1 of 4 UNAUDITED Schedule of Investments Blackrock Cash Funds: Institutional Money Market Master Portfolio Position Description CUSIP Par % Par Maturity or Reset Final Maturity 31-Dec-14 Yield or Moody's Amortized Cost Coupon Rating S&P Rating Country WAM 43 days / WAL 109 days Treasury Debt TREASURY BILL 912796EJ4 1,260,000,000 3.07% 660,000,000 1.61% 1,259,039,962 25-Jun-15 25-Jun-15 0.15% 659,512,284 Govt A-1+ United States TREASURY BILL 912796FS3 400,000,000 0.97% 2-Jul-15 2-Jul-15 0.13% 399,735,036 Govt A-1+ United States TREASURY FLOATING RATE NOTE 912828F70 200,000,000 0.49% 1-Jan-15 31-Oct-16 0.15% 199,792,641 Govt AA+ United States 1,695,050,000 4.12% Government Agency Debt 1,694,854,992 FEDERAL FARM CREDIT BANKS 31331KW22 32,000,000 0.08% 21-Jan-15 21-Nov-16 0.17% 32,052,246 Agency AA+ United States FEDERAL FARM CREDIT BANKS 3133EEGU8 150,000,000 0.37% 30-Jan-15 30-Jan-17 0.20% 149,936,569 Agency AA+ United States FEDERAL HOME LOAN BANKS 3130A14A3 100,000,000 0.24% 8-Mar-15 8-Sep-15 0.15% 99,989,563 Agency AA+ United States FFCB 3133ECAW4 79,750,000 0.19% 24-Jan-15 24-Feb-16 0.18% 79,787,628 Agency AA+ United States FFCB 3133EDAM4 100,000,000 0.24% 2-Jan-15 29-Mar-16 0.25% 99,987,420 Agency AA+ United States FFCB 3133EDKB7 75,000,000 0.18% 1-Jan-15 1-Aug-16 0.22% 74,987,974 Agency AA+ United States FFCB 3133EDPM8 74,500,000 0.18% 5-Jan-15 3-Oct-16 0.15% 74,474,423 Agency AA+ United States FFCB 3133EDP30 50,000,000 0.12% 24-Jan-15 24-Mar-17 0.20% 50,005,989 Agency AA+ United States FFCB 3133EDZP0 145,000,000 0.35% 27-Jan-15 27-Oct-17 0.19% 144,914,489 Agency AA+ United States FHLB 313384AR0 200,000,000 0.49% 16-Jan-15 16-Jan-15 0.08% 199,992,889 Agency A-1+ United States FHLB 313384BT5 263,800,000 0.64% 11-Feb-15 11-Feb-15 0.09% 263,773,840 Agency A-1+ United States FHLB 313384BV0 100,000,000 0.24% 13-Feb-15 13-Feb-15 0.09% 99,989,611 Agency A-1+ United States FHLB 3130A13R7 100,000,000 0.24% 5-Mar-15 5-Jun-15 0.12% 100,000,000 Agency AA+ United States FHLB 3130A15Z7 100,000,000 0.24% 17-Mar-15 17-Sep-15 0.15% 99,988,931 Agency AA+ United States FHLB 3130A23P9 90,000,000 0.22% 20-Feb-15 20-May-16 0.15% 89,980,883 Agency AA+ United States FHLB 3130A26S0 35,000,000 0.09% 27-Feb-15 27-May-16 0.15% 34,992,537 Agency AA+ United States 9,888,100,000 24.06% A-1+ Australia Financial Company Commercial Paper ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCD2 100,000,000 0.24% 9,884,703,008 28-Jan-15 28-Apr-15 0.26% 100,000,000 (P)P-1 8-May-15 0.25% 75,000,000 (P)P-1 A-1+ Australia 12-Jan-15 12-May-15 8-Jan-15 0.25% 75,000,000 (P)P-1 A-1+ Australia 8-Sep-15 0.28% 142,500,000 (P)P-1 A-1+ Australia ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCE0 75,000,000 0.18% ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCF7 75,000,000 0.18% ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCV2 142,500,000 0.35% 5-Jan-15 ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCL4 150,000,000 0.37% 5-Jan-15 1-Oct-15 0.27% 150,000,000 (P)P-1 A-1+ Australia ANZ NEW ZEALAND INTL LTD (LONDON BRANCH) 00182HCP5 200,000,000 0.49% 5-Jan-15 5-Nov-15 0.27% 200,000,000 (P)P-1 A-1+ Australia AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED/NY NY 05253MDD3 137,000,000 0.33% 26-Jan-15 25-Feb-15 0.24% 137,000,000 P-1 A-1+ Australia AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 05253MDF8 91,000,000 0.22% 5-Jan-15 5-Mar-15 0.23% 91,000,000 P-1 A-1+ Australia AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 05253MEB6 100,000,000 0.24% 13-Jan-15 13-Nov-15 0.25% 100,000,000 P-1 A-1+ Australia BANK OF NOVA SCOTIA 06417KQQ5 150,000,000 0.37% 24-Mar-15 24-Mar-15 0.25% 149,913,542 P-1 A-1 Canada BANK OF NOVA SCOTIA 06417KV30 125,000,000 0.30% 3-Aug-15 3-Aug-15 0.26% 124,805,903 P-1 A-1 