BlackRock

Short

Obligations

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

1.1%

Carmax

Auto

Owner

Trust,

Series

2019-3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

12/15/22

(a)

................

USD

419

$

419,155

CarMax

Auto

Owner

Trust:

Series

2020-1,

Class

A2,

1.87%,

04/17/23

3,288

3,304,103

Series

2020-3,

Class

A2A,

0.49%,

06/15/23

5,314

5,319,694

Series

2020-3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

06/15/23

(a)

..

1,295

1,295,458

Series

2020-4,

Class

A2,

0.31%,

01/16/24

16,377

16,383,132

Ford

Credit

Auto

Lease

Trust,

Series

2020-B,

Class

A2A,

0.50%,

12/15/22

.........

19,330

19,348,523

Ford

Credit

Auto

Owner

Trust,

Series

2020-B,

Class

A2,

0.50%,

02/15/23

..........

5,361

5,365,151

Honda

Auto

Receivables

Owner

Trust,

Series

2020-2,

Class

A2,

0.74%,

11/15/22

.....

2,621

2,625,368

Total

Asset-Backed

Securities

—

1.1%

(Cost:

$54,003,244)

..............................

54,060,584

Corporate

Bonds

—

38.4%

Aerospace

&

Defense

—

0.1%

Raytheon

Technologies

Corp.,

2.80%,

03/15/22

4,000

4,079,529

Auto

Components

—

0.0%

Toyota

Industries

Corp.,

3.11%,

03/12/22

(b)

.

2,559

2,614,503

Automobiles

—

2.2%

(b)

BMW

US

Capital

LLC:

(LIBOR

USD

3

Month

+

0.50%),

0.70%,

08/13/21

(a)

...................

11,200

11,215,473

2.70%,

04/06/22

.................

5,000

5,103,696

2.95%,

04/14/22

.................

9,000

9,227,133

(SOFR

+

0.53%),

0.54%,

04/01/24

(a)

...

18,115

18,214,180

0.80%,

04/01/24

.................

2,680

2,693,016

Daimler

Finance

North

America

LLC:

2.00%,

07/06/21

.................

3,631

3,641,887

0.75%,

03/01/24

.................

26,690

26,609,262

Hyundai

Capital

America:

2.38%,

02/10/23

.................

12,340

12,670,502

0.80%,

04/03/23

.................

7,700

7,696,302

Volkswagen

Group

of

America

Finance

LLC:

(LIBOR

USD

3

Month

+

0.86%),

1.05%,

09/24/21

(a)

...................

5,215

5,231,178

2.50%,

09/24/21

.................

665

670,764

0.75%,

11/23/22

.................

11,350

11,387,752

114,361,145

Banks

—

7.8%

ABN

AMRO

Bank

NV,

(LIBOR

USD

3

Month

+

0.57%),

0.76%,

08/27/21

(a)(b)

.........

1,000

1,001,610

Australia

&

New

Zealand

Banking

Group

Ltd.:

(LIBOR

USD

3

Month

+

0.87%),

1.05%,

11/23/21

(a)(b)

..................

8,000

8,037,333

2.63%,

05/19/22

.................

1,000

1,025,240

Bank

of

America

Corp.,

5.00%,

05/13/21

...

10,000

10,011,992

Banque

Federative

du

Credit

Mutuel

SA,

1.96%,

07/21/21

(b)

...............

8,000

8,029,039

BNZ

International

Funding

Ltd.

(b)

:

2.10%,

09/14/21

.................

1,500

1,510,066

2.90%,

02/21/22

.................

5,300

5,411,363

Capital

One

NA,

2.95%,

07/23/21

.......

5,673

5,693,933

Citibank

NA

(a)

:

(LIBOR

USD

3

Month

+

0.57%),

0.74%,

07/23/21

....................

1,000

1,000,684

(LIBOR

USD

3

Month

+

0.60%),

2.84%,

05/20/22

....................

4,380

4,385,141

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citigroup,

Inc.

(a)

:

(SOFR

+

0.87%),

0.88%,

11/04/22

.....

USD

5,000

$

5,014,000

(SOFR

+

0.87%),

2.31%,

11/04/22

.....

4,000

4,037,278

Cooperatieve

Rabobank

UA,

2.75%,

01/10/22

3,790

3,855,848

Credit

Agricole

Corporate

&

Investment

Bank

SA,

0.40%,

01/15/23

.............

15,000

14,989,516

DNB

Bank

ASA

(b)

:

2.38%,

06/02/21

.................

2,439

2,443,303

(LIBOR

USD

3

Month

+

0.62%),

0.81%,

12/02/22

(a)

...................

7,000

7,057,541

2.15%,

12/02/22

.................

13,000

13,362,914

Fifth

Third

Bank

NA,

1.80%,

01/30/23

....

6,840

7,007,670

HSBC

Holdings

plc:

2.95%,

05/25/21

.................

11,000

11,017,436

2.65%,

01/05/22

.................

4,000

4,061,618

JPMorgan

Chase

&

Co.

(a)

:

(LIBOR

USD

3

Month

+

0.61%),

3.51%,

06/18/22

....................

13,500

13,554,558

(SOFR

+

0.58%),

0.59%,

03/16/24

.....

20,000

20,052,800

(SOFR

+

0.58%),

0.70%,

03/16/24

.....

10,000

10,034,171

Kookmin

Bank,

(SOFR

+

0.45%),

0.52%,

08/03/22

(a)(b)

...................

10,535

10,539,803

Lloyds

Bank

plc,

3.30%,

05/07/21

.......

1,000

1,000,254

Mitsubishi

UFJ

Financial

Group,

Inc.:

3.54%,

07/26/21

.................

2,946

2,968,360

3.00%,

02/22/22

.................

3,661

3,739,778

MUFG

Bank

Ltd.,

2.85%,

09/08/21

(b)

.....

6,438

6,494,542

MUFG

Union

Bank

NA,

3.15%,

04/01/22

...

3,625

3,710,105

National

Australia

Bank

Ltd.:

1.88%,

07/12/21

.................

3,000

3,009,780

3.38%,

09/20/21

.................

2,872

2,904,511

(LIBOR

USD

3

Month

+

0.41%),

0.59%,

12/13/22

(a)(b)

..................

6,000

6,027,636

1.88%,

12/13/22

.................

10,830

11,109,155

Nordea

Bank

Abp,

1.00%,

06/09/23

(b)

.....

4,255

4,306,478

Santander

UK

plc:

3.40%,

06/01/21

.................

9,000

9,021,343

2.10%,

01/13/23

.................

2,807

2,888,095

Skandinaviska

Enskilda

Banken

AB

(b)

:

(LIBOR

USD

3

Month

+

0.43%),

0.62%,

05/17/21

(a)

...................

2,000

2,000,297

3.25%,

05/17/21

.................

1,500

1,501,605

3.05%,

03/25/22

.................

9,275

9,496,765

(LIBOR

USD

3

Month

+

0.65%),

0.83%,

12/12/22

(a)

...................

