NPORT-EX 2 Short_Obligations_Fund.htm BlackRock Short Obligations Fund

Schedule of Investments  (unaudited)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Asset-Backed Securities — 0.6%  

Carmax Auto Owner Trust, Series 2019-3, Class A2B, (LIBOR USD 1 Month + 0.25%), 1.06%, 12/15/22(a)

    USD    3,671     $ 3,659,990  

CarMax Auto Owner Trust:

    

Series 2019-1, Class A2A,
3.02%, 07/15/22

     1,165       1,169,821  

Series 2020-1, Class A2,
1.87%, 04/17/23 .

     7,870       7,915,264  

USAA Auto Owner Trust, Series 2019-1, Class A2, 2.26%, 02/15/22

     8,197       8,235,729  
   

 

 

  

Total Asset-Backed Securities — 0.6%
(Cost: $20,902,098)

 

     20,980,804  
   

 

 

  

Corporate Bonds — 43.9%

 

Aerospace & Defense — 0.7%  

Lockheed Martin Corp., 2.50%, 11/23/20

     16,000       16,094,560  

Raytheon Co., 3.13%, 10/15/20

     11,630       11,749,045  
   

 

 

  
      27,843,605  
Auto Components — 0.1%            

Toyota Industries Corp., 3.11%, 03/12/22(b)

    2,559       2,605,880  
   

 

 

  
Automobiles — 1.6%(b)            

BMW US Capital LLC:

    

3.25%, 08/14/20

     880       880,535  

(LIBOR USD 3 Month + 0.50%),
2.21%, 08/13/21(a)

    10,000       9,746,894  

2.95%, 04/14/22

     4,000       4,053,579  

Daimler Finance North America LLC:

    

3.10%, 05/04/20

     5,576       5,576,000  

2.30%, 02/12/21

     2,000       1,980,739  

3.00%, 02/22/21

     5,000       4,997,505  

Hyundai Capital America:

    

3.00%, 10/30/20

     2,255       2,255,415  

(LIBOR USD 3 Month + 0.82%),
1.60%, 03/12/21(a)

    1,000       975,843  

2.38%, 02/10/23

     12,340       11,873,884  

Nissan Motor Acceptance Corp., (LIBOR USD 3 Month + 0.39%), 1.76%, 09/28/20(a)

    750       733,558  

Volkswagen Group of America Finance LLC:

    

2.40%, 05/22/20

     3,379       3,380,988  

3.88%, 11/13/20

     7,000       7,011,372  

(LIBOR USD 3 Month + 0.86%),
2.06%, 09/24/21(a)

    5,215       5,066,168  

2.50%, 09/24/21

     665       663,031  
   

 

 

  
      59,195,511  
Banks — 22.8%            

ABN AMRO Bank NV(b):

    

2.45%, 06/04/20

     13,974       13,986,297  

(LIBOR USD 3 Month + 0.41%),
1.55%, 01/19/21(a)

    8,400       8,383,019  

2.65%, 01/19/21

     17,670       17,830,444  

(LIBOR USD 3 Month + 0.57%),
2.21%, 08/27/21(a)

    1,000       994,588  

ANZ New Zealand Int’l Ltd.,
2.75%, 01/22/21(b)

    10,508       10,638,107  

Australia & New Zealand Banking Group Ltd.:

    

(LIBOR USD 3 Month + 0.32%),
2.05%, 11/09/20(a)(b)

    1,500       1,497,506  

2.25%, 11/09/20

     2,425       2,442,413  

2.70%, 11/16/20

     7,130       7,198,830  

4.88%, 01/12/21(b)

    3,000       3,082,173  

(LIBOR USD 3 Month + 0.87%),
2.55%, 11/23/21(a)(b)

    8,000       8,001,573  

2.63%, 05/19/22

     1,000       1,025,547  

    

Security

  

Par

(000)

     Value  
Banks (continued)            

Bank of America Corp.:

    

5.63%, 07/01/20

     USD    2,000     $ 2,015,049  

2.63%, 10/19/20

     4,000       4,027,227  

5.88%, 01/05/21

     4,050       4,177,475  

(LIBOR USD 3 Month + 0.63%),
2.33%, 10/01/21(a)

    18,900       18,926,617  

Bank of America NA(a):

    

(LIBOR USD 3 Month + 0.35%),
2.03%, 05/24/21

     12,000       11,928,009  

(SOFR + 0.55%), 0.56%, 06/21/21

     8,000       7,859,787  

(LIBOR USD 3 Month + 0.32%),
1.31%, 07/26/21

     5,000       4,959,465  

Bank of Montreal, (LIBOR USD 3 Month + 0.34%), 1.65%, 07/13/20(a)

    4,000       3,997,106  

Bank of Nova Scotia (The):

    

2.15%, 07/14/20

     2,000       2,006,168  

2.35%, 10/21/20

     6,800       6,855,874  

2.50%, 01/08/21

     1,256       1,270,740  

Banque Federative du Credit Mutuel SA(b):

    

2.20%, 07/20/20

     15,511       15,557,208  

2.75%, 10/15/20

     5,270       5,311,162  

1.96%, 07/21/21

     8,000       8,087,681  

Barclays Bank plc, (LIBOR USD 3 Month + 0.30%), 2.65%, 12/14/20(a)

    7,000       7,005,295  

BNP Paribas SA:

    

2.38%, 05/21/20

     2,650       2,651,706  

5.00%, 01/15/21

     36,500       37,521,681  

BNZ International Funding Ltd.(b):

    

2.75%, 03/02/21

     2,085       2,111,946  

2.10%, 09/14/21

     1,500       1,517,057  

2.90%, 02/21/22

     5,300       5,414,715  

Canadian Imperial Bank of Commerce:

    

(LIBOR USD 3 Month + 0.31%),
1.68%, 10/05/20(a)

    1,000       999,351  

2.70%, 02/02/21

     2,400       2,430,076  

Capital One NA:

    