Canada BANK OF NOVA SCOTIA 06417KVM8 75,000,000 0.18% 21-Aug-15 21-Aug-15 0.27% 74,871,365 P-1 A-1 Canada BARCLAYS BANK PLC US COLLATERALIZED CP NOTES SERIES 2010- 06742Q2R2 100,000,000 0.24% 6-Jan-15 6-Jan-15 0.25% 99,995,833 P-1 A-1 United Kingdom BNP PARIBAS FINANCE INC 150,000,000 0.37% 5-Jan-15 5-Jan-15 0.26% 149,994,583 P-1 A-1 France 0556N1N58 BNP PARIBAS FINANCE INC 0556N1Q97 150,000,000 0.37% 9-Mar-15 9-Mar-15 0.27% 149,923,500 P-1 A-1 France BNP PARIBAS FINANCE INC 0556N1R62 113,500,000 0.28% 6-Apr-15 6-Apr-15 0.30% 113,409,200 P-1 A-1 France BPCE SA 05571CN23 200,000,000 0.49% 2-Jan-15 2-Jan-15 0.19% 199,997,889 P-1 A-1 France COMMONWEALTH BANK OF AUSTRALIA 20272AGQ3 180,000,000 0.44% 26-Jan-15 19-Mar-15 0.25% 179,996,241 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AGW0 150,000,000 0.37% 5-Jan-15 30-Mar-15 0.24% 150,000,000 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AHL3 143,000,000 0.35% 26-Feb-15 18-May-15 0.23% 143,007,648 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AHZ2 210,000,000 0.51% 20-Jan-15 15-Jun-15 0.25% 210,000,000 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AJL1 110,000,000 0.27% 27-Jan-15 20-Jul-15 0.24% 109,997,414 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AJN7 100,000,000 0.24% 26-Jan-15 23-Jul-15 0.25% 99,997,167 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AKA3 155,000,000 0.38% 23-Jan-15 23-Oct-15 0.25% 155,000,000 P-1 A-1+ Australia COMMONWEALTH BANK OF AUSTRALIA 20272AKD7 72,000,000 0.18% 29-Jan-15 29-Oct-15 0.27% 71,994,592 P-1 A-1+ CREDIT SUISSE NEW YORK NY 2254EBQ38 350,000,000 0.85% 3-Mar-15 3-Mar-15 0.26% 349,843,278 P-1 A-1 Switzerland DBS BANK LTD 23305EQR7 81,700,000 0.20% 25-Mar-15 25-Mar-15 0.23% 81,656,154 P-1 A-1+ Singapore Australia DNB BANK ASA 2332K1Q37 150,000,000 0.37% 3-Mar-15 3-Mar-15 0.23% 149,940,583 P-1 A-1 Norway DNB BANK ASA 2332K1R10 150,000,000 0.37% 1-Apr-15 1-Apr-15 0.23% 149,914,688 P-1 A-1 Norway DNB BANK ASA 2332K1R77 175,000,000 0.43% 7-Apr-15 7-Apr-15 0.23% 174,891,549 P-1 A-1 Norway DNB BANK ASA 2332K1RU6 100,000,000 0.24% 28-Apr-15 28-Apr-15 0.23% 99,924,611 P-1 A-1 GENERAL ELECTRIC CAPITAL CORP 36959JTB9 101,500,000 0.25% 11-Jun-15 11-Jun-15 0.24% 101,390,380 P-1 A-1+ United States Norway GENERAL ELECTRIC CAPITAL CORP 36959JTC7 175,000,000 0.43% 12-Jun-15 12-Jun-15 0.24% 174,809,833 P-1 A-1+ United States GENERAL ELECTRIC CAPITAL CORP 36959JUT8 150,000,000 0.37% 27-Jul-15 27-Jul-15 0.25% 149,783,333 P-1 A-1+ United States HSBC BANK PLC 40433FDN6 135,000,000 0.33% 7-Jan-15 7-May-15 0.23% 135,000,000 P-1 A-1+ United Kingdom HSBC BANK PLC 40433FDP1 66,500,000 0.16% 8-Jan-15 8-May-15 0.23% 66,500,000 P-1 A-1+ United Kingdom HSBC BANK PLC 40433FDT3 175,000,000 0.43% 5-Jan-15 6-Jul-15 0.23% 175,000,000 P-1 A-1+ United Kingdom HSBC BANK PLC 40433FEE5 219,000,000 0.53% 16-Jan-15 16-Oct-15 0.25% 219,000,157 P-1 A-1+ United Kingdom HSBC BANK PLC 40433FEF2 119,500,000 0.29% 23-Jan-15 23-Oct-15 0.25% 119,500,000 P-1 A-1+ United Kingdom ING US FUNDING LLC 4497W1Q33 200,000,000 0.49% 3-Mar-15 3-Mar-15 0.21% 199,927,667 P-1 A-1 Netherlands ING US FUNDING LLC 4497W1Q58 224,100,000 0.55% 5-Mar-15 5-Mar-15 0.22% 224,012,352 P-1 A-1 Netherlands ING US FUNDING LLC 4497W1Q90 66,800,000 0.16% 9-Mar-15 9-Mar-15 0.23% 66,770,979 P-1 A-1 Netherlands ING US FUNDING LLC 4497W1R73 250,000,000 0.61% 7-Apr-15 7-Apr-15 0.23% 249,845,069 P-1 A-1 Netherlands NATIONAL AUSTRALIA BANK LIMITED 63254GAB1 100,000,000 0.24% 4-Feb-15 4-Nov-15 0.24% 100,001,035 P-1 A-1+ Australia 2 of 4 UNAUDITED Schedule of Investments Blackrock Cash Funds: Institutional Money Market Master Portfolio Position Description CUSIP Par % Par Maturity or Reset Final Maturity 31-Dec-14 Yield or Moody's Amortized Cost Coupon Rating S&P Rating Country NATIONAL AUSTRALIA BANK LIMITED 63254GAA3 200,000,000 0.49% 5-Jan-15 4-Nov-15 0.25% 200,000,000 P-1 A-1+ Australia NATIONAL AUSTRALIA BANK LIMITED 63254GAE5 200,000,000 0.49% 9-Jan-15 9-Nov-15 0.25% 200,000,000 P-1 A-1+ Australia NATIONAL AUSTRALIA FUNDING DELAWARE INC 63253LYH2 150,000,000 0.37% 12-Feb-15 11-Aug-15 0.23% 150,000,000 P-1 A-1+ Australia NATIONAL AUSTRALIA FUNDING DELAWARE INC 63253LYK5 150,000,000 0.37% 18-Feb-15 18-Aug-15 0.24% 149,991,220 P-1 A-1+ NATIXIS US FINANCE CO LLC 6323A1N69 200,000,000 0.49% 6-Jan-15 6-Jan-15 0.20% 199,993,333 P-1 A-1 NEDERLANDSE WATERSCHAPSBANK NV 63975WBP2 50,000,000 0.12% 23-Mar-15 22-Dec-15 0.30% 50,000,000 P-1 A-1+ Australia France Netherlands NORDEA BANK AB 65558GR21 75,000,000 0.18% 2-Apr-15 2-Apr-15 0.23% 74,956,875 P-1 A-1+ Sweden NORDEA BANK AB 65558GRG0 75,000,000 0.18% 16-Apr-15 16-Apr-15 0.23% 74,950,312 P-1 A-1+ Sweden NORDEA BANK AB 65558GRT2 50,000,000 0.12% 27-Apr-15 27-Apr-15 0.22% 49,965,062 P-1 A-1+ Sweden NORDEA BANK AB 65558GU68 150,000,000 0.37% 6-Jul-15 6-Jul-15 0.25% 149,809,104 P-1 A-1+ Sweden SKANDINAVISKA ENSKILDA BANKEN AB 83050UPC6 150,000,000 0.37% 12-Feb-15 12-Feb-15 0.25% 149,955,208 P-1 A-1 Sweden SKANDINAVISKA ENSKILDA BANKEN AB 83050UPD4 150,000,000 0.37% 13-Feb-15 13-Feb-15 0.25% 149,954,167 P-1 A-1 Sweden SKANDINAVISKA ENSKILDA BANKEN AB 83050UR26 100,000,000 0.24% 2-Apr-15 2-Apr-15 0.26% 99,934,833 P-1 A-1 Sweden SKANDINAVISKA ENSKILDA BANKEN AB 83050UR75 50,000,000 0.12% 7-Apr-15 7-Apr-15 0.26% 49,965,646 P-1 A-1 Sweden SKANDINAVISKA ENSKILDA BANKEN AB 83050US41 100,000,000 0.24% 4-May-15 4-May-15 0.26% 99,912,167 P-1 A-1 Sweden SUMITOMO MITSUI TRUST BANK LIMITED (NY BRANCH) 86563HR69 100,000,000 0.24% 6-Apr-15 6-Apr-15 0.26% 99,930,667 P-1 A-1 Japan SVENSKA HANDELSBANKEN AB 86960KR12 100,000,000 0.24% 1-Apr-15 1-Apr-15 0.23% 99,943,125 P-1 A-1+ Sweden SVENSKA HANDELSBANKEN AB 86960KU26 150,000,000 0.37% 2-Jul-15 2-Jul-15 0.26% 149,801,750 P-1 A-1+ Sweden TOYOTA CREDIT CANADA INC 89232DS62 50,000,000 0.12% 6-May-15 6-May-15 0.30% 49,947,500 P-1 A-1+ Japan TOYOTA CREDIT CANADA INC 89232DS70 50,000,000 0.12% 7-May-15 7-May-15 0.30% 49,947,083 P-1 A-1+ Japan TOYOTA CREDIT CANADA INC 89232DUW2 55,000,000 0.13% 30-Jul-15 30-Jul-15 0.27% 54,912,962 P-1 A-1+ Japan TOYOTA MOTOR CREDIT CORP 89233HQ98 150,000,000 0.37% 9-Mar-15 9-Mar-15 0.23% 149,934,833 P-1 A-1+ Japan TOYOTA MOTOR CREDIT CORP 89233HT87 150,000,000 0.37% 8-Jun-15 8-Jun-15 0.23% 149,847,625 P-1 A-1+ Japan TOYOTA MOTOR CREDIT CORP 89233HUW2 45,000,000 0.11% 30-Jul-15 30-Jul-15 0.25% 44,934,062 P-1 A-1+ Japan WESTPAC BANKING CORP 9612C4LJ8 60,000,000 0.15% 13-Jan-15 13-Mar-15 0.24% 59,998,926 P-1 A-1+ Australia WESTPAC BANKING CORP 9612C4LQ2 160,000,000 0.39% 9-Jan-15 9-Apr-15 0.24% 160,000,000 P-1 A-1+ Australia WESTPAC BANKING CORP 9612C4LW9 300,000,000 0.73% 23-Jan-15 23-Apr-15 0.24% 300,000,000 P-1 A-1+ Australia WESTPAC BANKING CORP 9612C4MS7 150,000,000 0.37% 30-Jan-15 30-Jul-15 0.25% 150,000,000 P-1 A-1+ Australia WESTPAC SECURITIES NZ LTD 96122JCG2 100,000,000 0.24% 5-Jan-15 29-Jan-15 0.26% 100,000,000 P-1 A-1+ Australia WESTPAC SECURITIES NZ LTD 96122JCK3 175,000,000 0.43% 13-Jan-15 13-Aug-15 0.27% 175,000,000 P-1 A-1+ Australia 3,311,760,000 8.06% Asset Backed Commercial Paper 3,310,117,122 ALPINE SECURITIZATION CORP 02086MR22 100,000,000 0.24% 2-Apr-15 2-Apr-15 0.26% 99,933,556 P-1 A-1 Switzerland BARTON CAPITAL LLC 06945MPA8 75,000,000 0.18% 10-Feb-15 10-Feb-15 0.20% 74,982,917 P-1 A-1 France BEDFORD ROW FUNDING CORP 07644DAG3 62,500,000 0.15% 12-Mar-15 12-Mar-15 0.26% 62,500,000 P-1 A-1+ Canada BEDFORD ROW FUNDING CORP 07644BV58 100,000,000 0.24% 5-Aug-15 5-Aug-15 0.30% 99,819,167 P-1 A-1+ Canada BEDFORD ROW FUNDING CORP 