NPORT-EX 2 4.30_Short_Obs.htm 4.30 PART F SHORT OBS
BlackRock
Short
Obligations
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
CarMax
Auto
Owner
Trust,
Series
2020-4,
Class
A2,
0.31%,
01/16/24
..........
USD
1,994
$
1,992,598
Ford
Credit
Auto
Owner
Trust,
Series
2022-A,
Class
A2,
0.73%,
09/15/24
..........
6,083
6,019,032
Hyundai
Auto
Lease
Securitization
Trust,
Series
2021-C,
Class
A2,
0.24%,
01/16/24
(a)
...
7,366
7,285,912
Toyota
Auto
Receivables
Owner
Trust,
Series
2022-B,
Class
A2A,
2.35%,
01/15/25
...
4,412
4,401,268
Total
Asset-Backed
Securities
—
0.7%
(Cost:
$19,854,592)
..............................
19,698,810
Corporate
Bonds
Automobiles
—
3.6%
(a)
BMW
US
Capital
LLC
0.80%,
04/01/24
.................
2,680
2,558,960
(SOFRINDX
+
0.53%),
0.82%,
04/01/24
(b)
15,615
15,590,937
(SOFRINDX
+
0.38%),
0.56%,
08/12/24
(b)
17,735
17,607,460
Daimler
Finance
North
America
LLC
2.55%,
08/15/22
.................
2,095
2,098,110
0.75%,
03/01/24
.................
16,690
15,969,346
Hyundai
Capital
America
2.85%,
11/01/22
.................
2,827
2,831,060
2.38%,
02/10/23
.................
12,340
12,275,551
0.80%,
04/03/23
.................
18,500
18,076,198
Volkswagen
Group
of
America
Finance
LLC,
0.75%,
11/23/22
................
11,350
11,237,584
98,245,206
Banks
—
11.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
2.63%,
05/19/22
................
1,000
1,000,342
Banco
Santander
SA,
0.70%,
06/30/24
(b)
...
6,800
6,574,197
Bank
of
America
Corp.
(b)
2.82%,
07/21/23
.................
10,000
9,998,664
3.00%,
12/20/23
.................
5,000
4,988,277
0.52%,
06/14/24
.................
15,915
15,389,060
Citigroup,
Inc.,
2.88%,
07/24/23
(b)
.......
13,000
12,997,593
Credit
Agricole
Corporate
&
Investment
Bank
SA,
0.40%,
01/15/23
.............
15,000
14,873,044
DNB
Bank
ASA
(a)
(LIBOR
USD
3
Month
+
0.62%),
1.12%,
12/02/22
(b)
...................
7,000
7,009,854
2.15%,
12/02/22
.................
13,000
12,995,615
Fifth
Third
Bank
NA,
1.80%,
01/30/23
....
6,840
6,816,643
HSBC
Holdings
plc,
1.16%,
11/22/24
(b)
....
3,785
3,630,141
JPMorgan
Chase
&
Co.
(b)
0.70%,
03/16/24
.................
5,000
4,887,087
(SOFR
+
0.58%),
0.85%,
03/16/24
.....
20,000
19,930,900
Keybank
Foundation,
0.43%,
06/14/24
(b)
...
6,000
5,827,291
KeyBank
NA,
(SOFR
+
0.32%),
0.60%,
06/14/24
(b)
....................
14,355
14,211,335
Kookmin
Bank
(a)(b)
(SOFR
+
0.45%),
0.61%,
08/03/22
.....
10,535
10,532,316
(SOFRINDX
+
0.32%),
0.36%,
11/03/22
.
7,000
6,995,395
Mitsubishi
UFJ
Financial
Group,
Inc.
2.62%,
07/18/22
.................
3,250
3,256,829
2.67%,
07/25/22
.................
7,000
7,015,477
National
Australia
Bank
Ltd.
(LIBOR
USD
3
Month
+
0.41%),
1.21%,
12/13/22
(a)(b)
..................
6,000
6,006,423
1.88%,
12/13/22
.................
10,830
10,819,075
Nordea
Bank
Abp,
1.00%,
06/09/23
(a)
.....
4,255
4,154,863
Santander
UK
plc,
2.10%,
01/13/23
......
2,807
2,797,091
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Skandinaviska
Enskilda
Banken
AB
(a)
(LIBOR
USD
3
Month
+
0.65%),
1.45%,
12/12/22
(b)
...................
USD
4,000
$
4,011,347
2.20%,
12/12/22
.................
4,740
4,733,420
Sumitomo
Mitsui
Banking
Corp.,
3.20%,
07/18/22
.....................