4,000

4,030,920

2.20%,

12/12/22

.................

4,740

4,882,120

Sumitomo

Mitsui

Banking

Corp.,

3.20%,

07/18/22

.....................

2,500

2,584,594

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.51%,

01/12/24

.....................

3,380

3,372,784

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.80%,

09/12/23

(b)

....................

16,306

16,378,829

Svenska

Handelsbanken

AB:

3.35%,

05/24/21

.................

1,190

1,192,106

0.63%,

06/30/23

(b)

................

6,425

6,455,706

Swedbank

AB

(b)

:

(LIBOR

USD

3

Month

+

0.70%),

0.88%,

03/14/22

(a)

...................

2,500

2,512,165

1.30%,

06/02/23

.................

10,725

10,893,175

0.60%,

09/25/23

.................

12,000

11,987,640

Toronto-Dominion

Bank

(The):

(LIBOR

USD

3

Month

+

0.43%),

0.61%,

06/11/21

(a)

...................

1,500

1,500,678

3.25%,

06/11/21

.................

10,000

10,032,699

Truist

Bank,

1.25%,

03/09/23

..........

20,000

20,349,588

BlackRock

Short

Obligations

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Truist

Financial

Corp.,

3.95%,

03/22/22

...

USD

1,243

$

1,279,725

US

Bank

NA,

(LIBOR

USD

3

Month

+

0.44%),

0.62%,

05/23/22

(a)

...............

6,080

6,104,634

Wells

Fargo

&

Co.:

(LIBOR

USD

3

Month

+

1.03%),

1.20%,

07/26/21

(a)

...................

2,595

2,600,616

2.10%,

07/26/21

.................

2,435

2,445,616

Wells

Fargo

Bank

NA:

(LIBOR

USD

3

Month

+

0.51%),

0.69%,

10/22/21

(a)

...................

1,500

1,503,006

3.63%,

10/22/21

.................

5,000

5,064,300

(LIBOR

USD

3

Month

+

0.61%),

2.90%,

05/27/22

(a)

...................

3,000

3,005,108

(LIBOR

USD

3

Month

+

0.66%),

0.85%,

09/09/22

(a)

...................

20,000

20,043,724

Westpac

Banking

Corp.:

2.00%,

08/19/21

.................

7,967

8,008,960

2.00%,

01/13/23

.................

5,345

5,503,370

395,045,624

Beverages

—

0.8%

Coca-Cola

European

Partners

plc,

0.50%,

05/05/23

(b)

....................

40,000

39,982,458

PepsiCo,

Inc.,

0.75%,

05/01/23

........

2,475

2,499,775

42,482,233

Biotechnology

—

1.6%

AbbVie,

Inc.:

(LIBOR

USD

3

Month

+

0.35%),

0.53%,

05/21/21

(a)

...................

12,000

12,001,588

2.15%,

11/19/21

.................

25,000

25,245,827

5.00%,

12/15/21

.................

3,000

3,053,543

3.45%,

03/15/22

.................

4,000

4,085,557

Gilead

Sciences,

Inc.:

(LIBOR

USD

3

Month

+

0.15%),

0.33%,

09/17/21

(a)

...................

16,920

16,924,272

(LIBOR

USD

3

Month

+

0.52%),

0.71%,

09/29/23

(a)

...................

8,024

8,032,311

0.75%,

09/29/23

.................

11,695

11,715,359

81,058,457

Capital

Markets

—

5.5%

Credit

Suisse

AG:

2.10%,

11/12/21

.................

9,250

9,336,560

(SOFR

+

0.45%),

0.46%,

02/04/22

(a)

...

16,000

15,992,963

2.80%,

04/08/22

.................

6,000

6,137,430

1.00%,

05/05/23

.................

5,000

5,045,713

(SOFR

+

0.39%),

0.40%,

02/02/24

(a)

...

15,000

14,943,600

0.50%,

02/02/24

.................

2,670

2,648,981

Goldman

Sachs

Group,

Inc.

(The):

5.25%,

07/27/21

.................

8,820

8,921,695

(SOFR

+

0.41%),

0.42%,

01/27/23

(a)

...

12,000

11,997,494

0.48%,

01/27/23

.................

5,000

5,002,924

0.52%,

03/08/23

.................

20,000

20,019,433

(SOFR

+

0.54%),

0.55%,

11/17/23

(a)

....

7,000

6,998,987

(SOFR

+

0.54%),

0.63%,

11/17/23

(a)

....

10,000

10,012,527

ING

Bank

NV,

2.05%,

08/15/21

(b)

.......

4,684

4,707,602

Macquarie

Bank

Ltd.

(b)

:

(LIBOR

USD

3

Month

+

0.45%),

0.63%,

11/24/21

(a)

...................

26,000

26,048,994

2.10%,

10/17/22

.................

12,850

13,178,711

0.44%,

12/16/22

.................

9,120

9,127,231

Morgan

Stanley:

2.63%,

11/17/21

.................

15,000

15,190,151

(SOFR

+

0.83%),

0.84%,

06/10/22

(a)

...

10,000

10,006,426

(SOFR

+

0.70%),

0.71%,

01/20/23

(a)

...

31,308

31,370,012

(SOFR

+

0.47%),

0.56%,

11/10/23

(a)

....

15,000

15,017,171

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

0.53%,

01/25/24

(a)

................

USD

8,000

$

7,995,192

Morgan

Stanley

&

Co.

LLC,  +

0.00%),

0.73%,

04/05/24

(a)

....................

22,000

22,052,781

UBS

AG,

(SOFR

+

0.36%),

0.37%,

02/09/24

(a)(b)

5,000

5,000,661

276,753,239

Chemicals

—

0.1%

Air

Liquide

Finance

SA,

1.75%,

09/27/21

(b)

.

3,197

3,212,036

Consumer

Finance

—

4.6%

American

Express

Co.,

(LIBOR

USD

3

Month

+

0.60%),

0.80%,

11/05/21

(a)

..........

10,192

10,214,567

American

Honda

Finance

Corp.:

(LIBOR

USD

3

Month

+

0.35%),

0.53%,

06/11/21

(a)

...................

6,645

6,647,719

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

01/21/22

(a)

...................

5,000

5,000,976

(LIBOR

USD

3

Month

+

0.45%),

0.64%,

02/15/22

(a)

...................

16,000

16,049,023

2.20%,

06/27/22

.................

10,500

10,738,479

(LIBOR

USD

3

Month

+

0.15%),

0.33%,

02/22/23

(a)

...................

4,705

4,701,231

(LIBOR

USD

3

Month

+

0.42%),

0.60%,

09/08/23

(a)

...................

5,790

5,816,402

0.65%,

09/08/23

.................

26,000

26,151,938

Caterpillar

Financial

Services

Corp.:

(LIBOR

USD

3

Month

+

0.20%),

0.40%,

11/12/21

(a)

...................

10,000

10,012,775

(LIBOR

USD

3

Month

+

0.22%),

0.41%,

01/06/22

(a)

...................

2,145

2,147,195

(LIBOR

USD

3

Month

+

0.74%),

0.93%,

05/13/22

(a)

...................

5,000

5,031,120

0.95%,

05/13/22

.................

16,000

16,118,838

1.95%,

11/18/22

.................

6,645

6,824,057

John

Deere

Capital

Corp.,

0.55%,

07/05/22

.

15,350

15,404,120

PACCAR

Financial

Corp.,

0.80%,

06/08/23

.

3,515

3,546,855

Toyota

Motor

Credit

Corp.:

(LIBOR

USD

3

Month

+

0.13%),

0.32%,

08/13/21

(a)

...................

18,675

18,679,256

(LIBOR

USD

3

Month

+

0.29%),

0.49%,

10/07/21

(a)

...................

22,000

22,023,064

(LIBOR

USD

3

Month

+

0.15%),

0.35%,

02/14/22

(a)

...................

8,790

8,797,078

(SOFR

+

0.30%),

0.31%,

06/13/22

(a)

...

18,000

18,024,404

0.45%,

07/22/22

.................

5,410

5,423,025

(SOFR

+

0.34%),

0.32%,

10/14/22

(a)

...

18,000

18,036,900

235,389,022

Diversified

Financial

Services

—

0.6%

(b)

LSEGA

Financing

plc,

0.65%,

04/06/24

...

3,120

3,113,339

NTT

Finance

Corp.,

0.58%,

03/01/24

.....

6,005

5,996,703

Siemens

Financieringsmaatschappij

NV,

(SOFR

+

0.43%),

0.44%,

03/11/24

(a)

....

18,980

19,095,152

28,205,194

Diversified

Telecommunication

Services

—

0.6%

Bell

Canada,

Series

US-3,

0.75%,

03/17/24

.

10,000

9,988,860

Verizon

Communications,

Inc.:

(SOFR

+

0.50%),

0.51%,

03/22/24

(a)

...

16,955

17,026,612

0.75%,

03/22/24

.................

3,325

3,337,823

30,353,295

Electric

Utilities

—

3.8%

Duke

Energy

Corp.:

3.55%,

09/15/21

.................

3,000

3,011,262

2.40%,

08/15/22

.................

4,619

4,726,669

Duke

Energy

Florida

LLC,

Series

A,

(LIBOR

USD

3

Month

+

0.25%),

0.44%,

11/26/21

(a)

2,000

2,001,441

BlackRock

Short

Obligations

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Duke

Energy

Progress

LLC,

Series

A,

(LIBOR

USD

3

Month

+

0.18%),

0.37%,

02/18/22

(a)

USD

33,915

$

33,908,335

Florida

Power

&

Light

Co.,

(LIBOR

USD

3

Month

+

0.38%),

0.56%,

07/28/23

(a)

....

12,550

12,550,512

NextEra

Energy

Capital

Holdings,

Inc.:

(LIBOR

USD

3

Month

+

0.48%),

0.67%,

05/04/21

(a)

...................

40,250

40,250,000

2.40%,

09/01/21

.................

26,176

26,360,552

(LIBOR

USD

3

Month

+

0.72%),

0.91%,

02/25/22

(a)

...................

3,400

3,414,941

2.90%,

04/01/22

.................

2,225

2,277,890

1.95%,

09/01/22

.................

4,000

4,084,294

(LIBOR

USD

3

Month

+

0.27%),

0.45%,

02/22/23

(a)

...................

30,000

30,003,198

(SOFR

+

0.54%),

0.55%,

03/01/23

(a)

...

9,305

9,332,597

PPL

Electric

Utilities

Corp.,

(LIBOR

USD

3

Month

+

0.25%),

0.44%,

09/28/23

(a)

....

10,450

10,454,412

Xcel

Energy,

Inc.,

0.50%,

10/15/23

......

9,450

9,471,461

191,847,564

Energy

Equipment

&

Services

—

0.1%

Schlumberger

Finance

Canada

Ltd.,

2.65%,

11/20/22

(b)

....................

3,500

3,610,005

Entertainment

—

0.1%

Walt

Disney

Co.

(The),

(LIBOR

USD

3

Month

+

0.25%),

0.44%,

09/01/21

(a)

..........

6,000

6,004,592

Food

&

Staples

Retailing

—

0.8%

7-Eleven,

Inc.,

(LIBOR

USD

3

Month

+

0.45%),

0.65%,

08/10/22

(a)(b)

..............

41,320

41,345,206

Gas

Utilities

—

0.9%

Atmos

Energy

Corp.:

(LIBOR

USD

3

Month

+

0.38%),

0.57%,

03/09/23

(a)

...................

23,770

23,783,411

0.63%,

03/09/23

.................

8,175

8,182,696

CenterPoint

Energy

Resources

Corp.,

0.70%,

03/02/23

.....................

15,935

15,944,672

47,910,779

Health

Care

Equipment

&

Supplies

—

0.1%

Baxter

International,

Inc.,

1.70%,

08/15/21

.

2,845

2,853,611

Industrial

Conglomerates

—

0.7%

Honeywell

International,

Inc.:

(LIBOR

USD

3

Month

+

0.23%),

0.41%,

08/19/22

(a)

...................

13,070

13,078,662

0.48%,

08/19/22

.................

18,000

18,015,757

Roper

Technologies,

Inc.,

0.45%,

08/15/22

.

2,795

2,798,648

33,893,067

Insurance

—

3.2%

(b)

Jackson

National

Life

Global

Funding,

(SOFR

+

0.60%),

0.61%,

01/06/23

(a)

..........

36,000

36,151,341

MassMutual

Global

Funding

II,

0.85%,

06/09/23

8,472

8,550,284

Met

Tower

Global

Funding,

(SOFR

+

0.55%),

0.56%,

01/17/23

(a)

...............

20,060

20,161,159

Metropolitan

Life

Global

Funding

I

(a)

:

(SOFR

+

0.35%),

0.36%,

09/08/22

.....

27,000

27,087,082

(SOFR

+

0.57%),

0.58%,

01/13/23

.....

24,390

24,523,746

(SOFR

+

0.32%),

0.33%,

01/07/24

.....

20,000

20,043,200

Protective

Life

Global

Funding:

0.50%,

04/12/23

.................

8,150

8,160,360

0.63%,

10/13/23

.................

5,670

5,683,514

0.47%,

01/12/24

.................

10,000

9,935,045

160,295,731

Security

Par

(000)

Par

(000)

Value

IT

Services

—

0.3%

International

Business

Machines

Corp.,

(LIBOR

USD

3

Month

+

0.40%),

0.59%,

05/13/21

(a)

USD

17,000

$

17,001,794

Machinery

—

0.0%

Illinois

Tool

Works,

Inc.,

3.38%,

09/15/21

..

2,250

2,257,991

Multi-Utilities

—

1.1%

Dominion

Energy,

Inc.:

Series

C,

2.00%,

08/15/21

..........

4,970

4,984,547

Series

D,

(LIBOR

USD

3

Month

+

0.53%),

0.71%,

09/15/23

(a)

..............

34,725

34,746,841

WEC

Energy

Group,

Inc.,

0.55%,

09/15/23

.

18,610

18,628,353

58,359,741

Oil,

Gas

&

Consumable

Fuels

—

1.3%

Chevron

Corp.,

1.14%,

05/11/23

........

5,135

5,222,519

Chevron

USA,

Inc.,

(LIBOR

USD

3

Month

+

0.20%),

0.40%,

08/11/23

(a)

..........

40,515

40,609,356

Enbridge,

Inc.,

(SOFR

+

0.40%),

0.41%,

02/17/23

(a)

....................

9,400

9,411,904

Enterprise

Products

Operating

LLC,

3.50%,

02/01/22

.....................

11,000

11,256,672

66,500,451

Pharmaceuticals

—

0.3%

Bristol-Myers

Squibb

Co.,

2.55%,

05/14/21

.

8,647

8,652,756

Roche

Holdings,

Inc.,

(SOFR

+

0.24%),

0.25%,

03/05/24

(a)(b)

...................

5,370

5,373,541

14,026,297

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Lam

Research

Corp.,

2.80%,

06/15/21

....

19,373

19,408,615

Software

—

0.1%

Oracle

Corp.,

1.90%,

09/15/21

.........

5,000

5,023,355

Thrifts

&

Mortgage

Finance

—

0.8%

BPCE

SA:

2.75%,

12/02/21

.................

8,938

9,066,840

(SOFR

+

0.44%),

0.45%,

02/17/22

(a)(b)

..

13,500

13,519,699

Nationwide

Building

Society

(b)

:

2.00%,

01/27/23

.................

14,515

14,915,549

0.55%,

01/22/24

.................

1,520

1,515,649

39,017,737

Wireless

Telecommunication

Services

—

0.5%

Rogers

Communications,

Inc.,

(LIBOR

USD

3

Month

+

0.60%),

0.79%,

03/22/22

(a)

....

23,755

23,833,935

Total

Corporate

Bonds

—

38.4%

(Cost:

$1,939,155,064)

...........................

1,946,744,748

Foreign

Government

Obligations

—

0.6%

South

Korea

—

0.6%

Korea

Development

Bank

(The)

(a)

:

(SOFR

+

0.55%),

0.56%,

03/21/22

(b)

...

12,500

12,526,223

(LIBOR

USD

3

Month

+

0.35%),

0.54%,

02/18/23

....................

16,690

16,715,050

29,241,273

Total

Foreign

Government

Obligations

—

0.6%

(Cost:

$29,190,000)

..............................

29,241,273

Municipal

Bonds

—

3.1%

Arizona

-

0.2%

County

of

Pima:

Series

2020C,

COP,

0.38%, 12/01/21

...

2,130

2,129,468

Series

2020C,

COP,

0.48%, 12/01/22

...

1,130

1,129,571

BlackRock

Short

Obligations

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Arizona

(continued)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(b)(c)(d)

Series

2021-MIZ9060TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

USD

2,574

$

2,574,268

Series

2020-MIZ9052,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

4,000

4,000,000

Taxable

Municipal

Funding

Trust,

Series

2021-

004,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 05/06/21

(b)(d)

...............

750

750,000

10,583,307

California

-

0.1%

California

Health

Facilities

Financing

Authority,

Series

2020,

RB,

0.42%, 06/01/22

.....

2,000

2,002,160

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9042,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.31%, 05/06/21

(b)(c)(d)

..............

3,155

3,155,000

Port

of

Oakland,

Series

2020R,

RB,

0.82%, 05/01/23

.................

480

482,107

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-001,

VRDP

(Barclays

Bank

plc

LOC),

0.36%, 12/01/40

(b)(c)(d)

...

500

500,000

6,139,267

Connecticut

-

0.1%

Connecticut

Housing

Finance

Authority,

Series

2021A,

Sub-Series

A-4,

RB,

0.30%, 11/15/22

.................

440

440,040

State

of

Connecticut,

Series

2000A,

GO,

3.00%, 07/01/21

.................

2,360

2,370,124

2,810,164

Florida

-

0.2%

County

of

Miami-Dade:

Series

2020B,

RB,

0.38%, 04/01/23

....

7,500

7,476,750

Series

2021A,

RB,

0.71%, 10/01/23

....

1,000

997,850

8,474,600

Hawaii

-

0.1%

State

of

Hawaii,

Series

2020GB,

GO,

0.43%, 10/01/22

.................

4,945

4,959,390

New

York

-

0.9%

City

of

New

York:

Series

2021,

Sub-Series

A-2,

GO,

0.31%, 08/01/21

...............

15,170

15,171,366

Series

2021,

Sub-Series

B-2,

GO,

0.40%, 11/01/21

...............

6,300

6,302,331

Series

2021D,

GO,

0.43%, 08/01/22

....

6,970

6,972,579

Long

Island

Power

Authority:

Series

2020C,

RB,

0.66%, 03/01/22

....

755

754,343

Series

2020C,

RB,

0.76%, 03/01/23

....

2,860

2,854,966

Port

Authority

of

New

York

&

New

Jersey,

Series

2020AAA,

RB,

1.09%, 07/01/23

..

14,140

14,335,273

Taxable

Municipal

Funding

Trust,

Series

2020-003,

VRDN

(Barclays

Bank

plc

SBPA),

0.36%, 01/16/25

(d)

................

1,800

1,800,000

48,190,858

Security

Par

(000)

Par

(000)

Value

Other

-

1.4%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(b)(c)(d)

Series

2020-MIZ9030,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

USD

14,855

$

14,855,000

Series

2020-MIZ9029,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 04/30/21

...............

5,965

5,965,000

Series

2020-MIZ9032,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

12,989

12,988,628

Series

2020-MIZ9035,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

11,680

11,680,000

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

10,000

10,000,000

Taxable

Municipal

Funding

Trust,

Series

2021-

002,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 05/06/21

(b)(d)

...............

6,500

6,500,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(b)(c)(d)

Series

2020-007,

VRDN

(Barclays

Bank

plc

SBPA),

0.36%, 05/06/21

..........

500

500,000

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.36%, 05/06/21

........

8,570

8,570,000

71,058,628

Texas

-

0.1%

City

of

Houston

Airport

System,

Series

2020C,

RB,

0.88%, 07/01/22

..............

810

813,937

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(b)(c)(d)

Series

2020-MIZ9046,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

5,990

5,990,000

Series

2021-MIZ9064,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.47%, 05/03/21

...............

250

250,000

7,053,937

Total

Municipal

Bonds

—

3.1%

(Cost:

$159,050,281)

.............................

159,270,151

Total

Long-Term

Investments

—

43.2%

(Cost:

$2,181,398,589)

...........................

2,189,316,756

Short-Term

Securities

—

57.8%

Certificates

of

Deposit

—

18.4%

Euro

—

1.1%

(e)

Credit

Industriel

et

Commercial

SA,

0.27%, 02/22/22

.................

10,000

9,979,101

National

Westminster

Bank

plc,

0.26%, 11/01/21

.................

17,000

16,980,192

Standard

Chartered

Bank

Fund

LP,

0.43%, 08/27/21

.................

10,000

9,993,063

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.31%, 05/17/21

.................

18,000

17,999,082

54,951,438

Yankee

—

17.3%

(f)

Banco

Santander

SA,

New

York:

0.26%, 09/23/21

.................

7,000

7,002,069

BlackRock

Short

Obligations

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

0.28%, 11/08/21

.................

USD

20,000

$

20,007,231

Bank

of

America

NA,

New

York,

(SOFR

+

0.26%),

0.27%, 01/10/22

(a)

..........

11,600

11,600,121

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.05%),

0.25%, 08/10/21

...............

13,000

13,002,425

(LIBOR

USD

3

Month

+

0.04%),

0.23%, 10/06/21

...............

2,000

2,000,340

(LIBOR

USD

3

Month

+

0.10%),

0.29%, 11/18/21

...............

7,000

7,003,427

(LIBOR

USD

3

Month

+

0.11%),

0.30%, 12/21/21

...............

4,000

4,002,278

Bank

of

Nova

Scotia,

Houston,

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 08/23/21

(a)

....

15,000

15,004,160

Barclays

Bank

plc,

New

York:

0.30%, 05/03/21

-

11/10/21

..........

14,100

14,102,075

0.36%, 12/31/21

.................

13,500

13,509,512

0.33%, 02/01/22

.................

10,000

10,004,359

0.31%, 04/19/22

.................

10,000

10,000,487

Bayerische

Landesbank

,

New

York,

(LIBOR

USD

3

Month

+

0.47%),

0.67%, 02/03/22

(a)

25,000

25,070,048

Canadian

Imperial

Bank

of

Commerce,

New

York:

(LIBOR

USD

3

Month

+

0.14%),

0.31%, 07/23/21

(a)

..............

10,000

10,003,110

(LIBOR

USD

3

Month

+

0.16%),

0.35%, 08/06/21

(a)

..............

8,000

8,003,270

(LIBOR

USD

3

Month

+

0.05%),

0.24%, 11/08/21

(a)

..............

5,000

5,001,032

0.29%, 12/08/21

.................

7,000

7,004,129

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 12/13/21

(a)

..............

5,000

5,002,760

Cooperatieve

Rabobank

UA,

New

York,

(LIBOR

USD

3

Month

+

0.05%),

0.24%, 10/20/21

(a)

15,000

15,003,477

Credit

Agricole

Corporate

and

Investment

Bank

SA,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.21%),

0.39%, 07/15/21

...............

11,000

11,004,838

(LIBOR

USD

3

Month

+

0.48%),

0.67%, 09/09/21

...............

12,000

12,020,069

(SOFR

+

0.40%),

0.41%, 11/15/21

.....

8,000

8,008,512

Credit

Industriel

et

Commercial

SA,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.17%),

0.36%, 06/09/21

...............

5,000

5,001,099

(LIBOR

USD

3

Month

+

0.18%),

0.37%, 06/18/21

...............

10,000

10,002,874

(SOFR

+

0.19%),

0.20%, 12/01/21

.....

14,900

14,903,473

Credit

Suisse

AG,

New

York:

(SOFR

+

0.35%),

0.36%, 08/03/21

(a)

....

10,000

10,003,592

0.34%, 11/01/21

-

11/09/21

..........

25,000

25,005,850

(SOFR

+

0.30%),

0.31%, 11/16/21

(a)

....

10,000

10,001,242

0.24%, 02/15/22

.................

5,000

4,995,480

(SOFR

+

0.22%),

0.23%, 04/08/22

(a)

....

5,000

4,994,767

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.22%),

0.41%, 07/19/21

(a)

....

20,000

20,010,551

DZ

Bank

AG,

New

York,

(LIBOR

USD

3

Month

+

0.20%),

0.39%, 02/17/22

(a)

.........

32,000

32,012,555

HSBC

Bank

USA

NA,

New

York:

0.38%, 11/17/21

-

01/03/22

..........

27,000

27,030,271

Kookmin

Bank,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.50%),

0.68%, 07/22/21

...............

10,000

10,008,991

(LIBOR

USD

3

Month

+

0.32%),

0.50%, 09/07/21

...............

7,000

7,005,299

(LIBOR

USD

3

Month

+

0.30%),

0.48%, 10/22/21

...............

9,000

9,008,441

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

(LIBOR

USD

1

Month

+

0.23%),

0.34%, 02/07/22

...............

USD

5,000

$

4,999,777

(LIBOR

USD

1

Month

+

0.25%),

0.36%, 02/07/22

...............

4,000

4,000,460

Korea

Development

Bank,

New

York,

(LIBOR

USD

3

Month

+

0.37%),

0.56%, 07/14/21

(a)

13,500

13,507,183

Lloyds

Bank

Corporate

Markets

plc,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.55%),

0.74%, 07/19/21

...............

15,800

15,817,002

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 09/15/21

...............

9,000

9,001,648

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York,

0.26%, 05/10/21

.............

8,000

8,000,333

Mizuho

Bank

Ltd.,

New

York:

0.28%, 06/04/21

.................

5,000

5,000,811

0.24%, 11/03/21

.................

5,000

5,000,957

Morgan

Stanley

Bank

NA,

New

York,

(SOFR

+

0.30%),

0.31%, 08/25/21

(a)

..........

20,000

20,004,258

MUFG

Bank

Ltd.,

New

York:

(LIBOR

USD

3

Month

+

0.50%),

0.68%, 07/16/21

(a)

..............

5,000

5,005,067

0.34%, 08/16/21

.................

12,500

12,506,968

0.33%, 10/29/21

.................

8,000

8,005,603

Natixis

SA,

New

York:

0.34%, 11/16/21

.................

15,000

15,011,044

(LIBOR

USD

3

Month

+

0.13%),

0.32%, 12/09/21

(a)

..............

3,000

3,001,618

Nordea

Bank

Abp

,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.32%),

0.52%, 05/05/21

...............

6,000

6,000,066

(LIBOR

USD

3

Month

+

0.26%),

0.46%, 01/07/22

...............

9,000

9,014,626

(LIBOR

USD

3

Month

+

0.23%),

0.41%, 01/28/22

...............

9,000

9,013,899

(LIBOR

USD

3

Month

+

0.12%),

0.31%, 02/28/22

...............

2,000

2,001,632

Norinchukin

Bank,

New

York,

0.25%, 01/20/22

7,000

7,000,617

Royal

Bank

of

Canada,

New

York:

0.43%, 07/26/21

.................

8,000

8,007,926

(LIBOR

USD

3

Month

+

0.05%),

0.25%, 10/08/21

(a)

..............

35,000

35,007,529

(LIBOR

USD

3

Month

+

0.09%),

0.27%, 12/10/21

(a)

..............

5,000

5,002,108

(LIBOR

USD

3

Month

+

0.11%),

0.29%, 12/17/21

(a)

..............

10,000

10,005,570

Shinhan

Bank,

New

York:

0.33%, 02/10/22

-

02/11/22

..........

10,750

10,750,919

Standard

Chartered

Bank,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.15%),

0.33%, 08/24/21

-

11/23/21

........

38,250

38,275,655

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.20%),

0.27%, 04/14/22

...............

8,000

8,000,000

(LIBOR

USD

3

Month

+

0.09%),

0.29%, 04/25/22

...............

15,000

15,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York:

(LIBOR

USD

3

Month

+

0.36%),

0.55%, 05/13/21

-

11/12/21

(a)

.......

23,300

23,324,188

(LIBOR

USD

3

Month

+

0.35%),

0.54%, 07/12/21

(a)

..............

3,000

3,002,069

(LIBOR

USD

3

Month

+

0.44%),

0.62%, 09/10/21

(a)

..............

7,000

7,010,365

(LIBOR

USD

3

Month

+

0.38%),

0.57%, 10/12/21

-

11/05/21

(a)

.......

17,000

17,027,454

0.70%, 07/15/22

.................

12,000

12,007,536

BlackRock

Short

Obligations

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Svenska

Handelsbanken

AB,

New

York:

(LIBOR

USD

3

Month

+

0.11%),

0.30%, 06/16/21

(a)

..............

USD

2,500

$

2,500,448

0.28%, 11/22/21

.................

5,000

5,003,167

(LIBOR

USD

3

Month

+

0.26%),

0.45%, 01/06/22

(a)

..............

15,500

15,524,040

Toronto-Dominion

Bank,

New

York:

0.37%, 07/07/21

.................

3,000

3,001,414

0.43%, 07/28/21

-

08/03/21

..........

20,000

20,015,757

0.40%, 08/16/21

.................

8,000

8,006,428

(LIBOR

USD

3

Month

+

0.10%),

0.28%, 08/24/21

(a)

..............

15,000

15,005,039

(LIBOR

USD

3

Month

+

0.07%),

0.27%, 10/08/21

(a)

..............

22,000

22,002,381

(SOFR

+

0.20%),

0.21%, 02/16/22

(a)

....

11,000

11,002,777

879,720,553

Total

Certificates

of

Deposit

—

18.4%

(Cost:

$934,122,848)

.............................

934,671,991

Commercial

Paper

—

35.1%

Alinghi

Funding

Co.

LLC,

0.29%

,

10/08/21

(e)

.

3,000

2,997,719

American

Electric

Power

Co.,

Inc.

(e)

:

0.24%,

05/17/21

.................

8,000

7,999,384

0.27%,

06/14/21

.................

20,000

19,994,875

American

Honda

Finance

Corp.,

0.25%

,

06/03/21

(e)

.....................

10,300

10,298,045

Antalis

SA,

0.23%

,

08/03/21

(e)

..........

3,000

2,998,480

ANZ

New

Zealand

International

Ltd.,

(LIBOR

USD

3

Month

+

0.09%),

0.26%

,

07/23/21

(a)

10,000

10,001,999

ASB

Finance

Ltd.,

0.28%

,

07/22/21

(e)

.....

20,000

19,995,481

AT&T,

Inc.

(e)

:

0.37%,

10/19/21

.................

3,000

2,996,201

0.38%,

11/16/21

.................

15,000

14,977,250

0.41%,

12/14/21

.................

70,000

69,874,093

0.43%,

12/16/21

.................

10,000

9,981,792

Barclays

Capital,

Inc.,

0.38%

,

01/18/22

(e)

...

13,000

12,976,637

Bedford

Row

Funding

Corp.,

(LIBOR

USD

3

Month

+

0.07%),

0.26%

,

10/14/21

(a)

....

15,000

15,002,681

BNZ

International

Funding

Ltd.,

0.29%

,

09/10/21

(e)

.....................

13,500

13,493,666

BPCE

SA

(e)

:

0.30%,

05/13/21

.................

14,000

13,999,596

0.40%,

06/16/21

.................

4,000

3,999,483

0.47%,

07/01/21

.................

10,000

9,998,088

0.34%,

12/01/21

.................

12,000

11,985,523

0.34%,

12/09/21

.................

15,000

14,981,045

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

0.36%

,

05/10/21

(e)

................

10,225

10,224,489

Brookfield

Renewable

Energy

LP,

0.36%

,

06/08/21

(e)

.....................

17,299

17,295,346

Caisse

d'Amortissement

de

la

Dette

Sociale

(b)(e)

:

0.48%,

06/15/21

.................

18,000

17,997,332

0.37%,

07/23/21

.................

6,000

5,997,984

Canadian

Imperial

Bank

of

Commerce,

(LIBOR

USD

3

Month

+

0.07%),

0.27%

,

08/03/21

(a)

20,000

20,003,537

Cancara

Asset

Securitisation

LLC,

0.27%

,

05/24/21

(b)(e)

....................

3,000

2,999,760

Citigroup

Global

Markets,

Inc.,

0.26%

,

06/04/21

(e)

.....................

10,000

9,999,174

Collateralized

Commercial

Paper

FLEX

Co.

LLC,

0.34%

,

12/06/21

(e)

............

12,000

11,985,920

Collateralized

Commercial

Paper

V

Co.

LLC,

0.31%

,

08/19/21

(e)

................

5,000

4,997,672

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Concord

Minutemen

Capital

Co.

LLC

(b)(e)

:

0.39%,

06/14/21

.................

USD

6,110

$

6,108,931

0.32%,

03/01/22

.................

20,000

19,957,639

Crown

Point

Capital

Co.

LLC

(b)

:

(LIBOR

USD

3

Month

+

0.16%),

0.34%,

12/08/21

(a)

...................

15,000

15,007,158

0.33%,

01/12/22

.................

13,250

13,260,412

Dallas

FT

Worth

Protective

Services

PLLC,

0.38%

,

08/25/21

.................

13,600

13,601,726

DBS

Group

Holdings

Ltd.,

0.31%

,

09/07/21

(e)

22,700

22,685,409

Electricite

de

France

SA

(e)

:

0.28%,

06/04/21

.................

29,605

29,600,164

0.28%,

06/28/21

.................

5,395

5,393,002

Enbridge

US,

Inc.

(e)

:

0.26%,

05/10/21

.................

8,056

8,055,655

0.21%,

05/11/21

.................

2,000

1,999,905

0.21%,

05/24/21

.................

5,020

5,019,425

0.24%,

06/14/21

.................

7,815

7,812,998

0.30%,

07/06/21

.................

13,000

12,994,314

Enel

Finance

America

LLC

(e)

:

0.35%,

05/06/21

.................

9,500

9,499,762

0.40%,

07/09/21

.................

18,000

17,991,600

0.40%,

07/21/21

.................

6,050

6,046,527

0.40%,

07/28/21

.................

6,050

6,046,126

0.38%,

08/06/21

.................

10,000

9,992,786

0.35%,

09/22/21

.................

20,000

19,976,075

0.35%,

09/24/21

.................

9,000

8,989,049

0.35%,

11/09/21

.................

9,250

9,233,933

0.35%,

11/16/21

.................

750

748,637

0.41%,

04/20/22

.................

15,000

14,945,715

Exxon

Mobil

Corp.,

0.27%

,

07/02/21

(e)

.....

15,000

14,998,399

Fairway

Finance

Co.

LLC,

0.26%

,

07/07/21

(e)

10,000

9,996,921

Fidelity

National

Information

Services,

Inc.

(e)

:

0.31%,

05/03/21

.................

14,000

13,999,825

0.33%,

05/18/21

.................

18,000

17,998,524

0.25%,

05/19/21

.................

11,540

11,538,995

0.26%,

06/02/21

.................

18,000

17,996,948

0.27%,

06/07/21

.................

18,000

17,996,333

FMS

Wertmanagement

,

0.25%

,

05/14/21

(e)

.

23,300

23,299,547

Goldman

Sachs

Group

UK

Ltd.,

0.33%

,

01/14/22

(e)

.....................

8,400

8,385,617

Goldman

Sachs

International

(e)

:

0.34%,

09/24/21

.................

2,000

1,998,424

0.35%,

12/22/21

.................

10,000

9,984,660

Hitachi

Capital

America

Corp.

(e)

:

0.30%,

06/23/21

.................

9,459

9,455,878

0.30%,

06/30/21

.................

2,507

2,506,019

HSBC

Bank

plc:

(LIBOR

USD

3

Month

+

0.26%),

0.45%,

06/09/21

(a)

...................

10,000

10,002,598

(LIBOR

USD

3

Month

+

0.22%),

0.41%,

07/20/21

(a)

...................

9,000

9,003,848

0.44%,

08/02/21

(e)

................

15,000

14,992,010

(LIBOR

USD

3

Month

+

0.21%),

0.40%,

08/06/21

(a)

...................

10,000

10,004,853

(LIBOR

USD

3

Month

+

0.14%),

0.33%,

08/31/21

(a)

...................

10,000

10,003,898

(LIBOR

USD

3

Month

+

0.14%),

0.32%,

09/13/21

(a)

...................

7,000

7,002,821

(LIBOR

USD

3

Month

+

14.00%),

0.34%,

11/05/21

(a)

...................

15,000

15,006,782

0.33%,

01/03/22

(e)

................

10,000

9,985,120

0.27%,

02/02/22

(e)

................

8,000

7,986,285

BlackRock

Short

Obligations

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Hyundai

Capital

America

(e)

:

0.32%,

06/21/21

.................

USD

15,000

$

14,995,948

0.32%,

07/28/21

.................

5,250

5,247,158

0.33%,

09/20/21

.................

10,325

10,314,419

0.37%,

10/26/21

.................

24,750

24,715,665

0.35%,

12/16/21

.................

9,600

9,580,373

ING

US

Funding

LLC,

0.30%

,

12/14/21

(e)

...

5,000

4,994,522

Koch

Industries,

Inc.,

0.26%

,

05/28/21

(e)

...

8,700

8,699,377

Landesbank

Baden-Wuerttemberg

(e)

:

0.30%,

05/17/21

.................

20,000

19,999,084

0.30%,

06/04/21

.................

10,000

9,998,804

Lime

Funding

LLC,

0.31%

,

06/01/21

(e)

.....

12,000

11,998,667

Lloyds

Bank

plc,

(SOFR

+

0.20%),

0.21%

,

05/17/21

(a)

.....................

5,000

5,000,283

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(e)

:

0.38%,

07/19/21

.................

10,000

9,997,622

0.38%,

07/27/21

.................

23,400

23,393,765

Macquarie

Bank

Ltd.:

(LIBOR

USD

3

Month

+

0.10%),

0.30%,

11/12/21

(a)

...................

5,000

5,001,826

0.35%,

11/18/21

(e)

................

10,000

9,988,946

0.35%,

11/19/21

(e)

................

15,000

14,983,253

National

Australia

Bank

Ltd.,

(LIBOR

USD

3

Month

+

0.12%),

0.32%

,

07/08/21

(a)

....

8,000

8,003,164

National

Bank

of

Canada,

(LIBOR

USD

3

Month

+

0.05%),

0.25%

,

08/11/21

(a)

....

20,000

20,002,154

Natwest

Markets

plc,

0.40%

,

01/27/22

(b)(e)

..

20,000

19,954,667

NatWest

Markets

plc

(b)(e)

:

0.40%,

06/22/21

.................

24,300

24,293,990

0.40%,

01/04/22

.................

8,500

8,483,597

PPG

Industries,

Inc.

(e)

:

0.23%,

06/21/21

.................

13,200

13,195,863

0.42%,

08/02/21

.................

25,364

25,346,582

Pure

Grove

Funding,

0.28%

,

06/07/21

(b)(e)

..

15,000

14,997,926

Reckitt

Benckiser

Treasury

Services

plc

(e)

:

0.27%,

09/22/21

.................

5,750

5,742,797

0.27%,

09/23/21

.................

5,750

5,742,678

0.27%,

09/24/21

.................

3,500

3,495,484

Ridgefield

Funding

Co.

LLC,

0.29%

,

06/07/21

(b)

(e)

...........................

25,000

24,996,543

Rogers

Communications,

Inc.,

0.55%

,

08/26/21

(e)

.....................

7,285

7,278,362

Royal

Bank

of

Canada,

0.65%

,

05/03/21

(e)

..

8,000

7,999,973

Salisbury

Receivables

Co.

LLC,

(SOFR

+

0.25%),

0.26%

,

02/18/22

(a)

..........

10,000

10,000,009

Shell

International

Finance

BV

(e)

:

0.50%,

06/09/21

.................

21,200

21,197,574

0.52%,

06/22/21

.................

25,000

24,996,025

0.40%,

07/08/21

.................

10,000

9,997,834

Shinhan

Bank,

0.23%

,

09/10/21

(e)

........

3,000

2,996,875

Societe

Generale

SA:

0.30%,

06/02/21

(e)

................

25,000

24,997,891

(LIBOR

USD

3

Month

+

0.33%),

0.51%,

06/08/21

(a)

...................

13,000

13,004,295

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

0.30%,

07/01/21

(e)

................

USD

15,000

$

14,997,132

0.30%,

07/07/21

(e)

................

25,000

24,994,570

0.37%,

12/13/21

(e)

................

18,000

17,974,512

0.35%,

01/10/22

(e)

................

15,000

14,974,365

Spire,

Inc.,

0.20%

,

05/03/21

(e)

..........

5,000

4,999,937

Suncor

Energy,

Inc.

(e)

:

0.28%,

05/10/21

.................

6,000

5,999,743

0.37%,

05/13/21

.................

11,000

10,999,376

0.28%,

05/17/21

.................

5,370

5,369,587

0.27%,

06/09/21

.................

3,490

3,489,236

Svenska

Handelsbanken

AB,

0.30%

,

12/08/21

(e)

.....................

15,000

14,983,905

Telstra

Corp.

Ltd.,

0.31%

,

02/10/22

(e)

......

17,200

17,159,963

TELUS

Corp.

(e)

:

0.32%,

06/14/21

.................

15,000

14,996,156

0.27%,

07/13/21

.................

4,900

4,897,593

0.27%,

07/20/21

.................

5,100

5,097,200

UBS

AG

(a)

:

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

07/09/21

....................

8,000

8,000,791

(LIBOR

USD

3

Month

+

0.12%),

0.31%,

10/14/21

....................

22,000

22,007,864

(LIBOR

USD

3

Month

+

0.12%),

0.32%,

11/12/21

....................

15,000

15,005,478

(LIBOR

USD

3

Month

+

0.15%),

0.34%,

11/18/21

....................

15,000

15,008,076

(LIBOR

USD

3

Month

+

0.17%),

0.36%,

12/02/21

....................

15,000

15,006,958

(SOFR

+

0.25%),

0.26%,

01/11/22

.....

15,000

15,002,154

Volkswagen

Group

of

America

Finance

LLC

(e)

:

0.52%,

10/25/21

.................

35,000

34,910,184

0.52%,

11/08/21

.................

15,000

14,958,080

0.52%,

11/10/21

.................

27,000

26,923,612

Waste

Management,

Inc.

(e)

:

0.40%,

08/09/21

.................

25,000

24,982,536

0.45%,

09/10/21

.................

50,500

50,455,410

Total

Commercial

Paper

—

35.1%

(Cost:

$1,777,368,056)

...........................

1,777,992,918

Shares

Shares

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

(g)*

..................

30,667

30,667

Total

Money

Market

Funds

—

0.0%

(Cost:

$30,667)

................................

30,667

Total

Repurchase

Agreements

—

4.3%

(Cost:

$217,500,000)

.............................

217,500,000

Total

Short-Term

Securities

—

57.8%

(Cost:

$2,929,021,571)

...........................

2,930,195,576

Total

Investments

—

101.0%

(Cost:

$5,110,420,160

)

...........................

5,119,512,332

Liabilities

in

Excess

of

Other

Assets

—

(1.0)%

............

(50,540,428)

Net

Assets

—

100.0%

..............................

$

5,068,971,904

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(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)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

BlackRock

Short

Obligations

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

(d)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(e)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(f)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(g)

Annualized

7-day

yield

as

of

period

end.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

73,350,982

$

—

$

(73,320,315)

$

—

$

—

$

30,667

30,667

$

15,292

$

—

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct

(b)

..

77,283,705

88,310

(77,333,386)

17,035

(55,664)

—

—

68,526

—

$

17,035

$

(55,664)

$

30,667

$

83,818

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

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.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.37

%

(a)

04/30/21

06/07/21

$

32,000

$

32,000

$

32,012,498

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.78%

to

10.63%,

due

02/07/22

to

07/28/21

.......

$

274,108,636

$

34,694,662

0.65

(a)

04/30/21

07/07/21

5,000

5,000

5,006,139

U.S.

Government

Sponsored

Agency

Obligation,

6.49%,

due

01/23/27

.........

5,129,000

5,500,273

$

–

$

–

$

37,000

$

40,194,935

$

–

$

–

BNP

Paribas

SA

......

0.43

(a)

04/30/21

08/06/21

25,000

25,000

25,029,264

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.64%

to

8.20%,

due

08/15/22

to

06/03/50

.........

27,304,682

28,637,608

$

–

$

–

Citigroup

Global

Markets,

Inc.

.............

0.50

(a)

04/30/21

07/04/21

16,000

16,000

16,014,369

U.S.

Government

Sponsored

Agency

Obligations,

1.26%

to

5.99%,

due

08/25/49

to

03/25/50

.........

32,123,917

17,197,674

0.54

(a)

04/30/21

08/03/21

6,000

6,000

6,008,479

U.S.

Government

Sponsored

Agency

Obligations,

1.26%

to

5.99%,

due

09/25/49

to

02/25/50

.........

9,448,855

6,434,307

$

–

$

–

$

22,000

$

23,631,981

$

–

$

–

BlackRock

Short

Obligations

Fund

9

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

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

Credit

Suisse

Securities

USA

LLC

.........

0.73

%

(a)

04/30/21

08/07/21

$

27,000

$

27,000

$

27,053,933

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.39%

to

9.75%,

due

02/01/24

to

03/07/87

.........

$

113,910,629

$

31,134,836

$

–

$

–

Goldman

Sachs

&

Co.

LLC

0.53

(a)

04/30/21

12/04/21

50,000

50,000

50,160,472

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

7.09%,

due

05/13/21

to

02/12/52

.........

644,810,414

53,713,193

$

–

$

–

Mizuho

Securities

USA

LLC

.............

0.59

(a)

04/30/21

06/07/21

3,500

3,500

3,502,192

Corporate/Debt

Obligations,

4.00%

to

5.00%,

due

11/01/34

to

09/01/40

.........

2,800,000

3,750,125

0.67

(a)

04/30/21

08/02/21

14,000

14,000

14,024,327

Corporate/Debt

Obligations,

4.00%

to

5.00%,

due

03/01/29

to

07/15/40

.........

11,355,000

14,980,992

$

–

$

–

$

17,500

$

18,731,117

$

–

$

–

Wells

Fargo

Securities

LLC

.............

0.33

02/17/21

05/18/21

12,000

12,000

12,009,900

Corporate/Debt

Obligations,

0.00%,

due

06/22/21

to

04/06/22

12,631,596

12,600,000

0.35

02/12/21

05/13/21

12,000

12,000

12,010,500

Corporate/Debt

Obligations,

1.22%

to

3.38%,

due

06/15/35

to

01/19/38

.........

13,322,756

12,840,001

0.54

03/12/21

06/10/21

15,000

15,000

15,020,250

Corporate/Debt

Obligations,

1.02%

to

5.02%,

due

12/10/24

to

07/15/50

.........

15,963,611

16,050,001

$

–

$

–

$

39,000

$

41,490,002

$

–

$

–

$

217,500

$

237,533,672

$

–

$

–

(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

Abbreviations

USD

United

States

Dollar

Portfolio

Abbreviations

COP

Certificates

of

Participation

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

RB

Revenue

Bonds

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes

VRDP

Variable

Rate

Demand

Preferred

BlackRock

Short

Obligations

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

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

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

—

$

2,189,316,756

$

—

$

2,189,316,756

Short-Term

Securities:

Certificates

of

Deposit

.....................................

—

934,671,991

—

934,671,991

Commercial

Paper

.......................................

—

1,777,992,918

—

1,777,992,918

Money

Market

Funds

......................................

30,667

—

—

30,667

Repurchase

Agreements

...................................

—

217,500,000

—

217,500,000

$

30,667

$

5,119,481,665

$

—

$

5,119,512,332