N-CSRS

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: 10/31/2020

Date of reporting period: 04/30/2020

Item 1 – Report to Stockholders

APRIL 30, 2020

2020 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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7450 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(3.16)%	0.86%
U.S. small cap equities (Russell 2000® Index)	(15.47)	(16.39)
International equities (MSCI Europe, Australasia, Far East Index)	(14.21)	(11.34)
Emerging market equities (MSCI Emerging Markets Index)	(10.50)	(12.00)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.85	2.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	10.73	19.78
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.86	10.84
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.26)	2.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(6.60)	(4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Money Market Overview		4
Fund Information		6
Disclosure of Expenses		9
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		63
Statements of Operations		67
Statements of Changes in Net Assets		69
Financial Highlights		74
Notes to Financial Statements		126
Trustee and Officer Information		138
Additional Information		139
Glossary of Terms Used in this Report		140

3

Money Market Overview  For the 6-Month Period Ended April 30, 2020

Notable events over the last six months began with market participants raising awareness regarding slowing global growth amid uncertainties associated with geopolitical events including U.S.-China trade tensions and muted inflation. However, 2019 finished the year with a strong economy, low unemployment and strong returns for U.S. equities. At the onset of 2020, the economy was in a good place and interest rate policy was appropriate according to the Fed, but this outlook quickly changed upon the imposition of dramatic measures by authorities around the world to stem the spread of the coronavirus pandemic. In response, the Fed quickly enacted a series of unprecedented measures to channel credit to businesses and households and smooth market functioning.

The Fed’s stimulus campaign began with an “emergency” 0.50% cut to the Federal Funds target rate on March 3, 2020. This action was followed up a few weeks later with a surprise 1% interest rate cut, bringing the range for the Federal Funds target rate to 0.00%-0.25%. This action included a commitment to keep rates low until the uncertainty has passed. Dusting off its crisis-era playbook, the Fed rebooted or rolled out various support facilities and continues to emphasize its support of credit and liquidity in order to stabilize markets. The most impactful measure for money market funds, in our view, was the creation of the Money Market Liquidity Facility to purchase commercial paper and domestic and Yankee certificates of deposit from prime money market funds, and municipal debt and variable rate demand notes from municipal money market funds.

The facility was largely active and provided liquidity to money market funds by the end of the first quarter of 2020. In a nod to 2008, the Fed revived the following vehicles: the Commercial Paper Funding Facility to backstop the purchase of high-quality commercial paper from U.S. issuers; the Primary Dealer Credit Facility to provide low-cost funding against a broad range of collateral including commercial paper; and the Term Asset Back Securities Lending Facility to purchase asset-backed securities.

Other notable actions included the creation of new facilities to purchase investment-grade corporate debt through the Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility. A $2 trillion fiscal aid package signed into law by President Trump along with a series of coordinated global fiscal and monetary actions complemented the Fed’s sweeping measures.

Following its array of monetary stimulus in March, the Federal Open Market Committee (“FOMC”) maintained the 0.00%-0.25% range for the Federal Funds target rate at its April 29, 2020 meeting. While no new policy initiatives were announced, the FOMC underscored its recent pledge to use its full gamut of tools to achieve its maximum employment and price stability goals.

The three-month London Interbank Offered Rate overnight-indexed swap spread (a gauge of stress in the financial system) increased from a low of around 0.12% in February to around 1.38% at the end of the first quarter of 2020. While elevated, this measure remains below the 2008 crisis peak of over 3.60%. As markets stabilized in April, this spread ground back toward a level of 0.30% – signaling investor confidence in credits markets. Credit markets in general improved in April as record levels of investment-grade bonds were issued in the market across all tenors, but predominately targeted the longer end of the curve as issuers secured term financing.

Government money market funds were forced to put excess cash to work at or near the “zero lower bound,” while the front end of the Treasury-bill curve was offered at modestly negative rates toward the end of the March quarter. The maximum daily take-up in the Fed’s reverse repo program — which serves as an investment outlet for eligible money market funds at a rate of 0%-rose sharply to a peak amount of nearly $285 billion at the end of March, the highest level since 2017. Assets of money market funds rose to an all-time high of over $5 trillion, with large government fund inflows offsetting outflows from prime funds.

In our view, we continue to expect the substantial amount of coordinated fiscal and monetary stimulus made available in the United States and abroad to serve as an important bridge in addressing economic and market strains from the drastic measures taken to contain the coronavirus epidemic. Front-end credit markets and prime funds attracted positive flows toward the end of April, and we are optimistic that conditions in the short-term taxable money market could remain favorable given the support of the Fed. While rates in the government space should remain low in absolute terms, historical levels of issuance in Treasury bills over the next quarter could provide modest relief for rates in our opinion.

Turning to short-term municipal bonds, the short-term municipal market ended the six-month period ended April 30, 2020 at $137.2 billion in assets, down slightly from November 1, 2019. While money fund asset flows were mixed prior to January, record inflows into bond funds and separately managed accounts (“SMAs”) translated into strong demand for variable rate demand note (“VRDN”) securities that were used as temporary investments. As bond issuance came to market, VRDN securities were no longer needed as temporary investments, and VRDN inventory began to increase. However, in January and February of 2020, seasonal-coupon flow into money funds translated into industry assets reaching a six-month high of $141 billion. In addition, bond funds and SMAs continued with their record pace of inflows. The combination translated into persistent demand for VRDN securities as temporary investments and kept downward pressure on the Securities Industry and Financial Markets Association (“SIFMA”) Index, which represents the average yield on weekly VRDNs. As VRDN yields declined, money funds began to experience a slow decline in assets as investors sought higher yielding alternatives.

In March 2020, the impact of the coronavirus pandemic was dramatic and volatile for both markets and investors. Tax-exempt money market funds lost $6 billion in assets as investors redeemed in favor of government money market funds or a preference for actual cash. VRDN inventory on dealer balance sheets spiked to $31 billion, approximately six times the typical carry amount, causing the SIFMA Index to spike to 5.20%. The Fed reacted in a bold way and stated that they would support the economy by doing whatever it takes to combat the growing impact of the coronavirus pandemic on financial markets and economic conditions. The Fed began utilizing a variety of measures to ease the building financial pressures. Measures included lowering the Federal Funds rate by 1.50% to the 0.0%-0.25% range and extending asset purchases of bonds and mortgage-backed securities as well as including corporate and municipal bonds. The Fed also activated three Federal programs to relieve balance sheet pressures. These programs have had a dramatic impact in lowering financial market pressures. The resulting elevated VRDN yields garnered increased interest from taxable money funds and crossover accounts during the last week of March, helping to reduce VRDN inventory, which ended the March quarter at $5.2 billion.

In April, with tax-related redemptions pushed back to July 15, VRDN inventory averaged just $2.9 billion, well below historical averages as tax-exempt money funds experienced strong inflows, pushing the SIFMA Index to a four-year low of 0.21% before ending the period at 0.22%. Along with downward pressure on VRDN yields, commercial paper, municipal note, and municipal bond yield levels moved sharply 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 April at 0.81% and 0.80%, respectively.

Looking ahead, seasonal municipal note issuance should begin to ramp up as municipalities address not only their annual operating financing needs, but additional burdens created from the coronavirus pandemic. It remains to be seen how municipal note issuance will be impacted this year given increased state funding needs due to the coronavirus pandemic crisis and the option of using the Fed’s Municipal Liquidity Facility program as a lender of last resort. Municipal money market fund managers are

4 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Money Market Overview  For the 6-Month Period Ended April 30, 2020  (continued)

expected to maintain a defensive approach with respect to high levels of fund liquidity 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 no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

MONEY MARKET OVERVIEW 5

Fund Information  as of April 30, 2020

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		0.22	%		0.22	%
Administration		0.12			0.12
Cash Management		0.00			0.00
Cash Reserve		0.22			0.22
Dollar		0.00			0.00
Premier		0.22			0.22

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		63	%
U.S. Government Sponsored Agency Obligations		38
Liabilities in Excess of Other Assets		(1	)

FedFund

FedFund’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		0.21	%		0.21	%
Administration		0.11			0.11
Capital		0.16			0.16
Cash Management		0.00			0.00
Cash Reserve		0.00			0.00
Dollar		0.00			0.00
Premier		0.21			0.21
Private Client		0.00			0.00
Select		0.00			0.00

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Repurchase Agreements		35	%
U.S. Government Sponsored Agency Obligations		35
U.S. Treasury Obligations		31
Liabilities in Excess of Other Assets		(1	)

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		0.68	%		0.68	%
Dollar		0.45			0.45
Premier		0.67			0.67

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 indicative of future results.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Commercial Paper		38	%
Certificates of Deposit		24
Time Deposits		16
Repurchase Agreements		16
U.S. Treasury Obligations		2
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.

6 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Information  as of April 30, 2020 (continued)

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		0.63	%		0.63	%
Administration		0.53			0.53
Cash Management		0.13			0.13
Cash Reserve		0.28			0.28
Dollar		0.38			0.38
Private Client		0.13			0.13

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
Commercial Paper		36	%
Repurchase Agreements		23
Certificates of Deposit		21
Time Deposits		14
U.S. Treasury Obligations		2
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.

T-Fund

T-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		0.12	%		0.12	%
Administration		0.02			0.02
Capital		0.07			0.07
Cash Management		0.00			0.00
Cash Reserve		0.00			0.00
Dollar		0.00			0.00
Premier		0.11			0.11
Select		0.00			0.00

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		61	%
Repurchase Agreements		42
Liabilities in Excess of Other Assets		(3	)

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		0.20	%		0.20	%
Administration		0.10			0.10
Cash Management		0.00			0.00
Cash Reserve		0.00			0.00
Dollar		0.00			0.00
Premier		0.20			0.20
Select		0.00			0.00

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 indicative of future results.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
U.S. Treasury Obligations		102	%
Liabilities in Excess of Other Assets		(2	)

FUND INFORMATION 7

Fund Information  as of April 30, 2020 (continued)

MuniCash

MuniCash’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		0.15	%		0.15	%
Dollar		0.00			0.00
Premier		0.16			0.16

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		78	%
Municipal Bonds		20
Closed-End Investment Companies		2
Liabilities in Excess of Other Assets		—	(a)

^(a)  Represents less than 1% of the Fund’s net assets.

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.

CURRENT SEVEN-DAY YIELDS

	7-Day SEC Yields			7-Day Yields
Institutional		0.24	%		0.24	%
Administration		0.14			0.14
Dollar		0.00			0.00
Premier		0.24			0.24
Private Client		0.00			0.00
Select		0.00			0.00

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		73	%
Municipal Bonds		25
Closed-End Investment Companies		2
Other Assets Less Liabilities		—	(a)

^(a)  Represents less than 1% of the Fund’s net assets.

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		0.02	%		0.02	%
Premier		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
Variable Rate Demand Notes		70	%
Municipal Bonds		13
Closed-End Investment Companies		3
Other Assets Less Liabilities		14

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		0.02	%		0.02	%
Premier		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 indicative of future results.

PORTFOLIO COMPOSITION

Asset Type	Percent of Net Assets
Variable Rate Demand Notes		92	%
Municipal Bonds		4
Closed-End Investment Companies		4
Other Assets Less Liabilities		—	(a)

^(a)  Represents less than 1% of the Fund’s net assets.

8 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

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, 2019 and held through April 30, 2020, 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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period (b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period (b)	Annualized Expense Ratio
Federal Trust Fund
Institutional	$	1,000.00	$	1,006.10	$	0.85	$	1,000.00	$	1,024.02	$	0.86	0.17%
Administration		1,000.00		1,005.60		1.35		1,000.00		1,023.52		1.36	0.27
Cash Management		1,000.00		1,003.80		3.19		1,000.00		1,021.68		3.22	0.64
Cash Reserve		1,000.00		1,006.10		0.85		1,000.00		1,024.02		0.86	0.17
Dollar		1,000.00		1,004.90		2.09		1,000.00		1,022.77		2.11	0.42
Premier		1,000.00		1,006.10		0.85		1,000.00		1,024.02		0.86	0.17
FedFund
Institutional	$	1,000.00	$	1,006.00	$	0.85	$	1,000.00	$	1,024.02	$	0.86	0.17%
Administration		1,000.00		1,005.50		1.35		1,000.00		1,023.52		1.36	0.27
Capital		1,000.00		1,005.70		1.10		1,000.00		1,023.77		1.11	0.22
Cash Management		1,000.00		1,003.70		3.09		1,000.00		1,021.78		3.12	0.62
Cash Reserve		1,000.00		1,004.10		2.69		1,000.00		1,022.18		2.72	0.54
Dollar		1,000.00		1,004.70		2.09		1,000.00		1,022.77		2.11	0.42
Premier		1,000.00		1,006.00		0.85		1,000.00		1,024.02		0.86	0.17
Private Client		1,000.00		1,003.70		3.14		1,000.00		1,021.73		3.17	0.63
Select		1,000.00		1,002.50		4.18		1,000.00		1,020.69		4.22	0.84
TempCash
Institutional	$	1,000.00	$	1,007.70	$	0.90	$	1,000.00	$	1,023.97	$	0.91	0.18%
Dollar		1,000.00		1,006.40		2.15		1,000.00		1,022.73		2.16	0.43
Premier		1,000.00		1,007.70		0.90		1,000.00		1,023.97		0.91	0.18
TempFund
Institutional	$	1,000.00	$	1,007.50	$	0.90	$	1,000.00	$	1,023.97	$	0.91	0.18%
Administration		1,000.00		1,007.00		1.35		1,000.00		1,023.52		1.36	0.27
Cash Management		1,000.00		1,005.00		3.39		1,000.00		1,021.48		3.42	0.68
Cash Reserve		1,000.00		1,005.90		2.49		1,000.00		1,022.38		2.51	0.50
Dollar		1,000.00		1,006.30		2.14		1,000.00		1,022.73		2.16	0.43
Private Client		1,000.00		1,005.00		3.39		1,000.00		1,021.48		3.42	0.68

^(a) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

^(b) For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

DISCLOSURE OF EXPENSES 9

Disclosure of Expenses   (continued)

Expense Examples (continued)

	Actual						Hypothetical (a)
		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period (b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period (b)	Annualized Expense Ratio
T-Fund
Institutional	$	1,000.00	$	1,005.80	$	0.85	$	1,000.00	$	1,024.02	$	0.86	0.17%
Administration		1,000.00		1,005.30		1.35		1,000.00		1,023.52		1.36	0.27
Capital		1,000.00		1,005.50		1.10		1,000.00		1,023.77		1.11	0.22
Cash Management		1,000.00		1,003.60		2.94		1,000.00		1,021.93		2.97	0.59
Cash Reserve		1,000.00		1,004.00		2.49		1,000.00		1,022.38		2.51	0.50
Dollar		1,000.00		1,004.60		1.99		1,000.00		1,022.87		2.01	0.40
Premier		1,000.00		1,005.80		0.85		1,000.00		1,024.02		0.86	0.17
Select		1,000.00		1,002.40		3.53		1,000.00		1,021.33		3.57	0.71
Treasury Trust Fund
Institutional	$	1,000.00	$	1,006.00	$	0.85	$	1,000.00	$	1,024.02	$	0.86	0.17%
Administration		1,000.00		1,005.50		1.35		1,000.00		1,023.52		1.36	0.27
Cash Management		1,000.00		1,003.70		3.19		1,000.00		1,021.68		3.22	0.64
Cash Reserve		1,000.00		1,004.10		2.79		1,000.00		1,022.08		2.82	0.56
Dollar		1,000.00		1,004.90		1.99		1,000.00		1,022.87		2.01	0.40
Premier		1,000.00		1,006.00		0.85		1,000.00		1,024.02		0.86	0.17
Select		1,000.00		1,002.40		4.38		1,000.00		1,020.49		4.42	0.88
MuniCash
Institutional	$	1,000.00	$	1,005.50	$	1.00	$	1,000.00	$	1,023.87	$	1.01	0.20%
Dollar		1,000.00		1,004.30		2.19		1,000.00		1,022.68		2.21	0.44
Premier		1,000.00		1,005.40		1.00		1,000.00		1,023.87		1.01	0.20
MuniFund
Institutional	$	1,000.00	$	1,005.40	$	1.00	$	1,000.00	$	1,023.87	$	1.01	0.20%
Administration		1,000.00		1,004.90		1.50		1,000.00		1,023.37		1.51	0.30
Dollar		1,000.00		1,004.10		2.24		1,000.00		1,022.63		2.26	0.45
Premier		1,000.00		1,005.40		1.00		1,000.00		1,023.87		1.01	0.20
Private Client		1,000.00		1,003.10		3.29		1,000.00		1,021.58		3.32	0.66
Select		1,000.00		1,001.70		4.73		1,000.00		1,020.14		4.77	0.95
California Money Fund
Institutional	$	1,000.00	$	1,004.30	$	1.00	$	1,000.00	$	1,023.87	$	1.01	0.20%
Premier		1,000.00		1,004.30		1.00		1,000.00		1,023.87		1.01	0.20
New York Money Fund
Institutional	$	1,000.00	$	1,005.40	$	1.00	$	1,000.00	$	1,023.87	$	1.01	0.20%
Premier		1,000.00		1,005.40		1.00		1,000.00		1,023.87		1.01	0.20

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

10 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2020 Federal Trust Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations — 38.1%
Federal Farm Credit Bank Discount Notes(a):
0.09%, 05/14/20	USD	665	$	664,570
0.10%, 06/04/20		19,465		19,456,360
0.10%, 06/12/20		935		933,058
0.12%, 07/07/20		665		662,822
0.13%, 09/28/20		8,380		8,324,133
0.14%, 11/25/20		15,400		15,263,864
0.14%, 12/15/20		25,000		24,936,667
0.14%, 12/22/20		73,885		73,397,871
0.15%, 01/20/21		4,415		4,386,508
0.15%, 01/27/21		34,000		33,923,217
0.15%, 02/12/21		8,110		8,082,198
0.16%, 03/17/21		23,235		23,179,236
Federal Farm Credit Bank Variable Rate Notes(b):
(LIBOR USD 1 Month - 0.05%), 0.39%, 05/28/20		31,515		31,513,873
(LIBOR USD 1 Month - 0.01%), 0.71%, 06/18/20		3,770		3,769,990
(LIBOR USD 1 Month + 0.00%), 0.72%, 06/19/20		31,500		31,501,970
(LIBOR USD 1 Month - 0.05%), 0.70%, 08/17/20		12,175		12,175,000
(LIBOR USD 1 Month - 0.04%), 0.79%, 09/11/20		14,985		14,984,837
(SOFR + 0.08%), 0.09%, 11/27/20		2,050		2,050,000
(LIBOR USD 1 Month + 0.03%), 0.85%, 12/14/20		15,855		15,854,598
(SOFR + 0.08%), 0.09%, 01/14/21		7,135		7,135,000
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 0.25%, 02/08/21		10,505		10,496,056
(LIBOR USD 1 Month + 0.00%), 0.75%, 03/17/21		9,670		9,669,462
(LIBOR USD 1 Month + 0.05%), 0.84%, 04/16/21		17,380		17,380,000
(US Treasury 3 Month Bill Money Market Yield + 0.26%), 0.38%, 06/17/21		13,085		13,083,539
(LIBOR USD 1 Month + 0.16%), 1.15%, 07/01/21		10,525		10,525,000
(US Treasury 3 Month Bill Money Market Yield + 0.23%), 0.35%, 07/08/21		7,105		7,105,000
(LIBOR USD 1 Month + 0.08%), 1.00%, 07/08/21		15,000		15,000,000
(SOFR + 0.08%), 0.09%, 07/09/21		28,175		28,175,000
(SOFR + 0.07%), 0.08%, 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%), 0.40%, 02/08/22		38,000		38,000,000
(SOFR + 0.40%), 0.41%, 04/01/22		40,000		40,000,000
Federal Home Loan Bank:
1.59% - 1.60%, 06/17/20		22,290		22,289,583
1.61%, 06/23/20		20,000		19,999,461
2.63%, 10/01/20		17,800		17,871,676
Federal Home Loan Bank Discount Notes(a):
0.07%, 05/04/20		35,000		34,999,650
0.08%, 05/06/20		91,360		91,340,088
0.08%, 05/08/20		15,825		15,820,166
0.09%, 05/18/20		48,245		48,209,460
0.09%, 05/20/20		17,875		17,860,198
0.09%, 05/28/20		9,090		9,081,751
0.09%, 05/29/20		34,205		34,166,690
0.10%, 06/01/20		38,010		37,959,621
0.10%, 06/03/20		17,075		17,050,207
0.10%, 06/05/20		51,740		51,688,257

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
0.10%, 06/25/20	USD	13,065	$	13,033,662
0.10%, 06/26/20		46,605		46,603,623
0.12%, 07/02/20		62,550		62,545,691
0.12%, 07/06/20		23,985		23,916,007
0.12%, 07/15/20		116,170		116,063,281
0.12%, 07/17/20		59,525		59,505,011
0.12%, 07/20/20		62,335		62,307,296
0.12%, 07/21/20		16,270		16,264,326
0.12%, 07/22/20		107,000		106,970,753
0.12%, 07/29/20		6,000		5,976,875
0.12%, 07/31/20		45,700		45,519,549
0.12%, 08/05/20		10,000		9,958,427
0.12%, 08/07/20		56,710		56,469,480
0.12%, 08/17/20		78,760		78,679,343
0.12%, 08/20/20		63,045		62,996,403
0.12%, 08/21/20		15,345		15,272,197
0.12%, 08/28/20		4,820		4,805,023
0.13%, 10/07/20		22,040		22,021,115
0.16%, 04/12/21		26,170		26,117,180
0.16%, 04/29/21		35,040		34,969,336
Federal Home Loan Bank Variable Rate Notes(b):
(SOFR + 0.02%), 0.03%, 05/22/20		7,380		7,380,000
(SOFR + 0.04%), 0.05%, 06/19/20		6,395		6,395,000
(LIBOR USD 1 Month + 0.01%), 0.83%, 07/10/20		26,965		26,965,000
(SOFR + 0.08%), 0.09%, 07/24/20		4,515		4,515,000
(SOFR + 0.03%), 0.04%, 08/05/20		5,540		5,540,000
(SOFR + 0.02%), 0.03%, 08/19/20		8,560		8,560,000
(LIBOR USD 1 Month - 0.05%), 0.67%, 08/20/20		11,555		11,555,000
(SOFR + 0.03%), 0.04%, 08/21/20		4,045		4,045,000
(SOFR + 0.02%), 0.03%, 08/28/20		20,000		20,000,000
(SOFR + 0.09%), 0.10%, 09/11/20		25,375		25,375,000
(SOFR + 0.11%), 0.12%, 10/01/20		5,885		5,885,000
(SOFR + 0.12%), 0.13%, 10/07/20		8,190		8,190,000
(LIBOR USD 1 Month - 0.04%), 0.79%, 11/12/20		4,020		4,020,000
(LIBOR USD 3 Month - 0.13%), 1.07%, 12/21/20		21,350		21,350,000
(LIBOR USD 3 Month - 0.17%), 1.18%, 01/08/21		13,160		13,160,000
(SOFR + 0.05%), 0.06%, 01/22/21		4,970		4,970,000
(SOFR + 0.04%), 0.05%, 02/09/21		30,200		30,196,057
(SOFR + 0.08%), 0.09%, 03/04/21		9,130		9,130,000
(SOFR + 0.12%), 0.13%, 03/12/21		14,305		14,305,000
(LIBOR USD 1 Month - 0.02%), 0.47%, 04/27/21		13,630		13,626,093
(SOFR + 0.08%), 0.09%, 07/08/21		10,500		10,500,000
(SOFR + 0.08%), 0.09%, 07/23/21		6,685		6,685,000
(SOFR + 0.12%), 0.13%, 02/28/22		19,470		19,470,000
Total U.S. Government Sponsored Agency Obligations — 38.1% (Cost: $2,130,418,365)				2,130,418,365
U.S. Treasury Obligations — 63.0%
U.S. Treasury Bills(a):
0.05%, 05/07/20		726,930		726,911,430
0.06%, 05/12/20		139,140		139,134,784
0.08%, 05/14/20		74,415		74,413,209
0.08%, 05/19/20		334,960		334,940,258
0.07%, 05/26/20		475,000		474,970,677
0.05%, 05/28/20		90,000		89,988,120
0.08%, 06/02/20		264,430		264,409,750
0.09%, 06/04/20		170,000		169,982,504

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) April 30, 2020 Federal Trust Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
0.08%, 06/09/20	USD	16,000	$	15,997,053
0.10%, 06/11/20		125,000		124,944,479
0.08%, 06/16/20		192,900		192,867,491
0.09%, 06/23/20		35,000		34,994,074
0.07%, 06/25/20		69,260		69,255,768
0.09%, 07/23/20		97,000		96,974,639
0.10%, 07/30/20		250,160		250,082,885
0.11%, 08/06/20		5,735		5,720,320
0.11%, 08/20/20		5,635		5,608,764
0.13%, 09/08/20		150,000		149,918,750
0.11%, 09/10/20		7,460		7,412,405
0.11%, 10/15/20		24,820		24,786,610
0.16%, 04/22/21		12,745		12,724,204
U.S. Treasury Notes:
1.50%, 05/31/20		6,455		6,453,156
1.63%, 06/30/20		765		764,707
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b)		8,010		8,007,909

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
2.75%, 09/30/20	USD	29,505	$	29,644,099
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b)		50,000		49,973,897
2.75%, 11/30/20		11,855		11,932,606
2.38%, 12/31/20		2,575		2,587,193
2.50%, 12/31/20		1,745		1,754,639
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b)		21,620		21,620,000
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b)		12,000		12,000,000
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b)		25,090		25,107,899
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b)		85,000		85,000,000
Total U.S. Treasury Obligations — 63.0% (Cost: $3,520,884,279)				3,520,884,279
Total Investments — 101.1% (Cost: $5,651,302,644)(c)				5,651,302,644
Liabilities in Excess of Other Assets — (1.1)%				(63,544,657	)
Net Assets — 100.0%			$	5,587,757,987

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities(a)	$	—	$	5,651,302,644	$	—	$	5,651,302,644

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

12 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 FedFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations — 35.3%
Federal Farm Credit Bank, 0.35%, 05/07/21	USD	180,000	$	179,900,085
Federal Farm Credit Bank Discount Notes(a): 0.09%, 05/14/20		21,365		21,351,190
0.10%, 06/12/20		29,915		29,852,876
0.12%, 07/06/20		228,310		227,564,948
0.12%, 07/07/20		21,365		21,295,018
0.13%, 09/22/20		100,000		99,372,000
0.15%, 01/20/21		165,145		164,079,264
0.15%, 02/16/21		150,000		149,357,375
0.15%, 02/17/21		50,000		49,785,056
Federal Farm Credit Bank Variable Rate Notes(b):
(LIBOR USD 1 Month - 0.05%), 0.76%, 06/15/20		539,425		539,423,087
(LIBOR USD 1 Month - 0.01%), 0.71%, 06/18/20		118,865		118,864,687
(LIBOR USD 1 Month + 0.00%), 0.49%, 06/26/20		384,915		384,913,296
(LIBOR USD 1 Month - 0.05%), 0.70%, 08/17/20		332,635		332,635,000
(LIBOR USD 1 Month - 0.04%), 0.79%, 09/11/20		434,910		434,905,284
(SOFR + 0.08%), 0.09%, 11/27/20		69,925		69,925,000
(LIBOR USD 1 Month + 0.03%), 0.85%, 12/14/20		446,190		446,178,694
(US Federal Funds Effective Rate (continuous series) + 0.10%), 0.14%, 12/16/20		60,915		60,914,890
(LIBOR USD 1 Month + 0.10%), 0.50%, 12/30/20		147,000		146,990,240
(LIBOR USD 1 Month + 0.03%), 0.85%, 01/13/21		250,000		249,984,438
(LIBOR USD 1 Month + 0.00%), 0.75%, 03/17/21		320,670		320,652,146
(SOFR + 0.28%), 0.29%, 04/01/21		500,000		500,000,000
(SOFR + 0.08%), 0.09%, 06/10/21		100,000		100,000,000
(US Treasury 3 Month Bill Money Market Yield + 0.26%), 0.38%, 06/17/21		50,000		49,994,417
(US Treasury 3 Month Bill Money Market Yield + 0.23%), 0.35%, 07/08/21		225,705		225,705,000
(LIBOR USD 1 Month + 0.08%), 1.00%, 07/08/21		73,325		73,325,000
(LIBOR USD 1 Month + 0.11%), 0.97%, 07/09/21		108,400		108,400,000
(LIBOR USD 1 Month + 0.10%), 0.89%, 07/16/21		99,000		99,000,000
(LIBOR USD 1 Month + 0.09%), 0.49%, 08/30/21		27,000		27,000,000
(LIBOR USD 1 Month + 0.10%), 0.96%, 09/09/21		55,000		55,000,000
(LIBOR USD 1 Month + 0.16%), 1.14%, 10/04/21		138,000		138,000,000
(LIBOR USD 1 Month + 0.13%), 1.05%, 10/08/21		78,480		78,480,000
(LIBOR USD 1 Month + 0.00%), 0.72%, 10/18/21		166,165		166,200,712
(SOFR + 0.21%), 0.22%, 10/28/21		100,000		100,000,000
(LIBOR USD 1 Month + 0.13%), 1.11%, 11/05/21		100,000		100,000,000
(LIBOR USD 1 Month + 0.11%), 0.94%, 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%), 0.94%, 12/10/21		150,000		150,000,000
(SOFR + 0.18%), 0.19%, 01/14/22		60,000		60,000,000

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
(US Treasury 3 Month Bill Money Market Yield + 0.28%), 0.40%, 02/08/22	USD	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%), 0.33%, 03/17/22		150,000		149,994,328
(SOFR + 0.40%), 0.41%, 04/01/22		660,000		660,000,000
Federal Home Loan Bank: 1.56%, 05/01/20		680,700		680,700,000
1.60%, 05/13/20		450,480		450,478,871
1.59%, 05/14/20		315,330		315,327,455
1.59% - 1.60%, 06/17/20		819,930		819,915,103
1.61%, 06/23/20		373,675		373,664,924
Federal Home Loan Bank Discount Notes(a): 0.07%, 05/04/20		1,000,000		999,958,333
0.07%, 05/05/20		4,750		4,749,937
0.09%, 05/15/20		450,000		449,727,292
0.09%, 05/18/20		120,000		119,912,167
0.09%, 05/20/20		87,735		87,662,348
0.09%, 05/26/20		1,757,680		1,755,971,144
0.09%, 05/27/20		2,405,865		2,403,292,318
0.09%, 05/28/20		340,195		339,886,273
0.09%, 05/29/20		1,075,000		1,073,737,258
0.10%, 06/01/20		97,015		96,931,459
0.10%, 06/05/20		181,950		181,825,112
0.10%, 06/16/20		933,685		933,064,618
0.10%, 06/26/20		88,450		88,230,546
0.12%, 07/01/20		950,125		948,484,864
0.12%, 07/06/20		175,530		175,019,939
0.12%, 07/10/20		96,370		96,311,910
0.12%, 07/15/20		449,500		448,039,125
0.12%, 07/21/20		233,420		233,157,403
0.12%, 07/29/20		800,000		796,916,644
0.12%, 07/31/20		359,315		357,911,725
0.12%, 08/03/20		389,404		389,261,651
0.12%, 08/05/20		11,000		10,954,269
0.12%, 08/12/20		400,000		398,237,556
0.12%, 08/14/20		124,455		123,897,805
0.12%, 08/17/20		829,360		826,635,552
0.12%, 08/19/20		150,000		149,885,417
0.12%, 08/20/20		2,410,220		2,408,362,122
0.12%, 08/21/20		400,000		398,102,222
0.12%, 08/26/20		802,860		799,102,615
0.13%, 09/10/20		250,000		249,560,000
0.13%, 10/05/20		750,000		748,299,167
0.13%, 10/09/20		200,000		199,534,889
0.13%, 10/19/20		30,000		29,975,775
0.14%, 11/02/20		275,000		274,511,806
0.14%, 11/09/20		400,000		398,890,667
0.15%, 02/05/21		150,000		149,393,333
0.16%, 03/09/21		1,233,225		1,228,860,218
0.16%, 03/15/21		200,000		199,081,333
0.16%, 04/12/21		200,000		199,596,333
0.16%, 04/29/21		70,000		69,858,833
Federal Home Loan Bank Variable Rate Notes(b):
(SOFR + 0.06%), 0.07%, 05/06/20		330,000		330,000,000
(LIBOR USD 1 Month + 0.05%), 0.97%, 05/08/20		457,995		457,995,000
(SOFR + 0.02%), 0.03%, 05/22/20		273,675		273,675,000
(LIBOR USD 1 Month - 0.02%), 0.97%, 06/01/20		203,445		203,445,000
(SOFR + 0.04%), 0.05%, 06/19/20		262,110		262,110,000
(LIBOR USD 1 Month - 0.06%), 0.66%, 06/19/20		1,000,000		1,000,000,000

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
(LIBOR USD 1 Month + 0.01%), 0.83%, 07/10/20	USD	870,250	$	870,250,000
(LIBOR USD 1 Month - 0.01%), 0.80%, 07/15/20		238,000		238,000,000
(SOFR + 0.08%), 0.09%, 07/24/20		116,795		116,795,000
(SOFR + 0.10%), 0.11%, 07/29/20		860,840		860,840,000
(LIBOR USD 1 Month - 0.03%), 0.95%, 08/04/20		244,380		244,380,000
(SOFR + 0.03%), 0.04%, 08/05/20		241,745		241,745,000
(SOFR + 0.02%), 0.03%, 08/19/20		454,480		454,480,000
(LIBOR USD 1 Month - 0.05%), 0.67%, 08/20/20		420,015		420,015,000
(SOFR + 0.03%), 0.04%, 08/21/20		129,750		129,750,000
(SOFR + 0.04%), 0.05%, 08/25/20		262,000		262,000,000
(SOFR + 0.02%), 0.03%, 08/28/20		1,063,695		1,063,695,000
(SOFR + 0.09%), 0.10%, 09/11/20		927,165		927,165,000
(SOFR + 0.12%), 0.13%, 10/07/20		275,725		275,725,000
(LIBOR USD 1 Month - 0.04%), 0.79%, 11/12/20		145,980		145,980,000
(LIBOR USD 1 Month - 0.04%), 0.75%, 11/16/20		329,000		329,000,000
(LIBOR USD 3 Month - 0.13%), 1.07%, 12/21/20		538,800		538,800,000
(SOFR + 0.10%), 0.11%, 12/23/20		466,000		466,000,000
(LIBOR USD 3 Month - 0.17%), 1.18%, 01/08/21		436,595		436,595,000
(SOFR + 0.05%), 0.06%, 01/22/21		190,045		190,045,000
(SOFR + 0.04%), 0.05%, 02/09/21		231,375		231,364,109
(SOFR + 0.04%), 0.05%, 02/25/21		228,130		228,130,000
(SOFR + 0.08%), 0.09%, 03/04/21		341,600		341,600,000
(SOFR + 0.12%), 0.13%, 03/12/21		516,420		516,420,000
(LIBOR USD 1 Month - 0.01%), 0.97%, 04/05/21		125,000		125,000,000
(SOFR + 0.17%), 0.18%, 04/09/21		479,295		479,295,000
(LIBOR USD 1 Month - 0.01%), 1.01%, 05/03/21		492,730		492,730,000
(SOFR + 0.08%), 0.09%, 06/11/21		245,000		245,000,000
(SOFR + 0.08%), 0.09%, 07/08/21		413,655		413,655,000
(SOFR + 0.08%), 0.09%, 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%, 02/28/22		487,000		487,000,000
Federal Home Loan Mortgage Corp. Discount Notes(a):
0.09%, 05/19/20		437,735		437,400,133
0.10%, 06/04/20		50,000		49,945,694
0.10%, 06/17/20		614,030		612,787,148
0.10%, 06/25/20		100,000		99,764,722
0.12%, 07/17/20		1,673,780		1,670,096,864
0.12%, 07/24/20		428,630		427,959,907
0.12%, 07/28/20		483,390		482,610,131
0.12%, 07/31/20		500,000		498,293,750
0.12%, 08/19/20		500,000		499,816,667
Federal Home Loan Mortgage Corp. Variable Rate Notes(b):
(SOFR + 0.01%), 0.02%, 08/25/20		375,000		375,000,000
(SOFR + 0.03%), 0.04%, 02/26/21		741,555		741,555,000
(SOFR + 0.12%), 0.13%, 06/04/21		155,000		154,655,150
(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

Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations (continued)
Federal National Mortgage Association Discount Notes(a):
0.10%, 06/11/20	USD	283,710	$	283,225,329
0.10%, 06/12/20		283,710		283,213,507
0.12%, 07/24/20		435,685		435,003,879
Federal National Mortgage Association Variable Rate Notes(b):
(SOFR + 0.01%), 0.02%, 05/22/20		213,655		213,655,000
(SOFR + 0.07%), 0.08%, 12/11/20		794,085		794,085,000
(SOFR + 0.25%), 0.26%, 03/24/21		702,000		702,000,000
(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
Total U.S. Government Sponsored Agency Obligations — 35.3% (Cost: $62,791,354,352)				62,791,354,352
U.S. Treasury Obligations — 30.5%
U.S. Treasury Bills(a): 0.04%, 05/05/20		830,980		830,970,620
0.05%, 05/07/20		1,747,530		1,747,379,708
0.06%, 05/12/20		4,635,770		4,635,525,004
0.08%, 05/14/20		2,807,560		2,807,125,586
0.08%, 05/19/20		1,376,705		1,376,601,747
0.08%, 05/21/20		879,205		879,102,209
0.07%, 05/26/20		3,718,000		3,717,767,625
0.05%, 05/28/20		1,935,885		1,935,609,136
0.08%, 06/02/20		2,067,770		2,067,617,215
0.09%, 06/04/20		1,400,000		1,399,841,333
0.08%, 06/09/20		1,404,410		1,404,128,762
0.10%, 06/11/20		492,885		492,837,286
0.08%, 06/16/20		1,870,000		1,869,657,504
0.09%, 06/23/20		1,386,495		1,386,261,195
0.10%, 06/30/20		3,120,220		3,119,758,901
0.09%, 07/23/20		3,270,365		3,269,446,657
0.10%, 07/30/20		1,464,565		1,464,100,693
0.12%, 08/04/20		1,606,500		1,606,054,866
0.11%, 08/06/20		855,795		855,391,562
0.11%, 08/20/20		6,610		6,580,754
0.13%, 09/08/20		2,850,000		2,848,398,021
0.11%, 09/10/20		233,490		232,000,334
0.12%, 09/29/20		832,500		832,028,597
0.14%, 10/06/20		559,570		559,234,880
0.11%, 10/15/20		2,318,730		2,315,658,223
0.12%, 10/22/20		1,611,600		1,610,470,537
0.15%, 01/28/21		2,132,000		2,129,344,600
0.16%, 04/22/21		367,760		367,159,938
U.S. Treasury Notes:
1.50%, 05/15/20		367,775		367,699,199
3.50%, 05/15/20		250,730		250,885,094
1.50%, 05/31/20		196,055		195,998,933
1.63%, 06/30/20		24,005		23,995,800
1.50%, 07/15/20		286,000		285,921,692
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b)		1,139,440		1,139,440,000
1.63%, 07/31/20		429,615		429,615,849
2.63%, 07/31/20		113,000		113,274,139
2.13%, 08/31/20		163,715		163,984,419
2.63%, 08/31/20		495		496,631
2.75%, 09/30/20		78,760		79,124,899

14 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b)	USD	100,000	$	99,947,795
1.38%, 10/31/20		105,040		104,902,531
1.75%, 11/15/20		119,060		119,146,353
2.63%, 11/15/20		377,680		379,658,719
1.63%, 11/30/20		390,105		390,075,832
2.00%, 11/30/20		73,500		73,643,362
2.75%, 11/30/20		264,370		266,051,305
2.38%, 12/31/20		146,175		147,402,154
2.50%, 12/31/20		176,585		177,565,432
2.00%, 01/15/21		20,855		21,095,451
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b)		34,155		34,156,268
3.63%, 02/15/21		150,330		153,943,355

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
1.13%, 02/28/21	USD	93,250	$	93,836,528
2.00%, 02/28/21		101,915		103,294,648
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b)		1,040,700		1,040,573,517
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b)		343,555		344,144,631
Total U.S. Treasury Obligations — 30.5% (Cost: $54,365,928,029)				54,365,928,029
Total Repurchase Agreements — 34.8% (Cost: $61,859,952,210)				61,859,952,210
Total Investments — 100.6% (Cost: $179,017,234,591)(c)				179,017,234,591
Liabilities in Excess of Other Assets — (0.6)%				(1,070,969,280	)
Net Assets — 100.0%			$	177,946,265,311

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(c)  Cost for U.S. federal income tax purposes.

