Cash

BBSOX

Short Obligations Fund

  • NAV as of Dec 04, 2025 $10.10

Overview

Investment Approach

Under normal market conditions, Short Obligations Fund will invest in U.S. dollar-denominated investment grade and short-term fixed and floating rate debt securities maturing in three years or less (with certain exceptions) and will maintain an average duration of half a year or less.
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Performance

Performance

Growth of Hypothetical $10,000

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Performance data quoted represents past performance and is not a guarantee of future results.

Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed may be worth more or less than their original costs. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. Please call 800-441-7762 to obtain performance data current to the most recent month-end.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 6 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 6 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 6 Month Treasury Bill Index.

  • Returns

  1y 3y 5y 10y
Total Return (%) 4.66 5.17 3.04 2.43
Benchmark (%) 4.37 4.90 3.01 2.21
Morningstar Category Avg. (%) 4.88 5.50 3.13 2.46
Morningstar Ranking 161/253 143/211 105/185 62/110
Morningstar Quartile 3 3 3 3
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 04, 2025
$1,018.8 M
Share Class launch date
Nov 15, 2012
Asset Class
Prime
Net Expense Ratio
0.30%
Domicile
United States
Trading Deadline
4:00 p.m. (ET)
Fitch Rating
NR
S&P Fund Rating
NR
Size of Class (Millions)
as of Dec 04, 2025
$19.2 M
Base Currency
U.S. Dollar
Gross Expense Ratio
0.35%
Minimum Initial Investment
USD 5,000,000.00
CUSIP
091936658
Fund Code
01845
Moody's Fund Rating
NR
Expenses are as of the most current prospectus. The difference between the Gross (Total) and Net expense ratios are due to contractual and/or voluntary waivers, if applicable. BlackRock has contractually agreed to waive or reimburse certain fees through June 30, 2026. Contractual waivers are terminable upon 90 days’ notice by a majority of the funds non-interested trustees or by a vote of the majority of the outstanding voting securities of the fund. The investment advisor and/or other service providers may also voluntarily agree to waive or reimburse certain fees and expenses. Such voluntary waivers and reimbursements may be discontinued at any time without notice. When waivers or reimbursements are in place, the operating expenses are reduced and total returns to the shareholder in the fund increase. Please see the prospectus for additional information.

Portfolio Characteristics

Portfolio Characteristics

Subsidized 30-Day SEC Yield
as of Oct 31, 2025
4.13%
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2025
3.98%
Effective Duration
as of Oct 31, 2025
0.43 yrs
Unsubsidized 1-day Yield
as of Dec 04, 2025
4.15%
Unsubsidized 7-day Yield
as of Dec 04, 2025
4.13%
Unsubsidized 30-day Yield
as of Dec 04, 2025
4.11%
Yield to Maturity
as of Oct 31, 2025
4.18%
Yield to Worst
as of Oct 31, 2025
4.14%
1-day Yield
as of Dec 04, 2025
4.30%
7-day Yield
as of Dec 04, 2025
4.29%
30-day Yield
as of Dec 04, 2025
4.26%

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.35%
Net Expense Ratio 0.30%

Net Expense Ratio excluding Investment Related Expenses is 0.30%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

Exposure Breakdowns

Exposure Breakdowns

as of Dec 03, 2025

% of Market Value

Type Fund
The "Other Instrument – Note" category represents investment grade corporate bonds. The “Other Repurchase Agreement” category represents repurchase agreements backed by non-government securities, and any repurchase agreements not categorized as U.S. Treasury or U.S. Government Agency.
Sector exposure is calculated by aggregating the percent par of individual securities in the portfolio by security type. BlackRock uses a proprietary process to determine the security type of individual securities, by conducting a thorough analysis of the issuer/obligor, including but not limited to any support providers or enhancers. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds). Allocations are subject to change.
as of Dec 03, 2025