2.95%, 07/23/21

     5,673       5,724,965  

2.15%, 09/06/22

     8,185       8,156,850  

Citibank NA:

    

2.10%, 06/12/20

     2,000       2,000,430  

2.13%, 10/20/20

     3,700       3,715,512  

(LIBOR USD 3 Month + 0.35%),
2.06%, 02/12/21(a)

    3,550       3,538,871  

2.85%, 02/12/21

     8,700       8,816,703  

(LIBOR USD 3 Month + 0.57%),
1.61%, 07/23/21(a)

    1,000       994,175  

(LIBOR USD 3 Month + 0.53%),
3.16%, 02/19/22(a)

    10,000       10,125,378  

3.16%, 02/19/22(c)

    2,000       2,025,076  

(LIBOR USD 3 Month + 0.60%),
2.84%, 05/20/22(a)

    4,380       4,441,113  

Citigroup, Inc.(a):

    

(SOFR + 0.87%), 0.88%, 11/04/22

     5,000       4,845,582  

(SOFR + 0.87%), 2.31%, 11/04/22

     4,000       4,035,635  

Citizens Bank NA, 2.20%, 05/26/20

     7,915       7,918,391  

Commonwealth Bank of Australia:

    

2.05%, 09/18/20(b)

    15,000       15,059,395  

2.40%, 11/02/20

     1,900       1,912,201  

2.20%, 11/09/20(b)

    6,000       6,031,138  

2.55%, 03/15/21

     6,990       7,094,028  

Cooperatieve Rabobank UA:

    

4.50%, 01/11/21

     19,000       19,465,084  

2.50%, 01/19/21

     5,500       5,562,212  

3.13%, 04/26/21

     4,800       4,905,012  

2.75%, 01/10/22

     3,790       3,883,979  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Banks (continued)            

DNB Bank ASA(b):

    

2.38%, 06/02/21

     USD    2,439     $ 2,468,349  

2.15%, 12/02/22

     9,000       9,192,900  

(LIBOR USD 3 Month + 0.62%),
2.20%, 12/02/22(a)

    7,000       6,880,794  

Fifth Third Bank:

    

2.20%, 10/30/20

     1,000       1,004,683  

1.80%, 01/30/23

     6,840       6,898,213  

HSBC Bank USA NA, 4.88%, 08/24/20

     1,330       1,343,938  

HSBC Holdings plc:

    

(LIBOR USD 3 Month + 2.24%),
3.24%, 03/08/21(a)

    2,500       2,518,141  

5.10%, 04/05/21

     3,000       3,104,823  

(LIBOR USD 3 Month + 0.60%),
2.29%, 05/18/21(a)

    2,715       2,714,825  

2.95%, 05/25/21

     11,000       11,162,944  

(LIBOR USD 3 Month + 0.65%),
1.43%, 09/11/21(a)

    1,500       1,488,717  

2.65%, 01/05/22

     4,000       4,051,691  

JPMorgan Chase & Co.,
2.75%, 06/23/20

     4,000       4,002,693  

Lloyds Bank plc:

    

2.70%, 08/17/20

     5,312       5,336,843  

6.38%, 01/21/21

     3,500       3,619,643  

3.30%, 05/07/21

     1,000       1,020,854  

Manufacturers & Traders Trust Co.,
2.05%, 08/17/20

     9,390       9,409,284  

Mitsubishi UFJ Trust & Banking Corp.,
2.65%, 10/19/20(b)

     25,225       25,384,490  

Mizuho Bank Ltd., 2.70%, 10/20/20(b)

    12,100       12,196,725  

MUFG Bank Ltd.(b):

    

2.75%, 09/14/20

     12,012       12,090,900  

2.85%, 09/08/21

     2,000       2,030,549  

National Australia Bank Ltd.:

    

2.63%, 07/23/20

     2,000       2,007,828  

2.50%, 01/12/21

     1,000       1,007,960  

2.63%, 01/14/21

     10,837       10,970,144  

1.88%, 07/12/21

     3,000       3,028,820  

1.88%, 12/13/22

     10,830       10,986,229  

National Bank of Canada,
2.15%, 06/12/20

     12,652       12,663,766  

Nordea Bank Abp(b):

    

(LIBOR USD 3 Month + 0.47%),
2.08%, 05/29/20(a)

    3,000       3,002,834  

2.13%, 05/29/20

     11,215       11,227,561  

2.50%, 09/17/20

     4,000       4,018,779  

4.88%, 01/14/21

     9,400       9,650,290  

Royal Bank of Canada,
2.15%, 10/26/20

     3,000       3,019,147  

Santander UK plc:

    

(LIBOR USD 3 Month + 0.30%),
2.06%, 11/03/20(a)

    500       498,659  

2.13%, 11/03/20

     22,578       22,647,512  

3.40%, 06/01/21

     9,000       9,167,400  

2.10%, 01/13/23

     3,560       3,584,472  

Skandinaviska Enskilda Banken AB:

    

2.45%, 05/27/20(b)

    5,700       5,703,306  

(LIBOR USD 3 Month + 0.72%),
2.30%, 12/01/20(a)(b)

    3,000       2,996,895  

2.63%, 03/15/21

     8,655       8,782,929  

(LIBOR USD 3 Month + 0.43%),
2.12%, 05/17/21(a)(b)

    2,000       1,992,095  

3.25%, 05/17/21(b)

    1,500       1,530,141  

3.05%, 03/25/22(b)

    9,275       9,524,536  

(LIBOR USD 3 Month + 0.65%),
1.43%, 12/12/22(a)(b)

    4,000       3,948,088  

2.20%, 12/12/22(b)

    4,740       4,830,077  

    

Security

  

Par

(000)

     Value  
Banks (continued)            

Societe Generale SA(b):

    

2.63%, 09/16/20

     USD    11,205     $ 11,253,870  

2.50%, 04/08/21

     9,725       9,797,451  

5.20%, 04/15/21

     1,429       1,482,525  

Sumitomo Mitsui Banking Corp.:

    

2.65%, 07/23/20

     9,000       9,033,577  

2.45%, 10/20/20

     2,400       2,412,598  

3.20%, 07/18/22

     2,500       2,581,069  

Svenska Handelsbanken AB:

    

(LIBOR USD 3 Month + 0.36%),
1.36%, 09/08/20(a)

    395       394,830  

2.40%, 10/01/20

     2,500       2,519,065  

2.45%, 03/30/21

     2,283       2,313,438  

3.35%, 05/24/21

     1,190       1,220,765  

Toronto-Dominion Bank (The):

    

3.00%, 06/11/20

     7,450       7,468,633  

(LIBOR USD 3 Month + 0.43%),
1.20%, 06/11/21(a)

    1,500       1,492,617  

3.25%, 06/11/21

     10,000       10,252,788  

Truist Bank:

    

2.25%, 06/01/20

     8,500       8,500,000  

(LIBOR USD 3 Month + 0.50%),
3.58%, 10/26/21(a)

    6,000       6,063,736  

1.25%, 03/09/23

     20,000       19,958,628  

Truist Financial Corp.:

    

2.15%, 02/01/21

     9,387       9,458,559  

3.95%, 03/22/22

     1,243       1,295,043  

US Bank NA, (LIBOR USD 3 Month + 0.29%), 3.10%, 05/21/21(a)

    7,929       7,932,508  

Wells Fargo & Co.:

    

2.50%, 03/04/21

     3,157       3,191,148  

(LIBOR USD 3 Month + 1.34%),
2.59%, 03/04/21(a)

    2,000       2,005,502  

4.60%, 04/01/21

     7,000       7,223,584  

Wells Fargo Bank NA:

    

(LIBOR USD 3 Month + 0.38%),
2.08%, 05/21/21(a)

    5,000       4,972,512  

(LIBOR USD 3 Month + 0.50%),
1.54%, 07/23/21(a)

    10,000       9,950,288  

(LIBOR USD 3 Month + 0.49%),
3.33%, 07/23/21(a)

    3,520       3,530,861  

(LIBOR USD 3 Month + 0.51%),
1.61%, 10/22/21(a)

    1,500       1,490,955  

3.63%, 10/22/21

     5,000       5,166,877  

(LIBOR USD 3 Month + 0.61%),
2.90%, 05/27/22(a)

    3,000       3,042,717  

(LIBOR USD 3 Month + 0.66%),
1.66%, 09/09/22(a)

    20,000       19,813,752  

Westpac Banking Corp.:

    

2.60%, 11/23/20

     17,613       17,787,410  

2.00%, 08/19/21

     5,000       5,051,548  

2.00%, 01/13/23

     5,345       5,461,580  
   

 

 

  
      840,795,523  
Beverages — 0.1%            

PepsiCo, Inc., 0.75%, 05/01/23

     2,475       2,470,433  
   

 

 

  
Biotechnology — 1.5%            

AbbVie, Inc.(b):

    

(LIBOR USD 3 Month + 0.35%),
2.05%, 05/21/21(a)

    12,000       11,935,431  

2.15%, 11/19/21

     15,000       15,192,674  

Gilead Sciences, Inc., 2.55%, 09/01/20

     26,869       27,031,273  
   

 

 

  
      54,159,378  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Capital Markets — 6.0%            

Bank of New York Mellon (The), (LIBOR USD 3 Month + 0.28%),
1.53%, 06/04/21(a)

    USD    25,000     $ 24,862,990  

Credit Suisse AG:

    

4.38%, 08/05/20

     7,000       7,056,029  

2.10%, 11/12/21

     9,250       9,347,857  

(SOFR + 0.45%), 0.46%, 02/04/22(a)

    16,000       15,558,828  

Goldman Sachs Bank USA, (SOFR + 0.60%), 0.61%, 05/24/21(a)

    5,895       5,851,229  

Goldman Sachs Group, Inc. (The):

    

2.60%, 12/27/20

     22,880       22,926,054  

2.88%, 02/25/21

     13,000       13,130,342  

ING Bank NV(b):

    

2.70%, 08/17/20

     3,025       3,039,312  

2.75%, 03/22/21

     1,330       1,350,965  

2.05%, 08/15/21

     4,684       4,697,273  

Macquarie Bank Ltd.(b):

    

2.85%, 01/15/21

     9,743       9,828,032  

(LIBOR USD 3 Month + 0.45%),
2.13%, 11/24/21(a)

    26,000       25,692,008  

2.10%, 10/17/22

     12,850       12,972,606  

Morgan Stanley:

    

2.50%, 04/21/21

     7,000       7,085,626  

(LIBOR USD 3 Month + 1.40%),
2.51%, 04/21/21(a)

    2,000       2,006,915  

(SOFR + 0.83%), 0.84%, 06/10/22(a)

    10,000       9,790,422  

(SOFR + 0.70%), 0.71%, 01/20/23(a)

    15,000       14,463,218  

UBS AG:

    

2.20%, 06/08/20(b)

    8,795       8,803,517  

4.88%, 08/04/20

     2,400       2,423,205  

(LIBOR USD 3 Month + 0.48%),

2.06%, 12/01/20(a)(b)

    5,000       4,996,995  

2.45%, 12/01/20(b)

    16,060       16,152,347  
   

 

 

  
      222,035,770  
Chemicals — 0.1%            

Air Liquide Finance SA, 1.75%, 09/27/21(b)

    3,197       3,216,923  
   

 

 

  
Consumer Finance — 2.7%            

American Express Co., 3.00%, 02/22/21

     4,267       4,314,031  

American Honda Finance Corp.:

    

3.15%, 01/08/21

     1,405       1,417,638  

2.65%, 02/12/21

     3,000       3,021,642  

(LIBOR USD 3 Month + 0.35%),
1.12%, 06/11/21(a)

    6,645       6,582,995  

2.20%, 06/27/22

     10,500       10,541,000  

Capital One Financial Corp.,
2.50%, 05/12/20

     1,134       1,134,264  

Caterpillar Financial Services Corp.:

    

(LIBOR USD 3 Month + 0.25%),
1.90%, 08/26/20(a)

    5,000       4,999,818  

(LIBOR USD 3 Month + 0.30%),
1.30%, 03/08/21(a)

    13,000       12,938,866  

(LIBOR USD 3 Month + 0.20%),
1.91%, 11/12/21(a)

    10,000       9,854,077  

1.95%, 11/18/22

     6,645       6,780,677  

Harley-Davidson Financial Services,
Inc.(b):

    

(LIBOR USD 3 Month + 0.50%),
2.20%, 05/21/20(a)

    2,000       1,999,916  

2.85%, 01/15/21

     2,100       2,093,272  

John Deere Capital Corp.:

    

(LIBOR USD 3 Month + 0.29%),
1.49%, 06/22/20(a)

    2,000       1,998,948  

(LIBOR USD 3 Month + 0.42%),
1.73%, 07/10/20(a)

    2,000       1,999,161  

2.45%, 09/11/20

     785       789,262  

    

Security

  

Par

(000)

     Value  
Consumer Finance (continued)            

Toyota Motor Credit Corp.:

    

(LIBOR USD 3 Month + 0.24%),
1.46%, 07/15/20(a)

    USD    2,000     $ 1,996,988  

3.05%, 01/08/21

     1,220       1,233,744  

(LIBOR USD 3 Month + 0.13%),
1.83%, 08/13/21(a)

    18,675       18,428,924  

(LIBOR USD 3 Month + 0.29%),
1.68%, 10/07/21(a)

    7,000       6,916,222  
   

 

 

  
      99,041,445  
Electric Utilities — 1.2%            

Duke Energy Florida LLC, Series A, (LIBOR USD 3 Month + 0.25%), 1.90%, 11/26/21(a) .

     2,000       1,979,581  

NextEra Energy Capital Holdings, Inc.:

    

Series H, 3.34%, 09/01/20

     995       1,001,413  

(LIBOR USD 3 Month + 0.45%),
1.82%, 09/28/20(a)

    9,356       9,336,242  

(LIBOR USD 3 Month + 0.48%),
2.23%, 05/04/21(a)

    15,000       14,885,161  

2.40%, 09/01/21

     6,070       6,170,580  

2.90%, 04/01/22

     2,225       2,298,523  

Xcel Energy, Inc., 2.40%, 03/15/21

     7,238       7,295,560  
   

 

 

  
      42,967,060  
Energy Equipment & Services — 0.2%            

Schlumberger Finance Canada Ltd.(b):

    

2.20%, 11/20/20

     2,500       2,491,947  

2.65%, 11/20/22

     3,500       3,453,701  
   

 

 

  
      5,945,648  
Entertainment — 0.4%(a)            

NBCUniversal Enterprise, Inc., (LIBOR USD 3 Month + 0.40%), 1.83%, 04/01/21(b)

    9,000       9,000,725  

Walt Disney Co. (The), (LIBOR USD 3 Month + 0.25%), 1.83%, 09/01/21

     6,000       5,967,012  
   

 

 

  
      14,967,737  
Health Care Providers & Services — 0.2%            

UnitedHealth Group, Inc.:

    

2.70%, 07/15/20

     3,500       3,511,118  

1.95%, 10/15/20

     3,557       3,557,082  
   

 

 

  
      7,068,200  
Insurance — 2.0%(b)            

Jackson National Life Global Funding(a):

    

(LIBOR USD 3 Month + 0.30%),
1.52%, 10/15/20

     3,000       2,990,882  

(SOFR + 0.60%), 0.61%, 01/06/23

     36,000       34,552,118  

MassMutual Global Funding II,
2.00%, 04/15/21

     9,802       9,894,039  

Metropolitan Life Global Funding I, (SOFR + 0.57%), 0.58%, 01/13/23(a)

    24,390       23,525,375  

Suncorp-Metway Ltd.:

    

(LIBOR USD 3 Month + 0.50%),
1.64%, 10/19/20(a)

    1,500       1,493,050  

2.38%, 11/09/20

     1,970       1,978,932  
   

 

 

  
      74,434,396  
IT Services — 0.5%            

International Business Machines Corp., (LIBOR USD 3 Month + 0.40%),
2.11%, 05/13/21(a) .

     17,000       16,996,016  
   

 

 

  
Machinery — 0.1%            

Illinois Tool Works, Inc., 3.38%, 09/15/21

     2,250       2,303,841  
   

 

 

  
Media — 0.0%            

Comcast Corp., (LIBOR USD 3 Month + 0.33%), 1.76%, 10/01/20(a)

    1,500       1,500,837  
   

 

 

  
 

 

 

3

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Oil, Gas & Consumable Fuels — 1.3%            

BP Capital Markets plc, (LIBOR USD 3 Month + 0.25%), 1.93%, 11/24/20(a)

    USD    22,000     $ 21,827,560  

Enterprise Products Operating LLC:

    

5.20%, 09/01/20

     2,600       2,625,845  

2.85%, 04/15/21

     9,000       9,007,628  

3.50%, 02/01/22

     11,000       11,253,192  

TransCanada PipeLines Ltd.,
3.80%, 10/01/20

     3,590       3,609,357  
   

 

 

  
      48,323,582  
Pharmaceuticals — 0.6%            

Bristol-Myers Squibb Co.,
2.88%, 08/15/20(b) .

     14,957       15,034,769  

Sanofi, 4.00%, 03/29/21

     9,000       9,254,972  
   

 

 

  
      24,289,741  
Road & Rail — 0.3%            

Ryder System, Inc.:

    

2.50%, 05/11/20

     6,000       5,999,474  

2.88%, 09/01/20

     1,847       1,848,888  

3.50%, 06/01/21

     3,799       3,847,046  
   

 

 

  
      11,695,408  
Semiconductors & Semiconductor Equipment — 0.5%  

Lam Research Corp., 2.80%, 06/15/21

     19,373       19,741,349  
   

 

 

  
Thrifts & Mortgage Finance — 1.0%            

BPCE SA:

    

3.15%, 07/31/20(b)

    5,000       5,023,358  

2.75%, 12/02/21

     8,938       9,098,884  

(SOFR + 0.44%), 0.45%, 02/17/22(a)(b)

    10,000       9,769,715  

Nationwide Building Society,
2.00%, 01/27/23(b)

    14,515       14,606,828  
   

 

 

  
      38,498,785  
   

 

 

  

Total Corporate Bonds — 43.9%
(Cost: $1,620,487,916)

       1,620,097,068  
   

 

 

  

Foreign Agency Obligations — 0.4%

 

France — 0.4%            

Electricite de France SA,
2.35%, 10/13/20(b)

    15,100       15,134,895  
   

 

 

  

Total Foreign Agency Obligations — 0.4%
(Cost: $15,088,120)

 

     15,134,895  
   

 

 

  

Foreign Government Obligations — 0.5%

 

South Korea — 0.5%            

Korea Development Bank (The), (LIBOR USD 3 Month + 0.35%),
2.04%, 02/18/23(a)

    16,690       16,358,526  
   

 

 

  

Total Foreign Government Obligations — 0.5%
(Cost: $16,690,000)

       16,358,526  
   

 

 

  
    Shares        
Investment Companies — 2.1%            

BlackRock Liquid Environmentally Aware Fund*

    77,066,038       77,143,104  
   

 

 

  

Total Investment Companies — 2.1%
(Cost: $77,087,456)

       77,143,104  
   

 

 

  

    

Security

  

Par

(000)

     Value  
Municipal Bonds — 0.0%            

Michigan Finance Authority (Trinity Health Credit Group), Series 2019-T, RB,
2.03%, 12/01/20

     USD    550     $ 551,721  
   

 

 

  

Total Municipal Bonds — 0.0%
(Cost: $550,000)

       551,721  
   

 

 

  

Total Long-Term Investments — 47.5%
(Cost: $1,750,805,590)

       1,750,266,118  
   

 

 

  

Short-Term Securities — 53.6%

    

Certificates of Deposit — 21.4%

    
Domestic — 1.3%(a)            

Goldman Sachs Bank USA:

    

(SOFR + 0.25%), 0.26%, 06/29/20

     7,000       6,989,780  

(SOFR + 0.43%), 0.44%, 02/26/21

     6,000       5,984,354  

HSBC Bank USA NA, (LIBOR USD 3 Month + 0.11%), 1.86%, 02/04/21

     8,000       7,982,555  

Morgan Stanley Bank NA:

    

(US Federal Funds Effective Rate (continuous series) + 0.55%),
0.59%, 02/19/21

     6,200       6,190,224  

(SOFR + 0.30%), 2.15%, 08/25/21

     20,000       20,059,547  
   

 

 

  
      47,206,460  
Euro — 0.7%(d)            

ABN AMRO Bank NV, 1.85%, 05/11/20

     15,000       15,006,270  

Credit Industriel et Commercial SA,
1.94%, 01/08/21

     12,000       11,929,409  
   

 

 

  
      26,935,679  
Yankee — 19.4%(e)            

Banco Santander SA, New York, (LIBOR USD 3 Month + 0.16%), 1.89%, 02/11/21(a)

    7,500       7,483,349  

Bank of Montreal, Chicago:

    

(LIBOR USD 1 Month + 0.16%),
1.14%, 06/01/20(a)

    13,000       13,002,733  

(US Federal Funds Effective Rate (continuous series) + 0.31%),
0.35%, 07/13/20(a)

    8,000       7,996,269  

1.25%, 01/11/21(d)

    12,000       12,060,243  

(LIBOR USD 3 Month + 0.10%),
1.93%, 02/12/21(a)

    9,200       9,189,385  

Bank of Nova Scotia, Houston(a):

    

(US Federal Funds Effective Rate (continuous series) + 0.45%),
0.49%, 10/23/20

     8,000       7,992,462  

(LIBOR USD 3 Month + 0.10%),
1.98%, 02/08/21

     5,000       4,994,300  

Barclays Bank plc, New York:

    

2.05%, 06/22/20(d)

    5,000       5,010,275  

(LIBOR USD 1 Month + 0.48%),
1.31%, 08/10/20(a)

    6,000       5,999,772  

(LIBOR USD 3 Month + 0.45%),
1.80%, 10/08/20(a)

    4,500       4,501,929  

2.01%, 12/08/20(d)

    13,750       13,814,975  

1.25%, 03/03/21(d)

    10,000       9,994,718  

Bayerische Landesbank, New York(a):

    

(LIBOR USD 3 Month + 0.18%),
1.07%, 01/28/21

     23,100       23,054,312  

(LIBOR USD 3 Month + 0.47%),
2.22%, 02/03/22

     25,000       24,684,684  

BNP Paribas SA, New York, (LIBOR USD 3 Month + 0.25%), 2.01%, 02/01/21(a)

    20,000       19,977,521  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Yankee (continued)            

Canadian Imperial Bank of Commerce, New York(a):

    

(LIBOR USD 1 Month + 0.17%),
1.00%, 05/13/20

     USD    5,000     $ 5,001,554  

(LIBOR USD 1 Month + 0.25%),
1.23%, 01/04/21

     15,000       14,995,562  

Credit Agricole Corporate and Investment Bank SA, New York(a):

    

(LIBOR USD 3 Month + 0.39%),
2.12%, 05/11/20

     1,000       1,000,079  

(LIBOR USD 3 Month + 0.47%),
1.78%, 07/13/20

     2,000       2,000,852  

(LIBOR USD 3 Month + 0.35%),
1.11%, 07/30/20

     11,000       10,982,781  

(LIBOR USD 3 Month + 0.29%),
1.97%, 08/25/20

     2,000       1,999,937  

(LIBOR USD 3 Month + 0.40%),
1.60%, 09/24/20

     1,000       1,000,194  

(LIBOR USD 3 Month + 0.27%),
1.58%, 01/11/21

     13,000       12,992,803  

(LIBOR USD 3 Month + 0.60%),
1.91%, 01/14/21

     2,000       2,003,457  

(LIBOR USD 3 Month + 0.21%),
1.43%, 07/15/21

     11,000       10,922,873  

(LIBOR USD 3 Month + 0.48%),
1.48%, 09/09/21

     6,000       6,000,009  

(SOFR + 0.40%), 0.41%, 11/15/21

     8,000       7,775,590  

Credit Industriel et Commercial SA, New York, (US Federal Funds Effective Rate (continuous series) + 0.36%),
0.40%, 07/21/20(a)

    6,000       5,997,532  

Credit Suisse AG, New York:

    

(SOFR + 0.37%), 0.38%, 05/22/20(a)

    10,000       10,000,904  

(SOFR + 0.32%), 0.33%, 07/27/20(a)

    9,000       8,992,682  

(SOFR + 0.45%), 0.46%, 09/25/20(a)

    10,000       9,986,787  

1.97%, 11/20/20(d)

    2,000       2,016,117  

(LIBOR USD 3 Month + 0.16%),
1.48%, 12/11/20(a)

    9,000       8,997,817  

(LIBOR USD 3 Month + 0.23%),
1.60%, 12/30/20(a)

    5,000       5,000,982  

DNB Bank ASA, New York, (LIBOR USD 3 Month + 0.22%), 1.36%, 07/19/21(a)

    20,000       19,896,512  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank, New York, (LIBOR USD 3 Month + 0.20%),
1.89%, 02/17/22(a)

    25,000       24,559,993  

Kookmin Bank, New York, (LIBOR USD 3 Month + 0.37%), 2.17%, 02/17/21(a)

    42,000       41,973,513  

Lloyds Bank Corporate Markets plc, New York:

    

(LIBOR USD 3 Month + 0.50%),
1.70%, 09/24/20(a)

    1,500       1,500,001  

2.03%, 12/18/20(d)

    5,500       5,536,829  

1.93%, 01/06/21(d)

    7,000       7,044,874  

(LIBOR USD 3 Month + 0.52%),
1.51%, 04/26/21(a)

    14,000       13,982,282  

(LIBOR USD 3 Month + 0.55%),
1.69%, 07/19/21(a)

    15,800       15,733,570  

MUFG Bank Ltd., New York:

    

1.95%, 10/15/20(b)(d)

    4,000       4,025,016  

1.96%, 10/15/20(b)(d)

    3,300       3,320,797  

1.98%, 10/15/20(b)(d)

    2,500       2,515,980  

(LIBOR USD 3 Month + 0.50%),
1.49%, 01/25/21(a)

    1,000       1,001,095  

(LIBOR USD 3 Month + 0.50%),
1.68%, 07/16/21(a)

    5,000       4,982,131  

    

Security

  

Par

(000)

     Value  
Yankee (continued)            

Natixis SA, New York:

    

(LIBOR USD 1 Month + 0.26%),
1.07%, 05/15/20(a)

    USD    6,000     $ 6,002,315  

(SOFR + 0.30%), 0.31%, 06/05/20(a)

    7,000       6,999,132  

(LIBOR USD 3 Month + 0.39%),
1.43%, 07/23/20(a)

    3,000       2,999,547  

1.93%, 11/12/20(d)

    12,000       12,087,055  

Nordea Bank Abp, New York(a):

    

(LIBOR USD 3 Month + 0.27%),
2.00%, 08/10/20

     1,000       999,918  

(LIBOR USD 3 Month + 0.29%),
2.03%, 02/05/21

     8,000       7,993,407  

(LIBOR USD 3 Month + 0.32%),
2.06%, 05/05/21

     6,000       5,980,294  

(LIBOR USD 3 Month + 0.26%),
1.65%, 01/07/22

     9,000       8,889,909  

(LIBOR USD 3 Month + 0.23%),
1.12%, 01/28/22

     9,000       8,881,523  

Norinchukin Bank, New York,
1.80%, 07/15/20(d)

    5,000       5,015,136  

Royal Bank of Canada, New York, (LIBOR USD 3 Month + 0.45%),
1.49%, 04/23/21(a)

    5,000       5,002,415  

Skandinaviska Enskilda Banken AB, New York:

    

(LIBOR USD 3 Month + 0.15%),
1.60%, 10/02/20(a)

    7,000       6,999,998  

1.93%, 10/16/20(d)

    4,000       4,026,843  

Standard Chartered Bank, New York:

    

1.99%, 05/01/20(d)

    20,000       20,001,053  

(LIBOR USD 1 Month + 0.30%),
1.22%, 06/08/20(a)

    8,500       8,501,325  

(LIBOR USD 3 Month + 0.28%),
2.02%, 11/06/20(a)

    10,000       10,004,033  

Sumitomo Mitsui Banking Corp., New York(a):

    

(LIBOR USD 3 Month + 0.41%),
1.30%, 06/18/20

     7,000       7,001,827  

(LIBOR USD 3 Month + 0.42%),
1.44%, 07/24/20

     2,000       2,000,763  

(LIBOR USD 3 Month + 0.39%),
2.10%, 02/12/21

     12,000       11,994,466  

(LIBOR USD 3 Month + 0.36%),
1.73%, 04/06/21

     5,350       5,340,408  

(LIBOR USD 3 Month + 0.36%),
2.05%, 05/13/21

     9,000       8,996,400  

(LIBOR USD 3 Month + 0.35%),
1.66%, 07/12/21

     3,000       2,984,030  

(LIBOR USD 3 Month + 0.44%),
1.34%, 09/10/21

     7,000       6,949,480  

(LIBOR USD 3 Month + 0.38%),
1.69%, 10/12/21

     11,000       11,000,003  

(LIBOR USD 3 Month + 0.35%),
2.09%, 11/05/21

     6,000       5,928,933  

(LIBOR USD 3 Month + 0.35%),
2.04%, 11/12/21

     5,000       4,940,019  

Sumitomo Mitsui Trust Bank Ltd., New York, (LIBOR USD 3 Month + 0.20%),
1.89%, 05/18/20(a)

    5,000       5,000,004  

Svenska Handelsbanken, New York(a):

    

(LIBOR USD 3 Month + 0.28%),
1.17%, 09/11/20

     3,000       3,000,323  

(LIBOR USD 3 Month + 0.15%),
1.60%, 10/02/20

     15,000       14,999,995  

(LIBOR USD 1 Month + 0.25%),
1.23%, 01/04/21

     15,000       14,977,984  

(LIBOR USD 3 Month + 0.26%),
1.63%, 01/06/22

     8,000       7,902,301  
 

 

 

5

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Yankee (continued)            

Toronto-Dominion Bank, New York:

    

2.17%, 07/24/20(d)

    USD    7,000     $ 7,031,611  

(LIBOR USD 3 Month + 0.40%),
1.42%, 04/26/21(a)

    4,000       3,999,999  

UBS AG, Stamford, 1.38%, 04/16/21(d)

    10,000       10,005,996  

Westpac Banking Corp., New York, (LIBOR USD 3 Month + 0.15%),
1.15%, 12/09/20(a)

    15,000       14,995,508  
   

 

 

  
      712,931,985  
   

 

 

  

Total Certificates of Deposit — 21.4%
(Cost: $788,453,469)

       787,074,124  
   

 

 

  

Commercial Paper — 26.5%

    

ABB Treasury Center USA, Inc.,
1.71%, 05/22/20(d)

    6,000       5,997,037  

Airbus Finance BV, 1.22%, 05/22/20(d)

    18,100       18,098,164  

Albion Capital Corp. SA,
1.35%, 07/09/20(d)

    10,634       10,627,115  

American Electric Power Co., Inc.,
1.86%, 05/28/20(d)

    10,000       9,989,399  

AstraZeneca plc, 2.11%, 07/16/20(d)

    10,000       9,967,639  

AT&T, Inc., 1.51%, 08/04/20(d)

    6,730       6,703,331  

BAE Systems Holdings, Inc.(d):

    

1.61%, 06/11/20

     24,300       24,261,160  

1.61%, 06/17/20

     16,000       15,969,707  

Banco Santander SA(d):

    

1.98%, 06/26/20

     9,000       8,995,725  

1.92%, 07/07/20

     4,000       3,997,431  

Bank of Nova Scotia (The)(a):

    

(LIBOR USD 1 Month + 0.17%),
0.98%, 05/15/20

     5,000       5,001,742  

(LIBOR USD 1 Month + 0.16%),
0.65%, 05/27/20

     5,000       5,001,662  

(LIBOR USD 1 Month + 0.16%),
0.60%, 05/29/20

     4,000       4,001,239  

Barclays Bank plc, 1.85%, 01/28/21(b)(d)

    3,000       2,977,478  

Barton Capital LLC, 1.37%, 07/02/20(d)

    34,800       34,770,646  

Bedford Row Funding Corp.,
1.16%, 04/12/21(d)

    10,000       9,920,961  

BP Capital Markets plc,
1.77%, 08/05/20(d)

    15,000       14,978,620  

BPCE SA(d):

    

1.96%, 07/31/20

     2,000       1,998,620  

1.06%, 12/01/20

     12,000       11,959,437  

2.04%, 12/23/20

     10,000       9,960,302  

Cancara Asset Securitisation LLC,
1.97%, 06/03/20(b)(d)

    5,000       4,998,550  

Cargill, Inc., 1.26%, 10/13/20(d)

    10,000       9,972,333  

Citigroup Global Markets, Inc.,
1.97%, 05/26/20(d)

    5,000       4,999,213  

Coca-Cola Co. (The)(d):

    

1.21%, 09/24/20

     6,000       5,992,895  

1.63%, 02/11/21

     10,000       9,964,125  

Collateralized Commercial Paper FLEX Co. LLC, (LIBOR USD 3 Month + 0.12%),
1.47%, 01/08/21(a)

    5,000       4,992,204  

Compass Group plc, 1.81%, 07/31/20(d)

    17,400       17,381,769  

Duke Energy Corp.(d):

    

1.76%, 05/08/20

     7,500       7,498,667  

1.20%, 06/17/20

     5,000       4,990,533  

1.05%, 06/24/20

     15,000       14,967,733  

Eaton Capital Unlimited Co.,
0.60%, 05/01/20(d)

    14,500       14,499,741  

Electricite de France SA,
1.76%, 05/08/20(d)

    15,000       14,997,333  

Enbridge Energy Partners LP(d):

    

1.82%, 05/20/20

     8,000       7,995,480  

1.81%, 05/26/20

     8,701       8,692,975  

General Dynamics Corp.,
2.03%, 07/13/20(d)

    19,500       19,450,016  

GlaxoSmithKline LLC,
1.00%, 09/01/20(d)

    9,850       9,818,006  

    

Security

  

Par

(000)

     Value  
Commercial Paper (continued)            

HSBC Bank plc(a):

    

(LIBOR USD 3 Month + 0.23%),
1.54%, 10/13/20

     USD    7,000     $ 6,999,377  

(LIBOR USD 1 Month + 0.29%),
0.69%, 12/30/20

     15,000       14,979,807  

Hyundai Capital America(d):

    

2.22%, 06/09/20

     15,800       15,774,843  

1.83%, 06/18/20

     5,700       5,688,999  

1.83%, 06/19/20

     6,800       6,786,617  

ING US Funding LLC(a):

    

(LIBOR USD 3 Month + 0.15%),
0.89%, 09/14/20

     10,000       9,992,627  

(LIBOR USD 3 Month + 0.17%),
1.37%, 09/23/20

     10,000       9,993,019  

(LIBOR USD 3 Month + 0.20%),
1.34%, 10/19/20

     5,000       4,997,672  

LMA-Americas LLC, 1.92%, 05/12/20(d)

    5,000       4,999,768  

Macquarie Bank Ltd., (LIBOR USD 3 Month + 0.07%), 1.76%, 02/16/21(a)

    10,000       9,974,093  

National Australia Bank Ltd., (LIBOR USD 3 Month + 0.12%), 1.12%, 12/09/20(a)

    15,000       14,992,817  

National Grid USA, 1.76%, 05/27/20(d)

    26,000       25,974,260  

Nationwide Building Society,
1.96%, 05/26/20(b) (d)

     10,000       9,998,122  

Nissan Motor Acceptance Corp.(d):

    

2.22%, 06/12/20

     8,000       7,971,639  

1.51%, 07/01/20

     10,425       10,372,269  

1.94%, 11/04/20

     10,000       9,817,222  

Nutrien Ltd.(d):

    

1.17%, 05/04/20

     11,000       10,998,961  

1.23%, 05/12/20

     8,000       7,997,733  

2.03%, 05/13/20

     4,000       3,998,772  

1.63%, 05/26/20

     5,000       4,995,389  

Oversea-Chinese Banking Corp. Ltd., (LIBOR USD 3 Month + 0.09%),
1.74%, 08/26/20(a)

    7,000       6,995,435  

Reckitt Benckiser Treasury Services plc,
2.14%, 05/29/20(d)

    5,000       4,998,623  

Rogers Communications, Inc., 0.00%, 05/04/20(d)(f)

    23,000       22,998,060  

Royal Bank of Canada, (SOFR + 0.40%),
0.41%, 10/02/20(a)

    1,500       1,496,929  

Salisbury Receivables Co. LLC, (1D SOFR + 0.30%), 0.31%, 02/19/21(a)

    13,000       12,953,497  

Shell International Finance BV(d):

    

1.97%, 06/26/20

     6,825       6,813,329  

1.16%, 02/26/21

     8,000       7,893,965  

Societe Generale SA, (LIBOR USD 1 Month + 0.38%), 1.10%, 08/20/20(a)

    10,000       10,006,839  

Starbird Funding Corp., 1.10%, 08/14/20(d)

    5,000       4,992,330  

Starbucks Corp.(d):

    

1.79%, 05/15/20

     14,683       14,680,675  

1.91%, 06/16/20

     10,000       9,981,722  

Suncor Energy, Inc.(d):

    

1.85%, 05/04/20

     5,000       4,999,556  

1.81%, 05/07/20

     13,000       12,997,978  

1.81%, 05/11/20

     4,300       4,298,949  

1.81%, 05/26/20

     10,000       9,990,777  

1.80%, 05/27/20

     5,250       5,244,802  

1.37%, 06/03/20

     7,000       6,990,460  

1.84%, 08/18/20

     12,000       11,930,957  

Suncorp-Metway Ltd.(d):

    

1.92%, 05/11/20

     12,000       11,998,387  

1.94%, 05/26/20

     4,000       3,998,850  

1.92%, 06/09/20

     11,000       10,994,341  

Svenska Handelsbanken AB,
1.94%, 10/16/20(d)

    8,000       7,981,035  
 

 

 

6

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Short Obligations Fund

(Percentages shown are based on Net Assets)

 

    

Security

  

Par

(000)

     Value  
Commercial Paper (continued)            

Telstra Corp. Ltd.(d):

    

0.00%, 09/28/20(f)

  USD   12,750     $   12,707,217  

1.28%, 12/21/20

     21,240       21,120,622  

Toronto-Dominion Bank (The), (LIBOR USD 1 Month + 0.18%), 1.01%, 06/12/20(a)

    9,000       9,001,815  

TransCanada PipeLines Ltd.(d):

    

1.15%, 05/01/20

     32,000       31,999,289  

1.75%, 05/05/20

     28,000       27,996,889  

1.32%, 05/06/20

     12,000       11,998,400  

UBS AG, (LIBOR USD 3 Month + 0.20%), 1.51%, 07/10/20(a)

    6,000       6,000,554  

Verizon Communications, Inc.(d):

    

1.75%, 05/07/20

     8,000       7,999,067  

1.91%, 06/23/20

     9,000       8,980,965  

Versailles Commercial Paper LLC, 1.16%, 08/19/20(b)(d)

    15,000       14,972,019  

VW Credit, Inc.(d):

    

1.89%, 08/10/20

     7,000       6,962,912  

1.85%, 08/14/20

     9,200       9,149,154  

2.04%, 01/29/21

     18,500       18,232,469  

Walt Disney Co. (The), 1.86%, 09/09/20(d)

    7,000       6,969,200  

    

Security

  

Par

(000)

     Value  
Commercial Paper (continued)            

Western Union Co. (The),
0.75%, 05/01/20(d)

  USD 15,000     $ 14,999,608  
   

 

 

  

Total Commercial Paper — 26.5%
(Cost: $977,378,159)

       978,020,670  
   

 

 

  
    Shares        

Money Market Funds — 4.0%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%(g)*

    148,236,461       148,236,461  
   

 

 

  

Total Money Market Funds — 4.0%
(Cost: $148,236,461)

       148,236,461  
   

 

 

  

Total Repurchase Agreements — 1.7%
(Cost: $64,500,000)

 

     64,500,000  
   

 

 

  

Total Short-Term Securities — 53.6%
(Cost: $1,978,568,089)

 

     1,977,831,255  
   

 

 

  

Total Investments — 101.1%
(Cost: $3,729,373,679)

       3,728,097,373  
   

 

 

  

Liabilities in Excess of Other Assets — (1.1)%

 

     (40,626,288 ) 
   

 

 

  

Net Assets — 100.0%

     $ 3,687,471,085  
   

 

 

  
 

 

(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
04/30/20

      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