Repurchase Agreements

	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 America Securities, Inc.		0.02	%		04/30/20		05/01/20	$	27,000	$	27,000	$  27,000,015	U.S. Treasury Obligation, 1.50%, due 03/31/23	$  26,545,200	$  27,540,101
		0.02			04/30/20		05/01/20		93,000		93,000	93,000,052	U.S. Treasury Obligations, 0.00% to 0.38%, due 04/30/25 to 02/15/30	96,120,046	94,860,102
		0.02	(a)		04/30/20		05/01/20		300,000		300,000	300,000,167	U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49	275,802,000	306,000,012
		0.04			04/30/20		05/01/20		162,000		162,000	162,000,180	U.S. Government Sponsored Agency Obligations, 0.00% to 5.00%, due 07/15/48 to 04/20/70	912,925,504	170,100,000
Total Bank of America Securities, Inc.										$	582,000				$  598,500,215
Bank of Montreal		0.02			04/30/20		05/01/20		3,235		3,235	3,235,002	U.S. Treasury Obligations, 0.00% to 1.50%, due 05/31/20 to 07/15/22	3,120,500	3,299,706
		0.04			04/30/20		05/01/20		200,000		200,000	200,000,222	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 03/01/50	202,886,150	206,000,001
Total Bank of Montreal										$	203,235				$  209,299,707
Bank of Nova Scotia (The)		0.02			04/30/20		05/01/20		379,503		379,503	379,503,211	U.S. Treasury Obligations, 0.13% to 3.63%, due 12/31/21 to 08/15/48	329,275,700	387,093,344

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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 Bank plc		0.02	%		04/30/20		05/01/20	$	600,000	$	600,000	$ 600,000,333	U.S. Treasury Obligations, 0.00% to 2.88%, due 04/22/21 to 08/15/27	$     584,419,400	$     612,000,086
		0.02			04/30/20		05/01/20		2,227,000		2,227,000	2,227,001,237	U.S. Treasury Obligations, 0.13% to 4.38%, due 05/15/20 to 11/15/46	1,993,465,396	2,271,540,000
		0.04			04/30/20		05/01/20		1,500,000		1,500,000	1,500,001,667	U.S. Government Sponsored Agency Obligations, 0.00% to 9.00%, due 09/25/20 to 08/20/64	10,808,730,886	1,564,748,436
		0.12	(b)		04/30/20		05/08/20		200,000		200,000	200,005,333	U.S. Government Sponsored Agency Obligation, 3.00%, due 03/01/50	195,328,051	206,000,001
Total Barclays Bank plc										$	4,527,000				$  4,654,288,523
BMO Capital Markets Corp.		0.04			04/30/20		05/01/20		605,000		605,000	605,000,672	U.S. Government Sponsored Agency Obligations, 1.92% to 6.10%, due 06/20/23 to 03/20/70	644,930,746	619,331,047
BNP Paribas SA		0.03			04/30/20		05/01/20		2,870,000		2,870,000	2,870,002,392	U.S. Treasury Obligations, 0.00% to 4.75%, due 05/15/20 to 08/15/49	2,604,494,258	2,927,400,000
		0.05			04/30/20		05/01/20		31,250		31,250	31,250,043	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.64%, due 02/15/30 to 10/20/65	152,180,737	32,085,973
		0.11	(b)		04/30/20		05/08/20		300,000		300,000	300,007,333	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.00%, due 05/25/27 to 03/25/60	4,079,902,012	314,353,821
		0.48	(b)		04/30/20		06/05/20		300,000		300,000	300,143,890	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 14.79%, due 03/25/21 to 07/25/59	5,755,881,405	314,212,628
Total BNP Paribas SA										$	3,501,250				$  3,588,052,422
Citibank NA		0.02			04/30/20		05/01/20		150,000		150,000	150,000,083	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/05/20 to 02/15/50	110,436,100	153,000,063
Citigroup Global Markets, Inc.		0.02			04/30/20		05/01/20		1,000,000		1,000,000	1,000,000,556	U.S. Treasury Obligations, 0.75% to 3.00%, due 02/15/45 to 11/15/46	770,261,900	1,020,000,063
		0.02	(a)		04/30/20		05/01/20		60,000		60,000	60,000,033	U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29	57,872,620	61,200,009

16 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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
		0.04	%		04/30/20		05/01/20	$	725,000	$	725,000	$    725,000,806	U.S. Treasury Obligations, 0.38% to 1.75%, due 09/30/21 to 01/15/29	$  651,045,000	$     739,500,054
		0.05			04/30/20		05/01/20		2,500,000		2,500,000	2,500,003,472	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.13% to 6.75%, due 05/31/20 to 08/20/49	2,530,548,946	2,550,000,011
		0.05			04/29/20		05/06/20		500,000		500,000	500,004,861	U.S. Treasury Obligations, 1.50% to 6.50%, due 09/30/21 to 02/15/27	425,080,500	510,000,008
		0.12	(b)		04/30/20		05/01/20		500,000		500,000	500,001,667	U.S. Government Sponsored Agency Obligations, 0.00% to 26.42%, due 09/25/20 to 03/20/70	2,628,085,893	525,968,148
Total Citigroup Global Markets, Inc										$	5,285,000				$  5,406,668,293
Credit Agricole Corporate and Investment Bank SA		0.02	(a)		04/30/20		05/01/20		756,000		756,000	756,000,420	U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50	626,903,771	771,120,068
		0.04			04/30/20		05/01/20		900,000		900,000	900,001,000	U.S. Government Sponsored Agency Obligations, 3.00% to 4.00%, due 05/01/47 to 11/01/49	1,032,077,541	927,000,000
Total Credit Agricole Corporate and Investment Bank SA										$	1,656,000				$  1,698,120,068
Credit Suisse AG		0.03			04/30/20		05/01/20		1,250,000		1,250,000	1,250,001,042	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 8.00%, due 05/01/20 to 08/15/45	1,127,989,346	1,273,410,195
		0.40	(b)		04/30/20		06/05/20		900,000		900,000	900,359,666	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 9.00%, due 08/01/20 to 11/25/59	11,038,785,872	945,529,612
Total Credit Suisse AG										$	2,150,000				$  2,218,939,807
Deutsche Bank AG		0.02			04/30/20		05/01/20		1,725,000		1,725,000	1,725,000,958	U.S. Treasury Obligations, 0.13% to 4.63%, due 07/31/20 to 08/15/49	1,653,963,800	1,759,500,098
Deutsche Bank Securities, Inc.		0.04			04/30/20		05/01/20		1,900,000		1,900,000	1,900,002,111	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.00%, due 05/05/20 to 01/15/56	1,894,423,358	1,878,400,003
Fixed Income Clearing Corporation		0.03			04/30/20		05/01/20		4,000,000		4,000,000	4,000,003,333	U.S. Treasury Obligations, 0.03%, due 05/01/20	2,868,045,000	4,080,004,584
		0.03			04/30/20		05/01/20		5,000,000		5,000,000	5,000,004,167	U.S. Treasury Obligations, 0.13% to 0.63%, due 07/15/21 to 04/15/22	4,546,060,000	5,100,000,020

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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	%		04/30/20		05/01/20	$	604,118	$	604,118	$ 604,118,150	U.S. Treasury Obligation, 0.25%, due 04/15/23	$  616,200,000	$       616,200,503
		0.03			04/30/20		05/01/20		102,941		102,941	102,941,262	U.S. Treasury Obligation, 2.63%, due 12/31/23	96,000,000	105,000,086
		0.03			04/30/20		05/01/20		161,617		161,617	161,617,414	U.S. Treasury Obligation, 1.75%, due 07/15/22	158,700,000	164,849,760
		0.03			04/30/20		05/01/20		29,618		29,618	29,618,003	U.S. Treasury Obligation, 2.00%, due 05/31/24	28,070,000	30,210,362
		0.03			04/30/20		05/01/20		79,596		79,596	79,595,655	U.S. Treasury Obligation, 2.63%, due 06/30/23	75,000,000	81,187,566
		0.03			04/30/20		05/01/20		154,228		154,228	154,228,070	U.S. Treasury Obligation, 2.13%, due 05/15/22	150,000,000	157,312,629
		0.03			04/30/20		05/01/20		836,791		836,791	836,791,635	U.S. Treasury Obligation, 0.13%, due 04/30/22	854,595,000	853,527,454
		0.03			04/30/20		05/01/20		105,750		105,750	105,750,088	U.S. Treasury Obligation, 2.13%, due 12/31/22	102,000,000	107,865,088
		0.03			04/30/20		05/01/20		1,002,088		1,002,088	1,002,089,070	U.S. Treasury Obligation, 1.75%, due 06/15/22	984,000,000	1,022,130,835
		0.03			04/30/20		05/01/20		173,254		173,254	173,253,821	U.S. Treasury Obligation, 2.75%, due 05/31/23	162,500,000	176,718,894
Total Fixed Income Clearing Corporation										$	12,250,001				$  12,495,007,781
Goldman Sachs & Co. LLC		0.02			04/30/20		05/01/20		206,000		206,000	206,000,114	U.S. Treasury Obligations, 0.00% to 2.38%, due 05/12/20 to 02/15/43	215,905,000	210,120,003
		0.04			04/30/20		05/01/20		275,000		275,000	275,000,306	U.S. Government Sponsored Agency Obligations, 0.05% to 6.08%, due 07/15/34 to 11/20/49	2,132,224,940	285,480,585
		0.06			04/29/20		05/06/20		219,100		219,100	219,102,556	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 0.38%, due 05/22/20 to 11/15/29	223,461,115	223,482,001
		0.32	(b)		04/30/20		06/05/20		1,114,500		1,114,500	1,114,856,640	U.S. Government Sponsored Agency Obligations, 0.00% to 1007.50%, due 06/25/20 to 06/01/56	2,126,291,528	1,147,936,503
Total Goldman Sachs & Co. LLC										$	1,814,600				$    1,867,019,092
HSBC Securities USA, Inc.		0.02			04/30/20		05/01/20		10,000		10,000	10,000,006	U.S. Treasury Obligation, 2.25%, due 12/31/23	9,449,900	10,200,008
		0.02	(c)		04/30/20		05/01/20		110,000		110,000	110,000,061	U.S. Treasury Obligations, 0.00% to 4.50%, due 05/12/20 to 11/15/48	99,475,378	112,200,000
		0.03	(b)		04/30/20		05/08/20		1,411,915		1,411,915	1,411,924,412	U.S. Treasury Obligations, 0.00% to 5.00%, due 06/30/20 to 02/15/47	1,322,761,917	1,440,153,301
		0.03	(b)		04/30/20		05/08/20		1,028,000		1,028,000	1,028,006,853	U.S. Treasury Obligations, 0.00% to 2.50%, due 07/31/20 to 11/15/47	1,038,192,390	1,048,560,001
		0.04	(c)		04/30/20		05/01/20		786,000		786,000	786,000,873	U.S. Government Sponsored Agency Obligations, 2.50% to 5.00%, due 02/20/41 to 03/20/50	863,575,758	801,720,000

18 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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
		0.04	%		04/30/20		05/01/20	$	2,000	$	2,000	$    2,000,002	U.S. Government Sponsored Agency Obligations, 2.67% to 4.68%, due 05/15/55 to 01/20/64	$	1,894,246	$	2,040,001
		0.05	(b)		04/30/20		05/08/20		1,725,000		1,725,000	1,725,019,167	U.S. Government Sponsored Agency Obligations, 3.00% to 4.00%, due 04/20/35 to 11/20/49		1,790,988,577		1,759,500,000
Total HSBC Securities USA, Inc										$	5,072,915					$	5,174,373,311
JP Morgan Securities LLC		0.02			04/30/20		05/01/20		400,000		400,000	400,000,222	U.S. Treasury Obligations, 0.00%, due 02/15/29 to 08/15/49		564,598,222		408,000,000
		0.02			04/30/20		05/01/20		1,800,000		1,800,000	1,800,001,000	U.S. Treasury Obligations, 2.00% to 3.63%, due 08/15/25 to 02/15/44		1,393,677,200		1,836,000,184
		0.04			04/30/20		05/01/20		500,000		500,000	500,000,556	U.S. Treasury Obligation, 2.13%, due 11/30/24		467,603,800		510,000,098
		0.04			04/30/20		05/01/20		1,578,000		1,578,000	1,578,001,753	U.S. Government Sponsored Agency Obligations, 2.14% to 8.00%, due 05/20/23 to 07/15/62		2,804,834,969		1,609,560,000
		0.11	(c)		04/30/20		05/01/20		350,000		350,000	350,001,069	U.S. Government Sponsored Agency Obligations, 0.00% to 7.53%, due 03/25/22 to 07/16/60		7,824,805,880		367,401,137
		0.33	(b)		04/30/20		05/08/20		692,000		692,000	692,050,690	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.00% to 6.98%, due 06/15/25 to 07/16/62		11,093,685,672		724,182,766
		0.43	(b)		04/30/20		06/05/20		334,500		334,500	334,643,712	U.S. Government Sponsored Agency Obligations, 0.02% to 6.21%, due 07/15/25 to 07/16/61		8,610,026,043		351,225,000
Total JP Morgan Securities LLC										$	5,654,500					$	5,806,369,185
Mizuho Securities USA LLC		0.04			04/30/20		05/01/20		335,000		335,000	335,000,372	U.S. Government Sponsored Agency Obligations, 2.08% to 5.98%, due 08/15/33 to 04/20/50		3,631,203,117		350,816,320
		0.53	(b)		04/30/20		06/05/20		750,000		750,000	750,400,224	U.S. Government Sponsored Agency Obligations, 0.05% to 24.45%, due 07/25/24 to 04/25/59		7,129,991,988		783,086,668
Total Mizuho Securities USA LLC										$	1,085,000					$	1,133,902,988
Morgan Stanley & Co. LLC		0.04			04/30/20		05/01/20		2,000,000		2,000,000	2,000,002,222	U.S. Government Sponsored Agency Obligations, 0.00% to 8.50%, due 07/30/20 to 05/01/50		2,317,106,093		2,058,926,029

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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
MUFG Securities Americas, Inc.		0.02	%		04/30/20		05/01/20	$	25,000	$	25,000	$  25,000,014	U.S. Treasury Obligations, 0.00% to 0.13%, due 04/15/22 to 05/15/26	$	25,538,113	$	25,500,000
		0.04			04/30/20		05/01/20		950,000		950,000	950,001,056	U.S. Government Sponsored Agency Obligations, 1.95% to 7.50%, due 08/20/29 to 11/20/69		4,761,750,032		974,601,290
Total MUFG Securities Americas, Inc.										$	975,000					$	1,000,101,290
Natixis SA		0.02			04/30/20		05/01/20		970,000		970,000	970,000,539	U.S. Treasury Obligations, 0.00% to 5.38%, due 05/31/20 to 11/15/48		865,673,800		989,400,118
		0.04			04/30/20		05/01/20		42,000		42,000	42,000,047	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.50%, due 10/31/20 to 04/01/49		49,127,359		42,843,374
		0.04	(c)		04/30/20		05/01/20		651,000		651,000	651,000,723	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.50%, due 05/31/21 to 02/01/50		541,005,660		664,258,161
Total Natixis SA										$	1,663,000					$	1,696,501,653
Nomura Securities International, Inc		0.02			04/30/20		05/01/20		1,900,000		1,900,000	1,900,001,056	U.S. Treasury Obligations, 0.00% to 3.63%, due 07/15/20 to 02/15/50		1,791,602,827		1,938,000,017
		0.04			04/30/20		05/01/20		1,800,000		1,800,000	1,800,002,000	U.S. Government Sponsored Agency Obligations, 1.70% to 9.50%, due 05/15/20 to 02/20/70		3,961,649,246		1,847,308,254
Total Nomura Securities International, Inc.										$	3,700,000					$	3,785,308,271
Prudential Insurance Co. of America		0.06			04/30/20		05/01/20		33,812		33,812	33,812,556	U.S. Treasury Obligation, 0.00%, due 02/15/47		50,000,000		34,489,056
		0.06			04/30/20		05/01/20		68,750		68,750	68,750,115	U.S. Treasury Obligation, 0.00%, due 08/15/47		100,000,000		70,125,115
		0.06			04/30/20		05/01/20		50,625		50,625	50,625,084	U.S. Treasury Obligation, 0.00%, due 05/15/35		60,000,000		51,637,884
		0.06			04/30/20		05/01/20		29,400		29,400	29,400,049	U.S. Treasury Obligation, 0.00%, due 08/15/35		35,000,000		29,988,049
		0.06			04/30/20		05/01/20		70,125		70,125	70,125,117	U.S. Treasury Obligation, 3.00%, due 02/15/49		50,000,000		71,527,617
		0.06			04/30/20		05/01/20		252,750		252,750	252,750,421	U.S. Treasury Obligation, 2.38%, due 11/15/49		200,000,000		257,806,421
		0.06			04/30/20		05/01/20		7,887		7,887	7,887,513	U.S. Treasury Obligation, 0.00%, due 02/15/39		10,000,000		8,045,313
		0.06			04/30/20		05/01/20		27,037		27,037	27,037,545	U.S. Treasury Obligation, 0.00%, due 11/15/30		30,000,000		27,578,145
		0.06			04/30/20		05/01/20		38,562		38,562	38,562,564	U.S. Treasury Obligation, 0.00%, due 02/15/40		50,000,000		39,334,064
		0.06			04/30/20		05/01/20		30,450		30,450	30,450,051	U.S. Treasury Obligation, 0.00%, due 05/15/33		35,000,000		31,059,051
		0.06			04/30/20		05/01/20		174,150		174,150	174,150,290	U.S. Treasury Obligation, 0.00%, due 05/15/39		215,000,000		177,633,290
		0.06			04/30/20		05/01/20		39,563		39,563	39,562,566	U.S. Treasury Obligation, 0.00%, due 02/15/40		50,000,000		40,353,566

20 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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	%		04/30/20		05/01/20	$	54,650	$	54,650	$  54,650,091	U.S. Treasury Obligation, 3.00%, due 05/15/45	$	40,000,000	$	55,742,891
		0.06			04/30/20		05/01/20		45,813		45,813	45,812,576	U.S. Treasury Obligation, 0.00%, due 08/15/29		50,000,000		46,728,576
		0.06			04/30/20		05/01/20		89,361		89,361	89,361,399	U.S. Treasury Obligation, 2.88%, due 08/15/45		67,000,000		91,148,289
		0.06			04/30/20		05/01/20		27,625		27,625	27,625,046	U.S. Treasury Obligation, 0.00%, due 08/15/37		34,000,000		28,177,546
		0.06			04/30/20		05/01/20		32,313		32,313	32,312,554	U.S. Treasury Obligation, 2.75%, due 11/15/42		25,000,000		32,958,804
		0.06			04/30/20		05/01/20		51,075		51,075	51,075,085	U.S. Treasury Obligation, 0.00%, due 11/15/34		60,000,000		52,096,885
Total Prudential Insurance Co. of America										$	1,123,948					$	1,146,430,562
RBC Capital Markets LLC		0.04			04/30/20		05/01/20		300,000		300,000	300,000,333	U.S. Government Sponsored Agency Obligations, U.S. Treasury Obligations and Corporate/Debt Obligations, 0.00% to 8.00%, due 07/23/20 to 11/20/69		1,006,598,336		313,939,404
Societe Generale SA		0.02			04/30/20		05/01/20		500,000		500,000	500,000,278	U.S. Treasury Obligations, 0.00% to 8.13%, due 05/15/20 to 08/15/48		489,626,329		510,000,000
		0.04			04/30/20		05/07/20		500,000		500,000	500,003,889	U.S. Treasury Obligations, 0.00% to 6.75%, due 08/15/20 to 11/15/48		418,918,565		510,000,000
		0.06	(b)		04/30/20		05/08/20		1,420,000		1,420,000	1,420,018,934	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/07/20 to 11/15/49		1,167,277,831		1,448,400,000
Total Societe Generale SA										$	2,420,000					$	2,468,400,000
TD Securities USA LLC.		0.02			04/30/20		05/01/20		89,000		89,000	89,000,049	U.S. Treasury Obligations, 3.00% to 4.38%, due 11/15/39 to 05/15/45		60,943,100		90,780,003
		0.04			04/30/20		05/01/20		205,000		205,000	205,000,228	U.S. Government Sponsored Agency Obligations, 3.00%, due 03/01/50 to 04/01/50		201,111,947		211,150,001
Total TD Securities USA LLC										$	294,000					$	301,930,004
Wells Fargo Securities LLC		0.02			04/30/20		05/01/20		25,000		25,000	25,000,014	U.S. Treasury Obligation, 2.25%, due 04/30/21		24,980,900		25,500,003
		0.02	(a)		04/30/20		05/01/20		325,000		325,000	325,000,181	U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27		318,590,660		331,500,017
		0.04	(c)		04/30/20		05/01/20		450,000		450,000	450,000,500	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 12/01/34 to 04/01/50		438,877,921		463,500,000

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) April 30, 2020 FedFund

	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
		0.04	%		04/30/20		05/01/20	$	43,000	$	43,000	$  43,000,048	U.S. Government Sponsored Agency Obligation, 3.00%, due 03/01/50	$  42,053,911	$	44,290,001
Total Wells Fargo Securities LLC										$	843,000				$	864,790,021
										$	61,859,952				$	63,284,193,181

^(a)  Traded in a joint account.

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(c)  Variable rate security. Rate shown is the rate in effect as of period end.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	179,017,234,591	$	—	$	179,017,234,591

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

22 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 TempCash (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Certificates of Deposit — 23.8%(a)
Domestic — 1.1%(b)
Bank of America NA, (LIBOR USD 1 Month + 0.28%), 1.26%, 10/06/20		USD	32,000	$	31,956,866
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.11%), 1.96%, 02/16/21			56,500		56,500,172
					88,457,038
Euro — 4.2%
Banque Federative du Credit Mutuel SA, 1.80%, 12/18/20			37,000		36,800,313
Credit Industriel et Commercial SA:
1.93%, 09/04/20			50,000		49,865,250
1.91%, 01/08/21			45,000		44,734,659
1.73%, 02/12/21			55,000		54,626,790
DZ Bank AG Deutsche Zentral- Genossenschaftsbank Frankfurt Am Main, 1.74%, 05/29/20			70,000		69,982,129
Mitsubishi UFJ Trust & Banking Corp.,
1.76%, 05/07/20			80,000		79,991,601
					336,000,742
Yankee — 18.5%(c)
Bank of Montreal, Chicago(b):
(LIBOR USD 1 Month + 0.16%), 1.15%, 06/01/20			35,000		35,007,359
(LIBOR USD 1 Month + 0.18%), 1.10%, 06/08/20			65,000		65,023,229
(US Federal Funds Effective Rate (continuous series) + 0.31%), 0.35%, 07/13/20			50,000		49,976,681
(LIBOR USD 3 Month + 0.14%), 1.83%, 11/18/20			30,000		29,998,382
Bank of Nova Scotia, Houston(b): (LIBOR USD 1 Month + 0.23%), 0.98%, 08/17/20			43,000		43,013,851
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20			30,000		29,997,209
(US Federal Funds Effective Rate (continuous series) + 0.45%), 0.49%, 10/23/20			51,000		50,951,947
BNP Paribas SA, New York: 0.83%, 07/20/20			36,000		36,046,544
(LIBOR USD 3 Month + 0.06%), 1.80%, 02/05/21(b)			30,000		29,923,583
Canadian Imperial Bank of Commerce, New York, (LIBOR USD 1 Month + 0.17%), 1.00%, 05/13/20(b)			75,000		75,023,312
Cooperatieve Rabobank UA, New York, (LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(b)			46,000		45,999,983
Credit Industriel et Commercial SA, New York(b):
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20			25,000		25,020,046
(LIBOR USD 3 Month + 0.07%), 1.85%, 02/01/21			40,000		39,901,102
DZ Bank AG Deutsche Zentral- Genossenschaftsbank, New York, 0.68%, 07/21/20			62,000		62,053,197
Mizuho Bank Ltd., New York, (LIBOR USD 3 Month + 0.10%), 1.53%, 10/01/20(b)			50,000		49,989,729
MUFG Bank Ltd., New York, (LIBOR USD 1 Month + 0.26%), 0.70%, 05/29/20(b)			35,000		35,013,662
Natixis SA, New York, (LIBOR USD 1 Month + 0.26%), 1.07%, 05/15/20(b)			40,000		40,015,431
Nordea Bank Abp, New York: 1.00%, 10/15/20			55,000		55,161,387

Security	Par (000)			Value
Yankee (continued)
(LIBOR USD 3 Month + 0.16%), 1.34%, 10/16/20(b)		USD	20,000	$	20,000,898
1.71%, 01/28/21			53,000		53,516,896
Royal Bank of Canada, New York, 1.30%, 01/07/21			40,000		40,215,247
Skandinaviska Enskilda Banken AB, New York(b):
(LIBOR USD 1 Month + 0.25%), 0.97%, 08/19/20			40,000		40,000,761
(LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20			37,000		36,999,986
(LIBOR USD 3 Month + 0.11%), 1.48%, 01/04/21			35,000		34,943,522
Sumitomo Mitsui Banking Corp., New York(b):
(LIBOR USD 1 Month + 0.27%), 1.25%, 05/01/20			40,000		40,001,304
(LIBOR USD 3 Month + 0.07%), 1.45%, 06/30/20			50,000		49,993,199
Svenska Handelsbanken AB, New York(b):
(LIBOR USD 3 Month + 0.15%), 1.60%, 10/02/20			54,000		53,999,980
(LIBOR USD 3 Month + 0.15%), 1.37%, 10/15/20			32,000		31,999,991
(LIBOR USD 1 Month + 0.25%), 1.23%, 01/04/21			71,000		70,895,791
Toronto-Dominion Bank, New York:
(US Federal Funds Effective Rate (continuous series) + 0.31%), 0.35%, 07/10/20 - 07/16/20(b)			40,000		39,981,346
2.17%, 07/29/20			40,000		40,190,445
(LIBOR USD 3 Month + 0.19%), 1.42%, 09/28/20(b)			60,500		60,521,862
UBS AG, Stamford, 1.38%, 04/16/21			37,000		37,022,187
Westpac Banking Corp., New York, (US Federal Funds Effective Rate (continuous series) + 0.40%), 0.44%, 11/02/20(b)			33,000		32,958,397
					1,481,358,446
Total Certificates of Deposit — 23.8% (Cost: $1,903,774,634)					1,905,816,226
Commercial Paper — 37.8%
Alpine Securitization Ltd., (LIBOR USD 1 Month + 0.17%), 0.80%, 06/04/20(a)(b)(d)			25,000		24,994,045
ANZ New Zealand Int’l Ltd.(a)(b):
(LIBOR USD 3 Month + 0.08%), 1.47%, 07/07/20			100,000		99,964,669
(LIBOR USD 3 Month + 0.00%), 1.18%, 07/16/20			45,000		44,983,368
Bank of Nova Scotia (The)(a)(b):
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20			60,000		60,020,898
(LIBOR USD 1 Month + 0.18%), 1.01%, 06/11/20			40,000		40,017,046
Barton Capital LLC, 0.50%, 07/21/20(a)			45,000		44,949,262
Bedford Row Funding Corp.(a)(b):
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20			18,000		18,006,269
(LIBOR USD 3 Month + 0.07%), 1.39%, 10/13/20			58,000		57,928,029
Bennington Stark Capital Co. LLC, 0.15%, 05/07/20(a)			49,000		48,998,571
BNG Bank NV, 0.64%, 11/30/20(a)			87,000		86,675,736
BPCE SA, 0.27%, 07/31/20(a)			51,000		50,964,810

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempCash (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Paper (continued)
Chariot Funding LLC(a): 0.37%, 07/17/20		USD	35,000	$	34,972,093
(LIBOR USD 3 Month + 0.00%), 1.75%, 08/04/20(b)			73,000		72,944,156
CPPIB Capital, Inc., (SOFR + 0.32%), 0.33%, 12/10/20(b)(d)			23,250		23,231,258
Crown Point Capital Co. LLC(a)(b)(d):
(LIBOR USD 1 Month + 0.28%), 1.26%, 07/06/20			65,000		65,032,526
(LIBOR USD 1 Month + 0.30%), 1.28%, 07/06/20			85,000		85,045,696
(LIBOR USD 1 Month + 0.38%), 0.82%, 08/28/20			70,000		70,033,932
Dexia Credit Local SA, 0.04%, 05/22/20(a)(d)			56,000		55,998,562
DNB Bank ASA, 0.08%, 05/07/20(a)			250,000		249,996,110
Erste Abwicklungsanstalt, 0.10%, 05/06/20(a)(d)			45,000		44,999,272
Federation des Caisses Desjardins du Quebec(a):
0.36%, 07/16/20			82,000		81,937,387
(LIBOR USD 1 Month + 0.25%), 1.11%, 08/07/20(b)			35,000		35,009,807
Glencove Funding DAC, (LIBOR USD 1 Week + 0.00%), 0.26%, 05/07/20(a)(b)(d)			43,000		43,000,000
HSBC Bank plc(a)(b):
(LIBOR USD 3 Month + 0.23%), 1.54%, 10/13/20			40,000		39,996,439
(LIBOR USD 1 Month + 0.29%), 0.69%, 12/30/20			40,000		39,946,152
ING US Funding LLC(a):
0.42%, 08/21/20			75,000		74,902,302
(LIBOR USD 3 Month + 0.17%), 1.37%, 09/23/20(b)			33,000		32,976,963
(LIBOR USD 3 Month + 0.20%), 1.59%, 10/07/20(b)			20,000		19,991,460
(LIBOR USD 3 Month + 0.20%), 1.34%, 10/19/20(b)			40,000		39,981,378
Lloyds Bank plc, 0.19%, 05/18/20(a)			18,225		18,223,323
MetLife Short Term Funding LLC, 0.51%, 10/09/20(a)			62,805		62,663,689
Mont Blanc Capital Corp., 0.37%, 06/05/20(a)			34,691		34,678,511
National Australia Bank Ltd.(a):
(LIBOR USD 1 Month + 0.16%), 0.88%, 05/20/20(b)			77,000		77,030,250
0.37%, 07/31/20			82,000		81,922,674
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20(b)			62,000		62,013,498
Nederlandse Waterschapsbank NV, 0.04%, 06/18/20(a)			51,000		50,997,015
Nieuw Amsterdam Receivables Corp.(a):
0.41%, 07/02/20			51,000		50,963,854
0.49%, 08/05/20			25,500		25,467,157
NRW Bank, 0.26%, 09/03/20(a)			158,000		157,857,326
PSP Capital, Inc., (SOFR + 0.23%), 0.26%, 08/19/20(a)(b)			30,000		29,972,278
Ridgefield Funding Co. LLC(a):
0.12%, 05/01/20			101,000		100,999,678
(LIBOR USD 1 Month + 0.25%), 1.06%, 06/10/20(b)(d)			30,500		30,514,981
Royal Bank of Canada, (LIBOR USD 1 Month + 0.18%), 1.16%, 05/01/20(a)(b)			35,000		35,000,992
Shell International Finance BV, 1.10%, 06/30/20(a)			15,000		14,972,550
Societe Generale SA, (LIBOR USD 3 Month + 0.10%), 1.80%, 03/19/21(a)(b)			48,000		47,811,511
Starbird Funding Corp., 0.64%, 09/21/20(a)			45,000		44,886,960

Security	Par (000)			Value
Commercial Paper (continued)
Svenska Handelsbanken AB, 0.30%, 07/20/20(a)		USD	27,000	$	26,982,079
Swedbank AB, 0.52%, 09/03/20(a)			27,000		26,951,805
UBS AG(a):
(LIBOR USD 3 Month + 0.20%), 1.51%, 07/10/20(b)			65,000		65,006,003
0.82%, 01/25/21			60,200		59,635,625
Westpac Banking Corp., (LIBOR USD 3 Month + 0.15%), 1.83%, 11/25/20(a)(b)			50,000		49,985,930
Westpac Securities NZ Ltd.(a)(b):
(LIBOR USD 3 Month + 0.08%), 1.46%, 06/29/20			85,000		84,988,503
(LIBOR USD 3 Month + 0.04%), 0.80%, 10/30/20			55,000		54,956,362
(LIBOR USD 3 Month + 0.07%), 1.17%, 01/22/21			54,000		53,891,684
Total Commercial Paper — 37.8% (Cost: $3,033,322,250)					3,035,872,434
Corporate Bonds — 0.7%(b)
Banks — 0.1%
Australia & New Zealand Banking Group Ltd., 2.13%, 08/19/20			7,280		7,302,182
Capital Markets — 0.2%
UBS AG, (LIBOR USD 3 Month + 0.58%), 1.58%, 06/08/20(d)			15,630		15,635,220
Insurance — 0.4%
Metropolitan Life Global Funding I, (LIBOR USD 3 Month + 0.23%), 1.58%, 01/08/21(d)			35,000		34,948,792
Total Corporate Bonds — 0.7% (Cost: $57,954,823)					57,886,194
Time Deposits — 16.2%
Barclays Bank plc, 0.05%, 05/01/20			220,000		220,000,000
Credit Agricole Corporate and Investment Bank SA, 0.04%, 05/01/20			256,188		256,188,000
Landesbank Hessen-Thuringen Girozentrale:
0.11%, 05/01/20			63,000		63,000,000
0.13%, 05/05/20			55,000		55,000,000
0.13%, 05/06/20			93,000		93,000,000
0.13%, 05/07/20			57,000		57,000,000
Mizuho Bank Ltd., 0.06%, 05/01/20			229,000		229,000,000
Skandinaviska Enskilda Banken AB, 0.04%, 05/01/20			230,000		230,000,000
Svenska Handelsbanken, 0.04%, 05/01/20			100,000		100,000,000
Total Time Deposits — 16.2% (Cost: $1,303,188,000)					1,303,188,000
U.S. Government Sponsored Agency Obligations — 0.1%
United States International Development Finance Corp. Variable Rate Notes, (3 Month Treasury Bill Rate + 0.00%), 0.88%, 06/15/20(b)			7,500		7,500,000
Total U.S. Government Sponsored Agency Obligations — 0.1% (Cost: $7,500,000)					7,500,000

24 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Treasury Obligations — 2.2%
U.S. Treasury Bills(a):
0.07%, 05/26/20	USD		103,000	$	102,994,636

Security		Par (000)		Value
U.S. Treasury Obligations (continued)
0.08%, 06/02/20	USD		75,000	$	74,994,500
Total U.S. Treasury Obligations — 2.2% (Cost: $177,987,496)					177,989,136
Total Repurchase Agreements — 15.7% (Cost: $1,259,500,000)					1,259,500,000
Total Investments — 96.5% (Cost: $7,743,227,203)					7,747,751,990
Other Assets Less Liabilities — 3.5%					284,544,124
Net Assets — 100.0%				$	8,032,296,114

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect 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.