07644DAN8 7,000,000 0.02% 7-Jan-15 1-Oct-15 0.27% 7,000,000 P-1 A-1+ Canada BEDFORD ROW FUNDING CORP 07644DAQ1 24,750,000 0.06% 26-Jan-15 20-Nov-15 0.29% 24,750,000 P-1 A-1+ Canada CHARIOT FUNDING LLC 15963UU20 73,850,000 0.18% 2-Jul-15 2-Jul-15 0.27% 73,748,641 P-1 A-1 United States CHARIOT FUNDING LLC 15963UVT0 40,000,000 0.10% 27-Aug-15 27-Aug-15 0.28% 39,925,644 P-1 A-1 United States CHARTA LLC 16115XN50 100,000,000 0.24% 5-Jan-15 5-Jan-15 0.24% 99,996,667 P-1 A-1 United States CHARTA LLC 16115XP41 50,000,000 0.12% 4-Feb-15 4-Feb-15 0.25% 49,987,847 P-1 A-1 United States COLLATERALIZED COMMERCIAL PAPER CO LLC 19422GP24 150,000,000 0.37% 2-Feb-15 2-Feb-15 0.26% 149,964,479 P-1 A-1 United States COLLATERALIZED COMMERCIAL PAPER CO LLC 19422GPL2 100,000,000 0.24% 20-Feb-15 20-Feb-15 0.29% 99,958,917 P-1 A-1 United States COLLATERALIZED COMMERCIAL PAPER CO LLC 19422GSM7 113,410,000 0.28% 21-May-15 21-May-15 0.39% 113,236,766 P-1 A-1 United States COLLATERALIZED COMMERCIAL PAPER CO LLC 19422GTN4 100,000,000 0.24% 22-Jun-15 22-Jun-15 0.38% 99,817,389 P-1 A-1 United States COLLATERALIZED COMMERCIAL PAPER II CO LLC 19422DNF4 200,000,000 0.49% 15-Jan-15 15-Jan-15 0.30% 199,975,000 P-1 A-1 United States CRC FUNDING LLC 12622VP40 100,000,000 0.24% 4-Feb-15 4-Feb-15 0.25% 99,975,694 P-1 A-1 United States CRC FUNDING LLC 12622VS47 20,000,000 0.05% 4-May-15 4-May-15 0.25% 19,982,778 P-1 A-1 United States CRC FUNDING LLC 12622VS88 25,000,000 0.06% 8-May-15 8-May-15 0.25% 24,977,778 P-1 A-1 United States GEMINI SECURITIZATION CORP LLC 3686M1N28 100,000,000 0.24% 2-Jan-15 2-Jan-15 0.21% 99,998,833 P-2 A-1 Germany JUPITER SECURITIZATION COMPANY LLC 4820P3VT7 45,000,000 0.11% 27-Aug-15 27-Aug-15 0.28% 44,916,350 P-1 A-1 KELLS FUNDING LLC 48803AFZ3 175,000,000 0.43% 7-Jan-15 7-Jan-15 0.25% 174,999,940 P-1 A-1+ Germany United States KELLS FUNDING LLC 48803AGM1 100,000,000 0.24% 27-Jan-15 27-Jan-15 0.21% 99,999,612 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHK4 100,000,000 0.24% 9-Jan-15 25-Mar-15 0.24% 100,000,000 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHG3 78,000,000 0.19% 9-Jan-15 27-Mar-15 0.24% 78,000,000 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHN8 100,000,000 0.24% 9-Jan-15 10-Apr-15 0.24% 100,000,000 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHP3 39,250,000 0.10% 2-Feb-15 16-Apr-15 0.22% 39,252,234 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHS7 105,000,000 0.26% 23-Jan-15 23-Apr-15 0.24% 105,000,000 P-1 A-1+ Germany KELLS FUNDING LLC 48803AHU2 60,000,000 0.15% 23-Jan-15 23-Apr-15 0.24% 60,000,000 P-1 A-1+ Germany KELLS FUNDING LLC 48803AKH7 150,000,000 0.37% 17-Feb-15 9-Oct-15 0.25% 149,986,552 P-1 A-1+ Germany LMA AMERICAS LLC 53944RN53 125,000,000 0.30% 5-Jan-15 5-Jan-15 0.18% 124,996,875 P-1 A-1 France LMA AMERICAS LLC 53944RPC6 100,000,000 0.24% 12-Feb-15 12-Feb-15 0.23% 99,972,528 P-1 A-1 France MATCHPOINT MASTER TRUST 5766P1ST9 184,000,000 0.45% 27-May-15 27-May-15 0.32% 183,759,573 P-1 A-1 France OLD LINE FUNDING LLC 67983UQ63 50,000,000 0.12% 6-Mar-15 6-Mar-15 0.22% 49,980,139 P-1 A-1+ Canada OLD LINE FUNDING LLC 67983URH8 99,000,000 0.24% 17-Apr-15 17-Apr-15 0.22% 98,935,265 P-1 A-1+ Canada OLD LINE FUNDING LLC 67983UTQ6 50,000,000 0.12% 24-Jun-15 24-Jun-15 0.27% 49,934,375 P-1 A-1+ Canada OLD LINE FUNDING LLC 67983UTR4 110,000,000 0.27% 25-Jun-15 25-Jun-15 0.27% 109,854,800 P-1 A-1+ Canada VERSAILLES COMMERCIAL PAPER LLC 92512MN54 100,000,000 0.24% 5-Jan-15 5-Jan-15 0.23% 99,996,806 P-1 A-1 France 3 of 4 UNAUDITED Schedule of Investments Blackrock Cash Funds: Institutional Money Market Master Portfolio Position Description CUSIP Other Commercial Paper ELECTRICITE DE FRANCE SA 28504JAK6 Certificate of Deposit Par % Par 124,000,000 0.30% 124,000,000 