| Schedule of Investments (unaudited) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 1 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 2 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 3 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 4 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 5 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| 6 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund (Percentages shown are based on Net Assets) |
| (a) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (b) | 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. |
| (c) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (d) | Rates are the current rate or a range of current rates as of period end. |
| (e) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (f) | Zero-coupon bond. |
| (g) | Annualized 7-day yield as of period end. |
| * | Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer | Shares Held at 07/31/19 |
Shares Purchased |
Shares Sold |
Shares Held at |
Value at 04/30/20 |
Income | Net Realized Gain (Loss) (a) |
Change in Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| BlackRock Liquid Environmentally Aware Fund |
— | 77,066,038 | — | 77,066,038 | $ | 77,143,104 | $ | 158,950 | $ | — | $ | 55,648 | ||||||||||||||||||||
| BlackRock Liquidity Funds, T-Fund, Institutional Class(b) |
189,379 | 148,047,082 | — | 148,236,461 | 148,236,461 | 85,110 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 225,379,565 | $ | 244,060 | $ | — | $ | 55,648 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
| 7 | ||
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations 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. |
0.64 | %(a) | 04/30/20 | 06/15/20 | $ | 1,000 | $ | 1,000 | $ 1,000,818 | Corporate/Debt Obligation, 3.00%, due 10/25/58 |
$ 1,615,932 | $ 1,200,000 | ||||||||||||||||||
| 0.74 | (a) | 04/30/20 | 07/05/20 | 4,000 | 4,000 | 4,005,426 | Corporate/Debt Obligation, 3.00%, due 10/25/58 |
6,463,727 | 4,800,000 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| Total Bank of America Securities, Inc. |
$ | 5,000 | $ 6,000,000 | |||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| Citigroup Global Markets, Inc. |
1.11 | (a) | 04/30/20 | 08/01/20 | 6,000 | 6,000 | 6,017,207 | Corporate/Debt Obligations, 4.00% to 6.81%, due 02/01/35 to 06/30/58 |
6,067,132 | 6,420,000 | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| Credit Suisse Securities USA LLC |
1.31 | (a) | 04/30/20 | 08/04/20 | 12,000 | 12,000 | 12,041,924 | Corporate/Debt Obligations, 0.64% to 0.87%, due 03/25/35 to 09/25/36 |
19,298,969 | 13,800,000 | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| JP Morgan Securities LLC |
1.99 | 02/13/20 | 05/13/20 | 20,000 | 20,000 | 20,099,500 | Corporate/Debt Obligations, 2.14% to 6.38%, due 05/15/22 to 03/15/52 |
38,959,041 | 21,439,291 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| Mizuho Securities USA LLC |
0.95 | (a) | 04/30/20 | 06/05/20 | 3,500 | 3,500 | 3,503,338 | U.S. Treasury Obligation, 2.00%, due 05/31/24 . |
3,317,900 | 3,570,081 | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| Wells Fargo Securities LLC |
1.65 | 04/09/20 | 07/01/20 | 18,000 | 18,000 | 18,068,475 | Corporate/Debt Obligations, 2.10% to 3.51%, due 09/15/24 to 07/19/34 |
19,773,099 | 19,260,000 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| $ | 64,500 | $ 70,489,372 | ||||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||
| (a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Glossary of Terms Used in this Report
| Currency | ||
| USD | United States Dollar | |
| Portfolio Abbreviations | ||
| LIBOR | London Interbank Offered Rate | |
| RB | Revenue Bonds | |
| SOFR | Secured Overnight Financing Rate | |
| 8 |
| Schedule of Investments (unaudited) (continued) April 30, 2020 |
BlackRock Short Obligations Fund
|
Fair Value Hierarchy as of Period End
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 reporting purposes as follows:
| • | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
| • | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for 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. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
||||||||||||||||
| Investments: |
||||||||||||||||
| Long-Term Investments: |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 20,980,804 | $ | — | $ | 20,980,804 | ||||||||
| Corporate Bonds (a) |
— | 1,620,097,068 | — | 1,620,097,068 | ||||||||||||
| Foreign Agency Obligations (a) |
— | 15,134,895 | — | 15,134,895 | ||||||||||||
| Foreign Government Obligations (a) |
— | 16,358,526 | — | 16,358,526 | ||||||||||||
| Investment Companies |
77,143,104 | — | — | 77,143,104 | ||||||||||||
| Municipal Bonds |
— | 551,721 | — | 551,721 | ||||||||||||
| Short-Term Securities: |
||||||||||||||||
| Certificates of Deposit |
— | 787,074,124 | — | 787,074,124 | ||||||||||||
| Commercial Paper |
— | 978,020,670 | — | 978,020,670 | ||||||||||||
| Money Market Funds |
148,236,461 | — | — | 148,236,461 | ||||||||||||
| Repurchase Agreements |
— | 64,500,000 | — | 64,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 225,379,565 | $ | 3,502,717,808 | $ | — | $ | 3,728,097,373 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See above Schedule of Investments for values in each industry or country. |
| 9 |