BLACKROCK LIQUIDITY FUNDS - BLACKROCK LIQUIDITY T-FUND

Schedule of Investments (unaudited)

December 31, 2022

BlackRock Hedge Fund Guided Portfolio Solution

(Percentages shown are based on Net Assets)

Portfolio Funds(a)(b)	First Acquisition Date	Cost	Value	% of Net Assets
Equity Hedge
Atlas Enhanced Fund, Ltd.	09/01/22	$ 6,000,000	$ 6,211,925	8.1%
Kadensa Fund	04/01/21	3,487,500	3,512,448	4.6%
Manticore Fund (Cayman) Ltd.	04/01/21	4,012,500	3,567,330	4.7%
Schonfeld Strategic Partners Offshore Fund, Ltd.	01/01/22	3,450,000	3,532,038	4.6%
Voleon Composition International Fund, Ltd.	04/01/21	3,453,483	3,765,167	4.9%
Total Equity Hedge		20,403,483	20,588,908	26.9%
Event-Driven
MY Asian Opportunities Unit Trust	05/01/21	3,825,521	3,465,344	4.6%
Nekton Global Fund Ltd.	10/01/21	3,575,000	3,692,072	4.8%
Pentwater Event Fund, Ltd.	04/01/21	6,425,000	6,950,398	9.1%
Segantii Asia-Pacific Equity Multi-Strategy Fund	11/01/21	75,000	78,512	0.1%
Total Event-Driven		13,900,521	14,186,326	18.6%
Macro
Crabel Fund SPC, Ltd.	04/01/21	2,962,500	3,198,049	4.2%
Drakewood Prospect Fund Ltd.	06/01/22	3,100,000	3,077,844	4.0%
East One Commodity Fund Limited	05/01/21	2,787,500	3,550,271	4.7%
Stratus Feeder, Ltd.	04/01/21	4,334,500	5,597,113	7.3%
Systematica Alternative Markets Fund Ltd.	05/01/21	2,887,500	3,538,715	4.6%
Total Macro		16,072,000	18,961,992	24.8%
Relative Value
One William Street Capital Offshore Fund, Ltd.	04/01/21	6,250,000	6,722,376	8.8%
Parallax Offshore Investors Fund, Ltd.	04/01/21	3,268,187	3,454,420	4.5%
Polar Multi-Strategy Fund	04/01/21	4,850,000	4,945,330	6.5%
Rose Grove Offshore Fund I, Ltd.	04/01/21	2,484,982	2,419,207	3.1%
Total Relative Value		16,853,169	17,541,333	22.9%
Total Portfolio Funds		67,229,173	71,278,559	93.2%

Security	Cost	Value	% of Net Assets
Short-Term Securities
Money Market Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%(c)(d)	4,407,584	4,407,584	5.8%
Total Short-Term Securities	4,407,584	4,407,584	5.8%
Total Investments	$ 71,636,757	75,686,143	99.0%
Other Assets Less Liabilities		753,524	1.0%
Net Assets		$ 76,439,667	100.0%

(a)	Non-income producing security.
(b)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $71,278,559, representing 93.2% of its net assets as of period end, and an original cost of $67,229,173.
(c)	Affiliate of the Fund.
(d)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22	Purchases at Cost	Proceeds from Sale	Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/22	Shares Held at 12/31/22	Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$ 4,721,908	$ —	$ (314,324)^(a)	$ —		$ —		$ 4,407,584	—	$ 88,128		$ —

^(a)	Represents net amount purchased (sold).

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Hedge Fund Guided Portfolio Solution

Fair Value Hierarchy as of Period End

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 the Fund has the ability to access;

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1	Level 2	Level 3	Total
Assets
Investments
Short-Term Securities
Money Market Funds	$ 4,407,584	$ —	$ —	$ 4,407,584
Investments valued at NAV				71,278,559
				$ 75,686,143