2,500
2,508,068
Sumitomo
Mitsui
Financial
Group,
Inc.,
0.51%,
01/12/24
.....................
3,380
3,225,887
Sumitomo
Mitsui
Trust
Bank
Ltd.
(a)
0.80%,
09/12/23
.................
16,306
15,795,224
(SOFR
+
0.44%),
0.69%,
09/16/24
(b)
...
10,000
9,937,571
0.80%,
09/16/24
.................
8,000
7,486,336
Swedbank
AB,
0.60%,
09/25/23
(a)
.......
14,000
13,510,140
Truist
Bank
1.25%,
03/09/23
.................
10,000
9,893,065
(SOFR
+
0.20%),
0.48%,
01/17/24
(b)
...
20,000
19,845,400
Westpac
Banking
Corp.
2.00%,
01/13/23
.................
5,345
5,334,058
(SOFR
+
0.30%),
0.49%,
11/18/24
(b)
....
8,985
8,939,470
1.02%,
11/18/24
.................
2,395
2,268,858
300,196,356
Beverages
—
1.1%
Coca-Cola
Europacific
Partners
plc,
0.50%,
05/05/23
(a)
....................
28,000
27,281,213
PepsiCo,
Inc.,
0.75%,
05/01/23
........
2,475
2,434,751
29,715,964
Biotechnology
—
0.6%
AbbVie,
Inc.,
3.25%,
10/01/22
.........
5,000
5,010,758
Gilead
Sciences,
Inc.,
0.75%,
09/29/23
...
12,521
12,113,493
17,124,251
Capital
Markets
—
6.2%
Credit
Suisse
AG
1.00%,
05/05/23
.................
5,000
4,895,011
(SOFRINDX
+
0.39%),
0.44%,
02/02/24
(b)
15,000
14,892,016
0.50%,
02/02/24
.................
2,670
2,540,693
Deutsche
Bank
AG
Series
E,
(SOFR
+
0.50%),
0.67%,
11/08/23
(b)
...................
13,175
13,098,216
Series
E,
0.96%,
11/08/23
..........
9,000
8,672,700
Goldman
Sachs
Group,
Inc.
(The)
0.52%,
03/08/23
.................
20,000
19,636,357
Series
VAR,
(SOFR
+
0.54%),
0.63%,
11/17/23
(b)
...................
10,000
9,846,574
(SOFR
+
0.54%),
0.73%,
11/17/23
(b)
....
7,000
6,975,655
1.22%,
12/06/23
.................
4,000
3,884,738
Macquarie
Bank
Ltd.
(a)
2.10%,
10/17/22
.................
12,850
12,842,836
0.44%,
12/16/22
.................
4,120
4,073,461
(SOFR
+
0.30%),
0.59%,
04/06/23
(b)
...
5,000
4,983,648
Morgan
Stanley
(b)
0.56%,
11/10/23
.................
15,000
14,794,076
0.53%,
01/25/24
.................
8,000
7,833,892
Morgan
Stanley
&
Co.
LLC,
0.73%,
04/05/24
(b)
10,000
9,736,825
UBS
AG
(a)
0.38%,
06/01/23
.................
3,780
3,681,833
(SOFR
+
0.32%),
0.53%,
06/01/23
(b)
...
7,525
7,511,831
(SOFR
+
0.36%),
0.41%,
02/09/24
(b)
...
5,000
4,980,480
(SOFR
+
0.45%),
0.50%,
08/09/24
(b)
...
6,775
6,719,743
0.70%,
08/09/24
.................
3,680
3,468,904
1.38%,
01/13/25
.................
4,430
4,189,336
169,258,825
Chemicals
—
0.1%
Ecolab,
Inc.,
0.90%,
12/15/23
.........
2,695
2,611,162
BlackRock
Short
Obligations
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
5.5%
American
Express
Co.,
3.38%,
05/03/24
...
USD
2,695
$
2,693,834
American
Honda
Finance
Corp.
2.20%,
06/27/22
.................
10,500
10,513,617
(LIBOR
USD
3
Month
+
0.15%),
0.63%,
02/22/23
(b)
...................
4,705
4,702,688
0.88%,
07/07/23
.................
838
820,472
(LIBOR
USD
3
Month
+
0.42%),
1.03%,
09/08/23
(b)
...................
5,790
5,792,889
0.75%,
08/09/24
.................
2,040
1,929,927
Caterpillar
Financial
Services
Corp.
0.95%,
05/13/22
.................
16,000
15,997,672
(LIBOR
USD
3
Month
+
0.74%),
1.13%,
05/13/22
(b)
...................
5,000
5,000,406
(SOFR
+
0.27%),
0.52%,
09/13/24
(b)
...
