BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

April

30,

2023

Schedule

Investments

(unaudited)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

American

Express

Credit

Account

Master

Trust,

Series

2022-4,

Class

4.95%,

10/15/27

USD

5,000

5,059,393

BMW

Vehicle

Lease

Trust,

Series

2023-1,

Class

A2,

5.27%,

02/25/25

..........

1,505

1,502,214

BMW

Vehicle

Owner

Trust,

Series

2022-A,

Class

A2A,

2.52%,

12/26/24

.........

3,178

3,151,230

Carmax

Auto

Owner

Trust

Series

2022-4,

Class

A2A,

5.34%,

12/15/25

4,509

4,502,264

Series

2023-1,

Class

A2A,

5.23%,

01/15/26

4,800

4,789,997

Series

2023-2,

Class

A2B,

(SOFR

Day

Average

0.85%),

5.65%,

06/15/26

(a)

4,295

4,294,997

Chase

Issuance

Trust,

Series

2022-A1,

Class

3.97%,

09/15/27

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

4,700

4,641,843

CNH

Equipment

Trust,

Series

2023-A,

Class

A2,

5.34%,

09/15/26

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

2,132

2,133,332

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

06/15/25

.........

1,039

1,037,004

Ford

Credit

Auto

Owner

Trust

Series

2022-A,

Class

A2,

0.73%,

09/15/24

1,289

1,280,689

Series

2022-B,

Class

A2A,

3.44%,

02/15/25

2,449

2,429,942

Hyundai

Auto

Lease

Securitization

Trust

(b)

Series

2022-B,

Class

A2A,

2.75%,

10/15/24

4,928

4,880,482

Series

2022-C,

Class

A2A,

4.34%,

01/15/25

741

736,225

Series

2023-A,

Class

A2A,

5.20%,

04/15/25

2,775

2,770,158

Nissan

Auto

Receivables

Owner

Trust

Series

2022-B,

Class

A2,

4.50%,

08/15/25

3,540

3,518,331

Series

2023-A, (SOFR

Day

Average

0.65%),

5.47%,

02/17/26

(a)

........

5,637

5,638,142

Toyota

Auto

Receivables

Owner

Trust,

Series

2022-B,

Class

A2A,

2.35%,

01/15/25

...

2,396

2,375,062

Total

Asset-Backed

Securities

—

3.5%

(Cost:

$54,909,569)

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

54,741,305

Corporate

Bonds

Aerospace

Defense

—

0.2%

Lockheed

Martin

Corp.,

4.95%,

10/15/25

2,220

2,257,240

Raytheon

Technologies

Corp.,

5.00%,

02/27/26

1,595

1,621,909

3,879,149

Automobiles

—

3.6%

(b)

BMW

Capital

LLC

0.80%,

04/01/24

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

2,680

2,580,316

(SOFR

Index

0.53%),

5.35%,

04/01/24

(a)

15,615

15,571,809

(SOFR

Index

0.38%),

5.23%,

08/12/24

(a)

17,735

17,633,922

Mercedes-Benz

Finance

North

America

LLC,

0.75%,

03/01/24

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

16,690

16,090,646

Volkswagen

Group

America

Finance

LLC,

(1-Day

SOFR

0.95%),

5.78%,

06/07/24

(a)

5,140

5,150,110

57,026,803

Banks

—

13.0%

Australia

New

Zealand

Banking

Group

Ltd.,

5.09%,

12/08/25

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

3,245

3,273,268

Banco

Santander

3.89%,

05/24/24

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

6,800

6,677,363

0.70%,

06/30/24

(a)

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

6,800

6,736,107

Bank

America

Corp.,

(1-Day

SOFR

0.41%),

0.52%,

06/14/24

(a)

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

15,915

15,820,149

Banque

Federative

Credit

Mutuel

SA,

4.94%,

01/26/26

(b)

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

4,800

4,786,050

Citigroup,

Inc.,

(1-Day

SOFR

1.37%),

4.14%,

05/24/25

(a)

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

2,025

2,000,228

Cooperatieve

Rabobank

UA,

3.88%,

08/22/24

6,100

6,021,681

HSBC

Holdings

plc,

1.16%,

11/22/24

(a)

....

3,785

3,682,786

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

JPMorgan

Chase

Co.,

(1-Day

SOFR

0.98%),

3.85%,

06/14/25

(a)

..........

USD

6,600

6,479,663

KeyBank

(SOFR

Index

0.32%),

0.43%,

06/14/24

(a)

6,000

5,870,478

(SOFR

Index

0.32%),

5.15%,

06/14/24

(a)

14,355

14,055,153

4.15%,

08/08/25

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

2,050

1,962,722

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.70%),

4.79%,

07/18/25

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

9,410

9,325,165

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.55%),

5.06%,

09/12/25

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

5,895

5,864,763

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.08%),

5.72%,

02/20/26

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

3,600

3,618,867

Nordea

Bank

Abp

(b)

1.00%,

06/09/23

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

4,255

4,234,661

3.60%,

06/06/25

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

4,425

4,287,142

4.75%,

09/22/25

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

6,100

6,062,816

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

Index

1.09%),

5.67%,

10/28/25

(a)

5,450

5,457,989

Societe

Generale

SA,

4.35%,

06/13/25

(b)

...

5,000

4,890,854

Sumitomo

Mitsui

Financial

Group,

Inc.

0.51%,

01/12/24

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

3,380

3,269,520

5.46%,

01/13/26

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

4,800

4,850,442

Sumitomo

Mitsui

Trust

Bank

Ltd.

(b)

0.80%,

09/12/23

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

11,306

11,119,723

0.80%,

09/16/24

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

8,000

7,541,289

(1-Day

SOFR

0.44%),

5.27%,

09/16/24

(a)

10,000

9,938,134

Svenska

Handelsbanken

AB,

3.65%,

06/10/25

(b)

6,600

6,407,253

Swedbank

AB,

0.60%,

09/25/23

(b)

.......

4,000

3,919,048

Truist

Bank,

(1-Day

SOFR

0.20%),

5.01%,

01/17/24

(a)

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

20,000

19,764,087

Westpac

Banking

Corp.

5.35%,

10/18/24

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

5,500

5,548,228

1.02%,

11/18/24

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

2,395

2,262,690

(1-Day

SOFR

0.30%),

5.14%,

11/18/24

(a)

8,985

8,943,925

204,672,244

Beverages

—

1.8%

Coca-Cola

Europacific

Partners

plc,

0.50%,

05/05/23

(b)

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

28,000

27,988,517

Broadline

Retail

—

0.4%

eBay,

Inc.,

5.90%,

11/22/25

...........

5,500

5,654,724

Capital

Markets

—

6.9%

Bank

New

York

Mellon

Corp.

(The),

(1-Day

SOFR

0.57%),

3.43%,

06/13/25

(a)

....

6,600

6,462,368

Credit

Suisse

1.00%,

05/05/23

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

5,000

4,987,500

0.50%,

02/02/24

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

2,670

2,515,327

(SOFR

Index

0.39%),

5.07%,

02/02/24

(a)

15,000

14,520,110

Deutsche

Bank

Series

0.96%,

11/08/23

..........

9,000

8,714,453

Series

(1-Day

SOFR

0.50%),

5.36%,

11/08/23

(a)

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

13,175

13,055,891

4.16%,

05/13/25

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

3,900

3,764,728

Goldman

Sachs

Group,

Inc.

(The),

1.22%,

12/06/23

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

4,000

3,905,952

Morgan

Stanley

(a)

(1-Day

SOFR

0.47%),

5.33%,

11/10/23

15,000

14,982,114

(1-Day

SOFR

0.46%),

5.26%,

01/25/24

8,000

7,992,160

UBS

(b)

(1-Day

SOFR

0.32%),

5.17%,

06/01/23

(a)

7,525

7,524,908

(1-Day

SOFR

0.36%),

5.22%,

02/09/24

(a)

5,000

4,984,419

BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

0.70%,

08/09/24

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

USD

3,680

3,454,054

(1-Day

SOFR

0.45%),

5.31%,

08/09/24

(a)

6,775

6,733,300

1.38%,

01/13/25

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

4,430

4,115,681

107,712,965

Chemicals

—

0.3%

Ecolab,

Inc.,

0.90%,

12/15/23

.........

2,695

2,626,156

Sherwin-Williams

Co.

(The),

4.05%,

08/08/24

2,775

2,739,533

5,365,689

Consumer

Finance

—

4.0%

American

Express

Co.,

3.38%,

05/03/24

...

2,695

2,644,783

American

Honda

Finance

Corp.

0.88%,

07/07/23

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

838

831,549

(3-mo.

LIBOR

USD

0.42%),

5.43%,

09/08/23

(a)

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

5,790

5,781,971

0.75%,

08/09/24

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

2,040

1,935,510

Capital

One

Financial

Corp.,

(1-Day

SOFR

1.37%),

4.17%,

05/09/25

(a)

..........

6,800

6,621,160

Caterpillar

Financial

Services

Corp.

0.60%,

09/13/24

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

6,730

6,383,934

(1-Day

SOFR

0.27%),

5.10%,

09/13/24

(a)

12,325

12,268,673

Hyundai

Capital

Services,

Inc.,

0.75%,

09/15/23

(b)

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

15,000

14,718,087

John

Deere

Capital

Corp.,

3.40%,

06/06/25

4,310

4,225,615

PACCAR

Financial

Corp.,

3.15%,

06/13/24

2,955

2,904,113

Toyota

Motor

Credit

Corp.,

4.40%,

09/20/24

5,000

4,985,715

63,301,110

Consumer

Staples

Distribution

Retail

—

0.4%

Walmart,

Inc.,

3.90%,

09/09/25

........

7,000

6,958,486

Diversified

Telecommunication

Services

—

1.8%

Bell

Telephone

Co.

Canada,

Series

US-3,

0.75%,

03/17/24

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

8,000

7,664,769

Verizon

Communications,

Inc.

0.75%,

03/22/24

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

3,325

3,201,206

(SOFR

Index

0.50%),

5.34%,

03/22/24

(a)

16,955

16,939,258

27,805,233

Electric

Utilities

—

4.1%

Duke

Energy

Corp.,

(1-Day

SOFR

0.25%),

5.09%,

06/10/23

(a)

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

13,375

13,372,844

Eversource

Energy,

Series

(SOFR

Index

0.25%),

5.11%,

08/15/23

(a)

..........

19,015

18,997,314

Florida

Power

Light

Co.

(a)

(SOFR

Index

0.25%),

5.11%,

05/10/23

5,120

5,119,001

(SOFR

Index

0.38%),

5.20%,

01/12/24

2,505

2,494,954

NextEra

Energy

Capital

Holdings,

Inc.

(SOFR

Index

0.40%),

5.26%,

11/03/23

(a)

20,000

19,949,486

6.05%,

03/01/25

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

915

930,213

Wisconsin

Public

Service

Corp.,

5.35%,

11/10/25

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

2,720

2,767,033

63,630,845

Electronic

Equipment,

Instruments

Components

—

0.1%

Amphenol

Corp.,

4.75%,

03/30/26

.......

750

754,079

Financial

Services

—

2.2%

LSEGA

Financing

plc,

0.65%,

04/06/24

(b)

3,120

2,972,322

National

Rural

Utilities

Cooperative

Finance

Corp.,

Series

(1-Day

SOFR

0.33%),

5.14%,

10/18/24

(a)

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

5,000

4,949,460

Nationwide

Building

Society,

0.55%,

01/22/24

(b)

1,520

1,461,591

NTT

Finance

Corp.

(b)

0.58%,

03/01/24

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

6,005

5,783,462

4.14%,

07/26/24

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

1,120

1,110,076

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Siemens

Financieringsmaatschappij

NV,

(1-Day

SOFR

0.43%),

5.26%,

03/11/24

(a)(b)

...

USD

18,980

18,965,757

35,242,668

Food

Products

—

2.2%

Cargill,

Inc.,

4.88%,

10/10/25

(b)

.........

5,185

5,222,386

Hormel

Foods

Corp.,

0.65%,

06/03/24

....

5,565

5,319,319

Nestle

Holdings,

Inc.

(b)

0.61%,

09/14/24

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

15,000

14,183,014

4.00%,

09/12/25

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

6,200

6,163,632

Unilever

Capital

Corp.,

0.63%,

08/12/24

...

4,635

4,390,786

35,279,137

Health

Care

Providers

Services

—

0.9%

UnitedHealth

Group,

Inc.

0.55%,

05/15/24

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

8,030

7,684,664

5.00%,

10/15/24

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

6,000

6,031,997

13,716,661

Hotels,

Restaurants

Leisure

—

0.2%

Starbucks

Corp.,

(SOFR

Index

0.42%),

5.27%,

02/14/24

(a)

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

3,490

3,487,950

Insurance

—

4.0%

(b)

Brighthouse

Financial

Global

Funding,

1.20%,

12/15/23

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

5,000

4,850,166

MassMutual

Global

Funding

II,

4.15%,

08/26/25

2,238

2,199,817

Metropolitan

Life

Global

Funding

(1-Day

SOFR

0.32%),

5.13%,

01/07/24

(a)

....

20,000

19,949,626

New

York

Life

Global

Funding

3.15%,

06/06/24

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

3,360

3,297,147

(SOFR

Index

0.43%),

5.26%,

06/06/24

(a)

3,655

3,644,459

3.60%,

08/05/25

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

6,200

6,034,292

Northwestern

Mutual

Global

Funding,

4.00%,

07/01/25

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

6,400

6,290,690

Principal

Life

Global

Funding

0.75%,

08/23/24

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

705

664,480

(1-Day

SOFR

0.38%),

5.22%,

08/23/24

(a)

680

676,364

Protective

Life

Global

Funding

0.63%,

10/13/23

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

5,670

5,540,054

0.47%,

01/12/24

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

10,000

9,635,402

62,782,497

Life

Sciences

Tools

Services

—

0.5%

Thermo

Fisher

Scientific,

Inc.,

(SOFR

Index

0.53%),

5.34%,

10/18/24

(a)

..........

7,495

7,493,187

Machinery

—

0.2%

Daimler

Truck

Finance

North

America

LLC,

5.20%,

01/17/25

(b)

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

2,545

2,552,822

Media

—

0.1%

Comcast

Corp.,

5.25%,

11/07/25

.......

1,000

1,020,644

Multi-Utilities

—

2.4%

Dominion

Energy,

Inc.,

Series

(3-mo.

LIBOR

USD

0.53%),

5.40%,

09/15/23

(a)

.....

34,725

34,695,382

WEC

Energy

Group,

Inc.,

5.00%,

09/27/25

2,560

2,573,587

37,268,969

Oil,

Gas

Consumable

Fuels

—

4.1%

Chevron

USA,

Inc.,

(3-mo.

LIBOR

USD

0.20%),

5.07%,

08/11/23

(a)

..........

35,515

35,513,126

Enbridge,

Inc.

0.55%,

10/04/23

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

1,890

1,849,083

(SOFR

Index

0.63%),

5.49%,

02/16/24

(a)

5,520

5,504,863

TransCanada

PipeLines

Ltd.,

1.00%,

10/12/24

22,930

21,530,521

64,397,593

BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.3%

Roche

Holdings,

Inc.,

(1-Day

SOFR

0.24%),

5.07%,

03/05/24

(a)(b)

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

USD

5,370

5,358,514

Semiconductors

Semiconductor

Equipment

—

0.7%

Analog

Devices,

Inc.,

(1-Day

SOFR

0.25%),

5.07%,

10/01/24

(a)

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

7,055

7,006,301

NVIDIA

Corp.,

0.58%,

06/14/24

........

4,000

3,826,017

10,832,318

Specialty

Retail

—

0.5%

Home

Depot,

Inc.

(The),

4.00%,

09/15/25

1,910

1,904,681

Lowe's

Cos.,

Inc.

4.40%,

09/08/25

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

4,150

4,133,805

4.80%,

04/01/26

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

1,760

1,772,629

7,811,115

Tobacco

—

0.3%

Philip

Morris

International,

Inc.,

5.13%,

11/15/24

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

5,000

5,031,183

Total

Corporate

Bonds

—

55.2%

(Cost:

$879,214,469)

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

867,025,102

Foreign

Agency

Obligations

Canada

—

0.2%

CDP

Financial,

Inc.,

4.50%

02/13/26

(b)

....

2,523

2,545,153

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$2,517,508)

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

2,545,153

Municipal

Bonds

Alabama

—

0.1%

Alabama

Federal

Aid

Highway

Finance

Authority

Series

2021B,

RB,

0.45%, 09/01/23

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

2,255

2,221,115

Arizona

—

0.2%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Series

2021-MIZ9060TX,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

5.21%, 05/01/23

(b)(c)(d)

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

3,607

3,607,036

California

—

0.0%

Port

Oakland

Series

2020R,

RB,

0.82%, 05/01/23

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

400

399,841

Florida

—

0.1%

County

Miami-Dade

Series

2021A,

RB,

0.71%, 10/01/23

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

1,000

980,614

Illinois

—

0.1%

State

Illinois

Series

2023A,

GO,

5.25%, 05/01/25

(e)

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

1,485

1,491,914

New

York

—

0.5%

Port

Authority

New

York

New

Jersey

Series

2020AAA,

RB,

1.09%, 07/01/23

4,140

4,111,163

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trus

Receipts/Certificates

(b)(c)(d)

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

5.22%, 05/04/23

........

2,220

2,220,000

Series

2020-BTMFT-003,

RB,

VRDN

(Barclays

Bank

plc

LOC),

5.22%, 05/04/23

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

900

900,000

7,231,163

Security

Par

(000)

Par

(000)

Value

Other

—

0.3%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

Series

2020-MIZ9035,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

5.23%, 05/01/23

(b)(c)(d)

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

USD

5,000

5,000,000

Total

Municipal

Bonds

—

1.3%

(Cost:

$21,007,036)

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

20,931,683

Total

Long-Term

Investments

—

60.2%

(Cost:

$957,648,582)

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

945,243,243

Short-Term

Securities

Certificates

Deposit

—

8.2%

Domestic

—

0.3%

Wells

Fargo

Bank

NA,

(1-Day

SOFR

0.50%),

5.31%, 01/22/24

(a)

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

4,000

4,000,042

Yankee

—

7.9%

(f)

Bank

Montreal,

Chicago,

5.40%, 10/13/23

5,000

4,997,675

Bank

Nova

Scotia

(The),

Houston,

(1-Day

SOFR

0.49%),

5.30%, 01/26/24

(a)

....

8,000

7,999,083

Barclays

Bank

plc,

New

York,

5.55%, 02/07/24

4,600

4,601,251

Bayerische

Landesbank,

New

York,

0.90%, 06/27/23

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

12,000

11,913,555

Canadian

Imperial

Bank

Commerce,

New

York,

4.65%, 09/14/23

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

5,800

5,783,053

Cooperatieve

Rabobank

UA,

New

York,

5.18%, 02/01/24

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

5,000

4,987,785

Credit

Suisse

AG,

New

York,

(SOFR

Index

0.54%),

5.36%, 01/19/24

(a)

..........

3,000

2,946,695

Lloyds

Bank

Corporate

Markets

plc,

New

York,

5.24%, 10/12/23

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

5,000

4,993,155

National

Australia

Bank

Ltd.,

New

York,

(1-Day

SOFR

0.52%),

5.33%, 04/26/24

(a)

....

3,970

3,969,651

Natixis

SA,

New

York,

5.15%, 11/02/23

....

2,000

1,996,711

Royal

Bank

Canada,

New

York,

4.08%, 07/14/23

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

25,000

24,923,876

Standard

Chartered

Bank,

New

York

(a)

(1-Day

SOFR

0.35%),

5.15%, 05/01/23

10,000

10,000,000

(1-Day

SOFR

0.42%),

5.22%, 07/28/23

5,000

5,001,224

Svenska

Handelsbanken

AB,

New

York,

(1-Day

SOFR

0.35%),

5.15%, 10/25/23

(a)

....

3,158

3,157,684

Toronto-Dominion

Bank,

New

York

2.90%, 06/06/23

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

10,000

9,976,199

4.35%, 09/13/23

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

6,100

6,072,725

5.30%, 01/29/24

(a)

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

5,000

4,999,531

Westpac

Banking

Corp.,

New

York,

4.22%, 09/06/23

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

6,200

6,172,982

124,492,835

Total

Certificates

Deposit

—

8.2%

(Cost:

$128,825,575)

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

128,492,877

Commercial

Paper

—

20.1%

Amcor

Finance

USA,

Inc.,

5.31%

05/30/23

(g)

11,100

11,046,177

Amcor

Flexibles

North

America,

Inc.

(g)

5.27%,

05/05/23

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

2,695

2,692,354

5.28%,

05/22/23

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

5,400

5,380,909

Ameren

Corp.,

5.12%

05/10/23

(g)

........

2,500

2,495,768

Ameren

Illinois

Co.,

5.27%

05/25/23

(g)

....

8,565

8,531,462

American

Electric

Power

Co.,

Inc.

(g)

5.22%,

05/03/23

(b)

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

3,555

3,552,518

5.27%,

05/12/23

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

2,534

2,528,977

BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

American

Honda

Finance

Corp.

(g)

5.17%,

05/16/23

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

USD

3,277

3,268,816

5.30%,

06/06/23

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

3,818

3,796,330

Atlantic

Asset

Securitization

LLC,

5.14%

07/12/23

(g)

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

6,123

6,056,731

Bank

Montreal,

2.80%

05/12/23

.......

5,000

4,995,819

BASF

(b)(g)

5.28%,

06/30/23

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

6,860

6,799,399

5.57%,

10/02/23

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

17,500

17,090,012

Bell

Canada

Coupon

STRIPS,

5.27%

05/02/23

(g)

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

3,750

3,747,897

DNB

Bank

ASA,

5.18%

08/18/23

(b)(g)

......

12,540

12,343,217

Enbridge

US,

Inc.,

5.16%

05/01/23

(g)

.....

5,018

5,015,817

Estee

Lauder

Cos.,

Inc.

(The),

4.97%

05/15/23

(g)

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

7,500

7,482,632

Evergy

Kansas

Central,

Inc.,

4.98%

05/01/23

(g)

16,000

15,993,301

Evergy

Missouri

West,

Inc.,

5.29%

05/16/23

(b)(g)

5,637

5,622,527

Eversource

Energy

(g)

5.27%,

05/04/23

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

836

835,296

5.17%,

05/11/23

(b)

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

1,513

1,510,221

Fiserv,

Inc.,

5.28%

05/23/23

(g)

..........

12,500

12,454,939

HSBC

USA,

Inc.

(g)

4.46%,

08/14/23

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

10,000

9,843,400

4.85%,

09/07/23

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

5,000

4,903,567

Hyundai

Capital

America,

5.35%

06/07/23

(b)(g)

1,774

1,763,606

John

Deere

Canada

ULC,

5.03%

05/19/23

(b)(g)

12,800

12,763,622

Johnson

Johnson,

4.96%

05/12/23

(g)

....

6,700

6,687,436

Korea

Development

Bank

(The),

4.09%

05/26/23

(g)

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

5,000

4,980,746

Kreditanstalt

fuer

Wiederaufbau,

4.94%

05/30/23

(g)

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

5,000

4,978,062

LMA-Americas

LLC,

5.00%

05/02/23

(g)

....

3,000

2,998,391

Macquarie

Bank

Ltd.,

5.55%

02/12/24

(g)

...

5,000

4,790,757

Marriott

International,

Inc.,

5.17%

05/05/23

(g)

2,000

1,997,947

Mohawk

Industries,

Inc.,

5.01%

05/04/23

(b)(g)

4,300

4,296,396

National

Australia

Bank

Ltd.,

(1-Day

SOFR

0.35%),

5.16%

10/25/23

(a)(b)

.........

11,800

11,800,589

National

Grid

Holdings

Ltd.,

5.27%

05/26/23

(g)

3,250

3,236,777

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Nutrien

Financial

LLC,

5.27%

05/18/23

(b)(g)

USD

5,000

4,985,589

Nutrien

Ltd.

(g)

5.25%,

05/08/23

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

4,915

4,908,083

5.30%,

05/16/23

(b)

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

11,278

11,249,439

5.30%,

05/17/23

(b)

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

7,967

7,945,694

Penske

Truck

Leasing

Co.

LP,

5.22%

05/04/23

(g)

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

9,000

8,992,337

PPG

Industries,

Inc.,

5.18%

05/05/23

(b)(g)

...

12,354

12,341,917

RWE

AG,

5.62%

05/02/23

(b)(g)

..........

7,650

7,645,373

Salisbury

Receivables

Co.

LLC,

5.13%

08/02/23

(b)(g)

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

10,000

9,864,800

Sherwin-Williams

Co.

(The),

5.22%

05/08/23

(g)

4,350

4,343,973

TransCanada

PipeLines

Ltd.,

5.24%

05/18/23

(b)

(g)

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

4,460

4,447,227

Versailles

Commercial

Paper

LLC,

5.20%

07/05/23

(b)(g)

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

7,500

7,426,688

Volvo

Group

Treasury

US,

Inc.,

5.21%

05/08/23

(b)(g)

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

5,712

5,703,973

Vulcan

Materials

Co.,

5.22%

05/09/23

(g)

...

8,461

8,447,507

Total

Commercial

Paper

—

20.1%

(Cost:

$316,754,073)

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

316,585,015

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.72%

(h)(i)

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

157,075

Total

Money

Market

Funds

—

0.0%

(Cost:

$157,075)

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

157,075

Total

Repurchase

Agreements

—

11.3%

(Cost:

$177,500,000)

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

177,500,000

Total

Short-Term

Securities

—

39.6%

(Cost:

$623,236,723)

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

622,734,967

Total

Investments

—

99.8%

(Cost:

$1,580,885,305

)

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

1,567,978,210

Other

Assets

Less

Liabilities

—

0.2%

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

2,921,870

Net

Assets

—

100.0%

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

1,570,900,080

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Variable

rate

security.

Rate

period

end

and

maturity

the

date

the

principal

owed

can

recovered

through

demand.

(d)

These

securities

are

short-term

floating

rate

certificates

issued

tender

option

bond

trusts

and

are

secured

the

underlying

municipal

bond

securities.

(e)

When-issued

security.

(f)

Issuer

U.S.

branch

foreign

domiciled

bank.

(g)

Rates

are

the

current

rate

range

current

rates

period

end.

(h)

Affiliate

the

Fund.

(i)

Annualized

7-day

yield

period

end.

BlackRock

Short

Obligations

Fund

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

April

30,

2023

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/22

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

04/30/23

Held

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

242,996

—

(85,921)

(a)

—

157,075

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

rating

group

indexes,

and/or

defined

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Short

Obligations

Fund

Schedule

Investments

(unaudited)

(continued)

April

30,

2023

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

Value

Bank

America

Securities,

Inc.

...

5.13

(a)

04/28/23

06/05/23

32,000

32,173,280

Corporate/Debt

Obligations,

0.00%

5.72%,

due

10/25/35

06/25/62

.........

766,910,972

34,240,000

5.31

(a)

04/28/23

07/05/23

5,000

5,050,150

Corporate/Debt

Obligations,

6.34%

10.85%,

due

10/15/29

11/28/30

.......

7,205,111

5,750,001

–

37,000

39,990,001

–

BNP

Paribas

....

5.18

(a)

04/28/23

08/04/23

25,000

25,352,528

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

1.75%

15.00%,

due

07/06/24

12/31/79

.......

37,238,931

28,360,312

–

Citigroup

Global

Markets,

Inc.

...........

5.12

(a)

04/28/23

07/02/23

16,000

16,147,911

Corporate/Debt

Obligations,

0.00%

7.00%,

due

07/30/23

07/31/57

.........

18,299,833

16,837,021

5.14

(a)

04/28/23

08/01/23

6,000

6,081,383

Corporate/Debt

Obligations,

6.38%

6.45%,

due

07/20/34

6,741,135

6,636,793

–

22,000

23,473,814

–

Credit

Suisse

Securities

USA

LLC

.......

5.41

(b)

04/28/23

05/05/23

10,000

10,010,519

U.S.

Government