Repurchase Agreements

	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 America Securities, Inc.		0.44	%(a)		04/30/20		06/05/20	$	15,000	$	15,000	$ 15,006,600	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 4.04% to 5.20%, due 11/27/23 to 07/25/29	$	26,311,183	$	18,000,000
		0.74	(a)		04/30/20		07/05/20		38,000		38,000	38,051,553	Corporate/Debt Obligation, 3.00%, due 10/25/58		61,405,403		45,600,000
Total Bank of America Securities, Inc.										$	53,000					$	63,600,000
Barclays Bank plc		0.16	(b)		04/30/20		05/01/20		38,000		38,000	38,000,169	Corporate/Debt Obligations, 1.75% to 11.50%, due 04/01/23 to 05/01/50		39,486,502		39,900,000
		0.19	(b)		04/30/20		05/01/20		8,000		8,000	8,000,042	Corporate/Debt Obligation, 4.65%, due 03/24/26		7,699,000		8,400,533
		0.39	(b)		04/30/20		05/01/20		15,000		15,000	15,000,163	Corporate/Debt Obligation, 4.22%, due 05/01/29		13,943,882		15,750,001
		0.49	(a)		04/30/20		08/04/20		15,000		15,000	15,019,600	Corporate/Debt Obligations, 3.75% to 5.88%, due 07/28/26 to 11/01/34		12,655,000		15,750,866
Total Barclays Bank plc										$	76,000					$	79,801,400
BNP Paribas SA		0.14	(b)		04/30/20		05/01/20		11,000		11,000	11,000,043	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 2.16% to 5.74%, due 03/15/28 to 07/01/50		17,530,395		12,624,084

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempCash

	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
Citigroup Global Markets, Inc.		0.02	%(c)		04/30/20		05/01/20	$	15,000	$	15,000	$15,000,008	U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29	$	14,468,156	$	15,300,002
		0.09	(b)		04/30/20		05/01/20		12,000		12,000	12,000,030	U.S. Government Sponsored Agency Obligations, 0.00%, due 05/13/20 to 01/29/21		13,162,250		12,834,998
		1.05	(a)		04/30/20		07/02/20		5,000		5,000	5,009,205	U.S. Government Sponsored Agency Obligations, 4.00%, due 04/20/50		4,705,144		5,101,066
Total Citigroup Global Markets, Inc										$	32,000					$	33,236,066
Credit Suisse Securities USA LLC		1.11	(a)		04/30/20		08/04/20		45,000		45,000	45,133,200	Corporate/Debt Obligations, 0.61% to 7.37%, due 05/10/31 to 07/25/47		667,483,213		51,750,000
HSBC Securities USA, Inc.		0.16	(b)		04/30/20		05/01/20		10,000		10,000	10,000,044	Corporate/Debt Obligations, 1.95% to 9.00%, due 11/17/21 to 03/01/31		8,938,000		10,500,913
		0.24	(b)		04/30/20		05/01/20		11,500		11,500	11,500,077	Corporate/Debt Obligations, 3.13% to 5.25%, due 09/06/23 to 08/04/45		11,481,100		12,075,042
Total HSBC Securities USA, Inc										$	21,500					$	22,575,955
JP Morgan Securities LLC		0.02			04/30/20		05/01/20		123,000		123,000	123,000,068	U.S. Treasury Obligations, 3.38% to 4.75%, due 02/15/41 to 11/15/48		81,625,500		125,460,029
		0.04			04/30/20		05/01/20		455,000		455,000	455,000,506	U.S. Government Sponsored Agency Obligations, 2.68% to 6.50%, due 10/20/22 to 07/15/62		1,032,047,426		464,100,000
		0.16	(b)		04/30/20		05/01/20		8,000		8,000	8,000,036	U.S. Government Sponsored Agency Obligations, 0.00%, due 05/08/20 to 05/11/20		8,402,745		8,400,000
		0.22	(b)		04/30/20		05/01/20		1,000		1,000	1,000,006	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.48% to 4.75%, due 04/15/27 to 01/28/55		226,261,938		1,070,000
		0.34	(a)		04/30/20		05/08/20		100,000		100,000	100,007,556	Corporate/Debt Obligations, 1.75% to 8.75%, due 06/21/20 to 09/15/67		101,283,223		105,000,000
		0.39	(a)		04/30/20		05/08/20		50,000		50,000	50,004,333	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.00% to 7.25%, due 01/07/21 to 02/25/60		274,406,523		54,125,480
		0.91	(a)		04/30/20		07/30/20		30,000		30,000	30,068,715	Corporate/Debt Obligations, 1.06% to 6.50%, due 09/24/20 to 05/25/62		90,642,428		32,294,388

26 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempCash

	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
		1.99	%		02/13/20		05/13/20	$	15,000	$	15,000	$15,074,625	Corporate/Debt Obligations, 2.27% to 6.88%, due 08/15/22 to 10/25/69	$  17,258,530	$	16,378,720
Total JP Morgan Securities LLC										$	782,000				$	806,828,617
Mizuho Securities USA LLC		0.95	(a)		04/30/20		06/05/20		50,000		50,000	50,047,681	U.S. Treasury Obligations, 1.13% to 3.13%, due 05/15/21 to 02/28/27	48,885,100		51,000,062
TD Securities USA LLC		0.16	(b)		04/30/20		05/01/20		3,000		3,000	3,000,013	Corporate/Debt Obligations, 3.15% to 6.02%, due 03/20/23 to 06/15/26	3,607,749		3,155,643
Wells Fargo Securities LLC		0.02	(c)		04/30/20		05/01/20		5,000		5,000	5,000,003	U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27	4,901,388		5,099,995
		0.04			04/30/20		05/01/20		25,000		25,000	25,000,028	U.S. Government Sponsored Agency Obligation, 3.00%, due 04/01/50	24,338,267		25,750,000
		0.16	(b)		04/30/20		05/01/20		120,000		120,000	120,000,533	Corporate/Debt Obligations, 0.99% to 5.72%, due 10/20/21 to 04/20/44	151,908,721		128,400,000
		1.71			03/03/20		06/03/20		15,000		15,000	15,065,550	Corporate/Debt Obligation, 7.50%, due 09/15/27	16,798,540		17,250,001
		1.80			04/06/20		07/01/20		21,000		21,000	21,090,300	Corporate/Debt Obligation, 2.86%, due 01/15/29	23,038,294		22,470,001
Total Wells Fargo Securities LLC										$	186,000				$	198,969,997
										$	1,259,500				$	1,323,541,824

^(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. Rate shown is the rate in effect as of period end.

^(c)  Traded in a joint account.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	7,747,751,990	$	—	$	7,747,751,990

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) April 30, 2020 TempFund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Certificates of Deposit — 21.3%
Domestic — 1.2%(a)
Bank of America NA, (LIBOR USD 1 Month + 0.28%), 1.26%, 10/06/20		USD	40,000	$	39,946,082
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.11%), 1.92%, 02/22/21			59,000		59,000,193
					98,946,275
Euro — 2.5%(b)
Banque Federative du Credit Mutuel SA, 1.80%, 12/18/20			38,000		37,794,916
Credit Industriel et Commercial SA:
1.91%, 01/08/21			50,000		49,705,176
1.73%, 02/12/21			55,000		54,626,790
DZ Bank AG Deutsche Zentral- Genossenschaftsbank Frankfurt Am Main, 1.74%, 05/29/20			61,000		60,984,427
					203,111,309
Yankee — 17.6%(c)
Bank of Montreal, Chicago(a):
(LIBOR USD 1 Month + 0.16%), 1.15%, 06/01/20			55,000		55,011,564
(LIBOR USD 1 Month + 0.18%), 1.10%, 06/08/20			80,000		80,028,589
(LIBOR USD 3 Month + 0.14%), 1.83%, 11/18/20			30,000		29,998,382
BNP Paribas SA, New York:
0.83%, 07/20/20			35,000		35,045,251
(LIBOR USD 3 Month + 0.06%), 1.80%, 02/05/21(a)			60,000		59,847,165
Canadian Imperial Bank of Commerce, New York, (LIBOR USD 1 Month + 0.17%), 1.00%, 05/13/20(a)			8,000		8,002,487
Cooperatieve Rabobank UA, New York, (LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(a)			90,000		89,999,967
Credit Industriel et Commercial SA, New York(a):
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20			70,000		70,056,128
(LIBOR USD 3 Month + 0.07%), 1.85%, 02/01/21			60,000		59,851,653
DZ Bank AG Deutsche Zentral- Genossenschaftsbank, New York, 0.68%, 07/21/20			60,000		60,051,481
KBC Bank NV, New York, 0.57%, 07/28/20			80,000		79,998,811
MUFG Bank Ltd., New York, (LIBOR USD 1 Month + 0.26%), 0.70%, 05/29/20(a)			20,000		20,007,807
Natixis SA, New York, (LIBOR USD 1 Month + 0.26%), 1.07%, 05/15/20(a)			61,000		61,023,532
Nordea Bank Abp, New York:
(LIBOR USD 3 Month + 0.16%), 1.34%, 10/16/20(a)			50,000		50,002,245
0.90%, 01/20/21			54,200		54,395,267
Oversea-Chinese Banking Corp. Ltd., New York, 0.65%, 07/22/20			34,000		34,010,955
Royal Bank of Canada, New York: 1.30%, 01/07/21			40,000		40,215,247
(LIBOR USD 3 Month + 0.45%), 1.49%, 04/23/21(a)			30,000		30,014,488
Skandinaviska Enskilda Banken AB, New York:
(LIBOR USD 1 Month + 0.25%), 0.97%, 08/19/20(a)			60,000		60,001,142
1.68%, 09/02/20			20,000		20,087,389
(LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(a)			47,000		46,999,982
(LIBOR USD 3 Month + 0.11%), 1.48%, 01/04/21(a)			20,000		19,967,727

Security	Par (000)			Value
Yankee (continued)
Svenska Handelsbanken AB, New York(a):
(LIBOR USD 3 Month + 0.15%), 1.60%, 10/02/20		USD	66,000	$	65,999,975
(LIBOR USD 1 Month + 0.25%), 1.23%, 01/04/21			32,000		31,953,033
Toronto-Dominion Bank, New York(a):
(US Federal Funds Effective Rate (continuous series) + 0.31%), 0.35%, 07/10/20 - 07/16/20			70,000		69,967,556
(LIBOR USD 3 Month + 0.19%), 1.42%, 09/28/20			60,000		60,021,681
UBS AG, Stamford, 1.38%, 04/16/21			35,000		35,020,988
Westpac Banking Corp., New York(a):
(US Federal Funds Effective Rate (continuous series) + 0.40%), 0.44%, 11/02/20			39,000		38,950,833
(LIBOR USD 3 Month + 0.15%), 1.15%, 12/09/20			50,000		49,985,027
					1,416,516,352
Total Certificates of Deposit — 21.3% (Cost: $1,717,373,232)					1,718,573,936
Commercial Paper — 35.6%
Alpine Securitization Ltd., (LIBOR USD 1 Month + 0.17%), 0.80%, 06/04/20(a)(d)			25,000		24,994,046
ANZ New Zealand Int’l Ltd.(a):
(LIBOR USD 3 Month + 0.08%), 1.47%, 07/07/20			121,000		120,957,249
(LIBOR USD 3 Month + 0.00%), 1.18%, 07/16/20			48,000		47,982,259
Bank of Nova Scotia (The)(a):
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20			100,000		100,034,829
(LIBOR USD 1 Month + 0.18%), 1.01%, 06/11/20			80,000		80,034,093
Barclays Bank plc, 0.51%, 08/03/20(b)(d)			39,000		38,948,542
Bedford Row Funding Corp., (LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20(a)			27,000		27,009,404
Bennington Stark Capital Co. LLC, 0.15%, 05/07/20(b)			50,000		49,998,542
CAFCO LLC, 0.34%, 07/08/20(b)			40,000		39,974,700
Chariot Funding LLC:
0.37%, 07/17/20(b)			70,000		69,944,187
0.42%, 08/03/20(b)			47,000		46,948,776
(LIBOR USD 3 Month + 0.00%), 1.75%, 08/04/20(a)			100,000		99,923,501
CPPIB Capital, Inc., (SOFR + 0.32%), 0.33%, 12/10/20(a)(d)			32,500		32,473,801
Credit Industriel et Commercial SA, 0.34%, 07/24/20(b)			2,000		1,998,442
Crown Point Capital Co. LLC(d):
(LIBOR USD 1 Month + 0.28%), 1.26%, 07/06/20(a)			77,000		77,038,531
(LIBOR USD 1 Month + 0.30%), 1.28%, 07/06/20(a)			74,000		74,039,782
0.42%, 07/15/20(b)			41,500		41,463,992
DBS Bank Ltd., 0.24%, 05/22/20(b)			48,000		47,993,077
Dexia Credit Local SA(b)(d):
0.04%, 05/22/20			64,000		63,998,357
0.24%, 08/27/20			23,215		23,196,890
Erste Abwicklungsanstalt, 0.17%, 06/05/20(b)(d)			50,000		49,991,500
Federation des Caisses Desjardins du Quebec: 0.36%, 07/16/20(b)			51,000		50,961,058

28 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempFund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Paper (continued)
(LIBOR USD 1 Month + 0.25%), 1.11%, 08/07/20(a)		USD	53,000	$	53,014,851
ING US Funding LLC:
0.42%, 08/21/20(b)			75,000		74,902,302
(LIBOR USD 3 Month + 0.17%), 1.37%, 09/23/20(a)			39,000		38,972,774
(LIBOR USD 3 Month + 0.20%), 1.59%, 10/07/20(a)			25,000		24,989,325
(LIBOR USD 3 Month + 0.20%), 1.34%, 10/19/20(a)			55,000		54,974,395
Matchpoint Finance plc, 0.14%, 05/12/20(b)			40,500		40,498,096
MetLife Short Term Funding LLC, 0.51%, 10/09/20(b)			57,000		56,871,750
Mont Blanc Capital Corp., 0.44%, 07/09/20(b)			38,006		37,974,001
National Australia Bank Ltd.:
(LIBOR USD 1 Month + 0.16%), 0.88%, 05/20/20(a)			120,000		120,047,143
0.37%, 07/31/20(b)			93,000		92,912,301
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20(a)			67,000		67,014,586
(LIBOR USD 3 Month + 0.12%), 1.12%, 12/09/20(a)			78,500		78,462,409
Nederlandse Waterschapsbank NV, 0.04%, 06/18/20(b)			53,000		52,996,898
Nieuw Amsterdam Receivables Corp.(b):
0.39%, 06/22/20			45,000		44,974,295
0.41%, 07/02/20			46,000		45,967,398
0.49%, 08/05/20			24,000		23,969,089
NRW Bank, 0.26%, 09/03/20(b)			50,000		49,954,850
Old Line Funding LLC, 0.53%, 08/10/20(b)			39,000		38,942,540
Ridgefield Funding Co. LLC, 0.12%, 05/01/20(b)			74,000		73,999,764
Shell International Finance BV, 1.10%, 06/30/20(b)			20,000		19,963,400
Societe Generale SA, (LIBOR USD 3 Month + 0.10%), 1.80%, 03/19/21(a)			48,000		47,811,511
Starbird Funding Corp.(b):
0.43%, 07/06/20			77,000		76,939,382
0.64%, 09/21/20			25,000		24,937,200
Svenska Handelsbanken AB, 0.30%, 07/20/20(b)			50,000		49,966,813
Swedbank AB, 0.52%, 09/03/20(b)			23,000		22,958,945
Thunder Bay Funding LLC, 0.43%, 08/05/20(b)			46,700		46,646,270
Toronto-Dominion Bank (The), (LIBOR USD 1 Month + 0.18%), 1.01%, 06/12/20(a)			75,000		75,015,126
UBS AG:
(LIBOR USD 3 Month + 0.20%), 1.51%, 07/10/20(a)			60,000		60,005,541
0.82%, 01/25/21(b)			74,000		73,306,250
Westpac Securities NZ Ltd., (LIBOR USD 3 Month + 0.08%), 1.46%, 06/29/20(a)			103,000		102,986,068
Total Commercial Paper — 35.6% (Cost: $2,879,238,574)					2,881,880,831

Security		Par (000)		Value
Corporate Bonds — 0.4%(a)
Insurance — 0.4%
Metropolitan Life Global Funding I, (LIBOR USD 3 Month + 0.23%), 1.58%, 01/08/21(d)	USD		35,635	$	35,582,863
Total Corporate Bonds — 0.4% (Cost: $35,674,282)					35,582,863
Time Deposits — 13.6%
Barclays Bank plc, 0.05%, 05/01/20			100,000		100,000,000
Credit Agricole Corporate and Investment Bank SA, 0.04%, 05/01/20			207,294		207,294,000
Landesbank Hessen-Thuringen Girozentrale:
0.11%, 05/01/20			64,000		64,000,000
0.13%, 05/05/20			56,000		56,000,000
0.13%, 05/06/20			89,000		89,000,000
0.13%, 05/07/20			59,000		59,000,000
Mizuho Bank Ltd., 0.06%, 05/01/20			221,000		221,000,000
Skandinaviska Enskilda Banken AB, 0.04%, 05/01/20			200,000		200,000,000
Svenska Handelsbanken, 0.04%, 05/01/20			100,000		100,000,000
Total Time Deposits — 13.6% (Cost: $1,096,294,000)					1,096,294,000
U.S. Government Sponsored Agency Obligations — 0.1%
United States International Development Finance Corp. Variable Rate Notes, (3 Month Treasury Bill Rate + 0.00%), 0.88%, 06/15/20(a)			5,500		5,500,000
Total U.S. Government Sponsored Agency Obligations — 0.1% (Cost: $5,500,000)					5,500,000
U.S. Treasury Obligations — 2.0%
U.S. Treasury Bills(b):
0.07%, 05/26/20			103,000		102,994,636
0.08%, 06/02/20			58,252		58,247,728
Total U.S. Treasury Obligations — 2.0% (Cost: $161,240,643)					161,242,364
Total Repurchase Agreements — 22.5% (Cost: $1,821,500,000)					1,821,500,000
Total Investments — 95.5% (Cost: $7,716,820,731)(e)					7,720,573,994
Other Assets Less Liabilities — 4.5%					360,225,350
Net Assets — 100.0%				$	8,080,799,344

^(a)  Variable rate security. Rate shown is the rate in effect as of period end.

^(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)  Cost for U.S. federal income tax purposes.

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempFund

Repurchase Agreements

	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 America Securities, Inc.		0.02	% (a)		04/30/20		05/01/20	$	150,000	$	150,000	$150,000,083	U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49	$ 137,901,000	$	153,000,006
		0.44	(b)		04/30/20		06/05/20		48,000		48,000	48,021,120	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 1.80% to 6.13%, due 10/02/23 to 04/01/56	219,471,979		52,376,657
Total Bank of America Securities, Inc.										$	198,000				$	205,376,663
Barclays Bank plc		0.16	(c)		04/30/20		05/01/20		43,000		43,000	43,000,191	Corporate/Debt Obligations, 2.70% to 6.50%, due 04/15/23 to 09/27/46	41,759,967		45,150,000
		0.19	(c)		04/30/20		05/01/20		33,000		33,000	33,000,174	Corporate/Debt Obligations, 2.19% to 11.50%, due 04/01/23 to 04/28/26	33,398,118		34,650,001
		0.39	(c)		04/30/20		05/01/20		42,000		42,000	42,000,455	Corporate/Debt Obligation, 4.22%, due 05/01/29	39,042,868		44,100,001
Total Barclays Bank plc										$	118,000				$	123,900,002
BNP Paribas SA		0.14	(c)		04/30/20		05/01/20		30,000		30,000	30,000,117	Corporate/Debt Obligations, 2.66% to 11.50%, due 11/15/20 to 12/31/49	30,463,623		31,500,000
Citigroup Global Markets, Inc.		0.02	(a)		04/30/20		05/01/20		165,000		165,000	165,000,092	U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29	159,149,708		168,300,026
		0.09	(c)		04/30/20		05/01/20		86,000		86,000	86,000,215	U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 2.63%, due 05/13/20 to 06/30/23	86,776,350		88,960,134
		1.05	(b)		04/30/20		07/02/20		5,000		5,000	5,009,205	U.S. Government Sponsored Agency Obligations, 4.00%, due 04/20/50	4,695,824		5,101,057
Total Citigroup Global Markets, Inc.										$	256,000				$	262,361,217
Credit Agricole Corporate and Investment Bank SA		0.02	(a)		04/30/20		05/01/20		145,000		145,000	145,000,081	U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50	120,239,485		147,900,016
Credit Suisse Securities USA LLC		1.11	(b)		04/30/20		08/04/20		50,000		50,000	50,148,000	Corporate/Debt Obligations, 0.00% to 10.10%, due 10/22/30 to 01/25/49	1,166,976,645		57,500,000
HSBC Securities USA, Inc.		0.16	(c)		04/30/20		05/01/20		25,000		25,000	25,000,111	Corporate/Debt Obligations, 2.00% to 6.13%, due 11/06/22 to 02/19/43	24,353,500		26,250,036

30 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempFund

	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
		0.24	% (c)		04/30/20		05/01/20	$	28,500	$	28,500	$  28,500,190	Corporate/Debt Obligations, 1.07% to 9.25%, due 10/17/22 to 01/15/43	$ 32,697,449	$    30,062,746
Total HSBC Securities USA, Inc.										$	53,500				$    56,312,782
JP Morgan Securities LLC		0.04			04/30/20		05/01/20		320,000		320,000	320,000,356	U.S. Government Sponsored Agency Obligations, 2.50% to 7.00%, due 07/20/30 to 03/15/60	539,264,412	326,400,000
		0.33	(b)		04/30/20		04/08/20		59,000		59,000	58,988,115	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 08/20/34 to 02/16/62	1,162,932,849	61,950,000
		0.34	(b)		04/30/20		05/08/20		100,000		100,000	100,007,556	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 1.42% to 7.57%, due 01/15/21 to 11/30/49	103,449,333	105,055,891
		0.39	(b)		04/30/20		05/08/20		50,000		50,000	50,004,333	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.75% to 7.00%, due 03/15/24 to 11/18/52	187,880,489	53,502,833
		0.91	(b)		04/30/20		07/30/20		65,000		65,000	65,148,882	U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.30% to 6.13%, due 11/21/22 to 05/10/58	442,679,536	70,046,122
Total JP Morgan Securities LLC										$	594,000				$  616,954,846
Mizuho Securities USA LLC		0.19	(c)		04/30/20		05/01/20		55,000		55,000	55,000,290	U.S. Treasury Obligations, 1.25% to 2.00%, due 11/30/21 to 07/31/23	54,234,800	56,100,093
		0.34	(c)		04/30/20		05/01/20		45,000		45,000	45,000,425	U.S. Treasury Obligation, 1.75%, due 01/31/23	43,912,200	45,900,014
Total Mizuho Securities USA LLC										$	100,000				$  102,000,107
TD Securities USA LLC		0.16	(c)		04/30/20		05/01/20		20,000		20,000	20,000,089	Corporate/Debt Obligations, 2.88% to 6.40%, due 09/29/22 to 12/15/36	20,204,716	21,000,051
Wells Fargo Securities LLC		0.02	(a)		04/30/20		05/01/20		45,000		45,000	45,000,025	U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27	44,112,552	45,899,999
		0.04			04/30/20		05/01/20		25,000		25,000	25,000,028	U.S. Government Sponsored Agency Obligation, 3.00%, due 04/01/50	24,418,715	25,750,000
		0.16	(c)		04/30/20		05/01/20		165,000		165,000	165,000,733	Corporate/Debt Obligations, 1.65% to 5.96%, due 11/15/22 to 10/25/56	190,749,351	176,550,001

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) April 30, 2020 TempFund

	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
		1.80	%		04/06/20		07/01/20	$	22,000	$	22,000	$22,094,600	Corporate/Debt Obligations, 1.36% to 4.01%, due 08/21/23 to 12/25/58	$24,104,572	$       23,540,001
Total Wells Fargo Securities LLC										$	257,000				$     271,740,001
										$	1,821,500				$  1,896,545,685

^(a)  Traded in a joint account.

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(c)  Variable rate security. Rate shown is the rate in effect as of period end.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	7,720,573,994	$	—	$	7,720,573,994

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

32 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2020 T-Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Treasury Obligations — 60.6%
U.S. Treasury Bills(a):
0.04%, 05/05/20		USD	780,965	$	780,957,497
0.05%, 05/07/20			766,520		766,516,181
0.06%, 05/12/20			2,776,570		2,776,425,380
0.08%, 05/14/20			1,433,595		1,433,556,887
0.08%, 05/19/20			924,595		924,528,710
0.08%, 05/21/20			648,960		648,873,388
0.07%, 05/26/20			2,100,000		2,099,868,750
0.05%, 05/28/20			1,082,405		1,082,250,757
0.08%, 06/02/20			3,086,640		3,086,410,868
0.09%, 06/04/20			400,000		399,955,611
0.08%, 06/09/20			867,430		867,262,375
0.10%, 06/11/20			1,781,715		1,781,547,417
0.08%, 06/16/20			598,055		597,950,705
0.09%, 06/23/20			759,640		759,511,902
0.10%, 06/30/20			1,623,005		1,622,765,156
0.10%, 07/21/20			998,410		997,955,399
0.10%, 07/30/20			1,932,800		1,930,614,231
0.12%, 08/04/20			620,000		619,828,208
0.11%, 08/06/20			553,800		552,527,956
0.11%, 08/13/20			73,310		73,007,148
0.11%, 08/20/20			11,935		11,907,079
0.11%, 08/27/20			493,170		490,850,320
0.12%, 09/03/20			1,079,150		1,076,871,329
0.13%, 09/08/20			4,050,000		4,047,820,695
0.11%, 09/10/20			164,635		163,584,629
0.10%, 09/15/20			1,197,235		1,196,107,856
0.14%, 10/06/20			291,065		290,890,685
0.11%, 10/08/20			279,950		279,763,367
0.11%, 10/15/20			1,043,500		1,042,095,996
0.14%, 12/31/20			99,940		98,893,461
0.16%, 04/22/21			200,810		200,482,345
U.S. Treasury Notes:
1.50%, 05/15/20			265,335		265,280,276
3.50%, 05/15/20			432,000		432,290,426
1.38%, 05/31/20			494,380		494,281,949
1.50%, 05/31/20			245,260		245,205,922
2.50%, 05/31/20			510,000		510,354,480
1.63%, 06/30/20			17,460		17,453,308
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b)			730,000		730,000,000
1.63%, 07/31/20			120,385		120,392,090
2.63%, 07/31/20			500,000		501,190,757

Security	Par (000)			Value
U.S. Treasury Obligations (continued)
2.63%, 08/15/20		USD	150,000	$	150,440,412
1.38%, 08/31/20			94,790		94,713,692
2.13%, 08/31/20			210,385		211,066,249
2.63%, 08/31/20			65,980		66,197,236
1.38%, 09/15/20			225,435		225,769,088
1.38%, 09/30/20			404,240		403,828,518
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b)			350,700		350,457,599
1.38%, 10/31/20			69,960		69,868,441
1.75%, 11/15/20			80,100		80,158,096
2.63%, 11/15/20			262,865		264,238,087
1.63%, 11/30/20			261,660		261,640,142
2.00%, 11/30/20			659,085		661,703,782
2.75%, 11/30/20			767,235		772,242,654
1.75%, 12/31/20			126,840		126,918,503
2.38%, 12/31/20			324,500		327,008,623
2.50%, 12/31/20			909,215		914,741,671
2.00%, 01/15/21			142,000		143,637,211
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b)			1,063,225		1,062,921,005
2.13%, 01/31/21			125,000		126,577,972
3.63%, 02/15/21			498,425		510,575,701
1.13%, 02/28/21			57,705		58,067,955
2.00%, 02/28/21			313,065		317,111,047
2.50%, 02/28/21			110,000		111,878,517
2.38%, 03/15/21			207,000		210,625,502
2.25%, 03/31/21			250,000		254,132,327
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 04/30/21(b)			1,998,365		1,997,968,587
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b)			3,674,300		3,673,727,290
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b)			3,110,345		3,112,627,494
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.27%, 01/31/22(b)			1,131,945		1,131,531,415
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b)			1,307,085		1,306,974,913
Total U.S. Treasury Obligations — 60.6% (Cost: $55,017,381,225)					55,017,381,225
Total Repurchase Agreements — 42.1% (Cost: $38,214,548,972)					38,214,548,972
Total Investments — 102.7% (Cost: $93,231,930,197)(c)					93,231,930,197
Liabilities in Excess of Other Assets — (2.7)%					(2,451,296,752	)
Net Assets — 100.0%				$	90,780,633,445

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(c)  Cost for U.S. federal income tax purposes.

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) April 30, 2020 T-Fund

Repurchase Agreements

	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 America Securities, Inc.		0.02	%		04/30/20		05/01/20	$	105,000	$	105,000	$ 105,000,058	U.S. Treasury Obligations, 0.00% to 2.88%, due 05/31/25 to 08/15/34	$ 101,819,126	$	107,100,000
		0.02			04/30/20		05/01/20		47,000		47,000	47,000,026	U.S. Treasury Obligations, 1.38% to 2.00%, due 05/31/21 to 08/31/23	46,567,200		47,940,021
		0.02	(a)		04/30/20		05/01/20		550,000		550,000	550,000,306	U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49	505,637,000		561,000,022
Total Bank of America Securities, Inc.										$	702,000				$	716,040,043
Bank of Montreal		0.02			04/30/20		05/01/20		87,355		87,355	87,355,049	U.S. Treasury Obligations, 0.13% to 2.50%, due 04/15/21 to 02/15/45	85,148,700		89,102,175
Bank of Nova Scotia (The)		0.02			04/30/20		05/01/20		214,900		214,900	214,900,119	U.S. Treasury Obligations, 1.38% to 2.63%, due 11/15/21 to 02/15/41	167,760,300		219,198,202
Barclays Bank plc		0.02			04/30/20		05/01/20		650,000		650,000	650,000,361	U.S. Treasury Obligations, 1.38% to 8.00%, due 05/31/21 to 02/15/44	590,680,000		663,000,040
		0.02			04/30/20		05/01/20		4,050,000		4,050,000	4,050,002,250	U.S. Treasury Obligations, 0.13% to 1.25%, due 07/15/20 to 07/15/29	3,667,584,000		4,131,000,111
Total Barclays Bank plc										$	4,700,000				$	4,794,000,151
BNP Paribas SA		0.03			04/30/20		05/01/20		4,500,000		4,500,000	4,500,003,750	U.S. Treasury Obligations, 0.00% to 6.13%, due 05/31/20 to 02/15/50	4,052,288,279		4,590,000,000
		0.05			04/30/20		05/01/20		1,000,000		1,000,000	1,000,001,389	U.S. Treasury Obligation, 2.25%, due 08/15/27	902,654,900		1,020,001,426
Total BNP Paribas SA										$	5,500,000				$	5,610,001,426
Citibank NA		0.02			04/30/20		05/01/20		100,000		100,000	100,000,056	U.S. Treasury Obligations, 0.00% to 8.75%, due 05/12/20 to 02/15/47	69,594,000		102,000,021
Citigroup Global Markets, Inc.		0.02			04/30/20		05/01/20		1,167,000		1,167,000	1,167,000,648	U.S. Treasury Obligations, 0.63% to 4.38%, due 11/15/40 to 02/15/46	878,554,300		1,190,340,101
		0.02			04/30/20		05/01/20		40,000		40,000	40,000,022	U.S. Treasury Obligations, 0.00%, due 06/25/20 to 07/23/20	40,811,800		40,801,495
		0.02	(a)		04/30/20		05/01/20		385,000		385,000	385,000,214	U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29	371,349,316		392,700,060
Total Citigroup Global Markets, Inc.										$	1,592,000				$	1,623,841,656
Credit Agricole Corporate and Investment Bank SA		0.02			04/30/20		05/01/20		50,000		50,000	50,000,028	U.S. Treasury Obligation, 3.38%, due 05/15/44	34,875,900		51,000,117

34 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 T-Fund

	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
		0.02	% (a)		04/30/20		05/01/20	$	790,000	$	790,000	$	790,000,439	U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50	$ 655,097,846	$	805,800,060
Total Credit Agricole Corporate and Investment Bank SA										$	840,000					$	856,800,177
Credit Suisse AG		0.03			04/30/20		05/01/20		750,000		750,000		750,000,625	U.S. Treasury Obligations, 0.00% to 7.63%, due 01/15/21 to 05/15/47	664,338,400		765,000,001
Deutsche Bank AG		0.02			04/30/20		05/01/20		1,550,000		1,550,000		1,550,000,861	U.S. Treasury Obligations, 3.00% to 4.50%, due 08/15/39 to 11/15/44	1,087,353,700		1,581,000,023
Fixed Income Clearing Corporation		0.03			04/30/20		05/01/20		3,500,000		3,500,000		3,500,002,917	U.S. Treasury Obligations, 0.03%, due 05/01/20	3,472,895,000		3,570,002,528
		0.03			04/30/20		05/01/20		2,500,000		2,500,000		2,500,002,083	U.S. Treasury Obligations, 0.13% to 0.88%, due 01/15/25 to 01/15/30	2,281,934,600		2,550,000,075
		0.03			04/30/20		05/01/20		89,105		89,105		89,105,466	U.S. Treasury Obligation, 4.63%, due 02/15/40	55,000,000		90,887,574
		0.03			04/30/20		05/01/20		144,177		144,177		144,176,958	U.S. Treasury Obligation, 1.38%, due 08/31/26	138,900,000		147,060,495
		0.03			04/30/20		05/01/20		334,464		334,464		334,464,311	U.S. Treasury Obligation, 2.25%, due 11/15/27	299,915,000		341,153,591
		0.03			04/30/20		05/01/20		107,475		107,475		107,475,580	U.S. Treasury Obligation, 2.13%, due 05/15/25	100,000,000		109,625,090
		0.03			04/30/20		05/01/20		221,324		221,324		221,323,714	U.S. Treasury Obligation, 2.25%, due 08/15/27	200,000,000		225,750,184
		0.03			04/30/20		05/01/20		840,625		840,625		840,625,701	U.S. Treasury Obligation, 0.63%, due 03/31/27	850,000,000		857,438,201
		0.03			04/30/20		05/01/20		79,228		79,228		79,228,007	U.S. Treasury Obligation, 4.38%, due 11/15/39	50,000,000		80,812,566
		0.03			04/30/20		05/01/20		347,548		347,548		347,547,900	U.S. Treasury Obligation, 1.63%, due 09/30/26	330,150,000		354,498,852
		0.03			04/30/20		05/01/20		156,287		156,287		156,286,895	U.S. Treasury Obligation, 3.13%, due 11/15/28	130,000,000		159,412,630
		0.03			04/30/20		05/01/20		49,659		49,659		49,658,699	U.S. Treasury Obligation, 3.88%, due 08/15/40	33,351,000		50,651,873
		0.03			04/30/20		05/01/20		122,610		122,610		122,610,396	U.S. Treasury Obligation, 2.00%, due 08/15/25	115,000,000		125,062,602
		0.03			04/30/20		05/01/20		99,890		99,890		99,889,789	U.S. Treasury Obligation, 1.63%, due 10/31/26	95,000,000		101,887,583
		0.03			04/30/20		05/01/20		230,820		230,820		230,820,016	U.S. Treasury Obligation, 4.38%, due 05/15/40	145,331,000		235,436,412
		0.03			04/30/20		05/01/20		243,665		243,665		243,665,313	U.S. Treasury Obligation, 2.00%, due 05/31/24	230,930,000		248,538,616
		0.03			04/30/20		05/01/20		178,824		178,824		178,823,678	U.S. Treasury Obligation, 3.00%, due 10/31/25	160,000,000		182,400,149
		0.03			04/30/20		05/01/20		131,618		131,618		131,617,757	U.S. Treasury Obligation, 0.13%, due 07/15/26	120,000,000		134,250,110
		0.03			04/30/20		05/01/20		64,134		64,134		64,133,632	U.S. Treasury Obligation, 2.13%, due 05/31/26	59,000,000		65,416,303
		0.03			04/30/20		05/01/20		167,096		167,096		167,095,728	U.S. Treasury Obligation, 2.88%, due 07/31/25	150,000,000		170,437,639
		0.03			04/30/20		05/01/20		164,520		164,520		164,520,137	U.S. Treasury Obligation, 1.63%, due 11/30/26	155,380,000		167,810,537
		0.03			04/30/20		05/01/20		79,411		79,411		79,410,667	U.S. Treasury Obligation, 1.50%, due 10/31/24	77,050,000		80,998,879
		0.03			04/30/20		05/01/20		89,118		89,118		89,117,721	U.S. Treasury Obligation, 6.13%, due 08/15/29	60,000,000		90,900,074

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) April 30, 2020 T-Fund

	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	%		04/30/20		05/01/20	$	58,406	$	58,406	$	58,406,299	U.S. Treasury Obligation, 0.38%, due 04/30/25	$ 59,500,000	$	59,574,424
Total Fixed Income Clearing Corporation										$	10,000,004					$	10,200,006,987
Goldman Sachs & Co. LLC		0.02			04/30/20		05/01/20		291,000		291,000		291,000,162	U.S. Treasury Obligations, 0.00% to 3.00%, due 05/26/20 to 08/15/48	298,915,350		296,820,007
HSBC Securities USA, Inc.		0.02			04/30/20		05/01/20		10,000		10,000		10,000,006	U.S. Treasury Obligations, 0.00%, due 05/15/43 to 02/15/48	14,622,704		10,200,000
		0.02			04/30/20		05/01/20		51,000		51,000		51,000,028	U.S. Treasury Obligations, 0.00% to 2.88%, due 11/15/29 to 11/15/49	45,211,438		52,020,000
		0.02	(b)		04/30/20		04/01/20		355,000		355,000		354,994,280	U.S. Treasury Obligations, 0.00% to 1.88%, due 05/31/22 to 02/15/28	349,141,757		362,100,012
		0.03	(c)		04/30/20		04/08/20		1,088,085		1,088,085		1,088,065,052	U.S. Treasury Obligations, 0.00% to 7.63%, due 06/30/20 to 02/15/50	1,078,237,549		1,109,846,700
		0.03	(c)		04/30/20		04/08/20		722,000		722,000		721,986,764	U.S. Treasury Obligations, 0.00% to 7.88%, due 08/06/20 to 08/15/45	713,081,782		736,440,001
Total HSBC Securities USA, Inc.										$	2,226,085					$	2,270,606,713
JP Morgan Securities LLC		0.02			04/30/20		05/01/20		341,000		341,000		341,000,189	U.S. Treasury Obligations, 0.00%, due 08/15/31 to 08/15/46	444,665,158		347,820,000
		0.02			04/30/20		05/01/20		1,700,000		1,700,000		1,700,000,944	U.S. Treasury Obligations, 1.50% to 3.38%, due 01/31/27 to 05/15/49	1,289,150,400		1,734,000,237
		0.02	(b)		04/30/20		05/01/20		250,000		250,000		250,000,139	U.S. Treasury Obligations, 0.00%, due 11/15/31 to 05/15/40	283,917,045		255,000,000
Total JP Morgan Securities LLC										$	2,291,000					$	2,336,820,237
Mizuho Securities USA LLC		0.02			04/30/20		05/01/20		200,000		200,000		200,000,111	U.S. Treasury Obligations, 0.00%, due 09/24/20 to 10/01/20	204,119,200		204,000,060
		0.04			04/30/20		05/01/20		103,848		103,848		103,848,155	U.S. Treasury Obligation, 3.00%, due 05/15/45	76,000,000		105,925,115
		0.04			04/30/20		05/01/20		120,000		120,000		120,000,133	U.S. Treasury Obligation, 3.38%, due 11/15/48	80,000,000		122,400,133
		0.04			04/30/20		05/01/20		175,698		175,698		175,698,725	U.S. Treasury Obligation, 3.88%, due 08/15/40	118,000,000		179,212,695
		0.04			04/30/20		05/01/20		419,118		419,118		419,118,113	U.S. Treasury Obligation, 3.00%, due 08/15/48	300,000,000		427,500,466
		0.04			04/30/20		05/01/20		67,353		67,353		67,353,016	U.S. Treasury Obligation, 3.00%, due 02/15/49	48,000,000		68,700,075
		0.04			04/30/20		05/01/20		63,706		63,706		63,705,953	U.S. Treasury Obligation, 2.75%, due 08/15/47	48,000,000		64,980,071
		0.04			04/30/20		05/01/20		58,692		58,692		58,692,467	U.S. Treasury Obligation, 2.50%, due 02/15/45	47,000,000		59,866,315
Total Mizuho Securities USA LLC										$	1,208,415					$	1,232,584,930

36 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 T-Fund

	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
MUFG Securities Americas, Inc.		0.02	%		04/30/20		05/01/20	$	25,000	$	25,000	$	25,000,014	U.S. Treasury Obligations, 1.25% to 8.75%, due 05/15/20 to 08/31/24	$	24,096,500	$	25,500,027
Natixis SA		0.02			04/30/20		05/01/20		672,000		672,000		672,000,373	U.S. Treasury Obligations, 0.00% to 3.75%, due 04/22/21 to 02/15/49		523,205,600		685,440,065
		0.02	(b)		04/30/20		05/01/20		753,000		753,000		753,000,418	U.S. Treasury Obligations, 0.13% to 6.38%, due 07/15/20 to 08/15/49		596,465,300		768,060,063
Total Natixis SA										$	1,425,000						$	1,453,500,128
Nomura Securities International, Inc.		0.02			04/30/20		05/01/20		1,000,000		1,000,000		1,000,000,556	U.S. Treasury Obligations, 0.00% to 7.63%, due 05/15/23 to 02/15/50		959,367,083		1,020,000,024
Prudential Insurance Co. of America		0.06			04/30/20		05/01/20		126,375		126,375		126,375,211	U.S. Treasury Obligation, 2.38%, due 11/15/49		100,000,000		128,903,211
		0.06			04/30/20		05/01/20		53,987		53,987		53,987,590	U.S. Treasury Obligation, 0.00%, due 02/15/40		70,000,000		55,067,690
		0.06			04/30/20		05/01/20		29,600		29,600		29,600,049	U.S. Treasury Obligation, 0.00%, due 11/15/41		40,000,000		30,192,049
		0.06			04/30/20		05/01/20		16,981		16,981		16,981,278	U.S. Treasury Obligation, 0.00%, due 05/15/31		19,000,000		17,320,808
		0.06			04/30/20		05/01/20		17,125		17,125		17,125,029	U.S. Treasury Obligation, 0.00%, due 05/15/34		20,000,000		17,467,629
		0.06			04/30/20		05/01/20		89,175		89,175		89,175,149	U.S. Treasury Obligation, 0.00%, due 08/15/43		123,000,000		90,958,649
		0.06			04/30/20		05/01/20		9,420		9,420		9,420,016	U.S. Treasury Obligation, 0.00%, due 05/15/39		12,000,000		9,608,416
		0.06			04/30/20		05/01/20		33,812		33,812		33,812,556	U.S. Treasury Obligation, 0.00%, due 02/15/47		50,000,000		34,489,056
		0.06			04/30/20		05/01/20		19,290		19,290		19,290,032	U.S. Treasury Obligation, 0.00%, due 02/15/38		24,000,000		19,675,952
		0.06			04/30/20		05/01/20		27,034		27,034		27,033,795	U.S. Treasury Obligation, 2.25%, due 03/31/21		27,000,000		27,574,605
		0.06			04/30/20		05/01/20		65,600		65,600		65,600,109	U.S. Treasury Obligation, 0.00%, due 02/15/37		80,000,000		66,912,109
		0.06			04/30/20		05/01/20		25,807		25,807		25,807,543	U.S. Treasury Obligation, 3.38%, due 05/15/44		18,000,000		26,323,783
		0.06			04/30/20		05/01/20		88,000		88,000		88,000,147	U.S. Treasury Obligation, 0.00%, due 05/15/38		110,000,000		89,760,147
		0.06			04/30/20		05/01/20		22,365		22,365		22,365,037	U.S. Treasury Obligation, 0.00%, due 11/15/39		28,000,000		22,812,197
		0.06			04/30/20		05/01/20		11,437		11,437		11,437,519	U.S. Treasury Obligation, 0.00%, due 08/15/41		15,000,000		11,666,269
		0.06			04/30/20		05/01/20		16,857		16,857		16,857,528	U.S. Treasury Obligation, 0.00%, due 05/15/40		22,000,000		17,194,568
		0.06			04/30/20		05/01/20		60,300		60,300		60,300,101	U.S. Treasury Obligation, 0.00%, due 11/15/35		72,000,000		61,506,101
		0.06			04/30/20		05/01/20		77,750		77,750		77,750,130	U.S. Treasury Obligation, 0.00%, due 11/15/39		100,000,000		79,305,130
		0.06			04/30/20		05/01/20		103,125		103,125		103,125,172	U.S. Treasury Obligation, 0.00%, due 08/15/47		150,000,000		105,187,672
		0.06			04/30/20		05/01/20		90,750		90,750		90,750,151	U.S. Treasury Obligation, 0.00%, due 05/15/30		100,000,000		92,565,151
Total Prudential Insurance Co. of America										$	984,790						$	1,004,491,192

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) April 30, 2020 T-Fund

	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
Societe Generale SA		0.02	%		04/30/20		05/01/20	$	340,000	$	340,000	$  340,000,189	U.S. Treasury Obligations, 0.00% to 8.75%, due 08/15/20 to 08/15/49	$	280,203,398	$	346,800,000
		0.04			04/30/20		05/07/20		500,000		500,000	500,003,889	U.S. Treasury Obligations, 0.00% to 2.75%, due 01/31/21 to 02/15/49		462,010,442		510,000,000
		0.06	(c)		04/30/20		04/08/20		1,080,000		1,080,000	1,079,960,399	U.S. Treasury Obligations, 0.00% to 8.13%, due 05/31/20 to 02/15/49		1,027,433,357		1,101,600,000
Total Societe Generale SA										$	1,920,000					$	1,958,400,000
TD Securities USA LLC.		0.02			04/30/20		05/01/20		107,000		107,000	107,000,059	U.S. Treasury Obligations, 0.00% to 2.25%, due 04/22/21 to 08/15/46		98,102,400		109,140,079
Wells Fargo Securities LLC		0.02			04/30/20		05/01/20		25,000		25,000	25,000,014	U.S. Treasury Obligation, 2.63%, due 06/15/21 .		24,581,900		25,500,005
		0.02	(a)		04/30/20		05/01/20		675,000		675,000	675,000,375	U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27		661,688,292		688,500,031
Total Wells Fargo Securities LLC										$	700,000					$	714,000,036
										$	38,214,549					$	38,978,854,235

^(a)  Traded in a joint account.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(c)  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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	93,231,930,197	$	—	$	93,231,930,197

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

38 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2020 Treasury Trust Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Treasury Obligations — 102.0%
U.S. Treasury Bills(a):
0.04%, 05/05/20	USD		3,800,620	$	3,800,304,975
0.05%, 05/07/20			1,828,885		1,828,821,242
0.06%, 05/12/20			5,203,340		5,202,931,263
0.08%, 05/14/20			1,884,680		1,884,409,154
0.08%, 05/19/20			6,040,885		6,040,426,150
0.08%, 05/21/20			1,669,695		1,669,282,933
0.07%, 05/26/20			6,355,000		6,354,614,774
0.05%, 05/28/20			1,045,180		1,044,884,531
0.08%, 06/02/20			8,216,375		8,215,704,732
0.09%, 06/04/20			4,118,000		4,117,216,876
0.08%, 06/09/20			1,192,195		1,191,952,558
0.10%, 06/11/20			2,857,085		2,856,128,743
0.08%, 06/16/20			550,000		549,902,250
0.09%, 06/23/20			2,449,850		2,449,264,088
0.07%, 06/25/20			2,079,600		2,077,954,965
0.10%, 06/30/20			1,395,915		1,395,708,715
0.09%, 07/02/20			1,450,000		1,449,794,625
0.09%, 07/14/20			162,615		162,577,945
0.10%, 07/21/20			884,210		883,812,105
0.09%, 07/23/20			1,722,075		1,721,580,759
0.10%, 07/30/20			4,960,865		4,956,461,410
0.12%, 08/04/20			585,000		584,837,906
0.11%, 08/06/20			489,920		489,008,614
0.11%, 08/13/20			88,655		88,471,479
0.11%, 08/20/20			142,200		141,554,030
0.11%, 08/27/20			502,565		500,656,400
0.12%, 09/03/20			304,795		304,091,446
0.13%, 09/08/20			1,800,000		1,799,025,000
0.11%, 09/10/20			86,875		86,320,737
0.10%, 09/15/20			918,885		918,133,893
0.11%, 09/17/20			255,800		255,503,698
0.15%, 09/22/20			1,250,000		1,249,111,000
0.11%, 10/01/20			1,190,000		1,189,313,625
0.11%, 10/08/20			196,830		196,698,780
0.11%, 10/15/20			784,830		783,776,838
0.16%, 04/22/21			168,685		168,409,762
U.S. Treasury Notes:
1.50%, 05/15/20			99,390		99,394,035
3.50%, 05/15/20			805,520		806,107,776

^(a)  Rates are the current rate or a range of current rates as of period end.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

^(c)  Cost for U.S. federal income tax purposes.

Security		Par (000)		Value
U.S. Treasury Obligations (continued)
1.38%, 05/31/20	USD		135,650	$	135,619,128
1.50%, 05/31/20			71,855		71,834,447
1.63%, 06/30/20			8,840		8,836,612
2.50%, 06/30/20			250,000		250,374,212
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b)			297,960		297,915,998
2.00%, 07/31/20			150,000		150,147,849
2.63%, 07/31/20			268,350		269,161,219
2.13%, 08/31/20			125,000		125,722,476
1.38%, 09/15/20			464,640		465,328,583
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b)			489,000		488,715,711
2.63%, 11/15/20			50,105		50,461,194
2.00%, 11/30/20			50,000		50,303,952
2.38%, 12/31/20			49,835		50,251,170
2.50%, 12/31/20			12,330		12,398,111
2.00%, 01/15/21			77,435		78,327,799
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b)			1,241,495		1,241,045,047
2.13%, 01/31/21			13,000		13,166,802
3.63%, 02/15/21			39,715		40,669,596
1.13%, 02/28/21			82,045		82,564,564
2.00%, 02/28/21			60,020		60,717,842
2.50%, 02/28/21			407,000		413,797,004
2.25%, 03/31/21			350,000		355,984,180
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 04/30/21(b)			1,028,750		1,028,509,777
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b)			1,590,000		1,589,580,515
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b)			723,530		724,065,887
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.27%, 01/31/22(b)			990,080		989,299,397
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b)			1,728,185		1,728,135,441
Total U.S. Treasury Obligations — 102.0% (Cost: $80,287,084,325)					80,287,084,325
Total Investments — 102.0% (Cost: $80,287,084,325)(c)					80,287,084,325
Liabilities in Excess of Other Assets — (2.0)%					(1,607,779,819	)
Net Assets — 100.0%				$	78,679,304,506

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) April 30, 2020 Treasury Trust Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	80,287,084,325	$	—	$	80,287,084,325

^(a)  See above Schedule of Investments for values in each security type.

See notes to financial statements.

40 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Municipal Bonds — 97.5%
Alabama — 0.4%(a)(b)
Alabama Federal Aid Highway Finance, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2373, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(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), 0.26%, 05/07/20(c)			4,000		4,000,000
Mobile Downtown Redevelopment Authority, Series 2011A, RB, VRDN (Bank of America NA LOC), 0.25%, 05/07/20			17,860		17,860,000
					26,860,000
Alaska — 2.6%(b)
Alaska Housing Finance Corp., Series 2001A, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			11,590		11,590,000
Alaska Housing Finance Corp., Series 2007A, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			19,550		19,550,000
Alaska Housing Finance Corp., Series 2007B, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			19,580		19,580,000
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			14,960		14,960,000
Alaska Housing Finance Corp., Series 2009A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20			26,975		26,975,000
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20			12,375		12,375,000
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			33,445		33,445,000
Alaska Housing Finance Corp., Series 2009D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			15,695		15,695,000
City of Valdez, Series 1993A, RB, VRDN, 0.14%, 05/01/20			11,890		11,890,000
					166,060,000
Arizona — 0.5%(b)
Arizona Health Facilities Authority, Series 2008F, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.22%, 05/07/20			3,565		3,565,000
Arizona State University, Series 2008A, RB, VRDN, 0.20%, 05/07/20			1,405		1,405,000
Industrial Development Authority of the City of Phoenix (The), Series 2014B, RB, VRDN (Northern Trust Co. SBPA), 0.12%, 05/01/20			15,385		15,385,000
Industrial Development Authority of the County of Pima (The), Series 2000A, RB, VRDN (Federal Home Loan Bank LOC), 0.20%, 05/07/20			1,300		1,300,000
Industrial Development Authority of the County of Yavapai (The), Series 2010, RB, VRDN (Citibank NA LOC), 0.25%, 05/07/20			7,000		7,000,000
					28,655,000

Security		Par (000)		Value
California — 1.1%
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 0.25%, 05/07/20(a)(b)(c)	USD		1,050	$	1,050,000
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c)			2,300		2,300,000
California Statewide Communities Development Authority, Series 2017BB, RB, VRDN (Federal Home Loan Bank LOC), 0.29%, 05/07/20(b)			20,800		20,800,000
California University of Sciences & Medicine, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(b)(c)			4,035		4,035,000
Elsinore Valley Municipal Water District, Series 2008B, COP, VRDN (Bank of America NA LOC), 0.15%, 05/07/20(b)			2,625		2,625,000
Long Beach California University School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF0862, GO, VRDN (TD Bank NA LIQ), 0.22%, 05/07/20(a)(b)(c)			1,310		1,310,000
Mount San Antonio California Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.22%, 05/07/20(a)(b)(c)			3,600		3,600,000
Natomas University School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0250, GO, VRDN (Bank of America NA LIQ), 0.27%, 05/07/20(a)(b)(c)			6,580		6,580,000
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), 0.10%, 05/07/20(b)			5,000		5,000,000
San Francisco City & County Public Utilities Commission, Series 2020A-1 (Bank of America NA LOC), 0.70%, 07/08/20(d)			10,048		10,048,211
State of California Department of Water Resources, Series 2020-1 (Bank of America NA SBPA), 0.35%, 06/04/20(d)			5,333		5,333,176
State of California Department of Water Resources, Series 2020-1 (Bank of America NA SBPA), 0.55%, 06/18/20(d)			3,474		3,474,010
					66,155,397
Colorado — 1.9%
Boulder Larimer & Weld Cos., Tender Option Bond Trust Receipts/Certificates Various States, Inc. Trust, Series G-57, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(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), 0.26%, 05/07/20(a)(b)(c)			5,000		5,000,000
City & County of Denver, Series 2008A-2, COP, VRDN (JP Morgan Chase Bank NA SBPA), 0.17%, 05/01/20(b)			2,000		2,000,000

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Colorado (continued)
City of Colorado Springs Utilities System, Series 2005A, RB, VRDN (Bank of America NA SBPA), 0.22%, 05/07/20(b)	USD		47,295	$	47,295,000
City of Colorado Springs Utilities System, Series 2009C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.26%, 05/07/20(b)			27,445		27,445,000
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c)			5,345		5,345,000
County of Arapahoe, Series 2001, RB, VRDN (Freddie Mac LOC), 0.28%, 05/07/20(b)			9,415		9,415,000
Denver Colorado City & County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2686, RB, VRDN (Citibank NA LIQ), 0.19%, 05/01/20(a)(b)(c)			3,000		3,000,000
Regional Transportation District Sales Tax, Series 2010A, RB, 5.00%, 11/01/20(e)			5,000		5,107,592
Sheridan Redevelopment Agency, Series 2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 0.25%, 05/07/20(b)			5,015		5,015,000
					115,292,592
Connecticut — 1.4%
Connecticut Housing Finance Authority, Series 2017F, Sub-Series F-3, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b)			9,430		9,430,000
Connecticut Housing Finance Authority, Series 2019, Sub-Series D-3, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.20%, 05/07/20(b)			23,200		23,200,000
Connecticut Housing Finance Authority, Series 2020, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b)			21,750		21,750,000
Connecticut Innovations, Inc., Series 2012, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)			18,685		18,685,000
Connecticut State Health & Educational Facilities Authority, Series 2000A, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(b)			10,280		10,280,000
Connecticut State, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-3, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			4,000		4,000,000
Town of Groton, Series 2020A, GO, 5.00%, 10/15/20			2,560		2,607,191
					89,952,191
Delaware — 0.0%
Delaware State Economic Development Authority, Series 1997, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(b)			595		595,000
District of Columbia — 0.6%
District of Columbia, Series 1998A, RB, VRDN (TD Bank NA LOC), 0.16%, 05/01/20(b)			12,135		12,135,000
District of Columbia, Series 2004, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(b)			5,110		5,110,000
District of Columbia, Series 2007B-2, RB, VRDN (Bank of America NA LOC), 0.19%, 05/07/20(b)			1,380		1,380,000
District of Columbia, Series 2007C-1, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.19%, 05/07/20(b)			1,655		1,655,000
District of Columbia, Series 2019C, RB, 5.00%, 10/01/20			14,250		14,498,714

Security		Par (000)		Value
District of Columbia (continued)
District of Columbia Water & Sewer Authority, Series 2014B-1, RB, VRDN (TD Bank NA SBPA), 0.23%, 05/07/20(b)	USD		4,980	$	4,980,000
					39,758,714
Florida — 2.9%(b)
Cape Coral Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20(a)(c)			10,480		10,480,000
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 0.26%, 05/07/20			4,000		4,000,000
County of Miami-Dade Seaport Department, Series 2014A, RB, VRDN (PNC Bank NA LOC), 0.25%, 05/07/20			4,600		4,600,000
County of Palm Beach, Series 2002, RB, VRDN (Northern Trust Co. LOC), 0.25%, 05/07/20			7,200		7,200,000
Escambia County Health Facilities Authority, Series 2003B, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20			19,430		19,430,000
Florida Housing Finance Corp., Series 2004M, RB, VRDN (Freddie Mac LIQ), 0.31%, 05/07/20			10,375		10,375,000
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.22%, 05/07/20			4,045		4,045,000
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.20%, 05/07/20			9,605		9,605,000
Miami-Dade County Industrial Development Authority, Series 2002, RB, VRDN (Northern Trust Co. LOC), 0.26%, 05/07/20			2,800		2,800,000
Miami-Dade County Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XX1110, RB, VRDN (Barclays Bank plc LIQ), 0.25%, 05/07/20(a)(c)			60,000		60,000,000
Orlando Utilities Commission, Series 2008-2, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/07/20			12,200		12,200,000
Orlando-Orange County Expressway Authority, Series 2007, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)			14,100		14,100,000
Sarasota County Public Hospital District, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20			10,650		10,650,000
Sunshine State Governmental Financing Commission, Series 2010A, RB, VRDN (MUFG Union Bank NA LOC), 0.26%, 05/07/20			11,500		11,500,000
					180,985,000
Georgia — 2.1%(b)
Atlanta Water & Waste Water, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2649, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(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), 0.30%, 05/07/20(a)(c)			2,450		2,450,000

42 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Georgia (continued)
Brookhaven Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XM0751, RB, VRDN (Bank of America NA LIQ), 0.30%, 05/07/20(a)(c)	USD		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), 0.29%, 05/07/20(a)(c)			5,000		5,000,000
Gainesville & Hall County Development Authority, Series 2003B, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20			28,685		28,685,000
Heard County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-105, RB, VRDN (Royal Bank of Canada LOC), 0.29%, 05/07/20(a)(c)			2,075		2,075,000
Monroe County Development Authority, Series 2009B, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.26%, 05/07/20			32,445		32,445,000
Monroe County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-106, RB, VRDN (Royal Bank of Canada LOC), 0.29%, 05/07/20(a)(c)			5,000		5,000,000
Municipal Electric Authority of Georgia, Series 2008B, Sub-Series B, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20			19,425		19,425,000
Municipal Electric Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0256, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(a)(c)			15,820		15,820,000
Municipal Electric Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0257, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(a)(c)			2,230		2,230,000
					129,130,000
Hawaii — 0.1%
Hawaii Housing Finance & Development Corp., Series 2008, RB, VRDN (Freddie Mac LIQ), 0.18%, 05/07/20(b)			8,735		8,735,000
Idaho — 0.0%
Idaho Housing & Finance Association, Series 2011A, RB, VRDN (Freddie Mac LIQ), 0.22%, 05/07/20(b)			2,080		2,080,000
Illinois — 4.0%(b)
City of Galesburg, Series 1999, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20			2,550		2,550,000
Illinois Finance Authority, Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 0.26%, 05/07/20			9,025		9,025,000
Illinois Finance Authority, Series 2007A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.22%, 05/07/20			4,100		4,100,000
Illinois Finance Authority, Series 2008, Sub- Series D, RB, VRDN, 0.18%, 05/07/20			35,515		35,515,000
Illinois Finance Authority, Series 2008C, Sub- Series 2-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20			23,795		23,795,000
Illinois Finance Authority, Series 2008C, Sub- Series 3-A, RB, VRDN (Northern Trust Co. SBPA), 0.25%, 05/07/20			3,485		3,485,000

Security		Par (000)		Value
Illinois (continued)
Illinois Finance Authority, Series 2008C-1, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20	USD		34,610	$	34,610,000
Illinois Finance Authority, Series 2008D, RB, VRDN (Bank of America NA LOC), 0.22%, 05/07/20			7,000		7,000,000
Illinois Finance Authority, Series 2009E, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.25%, 05/07/20			13,980		13,980,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c)			22,070		22,070,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0072, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c)			7,500		7,500,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0086, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c)			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), 0.25%, 05/07/20(a)(c)			23,420		23,420,000
Illinois Health Facilities Authority, Series 1996, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.25%, 05/07/20			29,841		29,841,000
Illinois Housing Development Authority, Series 2018, Sub-Series A-2, RB, VRDN (Federal Home Loan Bank SBPA), 0.22%, 05/07/20			10,775		10,775,000
Illinois State Toll Highway Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2202, RB, VRDN (Citibank NA LIQ), 0.19%, 05/07/20(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), 0.27%, 05/07/20(a)(c)			3,340		3,340,000
University of Illinois, Series 1997B, RB, VRDN (Wells Fargo Bank NA LOC), 0.26%, 05/07/20			700		700,000
Will County Ill, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-36, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(c)			3,000		3,000,000
					251,996,000
Indiana — 1.8%
County of Elkhart, Series 2008A, RB, VRDN (Federal Home Loan Bank LOC), 0.25%, 05/07/20(b)			6,880		6,880,000
Indiana Finance Authority, Series 2005A-1, RB, VRDN (Bank of America NA SBPA), 0.27%, 05/07/20(b)			21,700		21,700,000
Indiana Finance Authority, Series 2008E-7, RB, VRDN, 0.21%, 05/07/20(b)			39,340		39,340,000
Indiana Finance Authority, Series 2009D, RB, VRDN (Wells Fargo Bank NA LOC), 0.14%, 05/01/20(b)			3,000		3,000,000

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indiana (continued)
Indiana Finance Authority, Series 2011A, RB, VRDN (Northern Trust Co. SBPA), 0.22%, 05/07/20(b)	USD		2,000	$	2,000,000
Indiana Finance Authority, Series 2011D, RB, VRDN (Northern Trust Co. SBPA), 0.26%, 05/07/20(b)			4,000		4,000,000
Indiana Finance Authority, Series 2016B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.24%, 05/07/20(b)			12,300		12,300,000
Indiana Finance Authority, Series 2016C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20(b)			17,750		17,750,000
Trustees of Indiana University, Series 2019, 1.26%, 05/11/20(d)			2,315		2,315,208
Trustees of Indiana University, Series 2019, 1.17%, 05/11/20(d)			5,200		5,200,390
					114,485,598
Iowa — 3.7%(b)
Iowa Finance Authority, Series 2003B, RB, VRDN (Bank of America NA LOC), 0.22%, 05/07/20			18,410		18,410,000
Iowa Finance Authority, Series 2008B, RB, VRDN, 0.28%, 05/07/20			53,625		53,625,000
Iowa Finance Authority, Series 2012, RB, VRDN (Korea Development Bank LOC), 0.47%, 05/07/20(a)			90,325		90,325,000
Iowa Finance Authority, Series 2013B- 1, RB, VRDN (Union Bank NA LOC), 0.16%, 05/01/20			25,995		25,995,000
Iowa Finance Authority, Series 2015B, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20			900		900,000
Iowa Finance Authority, Series 2016A, RB, VRDN, 0.28%, 05/07/20			22,400		22,400,000
Iowa Finance Authority, Series 2016E, RB, VRDN (Fannie Mae LIQ), 0.25%, 05/07/20			6,970		6,970,000
Iowa Finance Authority, Series 2018C, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.26%, 05/07/20			6,910		6,910,000
Iowa Finance Authority, Series 2018F, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.16%, 05/01/20			5,000		5,000,000
					230,535,000
Kansas — 0.2%(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), 0.27%, 05/07/20			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), 0.26%, 05/07/20			6,500		6,500,000
					15,080,000
Kentucky — 0.6%
Kentucky Economic Development Financing Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LOC), 0.28%, 05/07/20(a)(b)(c)			4,960		4,960,000
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), 1.08%, 05/06/20(d)			10,000		9,999,970

Security		Par (000)		Value
Kentucky (continued)
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), 1.07%, 05/11/20(d)	USD		10,000	$	9,999,950
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), 0.65%, 07/28/20(d)			10,000		10,002,410
					34,962,330
Louisiana — 2.2%(b)
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Series 2008A, RB, VRDN (Citibank NA LOC), 0.23%, 05/07/20			26,970		26,970,000
Louisiana Public Facilities Authority, Series 2008B, RB, VRDN, 0.23%, 05/07/20			37,250		37,250,000
Louisiana Public Facilities Authority, Series 2010, RB, VRDN, 0.23%, 05/07/20			76,500		76,500,000
					140,720,000
Maryland — 2.3%
Baltimore County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0642, BAN, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c)			1,900		1,900,000
County of Anne Arundel, Series 2020, GO, 5.00%, 10/01/20(f)			7,420		7,546,829
County of Anne Arundel, Series 2020B, GO, 3.00%, 10/01/20(f)			2,470		2,492,396
County of Howard, Series 2020A, GO, 5.00%, 08/15/20(f)			645		652,360
County of Howard, Series 2020B, GO, 5.00%, 08/15/20			175		176,997
County of Montgomery, Series 2017E, GO, VRDN (US Bank NA SBPA), 0.15%, 05/01/20(b)			51,300		51,300,000
Maryland Economic Development Corp., Series 2008A, RB, VRDN, 0.25%, 05/07/20(b)			3,075		3,075,000
Maryland Health & Higher Educational Facilities Authority, Series 1985A, RB, VRDN (TD Bank NA LOC), 0.17%, 05/07/20(b)			14,800		14,800,000
Maryland Health & Higher Educational Facilities Authority, Series 1985B, RB, VRDN (TD Bank NA LOC), 0.18%, 05/07/20(b)			32,300		32,300,000
Maryland Health & Higher Educational Facilities Authority, Series 2000, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(b)			12,750		12,750,000
Maryland Health & Higher Educational Facilities Authority, Series 2009B, RB, VRDN (Bank of America NA LOC), 0.19%, 05/07/20(b)			7,330		7,330,000
Maryland Health & Higher Educational Facilities Authority, Series 2020A, 0.82%, 06/04/20(d)			8,870		8,874,329
State of Maryland, Series 2012B, GO, 5.00%, 08/01/20			200		202,150
State of Maryland, Series 2012E, GO, 4.50%, 08/01/20			325		328,101
State of Maryland, Series 2014B, GO, 5.00%, 08/01/20			495		500,320
Washington Suburban Sanitary District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XM0816, RB, VRDN (Barclays Bank plc LIQ), 0.25%, 05/07/20(a)(b)(c)			2,285		2,285,000
					146,513,482

44 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Massachusetts — 5.0%
Commonwealth of Massachusetts, Series 2006A, GO, VRDN (Barclays Bank plc SBPA), 0.15%, 05/01/20(b)	USD		5,800	$	5,800,000
Commonwealth of Massachusetts, Series 2019B, GO, 4.00%, 05/21/20			25,000		25,046,775
Commonwealth of Massachusetts, Series 2019C, GO, 4.00%, 06/18/20			20,000		20,086,616
Massachusetts Bay Transportation Authority, Series 2000A, Sub-Series A-1, RB, VRDN (Barclays Bank plc SBPA), 0.17%, 05/07/20(b)			10,275		10,275,000
Massachusetts Bay Transportation Authority, Series 2000A-2, RB, VRDN (Barclays Bank plc SBPA), 0.21%, 05/07/20(b)			8,500		8,500,000
Massachusetts Bay Transportation Authority, Series 2010-A, RB, VRDN, 0.52%, 11/26/20(b)			13,650		13,650,000
Massachusetts Bay Transportation Authority, Series 2018A, Sub-Series A-1, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.20%, 05/07/20(b)			29,770		29,770,000
Massachusetts Development Finance Agency, Series 2008A, RB, VRDN (Bank of America NA LOC), 0.15%, 05/01/20(b)			5,350		5,350,000
Massachusetts Development Finance Agency, Series 2008U-6C, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b)			15,000		15,000,000
Massachusetts Health & Educational Facilities Authority, Series 1997P-2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(b)			58,050		58,050,000
Massachusetts Health & Educational Facilities Authority, Series 2005, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)			35,660		35,660,000
Massachusetts Health & Educational Facilities Authority, Series 2008N-2, RB, VRDN (Wells Fargo Bank NA SBPA), 0.15%, 05/01/20(b)			28,900		28,900,000
Massachusetts Health & Educational Facilities Authority, Series 2020EE, 1.05%, 06/04/20(d)			30,500		30,499,726
Massachusetts State Transporting Fund, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0610, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c)			4,500		4,500,000
Massachusetts Water Resources Authority, Series 2008A-3, RB, VRDN (Wells Fargo Bank NA SBPA), 0.24%, 05/07/20(b)			5,185		5,185,000
University of Massachusetts Building Authority, Series 2011-1, RB, VRDN (Wells Fargo Bank NA SBPA), 0.21%, 05/07/20(b)			3,460		3,460,000
University of Massachusetts Building Authority, Series 2011-2, RB, VRDN, 0.52%, 11/26/20(b)			11,000		11,000,000
					310,733,117
Michigan — 2.2%
Board of Trustees of Michigan State University, Series 2020F, 1.07%, 05/07/20(d)			13,780		13,779,573
Board of Trustees of Michigan State University, Series 2020F, 1.05%, 05/21/20(d)			500		500,011
Board of Trustees of Michigan State University, Series 2020F, 1.08%, 05/21/20(d)			20,670		20,668,243
Central Michigan University, Series 2008A-2, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)			7,055		7,055,000

Security		Par (000)		Value
Michigan (continued)
Grand Valley State University, Series 2008B, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)	USD		18,090	$	18,090,000
Kent Hospital Finance Authority, Series 2008C, RB, VRDN (Bank of New York Mellon LOC), 0.23%, 05/07/20(b)			5,115		5,115,000
Lakeview School District, Series 2002B, GO, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)			4,715		4,715,000
L’Anse Creuse Public Schools, Series 2008, GO, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)			1,135		1,135,000
Michigan Building Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Wells Fargo Bank NA LIQ), 0.25%, 05/07/20(a)(b)(c)			4,000		4,000,000
Michigan Finance Authority, Series 2019A-1, 4.00%, 08/20/20			4,050		4,093,180
Michigan State Building Authority, Series II-B, RB, VRDN (Citibank NA LOC), 0.18%, 05/07/20(b)			2,620		2,620,000
Michigan State Housing Development Authority, Series 2006C, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b)			12,700		12,700,000
Michigan State University, Series 2000A-1, RB, VRDN (Royal Bank of Canada SBPA), 0.24%, 05/07/20(b)			9,980		9,980,000
Michigan State University, Series 2003A, RB, VRDN (Northern Trust Co. SBPA), 0.24%, 05/07/20(b)			23,965		23,965,000
Michigan State University, Series 2005, RB, VRDN (Royal Bank of Canada SBPA), 0.24%, 05/07/20(b)			3,840		3,840,000
Oakland University, Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.25%, 05/07/20(b)			5,935		5,935,000
					138,191,007
Minnesota — 1.6%
City of Minneapolis, Series 1997B, RB,
VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(b)			630		630,000
City of Minneapolis, Series 2009, RB,
VRDN (Wells Fargo Bank NA SBPA), 0.25%, 05/07/20(b)			6,900		6,900,000
City of Rochester, Series 2019A, RB,
VRDN (Federal Home Loan Bank LOC), 0.25%, 05/07/20(b)			15,000		15,000,000
Housing & Redevelopment Authority of The City of St Paul Minnesota, Series 2009C, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20(b)			2,520		2,520,000
Minnesota Housing Finance Agency, Series 2015G, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20(b)			2,115		2,115,000
Regents of the University of Minnesota, Series 2020F, 1.03%, 05/06/20(d)			44,100		44,097,398
University of Minnesota, Series 2020C, 1.03%, 06/04/20(d)			18,500		18,497,373
University of Minnesota, Series 2020G, 0.43%, 05/15/20(d)			8,977		8,977,009
					98,736,780

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Mississippi — 2.4%(b)
Mississippi Business Finance Corp., Series 2007B, RB, VRDN, 0.14%, 05/01/20	USD		4,075	$	4,075,000
Mississippi Business Finance Corp., Series 2007C, RB, VRDN, 0.14%, 05/01/20			8,300		8,300,000
Mississippi Business Finance Corp., Series 2009A, RB, VRDN, 0.14%, 05/01/20			13,175		13,175,000
Mississippi Business Finance Corp., Series 2009B, RB, VRDN, 0.14%, 05/01/20			6,400		6,400,000
Mississippi Business Finance Corp., Series 2009C, RB, VRDN, 0.14%, 05/01/20			9,920		9,920,000
Mississippi Business Finance Corp., Series 2010A, RB, VRDN, 0.25%, 05/07/20			4,840		4,840,000
Mississippi Business Finance Corp., Series 2010B, RB, VRDN, 0.25%, 05/07/20			19,735		19,735,000
Mississippi Business Finance Corp., Series 2010F, RB, VRDN, 0.25%, 05/07/20			29,280		29,280,000
Mississippi Business Finance Corp., Series 2010H, RB, VRDN, 0.14%, 05/01/20			12,800		12,800,000
Mississippi Business Finance Corp., Series 2010K, RB, VRDN, 0.14%, 05/01/20			12,350		12,350,000
Mississippi Business Finance Corp., Series 2010L, RB, VRDN, 0.14%, 05/01/20			12,700		12,700,000
Mississippi Business Finance Corp., Series 2011C, RB, VRDN, 0.14%, 05/01/20			7,860		7,860,000
Mississippi Business Finance Corp., Series 2011G, RB, VRDN, 0.14%, 05/01/20			7,585		7,585,000
					149,020,000
Missouri — 2.5%
City of Kansas City, Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(b)			2,100		2,100,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0678, RB, VRDN (Royal Bank of Canada LIQ), 0.26%, 05/07/20(a)(b)(c)			14,000		14,000,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0184, RB, VRDN (Citibank NA LOC), 0.27%, 05/07/20(a)(b)(c)			5,000		5,000,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0080, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c)			8,330		8,330,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019C-17, RB, VRDN (Royal Bank of Canada LOC), 0.27%, 05/07/20(a)(b)(c)			14,000		14,000,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series C-16, RB, VRDN (Royal Bank of Canada LOC), 0.29%, 05/07/20(a)(b)(c)			51,500		51,500,000
University of Missouri, Series 2007B, RB, VRDN, 0.15%, 05/07/20(b)			37,845		37,845,000
University of Missouri, Series 2020A, 0.38%, 05/13/20(d)			20,000		20,000,040
University of Missouri, Series 2020A, 0.89%, 06/05/20(d)			4,000		3,999,316
					156,774,356

Security		Par (000)		Value
Nebraska — 1.7%
Lincoln Nebraska Electric, Series 1995 (JP Morgan Chase Bank NA LOC), 1.35%, 07/01/20(d)	USD		30,500	$	30,521,777
Nebraska Investment Finance Authority, Series 2017C, RB, VRDN (Federal Home Loan Bank SBPA), 0.21%, 05/07/20(b)			37,200		37,200,000
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), 1.30%, 06/22/20(d)			14,650		14,659,113
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), 1.08%, 07/01/20(d)			2,510		2,509,435
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), 0.95%, 07/02/20(d)			15,000		14,996,640
Omaha Public Power District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2685, RB, VRDN (Citibank NA LIQ), 0.19%, 05/01/20(a)(b)(c)			5,400		5,400,000
					105,286,965
Nevada — 0.9%(b)
City of Reno, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20			17,475		17,475,000
City of Reno, Series 2009A, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20			31,090		31,090,000
County of Clark Department of Aviation, Series 2008D-2B, RB, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20			525		525,000
County of Clark Department of Aviation, Series 2008D-3, RB, VRDN (Bank of America NA LOC), 0.23%, 05/07/20			4,465		4,465,000
Nevada System of Higher Education, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XF2858, COP, VRDN (Barclays Bank plc LIQ), 0.29%, 05/07/20(a)(c)			2,650		2,650,000
					56,205,000
New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority Act, Series 2005A-2, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.17%, 05/01/20(b)			3,885		3,885,000
New Jersey — 0.7%(b)
New Jersey Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XX1091, RB, VRDN (Barclays Bank plc LOC), 0.25%, 05/07/20(a)(c)			11,545		11,545,000
New Jersey Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF2853, RB, VRDN (Barclays Bank plc LOC), 0.25%, 05/07/20(a)(c)			2,740		2,740,000
New Jersey Educational Facilities Authority, Series 2007C, RB, VRDN (TD Bank NA SBPA), 0.05%, 05/07/20			13,300		13,300,000
New Jersey Health Care Facilities Financing Authority, Series 2009D, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20			15,000		15,000,000

46 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
New Jersey (continued)
New Jersey State Housing & Mortgage Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LIQ), 0.25%, 05/07/20(a)(c)	USD		2,865	$	2,865,000
					45,450,000
New York — 14.8%
Battery Park City Authority, Series 2019D- 1, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(b)			10,000		10,000,000
City of New York, Series 2008, Sub-Series J-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.16%, 05/01/20(b)			8,500		8,500,000
City of New York, Series 2012G, Sub-Series G-3, GO, VRDN (Citibank NA LOC), 0.18%, 05/07/20(b)			1,750		1,750,000
City of New York, Series 2014D, Sub-Series D-4, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b)			29,775		29,775,000
City of New York, Series 2017A, Sub- Series A-5, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b)			6,645		6,645,000
City of New York, Series 2018A, Sub-Series B-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			48,510		48,510,000
City of New York, Series 2018B, Sub-Series B-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			23,355		23,355,000
City of New York, Series 2018D, Sub-Series D-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			20,400		20,400,000
City of New York, Series 2018E, Sub-Series E-5, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b)			22,725		22,725,000
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 0.32%, 05/07/20(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), 0.27%, 05/07/20(a)(b)(c)			4,595		4,595,000
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series E-126, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			30,500		30,500,000
New York City Housing Development Corp., Series 2006A, RB, VRDN (Fannie Mae LOC), 0.21%, 05/07/20(b)			8,175		8,175,000
New York City Housing Development Corp., Series 2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(b)			15,770		15,770,000
New York City Housing Development Corp., Series 2019A-4, RB, VRDN (RBC Capital Markets SBPA), 0.23%, 05/07/20(b)			2,950		2,950,000
New York City Municipal Water Finance, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Bank of America NA LIQ), 0.27%, 05/07/20(a)(b)(c)			2,000		2,000,000

Security		Par (000)		Value
New York (continued)
New York City Transitional Finance Authority Future Tax Secured, Series 2002, Sub- Series C-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b)	USD		10,300	$	10,300,000
New York City Transitional Finance Authority Future Tax Secured, Series 2002-3G, RB, VRDN (Bank of New York Mellon SBPA), 0.22%, 05/07/20(b)			6,410		6,410,000
New York City Transitional Finance Authority Future Tax Secured, Series 2010, Sub- Series G-6, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			34,550		34,550,000
New York City Transitional Finance Authority Future Tax Secured, Series 2011, Sub- Series A-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			40,950		40,950,000
New York City Transitional Finance Authority Future Tax Secured, Series 2013A, Sub- Series A-4, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20(b)			4,800		4,800,000
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub- Series C-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(b)			58,760		58,760,000
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- Series B-3, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			32,110		32,110,000
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- Series D-3, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.18%, 05/01/20(b)			6,200		6,200,000
New York City Transitional Finance Authority Future Tax Secured, Series 2019, Sub- Series C-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			16,215		16,215,000
New York City Transitional Finance Authority Future Tax Secured, Series 2019C, RB, 3.00%, 11/01/20			400		404,567
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- E120, RB, VRDN (Royal Bank of Canada LOC), 0.25%, 05/01/20(a)(b)(c)			12,200		12,200,000
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0607, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)(b)(c)			4,625		4,625,000
New York City Water & Sewer System, Series 2003, Sub-Series F-1-A, RB, VRDN (Barclays Bank plc SBPA), 0.20%, 05/07/20(b)			13,780		13,780,000
New York City Water & Sewer System, Series 2009, Sub-Series BB-1, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.20%, 05/01/20(b)			18,600		18,600,000
New York City Water & Sewer System, Series 2009BB-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.18%, 05/01/20(b)			19,895		19,895,000
New York City Water & Sewer System, Series 2011, Sub-Series FF-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b)			64,930		64,930,000

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
New York (continued)
New York City Water & Sewer System, Series 2012, Sub-Series A-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20(b)	USD		20,875	$	20,875,000
New York City Water & Sewer System, Series 2012A, Sub-Series A-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.18%, 05/01/20(b)			30,815		30,815,000
New York City Water & Sewer System, Series 2014AA, Sub-Series AA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20(b)			33,930		33,930,000
New York City Water & Sewer System, Series 2015, Sub-Series BB-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b)			14,470		14,470,000
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.10%, 05/06/20(d)			26,495		26,494,284
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.05%, 05/07/20(d)			2,000		1,999,944
New York Power Authority (JP Morgan Chase Bank NA SBPA), 0.95%, 05/14/20(d)			45,516		45,515,727
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.75%, 05/14/20(d)			6,506		6,506,820
New York Power Authority (State Street Bank & Trust Co. SBPA), 1.40%, 05/20/20(d)			5,000		5,000,595
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.30%, 06/18/20(d)			12,000		12,000,216
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(b)			4,655		4,655,000
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 0.20%, 05/07/20(b)			2,000		2,000,000
New York State Dormitory Authority, Series 2019C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.21%, 05/07/20(b)			7,400		7,400,000
New York State Dormitory Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2647, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c)			3,000		3,000,000
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(b)			50,000		50,000,000
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Freddie Mac LOC), 0.15%, 05/07/20(b)			850		850,000
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.17%, 05/01/20(b)			2,045		2,045,000
New York State Housing Finance Agency, Series 2016A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(b)			6,100		6,100,000
New York State Urban Development Corp., Series 2004A-3-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.21%, 05/07/20(b)			8,350		8,350,000
New York State Urban Development Corp., Series 2004A-3-C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.19%, 05/07/20(b)			34,900		34,900,000
New York State Urban Development Corp., Series 2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20(b)			2,090		2,090,000

Security		Par (000)		Value
New York (continued)
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), 0.26%, 05/07/20(a)(b)(c)	USD		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), 0.26%, 05/07/20(a)(b)(c)			7,865		7,865,000
Port Authority of New York & New Jersey, Series 2010B, 1.10%, 05/27/20(d)			5,000		4,999,400
					926,041,553
North Carolina — 1.9%(b)
Charlotte-Mecklenburg Hospital Authority (The), Series 2007E, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20			12,870		12,870,000
City of Charlotte, Series 2013G, COP, VRDN (Wells Fargo Bank NA LIQ), 0.15%, 05/07/20			9,890		9,890,000
City of Raleigh, Series 2004A, COP, VRDN (Wells Fargo Bank NA SBPA), 0.22%, 05/07/20			43,610		43,610,000
City of Raleigh, Series 2005B-1, COP, VRDN (Wells Fargo Bank NA SBPA), 0.22%, 05/07/20			52,876		52,876,000
University of Chapel Hill Union, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0262, RB, VRDN (Bank of America NA LIQ), 0.32%, 05/07/20(a)(c)			640		640,000
					119,886,000
North Dakota — 0.0%
North Dakota Housing Finance Agency, Series 2017H, RB, VRDN (Federal Home Loan Bank SBPA), 0.25%, 05/07/20(b)			2,745		2,745,000
Ohio — 4.0%
Akron Bath Copley Joint Township Hospital District, Series 2018B, RB, VRDN (BMO Harris Bank NA LOC), 0.24%, 05/07/20(b)			6,850		6,850,000
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, Series G-54, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			3,050		3,050,000
City of Kirtland, Series 2019, BAN, GO, 2.75%, 06/18/20			1,915		1,920,052
Cleveland Ohio Water, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018E-119, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			10,000		10,000,000
County of Franklin, Series 2008B, RB, VRDN, 0.15%, 05/07/20(b)			2,400		2,400,000
County of Franklin, Series 2009A, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b)			20,520		20,520,000
County of Franklin, Series 2011DD-1, RB, VRDN, 0.23%, 05/07/20(b)			2,500		2,500,000
County of Franklin, Series 2013, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b)			41,270		41,270,000
County of Franklin, Series 2014, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b)			10,735		10,735,000
County of Franklin, Series 2015B, RB, VRDN, 0.15%, 05/07/20(b)			7,400		7,400,000

48 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ohio (continued)
County of Franklin, Series 2017B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b)	USD		45,615	$	45,615,000
County of Franklin, Series 2018C, RB, VRDN, 0.23%, 05/07/20(b)			11,600		11,600,000
Forest Hills Ohio Local School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-30, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			4,600		4,600,000
Miami County Ohio Hospital Facilities, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			3,000		3,000,000
RBC Municipal Products, Inc. Trust, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019E, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			11,800		11,800,000
State of Ohio, Series 2019C, RB, VRDN, 0.20%, 05/07/20(b)			41,125		41,125,000
State of Ohio, Series 2019E, RB, VRDN (PNC Bank NA SBPA), 0.12%, 05/01/20(b)			26,500		26,500,000
					250,885,052
Oregon — 0.2%(b)
Oregon State Facilities Authority, Series 2005A, RB, VRDN (Fannie Mae LOC), 0.29%, 05/07/20			8,775		8,775,000
Oregon State Facilities Authority, Series 2018B, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20			4,100		4,100,000
					12,875,000
Pennsylvania — 3.9%(b)
Allegheny County Hospital Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017E-111, RB, VRDN (Royal Bank of Canada LOC), 0.25%, 05/01/20(a)(c)			10,000		10,000,000
Beaver County Industrial Development Authority, Series 2018A, RB, VRDN (BMO Harris Bank NA LOC), 0.24%, 05/07/20			3,380		3,380,000
Bucks County Industrial Development Authority, Series 2008A, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20			23,155		23,155,000
City of Philadelphia Water & Wastewater, Series 1997B, RB, VRDN (TD Bank NA LOC), 0.18%, 05/07/20			1,650		1,650,000
Cumberland County Municipal Authority, Series 2019, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20			16,700		16,700,000
Emmaus General Authority, Series 1996, RB, VRDN (Wells Fargo Bank NA SBPA), 0.15%, 05/07/20			44,605		44,605,000
Geisinger Authority, Series 2005A, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20			28,265		28,265,000
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0543, RB, VRDN (Royal Bank of Canada LIQ), 0.26%, 05/07/20(a)(c)			4,000		4,000,000

Security		Par (000)		Value
Pennsylvania (continued)
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0613, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c)	USD		4,325	$	4,325,000
General Authority of Southcentral Pennsylvania, Series 2003, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.35%, 05/07/20			3,140		3,140,000
General Authority of Southcentral Pennsylvania, Series 2019C, RB, VRDN (Bank of America NA LIQ), 0.26%, 05/07/20			10,500		10,500,000
General Authority of Southcentral Pennsylvania, Series 2019D, RB, VRDN (Bank of America NA LIQ), 0.26%, 05/07/20			18,500		18,500,000
Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2005A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.16%, 05/01/20			1,600		1,600,000
Lancaster Industrial Development Authority, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20			10,970		10,970,000
Lycoming County Authority, Series 2013-S1, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.30%, 05/07/20			2,770		2,770,000
Montgomery County Industrial Development Authority, Series 2002, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20			2,000		2,000,000
Pennsylvania Economic Development Financing Authority, Series 2007, RB, VRDN (TD Bank NA LOC), 0.18%, 05/07/20			13,300		13,300,000
Pennsylvania State Housing Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0721, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c)			3,480		3,480,000
Pennsylvania State University (The), Series 2009B, RB, VRDN, 1.58%, 06/01/20			5,200		5,200,000
Pennsylvania Turnpike Commission, Series 2019, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20			22,050		22,050,000
Philadelphia Authority for Industrial, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF2836, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(c)			3,930		3,930,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank NA SBPA), 0.23%, 05/07/20			2,610		2,610,000
Westmoreland County Muni Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), 0.25%, 05/07/20(a)(c)			8,595		8,595,000
Wilkes-Barre Area School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Bank of America NA LOC), 0.32%, 05/07/20(a)(c)			2,280		2,280,000
					247,005,000

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Rhode Island — 0.3%(b)
Rhode Island Health & Education Building Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XM0721, RB, VRDN (Wells Fargo Bank NA LIQ), 0.25%, 05/07/20(a)(c)	USD		8,250	$	8,250,000
Rhode Island Industrial Facilities Corp., Series 2001, RB, VRDN, 0.14%, 05/01/20			11,445		11,445,000
					19,695,000
South Carolina — 0.8%(b)
City of Columbia Waterworks & Sewer System, Series 2009, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20			21,400		21,400,000
South Carolina Public Service Authority, Series 2019A, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20			29,000		29,000,000
					50,400,000
South Dakota — 0.2%
South Dakota Housing Development Authority, Series 2020B, RB, VRDN, 0.20%, 05/07/20(b)			12,700		12,700,000
Tennessee — 0.9%
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), 1.00%, 05/20/20(d)			15,750		15,748,724
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), 1.10%, 06/03/20(d)			5,000		5,000,745
Clarksville Public Building Authority, Series 1999, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(b)			3,525		3,525,000
Metropolitan Government of Nashville & Davidson County, Series 2019B-1 (JP Morgan Chase Bank NA SBPA), 1.18%, 05/05/20(d)			9,000		9,000,360
Metropolitan Government of Nashville & Davidson County, Series 2019B-2 (MUFG Union Bank NA SBPA), 1.18%, 05/05/20(d)			12,500		12,500,500
Tennessee Housing Development Agency Resident, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-YX1087, RB, VRDN (Barclays Bank plc LIQ), 0.25%, 05/07/20(a)(b)(c)			10,595		10,595,000
					56,370,329
Texas — 18.3%
Abilene Texas, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-31, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			12,355		12,355,000
Austin Electric Utility System, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0220, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.32%, 05/07/20(a)(b)(c)			27,745		27,745,000
Bexar County Housing Finance Corp., Series 2000, RB, VRDN (Fannie Mae LOC), 0.25%, 05/07/20(b)			2,905		2,905,000
Brazos County Texas Health Facilities Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-BAML5021, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(a)(b)(c)			10,790		10,790,000
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 0.25%, 05/07/20(b)			11,680		11,680,000
City of Austin Water & Wastewater System, Series 2008, RB, VRDN (Barclays Bank plc LOC), 0.22%, 05/07/20(b)			6,890		6,890,000

Security		Par (000)		Value
Texas (continued)
City of Garland (Sumitomo Mitsui Banking Corp. LOC), 0.60%, 06/24/20(d)	USD		5,000	$	5,000,285
City of Garland, Series 2018 (Bank of America NA LOC), 1.12%, 05/06/20(d)			18,600		18,600,056
City of Garland, Series 2018 (Bank of America NA LOC), 0.45%, 06/16/20(d)			5,000		5,000,075
City of Houston, Series 2020B-4 (PNC Bank NA LOC), 1.05%, 05/28/20(d)			6,000		5,999,388
City of Houston Combined Utility System, Series 2004B-3, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.21%, 05/07/20(b)			2,800		2,800,000
City of Houston Combined Utility System, Series 2004B-4, RB, VRDN (PNC Bank NA LOC), 0.21%, 05/07/20(b)			10,000		10,000,000
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 1.10%, 05/13/20(d)			22,500		22,498,695
City of San Antonio, Series 2013, GO, 5.00%, 02/01/21			770		793,390
City of San Antonio, Series 2020A (Bank of America NA SBPA), 1.15%, 07/01/20(d)			7,000		7,000,203
County of Harris, Series 2020E-1 (Landesbank Hessen Thueringen Girozentrale LOC), 1.10%, 05/05/20(d)			5,100		5,100,010
Dallas Area Rapid Transit, Series 2019IIA (JP Morgan Chase Bank NA SBPA), 1.22%, 05/14/20(d)			7,500		7,500,630
Dallas Texas Water Works & Swear System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2697, RB, VRDN (Citibank NA LIQ), 0.19%, 05/07/20(a)(b)(c)			6,000		6,000,000
Eanes Independent School District, Series 2015A, GO, 4.00%, 08/01/20			505		509,012
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.05%, 05/29/20(d)			6,000		6,000,102
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.04%, 05/29/20(d)			10,000		9,999,880
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.18%, 05/29/20(d)			10,000		9,999,560
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.17%, 05/29/20(d)			8,500		8,500,119
Harris County Cultural Education Facilities Finance Corp., Series 2008, Sub-Series C-2, RB, VRDN, 0.16%, 05/01/20(b)			33,650		33,650,000
Harris County Cultural Education Facilities Finance Corp., Series 2020C-1, 0.21%, 05/01/20(d)			61,600		61,600,062
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 2.10%, 05/05/20(d)			32,955		32,956,088
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 1.18%, 06/11/20(d)			8,650		8,648,936
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 1.05%, 07/09/20(d)			81,960		82,007,209
Harris County Health Facilities Development Corp., Series 2008A-1, RB, VRDN, 0.16%, 05/01/20(b)			28,460		28,460,000

50 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Texas (continued)
Harris County Health Facilities Development Corp., Series 2008A-2, RB, VRDN, 0.16%, 05/01/20(b)	USD		70,510	$	70,510,000
Hurst-Euless-Bedford Independent School District, Series 2011, GO, 5.00%, 08/15/20(e)			10,000		10,122,766
Katy Independent School District, Series 2020, GO, 5.00%, 02/15/21(f)			1,500		1,548,187
Lamar Texas Cons Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series G-18, GO, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20(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), 0.26%, 05/07/20(a)(b)(c)			10,520		10,520,000
Lower Colorado River Authority (State Street Bank & Trust Co. LOC), 0.70%, 05/14/20(d)			4,000		4,000,000
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), 0.32%, 05/07/20(a)(b)(c)			16,520		16,520,000
Pasadena Independent School District, Series 2005-B, GO, VRDN (JP Morgan Chase Bank NA SBPA), 0.25%, 05/07/20(b)			18,365		18,365,000
Port of Arthur Navigation District Industrial Development Corp., Series 2010A, RB, VRDN, 0.43%, 05/07/20(b)			3,000		3,000,000
Port of Arthur Navigation District Industrial Development Corp., Series 2012, RB, VRDN, 0.43%, 05/07/20(b)			9,500		9,500,000
Port of Port Arthur Navigation District, Series 2002C, RB, VRDN, 0.43%, 05/07/20(b)			1,500		1,500,000
Red River Education Finance Corp., Series 2000, RB, VRDN (Northern Trust Co. SBPA), 0.23%, 05/07/20(b)			26,400		26,400,000
San Antonio Electric & Gas, Series 2020B (State Street Bank & Trust Co. SBPA), 0.79%, 09/10/20(d)			3,800		3,796,842
South Texas Community College District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018G- 35, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)			7,135		7,135,000
State of Texas, Series 2012B, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b)			1,170		1,170,000
State of Texas, Series 2013A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b)			12,250		12,250,000
State of Texas, Series 2014A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b)			9,625		9,625,000
State of Texas, Series 2014D, GO, VRDN (Federal Home Loan Bank SBPA), 0.24%, 05/07/20(b)			31,235		31,235,000
State of Texas, Series 2015A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b)			22,445		22,445,000
State of Texas, Series 2018, GO, VRDN (Federal Home Loan Bank LIQ), 0.25%, 05/07/20(b)			1,250		1,250,000
State of Texas, Series 2019, TAN, 4.00%, 08/27/20			189,790		191,881,277

Security		Par (000)		Value
Texas (continued)
Tarrant County Cultural Education Facilities Finance Corp., Series 2008A, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b)	USD		30,635	$	30,635,000
Texas Water Development Board, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2201, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)(b)(c)			300		300,000
Tomball Independent School District, Series 2020, GO, 5.00%, 02/15/21(f)			375		386,837
University of Texas System (The), 0.31%, 07/10/20(d)			25,000		25,000,125
University of Texas System (The), Series 2008B, RB, VRDN (University of Texas System (The) LIQ), 0.20%, 05/07/20(b)			5,980		5,980,000
University of Texas System (The), Series 2019A, 1.15%, 05/22/20(d)			25,000		25,003,350
University of Texas System (The), Series 2019A, 1.29%, 05/27/20(d)			15,500		15,501,891
University of Texas System (The), Series 2020A, 1.00%, 05/06/20(d)			25,000		25,000,050
University of Texas System (The), Series 2020A, 1.10%, 05/08/20(d)			22,000		22,000,088
University of Texas System (The), Series 2020A, 0.65%, 05/13/20(d)			3,000		3,000,174
University of Texas System (The), Series 2020A, 1.02%, 05/15/20(d)			35,000		35,000,280
University of Texas System (The), Series 2020A, 1.02%, 05/21/20(d)			25,000		25,001,975
University of Texas System (The), Series 2020A, 1.03%, 06/03/20(d)			25,000		25,000,500
					1,149,313,042
Utah — 3.0%(b)
City of Murray, Series 2003A, RB, VRDN, 0.18%, 05/07/20			36,425		36,425,000
City of Murray, Series 2003B, RB, VRDN, 0.18%, 05/07/20			7,455		7,455,000
City of Murray, Series 2003D, RB, VRDN, 0.15%, 05/01/20			12,200		12,200,000
County of Utah, Series 2016C, RB, VRDN (BMO Harris Bank NA SBPA), 0.18%, 05/07/20			67,925		67,925,000
County of Utah, Series 2016E, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20			9,805		9,805,000
County of Utah, Series 2018C, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20			19,640		19,640,000
County of Weber, Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20			21,700		21,700,000
County of Weber, Series 2000C, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20			6,135		6,135,000
Intermountain Power Agency Utah Power, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- E142, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(c)			2,280		2,280,000
Utah County Utah Hospital, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Wells Fargo Bank NA LIQ), 0.25%, 05/07/20(a)(c)			1,910		1,910,000
					185,475,000

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Virginia — 0.9%(b)
Fairfax County Industrial Development Authority, Series 2016C, RB, VRDN, 0.25%, 05/07/20	USD		2,415	$	2,415,000
Fairfax County Industrial Development Authority, Series 2018C, RB, VRDN, 0.25%, 05/07/20			16,500		16,500,000
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 0.29%, 05/07/20(a)(c)			4,400		4,400,000
Loudoun County Economic Development Authority, Series 2003A, RB, VRDN, 0.20%, 05/07/20			7,705		7,705,000
Norfolk Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XG0183, RB, VRDN (Barclays Bank plc LIQ), 0.25%, 05/07/20(a)(c)			12,860		12,860,000
Roanoke Economic Development Authority, Series 2020, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20			5,560		5,560,000
Virginia Commonwealth Transportation Board Trust, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0659, RB, VRDN (Royal Bank of Canada LIQ), 0.26%, 05/07/20(a)(c)			6,000		6,000,000
					55,440,000
Washington — 0.7%
County of King, Series 2019A, GO, VRDN (TD Bank NA SBPA), 0.16%, 05/01/20(b)			975		975,000
Port of Tacoma, Series 2008B, RB, VRDN (Bank of America NA LOC), 0.25%, 05/07/20(b)			2,800		2,800,000
State of Washington, Series R-2020C, GO, 5.00%, 01/01/21			3,000		3,081,930
State of Washington, Series R-2020D, GO, 4.00%, 07/01/20			1,125		1,130,655
State of Washington, Series R-2020D, GO, 5.00%, 01/01/21			265		272,237
Washington Higher Education Facilities Authority, Series 2004, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20(b)			15,985		15,985,000
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2527, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(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), 0.26%, 05/07/20(a)(b)(c)			6,240		6,240,000
Washington State Housing Finance Commission, Series 2008, RB, VRDN (Wells Fargo Bank NA LOC), 0.10%, 05/07/20(b)			7,355		7,355,000
Washington State Housing Finance Commission, Series 2014, RB, VRDN (East West Bank LOC), 0.19%, 05/07/20(b)			1,635		1,635,000
Washington State Housing Finance Commission, Series 2016VR-1N, RB, VRDN (Royal Bank of Canada SBPA), 0.28%, 05/07/20(b)			3,300		3,300,000
					44,649,822

Security		Par (000)		Value
West Virginia — 0.3%
West Virginia Hospital Finance Authority, Series 2018C, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b)	USD		20,000	$	20,000,000
Wisconsin — 1.6%(b)
Public Finance Authority, Series 2019B, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20			7,000		7,000,000
Public Finance Authority, Series 2019C, RB, VRDN (Barclays Bank plc LOC), 0.18%, 05/01/20			5,000		5,000,000
University of Wisconsin Hospitals & Clinics, Series 2009B, RB, VRDN (US Bank NA LOC), 0.21%, 05/07/20			26,750		26,750,000
Wisconsin Housing & Economic Development Authority, Series 2011A, RB, VRDN (Federal Home Loan Bank SBPA), 0.23%, 05/07/20			3,035		3,035,000
Wisconsin Housing & Economic Development Authority, Series 2015C, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20			5,000		5,000,000
Wisconsin Housing & Economic Development Authority, Series 2017C, RB, VRDN (Federal Home Loan Bank SBPA), 0.26%, 05/07/20			7,355		7,355,000
Wisconsin Housing & Economic Development Authority, Series 2017D, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20			9,200		9,200,000
Wisconsin Housing & Economic Development Authority, Series 2018C, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20			17,865		17,865,000
Wisconsin Housing & Economic Development Authority, Series 2019B, RB, VRDN (Federal Home Loan Bank SBPA), 0.25%, 05/07/20			17,400		17,400,000
					98,605,000
Wyoming — 0.2%
Wyoming Community Development Authority, Series 2018-2, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20(b)			9,750		9,750,000
Total Municipal Bonds — 97.5% (Cost: $6,114,181,174)					6,114,669,327
Closed-End Investment Companies — 2.5%(b)
California — 0.6%
Nuveen California AMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.22%, 05/07/20			12,000		12,000,000
Nuveen California AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LIQ), 0.22%, 05/07/20(a)			25,000		25,000,000
					37,000,000
New York — 1.5%
Nuveen AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LOC), 0.32%, 05/07/20			14,300		14,300,000
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), 0.29%, 05/07/20			49,500		49,500,000
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Toronto- Dominion Bank LIQ), 0.26%, 05/07/20(a)			30,000		30,000,000
					93,800,000

52 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 April 30, 2020 MuniCash (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Other — 0.4%
Nuveen AMT-Free Municipal Credit Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.30%, 05/07/20	USD		19,000	$	19,000,000
Nuveen AMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.30%, 05/07/20(a)			6,900		6,900,000
					25,900,000
Total Closed-End Investment Companies — 2.5% (Cost: $156,700,000)					156,700,000
Total Investments — 100.0% (Cost: $6,270,881,174)(g)					6,271,369,327
Liabilities in Excess of Other Assets — (0.0)%					(2,179,188	)
Net Assets — 100.0%				$	6,269,190,139

^(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)  Rates are the current rate or a range of current rates as of period end.

^(e)  U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(f)  When-issued security.

^(g)  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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities (a)	$	—	$	6,271,369,327	$	—	$	6,271,369,327

^(a)  See above Schedule of Investments for values in each state.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) April 30, 2020 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 97.5%
Alaska — 2.7%
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20(a)		USD    2,800	$	2,800,000
Colorado — 1.4%(a)
City of Colorado Springs Utilities System, Series 2006B, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.29%, 05/07/20		500		500,000
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(b)(c)		1,000		1,000,000
				1,500,000
District of Columbia — 1.8%(a)
District of Columbia, Series 2007A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.35%, 05/07/20		900		900,000
Metropolitan Wash Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XG0267, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(b)(c)		950		950,000
				1,850,000
Florida — 4.8%(a)
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 0.26%, 05/07/20		1,340		1,340,000
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.20%, 05/07/20		3,700		3,700,000
				5,040,000
Illinois — 1.3%(a)
Illinois Finance Authority, Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 0.26%, 05/07/20		225		225,000
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(b)(c)		1,135		1,135,000
				1,360,000
Kansas — 1.0%
Wyandotte County Kansas USD, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-23, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		1,000		1,000,000
Maryland — 2.6%(a)
Maryland Health & Higher Educational Facilities Authority, Series 2008D, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20		800		800,000
Maryland Health & Higher Educational Facilities Authority, Series 2018, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(c)		1,925		1,925,000
				2,725,000
Massachusetts — 1.9%
Boston Water & Sewer Commission, Series 2020A (State Street Bank & Trust Co. LOC), 1.04%, 05/06/20(d)		2,000		2,000,000

Security	Par (000)		Value
Michigan — 6.0%
Board of Trustees of Michigan State University, Series 2020F, 1.07%, 05/07/20(d)		USD    2,300	$	2,300,000
Michigan Finance Authority, Series 2019A-1, 4.00%, 08/20/20		1,000		1,008,082
University of Michigan, Series 2012B, RB, VRDN, 0.10%, 05/01/20(a)		3,000		3,000,000
				6,308,082
Minnesota — 4.2%
City of Minneapolis, Series 1997B, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(a)		4,400		4,400,000
Mississippi — 4.6%(a)
Mississippi Business Finance Corp., Series 2007B, RB, VRDN, 0.14%, 05/01/20		1,500		1,500,000
Mississippi Business Finance Corp., Series 2007E, RB, VRDN, 0.14%, 05/01/20		700		700,000
Mississippi Business Finance Corp., Series 2009A, RB, VRDN, 0.14%, 05/01/20		400		400,000
Mississippi Business Finance Corp., Series 2009B, RB, VRDN, 0.14%, 05/01/20		1,575		1,575,000
Mississippi Business Finance Corp., Series 2010K, RB, VRDN, 0.14%, 05/01/20		700		700,000
				4,875,000
Missouri — 5.1%(a)
City of Kansas City, Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20		2,400		2,400,000
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series C-16, RB, VRDN (Royal Bank of Canada LOC), 0.29%, 05/07/20(b)(c)		3,000		3,000,000
				5,400,000
Nevada — 4.3%(a)
City of Reno, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20		4,000		4,000,000
Nevada System of Higher Education, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XF2858, COP, VRDN (Barclays Bank plc LIQ), 0.29%, 05/07/20(b)(c)		500		500,000
				4,500,000
New Hampshire — 2.3%
New Hampshire Health and Education Facilities Authority Act, Series 2005A-2, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.17%, 05/01/20(a)		2,400		2,400,000
New York — 9.2%(a)
City of New York, Series 2006I, Sub-Series I-4, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20		1,000		1,000,000
City of New York, Series 2015F-6, GO, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20		200		200,000
Metropolitan Transportation Authority, Series 2008A-1, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20		1,000		1,000,000
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- Series C-6, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.28%, 05/07/20		560		560,000

54 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York City Transitional Finance Authority Future Tax Secured, Series 2019, Sub- Series C-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20		USD    2,200	$	2,200,000
New York City Water & Sewer System, Series 2012, Sub-Series A-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20		450		450,000
New York City Water & Sewer System, Series 2014AA, Sub-Series AA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20		4,100		4,100,000
New York City Water & Sewer System, Series 2017BB, RB, VRDN (Bank of Montreal SBPA), 0.15%, 05/01/20		100		100,000
				9,610,000
North Carolina — 0.3%
Charlotte-Mecklenburg Hospital Authority (The), Series 2007E, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(a)		325		325,000
Ohio — 4.1%
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, Series G-54, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		1,000		1,000,000
City of Kirtland, Series 2019, BAN, GO, 2.75%, 06/18/20		500		500,775
County of Franklin, Series 2018D, RB, VRDN, 0.24%, 05/07/20(a)		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), 0.27%, 05/07/20(a)(b)(c)		350		350,000
RBC Municipal Products, Inc. Trust, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019E, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		1,000		1,000,000
				4,350,775
Pennsylvania — 3.4%(a)
Geisinger Authority, Series 2005A, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20		1,200		1,200,000
Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2005A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.16%, 05/01/20		400		400,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank NA SBPA), 0.23%, 05/07/20 .		1,920		1,920,000
				3,520,000
Tennessee — 0.9%
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), 1.00%, 05/20/20(d)		1,000		1,000,000
Texas — 28.0%
Brazos County Texas Health Facilities Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-BAML5021, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(a)(b)(c)		900		900,000
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 0.25%, 05/07/20(a)		1,720		1,720,000
City of Garland, Series 2018 (Bank of America NA LOC), 1.12%, 05/06/20(d)		1,100		1,100,000

Security	Par (000)		Value
Texas (continued)
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 1.10%, 05/13/20(d)		USD    3,100	$	3,100,000
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 0.95%, 05/13/20(d)		2,000		2,000,000
City of San Antonio, Series 2020A (Bank of America NA SBPA), 1.15%, 07/01/20(d)		1,500		1,500,000
Dallas Area Rapid Transit, Series 2019IIA (JP Morgan Chase Bank NA SBPA), 1.22%, 05/14/20(d)		1,000		1,000,000
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.17%, 05/29/20(d)		1,500		1,500,000
Harris County Cultural Education Facilities Finance Corp., Series 2008, Sub-Series C-2, RB, VRDN, 0.16%, 05/01/20(a)		2,200		2,200,000
Harris County Health Facilities Development Corp., Series 2008A-2, RB, VRDN, 0.16%, 05/01/20(a)		500		500,000
Leander Texas Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series G-62, GO, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20(a)(b)(c)		2,000		2,000,000
Port of Arthur Navigation District Industrial Development Corp., Series 2010A, RB, VRDN, 0.43%, 05/07/20(a)		1,000		1,000,000
State of Texas, Series 2019, TAN, 4.00%, 08/27/20		4,500		4,539,086
Tarrant County Cultural Education Facilities Finance Corp., Series 2008A, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(a)		1,200		1,200,000
Texas A&M University, Series 2020B, 1.05%, 06/02/20(d)		2,175		2,175,000
University of Texas System (The), Series 2019A, 1.29%, 05/27/20(d)		2,000		2,000,000
University of Texas System (The), Series 2020A, 1.10%, 05/08/20(d)		1,000		1,000,000
				29,434,086
Utah — 3.0%(a)
City of Murray, Series 2003D, RB, VRDN, 0.15%, 05/01/20		300		300,000
County of Utah, Series 2018C, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20		2,700		2,700,000
County of Weber, Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20		200		200,000
				3,200,000
Virginia — 0.7%
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 0.29%, 05/07/20(a)(b)(c)		700		700,000

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) April 30, 2020 MuniFund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington — 1.5%(a)
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XX1106, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20(b)(c)		USD    1,000	$	1,000,000
Washington State Housing Finance Commission, Series 2000, RB, VRDN (Wells Fargo Bank NA LOC), 0.22%, 05/07/20		570		570,000
				1,570,000
Wisconsin — 2.4%(a)
Public Finance Authority, Series 2019B, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20		1,980		1,980,000
University of Wisconsin Hospitals & Clinics, Series 2018C, RB, VRDN (BMO Harris Bank NA SBPA), 0.18%, 05/01/20		500		500,000
				2,480,000
Total Municipal Bonds — 97.5% (Cost: $102,347,943)				102,347,943

Security	Par (000)		Value
Closed-End Investment Companies — 2.1%
New York — 2.1%(a)
Nuveen AMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LOC), 0.32%, 05/07/20		USD    700	$	700,000
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), 0.29%, 05/07/20		1,500		1,500,000
				2,200,000
Total Closed-End Investment Companies — 2.1% (Cost: $2,200,000)				2,200,000
Total Investments — 99.6% (Cost: $104,547,943)(e)				104,547,943
Other Assets Less Liabilities — 0.4%				447,192
Net Assets — 100.0%			$	104,995,135

^(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)  Rates are the current rate or a range of current rates as of period end.

^(e)  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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities(a)	$	—	$	104,547,943	$	—	$	104,547,943

^(a)  See above Schedule of Investments for values in each state.

See notes to financial statements.

56 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2020 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 83.1%
California — 83.1%
Abag Finance Authority for Nonprofit Corp., Series 2009C, RB, VRDN (Citibank NA LOC), 0.18%, 05/07/20(a)		USD    150	$	150,000
Abag Finance Authority for Nonprofit Corp., Series 2011A, RB, VRDN (Freddie Mac LOC), 0.12%, 05/07/20(a)		950		950,000
Alameda County Joint Powers Authority (MUFG Union Bank NA LOC), 1.00%, 05/05/20		1,000		1,000,002
Bay Area Toll Authority, Series 2007C-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.10%, 05/07/20(a)		100		100,000
Bay Area Toll Authority, Series 2008C-1, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.12%, 05/07/20(a)		395		395,000
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 0.25%, 05/07/20(a)(b)(c)		4,200		4,200,000
California Educational Facilities Authority, Series 2006B, RB, VRDN, 0.18%, 05/07/20(a)		200		200,000
California Health Facilities Financing Authority, Series 2008-B1, RB, VRDN, 0.20%, 05/07/20(a)		800		800,000
California Health Facilities Financing Authority, Series 2009B, RB, VRDN (US Bank NA LOC), 0.13%, 05/07/20(a)		4,300		4,300,000
California Health Facilities Financing Authority, Series 2009D, RB, VRDN (US Bank NA LOC), 0.13%, 05/07/20(a)		1,795		1,795,000
California Health Facilities Financing Authority, Series 2011B, RB, VRDN (Bank of Montreal LOC), 0.12%, 05/07/20(a)		1,350		1,350,000
California Health Facilities Financing Authority, Series 2011C, RB, VRDN (Bank of Montreal LOC), 0.18%, 05/07/20(a)		700		700,000
California Health Facilities Financing Authority, Series 2012B, RB, VRDN, 0.11%, 05/07/20(a)		13,150		13,150,000
California Health Facilities Financing Authority, Series 2012C, RB, VRDN, 0.10%, 05/07/20(a)		1,015		1,015,000
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c)		2,300		2,300,000
California Municipal Finance Authority, Series 2010A, RB, VRDN, 0.13%, 05/01/20(a)		12,575		12,575,000
California Pollution Control Financing Authority, Series 1997B, RB, VRDN, 0.14%, 05/01/20(a)		10,750		10,750,000
California State University Institute, Series 2020A (Wells Fargo & Co. LOC), 1.00%, 05/06/20		2,300		2,299,938
California Statewide Communities Development Authority, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.12%, 05/01/20(a) .		3,560		3,560,000
California Statewide Communities Development Authority, Series 2017BB, RB, VRDN (Federal Home Loan Bank LOC), 0.29%, 05/07/20(a)		9,200		9,200,000

Security	Par (000)		Value
California (continued)
California University of Sciences & Medicine, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(b)(c)		USD    20,475	$	20,475,000
Chino Valley California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XM0836, GO, VRDN (Toronto-Dominion Bank LIQ), 0.22%, 05/07/20(a)(b)(c)		3,940		3,940,000
City of Los Angeles Department of Airports, Series 2020A-3 (Wells Fargo Bank NA LOC), 1.30%, 07/01/20		2,490		2,491,387
City of Modesto, Series 2008A, COP, VRDN (JP Morgan Chase Bank NA LOC), 0.10%, 05/07/20(a)		9,180		9,180,000
City of Riverside Electric Revenue, Series 2011A, RB, VRDN (Bank of America NA LOC), 0.17%, 05/07/20(a)		5,600		5,600,000
Cupertino Union School District, Series 2011B, GO, 5.00%, 08/01/20		1,080		1,091,207
Del Mar California, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0259, VRDN (Bank of America NA LOC), 0.29%, 05/07/20(a)(b)(c)		2,655		2,655,000
Desert Sands Unified School District, Series 2015, GO, 5.00%, 08/01/20		350		353,606
East Bay Municipal Utility District Water System, Series 2008A-1, RB, VRDN (Wells Fargo Bank NA SBPA), 0.10%, 05/07/20(a)		570		570,000
Eastern Municipal Water District, Series 2017A, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.19%, 05/07/20(a)		1,300		1,300,000
Eastern Municipal Water District, Series 2017B, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.18%, 05/07/20(a)		5,895		5,895,000
Gilroy California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.23%, 05/07/20(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), 0.22%, 05/07/20(a)(b)(c)		1,150		1,150,000
Imperial Irrigation District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 0.28%, 05/07/20(a)(b)(c)		7,500		7,500,000
Long Beach California Community College, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c)		10,395		10,395,000
Long Beach California University School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF0862, GO, VRDN (Toronto-Dominion Bank NA LIQ), 0.22%, 05/07/20(a)(b)(c)		300		300,000
Los Angeles California Housing Department, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c)		1,875		1,875,000

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) April 30, 2020 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Los Angeles California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0703, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c)		USD    2,225	$	2,225,000
Los Angeles County Housing Authority, Series 2020C (Wells Fargo Bank NA LOC), 0.95%, 05/06/20		500		500,001
Los Angeles County Housing Authority, Series 2020D (State Street Bank & Trust Co. LOC), 0.95%, 05/06/20		1,400		1,400,003
Los Angeles Department of Water, Series 2001B, Sub-Series B-1, RB, VRDN (Royal Bank of Canada SBPA), 0.13%, 05/07/20(a)		400		400,000
Los Angeles Department of Water, Series 2001B, Sub-Series B-3, RB, VRDN (Royal Bank of Canada SBPA), 0.10%, 05/07/20(a)		2,500		2,500,000
Los Angeles Department of Water, Series 2001B, Sub-Series B-4, RB, VRDN (Citibank NA SBPA), 0.12%, 05/01/20(a)		5,500		5,500,000
Los Angeles Department of Water, Series 2019A, Sub-Series A-2, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.12%, 05/01/20(a)		3,980		3,980,000
Los Angeles Department of Water, Series 2019A, Sub-Series A-3, RB, VRDN (Citibank NA SBPA), 0.12%, 05/01/20(a)		695		695,000
Los Angeles Department of Water & Power System, Series 2001, Sub-Series B-3, RB, VRDN (Barclays Bank plc SBPA), 0.12%, 05/01/20(a)		1,400		1,400,000
Los Angeles Department of Water & Power System, Series 2001B, Sub-Series B-5, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.13%, 05/07/20(a)		2,750		2,750,000
Los Angeles Department of Water & Power System, Series 2001B-2, RB, VRDN (Bank of The West SBPA), 0.10%, 05/07/20(a)		6,300		6,300,000
Los Angeles Department of Water & Power System, Series 2002A, Sub-Series A-7, RB, VRDN (Bank of America NA SBPA), 0.13%, 05/01/20(a)		300		300,000
Los Angeles Department of Water & Power System, Series Sub-Series A-3, RB, VRDN (Bank of America NA SBPA), 0.13%, 05/01/20(a)		600		600,000
Metropolitan Water District of Southern California, Series 2017A, RB, VRDN (PNC Bank NA SBPA), 0.13%, 05/01/20(a)		4,690		4,690,000
Metropolitan Water District of Southern California, Series 2018A-2, RB, VRDN (Toronto-Dominion Bank SBPA), 0.12%, 05/01/20(a)		1,050		1,050,000
Metropolitan Water District of Southern California, Series A-1, RB, VRDN (Toronto- Dominion Bank SBPA), 0.12%, 05/01/20(a)		400		400,000
Mount San Antonio California Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.22%, 05/07/20(a)(b)(c)		2,000		2,000,000
Municipal Improvement Corp. of Los Angeles, Series 2020A-3 (US Bank NA LOC), 1.22%, 06/16/20		500		500,144

Security	Par (000)		Value
California (continued)
Municipal Improvement Corp. of Los Angeles, Series 2020A-3 (US Bank NA LOC), 1.16%, 06/17/20		USD    5,000	$	5,001,475
Regents of the University of California Medical Center Pooled, Series 2007B, Sub-Series B-2, RB, VRDN, 0.10%, 05/01/20(a)		730		730,000
Sacramento Transportation Authority, Series 2015A, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.10%, 05/07/20(a)		13,250		13,250,000
San Diego County Regional Transportation Commission, Series 2008B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.12%, 05/07/20(a)		1,600		1,600,000
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), 0.10%, 05/07/20(a)		5,100		5,100,000
San Diego Public Facilities Financing Authority, Series 2020B (Bank of America NA LOC), 0.95%, 05/12/20		4,000		4,000,428
San Diego Public Facilities Financing Authority, Series 2020B (Bank of America NA LOC), 1.09%, 07/15/20		2,000		2,000,104
San Francisco Bay Area Rapid Transit District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF2449, GO, VRDN (Citibank NA LIQ), 0.18%, 05/07/20(a)(b)(c)		200		200,000
San Francisco City & County Airport Comm- San Francisco International Airport, Series 2018C, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.18%, 05/07/20(a)		300		300,000
San Francisco City & County Public Utilities Commission, Series 2020A-1 (Bank of America NA LOC), 0.70%, 07/08/20		5,000		5,000,105
San Francisco City & County Redevelopment Agency Successor Agency, Series 2002, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a)		1,105		1,105,000
San Jose California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2534, GO, VRDN (Citibank NA LIQ), 0.18%, 05/07/20(a)(b)(c)		1,820		1,820,000
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), 0.24%, 05/07/20(a)(b)(c)		4,357		4,357,000
Santa Barbara California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.27%, 05/07/20(a)(b)(c)		869		869,000
Santa Clara Valley Transportation Authority, Series 2008C, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.10%, 05/01/20(a)		1,185		1,185,000
Santa Clara Valley Transportation Authority, Series 2008D, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.10%, 05/01/20(a)		2,835		2,835,000
Santa Clara Valley Water District, Series 2020A (MUFG Bank Ltd. LOC), 0.45%, 07/13/20		5,400		5,400,378

58 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 California Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
State of California, Series 2003C-1, GO, VRDN (Toronto-Dominion Bank NA LOC), 0.10%, 05/07/20(a)		USD    15,000	$	15,000,000
State of California, Series 2004-A2, GO, VRDN (State Street Bank & Trust Co. LOC), 0.10%, 05/01/20(a)		145		145,000
State of California, Series 2004-A3, GO, VRDN (State Street Bank & Trust Co. LOC), 0.14%, 05/01/20(a)		400		400,000
State of California, Series 2004B-2, GO, VRDN (Citibank NA LOC), 0.10%, 05/01/20(a)		1,800		1,800,000
State of California Department of Water Resources, Series 2020-1 (Bank of America NA SBPA), 0.35%, 06/04/20		5,000		5,000,165
State of California Department of Water Resources, Series 2020-1 (Bank of America NA SBPA), 0.55%, 06/18/20		3,000		3,000,009
University of California, Series 2013AL-3, RB, VRDN, 0.12%, 05/01/20(a)		700		700,000
University of California, Series 2013AL-4, RB, VRDN, 0.12%, 05/01/20(a)		5,175		5,175,000

Security	Par (000)		Value
California (continued)
University of California, Series 2020A, 0.65%, 10/26/20		USD    6,000	$	6,000,360
Total Municipal Bonds — 83.1% (Cost: $276,721,192)				276,725,312
Closed-End Investment Companies — 3.0%
California — 3.0%
Nuveen California AMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.22%, 05/07/20(a)		10,000		10,000,000
Total Closed-End Investment Companies — 3.0% (Cost: $10,000,000)				10,000,000
Total Investments — 86.1% (Cost: $286,721,192)(d)				286,725,312
Other Assets Less Liabilities — 13.9%				46,107,575
Net Assets — 100.0%			$	332,832,887

^(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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities(a)	$	—	$	286,725,312	$	—	$	286,725,312

^(a)  See above Schedule of Investments for values in the state.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) April 30, 2020 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 96.5%
New York — 96.5%
Albany Industrial Development Agency, Series 2002, RB, VRDN (Keybank NA LOC), 0.45%, 05/07/20(a)	USD	535	$	535,000
Amherst Development Corp., Series 2011A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(a)		4,200		4,200,000
Battery Park City Authority, Series 2019D-1, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(a)		5,100		5,100,000
Battery Park City Authority, Series 2019D-2, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(a)		900		900,000
Battery Park City Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada SBPA), 0.26%, 05/07/20(a)(b)		6,000		6,000,000
Build NYC Resource Corp., Series 2008A, RB, VRDN (Bank of America NA LOC), 0.21%, 05/07/20(a)		4,765		4,765,000
Build NYC Resource Corp., Series 2015, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a)		3,900		3,900,000
City of New York, Series 2012A, Sub-Series A-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.25%, 05/07/20(a)		500		500,000
City of New York, Series 2012G, Sub-Series G-4, GO, VRDN (Citibank NA LOC), 0.18%, 05/07/20(a)		200		200,000
City of New York, Series 2012G, Sub-Series G-7, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.15%, 05/01/20(a)		6,400		6,400,000
City of New York, Series 2015F, Sub-Series F-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a)		1,000		1,000,000
City of New York, Series 2017, Sub-Series A-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.17%, 05/01/20(a)		1,475		1,475,000
City of New York, Series 2018A, Sub-Series B-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a)		2,000		2,000,000
City of New York, Series 2018B, Sub-Series B-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a)		500		500,000
Dutchess County Industrial Development Agency, Series 2008, RB, VRDN (TD Bank NA LOC), 0.23%, 05/07/20(a)		1,915		1,915,000
East Rochester Housing Authority, Series 2008, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(a)		3,560		3,560,000
Franklin County Civic Development Corp., Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 0.27%, 05/07/20(a)		1,100		1,100,000
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 0.32%, 05/07/20(a)(b)(c)		1,200		1,200,000
Metropolitan Transportation Authority, Series 2012G, Sub-Series G-2, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a)		1,500		1,500,000
Metropolitan Transportation Authority, Series 2012G-1, RB, VRDN (Barclays Bank plc LOC), 0.18%, 05/01/20(a)		300		300,000

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority, Series Sub-Series 2002B-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.21%, 05/07/20(a)	USD	700	$	700,000
Nassau County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018G-5, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		2,100		2,100,000
New York City Health & Hospital Corp., Series 2008B, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a)		9,400		9,400,000
New York City Health & Hospital Corp., Series 2008C, RB, VRDN (TD Bank NA LOC), 0.21%, 05/07/20(a)		1,000		1,000,000
New York City Housing Development Corp., Series 2008A, RB, VRDN (Freddie Mac LOC), 0.21%, 05/07/20(a)		700		700,000
New York City Housing Development Corp., Series 2009A, RB, VRDN (Freddie Mac LOC), 0.25%, 05/07/20(a)		2,350		2,350,000
New York City Housing Development Corp., Series 2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(a)		3,350		3,350,000
New York City Housing Development Corp., Series 2017G-3, RB, VRDN (Wells Fargo Bank NA SBPA), 0.21%, 05/07/20(a)		2,600		2,600,000
New York City Housing Development Corp., Series 2019E-3, RB, VRDN (Royal Bank of Canada SBPA), 0.23%, 05/07/20(a)		5,400		5,400,000
New York City Housing Development Corp., Series A, RB, VRDN (Fannie Mae LOC), 0.23%, 05/07/20(a)		2,715		2,715,000
New York City Industrial Development Agency, Series 2004B, RB, VRDN (Bank of America NA LOC), 0.12%, 05/01/20(a)		5,300		5,300,000
New York City Transitional Finance Authority Future Tax Secured, Series 2012C, Sub- Series C-4, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20(a)		1,000		1,000,000
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub- Series C-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(a)		1,650		1,650,000
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- Series C-6, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.28%, 05/07/20(a)		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), 0.18%, 05/01/20(a)		5,500		5,500,000
New York City Trust for Cultural Resources, Series 2009A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.26%, 05/07/20(a)		4,670		4,670,000
New York City Water & Sewer System, Series 2003, Sub-Series F-1-A, RB, VRDN (Barclays Bank plc SBPA), 0.20%, 05/07/20(a)		130		130,000
New York City Water & Sewer System, Series 2006, Sub-Series AA-1B, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.15%, 05/01/20(a)		7,500		7,500,000
New York City Water & Sewer System, Series 2008-BB-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.20%, 05/07/20(a)		5,240		5,240,000

60 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York City Water & Sewer System, Series 2009, Sub-Series BB-1, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.20%, 05/01/20(a)	USD	3,900	$	3,900,000
New York City Water & Sewer System, Series 2009BB-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.18%, 05/01/20(a)		1,700		1,700,000
New York City Water & Sewer System, Series 2015, Sub-Series BB-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a)		3,100		3,100,000
New York City Water & Sewer System, Series 2017BB, RB, VRDN (Bank of Montreal SBPA), 0.15%, 05/01/20(a)		4,200		4,200,000
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.10%, 05/06/20		2,000		1,999,946
New York Power Authority (State Street Bank & Trust Co. SBPA), 1.40%, 05/20/20		5,400		5,400,644
New York State Authority General, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0829, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		3,585		3,585,000
New York State Authority General, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0847, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c)		2,250		2,250,000
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(a)		8,000		8,000,000
New York State Dormitory Authority, Series 2003A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.16%, 05/01/20(a)		3,175		3,175,000
New York State Dormitory Authority, Series 2003C, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.18%, 05/07/20(a)		545		545,000
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 0.20%, 05/07/20(a)		8,550		8,550,000
New York State Dormitory Authority, Series 2006, RB, VRDN (Fannie Mae LOC), 0.14%, 05/07/20(a)		1,815		1,815,000
New York State Dormitory Authority, Series 2006B-1, RB, VRDN (Barclays Bank plc LOC), 0.25%, 05/07/20(a)		1,590		1,590,000
New York State Dormitory Authority, Series 2008A-1, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a)		590		590,000
New York State Dormitory Authority, Series 2008A-2, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a)		2,530		2,530,000
New York State Dormitory Authority, Series 2008C, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a)		2,405		2,405,000
New York State Dormitory Authority, Series 2009, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a)		345		345,000
New York State Dormitory Authority, Series 2009A, RB, VRDN, 0.15%, 05/07/20(a)		4,115		4,115,000
New York State Dormitory Authority, Series 2012, RB, VRDN (HSBC Bank USA NA LOC), 0.30%, 05/07/20(a)		7,435		7,435,000

Security	Par (000)		Value
New York (continued)
New York State Dormitory Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0838, RB, VRDN (Bank of America NA LIQ), 0.27%, 05/07/20(a)(b)(c)	USD	1,600	$	1,600,000
New York State Energy Research & Development Authority, Series 2005A, RB, VRDN (Mizuho Bank Ltd. LOC), 0.23%, 05/07/20(a)		1,800		1,800,000
New York State Energy Research & Development Authority, Series 2005A, Sub-Series A-1, RB, VRDN (Mizuho Bank Ltd. LOC), 0.22%, 05/07/20(a)		600		600,000
New York State Energy Research & Development Authority, Series 2005A, Sub-Series A-2, RB, VRDN (Mizuho Bank Ltd. LOC), 0.21%, 05/07/20(a)		7,000		7,000,000
New York State Housing Finance Agency, Series 2003A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.25%, 05/07/20(a)		2,050		2,050,000
New York State Housing Finance Agency, Series 2003L, RB, VRDN (Bank of America NA LOC), 0.23%, 05/07/20(a)		675		675,000
New York State Housing Finance Agency, Series 2004A, RB, VRDN (Fannie Mae LOC), 0.15%, 05/07/20(a)		4,400		4,400,000
New York State Housing Finance Agency, Series 2004A, RB, VRDN (Fannie Mae LOC), 0.21%, 05/07/20(a)		400		400,000
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.16%, 05/01/20(a)		7,400		7,400,000
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Fannie Mae LOC), 0.22%, 05/07/20(a)		4,500		4,500,000
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(a)		1,000		1,000,000
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Freddie Mac LIQ), 0.19%, 05/07/20(a)		300		300,000
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.17%, 05/01/20(a)		4,900		4,900,000
New York State Urban Development Corp., Series 2004A-3-D, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.19%, 05/07/20(a)		1,500		1,500,000
New York State Urban Development Corp., Series 2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20(a)		1,825		1,825,000
North Amityville Fire Co., Inc., Series 2003, RB, VRDN (Citibank NA LOC), 0.52%, 05/07/20(a)		615		615,000
Oneida County Industrial Development Agency, Series 2004 A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(a)		4,540		4,540,000
Onondaga County Trust for Cultural Resources, Series 2010A, RB, VRDN (Wells Fargo Bank NA LOC), 0.18%, 05/07/20(a)		5,970		5,970,000
Port Authority of New York & New Jersey, Series 2010B, 1.10%, 05/27/20		5,000		4,999,400

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) April 30, 2020 New York Money Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Rensselaer County Industrial Development Agency, Series 2002A, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(a)	USD	3,730	$	3,730,000
Syracuse Industrial Development Agency, Series 2008A-2, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.13%, 05/01/20(a)		2,250		2,250,000
Triborough Bridge & Tunnel Authority, Series 2002F, RB, VRDN (Citibank NA LOC), 0.10%, 05/01/20(a)		3,740		3,740,000
Triborough Bridge & Tunnel Authority, Series 2005B-3, RB, VRDN (State Street Bank & Trust Co. LOC), 0.14%, 05/01/20(a)		2,400		2,400,000
Westchester County Industrial Development Agency, Series 2004, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a)		1,750		1,750,000
Total Municipal Bonds — 96.5% (Cost: $246,530,000)				246,529,990

Security	Par (000)		Value
Closed-End Investment Companies — 3.5%
New York — 3.5%
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), 0.29%, 05/07/20(a)	USD	9,000	$	9,000,000
Total Closed-End Investment Companies — 3.5% (Cost: $9,000,000)				9,000,000
Total Investments — 100.0% (Cost: $255,530,000)(d)				255,529,990
Other Assets Less Liabilities — 0.0%				92,119
Net Assets — 100.0%			$	255,622,109

^(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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities(a)	$	—	$	255,529,990	$	—	$	255,529,990

^(a)  See above Schedule of Investments for values in the state.

See notes to financial statements.

62 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

April 30, 2020

	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
ASSETS
Investments at value — unaffiliated(a)	$	5,651,302,644	$	117,157,282,381	$	6,488,251,990	$	5,899,073,994	$	55,017,381,225
Cash		132,061,025		3,350,181,043		285,308,068		294,010,623		2,163,885,802
Repurchase agreements at value — unaffiliated(b)		—		61,859,952,210		1,259,500,000		1,821,500,000		38,214,548,972
Receivables:
Capital shares sold		8,907,313		4,868,229,313		—		130,594,521		586,500,040
Interest — unaffiliated		897,790		61,189,221		4,292,313		3,572,769		64,385,523
From affiliate(s)		6,163		—		10,719		—		—
Prepaid expenses		221,138		6,177,448		397,814		225,660		2,267,436
Other assets		—		—		—		—		8,000
Total assets		5,793,396,073		187,303,011,616		8,037,760,904		8,148,977,567		96,048,976,998
LIABILITIES
Payables:
Investments purchased		196,975,445		5,746,610,995		—		—		4,899,265,221
Capital shares redeemed		6,708,916		3,562,956,808		—		65,002,170		345,564,763
Custodian fees		22,731		432,470		73,247		93,483		556,382
Income dividend distributions		1,045,176		18,575,130		4,212,725		1,088,164		8,829,890
Management fees		759,963		22,653,172		1,035,727		1,007,733		12,750,541
Trustees’ and Officer’s fees		—		52		—		9,991		3,581
Printing fees		19,047		31,657		19,114		28,388		23,053
Professional fees		30,542		104,824		10,790		50,374		18,752
Registration fees		22,378		1,776,169		106,789		515,196		—
Service and distribution fees		17,429		3,521,653		41		293,625		1,311,098
Transfer agent fees		—		58,447		—		38,653		—
Other accrued expenses		36,459		24,928		6,357		50,446		20,272
Total liabilities		205,638,086		9,356,746,305		5,464,790		68,178,223		5,268,343,553
NET ASSETS	$	5,587,757,987	$	177,946,265,311	$	8,032,296,114	$	8,080,799,344	$	90,780,633,445
NET ASSETS CONSIST OF
Paid-in capital	$	5,586,875,942	$	177,916,704,735	$	8,028,815,647	$	8,075,595,922	$	90,766,116,081
Accumulated earnings		882,045		29,560,576		3,480,467		5,203,422		14,517,364
NET ASSETS	$	5,587,757,987	$	177,946,265,311	$	8,032,296,114	$	8,080,799,344	$	90,780,633,445
(a) Investments at cost — unaffiliated	$	5,651,302,644	$	117,157,282,381	$	6,483,727,203	$	5,895,320,731	$	55,017,381,225
(b) Repurchase agreements at cost — unaffiliated	$	—	$	61,859,952,210	$	1,259,500,000	$	1,821,500,000	$	38,214,548,972

See notes to financial statements.

FINANCIAL STATEMENTS 63

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2020

	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
NET ASSET VALUE
Institutional
Net assets	$	5,447,606,270	$	156,129,246,999	$	8,032,241,661	$	7,259,939,630	$	76,775,309,221
Share outstanding(c)		5,446,738,975		156,103,296,582		8,024,157,482		7,253,476,306		76,762,985,160
Net asset value	$	1.00	$	1.00	$	1.0010	$	1.0009	$	1.00
Administration
Net assets	$	107,512,948	$	3,112,863,343	$	—	$	60,390,681	$	632,503,673
Share outstanding(c)		107,495,834		3,112,345,923		—		60,335,204		632,402,138
Net asset value	$	1.00	$	1.00	$	—	$	1.0009	$	1.00
Capital
Net assets	$	—	$	9,181,765,917	$	—	$	—	$	10,615,986,778
Share outstanding(c)		—		9,180,239,946		—		—		10,614,282,808
Net asset value	$	—	$	1.00	$	—	$	—	$	1.00
Cash Management
Net assets	$	16,057,165	$	511,289,497	$	—	$	633,857,452	$	1,106,587,028
Share outstanding(c)		16,054,608		511,204,509		—		633,293,799		1,106,409,389
Net asset value	$	1.00	$	1.00	$	—	$	1.0009	$	1.00
Cash Reserve
Net assets	$	384,583	$	5,574,042,623	$	—	$	6,301,629	$	95,532,148
Share outstanding(c)		384,522		5,573,116,080		—		6,296,080		95,516,812
Net asset value	$	1.00	$	1.00	$	—	$	1.0009	$	1.00
Dollar
Net assets	$	16,160,515	$	3,131,534,354	$	17,936	$	98,150,785	$	1,512,071,720
Share outstanding(c)		16,157,942		3,131,013,817		17,917		98,063,080		1,511,828,989
Net asset value	$	1.00	$	1.00	$	1.0010	$	1.0009	$	1.00
Premier
Net assets	$	36,506	$	36,506	$	36,517	$	—	$	36,506
Share outstanding(c)		36,500		36,500		36,478		—		36,500
Net asset value	$	1.00	$	1.00	$	1.0011	$	—	$	1.00
Private Client
Net assets	$	—	$	278,111	$	—	$	22,159,167	$	—
Share outstanding(c)		—		278,065		—		22,138,600		—
Net asset value	$	—	$	1.00	$	—	$	1.0009	$	—
Select
Net assets	$	—	$	305,207,961	$	—	$	—	$	42,606,371
Share outstanding (c)		—		305,157,228		—		—		42,599,532
Net asset value	$	—	$	1.00	$	—	$	—	$	1.00

^(c) Unlimited number of shares authorized, no par value.

See notes to financial statements.

64 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2020

	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
ASSETS
Investments at value — unaffiliated(a)	$	80,287,084,325	$	6,271,369,327	$	104,547,943	$	286,725,312	$	255,529,990
Cash		2,354,779,978		2,495,170		113,796		60,474		10,198
Receivables:
Investments sold		—		11,250,000		—		45,720,000		—
Capital shares sold		243,962,549		—		—		—		—
Interest — unaffiliated		26,004,943		15,538,760		312,009		431,209		174,736
From the Manager		—		—		7,583		—		—
From affiliate(s)		6,786		—		2,028		2,159		3,230
Prepaid expenses		879,052		343,822		103,644		27,291		49,035
Total assets		82,912,717,633		6,300,997,079		105,087,003		332,966,445		255,767,189
LIABILITIES
Payables:
Investments purchased		3,963,578,964		29,279,852		—		—		—
Capital shares redeemed		243,426,937		—		—		—		—
Custodian fees		205,648		22,821		6,017		1,603		4,660
Income dividend distributions		14,731,262		1,434,069		16,206		20,235		48,196
Management fees		10,331,894		993,878		42		49,784		28,961
Trustees’ and Officer’s fees		—		380		—		—		—
Printing fees		22,056		17,899		18,186		19,606		19,333
Professional fees		16,452		33,720		36,483		41,453		43,569
Registration fees		582,291		—		8,532		—		—
Service and distribution fees		448,556		551		3,594		—		94
Transfer agent fees		61,114		19,624		1,668		877		267
Other accrued expenses		7,953		4,146		1,140		—		—
Total liabilities		4,233,413,127		31,806,940		91,868		133,558		145,080
NET ASSETS	$	78,679,304,506	$	6,269,190,139	$	104,995,135	$	332,832,887	$	255,622,109
NET ASSETS CONSIST OF
Paid-in capital	$	78,672,536,196	$	6,268,734,034	$	104,987,820	$	332,824,001	$	255,622,119
Accumulated earnings (loss)		6,768,310		456,105		7,315		8,886		(10	)
NET ASSETS	$	78,679,304,506	$	6,269,190,139	$	104,995,135	$	332,832,887	$	255,622,109
(a) Investments at cost — unaffiliated	$	80,287,084,325	$	6,270,881,174	$	104,547,943	$	286,721,192	$	255,530,000

See notes to financial statements.

FINANCIAL STATEMENTS 65

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2020

	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
NET ASSET VALUE
Institutional
Net assets	$	76,563,137,434	$	6,266,383,943	$	81,209,567	$	332,796,394	$	255,585,609
Share outstanding(b)		76,556,551,172		6,265,149,538		81,064,243		332,780,435		255,580,926
Net asset value	$	1.00	$	1.0002	$	1.00	$	1.0000	$	1.0000
Administration
Net assets	$	496,573,486	$	—	$	16,954,365	$	—	$	—
Share outstanding(b)		496,530,769		—		16,924,028		—		—
Net asset value	$	1.00	$	—	$	1.00	$	—	$	—
Cash Management
Net assets	$	42,819,896	$	—	$	—	$	—	$	—
Share outstanding(b)		42,816,212		—		—		—		—
Net asset value	$	1.00	$	—	$	—	$	—	$	—
Cash Reserve
Net assets	$	106,739,625	$	—	$	—	$	—	$	—
Share outstanding(b)		106,730,442		—		—		—		—
Net asset value	$	1.00	$	—	$	—	$	—	$	—
Dollar
Net assets	$	1,384,789,582	$	2,769,696	$	4,337,572	$	—	$	—
Share outstanding(b)		1,384,670,451		2,769,224		4,329,808		—		—
Net asset value	$	1.00	$	1.0002	$	1.00	$	—	$	—
Premier
Net assets	$	36,503	$	36,500	$	36,566	$	36,493	$	36,500
Share outstanding(b)		36,500		36,493		36,500		36,492		36,500
Net asset value	$	1.00	$	1.0002	$	1.00	$	1.0000	$	1.0000
Private Client
Net assets	$	—	$	—	$	291,584	$	—	$	—
Share outstanding(b)		—		—		291,062		—		—
Net asset value	$	—	$	—	$	1.00	$	—	$	—
Select
Net assets	$	85,207,980	$	—	$	2,165,481	$	—	$	—
Share outstanding(b)		85,200,650		—		2,161,605		—		—
Net asset value	$	1.00	$	—	$	1.00	$	—	$	—

^(b) Unlimited number of shares authorized, no par value.

See notes to financial statements.

66 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited) 

Six Months Ended April 30, 2020

	Federal Trust Fund			FedFund			TempCash			TempFund			T-Fund
INVESTMENT INCOME
Interest — unaffiliated	$	25,139,615		$	838,016,922		$	84,243,664		$	87,758,922		$	534,690,677
Total investment income		25,139,615			838,016,922			84,243,664			87,758,922			534,690,677
EXPENSES
Management		4,271,748			118,099,431			11,038,410			11,178,386			76,032,343
Registration		132,300			532,373			229,944			80,577			457,180
Service and distribution — class specific		89,550			19,601,429			22			1,725,953			6,835,179
Professional		36,866			72,986			43,117			20,207			148,106
Transfer agent		31,038			472,391			32,220			195,881			228,863
Trustees and Officer		23,784			224,117			49,911			68,409			212,080
Custodian		23,226			446,559			73,106			79,705			560,365
Printing		7,328			4,579			7,365			6,161			9,779
Miscellaneous		21,487			314,468			44,233			41,495			240,065
Total expenses		4,637,327			139,768,333			11,518,328			13,396,774			84,723,960
Less:
Fees waived and/or reimbursed by the Manager		(1,237,135	)		(9,926,347	)		(2,517,289	)		(2,354,116	)		(7,195,684	)
Service and distribution fees waived — class specific		(2,807	)		(1,300,583	)		—			(15,199	)		(792,310	)
Total expenses after fees waived and/or reimbursed		3,397,385			128,541,403			9,001,039			11,027,459			76,735,966
Net investment income		21,742,230			709,475,519			75,242,625			76,731,463			457,954,711
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		628,833			26,093,645			(1,346,667	)		(915,951	)		10,770,805
Payment by affiliate		—			—			—			14,497			—
		628,833			26,093,645			(1,346,667	)		(901,454	)		10,770,805
Net change in unrealized appreciation on investments		—			—			2,116,214			859,541			—
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,371,063		$	735,569,164		$	76,012,172		$	76,689,550		$	468,725,516

See notes to financial statements.

FINANCIAL STATEMENTS 67

Statements of Operations  (unaudited) (continued)

Six Months Ended April 30, 2020

	Treasury Trust Fund			MuniCash			MuniFund			California Money Fund			New York Money Fund
INVESTMENT INCOME
Interest — unaffiliated	$	304,659,303		$	35,277,958		$	1,151,858		$	1,924,319		$	1,827,973
Total investment income		304,659,303			35,277,958			1,151,858			1,924,319			1,827,973
EXPENSES
Management		44,596,266			6,987,924			319,938			636,490			558,441
Service and distribution — class specific		2,123,152			3,005			24,998			—			—
Registration		475,767			189,739			84,939			33,953			45,575
Custodian		212,181			51,824			6,412			11,536			5,428
Trustees and Officer		190,032			32,605			4,345			4,585			4,011
Transfer agent		119,449			19,197			5,930			1,826			1,496
Professional		43,613			51,341			33,322			48,754			43,941
Printing		5,390			6,759			6,958			5,486			5,540
Miscellaneous		126,978			30,482			16,826			6,527			6,088
Total expenses		47,892,828			7,372,876			503,668			749,157			670,520
Less:
Fees waived and/or reimbursed by the Manager		(4,583,979	)		(1,818,888	)		(295,813	)		(409,662	)		(372,799	)
Service and distribution fees waived — class specific		(162,384	)		(68	)		(1,782	)		—			—
Total expenses after fees waived and/or reimbursed		43,146,465			5,553,920			206,073			339,495			297,721
Net investment income		261,512,838			29,724,038			945,785			1,584,824			1,530,252
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments		4,151,665			23,407			8,047			4,451			—
Net change in unrealized appreciation (depreciation) on investments		—			228,745			—			3,472			(83	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	265,664,503		$	29,976,190		$	953,832		$	1,592,747		$	1,530,169

See notes to financial statements.

68 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	Federal Trust Fund						FedFund
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,742,230		$	66,974,536		$	709,475,519		$	2,054,702,854
Net realized gain		628,833			183,090			26,093,645			4,500,454
Net increase in net assets resulting from operations		22,371,063			67,157,626			735,569,164			2,059,203,308
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(21,231,588	)		(64,640,720	)		(614,705,226	)		(1,709,971,371	)
Administration		(458,558	)		(1,898,550	)		(15,389,607	)		(53,405,549	)
Capital		—			—			(46,753,564	)		(159,322,016	)
Cash Management		(43,943	)		(205,923	)		(1,554,675	)		(4,198,637	)
Cash Reserve		(2,338	)		(11,900	)		(21,035,688	)		(83,946,800	)
Dollar		(64,799	)		(217,261	)		(11,537,172	)		(40,565,639	)
Premier		(222	)		(182	)		(217	)		(185	)
Private Client		—			—			(928	)		(5,702	)
Select		—			—			(617,129	)		(3,014,409	)
Decrease in net assets resulting from distributions to shareholders		(21,801,448	)		(66,974,536	)		(711,594,206	)		(2,054,430,308	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,040,976,612			446,167,544			66,017,735,100			24,206,521,354
NET ASSETS
Total increase in net assets		2,041,546,227			446,350,634			66,041,710,058			24,211,294,354
Beginning of period		3,546,211,760			3,099,861,126			111,904,555,253			87,693,260,899
End of period	$	5,587,757,987		$	3,546,211,760		$	177,946,265,311		$	111,904,555,253

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 69

Statements of Changes in Net Assets  (continued)

	TempCash						TempFund
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	75,242,625		$	179,982,250		$	76,731,463		$	293,120,921
Net realized gain (loss)		(1,346,667	)		245,208			(901,454	)		917,720
Net change in unrealized appreciation (depreciation)		2,116,214			2,095,321			859,541			2,183,170
Net increase in net assets resulting from operations		76,012,172			182,322,779			76,689,550			296,221,811
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(75,245,260	)		(179,979,611	)		(72,940,732	)		(278,642,112	)
Administration		—			—			(314,399	)		(565,276	)
Cash Management		—			—			(2,933,141	)		(11,905,587	)
Cash Reserve		—			—			(29,737	)		(105,199	)
Dollar		(107	)		(2,440	)		(501,105	)		(1,869,891	)
Premier		(264	)		(199	)		—			—
Private Client		—			—			(12,349	)		(32,851	)
Select		—			—			—			(5	)
Decrease in net assets resulting from distributions to shareholders		(75,245,631	)		(179,982,250	)		(76,731,463	)		(293,120,921	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,004,177,891	)		5,158,038,403			(3,281,100,077	)		(1,710,131,706	)
NET ASSETS
Total increase (decrease) in net assets		(2,003,411,350	)		5,160,378,932			(3,281,141,990	)		(1,707,030,816	)
Beginning of period		10,035,707,464			4,875,328,532			11,361,941,334			13,068,972,150
End of period	$	8,032,296,114		$	10,035,707,464		$	8,080,799,344		$	11,361,941,334

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

70 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	T-Fund						Treasury Trust Fund
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	457,954,711		$	1,527,915,850		$	261,512,838		$	766,253,135
Net realized gain		10,770,805			3,559,276			4,151,665			2,608,922
Net increase in net assets resulting from operations		468,725,516			1,531,475,126			265,664,503			768,862,057
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(391,669,363	)		(1,253,377,617	)		(254,163,068	)		(741,963,297	)
Administration		(3,552,538	)		(18,816,448	)		(2,675,098	)		(8,288,440	)
Capital		(55,814,728	)		(224,500,604	)		—			—
Cash Management		(3,537,282	)		(11,995,387	)		(121,718	)		(305,549	)
Cash Reserve		(379,690	)		(2,625,690	)		(419,816	)		(1,293,406	)
Dollar		(3,931,524	)		(16,786,002	)		(4,825,480	)		(13,904,914	)
Premier		(210	)		(183	)		(219	)		(178	)
Select		(35,197	)		(263,265	)		(132,137	)		(497,351	)
Decrease in net assets resulting from distributions to shareholders		(458,920,532	)		(1,528,365,196	)		(262,337,536	)		(766,253,135	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		12,607,706,478			6,494,614,343			38,355,894,859			8,830,157,211
NET ASSETS
Total increase in net assets		12,617,511,462			6,497,724,273			38,359,221,826			8,832,766,133
Beginning of period		78,163,121,983			71,665,397,710			40,320,082,680			31,487,316,547
End of period	$	90,780,633,445		$	78,163,121,983		$	78,679,304,506		$	40,320,082,680

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 71

Statements of Changes in Net Assets  (continued)

	MuniCash						MuniFund
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,724,038		$	63,985,665		$	945,785		$	3,326,322
Net realized gain (loss)		23,407			(55,451	)		8,047			1,155
Net change in unrealized appreciation (depreciation)		228,745			308,693			—			—
Net increase in net assets resulting from operations		29,976,190			64,238,907			953,832			3,327,477
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(29,713,398	)		(64,136,910	)		(842,477	)		(3,023,212	)
Administration		—			—			(79,572	)		(225,733	)
Dollar		(10,443	)		(25,575	)		(18,759	)		(52,830	)
Premier		(197	)		(114	)		(196	)		(119	)
Private Client		—			—			(893	)		(2,800	)
Select		—			—			(3,888	)		(21,628	)
Decrease in net assets resulting from distributions to shareholders		(29,724,038	)		(64,162,599	)		(945,785	)		(3,326,322	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,083,771,357			1,190,645,713			(112,315,852	)		2,149,102
NET ASSETS
Total increase (decrease) in net assets		1,084,023,509			1,190,722,021			(112,307,805	)		2,150,257
Beginning of period		5,185,166,630			3,994,444,609			217,302,940			215,152,683
End of period	$	6,269,190,139		$	5,185,166,630		$	104,995,135		$	217,302,940

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

72 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	California Money Fund						New York Money Fund
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,584,824		$	3,470,737		$	1,530,252		$	1,886,518
Net realized gain		4,451			—			—			—
Net change in unrealized appreciation (depreciation)		3,472			591			(83	)		53
Net increase in net assets resulting from operations		1,592,747			3,471,328			1,530,169			1,886,571
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,584,659	)		(3,470,643	)		(1,530,057	)		(1,886,407	)
Premier		(165	)		(94	)		(195	)		(111	)
Decrease in net assets resulting from distributions to shareholders		(1,584,824	)		(3,470,737	)		(1,530,252	)		(1,886,518	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(64,499,446	)		228,031,195			12,083,852			197,471,918
NET ASSETS
Total increase (decrease) in net assets		(64,491,523	)		228,031,786			12,083,769			197,471,971
Beginning of period		397,324,410			169,292,624			243,538,340			46,066,369
End of period	$	332,832,887		$	397,324,410		$	255,622,109		$	243,538,340

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 73

Financial Highlights

(For a share outstanding throughout each period)

	Federal Trust Fund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0056			0.0214			0.0151			0.0059			0.0016			0.0001
Net realized gain (loss)		0.0005			0.0000	(a)		(0.0001	)		0.0001			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0061			0.0214			0.0150			0.0060			0.0016			0.0001
Distributions (b)
From net investment income		(0.0061	)		(0.0214	)		(0.0150	)		(0.0060	)		(0.0016	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0061	)		(0.0214	)		(0.0150	)		(0.0060	)		(0.0016	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.61%	(e)		2.16%			1.51%			0.61%			0.16%			0.01%
Ratios to Average Net Assets
Total expenses		0.23%	(f)		0.25%			0.24%			0.24%			0.28%			0.33%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(f)		0.17%			0.17%			0.17%			0.18%			0.08%
Net investment income		1.12%	(f)		2.14%			1.51%			0.59%			0.19%			0.01%
Supplemental Data
Net assets, end of period (000)	$	5,447,606		$	3,442,530		$	2,996,754		$	2,756,560		$	3,142,077		$	331,549

^(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.

See notes to financial statements.

74 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0054			0.0204			0.0140			0.0056			0.0007			0.0001
Net realized gain (loss)		0.0002			0.0000	(a)		0.0000	(a)		(0.0006	)		—			0.0000	(a)
Net increase from investment operations		0.0056			0.0204			0.0140			0.0050			0.0007			0.0001
Distributions (b)
From net investment income		(0.0056	)		(0.0204	)		(0.0140	)		(0.0050	)		(0.0007	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		—			(0.0000	)(c)		—			(0.0000	)(c)
Total distributions		(0.0056	)		(0.0204	)		(0.0140	)		(0.0050	)		(0.0007	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.56%	(e)		2.06%			1.41%			0.51%			0.06%			0.01%
Ratios to Average Net Assets
Total expenses		0.34%	(f)		0.35%			0.34%			0.34%			0.37%			0.43%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27%	(f)		0.27%			0.27%			0.27%			0.28%			0.08%
Net investment income		1.09%	(f)		2.05%			1.40%			0.56%			0.11%			0.01%
Supplemental Data
Net assets, end of period (000)	$	107,513		$	80,271		$	75,807		$	68,102		$	42,205		$	—	(g)

^(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)  Net assets are less than $1,000.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 75

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund
	Cash Management
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,									Period from 04/18/16 (a) to 10/31/16
				2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0037			0.0164			0.0099			0.0012			0.0000	(b)
Net realized gain		0.0000	(b)		0.0000	(b)		0.0001			0.0004			—
Net increase from investment operations		0.0037			0.0164			0.0100			0.0016			0.0000
Distributions (c)
From net investment income		(0.0037	)		(0.0164	)		(0.0100	)		(0.0016	)		(0.0000	)(d)
From net realized gain		—			(0.0000	)(d)		—			(0.0000	)(d)		—
Total distributions		(0.0037	)		(0.0164	)		(0.0100	)		(0.0016	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.38%	(f)		1.65%			1.01%			0.16%			0.00%	(f)
Ratios to Average Net Assets
Total expenses		0.74%	(g)		0.75%			0.74%			0.74%			0.69%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.64%	(g)		0.67%			0.67%			0.59%			0.34%	(g)
Net investment income		0.74%	(g)		1.65%			0.99%			0.12%			0.00%	(g)
Supplemental Data
Net assets, end of period (000)	$	16,057		$	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.

See notes to financial statements.

76 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund
	Cash Reserve
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,									Period from 04/18/16 (a) to 10/31/16
				2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0061			0.0314			0.0108			0.0022			0.0000	(b)
Net realized gain		0.0000	(b)		0.0001			0.0002			0.0001			—
Net increase from investment operations		0.0061			0.0315			0.0110			0.0023			0.0000
Distributions (c)
From net investment income		(0.0061	)		(0.0315	)		(0.0110	)		(0.0023	)		(0.0000	)(d)
From net realized gain		—			(0.0000	)(d)		—			(0.0000	)(d)		—
Total distributions		(0.0061	)		(0.0315	)		(0.0110	)		(0.0023	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.61%	(f)		3.19%			1.11%			0.23%			0.00%	(f)
Ratios to Average Net Assets
Total expenses		0.64%	(g)		0.65%			0.64%			0.64%			0.61%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(g)		0.28%			0.57%			0.54%			0.35%	(g)
Net investment income		1.22%	(g)		3.14%			1.08%			0.22%			0.00%	(g)
Supplemental Data
Net assets, end of period (000)	$	385		$	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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 77

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0047			0.0189			0.0116			0.0035			0.0000	(a)		0.0001
Net realized gain		0.0002			0.0000	(a)		0.0009			0.0001			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0049			0.0189			0.0125			0.0036			0.0000			0.0001
Distributions (b)
From net investment income		(0.0049	)		(0.0189	)		(0.0125	)		(0.0036	)		(0.0000	)(c)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0049	)		(0.0189	)		(0.0125	)		(0.0036	)		(0.0000	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.49%	(e)		1.91%			1.26%			0.36%			0.00%			0.01%
Ratios to Average Net Assets
Total expenses		0.49%	(f)		0.50%			0.49%			0.49%			0.52%			0.58%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42%	(f)		0.42%			0.42%			0.42%			0.38%			0.08%
Net investment income		0.94%	(f)		1.90%			1.16%			0.35%			0.00%			0.01%
Supplemental Data
Net assets, end of period (000)	$	16,161		$	11,152		$	13,751		$	133,962		$	242,959		$	2,105

^(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.

See notes to financial statements.

78 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Federal Trust Fund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0061			0.0050
Net realized gain		0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0061			0.0050
Distributions (c)
From net investment income		(0.0061	)		(0.0050	)
From net realized gain		—			(0.0000	)(d)
Total distributions		(0.0061	)		(0.0050	)
Net asset value, end of period	$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.61%	(f)		0.50%	(f)
Ratios to Average Net Assets
Total expenses		0.24%	(g)		0.24%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(g)		0.17%	(g)
Net investment income		1.22%	(g)		1.91%	(g)
Supplemental Data
Net assets, end of period (000)	$	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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 79

Financial Highlights

(For a share outstanding throughout each period)

	FedFund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0055			0.0217			0.0152			0.0065			0.0023			0.0002
Net realized gain		0.0005			0.0001			0.0001			0.0001			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0060			0.0218			0.0153			0.0066			0.0023			0.0002
Distributions (b)
From net investment income		(0.0060	)		(0.0218	)		(0.0153	)		(0.0066	)		(0.0023	)		(0.0002	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0060	)		(0.0218	)		(0.0153	)		(0.0066	)		(0.0023	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.60%	(e)		2.20%			1.54%			0.66%			0.23%			0.02%
Ratios to Average Net Assets
Total expenses		0.19%	(f)		0.19%			0.19%			0.19%			0.21%			0.21%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(f)		0.17%			0.17%			0.15%			0.12%			0.12%
Net investment income		1.12%	(f)		2.17%			1.52%			0.65%			0.28%			0.02%
Supplemental Data
Net assets, end of period (000)	$	156,129,247		$	93,106,503		$	74,278,100		$	78,004,801		$	84,001,937		$	11,361,624

^(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.

See notes to financial statements.

80 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0053			0.0207			0.0145			0.0057			0.0014			0.0001
Net realized gain (loss)		0.0002			0.0001			(0.0002	)		(0.0001	)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0055			0.0208			0.0143			0.0056			0.0014			0.0001
Distributions (b)
From net investment income		(0.0055	)		(0.0208	)		(0.0143	)		(0.0056	)		(0.0014	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0055	)		(0.0208	)		(0.0143	)		(0.0056	)		(0.0014	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.55%	(e)		2.10%			1.44%			0.56%			0.14%			0.02%
Ratios to Average Net Assets
Total expenses		0.29%	(f)		0.29%			0.29%			0.29%			0.31%			0.31%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27%	(f)		0.27%			0.27%			0.26%			0.21%			0.13%
Net investment income		1.06%	(f)		2.07%			1.45%			0.57%			0.17%			0.02%
Supplemental Data
Net assets, end of period (000)	$	3,112,863		$	2,870,758		$	2,500,290		$	2,436,503		$	1,693,932		$	346,593

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 81

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Capital
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/2019			Period from 11/10/17 (a) to 10/31/18
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Net investment income		0.0056			0.0213			0.0172
Net realized gain (loss)		0.0001			0.0001			(0.0026	)
Net increase from investment operations		0.0057			0.0214			0.0146
Distributions from net investment income (b)		(0.0057	)		(0.0214	)		(0.0146	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total Return (c)
Based on net asset value		0.57%	(d)		2.16%			1.47%	(d)
Ratios to Average Net Assets
Total expenses		0.24%	(e)		0.24%			0.24%	(e)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.22%	(e)		0.21%			0.21%	(e)
Net investment income		1.13%	(e)		2.13%			1.77%	(e)
Supplemental Data
Net assets, end of period (000)	$	9,181,766		$	8,078,893		$	7,138,766

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Annualized.

See notes to financial statements.

82 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Cash Management
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0035			0.0165			0.0100			0.0020			0.0003			0.0001
Net realized gain		0.0002			0.0003			0.0003			0.0001			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0037			0.0168			0.0103			0.0021			0.0003			0.0001
Distributions (b)
From net investment income		(0.0037	)		(0.0168	)		(0.0103	)		(0.0021	)		(0.0003	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0037	)		(0.0168	)		(0.0103	)		(0.0021	)		(0.0003	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.37%	(e)		1.69%			1.04%			0.21%			0.04%			0.02%
Ratios to Average Net Assets
Total expenses		0.69%	(f)		0.69%			0.69%			0.69%			0.71%			0.71%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.62%	(f)		0.67%			0.67%			0.61%			0.36%			0.13%
Net investment income		0.71%	(f)		1.65%			1.00%			0.20%			0.03%			0.01%
Supplemental Data
Net assets, end of period (000)	$	511,289		$	377,591		$	154,607		$	106,798		$	90,565		$	64,483

^(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)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 83

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Cash Reserve
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0040			0.0178			0.0115			0.0032			0.0003			0.0001
Net realized gain (loss)		0.0001			0.0000	(a)		(0.0002	)		(0.0004	)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0041			0.0178			0.0113			0.0028			0.0003			0.0001
Distributions (b)
From net investment income		(0.0041	)		(0.0178	)		(0.0113	)		(0.0028	)		(0.0003	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0041	)		(0.0178	)		(0.0113	)		(0.0028	)		(0.0003	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.41%	(e)		1.79%			1.14%			0.28%			0.04%			0.02%
Ratios to Average Net Assets
Total expenses		0.59%	(f)		0.59%			0.59%			0.59%			0.62%			0.61%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.54%	(f)		0.57%			0.57%			0.55%			0.31%			0.13%
Net investment income		0.80%	(f)		1.78%			1.15%			0.32%			0.09%			0.01%
Supplemental Data
Net assets, end of period (000)	$	5,574,043		$	4,907,193		$	1,649,400		$	814,974		$	220,572		$	5,442

^(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.

See notes to financial statements.

84 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0043			0.0195			0.0129			0.0039			0.0004			0.0002
Net realized gain (loss)		0.0004			0.0000	(a)		(0.0001	)		0.0002			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0047			0.0195			0.0128			0.0041			0.0004			0.0002
Distributions (b)
From net investment income		(0.0047	)		(0.0195	)		(0.0128	)		(0.0041	)		(0.0004	)		(0.0002	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0047	)		(0.0195	)		(0.0128	)		(0.0041	)		(0.0004	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.47%	(e)		1.97%			1.29%			0.41%			0.04%			0.02%
Ratios to Average Net Assets
Total expenses		0.44%	(f)		0.44%			0.44%			0.44%			0.46%			0.46%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42%	(f)		0.42%			0.42%			0.40%			0.34%			0.13%
Net investment income		0.87%	(f)		1.95%			1.29%			0.39%			0.04%			0.01%
Supplemental Data
Net assets, end of period (000)	$	3,131,534		$	2,307,110		$	1,776,032		$	1,714,598		$	2,029,496		$	917,631

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 85

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19(a) to 10/31/19
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0059			0.0051
Net realized gain		0.0001			0.0000	(b)
Net increase from investment operations		0.0060			0.0051
Distributions from net investment income (c)		(0.0060	)		(0.0051	)
Net asset value, end of period	$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.60%	(e)		0.51%	(e)
Ratios to Average Net Assets
Total expenses		0.19%	(f)		0.19%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(f)		0.17%	(f)
Net investment income		1.19%	(f)		1.95%	(f)
Supplemental Data
Net assets, end of period (000)	$	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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

86 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Private Client
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0036			0.0166			0.0090			0.0020			0.0003			0.0001
Net realized gain		0.0001			0.0001			0.0012			0.0001			0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0037			0.0167			0.0102			0.0021			0.0003			0.0001
Distributions (b)
From net investment income		(0.0037	)		(0.0167	)		(0.0102	)		(0.0021	)		(0.0003	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0037	)		(0.0167	)		(0.0102	)		(0.0021	)		(0.0003	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.37%	(e)		1.68%			1.02%			0.21%			0.04%			0.02%
Ratios to Average Net Assets
Total expenses		1.04%	(f)		1.04%			1.04%			1.04%			1.06%			1.06%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.63%	(f)		0.68%			0.68%			0.60%			0.35%			0.13%
Net investment income		0.71%	(f)		1.66%			0.90%			0.20%			0.03%			0.01%
Supplemental Data
Net assets, end of period (000)	$	278		$	230		$	768		$	1,782		$	1,945		$	3,777

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 87

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	FedFund
	Select
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0022			0.0133			0.0066			0.0005			0.0003			0.0001
Net realized gain (loss)		0.0003			0.0002			0.0004			(0.0001	)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0025			0.0135			0.0070			0.0004			0.0003			0.0001
Distributions (b)
From net investment income		(0.0025	)		(0.0135	)		(0.0070	)		(0.0004	)		(0.0003	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0025	)		(0.0135	)		(0.0070	)		(0.0004	)		(0.0003	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.25%	(e)		1.36%			0.71%			0.04%			0.04%			0.02%
Ratios to Average Net Assets
Total expenses		1.04%	(f)		1.04%			1.04%			1.04%			1.06%			1.06%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.84%	(f)		1.00%			1.00%			0.77%			0.34%			0.13%
Net investment income		0.44%	(f)		1.33%			0.66%			0.05%			0.04%			0.01%
Supplemental Data
Net assets, end of period (000)	$	305,208		$	256,241		$	195,297		$	340,742		$	241,781		$	205,658

^(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.

See notes to financial statements.

88 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	TempCash
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00
Net investment income		0.0075			0.0233			0.0188			0.0108			0.0027			0.0006
Net realized and unrealized gain (loss)		0.0001			0.0005			(0.0010	)		(0.0022	)		0.0002			0.0002
Net increase from investment operations		0.0076			0.0238			0.0178			0.0086			0.0029			0.0008
Distributions (a)
From net investment income		(0.0072	)		(0.0235	)		(0.0177	)		(0.0084	)		(0.0027	)		(0.0006	)
From net realized gain		—			(0.0000	)(b)		—			—			(0.0002	)		(0.0002	)
Total distributions		(0.0072	)		(0.0235	)		(0.0177	)		(0.0084	)		(0.0029	)		(0.0008	)
Net asset value, end of period	$	1.0010		$	1.0006		$	1.0003		$	1.0002		$	1.0000		$	1.00
Total Return (c)
Based on net asset value		0.77%	(d)		2.41%			1.79%			0.87%			0.29%			0.08%
Ratios to Average Net Assets
Total expenses		0.23%	(e)		0.26%			0.33%			0.39%			0.39%			0.35%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18%	(e)		0.18%			0.18%			0.18%			0.13%			0.18%
Net investment income		1.51%	(e)		2.33%			1.88%			1.08%			0.26%			0.06%
Supplemental Data
Net assets, end of period (000)	$	8,032,242		$	10,035,653		$	4,875,313		$	1,713,352		$	72,311		$	1,142,790

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 89

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempCash
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0003		$	1.0002		$	1.0000		$	1.00		$	1.00
Net investment income		0.0060			0.1405	(a)		0.0122			0.0058			0.0006			0.0001
Net realized and unrealized gain		0.0004			0.0156			0.0031			0.0004			0.0002			0.0002
Net increase from investment operations		0.0064			0.1561			0.0153			0.0062			0.0008			0.0003
Distributions (b)
From net investment income		(0.0060	)		(0.1558	)		(0.0152	)		(0.0060	)		(0.0006	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		—			—			(0.0002	)		(0.0002	)
Total distributions		(0.0060	)		(0.1558	)		(0.0152	)		(0.0060	)		(0.0008	)		(0.0003	)
Net asset value, end of period	$	1.0010		$	1.0006		$	1.0003		$	1.0002		$	1.0000		$	1.00
Total Return (d)
Based on net asset value		0.64%	(e)		15.90%	(a)		1.54%			0.62%			0.08%			0.03%
Ratios to Average Net Assets
Total expenses		0.47%	(f)		0.51%			0.61%			0.71%			0.64%			0.59%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.43%	(f)		0.43%			0.43%			0.42%			0.34%			0.23%
Net investment income		1.20%	(f)		14.04%	(a)		1.22%			0.58%			0.06%			0.01%
Supplemental Data
Net assets, end of period (000)	$	18		$	18		$	15		$	22,566		$	25,994		$	83,662

^(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.

See notes to financial statements.

90 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempCash
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19(a) to 10/31/19
Net asset value, beginning of period	$	1.0007		$	1.0006
Net investment income		0.0073			0.0055
Net realized and unrealized gain		0.0003			0.0001
Net increase from investment operations		0.0076			0.0056
Distributions (b)
From net investment income		(0.0072	)		(0.0055	)
From net realized gain		—			(0.0000	)(c)
Total distributions		(0.0072	)		(0.0055	)
Net asset value, end of period	$	1.0011		$	1.0007
Total Return (d)
Based on net asset value		0.77%	(e)		0.56%	(e)
Ratios to Average Net Assets
Total expenses		0.23%	(f)		0.24%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18%	(f)		0.18%	(f)
Net investment income		1.46%	(f)		2.10%	(f)
Supplemental Data
Net assets, end of period (000)	$	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)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 91

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.00		$	1.00
Net investment income		0.0076			0.0237			0.0177			0.0100			0.0036			0.0008
Net realized and unrealized gain (loss)		(0.0001	)		0.0003			0.0001			0.0001			0.0004			0.0001
Net increase from investment operations		0.0075			0.0240			0.0178			0.0101			0.0040			0.0009
Distributions(a)
From net investment income		(0.0072	)		(0.0237	)		(0.0178	)		(0.0100	)		(0.0036	)		(0.0008	)
From net realized gain		—			(0.0000	)(b)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0072	)		(0.0237	)		(0.0178	)		(0.0100	)		(0.0038	)		(0.0009	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.00
Total Return(c)
Based on net asset value		0.75%	(d)(e)		2.42%			1.79%			1.01%			0.41%			0.09%
Ratios to Average Net Assets
Total expenses		0.23%	(f)		0.22%			0.22%			0.22%			0.19%			0.19%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18%	(f)		0.18%			0.18%			0.18%			0.18%			0.16%
Net investment income		1.52%	(f)		2.37%			1.77%			1.03%			0.35%			0.08%
Supplemental Data
Net assets, end of period (000)	$	7,259,940		$	10,609,770		$	12,325,770		$	12,940,766		$	8,183,070		$	62,215,214

^(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.

See notes to financial statements.

92 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.00		$	1.00
Net investment income		0.0072			0.0227			0.0153			0.0090			0.0026			0.0002
Net realized and unrealized gain (loss)		(0.0002	)		0.0002			0.0015			0.0002			0.0004			0.0001
Net increase from investment operations		0.0070			0.0229			0.0168			0.0092			0.0030			0.0003
Distributions (a)
From net investment income		(0.0067	)		(0.0227	)		(0.0168	)		(0.0090	)		(0.0026	)		(0.0002	)
From net realized gain		—			(0.0000	)(b)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0067	)		(0.0227	)		(0.0168	)		(0.0090	)		(0.0028	)		(0.0003	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.00
Total Return (c)
Based on net asset value		0.70%	(d)(e)		2.31%			1.69%			0.93%			0.31%			0.03%
Ratios to Average Net Assets
Total expenses		0.32%	(f)		0.32%			0.32%			0.31%			0.29%			0.29%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27%	(f)		0.28%			0.28%			0.28%			0.28%			0.23%
Net investment income		1.44%	(f)		2.27%			1.53%			1.01%			0.24%			0.02%
Supplemental Data
Net assets, end of period (000)	$	60,391		$	42,214		$	23,965		$	106,520		$	15,197		$	2,843,390

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 93

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Cash Management
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.00		$	1.00
Net investment income		0.0047			0.0188			0.0127			0.0050			0.0000	(a)		0.0002
Net realized and unrealized gain		0.0003			0.0003			0.0001			0.0001			0.0004			0.0001
Net increase from investment operations		0.0050			0.0191			0.0128			0.0051			0.0004			0.0003
Distributions (b)
From net investment income		(0.0047	)		(0.0188	)		(0.0128	)		(0.0050	)		(0.0000	)(c)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0047	)		(0.0188	)		(0.0128	)		(0.0050	)		(0.0002	)		(0.0003	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0003		$	1.0003		$	1.0002		$	1.00
Total Return (d)
Based on net asset value		0.50%	(e)(f)		1.92%			1.28%			0.51%			0.04%			0.03%
Ratios to Average Net Assets
Total expenses		0.73%	(g)		0.72%			0.72%			0.72%			0.68%			0.69%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68%	(g)		0.68%			0.68%			0.68%			0.56%			0.23%
Net investment income		0.94%	(g)		1.88%			1.27%			0.49%			0.01%			0.02%
Supplemental Data
Net assets, end of period (000)	$	633,857		$	624,658		$	632,405		$	688,373		$	831,483		$	403,371

^(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.

See notes to financial statements.

94 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Cash Reserve
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.00		$	1.00
Net investment income		0.0053			0.0231			0.0143			0.0060			0.0004			0.0002
Net realized and unrealized gain (loss)		0.0006			0.0000	(a)		(0.0004	)		0.0001			0.0002			0.0001
Net increase from investment operations		0.0059			0.0231			0.0139			0.0061			0.0006			0.0003
Distributions (b)
From net investment income		(0.0056	)		(0.0229	)		(0.0138	)		(0.0060	)		(0.0002	)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0056	)		(0.0229	)		(0.0138	)		(0.0060	)		(0.0004	)		(0.0003	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.00
Total Return (d)
Based on net asset value		0.59%	(e)(f)		2.33%			1.39%			0.61%			0.06%			0.03%
Ratios to Average Net Assets
Total expenses		0.63%	(g)		0.62%			0.62%			0.62%			0.59%			0.59%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.50%	(g)		0.50%			0.58%			0.58%			0.51%			0.23%
Net investment income		1.06%	(g)		2.31%			1.43%			0.59%			0.01%			0.02%
Supplemental Data
Net assets, end of period (000)	$	6,302		$	4,296		$	4,320		$	3,341		$	5,630		$	16,693

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 95

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.00		$	1.00
Net investment income		0.0058			0.0221			0.0151			0.0075			0.0013			0.0002
Net realized and unrealized gain		0.0004			0.0001			0.0002			0.0002			0.0004			0.0001
Net increase from investment operations		0.0062			0.0222			0.0153			0.0077			0.0017			0.0003
Distributions (a)
From net investment income		(0.0059	)		(0.0220	)		(0.0153	)		(0.0075	)		(0.0013	)		(0.0002	)
From net realized gain		—			(0.0000	)(b)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0059	)		(0.0220	)		(0.0153	)		(0.0075	)		(0.0015	)		(0.0003	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0004		$	1.0004		$	1.0002		$	1.00
Total Return (c)
Based on net asset value		0.63%	(d)(e)		2.24%			1.54%			0.77%			0.17%			0.03%
Ratios to Average Net Assets
Total expenses		0.48%	(f)		0.47%			0.47%			0.47%			0.44%			0.44%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.43%	(f)		0.43%			0.43%			0.43%			0.42%			0.22%
Net investment income		1.16%	(f)		2.21%			1.51%			0.78%			0.13%			0.02%
Supplemental Data
Net assets, end of period (000)	$	98,151		$	79,837		$	80,471		$	86,362		$	91,943		$	1,511,529

^(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.

See notes to financial statements.

96 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	TempFund
	Private Client
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.00		$	1.00
Net investment income		0.0021			0.0190			0.0136			0.0050			0.0000	(a)		0.0002
Net realized and unrealized gain (loss)		0.0029			(0.0001	)		(0.0007	)		0.0001			0.0004			0.0001
Net increase from investment operations		0.0050			0.0189			0.0129			0.0051			0.0004			0.0003
Distributions (b)
From net investment income		(0.0047	)		(0.0187	)		(0.0128	)		(0.0050	)		(0.0000	)(c)		(0.0002	)
From net realized gain		—			(0.0000	)(c)		—			—			(0.0002	)		(0.0001	)
Total distributions		(0.0047	)		(0.0187	)		(0.0128	)		(0.0050	)		(0.0002	)		(0.0003	)
Net asset value, end of period	$	1.0009		$	1.0006		$	1.0004		$	1.0003		$	1.0002		$	1.00
Total Return (d)
Based on net asset value		0.50%	(e)(f)		1.90%			1.29%			0.52%			0.04%			0.03%
Ratios to Average Net Assets
Total expenses		1.09%	(g)		1.07%			1.07%			1.07%			1.04%			1.04%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68%	(g)		0.68%			0.68%			0.68%			0.53%			0.23%
Net investment income		0.42%	(g)		1.90%			1.36%			0.49%			0.00%			0.02%
Supplemental Data
Net assets, end of period (000)	$	22,159		$	1,165		$	2,042		$	1,295		$	1,649		$	9,855

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 97

Financial Highlights

(For a share outstanding throughout each period)

	T-Fund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0055			0.0215			0.0151			0.0063			0.0017			0.0001
Net realized gain (loss)		0.0002			0.0001			0.0002			(0.0001)			0.0000	(a)		0.0001
Net increase from investment operations		0.0057			0.0216			0.0153			0.0062			0.0017			0.0002
Distributions (b)
From net investment income		(0.0057)			(0.0216)			(0.0153)			(0.0062)			(0.0017)			(0.0001)
From net realized gain		(0.0000)	(c)		(0.0000)	(c)		(0.0000)	(c)		(0.0000)	(c)		(0.0000)	(c)		(0.0001)
Total distributions		(0.0057)			(0.0216)			(0.0153)			(0.0062)			(0.0017)			(0.0002)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.58%	(e)		2.18%			1.54%			0.62%			0.17%			0.02%
Ratios to Average Net Assets
Total expenses		0.19%	(f)		0.19%			0.19%			0.19%			0.20%			0.20%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(f)		0.17%			0.17%			0.17%			0.17%			0.08%
Net investment income		1.11%	(f)		2.15%			1.51%			0.63%			0.18%			0.01%
Supplemental Data
Net assets, end of period (000)	$	76,775,309		$	65,112,830		$	57,671,676		$	53,092,342		$	53,764,049		$	19,598,433

^(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.

See notes to financial statements.

98 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0052			0.0206			0.0146			0.0061			0.0008			0.0001
Net realized gain (loss)		0.0000	(a)		0.0000	(a)		(0.0003	)		(0.0009	)		0.0000	(a)		0.0001
Net increase from investment operations		0.0052			0.0206			0.0143			0.0052			0.0008			0.0002
Distributions (b)
From net investment income		(0.0052	)		(0.0206	)		(0.0143	)		(0.0052	)		(0.0008	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0052	)		(0.0206	)		(0.0143	)		(0.0052	)		(0.0008	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.53%	(e)		2.08%			1.43%			0.52%			0.08%			0.02%
Ratios to Average Net Assets
Total expenses		0.29%	(f)		0.29%			0.29%			0.29%			0.30%			0.30%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27%	(f)		0.27%			0.27%			0.27%			0.26%			0.08%
Net investment income		1.07%	(f)		2.08%			1.46%			0.61%			0.12%			0.01%
Supplemental Data
Net assets, end of period (000)	$	632,504		$	733,783		$	924,933		$	685,250		$	75,294		$	5

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 99

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Capital
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/2019			Period from 11/10/17(a) to 10/31/18
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Net investment income		0.0055			0.0212			0.0172
Net realized gain (loss)		0.0000	(b)		0.0000	(b)		(0.0027	)
Net increase from investment operations		0.0055			0.0212			0.0145
Distributions (c)
From net investment income		(0.0055	)		(0.0212	)		(0.0145	)
From net realized gain		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0055	)		(0.0212	)		(0.0145	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.55%	(f)		2.14%			1.46%	(f)
Ratios to Average Net Assets
Total expenses		0.24%	(g)		0.24%			0.24%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.22%	(g)		0.21%			0.21%	(g)
Net investment income		1.10%	(g)		2.13%			1.76%	(g)
Supplemental Data
Net assets, end of period (000)	$	10,615,987		$	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)  Annualized.

See notes to financial statements.

100 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Cash Management
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0035			0.0164			0.0103			0.0015			0.0001			0.0001
Net realized gain		0.0001			0.0003			0.0000	(a)		0.0003			0.0000	(a)		0.0001
Net increase from investment operations		0.0036			0.0167			0.0103			0.0018			0.0001			0.0002
Distributions (b)
From net investment income		(0.0036	)		(0.0167	)		(0.0103	)		(0.0018	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0036	)		(0.0167	)		(0.0103	)		(0.0018	)		(0.0001	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.36%	(e)		1.69%			1.03%			0.18%			0.02%			0.02%
Ratios to Average Net Assets
Total expenses		0.69%	(f)		0.69%			0.69%			0.69%			0.70%			0.70%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.59%	(f)		0.67%			0.67%			0.58%			0.32%			0.08%
Net investment income		0.70%	(f)		1.64%			1.03%			0.15%			0.01%			0.01%
Supplemental Data
Net assets, end of period (000)	$	1,106,587		$	1,035,657		$	600,314		$	576,284		$	1,133,743		$	771,441

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 101

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Cash Reserve
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,												Period from 09/24/15 (a) to 10/31/15
				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		0.0033			0.0176			0.0128			0.0027			0.0001			0.0000	(b)
Net realized gain (loss)		0.0007			0.0000	(b)		(0.0015	)		(0.0002	)		0.0000	(b)		0.0000
Net increase from investment operations		0.0040			0.0176			0.0113			0.0025			0.0001			0.0000
Distributions (c)
From net investment income		(0.0040	)		(0.0176	)		(0.0113	)		(0.0025	)		(0.0001	)		(0.0000	)(d)
From net realized gain		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		—
Total distributions		(0.0040	)		(0.0176	)		(0.0113	)		(0.0025	)		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.40%	(f)		1.78%			1.13%			0.25%			0.02%			0.00%	(f)
Ratios to Average Net Assets
Total expenses		0.59%	(g)		0.59%			0.59%			0.59%			0.60%			0.56%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.50%	(g)		0.57%			0.57%			0.55%			0.35%			0.08%	(g)
Net investment income		0.67%	(g)		1.78%			1.28%			0.27%			0.02%			0.01%	(g)
Supplemental Data
Net assets, end of period (000)	$	95,532		$	123,578		$	239,734		$	57,894		$	68,784		$	—	(h)

^(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)  Net assets are less than $1,000.

See notes to financial statements.

102 2020 BLACK ROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0043			0.0191			0.0123			0.0035			0.0001			0.0001
Net realized gain		0.0003			0.0000	(a)		0.0004			0.0002			0.0000	(a)		0.0001
Net increase from investment operations		0.0046			0.0191			0.0127			0.0037			0.0001			0.0002
Distributions (b)
From net investment income		(0.0046	)		(0.0191	)		(0.0127	)		(0.0037	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0046	)		(0.0191	)		(0.0127	)		(0.0037	)		(0.0001	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.46%	(e)		1.93%			1.28%			0.38%			0.02%			0.02%
Ratios to Average Net Assets
Total expenses		0.44%	(f)		0.44%			0.44%			0.44%			0.45%			0.45%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.40%	(f)		0.42%			0.42%			0.42%			0.34%			0.08%
Net investment income		0.87%	(f)		1.92%			1.23%			0.35%			0.02%			0.01%
Supplemental Data
Net assets, end of period (000)	$	1,512,072		$	794,485		$	1,230,374		$	2,927,646		$	3,807,290		$	988,153

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 103

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0057			0.0050
Net realized gain		0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0057			0.0050
Distributions (c)
From net investment income		(0.0057	)		(0.0050	)
From net realized gain		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0057	)		(0.0050	)
Net asset value, end of period	$	1.00		$	1.00
Total Return (e)
Based on net asset value		0.58%	(f)		0.50%	(f)
Ratios to Average Net Assets
Total expenses		0.19%	(g)		0.19%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(g)		0.17%	(g)
Net investment income		1.15%	(g)		1.93%	(g)
Supplemental Data
Net assets, end of period (000)	$	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.

See notes to financial statements.

104 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	T-Fund
	Select
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0015			0.0133			0.0051			0.0002			0.0001			0.0001
Net realized gain		0.0009			0.0000	(a)		0.0019			0.0000	(a)		0.0000	(a)		0.0001
Net increase from investment operations		0.0024			0.0133			0.0070			0.0002			0.0001			0.0002
Distributions (b)
From net investment income		(0.0024	)		(0.0133	)		(0.0070	)		(0.0002	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0001	)
Total distributions		(0.0024	)		(0.0133	)		(0.0070	)		(0.0002	)		(0.0001	)		(0.0002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.24%	(e)		1.34%			0.70%			0.02%			0.02%			0.02%
Ratios to Average Net Assets
Total expenses		1.04%	(f)		1.04%			1.04%			1.04%			1.05%			1.05%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.71%	(f)		1.00%			1.00%			0.75%			0.31%			0.08%
Net investment income		0.30%	(f)		1.37%			0.51%			0.02%			0.01%			0.01%
Supplemental Data
Net assets, end of period (000)	$	42,606		$	14,769		$	19,710		$	75,759		$	83,975		$	220,861

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 105

Financial Highlights

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0060			0.0212			0.0153			0.0060			0.0013			0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0000	(a)		(0.0002	)		0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0060			0.0212			0.0151			0.0060			0.0013			0.0000
Distributions (b)
From net investment income		(0.0060	)		(0.0212	)		(0.0151	)		(0.0060	)		(0.0013	)		(0.0000	)(c)
From net realized gain		(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0060	)		(0.0212	)		(0.0151	)		(0.0060	)		(0.0013	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.60%	(e)		2.14%			1.52%			0.60%			0.13%			0.00%
Ratios to Average Net Assets
Total expenses		0.19%	(f)		0.20%			0.20%			0.20%			0.21%			0.21%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(f)		0.17%			0.17%			0.17%			0.17%			0.05%
Net investment income		1.09%	(f)		2.12%			1.53%			0.60%			0.14%			0.00%
Supplemental Data
Net assets, end of period (000)	$	76,563,137		$	38,728,217		$	30,530,122		$	24,157,325		$	20,911,540		$	13,517,000

^(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.

See notes to financial statements.

106 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0055			0.0203			0.0136			0.0052			0.0005			0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0000	(a)		0.0005			(0.0002	)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0055			0.0203			0.0141			0.0050			0.0005			0.0000
Distributions (b)
From net investment income		(0.0055	)		(0.0203	)		(0.0141	)		(0.0050	)		(0.0005	)		(0.0000	)(c)
From net realized gain		(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0055	)		(0.0203	)		(0.0141	)		(0.0050	)		(0.0005	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.55%	(e)		2.05%			1.42%			0.50%			0.05%			0.00%
Ratios to Average Net Assets
Total expenses		0.29%	(f)		0.30%			0.30%			0.30%			0.31%			0.31%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27%	(f)		0.26%			0.27%			0.27%			0.24%			0.05%
Net investment income		1.13%	(f)		2.03%			1.36%			0.52%			0.04%			0.00%
Supplemental Data
Net assets, end of period (000)	$	496,573		$	465,703		$	413,618		$	638,815		$	476,145		$	573,959

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 107

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Cash Management
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0037			0.0158			0.0098			0.0018			0.0002			0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0005			0.0003			(0.0002	)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0037			0.0163			0.0101			0.0016			0.0002			0.0000
Distributions (b)
From net investment income		(0.0037	)		(0.0163	)		(0.0101	)		(0.0016	)		(0.0002	)		(0.0000	)(c)
From net realized gain		(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0037	)		(0.0163	)		(0.0101	)		(0.0016	)		(0.0002	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (d)
Based on net asset value		0.37%	(e)		1.64%			1.02%			0.16%			0.02%			0.00%
Ratios to Average Net Assets
Total expenses		0.69%	(f)		0.69%			0.70%			0.70%			0.71%			0.71%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.64%	(f)		0.67%			0.67%			0.63%			0.29%			0.05%
Net investment income		0.72%	(f)		1.58%			0.98%			0.18%			0.01%			0.00%
Supplemental Data
Net assets, end of period (000)	$	42,820		$	36,492		$	13,843		$	21,110		$	16,561		$	8,528

^(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.

See notes to financial statements.

108 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Cash Reserve
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,									Period from 12/16/15 (a) to 10/31/16
				2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0041			0.0172			0.0124			0.0019			0.0001
Net realized gain (loss)		0.0000	(b)		0.0000	(b)		(0.0013	)		0.0003			0.0000	(b)
Net increase from investment operations		0.0041			0.0172			0.0111			0.0022			0.0001
Distributions(c)
From net investment income		(0.0041	)		(0.0172	)		(0.0111	)		(0.0022	)		(0.0001	)
From net realized gain		(0.0000	)(d)		—			(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0041	)		(0.0172	)		(0.0111	)		(0.0022	)		(0.0001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.41%	(f)		1.74%			1.12%			0.22%			0.01%	(f)
Ratios to Average Net Assets
Total expenses		0.59%	(g)		0.60%			0.60%			0.60%			0.61%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.56%	(g)		0.57%			0.57%			0.52%			0.29%	(g)
Net investment income		0.78%	(g)		1.73%			1.24%			0.19%			0.01%	(g)
Supplemental Data
Net assets, end of period (000)	$	106,740		$	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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 109

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0049			0.0194			0.0127			0.0035			0.0002			0.0000	(a)
Net realized gain (loss)		0.0000	(a)		0.0002			(0.0001	)		0.0000	(a)		0.0000	(a)		0.0000	(a)
Net increase from investment operations		0.0049			0.0196			0.0126			0.0035			0.0002			0.0000
Distributions(b)
From net investment income		(0.0049	)		(0.0196	)		(0.0126	)		(0.0035	)		(0.0002	)		(0.0000	)(c)
From net realized gain		(0.0000	)(c)		—			(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)		(0.0000	)(c)
Total distributions		(0.0049	)		(0.0196	)		(0.0126	)		(0.0035	)		(0.0002	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.49%	(e)		1.98%			1.27%			0.35%			0.02%			0.00%
Ratios to Average Net Assets
Total expenses		0.44%	(f)		0.44%			0.45%			0.45%			0.46%			0.46%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.40%	(f)		0.40%			0.42%			0.42%			0.28%			0.05%
Net investment income		0.91%	(f)		1.94%			1.27%			0.35%			0.01%			0.00%
Supplemental Data
Net assets, end of period (000)	$	1,384,790		$	977,335		$	482,014		$	483,138		$	420,095		$	428,958

^(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.

See notes to financial statements.

110 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0060			0.0049
Net realized gain		0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0060			0.0049
Distributions(c)
From net investment income		(0.0060	)		(0.0049	)
From net realized gain		(0.0000	)(d)		—
Total distributions		(0.0060	)		(0.0049	)
Net asset value, end of period	$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.60%	(f)		0.49%	(f)
Ratios to Average Net Assets
Total expenses		0.19%	(g)		0.19%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17%	(g)		0.17%	(g)
Net investment income		1.20%	(g)		1.87%	(g)
Supplemental Data
Net assets, end of period (000)	$	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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 111

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Treasury Trust Fund
	Select
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,												Period from 09/28/15 (a) to 10/31/15
				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		0.0024			0.0129			0.0067			0.0001			0.0002			0.0000	(b)
Net realized gain		0.0000	(b)		0.0001			0.0001			0.0001			0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0024			0.0130			0.0068			0.0002			0.0002			0.0000
Distributions(c)
From net investment income		(0.0024	)		(0.0130	)		(0.0068	)		(0.0002	)		(0.0002	)		(0.0000	)(d)
From net realized gain		(0.0000	)(d)		—			(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)		(0.0000	)(d)
Total distributions		(0.0024	)		(0.0130	)		(0.0068	)		(0.0002	)		(0.0002	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(e)
Based on net asset value		0.24%	(f)		1.30%			0.68%			0.02%			0.02%			0.00%	(f)
Ratios to Average Net Assets
Total expenses		1.04%	(g)		1.05%			1.05%			1.05%			1.06%			1.09%	(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.88%	(g)		1.00%			1.00%			0.68%			0.31%			0.06%	(g)
Net investment income		0.43%	(g)		1.29%			0.67%			0.01%			0.01%			0.00%	(g)
Supplemental Data
Net assets, end of period (000)	$	85,208		$	38,265		$	39,675		$	38,309		$	79,910		$	8,058

^(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.

See notes to financial statements.

112 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	MuniCash
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00
Net investment income		0.0055			0.0137			0.0112			0.0060			0.0019			0.0001
Net realized and unrealized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0013			0.0000	(a)
Net increase from investment operations		0.0055			0.0137			0.0112			0.0060			0.0032			0.0001
Distributions(b)
From net investment income		(0.0054	)		(0.0137	)		(0.0112	)		(0.0058	)		(0.0019	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		—			(0.0000	)(c)		(0.0000	)(c)
From return of capital		—			—			—			—			(0.0012	)		—
Total distributions		(0.0054	)		(0.0137	)		(0.0114	)		(0.0058	)		(0.0031	)		(0.0001	)
Net asset value, end of period	$	1.0002		$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00
Total Return(d)
Based on net asset value		0.55%	(e)		1.38%			1.13%	(f)		0.60%			0.33%			0.02%
Ratios to Average Net Assets
Total expenses		0.27%	(g)		0.28%			0.29%			0.31%			0.38%	(h)		0.49%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(g)		0.20%			0.20%			0.20%			0.18%			0.13%
Net investment income		1.07%	(g)		1.36%			1.12%			0.60%			0.25%			0.01%
Supplemental Data
Net assets, end of period (000)	$	6,266,384		$	5,182,923		$	3,992,552		$	4,096,900		$	2,139,820		$	145,329

^(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%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 113

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniCash
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00		$	1.00
Net investment income		0.0043			0.0123			0.0087			0.0033			0.0006			0.0001
Net realized and unrealized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0002			0.0013			0.0000	(a)
Net increase from investment operations		0.0043			0.0123			0.0087			0.0035			0.0019			0.0001
Distributions(b)
From net investment income		(0.0042	)		(0.0123	)		(0.0087	)		(0.0033	)		(0.0006	)		(0.0001	)
From net realized gain		—			(0.0000	)(c)		(0.0002	)		—			(0.0000	)(c)		(0.0000	)(c)
From return of capital		—			—			—			—			(0.0012	)		—
Total distributions		(0.0042	)		(0.0123	)		(0.0089	)		(0.0033	)		(0.0018	)		(0.0001	)
Net asset value, end of period	$	1.0002		$	1.0001		$	1.0001		$	1.0003		$	1.0001		$	1.00
Total Return(d)
Based on net asset value		0.43%	(e)		1.23%			0.88%	(f)		0.35%			0.19%			0.02%
Ratios to Average Net Assets
Total expenses		0.52%	(g)		0.53%			0.54%			0.56%			0.63%	(h)		0.74%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.44%	(g)		0.45%			0.45%			0.45%			0.30%			0.13%
Net investment income		0.87%	(g)		1.22%			0.87%			0.33%			0.05%			0.01%
Supplemental Data
Net assets, end of period (000)	$	2,770		$	2,207		$	1,893		$	1,623		$	1,802		$	2,045

^(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 Dollar class would have been 0.63%.

See notes to financial statements.

114 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniCash
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.0002		$	1.0002
Net investment income		0.0054			0.0031
Net realized and unrealized gain		0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0054			0.0031
Distributions from net investment income(c)		(0.0054	)		(0.0031	)
Net asset value, end of period	$	1.0002		$	1.0002
Total Return(d)
Based on net asset value		0.54%	(e)		0.31%	(e)
Ratios to Average Net Assets
Total expenses		0.27%	(f)		0.28%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%	(f)
Net investment income		1.08%	(f)		1.20%	(f)
Supplemental Data
Net assets, end of period (000)	$	37		$	36

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 115

Financial Highlights

(For a share outstanding throughout each period)

	MuniFund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0054			0.0142			0.0115			0.0060			0.0019			0.0002
Net realized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0002			0.0001			0.0001
Net increase from investment operations		0.0054			0.0142			0.0115			0.0062			0.0020			0.0003
Distributions(b)
From net investment income		(0.0054	)		(0.0142	)		(0.0115	)		(0.0060	)		(0.0019	)		(0.0002	)
From net realized gain		—			—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0054	)		(0.0142	)		(0.0115	)		(0.0062	)		(0.0020	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.54%	(e)		1.43%			1.16%			0.62%			0.20%			0.03%
Ratios to Average Net Assets
Total expenses		0.52%	(f)		0.50%			0.55%			0.45%			0.37%			0.36%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%			0.20%			0.20%			0.11%			0.06%
Net investment income		1.06%	(f)		1.42%			1.15%			0.60%			0.10%			0.02%
Supplemental Data
Net assets, end of period (000)	$	81,210		$	194,629		$	191,172		$	146,316		$	141,458		$	1,369,069

^(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.

See notes to financial statements.

116 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund
	Administration
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0049			0.0133			0.0104			0.0049			0.0013			0.0002
Net realized gain		0.0000	(a)		0.0000	(a)		0.0001			0.0003			0.0001			0.0001
Net increase from investment operations		0.0049			0.0133			0.0105			0.0052			0.0014			0.0003
Distributions(b)
From net investment income		(0.0049	)		(0.0133	)		(0.0105	)		(0.0050	)		(0.0013	)		(0.0002	)
From net realized gain		—			—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0049	)		(0.0133	)		(0.0105	)		(0.0052	)		(0.0014	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.49%	(e)		1.34%			1.06%			0.52%			0.14%			0.03%
Ratios to Average Net Assets
Total expenses		0.64%	(f)		0.60%			0.65%			0.55%			0.46%			0.46%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.30%	(f)		0.30%			0.30%			0.30%			0.15%			0.06%
Net investment income		0.99%	(f)		1.33%			1.04%			0.49%			0.05%			0.02%
Supplemental Data
Net assets, end of period (000)	$	16,954		$	15,487		$	16,537		$	18,653		$	21,554		$	325,641

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 117

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund
	Dollar
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0041			0.0117			0.0090			0.0035			0.0006			0.0002
Net realized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0002			0.0001			0.0001
Net increase from investment operations		0.0041			0.0117			0.0090			0.0037			0.0007			0.0003
Distributions(b)
From net investment income		(0.0041	)		(0.0117	)		(0.0090	)		(0.0035	)		(0.0006	)		(0.0002	)
From net realized gain		—			—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0041	)		(0.0117	)		(0.0090	)		(0.0037	)		(0.0007	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.41%	(e)		1.18%			0.91%			0.36%			0.07%			0.03%
Ratios to Average Net Assets
Total expenses		0.78%	(f)		0.75%			0.80%			0.70%			0.63%			0.61%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.45%	(f)		0.45%			0.45%			0.45%			0.22%			0.06%
Net investment income		0.83%	(f)		1.17%			0.90%			0.35%			0.03%			0.02%
Supplemental Data
Net assets, end of period (000)	$	4,338		$	4,678		$	4,462		$	4,592		$	5,724		$	41,554

^(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)  Annualized.

See notes to financial statements.

118 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0054			0.0033
Net realized gain		0.0000	(b)		0.0000	(b)
Net increase from investment operations		0.0054			0.0033
Distributions from net investment income(c)		(0.0054	)		(0.0033	)
Net asset value, end of period	$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.54%	(e)		0.33%	(e)
Ratios to Average Net Assets
Total expenses		0.54%	(f)		0.52%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%	(f)
Net investment income		1.08%	(f)		1.25%	(f)
Supplemental Data
Net assets, end of period (000)	$	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) Where applicable, assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 119

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund
	Private Client
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0031			0.0094			0.0067			0.0013			0.0002			0.0002
Net realized gain		0.0000	(a)		0.0000	(a)		0.0000	(a)		0.0002			0.0001			0.0001
Net increase from investment operations		0.0031			0.0094			0.0067			0.0015			0.0003			0.0003
Distributions(b)
From net investment income		(0.0031	)		(0.0094	)		(0.0067	)		(0.0013	)		(0.0002	)		(0.0002	)
From net realized gain		—			—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0031	)		(0.0094	)		(0.0067	)		(0.0015	)		(0.0003	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.31%	(e)		0.94%			0.68%			0.14%			0.03%			0.03%
Ratios to Average Net Assets
Total expenses		1.39%	(f)		1.35%			1.40%			1.30%			1.22%			1.21%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.66%	(f)		0.68%			0.68%			0.67%			0.25%			0.06%
Net investment income		0.62%	(f)		0.94%			0.67%			0.13%			0.02%			0.02%
Supplemental Data
Net assets, end of period (000)	$	292		$	291		$	319		$	330		$	350		$	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)  Annualized.

See notes to financial statements.

120 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	MuniFund
	Select
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0017			0.0063			0.0034			0.0000	(a)		0.0001			0.0002
Net realized gain		0.0000	(a)		0.0000	(a)		0.0001			0.0002			0.0001			0.0001
Net increase from investment operations		0.0017			0.0063			0.0035			0.0002			0.0002			0.0003
Distributions(b)
From net investment income		(0.0017	)		(0.0063	)		(0.0035	)		(0.0000	)(c)		(0.0001	)		(0.0002	)
From net realized gain		—			—			(0.0000	)(c)		(0.0002	)		(0.0001	)		(0.0001	)
Total distributions		(0.0017	)		(0.0063	)		(0.0035	)		(0.0002	)		(0.0002	)		(0.0003	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.17%	(e)		0.63%			0.36%			0.02%			0.02%			0.03%
Ratios to Average Net Assets
Total expenses		1.38%	(f)		1.34%			1.40%			1.30%			1.22%			1.21%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.95%	(f)		1.00%			1.00%			0.79%			0.24%			0.06%
Net investment income		0.33%	(f)		0.64%			0.34%			0.00%			0.01%			0.02%
Supplemental Data
Net assets, end of period (000)	$	2,165		$	2,181		$	2,662		$	2,833		$	3,863		$	22,769

^(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.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 121

Financial Highlights

(For a share outstanding throughout each period)

	California Money Fund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0002		$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0046			0.0107			0.0101			0.0053			0.0019			0.0001
Net realized and unrealized gain (loss)		(0.0003	)		0.0001			0.0002			0.0012			0.0000	(a)		(0.0000	)(b)
Net increase from investment operations		0.0043			0.0108			0.0103			0.0065			0.0019			0.0001
Distributions(c)
From net investment income		(0.0045	)		(0.0108	)		(0.0101	)		(0.0054	)		(0.0019	)		(0.0001	)
From net realized gain		—			—			—			(0.0011	)		—			—
Total distributions		(0.0045	)		(0.0108	)		(0.0101	)		(0.0065	)		(0.0019	)		(0.0001	)
Net asset value, end of period	$	1.0000		$	1.0002		$	1.0002		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.43%	(e)		1.09%			1.03%			0.65%			0.19%			0.01%
Ratios to Average Net Assets
Total expenses		0.44%	(f)		0.47%			0.70%			0.74%			0.47%			0.47%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%			0.20%			0.20%			0.12%			0.05%
Net investment income		0.93%	(f)		1.07%			1.01%			0.53%			0.12%			0.01%
Supplemental Data
Net assets, end of period (000)	$	332,796		$	397,288		$	169,293		$	30,459		$	41,192		$	227,884

^(a)  Amount is less than $0.00005 per share.

^(b)  Amount is greater than $(0.00005) per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

122 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	California Money Fund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from     07/26/19 (a)     to 10/31/19
Net asset value, beginning of period	$	1.0002		$	1.0002
Net investment income		0.0045			0.0026
Net realized and unrealized gain (loss)		(0.0002	)		0.0000	(b)
Net increase from investment operations		0.0043			0.0026
Distributions from net investment income(c)		(0.0045	)		(0.0026	)
Net asset value, end of period	$	1.0000		$	1.0002
Total Return(d)
Based on net asset value		0.43%	(e)		0.26%	(e)
Ratios to Average Net Assets
Total expenses		0.45%	(f)		0.52%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%	(f)
Net investment income		0.91%	(f)		0.99%	(f)
Supplemental Data
Net assets, end of period (000)	$	36		$	36

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 123

Financial Highlights

(For a share outstanding throughout each period)

	New York Money Fund
	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	1.0000		$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0051			0.0129			0.0113			0.0056			0.0019			0.0001
Net realized and unrealized gain (loss)		0.0002			0.0003			(0.0002	)		0.0013			0.0015			0.0000	(a)
Net increase from investment operations		0.0053			0.0132			0.0111			0.0069			0.0034			0.0001
Distributions(b)
From net investment income		(0.0053	)		(0.0132	)		(0.0111	)		(0.0056	)		(0.0019	)		(0.0001	)
From net realized gain		—			—			—			—			(0.0003	)		(0.0000	)(c)
From return of capital		—			—			—			(0.0013	)		(0.0012	)		—
Total distributions		(0.0053	)		(0.0132	)		(0.0111	)		(0.0069	)		(0.0034	)		(0.0001	)
Net asset value, end of period	$	1.0000		$	1.0000		$	1.0000		$	1.00		$	1.00		$	1.00
Total Return(d)
Based on net asset value		0.54%	(e)		1.33%			1.12%			0.69%			0.34%			0.01%
Ratios to Average Net Assets
Total expenses		0.45%	(f)		0.56%			1.35%			1.00%			0.58%			0.49%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%			0.20%			0.20%			0.14%			0.09%
Net investment income		1.03%	(f)		1.29%			1.13%			0.56%			0.10%			0.01%
Supplemental Data
Net assets, end of period (000)	$	255,586		$	243,502		$	46,066		$	16,908		$	17,838		$	92,999

^(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.

See notes to financial statements.

124 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	New York Money Fund
	Premier
	Six Months Ended 04/30/20 (unaudited)			Period from 07/26/19 (a) to 10/31/19
Net asset value, beginning of period	$	1.0000		$	1.0000
Net investment income		0.0053			0.0030
Net realized and unrealized gain		(0.0000	)(b)		(0.0000	)(b)
Net increase from investment operations		0.0053			0.0030
Distributions from net investment income(c)		(0.0053	)		(0.0030	)
Net asset value, end of period	$	1.0000		$	1.0000
Total Return(d)
Based on net asset value		0.54%	(e)		0.30%	(e)
Ratios to Average Net Assets
Total expenses		0.45%	(f)		0.56%	(f)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.20%	(f)		0.20%	(f)
Net investment income		1.08%	(f)		1.16%	(f)
Supplemental Data
Net assets, end of period (000)	$	37		$	37

^(a)  Recommencement of operations.

^(b)  Amount is greater than $(0.00005) per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 125

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

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)

(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, Administration Shares, Capital Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Private Client Shares and Select 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. Except for TempFund, each Fund also offers Premier Shares. For the six months ended April 30, 2020, no Plus Shares or Cash Plus Shares were outstanding. Each Fund offers multiple classes of shares. 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. 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. 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 (the “Board”) is permitted to impose a liquidity fee of up to 2% on the value of shares redeemed or temporarily restrict redemptions from 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized 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 Market Fund or New York Money Market 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.

126 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Recent Accounting Standards: TempCash has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, TempCash has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, TempCash applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 is $9,786,855,817.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of TempCash.

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. 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. 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.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies (TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund): TempCash, MuniCash, California Money Fund and New York Money Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of 3:00 p.m., Eastern time, on each day on which the New York Stock Exchange (“NYSE”) is open for business. TempFund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of 8:00 a.m. (Eastern time), 12:00 p.m. (Eastern time) and 3:00 p.m. (Eastern time) on each day on which the NYSE is open for business. 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 determine the fair values of their 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 securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. 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), 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.

• Municipal investments (including commitments to purchase such investments on a “when-issued” basis) 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.

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 investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• 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 investments)

NOTES TO FINANCIAL STATEMENTS 127

Notes to Financial Statements  (unaudited) (continued)

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 investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared repurchase agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or a fund, respectively. Certain 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, FedFund, TempCash, TempFund and T-Fund invested in repurchase agreements through joint trading accounts.

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 a 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, a fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a fund would recognize a liability with respect to such excess collateral. The liability reflects a fund’s obligation under bankruptcy law to return the excess to the counterparty.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of the Funds, entered into a management agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory, administration and accounting services to the Funds.

Under the management agreement, the Manager is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:

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)

(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.

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

128 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 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 Administration, Capital, Cash Management, Cash Reserve, Dollar, Private Client and Select 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:

	Service Fees(a)			Distribution Fees(a)
Administration		0.10	%		—	%
Capital		0.05			—
Cash Management		0.50			—
Cash Reserve		0.40			—
Dollar		0.25			—
Private Client		0.50			0.35
Select		0.50			0.35

(a) Due to certain contractual and voluntary waivers, the above stated rates may be reduced.

For the six months ended April 30, 2020, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Administration		Capital		Cash Management		Cash Reserve		Dollar		Private Client		Select		Total
Federal Trust Fund	$	42,068	$	—	$	29,497	$	764	$	17,221	$	—	$	—	$	89,550
FedFund		1,441,613		2,063,649		1,095,311		10,499,669		3,306,790		1,101		1,193,296		19,601,429
TempCash		—		—		—		—		22		—		—		22
TempFund		21,831		—		1,559,585		11,221		108,287		25,029		—		1,725,953
T-Fund		330,969		2,540,675		2,505,794		227,380		1,132,716		—		97,645		6,835,179
Treasury Trust Fund		237,100		—		84,590		214,890		1,326,046		—		260,526		2,123,152
MuniCash		—		—		—		—		3,005		—		—		3,005
MuniFund		8,081		—		—		—		5,659		1,230		10,028		24,998

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, 2020, the Funds did not pay any amounts to affiliates in return for these services.

NOTES TO FINANCIAL STATEMENTS 129

Notes to Financial Statements  (unaudited) (continued)

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 prior to March 1, 2021, 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, 2020, the amounts waived were as follows:

Federal Trust Fund	$	1,237,135
FedFund		9,926,347
TempCash		2,517,289
TempFund		2,354,116
T-Fund		7,195,684
Treasury Trust Fund		4,583,979
MuniCash		1,818,888
MuniFund		295,813
California Money Fund		409,662
New York Money Fund		372,682

In addition, BRIL has contractually agreed to waive service and/or distribution fees through February 28, 2021 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.

With respect to each Fund, the Manager and BRIL have also voluntarily agreed to waive a portion of their respective management fees and service and distribution fees, as applicable, and/or reimburse operating expenses to enable each Fund to maintain a minimum level 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 and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the waiver and/or reimbursement at any time. For the six months ended April 30, 2020, the amounts waived were as follows:

Service and Distribution Fees Waived	Administration		Capital		Cash Management		Cash Reserve		Dollar		Private Client		Select		Total
Federal Trust Fund	$	—	$	—	$	1,884	$	764	$	159	$	—	$	—	$	2,807
FedFund		—		205,028		117,592		691,126		29,808		514		256,515		1,300,583
TempFund		1,499		—		—		2,334		1,061		10,305		—		15,199
T-Fund		9		259,988		382,837		40,600		72,751		—		36,125		792,310
Treasury Trust Fund		5,312		—		5,491		6,638		100,613		—		44,330		162,384
MuniCash		—		—		—		—		68		—		—		68
MuniFund		—		—		—		—		7		561		1,214		1,782

With respect to New York Money Fund, the amount waived was $117 and reported in the Statements of Operations as fees waived and/or reimbursed by the Manager.

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, 2020, 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 Funds’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: During the six months ended April 30, 2020, TempFund received a reimbursement of $14,497 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

130 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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, 2020, 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:

	Purchases		Sales		Net Realized Gain (Loss)
MuniCash	$	1,308,959,221	$	522,446,758	$	—
MuniFund		32,951,184		102,988,122		—
California Money Fund		87,764,074		184,483,400		—
New York Money Fund		78,928,684		117,982,517		—

6. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended October 31, 2019. 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, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

	Non-Expiring Capital Loss Carryforward
MuniCash	$	55,451
MuniFund		3,026
California Money Fund		41

As of April 30, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	TempCash
Tax cost	$	7,743,233,134
Gross unrealized appreciation	$	5,849,240
Gross unrealized depreciation		(1,330,384	)
Net unrealized appreciation	$	4,518,856

7. PRINCIPAL RISKS

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain 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.

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.

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

NOTES TO FINANCIAL STATEMENTS 131

Notes to Financial Statements  (unaudited) (continued)

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.

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 impact of the pandemic may be short term or may last for an extended period of time.

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. 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: 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. This may subject each Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, the Funds’ respective portfolios. 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.

8. CAPITAL SHARE TRANSACTIONS

The Trust’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share for Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund and MuniFund.

Transactions in capital shares for each class were as follows:

	Six Months Ended 04/30/20			Year Ended 10/31/19
Federal Trust Fund
Institutional
Shares sold		12,462,848,570			12,704,112,763
Shares issued in reinvestment of distributions		4,580,382			14,369,548
Shares redeemed		(10,462,909,408	)		(12,272,884,399	)
Net increase		2,004,519,544			445,597,912
Administration
Shares sold		81,912,873			173,314,836
Shares issued in reinvestment of distributions		458,558			1,898,231
Shares redeemed		(55,139,532	)		(170,753,243	)
Net increase		27,231,899			4,459,824
Cash Management
Shares sold		5,054,937			202,720
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(838,638	)		(1,538,528	)
Net increase (decrease)		4,216,299			(1,335,808	)
Cash Reserve
Shares sold		—			772
Shares issued in reinvestment of distributions		1,789			9,105
Shares redeemed		—			(774	)
Net increase		1,789			9,103
Dollar
Shares sold		16,261,059			12,237,686
Shares issued in reinvestment of distributions		8,822			65,711
Shares redeemed		(11,262,800	)		(14,903,384	)
Net increase (decrease)		5,007,081			(2,599,987	)

132 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/20			Year Ended 10/31/19
Premier
Shares sold		—			36,500	(a)
Net increase		—			36,500
Total Net Increase		2,040,976,612			446,167,544
FedFund
Institutional
Shares sold		592,056,234,531			820,557,392,885
Shares issued in reinvestment of distributions		267,215,190			681,599,495
Shares redeemed		(529,322,006,238	)		(802,414,537,695	)
Net increase		63,001,443,483			18,824,454,685
Administration
Shares sold		4,133,022,660			7,702,703,748
Shares issued in reinvestment of distributions		1,916,574			7,851,418
Shares redeemed		(3,893,206,542	)		(7,340,208,687	)
Net increase		241,732,692			370,346,479
Capital
Shares sold		7,292,658,664			8,896,812,741
Shares issued in reinvestment of distributions		46,749,959			159,322,052
Shares redeemed		(6,237,652,683	)		(8,116,349,857	)
Net increase		1,101,755,940			939,784,936
Cash Management
Shares sold		493,869,737			601,770,368
Shares issued in reinvestment of distributions		1,006,275			3,486,015
Shares redeemed		(361,244,207	)		(382,288,939	)
Net increase		133,631,805			222,967,444
Cash Reserve
Shares sold		26,378,360,449			44,180,431,479
Shares issued in reinvestment of distributions		14			227
Shares redeemed		(25,712,187,058	)		(40,922,873,761	)
Net increase		666,173,405			3,257,557,945
Dollar
Shares sold		5,756,962,716			12,221,791,437
Shares issued in reinvestment of distributions		1,052,983			4,575,944
Shares redeemed		(4,933,995,849	)		(11,695,388,333	)
Net increase		824,019,850			530,979,048
Premier
Shares sold		—			36,500	(a)
Net increase		—			36,500
Private Client
Shares sold		48,952			78
Shares issued in reinvestment of distributions		927			5,702
Shares redeemed		(1,431	)		(544,339	)
Net increase (decrease)		48,448			(538,559	)
Select
Shares sold		364,295,978			633,574,854
Shares issued in reinvestment of distributions		617,129			3,014,408
Shares redeemed		(315,983,630	)		(575,656,386	)
Net increase		48,929,477			60,932,876
Total Net Increase		66,017,735,100			24,206,521,354
T-Fund
Institutional
Shares sold		381,643,280,854			620,268,558,788
Shares issued in reinvestment of distributions		116,843,795			461,723,948
Shares redeemed		(370,105,998,092	)		(613,291,766,321	)
Net increase		11,654,126,557			7,438,516,415
Administration
Shares sold		26,670,586			773,946,841
Shares issued in reinvestment of distributions		45,680			5,724,048
Shares redeemed		(128,051,857	)		(970,844,552	)
Net decrease		(101,335,591	)		(191,173,663	)

NOTES TO FINANCIAL STATEMENTS 133

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/20			Year Ended 10/31/19
Capital
Shares sold		9,290,097,487			14,569,570,038
Shares issued in reinvestment of distributions		55,813,949			224,499,974
Shares redeemed		(9,078,982,493	)		(15,425,120,574	)
Net increase (decrease)		266,928,943			(631,050,562	)
Cash Management
Shares sold		1,765,175,024			3,163,021,198
Shares issued in reinvestment of distributions		2,293,515			6,788,577
Shares redeemed		(1,696,652,608	)		(2,734,516,096	)
Net increase		70,815,931			435,293,679
Cash Reserve
Shares sold		1,475,833,423			1,081,187,181
Shares issued in reinvestment of distributions		192,570			1,592,195
Shares redeemed		(1,504,079,143	)		(1,198,937,643	)
Net decrease		(28,053,150	)		(116,158,267	)
Dollar
Shares sold		4,250,072,047			6,130,368,305
Shares issued in reinvestment of distributions		1,331,497			7,482,569
Shares redeemed		(3,534,011,168	)		(6,573,759,591	)
Net increase (decrease)		717,392,376			(435,908,717	)
Premier
Shares sold		—			36,500	(a)
Net increase		—			36,500
Select
Shares sold		90,031,687			103,478,228
Shares issued in reinvestment of distributions		35,197			263,265
Shares redeemed		(62,235,472	)		(108,682,535	)
Net increase (decrease)		27,831,412			(4,941,042	)
Total Net Increase		12,607,706,478			6,494,614,343
Treasury Trust Fund
Institutional
Shares sold		104,897,617,899			95,714,869,460
Shares issued in reinvestment of distributions		53,245,279			144,120,420
Shares redeemed		(67,119,223,582	)		(87,663,392,824	)
Net increase		37,831,639,596			8,195,597,056
Administration
Shares sold		670,427,045			1,699,228,986
Shares issued in reinvestment of distributions		1,508,734			1,719,579
Shares redeemed		(641,067,825	)		(1,648,893,264	)
Net increase		30,867,954			52,055,301
Cash Management
Shares sold		73,040,588			59,530,319
Shares issued in reinvestment of distributions		11,448			20,116
Shares redeemed		(66,724,822	)		(36,904,423	)
Net increase		6,327,214			22,646,012
Cash Reserve
Shares sold		375,762,204			459,595,250
Shares issued in reinvestment of distributions		58,682			16,348
Shares redeemed		(343,118,342	)		(393,627,800	)
Net increase		32,702,544			65,983,798
Dollar
Shares sold		2,778,838,723			3,303,440,917
Shares issued in reinvestment of distributions		572,078			1,501,352
Shares redeemed		(2,371,991,871	)		(2,809,691,869	)
Net increase		407,418,930			495,250,400
Premier
Shares sold		—			36,500	(a)
Net increase		—			36,500

134 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/20			Year Ended 10/31/19
Select
Shares sold		135,131,628			233,491,984
Shares issued in reinvestment of distributions		132,134			497,582
Shares redeemed		(88,325,141	)		(235,401,422	)
Net increase (decrease)		46,938,621			(1,411,856	)
Total Net Increase		38,355,894,859			8,830,157,211
MuniFund
Institutional
Shares sold		96,845,479			380,643,057
Shares issued in reinvestment of distributions		370,600			1,242,612
Shares redeemed		(210,620,162	)		(378,430,505	)
Net increase (decrease)		(113,404,083	)		3,455,164
Administration
Shares sold		17,589,220			36,679,186
Shares issued in reinvestment of distributions		78,198			221,989
Shares redeemed		(16,217,376	)		(37,950,705	)
Net increase (decrease)		1,450,042			(1,049,530	)
Dollar
Shares sold		1,799,527			2,674,954
Shares redeemed		(2,143,991	)		(2,458,697	)
Net increase (decrease)		(344,464	)		216,257
Premier
Shares sold		—			36,500	(a)
Net increase		—			36,500
Private Client
Shares sold		66			—
Shares issued in reinvestment of distributions		893			2,800
Shares redeemed		(300	)		(31,511	)
Net increase (decrease)		659			(28,711	)
Select
Shares sold		8,841,396			33,405,411
Shares issued in reinvestment of distributions		3,888			21,628
Shares redeemed		(8,863,290	)		(33,907,617	)
Net decrease		(18,006	)		(480,578	)
Total Net Increase (Decrease)		(112,315,852	)		2,149,102

Transactions in capital shares for each class of TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund were as follows:

	Six Months Ended 04/30/20						Year Ended 10/31/19
	Shares			Amount			Shares			Amount
TempCash
Institutional
Shares sold		10,013,558,432		$	10,019,931,217			17,927,742,344		$	17,936,454,621
Shares issued in reinvestment of distributions		3,313,966			3,316,102			7,975,683			7,979,923
Shares redeemed		(12,022,130,675	)		(12,027,425,317	)		(12,780,036,136	)		(12,786,435,080	)
Net increase (decrease)		(2,005,258,277	)	$	(2,004,177,998	)		5,155,681,891		$	5,157,999,464
Dollar
Shares issued in reinvestment of distributions		107			107			2,438			2,439
Net increase		107		$	107			2,438		$	2,439
Premier
Shares sold		—		$	—			36,478	(a)	$	36,500	(a)
Net increase (decrease)		—		$	—			36,478		$	36,500
Total Net Increase (Decrease)		(2,005,258,170	)	$	(2,004,177,891	)		5,155,720,807		$	5,158,038,403
TempFund
Institutional
Shares sold		37,933,031,443		$	37,953,345,038			90,618,296,944		$	90,665,754,560
Shares issued in reinvestment of distributions		44,457,441			44,481,113			171,767,829			171,874,287
Shares redeemed		(41,327,553,044	)		(41,347,331,417	)		(92,508,122,479	)		(92,556,540,240	)
Net decrease		(3,350,064,160	)	$	(3,349,505,266	)		(1,718,057,706	)	$	(1,718,911,393	)

NOTES TO FINANCIAL STATEMENTS 135

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/20						Year Ended 10/31/19
	Shares			Amount			Shares			Amount
Administration
Shares sold		120,640,144		$	120,705,599			43,349,196		$	43,373,336
Shares issued in reinvestment of distributions		119,515			119,585			439,267			439,512
Shares redeemed		(102,612,470	)		(102,687,896	)		(25,556,176	)		(25,570,432	)
Net increase		18,147,189		$	18,137,288			18,232,287		$	18,242,416
Cash Management
Shares sold		121,009,457		$	121,065,446			177,216,383		$	177,308,452
Shares issued in reinvestment of distributions		2,931,615			2,933,126			11,899,108			11,905,542
Shares redeemed		(114,940,219	)		(114,995,263	)		(197,010,664	)		(197,116,973	)
Net increase (decrease)		9,000,853		$	9,003,309			(7,895,173	)	$	(7,902,979	)
Cash Reserve
Shares sold		4,163,845		$	4,166,255			5,062,279		$	5,065,053
Shares issued in reinvestment of distributions		29,321			29,337			102,293			102,346
Shares redeemed		(2,190,739	)		(2,191,878	)		(5,189,225	)		(5,192,201	)
Net increase (decrease)		2,002,427		$	2,003,714			(24,653	)	$	(24,802	)
Dollar
Shares sold		55,371,116		$	55,409,137			51,470,637		$	51,497,281
Shares issued in reinvestment of distributions		477,091			477,355			1,836,953			1,837,950
Shares redeemed		(37,573,625	)		(37,586,378	)		(53,960,274	)		(53,992,845	)
Net increase (decrease)		18,274,582		$	18,300,114			(652,684	)	$	(657,614	)
Private Client
Shares sold		29,273,095		$	29,265,615			6,341,325		$	6,344,238
Shares issued in reinvestment of distributions		12,246			12,253			32,331			32,349
Shares redeemed		(8,311,471	)		(8,317,104	)		(7,249,660	)		(7,253,283	)
Net increase (decrease)		20,973,870		$	20,960,764			(876,004	)	$	(876,696	)
Select(b)
Shares issued in reinvestment of distributions		—		$	—			6		$	5
Shares redeemed		—			—			(643	)		(643	)
Net increase (decrease)		—		$	—			(637	)	$	(638	)
Total Net Decrease		(3,281,665,239	)	$	(3,281,100,077	)		(1,709,274,570	)	$	(1,710,131,706	)
MuniCash
Institutional
Shares sold		22,773,337,531		$	22,775,590,585			32,005,274,124		$	32,009,869,838
Shares issued in reinvestment of distributions		11,716,175			11,717,715			18,175,005			18,177,436
Shares redeemed		(21,702,148,060	)		(21,704,099,185	)		(30,833,267,846	)		(30,837,752,767	)
Net increase		1,082,905,646		$	1,083,209,115			1,190,181,283		$	1,190,294,507
Dollar
Shares sold		1,663,178		$	1,663,436			2,961,834		$	2,962,222
Shares issued in reinvestment of distributions		10,442			10,443			25,542			25,545
Shares redeemed		(1,111,488	)		(1,111,637	)		(2,672,705	)		(2,673,061	)
Net increase		562,132		$	562,242			314,671		$	314,706
Premier
Shares sold		—		$	—			36,493	(a)	$	36,500	(a)
Net increase		—		$	—			36,493		$	36,500
Total Net Increase		1,083,467,778		$	1,083,771,357			1,190,532,447		$	1,190,645,713
California Money Fund
Institutional
Shares sold		1,967,863,615		$	1,968,106,969			4,428,995,312		$	4,429,881,111
Shares issued in reinvestment of distributions		1,279,952			1,280,080			2,594,245			2,594,765
Shares redeemed		(2,033,571,174	)		(2,033,886,495	)		(4,203,640,454	)		(4,204,481,181	)
Net increase (decrease)		(64,427,607	)	$	(64,499,446	)		227,949,103		$	227,994,695
Premier
Shares sold		—		$	—			36,492	(a) $		36,500	(a)
Net increase		—		$	—			36,492		$	36,500
Total Net Increase (Decrease)		(64,427,607	)	$	(64,499,446	)		227,985,595		$	228,031,195

136 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/20						Year Ended 10/31/19
	Shares			Amount			Shares			Amount
New York Money Fund
Institutional
Shares sold		872,121,311		$	872,117,003			1,467,442,284		$	1,467,442,284
Shares issued in reinvestment of distributions		530,844			530,844			857,781			857,781
Shares redeemed		(860,572,987	)		(860,563,995	)		(1,270,864,647	)		(1,270,864,647	)
Net increase		12,079,168		$	12,083,852			197,435,418		$	197,435,418
Premier
Shares sold		—		$	—			36,500	(a)	$	36,500	(a)
Net increase		—		$	—			36,500		$	36,500
Total Net Increase		12,079,168		$	12,083,852			197,471,918		$	197,471,918

(a) Period July 26, 2019 (recommencement of operations) to October 31, 2019 for Premier Shares.

(b) There were no Select Shares outstanding for the period ended April 30, 2020.

As of April 30, 2020, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

	Premier
Federal Trust Fund	$	36,500
FedFund		36,500
TempCash		36,478
T-Fund		36,500
Treasury Trust Fund		36,500
MuniCash		36,493
MuniFund		36,500
California Money Fund		36,492
New York Money Fund		36,500

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

NOTES TO FINANCIAL STATEMENTS 137

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective December 31, 2019, Robert M. Hernandez retired as Trustee of the Trust.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

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

138 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7450; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com; or by calling (800) 441-7450 and (2) 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 139

Glossary of Terms Used in this Report

Currency
USD	United States Dollar
Portfolio Abbreviations
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Notes
COP	Certificates of Participation
DAC	Designated Activity Company
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

140 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

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. 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-4/20-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
		(a)(3) – Not Applicable
		(a)(4) – Not Applicable
		(b) – Section 906 Certifications are attached

2

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 2, 2020

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 2, 2020

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Liquidity Funds

Date: July 2, 2020

3

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Liquidity Funds, certify that:

1.        I have reviewed this report on Form N-CSR of BlackRock Liquidity Funds;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)        disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 2, 2020

/s/ John M. Perlowski                    

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Liquidity Funds

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Liquidity Funds, certify that:

1.        I have reviewed this report on Form N-CSR of BlackRock Liquidity Funds;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)        disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 2, 2020

/s/ Neal J. Andrews                    

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Liquidity Funds (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended April 30, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: July 2, 2020

/s/ John M. Perlowski                        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Liquidity Funds

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Liquidity Funds (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended April 30, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: July 2, 2020

/s/ Neal J. Andrews                    

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.