12,325
12,230,541
0.60%,
09/13/24
.................
6,730
6,359,906
Hyundai
Capital
Services,
Inc.,
0.75%,
09/15/23
(a)
....................
15,000
14,458,903
John
Deere
Capital
Corp.
0.55%,
07/05/22
.................
350
349,173
(SOFR
+
0.20%),
0.49%,
10/11/24
(b)
....
11,080
11,081,764
PACCAR
Financial
Corp.,
0.80%,
06/08/23
.
3,515
3,450,404
Toyota
Motor
Credit
Corp.
(SOFR
+
0.30%),
0.58%,
06/13/22
(b)
...
18,000
17,998,380
(SOFR
+
0.34%),
0.62%,
10/14/22
(b)
...
18,000
17,998,377
(SOFR
+
0.20%),
0.48%,
02/13/23
(b)
...
13,366
13,350,240
2.90%,
03/30/23
.................
7,000
7,022,491
151,751,684
Diversified
Financial
Services
—
1.2%
LSEGA
Financing
plc,
0.65%,
04/06/24
(a)
..
3,120
2,954,577
National
Rural
Utilities
Cooperative
Finance
Corp.,
Series
D,
(SOFR
+
0.33%),
0.61%,
10/18/24
(b)
....................
5,000
4,981,501
NTT
Finance
Corp.,
0.58%,
03/01/24
(a)
....
6,005
5,725,094
Siemens
Financieringsmaatschappij
NV,
(SOFR
+
0.43%),
0.68%,
03/11/24
(a)(b)
...
18,980
18,998,681
32,659,853
Diversified
Telecommunication
Services
—
1.0%
Bell
Canada
(The),
Series
US-3,
0.75%,
03/17/24
.....................
8,000
7,639,538
Verizon
Communications,
Inc.
0.75%,
03/22/24
.................
3,325
3,193,974
(SOFRINDX
+
0.50%),
0.79%,
03/22/24
(b)
16,955
16,923,540
27,757,052
Electric
Utilities
—
4.8%
Duke
Energy
Corp.
2.40%,
08/15/22
.................
4,619
4,623,327
(SOFR
+
0.25%),
0.49%,
06/10/23
(b)
...
13,375
13,324,272
Eversource
Energy,
Series
T,
(SOFRINDX
+
0.25%),
0.43%,
08/15/23
(b)
..........
19,015
18,965,666
Florida
Power
&
Light
Co.
(b)
(SOFRINDX
+
0.25%),
0.30%,
05/10/23
.
5,120
5,105,135
(SOFRINDX
+
0.38%),
0.66%,
01/12/24
.
2,505
2,495,477
NextEra
Energy
Capital
Holdings,
Inc.
(b)
(LIBOR
USD
3
Month
+
0.27%),
0.75%,
02/22/23
....................
30,000
29,916,773
(SOFRINDX
+
0.54%),
0.75%,
03/01/23
.
9,305
9,293,989
(SOFRINDX
+
0.40%),
0.57%,
11/03/23
.
20,000
19,890,519
PPL
Electric
Utilities
Corp.
(b)
(LIBOR
USD
3
Month
+
0.25%),
1.22%,
09/28/23
....................
10,450
10,406,779
(SOFR
+
0.33%),
0.62%,
06/24/24
.....
8,080
8,032,891
Xcel
Energy,
Inc.,
0.50%,
10/15/23
......
9,450
9,111,258
131,166,086
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
—
0.1%
Rockwell
Automation,
Inc.,
0.35%,
08/15/23
.
USD
2,860
$
2,772,441
Energy
Equipment
&
Services
—
0.1%
Schlumberger
Finance
Canada
Ltd.,
2.65%,
11/20/22
(a)
....................
3,500
3,506,607
Food
Products
—
0.9%
Hormel
Foods
Corp.,
0.65%,
06/03/24
....
5,565
5,305,428
Nestle
Holdings,
Inc.,
0.61%,
09/14/24
(a)
...
15,000
14,117,606
Unilever
Capital
Corp.,
0.63%,
08/12/24
...
4,635
4,382,721
23,805,755
Gas
Utilities
—
1.7%
Atmos
Energy
Corp.
0.63%,
03/09/23
.................
8,175
8,031,271
(LIBOR
USD
3
Month
+
0.38%),
1.02%,
03/09/23
(b)
...................
23,770
23,782,123
CenterPoint
Energy
Resources
Corp.,
0.70%,
03/02/23
.....................
15,935
15,600,141
47,413,535
Health
Care
Providers
&
Services
—
0.3%
UnitedHealth
Group,
Inc.,
0.55%,
05/15/24
.
8,030
7,644,391
Hotels,
Restaurants
&
Leisure
—
0.1%
Starbucks
Corp.,
(SOFRINDX
+
0.42%),
0.60%,
02/14/24
(b)
....................
3,490
3,493,272
Household
Products
—
0.1%
Reckitt
Benckiser
Treasury
Services
plc,
2.38%,
06/24/22
(a)
...............
4,000
4,002,683
Industrial
Conglomerates
—
0.1%
Roper
Technologies,
Inc.,
0.45%,
08/15/22
.
2,795
2,780,397
Insurance
—
6.3%
(a)
Brighthouse
Financial
Global
Funding
(SOFR
+
0.31%),
0.51%,
02/24/23
(b)
...
17,015
16,974,767
1.20%,
12/15/23
.................
5,000
4,822,766
Jackson
National
Life
Global
Funding,
(SOFR
+
0.60%),
0.89%,
01/06/23
(b)
..........
36,000
36,014,700
Met
Tower
Global
Funding,
(SOFR
+
0.55%),
0.83%,
01/17/23
(b)
...............
20,060
20,077,174
Metropolitan
Life
Global
Funding
I
(b)
(SOFR
+
0.35%),
0.58%,
09/08/22
.....
27,000
27,016,740
(SOFR
+
0.57%),
0.85%,
01/13/23
.....
24,390
24,412,195
(SOFR
+
0.32%),
0.61%,
01/07/24
.....
20,000
19,913,370
Principal
Life
Global
Funding
II
(SOFR
+
0.38%),
0.59%,
08/23/24
(b)
...
680
674,339
0.75%,
08/23/24
.................
705
660,061
Protective
Life
Global
Funding
0.50%,
04/12/23
.................
8,150
7,963,290
0.63%,
10/13/23
.................
5,670
5,475,613
0.47%,
01/12/24
.................
10,000
9,502,401
173,507,416
Internet
&
Direct
Marketing
Retail
—
0.2%
Amazon.com,
Inc.,
0.25%,
05/12/23
.....
4,705
4,605,396
Life
Sciences
Tools
&
Services
—
1.2%
Thermo
Fisher
Scientific,
Inc.
(SOFRINDX
+
0.35%),
0.63%,
04/18/23
(b)
15,000
14,976,832
0.80%,
10/18/23
.................
10,000
9,696,075
(SOFRINDX
+
0.53%),
0.81%,
10/18/24
(b)
7,495
7,463,596
32,136,503
Multi-Utilities
—
1.7%
Dominion
Energy,
Inc.,
Series
D,
(LIBOR
USD
3
Month
+
0.53%),
1.36%,
09/15/23
(b)
...
34,725
34,663,769
WEC
Energy
Group,
Inc.,
0.55%,
09/15/23
.
13,610
13,136,650
47,800,419
BlackRock
Short
Obligations
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Chevron
USA,
Inc.,
(LIBOR
USD
3
Month
+
0.20%),
0.58%,
08/11/23
(b)
..........
USD
40,515
$
40,472,813
Enbridge,
Inc.
2.90%,
07/15/22
.................
2,500
2,503,694
(SOFR
+
0.40%),
0.59%,
02/17/23
(b)
...
9,400
9,381,526
0.55%,
10/04/23
.................
1,890
1,820,712
(SOFRINDX
+
0.63%),
0.82%,
02/16/24
(b)
5,520
5,526,796
TransCanada
PipeLines
Ltd.,
1.00%,
10/12/24
22,930
21,520,252
81,225,793
Pharmaceuticals
—
0.6%
AstraZeneca
plc,
0.30%,
05/26/23
.......
11,775
11,500,851
Roche
Holdings,
Inc.,
(SOFR
+
0.24%),
0.47%,
03/05/24
(a)(b)
...................
5,370
5,359,005
16,859,856
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Analog
Devices,
Inc.,
(SOFR
+
0.25%),
0.54%,
10/01/24
(b)
....................
7,055
7,021,456
NVIDIA
Corp.
0.31%,
06/15/23
.................
10,000
9,755,147
0.58%,
06/14/24
.................
4,000
3,806,665
20,583,268
Thrifts
&
Mortgage
Finance
—
0.9%
BPCE
SA,
(LIBOR
USD
3
Month
+
0.88%),
1.40%,
05/31/22
(b)
...............
5,605
5,604,981
Nationwide
Building
Society
(a)
2.00%,
01/27/23
.................
17,515
17,425,613
0.55%,
01/22/24
.................
1,520
1,449,553
24,480,147
Total
Corporate
Bonds
—
53.2%
(Cost:
$1,476,844,443)
...........................
1,457,104,318
Foreign
Government
Obligations
South
Korea
—
0.6%
Korea
Development
Bank
(The),
(LIBOR
USD
3
Month
+
0.35%),
0.84%
,
02/18/23
(b)
....
16,690
16,701,820
Total
Foreign
Government
Obligations
—
0.6%
(Cost:
$16,690,000)
..............................
16,701,820
Municipal
Bonds
Alabama
-
0.2%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
2021B,
RB,
0.23%, 09/01/22
....
1,970
1,963,985
Series
2021B,
RB,
0.45%, 09/01/23
....
2,255
2,191,454
4,155,439
Arizona
-
0.4%
County
of
Pima,
Series
2020C,
COP,
0.48%, 12/01/22
.................
1,130
1,122,126
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(a)(c)(d)
Series
2021-MIZ9070TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
...............
5,000
5,000,000
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
SBPA),
0.59%, 05/02/22
...............
4,108
4,107,673
Security
Par
(000)
Par
(000)
Value
Arizona
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(a)
(c)(d)
..........................
USD
1,050
$
1,050,000
11,279,799
California
-
0.7%
California
Health
Facilities
Financing
Authority,
Series
2020,
RB,
0.42%, 06/01/22
.....
2,000
1,999,061
County
of
Fresno,
Series
2021-22,
TAN,
0.25%, 06/30/22
.................
16,500
16,482,216
Port
of
Oakland,
Series
2020R,
RB,
0.82%, 05/01/23
.................
400
392,660
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-001,
VRDP,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(a)(c)(d)
..............
500
500,000
19,373,937
Connecticut
-
0.0%
Connecticut
Housing
Finance
Authority,
Series
2021A,
Sub-Series
A-4,
RB,
0.30%, 11/15/22
.................
440
436,525
Florida
-
0.3%
County
of
Miami-Dade
Series
2020B,
RB,
0.38%, 04/01/23
....
7,500
7,368,233
Series
2021A,
RB,
0.71%, 10/01/23
....
1,000
966,875
8,335,108
Hawaii
-
0.2%
State
of
Hawaii,
Series
2020GB,
GO,
0.43%, 10/01/22
.................
4,945
4,923,123
New
York
-
0.7%
City
of
New
York,
Series
2021D,
GO,
0.43%, 08/01/22
.................
6,970
6,955,818
Long
Island
Power
Authority
Series
2021C,
RB,
0.36%, 03/01/23
....
3,885
3,822,871
Series
2020C,
RB,
0.76%, 03/01/23
....
2,860
2,819,514
New
York
State
Dormitory
Authority,
Series
2022B,
2.01%, 03/15/23
............
705
702,503
Port
Authority
of
New
York
&
New
Jersey,
Series
2020AAA,
RB,
1.09%, 07/01/23
..
4,140
4,063,350
18,364,056
Other
-
3.1%
Deutsche
Bank
Spears/Lifers
Trust,
Series
2021DBE-8901,
VRDP,
VRDN
(Deutsche
Bank
AG
SBPA),
0.52%, 05/05/22
(d)
....
43,500
43,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(a)(c)(d)
Series
2020-MIZ9030,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
...............
14,855
14,855,000
Series
2020-MIZ9029,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
...............
4,660
4,660,000
Series
2020-MIZ9032,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
...............
5,000
5,000,000
Series
2020-MIZ9035,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
...............
5,000
5,000,000
BlackRock
Short
Obligations
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Other
(continued)
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.74%, 05/02/22
...............
USD
4,500
$
4,500,000
Taxable
Municipal
Funding
Trust,
Series
2020,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(a)(d)
...............
900
900,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.94%, 05/05/22
(a)
(c)(d)
..........................
6,530
6,530,000
84,945,000
Texas
-
0.0%
City
of
Houston
Airport
System,
Series
2020C,
RB,
0.88%, 07/01/22
..............
810
809,558
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.59%, 05/02/22
(a)(c)(d)
..............
250
250,000
1,059,558
Total
Municipal
Bonds
—
5.6%
(Cost:
$153,352,277)
.............................
152,872,545
Total
Long-Term
Investments
—
60.1%
(Cost:
$1,666,741,312)
...........................
1,646,377,493
Short-Term
Securities
Certificates
of
Deposit
Yankee
—
9.2%
(e)
Bank
of
Montreal,
Chicago,
0.50%, 11/28/22
3,000
2,972,322
Barclays
Bank
plc,
New
York,
(SOFR
+
0.30%),
0.58%, 02/03/23
(b)
................
10,000
9,986,046
Bayerische
Landesbank
,
New
York
(LIBOR
USD
3
Month
+
0.16%),
1.38%, 01/27/23
(b)
..............
10,750
10,743,479
0.90%, 06/27/23
.................
12,000
11,857,300
BNP
Paribas
VPG
RHI
Holdings
LLC,
New
York,
0.20%, 09/08/22
.............
7,000
6,968,279
Canadian
Imperial
Bank
of
Commerce,
New
York
(SOFR
+
0.22%),
0.50%, 08/24/22
(b)
....
10,000
9,998,407
1.39%, 09/12/22
.................
5,000
5,000,194
(SOFR
+
0.30%),
0.58%, 01/06/23
(b)
....
3,000
2,997,445
Credit
Suisse
AG,
New
York
(b)
(SOFRINDX
+
0.42%),
0.71%, 07/10/23
.
7,500
7,479,387
(SOFRINDX
+
0.54%),
0.81%, 01/19/24
.
3,000
2,984,007
Kookmin
Bank,
New
york
(b)
(LIBOR
USD
3
Month
+
0.17%),
1.35%, 10/24/22
...............
5,000
5,000,434
(SOFR
+
0.32%),
0.60%, 02/09/23
.....
15,000
14,980,402
Kookmin
Bank,
New
York,
(SOFR
+
0.30%),
0.58%, 01/30/23
(b)
................
10,000
9,986,092
Lloyds
Bank
Corporate
Markets
plc,
New
York,
0.40%, 12/01/22
.................
10,000
9,903,612
MUFG
Bank
Ltd.,
New
York
0.23%, 07/15/22
.................
11,000
10,977,514
0.30%, 10/31/22
.................
7,500
7,440,330
(SOFR
+
0.28%),
0.56%, 01/24/23
(b)
....
5,000
4,994,394
Natixis
SA,
New
York,
(SOFR
+
0.18%),
0.46%, 06/17/22
(b)
................
3,000
2,999,791
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
0.17%, 06/03/22
.............
4,050
4,047,530
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Royal
Bank
of
Canada,
New
York
0.40%, 11/15/22
.................
USD
10,000
$
9,908,670
(SOFR
+
0.25%),
0.53%, 01/11/23
(b)
....
12,000
11,984,116
Standard
Chartered
Bank,
New
York
(b)
(SOFR
+
0.30%),
0.58%, 03/13/23
.....
15,000
14,976,774
(SOFR
+
0.35%),
0.63%, 05/01/23
.....
10,000
9,985,995
(SOFR
+
0.42%),
0.70%, 07/28/23
.....
5,000
4,991,941
Sumitomo
Mitsui
Banking
Corp.,
New
York,
0.70%, 07/15/22
.................
12,000
11,997,301
Svenska
Handelsbanken
AB,
New
York
(b)
(SOFR
+
0.17%),
0.45%, 09/09/22
.....
20,000
19,987,751
(SOFR
+
0.19%),
0.47%, 10/27/22
.....
10,000
9,989,914
Toronto-Dominion
Bank,
New
York
0.05%, 07/26/22
.................
5,000
4,991,146
0.34%, 10/28/22
.................
3,000
2,975,620
0.73%, 12/30/22
.................
4,000
3,958,822
2.69%, 04/28/23
.................
5,000
4,999,646
252,064,661
Total
Certificates
of
Deposit
—
9.2%
(Cost:
$252,798,177)
.............................
252,064,661
Commercial
Paper
ABN
AMRO
Funding
USA
LLC,
1.47%
,
10/03/22
(f)
......................
6,000
5,954,706
Amcor
Flexibles
North
America,
Inc.,
0.92%
,
05/11/22
(f)
......................
15,000
14,996,490
Amphenol
Corp.,
0.50%
,
05/02/22
(a)(f)
.....
15,900
15,899,266
AT&T,
Inc.
(f)
0.47%,
05/17/22
.................
35,300
35,286,303
0.92%,
08/16/22
.................
10,000
9,953,191
Barclays
Bank
plc,
(SOFR
+
0.23%),
0.51%
,
07/22/22
(a)(b)
....................
10,000
9,998,669
Baxter
International,
Inc.,
0.48%
,
05/02/22
(f)
.
4,630
4,629,783
BELL
CDA,
0.95%
,
05/12/22
(f)
..........
10,000
9,997,624
BNZ
International
Funding
Ltd.,
0.30%
,
07/01/22
(f)
......................
6,000
5,990,151
Citigroup
Global
Markets,
Inc.,
0.45%
,
08/01/22
(f)
......................
5,000
4,982,884
Collateralized
Commercial
Paper
FLEX
Co.
LLC,
0.27%
,
08/18/22
..............
12,000
11,958,049
Commonwealth
Bank
of
Australia,
0.31%
,
10/21/22
(f)
......................
5,000
4,957,465
Enbridge
US,
Inc.
(f)
0.65%,
05/04/22
.................
15,000
14,998,367
1.10%,
05/10/22
.................
20,000
19,994,866
1.51%,
06/15/22
.................
6,000
5,990,381
Enel
Finance
America
LLC
(f)
0.34%,
06/08/22
.................
7,680
7,670,895
0.34%,
06/10/22
.................
10,000
9,987,400
0.36%,
07/08/22
.................
12,800
12,768,466
0.40%,
08/03/22
.................
10,000
9,961,600
0.36%,
09/07/22
.................
10,000
9,939,376
0.40%,
09/13/22
.................
16,000
15,896,367
0.40%,
09/15/22
.................
2,000
1,986,764
0.52%,
10/21/22
.................
13,800
13,668,852
Evergy
,
Inc.,
0.55%
,
05/02/22
(a)(f)
........
16,000
15,999,249
Fiserv,
Inc.,
0.67%
,
05/04/22
(f)
..........
33,500
33,497,157
Goldman
Sachs
International,
0.48%
,
11/10/22
(f)
......................
10,000
9,896,487
Hyundai
Capital
America,
0.85%
,
05/11/22
(f)
.
10,000
9,997,663
ING
US
Funding
LLC,
0.36%
,
05/12/22
(f)
...
15,000
14,996,978
Macquarie
Bank
Ltd.
(b)
(SOFR
+
0.18%),
0.46%,
09/20/22
.....
5,000
4,996,346
BlackRock
Short
Obligations
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
(SOFR
+
0.35%),
0.63%,
01/10/23
.....
USD
10,000
$
9,993,754
Mitsubishi
HC
Capital
America,
Inc.,
0.95%
,
05/12/22
(f)
......................
30,000
29,992,037
Mitsubishi
HC
Finance
America
LLC
(f)
0.56%,
05/02/22
.................
1,000
999,953
1.15%,
05/09/22
.................
5,000
4,999,086
National
Bank
of
Canada,
0.34%
,
10/31/22
(f)
5,000
4,952,619
NatWest
Markets
plc
(a)(f)
0.40%,
07/18/22
.................
10,250
10,220,776
0.63%,
07/26/22
.................
5,000
4,983,659
Nordea
Bank
Abp
,
0.31%
,
10/21/22
(f)
......
7,000
6,941,881
Nutrien
Ltd.,
1.18%
,
06/15/22
(f)
..........
15,000
14,977,518
PPG
Industries,
Inc.,
1.07%
,
05/12/22
(f)
....
13,394
13,390,639
Skandinaviska
Enskilda
Banken
AB
(f)
0.24%,
06/21/22
.................
5,000
4,993,500
1.39%,
09/12/22
.................
15,000
14,905,027
Societe
Generale
SA
(f)
0.33%,
08/31/22
.................
7,000
6,964,629
0.24%,
09/19/22
.................
5,000
4,969,135
Stanley
Black
&
Decker,
Inc.,
0.52%
,
05/23/22
(f)
5,000
4,997,700
Toronto-Dominion
Bank
(The),
0.20%
,
08/03/22
(f)
......................
9,000
8,969,232
TransCanada
PipeLines
Ltd.
(f)
0.46%,
05/05/22
.................
7,000
6,999,293
1.40%,
06/22/22
.................
10,000
9,982,600
UBS
AG
0.25%,
08/18/22
(f)
................
10,000
9,953,627
0.42%,
09/01/22
(f)
................
5,000
4,971,667
(SOFR
+
0.30%),
0.35%,
12/02/22
(b)
...
3,000
2,997,344
Verizon
Communications,
Inc.
(f)
0.65%,
05/09/22
.................
7,758
7,756,582
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
0.47%,
05/10/22
.................
USD
14,500
$
14,497,032
VW
Credit,
Inc.
(f)
1.05%,
05/16/22
.................
8,000
7,997,140
1.12%,
05/17/22
.................
20,000
19,992,240
0.35%,
08/23/22
.................
8,000
7,959,890
Walt
Disney
Co.
(The),
0.24%
,
06/15/22
(f)
...
8,765
8,755,319
Walt
Disney
World
Co.,
0.25%
,
07/15/22
(f)
..
5,660
5,647,325
Waste
Management,
Inc.
(f)
0.31%,
08/02/22
.................
3,845
3,830,521
0.31%,
09/08/22
.................
8,335
8,286,101
Western
Union
Co.
(The),
0.60%
,
05/02/22
(f)
.
13,500
13,499,352
Total
Commercial
Paper
—
23.0%
(Cost:
$628,123,932)
.............................
627,228,973
Shares
Shares
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.29%
(g)(h)
.................
348,399
348,399
Total
Money
Market
Funds
—
0.0%
(Cost:
$348,399)
................................
348,399
Total
Repurchase
Agreements
—
7.9%
(Cost:
$217,500,000)
.............................
217,500,000
Total
Short-Term
Securities
—
40.1%
(Cost:
$1,098,770,508)
...........................
1,097,142,033
Total
Investments
—
100.2%
(Cost:
$2,765,511,820
)
...........................
2,743,519,526
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(6,214,153)
Net
Assets
—
100.0%
..............................
$
2,737,305,373
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
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.
(c)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(d)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(e)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(f)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
541,627
$
—
$
(193,228)
$
—
$
—
$
348,399
348,399
$
511
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
Short
Obligations
Fund
7
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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.
.....
0.64
%
(a)
04/29/22
06/06/22
$
32,000
$
32,000
$
32,021,618
Corporate/Debt
Obligations,
0.00%
to
8.50%,
due
12/05/22
to
01/15/72
.........
$
47,280,411
$
33,601,180
0.92
(a)
04/29/22
07/06/22
5,000
5,000
5,008,689
Corporate/Debt
Obligation,
3.00%,
due
10/25/58
.........
7,666,798
6,000,000
$
–
$
–
$
37,000
$
39,601,180
$
–
$
–
BNP
Paribas
SA
......
0.65
(a)
04/29/22
08/05/22
25,000
25,000
25,044,236
Corporate/Debt
Obligations,
3.00%
to
13.00%,
due
08/01/24
to
03/15/52
.......
28,802,512
28,461,563
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.59
(a)
04/29/22
07/03/22
16,000
16,000
16,017,045
Corporate/Debt
Obligations,
2.06%
to
5.24%,
due
07/19/27
to
01/25/35
.........
17,300,924
17,120,001
0.61
(a)
04/29/22
08/02/22
6,000
6,000
6,009,658
U.S.
Government
Sponsored
Agency
Obligations,
0.77%
to
1.69%,
due
07/20/70
to
09/20/70
.........
157,488,596
6,660,220
$
–
$
–
$
22,000
$
23,780,221
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.89
(a)
04/29/22
08/05/22
27,000
27,000
27,065,415
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
8.50%,
due
05/25/22
to
09/16/57
.........
3,057,096,049
30,935,745
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.80
(a)
04/29/22
12/03/22
50,000
50,000
50,242,222
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.53%
to
7.75%,
due
02/05/26
to
03/15/67
.........
60,154,000
51,956,560
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.77
(a)
04/29/22
06/06/22
3,500
3,500
3,502,845
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
3,303,200
3,570,066
0.87
(a)
04/29/22
08/01/22
14,000
14,000
14,031,803
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
06/01/35
to
07/01/49
.........
14,140,000
14,983,615
$
–
$
–
$
17,500
$
18,553,681
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.47
02/01/22
05/02/22
18,000
18,000
18,021,150
Corporate/Debt
Obligations,
0.17%
to
1.37%,
due
09/15/34
to
06/25/51
.........
850,577,466
19,260,000
1.08
03/07/22
06/01/22
10,000
10,000
10,025,800
Corporate/Debt
Obligations,
3.70%
to
5.25%,
due
03/15/34
to
10/25/59
.........
12,161,136
11,500,001
BlackRock
Short
Obligations
Fund
8
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
1.10
%
03/17/22
06/15/22
$
8,000
$
8,000
$
8,022,000
Corporate/Debt
Obligation,
0.72%,
due
01/25/23
.........
$
8,401,000
$
8,400,328
1.30
03/18/22
06/16/22
3,000
3,000
3,009,750
Corporate/Debt
Obligation,
4.55%,
due
11/14/24
.........
3,182,000
3,300,638
$
–
$
–
$
39,000
$
42,460,967
$
–
$
–
$
217,500
$
235,749,917
$
–
$
–
(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
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
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
TAN
Tax
Anticipation
Notes
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
BlackRock
Short
Obligations
Fund
9
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2022
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
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
—
$
1,646,377,493
$
—
$
1,646,377,493
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
252,064,661
—
252,064,661
Commercial
Paper
.......................................
—
627,228,973
—
627,228,973
Money
Market
Funds
......................................
348,399
—
—
348,399
Repurchase
Agreements
...................................
—
217,500,000
—
217,500,000
$
348,399
$
2,743,171,127
$
—
$
2,743,519,526