BlackRock

Short

Obligations

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

American

Express

Credit

Account

Master

Trust,

Series

2022-4,

Class

A,

4.95%,

10/15/27

.

USD

5,000

$

4,999,752

BMW

Vehicle

Owner

Trust,

Series

2022-A,

Class

A2A,

2.52%,

12/26/24

.........

5,820

5,747,103

Carmax

Auto

Owner

Trust,

Series

2022-4,

Class

A2A,

5.34%,

12/15/25

.........

4,509

4,508,623

Chase

Issuance

Trust,

Series

2022-A1,

Class

A,

3.97%,

09/15/27

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

4,700

4,567,116

Ford

Credit

Auto

Owner

Trust

Series

2022-A,

Class

A2,

0.73%,

09/15/24

3,786

3,736,129

Series

2022-B,

Class

A2A,

3.44%,

02/15/25

3,946

3,907,023

Hyundai

Auto

Lease

Securitization

Trust

(a)

Series

2021-C,

Class

A2,

0.24%,

01/16/24

4,059

4,018,993

Series

2022-B,

Class

A2A,

2.75%,

10/15/24

7,379

7,253,526

Series

2022-C,

Class

A2A,

4.34%,

01/15/25

853

843,970

Nissan

Auto

Receivables

Owner

Trust,

Series

2022-B,

Class

A2,

4.50%,

08/15/25

.....

3,540

3,507,500

Toyota

Auto

Receivables

Owner

Trust,

Series

2022-B,

Class

A2A,

2.35%,

01/15/25

...

4,271

4,208,471

Total

Asset-Backed

Securities

—

2.1%

(Cost:

$47,860,319)

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

47,298,206

Corporate

Bonds

Aerospace

&

Defense

—

0.1%

Lockheed

Martin

Corp.,

4.95%,

10/15/25

..

2,220

2,221,850

Automobiles

—

4.4%

(a)

BMW

US

Capital

LLC

0.80%,

04/01/24

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

2,680

2,521,461

(SOFR

3

Month

+

0.53%),

3.58%,

04/01/24

(b)

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

15,615

15,545,505

(SOFR

3

Month

+

0.38%),

3.45%,

08/12/24

(b)

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

17,735

17,543,975

Hyundai

Capital

America

2.85%,

11/01/22

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

2,827

2,827,000

2.38%,

02/10/23

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

12,340

12,233,466

0.80%,

04/03/23

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

18,500

18,129,255

Mercedes-Benz

Finance

North

America

LLC,

0.75%,

03/01/24

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

16,690

15,719,310

Volkswagen

Group

of

America

Finance

LLC

0.75%,

11/23/22

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

11,350

11,317,994

(SOFR

3

Month

+

0.95%),

4.00%,

06/07/24

(b)

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

5,140

5,123,352

100,961,318

Banks

—

13.7%

Banco

Santander

SA

3.89%,

05/24/24

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

6,800

6,593,019

0.70%,

06/30/24

(b)

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

6,800

6,529,331

Bank

of

America

Corp.

(b)

3.00%,

12/20/23

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

5,000

4,981,996

0.51%,

06/14/24

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

15,915

15,363,187

Citigroup,

Inc.,

(SOFR

6

Month

+

1.37%),

4.14%,

05/24/25

(b)

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

2,025

1,968,651

Cooperatieve

Rabobank

UA,

3.88%,

08/22/24

6,100

5,962,542

Credit

Agricole

Corporate

&

Investment

Bank

SA,

0.40%,

01/15/23

(a)

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

15,000

14,889,898

DNB

Bank

ASA

(a)

2.15%,

12/02/22

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

13,000

12,976,214

(LIBOR

USD

3

Month

+

0.62%),

3.72%,

12/02/22

(b)

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

7,000

6,997,950

Fifth

Third

Bank

NA,

1.80%,

01/30/23

....

6,840

6,791,905

HSBC

Holdings

plc,

1.16%,

11/22/24

(b)

....

3,785

3,552,059

JPMorgan

Chase

&

Co.

(b)

(SOFR

6

Month

+

0.58%),

0.70%,

03/16/24

5,000

4,903,045

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(SOFR

3

Month

+

0.58%),

3.64%,

03/16/24

USD

20,000

$

19,838,485

(SOFR

6

Month

+

0.98%),

3.85%,

06/14/25

6,600

6,395,028

Keybank

Foundation,

0.43%,

06/14/24

(b)

...