% of Market Value

Type Fund
Geographic exposure is calculated by aggregating the percent par of holdings of individual securities in the portfolio based on a hierarchy by security type. For repurchase agreements, exposure is rolled-up to the counterparty for Other Repurchase agreements. For US Treasury and US Government Agency repurchase agreements, exposure looks through to the underlying collateral. For Asset Backed Commercial Paper (“ABCP”), exposure looks to the sponsor level of the ABCP conduit. For Variable Rate Demand Notes, exposure rolls up to the credit-enhancer. The Geography report represents BlackRock’s view of each security’s geography risk. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds). Allocations are subject to change.
as of Dec 03, 2025

% of Market Value

Type Fund
Maturity is provided in days. Maturity exposure is calculated by aggregating the percent par of holdings of individual securities in the portfolio by the legal final maturity date, or for securities that have a demand feature, the date in which the demand feature is exercised and proceeds received. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds). Allocations are subject to change.
as of Dec 03, 2025

% of Market Value

Type Fund
"No S/T Rating" represents issuers that do not have a short term rating or committed cash. For issuers that don’t have a short term rating their issuer or guarantor long term equivalent would have a rating of BBB-, or equivalent, or higher by at least one nationally recognized statistical rating organization.

Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted by BlackRock to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds). Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Bradford Glessner, CFA
Bradford Glessner, CFA
Director, Portfolio Manager

Bradford Glessner, CFA, Director, is a member of BlackRock's Cash Management Group. He is a Portfolio Manager responsible for managing active short-term fixed income portfolios for corporate, financial, and insurance clients.

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Bradford Glessner, CFA, Director, is a member of BlackRock's Cash Management Group. He is a Portfolio Manager responsible for managing active short-term fixed income portfolios for corporate, financial, and insurance clients.

 

Mr. Glessner joined BlackRock in 2013 in his current role. Previously, Mr. Glessner was a Senior Trader with BNY Mellon within their Cash Investment Strategies unit. In this role, he was responsible for security selection, investment strategy, and portfolio management for Dreyfus's Taxable Money Market funds, bank collective funds, and enhanced cash products. He started his career with Prudential Financial as an Investment Accountant.

 

Mr. Glessner earned a BS in Finance from The University of Delaware in 2001, and an MBA from NYU Stern School of Business in 2011, where he graduated Beta Gamma Sigma. Mr. Glessner is a CFA Charterholder.

Eric Hiatt, CFA, FRM
Eric Hiatt, CFA, FRM
Managing Director, Portfolio Manager

Eric D. Hiatt, CFA, FRM, Managing Director and portfolio manager, is the Head of U.S. Portfolio Management for Cash Management within BlackRock Global Markets.

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Eric D. Hiatt, CFA, FRM, Managing Director and portfolio manager, is the Head of U.S. Portfolio Management for Cash Management within BlackRock Global Markets. As a member of BlackRock Global Markets, he contributes to the development and implementation of investment strategy and serves as portfolio lead for the U.S. Prime funds, Collective Trust Funds and securities lending cash collateral.

 

Prior to joining BlackRock in 2012, Mr. Hiatt was a Senior Portfolio Manager at Dwight Asset Management Company where he was responsible for generating and directing tactical trading for the money market and ultra-short duration desk. Prior to joining Dwight in 2009, Mr. Hiatt was a Senior Portfolio Manager at Lehman Brothers Asset Management where he spent six years assisting in the development of portfolio strategy and implementation of investment objectives for global cash management team. Previously, he spent five years as a trader and assistant portfolio manager for Opus Investment Management. Mr. Hiatt began his career as an analyst in the Treasury group for Eastern Enterprises, a utility holding company, in 1997.

 

Mr. Hiatt earned a BS in finance from Bentley University in 1997 and an MBA from Boston College's Carroll School of Management in 2006.  He is a member of the CFA Institute and the Global Association of Risk Professionals.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature