/03/21

113,000

113,000

113,000,094

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

06/17/21

to

02/15/43

.........

113,981,700

115,260,040

$

–

$

–

Deutsche

Bank

AG

.....

0.01

04/30/21

05/03/21

250,000

250,000

250,000,104

U.S.

Treasury

Obligations,

0.13%

to

2.25%,

due

12/31/22

to

01/15/30

.........

238,867,700

255,000,079

$

–

$

–

Federal

Reserve

Bank

of

New

York

.........

0.00

04/30/21

05/03/21

11,250,000

11,250,000

11,250,000,000

U.S.

Treasury

Obligations,

0.13%

to

3.63%,

due

08/15/23

to

08/15/43

.........

10,739,360,300

11,250,000,046

$

–

$

–

Fixed

Income

Clearing

Corporation

.......

0.01

04/30/21

05/03/21

3,000,000

3,000,000

3,000,002,500

U.S.

Treasury

Obligations,

0.01%,

due

05/03/21

.........

2,499,214,400

3,060,000,009

0.01

04/30/21

05/03/21

1,000,000

1,000,000

1,000,000,833

U.S.

Treasury

Obligations,

0.00%

to

2.25%,

due

07/13/21

to

04/30/28

.........

993,007,900

1,020,000,064

0.01

04/30/21

05/03/21

98,381

98,381

98,381,455

U.S.

Treasury

Obligation,

3.00%,

due

02/15/48

.........

87,260,000

100,349,082

0.01

04/30/21

05/03/21

466,011

466,011

466,011,418

U.S.

Treasury

Obligation,

2.00%,

due

02/15/50

.........

505,000,000

475,331,638

0.01

04/30/21

05/03/21

318,740

318,740

318,739,849

U.S.

Treasury

Obligation,

3.00%,

due

05/15/47

.........

281,180,000

325,114,641

0.01

04/30/21

05/03/21

376,978

376,978

376,978,255

U.S.

Treasury

Obligation,

3.00%,

due

08/15/48

.........

334,000,000

384,517,814

0.01

04/30/21

05/03/21

234,304

234,304

234,304,195

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

213,384,000

238,990,275

0.01

04/30/21

05/03/21

107,230

107,230

107,230,482

U.S.

Treasury

Obligation,

1.25%,

due

05/15/50

.........

140,000,000

109,375,089

0.01

04/30/21

05/03/21

235,241

235,241

235,241,029

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.........

233,240,000

239,945,846

0.01

04/30/21

05/03/21

413,115

413,115

413,115,234

U.S.

Treasury

Obligation,

2.50%,

due

02/15/46

.........

402,750,000

421,377,532

$

–

$

–

$

6,250,000

$

6,375,001,990

$

–

$

–

Goldman

Sachs

&

Co.

LLC

0.01

04/30/21

05/03/21

200,000

200,000

200,000,167

U.S.

Treasury

Obligations,

0.00%

to

0.75%,

due

11/04/21

to

11/15/50

.........

207,978,895

204,000,000

$

–

$

–

HSBC

Securities

USA,

Inc.

0.01

04/30/21

05/03/21

123,000

123,000

123,000,103

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

05/01/21

to

02/15/51

.........

125,268,859

125,227,229

2021

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

40

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.01

%

04/30/21

05/03/21

$

175,000

$

175,000

$

175,000,146

U.S.

Treasury

Obligations,

0.00%

to

6.00%,

due

05/15/23

to

11/15/49

.........

$

203,238,914

$

178,500,000

0.01

(a)

04/30/21

05/03/21

355,000

355,000

355,000,296

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

11/30/21

to

02/15/49

.........

375,210,422

362,100,000

0.02

(b)

04/30/21

05/10/21

888,085

888,085

888,089,934

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

06/15/21

to

11/15/50

.........

980,912,924

905,846,700

0.02

(b)

04/30/21

05/10/21

722,000

722,000

722,004,011

U.S.

Treasury

Obligations,

0.00%

to

4.25%,

due

05/06/21

to

08/15/49

.........

735,993,412

736,440,000

$

–

$

–

$

2,263,085

$

2,308,113,929

$

–

$

–

ING

Financial

Markets

LLC

0.01

04/28/21

05/05/21

100,000

100,000

100,000,194

U.S.

Treasury

Obligations,

0.00%

to

4.63%,

due

07/31/21

to

02/15/50

.........

80,927,400

102,000,071

0.01

04/29/21

05/06/21

100,000

100,000

100,000,194

U.S.

Treasury

Obligations,

0.00%

to

2.38%,

due

08/12/21

to

11/15/49

.........

81,142,500

102,000,049

$

–

$

–

$

200,000

$

204,000,120

$

–

$

–

JP

Morgan

Securities

LLC

0.01

04/30/21

05/03/21

25,000

25,000

25,000,021

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

10/07/21

to

02/28/25

.........

25,503,000

25,500,001

0.01

04/30/21

05/03/21

150,000

150,000

150,000,125

U.S.

Treasury

Obligations,

1.75%

to

2.88%,

due

10/15/21

to

02/28/22

.........

150,533,400

153,000,019

0.01

(a)

04/30/21

05/03/21

250,000

250,000

250,000,208

U.S.

Treasury

Obligation,

0.00%,

due

08/12/21

.........

255,014,400

255,000,119

0.01

(b)

04/30/21

05/10/21

2,250,000

2,250,000

2,250,006,251

U.S.

Treasury

Obligations,

0.00%

to

2.25%,

due

04/21/22

to

01/31/25

.........

2,243,800,400

2,295,000,328

$

–

$

–

$

2,675,000

$

2,728,500,467

$

–

$

–

MUFG

Securities

Americas,

Inc.

......

0.01

04/30/21

05/03/21

100,000

100,000

100,000,083

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

01/15/22

to

11/15/42

.........

98,098,432

102,000,000

$

–

$

–

Natixis

SA

...........

0.01

04/30/21

05/03/21

739,000

739,000

739,000,616

U.S.

Treasury

Obligations,

0.00%

to

5.38%,

due

05/11/21

to

05/15/50

.........

710,772,300

753,780,013

0.01

(a)

04/30/21

05/03/21

753,000

753,000

753,000,628

U.S.

Treasury

Obligations,

0.00%

to

6.38%,

due

05/20/21

to

05/15/50

.........

742,887,100

768,060,081

0.01

(b)

04/30/21

05/10/21

500,000

500,000

500,001,389

U.S.

Treasury

Obligations,

0.00%

to

5.38%,

due

05/11/21

to

05/15/50

.........

482,672,600

510,000,026

$

–

$

–

$

1,992,000

$

2,031,840,120

$

–

$

–

T-Fund

Schedules

of

Investments

41

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Nomura

Securities

International,

Inc.

....

0.01

%

04/30/21

05/03/21

$

1,750,000

$

1,750,000

$

1,750,001,458

U.S.

Treasury

Obligations,

0.13%

to

2.50%,

due

01/31/23

to

08/15/23

.........

$

1,709,435,100

$

1,785,000,088

$

–

$

–

Prudential

Insurance

Co.

of

America

........

0.03

04/30/21

05/03/21

64,000

64,000

64,000,160

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

100,000,000

65,280,160

0.03

04/30/21

05/03/21

51,750

51,750

51,750,129

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.........

72,000,000

52,785,489

0.03

04/30/21

05/03/21

50,375

50,375

50,375,126

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.........

50,000,000

51,382,626

0.03

04/30/21

05/03/21

44,538

44,538

44,537,611

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

70,000,000

45,428,011

0.03

04/30/21

05/03/21

7,770

7,770

7,770,019

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

12,000,000

7,925,419

0.03

04/30/21

05/03/21

26,819

26,819

26,818,817

U.S.

Treasury

Obligation,

0.00%,

due

08/15/33

.........

35,000,000

27,355,017

0.03

04/30/21

05/03/21

16,110

16,110

16,110,040

U.S.

Treasury

Obligation,

0.00%,

due

02/15/38

.........

24,000,000

16,432,360

0.03

04/30/21

05/03/21

26,125

26,125

26,125,065

U.S.

Treasury

Obligation,

0.00%,

due

02/15/47

.........

50,000,000

26,647,565

0.03

04/30/21

05/03/21

73,563

73,563

73,562,684

U.S.

Treasury

Obligation,

0.00%,

due

05/15/38

.........

110,000,000

75,034,484

0.03

04/30/21

05/03/21

24,200

24,200

24,200,061

U.S.

Treasury

Obligation,

0.00%,

due

11/15/41

.........

40,000,000

24,684,061

0.03

04/30/21

05/03/21

49,725

49,725

49,725,124

U.S.

Treasury

Obligation,

2.88%,

due

11/15/46

.........

45,000,000

50,719,624

0.03

04/30/21

05/03/21

78,938

78,938

78,937,697

U.S.

Treasury

Obligation,

0.00%,

due

08/15/47

.........

150,000,000

80,517,197

0.03

04/30/21

05/03/21

15,025

15,025

15,025,038

U.S.

Treasury

Obligation,

0.00%,

due

05/15/34

.........

20,000,000

15,325,438

0.03

04/30/21

05/03/21

21,555

21,555

21,555,054

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.........

18,000,000

21,986,154

0.03

04/30/21

05/03/21

18,480

18,480

18,480,046

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

28,000,000

18,849,646

0.03

04/30/21

05/03/21

55,400

55,400

55,400,139

U.S.

Treasury

Obligation,

0.00%,

due

02/15/37

.........

80,000,000

56,508,139

0.03

04/30/21

05/03/21

83,875

83,875

83,875,210

U.S.

Treasury

Obligation,

0.00%,

due

05/15/30

.........

100,000,000

85,552,210

0.03

04/30/21

05/03/21

9,375

9,375

9,375,023

U.S.

Treasury

Obligation,

0.00%,

due

08/15/41

.........

15,000,000

9,562,523

0.03

04/30/21

05/03/21

72,262

72,262

72,262,681

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

123,000,000

73,707,931

0.03

04/30/21

05/03/21

15,437

15,437

15,437,539

U.S.

Treasury

Obligation,

0.00%,

due

05/15/31

.........

19,000,000

15,746,289

2021

BlackRock

Semi-Annual

Report

to

Shareholders

T-Fund

42

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.03

%

04/30/21

05/03/21

$

13,887

$

13,887

$

13,887,535

U.S.

Treasury

Obligation,

0.00%,

due

05/15/40

.........

$

22,000,000

$

14,165,395

$

–

$

–

$

819,209

$

835,595,738

$

–

$

–

Societe

Generale

SA

...

0.01

04/30/21

05/03/21

350,000

350,000

350,000,292

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

05/15/21

to

02/15/49

.........

369,767,650

357,000,000

0.01

04/26/21

05/03/21

1,000,000

1,000,000

1,000,001,944

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

05/06/21

to

02/15/49

.........

961,290,080

1,020,000,000

0.01

04/27/21

05/04/21

300,000

300,000

300,000,583

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

08/31/21

to

02/15/50

.........

291,991,000

306,000,000

0.01

04/28/21

05/05/21

600,000

600,000

600,001,167

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

05/20/21

to

08/15/48

.........

594,543,627

612,000,000

$

–

$

–

$

2,250,000

$

2,295,000,000

$

–

$

–

TD

Securities

USA

LLC

..

0.01

04/30/21

05/03/21

155,000

155,000

155,000,129

U.S.

Treasury

Obligations,

0.25%

to

1.88%,

due

04/30/22

to

02/15/30

.........

154,765,400

158,100,101

$

–

$

–

$

40,356,959

$

40,938,871,973

$

–

$

–

(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.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

133,879,402,733

$

—

$

133,879,402,733

Treasury

Trust

Fund

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

103.8%

U.S.

Treasury

Bills

(a)

:

0.00%, 05/04/21

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

USD

6,091,885

$

6,091,876,764

0.00%, 05/06/21

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

3,341,270

3,341,251,145

0.01%, 05/11/21

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

4,388,495

4,388,439,226

0.00%, 05/13/21

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

3,613,410

3,613,386,031

0.01%, 05/18/21

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

6,233,265

6,233,235,699

0.01%, 05/20/21

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

5,843,232

5,843,114,216

0.00%, 05/25/21

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

5,300,000

5,299,962,565

0.00%, 05/27/21

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

5,456,000

5,455,946,252

0.01%, 06/01/21

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

7,467,675

7,467,564,468

0.01%, 06/03/21

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

3,365,740

3,365,706,879

0.01%, 06/08/21

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

2,661,780

2,661,749,133

0.01%, 06/10/21

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

9,417,845

9,417,550,603

0.01%, 06/15/21

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

1,100,000

1,099,979,375

0.01%, 06/17/21

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

2,140,000

2,139,893,600

0.01%, 06/22/21

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

1,150,000

1,149,984,472

0.01%, 06/24/21

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

6,154,539

6,154,271,261

0.01%, 06/29/21

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

2,710,000

2,709,957,832

0.01%, 07/01/21

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

2,100,000

2,099,915,272

0.01%, 07/06/21

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

651,235

651,151,638

0.01%, 07/08/21

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

7,487,378

7,486,987,113

0.01%, 07/13/21

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

534,640

534,585,793

0.01%, 07/15/21

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

188,240

188,179,214

0.02%, 07/22/21

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

1,100,000

1,099,937,366

0.02%, 07/27/21

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

1,393,395

1,393,293,979

0.02%, 07/29/21

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

700,000

699,980,531

0.02%, 08/05/21

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

160,280

160,254,355

0.01%, 08/10/21

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

338,365

338,342,588

0.02%, 09/09/21

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

152,850

152,816,628

0.01%, 09/16/21

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

250,000

249,947,292

0.02%, 10/07/21

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

1,000,000

999,845,421

0.03%, 11/04/21

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

208,914

208,767,799

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.03%, 12/02/21

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

USD

772,625

$

772,116,139

0.03%, 12/30/21

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

316,070

315,848,923

0.04%, 01/27/22

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

653,942

653,499,054

U.S.

Treasury

Notes:

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.24%, 07/31/21

(b)

...

1,590,000

1,589,915,337

2.75%, 08/15/21

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

150,000

151,179,726

2.88%, 10/15/21

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

26,395

26,725,911

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.32%, 10/31/21

(b)

...

723,530

723,708,955

2.00%, 10/31/21

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

24,610

24,840,188

2.00%, 11/15/21

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

22,055

22,278,348

2.88%, 11/15/21

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

76,025

77,154,842

1.50%, 11/30/21

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

44,620

44,975,824

1.75%, 11/30/21

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

88,100

88,930,766

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.17%, 01/31/22

(b)

...

990,080

989,745,530

2.50%, 02/15/22

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

16,520

16,835,496

1.75%, 02/28/22

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

16,515

16,742,279

0.38%, 03/31/22

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

16,515

16,557,557

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.13%, 04/30/22

(b)

...

2,028,185

2,028,208,653

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.08%, 07/31/22

(b)

...

737,705

737,704,900

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.08%, 10/31/22

(b)

...

1,549,000

1,548,935,702

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.05%),

0.07%, 01/31/23

(b)

...

2,554,640

2,554,965,161

Total

U.S.

Treasury

Obligations

—

103.8%

(Cost:

$105,098,743,801)

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

105,098,743,801

Total

Investments

—

103.8%

(Cost:

$105,098,743,801

)

(c)

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

105,098,743,801

Liabilities

in

Excess

of

Other

Assets

—

(3.8)%

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

(3,854,662,753)

Net

Assets

—

100.0%

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

$

101,244,081,048

(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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

105,098,743,801

$

—

$

105,098,743,801

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

94.3%

Alabama

—

0.5%

(a)(b)

Alabama

Federal

Aid

Highway

Finance,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2016-XF2373,

RB,

VRDN

(Citibank

NA

LIQ),

0.08%, 05/07/21

(c)

USD

5,000

$

5,000,000

Homewood

Alabama,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-37,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(c)

....

4,000

4,000,000

Mobile

Downtown

Redevelopment

Authority,

Series

2011A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.08%, 05/07/21

..........

17,860

17,860,000

26,860,000

Alaska

—

2.3%

(b)

Alaska

Housing

Finance

Corp.,

Series

2001A,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

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

14,765

14,765,000

Alaska

Housing

Finance

Corp.,

Series

2009A,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

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

470

470,000

Alaska

Housing

Finance

Corp.,

Series

2009B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

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

71,235

71,235,000

Alaska

Housing

Finance

Corp.,

Series

2009B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

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

29,150

29,150,000

Alaska

Housing

Finance

Corp.,

Series

2009D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

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

15,285

15,285,000

130,905,000

Arizona

—

0.1%

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

Series

2010,

RB,

VRDN

(Bank

of

Nova

Scotia

(The)

LOC),

0.10%, 05/07/21

(b)

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

5,000

5,000,000

California

—

10.3%

Abag

Finance

Authority

for

Nonprofit

Corp.,

Series

2009A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(b)

.........

4,175

4,175,000

California

Educational

Facilities

Authority,

Series

2006B,

RB,

VRDN,

0.05%, 05/07/21

(b)

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

16,130

16,130,000

California

Health

Facilities

Financing

Authority,

Series

2011C,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.06%, 05/07/21

(b)

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

8,200

8,200,000

California

Statewide

Communities

Development

Authority,

Series

2017BB,

RB,

VRDN

(East

West

Bank

LOC),

0.11%, 05/07/21

(b)

....

30,000

30,000,000

City

of

Los

Angeles

Department

of

Airports,

Series

2021A-3

(Bank

of

America

NA

LOC),

0.12%, 05/05/21

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

7,250

7,250,073

City

of

Los

Angeles

Wastewater

System,

Series

2021

(Toronto-Dominion

Bank

LOC),

0.11%, 05/04/21

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

35,000

35,000,175

County

of

Los

Angeles,

Series

2021B

(US

Bank

NA

LOC),

0.11%, 05/04/21

..........

2,750

2,750,014

County

of

Los

Angeles,

Series

2021B

(US

Bank

NA

LOC),

0.11%, 05/06/21

..........

8,400

8,400,067

East

Bay

Municipal

Utility

District

Water

System,

Series

2008A-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.04%, 05/07/21

(b)

10,005

10,005,000

Elsinore

Valley

Municipal

Water

District,

Series

2008B,

COP,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(b)

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

500

500,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

Fontana

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States

(AGM),

Series

2020-XF2895,

GO,

VRDN

(Barclays

Bank

plc

LIQ),

0.08%, 05/07/21

(a)(b)(c)

........

USD

5,800

$

5,800,000

Golden

Gate

Bridge

Highway

&

Transportation

District,

Series

2021B

(JP

Morgan

Chase

Bank

NA

SBPA),

0.10%, 05/19/21

.....

2,925

2,925,073

Imperial

Irrigation

District

Electric,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XM0488,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.12%, 05/07/21

(a)(b)(c)

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

7,500

7,500,000

Irvine

Ranch

Water

District,

Series

2011A-1,

VRDN,

0.09%, 03/02/22

(b)

...........

2,250

2,250,022

Long

Beach

California

Community

College,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0780,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

7,700

7,700,000

Los

Angeles

Community

Facilities

District,

Series

2021

(Bank

of

America

NA

LOC),

0.11%, 06/02/21

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

12,659

12,659,836

Los

Angeles

County

Capital

Asset

Leasing

Corp.,

Series

2021C

(Wells

Fargo

Bank

NA

LOC),

0.11%, 05/04/21

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

5,000

5,000,025

Los

Angeles

County

Schools,

Series

2020-

21B3,

COP,

2.00%, 12/30/21

.........

6,000

6,074,604

Los

Angeles

Department

of

Water,

Series

2021,

Sub-Series

A-2,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.02%, 05/03/21

(b)

...........

17,500

17,500,000

Metropolitan

Water

District

of

Southern

California,

Series

2017C,

RB,

VRDN,

0.31%, 06/21/21

(b)

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

11,000

11,000,000

Metropolitan

Water

District

of

Southern

California,

Series

2017D,

RB,

FRN

,

0.31%, 06/21/21

(b)

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

26,000

26,000,000

Metropolitan

Water

District

of

Southern

California,

Series

2017E,

R

B,

VRDN,

0.31%, 06/21/21

(b)

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

16,375

16,375,000

Metropolitan

Water

District

of

Southern

California,

Series

2018A-2,

RB,

VRDN

(Toronto-Dominion

Bank

SBPA),

0.02%, 05/03/21

(b)

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

1,560

1,560,000

Mount

San

Antonio

California

Community

College

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0753,

GO,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

5,600

5,600,000

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2021,

Sub-Series

A-1

(US

Bank

NA

LOC),

0.13%, 09/14/21

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

11,250

11,249,471

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2021A-2

(Bank

of

America

NA

LOC),

0.11%, 05/19/21

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

10,500

10,500,263

Natomas

University

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States

(AGM),

Series

2019-XG0250,

GO,

VRDN

(Bank

of

America

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

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

6,580

6,580,000

Riverside

County

Asset

Leasing

Corp.

(AGC),

Series

2008A,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.06%, 05/07/21

(b)

.........

2,145

2,145,000

Riverside

County

Office

of

Education

Pooled

Notes,

Series

2020-21A,

TAN,

2.00%, 12/01/21

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

16,000

16,174,611

MuniCash

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

California

(continued)

Sacramento

Transportation

Authority,

Series

2014A,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.04%, 05/07/21

(b)

......

USD

10,040

$

10,040,000

San

Diego

County

Regional

Transportation

Commission,

Series

2008A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.04%, 05/07/21

(b)

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

10,970

10,970,000

San

Francisco

City

&

County

Airport

Commission-San

Francisco

International

Airport,

Series

2018B,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.05%, 05/07/21

(b)

.....

3,650

3,650,000

San

Francisco

City

&

County

Public

Utilities

Commission,

Series

2021,

0.13%, 05/05/21

30,000

30,000,330

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater,

Series

2021

(Bank

of

America

NA

LOC),

0.14%, 05/12/21

...

23,000

23,000,621

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

(State

Street),

Series

2021

(State

Street

Bank

Guaranty),

0.12%, 06/16/21

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

61,000

61,005,734

San

Mateo

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0925,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

4,357

4,357,000

State

of

California,

Series

2003C-1,

GO,

VRDN

(TD

Bank

NA

LOC),

0.03%, 05/07/21

(b)

..

1,400

1,400,000

State

of

California,

Series

2021A-2

(Royal

Bank

of

Canada

LOC),

0.10%, 05/26/21

.....

20,355

20,356,058

State

of

California,

Series

2021A-2

(Royal

Bank

of

Canada

LOC),

0.11%, 06/04/21

.....

47,915

47,917,204

State

of

California

Department

of

Water

Resources,

Series

2021-1

(Bank

of

America

NA

SBPA),

0.10%, 05/25/21

.........

15,497

15,497,511

University

of

California,

Series

2013AL-3,

RB,

VRDN,

0.02%, 05/03/21

(b)

...........

10,000

10,000,000

University

of

California,

Series

2013AL-4,

RB,

VRDN,

0.02%, 05/03/21

(b)

...........

39,335

39,335,000

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-YX1098,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

8,150

8,150,000

582,683,692

Colorado

—

1.8%

(b)

Boulder

Larimer

&

Weld

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-G-57,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(c)

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

5,670

5,670,000

Boulder

Valley

Colony

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-16,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(c)

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

5,000

5,000,000

City

of

Colorado

Springs

Utilities

System,

Series

2005A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.06%, 05/07/21

.........

45,340

45,340,000

City

of

Colorado

Springs

Utilities

System,

Series

2006B,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.11%, 05/07/21

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

2,110

2,110,000

City

of

Colorado

Springs

Utilities

System,

Series

2010C,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.06%, 05/07/21

.........

9,075

9,075,000

Security

Par

(000)

Par

(000)

Value

Colorado

(continued)

Colorado

Health

Facilities

Authority,

Series

2020B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.07%, 05/07/21

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

USD

5,900

$

5,900,000

Colorado

Health

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0667,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

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

5,345

5,345,000

County

of

Arapahoe,

Series

2001,

RB,

VRDN

(Freddie

Mac

LOC),

0.10%, 05/07/21

...

9,135

9,135,000

Denver

Colorado

City

&

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2686,

RB,

VRDN

(Citibank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

..

8,000

8,000,000

Sheridan

Redevelopment

Agency,

Series

2011A-1,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.08%, 05/07/21

..........

4,720

4,720,000

100,295,000

Connecticut

—

1.5%

(b)

Connecticut

Housing

Finance

Authority,

Series

2016F,

Sub-Series

F-5,

RB,

VRDN

(

Helaba

SBPA),

0.07%, 05/07/21

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

48,200

48,200,000

Connecticut

Housing

Finance

Authority,

Series

2017F,

Sub-Series

F-3,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.06%, 05/07/21

......

30,835

30,835,000

Connecticut

State

Health

&

Educational

Facilities

Authority,

Series

2000A,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.05%, 05/07/21

..

3,700

3,700,000

Connecticut

State,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-3,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(c)

.....

4,000

4,000,000

86,735,000

Delaware

—

0.0%

Delaware

State

Economic

Development

Authority,

Series

1997,

RB,

VRDN

(M&T

Bank

LOC),

0.11%, 05/07/21

(b)

........

400

400,000

District

of

Columbia

—

0.4%

(b)

District

of

Columbia,

Series

2004,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.09%, 05/07/21

5,110

5,110,000

District

of

Columbia

Water

&

Sewer

Authority,

Series

2014B-1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.08%, 05/07/21

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

4,980

4,980,000

Metropolitan

Washington

Airports

Authority,

Series

2009D,

Sub-Series

D-2,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

...

14,715

14,715,000

24,805,000

Florida

—

4.0%

(b)

Cape

Coral

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-YX1071,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.10%, 05/07/21

(a)

(c)

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

10,480

10,480,000

County

of

Palm

Beach,

Series

2002,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.06%, 05/07/21

7,200

7,200,000

Escambia

County

Health

Facilities

Authority

(AGC),

Series

2003B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.13%, 05/03/21

.........

17,795

17,795,000

Florida

Housing

Finance

Corp.,

Series

2004M,

RB,

VRDN

(Freddie

Mac

LIQ),

0.13%, 05/07/21

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

9,675

9,675,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

Gainesville

Florida

Utilities,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2020-

YX1118,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(c)

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

USD

15,435

$

15,435,000

Halifax

Hospital

Medical

Center,

Series

2008,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.07%, 05/07/21

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

2,500

2,500,000

Highlands

County

Health

Facilities

Authority,

Series

2012I,

RB,

VRDN,

0.05%, 05/07/21

28,910

28,910,000

Highlands

County

Health

Facilities

Authority,

Series

2012I,

RB,

VRDN,

0.06%, 05/07/21

14,750

14,750,000

Hillsborough

County

Industrial

Development

Authority,

Series

2020B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

......

8,685

8,685,000

Miami-Dade

County

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2019-XX1109,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(c)

.....

8,750

8,750,000

Miami-Dade

County

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1110,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(c)

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

60,000

60,000,000

Miami-Dade

County

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0901,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.10%, 05/07/21

(a)(c)

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

2,000

2,000,000

Orlando

Utilities

Commission,

Series

2008-2,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.08%, 05/07/21

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

16,750

16,750,000

Orlando

Utilities

Commission,

Series

2015B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.06%, 05/07/21

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

18,065

18,065,000

Sunshine

State

Governmental

Financing

Commission,

Series

2010A,

RB,

VRDN

(MUFG

Union

Bank

NA

LOC),

0.06%, 05/07/21

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

7,500

7,500,000

228,495,000

Georgia

—

1.4%

Atlanta

Water

&

Waste

Water,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2649,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

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

13,000

13,000,000

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0244,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.11%, 05/07/21

(a)(b)(c)

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

2,450

2,450,000

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0751,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.11%, 05/07/21

(a)(b)(c)

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

3,000

3,000,000

Burke

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-107,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 05/07/21

(a)(b)(c)

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

5,000

5,000,000

City

of

Canton,

Series

2021,

RB,

4.00%, 05/03/21

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

725

725,000

Gainesville

&

Hall

County

Development

Authority

(AGC),

Series

2003B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.13%, 05/03/21

(b)

.

27,505

27,505,000

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Georgia

Municipal

Electric

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States

(AGM),

Series

2019-XG0257,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 05/07/21

(a)(b)(c)

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

USD

2,230

$

2,230,000

Heard

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-105,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 05/07/21

(a)(b)(c)

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

2,075

2,075,000

Monroe

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-106,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 05/07/21

(a)(b)(c)

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

5,000

5,000,000

Municipal

Electric

Authority

of

Georgia,

Series

2008B,

RB,

VRDN

(PNC

Bank

NA

LOC),

0.07%, 05/07/21

(b)

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

4,010

4,010,000

Municipal

Electric

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0256,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 05/07/21

(a)(b)(c)

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

15,820

15,820,000

80,815,000

Hawaii

—

0.3%

State

of

Hawaii,

Series

2020GA,

GO,

5.00%, 10/01/21

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

16,175

16,497,120

Idaho

—

0.2%

Idaho

Housing

&

Finance

Association,

Series

2011A,

RB,

VRDN

(FHLMC

Guaranty),

0.06%, 05/07/21

(b)

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

9,150

9,150,000

Illinois

—

2.8%

(b)

City

of

Galesburg,

Series

1999,

RB,

VRDN

(PNC

Bank

NA

LOC),

0.30%, 05/07/21

..

2,550

2,550,000

Illinois

Development

Finance

Authority,

Series

1998,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.08%, 05/07/21

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

8,000

8,000,000

Illinois

Development

Finance

Authority,

Series

2001,

RB,

VRDN

(BMO

Harris

Bank

NA

LOC),

0.08%, 05/07/21

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

2,200

2,200,000

Illinois

Finance

Authority,

Series

2004,

RB,

VRDN

(BMO

Harris

Bank

NA

LOC),

0.08%, 05/07/21

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

11,225

11,225,000

Illinois

Finance

Authority,

Series

2007A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.07%, 05/07/21

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

4,100

4,100,000

Illinois

Finance

Authority,

Series

2008C,

Sub-

Series

3-A,

RB,

VRDN

(Northern

Trust

Co.

SBPA),

0.07%, 05/07/21

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

7,055

7,055,000

Illinois

Finance

Authority,

Series

2008D,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.07%, 05/07/21

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

7,000

7,000,000

Illinois

Finance

Authority,

Series

2009E,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.06%, 05/07/21

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

15,965

15,965,000

Illinois

Finance

Authority,

Series

2020B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.02%, 05/03/21

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

35,685

35,685,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XL0072,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

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

7,500

7,500,000

MuniCash

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XL0086,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

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

USD

16,150

$

16,150,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0781,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

23,420

23,420,000

Illinois

Housing

Development

Authority

(GNMA/

FNMA/FHLMC),

Series

2018,

Sub-Series

A-2,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.05%, 05/07/21

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

13,500

13,500,000

Illinois

State

Toll

Highway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF2202,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.09%, 05/07/21

(a)(c)

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

1,140

1,140,000

Illinois

State

Toll

Highway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0801,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.10%, 05/07/21

(a)(c)

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

3,340

3,340,000

158,830,000

Indiana

—

1.4%

County

of

Elkhart,

Series

2008A,

RB,

VRDN

(Federal

Home

Loan

Bank

LOC),

0.06%, 05/07/21

(b)

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

7,005

7,005,000

Indiana

Finance

Authority,

Series

2005A-1,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.09%, 05/07/21

(b)

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

33,175

33,175,000

Indiana

Finance

Authority,

Series

2009B,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.04%, 05/04/21

(b)

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

6,000

6,000,000

Indiana

Finance

Authority,

Series

2009D,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.04%, 05/04/21

(b)

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

8,750

8,750,000

Indiana

Housing

&

Community

Development

Authority,

Series

2017C-3,

RB,

VRDN

(TD

Bank

NA

LIQ),

0.04%, 05/03/21

(b)

......

12,440

12,440,000

Indiana

University,

Series

2021,

0.16%, 09/21/21

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

10,000

9,999,520

77,369,520

Iowa

—

3.7%

(b)

Iowa

Finance

Authority,

Series

2003B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.06%, 05/07/21

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

20,780

20,780,000

Iowa

Finance

Authority,

Series

2008B,

RB,

VRDN

(MidAmerican

Energy

Corp.

Guaranty),

0.07%, 05/07/21

..........

53,625

53,625,000

Iowa

Finance

Authority,

Series

2012,

RB,

VRDN

(Korea

Development

Bank

LOC),

0.12%, 05/07/21

(a)

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

94,625

94,625,000

Iowa

Finance

Authority,

Series

2016A,

RB,

VRDN

(MidAmerican

Energy

Corp.

Guaranty),

0.07%, 05/07/21

..........

30,100

30,100,000

Iowa

Finance

Authority

(GNMA/FNMA/FHLMC),

Series

2017D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.05%, 05/07/21

....

8,400

8,400,000

207,530,000

Security

Par

(000)

Par

(000)

Value

Kansas

—

0.3%

(a)(b)(c)

Topeka

Kansas

Utility,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0696,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.11%, 05/07/21

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

USD

8,580

$

8,580,000

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-23,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

.

6,500

6,500,000

15,080,000

Kentucky

—

1.5%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States

(AGM),

Series

2018-XG0161,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.09%, 05/07/21

(a)(b)(c)

.

4,960

4,960,000

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Series

2020,

BAN,

5.00%, 10/20/21

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

52,340

53,526,637

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

(JPMC),

Series

2021

(JP

Morgan

Chase

Bank

Guaranty),

0.15%, 06/01/21

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

15,000

15,000,780

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

(JPMC),

Series

2021

(JP

Morgan

Chase

Bank

Guaranty),

0.13%, 07/01/21

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

10,000

10,001,240

University

of

Louisville,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States

(AGM),

Series

2020-XM0881,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.10%, 05/07/21

(a)(b)(c)

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

2,730

2,730,000

86,218,657

Louisiana

—

2.2%

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.,

Series

2010B,

RB,

VRDN

(Exxon

Mobil

Corp.

Guaranty),

0.04%, 05/03/21

(b)

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

14,100

14,100,000

Livingston

Parish

School

Board,

Series

2021A,

RB,

3.00%, 05/03/21

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

1,700

1,700,000

Louisiana

Public

Facilities

Authority,

Series

200

4,

RB,

VRDN

(Air

Products

&

Che

micals,

Inc.

Guaranty),

0.07%, 05/07/21

(b)

......

23,000

23,000,000

Louisiana

Public

Facilities

Authority,

Series

2008

B,

RB,

VRDN

(Air

Products

&

Che

micals,

Inc.

Guaranty),

0.08%, 05/07/21

(b)

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

11,400

11,400,000

Louisiana

Public

Facilities

Authority,

Series

2010,

RB,

VRDN

(Air

Products

&

Che

micals,

Inc.

Guaranty),

0.08%, 05/07/21

(b)

......

66,700

66,700,000

Parish

of

St

Charles,

Series

1992B,

RB,

VRDN

(Shell

Oil

Corp.

Guaranty),

0.05%, 05/03/21

(b)

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

8,600

8,600,000

125,500,000

Maryland

—

0.7%

(b)

Baltimore

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0642,

BAN,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

1,900

1,900,000

Maryland

Economic

Development

Corp.,

Series

2008A,

RB,

VRDN,

0.06%, 05/07/21

....

6,750

6,750,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2000,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.11%, 05/07/21

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

14,340

14,340,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2009B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.06%, 05/07/21

....

USD

12,320

$

12,320,000

Washington

Suburban

Sanitary

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0816,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(c)

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

2,285

2,285,000

37,595,000

Massachusetts

—

1.1%

Attleboro,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XM0915,

GO,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..........

6,750

6,750,000

City

of

Quincy,

Series

2020,

BAN,

GO,

2.00%, 06/11/21

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

16,614

16,648,485

Commonwealth

of

Massachusetts,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2021

E-148,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..

20,000

20,000,000

Massachusetts

Development

Finance

Agency,

Series

2008-U6E,

RB,

VRDN

(TD

Bank

NA

LOC),

0.02%, 05/03/21

(b)

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

12,205

12,205,000

Massachusetts

Development

Finance

Agency,

Series

2011K-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.05%, 05/07/21

(b)

....

4,640

4,640,000

Massachusetts

State

Transporting

Fund,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0610,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

....

4,500

4,500,000

64,743,485

Michigan

—

3.8%

Board

of

Trustees

Michigan

State

University,

Series

2021G,

0.11%, 05/06/21

.......

22,090

22,090,177

Board

of

Trustees

Michigan

State

University,

Series

2021G,

0.11%, 05/07/21

.......

9,935

9,935,099

Kent

Hospital

Finance

Authority,

Series

2008C,

RB,

VRDN

(Bank

of

New

York

Mellon

LOC),

0.05%, 05/07/21

(b)

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

4,075

4,075,000

Michigan

Building

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0743,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

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

4,000

4,000,000

Michigan

State

Housing

Development

Authority,

Series

2006C,

RB,

VRDN

(US

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

...........

14,790

14,790,000

Michigan

State

Housing

Development

Authority,

Series

2009D,

RB,

VRDN

(Industrial

and

Commercial

Bank

of

China

Ltd.

SBPA),

0.10%, 05/07/21

(b)

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

14,705

14,705,000

Michigan

State

University,

Series

2000A-

1,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.08%, 05/07/21

(b)

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

44,925

44,925,000

Michigan

State

University,

Series

2003A,

RB,

VRDN

(Northern

Trust

Co.

SBPA),

0.08%, 05/07/21

(b)

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

38,005

38,005,000

Michigan

State

University,

Series

2005,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.08%, 05/07/21

(b)

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

51,090

51,090,000

University

of

Michigan,

Series

2012D-1,

RB,

VRDN,

0.02%, 05/03/21

(b)

...........

10,915

10,915,000

214,530,276

Security

Par

(000)

Par

(000)

Value

Minnesota

—

1.9%

City

of

Minneapolis,

Series

1997B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.07%, 05/07/21

(b)

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

USD

3,250

$

3,250,000

City

of

Minneapolis,

Series

2009,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

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

8,800

8,800,000

City

of

Rochester,

Series

2008A,

RB,

VRDN,

0.05%, 05/07/21

(b)

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

10,200

10,200,000

City

of

Rochester,

Series

2019A,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.06%, 05/07/21

(b)

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

15,000

15,000,000

City

of

Rochester,

Series

2019C,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.06%, 05/07/21

(b)

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

4,800

4,800,000

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota,

Series

2009C,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.05%, 05/07/21

(b)

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

5,320

5,320,000

Minnesota

Housing

Finance

Agency,

Series

2015G,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

(b)

...........

4,575

4,575,000

University

of

Minnesota,

Series

2021C,

0.11%, 05/20/21

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

15,000

15,000,600

University

of

Minnesota,

Series

2021F,

0.14%, 05/10/21

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

42,100

42,100,589

109,046,189

Mississippi

—

3.3%

(b)

County

of

Jackson,

Series

1993,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

9,870

9,870,000

Mississippi

Business

Finance

Corp.,

Series

2007D,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.04%, 05/03/21

..........

10,950

10,950,000

Mississippi

Business

Finance

Corp.,

Series

2009E,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

19,350

19,350,000

Mississippi

Business

Finance

Corp.,

Series

2009F,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

5,350

5,350,000

Mississippi

Business

Finance

Corp.,

Series

2010G,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

3,950

3,950,000

Mississippi

Business

Finance

Corp.,

Series

2010H,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

30,420

30,420,000

Mississippi

Business

Finance

Corp.,

Series

2010K,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

22,000

22,000,000

Mississippi

Business

Finance

Corp.,

Series

2010L,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

38,160

38,160,000

Mississippi

Business

Finance

Corp.,

Series

2011C,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

14,525

14,525,000

Mississippi

Business

Finance

Corp.,

Series

2011F,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.04%, 05/03/21

..........

10,265

10,265,000

Mississippi

Business

Finance

Corp.,

Series

2011G,

RB,

VRDN

(Chevron

Corp.

Guaranty),

0.03%, 05/03/21

..........

20,300

20,300,000

185,140,000

MuniCash

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Missouri

—

1.9%

(b)

City

of

Kansas

City,

Series

2008E,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.07%, 05/07/21

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

USD

7,765

$

7,765,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0678,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

(a)(c)

.....

18,800

18,800,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XG0184,

RB,

VRDN

(Citibank

NA

LOC),

0.11%, 05/07/21

(a)(c)

...........

5,000

5,000,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019C-17,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.11%, 05/07/21

(a)(c)

.....

14,000

14,000,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XG0300,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.10%, 05/07/21

(a)(c)

........

7,500

7,500,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

C-16,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 05/07/21

(a)(c)

...........

52,600

52,600,000

105,665,000

Nebraska

—

2.2%

Lincoln

Nebraska

Electric

(JPMC),

Series

1995

(JP

Morgan

Chase

Bank

NA

LOC),

0.13%, 08/03/21

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

40,000

40,000,640

Nebraska

Investment

Finance

Authority

(GNMA/FNMA/FHLMC),

Series

2017C,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

(b)

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

15,195

15,195,000

Omaha

Public

Power

District,

Series

2021A

(Bank

of

America

NA

SBPA),

0.13%, 05/04/21

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

10,050

10,050,081

Omaha

Public

Power

District,

Series

2021A

(Bank

of

America

NA

SBPA),

0.13%, 05/05/21

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

14,000

14,000,140

Omaha

Public

Power

District,

Series

2021A

(Bank

of

America

NA

SBPA),

0.13%, 05/06/21

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

8,950

8,950,107

Omaha

Public

Power

District,

Series

2021A

(Bank

of

America

NA

SBPA),

0.14%, 09/01/21

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

14,370

14,369,253

Omaha

Public

Power

District,

Series

2021A

(Bank

of

America

NA

SBPA),

0.14%, 09/02/21

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

14,000

13,999,258

Omaha

Public

Power

District

Electric,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2685,

RB,

VRDN

(Citibank

NA

LIQ),

0.09%, 05/07/21

(a)

(b)(c)

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

5,400

5,400,000

121,964,479

Nevada

—

0.1%

Nevada

System

of

Higher

Education,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2858,

COP,

VRDN

(Barclays

Bank

plc

LIQ),

0.11%, 05/07/21

(a)(b)(c)

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

5,475

5,475,000

Security

Par

(000)

Par

(000)

Value

New

Hampshire

—

0.3%

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Series

2005A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.02%, 05/03/21

(b)

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

USD

14,400

$

14,400,000

New

Jersey

—

1.5%

County

of

Mercer,

Series

2020A,

BAN,

GO,

2.00%, 06/10/21

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

49,544

49,638,413

County

of

Middlesex,

Series

2020,

BAN,

GO,

2.00%, 06/03/21

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

6,000

6,009,293

New

Jersey

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF2853,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.09%, 05/07/21

(a)(b)(c)

.........

2,740

2,740,000

New

Jersey

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States

(NATL-RE),

Series

2018-XX1091,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.09%, 05/07/21

(a)(b)(c)

...

11,545

11,545,000

New

Jersey

State

Appropriation,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2018-XG0168,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.09%, 05/07/21

(a)(b)(c)

.......

7,725

7,725,000

New

Jersey

State

Housing

&

Mortgage

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XG0228,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..........

2,775

2,775,000

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2020-XM0926,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 05/07/21

(b)

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

4,250

4,250,000

84,682,706

New

York

—

15.0%

Amherst

Development

Corp.,

Series

2011A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.11%, 05/07/21

(b)

.........

4,100

4,100,000

Battery

Park

City

Authority,

Series

2019D-

1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.05%, 05/07/21

(b)

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

700

700,000

Battery

Park

City

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 05/07/21

(b)(c)

..........

2,645

2,645,000

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

6,000

6,011,462

City

of

New

York,

Series

2005F,

Sub-Series

F-3,

GO,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.08%, 05/07/21

(b)

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

2,500

2,500,000

City

of

New

York,

Series

2006I,

Sub-Series

I-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

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

26,305

26,305,000

City

of

New

York,

Series

2012A,

Sub-Series

A-4,

GO,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC),

0.06%, 05/07/21

(b)

.....

4,505

4,505,000

City

of

New

York,

Series

2012G,

Sub-Series

G-6,

GO,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.03%, 05/03/21

(b)

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

5,420

5,420,000

City

of

New

York,

Series

2014D,

Sub-Series

D-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

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

44,690

44,690,000

City

of

New

York,

Series

2014I,

Sub-Series

I-3,

GO,

VRDN

(Citibank

NA

LOC),

0.06%, 05/07/21

(b)

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

29,890

29,890,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

City

of

New

York,

Series

2018E,

Sub-Series

E-5,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

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

USD

24,375

$

24,375,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0550,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 05/07/21

(a)(b)(c)

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

10,050

10,050,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0677,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.10%, 05/07/21

(a)(b)(c)

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

4,595

4,595,000

Metropolitan

Transportation

Authority,

Series

2008A-1,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

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

8,895

8,895,000

Metropolitan

Transportation

Authority,

Series

2012A-2,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.07%, 05/07/21

(b)

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

17,700

17,700,000

Metropolitan

Transportation

Authority,

Series

2015,

Sub-Series

E-3,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.03%, 05/03/21

(b)

...

9,400

9,400,000

Metropolitan

Transportation

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

E-126,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.11%, 05/07/21

(a)(b)(c)

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

30,500

30,500,000

Monroe

County

Industrial

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0991,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

......

5,150

5,150,000

New

York

City

Health

&

Hospital

Corp.,

Series

2008C,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

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

1,000

1,000,000

New

York

City

Housing

Development

Corp.,

Series

2017C-4,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

....

22,020

22,020,000

New

York

City

Housing

Development

Corp.,

Series

2017G-3,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.05%, 05/07/21

(b)

....

4,000

4,000,000

New

York

City

Housing

Development

Corp.,

Series

2019A-4,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.07%, 05/07/21

(b)

.....

2,950

2,950,000

New

York

City

Industrial

Development

Agency,

Series

2004B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.03%, 05/03/21

(b)

.........

2,700

2,700,000

New

York

City

Municipal

Water

Finance,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0731,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

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

2,800

2,800,000

New

York

City

Transitional

Finance

Authority,

Series

2003,

Sub-Series

A-4,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.04%, 05/03/21

(b)

.

33,805

33,805,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2010,

Sub-

Series

G-6,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

16,770

16,770,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2011,

Sub-

Series

A-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

8,920

8,920,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2014,

Sub-

Series

D-3,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.05%, 05/03/21

(b)

...........

USD

24,565

$

24,565,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2019,

Sub-

Series

C-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

22,700

22,700,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

2019,

Sub-Series

B-4,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.02%, 05/03/21

(b)

22,355

22,355,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF2529,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

....

4,625

4,625,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0992,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

......

3,080

3,080,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2021-

XL0164,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.08%, 05/07/21

(a)(b)(c)

.........

9,330

9,330,000

New

York

City

Trust

for

Cultural

Resources,

Series

2009A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.05%, 05/07/21

(b)

7,745

7,745,000

New

York

City

Water

&

Sewer

System,

Series

2009,

Sub-Series

BB-1,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.05%, 05/03/21

(b)

..

14,100

14,100,000

New

York

City

Water

&

Sewer

System,

Series

2011,

Sub-Series

FF-2,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.02%, 05/03/21

(b)

..

10,500

10,500,000

New

York

City

Water

&

Sewer

System,

Series

2011DD-1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.04%, 05/03/21

(b)

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

32,140

32,140,000

New

York

City

Water

&

Sewer

System,

Series

2012,

Sub-Series

A-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.03%, 05/03/21

(b)

....

11,400

11,400,000

New

York

City

Water

&

Sewer

System,

Series

2013,

Sub-Series

AA2,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.07%, 05/07/21

(b)

....

6,300

6,300,000

New

York

City

Water

&

Sewer

System,

Series

2013,

Sub-Series

AA-2,

RB,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

SBPA),

0.06%, 05/07/21

(b)

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

5,400

5,400,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-3,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.04%, 05/03/21

(b)

....

57,815

57,815,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-5,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.04%, 05/03/21

(b)

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

23,920

23,920,000

New

York

City

Water

&

Sewer

System,

Series

2015BB,

Sub-Series

BB-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.04%, 05/03/21

(b)

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

16,900

16,900,000

New

York

City

Water

&

Sewer

System,

Series

2016BB-1A,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.04%, 05/03/21

(b)

...

9,570

9,570,000

MuniCash

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Water

&

Sewer

System,

Series

2016BB-1B,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.04%, 05/03/21

(b)

...

USD

10,215

$

10,215,000

New

York

City

Water

&

Sewer

System,

Series

2017BB,

RB,

VRDN

(Bank

of

Montreal

SBPA),

0.04%, 05/03/21

(b)

...........

22,115

22,115,000

New

York

Power

Authority,

Series

2021-2

(TD

Bank

NA

SBPA),

0.14%, 08/17/21

.....

11,500

11,501,472

New

York

Power

Authority

(JPMC),

Series

2020

(Toronto-Dominion

Bank

SBPA),

0.29%, 07/13/21

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

9,900

9,901,960

New

York

Power

Authority

(JPMC),

Series

2020

(JP

Morgan

Chase

Bank

NA

SBPA),

0.29%, 08/03/21

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

38,522

38,532,285

New

York

Power

Authority

(JPMC),

Series

2020

(JP

Morgan

Chase

Bank,

State

Street

Bank,

Toronto-Dominion

(The)

and

Wells

Fargo

Bank

Guaranty),

0.23%, 08/17/21

......

13,577

13,579,716

New

York

Power

Authority

(JPMC),

Series

2021

(JP

Morgan

Chase

Bank,

State

Street

Bank,

Toronto-Dominion

(The)

and

Wells

Fargo

Bank

Guaranty),

0.15%, 09/13/21

......

21,800

21,803,401

New

York

State

Authority

General,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0829,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

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

2,000

2,000,000

New

York

State

Dormitory

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

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

3,040

3,040,000

New

York

State

Dormitory

Authority,

Series

2020E-146,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 05/07/21

(b)

...........

7,000

7,000,000

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2647,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

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

3,000

3,000,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-1,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.06%, 05/07/21

(b)

............

27,800

27,800,000

New

York

State

Housing

Finance

Agency,

Series

2004A,

RB,

VRDN

(Fannie

Mae

LOC),

0.05%, 05/07/21

(b)

............

5,400

5,400,000

New

York

State

Housing

Finance

Agency,

Series

2010A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.07%, 05/07/21

(b)

................

7,900

7,900,000

New

York

State

Urban

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XM0580,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

....

3,750

3,750,000

New

York,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

G-55,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

7,865

7,865,000

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B

(JP

Morgan

Chase

Bank

Guaranty),

0.12%, 06/09/21

..........

1,500

1,500,078

Syracuse

Industrial

Development

Agency,

Series

2021A,

RB,

5.00%, 05/03/21

....

250

250,000

Triborough

Bridge

&

Tunnel

Authority,

Series

2001C,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC),

0.02%, 05/03/21

(b)

.....

24,850

24,850,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Triborough

Bridge

&

Tunnel

Authority,

Series

2005A,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.06%, 05/07/21

(b)

................

USD

12,125

$

12,125,000

848,970,374

North

Carolina

—

1.0%

(b)

City

of

Charlotte,

Series

2003F,

COP,

VRDN

(Bank

of

America

NA

SBPA),

0.07%, 05/07/21

.................

5,000

5,000,000

City

of

Charlotte,

Series

2013G,

COP,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.05%, 05/07/21

.................

14,225

14,225,000

City

of

Raleigh,

Series

2005B-1,

COP,

VRDN

(PNC

Bank

NA

SBPA),

0.08%, 05/07/21

.

28,040

28,040,000

University

of

Chapel

Hill

Union,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0262,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.13%, 05/07/21

(a)(c)

...............

640

640,000

University

of

North

Carolina

at

Chapel

Hill,

Series

2001A,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.04%, 05/03/21

............

8,630

8,630,000

56,535,000

North

Dakota

—

0.1%

North

Dakota

Housing

Finance

Agency,

Series

2017H,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

(b)

.......

7,395

7,395,000

Ohio

—

1.2%

Akron

Bath

Copley

Joint

Township

Hospital

District,

Series

2017B,

RB,

VRDN

(BMO

Harris

Bank

NA

LOC),

0.06%, 05/07/21

(b)

.

2,475

2,475,000

Allen

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019E,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

11,395

11,395,000

Berea

Ohio

City

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-G-54,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

4,050

4,050,000

City

of

Avon,

Series

2020,

BAN,

GO,

1.50%, 06/10/21

.................

525

525,635

City

of

Kirtland,

Series

2020,

BAN,

GO,

1.50%, 06/17/21

.................

2,405

2,408,758

City

of

Parma,

Series

2020,

BAN,

GO,

1.00%, 07/22/21

.................

3,000

3,005,261

County

of

Franklin,

Series

2011D-1,

RB,

VRDN,

0.05%, 05/07/21

(b)

................

5,240

5,240,000

County

of

Franklin,

Series

2018C,

RB,

VRDN,

0.05%, 05/07/21

(b)

................

21,600

21,600,000

Forest

Hills

Ohio

Local

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-30,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

4,600

4,600,000

Miami

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0225,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.10%, 05/07/21

(a)(b)(c)

..............

3,000

3,000,000

State

of

Ohio,

Series

2021B,

RB,

VRDN,

0.05%, 05/07/21

(b)

................

10,000

10,000,000

68,299,654

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Oregon

—

0.9%

(b)

Oregon

State

Facilities

Authority,

Series

2005A,

RB,

VRDN

(Fannie

Mae

LOC),

0.10%, 05/07/21

.................

USD

7,975

$

7,975,000

Oregon

State

Facilities

Authority,

Series

2018B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

.................

40,380

40,380,000

48,355,000

Pennsylvania

—

6.4%

Allegheny

County

Hospital

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-111,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.06%, 05/03/21

(a)(b)(c)

..............

34,970

34,970,000

Cheltenham

Township

School

District,

Series

2021A,

GO,

1.00%, 09/15/21

.........

625

626,749

City

of

Philadelphia,

Series

2020-2021A,

TAN,

4.00%, 06/30/21

.................

31,900

32,096,884

Cumberland

County

Municipal

Authority,

Series

2019,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.11%, 05/07/21

(b)

.....

16,700

16,700,000

Emmaus

General

Authority

(AGM),

Series

1996,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

...........

40,700

40,700,000

Geisinger

Authority

Pennsylvania

Health

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2017-

XF0543,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.13%, 05/07/21

(a)(b)(c)

..........

4,000

4,000,000

Geisinger

Authority

Pennsylvania

Health

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XM0613,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.13%, 05/07/21

(a)(b)(c)

....

4,325

4,325,000

General

Authority

of

Southcentral

Pennsylvania,

Series

2019C,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.10%, 05/07/21

(b)

..........

10,500

10,500,000

General

Authority

of

Southcentral

Pennsylvania,

Series

2019D,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.10%, 05/07/21

(b)

..........

18,500

18,500,000

Lancaster

Industrial

Development

Authority,

Series

2009C,

VRDN

(PNC

Bank

NA

LOC),

0.07%, 05/07/21

(b)

................

10,970

10,970,000

Lycoming

County

Authority,

Series

2013-S1,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.10%, 05/07/21

(b)

.........

2,770

2,770,000

Montgomery

County

Industrial

Development

Authority

(AGC),

Series

2002,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.13%, 05/03/21

(b)

.

8,845

8,845,000

Oklahoma

Development

Finance

Authority,

Series

2020E-140,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 05/07/21

(b)

.....

12,500

12,500,000

Pennsylvania

Economic

Development

Financing

Authority,

Series

2009C,

RB,

VRDN

(MUFG

Bank

Ltd.

LOC),

0.10%, 05/07/21

(b)

................

12,000

12,000,000

Pennsylvania

State

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0721,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

....

2,060

2,060,000

Pennsylvania

State

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XL0140,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..........

1,625

1,625,000

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

Series

2020A,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.05%, 05/07/21

(b)

................

USD

18,000

$

18,000,000

Philadelphia

Authority

for

Industrial

Development,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF2836,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.26%, 05/07/21

(a)(b)(c)

3,930

3,930,000

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County

(AGM),

Series

2007A,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.08%, 05/07/21

(b)

................

108,295

108,295,000

Westmoreland

County

Muni

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-YX1075,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

14,190

14,190,000

Wilkes-Barre

Area

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0777,

GO,

VRDN

(Bank

of

America

NA

LOC),

0.10%, 05/07/21

(a)(b)(c)

..............

2,280

2,280,000

359,883,633

Rhode

Island

—

0.4%

City

of

East

Providence,

Series

2021-1,

BAN,

GO,

2.00%, 06/17/21

..............

7,250

7,266,648

City

of

East

Providence,

Series

2021-1,

GO,

TAN,

2.00%, 07/29/21

.............

5,500

5,524,951

Rhode

Island

Health

&

Education

Building

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XM0721,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..........

8,250

8,250,000

21,041,599

South

Carolina

—

1.3%

City

of

Columbia

Waterworks

&

Sewer

System,

Series

2009,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.06%, 05/07/21

(b)

......

23,100

23,100,000

South

Carolina

Public

Service

Authority,

Series

2019A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.12%, 05/07/21

(b)

............

25,460

25,460,000

South

Carolina

Public

Service

Authority,

Series

2021B

(Barclays

Bank

plc

LOC),

0.15%, 07/20/21

.................

4,800

4,800,480

South

Carolina

Public

Service

Authority

(Barclays

Bank),

Series

2021,

0.13%, 06/02/21

.................

5,600

5,600,319

South

Carolina

State

Housing

Finance

&

Development

Authority,

Series

2008,

RB,

VRDN

(Freddie

Mac

LOC),

0.09%, 05/07/21

(b)

................

1,780

1,780,000

South

Carolina

State

Housing

Finance

&

Development

Authority,

Series

2020,

RB,

VRDN

(Federal

Home

Loan

Bank

LOC),

0.06%, 05/07/21

(b)

................

10,925

10,925,000

71,665,799

South

Dakota

—

0.5%

(b)

South

Dakota

Housing

Development

Authority,

Series

2015E,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.05%, 05/07/21

....

8,300

8,300,000

South

Dakota

Housing

Development

Authority,

Series

2020B,

RB,

VRDN

(South

Dakota

Housing

Development

Authority

SBPA),

0.05%, 05/07/21

.................

14,400

14,400,000

MuniCash

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

South

Dakota

(continued)

South

Dakota

Housing

Development

Authority,

Series

2020D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.09%, 05/07/21

....

USD

7,600

$

7,600,000

30,300,000

Tennessee

—

1.4%

City

of

Memphis,

Series

2012A

(State

Street

Bank

&

Trust

Co.

SBPA),

0.10%, 05/06/21

20,000

20,000,160

City

of

Memphis

(State

Street),

Series

2012A

(State

Street

Bank

&

Trust

Co.

SBPA),

0.14%, 06/02/21

.................

25,000

25,001,600

City

of

Memphis

(State

Street),

Series

2012A

(State

Street

Bank

&

Trust

Co.

SBPA),

0.12%, 07/07/21

.................

6,000

6,000,492

Clarksville

Public

Building

Authority,

Series

1999,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.10%, 05/07/21

(b)

............

2,620

2,620,000

Memphis

Sanitary

Sewer

System,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF0994,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..............

4,340

4,340,000

Public

Building

Authority

of

Sevier

County

(The),

Series

2008VII-B-1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.07%, 05/07/21

(b)

.

13,140

13,140,000

Tennessee

Housing

Development

Agency

Resident,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-YX1087,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(b)(c)

........

9,780

9,780,000

80,882,252

Texas

—

9.4%

Austin

Electric

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF0220,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.13%, 05/07/21

(a)(b)(c)

..............

27,745

27,745,000

Bexar

County

Housing

Finance

Corp.,

Series

2000,

RB,

VRDN

(Fannie

Mae

LOC),

0.09%, 05/07/21

(b)

................

2,520

2,520,000

Board

of

Regents

of

the

University

of

Texas

System,

Series

2021,

0.12%, 05/06/21

..

25,000

25,000,325

Board

of

Regents

of

the

University

of

Texas

System,

Series

2021A,

0.12%, 05/19/21

.

23,100

23,100,577

Board

of

Regents

of

the

University

of

Texas

System,

Series

2021A,

0.10%, 05/20/21

.

15,500

15,500,419

Brownsville

Texas

Utilities

System

(Bank

of

America),

Series

2021A

(Bank

of

America

NA

LOC),

0.22%, 12/16/21

..........

10,000

9,999,610

City

of

Austin,

Series

2017A,

RB,

VRDN

(Citibank

NA

LOC),

0.06%, 05/07/21

(b)

...

14,425

14,425,000

City

of

Austin

Water

&

Wastewater

System,

Series

2008,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.07%, 05/07/21

(b)

............

7,960

7,960,000

City

of

Garland,

Series

2021

(Sumitomo

Mitsui

Banking

Corp.

LOC),

0.15%, 05/25/21

...

8,500

8,500,425

City

of

Garland,

Series

2021

(Sumitomo

Mitsui

Banking

Corp.

LOC),

0.10%, 07/22/21

...

18,000

18,001,836

City

of

Houston

Combined

Utility

System,

Series

2004B-2,

RB,

VRDN

(Citibank

NA

LOC),

0.06%, 05/07/21

(b)

............

1,130

1,130,000

City

of

Houston

Combined

Utility

System,

Series

2004B-3,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.06%, 05/07/21

(b)

.

4,105

4,105,000

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Dallas

Independent

School

District

(JPMC),

Series

2020A

(JP

Morgan

Chase

Bank

NA

LOC),

0.28%, 07/02/21

.............

USD

10,000

$

10,001,280

Dallas

Texas

Water

Works

&

Swear

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF2697,

RB,

VRDN

(Citibank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..............

6,000

6,000,000

Fort

Bend

Independent

School

District,

Series

2021A

(JP

Morgan

Chase

Bank

NA

SBPA),

0.13%, 06/28/21

.................

35,000

35,002,625

Harris

County

Flood

Control

District,

Series

2021H

(JP

Morgan

Chase

Bank

NA

SBPA),

0.12%, 05/06/21

.................

28,000

28,000,224

Harris

County

Flood

Control

District,

Series

2021H

(JP

Morgan

Chase

Bank

NA

SBPA),

0.13%, 06/17/21

.................

3,750

3,750,233

Lamar

Texas

Cons

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States

(PSF-GTD),

Series

G-18,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

....

7,740

7,740,000

Laredo

Texas,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

G-60,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

.........

10,520

10,520,000

Leander

Texas

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

G-62,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

2,000

2,000,000

Lower

Neches

Valley

Authority

Industrial

Development

Corp.,

Series

2002A,

RB,

VRDN,

0.03%, 05/03/21

(b)

...........

14,140

14,140,000

Lower

Neches

Valley

Authority

Industrial

Development

Corp.,

Series

2010,

RB,

VRDN,

0.03%, 05/03/21

(b)

...........

20,625

20,625,000

North

Bend

Water

Authority

Texas

Water,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0816,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 05/07/21

(a)(b)(c)

....

16,520

16,520,000

North

Texas

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020E-145,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

....

11,000

11,000,000

Pasadena

Independent

School

District

(AGM),

Series

2005-B,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

26,915

26,915,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2002C,

RB,

VRDN,

0.09%, 05/07/21

(b)

...........

1,500

1,500,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2010A,

RB,

VRDN,

0.09%, 05/07/21

(b)

...........

3,000

3,000,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2012,

RB,

VRDN,

0.09%, 05/07/21

(b)

...........

9,500

9,500,000

Red

River

Education

Finance

Corp.,

Series

2006,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

................

20,500

20,500,000

San

Antonio

Housing

Trust

Finance

Corp.,

Series

2020A,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.06%, 05/07/21

(b)

........

17,250

17,250,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniCash

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

San

Antonio

Housing

Trust

Finance

Corp.,

Series

2020B,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.06%, 05/07/21

(b)

........

USD

4,000

$

4,000,000

South

Texas

Community

College

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018G-

35,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

.........

7,135

7,135,000

State

of

Texas,

Series

2012B,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.08%, 05/07/21

(b)

................

1,040

1,040,000

State

of

Texas,

Series

2015B,

GO,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

(b)

................

61,930

61,930,000

State

of

Texas,

Series

2018,

GO,

VRDN

(Federal

Home

Loan

Bank

LIQ),

0.09%, 05/07/21

(b)

................

1,215

1,215,000

State

of

Texas,

Series

2020,

TAN,

4.00%, 08/26/21

.................

50,000

50,614,975

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2008A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

..

6,230

6,230,000

Texas

Water

Development

Board,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF2201,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..............

300

300,000

534,417,529

Utah

—

0.8%

(b)

City

of

Murray,

Series

2003B,

RB,

VRDN,

0.05%, 05/07/21

.................

4,400

4,400,000

County

of

Utah,

Series

2016E,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.07%, 05/07/21

.................

9,805

9,805,000

County

of

Utah,

Series

2018C,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.02%, 05/03/21

.....

27,035

27,035,000

Intermountain

Power

Agency

Utah

Power,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

E142,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(c)

...........

4,255

4,255,000

Utah

County

Hospital,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0732,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(c)

1,910

1,910,000

47,405,000

Virginia

—

0.7%

(b)

Fairfax

County

Industrial

Development

Authority,

Series

2016C,

RB,

VRDN,

0.06%, 05/07/21

.................

5,265

5,265,000

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0606,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.10%, 05/07/21

(a)(c)

...............

4,400

4,400,000

Loudoun

County

Economic

Development

Authority,

Series

2003F,

RB,

VRDN,

0.06%, 05/07/21

.................

12,745

12,745,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XG0183,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.09%, 05/07/21

(a)(c)

...........

12,860

12,860,000

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board

Trust,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0659,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

(a)(c)

...........

USD

6,000

$

6,000,000

41,270,000

Washington

—

1.4%

County

of

King,

Series

2019B,

GO,

VRDN

(TD

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

....

10,000

10,000,000

King

County

Housing

Authority,

Series

2021A,

0.13%, 05/19/21

.................

5,500

5,500,225

King

County

Housing

Authority,

Series

2021A,

0.10%, 06/03/21

.................

4,500

4,500,203

King

County

Washington

Housing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XL0141,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..........

5,300

5,300,000

University

of

Washington,

Series

2021A,

0.15%, 07/07/21

.................

3,000

3,000,135

Washington

Higher

Education

Facilities

Authority,

Series

2004,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.08%, 05/07/21

(b)

................

19,535

19,535,000

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2527,

RB,

VRDN

(Citibank

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..............

1,875

1,875,000

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1106,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.10%, 05/07/21

(a)(b)(c)

.......

6,240

6,240,000

Washington

State

Housing

Finance

Commission,

Series

2014,

RB,

VRDN

(East

West

Bank

LOC),

0.05%, 05/07/21

(b)

....

21,430

21,430,000

Washington

State

Housing

Finance

Commission,

Series

2016VR-1N,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

(b)

................

3,300

3,300,000

80,680,563

Wisconsin

—

1.9%

(b)

Public

Finance

Authority,

Series

2019B,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.06%, 05/07/21

.................

3,175

3,175,000

Public

Finance

Authority,

Series

2019C,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.04%, 05/03/21

.................

14,325

14,325,000

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2009B,

RB,

VRDN

(US

Bank

NA

LOC),

0.06%, 05/07/21

.............

26,680

26,680,000

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2018C,

RB,

VRDN

(BMO

Harris

Bank

NA

SBPA),

0.03%, 05/03/21

.........

19,200

19,200,000

Wisconsin

Housing

&

Economic

Development

Authority,

Series

2018C,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

17,865

17,865,000

Wisconsin

Housing

&

Economic

Development

Authority

(FNMA),

Series

2019B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 05/07/21

.................

17,400

17,400,000

MuniCash

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

Wisconsin

(continued)

Wisconsin

Housing

&

Economic

Development

Authority

(FNMA,

FNMA

COLL),

Series

2017D,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

............

USD

11,600

$

11,600,000

110,245,000

Wyoming

—

0.4%

(b)

Wyoming

Community

Development

Authority,

Series

2018-2,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

......

12,600

12,600,000

Wyoming

Community

Development

Authority,

Series

2021-2,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.06%, 05/07/21

........

9,500

9,500,000

22,100,000

Total

Municipal

Bonds

—

94.3%

(Cost:

$5,335,776,673)

...........................

5,335,857,527

Closed-End

Investment

Companies

—

3.8%

California

—

0.9%

(a)(b)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2013,

VRDP,

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

..

25,000

25,000,000

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LIQ),

0.09%, 05/07/21

.................

25,000

25,000,000

50,000,000

New

York

—

1.9%

(b)

Nuveen

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LOC),

0.11%, 05/07/21

...

14,300

14,300,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(

Societe

Generale

SA

LOC),

0.11%, 05/07/21

....

63,000

63,000,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Toronto-

Dominion

Bank

LIQ),

0.11%, 05/07/21

(a)

..

USD

30,000

$

30,000,000

107,300,000

Other

—

1.0%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund,

Series

2013,

VRDP,

(JP

Morgan

Chase

Bank

NA

LIQ),

0.12%, 05/07/21

(b)

.

58,400

58,400,000

Total

Closed-End

Investment

Companies

—

3.8%

(Cost:

$215,700,000)

.............................

215,700,000

Total

Investments

—

98.1%

(Cost:

$5,551,476,673

)

(d)

..........................

5,551,557,527

Other

Assets

Less

Liabilities

—

1.9%

...................

109,039,764

Net

Assets

—

100.0%

..............................

$

5,660,597,291

(a)

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.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(d)

Cost

for

U.S.

federal

income

tax

purposes.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

5,551,557,527

$

—

$

5,551,557,527

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniFund

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

96.7%

Alaska

—

0.6%

Alaska

Housing

Finance

Corp.,

Series

2009A,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

(a)

................

USD

465

$

465,000

Arizona

—

3.8%

(a)

Arizona

Health

Facilities

Authority,

Series

2015C,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.02%, 05/03/21

.............

2,300

2,300,000

Arizona

Industrial

Development

Authority,

Series

2019A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.02%, 05/03/21

.

400

400,000

2,700,000

California

—

1.4%

University

of

California,

Series

2013AL-3,

RB,

VRDN,

0.02%, 05/03/21

(a)

...........

1,000

1,000,000

Colorado

—

2.1%

(a)

City

of

Colorado

Springs

Utilities

System,

Series

2006B,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.11%, 05/07/21

.................

475

475,000

Colorado

Health

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0667,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.09%, 05/07/21

(b)(c)

...............

1,000

1,000,000

1,475,000

Connecticut

—

3.1%

(a)

Connecticut

Housing

Finance

Authority,

Series

2015C,

Sub-Series

C-3,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.06%, 05/07/21

400

400,000

Connecticut

Housing

Finance

Authority,

Series

2016F,

Sub-Series

F-5,

RB,

VRDN

(

Helaba

SBPA

SBPA),

0.07%, 05/07/21

........

300

300,000

Connecticut

State

Health

&

Educational

Facilities

Authority,

Series

2001V-1,

RB,

VRDN,

0.01%, 05/03/21

............

1,500

1,500,000

2,200,000

District

of

Columbia

—

1.3%

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XG0267,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 05/07/21

(a)(b)(c)

..........

950

950,000

Florida

—

1.3%

City

of

Gainesville

Utilities

System,

Series

2007A,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.08%, 05/07/21

(a)

....

900

900,000

Illinois

—

1.2%

(a)

Illinois

Finance

Authority,

Series

2008C,

Sub-

Series

2-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.08%, 05/07/21

.....

565

565,000

Illinois

Finance

Authority,

Series

2018B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.02%, 05/03/21

.................

300

300,000

865,000

Indiana

—

0.9%

Indiana

Housing

&

Community

Development

Authority,

Series

2017C-3,

RB,

VRDN

(TD

Bank

NA

LIQ),

0.04%, 05/03/21

(a)

......

650

650,000

Security

Par

(000)

Par

(000)

Value

Iowa

—

4.4%

(a)

Iowa

Finance

Authority,

Series

2015B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.04%, 05/07/21

.................

USD

475

$

475,000

Iowa

Finance

Authority,

Series

2016A,

RB,

VRDN,

0.07%, 05/07/21

............

1,700

1,700,000

Iowa

Finance

Authority,

Series

2018B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.06%, 05/07/21

.................

1,000

1,000,000

3,175,000

Kansas

—

1.4%

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-23,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

1,000

1,000,000

Maryland

—

4.4%

(a)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

......

1,435

1,435,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2018,

RB,

VRDN

(M&T

Bank

LOC),

0.11%, 05/07/21

(c)

........

1,725

1,725,000

3,160,000

Massachusetts

—

1.5%

Massachusetts

Bay

Transportation

Authority,

Series

2018A,

Sub-Series

A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.06%, 05/07/21

(a)

................

1,100

1,100,000

Michigan

—

3.0%

University

of

Michigan,

Series

2012B,

RB,

VRDN,

0.03%, 05/03/21

(a)

...........

2,125

2,125,000

Minnesota

—

6.6%

(a)

City

of

Minneapolis,

Series

1997B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.07%, 05/07/21

.................

2,500

2,500,000

City

of

Rochester,

Series

2008A,

RB,

VRDN,

0.05%, 05/07/21

.................

2,250

2,250,000

4,750,000

Mississippi

—

4.1%

(a)

County

of

Jackson,

Series

1993,

RB,

VRDN,

0.03%, 05/03/21

.................

100

100,000

Mississippi

Business

Finance

Corp.,

Series

2009B,

RB,

VRDN,

0.03%, 05/03/21

....

1,550

1,550,000

Mississippi

Business

Finance

Corp.,

Series

2009F,

RB,

VRDN,

0.03%, 05/03/21

....

1,000

1,000,000

Mississippi

Business

Finance

Corp.,

Series

2010I,

RB,

VRDN,

0.03%, 05/03/21

....

300

300,000

2,950,000

Missouri

—

2.6%

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

C-16,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 05/07/21

(a)(b)(c)

.........

1,900

1,900,000

Nevada

—

0.8%

Nevada

System

of

Higher

Education,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2858,

COP,

VRDN

(Barclays

Bank

plc

LIQ),

0.11%, 05/07/21

(a)(b)(c)

..............

600

600,000

MuniFund

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

New

Hampshire

—

4.2%

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Series

2005A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.02%, 05/03/21

(a)

................

USD

3,000

$

3,000,000

New

York

—

8.8%

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

1,000

1,001,770

City

of

New

York,

Series

2014D,

Sub-

S

eries

D-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(a)

................

300

300,000

Metropolitan

Transportation

Authority,

Series

2012G-1,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.04%, 05/03/21

(a)

............

1,100

1,100,000

New

York

City

Water

&

Sewer

System,

Series

2012,

Sub-Series

A-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.03%, 05/03/21

(a)

....

1,000

1,000,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-5,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.04%, 05/03/21

(a)

................

800

800,000

New

York

City

Water

&

Sewer

System,

Series

2016BB-1A,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.04%, 05/03/21

(a)

...

1,100

1,100,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-C,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.06%, 05/07/21

(a)

1,035

1,035,000

6,336,770

North

Carolina

—

4.0%

(a)

City

of

Charlotte,

Series

2013G,

COP,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.05%, 05/07/21

.................

2,050

2,050,000

North

Carolina

Medical

Care

Commission,

Series

2001A,

RB,

VRDN

(BMO

Harris

Bank

NA

SBPA),

0.06%, 05/07/21

.........

800

800,000

2,850,000

Ohio

—

4.2%

(a)

Allen

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019E,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(b)(c)

...............

965

965,000

County

of

Franklin,

Series

2018D,

RB,

VRDN,

0.06%, 05/07/21

.................

1,500

1,500,000

Ohio

State

Hospital

Facility,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0573,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.10%, 05/07/21

(b)(c)

...............

525

525,000

2,990,000

Oregon

—

2.6%

Oregon

State

Facilities

Authority,

Series

2018B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(a)

................

1,900

1,900,000

Pennsylvania

—

4.7%

City

of

Philadelphia,

Series

2020-2021A,

TAN,

4.00%, 06/30/21

.................

1,500

1,509,200

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Series

2007A,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.08%, 05/07/21

(a)

1,840

1,840,000

3,349,200

Rhode

Island

—

1.1%

Rhode

Island

Industrial

Facilities

Corp.,

Series

2001,

RB,

VRDN,

0.03%, 05/03/21

(a)

....

800

800,000

Security

Par

(000)

Par

(000)

Value

Texas

—

9.6%

(a)

Bexar

County

Housing

Finance

Corp.,

Series

2000,

RB,

VRDN

(Fannie

Mae

LOC),

0.09%, 05/07/21

.................

USD

485

$

485,000

Gulf

Coast

Industrial

Development

Authority,

Series

2012,

RB,

VRDN,

0.02%, 05/03/21

2,470

2,470,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2010A,

RB,

VRDN,

0.09%, 05/07/21

............

1,000

1,000,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2008A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

...

2,895

2,895,000

6,850,000

Utah

—

2.9%

County

of

Weber,

Series

2000A,

RB,

VRDN

(Bank

of

New

York

Mellon

SBPA),

0.02%, 05/03/21

(a)

................

2,100

2,100,000

Virginia

—

2.9%

(a)

Fairfax

County

Industrial

Development

Authority,

Series

2016C,

RB,

VRDN,

0.06%, 05/07/21

.................

1,410

1,410,000

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0606,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.10%, 05/07/21

(b)(c)

...............

700

700,000

2,110,000

Washington

—

4.4%

(a)

County

of

King,

Series

2019A,

GO,

VRDN

(TD

Bank

NA

SBPA),

0.02%, 05/03/21

.....

1,650

1,650,000

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1106,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.10%, 05/07/21

(b)(c)

........

1,000

1,000,000

Washington

State

Housing

Finance

Commission,

Series

2000,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.07%, 05/07/21

..

475

475,000

3,125,000

Wisconsin

—

2.8%

Public

Finance

Authority,

Series

2019B,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.06%, 05/07/21

(a)

................

1,980

1,980,000

Total

Municipal

Bonds

—

96.7%

(Cost:

$69,355,970)

..............................

69,355,970

2021

BlackRock

Semi-Annual

Report

to

Shareholders

MuniFund

58

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

Closed-End

Investment

Companies

—

3.1%

New

York

—

3.1%

(a)

Nuveen

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LOC),

0.11%, 05/07/21

...

USD

700

$

700,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(

Societe

Generale

SA

LOC),

0.11%, 05/07/21

....

1,500

1,500,000

2,200,000

Total

Closed-End

Investment

Companies

—

3.1%

(Cost:

$2,200,000)

..............................

2,200,000

Total

Investments

—

99.8%

(Cost:

$71,555,970

)

(d)

............................

71,555,970

Other

Assets

Less

Liabilities

—

0.2%

...................

163,814

Net

Assets

—

100.0%

..............................

$

71,719,784

(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.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

71,555,970

$

—

$

71,555,970

California

Money

Fund

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

95.8%

California

—

95.8%

Abag

Finance

Authority

for

Nonprofit

Corp.,

Series

2009A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(a)

.........

USD

540

$

540,000

Abag

Finance

Authority

for

Nonprofit

Corp.,

Series

2009C,

RB,

VRDN

(Citibank

NA

LOC),

0.05%, 05/07/21

(a)

............

3,050

3,050,000

California

Educational

Facilities

Authority,

Series

2006B,

RB,

VRDN,

0.05%, 05/07/21

(a)

................

7,000

7,000,000

California

Health

Facilities

Financing

Authority,

Series

2008-B1,

RB,

VRDN,

0.04%, 05/07/21

(a)

................

2,550

2,550,000

California

Health

Facilities

Financing

Authority,

Series

2011C,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.06%, 05/07/21

(a)

............

3,575

3,575,000

California

Municipal

Finance

Authority,

Series

2010A,

RB,

VRDN,

0.02%, 05/03/21

(a)

...

3,950

3,950,000

California

Pollution

Control

Financing

Authority,

Series

1997B,

RB,

VRDN,

0.03%, 05/03/21

(a)

................

8,000

8,000,000

California

State

University

Institute,

Series

2021A

(Wells

Fargo

Bank

NA

LOC),

0.10%, 06/03/21

.................

2,700

2,700,184

California

Statewide

Communities

Development

Authority,

Series

2007A,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.04%, 05/07/21

(a)

.

570

570,000

California

Statewide

Communities

Development

Authority,

Series

2008B,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.02%, 05/03/21

(a)

.

6,815

6,815,000

California

Statewide

Communities

Development

Authority,

Series

2008C,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.04%, 05/07/21

(a)

1,140

1,140,000

Campbell

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates,

Series

2018-XF2700,

GO,

VRDN

(Barclays

Bank

plc

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..............

9,000

9,000,000

City

of

Los

Angeles,

Series

2020,

TAN,

4.00%, 06/24/21

.................

2,000

2,011,073

City

of

Los

Angeles

Department

of

Airports,

Series

2021A-3

(Bank

of

America

NA

LOC),

0.12%, 05/05/21

.................

3,000

3,000,030

City

of

Los

Angeles

Wastewater

System,

Series

2018C-2,

RB,

VRDN

(Toronto-Dominion

Bank

LOC),

0.04%, 05/07/21

(a)

........

3,225

3,225,000

County

of

Los

Angeles,

Series

2020-21A,

TAN,

4.00%, 06/30/21

.................

1,000

1,006,188

County

of

Los

Angeles,

Series

2021B

(US

Bank

NA

LOC),

0.11%, 05/04/21

..........

3,000

3,000,015

County

of

Los

Angeles,

Series

2021C

(Wells

Fargo

Bank

NA

LOC),

0.11%, 05/06/21

..

2,625

2,625,021

County

of

Riverside,

Series

2020,

TAN,

4.00%, 06/30/21

.................

2,000

2,012,376

Del

Mar

California,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0259,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 05/07/21

(a)(b)(c)

..........

2,655

2,655,000

Eastern

Municipal

Water

District,

Series

2018A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.03%, 05/03/21

(a)

................

4,100

4,100,000

Elsinore

Valley

Municipal

Water

District,

Series

2008B,

COP,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(a)

............

6,840

6,840,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

Fontana

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF2895,

GO,

VRDN

(Barclays

Bank

plc

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..........

USD

3,000

$

3,000,000

Gilroy

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0237,

GO,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..............

2,000

2,000,000

Hartnell

Community

College

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0587,

GO,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..............

1,150

1,150,000

Irvine

Ranch

Water

District,

Series

2011A-1,

FRN,

0.09%, 03/02/22

(a)

............

1,000

1,000,010

Long

Beach

California

Community

College,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0780,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

3,000

3,000,000

Long

Beach

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0862,

GO,

VRDN

(TD

Bank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..............

1,610

1,610,000

Los

Angeles

California

Housing

Department,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0761,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

....

1,875

1,875,000

Los

Angeles

Community

Facilities

District,

Series

2021

(Bank

of

America

NA

LOC),

0.11%, 06/02/21

.................

2,000

2,000,132

Los

Angeles

County

Schools,

Series

2020-

21B3,

COP,

2.00%, 12/30/21

.........

1,000

1,012,434

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B,

Sub-Series

B-4,

RB,

VRDN

(Citibank

NA

SBPA),

0.02%, 05/03/21

(a)

................

3,400

3,400,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2021A-1,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.02%, 05/03/21

(a)

5,400

5,400,000

Metropolitan

Water

District

of

Southern

California,

Series

2017E,

RB,

FRN,

0.31%, 06/21/21

(a)

................

10,000

10,000,000

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2021,

Sub-Series

A-1

(US

Bank

NA

LOC),

0.13%, 09/14/21

.............

3,000

2,999,859

Northern

California

Power

Agency,

Series

2008A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(a)

............

595

595,000

Orange

County

Water

District,

Series

2003A,

COP,

VRDN

(Citibank

NA

LOC),

0.06%, 05/07/21

(a)

................

3,800

3,800,000

Riverside

County

Asset

Leasing

Corp.,

Series

2008A,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.06%, 05/07/21

(a)

............

3,000

3,000,000

Sacramento

Municipal

Utility

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF0944,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..............

4,000

4,000,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

California

Money

Fund

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Diego

County

Regional

Transportation

Commission,

Series

2008B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.04%, 05/07/21

(a)

................

USD

3,300

$

3,300,000

San

Diego

County

Regional

Transportation

Commission,

Series

2008D,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.04%, 05/07/21

(a)

................

2,750

2,750,000

San

Diego

Housing

Authority,

Series

2017A,

RB,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC),

0.07%, 05/07/21

(a)

.........

2,300

2,300,000

San

Diego

Public

Facilities

Financing

Authority,

Series

2021B

(Bank

of

America

NA

LOC),

0.13%, 06/23/21

.................

2,000

2,000,138

San

Francisco

Bay

Area

Rapid

Transit

District,

Series

2019B-1,

GO,

5.00%, 08/01/21

...

500

505,955

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF2449,

GO,

VRDN

(Citibank

NA

LIQ),

0.08%, 05/07/21

(a)(b)(c)

..........

200

200,000

San

Francisco

City

&

County

Airport

Commission-San

Francisco

International

Airport,

Series

2018C,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.05%, 05/07/21

(a)

................

4,525

4,525,000

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater,

Series

2021

(Bank

of

America

NA

LOC),

0.14%, 05/12/21

...

2,000

2,000,054

San

Jose

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF2534,

GO,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

......

1,820

1,820,000

Santa

Barbara

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0791,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.11%, 05/07/21

(a)(b)(c)

....

869

869,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

Santa

Clara

Valley

Transportation

Authority,

Series

2008A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/07/21

(a)

............

USD

600

$

600,000

State

of

California,

Series

2004-A3,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC),

0.02%, 05/03/21

(a)

................

2,200

2,200,000

University

of

California,

Series

2013AL-3,

RB,

VRDN,

0.02%, 05/03/21

(a)

...........

8,250

8,250,000

University

of

California,

Series

2013AL-4,

RB,

VRDN,

0.02%, 05/03/21

(a)

...........

3,500

3,500,000

Western

Municipal

Water

District

Facilities

Authority,

Series

2012A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.05%, 05/07/21

(a)

.....

2,890

2,890,000

Total

Municipal

Bonds

—

95.8%

(Cost:

$166,916,913)

.............................

166,917,469

Closed-End

Investment

Companies

—

3.7%

California

—

3.7%

(a)(c)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2013,

VRDP,

(Royal

Bank

of

Canada

LIQ),

0.09%, 05/07/21

..

5,000

5,000,000

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LIQ),

0.09%, 05/07/21

.................

1,500

1,500,000

6,500,000

Total

Closed-End

Investment

Companies

—

3.7%

(Cost:

$6,500,000)

..............................

6,500,000

Total

Investments

—

99.5%

(Cost:

$173,416,913

)

(d)

............................

173,417,469

Other

Assets

Less

Liabilities

—

0.5%

...................

789,021

Net

Assets

—

100.0%

..............................

$

174,206,490

(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.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

173,417,469

$

—

$

173,417,469

New

York

Money

Fund

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

95.5%

New

York

—

95.5%

Battery

Park

City

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 05/07/21

(a)(b)

..........

USD

3,300

$

3,300,000

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

1,206

1,207,854

Build

NYC

Resource

Corp.,

Series

2015,

RB,

VRDN

(TD

Bank

NA

LOC),

0.05%, 05/07/21

(b)

................

3,800

3,800,000

City

of

New

York,

Series

2006I,

Sub-Series

I-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

................

1,100

1,100,000

City

of

New

York,

Series

2014D,

Sub-S

eries

D-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

................

700

700,000

City

of

New

York,

Series

2018E,

Sub-S

eries

E-5,

GO,

VRDN

(TD

Bank

NA

LOC),

0.04%, 05/03/21

(b)

................

1,000

1,000,000

Dutchess

County

Industrial

Development

Agency,

Series

2008,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

.........

2,410

2,410,000

East

Rochester

Housing

Authority,

Series

2008,

RB,

VRDN

(M&T

Bank

LOC),

0.11%, 05/07/21

(b)

................

3,450

3,450,000

Franklin

County

Civic

Development

Corp.,

Series

2013A,

RB,

VRDN

(HSBC

Bank

USA

NA

LOC),

0.08%, 05/07/21

(b)

.........

1,060

1,060,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0550,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 05/07/21

(a)(b)(c)

..............

1,200

1,200,000

Metropolitan

Transportation

Authority,

Series

2012G-1,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.04%, 05/03/21

(b)

............

900

900,000

Monroe

County

Industrial

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0991,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.08%, 05/07/21

(a)(b)(c)

......

1,000

1,000,000

Nassau

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-5,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

....

2,100

2,100,000

New

York

City

Health

&

Hospital

Corp.,

Series

2008B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.05%, 05/07/21

(b)

................

3,000

3,000,000

New

York

City

Housing

Development

Corp.,

Series

2008A,

RB,

VRDN

(Freddie

Mac

LOC),

0.05%, 05/07/21

(b)

............

2,050

2,050,000

New

York

City

Housing

Development

Corp.,

Series

2009A,

RB,

VRDN

(Freddie

Mac

LOC),

0.05%, 05/07/21

(b)

............

2,350

2,350,000

New

York

City

Housing

Development

Corp.,

Series

2011B,

RB,

VRDN,

0.05%, 05/07/21

(b)

................

225

225,000

New

York

City

Housing

Development

Corp.,

Series

2017C-4,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

....

3,200

3,200,000

New

York

City

Housing

Development

Corp.,

Series

A,

RB,

VRDN

(Fannie

Mae

LOC),

0.05%, 05/07/21

(b)

................

2,715

2,715,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Industrial

Development

Agency,

Series

2004B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.03%, 05/03/21

(b)

.........

USD

2,700

$

2,700,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2010,

Sub-

Series

G-6,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

100

100,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2011,

Sub-

Series

A-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

2,100

2,100,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2018,

Sub-

Series

C-6,

RB,

VRDN

(Sumitomo

Mitsui

Banking

SBPA),

0.08%, 05/07/21

(b)

.....

1,000

1,000,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2019,

Sub-

Series

C-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.04%, 05/03/21

(b)

...........

525

525,000

New

York

City

Water

&

Sewer

System,

Series

2003,

Sub-Series

F-1-A,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.06%, 05/07/21

(b)

................

130

130,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-5,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.04%, 05/03/21

(b)

................

3,200

3,200,000

New

York

City

Water

&

Sewer

System,

Series

2017BB,

RB,

VRDN

(Bank

of

Montreal

SBPA),

0.04%, 05/03/21

(b)

...........

2,820

2,820,000

New

York

Power

Authority,

Series

2021-2

(TD

Bank

NA

SBPA),

0.14%, 08/17/21

.....

2,000

2,000,256

New

York

State

Authority

General,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0829,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

1,585

1,585,000

New

York

State

Authority

General,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0847,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.09%, 05/07/21

(a)(b)(c)

..............

2,250

2,250,000

New

York

State

Dormitory

Authority,

Series

2003B,

RB,

VRDN,

0.03%, 05/07/21

(b)

...

3,000

3,000,000

New

York

State

Dormitory

Authority,

Series

2006,

RB,

VRDN

(Fannie

Mae

LOC),

0.05%, 05/07/21

(b)

................

1,650

1,650,000

New

York

State

Dormitory

Authority,

Series

2008A-1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(b)

............

550

550,000

New

York

State

Dormitory

Authority,

Series

2008B-1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(b)

............

240

240,000

New

York

State

Dormitory

Authority,

Series

2008C,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.05%, 05/07/21

(b)

............

1,620

1,620,000

New

York

State

Dormitory

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

................

660

660,000

New

York

State

Dormitory

Authority,

Series

2009,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

................

885

885,000

New

York

State

Dormitory

Authority,

Series

2009A,

RB,

VRDN,

0.03%, 05/07/21

(b)

...

1,500

1,500,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

New

York

Money

Fund

62

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Series

2012,

RB,

VRDN

(HSBC

Bank

USA

NA

LOC),

0.08%, 05/07/21

(b)

............

USD

7,205

$

7,205,000

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0838,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.09%, 05/07/21

(a)(b)(c)

..............

1,600

1,600,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-1,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.06%, 05/07/21

(b)

............

1,600

1,600,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.05%, 05/07/21

(b)

............

400

400,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-3,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.05%, 05/07/21

(b)

............

2,200

2,200,000

New

York

State

Housing

Finance

Agency,

Series

2003A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.08%, 05/07/21

(b)

................

2,800

2,800,000

New

York

State

Housing

Finance

Agency,

Series

2008A,

RB,

VRDN

(Freddie

Mac

LIQ),

0.05%, 05/07/21

(b)

............

225

225,000

New

York

State

Housing

Finance

Agency,

Series

2009A,

RB,

VRDN

(Fannie

Mae

LOC),

0.05%, 05/07/21

(b)

............

4,500

4,500,000

New

York

State

Housing

Finance

Agency,

Series

2010A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.07%, 05/07/21

(b)

................

900

900,000

New

York

State

Housing

Finance

Agency,

Series

2010A,

RB,

VRDN

(Freddie

Mac

LIQ),

0.07%, 05/07/21

(b)

............

300

300,000

New

York

State

Housing

Finance

Agency,

Series

2016A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.07%, 05/07/21

(b)

................

5,000

5,000,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

950

950,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-C,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.06%, 05/07/21

(b)

1,530

1,530,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Urban

Development

Corp.,

Series

2008A-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.05%, 05/07/21

(b)

.....

USD

1,825

$

1,825,000

North

Amityville

Fire

Co.,

Inc.,

Series

2003,

RB,

VRDN

(Citibank

NA

LOC),

0.11%, 05/07/21

(b)

................

490

490,000

Oneida

County

Industrial

Development

Agency,

Series

2004

A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.11%, 05/07/21

(b)

4,285

4,285,000

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B,

0.12%, 06/09/21

.......

7,000

7,000,364

Rensselaer

County

Industrial

Development

Agency,

Series

2002A,

RB,

VRDN

(M&T

Bank

LOC),

0.11%, 05/07/21

(b)

........

3,340

3,340,000

Triborough

Bridge

&

Tunnel

Authority,

Series

2001C,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC),

0.02%, 05/03/21

(b)

.....

2,580

2,580,000

Triborough

Bridge

&

Tunnel

Authority,

Series

2002F,

RB,

VRDN

(Citibank

NA

LOC),

0.03%, 05/03/21

(b)

................

1,295

1,295,000

Triborough

Bridge

&

Tunnel

Authority,

Series

2005,

Sub-Series

B-3,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC),

0.04%, 05/03/21

(b)

................

1,010

1,010,000

Westchester

County

Industrial

Development

Agency,

Series

2004,

RB,

VRDN

(TD

Bank

NA

LOC),

0.06%, 05/07/21

(b)

.........

1,415

1,415,000

Total

Municipal

Bonds

—

95.5%

(Cost:

$117,732,685)

.............................

117,733,474

Closed-End

Investment

Companies

—

4.5%

New

York

—

4.5%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LOC),

0.11%, 05/07/21

(b)

................

5,500

5,500,000

Total

Closed-End

Investment

Companies

—

4.5%

(Cost:

$5,500,000)

..............................

5,500,000

Total

Investments

—

100.0%

(Cost:

$123,232,685

)

(d)

............................

123,233,474

Other

Assets

Less

Liabilities

—

0.0%

...................

12,574

Net

Assets

—

100.0%

..............................

$

123,246,048

(a)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(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.

New

York

Money

Fund

Schedules

of

Investments

63

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

See

notes

to

financial

statements.

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

123,233,474

$

—

$

123,233,474

Statements

of

Assets

and

Liabilities

(unaudited)

April

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

...........................

$

4,022,417,205‌

$

112,799,098,137‌

$

6,088,006,571‌

$

6,761,152,130‌

$

93,522,443,941‌

Cash  

................................................

160,253,512‌

4,004,439,148‌

284,772,595‌

359,510,258‌

2,888,381,531‌

Repurchase

agreements

at

value

—

unaffiliated

(b)

...................

—‌

78,063,444,341‌

1,104,500,000‌

1,652,000,000‌

40,356,958,792‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Capital

shares

sold

......................................

—‌

2,049,470,438‌

—‌

—‌

585,796,420‌

Interest

—

unaffiliated

....................................

181,901‌

16,371,879‌

2,316,162‌

2,778,628‌

7,074,312‌

Deferred

offering

costs

.....................................

—‌

96,971‌

—‌

—‌

—‌

Prepaid

expenses

........................................

480,420‌

47,806,705‌

385,816‌

2,697,696‌

18,300,358‌

Total

assets

............................................

4,183,333,038‌

196,980,727,619‌

7,479,981,144‌

8,778,138,712‌

137,378,955,354‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

211,844,792‌

2,231,958,216‌

40,000,000‌

50,000,000‌

1,589,382,884‌

Offering

costs

.........................................

—‌

8,778‌

—‌

—‌

—‌

Capital

shares

redeemed

..................................

—‌

1,823,442,034‌

—‌

—‌

459,931,402‌

Custodian

fees

.........................................

27,572‌

563,982‌

53,854‌

57,590‌

409,659‌

Income

dividend

distributions

...............................

3,934‌

603,297‌

244,787‌

60,965‌

—‌

Management

fees

.......................................

163,658‌

5,689,321‌

999,590‌

1,181,167‌

4,740,371‌

Trustees'

and

Officer's

fees

................................

25,107‌

63,672‌

33,775‌

26,890‌

42,920‌

Printing

and

postage

fees

.................................

26,983‌

40,850‌

27,935‌

29,643‌

46,580‌

Professional

fees

.......................................

27,705‌

131,001‌

38,354‌

41,663‌

107,398‌

Registration

fees

.......................................

—‌

—‌

41,724‌

477,178‌

—‌

Service

and

distribution

fees

................................

206,308‌

40,167,094‌

61‌

2,311,887‌

14,195,203‌

Transfer

agent

fees

.....................................

16,787‌

316,191‌

20,051‌

97,874‌

315,132‌

Other

accrued

expenses

..................................

32,725‌

2,140,994‌

9,199‌

22,839‌

1,573,492‌

Total

liabilities

...........................................

212,375,571‌

4,105,125,430‌

41,469,330‌

54,307,696‌

2,070,745,041‌

NET

ASSETS

...........................................

$

3,970,957,467‌

$

192,875,602,189‌

$

7,438,511,814‌

$

8,723,831,016‌

$

135,308,210,313‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

...........................................

$

3,970,627,529‌

$

192,875,969,446‌

$

7,438,940,958‌

$

8,723,489,985‌

$

135,308,135,641‌

Accumulated

earnings

(loss)

.................................

329,938‌

(367,257‌)

(429,144‌)

341,031‌

74,672‌

NET

ASSETS

...........................................

$

3,970,957,467‌

$

192,875,602,189‌

$

7,438,511,814‌

$

8,723,831,016‌

$

135,308,210,313‌

(a)

  Investments

at

cost

—

unaffiliated

............................

$

4,022,417,205‌

$

112,799,098,137‌

$

6,087,251,746‌

$

6,760,266,912‌

$

93,522,443,941‌

(b)

  Repurchase

agreements

at

cost

—

unaffiliated

...................

$

—‌

$

78,063,444,341‌

$

1,104,500,000‌

$

1,652,000,000‌

$

40,356,958,792‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2021

65

Financial

Statements

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

NET

ASSET

VALUE

Institutional

Net

assets

....................................

$

3,861,847,610‌

$

160,360,792,534‌

$

7,438,457,374‌

$

8,030,045,131‌

$

109,205,490,369‌

Shares

outstanding

.............................

3,861,519,385‌

160,361,084,506‌

7,433,399,330‌

8,025,930,213‌

109,205,385,911‌

Net

asset

value

................................

$

1.00‌

$

1.00‌

$

1.00

07‌

$

1.00

05‌

$

1.00‌

Shares

authorized

..............................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

....................................

$

82,512,288‌

$

3,224,867,711‌

$

—‌

$

10,404,735‌

$

550,178,932‌

Shares

outstanding

.............................

82,505,275‌

3,224,873,582‌

—‌

10,398,921‌

550,178,406‌

Net

asset

value

................................

$

1.00‌

$

1.00‌

$

—‌

$

1.00

06‌

$

1.00‌

Shares

authorized

..............................

Unlimited

Unlimited

—‌

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

....................................

$

—‌

$

19,355,169,085‌

$

—‌

$

1,726,389‌

$

23,121,029,100‌

Shares

outstanding

.............................

—‌

19,355,204,325‌

—‌

1,725,401‌

23,121,006,985‌

Net

asset

value

................................

$

—‌

$

1.00‌

$

—‌

$

1.00

06‌

$

1.00‌

Shares

authorized

..............................

—‌

Unlimited

—‌

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

....................................

$

12,408,883‌

$

551,982,103‌

$

—‌

$

566,308,190‌

$

906,798,890‌

Shares

outstanding

.............................

12,407,828‌

551,983,108‌

—‌

566,010,467‌

906,798,022‌

Net

asset

value

................................

$

1.00‌

$

1.00‌

$

—‌

$

1.00

05‌

$

1.00‌

Shares

authorized

..............................

Unlimited

Unlimited

—‌

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

....................................

$

13,856‌

$

5,704,603,753‌

$

—‌

$

9,663,414‌

$

526,603,055‌

Shares

outstanding

.............................

13,855‌

5,704,614,140‌

—‌

9,658,116‌

526,602,551‌

Net

asset

value

................................

$

1.00‌

$

1.00‌

$

—‌

$

1.00

05‌

$

1.00‌

Shares

authorized

..............................

Unlimited

Unlimited

—‌

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

....................................

$

14,174,830‌

$

2,943,779,004‌

$

17,936‌

$

104,673,723‌

$

888,879,206‌

Shares

outstanding

.............................

14,173,625‌

2,943,784,364‌

17,924‌

104,618,165‌

888,878,356‌

Net

asset

value

................................

$

1.00‌

$

1.00‌

$

1.00

07‌

$

1.00

05‌

$

1.00‌

Shares

authorized

..............................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Premier

Net

assets

....................................

$

—‌

$

10,443,557‌

$

36,504‌

$

—‌

$

17,536,969‌

Shares

outstanding

.............................

—‌

10,443,575‌

36,478‌

—‌

17,536,952‌

Net

asset

value

................................

$

—‌

$

1.00‌

$

1.00

07‌

$

—‌

$

1.00‌

Shares

authorized

..............................

—‌

Unlimited

Unlimited

—‌

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Private

Client

Net

assets

....................................

$

—‌

$

252,264‌

$

—‌

$

1,009,434‌

$

—‌

Shares

outstanding

.............................

—‌

252,265‌

—‌

1,008,862‌

—‌

Net

asset

value

................................

$

—‌

$

1.00‌

$

—‌

$

1.00

06‌

$

—‌

Shares

authorized

..............................

—‌

Unlimited

—‌

Unlimited

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

....................................

$

—‌

$

673,660,264‌

$

—‌

$

—‌

$

91,693,792‌

Shares

outstanding

.............................

—‌

673,661,491‌

—‌

—‌

91,693,705‌

Net

asset

value

................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

1.00‌

Shares

authorized

..............................

—‌

Unlimited

—‌

—‌

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Mischler

Financial

Group

Shares

Net

assets

....................................

$

—‌

$

50,051,914‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.............................

—‌

50,052,005‌

—‌

—‌

—‌

Net

asset

value

................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

..............................

—‌

Unlimited

—‌

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2021

67

Financial

Statements

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

...........................

$

105,098,743,801‌

$

5,551,557,527‌

$

71,555,970‌

$

173,417,469‌

$

123,233,474‌

Cash  

................................................

2,820,016,626‌

28,262,583‌

82,622‌

9,256‌

45,932‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Investments

sold

.......................................

—‌

137,390,000‌

—‌

9,685,000‌

—‌

Interest

—

unaffiliated

....................................

3,209,730‌

6,236,330‌

55,908‌

189,116‌

24,453‌

From

the

Manager

......................................

—‌

—‌

12,649‌

—‌

—‌

Investment

adviser

......................................

—‌

—‌

—‌

12‌

—‌

Prepaid

expenses

........................................

6,397,466‌

276,058‌

133,081‌

32,000‌

44,028‌

Total

assets

............................................

107,928,367,623‌

5,723,722,498‌

71,840,230‌

183,332,853‌

123,347,887‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

6,675,157,812‌

62,610,921‌

—‌

9,001,452‌

—‌

Custodian

fees

.........................................

266,131‌

40,118‌

4,927‌

5,291‌

3,119‌

Income

dividend

distributions

...............................

—‌

18,311‌

281‌

316‌

466‌

Management

fees

.......................................

2,884,583‌

317,559‌

42‌

—‌

—‌

Trustees'

and

Officer's

fees

................................

32,137‌

16,266‌

586‌

924‌

771‌

Printing

and

postage

fees

.................................

27,351‌

25,798‌

27,638‌

26,562‌

26,535‌

Professional

fees

.......................................

51,631‌

66,288‌

30,672‌

60,281‌

60,310‌

Registration

fees

.......................................

—‌

—‌

18,813‌

30,255‌

9,267‌

Service

and

distribution

fees

................................

4,725,250‌

7,028‌

30,147‌

—‌

94‌

Transfer

agent

fees

.....................................

77,317‌

14,582‌

3,505‌

925‌

1,277‌

Other

accrued

expenses

..................................

1,064,363‌

8,336‌

3,835‌

357‌

—‌

Total

liabilities

...........................................

6,684,286,575‌

63,125,207‌

120,446‌

9,126,363‌

101,839‌

NET

ASSETS

...........................................

$

101,244,081,048‌

$

5,660,597,291‌

$

71,719,784‌

$

174,206,490‌

$

123,246,048‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

...........................................

$

101,244,023,885‌

$

5,660,317,903‌

$

71,720,053‌

$

174,036,640‌

$

123,245,258‌

Accumulated

earnings

(loss)

.................................

57,163‌

279,388‌

(269‌)

169,850‌

790‌

NET

ASSETS

...........................................

$

101,244,081,048‌

$

5,660,597,291‌

$

71,719,784‌

$

174,206,490‌

$

123,246,048‌

(a)

  Investments

at

cost

—

unaffiliated

............................

$

105,098,743,801‌

$

5,551,476,673‌

$

71,555,970‌

$

173,416,913‌

$

123,232,685‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

NET

ASSET

VALUE

Institutional

Net

assets

....................................

$

99,056,678,997‌

$

5,657,668,348‌

$

62,539,610‌

$

174,206,490‌

$

123,246,048‌

Shares

outstanding

.............................

99,056,623,068‌

5,656,720,665‌

62,515,290‌

174,106,176‌

123,243,755‌

Net

asset

value

................................

$

1.00‌

$

1.00

02‌

$

1.00‌

$

1.00

06‌

$

1.00

00‌

Shares

authorized

..............................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

....................................

$

473,376,945‌

$

—‌

$

153,904‌

$

—‌

$

—‌

Shares

outstanding

.............................

473,376,678‌

—‌

153,844‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

—‌

$

1.00‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

—‌

Unlimited

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

....................................

$

1,432,948‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.............................

1,432,947‌

—‌

—‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

—‌

—‌

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

....................................

$

51,513,732‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.............................

51,513,703‌

—‌

—‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

—‌

—‌

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

....................................

$

104,278,517‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

.............................

104,278,458‌

—‌

—‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

—‌

—‌

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

....................................

$

995,030,665‌

$

2,928,943‌

$

6,203,017‌

$

—‌

$

—‌

Shares

outstanding

.............................

995,030,104‌

2,928,516‌

6,200,605‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

1.00

01‌

$

1.00‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

Unlimited

Unlimited

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Private

Client

Net

assets

....................................

$

—‌

$

—‌

$

291,584‌

$

—‌

$

—‌

Shares

outstanding

.............................

—‌

—‌

291,471‌

—‌

—‌

Net

asset

value

................................

$

—‌

$

—‌

$

1.00‌

$

—‌

$

—‌

Shares

authorized

..............................

—‌

—‌

Unlimited

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

....................................

$

561,769,244‌

$

—‌

$

2,531,669‌

$

—‌

$

—‌

Shares

outstanding

.............................

561,768,927‌

—‌

2,530,685‌

—‌

—‌

Net

asset

value

................................

$

1.00‌

$

—‌

$

1.00‌

$

—‌

$

—‌

Shares

authorized

..............................

Unlimited

—‌

Unlimited

—‌

—‌

Par

value

....................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

April

30,

2021

69

Financial

Statements

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

2,681,977‌

$

90,888,248‌

$

11,088,427‌

$

12,687,431‌

$

61,103,929‌

Total

investment

income

....................................

2,681,977‌

90,888,248‌

11,088,427‌

12,687,431‌

61,103,929‌

EXPENSES

Management

..........................................

5,110,630‌

145,016,681‌

10,322,207‌

11,714,805‌

104,421,190‌

Registration

..........................................

145,592‌

1,409,321‌

251,572‌

214,450‌

941,827‌

Service

and

distribution

—

class

specific

.......................

96,001‌

25,143,255‌

22‌

1,564,618‌

9,596,561‌

Transfer

agent

.........................................

42,519‌

608,346‌

43,586‌

210,322‌

497,019‌

Professional

..........................................

38,095‌

371,113‌

52,487‌

55,853‌

241,596‌

Custodian

............................................

32,003‌

682,052‌

63,600‌

71,898‌

527,524‌

Trustees

and

Officer

.....................................

24,942‌

240,701‌

55,898‌

62,294‌

216,569‌

Printing

and

postage

....................................

11,073‌

17,389‌

11,015‌

11,121‌

16,983‌

Offering

.............................................

—‌

22,547‌

—‌

—‌

—‌

Miscellaneous

.........................................

39,089‌

326,319‌

66,119‌

63,373‌

235,483‌

Total

expenses

..........................................

5,539,944‌

173,837,724‌

10,866,506‌

13,968,734‌

116,694,752‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(2,854,997‌)

(62,905,053‌)

(2,723,446‌)

(2,667,379‌)

(48,807,986‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(96,001‌)

(25,143,255‌)

(17‌)

(1,398,311‌)

(9,530,583‌)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

2,588,946‌

85,789,416‌

8,143,043‌

9,903,044‌

58,356,183‌

Net

investment

income

.....................................

93,031‌

5,098,832‌

2,945,384‌

2,784,387‌

2,747,746‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

50,758‌

$

1,132,282‌

$

(2,051,361‌)

$

(1,837,259‌)

$

665,566‌

Net

realized

gain

from

investments

...........................

50,758‌

1,132,282‌

41,267‌

98,12

5‌

665,566‌

Net

change

in

unrealized

depreciation

on

investments

..............

—‌

—‌

(2,092,628‌)

(1,935,385‌)

—‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

143,789‌

$

6,231,114‌

$

894,023‌

$

947,12

7‌

$

3,413,312‌

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

April

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

70

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

32,731,607‌

$

3,097,157‌

$

33,489‌

$

86,922‌

$

65,478‌

Total

investment

income

....................................

32,731,607‌

3,097,157‌

33,489‌

86,922‌

65,478‌

EXPENSES

Management

..........................................

62,010,750‌

7,307,603‌

142,328‌

450,161‌

270,862‌

Service

and

distribution

—

class

specific

.......................

3,667,471‌

3,661‌

16,941‌

—‌

—‌

Custodian

............................................

303,667‌

43,168‌

5,235‌

3,876‌

4,165‌

Registration

..........................................

295,128‌

190,238‌

88,314‌

34,166‌

45,700‌

Trustees

and

Officer

.....................................

197,127‌

33,658‌

5,806‌

5,920‌

5,880‌

Transfer

agent

.........................................

173,517‌

33,590‌

5,673‌

1,565‌

1,644‌

Professional

..........................................

156,735‌

54,838‌

30,103‌

44,519‌

41,400‌

Printing

and

postage

....................................

13,269‌

10,785‌

9,726‌

8,851‌

8,903‌

Rating

Agency

.........................................

41,408‌

13,885‌

5,455‌

—‌

—‌

Miscellaneous

.........................................

104

,

687‌

20

,

316‌

11,405‌

6,088‌

5,813‌

Total

expenses

..........................................

66,963,759‌

7,711,742‌

320,986‌

555,146‌

384,367‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(32,254,549‌)

(4,905,770‌)

(274,622‌)

(480,228‌)

(326,129‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(3,667,471‌)

(3,661‌)

(16,941‌)

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

.................

31,041,739‌

2,802,311‌

29,423‌

74,918‌

58,238‌

Net

investment

income

.....................................

1,689,868‌

294,846‌

4,066‌

12,004‌

7,240‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

270,721‌

$

152,909‌

$

–‌

$

168,216‌

$

(2,194‌)

Net

realized

gain

from

investments

...........................

270,721‌

207,458‌

—‌

168,938‌

—‌

Net

change

in

unrealized

depreciation

on

investments

..............

—‌

(54,549‌)

—‌

(722‌)

(2,194‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

1,960,589‌

$

447,755‌

$

4,066‌

$

180,220‌

$

5,046‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

71

Financial

Statements

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...................................................

$

93,031‌

$

23,348,193‌

$

5,098,832‌

$

753,860,151‌

Net

realized

gain

.......................................................

50,758‌

671,876‌

1,132,282‌

27,444,938‌

Net

increase

in

net

assets

resulting

from

operations

..................................

143,789‌

24,020,069‌

6,231,114‌

781,305,089‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

..........................................................

(540,494‌)

(23,011,396‌)

(19,114,449‌)

(669,745,146‌)

  Administration

........................................................

(8,683‌)

(468,572‌)

(437,917‌)

(15,836,138‌)

  Capital

.............................................................

—‌

—‌

(2,054,488‌)

(49,238,496‌)

  Cash

Management

.....................................................

(1,126‌)

(44,364‌)

(62,545‌)

(1,592,758‌)

  Cash

Reserve

........................................................

(40‌)

(2,485‌)

(875,205‌)

(21,485,458‌)

  Dollar

..............................................................

(2,483‌)

(66,472‌)

(438,276‌)

(11,874,360‌)

  Premier

.............................................................

—‌

(235‌)

(620‌)

(232‌)

  Private

Client

.........................................................

—‌

—‌

(35‌)

(951‌)

  Select

..............................................................

—‌

—‌

(93,264‌)

(638,200‌)

Mischler

Financial

Group

Shares

............................................

—‌

—‌

(540‌)

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

........................

(552,826‌)

(23,593,524‌)

(23,077,339‌)

(770,411,739‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

................

(637,096,648‌)

1,061,824,847‌

28,767,614,316‌

52,209,385,495‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..........................................

(637,505,685‌)

1,062,251,392‌

28,750,768,091‌

52,220,278,845‌

Beginning

of

period

.......................................................

4,608,463,152‌

3,546,211,760‌

164,124,834,098‌

111,904,555,253‌

End

of

period

...........................................................

$

3,970,957,467‌

$

4,608,463,152‌

$

192,875,602,189‌

$

164,124,834,098‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

TempCash

TempFund

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

2,945,384‌

$

87,878,685‌

$

2,784,387‌

$

87,376,114‌

Net

realized

gain

(loss)

....................................................

41,267‌

(1,220,250‌)

98,12

5‌

(815,103‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

(2,092,628‌)

438,880‌

(1,935,385‌)

(73,119‌)

Net

increase

in

net

assets

resulting

from

operations

...................................

894,023‌

87,097,315‌

947,12

7‌

86,487,892‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(3,253,171‌)

(87,880,802‌)

(3,821,155‌)

(84,499,283‌)

  Administration

.........................................................

—‌

—‌

(1,474‌)

(366,136‌)

  Capital

..............................................................

—‌

—‌

(420‌)

(467‌)

  Cash

Management

......................................................

—‌

—‌

(57,404‌)

(2,995,688‌)

  Cash

Reserve

.........................................................

—‌

—‌

(604‌)

(30,920‌)

  Dollar

...............................................................

(2‌)

(112‌)

(15,848‌)

(537,055‌)

  Premier

..............................................................

(12‌)

(309‌)

—‌

—‌

  Private

Client

..........................................................

—‌

—‌

(103‌)

(12,766‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(3,253,185‌)

(87,881,223‌)

(3,897,008‌)

(88,442,315‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(3,197,329,306‌)

603,276,726‌

(2,904,254,472‌)

271,048,458‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(3,199,688,468‌)

602,492,818‌

(2,907,204,35

3‌

)

269,094,035‌

Beginning

of

period

........................................................

10,638,200,282‌

10,035,707,464‌

11,631,035,369‌

11,361,941,334‌

End

of

period

............................................................

$

7,438,511,814‌

$

10,638,200,282‌

$

8,723,831,01

6‌

$

11,631,035,369‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

73

Financial

Statements

See

notes

to

financial

statements.

T-Fund

Treasury

Trust

Fund

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................

$

2,747,746‌

$

484,490,977‌

$

1,689,868‌

$

272,160,341‌

Net

realized

gain

......................................................

665,566‌

11,254,508‌

270,721‌

5,555,006‌

Net

increase

in

net

assets

resulting

from

operations

.................................

3,413,312‌

495,745,485‌

1,960,589‌

277,715,347‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.........................................................

(11,685,761‌)

(419,749,578‌)

(5,833,740‌)

(268,762,817‌)

  Administration

.......................................................

(59,139‌)

(3,593,535‌)

(39,642‌)

(2,705,419‌)

  Capital

............................................................

(2,311,691‌)

(58,140,794‌)

(60‌)

—‌

  Cash

Management

....................................................

(119,406‌)

(3,577,313‌)

(4,229‌)

(123,299‌)

  Cash

Reserve

.......................................................

(45,374‌)

(382,216‌)

(9,317‌)

(424,419‌)

  Dollar

.............................................................

(111,251‌)

(3,976,267‌)

(88,839‌)

(4,891,290‌)

  Premier

............................................................

(868‌)

(224‌)

—‌

(228‌)

  Select

.............................................................

(6,304‌)

(36,784‌)

(39,659‌)

(137,158‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................

(14,339,794‌)

(489,456,711‌)

(6,015,486‌)

(277,044,630‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................

28,952,805,228‌

28,196,920,810‌

43,248,504,174‌

17,678,878,374‌

NET

ASSETS

Total

increase

in

net

assets

.................................................

28,941,878,746‌

28,203,209,584‌

43,244,449,277‌

17,679,549,091‌

Beginning

of

period

......................................................

106,366,331,567‌

78,163,121,983‌

57,999,631,771‌

40,320,082,680‌

End

of

period

..........................................................

$

135,308,210,313‌

$

106,366,331,567‌

$

101,244,081,048‌

$

57,999,631,771‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

MuniCash

MuniFund

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

294,846‌

$

30,658,439‌

$

4,066‌

$

963,149‌

Net

realized

gain

........................................................

207,458‌

46,530‌

—‌

7,714‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(54,549‌)

(124,005‌)

—‌

—‌

Net

increase

in

net

assets

resulting

from

operations

...................................

447,755‌

30,580,964‌

4,066‌

970,863‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(294,699‌)

(30,647,703‌)

(3,661‌)

(865,441‌)

  Administration

.........................................................

—‌

—‌

(7‌)

(80,419‌)

  Dollar

...............................................................

(147‌)

(10,533‌)

(283‌)

(19,306‌)

  Premier

..............................................................

—‌

(202‌)

—‌

(207‌)

  Private

Client

..........................................................

—‌

—‌

(14‌)

(926‌)

  Select

...............................................................

—‌

—‌

(101‌)

(4,101‌)

From

return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

—‌

—‌

(139,677‌)

  Administration

.........................................................

—‌

—‌

—‌

(280‌)

  Dollar

...............................................................

—‌

—‌

—‌

(8,705‌)

  Premier

..............................................................

—‌

—‌

—‌

(66‌)

  Private

Client

..........................................................

—‌

—‌

—‌

(521‌)

  Select

...............................................................

—‌

—‌

—‌

(3,167‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(294,846‌)

(30,658,438‌)

(4,066‌)

(1,122,816‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

496,700,970‌

(21,345,744‌)

(3,985,129‌)

(141,446,074‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

496,853,879‌

(21,423,218‌)

(3,985,129‌)

(141,598,027‌)

Beginning

of

period

........................................................

5,163,743,412‌

5,185,166,630‌

75,704,913‌

217,302,940‌

End

of

period

............................................................

$

5,660,597,291‌

$

5,163,743,412‌

$

71,719,784‌

$

75,704,913‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

75

Financial

Statements

See

notes

to

financial

statements.

California

Money

Fund

New

York

Money

Fund

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

12,004‌

$

1,600,175‌

$

7,240‌

$

1,540,080‌

Net

realized

gain

........................................................

168,938‌

4,451‌

—‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(722‌)

630‌

(2,194‌)

2,910‌

Net

increase

in

net

assets

resulting

from

operations

...................................

180,220‌

1,605,256‌

5,046‌

1,542,990‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(16,414‌)

(1,600,008‌)

(7,240‌)

(1,539,882‌)

  Premier

..............................................................

—‌

(167‌)

—‌

(197‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(16,414‌)

(1,600,175‌)

(7,240‌)

(1,540,079‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

20,376,458‌

(243,663,265‌)

(26,733,925‌)

(93,559,084‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

20,540,264‌

(243,658,184‌)

(26,736,119‌)

(93,556,173‌)

Beginning

of

period

........................................................

153,666,226‌

397,324,410‌

149,982,167‌

243,538,340‌

End

of

period

............................................................

$

174,206,490‌

$

153,666,226‌

$

123,246,048‌

$

149,982,167‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

76

See

notes

to

financial

statements.

Federal

Trust

Fund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0051‌

0.0214‌

0.0151‌

0.0059‌

0.0016‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0014‌

0.0000‌

(a)

(0.0001‌)

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0065‌

0.0214‌

0.0150‌

0.0060‌

0.0016‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0064‌)

(0.0214‌)

(0.0150‌)

(0.0060‌)

(0.0016‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0065‌)

(0.0214‌)

(0.0150‌)

(0.0060‌)

(0.0016‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.65%

2.16%

1.51%

0.61%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.65%

2.16%

1.51%

0.61%

0.16%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.23%

(f)

0.23%

0.25%

0.24%

0.24%

0.28%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.17%

0.17%

0.17%

0.17%

0.18%

Net

investment

income

.........................

0.00%

(f)(g)

0.51%

2.14%

1.51%

0.59%

0.19%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

3,861,848‌

$

4,488,126‌

$

3,442,530‌

$

2,996,754‌

$

2,756,560‌

$

3,142,077‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

See

notes

to

financial

statements.

Federal

Trust

Fund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0051‌

0.0204‌

0.0140‌

0.0056‌

0.0007‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0006‌

0.0000‌

(a)

0.0000‌

(a)

(0.0006‌)

—‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0057‌

0.0204‌

0.0140‌

0.0050‌

0.0007‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0056‌)

(0.0204‌)

(0.0140‌)

(0.0050‌)

(0.0007‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

—‌

Total

distributions

.............................

(0.0001‌)

(0.0057‌)

(0.0204‌)

(0.0140‌)

(0.0050‌)

(0.0007‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.57%

2.06%

1.41%

0.51%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.57%

2.06%

1.41%

0.51%

0.06%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.33%

(f)

0.33%

0.35%

0.34%

0.34%

0.37%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(f)

0.24%

0.27%

0.27%

0.27%

0.28%

Net

investment

income

.........................

0.00%

(f)(g)

0.51%

2.05%

1.40%

0.56%

0.11%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

82,512‌

$

78,219‌

$

80,271‌

$

75,807‌

$

68,102‌

$

42,205‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

78

See

notes

to

financial

statements.

Federal

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

Period

from

04/18/16

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(b)

0.0022‌

0.0164‌

0.0099‌

0.0012‌

0.0000‌

(b)

Net

realized

gain

............................

0.0001‌

0.0016‌

0.0000‌

(b)

0.0001‌

0.0004‌

—‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0038‌

0.0164‌

0.0100‌

0.0016‌

0.0000‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(d)

(0.0037‌)

(0.0164‌)

(0.0100‌)

(0.0016‌)

(0.0000‌)

(d)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(d)

—‌

(0.0000‌)

(d)

—‌

Total

distributions

.............................

(0.0001‌)

(0.0038‌)

(0.0164‌)

(0.0100‌)

(0.0016‌)

(0.0000‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.38%

1.65%

1.01%

0.16%

—

Based

on

net

asset

value

........................

0.01%

(f)

0.38%

1.65%

1.01%

0.16%

0.00%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.73%

(g)

0.73%

0.75%

0.74%

0.74%

0.69%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.36%

0.67%

0.67%

0.59%

0.34%

(g)

Net

investment

income

.........................

0.00%

(g)(h)

0.22%

1.65%

0.99%

0.12%

0.00%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

12,409‌

$

10,809‌

$

11,839‌

$

13,175‌

$

15,174‌

$

31,560‌

(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)

Aggregate

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

See

notes

to

financial

statements.

Federal

Trust

Fund

Cash

Reserve

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

Period

from

04/18/16

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(b)

0.0061‌

0.0314‌

0.0108‌

0.0022‌

0.0000‌

(b)

Net

realized

gain

............................

0.0001‌

0.0004‌

0.0001‌

0.0002‌

0.0001‌

—‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0065‌

0.0315‌

0.0110‌

0.0023‌

0.0000‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(d)

(0.0064‌)

(0.0315‌)

(0.0110‌)

(0.0023‌)

(0.0000‌)

(d)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(d)

—‌

(0.0000‌)

(d)

—‌

Total

distributions

.............................

(0.0001‌)

(0.0065‌)

(0.0315‌)

(0.0110‌)

(0.0023‌)

(0.0000‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.65%

3.19%

1.11%

0.23%

—

Based

on

net

asset

value

........................

0.01%

(f)

0.65%

3.19%

1.11%

0.23%

0.00%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.62%

(g)

0.63%

0.65%

0.64%

0.64%

0.61%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.12%

(g)

0.17%

0.28%

0.57%

0.54%

0.35%

(g)

Net

investment

income

.........................

0.00%

(g)(h)

0.61%

3.14%

1.08%

0.22%

0.00%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

14‌

$

425‌

$

383‌

$

374‌

$

447‌

$

499‌

(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)

Aggregate

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

80

See

notes

to

financial

statements.

Federal

Trust

Fund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0032‌

0.0189‌

0.0116‌

0.0035‌

0.0000‌

(a)

Net

realized

gain

............................

0.0001‌

0.0018‌

0.0000‌

(a)

0.0009‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0050‌

0.0189‌

0.0125‌

0.0036‌

0.0000‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0049‌)

(0.0189‌)

(0.0125‌)

(0.0036‌)

(0.0000‌)

(c)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0050‌)

(0.0189‌)

(0.0125‌)

(0.0036‌)

(0.0000‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.49%

1.91%

1.26%

0.36%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.49%

1.91%

1.26%

0.36%

0.00%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.48%

(f)

0.48%

0.50%

0.49%

0.49%

0.52%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.29%

0.42%

0.42%

0.42%

0.38%

Net

investment

income

.........................

0.00%

(f)

(g)

0.32%

1.90%

1.16%

0.35%

0.00%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

14,175‌

$

30,848‌

$

11,152‌

$

13,751‌

$

133,962‌

$

242,959‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0054‌

0.0217‌

0.0152‌

0.0065‌

0.0023‌

Net

realized

gain

............................

0.0001‌

0.0010‌

0.0001‌

0.0001‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0064‌

0.0218‌

0.0153‌

0.0066‌

0.0023‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0063‌)

(0.0218‌)

(0.0153‌)

(0.0066‌)

(0.0023‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0064‌)

(0.0218‌)

(0.0153‌)

(0.0066‌)

(0.0023‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.64%

2.20%

1.54%

0.66%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.64%

2.20%

1.54%

0.66%

0.23%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.19%

(f)

0.19%

0.19%

0.19%

0.19%

0.21%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.17%

0.17%

0.17%

0.15%

0.12%

Net

investment

income

.........................

0.01%

(f)

0.54%

2.17%

1.52%

0.65%

0.28%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

160,360,793‌

$

141,084,816‌

$

93,106,503‌

$

74,278,100‌

$

78,004,801‌

$

84,001,937‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

82

See

notes

to

financial

statements.

FedFund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0054‌

0.0207‌

0.0145‌

0.0057‌

0.0014‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0002‌

0.0001‌

(0.0002‌)

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0056‌

0.0208‌

0.0143‌

0.0056‌

0.0014‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0055‌)

(0.0208‌)

(0.0143‌)

(0.0056‌)

(0.0014‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0056‌)

(0.0208‌)

(0.0143‌)

(0.0056‌)

(0.0014‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.0

0‌

$

1.00‌

Total

Return

(d)

0.01%

0.56%

2.10%

1.44%

0.56%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.56%

2.10%

1.44%

0.56%

0.14%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.29%

(f)

0.29%

0.29%

0.29%

0.29%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.24%

0.27%

0.27%

0.26%

0.21%

Net

investment

income

.........................

0.01%

(f)

0.54%

2.07%

1.45%

0.57%

0.17%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

3,224,868‌

$

2,977,997‌

$

2,870,758‌

$

2,500,290‌

$

2,436,503‌

$

1,693,932‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Capital

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

Period

from

11/10/17

(a)

to

10/31/18

2020

2019

Net

asset

value,

beginning

of

period

............................................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

.....................................................

0.0000‌

(b)

0.0051‌

0.0213‌

0.0172‌

Net

realized

gain

(loss)

.....................................................

0.0001‌

0.0009‌

0.0001‌

(0.0026‌)

Net

increase

from

investment

operations

...........................................

0.0001‌

0.0060‌

0.0214‌

0.0146‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.................................................

(0.0000‌)

(d)

(0.0059‌)

(0.0214‌)

(0.0146‌)

From

net

realized

gain

......................................................

(0.0001‌)

(0.0001‌)

—‌

—‌

Total

distributions

..........................................................

(0.0001‌)

(0.0060‌)

(0.0214‌)

(0.0146‌)

Net

asset

value,

end

of

period

.................................................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.60%

2.16%

1.47%

Based

on

net

asset

value

.....................................................

0.01%

(f)

0.60%

2.16%

1.47%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

............................................................

0.24%

(g)

0.24%

0.24%

0.24%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.10%

(g)

0.21%

0.21%

0.21%

(g)

Net

investment

income

......................................................

0.01%

(g)

0.51%

2.13%

1.77%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

19,355,169‌

$

11,247,218‌

$

8,078,893‌

$

7,138,766‌

(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)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

84

See

notes

to

financial

statements.

FedFund

Cash

Management

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0035‌

0.0165‌

0.0100‌

0.0020‌

0.0003‌

Net

realized

gain

............................

0.0001‌

0.0003‌

0.0003‌

0.0003‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0038‌

0.0168‌

0.0103‌

0.0021‌

0.0003‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0037‌)

(0.0168‌)

(0.0103‌)

(0.0021‌)

(0.0003‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0038‌)

(0.0168‌)

(0.0103‌)

(0.0021‌)

(0.0003‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.38%

1.69%

1.04%

0.21%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.38%

1.69%

1.04%

0.21%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.69%

(f)

0.69%

0.69%

0.69%

0.69%

0.71%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.42%

0.67%

0.67%

0.61%

0.36%

Net

investment

income

.........................

0.01%

(f)

0.35%

1.65%

1.00%

0.20%

0.03%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

551,982‌

$

440,893‌

$

377,591‌

$

154,607‌

$

106,798‌

$

90,565‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Cash

Reserve

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0040‌

0.0178‌

0.0115‌

0.0032‌

0.0003‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0002‌

0.0000‌

(a)

(0.0002‌)

(0.0004‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0042‌

0.0178‌

0.0113‌

0.0028‌

0.0003‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0041‌)

(0.0178‌)

(0.0113‌)

(0.0028‌)

(0.0003‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0042‌)

(0.0178‌)

(0.0113‌)

(0.0028‌)

(0.0003‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.42%

1.79%

1.14%

0.28%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.42%

1.79%

1.14%

0.28%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.59%

(f)

0.59%

0.59%

0.59%

0.59%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.39%

0.57%

0.57%

0.55%

0.31%

Net

investment

income

.........................

0.01%

(f)

0.40%

1.78%

1.15%

0.32%

0.09%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

5,704,604‌

$

5,079,903‌

$

4,907,193‌

$

1,649,400‌

$

814,974‌

$

220,572‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

86

See

notes

to

financial

statements.

FedFund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0039‌

0.0195‌

0.0129‌

0.0039‌

0.0004‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0009‌

0.0000‌

(a)

(0.0001‌)

0.0002‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0048‌

0.0195‌

0.0128‌

0.0041‌

0.0004‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0047‌)

(0.0195‌)

(0.0128‌)

(0.0041‌)

(0.0004‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0048‌)

(0.0195‌)

(0.0128‌)

(0.0041‌)

(0.0004‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.48%

1.97%

1.29%

0.41%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.48%

1.97%

1.29%

0.41%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.44%

(f)

0.44%

0.44%

0.44%

0.44%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.31%

0.42%

0.42%

0.40%

0.34%

Net

investment

income

.........................

0.01%

(f)

0.39%

1.95%

1.29%

0.39%

0.04%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

2,943,779‌

$

2,991,892‌

$

2,307,110‌

$

1,776,032‌

$

1,714,598‌

$

2,029,496‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Mischler

Financial

Group

Shares

Period

from

01/22

/21

(a)

to

04/30/21

(unaudited)

Net

asset

value,

beginning

of

period

........................................................................................

$

1.0

0‌

Net

investment

income

.................................................................................................

0.000

0‌

(b)

Net

realized

gain

.....................................................................................................

0.0001‌

Net

increase

from

investment

operations

.......................................................................................

0.0001‌

Distributions

(c)

From

net

investment

income

.............................................................................................

(0.0000‌)

(d

)

From

net

realized

gain

..................................................................................................

(0.0001‌)

Total

distributions

......................................................................................................

(0.0001‌)

Net

asset

value,

end

of

period

.............................................................................................

$

1.0

0‌

Total

Return

(e)

0.01%

Based

on

net

asset

value

.................................................................................................

0.01%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.20%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.03%

(g)

Net

investment

income

..................................................................................................

0.03%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

50,052‌

(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)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

88

See

notes

to

financial

statements.

FedFund

Premier

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.

00‌

$

1.00‌

$

1.00‌

Net

investment

income

....................................................................

0.000

0‌

(b)

0.0062‌

0.0051‌

Net

realized

gain

........................................................................

0.0001‌

0.0002‌

0.0000‌

(b)

Net

increase

from

investment

operations

..........................................................

0.0001‌

0.0064‌

0.0051‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0000‌)

(d)

(0.0063‌)

(0.0051‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0001‌)

—‌

Total

distributions

.........................................................................

(0.0001‌)

(0.0064‌)

(0.0051‌)

Net

asset

value,

end

of

period

................................................................

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.64%

0.51%

Based

on

net

asset

value

....................................................................

0.01%

(f)

0.64%

0.51%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.18%

(g)

0.19%

0.19%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.07%

(g)

0.17%

0.17%

(g)

Net

investment

income

.....................................................................

0.01%

(g)

0.62%

1.95%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

10,444‌

$

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)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Private

Client

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0036‌

0.0166‌

0.0090‌

0.0020‌

0.0003‌

Net

realized

gain

............................

0.0001‌

0.0002‌

0.0001‌

0.0012‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0038‌

0.0167‌

0.0102‌

0.0021‌

0.0003‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0037‌)

(0.0167‌)

(0.0102‌)

(0.0021‌)

(0.0003‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0038‌)

(0.0167‌)

(0.0102‌)

(0.0021‌)

(0.0003‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.38%

1.68%

1.02%

0.21%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.38%

1.68%

1.02%

0.21%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.04%

(f)

1.04%

1.04%

1.04%

1.04%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.43%

0.68%

0.68%

0.60%

0.35%

Net

investment

income

.........................

0.01%

(f)

0.36%

1.66%

0.90%

0.20%

0.03%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

252‌

$

252‌

$

230‌

$

768‌

$

1,782‌

$

1,945‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

90

See

notes

to

financial

statements.

FedFund

Select

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0021‌

0.0133‌

0.0066‌

0.0005‌

0.0003‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0004‌

0.0002‌

0.0004‌

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0025‌

0.0135‌

0.0070‌

0.0004‌

0.0003‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0024‌)

(0.0135‌)

(0.0070‌)

(0.0004‌)

(0.0003‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0025‌)

(0.0135‌)

(0.0070‌)

(0.0004‌)

(0.0003‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.26%

1.36%

0.71%

0.04%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.26%

1.36%

0.71%

0.04%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.04%

(f)

1.04%

1.04%

1.04%

1.04%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(f)

0.54%

1.00%

1.00%

0.77%

0.34%

Net

investment

income

.........................

0.01%

(f)

0.22%

1.33%

0.66%

0.05%

0.04%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

673,660‌

$

301,826‌

$

256,241‌

$

195,297‌

$

340,742‌

$

241,781‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

91

Financial

Highlights

See

notes

to

financial

statements.

TempCash

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

$

1.00‌

Net

investment

income

........................

0.0003‌

0.0084‌

0.0233‌

0.0188‌

0.0108‌

0.0027‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.0002‌)

0.0004‌

0.0005‌

(0.0010‌)

(0.0022‌)

0.0002‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0088‌

0.0238‌

0.0178‌

0.0086‌

0.0029‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0003‌)

(0.0085‌)

(0.0235‌)

(0.0177‌)

(0.0084‌)

(0.0027‌)

From

net

realized

gain

.........................

(0.0000‌)

(b)

(0.0000‌)

(b)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0003‌)

(0.0085‌)

(0.0235‌)

(0.0177‌)

(0.0084‌)

(0.0029‌)

Net

asset

value,

end

of

period

....................

$

1.0007‌

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

Total

Return

(c)

0.01%

0.88%

2.41%

1.79%

0.87%

—

Based

on

net

asset

value

........................

0.01%

(d)

0.88%

2.41%

1.79%

0.87%

0.29%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.24%

(e)

0.23%

0.26%

0.33%

0.39%

0.39%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.18%

(e)

0.18%

0.18%

0.18%

0.18%

0.13%

Net

investment

income

.........................

0.06%

(e)

0.84%

2.33%

1.88%

1.08%

0.26%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

7,438,457‌

$

10,638,146‌

$

10,035,653‌

$

4,875,313‌

$

1,713,352‌

$

72,311‌

(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)

Aggregate

total

return.

(e)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

92

See

notes

to

financial

statements.

TempCash

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

$

1.

00‌

Net

investment

income

(loss)

....................

(0.0001‌)

0.0062‌

0.1405‌

(a)

0.0122‌

0.0058‌

0.0006‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.0001‌)

0.0004‌

0.0156‌

0.0031‌

0.0004‌

0.0002‌

Net

increase

(decrease)

from

investment

operations

......

(0.0002‌)

0.0066‌

0.1561‌

0.0153‌

0.0062‌

0.0008‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0063‌)

(0.1558‌)

(0.0152‌)

(0.0060‌)

(0.0006‌)

From

net

realized

gain

.........................

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0000‌)

(0.0063‌)

(0.1558‌)

(0.0152‌)

(0.0060‌)

(0.0008‌)

Net

asset

value,

end

of

period

....................

$

1.0007‌

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

Total

Return

(d)

(0.01)%

0.66%

15.90%

1.54%

0.62%

—

Based

on

net

asset

value

........................

(0.01)%

(e)

0.66%

15.90%

(a)

1.54%

0.62%

0.08%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.48%

(f)

0.47%

0.51%

0.61%

0.71%

0.64%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.23%

(f)

0.40%

0.43%

0.43%

0.42%

0.34%

Net

investment

income

(loss)

.....................

(0.01)%

(f)

0.62%

14.04%

(a)

1.22%

0.58%

0.06%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

18‌

$

18‌

$

18‌

$

15‌

$

22,566‌

$

25,994‌

(a)

Includes

a

non-recurring

income

payment,

which

impacted

net

investment

income

per

share,

total

return

and

the

net

investment

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.

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

See

notes

to

financial

statements.

TempCash

Premier

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.0010‌

$

1.0007‌

$

1.0006‌

Net

investment

income

....................................................................

0.0003‌

0.0085‌

0.0055‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

(0.0003‌)

0.0003‌

0.0001‌

Net

increase

from

investment

operations

..........................................................

0.0000‌

0.0088‌

0.0056‌

Distributions

(b)

–

–

–

From

net

investment

income

................................................................

(0.0003‌)

(0.0085‌)

(0.0055‌)

From

net

realized

gain

.....................................................................

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.........................................................................

(0.0003‌)

(0.0085‌)

(0.0055‌)

Net

asset

value,

end

of

period

................................................................

$

1.0007‌

$

1.0010‌

$

1.0007‌

Total

Return

(d)

—

0.88%

0.56%

Based

on

net

asset

value

....................................................................

0.00%

(e)(f)

0.88%

0.56%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.24%

(g)

0.23%

0.24%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.18%

(g)

0.18%

0.18%

(g)

Net

investment

income

.....................................................................

0.06%

(g)

0.84%

2.10%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

94

See

notes

to

financial

statements.

TempFund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

........................

0.0003‌

0.0084‌

0.0237‌

0.0177‌

0.0100‌

0.0036‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.0002‌)

0.0002‌

0.0003‌

0.0001‌

0.0001‌

0.0004‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0086‌

0.0240‌

0.0178‌

0.0101‌

0.0040‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0003‌)

(0.0083‌)

(0.0237‌)

(0.0178‌)

(0.0100‌)

(0.0036‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0004‌)

(0.0084‌)

(0.0237‌)

(0.0178‌)

(0.0100‌)

(0.0038‌)

Net

asset

value,

end

of

period

....................

$

1.0005‌

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

Total

Return

(c)

—

0.86%

2.42%

1.79%

1.01%

—

Based

on

net

asset

value

........................

0.00%

(d)(e)

0.86%

(f)

2.42%

1.79%

1.01%

0.41%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.23%

(g)

0.22%

0.22%

0.22%

0.22%

0.19%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.18%

(g)

0.18%

0.18%

0.18%

0.18%

0.18%

Net

investment

income

.........................

0.05%

(g)

0.84%

2.37%

1.77%

1.03%

0.35%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

8,030,045‌

$

10,928,671‌

$

10,609,770‌

$

12,325,770‌

$

12,940,766‌

$

8,183,070‌

(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)

Aggregate

total

return.

(e)

Amount

is

less

than

0.005%.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

95

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

$

1.

00‌

Net

investment

income

........................

0.0001‌

0.0072‌

0.0227‌

0.0153‌

0.0090‌

0.0026‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.0001‌)

0.0004‌

0.0002‌

0.0015‌

0.0002‌

0.0004‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0076‌

0.0229‌

0.0168‌

0.0092‌

0.0030‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0001‌)

(0.0073‌)

(0.0227‌)

(0.0168‌)

(0.0090‌)

(0.0026‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0002‌)

(0.0074‌)

(0.0227‌)

(0.0168‌)

(0.0090‌)

(0.0028‌)

Net

asset

value,

end

of

period

....................

$

1.0006‌

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

Total

Return

(c)

(0.01)%

0.76%

2.31%

1.69%

0.93%

—

Based

on

net

asset

value

........................

(0.01)%

(d)

0.76%

(e)

2.31%

1.69%

0.93%

0.31%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.33%

(f)

0.32%

0.32%

0.32%

0.31%

0.29%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.22%

(f)

0.28%

0.28%

0.28%

0.28%

0.28%

Net

investment

income

.........................

0.01%

(f)

0.72%

2.27%

1.53%

1.01%

0.24%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

10,405‌

$

9,524‌

$

42,214‌

$

23,965‌

$

106,520‌

$

15,197‌

(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)

Aggregate

total

return.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

96

See

notes

to

financial

statements.

TempFund

Capital

Six

Months

Ended

04/30/21

(unaudited)

Period

from

07/07/20

(a)

to

10/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0008‌

$

1.0010‌

Net

investment

income

..................................................................................

0.0001‌

0.0002‌

Net

realized

and

unrealized

(loss)

...........................................................................

(0.000

1‌

)

(0.0001‌)

Net

increase

from

investment

operations

........................................................................

0.000

0‌

0.0001‌

Distributions

(b)

–

–

From

net

investment

income

..............................................................................

(0.0001‌)

(0.0002‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

(0.0001‌)

Total

distributions

.......................................................................................

(0.0002‌)

(0.0003‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.000

6‌

$

1.0008‌

Total

Return

(c)

—

0.01%

Based

on

net

asset

value

..................................................................................

0.00%

(d)(e)

0.01%

(d)(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.27%

0.27%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.22%

0.23%

(g)

Net

investment

income

...................................................................................

0.01%

0.05%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

1,726‌

$

3,223‌

(a)

Recommencement

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)

Aggregate

total

return.

(e)

Amount

is

less

than

0.005%.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

97

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Cash

Management

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0048‌

0.0188‌

0.0127‌

0.0050‌

0.0000‌

(a)

Net

realized

and

unrealized

gain

(loss)

.............

(0.0002‌)

0.0002‌

0.0003‌

0.0001‌

0.0001‌

0.0004‌

Net

increase

(decrease)

from

investment

operations

......

(0.0002‌)

0.0050‌

0.0191‌

0.0128‌

0.0051‌

0.0004‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0047‌)

(0.0188‌)

(0.0128‌)

(0.0050‌)

(0.0000‌)

(c)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(

0.0000‌

)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0001‌)

(0.0048‌)

(0.0188‌)

(0.0128‌)

(0.0050‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.0005‌

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

(0.02)%

0.50%

1.92%

1.28%

0.51%

—

Based

on

net

asset

value

........................

(0.02)%

(e)

0.50%

(f)

1.92%

1.28%

0.51%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.73%

(g)

0.73%

0.72%

0.72%

0.72%

0.68%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.23%

(g)

0.54%

0.68%

0.68%

0.68%

0.56%

Net

investment

income

.........................

0.00%

(g)

0.48%

1.88%

1.27%

0.49%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

566,308‌

$

576,228‌

$

624,658‌

$

632,405‌

$

688,373‌

$

831,483‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

98

See

notes

to

financial

statements.

TempFund

Cash

Reserve

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0052‌

0.0231‌

0.0143‌

0.0060‌

0.0004‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.000

2‌

)

0.0008‌

0.0000‌

(a)

(0.0004‌)

0.0001‌

0.0002‌

Net

increase

(decrease)

from

investment

operations

......

(0.000

2‌

)

0.0060‌

0.0231‌

0.0139‌

0.0061‌

0.0006‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0057‌)

(0.0229‌)

(0.0138‌)

(0.0060‌)

(0.0002‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0001‌)

(0.0058‌)

(0.0229‌)

(0.0138‌)

(0.0060‌)

(0.0004‌)

Net

asset

value,

end

of

period

....................

$

1.000

5‌

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

(0.02)%

0.60%

2.33%

1.39%

0.61%

—

Based

on

net

asset

value

........................

(0.02)%

(e)

0.60%

(f)

2.33%

1.39%

0.61%

0.06%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.63%

(g)

0.63%

0.62%

0.62%

0.62%

0.59%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.22%

(g)

0.44%

0.50%

0.58%

0.58%

0.51%

Net

investment

income

.........................

0.00%

(g)

0.52%

2.31%

1.43%

0.59%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

9,663‌

$

5,544‌

$

4,296‌

$

4,320‌

$

3,341‌

$

5,630‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

99

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

........................

0.0001‌

0.0056‌

0.0221‌

0.0151‌

0.0075‌

0.0013‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.0002‌)

0.0009‌

0.0001‌

0.0002‌

0.0002‌

0.0004‌

Net

increase

(decrease)

from

investment

operations

......

(0.0001‌)

0.0065‌

0.0222‌

0.0153‌

0.0077‌

0.0017‌

Distributions

(a)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0001‌)

(0.0062‌)

(0.0220‌)

(0.0153‌)

(0.0075‌)

(0.0013‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0002‌)

(0.0063‌)

(0.0220‌)

(0.0153‌)

(0.0075‌)

(0.0015‌)

Net

asset

value,

end

of

period

....................

$

1.0005‌

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

Total

Return

(c)

(0.02)%

0.65%

2.24%

1.54%

0.77%

—

Based

on

net

asset

value

........................

(0.02)%

(d)

0.65%

(e)

2.24%

1.54%

0.77%

0.17%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.48%

(f)

0.48%

0.47%

0.47%

0.47%

0.44%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.22%

(f)

0.38%

0.43%

0.43%

0.43%

0.42%

Net

investment

income

.........................

0.01%

(f)

0.56%

2.21%

1.51%

0.78%

0.13%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

104,674‌

$

106,802‌

$

79,837‌

$

80,471‌

$

86,362‌

$

91,943‌

(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)

Aggregate

total

return.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

100

See

notes

to

financial

statements.

TempFund

Private

Client

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0017‌

0.0190‌

0.0136‌

0.0050‌

0.0000‌

(a)

Net

realized

and

unrealized

gain

(loss)

.............

(0.0001‌)

0.0033‌

(0.0001‌)

(0.0007‌)

0.0001‌

0.0004‌

Net

increase

from

investment

operations

..............

(0.0001‌)

0.0050‌

0.0189‌

0.0129‌

0.0051‌

0.0004‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0047‌)

(0.0187‌)

(0.0128‌)

(0.0050‌)

(0.0000‌)

(c)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

.............................

(0.0001‌)

(0.0048‌)

(0.0187‌)

(0.0128‌)

(0.0050‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.000

6‌

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

(0.01)%

0.50%

1.90%

1.29%

0.52%

—

Based

on

net

asset

value

........................

(0.01)%

(e)

0.50%

(f)

1.90%

1.29%

0.52%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.08%

(g)

1.08%

1.07%

1.07%

1.07%

1.04%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.23%

(g)

0.59%

0.68%

0.68%

0.68%

0.53%

Net

investment

income

.........................

0.00%

(g)

0.17%

1.90%

1.36%

0.49%

0.00%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,009‌

$

1,043‌

$

1,165‌

$

2,042‌

$

1,295‌

$

1,649‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

101

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0057‌

0.0215‌

0.0151‌

0.0063‌

0.0017‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0005‌

0.0001‌

0.0002‌

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0062‌

0.0216‌

0.0153‌

0.0062‌

0.0017‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0061‌)

(0.0216‌)

(0.0153‌)

(0.0062‌)

(0.0017‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0062‌)

(0.0216‌)

(0.0153‌)

(0.0062‌)

(0.0017‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.62%

2.18%

1.54%

0.62%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.62%

(f)

2.18%

1.54%

0.62%

0.17%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.19%

(g)

0.19%

0.19%

0.19%

0.19%

0.20%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.17%

0.17%

0.17%

0.17%

0.17%

Net

investment

income

.........................

0.00%

(g)(h)

0.57%

2.15%

1.51%

0.63%

0.18%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

109,205,490‌

$

88,266,743‌

$

65,112,830‌

$

57,671,676‌

$

53,092,342‌

$

53,764,049‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

102

See

notes

to

financial

statements.

T-Fund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0056‌

0.0206‌

0.0146‌

0.0061‌

0.0008‌

Net

realized

gain

(loss)

........................

0.0001‌

(0.0002‌)

0.0000‌

(a)

(0.0003‌)

(0.0009‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0054‌

0.0206‌

0.0143‌

0.0052‌

0.0008‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0053‌)

(0.0206‌)

(0.0143‌)

(0.0052‌)

(0.0008‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0054‌)

(0.0206‌)

(0.0143‌)

(0.0052‌)

(0.0008‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.53%

2.08%

1.43%

0.52%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.53%

(f)

2.08%

1.43%

0.52%

0.08%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.29%

(g)

0.29%

0.29%

0.29%

0.29%

0.30%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.25%

0.27%

0.27%

0.27%

0.26%

Net

investment

income

.........................

0.00%

(g)(h)

0.56%

2.08%

1.46%

0.61%

0.12%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

550,179‌

$

489,691‌

$

733,783‌

$

924,933‌

$

685,250‌

$

75,294‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

103

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Capital

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

Period

from

11/10/17

(a)

to

10/31/18

2020

2019

Net

asset

value,

beginning

of

period

............................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

.....................................................

0.0000‌

(b)

0.0048‌

0.0212‌

0.0172‌

Net

realized

gain

(loss)

.....................................................

0.0001‌

0.0010‌

0.0000‌

(b)

(0.0027‌)

Net

increase

from

investment

operations

...........................................

0.0001‌

0.0058‌

0.0212‌

0.0145‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.................................................

(0.0000‌)

(d)

(0.0057‌)

(0.0212‌)

(0.0145‌)

From

net

realized

gain

......................................................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(d)

(0.0000‌)

(d)

Total

distributions

..........................................................

(0.0001‌)

(0.0058‌)

(0.0212‌)

(0.0145‌)

Net

asset

value,

end

of

period

.................................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.57%

2.14%

1.46%

Based

on

net

asset

value

.....................................................

0.01%

(f)

0.57%

(g)

2.14%

1.46%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

............................................................

0.24%

(h)

0.24%

0.24%

0.24%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.10%

(h)

0.21%

0.21%

0.21%

(h)

Net

investment

income

......................................................

0.00%

(h)(

i

)

0.48%

2.13%

1.76%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

23,121,029‌

$

15,842,877‌

$

10,347,984‌

$

10,978,658‌

(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)

Aggregate

total

return.

(g)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

104

See

notes

to

financial

statements.

T-Fund

Cash

Management

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0034‌

0.0164‌

0.0103‌

0.0015‌

0.0001‌

Net

realized

gain

............................

0.0001‌

0.0003‌

0.0003‌

0.0000‌

(a)

0.0003‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0037‌

0.0167‌

0.0103‌

0.0018‌

0.0001‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0036‌)

(0.0167‌)

(0.0103‌)

(0.0018‌)

(0.0001‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0037‌)

(0.0167‌)

(0.0103‌)

(0.0018‌)

(0.0001‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.37%

1.69%

1.03%

0.18%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.37%

(f)

1.69%

1.03%

0.18%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.69%

(g)

0.69%

0.69%

0.69%

0.69%

0.70%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.11%

(g)

0.41%

0.67%

0.67%

0.58%

0.32%

Net

investment

income

.........................

0.00%

(g)(h)

0.34%

1.64%

1.03%

0.15%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

906,799‌

$

1,009,514‌

$

1,035,657‌

$

600,314‌

$

576,284‌

$

1,133,743‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

105

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Cash

Reserve

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0037‌

0.0176‌

0.0128‌

0.0027‌

0.0001‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0004‌

0.0000‌

(a)

(0.0015‌)

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0041‌

0.0176‌

0.0113‌

0.0025‌

0.0001‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0040‌)

(0.0176‌)

(0.0113‌)

(0.0025‌)

(0.0001‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0041‌)

(0.0176‌)

(0.0113‌)

(0.0025‌)

(0.0001‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.40%

1.78%

1.13%

0.25%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.40%

(f)

1.78%

1.13%

0.25%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.59%

(g)

0.59%

0.59%

0.59%

0.59%

0.60%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.08%

(g)

0.39%

0.57%

0.57%

0.55%

0.35%

Net

investment

income

.........................

0.00%

(g)(h)

0.37%

1.78%

1.28%

0.27%

0.02%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

526,603‌

$

56,822‌

$

123,578‌

$

239,734‌

$

57,894‌

$

68,784‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

106

See

notes

to

financial

statements.

T-Fund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0044‌

0.0191‌

0.0123‌

0.0035‌

0.0001‌

Net

realized

gain

............................

0.0001‌

0.0003‌

0.0000‌

(a)

0.0004‌

0.0002‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0047‌

0.0191‌

0.0127‌

0.0037‌

0.0001‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0046‌)

(0.0191‌)

(0.0127‌)

(0.0037‌)

(0.0001‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0047‌)

(0.0191‌)

(0.0127‌)

(0.0037‌)

(0.0001‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.46%

1.93%

1.28%

0.38%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.46%

(f)

1.93%

1.28%

0.38%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.44%

(g)

0.44%

0.44%

0.44%

0.44%

0.45%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.32%

0.42%

0.42%

0.42%

0.34%

Net

investment

income

.........................

0.00%

(g)(h)

0.44%

1.92%

1.23%

0.35%

0.02%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

888,879‌

$

670,205‌

$

794,485‌

$

1,230,374‌

$

2,927,646‌

$

3,807,290‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

107

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Premier

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

....................................................................

0.0000‌

(b)

0.0060‌

0.0050‌

Net

realized

gain

........................................................................

0.0001‌

0.0002‌

0.0000‌

(b)

Net

increase

from

investment

operations

..........................................................

0.0001‌

0.0062‌

0.0050‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0000‌)

(d)

(0.0061‌)

(0.0050‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(d)

Total

distributions

.........................................................................

(0.0001‌)

(0.0062‌)

(0.0050‌)

Net

asset

value,

end

of

period

................................................................

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

0.61%

0.50%

Based

on

net

asset

value

....................................................................

0.01%

(f)

0.61%

(g)

0.50%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.18%

(h)

0.19%

0.19%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.07%

(h)

0.17%

0.17%

(h)

Net

investment

income

.....................................................................

0.01%

(h)

0.60%

1.93%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

17,537‌

$

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)

Aggregate

total

return.

(g)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

108

See

notes

to

financial

statements.

T-Fund

Select

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0011‌

0.0133‌

0.0051‌

0.0002‌

0.0001‌

Net

realized

gain

............................

0.0001‌

0.0014‌

0.0000‌

(a)

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0025‌

0.0133‌

0.0070‌

0.0002‌

0.0001‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0024‌)

(0.0133‌)

(0.0070‌)

(0.0002‌)

(0.0001‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0025‌)

(0.0133‌)

(0.0070‌)

(0.0002‌)

(0.0001‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.24%

1.34%

0.70%

0.02%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.24%

(f)

1.34%

0.70%

0.02%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.04%

(g)

1.04%

1.04%

1.04%

1.04%

1.05%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.09%

(g)

0.41%

1.00%

1.00%

0.75%

0.31%

Net

investment

income

.........................

0.01%

(g)

0.11%

1.37%

0.51%

0.02%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

91,694‌

$

30,444‌

$

14,769‌

$

19,710‌

$

75,759‌

$

83,975‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

109

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0048‌

0.0212‌

0.0153‌

0.0060‌

0.0013‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0015‌

0.0000‌

(a)

(0.0002‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0063‌

0.0212‌

0.0151‌

0.0060‌

0.0013‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0062‌)

(0.0212‌)

(0.0151‌)

(0.0060‌)

(0.0013‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0063‌)

(0.0212‌)

(0.0151‌)

(0.0060‌)

(0.0013‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.

00‌

$

1.0

0‌

Total

Return

(d)

0.01%

0.63%

2.14%

1.52%

0.60%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.63%

2.14%

1.52%

0.60%

0.13%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.19%

(f)

0.19%

0.20%

0.20%

0.20%

0.21%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.09%

(f)

0.17%

0.17%

0.17%

0.17%

0.17%

Net

investment

income

.........................

0.00%

(f)(g)

0.48%

2.12%

1.53%

0.60%

0.14%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

99,056,679‌

$

56,400,526‌

$

38,728,217‌

$

30,530,122‌

$

24,157,325‌

$

20,911,540‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

110

See

notes

to

financial

statements.

Treasury

Trust

Fund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0058‌

0.0203‌

0.0136‌

0.0052‌

0.0005‌

Net

realized

gain

(loss)

........................

0.0001‌

(0.0002‌)

0.0000‌

(a)

0.0005‌

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0056‌

0.0203‌

0.0141‌

0.0050‌

0.0005‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0055‌)

(0.0203‌)

(0.0141‌)

(0.0050‌)

(0.0005‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0056‌)

(0.0203‌)

(0.0141‌)

(0.0050‌)

(0.0005‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.

00‌

$

1.0

0‌

Total

Return

(d)

0.01%

0.56%

2.05%

1.42%

0.50%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.56%

2.05%

1.42%

0.50%

0.05%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.29%

(f)

0.29%

0.30%

0.30%

0.30%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(f)

0.24%

0.26%

0.27%

0.27%

0.24%

Net

investment

income

.........................

0.00%

(f)(g)

0.58%

2.03%

1.36%

0.52%

0.04%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

473,377‌

$

399,846‌

$

465,703‌

$

413,618‌

$

638,815‌

$

476,145‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

111

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Capital

Six

Months

Ended

04/30/21

(unaudited)

Period

from

10/22/20

(a)

to

10/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

1.

00‌

$

1.

00‌

Net

investment

income

..................................................................................

0.0000‌

(b)

0.0000‌

(b

)

Net

realized

gain

......................................................................................

0.0001‌

0.0000‌

(b

)

Net

increase

from

investment

operations

........................................................................

0.0001‌

0.0000‌

Distributions

(c)

From

net

investment

income

..............................................................................

(0.0000‌)

(d

)

—‌

From

net

realized

gain

...................................................................................

(0.0001‌)

—‌

Total

distributions

.......................................................................................

(0.0001‌)

—‌

Net

asset

value,

end

of

period

..............................................................................

$

1.00‌

$

1.00‌

Total

Return

(e)

0.01%

—

Based

on

net

asset

value

..................................................................................

0.01%

(f)

0.00%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.24%

(g)

0.24%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.11%

(g)

0.17%

(g)

Net

investment

loss

......................................................................................

0.00%

(g)(h)

(0.03)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

1,433‌

$

250‌

(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)

Aggregate

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

112

See

notes

to

financial

statements.

Treasury

Trust

Fund

Cash

Management

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.

00‌

$

1.

00‌

$

1.

00‌

Net

investment

income

........................

0.0000‌

(a)

0.0034‌

0.0158‌

0.0098‌

0.0018‌

0.0002‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0003‌

0.0005‌

0.0003‌

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0037‌

0.0163‌

0.0101‌

0.0016‌

0.0002‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0036‌)

(0.0163‌)

(0.0101‌)

(0.0016‌)

(0.0002‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0037‌)

(0.0163‌)

(0.0101‌)

(0.0016‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.

00‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.0

0‌

Total

Return

(d)

0.01%

0.37%

1.64%

1.02%

0.16%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.37%

1.64%

1.02%

0.16%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.69%

(f)

0.69%

0.69%

0.70%

0.70%

0.71%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(f)

0.41%

0.67%

0.67%

0.63%

0.29%

Net

investment

income

.........................

0.00%

(f)(g)

0.34%

1.58%

0.98%

0.18%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

51,514‌

$

53,101‌

$

36,492‌

$

13,843‌

$

21,110‌

$

16,561‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

113

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Cash

Reserve

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

Period

from

12/16/15

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

Net

investment

income

........................

0.0000‌

(b)

0.0040‌

0.0172‌

0.0124‌

0.0019‌

0.0001‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0001‌

0.0000‌

(b)

(0.0013‌)

0.0003‌

0.0000‌

(b)

Net

increase

from

investment

operations

..............

0.0001‌

0.0041‌

0.0172‌

0.0111‌

0.0022‌

0.0001‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(d)

(0.0040‌)

(0.0172‌)

(0.0111‌)

(0.0022‌)

(0.0001‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(d)

(0.0000‌)

(d)

(0.0000‌)

(d)

Total

distributions

.............................

(0.0001‌)

(0.0041‌)

(0.0172‌)

(0.0111‌)

(0.0022‌)

(0.0001‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

$

1.0

0‌

$

1.

00‌

Total

Return

(e)

0.01%

0.41%

1.74%

1.12%

0.22%

—

Based

on

net

asset

value

........................

0.01%

(f)

0.41%

1.74%

1.12%

0.22%

0.01%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.59%

(g)

0.59%

0.60%

0.60%

0.60%

0.61%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.39%

0.57%

0.57%

0.52%

0.29%

(g)

Net

investment

income

.........................

0.00%

(g)(h)

0.40%

1.73%

1.24%

0.19%

0.01%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

104,279‌

$

102,984‌

$

74,034‌

$

8,044‌

$

1,002‌

$

3,635‌

(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)

Aggregate

total

return.

(g)

Annualized.

(h)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

114

See

notes

to

financial

statements.

Treasury

Trust

Fund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0046‌

0.0194‌

0.0127‌

0.0035‌

0.0002‌

Net

realized

gain

(loss)

........................

0.0001‌

0.0003‌

0.0002‌

(0.0001‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0049‌

0.0196‌

0.0126‌

0.0035‌

0.0002‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0048‌)

(0.0196‌)

(0.0126‌)

(0.0035‌)

(0.0002‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0049‌)

(0.0196‌)

(0.0126‌)

(0.0035‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.49%

1.98%

1.27%

0.35%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.49%

1.98%

1.27%

0.35%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.44%

(f)

0.44%

0.44%

0.45%

0.45%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(f)

0.30%

0.40%

0.42%

0.42%

0.28%

Net

investment

income

.........................

0.00%

(f)(g)

0.46%

1.94%

1.27%

0.35%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

995,031‌

$

939,241‌

$

977,335‌

$

482,014‌

$

483,138‌

$

420,095‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

115

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Select

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.

00‌

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0016‌

0.0129‌

0.0067‌

0.0001‌

0.0002‌

Net

realized

gain

............................

0.0001‌

0.0008‌

0.0001‌

0.0001‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0001‌

0.0024‌

0.0130‌

0.0068‌

0.0002‌

0.0002‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0023‌)

(0.0130‌)

(0.0068‌)

(0.0002‌)

(0.0002‌)

From

net

realized

gain

.........................

(0.0001‌)

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.............................

(0.0001‌)

(0.0024‌)

(0.0130‌)

(0.0068‌)

(0.0002‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.01%

0.24%

1.30%

0.68%

0.02%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.24%

1.30%

0.68%

0.02%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.04%

(f)

1.04%

1.05%

1.05%

1.05%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.09%

(f)

0.45%

1.00%

1.00%

0.68%

0.31%

Net

investment

income

.........................

0.00%

(f)(g)

0.16%

1.29%

0.67%

0.01%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

561,769‌

$

103,647‌

$

38,265‌

$

39,675‌

$

38,309‌

$

79,910‌

(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)

Aggregate

total

return.

(f)

Annualized.

(g)

Amount

is

less

than

0.005%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

116

See

notes

to

financial

statements.

MuniCash

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0051‌

0.0137‌

0.0112‌

0.0060‌

0.0019‌

Net

realized

and

unrealized

gain

.................

0.0001‌

0.0004‌

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0013‌

Net

increase

from

investment

operations

..............

0.0001‌

0.0055‌

0.0137‌

0.0112‌

0.0060‌

0.0032‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0055‌)

(0.0137‌)

(0.0112‌)

(0.0058‌)

(0.0019‌)

From

net

realized

gain

.........................

—‌

—‌

(0.0000‌)

(c)

(0.0002‌)

—‌

(0.0000‌)

(c)

From

return

of

capital

.........................

—‌

—‌

—‌

—‌

—‌

(0.0012‌)

Total

distributions

.............................

(0.0000‌)

(0.0055‌)

(0.0137‌)

(0.0114‌)

(0.0058‌)

(0.0031‌)

Net

asset

value,

end

of

period

....................

$

1.0002‌

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

Total

Return

(d)

0.01%

0.55%

1.38%

1.13%

0.60%

—

Based

on

net

asset

value

........................

0.01%

(e)

0.55%

1.38%

1.13%

(f)

0.60%

0.33%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.26%

(g)

0.26%

0.28%

0.29%

0.31%

0.38%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(g)

0.19%

0.20%

0.20%

0.20%

0.18%

Net

investment

income

.........................

0.01%

(g)

0.51%

1.36%

1.12%

0.60%

0.25%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

5,657,668‌

$

5,160,531‌

$

5,182,923‌

$

3,992,552‌

$

4,096,900‌

$

2,139,820‌

(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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(h)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

for

the

Institutional

class

would

have

been

0.38%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

117

Financial

Highlights

See

notes

to

financial

statements.

MuniCash

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0040‌

0.0123‌

0.0087‌

0.0033‌

0.0006‌

Net

realized

and

unrealized

gain

.................

0.0000‌

(a)

0.0002‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0013‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0042‌

0.0123‌

0.0087‌

0.0035‌

0.0019‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0042‌)

(0.0123‌)

(0.0087‌)

(0.0033‌)

(0.0006‌)

From

net

realized

gain

.........................

—‌

—‌

(0.0000‌)

(c)

(0.0002‌)

—‌

(0.0000‌)

(c)

From

return

of

capital

.........................

—‌

—‌

—‌

—‌

—‌

(0.0012‌)

Total

distributions

.............................

(0.0000‌)

(0.0042‌)

(0.0123‌)

(0.0089‌)

(0.0033‌)

(0.0018‌)

Net

asset

value,

end

of

period

....................

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

Total

Return

(d)

—

0.42%

1.23%

0.88%

0.35%

—

Based

on

net

asset

value

........................

0.00%

(e),(f)

0.42%

1.23%

0.88%

(g)

0.35%

0.19%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.51%

(h)

0.51%

0.53%

0.54%

0.56%

0.63%

(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.10%

(h)

0.31%

0.45%

0.45%

0.45%

0.30%

Net

investment

income

.........................

0.01%

(h)

0.40%

1.22%

0.87%

0.33%

0.05%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

2,929‌

$

3,176‌

$

2,207‌

$

1,893‌

$

1,623‌

$

1,802‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Annualized.

(i)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

for

the

Dollar

class

would

have

been

0.63%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

118

See

notes

to

financial

statements.

MuniFund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

Net

investment

income

........................

0.0000‌

(a)

0.0071‌

0.0142‌

0.0115‌

0.0060‌

0.0019‌

Net

realized

gain

...........................

—‌

0.0004‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0075‌

0.0142‌

0.0115‌

0.0062‌

0.0020‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0056‌)

(0.0142‌)

(0.0115‌)

(0.0060‌)

(0.0019‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.........................

—‌

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.0000‌)

(0.0075‌)

(0.0142‌)

(0.0115‌)

(0.0062‌)

(0.0020‌)

Net

asset

value,

end

of

period

....................

$

1.

0

0‌

$

1.0

0‌

$

1.00‌

$

1.00‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

—

0.75%

1.43%

1.16%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.75%

1.43%

1.16%

0.62%

0.20%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.75%

(g)

0.57%

0.50%

0.55%

0.45%

0.37%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.07%

(g)

0.19%

0.20%

0.20%

0.20%

0.11%

Net

investment

income

.........................

0.01%

(g)

0.71%

1.42%

1.15%

0.60%

0.10%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

62,540‌

$

68,295‌

$

194,629‌

$

191,172‌

$

146,316‌

$

141,458‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

119

Financial

Highlights

See

notes

to

financial

statements.

MuniFund

Administration

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0051‌

0.0133‌

0.0104‌

0.0049‌

0.0013‌

Net

realized

gain

...........................

—‌

0.0017‌

0.0000‌

(a)

0.0001‌

0.0003‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0068‌

0.0133‌

0.0105‌

0.0052‌

0.0014‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0049‌)

(0.0133‌)

(0.0105‌)

(0.0050‌)

(0.0013‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.........................

—‌

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.0000‌)

(0.0068‌)

(0.0133‌)

(0.0105‌)

(0.0052‌)

(0.0014‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.00‌

$

1.0

0‌

Total

Return

(d)

—

0.68%

1.34%

1.06%

0.52%

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.68%

1.34%

1.06%

0.52%

0.14%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.85%

(g)

0.69%

0.60%

0.65%

0.55%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.07%

(g)

0.25%

0.30%

0.30%

0.30%

0.15%

Net

investment

income

.........................

0.01%

(g)

0.51%

1.33%

1.04%

0.49%

0.05%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

154‌

$

156‌

$

15,487‌

$

16,537‌

$

18,653‌

$

21,554‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

120

See

notes

to

financial

statements.

MuniFund

Dollar

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

Net

investment

income

........................

0.0000‌

(a)

0.0042‌

0.0117‌

0.0090‌

0.0035‌

0.0006‌

Net

realized

gain

...........................

—‌

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0061‌

0.0117‌

0.0090‌

0.0037‌

0.0007‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0042‌)

(0.0117‌)

(0.0090‌)

(0.0035‌)

(0.0006‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.........................

—‌

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.0000‌)

(0.0061‌)

(0.0117‌)

(0.0090‌)

(0.0037‌)

(0.0007‌)

Net

asset

value,

end

of

period

....................

$

1.

00‌

$

1.0

0‌

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

—

0.61%

1.18%

0.91%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.61%

1.18%

0.91%

0.36%

0.07%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.00%

(g)

0.84%

0.75%

0.80%

0.70%

0.63%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.07%

(g)

0.32%

0.45%

0.45%

0.45%

0.22%

Net

investment

income

.........................

0.01%

(g)

0.41%

1.17%

0.90%

0.35%

0.03%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

6,203‌

$

4,988‌

$

4,678‌

$

4,462‌

$

4,592‌

$

5,724‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

121

Financial

Highlights

See

notes

to

financial

statements.

MuniFund

Private

Client

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0031‌

0.0094‌

0.0067‌

0.0013‌

0.0002‌

Net

realized

gain

...........................

—‌

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0050‌

0.0094‌

0.0067‌

0.0015‌

0.0003‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0031‌)

(0.0094‌)

(0.0067‌)

(0.0013‌)

(0.0002‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.........................

—‌

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.0000‌)

(0.0050‌)

(0.0094‌)

(0.0067‌)

(0.0015‌)

(0.0003‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1

.0

0‌

Total

Return

(d)

—

0.50%

0.94%

0.68%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.50%

0.94%

0.68%

0.14%

0.03%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.60%

(g)

1.44%

1.35%

1.40%

1.30%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.07%

(g)

0.43%

0.68%

0.68%

0.67%

0.25%

Net

investment

income

.........................

0.01%

(g)

0.31%

0.94%

0.67%

0.13%

0.02%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

292‌

$

292‌

$

291‌

$

319‌

$

330‌

$

350‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

122

See

notes

to

financial

statements.

MuniFund

Select

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

Net

investment

income

........................

0.0000‌

(a)

0.0017‌

0.0063‌

0.0034‌

0.0000‌

(a)

0.0001‌

Net

realized

gain

...........................

—‌

0.0019‌

0.0000‌

(a)

0.0001‌

0.0002‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0036‌

0.0063‌

0.0035‌

0.0002‌

0.0002‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0017‌)

(0.0063‌)

(0.0035‌)

(0.0000‌)

(c)

(0.0001‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.........................

—‌

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.0000‌)

(0.0036‌)

(0.0063‌)

(0.0035‌)

(0.0002‌)

(0.0002‌)

Net

asset

value,

end

of

period

....................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

—

0.36%

0.63%

0.36%

0.02%

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.36%

0.63%

0.36%

0.02%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.60%

(g)

1.44%

1.34%

1.40%

1.30%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.07%

(g)

0.57%

1.00%

1.00%

0.79%

0.24%

Net

investment

income

.........................

0.01%

(g)

0.16%

0.64%

0.34%

0.00%

0.01%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

2,532‌

$

1,937‌

$

2,181‌

$

2,662‌

$

2,833‌

$

3,863‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

123

Financial

Highlights

See

notes

to

financial

statements.

California

Money

Fund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0000‌

$

1.0002‌

$

1.0002‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0051‌

0.0107‌

0.0101‌

0.0053‌

0.0019‌

Net

realized

and

unrealized

gain

(loss)

.............

0.0006‌

(0.0007‌)

0.0001‌

0.0002‌

0.0012‌

0.0000‌

(a)

Net

increase

from

investment

operations

..............

0.0006‌

0.0044‌

0.0108‌

0.0103‌

0.0065‌

0.0019‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0046‌)

(0.0108‌)

(0.0101‌)

(0.0054‌)

(0.0019‌)

From

net

realized

gain

.........................

(0.0000‌)

(c)

—‌

—‌

—‌

(0.0011‌)

—‌

Total

distributions

.............................

(0.0000‌)

(0.0046‌)

(0.0108‌)

(0.0101‌)

(0.0065‌)

(0.0019‌)

Net

asset

value,

end

of

period

....................

$

1.0006‌

$

1.0000‌

$

1.0002‌

$

1.0002‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.07%

0.44%

1.09%

1.03%

0.65%

—

Based

on

net

asset

value

........................

0.07%

(e)

0.44%

1.09%

1.03%

0.65%

0.19%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.46%

(f)

0.45%

0.47%

0.70%

0.74%

0.47%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.06%

(f)

0.18%

0.20%

0.20%

0.20%

0.12%

Net

investment

income

.........................

0.01%

(f)

0.51%

1.07%

1.01%

0.53%

0.12%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

174,206‌

$

153,630‌

$

397,288‌

$

169,293‌

$

30,459‌

$

41,192‌

(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)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

124

See

notes

to

financial

statements.

New

York

Money

Fund

Institutional

Six

Months

Ended

04/30/21

(unaudited)

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

1.0000‌

$

1.0000‌

$

1.0000‌

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

........................

0.0000‌

(a)

0.0062‌

0.0129‌

0.0113‌

0.0056‌

0.0019‌

Net

realized

and

unrealized

gain

(loss)

.............

0.0000‌

(a)

(0.0008‌)

0.0003‌

(0.0002‌)

0.0013‌

0.0015‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0054‌

0.0132‌

0.0111‌

0.0069‌

0.0034‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0054‌)

(0.0132‌)

(0.0111‌)

(0.0056‌)

(0.0019‌)

From

net

realized

gain

.........................

—‌

—‌

—‌

—‌

—‌

(0.0003‌)

From

return

of

capital

.........................

—‌

—‌

—‌

—‌

(0.0013‌)

(0.0012‌)

Total

distributions

.............................

(0.0000‌)

(0.0054‌)

(0.0132‌)

(0.0111‌)

(0.0069‌)

(0.0034‌)

Net

asset

value,

end

of

period

....................

$

1.0000‌

$

1.0000‌

$

1.0000‌

$

1.0000‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

—

0.54%

1.33%

1.12%

0.69%

—

Based

on

net

asset

value

........................

0.00%

(e)

(f)

0.54%

1.33%

1.12%

0.69%

0.34%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.53%

(g)

0.46%

0.56%

1.35%

1.00%

0.58%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.08%

(g)

0.18%

0.20%

0.20%

0.20%

0.14%

Net

investment

income

.........................

0.01%

(g)

0.62%

1.29%

1.13%

0.56%

0.10%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

123,246‌

$

149,946‌

$

243,502‌

$

46,066‌

$

16,908‌

$

17,838‌

(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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Notes

to

Financial

Statements

(unaudited)

125

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Liquidity

Funds (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

(a)

California

Money

Fund

and

New

York

Money

Fund

must

satisfy

the

diversification

requirement

set

forth

in

Rule

2a-7

under

the

1940

Act

and

will

thereby

be

deemed

to

be

diversified

under

the

1940

Act.

Each

Fund

offers

multiple

classes

of

shares

although

certain

share

classes

may

not

be

outstanding

at

the

report

date.

Each

Fund

offers

the

following

classes

of

shares:

Institutional

Shares

and

Capital

Shares.

Federal

Trust

Fund,

FedFund,

TempFund,

T-Fund,

Treasury

Trust

Fund

and

MuniFund

also

offer

Administration

Shares.

Federal

Trust

Fund,

FedFund,

TempFund,

T-Fund

and

Treasury

Trust

Fund

also

offer

Cash

Management

Shares

and

Cash

Reserve

Shares.

Federal

Trust

Fund,

FedFund,

TempCash,

TempFund,

T-Fund,

Treasury

Trust

Fund,

MuniCash

and

MuniFund

also

offer

Dollar

Shares.

FedFund,

TempCash

and

T-Fund

also

offer

Premier

Shares.

Federal

Trust

Fund,

FedFund,

Treasury

Trust

Fund,

MuniCash

and

MuniFund

also

offer

Private

Client

Shares.

Federal

Trust

Fund,

FedFund,

TempCash,

T-Fund,

Treasury

Trust

Fund,

MuniCash

and

MuniFund

also

offer

Select

Shares.

FedFund

also

offers

Mischler

Financial

Group

Shares.

TempFund,

T-Fund,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

also

offer

Plus

Shares.

FedFund,

TempCash,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

also

offer

Cash

Plus

Shares.

TempFund

do

not

offers

Premier

Shares.

For

the

six

months

ended

April

30,

2021,

no

Plus

Shares

or

Cash

Plus

Shares

were

outstanding.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Mischler

Financial

Group

Shares

are

sold

without

a

sales

charge

and

are

only

available

to

clients

of

Mischler

Financial

Group,

Inc.

and

its

affiliates.

Premier

Shares

are

sold

without

a

sales

charge

and

are

only

available

through

financial

intermediaries

trading

on

the

NSCC

Fund/SERV

trading

platform.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

Federal

Trust

Fund,

FedFund,

T-Fund

and

Treasury

Trust

Fund each

operate

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

Each

Fund

is

not

subject

to

liquidity

fees

or

temporary

suspensions

of

redemptions

due

to

declines

in

a

Fund's

weekly

liquid

assets.

MuniFund operates

as

a

“retail

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

On

October

11,

2016,

TempCash,

TempFund

and

MuniCash,

and

on

October

15,

2018,

California

Money

Fund

and

New

York

Money

Fund

began

pricing

and

transacting

their

shares

at

a

net

asset

value

(“NAV”)

per

share

calculated

to

four

decimal

places,

reflecting

market-based

values

of

their

portfolio

holdings

(i.e.,

at

a

“floating”

NAV).

The

NAV

of

TempFund

is

priced

multiple

times

each

day

such

Fund

accepts

purchase

orders

and

redemption

requests

at

such

intervals.

Prior

to

the

Funds’

adoption

of

the

floating

NAV,

their

portfolio

holdings

were

valued

at

amortized

cost.

With

respect

to

each

of

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money Fund, the

Board

of

Trustees

of

the

Trust

(the

"Board")

is

permitted

to

impose

a

liquidity

fee

of

up

to

2%

on

the

value

of

shares

redeemed

or

temporarily

restrict

redemptions

from

each

of

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund or

New

York

Money

Fund

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund or

New

York

Money

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

Effective

February

26,

2021,

TempCash,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Administration

Shares.

TempCash,

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Cash

Management

Shares

and

Cash

Reserve

Shares.

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Dollar

Shares.

Federal

Trust

Fund,

Treasury

Trust

Fund,

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Premier

Shares.

T-Fund,

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Private

Client

Shares.

TempFund,

California

Money

Fund

and

New

York

Money

Fund

will

no

longer

accept

purchase

orders

for

Select

Shares.

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

Fund

Name

Diversification

Classification

Federal

Trust

Fund

....................................................................................................

Diversified

FedFund

..........................................................................................................

Diversified

TempCash

.........................................................................................................

Diversified

TempFund

.........................................................................................................

Diversified

T-Fund

............................................................................................................

Diversified

Treasury

Trust

Fund

...................................................................................................

Diversified

MuniCash

..........................................................................................................

Diversified

MuniFund

..........................................................................................................

Diversified

California

Money

Fund

.................................................................................................

Non-Diversified

(a)

New

York

Money

Fund

.................................................................................................

Non-Diversified

(a)

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

126

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

distributed

at

least

annually

and

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

. 

Liquidity

Fees:

Any

liquidity

fees

imposed

on

the

value

of

shares

redeemed

in

the

event

that

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund

or

New

York

Money

Fund

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds

are

recorded

as

paid-in-capital.

The

liquidity

fees

are

collected

and

retained

by each

Fund

for

the

benefit

of

a

Fund’s

remaining

shareholders. 

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. 

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies

(TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund):

 The

investments

of

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

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.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Funds'

assets

and

liabilities:

Investments

are

valued

on

the

basis

of

prices

provided

by

dealers

or

pricing

services.

In

determining

the

value

of

a

particular

investment,

pricing

services

may

use

certain

information

with

respect

to

transactions

in

such

investments,

quotations

from

dealers,

pricing

matrixes,

market

transactions

in

comparable

investments

and

information

with

respect

to

various

relationships

between

investments. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Investment

Valuation

Policies

(Federal

Trust

Fund,

FedFund,

T-Fund,

Treasury

Trust

Fund

and

MuniFund):

 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 

Notes

to

Financial

Statements

(unaudited)

(continued)

127

Notes

to

Financial

Statements

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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.

As

of

period

end,

there

were

no

joint

trading

accounts

invested

in

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.

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

net

assets

of

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.

Federal

Trust

Fund,

FedFund,

T-Fund

and

Treasury

Trust

Fund

Calculation

A

Calculation

B

Management

Fees

are

equal

to

calculation

A

plus

calculation

B

.175%

of

the

first

$1

Billion

(a)

.175%

of

the

first

$1

Billion

(b)

.150%

of

the

next

$1

Billion

(a)

.150%

of

the

next

$1

Billion

(b)

.125%

of

the

next

$1

Billion 

(a)

.125%

of

the

next

$1

Billion

(b)

.100%

of

the

next

$1

Billion

(a)

.100%

of

amounts

in

excess

of

$3

Billion

(b)

.095%

of

the

next

$1

Billion

(a)

.090%

of

the

next

$1

Billion

(a)

.085%

of

the

next

$1

Billion

(a)

.080%

of

amounts

in

excess

of

$7

Billion

(a)

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

128

With

respect

to

TempCash

and

TempFund,

the

Manager

entered

into

a

sub-advisory

agreement,

effective

February

26,

2021,

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,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

TempCash,

MuniCash

and

MuniFund

Management

Fees

..........................................................

.350%

of

the

first

$1

Billion

.300%

of

the

next

$1

Billion

.250%

of

the

next

$1

Billion

.200%

of

the

next

$1

Billion

.195%

of

the

next

$1

Billion

.190%

of

the

next

$1

Billion

.185%

of

the

next

$1

Billion

.180%

of

amounts

in

excess

of

$7

Billion

TempFund

Management

Fees

..........................................................

.350%

of

the

first

$1

Billion

.300%

of

the

next

$1

Billion

.250%

of

the

next

$1

Billion

.200%

of

the

next

$1

Billion

.195%

of

the

next

$1

Billion

.190%

of

the

next

$1

Billion

.180%

of

the

next

$1

Billion

.175%

of

the

next

$1

Billion

.170%

of

amounts

in

excess

of

$8

Billion

California

Money

Fund

and

New

York

Money

Fund

Management

Fees

..........................................................

.375%

of

the

first

$1

Billion

.350%

of

the

next

$1

Billion

.325%

of

the

next

$1

Billion

.300%

of

amounts

in

excess

of

$3

Billion

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

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

.....................

$

43,123‌

$

—‌

$

26,617‌

$

603‌

$

25,658‌

$

—‌

$

—‌

$

96,001‌

FedFund

...........................

1,531,895‌

3,547,592‌

1,102,160‌

12,211,118‌

3,892,342‌

1,064‌

2,857,084‌

25,143,255‌

TempCash

..........................

—‌

—‌

—‌

—‌

22‌

—‌

—‌

22‌

TempFund

..........................

4,952‌

576‌

1,409,47

9‌

13,584‌

131,753‌

4,274‌

—‌

1,564,61

8‌

T-Fund

.............................

242,587‌

4,748,753‌

2,441,007‌

800,045‌

1,143,138‌

—‌

221,031‌

9,596,561‌

Treasury

Trust

Fund

....................

233,765‌

216‌

133,884‌

221,803‌

1,303,911‌

—‌

1,773,892‌

3,667,471‌

MuniCash

...........................

—‌

—‌

—‌

—‌

3,661‌

—‌

—‌

3,661‌

MuniFund

...........................

76‌

—‌

—‌

—‌

7,075‌

1,22

9‌

8,561‌

16,94

1‌

Notes

to

Financial

Statements

(unaudited)

(continued)

129

Notes

to

Financial

Statements

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,

2021,

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 FedFund,

T-Fund,

Federal

Trust

Fund

and

Treasury

Trust

Fund

and

0.20%

of

the

average

daily

net

assets

of

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund. 

Any

fees

waived

by

the

Manager

with

respect

to

a

particular

fiscal

year

are

not

recoverable.

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

February,

28

,

2022,

unless

approved

by

the

Board,

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

such

Fund. 

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months ended

April

30,

2021,

the

amounts

waived

were

as

follows:

The

Manager has

also

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

its investment

advisory

fees

to

enable

the

Funds

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

six

months ended

April

30,

2021,

amounts

waived

and/or

reimbursed

were

as

follows:

In

addition,

BRIL

has

contractually

agreed

to

waive

service

and/or

distribution

fees

through

February

28,

2022

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,

2021,

the

amounts

waived

and/or

reimbursed

were

as

follows:

Federal

Trust

Fund

..........................................................................................................

$

1,337,775‌

FedFund

................................................................................................................

12,994,090‌

TempCash

...............................................................................................................

2,574,682‌

TempFund

...............................................................................................................

2,517,415‌

T-Fund

..................................................................................................................

9,581,069‌

Treasury

Trust

Fund

.........................................................................................................

5,671,388‌

MuniCash

................................................................................................................

1,812,028‌

MuniFund

................................................................................................................

222,684‌

California

Money

Fund

.......................................................................................................

315,013‌

New

York

Money

Fund

.......................................................................................................

239,873‌

Federal

Trust

Fund

..........................................................................................................

$

1,517,222‌

Fed

Fund

................................................................................................................

49,910,9

6

3‌

TempCash

...............................................................................................................

148,764‌

TempFund

...............................................................................................................

149,96

4‌

T-Fund

..................................................................................................................

39,226,917

Treasury

Trust

Fund

.........................................................................................................

26,583,161

MuniCash

................................................................................................................

3,093,742‌

MuniFund

................................................................................................................

51,938‌

California

Money

Fund

.......................................................................................................

16

5,

2

1

5‌

New

York

Money

Fund

.......................................................................................................

86

,

256‌

Service

and

Distribution

Fees

Waived

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

................................

$

603‌

$

—‌

$

—‌

$

—‌

$

603‌

FedFund

......................................

—‌

—‌

427‌

67,208‌

67,635‌

TempFund

.....................................

442‌

253‌

1,760‌

—‌

2,455‌

T-Fund

........................................

—‌

—‌

—‌

5,200‌

5,200‌

Treasury

Trust

Fund

...............................

—‌

5,377‌

—‌

41,718‌

47,095‌

MuniFund

......................................

—‌

—‌

535‌

503‌

1,038‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

130

With

respect

to

each

Fund,

the

Manager

and

BRIL

have

also

voluntarily

agreed

to

waive

a

portion

of their

respective

fees,

and/or

reimburse

operating

expenses

to

enable

the

Funds’

share

classes

to

maintain

minimum

levels

of net

investment

income.

These

amounts

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager

and

service

and

distribution

fees

waived

—

class

specific.

The

Manager

and

BRIL

may

discontinue

the voluntary

waiver

and/or reimbursement

at

any

time.

For

the

six

months ended

April

30,

2021,

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,

2021,

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,

2021,

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:

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

fiscal

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,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

October

31,

2020,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

Service

and

Distribution

Fees

Waived

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

...............

$

43,123‌

$

—‌

$

26,617‌

$

—‌

$

25,658‌

$

—‌

$

—‌

$

95,398‌

FedFund

.....................

1,531,895‌

3,547,592‌

1,102,160‌

12,211,118‌

3,892,342‌

637‌

2,789,876‌

25,075,620‌

TempCash

....................

—‌

—‌

—‌

—‌

17‌

—‌

—‌

17‌

TempFund

....................

2,990‌

106‌

1,268,591‌

11,504‌

110,402‌

2,263‌

—‌

1,395,856‌

T-Fund

.......................

240,908‌

4,691,223‌

2,437,292‌

799,840‌

1,140,406‌

—‌

215,714‌

9,525,383‌

Treasury

Trust

Fund

..............

233,765‌

216‌

133,884‌

221,803‌

1,298,534‌

—‌

1,732,174‌

3,620,376‌

MuniCash

.....................

—‌

—‌

—‌

—‌

3,661‌

—‌

—‌

3,661‌

MuniFund

.....................

76‌

—‌

—‌

—‌

7,075‌

694‌

8,058‌

15,903‌

Purchases 

Sales 

Net

Realized

Gain

(Loss)

TempCash

.......................................................................

$

5,600,441‌

$

—‌

$

—‌

MuniCash

........................................................................

1

,

278

,

985

,101‌

353

,

538

,653‌

—‌

MuniFund

........................................................................

11,680,226‌

35,485,664‌

—‌

California

Money

Fund

...............................................................

132,465,866‌

214,370,028‌

—‌

New

York

Money

Fund

...............................................................

25,350,286‌

98,118,080‌

—‌

Non-expiring

Capital

Loss

Carryforwards

TempCash

...........................................................................................................

$

1,225,712‌

TempFund

...........................................................................................................

815,103‌

MuniCash

............................................................................................................

8,921‌

Notes

to

Financial

Statements

(unaudited)

(continued)

131

Notes

to

Financial

Statements

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

Certain

obligations

held

by

the

Funds

have

a

credit

enhancement

or

liquidity

feature

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

when

due. These

enhancements,

which

may

include

letters

of

credit,

stand-by

bond

purchase

agreements

and/or

third

party

insurance,

are

issued

by

financial

institutions. The

value

of

the

obligations

may

be

affected

by

changes

in

creditworthiness

of

the

entities

that

provide

the

credit

enhancements

or

liquidity

features. The

Funds

monitor

their

exposure

by

reviewing

the

creditworthiness

of

the

issuers,

as

well

as

the

financial

institutions

issuing

the

credit

enhancements

and

by

limiting

the

amount

of

holdings

with

credit

enhancements

from

one

financial

institution. 

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer's

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

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.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

invest

a

substantial

amount

of their

assets

in

issuers

located

in

a

single

state

or

limited

number

of

states.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

or

social

conditions

affecting

that

state

or

group

of

states

could

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund's

portfolio.

Investment

percentages

in

specific

states

or

U.S.

territories

are

presented

in

the

Schedules

of

Investments.

Certain

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

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

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

Federal

Trust

Fund,

FedFund,

T-Fund,

Treasury

Trust

Fund

and

MuniFund. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

132

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Federal

Trust

Fund

Institutional

Shares

sold

11,897,117,885‌

21,076,697,710‌

Shares

issued

in

reinvestment

of

distributions

........................................................

186,573‌

5,110,658‌

Shares

redeemed

(12,523,183,664‌)

(20,036,629,208‌)

        Net

increase

(decrease)

(625,879,206‌)

1,045,179,160‌

Administration

Shares

sold

42,135,374‌

129,237,814‌

Shares

issued

in

reinvestment

of

distributions

........................................................

8,683‌

468,577‌

Shares

redeemed

(37,844,787‌)

(131,764,321‌)

        Net

increase

(decrease)

4,299,270‌

(2,057,930‌)

Cash

Management

Shares

sold

2,346,468‌

26,815,218‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5‌

3‌

Shares

redeemed

(746,202‌)

(27,845,973‌)

        Net

increase

(decrease)

1,600,271‌

(1,030,752‌)

Cash

Reserve

Shares

sold

1,489‌

40,756‌

Shares

issued

in

reinvestment

of

distributions

........................................................

31‌

1,904‌

Shares

redeemed

(412,920‌)

(138‌)

        Net

increase

(decrease)

(411,400‌)

42,522‌

Dollar

Shares

sold

22,980,901‌

56,638,126‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,353‌

9,843‌

Shares

redeemed

(39,651,337‌)

(36,956,122‌)

        Net

increase

(decrease)

(16,669,083‌)

19,691,847‌

Premier

Shares

redeemed

(36,500‌)

(a)

—‌

        Net

decrease

(36,500‌)

—‌

Total

Net

Increase

(Decrease)

(637,096,648‌)

1,061,824,847‌

FedFund

Institutional

Shares

sold

690,220,193,838‌

1,130,219,642,439‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,938,873‌

289,706,012‌

Shares

redeemed

(670,937,684,749‌)

(1,082,540,565,006‌)

        Net

increase

19,290,447,962‌

47,968,783,445‌

Administration

Shares

sold

3,540,187,648‌

8,606,564,742‌

Shares

issued

in

reinvestment

of

distributions

........................................................

31,805‌

1,968,351‌

Shares

redeemed

(3,293,043,753‌)

(8,501,448,442‌)

        Net

increase

247,175,700‌

107,084,651‌

Capital

Shares

sold

14,569,209,017‌

16,299,159,211‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,056,739‌

49,232,126‌

Shares

redeemed

(6,462,149,383‌)

(13,180,787,391‌)

        Net

increase

8,109,116,373‌

3,167,603,946‌

Cash

Management

Shares

sold

404,337,436‌

836,111,050‌

Shares

issued

in

reinvestment

of

distributions

........................................................

41,354‌

1,030,206‌

Shares

redeemed

(293,244,275‌)

(773,865,367‌)

        Net

increase

111,134,515‌

63,275,889‌

Cash

Reserve

Shares

sold

32,986,111,496‌

48,735,245,740‌

Shares

issued

in

reinvestment

of

distributions

........................................................

108,669‌

14‌

Shares

redeemed

(32,360,998,015‌)

(48,562,796,439‌)

        Net

increase

625,222,150‌

172,449,315‌

Notes

to

Financial

Statements

(unaudited)

(continued)

133

Notes

to

Financial

Statements

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Dollar

Shares

sold

6,112,860,476‌

11,131,375,296‌

Shares

issued

in

reinvestment

of

distributions

........................................................

51,162‌

1,088,813‌

Shares

redeemed

(6,160,718,881‌)

(10,447,866,469‌)

        Net

increase

(decrease)

(47,807,243‌)

684,597,640‌

Premier

Shares

sold

11,858,065‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

616‌

—‌

Shares

redeemed

(1,451,606‌)

—‌

        Net

increase

10,407,075‌

—‌

Private

Client

Shares

sold

9‌

48,953‌

Shares

issued

in

reinvestment

of

distributions

........................................................

36‌

950‌

Shares

redeemed

(27‌)

(27,273‌)

        Net

increase

18‌

22,630‌

Select

Shares

sold

1,130,264,378‌

1,032,175,203‌

Shares

issued

in

reinvestment

of

distributions

........................................................

93,334‌

638,188‌

Shares

redeemed

(758,491,951‌)

(987,245,412‌)

        Net

increase

371,865,761‌

45,567,979‌

Mischler

Financial

Group

Shares

(b)

Shares

sold

50,052,000‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5‌

—‌

        Net

increase

50,052,005‌

—‌

Total

Net

Increase

28,767,614,316‌

52,209,385,495‌

T-Fund

Institutional

Shares

sold

489,804,215,172‌

744,918,222,101‌

Shares

issued

in

reinvestment

of

distributions

........................................................

3,601,503‌

124,819,487‌

Shares

redeemed

(468,859,998,799‌)

(721,894,332,156‌)

        Net

increase

20,947,817,876‌

23,148,709,432‌

Administration

Shares

sold

298,684,071‌

500,364,405‌

Shares

issued

in

reinvestment

of

distributions

........................................................

808‌

45,935‌

Shares

redeemed

(238,146,306‌)

(744,508,236‌)

        Net

increase

(decrease)

60,538,573‌

(244,097,896‌)

Capital

Shares

sold

22,333,117,084‌

23,188,450,714‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,311,777‌

58,140,198‌

Shares

redeemed

(15,055,652,077‌)

(17,752,714,576‌)

        Net

increase

7,279,776,784‌

5,493,876,336‌

Cash

Management

Shares

sold

1,739,117,596‌

3,118,108,344‌

Shares

issued

in

reinvestment

of

distributions

........................................................

81,343‌

2,319,312‌

Shares

redeemed

(1,841,810,003‌)

(3,146,612,028‌)

        Net

decrease

(102,611,064‌)

(26,184,372‌)

Cash

Reserve

Shares

sold

3,803,633,747‌

2,265,489,884‌

Shares

issued

in

reinvestment

of

distributions

........................................................

39,018‌

193,103‌

Shares

redeemed

(3,333,886,460‌)

(2,332,436,703‌)

        Net

increase

(decrease)

469,786,305‌

(66,753,716‌)

Dollar

Shares

sold

3,396,941,162‌

6,544,536,834‌

Shares

issued

in

reinvestment

of

distributions

........................................................

45,839‌

1,347,383‌

Shares

redeemed

(3,178,243,727‌)

(6,670,185,748‌)

        Net

increase

(decrease)

218,743,274‌

(124,301,531‌)

Premier

Shares

sold

23,629,760‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

864‌

—‌

Shares

redeemed

(6,130,172‌)

—‌

        Net

increase

17,500,452‌

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

134

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Select

Shares

sold

142,636,500‌

138,864,129‌

Shares

issued

in

reinvestment

of

distributions

........................................................

6,304‌

36,791‌

Shares

redeemed

(81,389,776‌)

(123,228,363‌)

        Net

increase

61,253,028‌

15,672,557‌

Total

Net

Increase

28,952,805,228‌

28,196,920,810‌

Treasury

Trust

Fund

Institutional

Shares

sold

119,817,406,092‌

189,405,855,943‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,006,120‌

56,945,929‌

Shares

redeemed

(

77,159,316,487‌

)

(171,791,186,105‌)

        Net

increase

42,660,095,725‌

17,671,615,767‌

Administration

Shares

sold

715,123,348‌

1,479,240,375‌

Shares

issued

in

reinvestment

of

distributions

........................................................

27,998‌

1,527,137‌

Shares

redeemed

(641,592,596‌)

(1,546,612,399‌)

        Net

increase

(decrease)

73,558,750‌

(65,844,887‌)

Capital

Shares

sold

3,284,983‌

250,001‌

(c)

Shares

issued

in

reinvestment

of

distributions

........................................................

58‌

—‌

Shares

redeemed

(2,102,095‌)

—‌

        Net

increase

1,182,946‌

250,001‌

Cash

Management

Shares

sold

42,791,257‌

134,302,699‌

Shares

issued

in

reinvestment

of

distributions

........................................................

324‌

11,613‌

Shares

redeemed

(44,375,195‌)

(117,705,993‌)

        Net

increase

(decrease)

(1,583,614‌)

16,608,319‌

Cash

Reserve

Shares

sold

258,526,046‌

603,230,416‌

Shares

issued

in

reinvestment

of

distributions

........................................................

137‌

58,687‌

Shares

redeemed

(257,224,642‌)

(574,340,084‌)

        Net

increase

1,301,541‌

28,949,019‌

Dollar

Shares

sold

1,686,990,20

2‌

5,007,927,072‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,849‌

580,592‌

Shares

redeemed

(1,631,142,14

4‌

)

(5,046,584,988‌)

        Net

increase

(decrease)

55,855,907‌

(38,077,324‌)

Premier

Shares

redeemed

(36,500‌)

(a)

—‌

        Net

decrease

(36,500‌)

—‌

Select

Shares

sold

1,097,024,379‌

358,700,062‌

Shares

issued

in

reinvestment

of

distributions

........................................................

39,668‌

137,163‌

Shares

redeemed

(638,934,628‌)

(293,459,746‌)

        Net

increase

458,129,419‌

65,377,479‌

Total

Net

Increase

43,248,504,174‌

17,678,878,374‌

MuniFund

Institutional

Shares

sold

75,586,509‌

159,672,919‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,817‌

476,704‌

Shares

redeemed

(81,343,143‌)

(286,347,842‌)

        Net

decrease

(5,754,817‌)

(126,198,219‌)

Administration

Shares

sold

—‌

26,169,972‌

Shares

issued

in

reinvestment

of

distributions

........................................................

—‌

79,039‌

Shares

redeemed

(2,566‌)

(41,566,587‌)

        Net

decrease

(2,566‌)

(15,317,576‌)

Dollar

Shares

sold

1,798,792‌

2,571,886‌

Shares

redeemed

(584,418‌)

(2,259,927‌)

        Net

increase

1,214,374‌

311,959‌

Notes

to

Financial

Statements

(unaudited)

(continued)

135

Notes

to

Financial

Statements

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Premier

Shares

redeemed

(36,500‌)

(a)

—‌

        Net

decrease

(36,500‌)

—‌

Private

Client

Shares

sold

—‌

68‌

Shares

issued

in

reinvestment

of

distributions

........................................................

14‌

1,447‌

Shares

redeemed

(160‌)

(302‌)

        Net

increase

(decrease)

(146‌)

1,213‌

Select

Shares

sold

7,441,074‌

13,690,420‌

Shares

issued

in

reinvestment

of

distributions

........................................................

100‌

7,268‌

Shares

redeemed

(6,846,648‌)

(13,941,139‌)

        Net

increase

(decrease)

594,526‌

(243,451‌)

Total

Net

Decrease

(3,985,129‌)

(141,446,074‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

136

Transactions

in

capital

shares

for

each

class

of

TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

were

as

follows: 

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Shares

Amount

Shares

Amount

TempCash

Institutional

Shares

sold

.............................................

4,260,501,426‌

$

4,263,889,596‌

19,367,271,033‌

$

19,384,322,931‌

Shares

issued

in

reinvestment

of

distributions

........................

461,929‌

462,291‌

4,953,207‌

4,957,181‌

Shares

redeemed

.........................................

(7,455,850,444‌)

(7,461,681,194‌)

(18,773,353,580‌)

(18,786,003,498‌)

        Net

increase

(decrease)

(3,194,887,089‌)

$

(3,197,329,307‌)

598,870,660‌

$

603,276,614‌

Dollar

Shares

sold

.............................................

—‌

$

—‌

1‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

1‌

1‌

112‌

112‌

        Net

increase

1‌

$

1‌

113‌

$

112‌

Total

Net

Increase

(Decrease)

(3,194,887,088‌)

$

(3,197,329,306‌)

598,870,773‌

$

603,276,726‌

TempFund

Institutional

Shares

sold

.............................................

21,517,144,425‌

$

21,530,390,537‌

63,558,661,568‌

$

63,603,396,011‌

Shares

issued

in

reinvestment

of

distributions

........................

2,676,161‌

2,677,794‌

52,164,968‌

52,196,080‌

Shares

redeemed

.........................................

(24,414,250,902‌)

(24,428,913,964‌)

(63,294,006,472‌)

(63,334,527,532‌)

        Net

increase

(decrease)

(2,894,430,316‌)

$

(2,895,845,633‌)

316,820,064‌

$

321,064,559‌

Administration

Shares

sold

.............................................

3,573,566‌

$

3,575,879‌

158,009,523‌

$

158,115,798‌

Shares

issued

in

reinvestment

of

distributions

........................

1,472‌

1,474‌

171,186‌

171,309‌

Shares

redeemed

.........................................

(2,692,510‌)

(2,694,234‌)

(190,852,331‌)

(191,013,635‌)

        Net

increase

(decrease)

882,528‌

$

883,119‌

(32,671,622‌)

$

(32,726,528‌)

Capital

Shares

sold

.............................................

499,773‌

$

500,138‌

5,833,918‌

(d

)

$

5,839,215‌

(d

)

Shares

issued

in

reinvestment

of

distributions

........................

414‌

414‌

442‌

(d

)

442‌

(d

)

Shares

redeemed

.........................................

(1,995,106‌)

(1,996,373‌)

(2,614,040‌)

(d

)

(2,616,295‌)

(d

)

        Net

increase

(decrease)

(1,494,919‌)

$

(1,495,821‌)

3,220,320‌

$

3,223,362‌

Cash

Management

Shares

sold

.............................................

96,254,177‌

$

96,311,3

72‌

207,090,363‌

$

207,228,502‌

Shares

issued

in

reinvestment

of

distributions

........................

57,390‌

57,4

04‌

2,994,154‌

2,995,688‌

Shares

redeemed

.........................................

(106,085,816‌)

(106,150,005‌)

(258,592,747‌)

(258,791,059‌)

        Net

decrease

(9,774,249‌)

$

(9,781,229‌)

(48,508,230‌)

$

(48,566,869‌)

Cash

Reserve

Shares

sold

.............................................

10,424,180‌

$

10,430,537‌

6,775,904‌

$

6,780,743‌

Shares

issued

in

reinvestment

of

distributions

........................

591‌

592‌

30,486‌

30,503‌

Shares

redeemed

.........................................

(6,305,908‌)

(6,309,667‌)

(5,560,790‌)

(5,565,003‌)

        Net

increase

4,118,863‌

$

4,121,462‌

1,245,600‌

$

1,246,243‌

Dollar

Shares

sold

.............................................

39,869,725‌

$

39,893,889‌

113,538,773‌

$

113,631,275‌

Shares

issued

in

reinvestment

of

distributions

........................

11,752‌

11,759‌

505,136‌

505,429‌

Shares

redeemed

.........................................

(41,983,052‌)

(42,008,667‌)

(87,112,667‌)

(87,171,880‌)

        Net

increase

(decrease)

(2,101,575‌)

$

(2,103,019‌)

26,931,242‌

$

26,964,824‌

Private

Client

Shares

sold

.............................................

—‌

$

—‌

31,607,652‌

$

31,602,734‌

Shares

issued

in

reinvestment

of

distributions

........................

94‌

94‌

12,653‌

12,661‌

Shares

redeemed

.........................................

(33,419‌)

(33,445‌)

(31,742,848‌)

(31,772,528‌)

        Net

decrease

(33,325‌)

$

(33,351‌)

(122,543‌)

$

(157,133‌)

Total

Net

Increase

(Decrease)

(2,902,832,993‌)

$

(2,904,254,472‌)

266,914,831‌

$

271,048,458‌

MuniCash

Institutional

Shares

sold

.............................................

19,437,981,790‌

$

19,441,644,442‌

41,440,031,637‌

$

41,446,367,361‌

Shares

issued

in

reinvestment

of

distributions

........................

179,404‌

179,435‌

12,236,952‌

12,238,616‌

Shares

redeemed

.........................................

(18,941,292,982‌)

(18,944,839,278‌)

(41,474,660,028‌)

(41,480,920,423‌)

        Net

increase

(decrease)

496,868,212‌

$

496,984,599‌

(22,391,439‌)

$

(22,314,446‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

137

Notes

to

Financial

Statements

(a)

There

were

no

Premier

Shares

outstanding

for

the

period

ended

April

30,

2021.

(b)

Period

January

22,

2021

(commencement

of

operations)

to

April

30,

2021

for

Mischler

Financial

Group

Shares.

(c)

Period

October

22,

2020

(recommencement

of

operations)

to

October

31,

2020

for

Capital

Shares.

(d)

Period

July

07,

2020

(recommencement

of

operations)

to

October

31,

2020

for

Capital

Shares.

As

of

April

30,

2021,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

owned

36,478

Premier

Shares

of

TempCash.

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

items

were

noted:

On

May

11,

2021,

the

Board

approved

a

proposal

to

close

MuniFund

to

new

investors

and

thereafter

to

liquidate

the

Fund.

Accordingly,

effective

on

May

17,

2021,

the

Fund

will

no

longer

accept

purchase

orders

from

new

investors.

On

or

about

July

19,

2021,

(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.

On

May

11,

2021,

the

Board

approved

a

change

in

the

name

of

Federal

Trust

Fund,

effective

as

of

July

19,

2021,

to

BlackRock

Liquid

Federal

Trust

Fund.

d

Six

Months

Ended

04/30/21

Year

Ended

10/31/20

Shares

Amount

Shares

Amount

Dollar

Shares

sold

.............................................

1,152,150‌

$

1,152,323‌

3,018,218‌

$

3,018,731‌

Shares

issued

in

reinvestment

of

distributions

........................

147‌

147‌

10,532‌

10,533‌

Shares

redeemed

.........................................

(1,399,427‌)

(1,399,599‌)

(2,060,196‌)

(2,060,562‌)

        Net

increase

(decrease)

(247,130‌)

$

(247,129‌)

968,554‌

$

968,702‌

Premier

Shares

sold

.............................................

—‌

$

—‌

—‌

$

—‌

Shares

redeemed

.........................................

(36,493‌)

(a)

(36,500‌)

(a)

—‌

—‌

        Net

decrease

(36,493‌)

$

(36,500‌)

—‌

$

—‌

Total

Net

Increase

(Decrease)

496,584,589‌

$

496,700,970‌

(21,422,885‌)

$

(21,345,744‌)

California

Money

Fund

Institutional

Shares

sold

.............................................

980,732,351‌

$

981,011,344‌

3,336,333,399‌

$

3,336,763,012‌

Shares

issued

in

reinvestment

of

distributions

........................

13,264‌

13,267‌

1,291,015‌

1,291,144‌

Shares

redeemed

.........................................

(960,263,314‌)

(960,611,642‌)

(3,581,208,580‌)

(3,581,717,421‌)

        Net

increase

(decrease)

20,482,301‌

$

20,412,969‌

(243,584,166‌)

$

(243,663,265‌)

Premier

Shares

sold

.............................................

—‌

$

—‌

—‌

$

—‌

Shares

redeemed

.........................................

(36,493‌)

(a)

(36,511‌)

(a)

—‌

—‌

        Net

decrease

(36,493‌)

$

(36,511‌)

—‌

$

—‌

Total

Net

Increase

(Decrease)

20,445,808‌

$

20,376,458‌

(243,584,166‌)

$

(243,663,265‌)

New

York

Money

Fund

Institutional

Shares

sold

.............................................

367,875,779‌

$

367,875,779‌

1,349,794,100‌

$

1,349,797,466‌

Shares

issued

in

reinvestment

of

distributions

........................

4,032‌

4,032‌

535,501‌

535,502‌

Shares

redeemed

.........................................

(394,577,236‌)

(394,577,236‌)

(1,443,890,179‌)

(1,443,892,052‌)

        Net

decrease

(26,697,425‌)

$

(26,697,425‌)

(93,560,578‌)

$

(93,559,084‌)

Premier

Shares

sold

.............................................

—‌

$

—‌

—‌

$

—‌

Shares

redeemed

.........................................

(36,500‌)

(a)

(36,500‌)

(a)

—‌

—‌

        Net

decrease

(36,500‌)

$

(36,500‌)

—‌

$

—‌

Total

Net

Decrease

(26,733,925‌)

$

(26,733,925‌)

(93,560,578‌)

$

(93,559,084‌)

Disclosure

of

Investment

Sub-Advisory

Agreement

2021

BlackRock

Semi-Annual

Report

to

Shareholders

138

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Liquidity

Funds

(the

“Trust”)

met

on

February

9,

2021

(the

“Meeting”)

to

consider

the

initial

approval

of

the

proposed

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Trust’s

investment

advisor,

and

BlackRock

International

Limited

(the

“Sub-Advisor”)

with

respect

to

TempFund

and

TempCash

(each,

a

“Fund”

and

collectively,

the

“Funds”),

each

a

series

of

the

Trust.

On

the

date

of

the

Meeting,

the

Board

consisted

of

fourteen

individuals,

twelve

of

whom

were

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

(the

“Independent

Board

Members”).

Consistent

with

the

requirements

of

the

1940

Act,

the

Board

considers

the

initial

approval

of

the

Sub-Advisory

Agreement.

At

the

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Sub-Advisory

Agreement.

The

Board

previously

met

on

May

11-13,

2020

(the

“May

2020

Meeting”)

to

consider

the

approval

of

the

continuation

of

the

Trust’s

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust

and

the

Manager.

At

the

May

2020

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

for

a

one-year

term

ending

June

30,

2021.

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Agreement

at

the

May

2020

Meeting

is

included

in

the

annual

shareholder

report

for

the

Funds

for

the

period

ended

October

31,

2020.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

the

approval

of

the

proposed

Sub-Advisory

Agreement

were

substantially

the

same

as

the

factors

considered

at

the

May

2020

Meeting

with

respect

to

approval

of

the

Advisory

Agreement.

Following

discussion,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Funds,

for

a

two-year

term

beginning

on

the

effective

date

of

the

Sub-Advisory

Agreement.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

a

majority

of

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Sub-Advisory

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Sub-Advisory

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

139

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Transfer

Agent at

(800)

441-7450.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Forms

N-MFP.

The

Funds’

reports

on

Forms

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

Each

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7450

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

140

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

10022

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

141

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

USD

United

States

Dollar

Portfolio

Abbreviations

AMT

Alternative

Minimum

Tax

BAN

Bond

Anticipation

Notes

COP

Certificates

of

Participation

FRN

Floating

Rate

Note

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

LIQ

Liquidity

Agreement

LOC

Letter

of

Credit

RB

Revenue

Bonds

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

TAN

Tax

Anticipation

Notes

VRDN

Variable

Rate

Demand

Notes

VRDP

Variable

Rate

Demand

Preferred

Notice

to

Shareholders

The

following

applies

to

TempCash

,

TempFund

,

MuniCash

,

California

Money

Fund

and

New

York

Money

Fund:

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

You

could

lose

money

by

investing

in

a

Fund.

Because

the

share

price

of

the

Funds

will

fluctuate,

when

you

sell

your

shares

they

may

be

worth

more

or

less

than

what

you

originally

paid

for

them.

The

Funds

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Funds’

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds’

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Funds

at

any

time.

The

following

applies

to

Federal

Trust

Fund,

FedFund

,

T-Fund

and

Treasury

Trust

Fund:

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

You

could

lose

money

by

investing

in

a

Fund.

Although

the

Funds

seek

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

they

cannot

guarantee

they

will

do

so.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds’

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Funds

at

any

time.

The

following

applies

to

MuniFund

:

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

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund’s

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Want

to

know

more?

blackrock.com

|

800-441-7450

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

a

Fund

unless

preceded

or

accompanied

by

the

Fund's

current

prospectus.

You

could

lose

money

by

investing

in

a

Fund.

Although

each

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

Because

the

share

price

of

the

Funds

will

fluctuate,

when

you

sell

your

shares

they

may

be

worth

more

or

less

than

what

you

originally

paid

for

them.

The

Funds

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Funds'

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds'

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Funds

at

any

time.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

Each

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

a

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

BRLF-4/21-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 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Liquidity Funds

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Liquidity Funds

Date: July 6, 2021

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: July 6, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

Date: July 6, 2021