Schedule
of
Investments
(unaudited)
April
30,
2024
BlackRock
Short
Obligations
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
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
$
4,961,035
BMW
Vehicle
Lease
Trust
Series
2023-1,
Class
A2,
5.27%,
02/25/25
.
166
166,256
Series
2024-1,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.40%),
5.73%,
07/27/26
(a)
....................
1,420
1,421,251
CarMax
Auto
Owner
Trust
Series
2022-4,
Class
A2A,
5.34%,
12/15/25
901
900,453
Series
2023-1,
Class
A2A,
5.23%,
01/15/26
1,688
1,686,369
Series
2023-2,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.85%),
6.18%,
06/15/26
(a)
....................
2,614
2,618,940
Series
2023-3,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.60%),
5.93%,
11/16/26
(a)
....................
2,322
2,324,864
Series
2023-4,
Class
A2A,
6.08%,
12/15/26
2,703
2,709,339
Chase
Issuance
Trust,
Series
2022-A1,
Class
A,
3.97%,
09/15/27
................
4,700
4,606,484
Citibank
Credit
Card
Issuance
Trust,
Series
2023-A1,
Class
A1,
5.23%,
12/08/27
.....
1,379
1,372,695
CNH
Equipment
Trust,
Series
2023-A,
Class
A2,
5.34%,
09/15/26
...............
1,212
1,210,203
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
A2A,
5.19%,
06/15/25
139
138,543
Series
2023-B,
Class
A2A,
5.90%,
02/15/26
1,472
1,473,954
Ford
Credit
Auto
Owner
Trust,
Series
2024-A,
Class
A2A,
5.32%,
01/15/27
..........
2,030
2,026,036
Honda
Auto
Receivables
Owner
Trust
Series
2023-2,
Class
A2,
5.41%,
04/15/26
.
2,921
2,917,038
Series
2024-1,
Class
A2,
5.36%,
09/15/26
.
3,133
3,127,930
Hyundai
Auto
Lease
Securitization
Trust
(b)
Series
2023-A,
Class
A2A,
5.20%,
04/15/25
834
833,983
Series
2023-B,
Class
A2A,
5.47%,
09/15/25
1,183
1,181,749
Series
2023-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.75%),
6.08%,
09/15/25
(a)
....................
1,278
1,279,676
Mercedes-Benz
Auto
Lease
Trust,
Series
2023-
A,
Class
A2,
5.24%,
11/17/25
..........
4,555
4,549,991
Mercedes-Benz
Auto
Receivables
Trust,
Series
2023-2,
Class
A2,
5.92%,
11/16/26
......
2,072
2,075,117
Nissan
Auto
Receivables
Owner
Trust
Series
2022-B,
Class
A2,
4.50%,
08/15/25
.
801
799,952
Series
2023-A,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.65%),
5.98%,
02/17/26
(a)
....................
3,738
3,743,093
Toyota
Auto
Receivables
Owner
Trust
Series
2023-B,
Class
A2A,
5.28%,
05/15/26
2,230
2,226,956
Series
2023-B,
Class
A2B,
(SOFR
30
day
Average
at
0.52%
Floor
+
0.52%),
5.85%,
05/15/26
(a)
....................
2,122
2,124,148
Series
2024-A,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.35%),
5.68%,
12/15/26
(a)
....................
4,659
4,659,161
Toyota
Lease
Owner
Trust,
Series
2024-A,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.40%),
5.73%,
07/20/26
(a)
(b)
.....
2,304
2,304,902
Total
Asset-Backed
Securities
—
4
.9
%
(Cost:
$
59,574,690
)
...............................
59,440,118
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
0.3%
Lockheed
Martin
Corp.,
4.95%,
10/15/25
...
USD
2,220
$
2,209,812
RTX
Corp.,
5.00%,
02/27/26
...........
1,595
1,582,101
3,791,913
Automobiles
—
2.9%
(b)
BMW
US
Capital
LLC,
(SOFR
Index
at
0.00%
Floor
+
0.38%),
5.76%,
08/12/24
(a)
......
17,735
17,740,531
Hyundai
Capital
America,
5.25%,
01/08/27
..
2,625
2,593,901
Mercedes-Benz
Finance
North
America
LLC
5.38%
,
08/01/25
..................
3,330
3,323,268
4.90%
,
01/09/26
..................
3,150
3,122,678
Volkswagen
Group
of
America
Finance
LLC
(a)
(1-day
SOFR
+
0.95%),
6.31%
,
06/07/24
.
5,140
5,143,498
(1-day
SOFR
+
0.83%),
6.18%
,
03/20/26
.
3,140
3,145,370
35,069,246
Banks
—
15.6%
Australia
&
New
Zealand
Banking
Group
Ltd.,
5.09%,
12/08/25
.................
3,245
3,228,262
Banco
Santander
SA
3.89%
,
05/24/24
..................
6,800
6,792,240
2.71%
,
06/27/24
..................
1,200
1,194,584
(1Y
CMT
+
0.45%),
5.68%
,
06/30/24
(a)
...
6,800
6,798,809
Bank
of
America
Corp.,
(1-day
SOFR
+
0.41%),
5.79%,
06/14/24
(a)
................
15,915
15,915,896
Banque
Federative
du
Credit
Mutuel
SA
(b)
4.94%
,
01/26/26
..................
4,800
4,743,033
5.09%
,
01/23/27
..................
3,140
3,103,322
BPCE
SA
(b)
5.10%
,
01/26/26
..................
3,140
3,110,399
5.20%
,
01/18/27
..................
2,010
1,992,271
Citigroup,
Inc.,
(1-day
SOFR
+
1.37%),
4.14%,
05/24/25
(a)
.....................
2,025
2,022,402
Cooperatieve
Rabobank
UA,
3.88%,
08/22/24
6,100
6,067,859
JPMorgan
Chase
&
Co.,
(1-day
SOFR
+
0.98%),
3.85%,
06/14/25
(a)
...........
6,600
6,583,066
KeyBank
NA
(SOFR
Index
at
0.00%
Floor
+
0.32%),
5.68%
,
06/14/24
(a)
...............
14,355
14,346,750
(SOFR
Index
at
0.00%
Floor
+
0.32%),
5.68%
,
06/14/24
(a)
...............
6,000
5,996,874
4.15%
,
08/08/25
..................
2,050
1,989,951
Mitsubishi
UFJ
Financial
Group,
Inc.
(a)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
4.79%
,
07/18/25
.....................
9,410
9,383,372
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.55%),
5.06%
,
09/12/25
.....................
5,895
5,872,998
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
5.72%
,
02/20/26
.....................
3,600
3,592,565
National
Australia
Bank
Ltd.
5.20%
,
05/13/25
..................
3,140
3,131,143
4.75%
,
12/10/25
..................
2,160
2,139,191
(1-day
SOFR
+
0.55%),
5.87%
,
01/29/26
(a)
(b)
5,150
5,150,263
Nordea
Bank
Abp
(b)
3.60%
,
06/06/25
..................
4,425
4,331,779
4.75%
,
09/22/25
..................
6,100
6,034,780
5.00%
,
03/19/27
..................
3,150
3,115,247
PNC
Financial
Services
Group,
Inc.
(The),
(SOFR
Index
+
1.09%),
5.67%,
10/28/25
(a)
.
5,450
5,445,037
Societe
Generale
SA,
4.35%,
06/13/25
(b)
....
5,000
4,931,309
Sumitomo
Mitsui
Financial
Group,
Inc.,
5.46%,
01/13/26
......................
4,800
4,786,939
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Sumitomo
Mitsui
Trust
Bank
Ltd.
(b)
0.80%
,
09/16/24
..................
USD
8,000
$
7,848,990
(1-day
SOFR
+
0.44%),
5.78%
,
09/16/24
(a)
10,000
10,008,682
Svenska
Handelsbanken
AB
(b)
0.55%
,
06/11/24
..................
1,010
1,004,508
3.65%
,
06/10/25
..................
6,600
6,463,801
Wells
Fargo
Bank
NA
5.55%
,
08/01/25
..................
3,340
3,341,769
4.81%
,
01/15/26
..................
3,150
3,114,807
Westpac
Banking
Corp.
5.35%
,
10/18/24
..................
5,500
5,492,723
1.02%
,
11/18/24
..................
2,395
2,336,742
(1-day
SOFR
+
0.30%),
5.67%
,
11/18/24
(a)
8,985
8,986,878
190,399,241
Broadline
Retail
—
0.5%
eBay,
Inc.,
5.90%,
11/22/25
............
5,500
5,512,422
Capital
Markets
—
2.5%
Bank
of
New
York
Mellon
(The),
(1-day
SOFR
+
0.45%),
5.81%,
03/13/26
(a)
...........
2,220
2,222,329
Deutsche
Bank
AG,
4.16%,
05/13/25
......
3,900
3,833,651
Goldman
Sachs
Bank
USA
(a)
(1-day
SOFR
+
0.78%),
5.28%
,
03/18/27
.
3,150
3,129,230
(1-day
SOFR
+
0.77%),
6.12%
,
03/18/27
.
3,150
3,152,325
Macquarie
Bank
Ltd.,
5.39%,
12/07/26
(b)
....
1,990
1,984,475
National
Securities
Clearing
Corp.,
5.15%,
05/30/25
(b)
.....................
1,230
1,225,029
UBS
AG
(b)
0.70%
,
08/09/24
..................
3,680
3,629,338
(1-day
SOFR
at
0.00%
Floor
+
0.45%),
5.83%
,
08/09/24
(a)
...............
6,775
6,779,405
1.38%
,
01/13/25
..................
4,430
4,299,596
30,255,378
Chemicals
—
0.2%
Sherwin-Williams
Co.
(The),
4.05%,
08/08/24
.
2,775
2,762,132
Consumer
Finance
—
3.6%
American
Express
Co.
3.38%
,
05/03/24
..................
2,695
2,694,814
(1-day
SOFR
+
0.75%),
6.07%
,
04/23/27
(a)
3,050
3,054,596
American
Honda
Finance
Corp.,
(1-day
SOFR
+
0.60%),
5.98%,
08/14/25
(a)
.........
3,130
3,135,684
Capital
One
Financial
Corp.,
(1-day
SOFR
+
1.37%),
4.17%,
05/09/25
(a)
...........
6,800
6,797,099
Caterpillar
Financial
Services
Corp.,
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
5.63%,
09/13/24
(a)
.....................
12,325
12,330,279
John
Deere
Capital
Corp.,
3.40%,
06/06/25
..
4,310
4,218,198
PACCAR
Financial
Corp.,
3.15%,
06/13/24
..
2,955
2,948,310
Toyota
Motor
Credit
Corp.
(1-day
SOFR
at
0.00%
Floor
+
0.62%),
5.94%
,
06/13/24
(a)
...............
3,635
3,636,954
4.40%
,
09/20/24
..................
5,000
4,977,684
43,793,618
Consumer
Staples
Distribution
&
Retail
—
0.6%
Walmart,
Inc.,
3.90%,
09/09/25
.........
7,000
6,881,126
Electric
Utilities
—
0.7%
Florida
Power
&
Light
Co.,
4.45%,
05/15/26
..
1,915
1,884,562
NextEra
Energy
Capital
Holdings,
Inc.
6.05%
,
03/01/25
..................
915
916,812
(SOFR
Index
+
0.76%),
6.08%
,
01/29/26
(a)
3,130
3,137,650
Wisconsin
Public
Service
Corp.,
5.35%,
11/10/25
......................
2,720
2,712,371
8,651,395
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Amphenol
Corp.
4.75%
,
03/30/26
..................
USD
750
$
740,022
5.05%
,
04/05/27
..................
2,755
2,736,599
3,476,621
Financial
Services
—
0.7%
JPMorgan
Chase
Bank
NA,
5.11%,
12/08/26
.
3,030
3,009,867
National
Rural
Utilities
Cooperative
Finance
Corp.,
Series
D,
(1-day
SOFR
+
0.33%),
5.66%,
10/18/24
(a)
................
5,000
5,002,808
NTT
Finance
Corp.,
4.14%,
07/26/24
(b)
.....
1,120
1,115,746
9,128,421
Food
Products
—
0.9%
(b)
Cargill,
Inc.,
4.88%,
10/10/25
...........
5,185
5,146,137
Nestle
Holdings,
Inc.,
4.00%,
09/12/25
.....
6,200
6,087,305
11,233,442
Health
Care
Providers
&
Services
—
0.5%
UnitedHealth
Group,
Inc.,
5.00%,
10/15/24
..
6,000
5,993,615
Hotels,
Restaurants
&
Leisure
—
0.3%
Starbucks
Corp.,
4.85%,
02/08/27
........
3,130
3,092,330
Insurance
—
2.4%
(b)
MassMutual
Global
Funding
II,
4.15%,
08/26/25
2,238
2,198,277
New
York
Life
Global
Funding
3.15%
,
06/06/24
..................
3,360
3,350,893
(1-day
SOFR
+
0.70%),
6.06%
,
06/13/25
(a)
3,700
3,716,193
3.60%
,
08/05/25
..................
6,200
6,052,784
Northwestern
Mutual
Global
Funding,
4.00%,
07/01/25
......................
6,400
6,290,878
Pacific
Life
Global
Funding
II,
(SOFR
Index
at
0.00%
Floor
+
0.86%),
6.21%,
06/16/25
(a)
..
3,515
3,535,995
Principal
Life
Global
Funding
II
0.75%
,
08/23/24
..................
705
694,117
(1-day
SOFR
at
0.00%
Floor
+
0.38%),
5.75%
,
08/23/24
(a)
...............
680
680,171
Protective
Life
Global
Funding,
4.99%,
01/12/27
3,150
3,109,448
29,628,756
Machinery
—
0.4%
Daimler
Truck
Finance
North
America
LLC
(b)
5.20%
,
01/17/25
..................
2,545
2,533,899
5.00%
,
01/15/27
..................
2,260
2,229,058
4,762,957
Media
—
0.1%
Comcast
Corp.,
5.25%,
11/07/25
........
1,000
998,146
Multi-Utilities
—
0.2%
WEC
Energy
Group,
Inc.,
5.00%,
09/27/25
..
2,560
2,535,528
Oil,
Gas
&
Consumable
Fuels
—
1.8%
TransCanada
PipeLines
Ltd.,
1.00%,
10/12/24
22,930
22,445,050
Pharmaceuticals
—
1.2%
Bristol-Myers
Squibb
Co.
4.95%
,
02/20/26
..................
4,495
4,463,988
(1-day
SOFR
+
0.49%),
5.86%
,
02/20/26
(a)
2,055
2,062,271
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.65%,
05/19/25
......................
7,600
7,539,598
14,065,857
Semiconductors
&
Semiconductor
Equipment
—
0.6%
Analog
Devices,
Inc.,
(SOFR
Index
+
0.25%),
5.58%,
10/01/24
(a)
................
7,055
7,054,832
Specialty
Retail
—
0.6%
Home
Depot,
Inc.
(The),
4.00%,
09/15/25
...
1,910
1,875,424
Lowe's
Cos.,
Inc.
4.40%
,
09/08/25
..................
4,150
4,090,880
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
4.80%
,
04/01/26
..................
USD
1,760
$
1,739,877
7,706,181
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Hewlett
Packard
Enterprise
Co.,
5.90%,
10/01/24
......................
3,600
3,601,039
Tobacco
—
0.4%
Philip
Morris
International,
Inc.,
5.13%,
11/15/24
5,000
4,987,190
Total
Corporate
Bonds
—
37
.6
%
(Cost:
$
460,720,188
)
..............................
457,826,436
Foreign
Agency
Obligations
Canada
—
0.2%
CDP
Financial,
Inc.
,
4.50%
,
02/13/26
(b)
.....
2,523
2,487,640
Total
Foreign
Agency
Obligations
—
0
.2
%
(Cost:
$
2,519,402
)
...............................
2,487,640
Municipal
Bonds
Illinois
—
0
.1
%
State
of
Illinois
,
Series
2023A
,
GO
,
5.25
%
,
05/01/25
..................
1,485
1,476,028
Other
—
0
.3
%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
(b)(c)(d)
Series
2020-BTMFT-003
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
5.63
%
,
05/02/24
................
700
700,000
Series
2020-11
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
5.63
%
,
05/02/24
.........
2,220
2,220,000
2,920,000
Total
Municipal
Bonds
—
0
.4
%
(Cost:
$
4,405,000
)
...............................
4,396,028
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
4.75
%
,
07/31/25
..................
6,220
6,186,714
5.00
%
,
08/31/25
-
09/30/25
...........
6,020
6,004,597
4.88
%
,
11/30/25
..................
3,080
3,067,006
1.63
%
,
02/15/26
..................
2,580
2,427,921
Total
U.S.
Treasury
Obligations
—
1
.4
%
(Cost:
$
17,716,164
)
...............................
17,686,238
Total
Long-Term
Investments
—
44.5%
(Cost:
$
544,935,444
)
..............................
541,836,460
Short-Term
Securities
Certificates
of
Deposit
—
8.1%
Domestic
—
0.9%
Bank
of
America
NA
,
5.90
%
,
05/14/24
......
6,530
6,530,809
Citibank
NA
,
5.88
%
,
05/08/24
...........
4,490
4,490,319
11,021,128
Yankee
—
7.2%
(e)
Bank
of
Montreal,
Chicago
5.41
%
,
05/17/24
..................
7,600
7,599,394
(1-day
SOFR
+
0.30%),
5.62
%
,
02/11/25
(a)
.
5,610
5,610,052
Canadian
Imperial
Bank
of
Commerce,
New
York
5.80
%
,
06/07/24
..................
3,760
3,760,706
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.64%),
5.96
%
,
07/22/24
(a)
...............
USD
4,500
$
4,506,042
5.96
%
,
09/20/24
..................
6,000
6,006,741
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/19/24
..................
3,870
3,873,421
Cooperatieve
Rabobank
UA,
New
York
,
5.30
%
,
03/05/25
..................
5,500
5,487,734
Credit
Industriel
et
Commercial,
New
York
,
5.55
%
,
04/14/25
..................
10,070
10,065,331
DZ
Bank
AG,
New
York
,
5.75
%
,
06/13/24
....
8,500
8,502,864
HSBC
Bank
USA
NA,
New
York
,
(1-day
SOFR
+
0.30%),
5.62
%
,
02/20/25
(a)
..........
10,000
10,002,706
Royal
Bank
of
Canada,
New
York
5.88
%
,
06/27/24
..................
2,180
2,180,751
5.96
%
,
09/19/24
..................
7,250
7,259,594
Toronto-Dominion
Bank
(The),
New
York
6.00
%
,
08/26/24
..................
4,230
4,234,146
6.00
%
,
10/02/24
..................
9,250
9,263,027
88,352,509
Total
Certificates
of
Deposit
—
8
.1
%
(Cost:
$
99,339,843
)
...............................
99,373,637
Commercial
Paper
—
38.7%
ABN
AMRO
Funding
USA
LLC
,
5.45%
,
10/01/24
(b)
(f)
......................
1,440
1,406,498
Amcor
Finance
USA,
Inc.
,
5.55%
,
05/17/24
(b)
(f)
1,250
1,246,759
American
Electric
Power
Co.,
Inc.
,
5.63%
,
05/16/24
(b)
(f)
......................
3,750
3,740,858
American
Honda
Finance
Corp.
(f)
5.69%
,
05/08/24
..................
5,250
5,243,684
5.62%
,
06/24/24
..................
6,000
5,948,835
5.62%
,
07/03/24
..................
8,250
8,167,935
ANZ
New
Zealand
Int'l
Ltd.
,
5.90%
,
06/17/24
(b)
(f)
7,250
7,198,322
AstraZeneca
plc
,
5.50%
,
10/07/24
(b)
(f)
......
3,130
3,052,561
Australia
&
New
Zealand
Banking
Group
Ltd.
,
5.62%
,
07/01/24
(b)
(f)
................
12,260
12,147,911
Banco
Santander
SA
,
5.30%
,
08/29/24
(b)
(f)
...
3,180
3,121,966
Bay
Square
Funding
LLC
(b)
5.46%
,
07/02/24
(f)
.................
4,540
4,497,232
(1-day
SOFR
+
0.27%),
5.59%
,
10/11/24
(a)
5,200
5,200,113
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(The)
,
5.78%
,
05/03/24
(b)
(f)
............
9,750
9,745,597
BPCE
SA
,
5.93%
,
05/28/24
(b)
(f)
...........
12,850
12,796,847
Brookfield
Corporate
Treasury
Ltd.
,
5.70%
,
05/14/24
(b)
(f)
......................
9,410
9,389,192
Brookfield
Renewable
Energy
LP
(b)(f)
5.75%
,
05/01/24
..................
2,000
1,999,699
5.76%
,
05/07/24
..................
6,000
5,993,665
CDP
Financial,
Inc.
,
5.20%
,
02/03/25
(b)
(f)
....
6,940
6,655,687
CRH
America
Finance,
Inc.
,
5.64%
,
06/03/24
(b)
(f)
2,250
2,238,158
DNB
Bank
ASA
(b)(f)
5.90%
,
06/13/24
..................
12,550
12,468,932
5.54%
,
12/05/24
..................
5,390
5,216,398
HSBC
USA,
Inc.
(b)(f)
6.29%
,
11/27/24
..................
3,800
3,680,008
5.55%
,
01/21/25
..................
7,630
7,324,563
5.74%
,
02/14/25
..................
3,320
3,175,099
ING
US
Funding
LLC
5.43%
,
10/24/24
(b)
(f)
................
7,400
7,203,566
(1-day
SOFR
+
0.24%),
5.56%
,
11/18/24
(a)
3,500
3,499,890
Intercontinental
Exchange,
Inc.
,
5.46%
,
05/02/24
(b)
(f)
......................
3,000
2,999,073
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Jupiter
Securitization
Co.
LLC
,
5.44%
,
07/17/24
(b)
(f)
......................
USD
9,370
$
9,260,655
Keurig
Dr
Pepper,
Inc.
(b)(f)
5.55%
,
05/22/24
..................
9,230
9,199,003
5.61%
,
06/24/24
..................
15,230
15,100,746
Korea
Development
Bank
,
5.38%
,
07/16/24
(f)
.
4,500
4,448,218
Lime
Funding
LLC
,
5.42%
,
06/28/24
(b)
(f)
.....
7,200
7,136,284
LMA-Americas
LLC
,
5.41%
,
06/12/24
(b)
(f)
....
6,860
6,815,717
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(b)(f)
5.81%
,
05/23/24
..................
1,951
1,944,364
5.44%
,
01/09/25
..................
6,880
6,627,212
Macquarie
Bank
Ltd.
(b)(f)
5.95%
,
05/16/24
..................
4,780
4,768,554
5.79%
,
11/27/24
..................
3,430
3,320,921
5.31%
,
02/18/25
..................
6,510
6,225,801
Marriott
International,
Inc.
(b)(f)
5.54%
,
05/16/24
..................
3,750
3,740,692
5.54%
,
05/22/24
..................
7,500
7,474,287
5.55%
,
05/28/24
..................
6,200
6,173,092
Microchip
Technology,
Inc.
(b)(f)
5.53%
,
05/10/24
..................
4,500
4,493,009
5.53%
,
05/17/24
..................
4,060
4,049,266
5.53%
,
05/24/24
..................
8,500
8,468,240
5.53%
,
05/30/24
..................
3,750
3,732,469
Mitsubishi
HC
Finance
America
LLC
(b)(f)
5.63%
,
06/04/24
..................
2,000
1,989,072
5.62%
,
06/05/24
..................
2,250
2,237,355
National
Bank
of
Canada
(b)(f)
5.70%
,
05/24/24
..................
5,940
5,918,835
5.93%
,
11/06/24
..................
8,040
7,811,327
NatWest
Markets
plc
,
5.91%
,
05/20/24
(b)
(f)
...
3,370
3,360,038
NextEra
Energy
Capital
Holdings,
Inc.
,
5.62%
,
06/04/24
(b)
(f)
......................
2,500
2,486,454
Oversea-Chinese
Banking
Corp.
Ltd.
,
5.39%
,
06/03/24
(b)
(f)
......................
14,000
13,929,471
Penske
Truck
Leasing
Co.
LP
(b)(f)
5.54%
,
05/08/24
..................
7,630
7,620,641
5.54%
,
05/22/24
..................
4,500
4,484,555
Pfizer,
Inc.
,
5.34%
,
08/06/24
(b)
(f)
..........
9,000
8,869,056
PPG
Industries,
Inc.
(f)
5.54%
,
05/10/24
..................
3,250
3,245,086
5.54%
,
05/13/24
..................
6,250
6,237,686
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Royal
Bank
of
Canada
(f)
5.47%
,
10/15/24
(b)
.................
USD
4,050
$
3,948,847
5.80%
,
11/06/24
..................
8,950
8,698,279
Societe
Generale
SA
,
5.35%
,
10/02/24
(b)
(f)
...
10,400
10,163,626
Suncorp-Metway
Ltd.
(b)(f)
5.82%
,
05/08/24
..................
12,100
12,085,585
5.72%
,
05/28/24
..................
3,000
2,987,498
Svenska
Handelsbanken
AB
,
5.85%
,
08/09/24
(f)
8,750
8,620,648
UnitedHealth
Group,
Inc.
,
5.53%
,
09/16/24
(b)
(f)
.
9,160
8,970,399
Verizon
Communications,
Inc.
(b)(f)
5.53%
,
05/13/24
..................
5,500
5,489,143
5.56%
,
06/10/24
..................
3,750
3,726,180
Volvo
Treasury
North
America
LP
,
5.41%
,
11/15/24
(b)
(f)
......................
1,750
1,695,599
Vulcan
Materials
Co.
,
5.55%
,
05/21/24
(b)
(f)
...
6,240
6,219,925
VW
Credit,
Inc.
(b)(f)
6.02%
,
05/21/24
..................
10,630
10,595,803
5.59%
,
06/04/24
..................
5,390
5,360,794
Western
Union
Co.
(The)
(b)(f)
5.50%
,
05/01/24
..................
29,000
28,995,617
5.54%
,
05/02/24
..................
10,500
10,496,825
Westpac
Banking
Corp.
,
5.71%
,
11/07/24
(f)
...
6,870
6,676,666
Total
Commercial
Paper
—
38
.7
%
(Cost:
$
471,347,177
)
..............................
471,258,588
Shares
Shares
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.18
%
(g)
(h)
..................
301,903
301,903
Total
Money
Market
Funds
—
0
.0
%
(Cost:
$
301,903
)
.................................
301,903
Total
Repurchase
Agreements
—
8
.5
%
(Cost:
$
103,000,000
)
..............................
103,000,000
Total
Short-Term
Securities
—
55.3%
(Cost:
$
673,988,923
)
..............................
673,934,128
Total
Investments
—
99
.8
%
(Cost:
$
1,218,924,367
)
............................
1,215,770,588
Other
Assets
Less
Liabilities
—
0.2
%
....................
3,024,621
Net
Assets
—
100.0%
...............................
$
1,218,795,209
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(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)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
5
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
135,471
$
166,432
(a)
$
—
$
—
$
—
$
301,903
301,903
$
19,166
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
6
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.64
%
(a)
04/30/24
06/05/24
$
12,250
$
12,250,000
$
12,319,090
Corporate/Debt
Obligations,
3.47%
to
7.43%,
due
07/24/30
to
04/25/69
.........
$
15,043,867
$
13,107,500
5
.82
(a)
04/30/24
08/04/24
2,000
2,000,000
2,031,040
Corporate/Debt
Obligations,
5.75%
to
7.38%,
due
03/15/31
to
12/25/35
.........
13,080,495
2,290,243
–
–
$
14,250,000
$
15,397,743
–
–
BNP
Paribas
SA
....
5
.69
(a)
04/30/24
08/04/24
8,250
8,250,000
8,375,180
Corporate/Debt
Obligations,
4.00%
to
11.00%,
due
09/15/26
to
12/31/79
.......
8,886,355
9,470,634
–
–
Citigroup
Global
Markets,
Inc.
...........
5
.63
(a)
04/30/24
07/02/24
16,000
16,000,000
16,157,640
U.S.
Government
Sponsored
Agency
Obligations,
0.62%
to
5.50%,
due
06/25/30
to
02/16/64
.........
332,901,324
17,759,948
5
.65
(a)
04/30/24
08/01/24
6,000
6,000,000
6,087,575
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
4.00%
to
7.71%,
due
01/20/31
to
05/15/48
.........
7,481,125
6,433,232
–
–
$
22,000,000
$
24,193,180
–
–
Deutsche
Bank
Securities,
Inc.
...
5
.77
(a)
04/30/24
07/05/24
3,500
3,500,000
3,537,024
Corporate/Debt
Obligation,
3.88%,
due
04/01/29
.........
4,631,000
4,200,787
–
–
Goldman
Sachs
&
Co.
LLC
...........
5
.84
(a)
04/30/24
12/02/24
20,000
20,000,000
20,700,800
Corporate/Debt
Obligations,
0.50%
to
7.00%,
due
09/28/25
to
12/15/72
.........
97,217,697
21,564,457
–
–
Mizuho
Securities
USA
LLC
...........
5
.77
(a)
04/30/24
06/05/24
3,500
3,500,000
3,520,195
Corporate/Debt
Obligation,
9.09%,
due
02/25/40
.........
3,942,437
4,200,001
5
.87
(a)
04/30/24
07/31/24
19,000
19,000,000
19,285,021
Corporate/Debt
Obligation,
2.31%,
due
11/20/51
.........
22,573,917
20,330,001
–
–
$
22,500,000
$
24,530,002
–
–
Wells
Fargo
Securities
LLC
...........
5
.72
(a)
04/30/24
08/04/24
12,500
12,500,000
12,690,667
Corporate/Debt
Obligations,
0.00%,
due
05/07/24
to
09/25/24
13,217,290
13,125,000
–
–
$
103,000,000
$
112,481,803
–
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2024
BlackRock
Short
Obligations
Fund
7
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
...................................
$
—
$
59,440,118
$
—
$
59,440,118
Corporate
Bonds
........................................
—
457,826,436
—
457,826,436
Foreign
Agency
Obligations
.................................
—
2,487,640
—
2,487,640
Municipal
Bonds
.........................................
—
4,396,028
—
4,396,028
U.S.
Treasury
Obligations
...................................
—
17,686,238
—
17,686,238
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
99,373,637
—
99,373,637
Commercial
Paper
.......................................
—
471,258,588
—
471,258,588
Money
Market
Funds
......................................
301,903
—
—
301,903
Repurchase
Agreements
...................................
—
103,000,000
—
103,000,000
$
301,903
$
1,215,468,685
$
—
$
1,215,770,588
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CMT
Constant
Maturity
Treasury
GO
General
Obligation
Bonds
LOC
Letter
of
Credit
RB
Revenue
Bonds
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes