UNAUDITED Schedule of Investments by Security Type Blackrock Liquid

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UNAUDITED Schedule of Investments By Security Type BlackRock Liquid Environmentally Aware Fund 17-Sep-21 Maturity or Final Position Description CUSIP Par % Par Geography Reset Maturity

WAM 57 days / WAL 76 days

U.S. Government Agency Debt 10,000,000 0.90% INTERNATIONAL DEVELOPMENT CORPORAT 90376PBR1 7,500,000 0.68% 24-Sep-21 24-Sep-21 United States INTERNATIONAL DEVELOPMENT CORPORAT 90376PAU5 2,500,000 0.23% 24-Sep-21 24-Sep-21 United States

Non-U.S. Sovereign, Sub- Sovereign and Supra-National debt 37,500,000 3.38% HYDRO-QUEBEC 44881LWP6 15,000,000 1.35% 23-Sep-21 23-Sep-21 Canada HYDRO-QUEBEC 44881LX18 15,000,000 1.35% 1-Oct-21 1-Oct-21 Canada HYDRO-QUEBEC 44881LXD2 7,500,000 0.68% 13-Oct-21 13-Oct-21 Canada

Certificate of Deposit 210,500,000 18.97% CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH) 13606CLG7 25,000,000 2.25% 17-Dec-21 14-Jan-22 Canada STANDARD CHARTERED BANK (NEW YORK BRANCH) 85325VK82 20,000,000 1.80% 1-Feb-22 1-Feb-22 United Kingdom SVENSKA HANDELSBANKEN AB (NEW YORK BRANCH) 86959RRU6 20,000,000 1.80% 4-Mar-22 4-Mar-22 Sweden ROYAL BANK OF CANADA (NEW YORK BRANCH) 78012UYY5 20,000,000 1.80% 10-Dec-21 10-Dec-21 Canada BANK OF NOVA SCOTIA (HOUSTON BRANCH) 06417MQY4 17,000,000 1.53% 28-Jul-22 28-Jul-22 Canada BANK OF NOVA SCOTIA (HOUSTON BRANCH) 06417MQB4 15,000,000 1.35% 20-Sep-21 3-Jun-22 Canada MUFG BANK LTD (NEW YORK BRANCH) 55380TSM3 10,000,000 0.90% 28-Jan-22 28-Jan-22 Japan BANK OF NOVA SCOTIA (HOUSTON BRANCH) 06417MPP4 10,000,000 0.90% 20-Sep-21 17-Jun-22 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06367CEX1 10,000,000 0.90% 7-Dec-21 6-Jun-22 Canada NATIONAL WESTMINSTER BANK PLC BRWSERB80 10,000,000 0.90% 31-Mar-22 31-Mar-22 United Kingdom CREDIT SUISSE AG (NEW YORK BRANCH) 22549L2M6 7,500,000 0.68% 9-Nov-21 9-Nov-21 Switzerland BANK OF MONTREAL (CHICAGO BRANCH) 06367C2Y2 7,500,000 0.68% 13-Dec-21 13-Dec-21 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH) 13606CSQ8 7,500,000 0.68% 7-Dec-21 7-Jun-22 Canada GOLDMAN SACHS BANK USA 40054PFX8 7,000,000 0.63% 20-Sep-21 26-Jul-22 United States KOOKMIN BANK (NEW YORK) 48668MP80 5,000,000 0.45% 7-Oct-21 7-Feb-22 Korea (South), Rep. BANK OF MONTREAL (CHICAGO BRANCH) 06367BTQ2 5,000,000 0.45% 6-Oct-21 6-Oct-21 Canada CREDIT INDUSTRIEL ET COMMERCIAL SA (NEW YORK BRANCH) 22536UU24 5,000,000 0.45% 8-Nov-21 6-May-22 France BANK OF MONTREAL (CHICAGO BRANCH) 06367CA31 5,000,000 0.45% 23-Nov-21 23-Feb-22 Canada BANK OF MONTREAL (LONDON BRANCH) BRWJC88X3 4,000,000 0.36% 9-Mar-22 9-Mar-22 Canada

Non-Negotiable Time Deposit 161,370,000 14.54% SKANDINAVISKA ENSKILDA BANKEN AB ( BRWT2L9D6 40,000,000 3.60% 20-Sep-21 20-Sep-21 Sweden ROYAL BANK OF CANADA (TORONTO BRAN BRWT2L938 35,000,000 3.15% 20-Sep-21 20-Sep-21 Canada CREDIT AGRICOLE CORPORATE AND INVE BRWT2L8R6 23,370,000 2.11% 20-Sep-21 20-Sep-21 France SVENSKA HANDELSBANKEN AB (NEW YORK BRWT2L904 15,000,000 1.35% 20-Sep-21 20-Sep-21 Sweden MIZUHO BANK LTD (NEW YORK BRANCH) BRWT2L8T2 13,000,000 1.17% 20-Sep-21 20-Sep-21 Japan NATIXIS SA BRWT2L961 10,000,000 0.90% 20-Sep-21 20-Sep-21 France ING BANK NV (AMSTERDAM BRANCH) BRWT2L946 10,000,000 0.90% 20-Sep-21 20-Sep-21 Netherlands ERSTE GROUP BANK AG (NEW YORK BRAN BRWT2L8Y1 10,000,000 0.90% 20-Sep-21 20-Sep-21 Austria CANADIAN IMPERIAL BANK OF COMMERCE BRWT2L8K1 5,000,000 0.45% 20-Sep-21 20-Sep-21 Canada

Tender Option Bond 94,705,000 8.53% TENDER OPT BD TR RCPTS / CTFS 144A 88034XUT7 14,980,000 1.35% 24-Sep-21 24-Sep-21 United States TENDER OPT BD TR RCPTS / CTFS 144A 88034XUT7 12,000,000 1.08% 24-Sep-21 24-Sep-21 United States TENDER OPT BD TR RCPTS / CTFS 144A 88034XUT7 10,600,000 0.96% 24-Sep-21 24-Sep-21 United States MIZUHO FLOATER / RESIDUAL TR V 144A 60700HEN5 10,000,000 0.90% 22-Oct-21 22-Oct-21 Japan MIZUHO FLOATER / RESIDUAL TR V 144A 60700HDC0 8,955,000 0.81% 22-Oct-21 22-Oct-21 United States MIZUHO FLOATER/RESIDUAL TRUSTVARIO 144A 60700HFL8 8,750,000 0.79% 22-Oct-21 22-Oct-21 Japan TAXABLE TENDER OPTION BOND SERIES 144A 60700HGN3 8,550,000 0.77% 22-Oct-21 22-Oct-21 Japan TENDER OPT BD TR RCPTS / CTFS 144A 88034XUT7 7,500,000 0.68% 24-Sep-21 24-Sep-21 United States MIZUHO FLOATER / RESIDUAL TR V 60700HFS3 5,000,000 0.45% 22-Oct-21 22-Oct-21 Japan MIZUHO FLOATER / RESIDUAL TR V 144A 60700HEA3 5,000,000 0.45% 22-Oct-21 22-Oct-21 Japan MIZUHO FLOATER/RESIDUAL TRUSTVARIO 144A 60700HFG9 2,070,000 0.19% 24-Sep-21 24-Sep-21 Japan MIZUHO FLOATER / RESIDUAL TR V 144A 60700HHY8 1,300,000 0.12% 18-Oct-21 17-Oct-21 Japan

Variable Rate Demand Note 5,600,000 0.50% COLORADO HSG & FIN AUTH 196480RR0 5,600,000 0.50% 24-Sep-21 24-Sep-21 United States

Asset Backed Commercial Paper 68,663,000 6.19% THUNDER BAY FUNDING LLC 88602TYF4 20,163,000 1.82% 15-Nov-21 15-Nov-21 Canada BRITANNIA FUNDING COMPANY LLC 11042MBN7 15,000,000 1.35% 22-Feb-22 22-Feb-22 United Kingdom ALPINE SECURITIZATION LLC 02089XPP6 9,500,000 0.86% 8-Jul-22 8-Jul-22 Switzerland ANTALIS SA (ILE-DE-FRANCE) 03664AZ84 9,000,000 0.81% 8-Dec-21 8-Dec-21 France 2 of 3

UNAUDITED Schedule of Investments By Security Type BlackRock Liquid Environmentally Aware Fund 17-Sep-21 Maturity or Final Position Description CUSIP Par % Par Geography Reset Maturity

ALPINE SECURITIZATION LLC 02089XQB6 5,000,000 0.45% 13-Jun-22 13-Jun-22 Switzerland MACKINAC FUNDING COMPANY LLC 55458EXF2 5,000,000 0.45% 15-Oct-21 15-Oct-21 France ALINGHI FUNDING COMPANY LLC 01626FZ76 5,000,000 0.45% 7-Dec-21 7-Dec-21 Switzerland

U.S. Government Agency Repurchase Agreement 158,000,000 14.24% TRI-PARTY BMO CAPITAL MARKETS CORP BRWT2S974 120,000,000 10.81% 20-Sep-21 20-Sep-21 United States TRI-PARTY J.P. MORGAN SECURITIES L BRWT2S8W0 23,000,000 2.07% 20-Sep-21 20-Sep-21 United States TRI-PARTY CITIGROUP GLOBAL MARKETS BRWT2S8K6 10,000,000 0.90% 20-Sep-21 20-Sep-21 United States TRI-PARTY BOFA SECURITIES INC. BRWT2S826 5,000,000 0.45% 20-Sep-21 20-Sep-21 United States

Financial Company Commercial Paper 357,206,000 32.19% CREDIT INDUSTRIEL ET COMMERCIAL SA (NEW YORK BRANCH) 22536LWL0 36,000,000 3.24% 20-Sep-21 20-Sep-21 France ERSTE FINANCE (DELAWARE) LLC 2960E2WL3 30,000,000 2.70% 20-Sep-21 20-Sep-21 Austria LLOYDS BANK PLC 53943RXR5 30,000,000 2.70% 25-Oct-21 25-Oct-21 United Kingdom SWEDBANK AB 87019SBU7 30,000,000 2.70% 28-Feb-22 28-Feb-22 Sweden BARCLAYS BANK PLC (NEW YORK BRANCH) 06743LWL2 25,000,000 2.25% 20-Sep-21 20-Sep-21 United Kingdom NATIONAL BANK OF CANADA 63307LWT4 25,000,000 2.25% 27-Sep-21 27-Sep-21 Canada AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD 05253CCJ3 20,000,000 1.80% 18-Mar-22 18-Mar-22 Australia TORONTO-DOMINION BANK/THE 89119BE36 17,206,000 1.55% 3-May-22 3-May-22 Canada KOOKMIN BANK (NEW YORK) 50050EY23 14,000,000 1.26% 2-Nov-21 2-Nov-21 Korea (South), Rep. SOCIETE GENERALE SA 83369CAQ7 12,500,000 1.13% 24-Jan-22 24-Jan-22 France ING US FUNDING LLC 4497W0WT1 10,000,000 0.90% 27-Sep-21 27-Sep-21 Netherlands BPCE SA 05571BZ97 10,000,000 0.90% 9-Dec-21 9-Dec-21 France WESTPAC BANKING CORP 9612C1HS9 10,000,000 0.90% 26-Aug-22 26-Aug-22 Australia CREDIT INDUSTRIEL ET COMMERCIAL SA (NEW YORK BRANCH) 22536LWL0 9,000,000 0.81% 20-Sep-21 20-Sep-21 France BPCE SA 05571BZ14 7,500,000 0.68% 1-Dec-21 1-Dec-21 France AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD 05253MNV2 6,000,000 0.54% 2-Dec-21 2-Mar-22 Australia SUMITOMO MITSUI TRUST BANK LTD (SINGAPORE BRANCH) 86564YXT4 6,000,000 0.54% 27-Oct-21 27-Oct-21 Japan UBS AG (LONDON BRANCH) 90276JNA0 5,000,000 0.45% 20-Sep-21 13-Jul-22 Switzerland SVENSKA HANDELSBANKEN AB 86960LCM0 5,000,000 0.45% 22-Sep-21 23-Sep-21 Sweden UBS AG (LONDON BRANCH) 90276JMC7 5,000,000 0.45% 20-Sep-21 8-Feb-22 Switzerland WESTPAC BANKING CORP 9612C4N98 5,000,000 0.45% 4-Nov-21 4-Feb-22 Australia UBS AG (LONDON BRANCH) 90276JMK9 5,000,000 0.45% 20-Sep-21 5-Apr-22 Switzerland ING US FUNDING LLC 45685QZE2 5,000,000 0.45% 14-Dec-21 14-Dec-21 Netherlands BNZ INTERNATIONAL FUNDING LTD (LONDON BRANCH) 0556X1A69 5,000,000 0.45% 6-Jan-22 6-Jan-22 Australia SOCIETE GENERALE SA 83369CCX0 5,000,000 0.45% 31-Mar-22 31-Mar-22 France UBS AG (LONDON BRANCH) 90351XCW1 5,000,000 0.45% 30-Mar-22 30-Mar-22 Switzerland UBS AG (LONDON BRANCH) 90351XGC1 5,000,000 0.45% 12-Jul-22 12-Jul-22 Switzerland UBS AG (LONDON BRANCH) 90351XHJ5 5,000,000 0.45% 18-Aug-22 18-Aug-22 Switzerland ING US FUNDING LLC 45685RBJ5 4,000,000 0.36% 18-Feb-22 18-Feb-22 Netherlands

Other Instrument - Note 6,132,000 0.55% TOYOTA MOTOR CREDIT CORP MTN 89236TJL0 6,132,000 0.55% 20-Sep-21 15-Aug-22 Japan

TOTAL 1,109,676,000 100.00%

Holdings shown are unaudited and are based on the fund’s unofficial books and records, and may not be representative of current or future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

WAM, Dollar-Weighted Average Maturity: The average maturity of a Fund is the average amount of time until the organizations that issued the debt securities in the Fund’s portfolio must pay off the principal amount of the debt. “Dollar-weighted” means the larger the dollar value of a debt security in the Fund, the more weight it gets in calculating this average. To calculate the dollar-weighted average maturity, the Fund may treat a variable or floating rate security as having a maturity equal to the time remaining to the security’s next interest rate reset data rather than the security’s actual maturity.

WAL, Dollar-Weighted Average Life: The dollar-weighted average maturity of a Fund’s portfolio calculated without reference to the exceptions used for variable or floating rate securities regarding the use of the interest rate reset dates in lieu of the security’s actual maturity data. “Dollar-weighted” means the larger of the dollar value of a debt security in the Fund, the more weight it gets in calculating this average.

The “Geography” data point within this SOI represents BlackRock’s view of each security’s Geography risk.

The Fund’s current prospectus contains more complete information about the Fund, including its fees and expenses. For a current prospectus of the fund which contains more complete information, please call 1-800-768-2836 or visit www.blackrock.com/cash. Before investing, consider the investment objectives, risks, charges and expenses of the fund. This and other information can be found in the fund’s prospectus and if available the summary prospectus. Read the prospectus carefully before you invest or send money.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the 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, and you should not expect that the sponsor will provide financial support to the Fund at any time. 3 of 3

UNAUDITED Schedule of Investments By Security Type BlackRock Liquid Environmentally Aware Fund 17-Sep-21 Maturity or Final Position Description CUSIP Par % Par Geography Reset Maturity

The schedule of investments (SOI) represents certain information regarding the traded positions held within the portfolio as of the specified date. It does not include cash, accrued income and/or payables/receivables. The total assets reflected on the SOI will not match to the net asset value of the fund as these items are excluded.