0.30% 13,640,309,000 33.19% BANK OF AMERICA NA 06053HEP6 200,000,000 0.49% BANK OF AMERICA NA 06053PCA3 186,500,000 0.45% Maturity or Reset Final Maturity 31-Dec-14 Yield or Moody's Amortized Cost Coupon Rating S&P Rating Country 123,998,898 2-Jan-15 2-Jan-15 0.16% 123,998,898 P-1 A-1 France 13,640,442,211 2-Mar-15 2-Mar-15 0.25% 200,000,000 P-1 A-1 United States 26-May-15 26-May-15 0.26% 186,500,000 P-1 A-1 United States BANK OF MONTREAL (CHICAGO BRANCH) 06366A5H1 177,000,000 0.43% 8-Jan-15 8-Jan-15 0.21% 177,000,820 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366BFX3 110,000,000 0.27% 20-Jan-15 20-Feb-15 0.24% 110,000,000 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366BWJ5 105,000,000 0.26% 3-Mar-15 3-Jun-15 0.23% 105,001,328 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366BXR6 100,000,000 0.24% 7-Jan-15 6-Jul-15 0.24% 100,002,870 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366CFW3 150,000,000 0.37% 21-Jan-15 21-Jul-15 0.25% 150,000,000 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366BW48 75,000,000 0.18% 7-Jan-15 7-Aug-15 0.96% 75,000,000 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366CEU8 100,000,000 0.24% 13-Jan-15 13-Oct-15 0.25% 100,000,000 P-1 A-1 Canada BANK OF MONTREAL (CHICAGO BRANCH) 06366CNX2 200,000,000 0.49% 12-Jan-15 10-Dec-15 0.27% 200,000,000 P-1 A-1 Canada BANK OF NOVA SCOTIA/HOUSTON 06417HEY8 150,000,000 0.37% 12-Jan-15 9-Jul-15 0.24% 150,000,000 P-1 A-1 Canada BANK OF NOVA SCOTIA/HOUSTON 06417FBG4 45,885,000 0.11% 11-Mar-15 11-Sep-15 0.28% 46,012,953 Aa2 A+ Canada BANK OF NOVA SCOTIA/HOUSTON 06417HWJ1 65,000,000 0.16% 6-Feb-15 6-Nov-15 0.23% 65,000,000 P-1 A-1 Canada BANK OF TOKYO-MITSUBISHI UFJ LTD (NY BRANCH) 06538JBP0 325,000,000 0.79% 6-Jan-15 6-Jan-15 0.13% 325,000,000 P-1 A-1 Japan BNP PARIBAS SA (NY BRANCH) 05574RJV8 200,000,000 0.49% 15-Jan-15 15-Jan-15 0.28% 200,000,000 P-1 A-1 France BNP PARIBAS SA (NY BRANCH) 05574RKD6 200,000,000 0.49% 26-Jan-15 26-Jan-15 0.29% 200,000,000 P-1 A-1 France CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606Y5F9 71,000,000 0.17% 9-Feb-15 9-Feb-15 0.22% 70,999,992 P-1 A-1 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606JCS6 55,000,000 0.13% 20-Jan-15 20-May-15 0.24% 55,000,000 P-1 A-1 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606YHU3 553,015,000 1.35% 2-Jan-15 1-Jun-15 0.32% 553,015,000 P-1 A-1 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606Y6S0 75,000,000 0.18% 20-Jan-15 17-Jun-15 0.23% 75,000,000 P-1 A-1 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606JCR8 48,685,000 0.12% 21-Jan-15 21-Aug-15 0.26% 48,683,446 P-1 A-1 Canada CANADIAN IMPERIAL BANK OF COMMERCE (NY BRANCH) 13606JHU6 150,000,000 0.37% 21-Jan-15 21-Oct-15 0.26% 150,000,000 P-1 A-1 Canada CITIBANK NA (NY BRANCH) 17304UZG8 300,000,000 0.73% 6-Jan-15 6-Jan-15 0.15% 300,002,495 P-1 A-1 United States CREDIT INDUSTRIEL ET COMMERCIAL (NY BRANCH) 22536G7L9 152,250,000 0.37% 16-Apr-15 16-Apr-15 0.30% 152,250,000 P-1 A-1 France CREDIT INDUSTRIEL ET COMMERCIAL (NY BRANCH) 22536TBM4 225,000,000 0.55% 15-May-15 15-May-15 0.30% 225,000,000 P-1 A-1 France MITSUBISHI UFJ TRUST AND BANKING CORP (NY BRANCH) 60682APD2 100,000,000 0.24% 7-Jan-15 7-Jan-15 0.25% 100,000,000 P-1 A-1 Japan MITSUBISHI UFJ TRUST AND BANKING CORP (NY BRANCH) 60682APE0 100,000,000 0.24% 8-Jan-15 8-Jan-15 0.25% 100,000,000 P-1 A-1 Japan MITSUBISHI UFJ TRUST AND BANKING CORP (NY BRANCH) 60682AQM1 500,000,000 1.22% 10-Mar-15 10-Mar-15 0.26% 500,000,000 P-1 A-1 Japan MITSUBISHI UFJ TRUST AND BANKING CORP (NY BRANCH) 60682AQV1 100,000,000 0.24% 2-Apr-15 2-Apr-15 0.25% 100,000,000 P-1 A-1 Japan MITSUBISHI UFJ TRUST AND BANKING CORP (NY BRANCH) 60682ASB3 25,000,000 0.06% 12-May-15 12-May-15 0.25% 25,000,000 P-1 A-1 Japan MIZUHO BANK LTD (NEW YORK BRANCH) 60688LT48 100,000,000 0.24% 17-Feb-15 17-Feb-15 0.21% 100,000,000 P-1 A-1 Japan MIZUHO BANK LTD (NEW YORK BRANCH) 60688LJ31 100,000,000 0.24% 27-Feb-15 27-Feb-15 0.25% 100,000,000 P-1 A-1 Japan MIZUHO BANK LTD (NEW YORK BRANCH) 60688LS98 300,000,000 0.73% 14-Apr-15 14-Apr-15 0.25% 300,000,000 P-1 A-1 Japan MIZUHO BANK LTD (NEW YORK BRANCH) 60688LT97 250,000,000 0.61% 21-Apr-15 21-Apr-15 0.25% 250,000,000 P-1 A-1 Japan 23-Apr-15 MIZUHO BANK LTD (NEW YORK BRANCH) 60688LU61 150,000,000 0.37% 23-Apr-15 0.25% 150,000,000 P-1 A-1 Japan MIZUHO BANK LTD (NEW YORK BRANCH) 60688LY67 200,000,000 0.49% 11-May-15 11-May-15 0.25% 200,000,000 P-1 A-1 Japan NATIONAL BANK OF CANADA (NEW YORK) 63307UED9 244,900,000 0.60% 12-Jan-15 11-Mar-15 0.33% 244,900,000 Aa3 A Canada NATIONAL BANK OF CANADA (NEW YORK) 63307UFP1 218,500,000 0.53% 20-Jan-15 19-Jun-15 0.26% 218,500,000 Aa3 A Canada NATIONAL BANK OF CANADA (NEW YORK) 63307UFF3 265,000,000 0.64% 26-Jan-15 24-Sep-15 0.30% 265,000,000 Aa3 A Canada NATIXIS (NEW YORK BRANCH) 63873FFN3 406,750,000 0.99% 2-Feb-15 2-Feb-15 0.25% 406,750,000 P-1 A-1 France NATIXIS (NEW YORK BRANCH) 63873FHE1 230,000,000 0.56% 2-Mar-15 2-Mar-15 0.26% 230,000,000 P-1 A-1 France Sweden NORDEA BANK FINLAND PLC/NEW YORK 65558EP28 150,000,000 0.37% 17-Feb-15 17-Feb-15 0.24% 150,000,000 P-1 A-1+ RABOBANK NEDERLAND (NY BRANCH) 21684BJH8 511,000,000 1.24% 17-Mar-15 17-Mar-15 0.29% 511,000,000 P-1 A-1 Netherlands RABOBANK NEDERLAND (NY BRANCH) 21684BRD8 279,000,000 0.68% 12-Mar-15 12-Jun-15 0.29% 279,000,000 P-1 A-1 Netherlands RABOBANK NEDERLAND (NY BRANCH) 21684BUK8 135,500,000 0.33% 18-Aug-15 18-Aug-15 0.27% 135,500,000 P-1 A-1 ROYAL BANK OF CANADA/NEW YORK NY 78009NQJ8 82,500,000 0.20% 2-Jan-15 21-Jan-15 0.30% 82,500,000 P-1 A-1+ Canada Netherlands ROYAL BANK OF CANADA/NEW YORK NY 78009NQV1 300,000,000 0.73% 13-Jan-15 13-Mar-15 0.24% 300,000,000 P-1 A-1+ Canada ROYAL BANK OF CANADA/NEW YORK NY 78009NQW9 200,000,000 0.49% 2-Jan-15 23-Mar-15 0.30% 200,000,000 P-1 A-1+ Canada ROYAL BANK OF CANADA/NEW YORK NY 78009NSE7 127,900,000 0.31% 14-Jan-15 14-Oct-15 0.25% 127,900,000 P-1 A-1+ Canada ROYAL BANK OF CANADA/NEW YORK NY 78009NSG2 65,000,000 0.16% 12-Jan-15 10-Nov-15 0.25% 65,000,000 P-1 A-1+ Canada SOCIETE GENERALE (NEW YORK BRANCH) 83368NM99 240,000,000 0.58% 2-Feb-15 2-Feb-15 0.25% 240,000,000 P-1 A-1 France STATE STREET BANK AND TRUST COMPANY 8574P1DP8 149,000,000 0.36% 2-Jan-15 1-Oct-15 0.28% 149,000,000 P-1 A-1+ United States STATE STREET BANK AND TRUST COMPANY 8574P1DY9 215,250,000 0.52% 23-Jan-15 23-Oct-15 0.28% 215,250,000 P-1 A-1+ United States SUMITOMO MITSUI BANKING CORP (NEW YORK) 86562YY32 325,000,000 0.79% 6-Jan-15 6-Jan-15 0.13% 325,000,000 P-1 A-1 SUMITOMO MITSUI BANKING CORP (NEW YORK) 86562YGL2 78,000,000 0.19% 16-Jan-15 16-Jan-15 0.27% 77,999,307 P-1 A-1 Japan SUMITOMO MITSUI BANKING CORP (NEW YORK) 86562YNV2 175,000,000 0.43% 25-Feb-15 25-Feb-15 0.25% 175,000,000 P-1 A-1 Japan SUMITOMO MITSUI BANKING CORP (NEW YORK) 86562YQU1 400,000,000 0.97% 5-Mar-15 5-Mar-15 0.25% 400,000,000 P-1 A-1 Japan Japan SUMITOMO MITSUI BANKING CORP (NEW YORK) 86562YVW1 200,000,000 0.49% 2-Apr-15 2-Apr-15 0.25% 200,000,000 P-1 A-1 Japan SUMITOMO MITSUI TRUST BANK LIMITED (NY BRANCH) 86563KPR8 200,000,000 0.49% 5-Jan-15 5-Jan-15 0.25% 200,000,000 P-1 A-1 Japan SUMITOMO MITSUI TRUST BANK LIMITED (NY BRANCH) 86563KQQ9 250,000,000 0.61% 6-Feb-15 6-Feb-15 0.26% 250,000,000 P-1 A-1 Japan SUMITOMO MITSUI TRUST BANK LIMITED (NY BRANCH) 86563KQY2 200,000,000 0.49% 20-Feb-15 20-Feb-15 0.26% 200,000,000 P-1 A-1 TORONTO DOMINION (USA) INC 89112UYQ8 50,000,000 0.12% 6-Jan-15 6-Oct-15 0.24% 50,000,000 P-1 A-1+ Canada Japan TORONTO-DOMINION BANK (NEW YORK BRANCH) 89112T7M0 200,000,000 0.49% 26-Jan-15 26-Jan-15 0.23% 200,000,000 P-1 A-1+ Canada TORONTO-DOMINION BANK (NEW YORK BRANCH) 89112UMS7 185,000,000 0.45% 22-Apr-15 22-Apr-15 0.24% 185,000,000 P-1 A-1+ Canada TORONTO-DOMINION BANK (NEW YORK BRANCH) 89112UYW5 200,000,000 0.49% 10-Aug-15 10-Aug-15 0.30% 200,000,000 P-1 A-1+ Canada TORONTO-DOMINION BANK (NEW YORK BRANCH) 89112UK75 135,000,000 0.33% 12-Jan-15 10-Nov-15 0.25% 135,000,000 P-1 A-1+ Canada 4 of 4 UNAUDITED Schedule of Investments Blackrock Cash Funds: Institutional Money Market Master Portfolio Position Description CUSIP Par % Par Maturity or Reset UBS AG (STAMFORD BRANCH) 90267RVT3 358,000,000 0.87% 5-Jan-15 WELLS FARGO BANK NA 9497P63Y2 100,000,000 0.24% 2-Jan-15 WELLS FARGO BANK NA 9497P64K1 150,000,000 0.37% 2-Jan-15 Final Maturity 5-Mar-15 P 31-Dec-14 Yield or Moody's Amortized Cost Coupon Rating S&P Rating Country 0.28% 358,000,000 (P)P-1 A-1 Switzerland 12-Feb-15 0.30% 100,000,000 P-1 A-1+ United States 17-Feb-15 0.30% 150,000,000 P-1 A-1+ United States WELLS FARGO BANK NA 94988E5K0 134,000,000 0.33% 9-Jan-15 9-Jul-15 0.25% 134,000,000 P-1 A-1+ United States WELLS FARGO BANK NA 94988E7H5 150,000,000 0.37% 9-Mar-15 8-Sep-15 0.27% 150,000,000 P-1 A-1+ United States WELLS FARGO BANK NA 94988EC63 132,924,000 0.32% 2-Jan-15 30-Nov-15 0.29% 132,924,000 P-1 A-1+ United States WELLS FARGO BANK NA 94988ECD8 102,750,000 0.25% 8-Jan-15 8-Dec-15 0.29% 102,750,000 P-1 A-1+ United States WESTPAC BANKING CORPORATION NY BRANCH 96121TXZ6 150,000,000 0.37% 28-Jan-15 28-Oct-15 0.26% 150,000,000 (P)P-1 A-1+ Australia 443,532,000 1.08% Other Note 443,862,037 BANK OF NOVA SCOTIA 064149A64 75,750,000 0.18% 22-Jan-15 22-Jan-15 0.36% 75,875,601 Aa2 A+ Canada NATIONAL AUSTRALIA BANK LTD 144A 6325C0BE0 22,982,000 0.06% 2-Mar-15 2-Mar-15 0.31% 23,113,623 Aa2 AA- Australia SVENSKA HANDELSBANKEN AB 144A 86959JDE5 295,800,000 0.72% 15-Jan-15 15-Jun-15 0.31% 295,800,000 Aa3 AA- Sweden WELLS FARGO BANK NA 94985H5G5 49,000,000 0.12% 20-Jan-15 20-Jul-15 0.24% 49,072,813 Aa3 AA- United States 2,900,000,000 7.06% Treasury Repurchase Agreement 2,900,000,000 TRI-PARTY FEDERAL RESERVE BANK OF BRSR4NAW5 1,400,000,000 3.41% 2-Jan-15 2-Jan-15 0.05% 1,400,000,000 NR A-1+ United States TRI-PARTY FEDERAL RESERVE BANK OF BRSR26T87 1,000,000,000 2.43% 5-Jan-15 5-Jan-15 P 0.10% 1,000,000,000 NR A-1+ United States TRI-PARTY FEDERAL RESERVE BANK OF BRSR3QUF4 500,000,000 1.22% 5-Jan-15 5-Jan-15 P 0.10% 500,000,000 NR A-1+ United States 862,000,000 2.10% Government Agency Repurchase Agreement 862,000,000 TRI-PARTY GOLDMAN SACHS & CO. BRSR3QR92 280,000,000 0.68% 5-Jan-15 5-Jan-15 0.16% 280,000,000 NR A-1 United States TRI-PARTY GOLDMAN SACHS & CO. BRSR4LRK7 582,000,000 1.42% 7-Jan-15 7-Jan-15 0.16% 582,000,000 NR A-1 United States 3,845,015,000 9.36% Other Repurchase Agreement 3,845,015,000 TRI-PARTY BNP PARIBAS SECURITIES C B7A155K51 166,000,000 0.40% 2-Jan-15 2-Jan-15 0.15% 166,000,000 NR A-1 France TRI-PARTY CITIGROUP GLOBAL MARKETS BRSB40S50 100,000,000 0.24% 2-Jan-15 2-Jan-15 0.10% 100,000,000 NR A-1 United States TRI-PARTY CREDIT SUISSE SECURITIES BRSPR3UQ9 740,000,000 1.80% 2-Jan-15 2-Jan-15 0.40% 740,000,000 NR A-1 Switzerland TRI-PARTY CREDIT SUISSE SECURITIES BRSFT6UF6 250,000,000 0.61% 2-Jan-15 4-Feb-15 P 0.50% 250,000,000 NR A-1 Switzerland TRI-PARTY CREDIT SUISSE SECURITIES BRSEQVVR0 150,000,000 0.37% 2-Jan-15 4-Feb-15 P 0.50% 150,000,000 NR A-1 Switzerland TRI-PARTY CREDIT SUISSE SECURITIES BRSR454G6 194,000,000 0.47% 6-Jan-15 6-Jan-15 0.48% 194,000,000 NR A-1 Switzerland TRI-PARTY HSBC SECURITIES (USA) IN BRSMDYFN7 100,000,000 0.24% 2-Jan-15 2-Jan-15 0.17% 100,000,000 NR A-1+ United Kingdom TRI-PARTY HSBC SECURITIES (USA) IN BRSMKDV31 195,000,000 0.47% 2-Jan-15 2-Jan-15 0.25% 195,000,000 NR A-1+ TRI-PARTY J.P. MORGAN SECURITIES L BRSHM9LM8 60,000,000 0.15% 2-Jan-15 2-Jan-15 0.40% 60,000,000 P-1 A-1 United States United Kingdom TRI-PARTY J.P. MORGAN SECURITIES L BRSPW4QL7 150,000,000 0.37% 2-Jan-15 4-Feb-15 P 0.53% 150,000,000 P-1 A-1 United States TRI-PARTY J.P. MORGAN SECURITIES L BRSPW5A15 150,000,000 0.37% 2-Jan-15 1-Apr-15 P 0.64% 150,000,000 P-1 A-1 United States TRI-PARTY J.P. MORGAN SECURITIES L BRSQQCDT1 200,000,000 0.49% 2-Jan-15 1-Apr-15 P 0.76% 200,000,000 P-1 A-1 United States TRI-PARTY J.P. MORGAN SECURITIES L BRSQL77K3 126,000,000 0.31% 18-Feb-15 0.53% 126,000,000 P-1 A-1 United States 18-Feb-15 TRI-PARTY JP MORGAN SECURITIES L BRSN84AE2 150,000,000 0.37% 2-Jan-15 4-Feb-15 P 0.45% 150,000,000 P-1 A-1 TRI-PARTY RBC CAPITAL MARKETS LLC BRSJ0M9T8 72,000,000 0.18% 2-Jan-15 2-Jan-15 0.13% 72,000,000 P-1 A-1+ Canada United States TRI-PARTY RBC CAPITAL MARKETS LLC BRSNNFHQ6 51,000,000 0.12% 2-Jan-15 2-Jan-15 0.13% 51,000,000 P-1 A-1+ Canada TRI-PARTY RBC CAPITAL MARKETS, LLC BRSR4K374 200,000,000 0.49% 2-Jan-15 2-Jan-15 0.12% 200,000,000 P-1 A-1+ Canada 2-Jan-15 2-Jan-15 0.25% 320,000,000 NR A-1+ United States TRI-PARTY WELLS FARGO SECURITIES L BRSPB7FV3 320,000,000 0.78% TRI-PARTY WELLS FARGO SECURITIES L BRSQ6DFG7 93,015,000 0.23% 15-Jan-15 15-Jan-15 0.46% 93,015,000 NR A-1+ United States TRI-PARTY WELLS FARGO SECURITIES L BRSQE94K0 150,000,000 0.37% 3-Feb-15 3-Feb-15 0.39% 150,000,000 NR A-1+ United States TRI-PARTY WELLS FARGO SECURITIES L BRSQFBVV0 140,000,000 0.34% 4-Feb-15 4-Feb-15 0.40% 140,000,000 NR A-1+ United States TRI-PARTY WELLS FARGO SECURITIES L BRSQYPQP7 88,000,000 0.21% 16-Mar-15 16-Mar-15 0.49% 88,000,000 NR A-1+ United States 3,125,000,000 7.60% Other Instrument (Time Deposit) 3,125,000,000 DNB BANK ASA BRSR4K8R5 1,300,000,000 3.16% 2-Jan-15 2-Jan-15 0.05% 1,300,000,000 P-1 A-1 Norway NATIXIS SA BRSR4NCA1 825,000,000 2.01% 2-Jan-15 2-Jan-15 0.05% 825,000,000 P-1 A-1 France SKANDINAVISKA ENSKILDA BANKEN AB BRSR4KP21 500,000,000 1.22% 2-Jan-15 2-Jan-15 0.05% 500,000,000 P-1 A-1 Sweden SVENSKA HANDELSBANKEN AB BRSR4KE31 500,000,000 1.22% 2-Jan-15 2-Jan-15 0.05% 500,000,000 P-1 A-1+ Sweden TOTAL 41,094,766,000 100.00% 41,089,033,230 P = Put Holdings shown are unaudited and are based on the fund’s unofficial books and records, and may not be representative of current or future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. The “Country” data point within this SOI represents BlackRock’s view of each security’s country risk. The Fund’s current prospectus contains more complete information about the Fund, including its fees and expenses. For a current prospectus of the fund which contains more complete information, please call 1800-768-2836 or visit www.blackrock.com/cash. Before investing, consider the investment objectives, risks, charges and expenses of the fund. This and other information can be found in the fund’s prospectus and if available the summary prospectus. Read the prospectus carefully before you invest or send money. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Statements and other information herein are as dated and subject to change. Portfolio holdings should not be deemed as a recommendation to purchase any of the securities listed above. The schedule of investments (SOI) represents certain information regarding the traded positions held within the portfolio as of the specified date. It does not include cash, accrued income and/or payables/receivables. The total assets reflected on the SOI will not match to the net asset value of the fund as these items are excluded. Prepared by BlackRock Investments, LLC, member FINRA.© 2015 BlackRock, Inc. All Rights Reserved.
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