BISOX

Short Obligations Fund

Cash

BISOX

Short Obligations Fund

How To Buy

Overview

About this Fund

> Learn about opportunities surfacing in the short end of the market in our piece Go Long on the Short End.
> Read our Product Commentary to learn more about the Short Obligations Fund strategy.
> Learn more about the Short Obligations Institutional Share Class NAV history.
> Access the latest Schedule of Investments here.
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Performance

Performance


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.

Key Facts

Key Facts

Size of Class (Millions) as of Aug 14, 2020 $2,166.4 M
Size of Fund (Millions) as of Aug 14, 2020 $4,930.8 M
Base Currency U.S. Dollar
Share Class launch date Nov 15, 2012
Domicile United States
CUSIP 091936419
Fund Code -
Gross Expense Ratio 0.44%
Minimum Initial Investment $2,000,000.00
Trading Deadline 4:00 p.m. (ET)
Net Expense Ratio 0.35%
Asset Class Prime
Expenses are as of the most current prospectus. The Net Expense Ratio does not include a voluntary cap of 0.30% on Total Annual Fund Operating Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses as a percentage of average daily net assets). The voluntary waiver or reimbursement may be reduced or discontinued at any time without notice. BlackRock may contractually agree to waive or reimburse certain fees until a specified date. 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 certain fees and expenses which can 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.

Ratings

Ratings

Exposure Breakdowns

Exposure Breakdowns

as of Aug 13, 2020

% 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 Aug 13, 2020

% 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 Aug 13, 2020

% 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 Aug 13, 2020

% 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

Brett Davis, CFA
Brett Davis, CFA
Rich Mejzak, CFA
Rich Mejzak, CFA
Managing Director, Head of U.S. Portfolio Management for Cash Management

Rich Mejzak, CFA, Managing Director and portfolio manager, is head of U.S. Portfolio Management for the Cash Management Group, within BlackRock's Trading & Liquidity Strategies.

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Rich Mejzak, CFA, Managing Director and portfolio manager, is head of U.S. Portfolio Management for the Cash Management Group, within BlackRock's Trading & Liquidity Strategies. He is primarily responsiblefor USD & CDN liquidity and short duration portfolios, including securities lending collateral, mutual funds, separate accounts, and ETFs. Mr. Mejzak's service with the firm dates back to 1990, including his years with Merrill LynchInvestment Managers (MLIM), which merged with BlackRock in 2006.

Mr. Mejzak is a member of the CFA Institute and the CFA Society of Philadelphia. He earned a BS degree in accounting from Villanova University and serves onthe Villanova School of Business Finance Department Advisory Council.

Portfolio Manager

Literature

Literature