6,000

5,809,820

KeyBank

NA

(SOFR

3

Month

+

0.32%),

3.38%,

06/14/24

(b)

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

14,355

14,189,935

4.15%,

08/08/25

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

2,050

1,979,684

Kookmin

Bank,

(SOFR

3

Month

+

0.32%),

3.35%,

11/03/22

(a)(b)

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

7,000

6,999,995

Mitsubishi

UFJ

Financial

Group,

Inc.

(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

4.79%,

07/18/25

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

9,410

9,230,492

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

5.06%,

09/12/25

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

5,895

5,809,337

National

Australia

Bank

Ltd.

1.88%,

12/13/22

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

10,830

10,801,263

(LIBOR

USD

3

Month

+

0.41%),

3.66%,

12/13/22

(a)(b)

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

6,000

5,993,911

Nordea

Bank

Abp

(a)

1.00%,

06/09/23

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

4,255

4,143,592

3.60%,

06/06/25

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

4,425

4,224,812

4.75%,

09/22/25

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

6,100

5,975,466

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

6

Month

+

1.09%),

5.67%,

10/28/25

(b)

5,450

5,455,518

Santander

UK

plc,

2.10%,

01/13/23

......

2,807

2,788,104

Skandinaviska

Enskilda

Banken

AB

(a)

2.20%,

12/12/22

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

4,740

4,727,345

(LIBOR

USD

3

Month

+

0.65%),

3.88%,

12/12/22

(b)

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

4,000

3,997,346

Societe

Generale

SA,

4.35%,

06/13/25

(a)

...

5,000

4,824,095

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.51%,

01/12/24

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

3,380

3,184,855

Sumitomo

Mitsui

Trust

Bank

Ltd.

(a)

0.80%,

09/12/23

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

16,306

15,669,386

0.80%,

09/16/24

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

8,000

7,327,123

(SOFR

3

Month

+

0.44%),

3.49%,

09/16/24

(b)

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

10,000

9,912,077

Svenska

Handelsbanken

AB,

3.65%,

06/10/25

(a)

6,600

6,295,993

Swedbank

AB,

0.60%,

09/25/23

(a)

.......

14,000

13,395,760

Truist

Bank

1.25%,

03/09/23

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

10,000

9,873,107

(SOFR

3

Month

+

0.20%),

3.24%,

01/17/24

(b)

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

20,000

19,785,897

Westpac

Banking

Corp.

2.00%,

01/13/23

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

5,345

5,319,673

1.02%,

11/18/24

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

2,395

2,207,766

(SOFR

3

Month

+

0.30%),

3.37%,

11/18/24

(b)

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

8,985

8,846,572

316,512,234

Beverages

—

1.3%

Coca-Cola

Europacific

Partners

plc,

0.50%,

05/05/23

(a)

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

28,000

27,316,907

PepsiCo,

Inc.,

0.75%,

05/01/23

........

2,475

2,427,622

29,744,529

Biotechnology

—

0.5%

Gilead

Sciences,

Inc.,

0.75%,

09/29/23

...

12,521

12,050,853

Capital

Markets

—

7.2%

Bank

of

New

York

Mellon

Corp.

(The),

(SOFR

6

Month

+

0.57%),

3.43%,

06/13/25

(b)

....

6,600

6,402,342

Credit

Suisse

AG

1.00%,

05/05/23

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

5,000

4,848,232

0.50%,

02/02/24

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

2,670

2,442,637

BlackRock

Short

Obligations

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(SOFR

3

Month

+

0.39%),

3.45%,

02/02/24

(b)

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

USD

15,000

$

14,400,000

Deutsche

Bank

AG

Series

E,

0.96%,

11/08/23

..........

9,000

8,559,695

Series

E,

(SOFR

3

Month

+

0.50%),

3.56%,

11/08/23

(b)

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

13,175

13,009,917

4.16%,

05/13/25

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

3,900

3,710,468

Goldman

Sachs

Group,

Inc.

(The)

0.52%,

03/08/23

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

20,000

19,684,102

(SOFR

6

Month

+

0.54%),

0.63%,

11/17/23

(b)

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

10,000

9,974,320

(SOFR

3

Month

+

0.54%),

3.61%,

11/17/23

(b)

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

7,000

6,965,840

1.22%,

12/06/23

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

4,000

3,827,064

Macquarie

Bank

Ltd.

(a)

0.44%,

12/16/22

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

4,120

4,099,730

(SOFR

3

Month

+

0.30%),

3.36%,

04/06/23

(b)

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

5,000

4,988,978

Morgan

Stanley

(b)

(SOFR

6

Month

+

0.47%),

0.56%,

11/10/23

15,000

14,980,640

(SOFR

6

Month

+

0.46%),

0.53%,

01/25/24

8,000

7,880,215

Morgan

Stanley

&

Co.

LLC,

0.73%,

04/05/24

(b)

10,000

9,756,005

UBS

AG

(a)

0.38%,

06/01/23

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

3,780

3,673,973

(SOFR

3

Month

+

0.32%),

3.38%,

06/01/23

(b)

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

7,525

7,508,370

(SOFR

3

Month

+

0.36%),

3.42%,

02/09/24

(b)

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

5,000

4,961,940

0.70%,

08/09/24

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

3,680

3,380,943

(SOFR

3

Month

+

0.45%),

3.51%,

08/09/24

(b)

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

6,775

6,717,811

1.38%,

01/13/25

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

4,430

4,053,107

165,826,329

Chemicals

—

0.2%

Ecolab,

Inc.,

0.90%,

12/15/23

.........

2,695

2,576,657

Sherwin-Williams

Co.

(The),

4.05%,

08/08/24

2,775

2,722,535

5,299,192

Consumer

Finance

—

3.9%

American

Express

Co.,

3.38%,

05/03/24

...

2,695

2,613,883

American

Honda

Finance

Corp.

(LIBOR

USD

3

Month

+

0.15%),

3.13%,

02/22/23

(b)

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

4,705

4,697,167

0.88%,

07/07/23

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

838

814,209

(LIBOR

USD

3

Month

+

0.42%),

3.59%,

09/08/23

(b)

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

5,790

5,778,112

0.75%,

08/09/24

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

2,040

1,892,127

Capital

One

Financial

Corp.,

(SOFR

6

Month

+

1.37%),

4.17%,

05/09/25

(b)

..........

6,800

6,534,903

Caterpillar

Financial

Services

Corp.

0.60%,

09/13/24

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

6,730

6,214,694

(SOFR

3

Month

+

0.27%),

3.32%,

09/13/24

(b)

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

12,325

12,185,507

Hyundai

Capital

Services,

Inc.,

0.75%,

09/15/23

(a)

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

15,000

14,358,433

John

Deere

Capital

Corp.,

3.40%,

06/06/25

.

4,310

4,157,060

PACCAR

Financial

Corp.

0.80%,

06/08/23

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

3,515

3,433,766

3.15%,

06/13/24

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

2,955

2,868,184

Toyota

Motor

Credit

Corp.

(SOFR

1

Month

+

0.20%),

3.24%,

02/13/23

(b)

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

13,366

13,354,512

2.90%,

03/30/23

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

7,000

6,947,411

4.40%,

09/20/24

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

5,000

4,954,526

90,804,494

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

—

1.4%

LSEGA

Financing

plc,

0.65%,

04/06/24

(a)

..

USD

3,120

$

2,912,587

National

Rural

Utilities

Cooperative

Finance

Corp.,

Series

D,

(SOFR

3

Month

+

0.33%),

3.37%,

10/18/24

(b)

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

5,000

4,931,771

NTT

Finance

Corp.

(a)

0.58%,

03/01/24

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

6,005

5,647,819

4.14%,

07/26/24

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

1,120

1,099,013

Siemens

Financieringsmaatschappij

NV,

(SOFR

3

Month

+

0.43%),

3.48%,

03/11/24

(a)

(b)

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

18,980

18,921,490

33,512,680

Diversified

Telecommunication

Services

—

1.2%

Bell

Canada,

Series

US-3,

0.75%,

03/17/24

.

8,000

7,525,066

Verizon

Communications,

Inc.

0.75%,

03/22/24

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

3,325

3,139,583

(SOFR

3

Month

+

0.50%),

3.56%,

03/22/24

(b)

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

16,955

16,814,340

27,478,989

Electric

Utilities

—

5.5%

Duke

Energy

Corp.,

(SOFR

3

Month

+

0.25%),

3.30%,

06/10/23

(b)

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

13,375

13,289,445

Eversource

Energy,

Series

T,

(SOFR

3

Month

+

0.25%),

3.31%,

08/15/23

(b)

..........

19,015

18,911,070

Florida

Power

&

Light

Co.

(b)

(SOFR

3

Month

+

0.25%),

3.32%,

05/10/23

5,120

5,102,424

(SOFR

3

Month

+

0.38%),

3.41%,

01/12/24

2,505

2,478,250

NextEra

Energy

Capital

Holdings,

Inc.

(b)

(LIBOR

USD

3

Month

+

0.27%),

3.25%,

02/22/23

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

30,000

29,946,189

(SOFR

3

Month

+

0.54%),

3.60%,

03/01/23

9,305

9,292,602

(SOFR

3

Month

+

0.40%),

3.47%,

11/03/23

20,000

19,761,950

PPL

Electric

Utilities

Corp.

(b)

(LIBOR

USD

3

Month

+

0.25%),

3.89%,

09/28/23

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

10,450

10,417,703

(SOFR

3

Month

+

0.33%),

3.38%,

06/24/24

8,080

7,968,478

Xcel

Energy,

Inc.,

0.50%,

10/15/23

......

9,450

9,018,719

126,186,830

Electrical

Equipment

—

0.1%

Rockwell

Automation,

Inc.,

0.35%,

08/15/23

.

2,860

2,757,120

Food

&

Staples

Retailing

—

0.3%

Walmart,

Inc.,

3.90%,

09/09/25

........

7,000

6,853,401

Food

Products

—

1.5%

Cargill,

Inc.,

4.88%,

10/10/25

(a)

.........

5,185

5,141,238

Hormel

Foods

Corp.,

0.65%,

06/03/24

....

5,565

5,197,708

Nestle

Holdings,

Inc.

(a)

0.61%,

09/14/24

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

15,000

13,868,649

4.00%,

09/12/25

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

6,200

6,081,460

Unilever

Capital

Corp.,

0.63%,

08/12/24

...

4,635

4,311,841

34,600,896

Gas

Utilities

—

2.0%

Atmos

Energy

Corp.

0.63%,

03/09/23

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

8,175

8,056,999

(LIBOR

USD

3

Month

+

0.38%),

3.57%,

03/09/23

(b)

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

23,770

23,713,826

CenterPoint

Energy

Resources

Corp.,

0.70%,

03/02/23

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

15,935

15,713,844

47,484,669

Health

Care

Providers

&

Services

—

0.6%

UnitedHealth

Group,

Inc.

0.55%,

05/15/24

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

8,030

7,513,523

5.00%,

10/15/24

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

6,000

6,002,640

13,516,163

BlackRock

Short

Obligations

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.1%

Starbucks

Corp.,

(SOFR

3

Month

+

0.42%),

3.48%,

02/14/24

(b)

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

USD

3,490

$

3,475,447

Insurance

—

7.1%

(a)

Brighthouse

Financial

Global

Funding

(SOFR

3

Month

+

0.31%),

3.38%,

02/24/23

(b)

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

13,655

13,636,742

1.20%,

12/15/23

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

5,000

4,760,434

Jackson

National

Life

Global

Funding,

(SOFR

3

Month

+

0.60%),

3.66%,

01/06/23

(b)

....

36,000

35,982,095

MassMutual

Global

Funding

II,

4.15%,

08/26/25

2,238

2,169,915

Met

Tower

Global

Funding,

(SOFR

3

Month

+

0.55%),

3.59%,

01/17/23

(b)

..........

20,060

20,054,886

Metropolitan

Life

Global

Funding

I

(b)

(SOFR

3

Month

+

0.57%),

3.62%,

01/13/23

24,390

24,396,244

(SOFR

3

Month

+

0.32%),

3.38%,

01/07/24

20,000

19,830,369

New

York

Life

Global

Funding

3.15%,

06/06/24

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

3,360

3,259,536

(SOFR

3

Month

+

0.43%),

3.47%,

06/06/24

(b)

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

3,655

3,629,258

3.60%,

08/05/25

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

6,200

5,931,787

Northwestern

Mutual

Global

Funding,

4.00%,

07/01/25

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

6,400

6,193,448

Principal

Life

Global

Funding

II

0.75%,

08/23/24

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

705

647,948

(SOFR

3

Month

+

0.38%),

3.45%,

08/23/24

(b)

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

680

670,697

Protective

Life

Global

Funding

0.50%,

04/12/23

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

8,150

7,984,533

0.63%,

10/13/23

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

5,670

5,433,670

0.47%,

01/12/24

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

10,000

9,416,908

163,998,470

Internet

&

Direct

Marketing

Retail

—

0.2%

Amazon.com,

Inc.,

0.25%,

05/12/23

.....

4,705

4,595,660

Life

Sciences

Tools

&

Services

—

1.0%

Thermo

Fisher

Scientific,

Inc.

(b)

(SOFR

3

Month

+

0.35%),

3.39%,

04/18/23

15,000

14,976,313

(SOFR

3

Month

+

0.53%),

3.57%,

10/18/24

7,495

7,413,904

22,390,217

Media

—

0.0%

Comcast

Corp.,

5.25%,

11/07/25

.......

1,000

999,730

Multi-Utilities

—

2.2%

Dominion

Energy,

Inc.,

Series

D,

(LIBOR

USD

3

Month

+

0.53%),

3.82%,

09/15/23

(b)

...

34,725

34,616,648

WEC

Energy

Group,

Inc.

0.55%,

09/15/23

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

13,610

13,058,179

5.00%,

09/27/25

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

2,560

2,549,941

50,224,768

Oil,

Gas

&

Consumable

Fuels

—

3.4%

Chevron

USA,

Inc.,

(LIBOR

USD

3

Month

+

0.20%),

3.12%,

08/11/23

(b)

..........

40,515

40,415,288

Enbridge,

Inc.

(SOFR

3

Month

+

0.40%),

3.47%,

02/17/23

(b)

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

9,400

9,382,671

0.55%,

10/04/23

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

1,890

1,806,642

(SOFR

3

Month

+

0.63%),

3.69%,

02/16/24

(b)

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

5,520

5,458,972

TransCanada

PipeLines

Ltd.,

1.00%,

10/12/24

22,930

21,050,204

78,113,777

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.7%

AstraZeneca

plc,

0.30%,

05/26/23

.......

USD

11,775

$

11,477,648

Roche

Holdings,

Inc.,

(SOFR

3

Month

+

0.24%),

3.28%,

03/05/24

(a)(b)

.........

5,370

5,333,206

16,810,854

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Analog

Devices,

Inc.,

(SOFR

3

Month

+

0.25%),

3.30%,

10/01/24

(b)

..........

7,055

6,942,990

NVIDIA

Corp.

0.31%,

06/15/23

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

10,000

9,725,536

0.58%,

06/14/24

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

4,000

3,731,726

20,400,252

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The),

4.00%,

09/15/25

..

1,910

1,869,737

Lowe's

Cos.,

Inc.,

4.40%,

09/08/25

......

4,150

4,067,977

5,937,714

Thrifts

&

Mortgage

Finance

—

0.8%

Nationwide

Building

Society

(a)

2.00%,

01/27/23

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

17,515

17,378,897

0.55%,

01/22/24

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

1,520

1,425,946

18,804,843

Total

Corporate

Bonds

—

60.6%

(Cost:

$1,429,957,056)

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

1,401,563,279

Foreign

Government

Obligations

South

Korea

—

0.7%

Korea

Development

Bank

(The),

(LIBOR

USD

3

Month

+

0.35%),

3.31%

,

02/18/23

(b)

....

16,690

16,688,799

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$16,690,000)

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

16,688,799

Municipal

Bonds

Alabama

—

0.1%

Alabama

Federal

Aid

Highway

Finance

Authority

,

Series

2021B,

RB,

0.45%, 09/01/23

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

2,255

2,171,637

Arizona

—

0.5%

County

of

Pima

,

Series

2020C,

COP,

0.48%, 12/01/22

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

1,130

1,126,317

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),

3.49%, 09/01/26

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

5,000

5,000,000

Series

2021-MIZ9060TX,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

3.34%, 02/15/41

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

3,857

3,857,311

9,983,628

California

—

0.0%

Port

of

Oakland

,

Series

2020R,

RB,

0.82%, 05/01/23

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

400

391,370

Florida

—

0.3%

County

of

Miami-Dade

Series

2020B,

RB,

0.38%, 04/01/23

....

7,500

7,363,538

Series

2021A,

RB,

0.71%, 10/01/23

....

1,000

960,918

8,324,456

New

York

—

1.9%

Long

Island

Power

Authority

Series

2021C,

RB,

0.36%, 03/01/23

....

3,885

3,829,626

BlackRock

Short

Obligations

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020C,

RB,

0.76%, 03/01/23

....

USD

2,860

$

2,822,815

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),

3.34%, 11/01/22

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

14,855

14,855,000

Series

2020-MIZ9032,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

3.49%, 11/01/22

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

5,000

5,000,000

Series

2020-MIZ9035,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

3.49%, 10/31/22

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

5,000

5,000,000

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

3.49%, 03/01/31

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

3,500

3,500,000

New

York

State

Dormitory

Authority

,

Series

2022B,

RB,

2.01%, 03/15/23

.........

705

697,987

Port

Authority

of

New

York

&

New

Jersey

,

Series

2020AAA,

RB,

1.09%, 07/01/23

..

4,140

4,034,975

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

(a)(c)(d)

Series

2020-BTMFT-003,

RB,

VRDN

(Barclays

Bank

plc

LOC),

3.81%, 11/03/22

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

900

900,000

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

3.81%, 09/01/30

........

4,125

4,125,000

44,765,403

Other

—

2.1%

Deutsche

Bank

Spears/Lifers

Trust,

Various

States

,

Series

DBE-8901

,

VRDN

(Deutsche

Bank

AG

LIQ)

,

3.27%, 11/03/22

(a)(d)

.....

43,500

43,500,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9029,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

3.34%, 07/01/25

(a)(c)(d)

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

4,375

4,375,000

47,875,000

Total

Municipal

Bonds

—

4.9%

(Cost:

$113,982,245)

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

113,511,494

Total

Long-Term

Investments

—

68.3%

(Cost:

$1,608,489,620)

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

1,579,061,778

Short-Term

Securities

Certificates

of

Deposit

—

9.3%

Domestic

—

0.8%

Bank

of

Montreal,

0.50%, 11/28/22

.......

3,000

2,992,421

Barclays

Bank

plc,

(SOFR

1

Month

+

0.30%),

3.34%, 02/03/23

(b)

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

10,000

9,992,702

Westpac

Banking

Corp,

4.22%, 09/06/23

...

6,200

6,138,463

19,123,586

Yankee

—

8.5%

(e)

Bank

of

Montreal,

Chicago,

5.40%, 10/13/23

5,000

4,996,432

Bayerische

Landesbank

,

New

York

(LIBOR

USD

3

Month

+

0.16%),

4.52%, 01/27/23

(b)

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

10,750

10,749,276

0.90%, 06/27/23

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

12,000

11,667,259

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

1

Month

+

0.30%),

3.35%, 01/06/23

(b)

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

USD

3,000

$

2,999,379

4.65%, 09/14/23

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

5,800

5,759,752

Credit

Suisse

AG,

New

York

(b)

(SOFR

1

Month

+

0.42%),

3.47%, 07/10/23

7,500

7,480,106

(SOFR

1

Month

+

0.54%),

3.59%, 01/19/24

3,000

2,986,511

Kookmin

Bank,

New

York

(b)

(SOFR

1

Month

+

0.30%),

3.35%, 01/30/23

10,000

9,993,158

(SOFR

1

Month

+

0.32%),

3.37%, 02/09/23

15,000

14,988,433

Lloyds

Bank

Corporate

Markets

plc,

New

York

0.40%, 12/01/22

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

10,000

9,970,704

5.24%, 10/12/23

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

5,000

4,991,861

MUFG

Bank

Ltd.,

New

York,

(SOFR

3

Month

+

0.28%),

3.32%, 01/24/23

(b)

..........

5,000

4,997,070

Natixis

SA,

New

York,

2.13%, 11/18/22

....

4,400

4,396,783

Royal

Bank

of

Canada,

New

York

0.40%, 11/15/22

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

10,000

9,986,850

(SOFR

3

Month

+

0.25%),

3.30%, 01/11/23

(b)

12,000

11,994,722

4.08%, 07/14/23

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

25,000

24,775,577

Standard

Chartered

Bank,

New

York

(b)

(SOFR

1

Month

+

0.30%),

3.35%, 03/13/23

15,000

14,986,558

(SOFR

1

Month

+

0.35%),

3.39%, 05/01/23

10,000

9,983,881

(SOFR

3

Month

+

0.42%),

3.46%, 07/28/23

5,000

4,989,143

Toronto-Dominion

Bank,

New

York

0.73%, 12/30/22

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

4,000

3,978,850

2.69%, 04/28/23

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

5,000

4,937,566

2.90%, 06/06/23

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

10,000

9,855,372

4.35%, 09/13/23

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

6,100

6,040,945

197,506,188

Total

Certificates

of

Deposit

—

9.3%

(Cost:

$217,748,891)

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

216,629,774

Commercial

Paper

—

14.1%

Alinghi

Funding

Co.

LLC

(a)(f)

3.67%,

01/12/23

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

1,500

1,486,860

4.02%,

04/18/23

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

6,500

6,345,752

Amcor

Finance

USA,

Inc.,

4.11%

,

11/16/22

(f)

.

5,000

4,991,405

Amcor

Flexibles

North

America,

Inc.

(f)

3.73%,

11/04/22

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

8,500

8,496,582

4.07%,

12/01/22

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

8,000

7,972,272

Ameren

Corp.,

3.61%

,

11/07/22

(f)

........

5,814

5,809,738

Avery

Dennison

Corp.,

4.07%

,

11/22/22

(f)

...

4,498

4,487,437

Bank

of

Montreal,

2.80%

,

05/12/23

.......

5,000

4,941,521

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

3.92%

,

11/08/22

(f)

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

13,000

12,989,063

Enel

Finance

America

LLC

(f)

4.08%,

11/21/22

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

20,000

19,951,466

2.90%,

12/05/22

(a)

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

5,000

4,979,326

Evergy

Missouri

West,

Inc.,

3.91%

,

11/07/22

(f)

13,236

13,226,297

Evergy

,

Inc.,

3.91%

,

11/07/22

(f)

..........

4,364

4,360,801

Fidelity

National

Information

Services,

Inc.,

4.05%

,

11/07/22

(f)

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

10,800

10,792,083

Goldman

Sachs

International

LLC,

0.48%

,

11/10/22

(f)

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

10,000

9,990,269

HSBC

USA,

Inc.

(f)

4.46%,

08/14/23

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

10,000

9,576,197

4.85%,

09/07/23

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

5,000

4,769,644

Korea

Development

Bank

(The),

4.09%

,

05/26/23

(f)

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

5,000

4,856,250

LMA-Americas

LLC

(f)

3.04%,

11/08/22

(a)

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

8,486

8,479,315

BlackRock

Short

Obligations

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

—

14.1%

(continued)

4.04%,

01/06/23

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

USD

3,280

$

3,253,671

Macquarie

Bank

Ltd.,

(SOFR

1

Day

+

0.35%),

3.39%

,

01/10/23

(a)(b)

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

10,000

9,999,426

Mitsubishi

HC

Capital

America,

Inc.,

4.65%

,

01/03/23

(f)

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

15,000

14,884,080

National

Australia

Bank

Ltd.,

2.43%

,

02/01/23

(a)

(f)

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

35,000

34,602,529

Natixis

SA

(f)

2.95%,

11/01/22

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

25,000

24,997,868

2.79%,

11/10/22

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

14,315

14,301,242

Nutrien

Ltd.

(f)

3.88%,

11/14/22

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

5,224

5,216,117

3.79%,

11/16/22

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

5,230

5,220,935

Raytheon

Technologies

Corp.,

4.08%

,

02/06/23

(f)

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

4,500

4,441,580

Stanley

Black

&

Decker,

Inc.,

3.77%

,

11/21/22

(f)

10,000

9,978,358

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

—

14.1%

(continued)

Suncorp-

Metway

Ltd.,

2.10%

,

11/07/22

(f)

...

USD

14,750

$

14,739,187

TELUS

Corp.,

4.50%

,

01/10/23

(f)

........

4,365

4,327,354

TransCanada

PipeLines

Ltd.

(f)

3.22%,

11/07/22

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

12,000

11,991,203

3.55%,

12/12/22

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

10,000

9,951,934

Virginia

Electric

&

Power

Co.,

3.86%

,

11/08/22

(f)

7,293

7,287,196

Vulcan

Materials

Co.,

3.71%

,

11/08/22

(a)(f)

..

1,969

1,967,280

Total

Commercial

Paper

—

14.1%

(Cost:

$326,147,637)

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

325,662,238

Total

Repurchase

Agreements

—

8.4%

(Cost:

$193,500,000)

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

193,500,000

Total

Short-Term

Securities

—

31.8%

(Cost:

$737,396,528)

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

735,792,012

Total

Investments

—

100.1%

(Cost:

$2,345,886,148

)

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

2,314,853,790

Liabilities

in

Excess

of

Other

Assets

—

(0.1)%

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

(2,256,899)

Net

Assets

—

100.0%

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

$

2,312,596,891

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

242,996

$

—

$

(242,996)

(b)

$

—

$

—

$

—

—

$

2,314

$

—

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

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.

BlackRock

Short

Obligations

Fund

7

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

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.

.....

3.39

%

(a)

10/31/22

12/06/22

$

32,000

$

32,000

$

32,108,480

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.59%

to

8.00%,

due

10/25/32

to

09/25/42

.........

$

40,482,690

$

38,400,000

3.57

(a)

10/31/22

01/05/23

5,000

5,000

5,032,725

U.S.

Government

Sponsored

Agency

Obligation,

3.64%,

due

10/25/59

.........

7,650,515

6,000,001

$

–

$

–

$

37,000

$

44,400,001

$

–

$

–

BNP

Paribas

SA

......

3.42

(a)

10/31/22

02/04/23

25,000

25,000

25,228,000

Corporate/Debt

Obligations,

1.75%

to

11.00%,

due

04/15/24

to

07/20/34

.......

34,561,932

28,640,461

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

3.36

(a)

10/31/22

01/02/23

16,000

16,000

16,094,080

Corporate/Debt

Obligations,

0.00%

to

7.50%,

due

02/27/23

to

07/31/57

.........

22,108,000

16,800,207

3.38

(a)

10/31/22

02/01/23

6,000

6,000

6,052,390

Corporate/Debt

Obligations,

1.75%

to

5.81%,

due

10/21/30

to

07/25/68

.........

7,138,022

6,444,032

$

–

$

–

$

22,000

$

23,244,239

$

–

$

–

Credit

Suisse

Securities

USA

LLC

.........

3.66

(a)

10/31/22

02/04/23

27,000

27,000

27,263,520

Corporate/Debt

Obligations,

0.82%

to

6.25%,

due

07/15/27

to

10/25/53

.........

248,737,368

30,060,224

$

–

$

–

Goldman

Sachs

&

Co.

LLC

3.57

(a)

10/31/22

06/04/23

50,000

50,000

51,071,001

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

15.50%,

due

11/14/22

to

11/01/96

.......

322,480,150

55,758,606

$

–

$

–

Mizuho

Securities

USA

LLC

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

3.52

(a)

10/31/22

12/06/22

3,500

3,500

3,512,320

U.S.

Treasury

Obligation,

4.00%,

due

10/31/29

.........

3,592,700

3,570,066

3.62

(a)

10/31/22

01/31/23

19,000

19,000

19,175,771

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

3.99%

to

7.71%,

due

09/30/27

to

11/25/46

.........

47,934,100

21,413,617

$

–

$

–

$

22,500

$

24,983,683

$

–

$

–

Wells

Fargo

Securities

LLC

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

3.55

08/30/22

11/30/22

10,000

10,000

10,090,722

Corporate/Debt

Obligations,

3.25%

to

6.68%,

due

09/15/33

to

10/13/48

.........

15,450,476

11,500,000

$

–

$

–

$

193,500

$

218,587,214

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

BlackRock

Short

Obligations

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

October

31,

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

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

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

Asset-Backed

Securities

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

$

—

$

47,298,206

$

—

$

47,298,206

Corporate

Bonds

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

—

1,401,563,279

—

1,401,563,279

Foreign

Government

Obligations

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

—

16,688,799

—

16,688,799

Municipal

Bonds

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

—

113,511,494

—

113,511,494

Short-Term

Securities

Certificates

of

Deposit

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

—

216,629,774

—

216,629,774

Commercial

Paper

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

—

325,662,238

—

325,662,238

Repurchase

Agreements

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

—

193,500,000

—

193,500,000

$

—

$

2,314,853,790

$

—

$

2,314,853,790

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

COP

Certificates

of

Participation

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

RB

Revenue

Bonds

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes