# EDGAR Filing Document

**Accession Number:** 0000276463
**File Stem:** 0001193125-25-135623
**Filing Date:** 2025-6
**Character Count:** 822936
**Document Hash:** 1c67be0960d8c78519f961c34f457c59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135623.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135623

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000276463

**ORGANIZATION NAME:**
- **EIN:** 132949519
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02857
- **FILM NUMBER:** 251026407

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH BOND FUND INC
- **DATE OF NAME CHANGE:** 20030804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CORPORATE BOND FUND INC/NY
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH HIGH INCOME FUND INC - CORRECTED NAME CHANGE
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### BlackRock Total Return Fund (Series ID: S000004071)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011387 | Investor A     |  |
| C000011390 | Institutional  |  |
| C000011391 | Class R        |  |
| C000037618 | Investor A1    |  |
| C000037620 | Investor C     |  |
| C000052630 | Service        |  |
| C000052631 | Class K Shares |  |

?xml version='1.0' encoding='ASCII'? BlackRock Bond Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-02857

Name of Fund:

BlackRock Bond Fund, Inc.

BlackRock Total Return Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Bond Fund, Inc.,

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

09/30/2025

Date of reporting period:

03/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Institutional Shares \| MAHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $22 | 0.44%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | (0.68)% | 4.74% | 0.64% | 1.70% |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Institutional Shares \| MAHQX

Semi-Annual Shareholder Report — March 31, 2025

MAHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Service Shares \| MSHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Service Shares | $37 | 0.75%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Service Shares | (0.83)% | 4.42% | 0.33% | 1.39% |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

Average annual total returns reflect reductions for service fees.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Service Shares \| MSHQX

Semi-Annual Shareholder Report — March 31, 2025

MSHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Investor A Shares \| MDHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $36 | 0.73%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | (0.82)% | 4.55% | 0.36% | 1.39% |
| Investor A Shares (with sales charge) | (4.78) | 0.36 | (0.46) | 0.97 |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Investor A Shares \| MDHQX

Semi-Annual Shareholder Report — March 31, 2025

MDHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Investor A1 Shares \| MEHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A1 Shares | $29 | 0.59%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Investor A1 Shares | (0.75)% | 4.70% | 0.51% | 1.55% |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

Average annual total returns reflect reductions for service fees.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Investor A1 Shares \| MEHQX

Semi-Annual Shareholder Report — March 31, 2025

MEHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Investor C Shares \| MFHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor C Shares | $71 | 1.44%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | (1.17)% | 3.81% | (0.34)% | 0.85% |
| Investor C Shares (with sales charge) | (2.14) | 2.81 | (0.34) | 0.85 |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Investor C Shares \| MFHQX

Semi-Annual Shareholder Report — March 31, 2025

MFHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Class K Shares \| MPHQX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $18 | 0.36%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | (0.63)% | 4.93% | 0.71% | 1.77% |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Class K Shares \| MPHQX

Semi-Annual Shareholder Report — March 31, 2025

MPHQX-03/25-SAR

![TSR - Blackrock Fund Logo](g91085images_27640.jpg)

### BlackRock Total Return Fund

### Class R Shares \| MRCBX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $51 | 1.03%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | (0.97)% | 4.23% | 0.05% | 1.11% |
| Bloomberg U.S. Aggregate Bond Index | (0.37) | 4.88 | (0.40) | 1.46 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19649694446 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5118 |
| Portfolio Turnover Rate | &nbsp;&nbsp;301% |

---

Average annual total returns reflect reductions for distribution and service fees.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 40.8% |
| Corporate Bonds | 19.8% |
| U.S. Treasury Obligations | 14.7% |
| Non-Agency Mortgage-Backed Securities | 9.3% |
| Asset-Backed Securities | 9.0% |
| Foreign Government Obligations | 3.1% |
| Floating Rate Loan Interests | 1.1% |
| Common Stocks | 0.8% |
| Municipal Bonds | 0.5% |
| Preferred Securities | 0.4% |
| Investment Companies | 0.3% |
| Fixed Rate Loan Interests | 0.1% |
| Foreign Agency Obligations | 0.1% |
| Warrants | — %(b) |

---

**Credit quality allocation**

---

| | |
|:---|:---|
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 61.9% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 12.9% |
| BB/Ba | 1.3% |
| B | 0.3% |
| CCC/Caa | 0.4% |
| CC/Ca | 0.2% |
| C | 0.2% |
| N/R | 15.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, options purchased, options written and TBA sale commitments.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g91085images_27639.jpg)

BlackRock Total Return Fund

Class R Shares \| MRCBX

Semi-Annual Shareholder Report — March 31, 2025

MRCBX-03/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g91085dsp001.jpg)  | **MARCH 31, 2025** |

---

**2025 Semi-Annual Financial Statements and Additional Information (Unaudited)**<br>

#### BlackRock Bond Fund, Inc.
· BlackRock Total Return Fund

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin91085_1) | 3 |
|  [Consolidated Schedule of Investments](#fin91085_2) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#fin91085_3) | 92 |
|  [Consolidated Statement of Operations](#fin91085_4) | 95 |
|  [Consolidated Statements of Changes in Net Assets](#fin91085_5) | 96 |
|  [Financial Highlights](#fin91085_6) | 97 |
|  [Notes to Consolidated Financial Statements](#fin91085_7) | 104 |
|  [Additional Information](#fin91085_8) | 120 |
|  [Glossary of Terms Used in these Financial Statements](#fin91085_9) | 122 |

---

2.0 ------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 3

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |  |
|  1988 CLO 5 Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.54%), 5.84%, 07/15/37<sup>(a)(b)</sup> | USD | 3675 | $3676852 |
|  510 Loan Acquisition Trust, Series 2020-1, Class A, 8.11%, 09/25/60<sup>(a)(c)</sup> |  | 3562 | 3556718 |
|  522 Funding CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.63%, 04/15/35<sup>(a)(b)</sup> |  | 510 | 507172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6A, Class A1R2, (3-mo. CME Term SOFR + 1.20%), 5.49%, 10/23/34<sup>(a)(b)</sup> |  | 1130 | 1127502 |
|  720 East CLO VII Ltd., Series 2025-7A, Class A1, (3-mo. CME Term SOFR + 1.06%), 5.34%, 04/20/37<sup>(a)(b)</sup> |  | 7410 | 7410000 |
|  AB BSL CLO 3 Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.25%), 5.57%, 04/20/38<sup>(a)(b)</sup> |  | 1190 | 1186437 |
|  AB BSL CLO 4 Ltd., Series 2023-4A, Class A, (3-mo. CME Term SOFR + 2.00%), 6.29%, 04/20/36<sup>(a)(b)</sup> |  | 1660 | 1659170 |
|  ACE Securities Corp. Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OP1, Class A2, (1-mo. CME Term SOFR + 0.83%), 5.16%, 12/25/33<sup>(b)</sup> |  | 487 | 463919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AG1, Class M2, (1-mo. CME Term SOFR + 0.80%), 5.13%, 08/25/35<sup>(b)</sup> |  | 494 | 405406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class A2C, (1-mo. CME Term SOFR + 0.39%), 4.72%, 07/25/36<sup>(b)</sup> |  | 220 | 176290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2A, (1-mo. CME Term SOFR + 0.37%), 4.70%, 05/25/37<sup>(b)</sup> |  | 2332 | 369550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2C, (1-mo. CME Term SOFR + 0.71%), 5.04%, 05/25/37<sup>(b)</sup> |  | 206 | 33014 |
|  Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.61%, 02/15/29<sup>(a)</sup> |  | 3805 | 3830450 |
|  Affirm Master Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.99%, 02/15/33<sup>(a)</sup> |  | 14743 | 14819870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.13%, 02/15/33<sup>(a)</sup> |  | 1155 | 1160857 |
|  AGL CLO 11 Ltd., Series 2021-11A, Class E, (3-mo. CME Term SOFR + 6.62%), 10.92%, 04/15/34<sup>(a)(b)</sup> |  | 250 | 249636 |
|  AGL CLO 12 Ltd., Series 2021-12A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.72%, 07/20/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp;7655208 |
|  AGL CLO 13 Ltd., Series 2021-13A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.72%, 10/20/34<sup>(a)(b)</sup> |  | 250 | 250000 |
|  AGL CLO 20 Ltd., Series 2022-20A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.04%, 10/20/37<sup>(a)(b)</sup> |  | 3331 | 3320531 |
|  AGL CLO 26 Ltd., Series 2023-26A, Class A, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/21/36<sup>(a)(b)</sup> |  | 5000 | 5006411 |
|  AGL CLO 32 Ltd., Series 2024-32A, Class A1, (3-mo. CME Term SOFR + 1.38%), 5.67%, 07/21/37<sup>(a)(b)</sup> |  | 1900 | 1898303 |
|  AGL CLO 37 Ltd., Series 2024-37A, Class A1, (3-mo. CME Term SOFR + 1.24%), 5.54%, 04/22/38<sup>(a)(b)</sup> |  | 290 | 288959 |
|  AGL CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.46%), 5.76%, 07/15/34<sup>(a)(b)</sup> |  | 2400 | 2405532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.66%, 07/15/34<sup>(a)(b)</sup> |  | 500 | 499073 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  AGL Core CLO 15 Ltd., Series 2021-15A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.71%, 01/20/35<sup>(a)(b)</sup> | USD | 1344 | $1346729 |
|  AGL Core CLO 2 Ltd., Series 2019-2A, Class A1R, (3-mo. CME Term SOFR + 1.46%), 5.75%, 07/20/37<sup>(a)(b)</sup> |  | 14335 | 14358628 |
|  AGL Core CLO 4 Ltd., Series 2020-4A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 5.67%, 10/20/37<sup>(a)(b)</sup> |  | 3620 | 3622506 |
|  AIMCO CLO 11 Ltd., Series 2020-11A, Class BR2, (3-mo. CME Term SOFR + 1.65%), 5.95%, 07/17/37<sup>(a)(b)</sup> |  | 3490 | 3486671 |
|  AIMCO CLO 21 Ltd., Series 2024-21A, Class B, (3-mo. CME Term SOFR + 1.92%), 6.21%, 04/18/37<sup>(a)(b)</sup> |  | 750 | 750911 |
|  AIMCO CLO 23 Ltd., Series 2025-23A, Class A, (3-mo. CME Term SOFR + 1.13%), 5.39%, 04/20/38<sup>(a)(b)</sup> |  | 1270 | 1259840 |
|  Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%, 06/25/61<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29574860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 3.75%, 06/25/61<sup>(a)(b)</sup>  |  | 8031 | 8355017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.00%, 06/25/61<sup>(a)(d)</sup> |  | 14335 | 14018136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A, 4.25%, 10/25/62<sup>(a)(c)</sup>  |  | 13087 | 12776715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 4.25%, 10/25/62<sup>(a)(c)</sup>  |  | 1749 | 1675327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class C, 0.00%, 10/25/62<sup>(a)(d)</sup>  |  | 3989 | 2266111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class SA, 0.00%, 10/25/62<sup>(a)(d)</sup> |  | 435 | 398307 |
|  AMMC CLO 18 Ltd., Series 2016-18A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.68%, 05/26/31<sup>(a)(b)</sup> |  | 312 | 312088 |
|  AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3-mo. CME Term SOFR + 1.51%), 5.80%, 11/02/30<sup>(a)(b)</sup> |  | 6 | 5532 |
|  AMSR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class D, 3.28%, 07/17/37<sup>(a)</sup> |  | 2437 | 2418230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E1, 2.56%, 09/17/37<sup>(a)</sup> |  | 2490 | 2455664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, 11/17/37<sup>(a)</sup> |  | 2500 | 2454839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class F, 2.86%, 11/17/37<sup>(a)</sup> |  | 2760 | 2714236 |
|  Anchorage Capital CLO 17 Ltd., Series 2021- 17A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 5.55%, 02/15/38<sup>(a)(b)</sup> |  | 11115 | 11076097 |
|  Anchorage Capital CLO 29 Ltd., Series 2024- 29A, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.89%, 07/20/37<sup>(a)(b)</sup> |  | 3020 | 3025667 |
|  Anchorage Capital CLO 6 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class AR3, (3-mo. CME Term SOFR + 1.44%), 5.73%, 04/22/34<sup>(a)(b)</sup> |  | 5470 | 5472396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class BR3, (3-mo. CME Term SOFR + 2.10%), 6.39%, 04/22/34<sup>(a)(b)</sup> |  | 5490 | 5488539 |
|  Anchorage Capital CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class AR3, (3-mo. CME Term SOFR + 1.56%), 5.86%, 04/28/37<sup>(a)(b)</sup> |  | 5686 | 5695791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class BR3, (3-mo. CME Term SOFR + 2.05%), 6.35%, 04/28/37<sup>(a)(b)</sup> |  | 7620 | 7613223 |

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4 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Anchorage Capital CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class CR3, (3-mo. CME Term SOFR + 2.45%), 6.75%, 04/28/37<sup>(a)(b)</sup> | USD | 4250 | $4265040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 8.10%, 04/28/37<sup>(a)(b)</sup> |  | 1140 | 1142086 |
|  Anchorage Capital CLO 8 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8A, Class AR2A, (3-mo. CME Term SOFR + 1.46%), 5.76%, 10/27/34<sup>(a)(b)</sup> |  | 2395 | 2397949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8A, Class BR2, (3-mo. CME Term SOFR + 2.06%), 6.36%, 10/27/34<sup>(a)(b)</sup> |  | 2800 | 2795486 |
|  Anchorage Capital Europe CLO 2 DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class B1R, (3-mo. EURIBOR + 1.60%), 4.39%, 04/15/34<sup>(a)(b)</sup> | EUR | 1327 | 1430723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class DR, (3-mo. EURIBOR + 3.55%), 6.34%, 04/15/34<sup>(a)(b)</sup> |  | 1380 | 1491554 |
|  Anchorage Capital Europe CLO DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.20%), 5.87%, 04/25/34<sup>(a)(b)</sup> |  | 542 | 586484 |
|  Apidos CLO LII, Series 2025-52A, Class A1, (3-mo. CME Term SOFR + 1.13%), 5.39%, 04/20/38<sup>(a)(b)</sup> | USD | 2680 | &nbsp;&nbsp;&nbsp;&nbsp;2667848 |
|  Apidos CLO XV, Series 2013-15A, Class A1RR, (3-mo. CME Term SOFR + 1.27%), 5.57%, 04/20/31<sup>(a)(b)</sup> |  | 300 | 299454 |
|  Apidos CLO XVIII-R, Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.70%, 01/21/30<sup>(a)(b)</sup> |  | 880 | 880079 |
|  Apidos CLO XX |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A, Class A1RA, (3-mo. CME Term SOFR + 1.36%), 5.67%, 07/16/31<sup>(a)(b)</sup> |  | 396 | 396449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A, Class A2RR, (3-mo. CME Term SOFR + 1.81%), 6.12%, 07/16/31<sup>(a)(b)</sup> |  | 250 | 249719 |
|  Apidos CLO XXII |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-22A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.62%, 04/20/31<sup>(a)(b)</sup> |  | 64 | 63957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-22A, Class A2R, (3-mo. CME Term SOFR + 1.76%), 6.06%, 04/20/31<sup>(a)(b)</sup> |  | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-22A, Class BR, (3-mo. CME Term SOFR + 2.21%), 6.51%, 04/20/31<sup>(a)(b)</sup> |  | 250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 7.51%, 04/20/31<sup>(a)(b)</sup> |  | 850 | 850000 |
|  Apidos CLO XXIV, Series 2016-24A, Class A2LX, (3-mo. CME Term SOFR + 1.61%), 5.91%, 10/20/30<sup>(a)(b)</sup> |  | 660 | 660419 |
|  Apidos CLO XXV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-25A, Class A1R3, (3-mo. CME Term SOFR + 1.14%), 5.47%, 01/20/37<sup>(a)(b)</sup> |  | 1110 | 1105005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-25A, Class BR3, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/20/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | 6830403 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Apidos CLO XXXI, Series 2019-31A, Class BR, (3-mo. CME Term SOFR + 1.81%), 6.11%, 04/15/31<sup>(a)(b)</sup> | USD | 500 | $500282 |
|  Apidos CLO XXXII, Series 2019-32A, Class A1R, (3-mo. CME Term SOFR + 1.10%), 5.39%, 01/20/33<sup>(a)(b)</sup> |  | 830 | 827976 |
|  Apidos CLO XXXIV, Series 2020-34A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.71%, 01/20/35<sup>(a)(b)</sup> |  | 6244 | 6247145 |
|  Apidos CLO XXXVI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.16%, 07/20/34<sup>(a)(b)</sup> |  | 625 | 624525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36A, Class D, (3-mo. CME Term SOFR + 3.16%), 7.46%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 249650 |
|  Apidos CLO XXXVII |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.68%, 10/22/34<sup>(a)(b)</sup> |  | 450 | 450678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.60%, 10/22/34<sup>(a)(b)</sup> |  | 250 | 249587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class E, (3-mo. CME Term SOFR + 6.56%), 10.85%, 10/22/34<sup>(a)(b)</sup> |  | 455 | 456022 |
|  Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/46<sup>(a)</sup> |  | 255 | 232948 |
|  Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, (SOFR (30-day) + 1.45%), 5.80%, 01/15/37<sup>(a)(b)</sup> |  | 188 | 187724 |
|  AREIT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (1-mo. CME Term SOFR + 2.24%), 6.56%, 06/17/39<sup>(a)(b)</sup> |  | 2365 | 2363936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CRE8, Class A, (1-mo. CME Term SOFR + 2.11%), 6.43%, 08/17/41<sup>(a)(b)</sup> |  | 2932 | 2917010 |
|  AREIT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9, Class A, (1-mo. CME Term SOFR + 1.69%), 6.01%, 05/17/41<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14240 | &nbsp;&nbsp;&nbsp;&nbsp;14224127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE10, Class A, (1-mo. CME Term SOFR + 1.39%), 5.71%, 12/17/29<sup>(a)(b)</sup> |  | 1830 | 1828408 |
|  Ares European CLO XII DAC, Series 12A, Class B1R, (3-mo. EURIBOR + 1.70%), 4.44%, 04/20/32<sup>(a)(b)</sup> | EUR | 889 | 958686 |
|  Ares LIX CLO Ltd., Series 2021-59A, Class A, (3-mo. CME Term SOFR + 1.29%), 5.59%, 04/25/34<sup>(a)(b)</sup> | USD | 500 | 499275 |
|  Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, (3-mo. CME Term SOFR + 1.75%), 6.05%, 10/15/36<sup>(a)(b)</sup> |  | 1270 | 1274445 |
|  Ares LVI CLO Ltd., Series 2020-56A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 5.55%, 01/25/38<sup>(a)(b)</sup> |  | 2110 | 2108951 |
|  Ares XLVIII CLO Ltd., Series 2018-48A, Class B, (3-mo. CME Term SOFR + 1.84%), 6.14%, 07/20/30<sup>(a)(b)</sup> |  | 370 | 369457 |
|  Argent Mortgage Loan Trust,<br>Series 2005-W1, Class A2, (1-mo. CME Term SOFR + 0.59%), 4.92%, 05/25/35<sup>(b)</sup> |  | 2323 | 1873689 |
|  Argent Securities Trust<br>Series 2006-M1, Class A2C, (1-mo. CME Term SOFR + 0.41%), 4.74%, 07/25/36<sup>(b)</sup> |  | 3642 | 971003 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 5

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Argent Securities Trust<br>Series 2006-W2, Class A2C, (1-mo. CME Term SOFR + 0.69%), 5.02%, 03/25/36<sup>(b)</sup> | USD | 678 | $372250 |
|  ARM Master Trust LLC Agricultural Loan Backed Notes, Series 2021-T1, Class A, 2.43%, 11/15/27<sup>(a)</sup> |  | 155 | 154035 |
|  Asimi Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.35%), 5.81%, 09/16/31<sup>(b)(e)</sup> | GBP | 600 | 774748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.95%), 6.41%, 09/16/31<sup>(b)(e)</sup> |  | 556 | 719296 |
|  Asset-Backed European Securitisation Transaction Twenty-Five Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class D, (1-mo. EURIBOR + 2.50%), 4.87%, 11/15/39<sup>(b)(e)</sup> | EUR | 314 | 339493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class E, (1-mo. EURIBOR + 4.00%), 6.37%, 11/15/39<sup>(b)(e)</sup> |  | 810 | 877689 |
|  Asset-Backed European Securitisation Transaction Twenty-Three Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class C, (1-mo. EURIBOR + 1.60%), 3.99%, 03/21/34<sup>(b)(e)</sup> |  | 500 | 545370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class D, (1-mo. EURIBOR + 1.90%), 4.29%, 03/21/34<sup>(b)(e)</sup> |  | 300 | 326849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class E, (1-mo. EURIBOR + 2.40%), 4.79%, 03/21/34<sup>(b)(e)</sup> |  | 300 | 327770 |
|  Assurant CLO II Ltd., Series 2018-2A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.60%, 04/20/31<sup>(a)(b)</sup> | USD | 169 | 168430 |
|  Auto ABS Italian Stella Loans SRL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.70%), 4.06%, 12/29/36<sup>(b)(e)</sup> | EUR | 442 | 480225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 2.30%), 4.66%, 12/29/36<sup>(b)(e)</sup> |  | 422 | 458215 |
|  Auto1 Car Funding S.a.r.l |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.50%), 3.87%, 12/15/33<sup>(b)(e)</sup> |  | 300 | 326401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 3.50%), 5.87%, 12/15/33<sup>(b)(e)</sup> |  | 300 | 334197 |
|  Avoca CLO XV DAC, Series 15X, Class B2R, (3-mo. EURIBOR + 1.05%), 3.84%, 04/15/31<sup>(b)(e)</sup> |  | 400 | 431099 |
|  Avoca CLO XVIII DAC, Series 18A, Class CR, (3-mo. EURIBOR + 2.25%), 4.91%, 01/15/38<sup>(a)(b)</sup> |  | 400 | 431946 |
|  Avoca CLO XXII DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22A, Class D, (3-mo. EURIBOR + 2.90%), 5.69%, 04/15/35<sup>(a)(b)</sup> |  | 500 | 537924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22X, Class B1, (3-mo. EURIBOR + 1.30%), 4.09%, 04/15/35<sup>(b)(e)</sup> |  | 850 | 910198 |
|  Avoca CLO XXIII DAC, Series 23A, Class D, (3-mo. EURIBOR + 3.05%), 5.84%, 04/15/34<sup>(a)(b)</sup> |  | 500 | 541117 |
|  Bain Capital Credit CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.84%, 07/19/31<sup>(a)(b)</sup> | USD | 500 | 498045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 7.66%, 07/24/34<sup>(a)(b)</sup> |  | 250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.49%, 10/20/34<sup>(a)(b)</sup> |  | 560 | 559144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.52%), 5.82%, 07/15/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp;7897330 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Ballyrock CLO 14 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A2R, (3-mo. CME Term SOFR + 1.70%), 5.99%, 07/20/37<sup>(a)(b)</sup> | USD | 2500 | $2497338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class DR, (3-mo. CME Term SOFR + 5.85%), 10.14%, 07/20/37<sup>(a)(b)</sup> |  | 250 | 247007 |
|  Ballyrock CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 6.41%), 10.71%, 10/20/31<sup>(a)(b)</sup> |  | 250 | 250026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/15/38<sup>(a)(b)</sup> |  | 6935 | 6937246 |
|  BankAmerica Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-2, Class B1, 7.07%, 02/10/22<sup>(b)</sup> |  | 1680 | 200470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-2, Class B1, 7.22%, 12/10/25<sup>(b)</sup> |  | 2790 | 293757 |
|  Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31<sup>(a)</sup> |  | 410 | 408916 |
|  Bardot CLO Ltd., Series 2019-2A, Class ARR, (3-mo. CME Term SOFR + 0.98%), 5.29%, 10/22/32<sup>(a)(b)</sup> |  | 1470 | 1461031 |
|  Barings CLO Ltd., Series 2015-IA, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.96%, 01/20/31<sup>(a)(b)</sup> |  | 980 | 979345 |
|  Battalion CLO 18 Ltd., Series 2020-18A, Class BR, (3-mo. CME Term SOFR + 2.01%), 6.31%, 10/15/36<sup>(a)(b)</sup> |  | 1827 | 1817635 |
|  Battalion CLO IX Ltd., Series 2015-9A, Class DR, (3-mo. CME Term SOFR + 3.51%), 7.81%, 07/15/31<sup>(a)(b)</sup> |  | 250 | 249047 |
|  Battalion CLO VIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.63%, 07/18/30<sup>(a)(b)</sup> |  | 2074 | 2074964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A2R2, (3-mo. CME Term SOFR + 1.81%), 6.11%, 07/18/30<sup>(a)(b)</sup> |  | 3250 | 3247075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class BR2, (3-mo. CME Term SOFR + 2.26%), 6.56%, 07/18/30<sup>(a)(b)</sup> |  | 2901 | 2898740 |
|  Battalion CLO XI Ltd., Series 2017-11A, Class BR, (3-mo. CME Term SOFR + 1.98%), 6.28%, 04/24/34<sup>(a)(b)</sup> |  | 1000 | 995880 |
|  Battalion CLO XV Ltd., Series 2020-15A, Class A1RR, (3-mo. CME Term SOFR + 0.98%), 5.28%, 01/17/33<sup>(a)(b)</sup> |  | 1580 | 1578420 |
|  Bayswater Park CLO Ltd., Series 2023-1A, Class A1, (3-mo. CME Term SOFR + 1.73%), 6.02%, 01/20/37<sup>(a)(b)</sup> |  | 970 | 972114 |
|  Bayview Financial Revolving Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A1, (1-mo. CME Term SOFR + 1.11%), 5.44%, 05/28/39<sup>(a)(b)</sup> |  | 5434 | 4458372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A2, (1-mo. CME Term SOFR + 1.41%), 5.74%, 05/28/39<sup>(a)(b)</sup> |  | 168 | 77467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A1, (1-mo. CME Term SOFR + 1.11%), 5.44%, 02/28/40<sup>(a)(b)</sup> |  | 1128 | 1015428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E, Class A1, (1-mo. CME Term SOFR + 1.11%), 5.44%, 12/28/40<sup>(a)(b)</sup> |  | 118 | 117909 |
|  BBAM U.S. CLO I Ltd., Series 2022-1A, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.52%, 03/30/38<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;1257369 |

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6 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  BCMSC Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A2, 7.58%, 06/15/30<sup>(b)</sup>  | USD | 1674 | $125545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A3, 7.83%, 06/15/30<sup>(b)</sup> |  | 1554 | 120306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A4, 8.29%, 06/15/30<sup>(b)</sup> |  | 1121 | 91882 |
|  BDS Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL11, Class ATS, (1-mo. CME Term SOFR + 1.80%), 6.12%, 03/19/39<sup>(a)(b)</sup> |  | 1536 | 1533080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL13, Class A, (1-mo. CME Term SOFR + 1.58%), 5.89%, 09/19/39<sup>(a)(b)</sup> |  | 2735 | 2732178 |
|  Bean Creek CLO Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class AR, (3-mo. CME Term SOFR + 1.28%), 5.58%, 04/20/31<sup>(a)(b)</sup> |  | 28 | 27496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class BR, (3-mo. CME Term SOFR + 1.71%), 6.01%, 04/20/31<sup>(a)(b)</sup> |  | 439 | 438078 |
|  Bear Stearns Asset-Backed Securities I Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, (1-mo. CME Term SOFR + 1.84%), 6.16%, 08/25/34<sup>(b)</sup> |  | 5 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1, Class 1M4, (1-mo. CME Term SOFR + 1.13%), 5.46%, 12/25/35<sup>(b)</sup> |  | 2346 | 2276090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7, Class 1A2, (1-mo. CME Term SOFR + 0.45%), 4.78%, 09/25/36<sup>(b)</sup> |  | 771 | 751276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 1A4, (1-mo. CME Term SOFR + 0.43%), 4.76%, 03/25/37<sup>(b)</sup> |  | 951 | 870320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 22A, (1-mo. CME Term SOFR + 0.39%), 4.72%, 03/25/37<sup>(b)</sup> |  | 368 | 345357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 23A, (1-mo. CME Term SOFR + 0.39%), 4.72%, 03/25/37<sup>(b)</sup> |  | 418 | 399500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 1A3, (1-mo. CME Term SOFR + 0.36%), 4.69%, 04/25/37<sup>(b)</sup> |  | 44 | 43408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 1A4, (1-mo. CME Term SOFR + 0.46%), 4.79%, 04/25/37<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819409 |
|  Benefit Street Partners CLO Ltd., Series 2021- 23A, Class E, (3-mo. CME Term SOFR + 7.07%), 11.37%, 04/25/34<sup>(a)(b)</sup> |  | 750 | 750913 |
|  Benefit Street Partners CLO V-B Ltd.,<br>Series 2018-5BA, Class A1R, (3-mo. CME Term SOFR + 1.53%), 5.82%, 07/20/37<sup>(a)(b)</sup> |  | 6170 | 6184631 |
|  Benefit Street Partners CLO VIII Ltd.,<br>Series 2015-8A, Class A1AR, (3-mo. CME Term SOFR + 1.36%), 5.66%, 01/20/31<sup>(a)(b)</sup> |  | 640 | 639727 |
|  Benefit Street Partners CLO X Ltd., Series 2016- 10A, Class A2AR, (3-mo. CME Term SOFR + 1.81%), 6.11%, 04/20/34<sup>(a)(b)</sup> |  | 710 | 707411 |
|  Benefit Street Partners CLO XII-B Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-12BRA, Class A, (3-mo. CME Term SOFR + 1.37%), 5.67%, 10/15/37<sup>(a)(b)</sup> |  | 3811 | 3814682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-12BRA, Class B, (3-mo. CME Term SOFR + 1.70%), 6.00%, 10/15/37<sup>(a)(b)</sup> |  | 2000 | 1997111 |
|  Benefit Street Partners CLO XIV Ltd.,<br>Series 2018-14A, Class AR, (3-mo. CME Term SOFR + 1.37%), 5.66%, 10/20/37<sup>(a)(b)</sup> |  | 750 | 750769 |
|  Benefit Street Partners CLO XVI Ltd.,<br>Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/17/38<sup>(a)(b)</sup> |  | 920 | 920920 |
|  Benefit Street Partners CLO XX Ltd.<br>Series 2020-20A, Class AR, (3-mo. CME Term SOFR + 1.43%), 5.73%, 07/15/34<sup>(a)(b)</sup> |  | 3830 | 3832337 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Benefit Street Partners CLO XX Ltd.<br>Series 2020-20A, Class ER, (3-mo. CME Term SOFR + 7.01%), 11.31%, 07/15/34<sup>(a)(b)</sup> | USD | 250 | $250422 |
|  Benefit Street Partners CLO XXI Ltd.,<br>Series 2020-21A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 5.73%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 249652 |
|  Benefit Street Partners CLO XXIII Ltd.,<br>Series 2021-23A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.64%, 04/25/34<sup>(a)(b)</sup> |  | 800 | 799761 |
|  Benefit Street Partners CLO XXIX Ltd.,<br>Series 2022-29A, Class AR, (3-mo. CME Term SOFR + 1.18%), 5.49%, 01/25/38<sup>(a)(b)</sup> |  | 2150 | 2149312 |
|  Benefit Street Partners CLO XXVI Ltd.,<br>Series 2022-26A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.67%, 07/20/37<sup>(a)(b)</sup> |  | 1310 | 1311350 |
|  Benefit Street Partners CLO XXVII Ltd.,<br>Series 2022-27A, Class AR, (3-mo. CME Term SOFR + 1.37%), 5.66%, 10/20/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12035583 |
|  Benefit Street Partners CLO XXXVII Ltd.,<br>Series 2024-37A, Class A, (3-mo. CME Term SOFR + 1.35%), 5.70%, 01/25/38<sup>(a)(b)</sup> |  | 4500 | 4493227 |
|  Benefit Street Partners CLO XXXVIII Ltd.,<br>Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.31%), 5.62%, 01/25/38<sup>(a)(b)</sup> |  | 3920 | 3918005 |
|  BHG Securitization Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.79%, 11/17/33<sup>(a)</sup> |  | 1007 | 970595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 5.93%, 10/17/35<sup>(a)</sup> |  | 1364 | 1365671 |
|  Birch Grove CLO 10 Ltd., Series 2024-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.95%, 01/22/38<sup>(a)(b)</sup> |  | 2550 | 2551329 |
|  Birch Grove CLO 2 Ltd., Series 2021-2A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.69%, 10/19/37<sup>(a)(b)</sup> |  | 870 | 871457 |
|  Birch Grove CLO 3 Ltd.<br>Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 5.57%, 01/19/38<sup>(a)(b)</sup> |  | 370 | 369895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, (3-mo. CME Term SOFR + 1.60%), 5.91%, 01/19/38<sup>(a)(b)</sup> |  | 520 | 513789 |
|  Birch Grove CLO Ltd., Series 19A, Class A1RR, (3-mo. CME Term SOFR + 1.59%), 5.89%, 07/17/37<sup>(a)(b)</sup> |  | 250 | 250063 |
|  BlueMountain CLO Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 5.73%, 10/22/30<sup>(a)(b)</sup> |  | 697 | 696301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.15%, 10/22/30<sup>(a)(b)</sup> |  | 500 | 499250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 5.56%, 04/20/31<sup>(a)(b)</sup> |  | 1297 | 1295373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1R2, (3-mo. CME Term SOFR + 1.20%), 5.52%, 11/15/30<sup>(a)(b)</sup> |  | 888 | 886586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.29%, 08/15/31<sup>(a)(b)</sup> |  | 1095 | 1093784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 5.49%, 10/25/30<sup>(a)(b)</sup> |  | 1755 | 1754793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term SOFR + 1.85%), 6.15%, 10/25/30<sup>(a)(b)</sup> |  | 10020 | 10005427 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.06%, 07/15/31<sup>(a)(b)</sup> | USD | 3970 | $3962060 |
|  BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, (3-mo. CME Term SOFR + 2.01%), 6.31%, 07/25/34<sup>(a)(b)</sup> |  | 1080 | 1078547 |
|  BlueMountain CLO XXVIII Ltd., Series 2021- 28A, Class A, (3-mo. CME Term SOFR + 1.52%), 5.82%, 04/15/34<sup>(a)(b)</sup> |  | 570 | 570144 |
|  BlueMountain CLO XXXI Ltd., Series 2021-31A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.71%, 04/19/34<sup>(a)(b)</sup> |  | 1000 | 997723 |
|  BlueMountain Euro CLO DAC, Series 2021-2A, Class B1, (3-mo. EURIBOR + 1.75%), 4.54%, 10/15/35<sup>(a)(b)</sup> | EUR | 3280 | 3523841 |
|  BlueMountain Fuji U.S. CLO II Ltd., Series 2017- 2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 5.56%, 10/20/30<sup>(a)(b)</sup> | USD | 2429 | 2428418 |
|  BRAVO Residential Funding Trust, Series 2024- CES2, Class A1A, 5.55%, 09/25/54<sup>(a)(c)</sup> |  | 1617 | 1618208 |
|  Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 07/15/27<sup>(a)</sup> |  | 3325 | 3359568 |
|  Bridge Street CLO II Ltd., Series 2021-1A, Class A1A, (3-mo. CME Term SOFR + 1.49%), 5.79%, 07/20/34<sup>(a)(b)</sup> |  | 500 | 500504 |
|  Brignole Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class C, (1-mo. EURIBOR + 2.00%), 4.37%, 02/24/42<sup>(b)(e)</sup> | EUR | 245 | 266926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class D, (1-mo. EURIBOR + 4.00%), 6.37%, 02/24/42<sup>(b)(e)</sup> |  | 354 | 386010 |
|  Bryant Park Funding Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.49%, 04/15/38<sup>(a)(b)</sup> | USD | 710 | 708981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.70%, 10/15/37<sup>(a)(b)</sup> |  | 1500 | 1502458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.66%, 01/18/38<sup>(a)(b)</sup> |  | 2250 | 2251753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class B, (3-mo. CME Term SOFR + 1.70%), 6.02%, 01/18/38<sup>(a)(b)</sup> |  | 4000 | 3982618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class D1, (3-mo. CME Term SOFR + 2.95%), 7.27%, 01/18/38<sup>(a)(b)</sup> |  | 500 | 496534 |
|  Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.36%, 07/18/34<sup>(a)(b)</sup> |  | 2400 | 2392800 |
|  BXMT Ltd. Mortgage-Backed Securities,<br>Series 2025-FL5, Class A, (1-mo. CME Term SOFR + 1.64%), 5.96%, 10/18/42<sup>(a)(b)</sup> |  | 1804 | 1799490 |
|  Canyon Capital CLO Ltd., Series 2016-1A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.63%, 07/15/31<sup>(a)(b)</sup> |  | 294 | 294436 |
|  Canyon CLO Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.63%, 07/15/31<sup>(a)(b)</sup> |  | 760 | 759735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class BR, (3-mo. CME Term SOFR + 1.95%), 6.25%, 10/15/37<sup>(a)(b)</sup> |  | 1610 | 1605233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, (3-mo. CME Term SOFR + 2.05%), 6.35%, 05/15/37<sup>(a)(b)</sup> |  | 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806769 |
|  Cardiff Auto Receivables Securitisation PLC Series 2024-1, Class C, (1-day SONIA + 1.90%), 6.36%, 08/20/31<sup>(b)(e)</sup> | GBP | 1743 | 2256672 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Cardiff Auto Receivables Securitisation PLC Series 2024-1, Class D, (1-day SONIA + 2.60%), 7.06%, 08/20/31<sup>(b)(e)</sup> | GBP | 1320 | $1710873 |
|  Carlyle C17 CLO Ltd., Series C17A, Class A1AR, (3-mo. CME Term SOFR + 1.29%), 5.58%, 04/30/31<sup>(a)(b)</sup> | USD | 2572 | 2569607 |
|  Carlyle Global Market Strategies CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class A1AR, (3-mo. CME Term SOFR + 1.36%), 5.66%, 10/15/30<sup>(a)(b)</sup> |  | 31 | 30843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.23%), 5.53%, 04/17/31<sup>(a)(b)</sup> |  | 1122 | 1122317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA, Class A1, (3-mo. CME Term SOFR + 1.31%), 5.64%, 05/15/31<sup>(a)(b)</sup> |  | 873 | 871870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3RA, Class A1A, (3-mo. CME Term SOFR + 1.31%), 5.61%, 07/27/31<sup>(a)(b)</sup> |  | 143 | 143106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1RR, (3-mo. CME Term SOFR + 1.40%), 5.70%, 07/15/31<sup>(a)(b)</sup> |  | 551 | 551193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A2RR, (3-mo. CME Term SOFR + 1.71%), 6.01%, 07/15/31<sup>(a)(b)</sup> |  | 830 | 830565 |
|  Carlyle U.S. CLO Ltd.<br>Series 2017-3A, Class A1R2, (3-mo. CME Term SOFR + 1.40%), 5.69%, 10/21/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class BR2, (3-mo. CME Term SOFR + 1.78%), 6.07%, 10/21/37<sup>(a)(b)</sup> |  | 5170 | 5175311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, (3-mo. CME Term SOFR + 1.44%), 5.74%, 01/15/30<sup>(a)(b)</sup> |  | 1042 | 1041617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1AR, (3-mo. CME Term SOFR + 1.34%), 5.64%, 04/20/31<sup>(a)(b)</sup> |  | 1116 | 1117438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, (3-mo. CME Term SOFR + 2.60%), 6.89%, 07/20/35<sup>(a)(b)</sup> |  | 750 | 752985 |
|  Carrington Mortgage Loan Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC1, Class M2, (1-mo. CME Term SOFR + 0.74%), 5.07%, 01/25/36<sup>(b)</sup> |  | 610 | 531482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC4, Class A3, (1-mo. CME Term SOFR + 0.27%), 4.60%, 10/25/36<sup>(b)</sup> |  | 219 | 215414 |
|  CarVal CLO VC Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 7.81%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 249516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term SOFR + 7.01%), 11.31%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 250560 |
|  CarVal CLO VIII-C Ltd., Series 2022-2A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.71%, 10/22/37<sup>(a)(b)</sup> |  | 730 | 730367 |
|  Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44<sup>(a)(b)</sup> |  | 6620 | 6256771 |
|  Cayuga Park CLO Ltd., Series 2020-1A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.68%, 07/17/34<sup>(a)(b)</sup> |  | 3270 | 3273805 |
|  CBAM Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class B1, (3-mo. CME Term SOFR + 1.66%), 5.96%, 04/17/31<sup>(a)(b)</sup> |  | 710 | 706519 |

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8 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CBAM Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-6A, Class B1R, (3-mo. CME Term SOFR + 2.36%), 6.66%, 01/15/31<sup>(a)(b)</sup> | USD | 250 | $249679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/20/31<sup>(a)(b)</sup> |  | 148 | 148390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.16%, 07/20/31<sup>(a)(b)</sup> |  | 250 | 249877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1R, (3-mo. CME Term SOFR + 1.38%), 5.68%, 04/20/32<sup>(a)(b)</sup> |  | 3554 | 3558289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, (3-mo. CME Term SOFR + 1.44%), 5.74%, 07/20/34<sup>(a)(b)</sup> |  | 436 | 435069 |
|  C-BASS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB7, Class A4, (1-mo. CME Term SOFR + 0.43%), 4.76%, 10/25/36<sup>(b)</sup> |  | 357 | 235766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9, Class A4, (1-mo. CME Term SOFR + 0.57%), 4.90%, 11/25/36<sup>(b)</sup> |  | 329 | 147605 |
|  Cedar Funding II CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class ARR, (3-mo. CME Term SOFR + 1.34%), 5.64%, 04/20/34<sup>(a)(b)</sup> |  | 3255 | 3239560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class BRR, (3-mo. CME Term SOFR + 1.61%), 5.91%, 04/20/34<sup>(a)(b)</sup> |  | 3110 | 3087611 |
|  Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/17/31<sup>(a)(b)</sup> |  | 1371 | 1370857 |
|  Cedar Funding VI CLO Ltd., Series 2016-6A, Class ARR, (3-mo. CME Term SOFR + 1.31%), 5.61%, 04/20/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18190603 |
|  Cedar Funding VII CLO Ltd., Series 2018-7A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.37%, 01/20/31<sup>(a)(b)</sup> |  | 138 | 138056 |
|  Cedar Funding XI CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class A1R2, (3-mo. CME Term SOFR + 1.06%), 5.37%, 05/29/32<sup>(a)(b)</sup> |  | 2070 | 2067930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class A2R2, (3-mo. CME Term SOFR + 1.30%), 5.61%, 05/29/32<sup>(a)(b)</sup> |  | 1220 | 1218795 |
|  Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.00%, 10/15/37<sup>(a)(b)</sup> |  | 770 | 767664 |
|  CIFC European Funding CLO II DAC, Series 2X, Class B1, (3-mo. EURIBOR + 1.60%), 4.39%, 04/15/33<sup>(b)(e)</sup> | EUR | 900 | 969310 |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A2R, (3-mo. CME Term SOFR + 2.01%), 6.32%, 07/16/30<sup>(a)(b)</sup> | USD | 1250 | 1252074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 8.12%, 07/16/30<sup>(a)(b)</sup> |  | 250 | 250127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1L2, (3-mo. CME Term SOFR + 1.26%), 5.56%, 10/18/30<sup>(a)(b)</sup> |  | 127 | 126918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A2L2, (3-mo. CME Term SOFR + 1.76%), 6.06%, 10/18/30<sup>(a)(b)</sup> |  | 250 | 249894 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.96%, 01/18/31<sup>(a)(b)</sup> | USD | 3320 | $3315538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class ARR, (3-mo. CME Term SOFR + 1.37%), 5.66%, 01/22/31<sup>(a)(b)</sup> |  | 122 | 121548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class BRR, (3-mo. CME Term SOFR + 1.71%), 6.00%, 01/22/31<sup>(a)(b)</sup> |  | 250 | 249845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.63%, 04/20/34<sup>(a)(b)</sup> |  | 510 | 509745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class ARR, (3-mo. CME Term SOFR + 1.55%), 5.84%, 04/21/37<sup>(a)(b)</sup> |  | 6190 | 6204576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class BRR, (3-mo. CME Term SOFR + 2.05%), 6.34%, 04/21/37<sup>(a)(b)</sup> |  | 3710 | 3713753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.74%, 04/21/37<sup>(a)(b)</sup> |  | 250 | 250882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class AR, (3-mo. CME Term SOFR + 1.41%), 5.71%, 07/17/37<sup>(a)(b)</sup> |  | 1770 | 1771544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.67%, 01/18/38<sup>(a)(b)</sup> |  | 3140 | 3140087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.05%, 01/18/38<sup>(a)(b)</sup> |  | 1510 | 1508941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R, (3-mo. CME Term SOFR + 1.37%), 5.66%, 10/20/37<sup>(a)(b)</sup> |  | 250 | 250352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.04%, 10/20/37<sup>(a)(b)</sup> |  | 1000 | 1001430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/18/31<sup>(a)(b)</sup> |  | 515 | 514612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R2, (3-mo. CME Term SOFR + 1.36%), 5.65%, 10/20/37<sup>(a)(b)</sup> |  | 6729 | 6725635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1R1, (3-mo. CME Term SOFR + 1.40%), 5.70%, 01/15/35<sup>(a)(b)</sup> |  | 400 | 400729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, (3-mo. CME Term SOFR + 1.45%), 5.76%, 07/16/37<sup>(a)(b)</sup> |  | 6170 | 6179277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.71%, 07/15/36<sup>(a)(b)</sup> |  | 1200 | 1202100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.21%, 07/15/36<sup>(a)(b)</sup> |  | 3260 | 3256392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.69%, 10/20/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12158628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/20/34<sup>(a)(b)</sup> |  | 780 | 779478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.73%, 01/15/40<sup>(a)(b)</sup> |  | 500 | 499772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.72%, 07/25/37<sup>(a)(b)</sup> |  | 250 | 250264 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 9

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.05%, 07/25/37<sup>(a)(b)</sup> | USD 5,280 | $5266274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.26%, 07/15/36<sup>(a)(b)</sup> | 490 | 490380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.65%, 07/23/37<sup>(a)(b)</sup> | 8210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8213192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class BR, (3-mo. CME Term SOFR + 1.65%), 5.94%, 07/23/37<sup>(a)(b)</sup> | 500 | 499509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class CR, (3-mo. CME Term SOFR + 1.90%), 6.19%, 07/23/37<sup>(a)(b)</sup> | 250 | 250329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 5.57%, 01/15/38<sup>(a)(b)</sup> | 2315 | 2312770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.70%, 10/15/34<sup>(a)(b)</sup> | 840 | 841422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/15/34<sup>(a)(b)</sup> | 700 | 699069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, (3-mo. CME Term SOFR + 1.60%), 5.89%, 01/20/37<sup>(a)(b)</sup> | 2410 | 2414823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, (3-mo. CME Term SOFR + 1.48%), 5.77%, 07/21/37<sup>(a)(b)</sup> | 690 | 691725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.40%, 04/23/38<sup>(a)(b)</sup> | 250 | 249083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, (3-mo. CME Term SOFR + 1.13%), 5.41%, 04/15/38<sup>(a)(b)</sup> | 3640 | 3624704 |
|  CIT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1M2, (1-mo. CME Term SOFR + 2.74%), 7.06%, 10/25/37<sup>(a)(b)</sup> | 1821 | 1770460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2M2, (1-mo. CME Term SOFR + 2.74%), 7.06%, 10/25/37<sup>(a)(b)</sup> | 397 | 373769 |
|  Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1-mo. CME Term SOFR + 0.31%), 4.64%, 05/25/37<sup>(b)</sup> | 4242 | 2754752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3C, (1-mo. CME Term SOFR + 0.38%), 4.71%, 05/25/37<sup>(b)</sup> | 1927 | 1251108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1-mo. CME Term SOFR + 0.28%), 4.61%, 07/25/45<sup>(b)</sup> | 3059 | 2114582 |
|  Clover CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 5.82%, 04/20/37<sup>(a)(b)</sup> | 4120 | 4128182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B1RR, (3-mo. CME Term SOFR + 1.95%), 6.24%, 04/20/37<sup>(a)(b)</sup> | 750 | 749952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, (3-mo. CME Term SOFR + 1.07%), 5.37%, 01/25/35<sup>(a)(b)</sup> | 270 | 269703 |
|  College Ave Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 2.42%, 06/25/52<sup>(a)</sup> | 711 | 645794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 2.72%, 06/25/52<sup>(a)</sup> | 321 | 296136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 3.78%, 06/25/52<sup>(a)</sup> | 79 | 73969 |
|  College Ave Student Loans Trust, Series 2024-A, Class A1B, (SOFR (30-day) + 1.75%), 6.09%, 06/25/54<sup>(a)(b)</sup> | 8291 | 8448219 |
|  Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74<sup>(a)</sup> | 2620 | 2604617 |
|  Conseco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-3, Class M1, 7.53%, 03/15/28<sup>(b)</sup> | 373 | 380022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-6, Class M1, 7.21%, 01/15/29<sup>(b)</sup> | 64 | 65446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-4, Class M1, 6.83%, 04/01/30<sup>(b)</sup> | 144 | 146286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999-5, Class A5, 7.86%, 03/01/30<sup>(b)</sup> | 774 | 233706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999-5, Class A6, 7.50%, 03/01/30<sup>(b)</sup> | 830 | 239387 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Conseco Finance Securitizations Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-1, Class A5, 8.06%, 09/01/29<sup>(b)</sup> | USD 1,445 | $210094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-4, Class A6, 8.31%, 05/01/32<sup>(b)</sup> | 1224 | 178588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-5, Class A6, 7.96%, 05/01/31 | 2105 | 438426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-5, Class A7, 8.20%, 05/01/31 | 3840 | 823917 |
|  Cook Park CLO Ltd., Series 2018-1A, Class B, (3-mo. CME Term SOFR + 1.66%), 5.96%, 04/17/30<sup>(a)(b)</sup> | 250 | 249466 |
|  Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5, Class A, (1-mo. CME Term SOFR + 1.01%), 5.34%, 10/25/34<sup>(b)</sup> | 292 | 284680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-16, Class 1AF, 4.53%, 04/25/36<sup>(b)</sup> | 1913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-14, Class M1, (1-mo. CME Term SOFR + 0.55%), 4.87%, 02/25/37<sup>(b)</sup> | 1119 | 989097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class M1, (1-mo. CME Term SOFR + 0.56%), 4.89%, 03/25/37<sup>(b)</sup> | 6537 | 6677643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-22, Class M1, (1-mo. CME Term SOFR + 0.46%), 4.78%, 05/25/47<sup>(b)</sup> | 823 | 717452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SPS1, Class A, (1-mo. CME Term SOFR + 0.33%), 4.66%, 12/25/25<sup>(b)</sup> | 5 | 29210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12, Class 1A2, (1-mo. CME Term SOFR + 0.95%), 5.28%, 08/25/47<sup>(b)</sup> | 2600 | 2527792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA2, Class 2A1, (1-mo. CME Term SOFR + 1.61%), 5.94%, 06/25/47<sup>(a)(b)</sup> | 1340 | 1062339 |
|  Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1-mo. CME Term SOFR + 0.38%), 4.70%, 03/15/34<sup>(b)</sup> | 156 | 155237 |
|  Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-MH29, Class B1, 8.10%, 09/25/31<sup>(b)</sup> | 491 | 496331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CF2, Class 1B, 6.00%, 01/25/43<sup>(a)(c)</sup> | 304 | 229051 |
|  Credit-Based Asset Servicing & Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB2, Class AF4, 2.99%, 12/25/36<sup>(c)</sup> | 314 | 261086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B1, 6.75%, 10/25/36<sup>(a)(c)</sup> | 319 | 316472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B2, 6.75%, 10/25/36<sup>(a)(c)</sup> | 2962 | 2386835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A2, 6.06%, 09/25/36<sup>(a)(c)</sup> | 2715 | 90185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6, Class A4, (1-mo. CME Term SOFR + 0.45%), 4.77%, 07/25/37<sup>(a)(b)</sup> | 390 | 255329 |
|  CreekSource Dunes Creek CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.74%, 01/15/38<sup>(b)(e)</sup> | 250 | 250248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class B, (3-mo. CME Term SOFR + 1.75%), 6.08%, 01/15/38<sup>(b)(e)</sup> | 1040 | 1037172 |
|  Crown City CLO III, Series 2021-1A, Class A1A, (3-mo. CME Term SOFR + 1.43%), 5.73%, 07/20/34<sup>(a)(b)</sup> | 250 | 249585 |
|  Crown Point CLO 10 Ltd., Series 2021-10A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.26%, 07/20/34<sup>(a)(b)</sup> | 490 | 489273 |

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10 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CVC Cordatus Loan Fund IV DAC, Series 4X, Class BR1, (3-mo. EURIBOR + 1.30%), 3.83%, 02/22/34<sup>(b)(e)</sup> | EUR | 990 | $1063005 |
|  CVC Cordatus Loan Fund V DAC, Series 5X, Class B1R, (3-mo. EURIBOR + 1.50%), 4.24%, 07/21/30<sup>(b)(e)</sup> |  | 250 | 270467 |
|  CWHEQ Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S3, Class A4, 5.42%, 01/25/29<sup>(c)</sup> | USD | 34 | 79392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S5, Class A5, 6.16%, 06/25/35 |  | 42 | 64061 |
|  CWHEQ Revolving Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-B, Class 2A, (1-mo. CME Term SOFR + 0.29%), 4.61%, 05/15/35<sup>(b)</sup> |  | 44 | 43726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C, Class 2A, (1-mo. CME Term SOFR + 0.29%), 4.61%, 05/15/36<sup>(b)</sup> |  | 365 | 361060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H, Class 1A, (1-mo. CME Term SOFR + 0.26%), 4.58%, 11/15/36<sup>(b)</sup> |  | 207 | 202249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 1A, (1-mo. CME Term SOFR + 0.25%), 4.57%, 01/15/37<sup>(b)</sup> |  | 204 | 194612 |
|  Diameter Capital CLO 1 Ltd., Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.69%, 10/15/37<sup>(a)(b)</sup> |  | 1180 | 1181737 |
|  Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.69%, 10/15/37<sup>(a)(b)</sup> |  | 250 | 249753 |
|  Diameter Capital CLO 3 Ltd., Series 2022-3A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.62%, 01/15/38<sup>(a)(b)</sup> |  | 2492 | 2487044 |
|  Diameter Capital CLO 8 Ltd., Series 2024-8A, Class A1A, (3-mo. CME Term SOFR + 1.40%), 5.95%, 10/20/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;22190 | &nbsp;&nbsp;&nbsp;&nbsp;22218909 |
|  Diameter Capital CLO 9 Ltd., Series 2025-9A, Class A, (3-mo. CME Term SOFR + 1.17%), 5.49%, 04/20/38<sup>(a)(b)</sup> |  | 593 | 590597 |
|  Dowson PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.35%), 6.81%, 08/20/31<sup>(b)(e)</sup> | GBP | 344 | 442050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.95%), 8.41%, 08/20/31<sup>(b)(e)</sup> |  | 408 | 524527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class F, (1-day SONIA + 6.95%), 11.41%, 08/20/31<sup>(b)(e)</sup> |  | 496 | 637749 |
|  Dryden 104 CLO Ltd., Series 2022-104A, Class A1R, (3-mo. CME Term SOFR + 1.29%), 5.61%, 08/20/34<sup>(a)(b)</sup> | USD | 3180 | 3180162 |
|  Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.66%, 01/15/31<sup>(a)(b)</sup> |  | 312 | 311769 |
|  Dryden 40 Senior Loan Fund, Series 2015-40A, Class AR2, (3-mo. CME Term SOFR + 1.15%), 5.47%, 08/15/31<sup>(a)(b)</sup> |  | 3994 | 3989589 |
|  Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, (3-mo. CME Term SOFR + 1.23%), 5.53%, 04/15/31<sup>(a)(b)</sup> |  | 1905 | 1904794 |
|  Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, (3-mo. CME Term SOFR + 1.07%), 5.36%, 04/20/34<sup>(a)(b)</sup> |  | 5540 | 5528387 |
|  Dryden 49 Senior Loan Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class AR, (3-mo. CME Term SOFR + 1.21%), 5.51%, 07/18/30<sup>(a)(b)</sup> |  | 506 | 505660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.16%, 07/18/30<sup>(a)(b)</sup> |  | 500 | 500125 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 07/15/30<sup>(a)(b)</sup> | USD | 450 | $450118 |
|  Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3-mo. CME Term SOFR + 1.38%), 5.68%, 01/15/31<sup>(a)(b)</sup> |  | 13315 | 13304188 |
|  Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.44%, 10/19/29<sup>(a)(b)</sup> |  | 1997 | 1996268 |
|  Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (3-mo. CME Term SOFR + 1.28%), 5.58%, 04/15/31<sup>(a)(b)</sup> |  | 1649 | 1649718 |
|  Dryden 64 CLO Ltd., Series 2018-64A, Class A, (3-mo. CME Term SOFR + 1.23%), 5.53%, 04/18/31<sup>(a)(b)</sup> |  | 354 | 354293 |
|  Dryden 65 CLO Ltd., Series 2018-65A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.16%, 07/18/30<sup>(a)(b)</sup> |  | 300 | 300148 |
|  Dryden 76 CLO Ltd., Series 2019-76A, Class A1R2, (3-mo. CME Term SOFR + 1.37%), 5.67%, 10/15/37<sup>(a)(b)</sup> |  | 1000 | 1000691 |
|  Dryden 77 CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.70%, 05/20/34<sup>(a)(b)</sup> |  | 3580 | &nbsp;&nbsp;&nbsp;&nbsp;3583624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77A, Class XR, (3-mo. CME Term SOFR + 1.26%), 5.58%, 05/20/34<sup>(a)(b)</sup> |  | 156 | 156226 |
|  Dryden Senior Loan Fund, Series 2021-87A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%,<br>05/20/34<sup>(a)(b)</sup> |  | 2330 | 2332065 |
|  Dryden XXVI Senior Loan Fund, Series 2013- 26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 5.46%,<br>04/15/29<sup>(a)(b)</sup> |  | 1612 | 1611905 |
|  Eaton Vance CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A23R, (3-mo. CME Term SOFR + 1.81%), 6.11%, 01/15/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | 1187513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1RA, Class A2, (3-mo. CME Term SOFR + 1.75%), 6.05%, 07/15/30<sup>(a)(b)</sup> |  | 250 | 250111 |
|  Edenbrook Mortgage Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.95%), 6.43%, 03/22/57<sup>(b)(e)</sup> | GBP | 1611 | 2086698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.55%), 7.03%, 03/22/57<sup>(b)(e)</sup> |  | 931 | 1210741 |
|  EDvestinU Private Education Loan Issue No 4 LLC, Series 2022-A, Class A, 5.25%, 11/25/40<sup>(a)</sup> | USD | 2290 | 2287786 |
|  Elmwood CLO 23 Ltd., Series 2023-2A, Class A, (3-mo. CME Term SOFR + 1.80%), 6.11%, 04/16/36<sup>(a)(b)</sup> |  | 2030 | 2028418 |
|  Elmwood CLO 27 Ltd., Series 2024-3A, Class B, (3-mo. CME Term SOFR + 1.95%), 6.24%, 04/18/37<sup>(a)(b)</sup> |  | 1040 | 1046195 |
|  Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, (3-mo. CME Term SOFR + 1.52%), 5.81%, 04/20/37<sup>(a)(b)</sup> |  | 4760 | 4770918 |
|  Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3-mo. CME Term SOFR + 1.43%), 5.73%, 07/17/37<sup>(a)(b)</sup> |  | 2410 | 2413040 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 11

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Elmwood CLO 36 Ltd., Series 2024-12RA, Class AR, (3-mo. CME Term SOFR + 1.34%), 5.75%, 10/20/37<sup>(a)(b)</sup> | USD 1,770 | $1771770 |
|  Elmwood CLO 38 Ltd., Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/22/38<sup>(a)(b)</sup> | 630 | 627723 |
|  Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.52%), 5.81%, 04/20/37<sup>(a)(b)</sup> | 250 | 250375 |
|  Elmwood CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.64%, 10/20/37<sup>(a)(b)</sup> | 6690 | 6696746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/20/37<sup>(a)(b)</sup> | 1600 | 1594581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D1RR, (3-mo. CME Term SOFR + 3.05%), 7.34%, 10/20/37<sup>(a)(b)</sup> | 250 | 247654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class ERR, (3-mo. CME Term SOFR + 5.75%), 10.04%, 10/20/37<sup>(a)(b)</sup> | 1500 | 1500476 |
|  Elmwood CLO III Ltd., Series 2019-3A, Class BRR, (3-mo. CME Term SOFR + 1.70%), 5.99%, 07/18/37<sup>(a)(b)</sup> | 670 | 667574 |
|  Elmwood CLO IV Ltd., Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.35%), 7.64%, 04/18/37<sup>(a)(b)</sup> | 1000 | 1004399 |
|  Elmwood CLO VI Ltd., Series 2020-3A, Class ARR, (3-mo. CME Term SOFR + 1.38%), 5.67%, 07/18/37<sup>(a)(b)</sup> | 5230 | 5232924 |
|  Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.92%, 10/17/37<sup>(a)(b)</sup> | 790 | 790399 |
|  Elmwood CLO X Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.27%), 5.56%, 04/20/34<sup>(a)(b)</sup> | 3000 | 2999915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.04%, 04/20/34<sup>(a)(b)</sup> | 1250 | 1244430 |
|  Elmwood CLO XII Ltd., Series 2021-5A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.66%, 10/15/37<sup>(a)(b)</sup> | 4310 | 4311773 |
|  Enterprise Fleet Financing LLC, Series 2024-4, Class A4, 4.70%, 06/20/31<sup>(a)</sup> | 1537 | 1543413 |
|  Euro-Galaxy III CLO BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class CRRR, (3-mo EURIBOR + 2.35%), 5.02%, 04/24/34<sup>(a)(b)</sup> | EUR 700 | 753610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class DRRR, (3-mo EURIBOR + 3.25%), 5.92%, 04/24/34<sup>(a)(b)</sup> | 1585 | 1706212 |
|  Fairstone Financial Issuance Trust I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class B, 3.74%, 10/20/39<sup>(a)</sup> | CAD 2,743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888220 |
|  FBR Securitization Trust, Series 2005-5, Class M2, (1-mo. CME Term SOFR + 0.82%), 5.14%, 11/25/35<sup>(b)</sup> | USD 3,605 | 3567729 |
|  FIGRE Trust, Series 2024-SL1, Class A1, 5.75%, 07/25/53<sup>(a)(b)</sup> | 4780 | 4798520 |
|  First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-FFH3, Class M3, (1-mo. CME Term SOFR + 1.16%), 5.49%, 10/25/34<sup>(b)</sup> | 1000 | 900914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A1, (1-mo. CME Term SOFR + 0.35%), 4.68%, 10/25/36<sup>(b)</sup> | 1838 | 1186639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A2C, (1-mo. CME Term SOFR + 0.43%), 4.76%, 10/25/36<sup>(b)</sup> | USD 1,077 | $705269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16, Class 2A3, (1-mo. CME Term SOFR + 0.39%), 4.72%, 12/25/36<sup>(b)</sup> | 9053 | 3650232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF17, Class A5, (1-mo. CME Term SOFR + 0.26%), 4.59%, 12/25/36<sup>(b)</sup> | 8243 | 7020436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FFH1, Class M2, (1-mo. CME Term SOFR + 0.71%), 5.04%, 01/25/36<sup>(b)</sup> | 2858 | 2595037 |
|  FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class F1, 3.64%, 08/17/37<sup>(a)</sup> | 2690 | 2660415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E2, 3.50%, 07/17/38<sup>(a)</sup> | 5641 | 5434717 |
|  Flatiron CLO 18 Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 5.51%, 04/17/31<sup>(a)(b)</sup> | 262 | 261636 |
|  Flatiron CLO 19 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR, (3-mo. CME Term SOFR + 1.34%), 5.67%, 11/16/34<sup>(a)(b)</sup> | 891 | 891320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.26%), 7.59%, 11/16/34<sup>(a)(b)</sup> | 250 | 250022 |
|  Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, (3-mo. CME Term SOFR + 1.92%), 6.24%, 05/20/36<sup>(a)(b)</sup> | 1160 | 1159402 |
|  Flatiron CLO 21 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.65%, 10/19/37<sup>(a)(b)</sup> | 13960 | 13965444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME Term SOFR + 1.58%), 5.87%, 10/19/37<sup>(a)(b)</sup> | 1980 | 1975764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/19/37<sup>(a)(b)</sup> | 1200 | 1195888 |
|  Flatiron CLO 25 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, (3-mo. CME Term SOFR + 1.35%), 5.62%, 10/17/37<sup>(a)(b)</sup> | 1140 | 1140432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term SOFR + 1.60%), 5.87%, 10/17/37<sup>(a)(b)</sup> | 600 | 598754 |
|  FNA 8 LLC, Series 2025-1, Class A, 5.62%, 03/15/45<sup>(a)(b)</sup> | 9051 | 9051000 |
|  Fort Greene Park CLO LLC, Series 2025-2A, Class AR, (3-mo. CME Term SOFR + 0.95%), 5.27%, 04/22/34<sup>(a)(b)</sup> | 11270 | 11220436 |
|  Fortuna Consumer Loan Abs DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, (1-mo. EURIBOR + 1.65%), 4.02%, 10/18/34<sup>(b)</sup> | EUR 800 | 870316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class E, (1-mo. EURIBOR + 4.10%), 6.47%, 10/18/34<sup>(b)</sup> | 2300 | 2523295 |
|  Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 2.19%, 01/15/42<sup>(a)</sup> | USD 2,283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.95%, 12/15/49<sup>(a)</sup> | 909 | 931386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.93%, 03/15/50<sup>(a)</sup> | 1572 | 1561205 |
|  Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1-mo. CME Term SOFR + 0.39%), 4.72%, 02/25/37<sup>(b)</sup> | 1765 | 1293880 |
|  FS Rialto Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4, Class A, (SOFR (30-day) + 1.90%), 6.25%,<br>01/19/39<sup>(a)(b)</sup> | 5414 | 5407985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, (1-mo. CME Term SOFR + 1.63%), 5.95%, 10/19/39<sup>(a)(b)</sup> | 4627 | 4622470 |

---

12 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  FS Rialto Issuer Ltd.<br>Series 2025-FL10, Class A, (1-mo. CME Term SOFR + 1.39%), 5.69%, 08/19/42<sup>(a)(b)</sup> | USD | 1610 | $1595813 |
|  FTA Consumo Santander |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class B, (3-mo. EURIBOR + 1.30%), 4.19%, 07/20/38<sup>(b)(e)</sup> | EUR | 1300 | 1409221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class C, (3-mo. EURIBOR + 1.65%), 4.54%, 07/20/38<sup>(b)(e)</sup> |  | 1100 | 1189236 |
|  Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, (3-mo. CME Term SOFR + 1.23%), 5.53%, 10/15/30<sup>(a)(b)</sup> | USD | 234 | 233435 |
|  Galaxy XVIII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/15/31<sup>(a)(b)</sup> |  | 499 | 498400 |
|  Galaxy XX CLO Ltd., Series 2015-20A, Class AR, (3-mo. CME Term SOFR + 1.26%), 5.56%, 04/20/31<sup>(a)(b)</sup> |  | 1438 | 1437041 |
|  Galaxy XXVI CLO Ltd., Series 2018-26A, Class AR, (3-mo. CME Term SOFR + 1.17%), 5.50%, 11/22/31<sup>(a)(b)</sup> |  | 557 | 556236 |
|  Galaxy XXVIII CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class A2, (3-mo. CME Term SOFR + 1.56%), 5.86%, 07/15/31<sup>(a)(b)</sup> |  | 295 | 294575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.16%, 07/15/31<sup>(a)(b)</sup> |  | 822 | 821976 |
|  Generate CLO 2 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class AR2, (3-mo. CME Term SOFR + 1.41%), 5.70%, 10/22/37<sup>(a)(b)</sup> |  | 3015 | 3020383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class BR2, (3-mo. CME Term SOFR + 1.80%), 6.09%, 10/22/37<sup>(a)(b)</sup> |  | 2970 | 2951618 |
|  Generate CLO 20 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.59%, 01/25/38<sup>(a)(b)</sup> |  | 270 | 269460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20A, Class B, (3-mo. CME Term SOFR + 1.70%), 5.99%, 01/25/38<sup>(a)(b)</sup> |  | 260 | 258818 |
|  Generate CLO 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class ARR, (3-mo. CME Term SOFR + 1.43%), 5.72%, 07/20/37<sup>(a)(b)</sup> |  | 8250 | &nbsp;&nbsp;&nbsp;&nbsp;8245928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class BRR, (3-mo. CME Term SOFR + 1.75%), 6.04%, 07/20/37<sup>(a)(b)</sup> |  | 3000 | 2985485 |
|  Generate CLO 7 Ltd., Series 7A, Class A1R, (3-mo. CME Term SOFR + 1.62%), 5.91%, 04/22/37<sup>(a)(b)</sup> |  | 5673 | 5684337 |
|  Golden Bar Securitisation Srl, Series 2024-1, Class B, (3-mo. EURIBOR + 1.50%), 3.89%, 09/22/43<sup>(b)(e)</sup> | EUR | 1741 | 1898397 |
|  Golden Ray SA - Compartment 1, Series 1, Class C, (1-mo. EURIBOR + 2.00%), 4.57%, 12/27/57<sup>(b)(e)</sup> |  | 300 | 320654 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.37%, 10/20/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;18440 | 18415904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class ER, (3-mo. CME Term SOFR + 4.90%), 9.19%, 10/20/34<sup>(a)(b)</sup> |  | 250 | 246055 |
|  GoldenTree Loan Management U.S. CLO 23 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A, (3-mo. CME Term SOFR + 1.27%), 5.60%, 01/20/39<sup>(a)(b)</sup> |  | 1890 | 1883789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/20/39<sup>(a)(b)</sup> |  | 3020 | 3010382 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  GoldenTree Loan Management U.S. CLO 7 Ltd., Series 2020-7A, Class ARR, (3-mo. CME Term SOFR + 1.10%), 5.39%, 04/20/34<sup>(a)(b)</sup>  | USD | 270 | $269548 |
|  Goldman Home Improvement Trust, Series 2022-GRN2, Class A, 6.80%, 10/25/52<sup>(a)</sup> |  | 1300 | 1332115 |
|  Golub Capital Partners CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-41A, Class AR, (3-mo. CME Term SOFR + 1.58%), 5.88%, 01/20/34<sup>(a)(b)</sup> |  | 4840 | 4849659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.63%, 10/20/37<sup>(a)(b)</sup> |  | 3980 | 3981832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-52A, Class BR, (3-mo. CME Term SOFR + 2.00%), 6.29%, 04/20/37<sup>(a)(b)</sup> |  | 940 | 938277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-55A, Class A, (3-mo. CME Term SOFR + 1.46%), 5.76%, 07/20/34<sup>(a)(b)</sup> |  | 430 | 430525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class A1, (3-mo. CME Term SOFR + 1.37%), 6.11%, 10/25/37<sup>(a)(b)</sup> |  | 860 | 860558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class B, (3-mo. CME Term SOFR + 1.67%), 6.41%, 10/25/37<sup>(a)(b)</sup> |  | 390 | 387646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class D1, (3-mo. CME Term SOFR + 2.90%), 7.64%, 10/25/37<sup>(a)(b)</sup> |  | 260 | 260383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-77A, Class A1, (3-mo. CME Term SOFR + 1.25%), 5.55%, 01/25/38<sup>(a)(b)</sup> |  | 350 | 349646 |
|  GoodLeap Home Improvement Solutions Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.35%, 10/20/46<sup>(a)</sup> |  | 13783 | 13958558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.38%, 02/20/49<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14050 | &nbsp;&nbsp;&nbsp;&nbsp;14234614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(a)</sup> |  | 526 | 531989 |
|  GoodLeap Sustainable Home Solutions Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3CS, Class A, 4.95%, 07/20/49<sup>(a)</sup> |  | 1108 | 1008918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1GS, Class A, 5.52%, 02/22/55<sup>(a)</sup> |  | 2498 | 2355265 |
|  Gracie Point International Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, (SOFR (90-day) + 1.95%), 6.37%, 09/01/26<sup>(a)(b)</sup> |  | 2473 | 2479824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (SOFR (90-day) + 1.70%), 6.12%, 03/01/28<sup>(a)(b)</sup> |  | 7816 | 7829719 |
|  Green Lakes Park CLO LLC, Series 2025-1A, Class ARR, (3-mo. CME Term SOFR + 1.18%), 5.47%, 01/25/38<sup>(a)(b)</sup> |  | 2950 | 2942358 |
|  GreenPoint Manufactured Housing, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999-5, Class M2, 9.23%, 12/15/29<sup>(b)</sup> |  | 611 | 607990 |
|  GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A4, 5.67%, 06/25/59<sup>(a)</sup> |  | 9252 | 9367519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.87%, 06/25/59<sup>(a)</sup> |  | 1072 | 1086300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.15%, 10/27/59<sup>(a)</sup> |  | 2147 | 2152637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.26%, 10/27/59<sup>(a)</sup> |  | 1474 | 1475184 |
|  Greenwood Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.29%), 5.59%, 04/15/31<sup>(a)(b)</sup> |  | 325 | 324848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.27%), 5.57%, 04/15/31<sup>(a)(b)</sup> |  | 235 | 235493 |
|  GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14, Class 1A2, (1-mo. CME Term SOFR + 0.81%), 5.14%, 12/25/35<sup>(b)</sup> |  | 836 | 374046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF2A, 5.63%, 11/25/36<sup>(b)</sup> |  | 111 | 31786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF3A, 5.77%, 11/25/36<sup>(b)</sup> |  | 1094 | 316769 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 4.25%, 03/25/36<sup>(b)</sup>  | USD | 1498 | $1010221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1, (1-mo. CME Term SOFR + 0.25%), 4.58%, 03/25/36<sup>(b)</sup> |  | 11 | 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class AF3, 5.92%, 03/25/37<sup>(b)</sup>  |  | 442 | 81927 |
|  GSAMP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-H1, Class A1B, (1-mo. CME Term SOFR + 0.51%), 4.84%, 01/25/47<sup>(b)</sup> |  | 662 | 329136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HS1, Class M6, (1-mo. CME Term SOFR + 3.49%), 7.81%, 02/25/47<sup>(b)</sup> |  | 1300 | 1273390 |
|  GT Loan Financing I Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.36%), 6.66%, 07/28/31<sup>(a)(b)</sup> |  | 250 | 250321 |
|  Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/15/35<sup>(a)(b)</sup> |  | 2550 | 2552957 |
|  Halseypoint CLO 4 Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 5.78%, 04/20/34<sup>(a)(b)</sup> |  | 1330 | 1328358 |
|  Hamlin Park CLO Ltd., Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.34%), 5.90%, 10/20/37<sup>(a)(b)</sup> |  | 1460 | 1461259 |
|  Harriman Park CLO Ltd., Series 2020-1A, Class A1R, (3-mo. CME Term SOFR + 1.38%), 5.68%, 04/20/34<sup>(a)(b)</sup> |  | 500 | 500557 |
|  Henley CLO IV DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class D, (3-mo. EURIBOR + 3.00%), 5.67%, 04/25/34<sup>(a)(b)</sup> | EUR | 750 | 806338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4X, Class B1, (3-mo. EURIBOR + 1.35%), 4.02%, 04/25/34<sup>(b)(e)</sup> |  | 540 | 580696 |
|  Hermitage PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.60%), 6.06%, 04/21/33<sup>(b)(e)</sup> | GBP | 597 | 770706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.35%), 6.81%, 04/21/33<sup>(b)(e)</sup> |  | 371 | 482683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.90%), 8.36%, 04/21/33<sup>(b)(e)</sup> |  | 603 | 778384 |
|  Hill FL BV, Series 2024-2FL, Class D, (1-mo EURIBOR + 1.95%), 4.33%, 10/18/32<sup>(b)(e)</sup> | EUR | 500 | 541615 |
|  Home Efficiency Trust, Series 2024, Class A, 0.00%, 12/31/54<sup>(a)(d)(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;13532 | &nbsp;&nbsp;&nbsp;&nbsp;13798792 |
|  Home Equity Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class M2, (1-mo. CME Term SOFR + 0.71%), 5.04%, 07/25/36<sup>(b)</sup> |  | 2440 | 2310662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A3, (1-mo. CME Term SOFR + 0.41%), 4.74%, 05/25/37<sup>(b)</sup> |  | 1682 | 1528706 |
|  Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-A, Class M2, (1-mo. CME Term SOFR + 2.14%), 3.94%, 07/25/34<sup>(b)</sup> |  | 236 | 229291 |
|  Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36<sup>(c)</sup> |  | 1643 | 157993 |
|  Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26<sup>(a)</sup> |  | 8721 | 8350951 |
|  Huntington Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B2, (SOFR (30-day) + 1.40%), 5.74%, 05/20/32<sup>(a)(b)</sup> |  | 4970 | 4976839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B2, (SOFR (30-day) + 1.35%), 5.69%, 10/20/32<sup>(a)(b)</sup> |  | 7646 | 7659208 |
|  Invesco CLO Ltd., Series 2022-1A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.09%, 04/20/35<sup>(a)(b)</sup> |  | 947 | 944770 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Invesco Euro CLO V DAC, Series 5X, Class D, (3-mo. EURIBOR + 3.80%), 6.59%, 01/15/34<sup>(b)(e)</sup> | EUR | 350 | $375006 |
|  Italian Stella Loans Srl, Series 2024-2, Class D, (1-mo. EURIBOR + 2.15%), 4.50%, 05/27/39<sup>(b)(e)</sup> |  | 249 | 270081 |
|  JPMorgan Mortgage Acquisition Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class M1, (1-mo. CME Term SOFR + 0.52%), 4.84%, 05/25/36<sup>(b)</sup> | USD | 532 | 523259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH1, Class MF1, 4.50%, 11/25/36<sup>(c)</sup> |  | 120 | 122438 |
|  Juniper Valley Park CLO Ltd., Series 2023-1R, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.84%, 07/20/36<sup>(a)(b)</sup> |  | 2680 | 2667266 |
|  Kings Park CLO Ltd., Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.69%, 01/21/35<sup>(a)(b)</sup> |  | 810 | 810563 |
|  KKR CLO 10 Ltd., Series 10, Class BR, (3-mo CME Term SOFR + 1.96%), 6.26%, 09/15/29<sup>(a)(b)</sup> |  | 192 | 191169 |
|  KKR CLO 33 Ltd., Series 33A, Class A, (3-mo CME Term SOFR + 1.43%), 5.73%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 250140 |
|  Lake George Park CLO Ltd., Series 2025-1A, Class B, (3-mo. CME Term SOFR + 1.50%), 04/15/38<sup>(a)(b)(f)(g)</sup> |  | 1350 | 1350000 |
|  LCM 26 Ltd., Series 26A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/20/31<sup>(a)(b)</sup> |  | 2013 | 2012249 |
|  LCM 29 Ltd., Series 29A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.63%, 04/15/31<sup>(a)(b)</sup> |  | 837 | 837767 |
|  LCM 36 Ltd., Series 36A, Class A1R, (3-mo CME Term SOFR + 1.07%), 5.39%, 01/15/34<sup>(a)(b)</sup> |  | 5600 | 5590073 |
|  LCM XIV LP, Series 14A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.60%, 07/20/31<sup>(a)(b)</sup> |  | 160 | 159901 |
|  LCM XVII LP, Series 17A, Class A1AR, (3-mo CME Term SOFR + 1.39%), 5.69%, 10/15/31<sup>(a)(b)</sup> |  | 150 | 150374 |
|  Legacy Mortgage Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class A, 3.38%, 02/25/59<sup>(a)(b)</sup> |  | 2438 | 2335848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class B, 0.00%, 02/25/59<sup>(a)(d)</sup> |  | 2069 | 405853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class M, 4.25%, 02/25/59<sup>(a)(b)</sup> |  | 2340 | 2136244 |
|  Lehman ABS Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-B, Class M1, 6.63%, 04/15/40<sup>(b)</sup>  |  | 862 | 870553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-A, Class C, 0.00%, 06/15/33<sup>(d)</sup> |  | 155 | 152317 |
|  Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1-mo. CME Term SOFR + 0.20%), 4.53%,<br>06/25/37<sup>(a)(b)</sup> |  | 291 | 191767 |
|  Lendmark Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.46%, 04/20/32<sup>(a)</sup> |  | 730 | 650317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 5.12%, 07/20/32<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.69%, 05/20/33<sup>(a)</sup> |  | 2291 | 2350070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.88%, 06/21/32<sup>(a)</sup> |  | 2136 | 2187447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.40%, 06/21/32<sup>(a)</sup> |  | 818 | 839745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 7.21%, 06/21/32<sup>(a)</sup> |  | 953 | 985810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.86%, 02/21/34<sup>(a)</sup> |  | 1304 | 1287665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.25%, 02/21/34<sup>(a)</sup> |  | 399 | 396468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 02/21/34<sup>(a)</sup> |  | 1277 | 1277631 |

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14 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (SOFR (30-day) + 1.55%), 5.90%,<br>01/17/37<sup>(a)(b)</sup> | USD | 697 | $694752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A, (1-mo. CME Term SOFR + 1.39%), 5.70%, 08/17/42<sup>(a)(b)</sup> |  | 1750 | 1745428 |
|  Loanpal Solar Loan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2GF, Class A, 2.75%, 07/20/47<sup>(a)</sup> |  | 4346 | 3571433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1GS, Class A, 2.29%, 01/20/48<sup>(a)</sup> |  | 4205 | 3405565 |
|  Long Beach Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A3, (1-mo. CME Term SOFR + 0.41%), 4.74%, 06/25/36<sup>(b)</sup> |  | 2914 | 1357793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7, Class 2A3, (1-mo. CME Term SOFR + 0.43%), 4.76%, 08/25/36<sup>(b)</sup> |  | 7778 | 3068715 |
|  Long Point Park CLO Ltd., Series 2017-1A, Class A2, (3-mo. CME Term SOFR + 1.64%), 5.94%, 01/17/30<sup>(a)(b)</sup> |  | 430 | 430108 |
|  Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/64<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;8360 | 8440285 |
|  Madison Park Euro Funding XVI DAC, Series 16A, Class D, (3-mo. EURIBOR + 3.20%), 5.99%, 05/25/34<sup>(a)(b)</sup> | EUR | 1000 | 1077519 |
|  Madison Park Funding LI Ltd., Series 2021-51A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.26%, 07/19/34<sup>(a)(b)</sup> | USD | 2740 | 2741365 |
|  Madison Park Funding LVII Ltd., Series 2022- 57A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.58%, 07/27/34<sup>(a)(b)</sup> |  | 250 | 250028 |
|  Madison Park Funding LXII Ltd., Series 2022- 62A, Class AR, (3-mo. CME Term SOFR + 1.85%), 6.15%, 07/17/36<sup>(a)(b)</sup> |  | 3020 | 3013592 |
|  Madison Park Funding LXVII Ltd., Series 2024- 67A, Class B, (3-mo. CME Term SOFR + 2.05%), 6.35%, 04/25/37<sup>(a)(b)</sup> |  | 6610 | 6628300 |
|  Madison Park Funding LXXI Ltd., Series 2025- 71A, Class A1, (3-mo. CME Term SOFR + 1.14%), 5.41%, 04/23/38<sup>(a)(b)</sup> |  | 1900 | 1900077 |
|  Madison Park Funding XIX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, (3-mo. CME Term SOFR + 1.60%), 5.89%, 01/22/37<sup>(a)(b)</sup> |  | 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class BR3, (3-mo. CME Term SOFR + 2.25%), 6.54%, 01/22/37<sup>(a)(b)</sup> |  | 1000 | 1002382 |
|  Madison Park Funding XL Ltd., Series 9A, Class AR2, (3-mo. CME Term SOFR + 1.25%), 5.57%, 05/28/30<sup>(a)(b)</sup> |  | 2434 | 2433816 |
|  Madison Park Funding XLII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.44%, 11/21/30<sup>(a)(b)</sup> |  | 311 | 310692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.05%, 11/21/30<sup>(a)(b)</sup> |  | 1500 | 1499119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.35%, 11/21/30<sup>(a)(b)</sup> |  | 390 | 390109 |
|  Madison Park Funding XVIII Ltd., Series 2015- 18A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.16%, 10/21/30<sup>(a)(b)</sup> |  | 610 | 610078 |
|  Madison Park Funding XXI Ltd., Series 2016- 21A, Class AARR, (3-mo. CME Term SOFR + 1.34%), 5.64%, 10/15/32<sup>(a)(b)</sup> |  | 1704 | 1705184 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Madison Park Funding XXII Ltd., Series 2016- 22A, Class AR2, (3-mo. CME Term SOFR + 1.31%), 5.59%, 01/15/38<sup>(a)(b)</sup> | USD | 3000 | $2998525 |
|  Madison Park Funding XXIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class BR, (3-mo. CME Term SOFR + 1.81%), 6.11%, 07/27/31<sup>(a)(b)</sup> |  | 500 | 500084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.56%, 07/27/31<sup>(a)(b)</sup> |  | 900 | 900309 |
|  Madison Park Funding XXIV Ltd., Series 2016- 24A, Class BR2, (3-mo. CME Term SOFR + 1.55%), 5.84%, 10/20/29<sup>(a)(b)</sup> |  | 760 | 759609 |
|  Madison Park Funding XXVII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.52%, 04/20/38<sup>(a)(b)</sup> |  | 500 | 498923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27A, Class D1R, (3-mo. CME Term SOFR + 2.85%), 7.17%, 04/20/38<sup>(a)(b)</sup> |  | 570 | 569288 |
|  Madison Park Funding XXXI Ltd., Series 2018- 31A, Class B1R, (3-mo. CME Term SOFR + 1.80%), 6.09%, 07/23/37<sup>(a)(b)</sup> |  | 4110 | 4110738 |
|  Madison Park Funding XXXIII Ltd., Series 2019- 33A, Class AR, (3-mo. CME Term SOFR + 1.29%), 5.59%, 10/15/32<sup>(a)(b)</sup> |  | 1560 | 1560000 |
|  Madison Park Funding XXXV Ltd., Series 2019- 35A, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.96%, 04/20/32<sup>(a)(b)</sup> |  | 1030 | 1030970 |
|  Madison Park Funding XXXVII Ltd., Series 2019- 37A, Class AR2, (3-mo. CME Term SOFR + 1.53%), 5.83%, 04/15/37<sup>(a)(b)</sup> |  | 670 | 671406 |
|  Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3-mo. CME Term SOFR + 1.38%), 5.68%, 07/17/34<sup>(a)(b)</sup> |  | 5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014611 |
|  Man GLG Euro CLO, Series 6A, Class DR, (3-mo. EURIBOR + 3.50%), 6.29%, 10/15/32<sup>(a)(b)</sup> | EUR | 1680 | 1817290 |
|  Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.44%), 5.74%, 12/18/30<sup>(a)(b)</sup> | USD | 418 | 417589 |
|  Marble Point CLO XXII Ltd., Series 2021-2A, Class B, (3-mo. CME Term SOFR + 2.11%), 6.41%, 07/25/34<sup>(a)(b)</sup> |  | 250 | 249083 |
|  Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 8.20%, 01/22/35<sup>(a)(b)</sup> |  | 250 | 249691 |
|  Mariner CLO LLC, Series 2016-3A, Class AR3, (3-mo. CME Term SOFR + 1.59%), 5.88%, 01/23/37<sup>(a)(b)</sup> |  | 1350 | 1351390 |
|  Mariner Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class C, 4.10%, 08/21/34<sup>(a)</sup> |  | 457 | 456299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36<sup>(a)</sup> |  | 1265 | 1161963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class A, 5.13%, 09/22/36<sup>(a)</sup> |  | 5718 | 5787371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class D, 6.77%, 09/22/36<sup>(a)</sup> |  | 304 | 311961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class E, 9.02%, 09/22/36<sup>(a)</sup> |  | 1277 | 1322366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, 4.91%, 11/20/38<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7474 | 7520453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class D, 6.36%, 11/20/38<sup>(a)</sup> |  | 1400 | 1433395 |
|  MASTR Asset-Backed Securities Trust<br>Series 2006-AM2, Class A4, (1-mo. CME Term SOFR + 0.63%), 4.96%,<br>06/25/36<sup>(a)(b)</sup> |  | 900 | 833103 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 15

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  MASTR Asset-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class A4, (1-mo. CME Term SOFR + 0.67%), 5.00%, 05/25/37<sup>(b)</sup> | USD | 1318 | $1111094 |
|  MASTR Specialized Loan Trust, Series 2006-3, Class A, (1-mo. CME Term SOFR + 0.63%), 4.96%, 06/25/46<sup>(a)(b)</sup> |  | 185 | 180157 |
|  Meacham Park CLO Ltd., Series 2024-1A, Class B, (3-mo. CME Term SOFR + 1.60%), 6.39%, 10/20/37<sup>(a)(b)</sup> |  | 3440 | 3427025 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1-mo. CME Term SOFR + 0.59%), 4.92%, 05/25/37<sup>(b)</sup> |  | 768 | 527099 |
|  Merrill Lynch Mortgage Investors Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OPT1, Class M1, (1-mo. CME Term SOFR + 0.50%), 4.83%, 08/25/37<sup>(b)</sup> |  | 394 | 349771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM3, Class A2B, (1-mo. CME Term SOFR + 0.29%), 4.62%, 06/25/37<sup>(b)</sup> |  | 822 | 172577 |
|  MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10, Class A, (1-mo. CME Term SOFR + 2.64%), 6.95%, 09/17/37<sup>(a)(b)</sup> |  | 1913 | 1911786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class A, (1-mo. CME Term SOFR + 2.15%), 6.47%, 06/19/37<sup>(a)(b)</sup> |  | 4601 | 4597578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL12, Class A, (1-mo. CME Term SOFR + 2.07%), 6.38%, 10/19/38<sup>(a)(b)</sup> |  | 2218 | 2220013 |
|  MFA Trust, Series 2024-NPL1, Class A1, 6.33%, 09/25/54<sup>(a)(c)</sup> |  | 5139 | 5145561 |
|  MidOcean Credit CLO XI Ltd., Series 2022-11A, Class A1R2, (3-mo. CME Term SOFR + 1.21%), 5.53%, 01/18/36<sup>(a)(b)</sup> |  | 1530 | 1523834 |
|  MidOcean Credit CLO XII Ltd., Series 2023-12A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.63%, 04/18/36<sup>(a)(b)</sup> |  | 3170 | 3170513 |
|  Mila BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.45%), 3.84%, 09/16/41<sup>(b)(e)</sup> | EUR | 238 | 257254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 2.00%), 4.39%, 09/16/41<sup>(b)(e)</sup> |  | 188 | 203822 |
|  Milford Park CLO Ltd., Series 2022-1A, Class AR, (3-mo. CME Term SOFR + 1.16%), 5.49%, 01/20/38<sup>(a)(b)</sup> | USD | 2370 | &nbsp;&nbsp;&nbsp;&nbsp;2358163 |
|  Mill City Solar Loan Ltd., Series 2019-2GS, Class A, 3.69%, 07/20/43<sup>(a)</sup> |  | 3674 | 3299888 |
|  Milos CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.63%, 10/20/30<sup>(a)(b)</sup> |  | 475 | 475140 |
|  Morgan Stanley ABS Capital I, Inc. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1, Class A2MZ, (1-mo. CME Term SOFR + 0.71%), 5.04%, 12/25/34<sup>(b)</sup> |  | 820 | 766500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE5, Class M4, (1-mo. CME Term SOFR + 0.98%), 5.31%, 09/25/35<sup>(b)</sup> |  | 2842 | 2351147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA1, Class 2A1, (1-mo. CME Term SOFR + 3.91%), 8.24%, 02/25/47<sup>(a)(b)</sup> |  | 385 | 360878 |
|  Morgan Stanley Home Equity Loan Trust, Series 2006-3, Class A3, (1-mo. CME Term SOFR + 0.43%), 4.76%, 04/25/36<sup>(b)</sup> |  | 1313 | 911764 |
|  Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A4, 6.51%, 10/25/36<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | 419459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A6A, 6.23%, 10/25/36<sup>(c)</sup> |  | 724 | 199083 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 1A, (1-mo. CME Term SOFR + 0.45%), 4.78%, 11/25/36<sup>(b)</sup> | USD | 3481 | $551794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 2A3, (1-mo. CME Term SOFR + 0.61%), 4.94%, 11/25/36<sup>(b)</sup> |  | 1012 | 290875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A3S, 6.36%, 01/25/47<sup>(c)</sup> |  | 1403 | 501678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47<sup>(c)</sup> |  | 6108 | 2143844 |
|  Mosaic Solar Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS, Class A, 4.20%, 02/22/44<sup>(a)</sup> |  | 1280 | 1176805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.88%, 09/20/40<sup>(a)</sup> |  | 448 | 397222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.10%, 04/20/46<sup>(a)</sup> |  | 615 | 542774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.32%, 06/20/53<sup>(a)</sup> |  | 1394 | 1353065 |
|  MP CLO III Ltd., Series 2013-1A, Class AR, (3-mo. CME Term SOFR + 1.51%), 5.81%, 10/20/30<sup>(a)(b)</sup> |  | 397 | 396921 |
|  MP CLO VII Ltd., Series 2015-1A, Class BRR, (3-mo. CME Term SOFR + 1.86%), 6.16%, 10/18/28<sup>(a)(b)</sup> |  | 750 | 747044 |
|  Myers Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.66%), 5.96%, 10/20/30<sup>(a)(b)</sup> |  | 890 | 889566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.16%, 10/20/30<sup>(a)(b)</sup> |  | 250 | 250130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class C, (3-mo. CME Term SOFR + 2.31%), 6.61%, 10/20/30<sup>(a)(b)</sup> |  | 250 | 250217 |
|  Nationstar Home Equity Loan Trust, Series 2007-B, Class M1, (1-mo. CME Term SOFR + 0.73%), 5.05%, 04/25/37<sup>(b)</sup> |  | 3320 | 3160771 |
|  Navient Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-AA, Class B, 3.50%, 08/15/44<sup>(a)</sup> |  | 6000 | 5868122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (1-mo. CME Term SOFR + 1.01%), 5.33%, 11/15/68<sup>(a)(b)</sup> |  | 1007 | 1005643 |
|  Navient Private Education Refi Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 3.13%, 02/15/68<sup>(a)</sup> |  | 82 | 80862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class B, 2.69%, 07/15/69<sup>(a)</sup> |  | 2590 | 2179902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.61%, 04/15/60<sup>(a)</sup> |  | 891 | 791310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/60<sup>(a)</sup> |  | 2322 | 2165900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/72<sup>(a)</sup> |  | 14289 | &nbsp;&nbsp;&nbsp;&nbsp;14539700 |
|  Nelnet Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B1, 2.85%, 04/20/62<sup>(a)</sup> |  | 3470 | 3043148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B2, 2.85%, 04/20/62<sup>(a)</sup> |  | 22590 | 19719579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.75%, 04/20/62<sup>(a)</sup> |  | 1706 | 1476630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62<sup>(a)</sup> |  | 2323 | 2086615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B, 2.68%, 04/20/62<sup>(a)</sup> |  | 13069 | 11430472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class C, 3.57%, 04/20/62<sup>(a)</sup> |  | 836 | 725633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62<sup>(a)</sup> |  | 1499 | 1328794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 2.53%, 04/20/62<sup>(a)</sup> |  | 12397 | 10653602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 3.36%, 04/20/62<sup>(a)</sup> |  | 650 | 557316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62<sup>(a)</sup> |  | 990 | 864110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.90%, 04/20/62<sup>(a)</sup> |  | 7353 | 6449324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class D, 4.38%, 04/20/62<sup>(a)</sup> |  | 331 | 284162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PL1A, Class A1A, (SOFR (30-day) + 2.25%), 6.59%,<br>11/25/53<sup>(a)(b)</sup> |  | 3270 | 3324750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A1B, (SOFR (30-day) + 1.10%), 5.44%, 03/15/57<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14880 | 14787888 |
|  Neuberger Berman CLO XIV Ltd., Series 2013- 14A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 5.59%, 01/28/30<sup>(a)(b)</sup> |  | 321 | 320576 |

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16 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  Neuberger Berman CLO XV Ltd., Series 2013- 15A, Class BR2, (3-mo. CME Term SOFR + 1.61%), 5.91%, 10/15/29<sup>(a)(b)</sup> | USD | 250 | $249695 |
|  Neuberger Berman CLO XX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A, Class A1R3, (3-mo. CME Term SOFR + 1.15%), 5.47%, 04/15/39<sup>(a)(b)</sup> |  | 1000 | 996322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A, Class BR3, (3-mo. CME Term SOFR + 1.50%), 5.82%, 04/15/39<sup>(a)(b)</sup> |  | 750 | 743699 |
|  Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.96%, 01/20/32<sup>(a)(b)</sup> |  | 1340 | 1339181 |
|  Neuberger Berman Loan Advisers CLO 34 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1R, (3-mo. CME Term SOFR + 1.24%), 5.53%, 01/20/35<sup>(a)(b)</sup> |  | 290 | 289751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.04%, 01/20/35<sup>(a)(b)</sup> |  | 1000 | 995473 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, (3-mo. CME Term SOFR + 1.32%), 5.63%, 04/16/33<sup>(a)(b)</sup> |  | 4060 | 4061256 |
|  Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.80%, 01/20/37<sup>(a)(b)</sup> |  | 780 | 774619 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd., Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.59%, 04/14/35<sup>(a)(b)</sup> |  | 750 | 749176 |
|  Neuberger Berman Loan Advisers CLO 54 Ltd., Series 2024-54A, Class B, (3-mo. CME Term SOFR + 1.95%), 6.24%, 04/23/38<sup>(a)(b)</sup> |  | 1520 | 1526315 |
|  New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1-mo. CME Term SOFR + 0.79%), 5.11%, 12/25/35<sup>(b)</sup> |  | 2183 | 1852814 |
|  New Mountain CLO 1 Ltd., Series CLO-1A, Class A1RR, (3-mo. CME Term SOFR + 1.25%), 5.55%, 01/15/38<sup>(a)(b)</sup> |  | 2396 | 2387614 |
|  New Mountain CLO 2 Ltd., Series CLO-2A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.72%, 01/15/38<sup>(a)(b)</sup> |  | 1990 | 1987802 |
|  New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39<sup>(a)</sup> |  | 699 | 667784 |
|  Newark BSL CLO 1 Ltd., Series 2016-1A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.66%, 12/21/29<sup>(a)(b)</sup> |  | 56 | 56395 |
|  Newday Funding Master Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class B, (1-day SONIA + 1.40%), 5.86%, 07/15/32<sup>(b)(e)</sup> | GBP | 655 | 847047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + 1.90%), 6.36%, 07/15/32<sup>(b)(e)</sup> |  | 780 | 1014163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + 2.65%), 7.11%, 07/15/32<sup>(b)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145530 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1-mo CME Term SOFR + 0.51%), 4.84%, 10/25/36<sup>(a)(b)</sup> | USD | 48 | 59069 |
|  Noria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class D, (1-mo. EURIBOR + 1.65%), 4.02%, 02/25/43<sup>(b)(e)</sup> | EUR | 500 | 538513 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  Noria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class E, (1-mo. EURIBOR + 3.55%), 5.92%, 02/25/43<sup>(b)(e)</sup> | EUR | 500 | $545376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class F, (1-mo. EURIBOR + 4.50%), 6.87%, 02/25/43<sup>(b)(e)</sup> |  | 300 | 324727 |
|  Oak Hill Credit Partners X-R Ltd., Series 2014- 10RA, Class AR2, (3-mo. CME Term SOFR + 1.13%), 5.45%,<br>04/20/38<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667288 |
|  OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5A, Class BR, (3-mo. EURIBOR + 1.90%), 4.64%, 01/21/35<sup>(a)(b)</sup> | EUR | 400 | 430453 |
|  Oaktree CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class ARR, (3-mo. CME Term SOFR + 1.19%), 5.51%, 01/15/38<sup>(a)(b)</sup> | USD | 620 | 617722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BRR, (3-mo. CME Term SOFR + 1.55%), 5.87%, 01/15/38<sup>(a)(b)</sup> |  | 930 | 926856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class AR, (3-mo. CME Term SOFR + 0.97%), 5.27%, 01/15/35<sup>(a)(b)</sup> |  | 2100 | 2087106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A2, (3-mo. CME Term SOFR + 1.57%), 6.35%, 10/22/37<sup>(a)(b)</sup> |  | 790 | 790237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class D1, (3-mo. CME Term SOFR + 3.00%), 7.78%, 10/22/37<sup>(a)(b)</sup> |  | 250 | 248571 |
|  Oakwood Mortgage Investors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-D, Class A2, 5.26%, 01/15/19<sup>(b)</sup> |  | 443 | 162636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-D, Class A4, 6.93%, 09/15/31<sup>(b)</sup> |  | 282 | 124474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-B, Class M1, 7.62%, 06/15/32<sup>(b)</sup>  |  | 3474 | 3494311 |
|  OCP Aegis CLO Ltd., Series 2024-39A, Class A1, (3-mo. CME Term SOFR + 1.22%), 5.72%, 01/16/37<sup>(a)(b)</sup> |  | 310 | 309695 |
|  OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.64%, 04/26/31<sup>(a)(b)</sup> |  | 167 | 167174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A2R, (3-mo. CME Term SOFR + 1.66%), 5.96%, 04/26/31<sup>(a)(b)</sup> |  | 1070 | 1067656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-7A, Class A1RR, (3-mo. CME Term SOFR + 1.38%), 5.68%, 07/20/29<sup>(a)(b)</sup> |  | 8 | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-7A, Class A2RR, (3-mo. CME Term SOFR + 1.91%), 6.21%, 07/20/29<sup>(a)(b)</sup> |  | 1250 | 1246584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-9A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 5.42%, 01/15/37<sup>(a)(b)</sup> |  | 4260 | 4259063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11A, Class A1R2, (3-mo. CME Term SOFR + 1.42%), 5.72%, 04/26/36<sup>(a)(b)</sup> |  | 1290 | 1288475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class BAR3, (3-mo. CME Term SOFR + 1.68%), 5.97%, 10/18/37<sup>(a)(b)</sup> |  | 1960 | 1955346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class XR3, (3-mo. CME Term SOFR + 1.20%), 5.49%, 10/18/37<sup>(a)(b)</sup> |  | 1995 | 1992496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.90%, 11/26/37<sup>(a)(b)</sup> |  | 798 | 797226 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 17

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR, (3-mo. CME Term SOFR + 1.25%), 5.54%, 01/20/38<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | $534413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class AR, (3-mo. CME Term SOFR + 1.26%), 5.55%, 04/10/33<sup>(a)(b)</sup> |  | 3994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class AR2, (3-mo. CME Term SOFR + 1.40%), 5.69%, 07/20/37<sup>(a)(b)</sup> |  | 1570 | 1571261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class A1R2, (3-mo. CME Term SOFR + 1.37%), 5.66%, 07/20/37<sup>(a)(b)</sup> |  | 2080 | 2081235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME Term SOFR + 3.10%), 7.39%, 07/20/37<sup>(a)(b)</sup> |  | 390 | 386898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-20A, Class B1R, (3-mo. CME Term SOFR + 1.95%), 6.24%, 04/18/37<sup>(a)(b)</sup> |  | 360 | 359658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR, (3-mo. CME Term SOFR + 1.25%), 5.55%, 10/17/36<sup>(a)(b)</sup> |  | 2566 | 2566221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/20/37<sup>(a)(b)</sup> |  | 660 | 658432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class ER, (3-mo. CME Term SOFR + 4.85%), 9.13%, 01/17/37<sup>(a)(b)</sup> |  | 330 | 327589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.40%, 04/17/37<sup>(a)(b)</sup> |  | 1940 | 1929330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.93%, 10/15/37<sup>(a)(b)</sup> |  | 1390 | 1389838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class B1, (3-mo. CME Term SOFR + 1.68%), 6.25%, 10/15/37<sup>(a)(b)</sup> |  | 1390 | 1382192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38<sup>(a)(b)</sup> |  | 4400 | 4400420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40A, Class A, (3-mo. CME Term SOFR + 1.14%), 5.46%, 04/16/38<sup>(a)(b)(f)</sup> |  | 2620 | 2620000 |
|  OCP Euro CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class CR, (3-mo. EURIBOR + 2.30%), 5.04%, 04/20/33<sup>(a)(b)</sup> | EUR | 250 | 271012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class DR, (3-mo. EURIBOR + 3.30%), 6.04%, 04/20/33<sup>(a)(b)</sup> |  | 250 | 270654 |
|  Octagon 56 Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/15/34<sup>(a)(b)</sup> | USD | 250 | 249168 |
|  Octagon 57 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.71%, 10/15/34<sup>(a)(b)</sup> |  | 500 | 500724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/15/34<sup>(a)(b)</sup> |  | 1280 | 1278241 |
|  Octagon 61 Ltd., Series 2023-2A, Class C, (3-mo. CME Term SOFR + 3.00%), 7.29%, 04/20/36<sup>(a)(b)</sup> |  | 2022 | 2029274 |
|  Octagon 66 Ltd., Series 2022-1A, Class A1R, (3-mo. CME Term SOFR + 1.75%), 6.07%, 11/16/36<sup>(a)(b)</sup> |  | 4970 | 4989880 |
|  Octagon 67 Ltd., Series 2023-1A, Class A1, (3-mo. CME Term SOFR + 1.80%), 6.10%, 04/25/36<sup>(a)(b)</sup> |  | 750 | 750532 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
|  Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A1A, (3-mo. CME Term SOFR + 1.22%), 5.53%,<br>04/16/31<sup>(a)(b)</sup>  | USD | 2606 | $2606136 |
|  Octagon Investment Partners 37 Ltd., Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.84%), 6.14%,<br>07/25/30<sup>(a)(b)</sup> |  | 750 | 749714 |
|  Octagon Investment Partners 39 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.44%, 10/20/30<sup>(a)(b)</sup> |  | 1304 | 1303419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term SOFR + 1.80%), 6.09%, 10/20/30<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885591 |
|  Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.21%,<br>07/15/36<sup>(a)(b)</sup> |  | 3290 | 3284197 |
|  Octagon Investment Partners XV Ltd., Series 2013-1A, Class A2R, (3-mo. CME Term SOFR + 1.61%), 5.91%,<br>07/19/30<sup>(a)(b)</sup> |  | 1430 | 1429181 |
|  Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.58%,<br>07/17/30<sup>(a)(b)</sup> |  | 1924 | 1923606 |
|  Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (3-mo. CME Term SOFR + 1.26%), 5.56%,<br>01/25/31<sup>(a)(b)</sup> |  | 1468 | 1468733 |
|  Octagon Loan Funding Ltd., Series 2014-1A, Class BRR, (3-mo. CME Term SOFR + 1.96%), 6.29%, 11/18/31<sup>(a)(b)</sup> |  | 250 | 250053 |
|  OHA Credit Funding 17 Ltd., Series 2024-17A, Class A, (3-mo. CME Term SOFR + 1.48%), 5.77%, 04/20/37<sup>(a)(b)</sup> |  | 3170 | 3159231 |
|  OHA Credit Funding 19 Ltd., Series 2024-19A, Class B1, (3-mo. CME Term SOFR + 1.70%), 5.99%, 07/20/37<sup>(a)(b)</sup> |  | 250 | 250099 |
|  OHA Credit Funding 2 Ltd., Series 2019-2A, Class AR2, (3-mo. CME Term SOFR + 1.24%), 5.52%, 01/21/38<sup>(a)(b)</sup> |  | 15470 | 15461751 |
|  OHA Credit Funding 3 Ltd., Series 2019-3A, Class AR2, (3-mo. CME Term SOFR + 1.32%), 5.61%, 01/20/38<sup>(a)(b)</sup> |  | 6875 | 6880860 |
|  OHA Credit Funding 4 Ltd., Series 2019-4A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 5.58%, 01/22/38<sup>(a)(b)</sup> |  | 1000 | 1000131 |
|  OHA Credit Funding 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.64%, 10/18/37<sup>(a)(b)</sup> |  | 8960 | 8969798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/18/37<sup>(a)(b)</sup> |  | 420 | 420046 |
|  OHA Credit Funding 6 Ltd., Series 2020-6A, Class AR2, (3-mo. CME Term SOFR + 1.33%), 5.62%, 10/20/37<sup>(a)(b)</sup> |  | 850 | 850649 |
|  OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.59%, 02/24/37<sup>(a)(b)</sup> |  | 3720 | 3719138 |
|  OHA Credit Funding 9 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.64%, 10/19/37<sup>(a)(b)</sup> |  | 2780 | 2783091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.99%, 10/19/37<sup>(a)(b)</sup> |  | 3510 | 3510289 |

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18 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  OHA Credit Partners XI Ltd., Series 2015-11A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 5.75%, 04/20/37<sup>(a)(b)</sup> | USD 3,530 | $3536906 |
|  OHA Credit Partners XII Ltd., Series 2015-12A, Class B1R2, (3-mo. CME Term SOFR + 1.95%), 6.24%, 04/23/37<sup>(a)(b)</sup> | 1550 | 1557701 |
|  OHA Credit Partners XVI, Series 2021-16A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.64%, 10/18/37<sup>(a)(b)</sup> | 5388 | 5393526 |
|  OHA Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.63%, 05/23/31<sup>(a)(b)</sup> | 3756 | 3757894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class AR3, (3-mo. CME Term SOFR + 1.41%), 5.71%, 01/19/37<sup>(a)(b)</sup> | 1830 | 1834021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 5.75%, 07/20/37<sup>(a)(b)</sup> | 3750 | 3758832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class B1R2, (3-mo. CME Term SOFR + 1.70%), 5.99%, 07/20/37<sup>(a)(b)</sup> | 250 | 250028 |
|  OneMain Direct Auto Receivables Trust, Series 2025-1A, Class D, 6.10%, 07/14/37<sup>(a)</sup> | 1484 | 1521566 |
|  OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 2.76%, 09/14/35<sup>(a)</sup> | 2620 | 2493927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.79%, 05/14/41<sup>(a)</sup> | 17503 | &nbsp;&nbsp;&nbsp;&nbsp;18221092 |
|  Option One Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4, Class M3, (1-mo. CME Term SOFR + 0.85%), 5.17%, 11/25/35<sup>(b)</sup> | 4030 | 3429613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1, Class 2A3, (1-mo. CME Term SOFR + 0.32%), 4.65%, 03/25/37<sup>(b)</sup> | 2360 | 2019716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37<sup>(c)</sup> | 1700 | 1447292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37<sup>(c)</sup> | 4146 | 3554178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 3A4, 5.86%, 01/25/37<sup>(c)</sup> | 296 | 288070 |
|  Orchard Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.01%, 10/20/37<sup>(a)(b)</sup> | 15180 | 15195385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B1, (3-mo. CME Term SOFR + 1.70%), 6.35%, 10/20/37<sup>(a)(b)</sup> | 1380 | 1380050 |
|  Origen Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-A, Class M1, 7.82%, 03/15/32<sup>(b)</sup> | 698 | 697649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-B, Class A1, (1-mo. CME Term SOFR + 1.20%), 6.16%, 10/15/37<sup>(a)(b)</sup> | 197 | 195829 |
|  Owl Rock CLO V Ltd., Series 2020-5A, Class A1R, (3-mo. CME Term SOFR + 1.78%), 6.07%, 04/20/34<sup>(a)(b)</sup> | 900 | 900130 |
|  Owl Rock CLO VII LLC, Series 2022-7A, Class AR, (3-mo. CME Term SOFR + 1.40%), 5.72%, 04/20/38<sup>(a)(b)(f)</sup> | 290 | 290000 |
|  Owl Rock CLO XVIII LLC, Series 2024-18A, Class A, (3-mo. CME Term SOFR + 1.70%), 6.00%, 07/24/36<sup>(a)(b)</sup> | 3925 | 3924828 |
|  Ownit Mortgage Loan Trust, Series 2006-2, Class A2C, 6.50%, 01/25/37<sup>(c)</sup> | 1560 | 1424383 |
|  OZLM XVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, (3-mo. CME Term SOFR + 1.28%), 5.58%, 04/15/31<sup>(a)(b)</sup> | 2932 | 2931310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class B, (3-mo. CME Term SOFR + 1.81%), 6.11%, 04/15/31<sup>(a)(b)</sup> | 700 | 698964 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  OZLM XX Ltd., Series 2018-20A, Class A2, (3-mo. CME Term SOFR + 1.91%), 6.21%, 04/20/31<sup>(a)(b)</sup> |  | USD 850 | $849798 |
|  OZLM XXII Ltd., Series 2018-22A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/17/31<sup>(a)(b)</sup> |  | 310 | 310192 |
|  OZLM XXIV Ltd., Series 2019-24A, Class A2AR, (3-mo. CME Term SOFR + 1.96%), 6.26%,<br>07/20/32<sup>(a)(b)</sup> |  | 750 | 749897 |
|  Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40<sup>(a)</sup> |  | 3423 | 2770420 |
|  Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A2R5, (3-mo. CME Term SOFR + 1.60%), 5.93%, 05/21/34<sup>(a)(b)</sup> |  | 1250 | 1243282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.73%, 11/14/34<sup>(a)(b)</sup> |  | 3570 | 3568931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 5.97%, 11/15/36<sup>(a)(b)</sup> |  | 1270 | 1272311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1AR, (3-mo. CME Term SOFR + 1.15%), 5.47%, 04/20/38<sup>(a)(b)</sup> |  | 2960 | 2948181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.71%, 01/15/35<sup>(a)(b)</sup> |  | 360 | 360736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 249812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.64%, 07/20/37<sup>(a)(b)</sup> |  | 1530 | 1531533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D1R, (3-mo. CME Term SOFR + 2.95%), 7.24%, 07/20/37<sup>(a)(b)</sup> |  | 550 | 546252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.94%, 07/20/37<sup>(a)(b)</sup> |  | 3270 | 3267766 |
|  Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class C, (3-mo. CME Term SOFR + 2.86%), 7.16%, 10/15/29<sup>(a)(b)</sup> |  | 250 | 249799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, (3-mo. CME Term SOFR + 5.26%), 9.56%, 10/15/29<sup>(a)(b)</sup> |  | 1480 | 1480000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A2, (3-mo. CME Term SOFR + 1.90%), 6.20%, 10/15/30<sup>(a)(b)</sup> |  | 1810 | 1811296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, (3-mo. CME Term SOFR + 2.20%), 6.50%, 10/15/30<sup>(a)(b)</sup> |  | 390 | 389466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, (3-mo. CME Term SOFR + 3.10%), 7.40%, 10/15/30<sup>(a)(b)</sup> |  | 250 | 249934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1BR, (3-mo. CME Term SOFR + 1.40%), 5.70%, 04/15/31<sup>(a)(b)</sup> |  | 250 | 250176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME Term SOFR + 1.60%), 5.90%, 04/15/31<sup>(a)(b)</sup> |  | 16630 | &nbsp;&nbsp;&nbsp;&nbsp;16567694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, (3-mo. CME Term SOFR + 1.45%), 5.75%, 10/15/32<sup>(a)(b)</sup> |  | 1680 | 1675540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, (3-mo. CME Term SOFR + 1.00%), 5.45%, 01/15/33<sup>(a)(b)</sup> |  | 730 | 728965 |
|  Panorama Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. BBSW + 1.55%), 5.66%, 03/15/33<sup>(b)(e)</sup> | AUD | 732 | 456206 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Panorama Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-mo. BBSW + 3.40%), 7.51%, 03/15/33<sup>(b)(e)</sup> | AUD | 540 | $335631 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.66%), 7.96%, 07/15/34<sup>(a)(b)</sup> | USD | 250 | 249675 |
|  Park Blue CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.71%, 07/20/37<sup>(a)(b)</sup> |  | 1460 | 1457822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.64%, 01/25/38<sup>(a)(b)</sup> |  | 3210 | 3203862 |
|  PCL Funding IX PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.30%), 5.76%, 07/16/29<sup>(b)(e)</sup> | GBP | 684 | 885488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 2.15%), 6.61%, 07/16/29<sup>(b)(e)</sup> |  | 151 | 195549 |
|  PFS Financing Corp., Series 2022-E, Class B, 5.54%, 10/30/26<sup>(a)(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;12044400 |
|  Pikes Peak CLO 12 Ltd., Series 2023-12A, Class AR, (3-mo. CME Term SOFR + 1.22%), 5.54%, 04/20/38<sup>(a)(b)</sup> |  | 500 | 498750 |
|  Pikes Peak CLO 8, Series 2021-8A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.62%, 01/20/38<sup>(a)(b)</sup> |  | 1500 | 1497000 |
|  Point Au Roche Park CLO Ltd., Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.34%), 5.64%, 07/20/34<sup>(a)(b)</sup> |  | 370 | 370139 |
|  Pony SA Compartment German Auto Loans |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.20%), 3.59%, 01/14/33<sup>(b)(e)</sup> | EUR | 400 | 433335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 1.65%), 4.04%, 01/14/33<sup>(b)(e)</sup> |  | 300 | 324361 |
|  Post CLO Ltd., Series 2023-1A, Class A, (3-mo CME Term SOFR + 1.95%), 6.24%, 04/20/36<sup>(a)(b)</sup> | USD | 500 | 499881 |
|  Post CLO VI Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.88%, 01/20/38<sup>(a)(b)</sup> |  | 950 | 951187 |
|  PRET LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RN4, Class A1, 5.49%, 10/25/51<sup>(a)(b)</sup> |  | 4286 | 4281327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/54<sup>(a)(c)</sup> |  | 6471 | 6473376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 09/25/54<sup>(a)(c)</sup> |  | 5132 | 5127590 |
|  Prima Capital CRE Securitization Ltd., Series 2016-6A, Class C, 4.00%, 08/24/40<sup>(a)</sup> |  | 3006 | 2901970 |
|  Prodigy Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (1-mo. CME Term SOFR + 1.36%), 5.69%, 07/25/51<sup>(a)(b)</sup> |  | 1339 | 1341569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (1-mo. CME Term SOFR + 2.61%), 6.94%, 07/25/51<sup>(a)(b)</sup> |  | 263 | 265861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1-mo. CME Term SOFR + 3.86%), 8.19%, 07/25/51<sup>(a)(b)</sup> |  | 152 | 156158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1-mo. CME Term SOFR + 6.01%), 10.34%, 07/25/51<sup>(a)(b)</sup> |  | 104 | 107501 |
|  Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class E2, 3.67%, 12/17/40<sup>(a)</sup> |  | 1866 | 1728224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, 12/17/40<sup>(a)</sup> |  | 7537 | 7141234 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F, 3.40%, 04/19/38<sup>(a)</sup> | USD | 5967 | $5936288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class F, 3.44%, 05/17/26<sup>(a)</sup> |  | 6640 | 6496599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR4, Class F, 3.41%, 05/17/38<sup>(a)</sup> |  | 8330 | 8042637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, 11/17/40<sup>(a)</sup> |  | 1342 | 1278585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 02/17/41<sup>(a)</sup> |  | 2617 | 2506486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, 02/17/41<sup>(a)</sup> |  | 2617 | 2546133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class E1, 6.62%, 06/17/39<sup>(a)</sup> |  | 1766 | 1787126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class E1, 4.75%, 10/17/40<sup>(a)</sup> |  | 1781 | 1680527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E1, 3.40%, 04/17/41<sup>(a)(b)</sup> |  | 2025 | 1826693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E2, 3.65%, 04/17/41<sup>(a)(b)</sup> |  | 1012 | 905204 |
|  PRP Advisors LLC, Series 2022-1, Class A1, 6.72%, 02/25/27<sup>(a)(c)</sup> |  | 632 | 632507 |
|  Quarzo Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (3-mo. EURIBOR + 2.30%), 4.80%, 06/15/41<sup>(b)(e)</sup> | EUR | 383 | 418747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (3-mo. EURIBOR + 3.70%), 6.20%, 06/15/41<sup>(b)(e)</sup> |  | 312 | 340549 |
|  Race Point IX CLO Ltd., Series 2015-9A, Class A1A2, (3-mo. CME Term SOFR + 1.20%), 5.50%, 10/15/30<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;1305456 |
|  Race Point X CLO Ltd., Series 2016-10A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/25/31<sup>(a)(b)</sup> |  | 1864 | 1862881 |
|  Rad CLO 15 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class A, (3-mo. CME Term SOFR + 1.35%), 5.65%, 01/20/34<sup>(a)(b)</sup> |  | 4110 | 4106558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 01/20/34<sup>(a)(b)</sup> |  | 430 | 429620 |
|  Rad CLO 16 Ltd., Series 2022-16A, Class A1R, (3-mo. CME Term SOFR + 1.55%), 5.85%, 07/15/37<sup>(a)(b)</sup> |  | 325 | 325443 |
|  RAD CLO 21 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class A1R, (3-mo. CME Term SOFR + 1.07%), 5.39%, 01/25/37<sup>(a)(b)</sup> |  | 1270 | 1267497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class CR, (3-mo. CME Term SOFR + 1.80%), 6.12%, 01/25/37<sup>(a)(b)</sup> |  | 1500 | 1498055 |
|  Rad CLO 23 Ltd., Series 2024-23A, Class B1, (3-mo. CME Term SOFR + 2.05%), 6.34%, 04/20/37<sup>(a)(b)</sup> |  | 1400 | 1400221 |
|  Rad CLO 25 Ltd., Series 2024-25A, Class A1, (3-mo. CME Term SOFR + 1.46%), 5.75%, 07/20/37<sup>(a)(b)</sup> |  | 490 | 490859 |
|  RAD CLO 27 Ltd., Series 2024-27A, Class A1, (3-mo. CME Term SOFR + 1.32%), 5.61%, 01/15/38<sup>(a)(b)</sup> |  | 930 | 929832 |
|  Rad CLO 5 Ltd., Series 2019-5A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.68%, 07/24/32<sup>(a)(b)</sup> |  | 2736 | 2740007 |

---

20 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Rad CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.65%, 04/17/36<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | $1050164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class B1R, (3-mo. CME Term SOFR + 1.90%), 6.20%, 04/17/36<sup>(a)(b)</sup> |  | 4540 | &nbsp;&nbsp;&nbsp;&nbsp;4535775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class CR, (3-mo. CME Term SOFR + 2.60%), 6.90%, 04/17/36<sup>(a)(b)</sup> |  | 2410 | 2414749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class D1R, (3-mo. CME Term SOFR + 4.15%), 8.45%, 04/17/36<sup>(a)(b)</sup> |  | 770 | 768623 |
|  RAMP Series Trust,<br>Series 2004-RS7, Class A2A, (1-mo. CME Term SOFR + 0.62%), 5.05%, 07/25/34<sup>(b)</sup> |  | 999 | 786821 |
|  Recette CLO Ltd.,<br>Series 2015-1A, Class BRR, (3-mo. CME Term SOFR + 1.66%), 5.96%, 04/20/34<sup>(a)(b)</sup> |  | 500 | 498850 |
|  Red & Black Auto Italy Srl,<br>Series 3, Class C, (1-mo. EURIBOR + 1.50%), 3.86%, 07/28/36<sup>(b)(e)</sup> | EUR | 298 | 323243 |
|  Redwood Funding Trust,<br>Series 2023-1, Class A, 7.50%, 07/25/59<sup>(a)(c)</sup> | USD | 422 | 422847 |
|  Regatta 30 Funding Ltd.,<br>Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.32%), 5.63%, 01/25/38<sup>(a)(b)</sup> |  | 1710 | 1709356 |
|  Regatta 31 Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, (3-mo. CME Term SOFR + 1.17%), 5.40%, 03/25/38<sup>(a)(b)</sup> |  | 1380 | 1376307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, (3-mo. CME Term SOFR + 1.60%), 5.83%, 03/25/38<sup>(a)(b)</sup> |  | 1920 | 1914262 |
|  Regatta IX Funding Ltd.,<br>Series 2017-1A, Class B1R, (3-mo. CME Term SOFR + 2.00%), 6.30%, 04/17/37<sup>(a)(b)</sup> |  | 2438 | 2442344 |
|  Regatta VI Funding Ltd.,<br>Series 2016-1A, Class AR2, (3-mo. CME Term SOFR + 1.42%), 5.72%, 04/20/34<sup>(a)(b)</sup> |  | 4700 | 4704583 |
|  Regatta VII Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME Term SOFR + 1.41%), 5.72%, 06/20/34<sup>(a)(b)</sup> |  | 1600 | 1602840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR2, (3-mo. CME Term SOFR + 1.86%), 6.17%, 06/20/34<sup>(a)(b)</sup> |  | 500 | 500825 |
|  Regatta VIII Funding Ltd.,<br>Series 2017-1A, Class BR, (3-mo. CME Term SOFR + 2.05%), 6.35%, 04/17/37<sup>(a)(b)</sup> |  | 750 | 751329 |
|  Regatta XI Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.40%), 5.70%, 07/17/37<sup>(a)(b)</sup> |  | 5950 | 5954827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.05%, 07/17/37<sup>(a)(b)</sup> |  | 3270 | 3271012 |
|  Regatta XII Funding Ltd.,<br>Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.39%), 6.05%, 10/15/37<sup>(a)(b)</sup> |  | 3340 | 3343738 |
|  Regatta XIX Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.32%), 5.61%, 04/20/35<sup>(a)(b)</sup> |  | 1020 | 1020146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.14%, 04/20/35<sup>(a)(b)</sup> |  | 1390 | 1393934 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Regatta XVIII Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.16%), 5.48%, 04/15/38<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | $2821380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.87%, 04/15/38<sup>(a)(b)</sup> |  | 750 | 744535 |
|  Regatta XX Funding Ltd.,<br>Series 2021-2A, Class AR, (3-mo. CME Term SOFR + 1.18%), 5.49%, 01/15/38<sup>(a)(b)</sup> |  | 1189 | 1186229 |
|  Regatta XXIII Funding Ltd.,<br>Series 2021-4A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.71%,<br>01/20/35<sup>(a)(b)</sup> |  | 1300 | 1302758 |
|  Regatta XXIV Funding Ltd.,<br>Series 2021-5A, Class AR, (3-mo. CME Term SOFR + 1.32%), 5.64%,<br>01/20/38<sup>(a)(b)</sup> |  | 1190 | 1190021 |
|  Regatta XXVII Funding Ltd.,<br>Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 5.83%,<br>04/26/37<sup>(a)(b)</sup> |  | 2990 | 2997222 |
|  Regional Management Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.90%, 08/15/33<sup>(a)</sup> |  | 1053 | 992959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 3.88%, 10/17/33<sup>(a)(f)</sup> |  | 21460 | &nbsp;&nbsp;&nbsp;&nbsp;20387000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.07%, 03/15/32<sup>(a)</sup> |  | 373 | 369078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 3.71%, 03/15/32<sup>(a)</sup> |  | 810 | 790954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.46%, 03/15/32<sup>(a)</sup> |  | 534 | 520062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 6.72%, 03/15/32<sup>(a)</sup> |  | 1695 | 1673269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.46%, 07/15/36<sup>(a)</sup> |  | 1047 | 1085723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.11%, 12/15/33<sup>(a)</sup> |  | 1860 | 1868010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.33%, 12/15/33<sup>(a)</sup> |  | 271 | 271084 |
|  Republic Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.47%, 08/20/32<sup>(a)</sup> |  | 695 | 710657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/32<sup>(a)</sup> |  | 340 | 348257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/32<sup>(a)</sup> |  | 1401 | 1425086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/37<sup>(a)</sup> |  | 10434 | 10553028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.86%, 11/20/37<sup>(a)</sup> |  | 3690 | 3735326 |
|  Riserva CLO Ltd.,<br>Series 2016-3A, Class ARR, (3-mo. CME Term SOFR + 1.32%), 5.62%,<br>01/18/34<sup>(a)(b)</sup> |  | 5690 | 5682603 |
|  Rockford Tower CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class AR2, (3-mo. CME Term SOFR + 1.36%), 5.66%, 04/20/34<sup>(a)(b)</sup> |  | 4827 | 4815564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 6.06%, 10/15/29<sup>(a)(b)</sup> |  | 8271 | 8255542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class CR, (3-mo. CME Term SOFR + 2.16%), 6.46%, 10/15/29<sup>(a)(b)</sup> |  | 2750 | 2750197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.41%, 10/15/29<sup>(a)(b)</sup> |  | 4766 | 4766036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 5.75%, 10/20/30<sup>(a)(b)</sup> |  | 4855 | 4851009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.68%, 05/20/31<sup>(a)(b)</sup> |  | 4142 | 4138011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, (3-mo. CME Term SOFR + 1.98%), 6.30%, 05/20/31<sup>(a)(b)</sup> |  | 1500 | 1501056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A, (3-mo. CME Term SOFR + 1.42%), 5.72%, 10/20/31<sup>(a)(b)</sup> |  | 525 | 524690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.36%, 10/20/31<sup>(a)(b)</sup> |  | 600 | 600413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.72%, 07/20/34<sup>(a)(b)</sup> |  | 2020 | 2017457 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 21

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Romark CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.29%), 5.58%, 10/23/30<sup>(a)(b)</sup> | USD | 1362 | $1363224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 6.70%, 10/23/30<sup>(a)(b)</sup> |  | 750 | 749868 |
|  Romark WM-R Ltd., Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.29%), 5.59%, 04/20/31<sup>(a)(b)</sup> |  | 3288 | 3287159 |
|  RR 12 Ltd., Series 2020-12A, Class A2R3, (3-mo. CME Term SOFR + 1.60%), 5.90%, 01/15/36<sup>(a)(b)</sup> |  | 1040 | 1037445 |
|  RR 18 Ltd., Series 2021-18A, Class A2, (3-mo. CME Term SOFR + 1.86%), 6.16%, 10/15/34<sup>(a)(b)</sup> |  | 485 | 485584 |
|  RR 24 Ltd., Series 2022-24A, Class A1A2, (3-mo. CME Term SOFR + 1.31%), 5.65%, 01/15/37<sup>(a)(b)</sup> |  | 500 | 500262 |
|  RR 26 Ltd., Series 2023-26A, Class A1R, (3-mo. CME Term SOFR + 1.12%), 5.44%, 04/15/38<sup>(a)(b)</sup> |  | 1680 | 1680000 |
|  RR 28 Ltd., Series 2024-28RA, Class A1R, (3-mo. CME Term SOFR + 1.55%), 5.85%, 04/15/37<sup>(a)(b)</sup> |  | 6320 | 6332658 |
|  RR 29 Ltd., Series 2024-29RA, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.69%, 07/15/39<sup>(a)(b)</sup> |  | 300 | 300432 |
|  RR 32 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32RA, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.66%, 10/15/39<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12965963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.00%, 10/15/39<sup>(a)(b)</sup> |  | 2310 | 2304991 |
|  RR 38 Ltd., Series 2025-38A, Class A1A, (3-mo. CME Term SOFR + 1.15%), 5.47%, 04/15/40<sup>(a)(b)</sup> |  | 9490 | 9466078 |
|  RR 5 Ltd., Series 2018-5A, Class A2R, (3-mo. CME Term SOFR + 1.95%), 6.25%, 07/15/39<sup>(a)(b)</sup> |  | 1000 | 1002791 |
|  RR 8 Ltd., Series 2020-8A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.65%, 07/15/37<sup>(a)(b)</sup> |  | 500 | 500180 |
|  RRE 5 Loan Management DAC, Series 5A, Class A2R, (3-mo. EURIBOR + 1.75%), 4.54%, 01/15/37<sup>(a)(b)</sup> | EUR | 1160 | 1255922 |
|  Sandstone Peak Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.58%, 10/15/34<sup>(a)(b)</sup> | USD | 250 | 249914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME Term SOFR + 1.68%), 5.98%, 10/15/34<sup>(a)(b)</sup> |  | 2410 | 2416740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1R, (3-mo. CME Term SOFR + 1.83%), 6.13%, 10/15/34<sup>(a)(b)</sup> |  | 710 | 708089 |
|  Saxon Asset Securities Trust, Series 2004-2, Class MF5, 3.65%, 08/25/35<sup>(c)</sup> |  | 587 | 440255 |
|  SC Germany SA Compartment Consumer Series 2024-2, Class C, (1-mo. EURIBOR + 1.40%), 3.79%, 05/14/38<sup>(b)(e)</sup> | EUR | 800 | 867882 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  SC Germany SA Compartment Consumer Series 2024-2, Class D, (1-mo. EURIBOR + 1.70%), 4.09%, 05/14/38<sup>(b)(e)</sup> | EUR | 500 | $541822 |
|  SCF Rahoituspalvelut XIII DAC, Series 13, Class C, (1-mo. EURIBOR + 1.40%), 3.77%, 06/25/34<sup>(b)(e)</sup> |  | 400 | 432477 |
|  Securitized Asset Backed Receivables LLC Trust, Series 2006-OP1, Class M6, (1-mo. CME Term SOFR + 1.12%), 5.44%, 10/25/35<sup>(b)</sup> | USD | 340 | 266885 |
|  Securitized Asset-Backed Receivables LLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2A, (1-mo. CME Term SOFR + 0.33%), 4.66%, 02/25/37<sup>(b)</sup> |  | 336 | 140638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2B, (1-mo. CME Term SOFR + 0.65%), 4.98%, 02/25/37<sup>(b)</sup> |  | 3578 | 1498032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NC2, Class A2C, (1-mo. CME Term SOFR + 0.55%), 4.88%, 01/25/37<sup>(b)</sup> |  | 575 | 416303 |
|  Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.67%, 02/02/32<sup>(a)</sup> |  | 2644 | 2565014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.39%, 11/20/35<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | 3817066 |
|  SESAC Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A2, 5.22%, 07/25/49<sup>(a)</sup> |  | 2835 | 2806101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 5.50%, 07/25/52<sup>(a)</sup> |  | 3441 | 3424021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 6.42%, 01/25/54<sup>(a)</sup> |  | 1286 | 1299060 |
|  SG Mortgage Securities Trust, Series 2006- FRE2, Class A2C, (1-mo. CME Term SOFR + 0.43%), 4.76%, 07/25/36<sup>(b)</sup> |  | 860 | 176742 |
|  Shackleton CLO Ltd., Series 2019-14A, Class BR, (3-mo. CME Term SOFR + 2.06%), 6.36%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 249163 |
|  Signal Peak CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class A1R, (3-mo. CME Term SOFR + 1.55%), 5.85%, 04/25/37<sup>(a)(b)</sup> |  | 2620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class BR, (3-mo. CME Term SOFR + 2.20%), 6.50%, 04/25/37<sup>(a)(b)</sup> |  | 610 | 610247 |
|  Signal Peak CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.71%, 10/20/37<sup>(a)(b)</sup> |  | 400 | 400401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, (3-mo. CME Term SOFR + 1.80%), 6.09%, 10/20/37<sup>(a)(b)</sup> |  | 270 | 269630 |
|  Signal Peak CLO 8 Ltd., Series 2020-8A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.68%, 10/20/37<sup>(a)(b)</sup> |  | 1430 | 1432523 |
|  Silver Point CLO 1 Ltd., Series 2022-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.61%, 01/20/38<sup>(a)(b)</sup> |  | 930 | 927110 |
|  Silver Point CLO 4 Ltd., Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.63%), 5.93%, 04/15/37<sup>(a)(b)</sup> |  | 690 | 690296 |
|  Silver Point CLO 5 Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.69%, 10/20/37<sup>(a)(b)</sup> |  | 860 | 861295 |
|  Silver Point CLO 7 Ltd., Series 2024-7A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.65%, 01/15/38<sup>(a)(b)</sup> |  | 1900 | 1901256 |
|  Silver Point CLO 8 Ltd., Series 2025-8A, Class A1, (3-mo. CME Term SOFR + 1.21%), 04/15/38<sup>(a)(b)(g)</sup> |  | 850 | 850000 |

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22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Sixth Street CLO IX Ltd., Series 2017-9A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.67%, 07/21/37<sup>(a)(b)</sup> | USD | 1690 | $1692535 |
|  Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, (3-mo. CME Term SOFR + 1.15%), 5.47%, 01/20/38<sup>(a)(b)</sup> |  | 1570 | 1564505 |
|  Sixth Street CLO XIX Ltd., Series 2021-19A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.66%, 07/20/34<sup>(a)(b)</sup> |  | 16995 | 16974905 |
|  Sixth Street CLO XX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.72%, 10/20/34<sup>(a)(b)</sup> |  | 250 | 249996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.21%, 10/20/34<sup>(a)(b)</sup> |  | 780 | 779038 |
|  SLM Private Credit Student Loan Trust, Series 2004-A, Class A3, (3-mo. CME Term SOFR + 0.66%), 4.96%, 06/15/33<sup>(b)</sup> |  | 303 | 301578 |
|  SLM Private Education Loan Trust, Series 2010-C, Class A5, (1-mo. CME Term SOFR + 4.86%), 9.18%, 10/15/41<sup>(a)(b)</sup> |  | 10222 | 10749087 |
|  SMB Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B, Class B, 3.50%, 12/17/40<sup>(a)</sup> |  | 810 | 803517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/54<sup>(a)</sup> |  | 7523 | 7041150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class B, 2.50%, 09/15/54<sup>(a)</sup> |  | 6740 | 5936385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.99%, 01/15/53<sup>(a)</sup> |  | 6022 | 5198988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.30%, 01/15/53<sup>(a)</sup> |  | 711 | 688301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.00%, 01/15/53<sup>(a)</sup> |  | 422 | 375912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 5.24%, 03/15/56<sup>(a)</sup> |  | 1493 | 1506882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, (SOFR (30-day) + 1.45%), 5.80%, 03/15/56<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19866766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.88%, 03/15/56<sup>(a)</sup> |  | 3913 | 4002148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A1B, (SOFR (30-day) + 1.10%), 5.45%, 06/17/52<sup>(a)(b)</sup> |  | 3816 | 3815801 |
|  SoFi Consumer Loan Program Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.80%, 02/27/34<sup>(a)</sup> |  | 28992 | 29006934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.12%, 02/27/34<sup>(a)</sup> |  | 1768 | 1781279 |
|  SoFi Personal Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.00%, 11/12/30<sup>(a)</sup> |  | 5974 | 6047675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.06%, 02/12/31<sup>(a)</sup> |  | 7140 | 7194396 |
|  Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/26/31<sup>(a)(b)</sup> |  | 296 | 296434 |
|  Sound Point CLO XXII Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.03%), 5.32%, 01/20/32<sup>(a)(b)</sup> |  | 1520 | 1517880 |
|  Soundview Home Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC1, Class M2, (1-mo. CME Term SOFR + 0.91%), 5.23%, 01/25/35<sup>(b)</sup> |  | 33 | 27504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-OPT3, Class M4, (1-mo. CME Term SOFR + 1.13%), 5.46%, 11/25/35<sup>(b)</sup> |  | 547 | 434192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NS1, Class M1, (1-mo. CME Term SOFR + 0.64%), 4.96%, 01/25/37<sup>(b)</sup> |  | 781 | 745432 |
|  Southwick Park CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.62%, 07/20/32<sup>(a)(b)</sup> |  | 532 | 532318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class B1R, (3-mo. CME Term SOFR + 1.76%), 6.06%, 07/20/32<sup>(a)(b)</sup> |  | 370 | 370052 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  SPLT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23-1, Class R1, 0.00%, 10/15/30<sup>(a)(d)</sup> | USD | 178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8290743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24-1, Class R1, 0.00%, 02/12/31<sup>(a)(d)</sup> |  | 162 | 4769870 |
|  St. Paul's CLO XII DAC, Series 12X, Class B1, (3-mo. EURIBOR + 1.60%), 4.39%, 04/15/33<sup>(b)(e)</sup> | EUR | 1420 | 1524960 |
|  STAR Trust, Series 2021-SFR1, Class F, (1-mo. CME Term SOFR + 2.51%), 6.83%, 04/17/38<sup>(a)(b)</sup> | USD | 1030 | 1016482 |
|  Steele Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 5.81%, 10/15/30<sup>(a)(b)</sup> |  | 815 | 814243 |
|  Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3-mo. CME Term SOFR + 2.06%), 6.36%, 01/15/30<sup>(a)(b)</sup> |  | 1630 | 1638032 |
|  Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%, 12/29/29<sup>(a)(b)(d)</sup> |  | 1000 | 1040 |
|  Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31<sup>(a)</sup> |  | 47 | 44905 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-GEL2, Class M1, (1-mo. CME Term SOFR + 1.16%), 5.49%, 05/25/37<sup>(a)(b)</sup> |  | 2104 | 1651340 |
|  Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, 07/30/54<sup>(a)</sup> |  | 5762 | 5845788 |
|  Sutton Park CLO DAC, Series 1X, Class BE, (3-mo. EURIBOR + 2.35%), 4.91%, 11/15/31<sup>(b)(e)</sup> | EUR | 940 | 1018310 |
|  Sycamore Tree CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, (3-mo. CME Term SOFR + 1.39%), 5.90%, 01/20/38<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | 1763148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A, Class B, (3-mo. CME Term SOFR + 2.25%), 6.54%, 04/20/36<sup>(a)(b)</sup> |  | 3280 | 3288066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1, (3-mo. CME Term SOFR + 1.20%), 5.48%, 04/20/38<sup>(a)(b)</sup> |  | 1350 | 1350000 |
|  Symphony CLO 38 Ltd., Series 2023-38A, Class C1, (3-mo. CME Term SOFR + 2.90%), 7.20%, 04/24/36<sup>(a)(b)</sup> |  | 250 | 250162 |
|  Symphony CLO 39 Ltd., Series 2023-39A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/25/38<sup>(a)(b)</sup> |  | 610 | 610071 |
|  Symphony CLO 40 Ltd., Series 2023-40A, Class AR, (3-mo. CME Term SOFR + 1.31%), 5.73%, 01/05/38<sup>(a)(b)</sup> |  | 810 | 810016 |
|  Symphony CLO 46 Ltd., Series 2024-46A, Class A2, (3-mo. CME Term SOFR + 1.59%), 6.03%, 01/20/38<sup>(a)(b)</sup> |  | 250 | 249981 |
|  Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3-mo. CME Term SOFR + 1.22%), 5.53%, 04/16/31<sup>(a)(b)</sup> |  | 161 | 161061 |
|  Symphony CLO XVI Ltd., Series 2015-16A, Class ARR, (3-mo. CME Term SOFR + 1.20%), 5.50%, 10/15/31<sup>(a)(b)</sup> |  | 1905 | 1904119 |
|  Symphony CLO XX Ltd., Series 2018-20A, Class BR2, (3-mo. CME Term SOFR + 1.55%), 5.86%, 01/16/32<sup>(a)(b)</sup> |  | 1110 | 1105662 |
|  Symphony CLO XXIV Ltd., Series 2020-24A, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.49%, 01/23/32<sup>(a)(b)</sup> |  | 412 | 411770 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 23

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Symphony CLO XXVI Ltd., Series 2021-26A, Class AR, (3-mo. CME Term SOFR + 1.34%), 5.64%, 04/20/33<sup>(a)(b)</sup> | USD | 2012 | $2009815 |
|  Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.69%, 10/23/34<sup>(a)(b)</sup> |  | 2230 | 2230078 |
|  Symphony CLO XXXIII Ltd., Series 2022-33A, Class AR, (3-mo. CME Term SOFR + 1.26%), 5.54%, 01/24/38<sup>(a)(b)</sup> |  | 2000 | 1998012 |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, (1-mo. EURIBOR + 1.80%), 4.37%, 10/27/42<sup>(b)(e)</sup> | EUR | 300 | 324600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class C, (1-mo. EURIBOR + 2.60%), 5.17%, 10/27/42<sup>(b)(e)</sup> |  | 200 | 216398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class D, (1-mo. EURIBOR + 4.00%), 6.57%, 10/27/42<sup>(b)(e)</sup> |  | 400 | 437013 |
|  TCI-Flatiron CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.22%), 5.55%, 11/18/30<sup>(a)(b)</sup> | USD | 458 | 457758 |
|  TCW CLO Ltd., Series 2019-2A, Class A1R2, (3-mo. CME Term SOFR + 1.27%), 5.59%, 01/20/38<sup>(a)(b)</sup> |  | 1270 | 1269141 |
|  Terwin Mortgage Trust, Series 2005-10HE, Class M5, (1-mo. CME Term SOFR + 1.13%), 5.46%, 06/25/36<sup>(b)</sup> |  | 357 | 318212 |
|  Thayer Park CLO Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.60%, 04/20/34<sup>(a)(b)</sup> |  | 550 | 549532 |
|  TIAA CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.72%, 01/16/31<sup>(a)(b)</sup> |  | 373 | 372947 |
|  TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 5.68%, 01/15/34<sup>(a)(b)</sup> |  | 4870 | 4862554 |
|  TICP CLO VII Ltd., Series 2017-7A, Class BR2, (3-mo. CME Term SOFR + 1.90%), 6.20%, 04/15/33<sup>(a)(b)</sup> |  | 4165 | 4157530 |
|  TICP CLO XI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, (3-mo. CME Term SOFR + 1.53%), 5.83%, 04/25/37<sup>(a)(b)</sup> |  | 750 | 751877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class BR, (3-mo. CME Term SOFR + 2.05%), 6.35%, 04/25/37<sup>(a)(b)</sup> |  | 2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class DR, (3-mo. CME Term SOFR + 3.70%), 8.00%, 04/25/37<sup>(a)(b)</sup> |  | 250 | 249076 |
|  TICP CLO XII Ltd., Series 2018-12A, Class AR, (3-mo. CME Term SOFR + 1.43%), 5.73%, 07/15/34<sup>(a)(b)</sup> |  | 2230 | 2235003 |
|  Tower Bridge Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class C, (1-day SONIA + 1.40%), 5.86%, 12/20/66<sup>(b)(e)</sup> | GBP | 272 | 351711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (1-day SONIA + 1.90%), 6.36%, 12/20/66<sup>(b)(e)</sup> |  | 334 | 432882 |
|  Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.43%), 5.73%, 07/21/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9420 | 9426250 |
|  Trestles CLO V Ltd., Series 2021-5A, Class A1, (3-mo. CME Term SOFR + 1.43%), 5.73%, 10/20/34<sup>(a)(b)</sup> |  | 7995 | 8000137 |
|  Tricon American Homes Trust, Series 2020- SFR1, Class D, 2.55%, 07/17/38<sup>(a)</sup> |  | 6675 | 6466527 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38<sup>(a)</sup> | USD | 4805 | $4635748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38<sup>(a)</sup> |  | 3324 | 3219013 |
|  Trimaran CAVU Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class C, (3-mo. CME Term SOFR + 4.98%), 9.28%, 11/26/32<sup>(a)(b)</sup> |  | 500 | 501901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 7.81%, 10/25/34<sup>(a)(b)</sup> |  | 250 | 249693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.38%), 5.64%, 01/25/38<sup>(a)(b)</sup> |  | 4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term SOFR + 1.75%), 6.01%, 01/25/38<sup>(a)(b)</sup> |  | 600 | 598537 |
|  Trinitas CLO IV Ltd., Series 2016-4A, Class A2L2, (3-mo. CME Term SOFR + 1.66%), 5.96%, 10/18/31<sup>(a)(b)</sup> |  | 970 | 969875 |
|  Trinitas CLO VII Ltd., Series 2017-7A, Class A1R2, (3-mo. CME Term SOFR + 1.06%), 5.37%, 01/25/35<sup>(a)(b)</sup> |  | 3710 | 3685550 |
|  Trinitas CLO XIV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.64%, 01/25/34<sup>(a)(b)</sup> |  | 1250 | 1248750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class BR, (3-mo. CME Term SOFR + 1.95%), 6.25%, 01/25/34<sup>(a)(b)</sup> |  | 3460 | 3454880 |
|  Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1, (3-mo. CME Term SOFR + 1.43%), 5.73%, 01/20/35<sup>(a)(b)</sup> |  | 250 | 249735 |
|  Trinitas CLO XXVIII Ltd., Series 2024-28A, Class A1, (3-mo. CME Term SOFR + 1.55%), 5.85%, 04/25/37<sup>(a)(b)</sup> |  | 810 | 811077 |
|  Vantage Data Centers Jersey Borrower Spv Ltd., Series 2024-1X, Class A2, 6.17%, 05/28/39<sup>(e)</sup>  | GBP | 2561 | 3349772 |
|  Venture CLO Ltd., Series 2018-32A, Class A2A, (3-mo. CME Term SOFR + 1.33%), 5.63%, 07/18/31<sup>(a)(b)</sup> | USD | 923 | 923187 |
|  Verdelite Static CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.13%), 5.42%, 07/20/32<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | 2150354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.94%, 07/20/32<sup>(a)(b)</sup> |  | 210 | 210104 |
|  VOLT CVI LLC, Series 2021-NP12, Class A1, 5.73%, 12/26/51<sup>(a)(c)</sup> |  | 3352 | 3348568 |
|  Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class AAR2, (3-mo. CME Term SOFR + 1.25%), 5.55%, 04/18/31<sup>(a)(b)</sup> |  | 1770 | 1768635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A, Class A1RA, (3-mo. CME Term SOFR + 1.36%), 5.65%, 07/14/31<sup>(a)(b)</sup> |  | 86 | 86128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.63%, 01/20/31<sup>(a)(b)</sup> |  | 644 | 644147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 5.51%, 04/17/30<sup>(a)(b)</sup> |  | 69 | 69320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.21%), 5.51%, 04/19/31<sup>(a)(b)</sup> |  | 453 | 453452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.56%), 5.86%, 04/19/31<sup>(a)(b)</sup> |  | 250 | 249330 |

---

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R2, (3-mo. CME Term SOFR + 1.20%), 5.50%,<br>10/15/31<sup>(a)(b)</sup> | USD | 354 | $354244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.37%), 5.82%,<br>10/15/37<sup>(a)(b)</sup> |  | 3620 | 3622273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.49%,<br>07/20/32<sup>(a)(b)</sup> |  | 888 | 887336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.85%, 04/20/38<sup>(a)(b)</sup> |  | 1440 | 1429456 |
|  Voya Euro CLO II DAC,<br>Series 2A, Class CR, (3-mo. EURIBOR + 2.15%), 4.94%, 07/15/35<sup>(a)(b)</sup> | EUR | 750 | 809054 |
|  Voya Euro CLO V DAC,<br>Series 5A, Class B1, (3-mo. EURIBOR + 1.75%), 4.54%, 04/15/35<sup>(a)(b)</sup> |  | 1970 | 2121193 |
|  Washington Mutual Asset-Backed Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4, Class 2A2, (1-mo. CME Term SOFR + 0.47%), 4.80%, 09/25/36<sup>(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | 966419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5, Class 1A, (1-mo. CME Term SOFR + 0.42%), 4.64%, 10/25/36<sup>(b)</sup> |  | 1162 | 873547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 2A3, (1-mo. CME Term SOFR + 0.35%), 4.68%, 05/25/37<sup>(b)</sup> |  | 834 | 734756 |
|  Wellington Management CLO 1 Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, (3-mo. CME Term SOFR + 1.80%), 6.09%, 10/20/36<sup>(a)(b)</sup> |  | 250 | 249618 |
|  Wellington Management CLO 4 Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/18/38<sup>(a)(b)(f)</sup> |  | 1840 | 1840000 |
|  Whitebox CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 5.62%,<br>07/24/36<sup>(a)(b)</sup> |  | 7214 | 7209863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D1RR, (3-mo. CME Term SOFR + 3.10%), 7.40%,<br>07/24/36<sup>(a)(b)</sup> |  | 4120 | 4117496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ERR, (3-mo. CME Term SOFR + 5.75%), 10.05%,<br>07/24/36<sup>(a)(b)</sup> |  | 3300 | 3303517 |
|  Whitebox CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.68%,<br>10/24/37<sup>(a)(b)</sup> |  | 1000 | 1000506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 6.05%, 10/24/37<sup>(a)(b)</sup> |  | 1850 | 1843575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class D1R2, (3-mo. CME Term SOFR + 2.90%), 7.20%,<br>10/24/37<sup>(a)(b)</sup> |  | 671 | 670624 |
|  Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.27%), 5.57%,<br>10/15/35<sup>(a)(b)</sup> |  | 5520 | 5509104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.15%,<br>10/15/35<sup>(a)(b)</sup> |  | 1250 | 1244797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 9.95%,<br>10/15/35<sup>(a)(b)</sup> |  | 1000 | 1001372 |
|  Whitebox CLO IV Ltd.,<br>Series 2023-4A, Class A1, (3-mo. CME Term SOFR + 2.15%), 6.44%,<br>04/20/36<sup>(a)(b)</sup> |  | 1140 | 1140909 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Wildwood Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.78%, 10/20/37<sup>(a)(b)</sup> | 3170 | 3160090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, (3-mo. CME Term SOFR + 5.75%), 10.17%, 10/20/37<sup>(a)(b)</sup> | 900 | 907185 |
|  Yale Mortgage Loan Trust, Series 2007-1, Class A, (1-mo. CME Term SOFR + 0.51%), 4.84%, 06/25/37<sup>(a)(b)</sup> | 2008 | 626152 |
|  **Total Asset-Backed Securities — 11.4%<br>(Cost: $2,291,604,703)** | **Total Asset-Backed Securities — 11.4%<br>(Cost: $2,291,604,703)** | 2237825151 |
|  | *Shares* |  |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  Boeing Co. (The)<sup>(h)</sup> | 10033 | 1711128 |
|  Howmet Aerospace, Inc. | 12154 | 1576738 |
|  Lockheed Martin Corp. | 3102 | 1385694 |
|  Space Exploration Technologies Corp., Class A (Acquired 08/21/23, cost $2,075,706)<sup>(f)(h)(i)</sup> | 25626 | 4740810 |
|  Space Exploration Technologies Corp., Class C (Acquired 08/21/23, cost $2,227,824)<sup>(f)(h)(i)</sup> | 27504 | 5088240 |
|  TransDigm Group, Inc. | 1112 | 1538219 |
|  |  | 16040829 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
|  Bank of America Corp. | 37321 | 1557405 |
|  Citigroup, Inc. | 57635 | 4091509 |
|  Comerica, Inc. | 6357 | 375445 |
|  First Citizens BancShares, Inc., Class A | 1222 | 2265735 |
|  First Horizon Corp. | 37246 | 723317 |
|  Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;607878 | 7063542 |
|  JPMorgan Chase & Co. | 59143 | 14507778 |
|  Wells Fargo & Co. | 22260 | 1598045 |
|  |  | 32182776 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  AbbVie, Inc. | 6862 | 1437726 |
|  **Broadline Retail — 0.0%** |  |  |
|  Amazon.com, Inc.<sup>(h)</sup> | 7640 | 1453586 |
|  MercadoLibre, Inc.<sup>(h)</sup> | 764 | 1490465 |
|  Rakuten Group, Inc.<sup>(h)</sup> | 306300 | 1757233 |
|  |  | 4701284 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
|  Trane Technologies PLC | 4394 | 1480426 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
|  Crown PropTech Acquisitions<sup>(f)(h)</sup> | 147660 | 199341 |
|  Crown PropTech Acquisitions, Class A<sup>(h)</sup> | 85597 | 943279 |
|  Crown PropTech Founders Unvested<sup>(f)(h)</sup> | 74897 | 1 |
|  S&P Global, Inc. | 3044 | 1546656 |
|  |  | 2689277 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
|  CommScope Holding Co., Inc.<sup>(h)</sup> | 361777 | 1921036 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
|  Capital One Financial Corp. | 9071 | 1626430 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
|  Costco Wholesale Corp. | 1590 | 1503790 |
|  Walmart, Inc. | 16927 | 1486021 |
|  |  | 2989811 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
|  Lumen Technologies, Inc.<sup>(h)</sup> | 432728 | $1696294 |
| **Electrical Equipment — 0.0%** |  |  |
|  FreeWire Technologies, Inc.<sup>(f)(h)</sup> | 153 |  |
|  GE Vernova, Inc. | 6173 | 1884493 |
|  Vertiv Holdings Co., Class A | 19053 | 1375627 |
|  |  | 3260120 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  Flowco Holdings, Inc., Class A<sup>(h)(j)</sup> | 151569 | 3887745 |
|  Solaris Energy Infrastructure, Inc., Class A | 356947 | 7767167 |
|  |  | 11654912 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Lions Gate Entertainment Corp., Class A<sup>(h)(j)</sup> | 107564 | 951941 |
|  Live Nation Entertainment, Inc.<sup>(h)</sup> | 12106 | 1580802 |
|  Netflix, Inc.<sup>(h)</sup> | 1715 | 1599289 |
|  Playstudios, Inc., Class A<sup>(h)</sup> | 457322 | 580799 |
|  Take-Two Interactive Software, Inc.<sup>(h)</sup> | 7361 | 1525567 |
|  Warner Bros Discovery, Inc., Class A<sup>(h)</sup> | 136926 | 1469216 |
|  |  | 7707614 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
|  HNG Hospitality Offshore LP (Acquired 02/16/24, cost $13,871,000)<sup>(f)(h)(i)</sup> | 13871000 | 12206480 |
|  Mastercard, Inc., Class A | 2768 | 1517196 |
|  Melange Secondaries Partners, LP<sup>(f)(k)</sup> | — <sup>(l)</sup> | 1043655 |
|  New Holdco (Cayman)<sup>(f)</sup> | 9330 | 270570 |
|  |  | 15037901 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
|  Union Pacific Corp. | 5986 | 1414133 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Boston Scientific Corp.<sup>(h)</sup> | 15791 | 1592996 |
|  Intuitive Surgical, Inc.<sup>(h)</sup> | 3081 | 1525927 |
|  Masimo Corp.<sup>(h)</sup> | 8985 | 1496901 |
|  Stryker Corp. | 4016 | 1494956 |
|  |  | 6110780 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
|  McKesson Corp. | 2256 | 1518265 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
|  DiamondRock Hospitality Co. | 84395 | 651529 |
|  Service Properties Trust | 200003 | 522008 |
|  |  | 1173537 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Boyd Gaming Corp. | 28483 | 1875036 |
|  Caesars Entertainment, Inc.<sup>(h)</sup> | 75834 | 1895850 |
|  Genius Sports Ltd.<sup>(h)(j)</sup> | 726837 | 7275638 |
|  Golden Entertainment, Inc. | 20989 | 553900 |
|  Sonder Holdings, Inc., Class A<sup>(h)</sup> | 45465 | 90929 |
|  |  | 11691353 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
|  Landsea Homes Corp.<sup>(h)</sup> | 179749 | 1153989 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Vistra Corp. | 27662 | 3248625 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Marsh & McLennan Cos., Inc. | 6293 | 1535681 |
|  Progressive Corp. (The) | 5334 | 1509575 |
|  |  | 3045256 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
|  Alphabet, Inc., Class C, NVS | 8859 | $1384041 |
|  Meta Platforms, Inc., Class A | 2486 | 1432831 |
|  |  | 2816872 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
|  Snowflake, Inc., Class A<sup>(h)</sup> | 10072 | 1472123 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
|  Thermo Fisher Scientific, Inc. | 2823 | 1404725 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
|  Ingersoll Rand, Inc. | 17798 | 1424374 |
|  Palladyne AI Corp.<sup>(h)</sup> | 11463 | 67401 |
|  Sarcos Technology & Robotics Corp.<sup>(h)</sup> | 464024 | 2728460 |
|  |  | 4220235 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  Altice U.S.A., Inc., Class A<sup>(h)</sup> | 520092 | 1383445 |
|  AMC Networks, Inc., Class A<sup>(h)</sup> | 51468 | 354100 |
|  |  | 1737545 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
|  Algoma Steel Group, Inc. | 320811 | 1738796 |
|  United States Steel Corp. | 205639 | 8690304 |
|  |  | 10429100 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
|  Blackstone Mortgage Trust, Inc., Class A | 533049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10660980 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
|  Formentera Partners Fund II LP<sup>(f)(h)(k)</sup> | — <sup>(l)</sup> | 5504442 |
|  Kinder Morgan, Inc. | 223450 | 6375028 |
|  Venture Global, Inc., Class A<sup>(j)</sup> | 10496 | 108109 |
|  Viper Energy, Inc., Class A | 29267 | 1321405 |
|  |  | 13308984 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Eli Lilly & Co. | 1791 | 1479205 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
|  Amentum Holdings, Inc.<sup>(h)</sup> | 162034 | 2949019 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  DF Residential III LP<sup>(f)(h)</sup> | 4251053 | 4336075 |
|  Opendoor Technologies, Inc., Class A<sup>(h)</sup> | 575955 | 587474 |
|  |  | 4923549 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
|  Invitation Homes, Inc. | 138148 | 4814458 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
|  Lam Research Corp. | 20139 | 1464105 |
|  Micron Technology, Inc. | 17070 | 1483213 |
|  NVIDIA Corp. | 13895 | 1505940 |
|  |  | 4453258 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  ANSYS, Inc.<sup>(h)</sup> | 4665 | 1476753 |
|  Autodesk, Inc.<sup>(h)</sup> | 5984 | 1566611 |
|  Avaya Holdings Corp.<sup>(h)</sup> | 333 | 1942 |
|  Intuit, Inc. | 2565 | 1574884 |
|  IREN Ltd.<sup>(h)(j)</sup> | 153267 | 933396 |
|  Latch, Inc.<sup>(h)</sup> | 411849 | 74133 |
|  Microsoft Corp. | 3911 | 1468150 |
|  Samsara, Inc., Class A<sup>(h)(j)</sup> | 43644 | 1672875 |
|  ServiceNow, Inc.<sup>(h)</sup> | 1897 | 1510278 |
|  |  | 10279022 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
|  Home Depot, Inc. (The) | 3968 | 1454232 |

---

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Shares* | *Value* |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
|  T-Mobile U.S., Inc. |  | 5575 | $1486908 |
|  WOM New Holdco<sup>(h)(m)</sup> |  | 1804000 | 18 |
|  WOM New Holdco<sup>(h)(m)</sup> |  | 285000 | 3 |
|  WOM New Holdco<sup>(h)(m)</sup> |  | 1315000 | 13 |
|  WOM New Holdco<sup>(h)(m)</sup> |  | 1292000 | 13 |
|  |  |  | 1486955 |
| **Total Common Stocks — 1.1%<br>(Cost: $248,261,643)** |  |  | 211672636 |
|  | *Par*<br> *(000)* | *Par*<br> *(000)* |  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  BAE Systems PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/30<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006 | 11254630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/15/31<sup>(a)</sup> |  | 3815 | 3245370 |
|  Boeing Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 |  | 1193 | 982335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 05/01/64 |  | 1750 | 1896285 |
|  Embraer Netherlands Finance BV,<br>5.98%, 02/11/35 |  | 55 | 55797 |
|  Huntington Ingalls Industries, Inc.,<br>4.20%, 05/01/30 |  | 1616 | 1551889 |
|  L3Harris Technologies, Inc.,<br>4.85%, 04/27/35 |  | 4388 | 4236418 |
|  Lockheed Martin Corp.,<br>Series B, 6.15%, 09/01/36 |  | 854 | 933768 |
|  Northrop Grumman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 |  | 9586 | 7655628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 |  | 975 | 921977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/53 |  | 2077 | 1873908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/54 |  | 8153 | 7636182 |
|  Raytheon Technologies Corp.,<br>7.00%, 11/01/28 |  | 6619 | 7107187 |
|  RTX Corp., 6.70%, 08/01/28 |  | 2432 | 2588152 |
|  Sabena Technics SAS, (3-mo. EURIBOR + 5.00%), 7.68%, 09/30/29 (Acquired 10/28/22, cost $6,460,391)<sup>(b)(f)(i)</sup> | EUR | 6552 | 7084342 |
|  Textron, Inc., 3.00%, 06/01/30 | USD | 2146 | 1963903 |
|  |  |  | 60987771 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
|  Tenneco, Inc.,<br>8.00%, 11/17/28<sup>(a)</sup> |  | 2722 | 2596092 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
|  Aston Martin Capital Holdings Ltd.,<br>10.00%, 03/31/29<sup>(a)</sup> |  | 1973 | 1783939 |
| **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
|  Al Rajhi Sukuk Ltd., 6.25% <sup>(e)(n)</sup> |  | 948 | 958959 |
|  Associated Banc-Corp,<br>6.46%, 08/29/30 |  | 1166 | 1179840 |
|  Banco Espirito Santo SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/08/17<sup>(e)(h)(m)</sup> | EUR | 400 | 90829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/18<sup>(e)(h)(m)</sup> |  | 2200 | 499561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/21/19<sup>(e)(h)(m)</sup> |  | 6300 | 1430560 |
|  Bancolombia SA,<br>8.63%, 12/24/34 | USD | 1252 | 1323677 |
|  Bangkok Bank PCL,<br>3.73%, 09/25/34<sup>(e)</sup> |  | 600 | 554082 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 |  | 10242 | 9871772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 01/24/31 |  | 18562 | 18817858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 |  | 8252 | 7061027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 |  | 2689 | 2366716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 |  | 2140 | 1827903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 |  | 5493 | 4739086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 |  | 9582 | 8401405 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |  |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11645 | $11253011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 04/25/34 |  | 9188 | 9229504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 01/23/35 |  | 4842 | 4912505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 01/24/36 |  | 9470 | 9637848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 |  | 1635 | 1159736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 |  | 3276 | 3008374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 |  | 8627 | 7112348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 |  | 4199 | 3299458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 |  | 3870 | 2481004 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 02/13/30 |  | 5379 | 5448997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 |  | 6453 | 5657328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 |  | 14178 | 12968712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 |  | 4322 | 4238144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/11/35 |  | 3500 | 3519747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 03/27/36 |  | 29905 | 29796235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 03/04/56 |  | 11757 | 11484067 |
|  Emirates NBD Bank PJSC, 6.25% <sup>(e)(n)</sup> |  | 224 | 228480 |
|  First Citizens BancShares, Inc.,<br>6.25%, 03/12/40 |  | 7895 | 7746910 |
|  FNB Corp.,<br>5.72%, 12/11/30 |  | 13160 | 13146460 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 |  | 4265 | 4143228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 04/22/28 |  | 34934 | 35632156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 |  | 5021 | 4778487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 10/22/28 |  | 2448 | 2445530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 |  | 5151 | 5082334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 07/24/29 |  | 24442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24940581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 01/23/30 |  | 23074 | 23330240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 04/22/30 |  | 41633 | 42942716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/22/30 |  | 23131 | 23340365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/22/30 |  | 11069 | 10995863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/24/31 |  | 26851 | 27269759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 |  | 8851 | 7942179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 |  | 18500 | 15712793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 |  | 39995 | 34590133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 |  | 21131 | 18653230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 |  | 4206 | 4274361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 04/22/35 |  | 14865 | 15449290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 07/22/35 |  | 6530 | 6556104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/36 |  | 4525 | 4622472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 |  | 3771 | 3134783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 |  | 1735 | 1353213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 |  | 7803 | 5195309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 |  | 4452 | 3092560 |
|  KeyBank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/13/29 |  | 4198 | 4030800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/26/33 |  | 16368 | 15940499 |
|  Lehman Brothers Holdings Capital Trust VII,<br>5.86%<sup>(f)(h)(m)(n)</sup> |  | 1888 |  |
|  M&T Bank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/27/34 |  | 3066 | 2962877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 01/16/36 |  | 10293 | 10094709 |
|  Morgan Stanley Bank N.A.,<br>4.45%, 10/15/27 |  | 4022 | 4016943 |
|  Texas Capital Bancshares, Inc.,<br>4.00%, 05/06/31 |  | 4001 | 3893148 |
|  Washington Mutual Escrow Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(d)(f)(h)(m)(n)</sup> |  | 13308 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(d)(f)(h)(m)(n)</sup> |  | 11911 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(d)(f)(h)(m)(n)</sup> |  | 2570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(d)(f)(h)(m)(n)</sup> |  | 3115 |  |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 07/25/34 |  | 17388 | 17693665 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Wells Fargo & Co.<br>6.49%, 10/23/34 | USD 5,069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/23/35 | 3168 | 3211090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 2981 | 2348798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 | 1728 | 1555362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 | 11234 | 9532201 |
|  Zions Bancorp N.A.,<br>6.82%, 11/19/35 | 10332 | 10541064 |
|  |  | 622219355 |
| **Beverages — 0.0%** |  |  |
|  Coca-Cola Co. (The), 2.50%, 03/15/51 | 2257 | 1349159 |
| **Biotechnology — 0.1%** |  |  |
|  Amgen, Inc.<br>3.38%, 02/21/50 | 1396 | 977139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 | 8298 | 4935101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 | 8319 | 6539170 |
|  |  | 12451410 |
| **Broadline Retail — 0.2%** |  |  |
|  Amazon.com, Inc.<br>2.50%, 06/03/50 | 2668 | 1613960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 | 15231 | 12068788 |
|  Rakuten Group, Inc., 9.75%, 04/15/29<sup>(e)</sup> | 14000 | 15200057 |
|  |  | 28882805 |
| **Building Products — 0.0%** |  |  |
|  STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | 1232 | 1264437 |
| **Capital Markets — 2.3%** |  |  |
|  Apollo Debt Solutions BDC, 6.70%, 07/29/31 | 17474 | 18028733 |
|  Ares Strategic Income Fund, 5.70%, 03/15/28<sup>(a)</sup> | 30079 | 30079692 |
|  Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 | 3015 | 2963196 |
|  Blue Owl Capital Corp.<br>2.88%, 06/11/28 | 1378 | 1264672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/29 | 20401 | 20453917 |
|  Credit Suisse AG, 2.95%, 04/09/25 | 2485 | 2483905 |
|  Goldman Sachs Group, Inc. (The)<br>1.54%, 09/10/27 | 15169 | 14512587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 | 3021 | 2897721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 | 5243 | 5060670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 | 13314 | 13066944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/23/30 | 38348 | 38665853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 | 3421 | 2896807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 | 9764 | 8525377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 | 7 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 | 42385 | 36631702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 07/23/35 | 34914 | 34739910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 10/23/35 | 7588 | 7378217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 11/19/45 | 5031 | 4902239 |
|  HPS Corporate Lending Fund, 5.45%, 01/14/28<sup>(a)</sup> | 5155 | 5142783 |
|  Lehman Brothers Holdings, Inc., 6.75%, 12/28/17<sup>(f)(h)(m)</sup> | 7360 | 1 |
|  Morgan Stanley<br>3.77%, 01/24/29 | 13695 | 13395479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 04/20/29 | 23717 | 24038495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 04/18/30 | 28342 | 29219393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 07/19/30 | 34684 | 34973810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/18/30 | 4365 | 4329822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/31 | 957 | 972570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 | 7484 | 6780072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 | 23630 | 19798815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 | 2701 | 2262954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 | 35527 | 30249636 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Capital Markets (continued)** |  |  |  |
|  Morgan Stanley<br>2.51%, 10/20/32 | USD 4,550 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 | 7726 |  | 6776809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/34 | 5960 |  | 5962943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 07/19/35 | 11042 |  | 11043144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 01/18/36 | 6132 |  | 6262411 |
|  Sixth Street Lending Partners, 6.13%, 07/15/30<sup>(a)</sup>  | 4124 |  | 4150719 |
|  UBS Group AG, 4.88%, 05/15/45 | 1102 |  | 992180 |
|  |  |  | 454815579 |
| **Chemicals — 0.1%** |  |  |  |
|  Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(a)</sup> | 200 |  | 190890 |
|  Ecolab, Inc., 2.13%, 08/15/50 | 3280 |  | 1783524 |
|  Olympus Water U.S. Holding Corp.<br>7.13%, 10/01/27<sup>(a)</sup> | 359 |  | 358858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(a)</sup> | 2149 |  | 2231124 |
|  Pioneer Midco, (10.50% PIK), 10.50%, 11/18/30<sup>(a)(c)(f)(o)</sup> | 8123 |  | 8234956 |
|  |  |  | 12799352 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27<sup>(a)</sup> | 866 |  | 868759 |
|  Covanta Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | 585 |  | 544116 |
|  Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(a)</sup> | 6925 |  | 6916310 |
|  |  |  | 8329185 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
|  Juniper Networks, Inc., 5.95%, 03/15/41 | 1008 |  | 1008003 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
|  China City Construction International Co. Ltd., 0.00%, 07/03/17<sup>(d)(e)(f)(h)(m)</sup> | CNH 340 |  |  |
|  GMR Hyderabad International Airport Ltd., 4.25%,<br>10/27/27<sup>(e)</sup> | USD 384 |  | 365760 |
|  IHS Holding Ltd.<br>6.25%, 11/29/28<sup>(a)</sup> | 1308 |  | 1260585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/29/30<sup>(a)</sup> | 200 |  | 198000 |
|  IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(e)</sup> | 14000 |  | 14087500 |
|  |  |  | 15911845 |
| **Consumer Finance — 0.7%** |  |  |  |
|  Capital One Financial Corp., 6.18%, 01/30/36 | 979 |  | 976743 |
|  General Motors Financial Co., Inc., 5.95%, 04/04/34 | 12032 |  | 11971345 |
|  OneMain Finance Corp., 7.13%, 11/15/31 | 125 |  | 125743 |
|  Synchrony Financial<br>3.95%, 12/01/27 | 1466 |  | 1429425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 | 10208 |  | 10160556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 08/02/30 | 23420 |  | 23749493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/06/31 | 31056 |  | 30833439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 | 21777 |  | 18416617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/33 | 38060 |  | 39178962 |
|  |  |  | 136842323 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
|  CK Hutchison International 23 Ltd., 4.75%, 04/21/28<sup>(e)</sup> | 640 |  | 640889 |
|  CVS Health Corp.<br>4.78%, 03/25/38 | 1664 |  | 1493024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 | 1843 |  | 1876281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 | 1287 |  | 1046523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/44 | 3615 |  | 3531808 |
|  |  |  | 8588525 |

---

28 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Containers & Packaging — 0.1%** |  |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc., 4.13%, 08/15/26<sup>(a)</sup> | USD 10,163 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334309 |
|  Mauser Packaging Solutions Holding Co.,<br>Series A, 7.88%, 04/15/27<sup>(a)</sup> | 1148 |  | 1125040 |
|  Trivium Packaging Finance BV<br>5.50%, 08/15/26<sup>(a)</sup> | 942 |  | 927412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27<sup>(a)</sup> | 708 |  | 704365 |
|  |  |  | 12091126 |
| **Diversified REITs — 1.7%** |  |  |  |
|  American Tower Corp.<br>3.95%, 03/15/29 | 1687 |  | 1638949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 | 6764 |  | 5785921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 | 6434 |  | 5687913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 | 23291 |  | 23629587 |
|  Crown Castle, Inc.<br>3.30%, 07/01/30 | 4361 |  | 3999177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 | 4455 |  | 3804149 |
|  Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/34 | 2096 |  | 2135844 |
|  Equinix, Inc.<br>2.15%, 07/15/30 | 10 |  | 8766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 | 16550 |  | 14446050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 | 14022 |  | 13073118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 | 5286 |  | 3586327 |
|  GLP Capital LP/GLP Financing II, Inc.<br>5.75%, 06/01/28 | 6566 |  | 6681227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 | 11674 |  | 11690612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 | 10280 |  | 9717661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 | 12118 |  | 11296709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 | 18651 |  | 16143509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/33 | 6140 |  | 6515363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/54 | 19654 |  | 19315401 |
|  VICI Properties LP<br>4.75%, 02/15/28 | 13807 |  | 13807925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/01/28<sup>(g)</sup> | 6470 |  | 6482862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 | 17121 |  | 16973131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/31 | 13621 |  | 13432508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 | 30763 |  | 30108788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/01/35<sup>(g)</sup> | 6895 |  | 6855992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/54 | 7885 |  | 7685777 |
|  VICI Properties LP/VICI Note Co., Inc.<br>4.25%, 12/01/26<sup>(a)</sup> | 19217 |  | 19007014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/27<sup>(a)</sup> | 1086 |  | 1100090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27<sup>(a)</sup> | 6471 |  | 6331081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/28<sup>(a)</sup> | 1379 |  | 1361598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/29<sup>(a)</sup> | 12680 |  | 12105928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29<sup>(a)</sup> | 21029 |  | 20400529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(a)</sup> | 18074 |  | 17013770 |
|  |  |  | 331823276 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
|  AT&T Inc.<br>5.45%, 03/01/47 | 1917 |  | 1821860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 | 12361 |  | 10259130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 | 1749 |  | 1468942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 | 1181 |  | 1069604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 | 9163 |  | 6248159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/57 | 1393 |  | 1346038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 | 19121 |  | 12895814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 | 7719 |  | 5377253 |
|  Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30<sup>(a)</sup> | 1281 |  | 1146905 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 9.00%, 09/15/29<sup>(a)</sup> | USD 1,213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105927 |
|  Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., (12.00% PIK), 12.00%, 05/25/27<sup>(o)</sup> | 561 | 561130 |
|  Digicel Midco Ltd./Difl U.S. II LLC, (10.50% PIK), 10.50%, 11/25/28<sup>(o)</sup> | 395 | 359812 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28 | 4835 | 4931700 |
|  Frontier North, Inc., Series G, 6.73%, 02/15/28 | 1500 | 1524373 |
|  Level 3 Financing, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 3115 | 3101794 |
|  Verizon Communications, Inc.<br>1.50%, 09/18/30 | 12000 | 10179060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 | 6931 | 5899480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/02/35<sup>(g)</sup> | 9960 | 9985128 |
|  WOM Mobile SA<br>(12.50% PIK), 12.50%,<br>01/31/31<sup>(f)(o)</sup> | 1158 | 1158272 |
| &nbsp;&nbsp;&nbsp;&nbsp; (12.50% PIK), 12.50%,<br>04/01/31<sup>(a)(o)</sup> | 1659 | 1671425 |
|  Zayo Group Holdings, Inc., 4.00%, 03/01/27<sup>(a)</sup> | 498 | 453598 |
|  |  | 82565404 |
| **Electric Utilities — 3.3%** |  |  |
|  AEP Texas, Inc.<br>4.70%, 05/15/32 | 1529 | 1488492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/33 | 2146 | 2159289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 | 2473 | 1787919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 | 1498 | 1012122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 | 1231 | 938546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.45%, 01/15/50 | 2823 | 1936863 |
|  AEP Transmission Co. LLC<br>3.75%, 12/01/47 | 4846 | 3668467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 | 1476 | 988392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 | 2755 | 1674612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.50%, 06/15/52 | 1163 | 967876 |
|  AES Andes SA, 6.30%, 03/15/29<sup>(a)</sup> | 200 | 204132 |
|  Alabama Power Co.<br>3.85%, 12/01/42 | 1106 | 885574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 | 3535 | 2950590 |
|  Alexander Funding Trust II, 7.47%, 07/31/28<sup>(a)</sup> | 1800 | 1915960 |
|  Baltimore Gas & Electric Co., 3.75%, 08/15/47 | 2943 | 2226731 |
|  Continuum Energy Aura Pte Ltd., 9.50%, 02/24/27<sup>(e)</sup> | 8000 | 8290000 |
|  Continuum Green Energy India Pvt/Co-Issuers, 7.50%, 06/26/33<sup>(e)</sup> | 9773 | 10055902 |
|  Diamond II Ltd., 7.95%, 07/28/26<sup>(e)</sup> | 14000 | 14113750 |
|  Duke Energy Carolinas LLC<br>3.75%, 06/01/45 | 2487 | 1924650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 | 5364 | 4021833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 | 2643 | 2048122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 | 4688 | 3164459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 | 3193 | 2257885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 | 1874 | 1789855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/54 | 1638 | 1579410 |
|  Duke Energy Corp.<br>3.95%, 08/15/47 | 3057 | 2294443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 | 4645 | 4052100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/15/54 | 7445 | 7284513 |
|  Duke Energy Florida LLC<br>1.75%, 06/15/30 | 5482 | 4746037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/48 | 5 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 | 8639 | 5486240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/52 | 1232 | 1257539 |
|  Duke Energy Progress LLC<br>3.70%, 10/15/46 | 6073 | 4557945 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric Utilities (continued)** |  |  |
|  Duke Energy Progress LLC<br>2.50%, 08/15/50 | USD 5,236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 | 4209 | 3228577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/53 | 7886 | 7505635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/55 | 2815 | 2753531 |
|  Edison International<br>4.95%, 04/15/25 | 1736 | 1735337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 | 4149 | 4189614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 | 2020 | 1942553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/28 | 9577 | 9443189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/29 | 1100 | 1085488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/15/29 | 1877 | 1951317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/30 | 2800 | 2835805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%<sup>(n)</sup> | 1812 | 1637031 |
|  Eesti Energia AS, 7.88% <sup>(e)(n)</sup> | EUR 1,525 | 1735735 |
|  FIEMEX Energia - Banco Actinver SA Institucionde Banca Multiple, 7.25%, 01/31/41<sup>(a)</sup> | USD 1,114 | 1101311 |
|  FirstEnergy Corp.<br>Series B, 3.90%, 07/15/27 | 9566 | 9406005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 | 11826 | 10112964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 | 25437 | 17275445 |
|  FirstEnergy Transmission LLC<br>5.00%, 01/15/35 | 23523 | 23057601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/44<sup>(a)</sup> | 7515 | 7323707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(a)</sup> | 21654 | 18530783 |
|  Florida Power & Light Co.<br>3.70%, 12/01/47 | 5039 | 3834011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 | 6574 | 5220004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 | 4317 | 2934937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 | 1882 | 1193219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/65 | 3638 | 3722551 |
|  Georgia Power Co.<br>4.70%, 05/15/32 | 9390 | 9282044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 | 8170 | 7576055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 | 1420 | 962529 |
|  India Green Power Holdings, 4.00%, 02/22/27<sup>(e)</sup> | 7299 | 6932943 |
|  Johnsonville Aeroderivative Combustion Turbine Generation LLC, 5.08%, 10/01/54 | 6583 | 6496435 |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(e)</sup> | 11800 | 10562180 |
|  MidAmerican Energy Co.<br>4.25%, 07/15/49 | 1704 | 1388408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 | 3411 | 2288603 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(e)</sup> | 9949 | 9625861 |
|  Northern States Power Co., 5.35%, 11/01/39 | 945 | 945079 |
|  NRG Energy, Inc.<br>4.45%, 06/15/29<sup>(a)</sup> | 5389 | 5233032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> | 31829 | 34314718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> | 3440 | 3386369 |
|  Ohio Power Co.<br>4.00%, 06/01/49 | 2212 | 1696682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 | 2332 | 2107835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 | 6843 | 4243919 |
|  Pacific Gas & Electric Co.<br>3.30%, 12/01/27 | 503 | 482585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 01/15/33 | 6055 | 6236296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 | 5326 | 5566392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/34 | 10157 | 11006143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/15/34 | 5903 | 5960560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 | 31017 | 25900217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 | 1055 | 701259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 | 3875 | 3342714 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  Pacific Gas & Electric Co.<br>6.75%, 01/15/53 | USD 10,912 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11395574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 04/01/53 | 11091 |  | 11540736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 | 5906 |  | 5593703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/55 | 1413 |  | 1383006 |
|  PECO Energy Co.<br>3.90%, 03/01/48 | 1260 |  | 983052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 | 7028 |  | 4378577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 | 2776 |  | 2387305 |
|  PG&E Corp.<br>5.25%, 07/01/30 | 38890 |  | 37334104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/55 | 36508 |  | 35881964 |
|  San Diego Gas & Electric Co., Series RRR, 3.75%, 06/01/47 | 4585 |  | 3422582 |
|  Southern California Edison Co.<br>5.65%, 10/01/28 | 4923 |  | 5040230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 | 8639 |  | 7542692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 | 2740 |  | 2813432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-E, 5.35%, 07/15/35 | 3142 |  | 3072268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.50%, 06/01/31 | 5708 |  | 4918573 |
|  Southern Co. (The)<br>5.20%, 06/15/33 | 3339 |  | 3346834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 | 11980 |  | 11594599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 | 1084 |  | 983826 |
|  Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25<sup>(a)</sup> | 13300 |  | 13276079 |
|  Vistra Operations Co. LLC<br>5.05%, 12/30/26<sup>(a)</sup> | 4530 |  | 4542879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/32<sup>(a)</sup> | 1755 |  | 1788724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/33<sup>(a)</sup> | 31634 |  | 33979788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/34<sup>(a)</sup> | 14213 |  | 14362990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/34<sup>(a)</sup> | 18603 |  | 18505930 |
|  |  |  | 656862438 |
| **Electrical Equipment — 0.0%** |  |  |  |
|  NXP BV/NXP Funding LLC/NXP U.S.A., Inc., 2.50%, 05/11/31 | 4825 |  | 4203058 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  New Generation Gas Gathering LLC, (3-mo. CME Term SOFR at 2.00% Floor + 5.75%), 10.34%, 09/30/29<sup>(a)(b)(f)</sup> | 6187 |  | 6094541 |
|  Transocean, Inc., 8.25%, 05/15/29<sup>(a)</sup> | 1674 |  | 1636293 |
|  Venture Global LNG, Inc.<br>9.00%<sup>(a)(n)</sup> | 1775 |  | 1684455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(a)</sup> | 428 |  | 421661 |
|  |  |  | 9836950 |
| **Financial Services — 0.8%** |  |  |  |
|  ABRA Global Finance, (6% Cash & 8% PIK), 14.00%, 10/22/29<sup>(a)(o)</sup> | 2968 |  | 2828332 |
|  Acropolis Trade & Investments PIK, 11.04%, 04/02/28<sup>(a)</sup> | 20285 |  | 20285000 |
|  Andiron Financing LLC, (1-mo. CME Term SOFR + 3.00%), 7.31%, 01/21/30<sup>(b)(f)</sup> | 837 |  | 836773 |
|  ASG Finance Designated Activity Co., 9.75%, 05/15/29<sup>(a)</sup> | 216 |  | 216706 |
|  AT&T Reign II Multi-Property Lease-Backed Pass- Through Trust, 6.09%, 12/15/44<sup>(a)</sup> | 21025 |  | 21426399 |
|  Azul Secured Finance LLP<br>11.93%, 08/28/28 | 890 |  | 775773 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 8.25% Cash or SOFR + 10.75% PIK), 4.36%,<br>01/28/30<sup>(a)(o)</sup> | 328 |  | 366283 |

---

30 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
|  Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/30<sup>(a)</sup> | USD | 1306 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324474 |
|  Envalior Deutschland Gmbh, (6-mo. EURIBOR at 0.00% Floor + 9.50%) (12.66% Cash or 12.66% PIK), 13.41%, 04/01/31<sup>(b)(f)(o)</sup> | EUR | 9510 |  | 9588630 |
|  Glencore Funding LLC<br>04/01/28<sup>(a)(g)</sup> | USD | 4345 |  | 4362744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30<sup>(a)</sup> |  | 10525 |  | 9261903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/31<sup>(a)</sup> |  | 6464 |  | 5695583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/31<sup>(a)</sup> |  | 3876 |  | 3342007 |
|  Homes By West Bay LLC, 11.00%, 02/06/30<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21604 |  | 21604000 |
|  Lessen LLC, (3-mo. CME Term SOFR + 8.50%), 10.00%, 01/05/28<sup>(a)(b)(f)</sup> |  | 11645 |  | 10844725 |
|  Magellan Capital Holdings PLC, 8.38%, 07/08/29<sup>(e)</sup> |  | 838 |  | 864539 |
|  Minejesa Capital BV, 5.63%, 08/10/37<sup>(e)</sup> |  | 16000 |  | 15020000 |
|  Oceana A 4Yr Note Upsize, 10.50%, 07/31/28<sup>(f)</sup> | AUD | 4228 |  | 2665114 |
|  Oceana Australian Fixed Income Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 08/31/25<sup>(f)</sup> |  | 2009 |  | 1261600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.50%, 08/31/26<sup>(f)</sup> |  | 3013 |  | 1936894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.50%, 08/31/27<sup>(f)</sup> |  | 5022 |  | 3291131 |
|  Sun Country Airlines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1B, 4.70%, 12/15/25<sup>(f)</sup> | USD | 900 |  | 889086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, 4.84%, 03/15/31<sup>(f)</sup> |  | 3298 |  | 3223395 |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/29<sup>(a)</sup> |  | 75 |  | 72309 |
|  UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> |  | 1497 |  | 1484772 |
|  Womchi Converts, (5.00% PIK), 5.00%, 01/31/32<sup>(f)(o)(p)</sup> |  | 4938 |  | 4937903 |
|  |  |  |  | 148406075 |
|  **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
|  Pilgrim's Pride Corp., 6.25%, 07/01/33 |  | 3142 |  | 3252400 |
|  **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
|  Piedmont Natural Gas Co., Inc., 2.50%, 03/15/31 |  | 4095 |  | 3578447 |
|  **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 |  | 5211 |  | 3824191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 |  | 3241 |  | 2151575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 |  | 2114 |  | 1789295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/55 |  | 3903 |  | 3888307 |
|  Norfolk Southern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/25/51 |  | 1575 |  | 985789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/01/54 |  | 3991 |  | 3831529 |
|  Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 |  | 3561 |  | 2418971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 |  | 8883 |  | 5185423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 |  | 3852 |  | 2700797 |
|  Union Pacific Railroad Co. Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, 3.23%, 05/14/26 |  | 2135 |  | 2105838 |
|  |  |  |  | 28881715 |
|  **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Solventum Corp., 6.00%, 05/15/64 |  | 7332 |  | 7198763 |
|  **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 |  | 3403 |  | 2791383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 |  | 3954 |  | 2802692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 |  | 1971 |  | 2014905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/55 |  | 1031 |  | 1004982 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 |  | 18610 |  | 17258209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 | USD | 19230 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19532818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 11481 |  | 11381315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 |  | 1118 |  | 983847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 |  | 6814 |  | 5424724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/53 |  | 9714 |  | 9283682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/54 |  | 4171 |  | 4035551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/15/54 |  | 1019 |  | 978813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 |  | 2056 |  | 1986682 |
|  LifePoint Health, Inc., 8.38%, 02/15/32<sup>(a)</sup> |  | 969 |  | 975646 |
|  Select Medical Corp., 6.25%, 12/01/32<sup>(a)</sup> |  | 2676 |  | 2607331 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 |  | 2813039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 |  | 1298 |  | 1083741 |
|  |  |  |  | 86959360 |
|  **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29<sup>(a)</sup> |  | 1876 |  | 1750916 |
|  Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 |  | 397 |  | 382940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 |  | 5709 |  | 5706481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 6194 |  | 6129676 |
|  XHR LP, 4.88%, 06/01/29<sup>(a)</sup> |  | 289 |  | 270706 |
|  |  |  |  | 14240719 |
|  **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
|  Affinity Interactive, 6.88%, 12/15/27<sup>(a)</sup> |  | 1122 |  | 850269 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> |  | 562 |  | 555387 |
|  Grupo Posadas SAB de CV, (7.00% PIK), 7.00%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/30/27<sup>(c)(e)(o)</sup> |  | 1274 |  | 1195461 |
|  HR Ottawa LP, 11.00%, 03/31/31<sup>(a)</sup> |  | 23577 |  | 25205787 |
|  Melco Resorts Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25<sup>(e)</sup> |  | 300 |  | 298890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27<sup>(e)</sup> |  | 8000 |  | 7840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28<sup>(e)</sup> |  | 8000 |  | 7700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/17/32<sup>(a)</sup> |  | 615 |  | 614124 |
|  MGM China Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/26/31<sup>(a)</sup> |  | 280 |  | 285950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/26/31<sup>(e)</sup> |  | 14000 |  | 14297500 |
|  MGM Resorts International, 6.50%, 04/15/32 |  | 93 |  | 91195 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(a)</sup> |  | 1349 |  | 1266063 |
|  Minor International PCL, 2.70% <sup>(e)(n)</sup> |  | 500 |  | 484925 |
|  REXLot Holdings Ltd., 4.50%, 04/17/19<sup>(e)(f)(h)(m)(p)</sup>.  | HKD | 1161 |  |  |
|  Sands China Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/08/25 | USD | 400 |  | 399552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/08/28 |  | 300 |  | 299625 |
|  Sonder Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 1.00% Floor +<br>9.00%), 10.00%, 12/10/27<sup>(b)(f)</sup> |  | 1365 |  | 1296980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 1.00% Floor +<br>9.00%), 13.87%, 12/10/27<sup>(b)(f)</sup> |  | 10645 |  | 10112378 |
|  Studio City Co. Ltd., 7.00%, 02/15/27<sup>(e)</sup> |  | 9800 |  | 9856840 |
|  Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27<sup>(e)</sup> |  | 8000 |  | 7850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(e)</sup> |  | 8000 |  | 7690000 |
|  |  |  |  | 98190926 |
|  **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
|  Ashton Woods U.S.A. LLC/Ashton Woods |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28<sup>(a)</sup> |  | 3130 |  | 3105135 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
|  Ashton Woods U.S.A. LLC/Ashton Woods |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29<sup>(a)</sup> | USD | 430 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30<sup>(a)</sup> |  | 1180 |  | 1066968 |
|  Beazer Homes U.S.A., Inc., 7.25%, 10/15/29 |  | 3721 |  | 3658979 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29<sup>(a)</sup> |  | 742 |  | 669020 |
|  Century Communities, Inc., 6.75%, 06/01/27 |  | 249 |  | 248900 |
|  DR Horton, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/34 |  | 11734 |  | 11435331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35 |  | 1016 |  | 1021458 |
|  Landsea Homes Corp., 11.00%, 07/17/28<sup>(f)</sup> |  | 20532 |  | 21482632 |
|  LG Electronics, Inc., 5.63%, 04/24/27<sup>(a)</sup> |  | 263 |  | 267460 |
|  LGI Homes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28<sup>(a)</sup> |  | 1568 |  | 1634135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(a)</sup> |  | 1816 |  | 1717391 |
|  Mattamy Group Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27<sup>(a)</sup> |  | 1074 |  | 1043361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30<sup>(a)</sup> |  | 1691 |  | 1556525 |
|  Weekley Homes LLC/Weekley Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/28<sup>(a)</sup> |  | 1032 |  | 975813 |
|  |  |  |  | 50272280 |
|  **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
|  Clean Renewable Power Mauritius Pte Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/25/27<sup>(e)</sup> |  | 6440 |  | 6190450 |
|  Continuum Energy Pte Ltd., (12.85% Cash & 7.85% PIK), 5.00%, 09/13/27<sup>(a)(f)(o)</sup> |  | 9786 |  | 10006272 |
|  Greenko Dutch BV, 3.85%, 03/29/26<sup>(e)</sup> |  | 7040 |  | 6820000 |
|  Greenko Power II Ltd., 4.30%, 12/13/28<sup>(e)</sup> |  | 6680 |  | 6158960 |
|  Greenko Wind Projects Mauritius Ltd., 7.25%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 09/27/28<sup>(e)</sup> |  | 6330 |  | 6227137 |
|  India Clean Energy Holdings, 4.50%, 04/18/27<sup>(e)</sup>14,000 | India Clean Energy Holdings, 4.50%, 04/18/27<sup>(e)</sup>14,000 | India Clean Energy Holdings, 4.50%, 04/18/27<sup>(e)</sup>14,000 |  | 13279700 |
|  India Cleantech Energy, 4.70%, 08/10/26<sup>(e)</sup> |  | 6320 |  | 6166740 |
|  ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 |  | 13767180 |
|  SCC Power PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash and 4.00% PIK), 8.00%, 12/31/28<sup>(a)(o)</sup> |  | 1792 |  | 1142656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% Cash or 4.00% PIK), 4.00%,<br>05/17/32<sup>(a)(o)</sup> |  | 2054 |  | 514509 |
|  Star Energy Geothermal Wayang Windu Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/24/33<sup>(e)</sup> |  | 2987 |  | 2994172 |
|  Stem, Inc., 0.50%,<br>12/01/28<sup>(a)(p)</sup> |  | 622 |  | 161718 |
|  |  |  |  | 73429494 |
|  **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
|  Ambipar Lux Sarl, 10.88%, 02/05/33<sup>(a)</sup> |  | 505 |  | 515479 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Ambac Assurance Corp., 5.10% <sup>(a)(n)</sup> |  | 462 |  | 635529 |
|  American International Group, Inc., 4.38%, 06/30/50 |  | 2263 |  | 1876859 |
|  FWD Group Holdings Ltd., 8.40%, 04/05/29<sup>(e)</sup> |  | 1680 |  | 1748208 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/52 |  | 1793 |  | 1928694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/53 |  | 3271 |  | 3320011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/55 |  | 1030 |  | 994367 |
|  |  |  |  | 10503668 |
|  **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
|  Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 |  | 19080 |  | 16353089 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
|  Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/63 | USD | 2117 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/64 |  | 10410 |  | 10242397 |
|  |  |  |  | 28745189 |
|  **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/31<sup>(a)</sup> |  | 6635 |  | 6741852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/25/33<sup>(a)</sup> |  | 4465 |  | 4543505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/25/36<sup>(a)</sup> |  | 5159 |  | 5281747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/25/37<sup>(a)</sup> |  | 4941 |  | 5092395 |
|  Gartner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28<sup>(a)</sup> |  | 21314 |  | 20897149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29<sup>(a)</sup> |  | 26272 |  | 24739108 |
|  VeriSign, Inc., 5.25%, 06/01/32 |  | 3270 |  | 3298823 |
|  |  |  |  | 70594579 |
|  **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
|  Caterpillar, Inc., 3.25%, 09/19/49 |  | 3953 |  | 2777395 |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  AMC Networks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 |  | 1921208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 2822 |  | 2116942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(a)(p)</sup> |  | 1097 |  | 965909 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)</sup> |  | 221 |  | 196225 |
|  Charter Communications Operating LLC/Charter |  |  |  |  |
|  Communications Operating Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 |  | 2082 |  | 1725103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 |  | 10072 |  | 7593619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 |  | 13496 |  | 8510877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 |  | 11449 |  | 7403239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 |  | 23299 |  | 14150877 |
|  Comcast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 |  | 2244 |  | 1179089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 |  | 13483 |  | 7665418 |
|  CSC Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> |  | 3346 |  | 3097785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(a)</sup> |  | 773 |  | 747306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/29<sup>(a)</sup> |  | 1731 |  | 1678797 |
|  Discovery Communications LLC, 4.90%, 03/11/26 |  | 1375 |  | 1375075 |
|  DISH Network Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(d)(p)</sup> |  | 3089 |  | 2810990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/26<sup>(p)</sup> |  | 892 |  | 740360 |
|  OT Midco, Inc., 10.00%, 02/15/30<sup>(a)</sup> |  | 3103 |  | 2671553 |
|  Paramount Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/04/26 |  | 4155 |  | 4065890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 |  | 8736 |  | 8452110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 |  | 3519 |  | 3380008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 |  | 1573 |  | 1165084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 |  | 2461 |  | 2154878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 |  | 4000 |  | 3217382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 |  | 1052 |  | 813604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 |  | 1518 |  | 1137234 |
|  Warnermedia Holdings, Inc., 3.76%, 03/15/27 |  | 86981 |  | 84837584 |
|  |  |  |  | 175774146 |
|  **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
|  Anglo American Capital PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/30<sup>(a)</sup> |  | 3642 |  | 3733050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/02/33<sup>(a)</sup> |  | 1448 |  | 1452069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/05/34<sup>(a)</sup> |  | 970 |  | 980660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/16/52<sup>(a)</sup> |  | 4624 |  | 3853225 |
|  CSN Resources SA, 5.88%, 04/08/32<sup>(a)</sup> |  | 232 |  | 188124 |

---

32 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
|  Ma'aden Sukuk Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/30<sup>(a)</sup> | USD | 200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/13/35<sup>(a)</sup> |  | 200 |  | 202500 |
|  Mineral Resources Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/28<sup>(a)</sup> |  | 839 |  | 838910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30<sup>(a)</sup> |  | 428 |  | 413961 |
|  Navoi Mining & Metallurgical Combinat |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 10/17/28<sup>(a)</sup> |  | 458 |  | 460519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/17/31<sup>(a)</sup> |  | 578 |  | 574122 |
|  Periama Holdings LLC, 5.95%, 04/19/26<sup>(e)</sup> |  | 425 |  | 424256 |
|  Samarco Mineracao SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/30/31<sup>(a)(o)</sup> |  | 1610 |  | 1562177 |
| &nbsp;&nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/30/31<sup>(e)(o)</sup> |  | 3061 |  | 2969233 |
|  Vale Overseas Ltd., 6.40%, 06/28/54 |  | 195 |  | 192173 |
|  Vedanta Resources Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(a)</sup> |  | 3260 |  | 3357800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.48%, 07/24/30<sup>(a)</sup> |  | 1083 |  | 1073437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/03/31<sup>(a)</sup> |  | 1019 |  | 1077593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.85%, 04/24/33<sup>(a)</sup> |  | 487 |  | 486854 |
|  Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(a)</sup> |  | 179 |  | 175971 |
|  |  |  |  | 24218946 |
|  **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/30/33 |  | 947 |  | 951201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/01/55 |  | 1585 |  | 1575532 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 |  | 2212 |  | 1891063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/53 |  | 2745 |  | 2627708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/53 |  | 1101 |  | 1084607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/47 |  | 1298 |  | 982510 |
|  |  |  |  | 9112621 |
|  **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** |
|  3R Lux S.a.r.l, 9.75%, 02/05/31<sup>(a)</sup> |  | 383 |  | 399044 |
|  Antero Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29<sup>(a)</sup> |  | 19254 |  | 19737915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30<sup>(a)</sup> |  | 33824 |  | 33208613 |
|  APA Corp., 5.25%, 02/01/42<sup>(a)</sup> |  | 1236 |  | 1033775 |
|  Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(a)</sup> |  | 976 |  | 974438 |
|  California Resources Corp., 8.25%, 06/15/29<sup>(a)</sup> |  | 1230 |  | 1250012 |
|  Cameron LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/35<sup>(a)</sup> |  | 13866 |  | 11736323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38<sup>(a)</sup> |  | 8998 |  | 7557207 |
|  Cheniere Corpus Christi Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 |  | 11110578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 |  | 21789 |  | 17435497 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 24997 |  | 23442810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 16504 |  | 14524197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/34 |  | 14003 |  | 14201236 |
|  Cheniere Energy, Inc., 5.65%, 04/15/34 |  | 39648 |  | 40107317 |
|  Chesapeake Energy Corp., 6.13%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/15/21<sup>(f)(h)(m)</sup> |  | 9090 |  | 1 |
|  Chevron U.S.A., Inc., 5.25%, 11/15/43 |  | 2857 |  | 2848205 |
|  Civitas Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> |  | 1980 |  | 1951060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> |  | 1810 |  | 1867896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/01/30<sup>(a)</sup> |  | 429 |  | 442587 |
|  CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> |  | 7181 |  | 7302143 |
|  ConocoPhillips Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 |  | 2923 |  | 2162366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/63 |  | 1361 |  | 1324499 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Crescent Energy Finance LLC, 7.38%, 01/15/33<sup>(a)</sup> | USD | 429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413650 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 7.38%, 02/01/31<sup>(a)</sup> |  | 26362 | 27678148 |
|  Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 |  | 6792 | 6810946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 |  | 1629 | 1633825 |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 |  | 65115 | 63841405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 |  | 48137 | 45529182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 |  | 52941 | 47917139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 |  | 8152 | 6364719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 |  | 7496 | 5689981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/53 |  | 2728 | 2731478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 04/18/64 |  | 23807 | 22395045 |
|  Eastern Energy Gas Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/54 |  | 4727 | 4563587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/55 |  | 1700 | 1777775 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 1423 | 1258349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 |  | 6894 | 6173583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 |  | 3930 | 3805694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 |  | 2632 | 2611069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 |  | 14481 | 12193456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/54 |  | 4040 | 3858125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/54 |  | 8237 | 7998375 |
|  EQM Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | 5845879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 |  | 1498 | 1501296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(a)</sup> |  | 17405 | 16856560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/29<sup>(a)</sup> |  | 2005 | 2051354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(a)</sup> |  | 22919 | 24739566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(a)</sup> |  | 24293 | 23365333 |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> |  | 12370 | 12150928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 |  | 17059 | 16753776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 |  | 14621 | 15030602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 |  | 21206 | 21345046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 21484 | 23166465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(a)</sup> |  | 38806 | 35446318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 |  | 21862 | 22288443 |
|  Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/20<sup>(f)(h)(m)</sup> |  | 623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/21<sup>(f)(h)(m)</sup> |  | 425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 14674 | 14612758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29<sup>(a)</sup> |  | 2801 | 2796047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(a)</sup> |  | 9239 | 9354933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 |  | 9615 | 9544696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 20784 | 19658389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/15/35 |  | 41448 | 41596467 |
|  Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(a)</sup> |  | 1750 | 1548750 |
|  Hess Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 |  | 6412 | 7256746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 |  | 1812 | 1923905 |
|  Kinder Morgan Energy Partners LP, 6.50%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 |  | 2734 | 2904907 |
|  MC Brazil Downstream Trading S.a.r.l |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/30/31<sup>(a)</sup> |  | 879 | 718760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/30/31<sup>(e)</sup> |  | 220 | 179878 |
|  Medco Bell Pte Ltd., 6.38%, 01/30/27<sup>(e)</sup> |  | 2117 | 2103015 |
|  Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(e)</sup> |  | 7457 | 7335451 |
|  Medco Maple Tree Pte Ltd., 8.96%, 04/27/29<sup>(a)</sup> |  | 877 | 901995 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;18873 | $| 16527071 |
|  Permian Resources Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/26<sup>(a)</sup> |  | 172 |  | 171246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/27<sup>(a)</sup> |  | 2171 |  | 2212027 |
|  Petroleos de Venezuela SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/26<sup>(e)(h)(m)</sup> |  | 1120 |  | 155175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 05/17/35<sup>(e)(h)(m)</sup> |  | 1282 |  | 200602 |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/20/26 |  | 22921 |  | 22806395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/16/26<sup>(e)</sup> | EUR | 691 |  | 731069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29<sup>(e)</sup> |  | 990 |  | 979496 |
|  Pioneer Natural Resources Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2877 |  | 2500578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 |  | 2842 |  | 2476063 |
|  Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36<sup>(a)</sup> |  | 205 |  | 209920 |
|  Puma International Financing SA, 7.75%, 04/25/29<sup>(e)</sup> |  | 8000 |  | 8070000 |
|  Raizen Fuels Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/05/34<sup>(a)</sup> |  | 270 |  | 272835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/05/54<sup>(a)</sup> |  | 200 |  | 195026 |
|  Sabine Pass Liquefaction LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 17848 |  | 18001795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 |  | 22878 |  | 22981813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 |  | 2727 |  | 2696319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 |  | 19922 |  | 19555627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 |  | 9488 |  | 9771566 |
|  SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(e)</sup>  |  | 248 |  | 230791 |
|  Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28<sup>(a)</sup> |  | 1352 |  | 1391631 |
| SM Energy Co., 6.75%, 08/01/29<sup>(a)</sup> |  | 175 |  | 172393 |
|  South Bow U.S.A. Infrastructure Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 09/01/27<sup>(a)</sup> |  | 3339 |  | 3340383 |
| Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 |  | 7072 |  | 6537148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/35 |  | 3854 |  | 3831200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 |  | 10835 |  | 9151406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/55 |  | 3715 |  | 3689555 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 |  | 8680 |  | 8681938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 |  | 11167 |  | 10931658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 |  | 13675 |  | 12618716 |
|  Texas Eastern Transmission LP, 7.00%, 07/15/32 |  | 980 |  | 1079085 |
|  Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(a)</sup> |  | 610 |  | 622951 |
|  Vantage Drilling International, 9.50%, 02/15/28<sup>(a)</sup> |  | 250 |  | 250000 |
|  Viper Energy Partners LP, 5.38%, 11/01/27<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32192 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31893403 |
|  Viper Energy, Inc., 7.38%, 11/01/31<sup>(a)</sup> |  | 12463 |  | 13026041 |
|  Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(a)</sup> |  | 1496 |  | 1455608 |
|  Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(a)</sup> |  | 1053 |  | 1023698 |
|  |  |  |  | 1073283741 |
|  **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
|  LD Celulose International GmbH, 7.95%, 01/26/32<sup>(a)</sup> |  | 200 |  | 205900 |
|  Suzano Austria GmbH, 5.00%, 01/15/30 |  | 351 |  | 341323 |
|  |  |  |  | 547223 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
|  Air Canada Pass-Through Trust, Series 2017-1, Class B, 3.70%, 01/15/26<sup>(a)</sup> |  | 9 |  | 8910 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(a)</sup> |  | 1070 |  | 1036635 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
|  American Airlines Pass-Through Trust, 3.50%, 06/15/26<sup>(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;2996 | $| 2935749 |
|  Gol Finance SA, (1-mo. CME Term SOFR + 10.50%), 14.82%, 04/29/25<sup>(a)(b)</sup> |  | 1006 |  | 1035870 |
|  Latam Airlines Group SA, 7.88%, 04/15/30<sup>(a)</sup> |  | 645 |  | 640646 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27<sup>(a)</sup> |  | 4889 |  | 4910160 |
|  Spirit Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/28<sup>(h)(m)</sup> |  | 92 |  | 85424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30<sup>(h)(m)</sup> |  | 1027 |  | 927488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/30<sup>(h)(m)</sup> |  | 2695 |  | 2395919 |
|  Turkish Airlines Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 4.20%, 03/15/27<sup>(a)</sup> |  | 547 |  | 531814 |
|  |  |  |  | 14508615 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Pfizer Investment Enterprises Pte Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/19/33 |  | 4332 |  | 4284388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 |  | 3461 |  | 3286127 |
|  |  |  |  | 7570515 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(e)</sup> |  | 310 |  | 314650 |
|  Alpha Star Holding VIII Ltd., 8.38%, 04/12/27<sup>(e)</sup> |  | 906 |  | 940824 |
|  Fantasia Holdings Group Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 12/17/21<sup>(e)(h)(m)</sup> |  | 465 |  | 11625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 04/17/22<sup>(e)(h)(m)</sup> |  | 2430 |  | 60750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 07/05/22<sup>(e)(h)(m)</sup> |  | 530 |  | 13250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/18/22<sup>(e)(h)(m)</sup> |  | 200 |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/09/23<sup>(e)(h)(m)</sup> |  | 2657 |  | 66425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 06/01/23<sup>(e)(h)(m)</sup> |  | 1093 |  | 27325 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 10.50%, 01/15/28<sup>(a)(c)</sup> |  | 1930 |  | 1966063 |
|  Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> |  | 1413 |  | 1382619 |
|  Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup>2,364 | Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup>2,364 | Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup>2,364 |  | 2293766 |
|  Resort Communities LoanCo LP, 12.00%, 11/30/28<sup>(a)(f)</sup> |  | 28966 |  | 29038654 |
|  Store Capital LLC, 5.40%, 04/30/30<sup>(a)</sup> |  | 9585 |  | 9600015 |
|  |  |  |  | 45720966 |
|  **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
|  AP Grange Holdings LLC, 6.50%, 03/20/45 (Acquired 06/21/24, cost $12,607,846)<sup>(f)(i)</sup> |  | 12608 |  | 12639365 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 |  | 3150 |  | 3194513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 |  | 10738 |  | 10895869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 |  | 1870 |  | 1785071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23019 |  | 20262586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 |  | 13716 |  | 13389292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35<sup>(a)</sup> |  | 4695 |  | 3891471 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 |  | 3469 |  | 2039649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 |  | 3619 |  | 2007032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 |  | 2192 |  | 1783082 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 |  | 374 |  | 313778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 |  | 1854 |  | 1406609 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/16/52 |  | 2249 |  | 1801170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/53 |  | 1686 |  | 1571920 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76981407 |

---

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
|  AppLovin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7289 | $7317241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31270 | 31428634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 |  | 22694 | 22288451 |
|  Cloud Software Group, Inc., 9.00%,<br>09/30/29<sup>(a)</sup> |  | 866 | 863740 |
|  Core Scientific, Inc., 0.00%, 06/15/31<sup>(a)(d)(p)</sup> |  | 546 | 457616 |
|  GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 425 | 364437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 1925 | 808500 |
| Microsoft Corp., 2.92%, 03/17/52 |  | 4365 | 2927115 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 |  | 2880 | 2202513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 28307 | 19666818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 9635 | 7076570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 |  | 1415 | 1102715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/03/55 |  | 13707 | 13689549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/27/64 |  | 7314 | 6630303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 |  | 62444 | 62358051 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179182253 |
|  **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 |  | 1836 | 1775265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/30 |  | 8263 | 8472367 |
|  |  |  | 10247632 |
|  **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
|  Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 |  | 1265 | 1002946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 |  | 4585 | 3365329 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 |  | 1417 | 980562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 |  | 2225 | 1657185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/50 |  | 792 | 714305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/51 |  | 2728 | 1878836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 |  | 6338 | 6118144 |
|  |  |  | 15717307 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
|  CA Magnum Holdings, 5.38%, 10/31/26<sup>(e)</sup> |  | 400 | 392880 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/15/34 |  | 983 | 990617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 |  | 1629 | 1203169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 |  | 1397 | 944127 |
|  Hewlett Packard Enterprise Co., 6.35%, 10/15/45 |  | 2734 | 2806403 |
|  |  |  | 6337196 |
|  **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
|  William Carter Co. (The), 5.63%, 03/15/27<sup>(a)</sup> |  | 105 | 104271 |
|  **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
|  Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 |  | 20515 | 15045341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 |  | 2392 | 1917135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 |  | 6482 | 5365042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 |  | 8182 | 5993754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 |  | 3065 | 2403298 |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 |  | 1481 | 1617767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 |  | 15449 | 12340606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 |  | 13675 | 11127439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 |  | 10256 | 9441154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/53 |  | 29269 | 32186865 |
|  Reynolds American, Inc., 5.85%, 08/15/45 |  | 26148 | 24952004 |
|  |  |  | 122390405 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
|  Thames Water Utilities Finance PLC, 4.00%, 06/19/25<sup>(e)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;2796 | $2823333 |
|  Thames Water Utilities Ltd., 0.00%,<br>03/22/27<sup>(a)(d)</sup>  |  | 21 | 21726 |
|  |  |  | 2845059 |
|  **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
|  Digicel Group Holdings Ltd., Series 2B14, 0.00%, 12/31/30<sup>(a)(d)(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;544 | 32616 |
|  SoftBank Group Corp., 7.00%, 07/08/31<sup>(e)</sup> |  | 14000 | 14370533 |
|  Sprint LLC, 7.63%, 03/01/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20009 | &nbsp;&nbsp;&nbsp;&nbsp;20322879 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, 03/20/28<sup>(a)</sup> |  | 210 | 210492 |
|  T-Mobile U.S.A., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 |  | 12600 | 12078888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 |  | 3413 | 3008852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 8350 | 8402509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/55 |  | 3010 | 3030226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 9520 | 9343936 |
|  VF Ukraine PAT via VFU Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(e)</sup> |  | 230 | 224404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(a)</sup> |  | 1357 | 1326621 |
|  Vmed O2 UK Financing I PLC, 4.75%, 07/15/31<sup>(a)</sup> |  | 200 | 173692 |
|  |  |  | 72525648 |
|  **Total Corporate Bonds — 25.1%<br>(Cost: $4,942,854,345)** | **Total Corporate Bonds — 25.1%<br>(Cost: $4,942,854,345)** | **Total Corporate Bonds — 25.1%<br>(Cost: $4,942,854,345)** | &nbsp;&nbsp;&nbsp;&nbsp;4931826472 |
|  **Fixed Rate Loan Interests** |  |  |  |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Vedanta Holdings Mauritius II Ltd., Term Loan, 18.00%, 04/17/26 |  | 3229 | 3358566 |
|  **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
|  Aspen Owner LLC, Term Loan (First Lien), 7.27%, 02/09/27<sup>(f)</sup> |  | 29088 | 29324599 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
|  Clover Holdings SPV III LLC, Dollar Term Loan, 15.00%, 12/18/27 |  | 459 | 466781 |
|  **Total Fixed Rate Loan Interests — 0.2%<br>(Cost: $32,782,957)**  |  |  | 33149946 |
|  **Floating Rate Loan Interests<sup>(b)</sup>** |  |  |  |
|  **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
|  Hilton Motto Chelsea, Term Loan (First Lien), (1-mo. CME Term SOFR at 2.00% Floor + 3.25%), 7.57%, 10/17/28<sup>(f)</sup> |  | 9400 | 9405614 |
|  Northwind Midstream, Term Loan (First Lien), 10.55%, 03/18/29 |  | 20759 | 20343820 |
|  |  |  | 29749434 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Naked Juice LLC, Initial Loan (Second Lien), (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.40%, 01/24/30 |  | 460 | 101007 |
|  **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
|  Cornerstone Building Brands, Inc., Tranche B Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.67%, 04/12/28 |  | 978 | 818515 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 35

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Flexsys Holdings, Inc., Initial Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 9.81%, 11/01/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2243 | $1353052 |
|  Montage Hotels & Resorts LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 10.29%, 02/16/29<sup>(f)</sup> |  | 1046 | 1036873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 10.29%, 02/16/29<sup>(f)</sup> |  | 6475 | 6419020 |
|  Robertshaw U.S. Holding Corp., Fifth-Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 12.40%, 02/28/27<sup>(f)</sup> |  | 1795 | 17950 |
|  |  |  | 8826895 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
|  Allied Universal Holdco LLC (FKA USAGM Holdco LLC), Initial U.S. Dollar Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.17%, 05/12/28 |  | 3653 | 3647389 |
|  Alorica, Inc., Term Loan B (First Lien), (1-mo. CME Term SOFR at 1.00% Floor + 6.88%), 11.20%, 12/21/27<sup>(f)</sup> |  | 4884 | 4829680 |
|  American Auto Auction Group LLC, 2024 Refinancing Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.80%, 12/30/27 |  | 1527 | 1523590 |
|  DRI Holding, Inc., Closing Date Term Loan (First Lien), (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.67%, 12/21/28<sup>(f)</sup> |  | 3083 | 3053776 |
|  Interface Security Systems LLC, Initial Term Loan, (1-mo. CME Term SOFR at 1.75% Floor + 7.00%), 11.42%, 08/07/28<sup>(f)</sup> |  | 8332 | 4187018 |
|  |  |  | 17241453 |
|  **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
|  Sheraton San Diego, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 04/07/30 |  | 7400 | 7370400 |
|  **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
|  Avaya, Inc., Initial Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.82%, 08/01/28 |  | 12 | 9656 |
|  Connect Finco S.a.r.l., Amendment No. 4 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.82%, 09/27/29 |  | 2416 | 2116615 |
|  |  |  | 2126271 |
|  **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
|  Emerald Technologies (U.S.) Acquisitionco, Inc., Term B Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.25%), 10.67%, 12/29/27<sup>(f)</sup> |  | 1545 | 1143143 |
|  **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
|  BSREP II Houston Office 1HC Owner LLC, Mezzanine Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.21%), 7.53%, 04/09/24<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12143 | 5342531 |
|  CTP-02 Propco LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.57%, 12/06/29 |  | 4719 | 4718881 |
|  HLP Hotel LLC, Term Loan (First Lien), (1-mo. CME Term SOFR at 1.00% Floor + 3.55%), 7.98%, 09/09/26<sup>(f)</sup> |  | 12200 | &nbsp;&nbsp;&nbsp;&nbsp;12200000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
|  HP LQ Investment LP, Term Loan (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 2.82%), 8.26%- 8.41%, 12/09/26<sup>(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;13352 | $| 13352409 |
|  Woof Holdings, Inc., Initial Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.31%, 12/21/27 |  | 795 |  | 408570 |
|  |  |  |  | 36022391 |
|  **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
|  BCPE North Star U.S. Holdco 2, Inc., Initial Term Loan (First Lien), (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 8.44%, 06/09/28 |  | 1176 |  | 1145092 |
|  **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
|  Medical Solutions Holdings, Inc., Initial Term Loan (Second Lien), (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 11.39%, 11/01/29<sup>(f)</sup> |  | 1587 |  | 793500 |
|  **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
|  Bally's Corp., Term B Facility Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.80%, 10/02/28 |  | 11440 |  | 10152859 |
|  CML Terranea Resort (AKA Long Point Development LLC), Refinancing Debt, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.67%, 01/01/28<sup>(f)</sup> |  | 7500 |  | 7500000 |
|  Hilton Garden Inn Waikiki, Term Loan (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 05/31/29<sup>(f)</sup> |  | 14800 |  | 14904655 |
|  HRNI Holdings LLC, Term B Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.67%, 12/11/28 |  | 7696 |  | 7651109 |
|  Maverick Gaming LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.81%, 06/05/28 |  | 1541 |  | 1386682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.81%, 06/05/28 |  | 2706 |  | 1639279 |
|  Sodalite Tahoe Hotel LLC, Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.90%), 7.33%, 10/25/26<sup>(f)</sup> |  | 9699 |  | 9740473 |
|  |  |  |  | 52975057 |
|  **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
|  CoreWeave Compute Acquisition Co. II LLC, Delayed Draw Loan, (3-mo. CME Term SOFR at 0.00% Floor + 9.62%), 13.91%, 07/31/28<sup>(f)</sup> |  | 13377 |  | 13277045 |
|  CoreWeave Compute Acquisition Co. IV LLC, Delayed Draw Loan, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 10.29%, 05/16/29<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19545 |  | 19423821 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32700866 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
|  J & J Ventures Gaming LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.82%, 04/26/30 |  | 1870 |  | 1839537 |
|  **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
|  ECL Entertainment LLC, 2024 Refinancing Term B Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 08/30/30 |  | 5689 |  | 5673494 |
|  Project Midnights, Term Loan, 5.67%, 08/22/29<sup>(f)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;9444 |  | 10194260 |
|  Veritas U.S., Inc., Term Loan B, (3-mo. CME Term SOFR at 2.50% Floor + 8.00%), 12.30%, 12/09/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1018 |  | 1018435 |
|  |  |  |  | 16886189 |

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36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Machinery — 0.0%** |  |  |  |  |
|  Hydrofarm Holdings Group, Inc., Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.94%, 10/25/28<sup>(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | $| 1742474 |
| **Media — 0.0%** |  |  |  |  |
|  CSC Holdings LLC, September 2019 Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 9.00%, 04/15/27 |  | 1074 |  | 1007962 |
|  DirecTV Financing LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.79%, 02/17/31 |  | 4219 |  | 4015534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.55%, 08/02/27 |  | 257 |  | 257091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280587 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  CPPIB OVM Member U.S. LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 08/20/31 |  | 2848 |  | 2826335 |
|  CVR CHC LP, Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.29%, 12/30/27 |  | 3843 |  | 3843368 |
|  NGP XI Midstream Holdings LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 07/25/31<sup>(f)</sup> |  | 1356 |  | 1348824 |
|  |  |  |  | 8018527 |
| **Passenger Airlines — 0.1%** |  |  |  |  |
|  Solaris Energy Infrastructure LLC, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 10.30%, 09/11/29<sup>(f)</sup> |  | 10822 |  | 10822000 |
|  Usavflow II Ltd., Term Loan B (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 6.50%), 10.82%, 09/10/29<sup>(f)</sup> |  | 2040 |  | 2050200 |
|  |  |  |  | 12872200 |
| **Personal Care Products — 0.0%** |  |  |  |  |
|  AI Mansart (Luxembourg) Bidco S.C.S., Term Loan A (First Lien), (6-mo. CME Term SOFR at 0.00% Floor + 6.75%), 11.00%, 09/01/28<sup>(f)</sup> |  | 1159 |  | 1179364 |
| **Professional Services — 0.0%** |  |  |  |  |
|  Vaco Holdings LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.45%, 01/21/29 |  | 1615 |  | 1489003 |
| **Software — 0.1%** |  |  |  |  |
|  ConnectWise LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.06%, 09/29/28 |  | 2703 |  | 2698351 |
|  EIS Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.32%, 07/10/28<sup>(f)</sup> |  | 12826 |  | 12329232 |
|  Revolving Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.32%, 07/10/28<sup>(f)</sup> |  | 1283 |  | 1232923 |
|  GoTo Group, Inc., Exchange First Out Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.19%, 04/28/28 |  | 2 |  | 1730 |
|  |  |  |  | 16262236 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Specialty Retail — 0.0%** |  |  |  |  |
|  Fanatics Commerce Intermediate Holdco LLC, Initial Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.69%, 11/24/28<sup>(f)</sup> | USD | 491 | $| 489648 |
|  Park River Holdings, Inc., Initial Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.82%, 12/28/27 |  | 516 |  | 472355 |
|  |  |  |  | 962003 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
|  Redstone Holdco 2 LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan (Second Lien), (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.30%, 04/27/29 |  | 4728 |  | 1743450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.30%, 04/27/28 |  | 4319 |  | 2288577 |
|  |  |  |  | 4032027 |
|  **Total Floating Rate Loan Interests — 1.3%<br>(Cost: $284,512,900)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;261578171 |
|  **Foreign Agency Obligations** |  |  |  |  |
| **Argentina — 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; YPF SA, 9.50%, 01/17/31<sup>(a)</sup> |  | 1199 |  | 1250257 |
| **Colombia — 0.0%** |  |  |  |  |
|  Ecopetrol SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/32 |  | 1197 |  | 1171863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 01/13/33 |  | 419 |  | 431465 |
|  |  |  |  | 1603328 |
| **Hungary — 0.0%** |  |  |  |  |
|  Magyar Export-Import Bank Zrt, 6.00%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/16/29<sup>(e)</sup> | EUR | 111 |  | 128805 |
| **India — 0.0%** |  |  |  |  |
|  Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25<sup>(e)</sup> | USD | 8300 |  | 8293360 |
| **Indonesia — 0.0%** |  |  |  |  |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 03/30/26<sup>(e)</sup> |  | 420 |  | 409920 |
| **Malaysia — 0.0%** |  |  |  |  |
|  Khazanah Global Sukuk Bhd, 4.69%, 06/01/28<sup>(e)</sup> |  | 895 |  | 895474 |
| **Mexico — 0.1%** |  |  |  |  |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/24/25<sup>(e)</sup> | EUR | 152 |  | 162714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 |  | 7628559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 189 |  | 188049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 217 |  | 183788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 145 |  | 127223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/07/33 |  | 271 |  | 281528 |
|  |  |  |  | 8571861 |
| **Morocco — 0.0%** |  |  |  |  |
|  OCP SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/22/25<sup>(e)</sup> |  | 548 |  | 545260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/02/34<sup>(a)</sup> |  | 1283 |  | 1316679 |
|  |  |  |  | 1861939 |
| **Peru — 0.0%** |  |  |  |  |
|  Corp Financiera de Desarrollo SA, 4.75%, 07/15/25<sup>(e)</sup> |  | 319 |  | 317884 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Ukraine — 0.0%** |  |  |  |
|  NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (7.13% PIK), 7.13%, 07/19/26<sup>(e)(o)</sup> | EUR | 4340 | $4083082 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7.63% PIK), 7.63%, 11/08/28<sup>(a)(o)</sup> | USD | 783 | 622829 |
|  |  |  | 4705911 |
| **United Arab Emirates — 0.0%** |  |  |  |
|  MDGH GMTN RSC Ltd., 4.38%, 11/22/33<sup>(a)</sup> |  | 235 | 223706 |
|  **Total Foreign Agency Obligations — 0.1%<br>(Cost: $26,742,530)** |  |  | 28262445 |
|  **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 0.0%** |  |  |  |
|  Republic of Angola |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/29<sup>(e)</sup> |  | 1068 | 943845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/14/32<sup>(e)</sup> |  | 963 | 823365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 05/08/48<sup>(e)</sup> |  | 559 | 441331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/49<sup>(e)</sup> |  | 603 | 463104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671645 |
| **Argentina — 0.0%** |  |  |  |
|  Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 |  | 246 | 190707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/09/35<sup>(c)</sup> |  | 503 | 313622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/09/38<sup>(c)</sup> |  | 307 | 201809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/41<sup>(c)</sup> |  | 487 | 282204 |
|  |  |  | 988342 |
| **Belgium — 0.2%** |  |  |  |
|  Kingdom of Belgium, 3.30%, 06/22/54<sup>(a)(e)</sup> | EUR | 41848 | 40115300 |
| **Benin — 0.0%** |  |  |  |
|  Republic of Benin, 4.95%, 01/22/35<sup>(e)</sup> |  | 538 | 478300 |
| **Brazil — 0.3%** |  |  |  |
|  Brazil Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 01/01/29 | BRL | 139 | 21195722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 01/01/35 |  | 217 | 28878845 |
|  Federative Republic of Brazil, 7.13%, 05/13/54 | USD | 300 | 287100 |
|  |  |  | 50361667 |
| **Cameroon — 0.0%** |  |  |  |
|  Republic of Cameroon, 9.50%, 07/31/31<sup>(e)</sup> |  | 1192 | 1117130 |
| **Chile — 0.0%** |  |  |  |
|  Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/14/32 | EUR | 1280 | 1381296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 | USD | 336 | 288792 |
|  |  |  | 1670088 |
| **Colombia — 0.1%** |  |  |  |
|  Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/03/27 | COP | &nbsp;&nbsp;&nbsp;&nbsp;15472700 | 3350661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/28/28 |  | 20582500 | 4366460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/18/30 |  | 26951000 | 5520138 |
|  Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 | USD | 340 | 350965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/35 |  | 2665 | 2683655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/07/36 |  | 207 | 202653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 |  | 708 | 403560 |
|  |  |  | 16878092 |
| **Costa Rica — 0.0%** |  |  |  |
|  Republic of Costa Rica, 6.55%, 04/03/34<sup>(e)</sup> |  | 266 | 272517 |
| **Côte d'Ivoire — 0.0%** |  |  |  |
|  Republic of Cote d'Ivoire |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/03/28<sup>(e)</sup> |  | 200 | 200314 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Côte d'Ivoire (continued)** |  |  |  |
|  Republic of Cote d'Ivoire |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/22/30<sup>(e)</sup> | EUR | 2358 | $2429391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(e)</sup> |  | 289 | 292574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/30/33<sup>(e)</sup> | USD | 735 | 713663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/33<sup>(e)</sup> |  | 200 | 177812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/01/36<sup>(a)(g)</sup> |  | 1035 | 988425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/22/48<sup>(e)</sup> | EUR | 829 | 695969 |
|  |  |  | 5498148 |
| **Czechia — 0.1%** |  |  |  |
|  Czech Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/23/29 | CZK | 111480 | 4640742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/30 |  | 47760 | 2184079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/04/36<sup>(e)</sup> |  | 48270 | 2054424 |
|  |  |  | 8879245 |
| **Dominican Republic — 0.0%** |  |  |  |
|  Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(e)</sup> | USD | 331 | 332655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(a)</sup> |  | 244 | 228262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 02/03/31<sup>(a)</sup> |  | 360 | 372240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(a)</sup> |  | 159 | 144828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/01/36<sup>(a)</sup> | DOP | 95650 | 1566572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/37<sup>(a)</sup> | USD | 224 | 226240 |
|  |  |  | 2870797 |
| **Ecuador — 0.0%** |  |  |  |
|  Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/35<sup>(c)(e)</sup> |  | 695 | 341359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/40<sup>(c)(e)</sup> |  | 962 | 428232 |
|  |  |  | 769591 |
| **Egypt — 0.0%** |  |  |  |
|  Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/16/26<sup>(e)</sup> | EUR | 3964 | 4204566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.46%, 10/01/27 | EGP | 24222 | 491721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.38%, 02/04/28 |  | 38100 | 743024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/16/30<sup>(e)</sup> | EUR | 114 | 104278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(e)</sup> | USD | 239 | 205695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(a)</sup> |  | 2059 | 1367320 |
|  |  |  | 7116604 |
| **El Salvador — 0.0%** |  |  |  |
|  Republic of El Salvador, 9.25%, 04/17/30<sup>(e)</sup> |  | 946 | 982951 |
| **Gabon — 0.0%** |  |  |  |
|  Gabonese Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/18/29<sup>(e)</sup> |  | 1052 | 956668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/24/31<sup>(e)</sup> |  | 618 | 480112 |
|  |  |  | 1436780 |
| **Germany — 0.2%** |  |  |  |
|  Federal Republic of Germany, 2.50%, 08/15/54<sup>(e)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33522479 |
| **Ghana — 0.0%** |  |  |  |
|  Republic of Ghana, 5.00%,<br>07/03/35<sup>(a)(c)</sup> | USD | 1060 | 747658 |
| **Guatemala — 0.0%** |  |  |  |
|  Republic of Guatemala |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/13/28<sup>(e)</sup> |  | 758 | 741513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/10/29<sup>(a)</sup> |  | 61 | 60024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 10/04/32<sup>(a)</sup> |  | 282 | 296717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 06/13/36<sup>(a)</sup> |  | 256 | 257792 |
|  |  |  | 1356046 |
| **Hungary — 0.0%** |  |  |  |
|  Hungarian People's Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(a)</sup> |  | 245 | 243469 |

---

38 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Hungary (continued)** |  |  |  |
|  Hungarian People's Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/25/29<sup>(e)</sup> | EUR | 5660 | $6217468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/12/33<sup>(e)</sup> |  | 322 | 362649 |
|  |  |  | 6823586 |
| **Indonesia — 0.1%** |  |  |  |
|  Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | USD | 17370 | 15876180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/33 | EUR | 194 | 206888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/35 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;34062000 | 2015379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 | USD | 11595 | 7467180 |
|  |  |  | 25565627 |
| **Israel — 0.1%** |  |  |  |
|  State of Israel, 5.75%, 03/12/54 |  | 10116 | 9279850 |
| **Japan — 0.3%** |  |  |  |
|  Japanese Government Bonds (30 Year), 2.30%, 12/20/54 | JPY | 7380100 | 47336165 |
| **Jordan — 0.0%** |  |  |  |
|  Kingdom of Jordan, 7.75%, 01/15/28<sup>(e)</sup> | USD | 976 | 988815 |
| **Kazakhstan — 0.0%** |  |  |  |
|  Republic of Kazakhstan, 13.49%, 05/23/28<sup>(a)</sup> | KZT | 486000 | 891371 |
| **Kenya — 0.0%** |  |  |  |
|  Republic of Kenya, 7.25%, 02/28/28<sup>(e)</sup> | USD | 990 | 950400 |
| **Lebanon — 0.0%** |  |  |  |
|  Lebanese Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/23/27<sup>(e)(h)(m)</sup> |  | 805 | 124775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/03/28<sup>(e)(h)(m)</sup> |  | 2067 | 320385 |
|  |  |  | 445160 |
| **Mexico — 0.8%** |  |  |  |
|  United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28 |  | 200 | 193900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/01/29 | MXN | 306 | 1476880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | USD | 30379 | 25613446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 |  | 3502 | 3224467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 |  | 27547 | 22602314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 |  | 45111 | 45178666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 |  | 32255 | 33061375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/13/42 | MXN | 156 | 624787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/07/47 |  | 298 | 1203485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 | USD | 25868 | 18676696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 |  | 403 | 366730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 |  | 2278 | 2334950 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154557696 |
| **Morocco — 0.0%** |  |  |  |
|  Kingdom of Morocco<br>6.50%, 09/08/33<sup>(a)</sup> |  | 241 | 250339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/02/35<sup>(a)(g)</sup> | EUR | 255 | 273112 |
|  |  |  | 523451 |
| **Mozambique — 0.0%** |  |  |  |
|  Republic of Mozambique, 9.00%, 09/15/31<sup>(a)(c)</sup> | USD | 234 | 190144 |
| **Nigeria — 0.0%** |  |  |  |
|  Republic of Nigeria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 02/23/30<sup>(e)</sup> |  | 1135 | 1022641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 06/09/31<sup>(a)</sup> |  | 552 | 543176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(a)</sup> |  | 884 | 886431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(e)</sup> |  | 238 | 178838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/21/49<sup>(e)</sup> |  | 200 | 177941 |
|  |  |  | 2809027 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **North Macedonia — 0.0%** |  |  |  |
|  Republic of North Macedonia, 6.96%, 03/13/27<sup>(e)</sup>  | EUR | 131 | $147607 |
| **Oman — 0.0%** |  |  |  |
|  Sultanate of Oman, 6.75%, 01/17/48<sup>(e)</sup> | USD | 219 | 226391 |
| **Pakistan — 0.0%** |  |  |  |
|  Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29<sup>(e)</sup> |  | 1057 | 983539 |
| **Panama — 0.1%** |  |  |  |
|  Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 |  | 17669 | 16807636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/01/31 |  | 354 | 367098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 |  | 10739 | 6560187 |
|  |  |  | 23734921 |
| **Paraguay — 0.0%** |  |  |  |
|  Republic of Paraguay, 2.74%, 01/29/33<sup>(e)</sup> |  | 200 | 165068 |
| **Peru — 0.1%** |  |  |  |
|  Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 287 | 252345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 |  | 239 | 186300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 |  | 14265 | 9803621 |
|  |  |  | 10242266 |
| **Philippines — 0.1%** |  |  |  |
|  Republic of the Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 |  | 11468 | 10978316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 |  | 15450 | 10805112 |
|  |  |  | 21783428 |
| **Poland — 0.1%** |  |  |  |
|  Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/25/29 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | 9247007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/25/29 |  | 17774 | 4497677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/25/29 |  | 19386 | 4508550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/04/33 | USD | 64 | 62835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/25/36 | PLN | 3614 | 820497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 | USD | 283 | 265458 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19402024 |
| **Romania — 0.0%** |  |  |  |
|  Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup> |  | 32 | 31872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/28<sup>(e)</sup> | EUR | 466 | 477044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/27/29<sup>(e)</sup> |  | 872 | 1007364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(e)</sup> |  | 86 | 75695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/11/32<sup>(a)(g)</sup> |  | 285 | 305859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(a)</sup> |  | 207 | 221814 |
|  |  |  | 2119648 |
| **Saudi Arabia — 0.0%** |  |  |  |
|  Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/17/30<sup>(e)</sup> | USD | 200 | 196984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/02/61<sup>(e)</sup> |  | 561 | 346821 |
|  |  |  | 543805 |
| **Senegal — 0.0%** |  |  |  |
|  Republic of Senegal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/23/33<sup>(e)</sup> |  | 479 | 355657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/48<sup>(e)</sup> |  | 679 | 440291 |
|  |  |  | 795948 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Serbia — 0.0%** |  |  |  |
|  Republic of Serbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/26/33<sup>(e)</sup> | USD | 200 | $205626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/12/34<sup>(a)</sup> |  | 200 | 197876 |
|  |  |  | 403502 |
|  **South Africa — 0.1%** |  |  |  |
|  Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/31/30 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13544867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/28/31 |  | 133024 | 6436803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/31/44 |  | 31058 | 1324949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 | USD | 262 | 192308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/20/52 |  | 1075 | 946806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/54<sup>(e)</sup> |  | 404 | 379356 |
|  |  |  | 22825089 |
|  **Sri Lanka — 0.0%** |  |  |  |
|  Republic of Sri Lanka, 4.00%, 04/15/28<sup>(e)</sup> |  | 1044 | 979638 |
|  **Supranational — 0.7%** |  |  |  |
|  European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/04/52<sup>(e)</sup> | EUR | 13790 | 11463943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/04/53<sup>(e)</sup> |  | 143289 | 131821525 |
|  |  |  | 143285468 |
|  **Turkey — 0.0%** |  |  |  |
|  Republic of Türkiye |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30.00%, 09/12/29 | TRY | 62080 | 1449692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/12/32 | USD | 217 | 213311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26.20%, 10/05/33 | TRY | 70673 | 1592287 |
|  |  |  | 3255290 |
|  **Ukraine — 0.0%** |  |  |  |
|  Ukraine Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/29<sup>(a)(c)</sup> | USD | 990 | 638694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/30<sup>(a)(c)(d)</sup> |  | 41 | 20798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/34<sup>(a)(c)(d)</sup> |  | 152 | 59810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/34<sup>(a)(c)</sup> |  | 373 | 197820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/34<sup>(c)(e)</sup> |  | 916 | 485310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/35<sup>(a)(c)(d)</sup> |  | 129 | 70824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/35<sup>(a)(c)</sup> |  | 224 | 116450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/36<sup>(a)(c)</sup> |  | 149 | 76517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/36<sup>(c)(e)</sup> |  | 948 | 485809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/01/41<sup>(b)(e)(h)(m)</sup> |  | 784 | 564480 |
|  |  |  | 2716512 |
|  **United Kingdom — 0.4%** |  |  |  |
|  United Kingdom Gilt,<br>4.38%, 07/31/54<sup>(e)</sup> | GBP | 65191 | 72859168 |
|  **Uruguay — 0.1%** |  |  |  |
|  Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | USD | 5923 | 5917088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/28/34 |  | 174 | 181152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 |  | 10407 | 9641715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/10/60 |  | 177 | 161424 |
|  |  |  | 15901379 |
|  **Uzbekistan — 0.0%** |  |  |  |
|  Republic of Uzbekistan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/29/27<sup>(a)</sup> | EUR | 1071 | 1170383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/29/27<sup>(e)</sup> |  | 911 | 995535 |
|  |  |  | 2165918 |
|  **Venezuela — 0.0%** |  |  |  |
|  Republic of Venezuela,<br>11.95%, 08/05/31<sup>(e)(h)(m)</sup> | USD | 1470 | 296145 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Zambia — 0.0%** |  |  |  |
|  Republic of Zambia,<br>0.50%, 12/31/53<sup>(e)</sup> | USD | 508 | $307658 |
|  **Total Foreign Government Obligations — 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $829,011,792)** |  |  | 773235084 |
|  | *Shares* | *Shares* |  |
|  **Investment Companies** |  |  |  |
|  **Equity Funds — 0.0%** |  |  |  |
|  Financial Select Sector SPDR Fund |  | 200000 | 9962000 |
|  **Fixed-Income Funds — 0.4%** |  |  |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF<sup>(q)</sup> |  | 1195500 | 50832660 |
|  iShares AAA CLO Active ETF<sup>(q)</sup> |  | 200000 | 10356000 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(j)(q)</sup> |  | 85750 | 9320168 |
|  |  |  | 70508828 |
|  **Total Investment Companies — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $81,152,257)** |  |  | 80470828 |
|  | *Par*<br> *(000)* | *Par*<br> *(000)* |  |
|  **Municipal Bonds** |  |  |  |
|  **California — 0.2%** |  |  |  |
|  Bay Area Toll Authority, RB, Series S1, 7.04%, 04/01/50 |  | USD 9,275 | 10927138 |
|  Los Angeles Community College District, GO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 08/01/42 |  | 3990 | 4331648 |
|  State of California GO, 7.55%, 04/01/39 |  | 4000 | 4839631 |
|  GO, Refunding, 4.60%, 04/01/38 |  | 22215 | 21650190 |
|  University of California, RB, Series AD, 4.86%, 05/15/2112 |  | 2467 | 2121920 |
|  |  |  | 43870527 |
|  **Georgia — 0.0%** |  |  |  |
|  Municipal Electric Authority of Georgia, RB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 04/01/57 |  | 3182 | 3493272 |
|  **Illinois — 0.1%** |  |  |  |
|  State of Illinois, GO, 5.10%, 06/01/33 |  | 16598 | 16539993 |
|  **Louisiana — 0.0%** |  |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series 2022-ELL, Class A2, 4.15%, 02/01/33 |  | 2630 | 2578149 |
|  **New Jersey — 0.1%** |  |  |  |
|  New Jersey Turnpike Authority, RB, Series F, 7.41%, 01/01/40 |  | 4596 | 5523762 |
|  **New York — 0.1%** |  |  |  |
|  Metropolitan Transportation Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 6.67%, 11/15/39 |  | 3060 | 3347776 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series E, 6.81%, 11/15/40 |  | 1025 | 1133599 |
|  New York City Water & Sewer System |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 6.01%, 06/15/42 |  | 2430 | 2543016 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.88%, 06/15/44 |  | 1665 | 1704466 |
|  New York State Dormitory Authority, RB, Series H, 5.39%, 03/15/40 |  | 1470 | 1479848 |
|  Port Authority of New York & New Jersey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.65%, 11/01/40 |  | 2780 | 2924169 |

---

40 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **New York (continued)** |  |  |  |  |
|  Port Authority of New York & New Jersey |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 4.93%, 10/01/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $| 1317204 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series 181, 4.96%, 08/01/46 |  | 5020 |  | 4778681 |
|  |  |  |  | 19228759 |
|  **Ohio — 0.0%** |  |  |  |  |
|  American Municipal Power, Inc., RB, Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 02/15/50 |  | 3555 |  | 4509040 |
|  **Texas — 0.1%** |  |  |  |  |
|  City of San Antonio, TX Electric & Gas Systems Revenue, RB, 5.81%, 02/01/41 |  | 4375 |  | 4498477 |
|  Port of Beaumont Navigation District RB, Refunding RB, Series B, 10.00%, 07/01/26<sup>(a)</sup> |  | 10185 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10465192 |
|  State of Texas, GO, 5.52%, 04/01/39 |  | 5715 |  | 5875897 |
|  |  |  |  | 20839566 |
|  **Total Municipal Bonds — 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $130,452,782)** |  |  |  | 116583068 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
|  **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** |
|  A&D Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, 7.05%, 11/25/68<sup>(a)(c)</sup> |  | 8571 |  | 8705291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.70%, 11/25/69<sup>(a)</sup> |  | 2296 |  | 2301837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class M1, 6.52%, 11/25/69<sup>(a)(b)</sup> |  | 2033 |  | 2046116 |
|  ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64<sup>(a)(c)</sup> |  | 4640 |  | 4631830 |
|  Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A1, 5.22%, 11/25/35<sup>(b)</sup> |  | 3343 |  | 2336979 |
|  Ajax Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D, Class B, 0.00%, 12/25/57<sup>(a)(b)(d)</sup> |  | 1 |  | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.00%, 09/27/60<sup>(a)(d)</sup> |  | 71 |  | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class RW, 0.00%, 09/25/60<sup>(a)(d)</sup> |  | 104 |  | 104302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D, Class RW, 0.00%, 06/25/60<sup>(a)(d)</sup> |  | 156 |  | 155960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 5.12%, 01/25/61<sup>(a)(c)</sup> |  | 7265 |  | 7260267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 6.72%, 01/25/61<sup>(a)(c)</sup> |  | 3338 |  | 3301609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 0.00%, 01/25/61<sup>(a)(d)</sup> |  | 8063 |  | 9235564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A, 5.00%, 03/25/60<sup>(a)(c)</sup> |  | 15180 |  | 15124376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class B, 4.00%, 03/25/60<sup>(a)(b)</sup> |  | 5855 |  | 6073971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class C, 0.00%, 03/25/60<sup>(a)(b)(d)</sup> |  | 8500 |  | 9905399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A1, 1.74%, 12/25/60<sup>(a)(b)</sup>  |  | 20238 |  | 17647816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A2, 2.69%, 12/25/60<sup>(a)(b)</sup>  |  | 4422 |  | 3358091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60<sup>(a)(b)</sup>  |  | 2669 |  | 1716150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 3.81%, 12/25/60<sup>(a)(b)</sup>  |  | 7604 |  | 2572417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 2.94%, 12/25/60<sup>(a)(b)</sup> |  | 1744 |  | 1255326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(a)(b)(d)</sup> |  | 48 |  | 22549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class A, 4.88%, 06/25/61<sup>(a)(c)</sup> |  | 39690 |  | 39647095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class B, 3.75%, 06/25/61<sup>(a)(c)</sup> |  | 12500 |  | 12308534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class C, 0.00%, 06/25/61<sup>(a)(d)</sup> |  | 18862 |  | 17478555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class RW1, 0.00%, 06/27/61<sup>(a)(d)(f)</sup> |  | 44 |  | 43145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 3.50%, 10/25/61<sup>(a)(c)</sup>  |  | 12607 |  | 12131139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A2, 3.00%, 10/25/61<sup>(a)(b)</sup>  |  | 1244 |  | 1111953 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 3.00%, 10/25/61<sup>(a)(b)</sup>  | USD | 664 | $590913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 3.00%, 10/25/61<sup>(a)</sup> |  | 4977 | 3761560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 3.00%, 10/25/61<sup>(a)</sup> |  | 2442 | 2535622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M1, 3.00%, 10/25/61<sup>(a)</sup> |  | 726 | 643725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M2, 3.00%, 10/25/61<sup>(a)</sup> |  | 3256 | 2561987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M3, 3.00%, 10/25/61<sup>(a)</sup> |  | 208 | 162672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1, 3.50%, 03/27/62<sup>(a)(c)</sup>  |  | 18063 | 17318560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A2, 3.00%, 03/27/62<sup>(a)(b)</sup>  |  | 937 | 835704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.00%, 03/27/62<sup>(a)(b)</sup>  |  | 803 | 713706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B, 3.00%, 03/27/62<sup>(a)</sup> |  | 4464 | 3403304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class C, 3.00%, 03/27/62<sup>(a)</sup> |  | 4141 | 3204856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class M1, 3.00%, 03/27/62<sup>(a)</sup> |  | 603 | 533241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class M2, 3.00%, 03/27/62<sup>(a)</sup> |  | 2991 | 2548719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1, 3.50%, 07/25/62<sup>(a)(c)</sup>  |  | 23230 | 21940008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 3.00%, 07/25/62<sup>(a)(b)</sup>  |  | 1258 | 1099178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 2.50%, 07/25/62<sup>(a)(b)</sup>  |  | 713 | 605041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 4194 | 3071642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 3069 | 1639373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class M1, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 2160 | 1824893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A1, 3.50%, 05/25/63<sup>(a)(c)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21566496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, 3.00%, 05/25/63<sup>(a)(b)</sup>  |  | 1567 | 1359725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 2.50%, 05/25/63<sup>(a)(b)</sup>  |  | 836 | 699301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class C, 2.50%, 05/25/63<sup>(a)(b)</sup> |  | 7195 | 5213121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M1, 2.50%, 05/25/63<sup>(a)(b)</sup> |  | 731 | 609169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M2, 2.50%, 05/25/63<sup>(a)(b)</sup> |  | 4534 | 3532095 |
|  American Home Mortgage Assets Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A11, (12-mo. Federal Reserve Cumulative Average US + 0.94%), 5.58%, 10/25/46<sup>(b)</sup> |  | 570 | 372891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A12, (1-mo. CME Term SOFR + 0.32%), 4.65%, 10/25/46<sup>(b)</sup> |  | 1575 | 806117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A1, (12-mo. Federal Reserve Cumulative Average US + 0.70%), 5.34%, 02/25/47<sup>(b)</sup> |  | 610 | 213341 |
|  Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A3, 2.81%, 06/25/65<sup>(a)(b)</sup>  |  | 572 | 549681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.35%, 01/25/67<sup>(a)(b)</sup>  |  | 398 | 375518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, 4.80%, 11/25/67<sup>(a)(c)</sup> |  | 11188 | 11036141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.21%, 08/25/68<sup>(a)(c)</sup>  |  | 1713 | 1702394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, 10/25/69<sup>(a)(c)</sup> |  | 2217 | 2209453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, 5.70%, 08/25/69<sup>(a)(c)</sup> |  | 3643 | 3652911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/70<sup>(a)(c)</sup>  |  | 7173 | 7213422 |
|  Angel Oak Mortgage Trust LLC, Series 2020-3, Class A3, 2.87%, 04/25/65<sup>(a)(b)</sup> |  | 1042 | 992129 |
|  APS Resecuritization Trust, Series 2016-1, Class 1MZ, 2.79%, 07/31/57<sup>(a)(b)</sup> |  | 8008 | 2999027 |
|  Atlas Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.55%), 6.01%, 09/20/61<sup>(b)(e)</sup> | GBP | 518 | 668944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.20%), 6.66%, 09/20/61<sup>(b)(e)</sup> |  | 343 | 444942 |
|  Banc of America Alternative Loan Trust, Series 2006-7, Class A4, 6.50%, 10/25/36<sup>(c)</sup> | USD | 1970 | 551704 |
|  Banc of America Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6, 5.75%, 01/25/37 |  | 19 | 16285 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-R2, Class 1C, 0.00%, 11/26/36<sup>(a)(b)(d)</sup> | USD 3,300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R3, Class 1A2, 2.75%, 03/27/36<sup>(a)(b)</sup> | 1052 | 889469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-R2, Class 1A1, 4.70%, 05/01/33<sup>(a)(b)</sup> | 475 | 473477 |
|  Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A, 2.00%, 11/25/51<sup>(a)(c)</sup> | 12804 | 12732808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class B, 4.63%, 11/25/51<sup>(a)(c)</sup> | 3139 | 3145389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class C, 0.00%, 11/25/51<sup>(a)(d)</sup> | 6495 | 8272206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class RW1, 0.00%, 11/27/51<sup>(a)(d)(f)</sup> | 15 | 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 4.55%, 07/25/52<sup>(a)(c)</sup> | 4850 | 4815003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class A, 4.25%, 02/25/28<sup>(a)(c)</sup> | 9728 | 9617020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class B, 4.25%, 02/25/28<sup>(a)(c)</sup> | 2105 | 2026415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class C, 0.00%, 02/25/28<sup>(a)(d)</sup> | 3556 | 781948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class RW1, 0.00%, 02/25/28<sup>(a)(d)(f)</sup> | 5 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class SA, 0.00%, 02/25/28<sup>(a)(d)</sup> | 27 | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 6.90%, 10/25/63<sup>(a)(c)</sup> | 31422 | 31912806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A2, 7.36%, 10/25/63<sup>(a)(c)</sup> | 4996 | 5075736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A3, 7.69%, 10/25/63<sup>(a)(c)</sup> | 3017 | 3068708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B1, 7.99%, 10/25/63<sup>(a)(b)</sup> | 1917 | 1930461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B2, 7.99%, 10/25/63<sup>(a)(b)</sup> | 1613 | 1597266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B3, 7.99%, 10/25/63<sup>(a)(b)</sup> | 4413 | 4142947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class M1, 7.99%, 10/25/63<sup>(a)(b)</sup> | 3196 | 3274851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class SA, 0.00%, 10/25/63<sup>(a)(b)(d)</sup> | 1 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, 5.90%, 01/25/64<sup>(a)(c)</sup> | 4680 | 4698940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A2, 6.11%, 01/25/64<sup>(a)(c)</sup> | 3188 | 3197026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A3, 6.31%, 01/25/64<sup>(a)(c)</sup> | 2435 | 2444499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.09%, 01/25/64<sup>(a)(b)</sup> | 1442 | 1456117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 8.69%, 01/25/64<sup>(a)(b)</sup> | 1322 | 1325054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 8.69%, 01/25/64<sup>(a)(b)</sup> | 2836 | 2681796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class M1, 6.80%, 01/25/64<sup>(a)(b)</sup> | 2475 | 2491198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class SA, 0.00%, 01/25/64<sup>(a)(b)(d)</sup> | 7 | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 6.04%, 06/25/64<sup>(a)(c)</sup> | 26948 | 27179198 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A2, 6.30%, 06/25/64<sup>(a)(c)</sup> | USD 2,125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A3, 6.50%, 06/25/64<sup>(a)(c)</sup> | 3708 | 3735249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.50%, 06/25/64<sup>(a)(b)</sup> | 1983 | 1998031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B2, 8.04%, 06/25/64<sup>(a)(b)</sup> | 1816 | 1799375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B3, 8.04%, 06/25/64<sup>(a)(b)</sup> | 4970 | 4566418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class M1, 6.41%, 06/25/64<sup>(a)(b)</sup> | 2891 | 2902149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class SA, 0.00%, 06/25/64<sup>(a)(b)(d)</sup> | 4 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1, 4.79%, 12/26/64<sup>(a)(c)</sup> | 41151 | 40710112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 5.10%, 12/26/64<sup>(a)(c)</sup> | 3871 | 3838527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 5.25%, 12/26/64<sup>(a)(c)</sup> | 4336 | 4304040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B1, 6.96%, 12/26/64<sup>(a)(b)</sup> | 1760 | 1757303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B2, 7.59%, 12/26/64<sup>(a)(b)</sup> | 1343 | 1329651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B3, 7.59%, 12/26/64<sup>(a)(b)</sup> | 3073 | 2958534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class M1, 6.31%, 12/26/64<sup>(a)(b)</sup> | 2894 | 2907406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class SA, 0.00%, 12/26/64<sup>(a)(b)(d)</sup> | 6 | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.66%, 01/25/65<sup>(a)(c)</sup> | 38780 | 38944413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A2, 5.87%, 01/25/65<sup>(a)(c)</sup> | 3538 | 3553216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A3, 5.97%, 01/25/65<sup>(a)(c)</sup> | 3370 | 3383915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B1, 6.94%, 01/25/65<sup>(a)(b)</sup> | 1955 | 1956891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.83%, 01/25/65<sup>(a)(b)</sup> | 1700 | 1681273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.83%, 01/25/65<sup>(a)(b)</sup> | 3768 | 3480362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.49%, 01/25/65<sup>(a)(b)</sup> | 3144 | 3177208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class SA, 0.00%, 01/25/65<sup>(a)(b)(d)</sup> | 8 | 7736 |
|  BCAP LLC Trust, Series 2011-RR5, Class 11A5, (1-mo. CME Term SOFR + 0.26%), 4.46%, 05/28/36<sup>(a)(b)</sup> | 1403 | 1347770 |
|  Bear Stearns ALT-A Trust Series 2006-2, Class 22A1, 4.28%, 03/25/36<sup>(b)</sup> | 3154 | 2038467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, (1-mo. CME Term SOFR + 0.43%), 4.76%,<br>01/25/47<sup>(b)</sup> | 745 | 628754 |
|  Bear Stearns Asset-Backed Securities I Trust<br>Series 2005-AC9, Class A5, 6.25%, 12/25/35<sup>(c)</sup> | 143 | 137427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC2, Class 1A1, (1-mo. CME Term SOFR + 0.46%), 4.79%, 03/25/36<sup>(b)</sup> | 3117 | 815912 |
|  Bear Stearns Mortgage Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A1, (1-mo. CME Term SOFR + 0.39%), 4.72%, 08/25/36<sup>(b)</sup> | 264 | 260234 |

---

42 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Bear Stearns Mortgage Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2, Class A1, (1-mo. CME Term SOFR + 0.45%), 4.78%, 03/25/37<sup>(b)</sup> | USD | 181 | $171723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 1A1, (1-mo. CME Term SOFR + 0.25%), 4.58%, 03/25/37<sup>(b)</sup> |  | 313 | 291404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 2A1, (1-mo. CME Term SOFR + 0.32%), 4.65%, 06/25/37<sup>(b)</sup> |  | 285 | 272097 |
|  BlackRock Capital Finance LP, Series 1997-R2, Class AP, 2.24%,<br>12/25/35<sup>(a)(f)(q)</sup> |  | 1 |  |
|  BRAVO Residential Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class B1, 8.00%, 09/25/63<sup>(a)(b)</sup> |  | 662 | 667349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.04%, 12/01/63<sup>(a)</sup> |  | 353 | 357793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 8.10%, 03/25/64<sup>(a)(b)</sup> |  | 527 | 535785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class B2, 8.08%, 08/01/64<sup>(a)(b)</sup> |  | 250 | 249446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 11/25/64<sup>(a)(c)</sup> |  | 9329 | 9357898 |
|  CAFL Issuer LLC, Series 2024-RTL1, Class A1, 6.75%, 11/28/31<sup>(a)(c)</sup> |  | 1281 | 1298468 |
|  CFMT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M2, 3.00%, 06/25/34<sup>(a)(b)</sup> |  | 274 | 256554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M3, 3.00%, 06/25/34<sup>(a)(b)</sup> |  | 675 | 622891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB15, Class M2, 4.00%, 08/25/34<sup>(a)(b)</sup> |  | 265 | 251962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A1, 4.00%, 10/25/54<sup>(a)(c)</sup> |  | 1270 | 1239881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A2, 4.00%, 10/25/54<sup>(a)(c)</sup> |  | 176 | 166617 |
|  Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18755 | &nbsp;&nbsp;&nbsp;&nbsp;7594792 |
|  CHNGE Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.01%, 01/25/67<sup>(a)(b)</sup>  |  | 1790 | 1682206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 6.00%, 10/25/57<sup>(a)(c)</sup>  |  | 526 | 526261 |
|  CIM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I2, Class A2, 6.85%, 12/25/67<sup>(a)(c)</sup> |  | 2985 | 3012299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I1, Class A1, 5.66%, 10/25/69<sup>(a)(c)</sup> |  | 9678 | 9741873 |
|  Citadel PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.45%), 5.91%, 04/28/60<sup>(b)(e)</sup> | GBP | 483 | 624404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.75%), 6.21%, 04/28/60<sup>(b)(e)</sup> |  | 506 | 654135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.45%), 6.91%, 04/28/60<sup>(b)(e)</sup> |  | 553 | 714296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.75%), 8.21%, 04/28/60<sup>(b)(e)</sup> |  | 539 | 696400 |
|  Citicorp Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A14, 6.00%, 05/25/37 | USD | 604 | 548577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class 1A1, 6.25%, 12/25/37 |  | 876 | 814069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A1, 6.50%, 06/25/38 |  | 2920 | 2410809 |
|  Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A1, (1-mo. CME Term SOFR + 0.61%), 4.94%, 05/25/37<sup>(b)</sup> |  | 1795 | 1650828 |
|  CitiMortgage Alternative Loan Trust, Series 2007-A6, Class 1A11, 6.00%, 06/25/37 |  | 440 | 381488 |
|  COLT Mortgage Loan Trust<br>Series 2020-3, Class A3, 2.38%, 04/27/65<sup>(a)(b)</sup>  |  | 191 | 186102 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B2, 3.86%, 10/25/66<sup>(a)(b)</sup> | USD | 1000 | $780633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.16%, 12/27/66<sup>(a)(b)</sup>  |  | 316 | 260894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.21%, 02/25/67<sup>(a)(b)</sup>  |  | 1000 | 866299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.21%, 02/25/67<sup>(a)(b)</sup>  |  | 1300 | 1082131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.67%, 03/25/67<sup>(a)(b)</sup>  |  | 2398 | 2244873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class B1, 6.50%, 08/25/67<sup>(a)(b)</sup>  |  | 1172 | 1165244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, 5.39%, 11/25/69<sup>(a)(c)</sup>  |  | 3190 | 3185006 |
|  Countrywide Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A1, 5.50%, 06/25/35 |  | 88 | 70740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A6, 5.50%, 06/25/25 |  | 481 | 386115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-22T1, Class A1, (1-mo. CME Term SOFR + 0.46%), 4.79%, 06/25/35<sup>(b)</sup> |  | 2571 | 2243132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A6, 5.50%, 07/25/35 |  | 312 | 184664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-55CW, Class 2A3, (1-mo. CME Term SOFR + 0.46%), 4.78%, 11/25/35<sup>(b)</sup> |  | 575 | 422733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, (1-mo. CME Term SOFR + 0.77%), 5.09%, 11/20/35<sup>(b)</sup> |  | 628 | 611494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-76, Class 2A1, (12-mo. Federal Reserve Cumulative Average US + 1.00%), 5.64%, 02/25/36<sup>(b)</sup> |  | 407 | 369562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-11CB, Class 3A1, 6.50%, 05/25/36 |  | 1352 | 620805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-15CB, Class A1, 6.50%, 06/25/36 |  | 308 | 140454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14, 6.25%, 10/25/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | 549102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB, Class 2A10, 6.00%, 05/25/36 |  | 221 | 84615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11, Class A4, (1-mo. CME Term SOFR + 0.49%), 4.82%, 09/25/46<sup>(b)</sup> |  | 272 | 251519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA14, Class 1A1, (12-mo. Federal Reserve Cumulative Average US + 1.73%), 6.37%, 11/25/46<sup>(b)</sup> |  | 1847 | 1520744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A2, (1-mo. CME Term SOFR + 0.49%), 4.82%, 10/25/46<sup>(b)</sup> |  | 2041 | 1893247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A4C, (1-mo. CME Term SOFR + 0.79%), 5.12%, 10/25/46<sup>(b)</sup> |  | 3019 | 2219256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA21, Class A1, (1-mo. CME Term SOFR + 0.30%), 4.62%, 03/20/47<sup>(b)</sup> |  | 4491 | 3831741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 1A1, (1-mo. CME Term SOFR + 0.49%), 4.82%, 07/25/46<sup>(b)</sup> |  | 232 | 207957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC1, Class 1A1, (1-mo. CME Term SOFR + 0.57%), 4.90%, 03/25/36<sup>(b)</sup> |  | 1038 | &nbsp;&nbsp;&nbsp;&nbsp;1017697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC10, Class 2A3, (1-mo. CME Term SOFR + 0.57%), 4.90%, 11/25/36<sup>(b)</sup> |  | 1575 | 1348106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC7, Class 2A3, (1-mo. CME Term SOFR + 0.61%), 4.94%, 07/25/46<sup>(b)</sup> |  | 1561 | 1346575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14T2, Class A1, 6.00%, 07/25/37 |  | 2091 | 1095633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A1, 6.00%, 04/25/37 |  | 266 | 118486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AL1, Class A1, (1-mo. CME Term SOFR + 0.36%), 4.69%, 06/25/37<sup>(b)</sup> |  | 4125 | 3430581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 1A1, (1-mo. CME Term SOFR + 0.39%), 4.72%, 04/25/47<sup>(b)</sup> |  | 554 | 506684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA8, Class 2A1, (1-mo. CME Term SOFR + 0.47%), 4.80%, 06/25/47<sup>(b)</sup> |  | 173 | 135017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2A, (1-mo. CME Term SOFR + 0.59%), 4.92%, 08/25/47<sup>(b)</sup> |  | 189 | 165434 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 43

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Countrywide Home Loan Mortgage Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-29, Class 1A1, (1-mo. CME Term SOFR + 0.65%), 4.98%, 02/25/35<sup>(b)</sup> | USD | 71 | $67615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-16, Class A28, 5.50%, 09/25/35 |  | 2762 | 1700069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, 6.00%, 12/25/36 |  | 265 | 117658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA4, Class A1, (12-mo. Federal Reserve Cumulative Average US + 0.96%), 5.60%, 04/25/46<sup>(b)</sup> |  | 1205 | 329568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA5, Class 3A1, (1-mo. CME Term SOFR + 0.51%), 4.84%, 04/25/46<sup>(b)</sup> |  | 344 | 329006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, 6.00%, 03/25/37 |  | 405 | 182168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-15, Class 2A2, 6.50%, 09/25/37 |  | 7345 | 2652168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, 5.75%, 07/25/37 |  | 1306 | 613683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class A11, 5.75%, 07/25/37 |  | 714 | 335365 |
|  Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37<sup>(a)</sup> |  | 8101 | 3191824 |
|  Credit Suisse Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A3, 6.00%, 05/25/36 |  | 967 | 520305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A4, 6.00%, 05/25/36 |  | 731 | 393313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4R, Class 16A3, (1-mo. CME Term SOFR + 0.31%), 4.67%, 02/27/36<sup>(a)(b)</sup>  |  | 4 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9R, Class 9A1, (1-mo. CME Term SOFR + 0.23%), 4.67%, 08/27/36<sup>(a)(b)</sup> |  | 575 | 464217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, (1-mo. CME Term SOFR + 0.29%), 4.27%, 03/27/36<sup>(a)(b)</sup> |  | 1483 | 1139835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class M1, 3.26%, 10/25/66<sup>(a)(b)</sup> |  | 760 | 573899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL9, Class A1, 3.69%, 02/25/61<sup>(a)(b)</sup> |  | 9138 | 9101992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A1B, 4.27%, 03/25/67<sup>(a)(b)</sup> |  | 3821 | 3678981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM6, Class PT, 8.68%, 12/25/67<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11271 | &nbsp;&nbsp;&nbsp;&nbsp;11390200 |
|  Cross Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H2, Class A1A, 7.14%, 11/25/68<sup>(a)(c)</sup> |  | 2386 | 2422190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H7, Class A1, 5.59%, 11/25/69<sup>(a)(b)</sup> |  | 4855 | 4868647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H1, Class A1, 5.74%, 02/25/70<sup>(a)(b)</sup> |  | 5531 | 5548785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H2, Class A1, 5.36%, 03/25/70<sup>(a)(b)</sup> |  | 2088 | 2092577 |
|  CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1-mo. CME Term SOFR + 1.46%), 5.79%, 11/25/35<sup>(b)</sup> |  | 1191 | 249832 |
|  Deephaven Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.31%, 03/25/67<sup>(a)(b)</sup>  |  | 1629 | 1471252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.29%, 07/25/67<sup>(a)(b)</sup>  |  | 1716 | 1581874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 5.29%, 07/25/67<sup>(a)(b)</sup>  |  | 3171 | 3031100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.74%, 07/25/69<sup>(a)(c)</sup>  |  | 2476 | 2481122 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, (1-mo. CME Term SOFR + 0.45%), 4.78%, 08/25/47<sup>(b)</sup> |  | 762 | 684781 |
|  Deutsche Alt-B Securities Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A3, 6.51%, 07/25/36<sup>(b)</sup> |  | 256 | 220422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A8, 6.36%, 07/25/36<sup>(b)</sup> |  | 163 | 140563 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Ellington Financial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class B2, 5.94%, 09/25/67<sup>(a)(b)</sup>  | USD | 2288 | $1937463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1A, 5.71%, 11/25/69<sup>(a)(c)</sup> |  | 4559 | 4570473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A1, 5.63%, 03/25/70<sup>(a)(c)</sup> |  | 5850 | 5858419 |
|  Exmoor Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.90%), 6.38%, 03/25/94<sup>(b)(e)</sup> | GBP | 454 | 593068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.80%), 7.28%, 03/25/94<sup>(b)(e)</sup> |  | 197 | 254230 |
|  First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1, 5.04%, 02/25/36<sup>(b)</sup> | USD | 19 | 11812 |
|  Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/30<sup>(a)(b)</sup> |  | 2455 | 2405626 |
|  GCAT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.47%, 05/25/66<sup>(a)(b)</sup> |  | 1642 | 1223028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HX1, Class A1, 2.89%, 12/27/66<sup>(a)(b)</sup> |  | 288 | 265596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 3.93%, 02/25/67<sup>(a)(b)</sup> |  | 564 | 423465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A1, 5.27%, 08/25/67<sup>(a)(c)</sup> |  | 5078 | 5054180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 4.25%, 05/25/67<sup>(a)(b)</sup> |  | 6051 | 5660659 |
|  GreenPoint Mortgage Funding Trust, Series 2006- AR2, Class 4A1, (12-mo. Federal Reserve Cumulative Average US + 2.00%), 6.64%, 03/25/36<sup>(b)</sup> |  | 401 | 371942 |
|  GS Mortgage Securities Trust, Series 2019-PJ2, Class B4, 4.37%, 11/25/49<sup>(a)(b)</sup> |  | 1398 | 1242479 |
|  GS Mortgage-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A4, 4.00%, 05/25/62<sup>(a)(b)</sup> |  | 604 | 553121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CCM1, Class B1, 7.40%, 08/25/53<sup>(a)(b)</sup> |  | 1022 | 1020722 |
|  GSR Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1F, Class 2A4, 5.50%, 01/25/37 |  | 25 | 44650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 2A1, 2.92%, 06/25/47<sup>(b)</sup> |  | 798 | 474274 |
|  HarborView Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12, Class 1A1A, (1-mo. CME Term SOFR + 0.52%), 4.84%, 12/19/36<sup>(b)</sup> |  | 5082 | 3987890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1A, (1-mo. CME Term SOFR + 0.51%), 4.83%, 05/19/37<sup>(b)</sup> |  | 1509 | 1200063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A2, (1-mo. CME Term SOFR + 0.61%), 4.68%, 07/19/47<sup>(b)</sup> |  | 362 | 338452 |
|  Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;4802937 |
|  Homeward Opportunities Fund I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 3.20%, 05/25/65<sup>(a)(b)</sup>  |  | 5361 | 5286999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B1, 5.45%, 05/25/65<sup>(a)(b)</sup>  |  | 809 | 816828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 5.08%, 07/25/67<sup>(a)(c)</sup>  |  | 8959 | 8905860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1, 5.03%, 07/25/67<sup>(a)(b)</sup>  |  | 3380 | 3286512 |
|  Impac CMB Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11, Class 1A2, (1-mo. CME Term SOFR + 0.63%), 4.96%, 03/25/35<sup>(b)</sup> |  | 591 | 770263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A1, (1-mo. CME Term SOFR + 0.61%), 4.94%, 10/25/35<sup>(b)</sup> |  | 425 | 382430 |

---

44 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Impac CMB Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A, Class A, (1-mo. CME Term SOFR + 0.61%), 4.94%, 05/25/37<sup>(a)(b)</sup> | USD | 929 | $886136 |
|  Impac Secured Assets Trust, Series 2006-3, Class A1, (1-mo. CME Term SOFR + 0.45%), 4.78%, 11/25/36<sup>(b)</sup> |  | 1706 | 1551529 |
|  IndyMac Index Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15, Class A1, (1-mo. CME Term SOFR + 0.35%), 4.68%, 07/25/36<sup>(b)</sup> |  | 274 | 266116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35, Class 2A1A, (1-mo. CME Term SOFR + 0.45%), 4.78%, 01/25/37<sup>(b)</sup> |  | 543 | 484915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR19, Class 3A1, 4.03%, 09/25/37<sup>(b)</sup> |  | 2409 | 1566334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, (1-mo. CME Term SOFR + 0.59%), 4.92%, 08/25/37<sup>(b)</sup> |  | 501 | 456042 |
|  JPMorgan Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A4, (1-mo. CME Term SOFR + 0.53%), 4.86%, 03/25/37<sup>(b)</sup> |  | 578 | 475430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1, 4.89%, 05/25/37<sup>(b)</sup> |  | 156 | 137955 |
|  JPMorgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B3, 2.90%, 08/25/51<sup>(a)(b)</sup>  |  | 3489 | 2809369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51<sup>(a)(b)</sup>  |  | 271 | 212941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51<sup>(a)(b)</sup>  |  | 203 | 148967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51<sup>(a)(b)</sup>  |  | 602 | 250655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5A, 2.50%, 12/25/51<sup>(a)(b)</sup> |  | 8363 | 6785687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B4, 3.19%, 12/25/51<sup>(a)(b)</sup> |  | 1225 | 1005582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B5, 3.19%, 12/25/51<sup>(a)(b)</sup> |  | 429 | 327223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B6, 3.08%, 12/25/51<sup>(a)(b)</sup> |  | 1465 | 716352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, 2.50%, 02/25/52<sup>(a)(b)</sup> |  | 22185 | 19817438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4A, 2.50%, 02/25/52<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539 | &nbsp;&nbsp;&nbsp;&nbsp;7207401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5A, 2.50%, 02/25/52<sup>(a)(b)</sup> |  | 4972 | 4034266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B1, 3.27%, 02/25/52<sup>(a)(b)</sup> |  | 3108 | 2651370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B2, 3.27%, 02/25/52<sup>(a)(b)</sup> |  | 730 | 615825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B3, 3.27%, 02/25/52<sup>(a)(b)</sup> |  | 1015 | 847160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B4, 3.27%, 02/25/52<sup>(a)(b)</sup> |  | 539 | 437375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B5, 3.27%, 02/25/52<sup>(a)(b)</sup> |  | 222 | 169401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B6, 3.15%, 02/25/52<sup>(a)(b)</sup> |  | 726 | 348111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class B2, 8.08%, 07/25/64<sup>(a)(b)</sup> |  | 507 | 502799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS2, Class B1, 7.73%, 11/25/64<sup>(a)(b)</sup> |  | 2216 | 2244108 |
|  Jubilee Place 7 BV, Series 7, Class D, (3-mo EURIBOR + 1.90%), 4.42%, 09/18/62<sup>(b)(e)</sup> | EUR | 185 | 200290 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 4.75%, 04/25/61<sup>(a)(c)</sup> | USD | 14721 | 14704772 |
|  Lehman XS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16N, Class AF2, (1-mo. CME Term SOFR + 2.01%), 6.34%, 09/25/47<sup>(b)</sup> |  | 1579 | 2111337 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Lehman XS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N, Class A1, (1-mo. CME Term SOFR + 2.41%), 6.74%, 12/25/37<sup>(b)</sup> | USD | 408 | $394562 |
|  MASTR Resecuritization Trust, Series 2008-3, Class A1, 3.89%, 08/25/37<sup>(a)(b)</sup> |  | 621 | 201855 |
|  MCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Cert, 0.00%, 09/25/31<sup>(d)(f)</sup> |  | 16126 | 10268541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Note, 0.00%, 09/25/31<sup>(d)(f)</sup> |  | 12195 | 11718402 |
|  Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1-mo. CME Term SOFR + 0.53%), 4.86%, 04/25/37<sup>(b)</sup> |  | 909 | 758477 |
|  Merrill Lynch Mortgage Investors Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3, Class 6A1, 5.26%, 05/25/36<sup>(b)</sup> |  | 519 | 480026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF2, Class AV1, (1-mo. CME Term SOFR + 0.43%), 4.76%, 09/25/37<sup>(b)</sup> |  | 680 | 360904 |
|  MFA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A3, 3.30%, 08/25/49<sup>(a)(b)</sup> |  | 92 | 86027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B1, 3.51%, 04/25/65<sup>(a)(b)</sup> |  | 3310 | 2682237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 4.26%, 12/25/66<sup>(a)(b)</sup> |  | 1000 | 833181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class M1, 4.26%, 12/25/66<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | 2972939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.09%, 02/25/29<sup>(a)(c)</sup> |  | 5663 | 5707439 |
|  Miltonia Mortgage Finance Srl, Series 1, Class B, (3-mo. EURIBOR + 1.30%), 3.94%, 04/28/62<sup>(b)(e)</sup> | EUR | 1776 | 1914391 |
|  Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1-mo. CME Term SOFR + 0.27%),<br>4.75%, 12/26/46<sup>(a)(b)</sup> | USD | 648 | 598720 |
|  Morgan Stanley Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class B3, 5.89%, 06/25/44<sup>(a)(b)</sup> |  | 323 | 323332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class B1, 7.42%, 09/25/68<sup>(a)(b)</sup> |  | 1302 | 1303582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.74%, 11/25/69<sup>(a)(b)</sup> |  | 8429 | &nbsp;&nbsp;&nbsp;&nbsp;8464143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.50%, 11/25/69<sup>(a)(b)</sup> |  | 1220 | 1230219 |
|  Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1-mo. CME Term SOFR + 0.34%), 5.30%, 04/16/36<sup>(a)(b)</sup> |  | 1436 | 1401545 |
|  Mortimer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class C, (1-day SONIA + 1.55%), 6.03%, 09/22/67<sup>(b)(e)</sup> | GBP | 654 | 846010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class D, (1-day SONIA + 2.10%), 6.58%, 09/22/67<sup>(b)(e)</sup> |  | 357 | 461766 |
|  NACC Reperforming Loan REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R1, Class A1, 6.50%, 03/25/34<sup>(a)</sup> | USD | 1498 | 1343838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R1, Class A2, 7.50%, 03/25/34<sup>(a)</sup> |  | 344 | 318501 |
|  New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, 4.25%, 12/25/57<sup>(a)(b)</sup> |  | 627 | 611537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class B3, 3.85%, 11/25/59<sup>(a)(b)</sup> |  | 6210 | 4705767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.17%, 11/25/64<sup>(a)(b)</sup> |  | 781 | 770921 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 45

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.70%, 01/25/65<sup>(a)(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12679 | $&nbsp;&nbsp;&nbsp;&nbsp;12801921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.47%, 01/25/65<sup>(a)(b)</sup> |  | 679 | 687865 |
|  New York Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A1, 5.38%, 06/25/69<sup>(a)(b)</sup> |  | 1249 | 1244593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RR1, Class A, 7.38%, 05/25/64<sup>(a)(c)</sup> |  | 6883 | 6833797 |
|  NLT Trust, Series 2021-INV2, Class B1, 3.32%, 08/25/56<sup>(a)(b)</sup> |  | 910 | 662781 |
|  NMLT Trust, Series 2021-INV1, Class B1, 3.61%, 05/25/56<sup>(a)(b)</sup> |  | 1327 | 969631 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-R1A, Class A, 7.00%, 02/19/30<sup>(a)(b)</sup> |  | 225 | 221440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF1, Class 1A4, 7.13%, 05/25/36<sup>(c)</sup> |  | 505 | 93223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class A4, (1-mo. CME Term SOFR + 0.95%), 5.28%, 06/25/37<sup>(b)</sup> |  | 232 | 192751 |
|  OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/01/64<sup>(a)(c)</sup> |  | 5411 | 5429091 |
|  Pierpont BTL PLC, Series 2024-1, Class D, (1-day SONIA + 2.20%), 6.68%, 09/21/61<sup>(b)(e)</sup> | GBP | 322 | 416720 |
|  PRET LLC, Series 2024-RN2, Class A1, 7.13%, 04/25/54<sup>(a)(c)</sup> | USD | 2075 | 2084178 |
|  PRKCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC2, Class A1, 2.07%, 11/25/56<sup>(a)(b)</sup> |  | 1291 | 1124918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC1, Class A1A, 4.10%, 04/25/57<sup>(a)(b)</sup> |  | 666 | 655504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2, Class A1, 5.34%, 08/25/57<sup>(a)(b)</sup> |  | 4862 | 4843923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC1, Class B1, 7.39%, 02/25/58<sup>(a)(b)</sup> |  | 2349 | 2354937 |
|  PRP Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.42%, 08/25/67<sup>(a)(b)</sup> |  | 471 | 461572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 7.50%, 12/25/68<sup>(a)(b)</sup> |  | 1346 | 1353986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.80%, 11/25/69<sup>(a)(c)</sup> |  | 5127 | 5141982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1A, 6.65%, 11/25/69<sup>(a)(b)</sup> |  | 983 | 996952 |
|  Rain City Mortgage Trust, Series 2024-RTL1, Class A1, 6.53%, 11/25/29<sup>(a)(b)</sup> |  | 1198 | 1212162 |
|  RALI Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA10, Class A2, (1-mo. CME Term SOFR + 0.47%), 4.80%, 12/25/36<sup>(b)</sup> |  | 2317 | 2024197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH9, Class A1, 6.19%, 11/25/37<sup>(b)</sup> |  | 436 | 372003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO2, Class A1, (1-mo. CME Term SOFR + 0.26%), 4.59%, 02/25/47<sup>(b)</sup> |  | 221 | 67223 |
|  RCKT Mortgage Trust, Series 2024-CES8, Class A1A, 5.49%,<br>11/25/44<sup>(a)(c)</sup> |  | 2100 | 2099551 |
|  RCO VII Mortgage LLC, Series 2024-1, Class A1, 7.02%, 01/25/29<sup>(a)(c)</sup> |  | 5286 | 5301133 |
|  Reperforming Loan REMIC Trust Series 2005-R2, Class 1AF1, (1-mo. CME Term SOFR + 0.45%), 4.78%, 06/25/35<sup>(a)(b)</sup>  |  | 162 | 155174 |

---

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Reperforming Loan REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R3, Class AF, (1-mo. CME Term SOFR + 0.51%), 4.84%, 09/25/35<sup>(a)(b)</sup> | USD | 55 | $45384 |
|  Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B2, 6.04%, 05/25/59<sup>(a)(b)</sup>  |  | 2434 | 2401901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class B2, 5.66%, 09/25/59<sup>(a)(b)</sup>  |  | 282 | 275035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.57%, 05/25/60<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;7384899 |
|  RFMSI Series Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA2, Class 2A1, 5.70%, 08/25/36<sup>(b)</sup> |  | 4243 | 3030151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA4, Class 2A1, 5.69%, 11/25/36<sup>(b)</sup> |  | 210 | 173567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SA4, Class 3A1, 5.85%, 10/25/37<sup>(b)</sup> |  | 258 | 157823 |
|  RMF Buyout Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M3, 3.69%, 11/25/31<sup>(a)(b)</sup> |  | 3112 | 2923958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M6, 6.00%, 11/25/31<sup>(a)(b)</sup> |  | 2233 | 1900979 |
|  Saluda Grade Alternative Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 7.50%, 02/25/30<sup>(a)(c)</sup> |  | 9935 | 9972805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 7.76%, 04/25/30<sup>(a)(c)</sup> |  | 5768 | 5811859 |
|  Seasoned Credit Risk Transfer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class BX, 3.90%, 05/25/57<sup>(b)</sup> |  | 518 | 211570 |
|  Seasoned Loans Structured Transaction Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60<sup>(a)(b)</sup>  |  | 10091 | 9981259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60<sup>(a)(b)</sup>  |  | 450 | 444761 |
|  Sequoia Mortgage Trust, Series 2007-3, Class 2AA1, 4.79%, 07/20/37<sup>(b)</sup> |  | 676 | 538008 |
|  SG Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 5.35%, 08/25/62<sup>(a)(c)</sup>  |  | 1080 | 1076878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 5.30%, 08/25/62<sup>(a)(b)</sup>  |  | 2583 | 2513971 |
|  Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A3, 4.10%,<br>07/25/57<sup>(a)(c)</sup> |  | 893 | 811744 |
|  Stratton Mortgage Funding PLC, Series 2024-3, Class C, (1-day SONIA + 1.50%), 5.98%, 06/25/49<sup>(b)(e)</sup> | GBP | 492 | 634366 |
|  Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.12%, 04/25/36<sup>(b)</sup> | USD | 502 | 265333 |
|  Structured Asset Mortgage Investments II Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4, Class 3A1, (1-mo. CME Term SOFR + 0.49%), 4.82%, 06/25/36<sup>(b)</sup> |  | 1616 | 1400088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, (1-mo. CME Term SOFR + 0.53%), 4.86%, 05/25/46<sup>(b)</sup> |  | 282 | 198035 |
|  Thornburg Mortgage Securities Trust,<br>Series 2006-3, Class A1, 4.41%, 06/25/46<sup>(b)</sup> |  | 958 | 582512 |
|  Together Asset-Backed Securitisation-1 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class B, (1-day SONIA + 1.50%), 5.96%,<br>01/15/57<sup>(b)(e)</sup> | GBP | 860 | 1111300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class C, (1-day SONIA + 1.80%), 6.26%,<br>01/15/57<sup>(b)(e)</sup> |  | 511 | 660318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class D, (1-day SONIA + 2.40%), 6.86%, 01/15/57<sup>(b)(e)</sup> |  | 223 | 288161 |
|  Toorak Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B1, 3.29%, 07/25/56<sup>(a)(b)</sup> | USD | 937 | 730497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.10%, 11/25/56<sup>(a)(b)</sup> |  | 3051 | 2458686 |
|  Toorak Mortgage Trust, Series 2024-2, Class A1, 6.33%, 10/25/31<sup>(a)(c)</sup> |  | 937 | 938017 |

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46 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  TVC DSCR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-1, Class A, 2.38%, 02/01/51<sup>(a)(f)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15613 | $14325340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-1, Class CERT, 0.00%, 02/01/51<sup>(d)(f)</sup>  |  | 7160 | 6168138 |
|  TVC Mortgage Trust, Series 2023-RTL1, Class A1, 8.25%, 11/25/27<sup>(a)(c)</sup> |  | 3528 | 3534505 |
|  Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class B1, 3.73%, 11/25/59<sup>(a)(b)</sup> |  | 800 | 768586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A3, 3.32%, 05/25/65<sup>(a)(c)</sup>  |  | 408 | 400040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class M1, 3.29%, 05/25/65<sup>(a)(b)</sup>  |  | 3120 | 3029719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class B1, 3.71%, 05/25/65<sup>(a)(b)</sup>  |  | 400 | 373600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/66<sup>(a)(b)</sup>  |  | 1668 | 1219672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class B1, 4.05%, 10/25/66<sup>(a)(b)</sup>  |  | 291 | 229421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class M1, 2.94%, 10/25/66<sup>(a)(b)</sup>  |  | 806 | 601782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.01%, 01/25/67<sup>(a)(b)</sup>  |  | 1354 | 1013410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.06%, 02/25/67<sup>(a)(b)</sup>  |  | 3879 | 3050100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.77%, 04/25/67<sup>(a)(b)</sup>  |  | 616 | 555260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1, 5.81%, 08/25/67<sup>(a)(b)</sup> |  | 606 | 595673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class B1, 7.49%, 03/25/68<sup>(a)(b)</sup>  |  | 2041 | 2040403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class B1, 7.78%, 03/25/68<sup>(a)(b)</sup>  |  | 543 | 544080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class B1, 6.50%, 09/25/69<sup>(a)(b)</sup>  |  | 870 | 859279 |
|  Visio Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B1, 3.91%, 11/25/54<sup>(a)(b)</sup>  |  | 906 | 738136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 4.45%, 08/25/55<sup>(a)(b)</sup>  |  | 1100 | 1034990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 6.02%, 08/25/57<sup>(a)(b)</sup>  |  | 2429 | 2175249 |
|  Vista Point Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 2.50%, 04/25/65<sup>(a)(b)</sup>  |  | 623 | 602867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B1, 4.90%, 04/25/65<sup>(a)(b)</sup>  |  | 640 | 621187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B2, 5.16%, 04/25/65<sup>(a)(b)</sup>  |  | 500 | 476052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.40%, 04/25/65<sup>(a)(b)</sup>  |  | 1480 | 1386389 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 4CB, 6.50%, 02/25/36 |  | 777 | 612585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 6.00%, 04/25/36 |  | 1573 | &nbsp;&nbsp;&nbsp;&nbsp;1460404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A1, 7.00%, 05/25/36<sup>(c)</sup> |  | 709 | 617217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A5, 6.85%, 05/25/36<sup>(c)</sup> |  | 275 | 239321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class A2A, (1-mo. CME Term SOFR + 0.45%), 4.78%, 12/25/36<sup>(b)</sup> |  | 625 | 505771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 5.16%, 03/25/37<sup>(b)</sup> |  | 25 | 23073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA1, Class 2A, (12-mo. Federal Reserve Cumulative Average US + 0.72%), 5.36%, 12/25/46<sup>(b)</sup> |  | 229 | 183755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 5A, (12-mo. Federal Reserve Cumulative Average US + 1.25%), 5.89%, 04/25/47<sup>(b)</sup> |  | 847 | 727519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1A, (12-mo. Federal Reserve Cumulative Average US + 0.75%), 5.39%, 06/25/47<sup>(b)</sup> |  | 2150 | 1780471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 2A, (12-mo. Federal Reserve Cumulative Average US + 0.80%), 5.43%, 06/25/47<sup>(b)</sup> |  | 923 | 764954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OC2, Class A3, (1-mo. CME Term SOFR + 0.73%), 5.06%, 06/25/37<sup>(b)</sup> |  | 850 | 778215 |
|  Western Alliance Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M1, (SOFR (30-day) + 3.15%), 7.49%, 07/25/59<sup>(a)(b)</sup> |  | 5886 | 6107792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M2, (SOFR (30-day) + 3.70%), 8.04%, 07/25/59<sup>(a)(b)</sup> |  | 7748 | 8054356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Winchester PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class C, (1-day SONIA + 1.55%), 6.09%, 10/21/56<sup>(b)(e)</sup> | GBP | 425 | $| 549610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class D, (1-day SONIA + 2.00%), 6.54%, 10/21/56<sup>(b)(e)</sup> |  | 393 |  | 510026 |
|  |  |  |  | 1120427150 |
| **Commercial Mortgage-Backed Securities — 5.9%** | **Commercial Mortgage-Backed Securities — 5.9%** | **Commercial Mortgage-Backed Securities — 5.9%** | **Commercial Mortgage-Backed Securities — 5.9%** | **Commercial Mortgage-Backed Securities — 5.9%** |
|  1211 Avenue of the Americas Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class C, 4.14%, 08/10/35<sup>(a)(b)</sup> | USD | 600 |  | 564000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class D, 4.14%, 08/10/35<sup>(a)(b)</sup> |  | 4972 |  | 4673680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class E, 4.14%, 08/10/35<sup>(a)(b)</sup> |  | 1110 |  | 1026750 |
|  245 Park Avenue Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class D, 3.66%, 06/05/37<sup>(a)(b)</sup> |  | 480 |  | 447547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class E, 3.66%, 06/05/37<sup>(a)(b)</sup> |  | 2463 |  | 2273394 |
|  280 Park Avenue Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class B, (1-mo. CME Term SOFR + 1.38%), 5.70%, 09/15/34<sup>(a)(b)</sup> |  | 997 |  | 969583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class D, (1-mo. CME Term SOFR + 1.84%), 6.16%, 09/15/34<sup>(a)(b)</sup> |  | 2920 |  | 2817800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class E, (1-mo. CME Term SOFR + 2.42%), 6.74%, 09/15/34<sup>(a)(b)</sup> |  | 7007 |  | 6746881 |
|  3650R Commercial Mortgage Trust, Series 2022- PF2, Class A5, 5.29%, 11/15/55<sup>(b)</sup> |  | 1000 |  | 1018336 |
|  ACREC LLC, Series 2023-FL2, Class A, (1-mo CME Term SOFR + 2.23%), 6.55%, 02/19/38<sup>(a)(b)</sup> |  | 3901 |  | 3910333 |
|  Alen Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACEN, Class A, (1-mo. CME Term SOFR + 1.26%), 5.58%, 04/15/34<sup>(a)(b)</sup> |  | 1144 |  | 1081080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACEN, Class D, (1-mo. CME Term SOFR + 3.21%), 7.53%, 04/15/34<sup>(a)(b)</sup> |  | 835 |  | 554023 |
|  Arbor Multifamily Mortgage Securities Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1, Class E, 1.75%, 05/15/53<sup>(a)</sup>  |  | 636 |  | 488253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF3, Class A5, 2.58%, 10/15/54<sup>(a)</sup> |  | 679 |  | 591401 |
|  ARES Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND, Class A, (1-mo. CME Term SOFR + 1.69%), 6.01%, 07/15/41<sup>(a)(b)</sup> |  | 8860 |  | 8837850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND2, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 10/15/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870 |  | &nbsp;&nbsp;&nbsp;&nbsp;12837825 |
|  Ashford Hospitality Trust,<br>Series 2018-ASHF, Class D, (1-mo. CME Term SOFR + 2.27%), 6.59%, 04/15/35<sup>(a)(b)</sup> |  | 1525 |  | 1509750 |
|  Atrium Hotel Portfolio Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM, Class D, (1-mo. CME Term SOFR + 2.25%), 6.57%, 12/15/36<sup>(a)(b)</sup> |  | 3269 |  | 3094108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class A, 5.05%, 11/10/29<sup>(a)(b)</sup> |  | 7110 |  | 7103077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class E, 8.60%, 11/10/29<sup>(a)(b)</sup> |  | 1597 |  | 1657314 |
|  BAHA Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 5.57%, 12/10/41<sup>(a)(b)</sup> |  | 27690 |  | 28081393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class B, 6.39%, 12/10/41<sup>(a)(b)</sup> |  | 1001 |  | 1036882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class C, 7.02%, 12/10/41<sup>(a)(b)</sup> |  | 2452 |  | 2533390 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 47

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Banc of America Merrill Lynch Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP, Class A, (1-mo. CME Term SOFR + 2.35%), 6.67%, 08/15/39<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | $5807508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class A, (1-mo. CME Term SOFR + 1.85%), 6.17%, 02/15/42<sup>(a)(b)</sup> |  | 10950 | 10909462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class E, (1-mo. CME Term SOFR + 5.25%), 9.57%, 02/15/42<sup>(a)(b)</sup> |  | 4465 | 4452699 |
|  BANK5 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class A3, 5.30%, 10/15/57 |  | 1755 | 1783287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class A3, 5.89%, 11/15/57 |  | 2492 | 2593473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR6, Class A3, 6.23%, 05/15/57 |  | 4200 | 4398353 |
|  Bayview Commercial Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3A, Class A1, (1-mo. CME Term SOFR + 0.59%), 4.92%, 11/25/35<sup>(a)(b)</sup> |  | 1183 | 1140174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A1, (1-mo. CME Term SOFR + 0.56%), 4.89%, 01/25/36<sup>(a)(b)</sup> |  | 2394 | &nbsp;&nbsp;&nbsp;&nbsp;2293331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A2, (1-mo. CME Term SOFR + 0.70%), 5.02%, 01/25/36<sup>(a)(b)</sup> |  | 36 | 34684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class M1, (1-mo. CME Term SOFR + 0.79%), 5.11%, 01/25/36<sup>(a)(b)</sup> |  | 96 | 92424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1A, Class A2, (1-mo. CME Term SOFR + 0.65%), 4.98%, 04/25/36<sup>(a)(b)</sup> |  | 125 | 117480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2A, Class A2, (1-mo. CME Term SOFR + 0.53%), 4.86%, 07/25/36<sup>(a)(b)</sup> |  | 424 | 408910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A1, (1-mo. CME Term SOFR + 0.49%), 4.81%, 10/25/36<sup>(a)(b)</sup> |  | 162 | 156328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A2, (1-mo. CME Term SOFR + 0.56%), 4.89%, 10/25/36<sup>(a)(b)</sup> |  | 113 | 109210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4A, Class A1, (1-mo. CME Term SOFR + 0.46%), 4.78%, 12/25/36<sup>(a)(b)</sup> |  | 732 | 705514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, (1-mo. CME Term SOFR + 0.52%), 4.84%, 03/25/37<sup>(a)(b)</sup> |  | 583 | 551559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5A, Class A4, (1-mo. CME Term SOFR + 2.36%), 6.69%, 10/25/37<sup>(a)(b)</sup> |  | 2906 | 1655699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6A, Class A4A, (1-mo. CME Term SOFR + 1.61%), 5.94%, 12/25/37<sup>(a)(b)</sup> |  | 1446 | 1269542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class A4A, (1-mo. CME Term SOFR + 2.61%), 6.94%, 04/25/38<sup>(a)(b)</sup> |  | 975 | 972600 |
|  BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class E, 4.27%, 08/05/38<sup>(a)(b)</sup> |  | 640 | 527445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, (1-mo. CME Term SOFR + 0.92%), 5.24%, 03/15/37<sup>(a)(b)</sup> |  | 3309 | 3135584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class B, (1-mo. CME Term SOFR + 1.17%), 5.49%, 03/15/37<sup>(a)(b)</sup> |  | 1166 | 1067188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class D, 7.46%, 12/15/56<sup>(a)(b)</sup> |  | 553 | 560022 |
|  BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35<sup>(a)</sup> |  | 1054 | 1027429 |
|  BDS Ltd., Series 2022-FL12, Class A, (1-mo CME Term SOFR + 2.14%), 6.45%, 08/19/38<sup>(a)(b)</sup> |  | 2007 | 2004882 |
|  BFLD Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP, Class E, (1-mo. CME Term SOFR + 3.81%), 8.13%, 10/15/35<sup>(a)(b)</sup> |  | 3978 | 59312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class A, (1-mo. CME Term SOFR + 1.49%), 5.81%, 11/15/41<sup>(a)(b)</sup> |  | 3690 | 3685387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class E, (1-mo. CME Term SOFR + 3.64%), 7.96%, 11/15/41<sup>(a)(b)</sup> |  | 2290 | 2291601 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  BFLD Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, (1-mo. CME Term SOFR + 1.89%), 6.21%, 07/15/41<sup>(a)(b)</sup> | USD | 4170 | $4170000 |
|  BHMS, Series 2018-ATLS, Class A, (1-mo. CME Term SOFR + 1.55%), 5.87%, 07/15/35<sup>(a)(b)</sup> |  | 3695 | 3692430 |
|  BLP Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-IND, Class A, (1-mo. CME Term SOFR + 1.69%), 6.01%, 03/15/40<sup>(a)(b)</sup> |  | 3610 | 3588602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND2, Class A, (1-mo. CME Term SOFR + 1.34%), 5.66%, 03/15/41<sup>(a)(b)</sup> |  | 1274 | 1271886 |
|  BMP, Series 2024-MF23, Class E, (1-mo. CME Term SOFR + 3.39%), 7.71%, 06/15/41<sup>(a)(b)</sup> |  | 2636 | 2603037 |
|  BOCA Commercial Mortgage Trust, Series 2024- BOCA, Class A, (1-mo. CME Term SOFR + 1.92%), 6.24%, 08/15/41<sup>(a)(b)</sup> |  | 1392 | 1398052 |
|  BPR Commercial Mortgage Trust, Series 2024- PARK, Class B, 5.41%,<br>11/05/39<sup>(a)(b)</sup> |  | 1500 | 1517632 |
|  BPR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SSP, Class A, (1-mo. CME Term SOFR + 3.00%), 7.32%, 05/15/39<sup>(a)(b)</sup> |  | 1270 | 1271583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STON, Class A, 7.50%, 12/05/39<sup>(a)</sup> |  | 1145 | 1194380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 4.87%, 11/05/39<sup>(a)(b)</sup> |  | 1880 | 1883558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class D, 6.53%, 11/05/39<sup>(a)(b)</sup> |  | 320 | 329252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 5.36%, 11/05/41<sup>(a)(b)</sup> |  | 620 | 624205 |
|  BWAY Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class A2, 3.45%, 03/10/33<sup>(a)</sup> |  | 1962 | 1854409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class D, 3.63%, 03/10/33<sup>(a)</sup> |  | 1400 | 1260929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class E, 3.72%, 03/10/33<sup>(a)</sup> |  | 250 | 221056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class F, 3.93%, 03/10/33<sup>(a)(b)</sup> |  | 250 | 219688 |
|  BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C, 3.54%, 03/09/44<sup>(a)(b)</sup> |  | 2550 | 2308181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B, 3.54%, 03/09/44<sup>(a)(b)</sup> |  | 3862 | 3557512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, 2.84%, 03/09/44(a) |  | 4397 | 3976082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class A, (1-mo. CME Term SOFR + 1.02%), 5.34%, 02/15/33<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245 | &nbsp;&nbsp;&nbsp;&nbsp;14129195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class B, (1-mo. CME Term SOFR + 2.26%), 6.58%, 02/15/33<sup>(a)(b)</sup> |  | 8727 | 8678365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class C, (1-mo. CME Term SOFR + 4.36%), 8.68%, 02/15/33<sup>(a)(b)</sup> |  | 5842 | 5838370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class G, (1-mo. CME Term SOFR + 2.91%), 7.23%, 06/15/38<sup>(a)(b)</sup>  |  | 3573 | 3501335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, (1-mo. CME Term SOFR + 3.14%), 7.46%, 06/15/27<sup>(a)(b)</sup>  |  | 3905 | 3908661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-VLT3, Class A, (1-mo. CME Term SOFR + 1.94%), 6.26%, 11/15/28<sup>(a)(b)</sup> |  | 1720 | 1722131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, (1-mo. CME Term SOFR + 1.76%), 6.08%, 12/09/40<sup>(a)(b)</sup> |  | 4114 | 4114187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class D, (1-mo. CME Term SOFR + 3.59%), 7.91%, 12/09/40<sup>(a)(b)</sup> |  | 5463 | 5456318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A, (1-mo. CME Term SOFR + 1.49%), 5.81%, 10/15/41<sup>(a)(b)</sup> |  | 6160 | 6160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, (1-mo. CME Term SOFR + 1.69%), 6.01%, 08/15/39<sup>(a)(b)</sup> |  | 11669 | 11669000 |

---

48 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class B, (1-mo. CME Term SOFR + 2.14%), 6.46%, 08/15/39<sup>(a)(b)</sup> | USD | 100 | $99938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (1-mo. CME Term SOFR + 2.88%), 7.20%, 10/15/41<sup>(a)(b)</sup> |  | 8630 | 8640779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class B, (1-mo. CME Term SOFR + 3.93%), 8.24%, 10/15/41<sup>(a)(b)</sup> |  | 2104 | 2106627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class D, (1-mo. CME Term SOFR + 5.97%), 10.29%, 10/15/41<sup>(a)(b)</sup> |  | 469 | 469585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class B, (1-mo. CME Term SOFR + 1.64%), 5.96%, 12/15/39<sup>(a)(b)</sup> |  | 1640 | 1635962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 05/15/34<sup>(a)(b)</sup> |  | 4333 | 4322125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, (1-mo. CME Term SOFR + 1.64%), 5.96%, 05/15/41<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;13769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13760074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 02/15/39<sup>(a)(b)</sup> |  | 1077 | 1076379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class E, (1-mo. CME Term SOFR + 3.74%), 8.06%, 02/15/39<sup>(a)(b)</sup> |  | 3385 | 3381264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, (CORRA + 1.90%), 4.81%, 11/15/41<sup>(a)(b)</sup> | CAD | 1343 | 919381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 02/15/39<sup>(a)(b)</sup> | USD | 2838 | 2840047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class D, (1-mo. CME Term SOFR + 3.14%), 7.46%, 02/15/39<sup>(a)(b)</sup> |  | 8651 | 8629257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class E, (1-mo. CME Term SOFR + 4.19%), 8.51%, 02/15/39<sup>(a)(b)</sup> |  | 5152 | 5049764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (1-mo. CME Term SOFR + 1.39%), 5.71%, 03/15/41<sup>(a)(b)</sup> |  | 201 | 200913 |
|  BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 3.20%, 12/09/41<sup>(a)</sup> |  | 293 | 270535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class D, 3.94%, 12/09/41<sup>(a)(b)</sup> |  | 8267 | 7579357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class A, (1-mo. CME Term SOFR + 1.01%), 5.33%, 10/15/36<sup>(a)(b)</sup> |  | 402 | 400995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, (1-mo. CME Term SOFR + 0.91%), 5.23%, 02/15/36<sup>(a)(b)</sup>  |  | 4964 | 4957999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AV, (1-mo. CME Term SOFR + 0.91%), 5.23%, 02/15/36<sup>(a)(b)</sup> |  | 964 | 959830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FJV, (1-mo. CME Term SOFR + 2.51%), 6.83%, 02/15/36<sup>(a)(b)</sup>  |  | 6390 | 6230250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FV, (1-mo. CME Term SOFR + 2.51%), 6.83%, 02/15/36<sup>(a)(b)</sup> |  | 4055 | 3953891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GJV, (1-mo. CME Term SOFR + 3.11%), 7.43%, 02/15/36<sup>(a)(b)</sup>  |  | 1244 | 1213157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GV, (1-mo. CME Term SOFR + 3.11%), 7.43%, 02/15/36<sup>(a)(b)</sup> |  | 4206 | 4101159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class E, (1-mo. CME Term SOFR + 2.36%), 6.68%, 01/15/34<sup>(a)(b)</sup> |  | 1155 | 1144276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class F, (1-mo. CME Term SOFR + 3.11%), 7.43%, 01/15/34<sup>(a)(b)</sup> |  | 1785 | 1766126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class F, (1-mo. CME Term SOFR + 4.04%), 8.36%, 06/15/36<sup>(a)(b)</sup> |  | 1482 | 1403014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, (1-mo. CME Term SOFR + 1.00%), 5.32%, 01/15/39<sup>(a)(b)</sup> |  | 5143 | 5130142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class D, (1-mo. CME Term SOFR + 2.00%), 6.32%, 01/15/39<sup>(a)(b)</sup> |  | 2890 | 2880969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class A, (1-mo. CME Term SOFR + 0.85%), 5.17%, 01/15/39<sup>(a)(b)</sup> |  | 1547 | 1538298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class B, (1-mo. CME Term SOFR + 1.28%), 5.60%, 01/15/39<sup>(a)(b)</sup> |  | 673 | 667532 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, (1-mo. CME Term SOFR + 2.69%), 7.01%, 05/15/38<sup>(a)(b)</sup> | USD | 8160 | $8165100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class D, (1-mo. CME Term SOFR + 4.39%), 8.71%, 05/15/38<sup>(a)(b)</sup> |  | 461 | 461000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 04/15/41<sup>(a)(b)</sup> |  | 4934 | 4943711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D, (1-mo. CME Term SOFR + 2.69%), 7.01%, 04/15/41<sup>(a)(b)</sup> |  | 5416 | 5402189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class E, (1-mo. CME Term SOFR + 3.69%), 8.01%, 04/15/41<sup>(a)(b)</sup> |  | 3097 | 3067632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 06/15/37<sup>(a)(b)</sup> |  | 13906 | 13853718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (1-mo. CME Term SOFR + 2.09%), 6.41%, 03/15/41<sup>(a)(b)</sup> |  | 3750 | 3745314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class C, (1-mo. CME Term SOFR + 4.44%), 8.76%, 03/15/41<sup>(a)(b)</sup> |  | 8022 | 7998483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class D, (1-mo. CME Term SOFR + 5.39%), 9.71%, 03/15/41<sup>(a)(b)</sup> |  | 3845 | 3821648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (1-mo. CME Term SOFR + 1.49%), 5.81%, 07/15/29<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18261944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1-mo. CME Term SOFR + 2.89%), 7.21%, 07/15/29<sup>(a)(b)</sup> |  | 3100 | 3053483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, (1-mo. CME Term SOFR + 3.94%), 8.26%, 07/15/29<sup>(a)(b)</sup> |  | 7980 | 7840295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class E, (1-mo. CME Term SOFR + 2.94%), 7.26%, 03/15/30<sup>(a)(b)</sup> |  | 10755 | 10687912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 03/15/42<sup>(a)(b)</sup> |  | 5337 | 5310315 |
|  BXP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class D, 3.55%, 08/13/37<sup>(a)(b)</sup> |  | 750 | 669908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class E, 3.55%, 08/13/37<sup>(a)(b)</sup> |  | 1450 | 1228334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class D, 3.43%, 06/13/39<sup>(a)(b)</sup> |  | 590 | 557244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class E, 3.43%, 06/13/39<sup>(a)(b)</sup> |  | 1240 | 1153237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class D, 2.78%, 01/15/44<sup>(a)(b)</sup> |  | 2010 | 1539353 |
|  CALI Mortgage Trust, Series 2024-SUN, Class A, (1-mo. CME Term SOFR + 1.89%), 6.21%, 07/15/41<sup>(a)(b)</sup> |  | 4289 | 4289000 |
|  CAMB Commercial Mortgage Trust, Series 2019- LIFE, Class D, (1-mo. CME Term SOFR + 2.05%), 6.37%, 12/15/37<sup>(a)(b)</sup> |  | 3619 | 3611715 |
|  Cassia SRL, Series 2022-1A, Class A, (3-mo EURIBOR + 2.50%), 5.03%, 05/22/34<sup>(a)(b)</sup> | EUR | 7803 | 8437335 |
|  CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 02/10/50 | USD | 850 | 810779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD5, Class B, 3.96%, 08/15/50<sup>(b)</sup>  |  | 2091 | 1979157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class B, 3.91%, 11/13/50<sup>(b)</sup>  |  | 597 | 557814 |
|  CENT Trust, Series 2023-CITY, Class A, (1-mo CME Term SOFR + 2.62%), 6.94%, 09/15/38<sup>(a)(b)</sup> |  | 9482 | 9499542 |
|  CFCRE Commercial Mortgage Trust,<br>Series 2016-C3, Class A3, 3.87%, 01/10/48 |  | 410 | 406590 |
|  CFK Trust, Series 2019-FAX, Class D, 4.64%, 01/15/39<sup>(a)(b)</sup> |  | 2643 | 2438500 |
|  CFSP Mortgage Trust, Series 2024-AHP1, Class A, 6.50%, 04/15/37 |  | 8574 | 8259915 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 49

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class D, 3.23%, 09/15/48<sup>(a)</sup>  | USD | 1007 | $923105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class E, 3.31%, 11/10/42<sup>(a)(b)</sup> |  | 1540 | 1282914 |
|  COAST Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class A, (1-mo. CME Term SOFR + 2.59%), 6.91%, 08/15/36<sup>(a)(b)</sup> |  | 2681 | 2675593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class D, (1-mo. CME Term SOFR + 4.44%), 8.76%, 08/15/36<sup>(a)(b)</sup> |  | 4620 | 4584823 |
|  Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class B, 3.83%, 02/10/48<sup>(b)</sup> |  | 512 | 501955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-667M, Class D, 3.18%, 10/10/36<sup>(a)(b)</sup> |  | 630 | 442504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/41<sup>(a)(b)</sup> |  | 830 | 846990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class A, (1-mo. CME Term SOFR + 1.84%), 6.16%, 06/15/41<sup>(a)(b)</sup> |  | 8360 | 8333801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class B, (1-mo. CME Term SOFR + 2.59%), 6.91%, 06/15/41<sup>(a)(b)</sup> |  | 2829 | 2788318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class E, (1-mo. CME Term SOFR + 4.49%), 8.81%, 06/15/41<sup>(a)(b)</sup> |  | 3312 | 3312745 |
|  CONE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A, (1-mo. CME Term SOFR + 1.64%), 5.96%, 08/15/41<sup>(a)(b)</sup> |  | 3280 | 3255393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class E, (1-mo. CME Term SOFR + 3.89%), 8.21%, 08/15/41<sup>(a)(b)</sup> |  | 3244 | 3230232 |
|  Credit Suisse Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CALI, Class C, 3.78%, 11/10/32<sup>(a)(b)</sup> |  | 1729 | 574892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PFHP, Class A, (1-mo. CME Term SOFR + 1.00%), 5.32%, 12/15/30<sup>(a)(b)</sup> |  | 900 | 893924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 3.65%, 11/13/39<sup>(a)</sup> |  | 850 | 758393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1-mo. CME Term SOFR + 5.48%), 9.80%, 10/15/37<sup>(a)(b)</sup> |  | 2484 | 2279350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET, Class D, 3.72%, 08/15/37<sup>(a)(b)</sup> |  | 710 | 692402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class A, (1-mo. CME Term SOFR + 1.26%), 5.58%, 11/15/38<sup>(a)(b)</sup> |  | 641 | 638561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class B, (1-mo. CME Term SOFR + 1.61%), 5.93%, 11/15/38<sup>(a)(b)</sup> |  | 1150 | 1143393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1-mo. CME Term SOFR + 3.44%), 7.76%, 02/15/27<sup>(a)(b)(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968818 |
|  CRSO Trust, Series 2023-BRND, 7.12%, 07/10/40<sup>(a)</sup> |  | 2271 | 2376707 |
|  CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class B, 4.46%, 11/15/48<sup>(b)</sup> |  | 2410 | 2372251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class C, 4.72%, 08/15/51<sup>(b)</sup> |  | 570 | 524644 |
|  CSTL Commercial Mortgage Trust, Series 2024- GATE, Class A, 4.76%, 11/10/41<sup>(a)(b)</sup> |  | 8300 | 8144365 |
|  DBGS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5BP, Class B, (1-mo. CME Term SOFR + 1.08%), 5.40%, 06/15/33<sup>(a)(b)</sup> |  | 2890 | 2640025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SBL, Class A, (1-mo. CME Term SOFR + 1.88%), 6.20%, 08/15/34<sup>(a)(b)</sup> |  | 5582 | 5585489 |
|  DBSG Mortgage Trust, Series 2024-ALTA, Class A, 5.95%, 06/10/37<sup>(a)(b)</sup> |  | 2584 | 2621869 |
|  DBWF Mortgage Trust, Series 2024-LCRS, Class A, (1-mo. CME Term SOFR + 1.74%), 6.06%, 04/15/37<sup>(a)(b)</sup> |  | 705 | 703457 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  DC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 5.73%, 04/13/40<sup>(a)(b)</sup> | USD | 830 | $840929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class F, 10.31%, 04/13/40<sup>(a)(b)</sup> |  | 2180 | 2244313 |
|  Deutsche Bank JPMorgan Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A4, 3.28%, 05/10/49 |  | 1430 | 1402082 |
|  DK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class A, (1-mo. CME Term SOFR + 1.50%), 5.82%, 03/15/34<sup>(a)(b)</sup> |  | 4850 | 4846968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class E, (1-mo. CME Term SOFR + 4.00%), 8.32%, 03/15/34<sup>(a)(b)</sup> |  | 13906 | 13925008 |
|  ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.41%, 06/10/39<sup>(a)(b)</sup> |  | 4860 | 4922311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.41%, 06/10/39<sup>(a)(b)</sup> |  | 4860 | 4922311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class E10, 7.27%, 06/10/39<sup>(a)(b)</sup> |  | 6375 | 6434214 |
|  ELP Commercial Mortgage Trust, Series 2021-ELP, Class G, (1-mo. CME Term SOFR + 3.23%), 7.55%, 11/15/38<sup>(a)(b)</sup> |  | 2485 | 2472177 |
|  EQT Trust, Series 2024-EXTR, Class A, 5.33%, 07/05/41<sup>(a)(b)</sup> |  | 1697 | 1706060 |
|  Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class D, (1-mo. CME Term SOFR + 2.36%), 6.68%, 07/15/38<sup>(a)(b)</sup> |  | 1797 | 1795015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E, (1-mo. CME Term SOFR + 2.96%), 7.28%, 07/15/38<sup>(a)(b)</sup> |  | 5356 | 5346231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F, (1-mo. CME Term SOFR + 3.81%), 8.13%, 07/15/38<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14878104 |
|  Fashion Show Mall LLC, Series 2024-SHOW, Class A, 4.76%, 10/10/41<sup>(a)(b)</sup> |  | 1535 | 1535619 |
|  Fontainebleau Miami Beach Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class F, (1-mo. CME Term SOFR + 4.25%), 8.57%, 12/15/39<sup>(a)(b)</sup> |  | 422 | 422000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class G, (1-mo. CME Term SOFR + 5.65%), 9.97%, 12/15/39<sup>(a)(b)</sup> |  | 3580 | 3578412 |
|  FREMF Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.60%, 10/25/27<sup>(a)(b)</sup> |  | 1190 | 1107889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K74, Class B, 4.09%, 02/25/51<sup>(a)(b)</sup> |  | 120 | 117358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K80, Class B, 4.24%, 08/25/50<sup>(a)(b)</sup> |  | 1043 | 1014180 |
|  Grace Trust, Series 2020-GRCE, Class E, 2.68%, 12/10/40<sup>(a)(b)</sup> |  | 1489 | 1219981 |
|  Great Wolf Trust, Series 2024-WOLF, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 03/15/39<sup>(a)(b)</sup> |  | 2970 | 2971861 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-590M, Class E, 3.81%, 10/10/35<sup>(a)(b)</sup> |  | 1100 | 997889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class C, 4.45%, 07/10/48<sup>(b)</sup> |  | 1049 | 1017231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX, Class A, 2.86%, 05/10/34<sup>(a)</sup> |  | 1943 | 1683051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class C, 3.80%, 11/10/52<sup>(b)</sup> |  | 260 | 233367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class A, (1-mo. CME Term SOFR + 1.00%), 5.32%, 11/15/36<sup>(a)(b)</sup> |  | 3134 | 3103580 |

---

50 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ECI, Class A, (1-mo. CME Term SOFR + 2.19%), 6.51%, 08/15/39<sup>(a)(b)</sup> | USD | 5160 | $5160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class A, (1-mo. CME Term SOFR + 2.09%), 6.41%, 03/15/28<sup>(a)(b)</sup> |  | 5374 | 5374000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class E, 7.43%, 09/10/38<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18332017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class E, 6.97%, 08/10/41<sup>(a)(b)</sup> |  | 1802 | 1793183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, 6.97%, 11/18/29<sup>(a)</sup> |  | 8757 | 8757000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class C, 9.02%, 11/18/29<sup>(a)</sup> |  | 5849 | 5849000 |
|  GWT, Series 2024-WLF2, Class A, (1-mo. CME Term SOFR + 1.69%), 6.01%, 05/15/41<sup>(a)(b)</sup> |  | 18775 | 18769133 |
|  HIG RCP LLC, Series 2023-FL1, Class A, (1-mo CME Term SOFR + 2.27%), 6.59%, 09/19/38<sup>(a)(b)</sup> |  | 344 | 344335 |
|  HIH Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class A, (1-mo. CME Term SOFR + 1.84%), 6.16%, 10/15/41<sup>(a)(b)</sup> |  | 3330 | 3344578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class D, (1-mo. CME Term SOFR + 3.64%), 7.96%, 10/15/41<sup>(a)(b)</sup> |  | 1260 | 1262758 |
|  HILT Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 05/15/37<sup>(a)(b)</sup> |  | 5375 | 5371640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, (1-mo. CME Term SOFR + 3.19%), 7.51%, 05/15/37<sup>(a)(b)</sup> |  | 6057 | 6026715 |
|  HIT Trust, Series 2022-HI32, Class A, (1-mo CME Term SOFR + 2.39%), 6.71%, 07/15/39<sup>(a)(b)</sup> |  | 1088 | 1089137 |
|  HLTN Commercial Mortgage Trust, Series 2024- DPLO, Class A, (1-mo. CME Term SOFR + 1.64%), 5.96%, 06/15/41<sup>(a)(b)</sup> |  | 3176 | 3176000 |
|  HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31<sup>(a)</sup> |  | 2060 | 1614974 |
|  HONO Mortgage Trust, Series 2021-LULU, Class A, (1-mo. CME Term SOFR + 1.26%), 5.58%, 10/15/36<sup>(a)(b)</sup> |  | 7608 | 7474860 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.46%, 02/05/45<sup>(a)(b)</sup> |  | 425 | 430489 |
|  HTL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 5.88%, 05/10/39<sup>(a)(b)</sup> |  | 1790 | 1802212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class E, 10.26%, 05/10/39<sup>(a)(b)</sup> |  | 4965 | 5132801 |
|  Hudson Yards Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-30HY, Class A, 3.23%, 07/10/39<sup>(a)</sup> |  | 195 | 180307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-55HY, Class F, 2.94%, 12/10/41<sup>(a)(b)</sup> |  | 2975 | 2491678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class A, 5.47%, 01/13/40<sup>(a)(b)</sup> |  | 838 | 852560 |
|  ILPT Commercial Mortgage Trust, Series 2022- LPF2, Class A, (1-mo. CME Term SOFR + 2.25%), 6.56%, 10/15/39<sup>(a)(b)</sup> |  | 8682 | 8688747 |
|  Independence Plaza Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class B, 3.91%, 07/10/35<sup>(a)</sup> |  | 700 | 689491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class C, 4.16%, 07/10/35<sup>(a)</sup> |  | 800 | 785990 |
|  INV Mortgage Trust, Series 2024-IND, Class A, (1-mo. CME Term SOFR + 1.74%), 6.06%, 11/15/41<sup>(a)(b)</sup> |  | 4830 | 4817925 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.13%, 12/15/48<sup>(a)(b)</sup> | USD | 785 | $713993 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class AS, 4.42%, 06/15/51 |  | 198 | 192491 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NINE, Class B, 2.85%, 09/06/38<sup>(a)(b)</sup> |  | 3688 | 3551323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class A, 4.13%, 07/05/31<sup>(a)</sup>  |  | 1819 | 1687123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH, Class A, (1-mo. CME Term SOFR + 1.26%), 5.58%, 06/15/35<sup>(a)(b)</sup> |  | 959 | 838972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class A3, 3.12%, 06/13/52 |  | 1700 | 1600831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class E, (1-mo. CME Term SOFR + 2.21%), 6.53%, 07/15/36<sup>(a)(b)</sup> |  | 2460 | 2359894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-609M, Class D, (1-mo. CME Term SOFR + 3.13%), 7.45%, 10/15/33<sup>(a)(b)</sup> |  | 1850 | 1833199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, (1-mo. CME Term SOFR + 1.16%), 5.48%, 04/15/38<sup>(a)(b)</sup> |  | 1062 | 1060073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term SOFR + 2.81%), 7.13%, 04/15/38<sup>(a)(b)</sup> |  | 9318 | 9288881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term SOFR + 3.31%), 7.63%, 04/15/38<sup>(a)(b)</sup> |  | 2750 | 2739687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1-mo. CME Term SOFR + 3.54%), 7.86%, 04/15/37<sup>(a)(b)</sup> |  | 4888 | 4576005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.45%, 01/05/39<sup>(a)(b)</sup> |  | 3034 | 2550926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class A, 5.17%, 11/09/39<sup>(a)(b)</sup> |  | 8100 | 8135313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class D, 6.48%, 11/09/39<sup>(a)(b)</sup> |  | 2260 | 2256706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class E, 7.25%, 11/09/39<sup>(a)(b)</sup> |  | 6887 | 6875045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class F, 8.22%, 11/09/39<sup>(a)(b)</sup> |  | 5900 | 5902991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-OMNI, Class A, 5.80%, 10/05/39<sup>(a)(b)</sup> |  | 2310 | 2343494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5, Class A, (1-mo. CME Term SOFR + 1.69%), 5.99%, 03/15/40<sup>(a)(b)</sup> |  | 10634 | 10554245 |
|  JW Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class A, (1-mo. CME Term SOFR + 1.62%), 5.94%, 06/15/39<sup>(a)(b)</sup>  |  | 3715 | 3712677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class D, (1-mo. CME Term SOFR + 3.19%), 7.51%, 06/15/39<sup>(a)(b)</sup>  |  | 2148 | 2154300 |
|  KSL Commercial Mortgage Trust, Series 2024- HT2, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 12/15/39<sup>(a)(b)</sup> |  | 8083 | 8072887 |
|  Last Mile Logistics Pan Euro Finance DAC, Series 1X, Class E, (3-mo. EURIBOR + 2.70%), 5.26%,<br>08/17/33<sup>(b)(e)</sup> | EUR | 2618 | 2799757 |
|  LBA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class A, (1-mo. CME Term SOFR + 1.44%), 5.76%, 10/15/41<sup>(a)(b)</sup> | USD | 7350 | 7336219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class D, (1-mo. CME Term SOFR + 2.64%), 6.96%, 10/15/41<sup>(a)(b)</sup> |  | 825 | 822936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class A, (1-mo. CME Term SOFR + 1.59%), 5.91%, 06/15/39<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12817875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class F, (1-mo. CME Term SOFR + 4.44%), 8.76%, 06/15/39<sup>(a)(b)</sup> |  | 1058 | 1051777 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 51

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-2A, Class M3, (1-mo. CME Term SOFR + 0.56%), 4.89%, 09/25/36<sup>(a)(b)</sup> | USD | 1033 | $981162 |
|  LUX, Series 2023-LION, Class A, (1-mo. CME Term SOFR + 2.69%), 7.01%, 08/15/40<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;2315592 |
|  MCR Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HF1, Class A, (1-mo. CME Term SOFR + 1.79%), 6.11%, 12/15/41<sup>(a)(b)</sup> |  | 3106 | 3113771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class A, (1-mo. CME Term SOFR + 1.76%), 6.08%, 02/15/37<sup>(a)(b)</sup> |  | 276 | 276439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class E, (1-mo. CME Term SOFR + 4.65%), 8.97%, 02/15/37<sup>(a)(b)</sup> |  | 2415 | 2435431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA, Class A, 5.92%, 06/12/39<sup>(a)</sup>  |  | 3570 | 3610425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA, Class E, 8.73%, 06/12/39<sup>(a)</sup>  |  | 3008 | 3058111 |
|  MF1 LLC, Series 2024-FL14, Class A, (1-mo CME Term SOFR + 1.74%), 6.05%, 03/19/39<sup>(a)(b)</sup> |  | 1770 | 1772314 |
|  MFT Trust, Series 2020-ABC, Class C, 3.48%, 02/10/42<sup>(a)(b)</sup> |  | 1773 | 1129953 |
|  MHC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, (1-mo. CME Term SOFR + 0.92%), 5.23%, 04/15/38<sup>(a)(b)</sup> |  | 78 | 78115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term SOFR + 2.22%), 6.53%, 04/15/38<sup>(a)(b)</sup> |  | 3700 | 3690750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term SOFR + 2.72%), 7.03%, 04/15/38<sup>(a)(b)</sup> |  | 471 | 469945 |
|  MHP, Series 2021-STOR, Class G, (1-mo. CME Term SOFR + 2.86%), 7.18%, 07/15/38<sup>(a)(b)</sup> |  | 2100 | 2079000 |
|  MIC Trust (The), Series 2023-MIC, Class A, 8.44%, 12/05/38<sup>(a)(b)</sup> |  | 1550 | 1685759 |
|  MIRA Trust, Series 2023-MILE, Class A, 6.76%, 06/10/38<sup>(a)</sup> |  | 3432 | 3585247 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.54%, 10/15/48<sup>(b)</sup> |  | 2910 | 2822426 |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class F, (1-mo. CME Term SOFR + 4.65%), 8.97%, 11/15/34<sup>(a)(b)</sup> |  | 1413 | 1347050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class G, (1-mo. CME Term SOFR + 7.20%), 11.52%, 11/15/34<sup>(a)(b)</sup> |  | 1612 | 1531926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class E, 4.28%, 07/11/40<sup>(a)(b)</sup> |  | 2730 | 1838146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class D, 3.00%, 06/15/52<sup>(a)</sup> |  | 630 | 490727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.90%, 09/24/57<sup>(a)(b)</sup> |  | 3172 | 3064511 |
|  MSDB Trust, Series 2017-712F, Class B, 3.45%, 07/11/39<sup>(a)(b)</sup> |  | 1650 | 1458240 |
|  MTN Commercial Mortgage Trust, Series 2022- LPFL, Class A, (1-mo. CME Term SOFR + 1.40%), 5.72%, 03/15/39<sup>(a)(b)</sup> |  | 1330 | 1325012 |
|  Natixis Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 4.40%, 06/17/38<sup>(a)</sup> |  | 4162 | 4062407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LVL, Class D, 4.44%, 08/15/38<sup>(a)</sup> |  | 1550 | 1386021 |
|  NJ Trust, Series 2023-GSP, Class A, 6.48%, 01/06/29<sup>(a)(b)</sup> |  | 5050 | 5292966 |
|  NY Commercial Mortgage Trust, Series 2025- 299P, Class B, 5.53%, 02/10/47<sup>(a)(b)</sup> |  | 908 | 925603 |
|  NYC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class A, (1-mo. CME Term SOFR + 1.99%), 6.31%, 08/15/29<sup>(a)(b)</sup> |  | 1348 | 1352657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class D, (1-mo. CME Term SOFR + 3.84%), 8.16%, 08/15/29<sup>(a)(b)</sup> |  | 2195 | 2193177 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 3.95%, 05/10/39<sup>(a)(b)</sup> | USD 2,910 | $2217782 |
|  One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/54<sup>(a)</sup> | 1888 | 1685628 |
|  One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, 02/10/32<sup>(a)</sup> | 1754 | &nbsp;&nbsp;&nbsp;&nbsp;1523272 |
|  One New York Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class A, (1-mo. CME Term SOFR + 1.06%), 5.38%, 01/15/36<sup>(a)(b)</sup> | 1815 | 1738847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class AJ, (1-mo. CME Term SOFR + 1.36%), 5.68%, 01/15/36<sup>(a)(b)</sup>  | 2857 | 2701853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class B, (1-mo. CME Term SOFR + 1.61%), 5.93%, 01/15/36<sup>(a)(b)</sup> | 2345 | 2182482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class D, (1-mo. CME Term SOFR + 2.86%), 7.18%, 01/15/36<sup>(a)(b)</sup> | 960 | 874268 |
|  OPEN Trust, Series 2023-AIR, Class A, (1-mo CME Term SOFR + 3.09%), 7.41%, 11/15/40<sup>(a)(b)</sup> | 2420 | 2427260 |
|  ORL Trust, Series 2024-GLKS, Class A, (1-mo CME Term SOFR + 1.49%), 5.81%, 12/15/39<sup>(a)(b)</sup> | 4150 | 4147406 |
|  PFP Ltd., Series 2022-9, Class A, (1-mo. CME Term SOFR + 2.27%), 6.60%, 08/19/35<sup>(a)(b)</sup> | 2164 | 2166655 |
|  PGA Trust, Series 2024-RSR2, Class A, (1-mo CME Term SOFR + 1.89%), 6.21%, 06/15/39<sup>(a)(b)</sup> | 2559 | 2552600 |
|  PRM5 Trust, Series 2025-PRM5, Class D, 5.25%, 03/10/33<sup>(a)(b)</sup> | 1700 | 1673406 |
|  Ready Capital Mortgage Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10, Class A, (1-mo. CME Term SOFR + 2.55%), 6.87%, 10/25/39<sup>(a)(b)</sup> | 5083 | 5105507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class A, (1-mo. CME Term SOFR + 2.47%), 6.79%, 06/25/37<sup>(a)(b)</sup> | 671 | 670510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL11, Class A, (1-mo. CME Term SOFR + 2.37%), 6.69%, 10/25/39<sup>(a)(b)</sup> | 2561 | 2551929 |
|  RIAL Issuer Ltd., Series 2022-FL8, Class A, (1-mo. CME Term SOFR + 2.25%), 6.57%, 01/19/37<sup>(a)(b)</sup> | 9295 | 9239717 |
|  ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/41<sup>(a)</sup> | 1300 | 1309919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, 11/13/41<sup>(a)</sup> | 3897 | 4107153 |
|  SCG Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class D, (1-mo. CME Term SOFR + 2.15%), 6.46%, 03/15/35<sup>(a)(b)</sup> | 532 | 528672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class E, (1-mo. CME Term SOFR + 2.95%), 7.26%, 03/15/35<sup>(a)(b)</sup> | 4046 | 4042575 |
|  SELF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class A, (1-mo. CME Term SOFR + 1.54%), 5.86%, 11/15/34<sup>(a)(b)</sup> | 3300 | 3303039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class E, (1-mo. CME Term SOFR + 4.19%), 8.51%, 11/15/34<sup>(a)(b)</sup> | 3381 | 3368857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class F, (1-mo. CME Term SOFR + 5.19%), 9.51%, 11/15/34<sup>(a)(b)</sup> | 2890 | 2879676 |
|  SG Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class D, 3.48%, 09/15/39<sup>(a)(b)</sup> | 2200 | 1885412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.48%, 09/15/39<sup>(a)(b)</sup> | 1792 | 1492110 |

---

52 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  SHER Trust, Series 2024-DAL, Class A, (1-mo CME Term SOFR + 1.64%), 5.96%, 04/15/37<sup>(a)(b)</sup> | USD | 2836 | $2829795 |
|  SHR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class A, (1-mo. CME Term SOFR + 1.95%), 6.27%, 10/15/41<sup>(a)(b)</sup> |  | 9897 | 9896996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class B, (1-mo. CME Term SOFR + 2.45%), 6.77%, 10/15/41<sup>(a)(b)</sup> |  | 2553 | 2560981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class D, (1-mo. CME Term SOFR + 3.60%), 7.92%, 10/15/41<sup>(a)(b)</sup> |  | 3784 | 3783998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class E, (1-mo. CME Term SOFR + 4.45%), 8.77%, 10/15/41<sup>(a)(b)</sup> |  | 2555 | 2554998 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/41<sup>(a)</sup> |  | 573 | 492193 |
|  SREIT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, (1-mo. CME Term SOFR + 2.74%), 7.06%, 11/15/38<sup>(a)(b)</sup> |  | 4756 | 4684470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class F, (1-mo. CME Term SOFR + 2.73%), 7.05%, 11/15/36<sup>(a)(b)</sup> |  | 2091 | 2070387 |
|  Taurus UK DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class B, (1-day SONIA + 2.00%), 6.46%, 02/18/35<sup>(b)(e)</sup> | GBP | 1909 | &nbsp;&nbsp;&nbsp;&nbsp;2466856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class C, (1-day SONIA + 2.50%), 6.96%, 02/18/35<sup>(b)(e)</sup> |  | 2360 | 3049637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class D, (1-day SONIA + 3.20%), 7.66%, 02/18/35<sup>(b)(e)</sup> |  | 5078 | 6561842 |
|  TCO Commercial Mortgage Trust, Series 2024- DPM, Class D, (1-mo. CME Term SOFR + 2.74%), 7.06%, 12/15/39<sup>(a)(b)</sup> | USD | 519 | 518160 |
|  THPT Mortgage Trust, Series 2023-THL, Class A, 6.99%, 12/10/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1799 | 1833687 |
|  Thunder Logistics DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class B, (3-mo. EURIBOR + 2.05%), 4.61%, 11/17/36<sup>(b)(e)</sup> | EUR | 514 | 557361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class C, (3-mo. EURIBOR + 2.55%), 5.11%, 11/17/36<sup>(b)(e)</sup> |  | 361 | 391690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class D, (3-mo. EURIBOR + 3.30%), 5.86%, 11/17/36<sup>(b)(e)</sup> |  | 826 | 896764 |
|  TTAN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term SOFR + 2.51%), 6.83%, 03/15/38<sup>(a)(b)</sup> | USD | 753 | 750542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term SOFR + 3.01%), 7.33%, 03/15/38<sup>(a)(b)</sup> |  | 3784 | 3771875 |
|  TYSN Mortgage Trust, Series 2023-CRNR, Class A, 6.58%, 12/10/33<sup>(a)(b)</sup> |  | 2230 | 2340319 |
|  UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A4, 3.68%, 12/15/50 |  | 880 | 855053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class A4, 4.34%, 12/15/51 |  | 1500 | 1466452 |
|  UK Logistics DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class A, (1-day SONIA + 1.65%), 6.13%, 05/17/34<sup>(b)(e)</sup> | GBP | 1165 | 1507915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + 2.10%), 6.74%, 02/17/35<sup>(b)(e)</sup> |  | 599 | 778009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + 3.10%), 7.74%, 02/17/35<sup>(b)(e)</sup> |  | 1382 | 1797036 |
|  VEGAS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class C, 6.22%, 07/10/36<sup>(a)(b)</sup> | USD | 7390 | 7218032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class D, 6.22%, 07/10/36<sup>(a)(b)</sup> |  | 16670 | 15589381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI, Class A, 5.52%, 11/10/39<sup>(a)</sup> |  | 2460 | 2476564 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Velocity Commercial Capital Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class M3, 4.24%, 11/25/47<sup>(a)(b)</sup> | USD | 212 | $195178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class M4, 5.00%, 11/25/47<sup>(a)(b)</sup>  |  | 128 | 115724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2, 4.26%, 04/25/48<sup>(a)</sup> |  | 109 | 102148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, 02/25/50<sup>(a)(b)</sup> |  | 2755 | 2474301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 2.80%, 02/25/50<sup>(a)(b)</sup>  |  | 498 | 366267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M2, 2.98%, 02/25/50<sup>(a)(b)</sup>  |  | 612 | 449763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 2.52%, 12/26/51<sup>(a)(b)</sup> |  | 8373 | 7398379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class M4, 4.48%, 12/26/51<sup>(a)(b)</sup>  |  | 983 | 829340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M4, 5.20%, 02/25/52<sup>(a)(b)</sup>  |  | 635 | 493453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M3, 5.75%, 04/25/52<sup>(a)(b)</sup>  |  | 1985 | 1903503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M2, 6.97%, 08/25/52<sup>(a)(b)</sup>  |  | 835 | 840439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M3, 7.53%, 08/25/52<sup>(a)(b)</sup>  |  | 580 | 587135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M4, 7.53%, 08/25/52<sup>(a)(b)</sup>  |  | 1061 | 1008112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 6.22%, 05/25/53<sup>(a)(b)</sup> |  | 2571 | 2574731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class M1, 7.03%, 05/25/53<sup>(a)(b)</sup>  |  | 1676 | 1679429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.55%, 01/25/54<sup>(a)(b)</sup> |  | 5900 | 5951066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 7.23%, 01/25/54<sup>(a)(b)</sup>  |  | 608 | 608377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M3, 8.44%, 01/25/54<sup>(a)(b)</sup>  |  | 626 | 638974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.49%, 10/25/54<sup>(a)(b)</sup> |  | 2071 | 2053989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M2, 5.96%, 10/25/54<sup>(a)(b)</sup>  |  | 777 | 761411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M3, 6.76%, 10/25/54<sup>(a)(b)</sup>  |  | 1184 | 1171866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M4, 9.53%, 10/25/54<sup>(a)(b)</sup>  |  | 774 | 766020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M2, 6.55%, 12/25/54<sup>(a)(b)</sup>  |  | 432 | 428711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M3, 6.92%, 12/25/54<sup>(a)(b)</sup>  |  | 655 | 651061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M4, 9.67%, 12/25/54<sup>(a)(b)</sup>  |  | 615 | 613330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, 7.33%, 02/25/55<sup>(a)(b)</sup>  |  | 2414 | 2422782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class M4, 10.15%, 02/25/55<sup>(a)(b)</sup> |  | 836 | 839756 |
|  VNDO Trust, Series 2016-350P, Class D, 3.90%, 01/10/35<sup>(a)(b)</sup> |  | 3390 | 3272923 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A3FL, (1-mo. CME Term SOFR + 1.53%), 5.85%, 01/15/59<sup>(b)</sup> |  | 2138 | 2128889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3FL, (1-mo. CME Term SOFR + 1.15%), 5.47%, 06/15/49<sup>(a)(b)</sup>  |  | 1830 | 1812366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 3.75%, 06/15/36<sup>(a)(b)</sup> |  | 472 | 432352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AUS, Class A, 4.06%, 08/17/36<sup>(a)(b)</sup> |  | 1680 | 1630169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/52<sup>(a)</sup>  |  | 514 | 432062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 4.95%, 07/15/35<sup>(a)(b)</sup> |  | 2829 | 2840644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3, 5.92%, 11/15/57<sup>(b)</sup> |  | 1750 | 1822274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class B, 6.22%, 07/15/43<sup>(a)</sup> |  | 4292 | 4409705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class C, 6.43%, 07/15/43<sup>(a)</sup> |  | 2732 | 2747377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(a)</sup> |  | 1160 | 1165902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3, 6.10%, 01/15/58 |  | 980 | 1027379 |
|  WEST Trust, Series 2025-ROSE, Class A, 5.45%, 04/10/30<sup>(a)(b)</sup> |  | 2278 | 2287389 |
|  WMRK Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class A, (1-mo. CME Term SOFR + 2.79%), 7.11%, 11/15/27<sup>(a)(b)</sup>  |  | 6274 | 6262236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class B, (1-mo. CME Term SOFR + 3.44%), 7.76%, 11/15/27<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2495312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1157585404 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 53

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** |
|  Ajax Mortgage Loan Trust, Series 2021-E, Class XS, 0.00%, 12/25/60<sup>(a)(b)(d)</sup> | USD | 97411 | $3585109 |
|  Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class XS, 0.82%, 10/25/63<sup>(a)(b)</sup> |  | 50574 | 682091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class XS, 2.45%, 01/25/64<sup>(a)(b)</sup> |  | 37225 | &nbsp;&nbsp;&nbsp;&nbsp;2203220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class XS, 0.00%, 06/25/64<sup>(a)(b)(d)</sup> |  | 44442 | 1622134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class XS, 0.00%, 12/26/64<sup>(a)(b)(d)</sup> |  | 58428 | 2660289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class XS, 0.00%, 01/25/65<sup>(a)(b)(d)</sup> |  | 56255 | 2529393 |
|  JPMorgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A2X, 0.50%, 12/25/51<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47288 | 1343914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5X, 0.50%, 12/25/51<sup>(a)(b)</sup> |  | 6754 | 191943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class AX1, 0.19%, 12/25/51<sup>(a)(b)</sup> |  | 91401 | 991271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A2X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 24646 | 692737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 14221 | 263941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 6756 | 290353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 2683 | 75426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class AX1, 0.27%, 02/25/52<sup>(a)(b)</sup> |  | 48307 | 758367 |
|  Seasoned Credit Risk Transfer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class BIO, 0.75%, 07/25/56<sup>(a)(b)</sup> |  | 2626 | 302550 |
|  Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 5.99%, 02/25/38<sup>(a)(b)</sup> |  | 11529 | 2529650 |
|  |  |  | 20722388 |
|  **Interest Only Commercial Mortgage-Backed Securities — 0.1%** |  |  |  |
|  245 Park Avenue Trust, Series 2017-245P, Class XA, 0.15%, 06/05/37<sup>(a)(b)</sup> |  | 13000 | 45898 |
|  BANK, Series 2019-BN20, Class XB, 0.37%, 09/15/62<sup>(b)</sup> |  | 39279 | 590678 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK3, Class XB, 0.58%, 02/15/50<sup>(b)</sup> |  | 11850 | 113815 |
|  BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH, Class XA, 0.85%, 08/10/35<sup>(a)(b)</sup> |  | 15284 | 233966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class XB, 0.98%, 04/15/53<sup>(b)</sup> |  | 1596 | 71282 |
|  Benchmark Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class XA, 1.01%, 03/15/52<sup>(b)</sup> |  | 12431 | 398426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class XB, 0.51%, 03/15/53<sup>(b)</sup> |  | 7100 | 137102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class XA, 1.26%, 02/15/54<sup>(b)</sup> |  | 27157 | 1422327 |
|  BMO Mortgage Trust, Series 2023-C5, Class XA, 0.72%, 06/15/56<sup>(b)</sup> |  | 14259 | 680053 |
|  CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class XD, 1.69%, 01/10/48<sup>(a)(b)</sup> |  | 5497 | 49336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class XB, 0.70%, 05/10/58<sup>(b)</sup> |  | 5810 | 33890 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |
|  Citigroup Commercial Mortgage Trust, Series 2020-420K, Class X, 0.80%, 11/10/42<sup>(a)(b)</sup> | USD | 46500 | $1798722 |
|  Commercial Mortgage Pass-Through Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, 0.78%, 08/10/48<sup>(b)</sup> |  | 3826 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class XD, 1.75%, 05/10/51<sup>(a)(b)</sup> |  | 3200 | 146446 |
|  CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XB, 0.24%, 11/15/50<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12490 | 82574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA, 1.54%, 06/15/52<sup>(b)</sup> |  | 29498 | &nbsp;&nbsp;&nbsp;&nbsp;1531325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.32%, 09/15/52<sup>(b)</sup> |  | 9448 | 416603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XB, 0.53%, 09/15/52<sup>(b)</sup> |  | 19090 | 391171 |
|  DBGS Mortgage Trust, Series 2019-1735, Class X, 0.29%, 04/10/37<sup>(a)(b)</sup> |  | 21535 | 239366 |
|  Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50<sup>(a)(b)</sup> |  | 5780 | 107020 |
|  ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP10, 0.22%, 06/10/39<sup>(a)(b)</sup> |  | 51484 | 137540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP15, 1.46%, 06/10/39<sup>(a)(b)</sup> |  | 46635 | 826857 |
|  FREMF Mortgage Trust, Series 2019-KW08, Class X2A, 0.10%, 01/25/29<sup>(a)</sup> |  | 151954 | 421718 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class XA, 0.80%, 11/10/52<sup>(b)</sup> |  | 7695 | 233193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.70%, 12/12/53<sup>(a)(b)</sup> |  | 17563 | 1241901 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA, 0.40%, 09/15/47<sup>(b)</sup> |  | 131 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class XA, 0.28%, 09/15/47<sup>(b)</sup> |  | 3673 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class XA, 0.52%, 05/15/48<sup>(b)</sup> |  | 707 | 7 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49<sup>(a)(b)</sup> |  | 4940 | 47743 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class XB, 0.63%, 04/15/46<sup>(b)</sup> |  | 3517 | 10090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class XC, 0.75%, 08/15/49<sup>(a)(b)</sup> |  | 13040 | 109531 |
|  Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class XA, 1.14%, 02/15/36<sup>(a)(b)</sup> |  | 3481 | 94227 |
|  LSTAR Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5, Class X, 0.84%, 03/10/50<sup>(a)(b)</sup> |  | 2363 | 27107 |
|  MCR Mortgage Trust, Series 2024-TWA, Class XA, 0.92%, 06/12/39<sup>(a)</sup> |  | 16557 | 240338 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class XF, 1.19%, 12/15/47<sup>(a)(b)</sup> |  | 4370 | 49738 |

---

54 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class XD, 1.30%, 10/15/48<sup>(a)(b)</sup> | USD 4,490 | $| 20760 |
|  Morgan Stanley Capital I Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class XD, 1.59%, 03/15/49<sup>(a)(b)</sup> | 13984 |  | 168167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class XD, 2.14%, 06/15/50<sup>(a)(b)</sup> | 3293 |  | 135155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class XB, 0.71%, 06/15/52<sup>(b</sup><sup>)</sup> | 23510 |  | 606993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2, Class XA, 1.00%, 03/15/52<sup>(b)</sup> | 8023 |  | 257883 |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 0.91%, 12/15/56<sup>(b)</sup> | 56217 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396288 |
|  Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.38%, 05/10/39<sup>(a)(b)</sup> | 36697 |  | 244688 |
|  One Market Plaza Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XCP, 0.00%, 02/10/32<sup>(a)(b)(d)</sup> | 44225 |  | 137981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XNCP, 0.09%, 02/10/32<sup>(a)(b)</sup> | 8845 |  | 23138 |
|  UBS Commercial Mortgage Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.44%, 10/15/52<sup>(b)</sup> | 30248 |  | 1552333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA, 0.99%, 12/15/52<sup>(b)</sup> | 33132 |  | 1093260 |
|  Wells Fargo Commercial Mortgage Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class XA, 0.98%, 12/15/48<sup>(b)</sup> | 2061 |  | 4570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class XD, 1.24%, 08/15/49<sup>(a)(b)</sup> | 4420 |  | 60643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class XA, 1.39%, 05/15/52<sup>(b)</sup> | 21193 |  | 903881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class X, 0.09%, 07/15/43<sup>(a)(b)</sup> | 33871 |  | 315102 |
|  |  |  | 20851377 |
| **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** |
|  Seasoned Credit Risk Transfer Trust,<br>Series 2017-3, Class B, 0.00%, 07/25/56<sup>(a)(d)</sup> | 1501 |  | 217353 |
|  **Total Non-Agency Mortgage-Backed Securities — 11.8%<br>(Cost: $2,377,534,142)** |  |  | 2319803672 |
|  **Preferred Securities** |  |  |  |
| **Capital Trusts — 0.1%** |  |  |  |
| **Banks — 0.0%** |  |  |  |
|  Bangkok Bank PCL, 5.00%<sup>(e)(n)</sup> | 500 |  | 496500 |
|  Barclays PLC, 4.38%<sup>(n)</sup> | 462 |  | 416284 |
|  BNP Paribas SA, 4.63%<sup>(a)(n)</sup> | 462 |  | 443207 |
|  Krung Thai Bank PCL, 4.40%<sup>(e)(n)</sup> | 500 |  | 490500 |
|  Rizal Commercial Banking Corp., 6.50%<sup>(e)(n)</sup> | 500 |  | 499531 |
|  |  |  | 2346022 |
| **Capital Markets — 0.0%** |  |  |  |
|  UBS Group AG, 4.88%<sup>(a)(n)</sup> | 483 |  | 468519 |
| **Electric Utilities — 0.0%** |  |  |  |
|  AES Andes SA, 8.15%, 06/10/55<sup>(a)</sup> | 1269 |  | 1310877 |
| **Media — 0.0%** |  |  |  |
|  Paramount Global, 6.38%, 03/30/62 | 1698 |  | 1656690 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Multi-Utilities — 0.1%** |  |  |  |
|  Dominion Energy, Inc.<br>6.63%, 05/15/55 | USD 5,445 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/01/54 | 6582 |  | 6918044 |
|  |  |  | 12324794 |
|  **Total Capital Trusts — 0.1%** |  |  | 18106902 |
|  | *Shares* |  |  |
| **Preferred Stocks — 0.4%** |  |  |  |
| **Aerospace & Defense — 0.0%** |  |  |  |
|  Boeing Co. (The), 6.00% | 38550 |  | 2306446 |
| **Financial Services — 0.0%** |  |  |  |
|  SCI PH, Inc. (Acquired 02/10/23, cost $1,875,000), 12.50%<sup>(f)(i)</sup> | 1875 |  | 1856813 |
| **Household Durables — 0.1%** |  |  |  |
|  Dream Finders Homes, Inc. (Preference), 9.00%<sup>(f)(n)</sup> | 15124 |  | 14934950 |
|  Lessen Holdings, Inc., Series B<sup>(f)</sup> | 143367 |  | 422933 |
|  |  |  | 15357883 |
| **IT Services — 0.1%** |  |  |  |
|  Veritas NewCo<br>0.00% | 13357 |  | 307211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 9228 |  | 212244 |
|  xAI Corp., Series C (Acquired 11/27/24, cost $7,868,086)<sup>(f)(h)(i)</sup> | 363422 |  | 7868086 |
|  |  |  | 8387541 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Insight M, Inc.<sup>(f)</sup> | 3271821 |  | 704096 |
| **Software — 0.1%** |  |  |  |
|  Versa Networks, Inc., Series E, (12.66% Cash or 12.66% PIK) (Acquired 10/14/22, cost $12,017,972)<sup>(f)(i)(o)</sup> | 4118274 |  | 21785669 |
| **Specialty Retail — 0.1%** |  |  |  |
|  Davidson Homes, Inc., 12.00%<sup>(f)(h)</sup> | 18658 |  | 18753529 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
|  Cap Hill Brands, 0.00%<sup>(f)</sup> | 2670520 |  | 213642 |
|  **Total Preferred Stocks — 0.4%** |  |  | 69365619 |
|  **Total Preferred Securities — 0.5%<br>(Cost: $82,071,713)** |  |  | 87472521 |
|  | *Par*<br> *(000)* |  |  |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| **Agency Obligations — 0.0%** |  |  |  |
|  Fannie Mae, 6.63%, 11/15/30 | USD 1,450 |  | 1634450 |
| **Collateralized Mortgage Obligations — 2.0%** |  |  |  |
|  Fannie Mae<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W5, Class A, (1-mo. CME Term SOFR + 0.11%), 4.56%, 04/25/33<sup>(b)</sup> | 1 |  | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class GF, (SOFR (30-day) + 1.35%), 5.69%, 03/25/55<sup>(b)</sup> | 19259 |  | 19337860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class FB, (SOFR (30-day) + 1.30%), 5.64%, 03/25/55<sup>(b)</sup> | 65250 |  | 65379453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21, Class FB, (SOFR (30-day) + 1.30%), 5.64%, 07/25/53<sup>(b)</sup> | 15881 |  | 15922499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class FG, (SOFR (30-day) + 1.35%), 5.69%, 03/25/55<sup>(b)</sup> | 19787 |  | 19868356 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 55

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Freddie Mac<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQ2, Class B, (SOFR (30-day) + 8.06%), 12.40%, 05/25/25<sup>(b)</sup> | USD 507 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class FD, (SOFR (30-day) + 1.35%), 5.69%, 01/25/55<sup>(b)</sup> | 61161 |  | 61405007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5515, Class FM, (SOFR (30-day) + 1.35%), 5.69%, 03/25/55<sup>(b)</sup> | 9240 |  | 9276375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FC, (SOFR (30-day) + 1.40%), 5.74%, 03/25/55<sup>(b)</sup> | 145425 |  | 145941566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5518, Class FC, (SOFR (30-day) + 1.32%), 5.66%, 03/25/55<sup>(b)</sup> | 59097 |  | 59256638 |
|  |  |  | 396899812 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
|  Fannie Mae, Series 2006-M2, Class A2A, 5.27%, 10/25/32<sup>(b)</sup> | 143 |  | 143173 |
|  Freddie Mac<br>Series 2024-P015, Class A1, 4.02%, 11/25/32<sup>(b)</sup> | 2113 |  | 2058135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KJ48, Class A2, 5.03%, 10/25/31 | 2327 |  | 2369522 |
|  Ginnie Mae<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-118, Class BA, 3.75%, 05/16/65<sup>(b)</sup> | 1366 |  | 1251135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-119, Class AD, 2.25%, 04/16/65 | 2532 |  | 2045302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-50, Class AC, 3.25%, 09/16/63<sup>(b)</sup> | 1112 |  | 1009785 |
|  |  |  | 8877052 |
| **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** |
|  Fannie Mae, Series 2020-32, Class PI, 4.00%, 05/25/50 | 4857 |  | 1043695 |
|  Freddie Mac, Series 5112, Class KI, 3.50%, 06/25/51 | 19988 |  | 3709813 |
|  Ginnie Mae<br>Series 2020-146, Class DI, 2.50%, 10/20/50 | 4633 |  | 662349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-175, Class DI, 2.50%, 11/20/50 | 1655 |  | 241881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-185, Class MI, 2.50%, 12/20/50 | 5766 |  | 815553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-58, Class IY, 3.00%, 02/20/51 | 37051 |  | 6394328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67, Class QI, 3.00%, 04/20/51 | 3355 |  | 574921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-76, Class JI, 3.00%, 08/20/50 | 3447 |  | 590692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78, Class IP, 3.00%, 05/20/51 | 34413 |  | 5803251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-83, Class PI, 3.00%, 05/20/51 | 8861 |  | 1505593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96, Class MI, 3.00%, 06/20/51 | 6016 |  | 1030988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97, Class LI, 3.00%, 08/20/50 | 44350 |  | 7599086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78, Class IO, 3.00%, 08/20/51 | 7507 |  | 1269291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class IK, 3.00%, 05/20/51 | 21956 |  | 3771831 |
|  |  |  | 35013272 |
| **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** |
|  Freddie Mac<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, 1.02%, 10/25/30<sup>(b)</sup> | 13558 |  | 604905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.36%, 12/25/29<sup>(b)</sup> | 6678 |  | 277260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KW09, Class X1, 0.79%, 05/25/29<sup>(b)</sup> | 34532 |  | 824035 |
|  Ginnie Mae<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30, Class IO, 0.53%, 09/16/53<sup>(b)</sup> | 2397 |  | 34729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-36, Class IO, 0.66%, 08/16/57<sup>(b)</sup> | 581 |  | 16417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-96, Class IO, 0.77%, 12/16/57(b) | 3080 |  | 117039 |
|  |  |  | 1874385 |
| **Mortgage-Backed Securities — 49.5%** | **Mortgage-Backed Securities — 49.5%** | **Mortgage-Backed Securities — 49.5%** | **Mortgage-Backed Securities — 49.5%** |
|  Fannie Mae Mortgage-Backed Securities<br>1.50%, 12/01/35 - 03/01/51 | 222820 |  | 183816134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/31 - 03/01/52 | 629186 |  | 516014059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/27 - 02/01/52 | 437886 |  | 375440741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/28 - 05/01/52 | 131112 |  | 118697623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/28 - 01/01/51<sup>(r)</sup> | 203468 |  | 185589581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/31 - 04/01/52 | 92136 |  | 87200999 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  Fannie Mae Mortgage-Backed Securities<br>4.50%, 07/01/25 - 07/01/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121400294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 - 04/01/53 |  | 55979 | 55533439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/32 - 06/01/53 |  | 151281 | 151801873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 06/01/31 |  | 5495 | 5757213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 - 08/01/53 |  | 117963 | 120711082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/40 - 07/01/54 |  | 97294 | 100752340 |
|  Freddie Mac Mortgage-Backed Securities<br>1.50%, 04/01/36 - 10/01/50 |  | 36666 | 30229617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/35 - 02/01/52<sup>(r)</sup> |  | 493847 | 402883939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/27 - 04/01/52 |  | 272783 | 231443285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/27 - 08/01/52 |  | 242931 | 215245297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/31 - 06/01/50 |  | 65733 | 61656629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/40 - 06/01/52 |  | 103616 | 98432333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/39 - 08/01/52 |  | 73475 | 71429612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 - 11/01/53 |  | 114138 | 112487426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/35 - 08/01/53 |  | 45670 | 46043781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - 09/01/54 |  | 80247 | 82165125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/53 - 07/01/54 |  | 15015 | 15623898 |
|  Ginnie Mae Mortgage-Backed Securities<br>2.00%, 08/20/50 - 04/15/55<sup>(s)</sup> |  | 226303 | 185105345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/51 - 04/15/55<sup>(s)</sup> |  | 227707 | 194283579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/44 - 04/15/55<sup>(s)</sup> |  | 165545 | 146815353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/42 - 04/15/55<sup>(s)</sup> |  | 220522 | 201960132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/39 - 04/15/55<sup>(s)</sup> |  | 88715 | 83345222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/39 - 04/15/55<sup>(s)</sup> |  | 96950 | 93150922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 - 04/15/55<sup>(s)</sup> |  | 118302 | 116421865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/55<sup>(s)</sup> |  | 124402 | 124657667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/55<sup>(s)</sup> |  | 81981 | 83201788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/55<sup>(s)</sup> |  | 46695 | 47799237 |
|  Uniform Mortgage-Backed Securities<br>2.00%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 99758 | 82469340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 81780 | 69463254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 86692 | 75418717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 27299 | 24624713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 55454 | 51891234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/40 - 04/01/55<sup>(s)</sup> |  | 955913 | 915098558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/55<sup>(s)</sup> |  | 225210 | 220716870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/55<sup>(s)</sup> |  | 1332317 | 1330545951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/55<sup>(s)</sup> |  | 1352424 | 1373342550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/55<sup>(s)</sup> |  | 891979 | 919331191 |
|  |  |  | 9729999808 |
|  **Total U.S. Government Sponsored Agency Securities — 51.8%<br>(Cost: $10,499,649,561)** | **Total U.S. Government Sponsored Agency Securities — 51.8%<br>(Cost: $10,499,649,561)** | **Total U.S. Government Sponsored Agency Securities — 51.8%<br>(Cost: $10,499,649,561)** | 10174298779 |
|  **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
|  U.S. Treasury Bonds<br>4.50%, 08/15/39 |  | 7796 | 7874366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 - 02/15/55 |  | 96816 | 97444567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 - 08/15/40 |  | 14792 | 9314915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 - 02/15/43<sup>(t)</sup> |  | 116397 | 106705616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 - 08/15/50 |  | 35293 | 19021727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 |  | 33097 | 32268087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 - 11/15/51 |  | 135903 | 85206017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/41 |  | 28477 | 29353042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/41 |  | 22633 | 22312955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 - 05/15/51 |  | 72964 | 50067777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 - 08/15/52 |  | 334832 | 254689126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 - 05/15/53 |  | 158930 | 135212177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 |  | 36642 | 32714436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 - 05/15/48 |  | 64699 | 51398094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 - 08/15/53 |  | 128577 | 119374652 |

---

56 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
|  **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
|  U.S. Treasury Bonds<br>2.50%, 02/15/45 | USD 83,945 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60522377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 84374 |  | 61546878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 27897 |  | 20562050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 - 02/15/52 | 76317 |  | 48788619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 29156 |  | 15870876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 27897 |  | 16613971 |
|  U.S. Treasury Notes<br>4.63%, 03/15/26 - 02/15/35<sup>(t)</sup> | 273778 |  | 280284869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/30/26 - 10/31/30 | 89904 |  | 91596750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 - 12/31/31 | 143705 |  | 145807870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 62850 |  | 60134684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/31/26 - 05/31/30 | 239251 |  | 237668227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 - 11/30/28 | 94510 |  | 95888436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/27 - 02/15/34 | 204016 |  | 203627535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 - 06/30/31 | 133498 |  | 134674158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 - 08/31/27 | 215384 |  | 199677509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 - 03/31/29 | 91166 |  | 86403154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 16447 |  | 15839874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | 36576 |  | 33544193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 - 11/30/29 | 155252 |  | 154971798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 - 09/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223447 |  | 205487580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/31/28 - 09/30/31 | 152203 |  | 149937335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | 63183 |  | 57619934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 - 05/15/32 | 99441 |  | 95371028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | 74119 |  | 72150701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/30 | 35119 |  | 34424557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | 25743 |  | 22964566 |
|  **Total U.S. Treasury Obligations — 18.6%<br>(Cost: $3,846,437,861)** | **Total U.S. Treasury Obligations — 18.6%<br>(Cost: $3,846,437,861)** |  | 3654937083 |
|  | *Shares* |  |  |
|  **Warrants<sup>(h)</sup>** |  |  |  |
| **Automobiles — 0.0%** |  |  |  |
|  Lightning eMotors, Inc., (Issued/Exercisable 03/03/22, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 230.00)<sup>(f)</sup> | 216261 |  |  |
| **Banks — 0.0%** |  |  |  |
|  Flagstar Financial, Inc., (Issued/Exercisable 03/07/24, 1 Share for 1 Warrant, Expires 03/11/31, Strike Price USD 2,485.52) (Acquired 03/07/24, cost $0)<sup>(i)</sup> | 948 |  | 2146651 |
| **Capital Markets — 0.0%** |  |  |  |
|  Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)<sup>(f)</sup> | 214560 |  | 55657 |
|  Crown PropTech Acquisitions, (Issued/Exercisable 12/25/21, 1 Share for 1 Warrant, Expires 02/11/26, Strike Price USD 11.50)<sup>(f)</sup> | 128396 |  | 13 |
|  |  |  | 55670 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
|  Sonder Holdings, Inc., (Issued/Exercisable 12/30/24, 1 Share for 1 Warrant, Expires 12/30/29, Strike Price USD 0.01)<sup>(f)</sup> | 26279 |  | 52295 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Machinery — 0.0%** |  |  |  |
|  Palladyne AI Corp., (Issued/Exercisable 01/11/22, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 69.00) | 72998 | $| 20439 |
|  Palladyne AI Corp., (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50) | 267474 |  | 74893 |
|  |  |  | 95332 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Insight M, Inc., (Issued/Exercisable 01/25/24, 1 Share for 1 Warrant, Expires 12/31/49, Strike Price USD 0.34)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390177 |  | 174594 |
| **Passenger Airlines — 0.0%** |  |  |  |
|  Volato Group, Inc., (Issued/Exercisable 12/08/23, 1 Share for 1 Warrant, Expires 12/03/28, Strike Price USD 11.50) (Acquired 12/03/21, cost $73,612)<sup>(i)</sup> | 73612 |  | 2584 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Offerpad Solutions, Inc., (Issued 10/13/20/Exercisable 10/23/21, 1 Share for 1 Warrant, Expires 10/13/25, Strike Price USD 11.50) | 111610 |  | 2210 |
| **Software — 0.0%** |  |  |  |
|  Aurora Innovation, Inc., (Issued 05/04/21/Exercisable 05/04/22, 1 Share for 1 Warrant, Expires 03/11/26, Strike Price USD 11.50) | 16026 |  | 22597 |
|  Latch, Inc., (Issued 12/29/20/Exercisable 11/13/21, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)<sup>(f)</sup> | 49166 |  |  |
|  Versa Networks, Inc., Series E, (Issued/Exercisable 10/05/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01) (Acquired 10/14/22, cost $0)<sup>(f)(i)</sup> | 507586 |  | 2202923 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225520 |
| **Specialty Retail — 0.0%** |  |  |  |
|  Davidson Homes, (Issued/Exercisable 05/16/24, 1 Share for 1 Warrant, Expires 05/16/34, Strike Price USD 8.46) - Class A<sup>(f)</sup> | 129494 |  | 753655 |
|  EVgo, Inc., (Issued 11/10/20/Exercisable 10/02/21, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50) | 75790 |  | 15249 |
|  |  |  | 768904 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
|  Lavoro Ltd., (Issued 12/27/22/Exercisable 12/27/23, 1 Share for 1 Warrant, Expires 12/27/27, Strike Price USD 11.50) | 79561 |  | 6134 |
|  **Total Warrants — 0.0%<br>(Cost: $1,433,474)** | **Total Warrants — 0.0%<br>(Cost: $1,433,474)** |  | 5529894 |
|  **Total Long-Term Investments — 126.8%<br>(Cost: $25,674,502,660)** | **Total Long-Term Investments — 126.8%<br>(Cost: $25,674,502,660)** |  | 24916645750 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** | **Short-Term Securities** |  |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(q)(u)(v)</sup> | 17563103 | $17571884 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.22%<sup>(q)(u)</sup> | 436379575 | 436379575 |
|  **Total Short-Term Securities — 2.3%<br>(Cost: $453,951,459)** | **Total Short-Term Securities — 2.3%<br>(Cost: $453,951,459)** | 453951459 |
|  **Options Purchased — 0.1%<br>(Cost: $37,054,249)** | **Options Purchased — 0.1%<br>(Cost: $37,054,249)** | 24015777 |
|  **Total Investments Before Options Written and TBA Sale Commitments — 129.2%<br>(Cost: $26,165,508,368)** | **Total Investments Before Options Written and TBA Sale Commitments — 129.2%<br>(Cost: $26,165,508,368)** | 25394612986 |
|  | *Par*<br> *(000)* |  |
|  **TBA Sale Commitments<sup>(s)</sup>** | **TBA Sale Commitments<sup>(s)</sup>** |  |
| **Mortgage-Backed Securities — (16.1)%** | **Mortgage-Backed Securities — (16.1)%** |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/15/55 | USD (6802) | (5562013) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/55 | (6601) | (5629610) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/55 | (4650) | (4118159) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/55 | (98987) | (90565839) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/55 | (2626) | (2458057) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/55 | (3081) | (2955834) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/55 | (3762) | (3700085) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/55 | (3934) | (3942085) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/55 | (3033) | (3078165) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/55 | (2586) | (2647153) |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/40 | (7425) | (6513916) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/40 - 04/01/55 | (80648) | (64976359) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/40 - 04/01/55 | (20335) | (17081997) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/40 - 04/01/55 | (15975) | (13924164) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 - 04/01/55 | (8850) | (8089621) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/40 - 04/01/55 | (7190) | (6711261) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/40 - 04/01/55 | (1313136) | (1255452535) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/55 | (6078) | (5956453) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/55 | (72085) | (71989177) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/55 | (265288) | (269201590) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/55 | (1287081) | (1325977727) |
|  **Total TBA Sale Commitments — (16.1)%<br>(Proceeds: $(3161219327))** | **Total TBA Sale Commitments — (16.1)%<br>(Proceeds: $(3161219327))** | (3170531800) |
|  **Options Written — (0.0)%<br>(Premiums Received: $(10504765))** | **Options Written — (0.0)%<br>(Premiums Received: $(10504765))** | (3089781) |
|  **Total Investments Net of Options Written and TBA Sale Commitments — 113.1%<br>(Cost: $22,993,784,276)** | **Total Investments Net of Options Written and TBA Sale Commitments — 113.1%<br>(Cost: $22,993,784,276)** | 22220991405 |
|  **Liabilities in Excess of Other Assets — (13.1)%** | **Liabilities in Excess of Other Assets — (13.1)%** | (2571296959) |
|  **Net Assets — 100.0%** |  | $19649694446 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $77,621,963, representing 0.4% of its net assets as of period end, and an original cost of $59,077,437.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Investment does not issue shares.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Issuer filed for bankruptcy and/or is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(r) All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents or includes a TBA transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(t) All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(v) All or a portion of this security was purchased with the cash collateral from loaned securities.

58 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>09/30/24* | *Purchases at<br>Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation*<br> *(Depreciation)* | *Value at<br>03/31/25* | *Par/Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Capital Finance LP, Series 1997-R2, Class AP | $— | $— | $— | $— | $— | $— | 830 | $— | $— |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | 11651570 | 5923016 <sup>(a)</sup> |  | (2007) | (695) | 17571884 | 17563103 | 16733 <sup>(b)</sup> |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1075080828 |  | (638701253)<sup>(a)</sup> |  |  | 436379575 | 436379575 | 13277954 |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF |  | 51526050 |  |  | (693390) | 50832660 | 1195500 | 919403 |  |
|  iShares AAA CLO Active ETF |  | 10352000 |  |  | 4000 | 10356000 | 200000 | 243667 | 3675 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 5087376 | 114722625 | (110304722) | (269217) | 84106 | 9320168 | 85750 | 97163 |  |
|  |  |  |  | $(271224) | $(605979) | $524460287 |  | $14554920 | $3675 |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds (30 Year) | 3637 | 06/18/25 | $428143 | $7300094 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 1981 | 06/18/25 | 220727 | 909515 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 169 | 06/18/25 | 20771 | 58751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Gilt British | 24 | 06/26/25 | 2843 | 27602 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 16020 | 06/30/25 | 3320020 | 13566647 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 12168 | 06/30/25 | 1317471 | 16831728 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECX Emission<sup>1</sup> | 12 | 12/15/25 | 882 | (42947) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month EURIBOR | 196 | 06/15/26 | 51935 | 68378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month SOFR | 404 | 09/15/26 | 97541 | 269934 |
|  |  |  |  | 38989702 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bobl | 20 | 06/06/25 | 2547 | (1974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund | 130 | 06/06/25 | 18110 | (211117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Buxl | 426 | 06/06/25 | 54935 | 2091267 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 3055 | 06/18/25 | 349559 | (3414249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Bonds (10 Year) | 935 | 06/19/25 | 80665 | (85664) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Futures Contracts (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/*<br> *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  Short ContractsShort Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Russell 2000 Index | 59 | 06/20/25 | $5980 | $99847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Index | 279 | 06/20/25 | 15741 | 584765 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 12 | 06/20/25 | 3392 | (68344) |
|  |  |  |  | (1005469) |
|  |  |  |  | $37984233 |

---

<sup>1</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

#### Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement<br>Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  BRL | 17432369 | USD | 2975000 | Barclays Bank PLC | 04/02/25 | $78751 |
|  BRL | 8560862 | USD | 1493000 | Citigroup Global Markets, Inc. | 04/02/25 | 6667 |
|  BRL | 17167488 | USD | 2964000 | Citigroup Global Markets, Inc. | 04/02/25 | 43350 |
|  BRL | 14281882 | USD | 2489000 | Morgan Stanley & Co. International PLC | 04/02/25 | 12858 |
|  BRL | 9261827 | USD | 1613278 | State Street Bank and Trust Co. | 04/02/25 | 9182 |
|  USD | 1479000 | BRL | 8389834 | Goldman Sachs Bank USA | 04/02/25 | 9293 |
|  TRY | 38499676 | USD | 995595 | Citigroup Global Markets, Inc. | 04/07/25 | 9042 |
|  USD | 2089664 | IDR | 34165274278 | HSBC Bank PLC | 04/08/25 | 30622 |
|  PLN | 14699038 | USD | 3724702 | Morgan Stanley & Co. International PLC | 04/14/25 | 68673 |
|  EUR | 3629 | USD | 3721 | Barclays Bank PLC | 04/16/25 | 206 |
|  EUR | 20187 | USD | 20701 | Barclays Bank PLC | 04/16/25 | 1145 |
|  EUR | 65462 | USD | 70735 | Commonwealth Bank of Australia | 04/16/25 | 111 |
|  INR | 215616820 | USD | 2468000 | Citigroup Global Markets, Inc. | 04/16/25 | 51227 |
|  INR | 127936200 | USD | 1468000 | JPMorgan Chase Bank N.A. | 04/16/25 | 26783 |
|  TRY | 9690632 | USD | 245649 | HSBC Bank PLC | 04/21/25 | 2378 |
|  TRY | 87473596 | USD | 2217530 | HSBC Bank PLC | 04/21/25 | 21311 |
|  TRY | 22794812 | USD | 577345 | JPMorgan Chase Bank N.A. | 04/21/25 | 6076 |
|  TRY | 24626186 | USD | 623730 | JPMorgan Chase Bank N.A. | 04/21/25 | 6565 |
|  AUD | 2368000 | USD | 1476780 | Deutsche Bank AG | 04/24/25 | 3153 |
|  COP | 8055447120 | GBP | 1476000 | Morgan Stanley & Co. International PLC | 04/24/25 | 13546 |
|  EUR | 3485000 | GBP | 2919088 | HSBC Bank PLC | 04/24/25 | 2679 |
|  EUR | 1366000 | USD | 1470547 | Barclays Bank PLC | 04/24/25 | 8421 |
|  THB | 100211544 | USD | 2952000 | Standard Chartered Bank | 04/24/25 | 6798 |
|  USD | 633566 | CLP | 592023077 | Bank of America N.A. | 04/24/25 | 10134 |
|  USD | 355434 | CLP | 331922041 | BNP Paribas S.A. | 04/24/25 | 5903 |
|  USD | 4527250 | COP | 18973659477 | HSBC Bank PLC | 04/24/25 | 4759 |
|  USD | 9241251 | CZK | 212960283 | Morgan Stanley & Co. International PLC | 04/24/25 | 10803 |
|  USD | 919217 | EUR | 848000 | Australia & New Zealand Banking Group Ltd. | 04/24/25 | 1088 |
|  USD | 3614335 | EUR | 3334281 | Australia & New Zealand Banking Group Ltd. | 04/24/25 | 4310 |
|  USD | 1487045 | EUR | 1371823 | Australia & New Zealand Banking Group Ltd. | 04/24/25 | 1773 |
|  USD | 6055458 | EUR | 5586307 | Australia & New Zealand Banking Group Ltd. | 04/24/25 | 7166 |
|  USD | 1472000 | MXN | 29986112 | Goldman Sachs Bank USA | 04/24/25 | 11538 |
|  USD | 1493000 | SGD | 1998731 | BNP Paribas S.A. | 04/24/25 | 3351 |
|  TRY | 39073780 | USD | 982000 | Barclays Bank PLC | 04/30/25 | 5899 |
|  BRL | 32232674 | USD | 5591000 | Goldman Sachs Bank USA | 05/05/25 | 20558 |
|  USD | 759244 | EUR | 697874 | Deutsche Bank AG | 05/07/25 | 3111 |
|  USD | 806796 | TRY | 31330716 | Barclays Bank PLC | 05/07/25 | 21247 |
|  USD | 7333097 | TRY | 284414149 | HSBC Bank PLC | 05/07/25 | 202030 |
|  USD | 1490493 | TRY | 57807866 | UBS AG | 05/07/25 | 41086 |
|  USD | 1545702 | TRY | 59946182 | UBS AG | 05/07/25 | 42682 |
|  USD | 2243155 | ZAR | 40804499 | UBS AG | 05/14/25 | 25442 |
|  USD | 1915714 | ZAR | 35102338 | UBS AG | 05/14/25 | 7912 |
|  EGP | 52202833 | USD | 985000 | Societe Generale | 05/27/25 | 18334 |
|  TRY | 10166520 | USD | 247000 | Barclays Bank PLC | 05/27/25 | 1992 |

---

60 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Forward Foreign Currency Exchange Contracts (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement<br>Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  TRY | 70762005 | USD | 1718150 | State Street Bank and Trust Co. | 05/27/25 | $14908 |
|  USD | 2056538 | IDR | 34165274278 | Bank of America N.A. | 05/28/25 | 11397 |
|  TRY | 19142579 | USD | 465496 | Barclays Bank PLC | 06/02/25 | 122 |
|  USD | 1489438 | MXN | 30206197 | Morgan Stanley & Co. International PLC | 06/06/25 | 26592 |
|  BRL | 185067256 | USD | 31155055 | UBS AG | 06/18/25 | 738631 |
|  USD | 256704 | AUD | 407000 | Deutsche Bank AG | 06/18/25 | 2224 |
|  USD | 2588981 | AUD | 4076000 | UBS AG | 06/18/25 | 40433 |
|  USD | 1660348 | EUR | 1517924 | Bank of New York Mellon | 06/18/25 | 11732 |
|  USD | 2208789 | EUR | 2019320 | Bank of New York Mellon | 06/18/25 | 15607 |
|  USD | 45987827 | EUR | 42089390 | Deutsche Bank AG | 06/18/25 | 274583 |
|  USD | 190411507 | EUR | 174244700 | Deutsche Bank AG | 06/18/25 | 1164512 |
|  USD | 1289013 | EUR | 1175003 | Deutsche Bank AG | 06/18/25 | 12843 |
|  USD | 2476892 | EUR | 2253000 | Deutsche Bank AG | 06/18/25 | 29911 |
|  USD | 18686 | EUR | 17000 | Deutsche Bank AG | 06/18/25 | 222 |
|  USD | 1305815 | EUR | 1199000 | Deutsche Bank AG | 06/18/25 | 3582 |
|  USD | 24797225 | EUR | 22616807 | State Street Bank and Trust Co. | 06/18/25 | 233134 |
|  USD | 15874306 | EUR | 14463193 | Toronto-Dominion Bank | 06/18/25 | 165847 |
|  USD | 496168 | GBP | 383000 | Credit Agricole Corporate & Investment Bank | 06/18/25 | 1464 |
|  USD | 50526032 | GBP | 39003200 | NatWest Markets PLC | 06/18/25 | 147315 |
|  USD | 18454832 | GBP | 14231000 | NatWest Markets PLC | 06/18/25 | 73275 |
|  USD | 2002083 | GBP | 1547000 | NatWest Markets PLC | 06/18/25 | 3891 |
|  USD | 12100260 | GBP | 9349000 | State Street Bank and Trust Co. | 06/18/25 | 24568 |
|  USD | 21165311 | JPY | 3099380000 | Bank of New York Mellon | 06/18/25 | 318582 |
|  USD | 7819243 | JPY | 1146770000 | Royal Bank of Canada | 06/18/25 | 105957 |
|  USD | 19068164 | JPY | 2804200000 | State Street Bank and Trust Co. | 06/18/25 | 206843 |
|  USD | 1801523 | JPY | 264782000 | Toronto-Dominion Bank | 06/18/25 | 20574 |
|  EGP | 86410900 | USD | 1562867 | Citigroup Global Markets, Inc. | 06/23/25 | 79520 |
|  NGN | 646610250 | USD | 391885 | Morgan Stanley & Co. International PLC | 09/04/25 | 4264 |
|  |  |  |  |  |  | $4602488 |
|  BRL | 5628565 | USD | 987000 | Citigroup Global Markets, Inc. | 04/02/25 | (1005) |
|  USD | 1006000 | BRL | 5970791 | Barclays Bank PLC | 04/02/25 | (39946) |
|  USD | 989000 | BRL | 5662806 | Barclays Bank PLC | 04/02/25 | (2994) |
|  USD | 1488000 | BRL | 8582784 | Citigroup Global Markets, Inc. | 04/02/25 | (15507) |
|  USD | 355000 | BRL | 2053398 | Goldman Sachs Bank USA | 04/02/25 | (4708) |
|  USD | 5591000 | BRL | 32053203 | Goldman Sachs Bank USA | 04/02/25 | (23986) |
|  USD | 1500377 | BRL | 9261827 | JPMorgan Chase Bank N.A. | 04/02/25 | (122083) |
|  IDR | 34165274278 | USD | 2061875 | Bank of America N.A. | 04/08/25 | (2833) |
|  PLN | 5425697 | USD | 1405121 | Deutsche Bank AG | 04/14/25 | (4914) |
|  USD | 14004905 | COP | 59062883976 | Citigroup Global Markets, Inc. | 04/14/25 | (91866) |
|  USD | 23465215 | PLN | 94365244 | HSBC Bank PLC | 04/14/25 | (887590) |
|  USD | 214115 | EUR | 207000 | Barclays Bank PLC | 04/16/25 | (9907) |
|  USD | 228692 | EUR | 223000 | Deutsche Bank AG | 04/16/25 | (12646) |
|  USD | 34469 | EUR | 33612 | Deutsche Bank AG | 04/16/25 | (1907) |
|  USD | 183133 | EUR | 178573 | Deutsche Bank AG | 04/16/25 | (10125) |
|  USD | 349511 | EUR | 340808 | Deutsche Bank AG | 04/16/25 | (19323) |
|  USD | 256684 | EUR | 250295 | Deutsche Bank AG | 04/16/25 | (14193) |
|  USD | 200357 | EUR | 193449 | NatWest Markets PLC | 04/16/25 | (9000) |
|  USD | 273632 | EUR | 253154 | NatWest Markets PLC | 04/16/25 | (340) |
|  USD | 307136 | EUR | 284151 | NatWest Markets PLC | 04/16/25 | (381) |
|  USD | 480425 | EUR | 468462 | Toronto-Dominion Bank | 04/16/25 | (26560) |
|  USD | 95573 | EUR | 93194 | Toronto-Dominion Bank | 04/16/25 | (5285) |
|  USD | 104670 | EUR | 100658 | UBS AG | 04/16/25 | (4265) |
|  USD | 1869000 | INR | 160771380 | Bank of America N.A. | 04/16/25 | (9423) |
|  AUD | 1144519 | EUR | 664500 | Australia & New Zealand Banking Group Ltd. | 04/24/25 | (4162) |
|  AUD | 1999500 | USD | 1258267 | Toronto-Dominion Bank | 04/24/25 | (8637) |
|  CAD | 2804500 | USD | 1961300 | Toronto-Dominion Bank | 04/24/25 | (10159) |
|  CHF | 1337388 | USD | 1522000 | Credit Agricole Corporate & Investment Bank | 04/24/25 | (5970) |
|  CLP | 2173879425 | USD | 2331088 | Citigroup Global Markets, Inc. | 04/24/25 | (41878) |
|  CNH | 57506127 | USD | 7938000 | Bank of America N.A. | 04/24/25 | (8549) |
|  COP | 6080250000 | USD | 1474000 | Societe Generale | 04/24/25 | (24734) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement<br>Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  COP | 6169343700 | USD | 1482000 | Toronto-Dominion Bank | 04/24/25 | $(11498) |
|  CZK | 148881294 | USD | 6460000 | NatWest Markets PLC | 04/24/25 | (6961) |
|  EUR | 913000 | NOK | 10433789 | Goldman Sachs Bank USA | 04/24/25 | (3248) |
|  EUR | 6678500 | USD | 7238345 | Goldman Sachs Bank USA | 04/24/25 | (7536) |
|  EUR | 489439 | USD | 530136 | Goldman Sachs Bank USA | 04/24/25 | (221) |
|  GBP | 4483000 | USD | 5800809 | Credit Agricole Corporate & Investment Bank | 04/24/25 | (10206) |
|  HUF | 1308867286 | USD | 3553000 | Goldman Sachs Bank USA | 04/24/25 | (43911) |
|  IDR | 74308428000 | USD | 4497000 | Standard Chartered Bank | 04/24/25 | (36282) |
|  JPY | 69537290 | USD | 465600 | JPMorgan Chase Bank N.A. | 04/24/25 | (738) |
|  MXN | 19993856 | USD | 987000 | Goldman Sachs Bank USA | 04/24/25 | (13207) |
|  MXN | 20153698 | USD | 984000 | Goldman Sachs Bank USA | 04/24/25 | (2422) |
|  MXN | 190187303 | USD | 9421305 | NatWest Markets PLC | 04/24/25 | (158307) |
|  MYR | 15386738 | USD | 3484000 | Barclays Bank PLC | 04/24/25 | (10617) |
|  PLN | 2825559 | EUR | 675000 | NatWest Markets PLC | 04/24/25 | (1903) |
|  PLN | 3282555 | USD | 850000 | NatWest Markets PLC | 04/24/25 | (3188) |
|  SGD | 1994475 | USD | 1493000 | JPMorgan Chase Bank N.A. | 04/24/25 | (6523) |
|  USD | 984000 | CLP | 940704000 | Deutsche Bank AG | 04/24/25 | (6611) |
|  USD | 984000 | COP | 4133784000 | Deutsche Bank AG | 04/24/25 | (1313) |
|  USD | 1474588 | EUR | 1364000 | Goldman Sachs Bank USA | 04/24/25 | (2215) |
|  USD | 198000 | INR | 17094429 | HSBC Bank PLC | 04/24/25 | (1593) |
|  USD | 2522000 | THB | 85459231 | Barclays Bank PLC | 04/24/25 | (1229) |
|  USD | 2454000 | ZAR | 45156054 | Citigroup Global Markets, Inc. | 04/24/25 | (4173) |
|  ZAR | 32697808 | EUR | 1660000 | Citigroup Global Markets, Inc. | 04/24/25 | (17301) |
|  ZAR | 31734735 | USD | 1746630 | Toronto-Dominion Bank | 04/24/25 | (19077) |
|  USD | 982000 | BRL | 5695129 | Barclays Bank PLC | 05/05/25 | (9495) |
|  USD | 1476000 | BRL | 8568180 | Citigroup Global Markets, Inc. | 05/05/25 | (15680) |
|  TRY | 53795395 | USD | 1385283 | Barclays Bank PLC | 05/07/25 | (36481) |
|  TRY | 12487716 | USD | 322799 | Barclays Bank PLC | 05/07/25 | (9697) |
|  TRY | 42784912 | USD | 1105961 | Barclays Bank PLC | 05/07/25 | (33222) |
|  EUR | 937481 | USD | 1022996 | JPMorgan Chase Bank N.A. | 05/14/25 | (6850) |
|  USD | 979405 | EUR | 937481 | Standard Chartered Bank | 05/14/25 | (36741) |
|  USD | 997755 | EUR | 955046 | Standard Chartered Bank | 05/14/25 | (37429) |
|  USD | 1002743 | EUR | 959820 | Standard Chartered Bank | 05/14/25 | (37616) |
|  USD | 1002850 | EUR | 959923 | Standard Chartered Bank | 05/14/25 | (37620) |
|  USD | 999741 | EUR | 956946 | Standard Chartered Bank | 05/14/25 | (37503) |
|  USD | 1001408 | EUR | 958542 | Standard Chartered Bank | 05/14/25 | (37566) |
|  USD | 16359819 | ZAR | 305300607 | State Street Bank and Trust Co. | 05/14/25 | (233181) |
|  USD | 1425204 | MXN | 30266686 | State Street Bank and Trust Co. | 06/06/25 | (40572) |
|  IDR | 129680129696 | USD | 7833650 | HSBC Bank PLC | 06/18/25 | (78775) |
|  USD | 61416770 | BRL | 364827900 | UBS AG | 06/18/25 | (1456082) |
|  USD | 33341511 | GBP | 25850000 | NatWest Markets PLC | 06/18/25 | (47797) |
|  USD | 14178 | GBP | 11000 | NatWest Markets PLC | 06/18/25 | (30) |
|  USD | 982000 | TRY | 43099980 | Barclays Bank PLC | 07/31/25 | (2903) |
|  NGN | 624560400 | USD | 393300 | Citigroup Global Markets, Inc. | 09/04/25 | (10660) |
|  NGN | 624561988 | USD | 393301 | Citigroup Global Markets, Inc. | 09/04/25 | (10660) |
|  EGP | 82817000 | USD | 1478083 | Societe Generale | 12/22/25 | (18751) |
|  |  |  |  |  |  | $(4030467) |
|  |  |  |  |  |  | $572021 |

---

62 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 6-7 Year Notes Futures | 449 | 04/04/25 | USD | 111.00 | USD | 5002842 | $231516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year Mid-Curve Options on 3-Month SOFR Futures | 901 | 05/16/25 | USD | 96.88 | USD | 21753519 | 180200 |
|  |  |  |  |  |  |  | $411716 |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond Futures | 24 | 04/25/25 | USD | 115.00 | USD | 282525 | 9375 |
|  |  |  |  |  |  |  | $421091 |

---

#### OTC Barrier Options Purchased

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description*  | *Type of*<br> *Option* | *Counterparty* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Barrier<br>Price/Range* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
|  |  | Morgan Stanley & Co. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Down-and-In | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International PLC | 04/24/25 | USD | 1.08 | USD | 1.07 | EUR | 86000 | $113819 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | HSBC Bank PLC | 04/30/25 | CNH | 7.63 | CNH | 7.63 | USD | 493 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Standard Chartered Bank | 04/30/25 | INR | 88.00 | INR | 88.00 | USD | 256 | 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | HSBC Bank PLC | 05/16/25 | CAD | 1.48 | CAD | 1.48 | USD | 148 | 15839 |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | One-Touch | UBS AG | 06/16/25 | USD | 0.67 | USD | 0.67 | AUD | 469 | 20056 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Under-and-Out | HSBC Bank PLC | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 4946 | 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | UBS AG | 07/18/25 | CAD | 1.53 | CAD | 1.53 | USD | 247 | 13879 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Standard Chartered Bank | 08/29/25 | TWD | 34.60 | TWD | 34.60 | USD | 400 | 35207 |
|  |  |  |  |  |  |  |  |  |  | 220544 |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | 04/04/25 | TRY | 36.75 | TRY | 36.75 | USD | 124 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | 04/08/25 | CLP | 950.00 | CLP | 950.00 | USD | 247 | 128713 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | One-Touch | HSBC Bank PLC | 04/16/25 | USD | 1.02 | USD | 1.02 | EUR | 463 | 1518 |
|  |  | JPMorgan Chase Bank |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Currency | One-Touch | &nbsp;&nbsp;&nbsp;&nbsp; N.A. | 04/30/25 | JPY | 19.00 | JPY | 19.00 | CNH | 3697 | 6786 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | One-Touch | BNP Paribas S.A. | 04/30/25 | USD | 1.01 | USD | 1.01 | EUR | 239 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Down-and-Out | UBS AG | 05/19/25 | JPY | 147.00 | JPY | 142.50 | USD | 2987 | 7670 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Down-and-Out | UBS AG | 06/05/25 | JPY | 150.00 | JPY | 142.00 | USD | 5949 | 54070 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | One-Touch | Bank of America N.A. | 06/06/25 | CZK | 24.50 | CZK | 24.50 | EUR | 462 | 42937 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Down-and-Out | UBS AG | 06/17/25 | MXN | 19.90 | MXN | 19.45 | USD | 2960 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | One-Touch | HSBC Bank PLC | 07/24/25 | USD | 1.00 | USD | 1.00 | EUR | 2221 | 82350 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Down-and-Out | UBS AG | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 4976 | 22556 |
|  |  |  |  |  |  |  |  |  |  | 351693 |
|  |  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;572237 |

---

#### OTC Options Purchased

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 04/02/25 | BRL | 6.00 | USD | 2980 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | 04/02/25 | BRL | 6.15 | USD | 2235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | BNP Paribas S.A. | 04/03/25 | USD | 1.07 | EUR | 4754 | 57641 |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | Bank of America N.A. | 04/08/25 | USD | 0.64 | AUD | 3944 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | BNP Paribas S.A. | 04/10/25 | USD | 0.64 | AUD | 289386 | 110130 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 04/14/25 | MXN | 21.00 | USD | 3935 | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 04/15/25 | MXN | 20.40 | USD | 1480 | 21407 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 04/17/25 | CAD | 1.47 | USD | 4933 | 7773 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Standard Chartered Bank | 04/29/25 | THB | 34.30 | USD | 2952 | 13860 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | JPMorgan Chase Bank N.A. | 04/30/25 | CNH | 7.35 | USD | 5090 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | BNP Paribas S.A. | 05/05/25 | USD | 1.08 | EUR | 4681 | 58363 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 63

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Options Purchased (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Barclays Bank PLC | 05/08/25 | NOK | 11.80 | EUR | 1371 | $1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS USISSO01 2Y-10 OPTION | Goldman Sachs Bank USA | 08/19/25 | USD | 0.40 | USD | 4486330 | 3330446 |
|  |  |  |  |  |  |  | 3625845 |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | HSBC Bank PLC | 04/03/25 | SGD | 1.33 | USD | 5037 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | 04/10/25 | BRL | 5.75 | USD | 2975 | 36817 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 04/15/25 | ZAR | 18.18 | USD | 2952 | 18367 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG | 04/15/25 | MXN | 19.90 | USD | 1480 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | 04/16/25 | USD | 1.08 | EUR | 4512 | 30140 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Goldman Sachs International | 04/16/25 | USD | 1.01 | EUR | 250571 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC | 04/16/25 | USD | 0.99 | EUR | 250571 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Standard Chartered Bank | 04/29/25 | KRW | 1460.00 | USD | 2460 | 14562 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Goldman Sachs International | 05/08/25 | NOK | 11.55 | EUR | 2742 | 50958 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | JPMorgan Chase Bank N.A. | 05/08/25 | USD | 1.01 | EUR | 2770 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | UBS AG | 05/08/25 | USD | 1.04 | EUR | 5540 | 6034 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 05/29/25 | TRY | 40.00 | USD | 734 | 16738 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Barclays Bank PLC | 07/15/25 | USD | 1.02 | EUR | 6848 | 12516 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | UBS AG | 07/15/25 | USD | 1.06 | EUR | 4565 | 28183 |
|  |  |  |  |  |  |  | 223352 |
|  |  |  |  |  |  |  | $3849197 |

---

#### OTC Credit Default Swaptions Purchased

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* |  |  |  |  | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Price* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Price* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Price* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on 5-Year Credit Default Swap, 12/20/29 | ITRAXX.XO.42.V2 | Quarterly | 5% | Quarterly | Morgan Stanley & Co. International PLC | 04/16/25 | 300.00 | EUR | 10622 | $124926 |

---

#### OTC Interest Rate Swaptions Purchased

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* |  |  |  |  | Counterparty | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | Counterparty | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | Counterparty | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 1-day SOFR, 4.49% | Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74% | USD | 2106495 | $1539984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 1-day SOFR, 4.49% | Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74% | USD | 1053248 | 769993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 1-day SOFR, 4.49% | Annual | 3.74% | Annual | Goldman Sachs International | 05/16/25 | 3.74% | USD | 4132756 | 3021312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 1-day SOFR, 4.41% | Annual | 4.34% | Annual | Deutsche Bank AG | 01/13/27 | 4.34% | USD | 36256 | 2367509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 1-day SOFR, 4.41% | Annual | 4.35% | Annual | Deutsche Bank AG | 01/13/27 | 4.35% | USD | 36256 | 2386932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 1-day SOFR, 4.41% | Annual | 3.69% | Annual | Morgan Stanley & Co.<br>International PLC | 03/29/27 | 3.93% | USD | 59907 | 2780086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 1-day SOFR, 4.41% | Annual | 4.17% | Annual | BNP Paribas S.A. | 03/29/27 | 4.00% | USD | 20336 | 1006038 |
|  |  |  |  |  |  |  |  |  |  | 13871854 |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 08/28/26 | 3.87% | Annual | 1-day SOFR, 4.41% | Annual | JPMorgan Chase Bank N.A. | 08/26/25 | 3.87% | USD | 201704 | $289513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, 4.41% | Annual | Deutsche Bank AG | 01/13/27 | 4.34% | USD | 36256 | 902641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 4.35% | Annual | 1-day SOFR, 4.41% | Annual | Deutsche Bank AG | 01/13/27 | 4.35% | USD | 36256 | 893843 |

---

64 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Interest Rate Swaptions Purchased (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* |  |  |  |  | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Notional* | *Value* |
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Amount*<br> *(000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* |  | *Amount*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 3.93% | Annual | 1-day SOFR, 4.41% | Annual | Morgan Stanley & Co.<br>International PLC | 03/29/27 | 3.93% | USD | 59907 | $2342818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 4.00% | Annual | 1-day SOFR, 4.41% | Annual | BNP Paribas S.A. | 03/29/27 | 4.00% | USD | 20336 | 747658 |
|  |  |  |  |  |  |  |  |  |  | 5176473 |
|  |  |  |  |  |  |  |  |  |  | $19048327 |

---

#### Exchange-Traded Options Written

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 6-7 Year Notes Futures | 449 | 04/04/25 | USD | 111.50 | USD | 5002842 | $(161359) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures | 22 | 04/25/25 | USD | 111.50 | USD | 245128 | (14094) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year Mid-Curve Options on 3-Month SOFR Futures | 901 | 05/16/25 | USD | 97.00 | USD | 21753519 | (129519) |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. | 625 | 05/16/25 | USD | 45.00 | USD | 2641 | (211250) |
|  |  |  |  |  |  |  | $(516222) |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond Futures | 37 | 04/25/25 | USD | 113.00 | USD | 435559 | (4625) |
|  |  |  |  |  |  |  | $(520847) |

---

#### OTC Barrier Options Written

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of<br>Option* | *Counterparty* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Barrier<br>Price/Range* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | 04/08/25 | CLP | 950.00 | CLP | 950.00 | USD | 124 | $(64357) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | 04/08/25 | CLP | 950.00 | CLP | 950.00 | USD | 124 | (64357) |
|  |  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(128714) |

---

#### OTC Options Written

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration<br>Date* |  | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 04/02/25 | BRL | 6.15 | USD | 4470 | $(0) |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | Morgan Stanley & Co. International PLC | 04/08/25 | USD | 0.64 | AUD | 3944 | (1743) |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | Morgan Stanley & Co. International PLC | 04/10/25 | USD | 0.64 | AUD | 289386 | (110130) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Standard Chartered Bank | 04/29/25 | KRW | 1500.00 | USD | 2460 | (8290) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | BNP Paribas S.A. | 05/05/25 | USD | 1.10 | EUR | 9362 | (46038) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Goldman Sachs International | 05/08/25 | NOK | 12.00 | EUR | 2742 | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 05/23/25 | CLP | 950.00 | USD | 1978 | (40384) |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD Currency | Bank of America N.A. | 05/28/25 | USD | 0.64 | AUD | 3944 | (16855) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 05/29/25 | MXN | 22.00 | USD | 1968 | (10845) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 05/29/25 | TRY | 48.00 | USD | 367 | (4922) |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS USISSO01 2Y-10 OPTION | Goldman Sachs Bank USA | 08/19/25 | USD | 0.81 | USD | 4486330 | (684334) |
|  |  |  |  |  |  |  | (924558) |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | 04/01/25 | MXN | 20.25 | USD | 1490 | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 04/04/25 | TRY | 37.00 | USD | 1239 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 04/10/25 | BRL | 5.75 | USD | 2975 | (36817) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 04/15/25 | MXN | 19.90 | USD | 1480 | (2308) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 04/15/25 | ZAR | 18.40 | USD | 1482 | (18105) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 65

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Options Written (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration<br>Date* |  | *Exercise Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Goldman Sachs International | 04/16/25 | USD | 0.99 | EUR | 250571 | $(1128) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC | 04/16/25 | USD | 1.01 | EUR | 250571 | (4722) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | UBS AG | 05/08/25 | USD | 1.01 | EUR | 5540 | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 05/16/25 | TRY | 39.50 | USD | 1479 | (25488) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 05/28/25 | MXN | 20.10 | USD | 1472 | (13129) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 05/29/25 | CLP | 930.00 | USD | 3007 | (36819) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | 05/29/25 | BRL | 5.75 | USD | 2975 | (57748) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | UBS AG | 07/15/25 | USD | 1.02 | EUR | 6848 | (12516) |
|  |  |  |  |  |  |  | <u>(210364</u>) |
|  |  |  |  |  |  |  | $(1134922) |

---

#### OTC Credit Default Swaptions Written

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Price* |  | *Notional<br>Amount<br>(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on 5-Year Credit Default Swap, 12/20/29 | ITRAXX.XO.42.V2 | Quarterly | 5% | Quarterly | Morgan Stanley & Co.<br>International PLC | 04/16/25 | 287.00 | EUR | 5311 | $&nbsp;&nbsp;&nbsp;&nbsp;(4365) |

---

#### OTC Interest Rate Swaptions Written

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* |  |  |  |  | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* |
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, 4.49% | Annual | Citibank N.A. | 05/16/25 | 2.94% | USD | 2106495 | $(72894) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, 4.49% | Annual | Citibank N.A. | 05/16/25 | 2.94% | USD | 1053248 | (36447) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, 4.49% | Annual | Goldman Sachs<br>International | 05/16/25 | 2.94% | USD | 4132756 | (143011) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 05/29/27 | 3.70% | Annual | 1-day SOFR, 4.41% | Annual | Goldman Sachs<br>International | 05/27/25 | 3.70% | USD | 20709 | (74489) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/22/27 | 3.69% | Annual | 1-day SOFR, 4.41% | Annual | Citibank N.A. | 06/20/25 | 3.69% | USD | 91615 | (403489) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/28/30 | 3.70% | Semi-Annual | 1-day SOFR, 4.41% | Annual | Morgan Stanley & Co.<br>International PLC | 06/26/25 | 3.70% | CZK | 78587 | (40218) |
|  |  |  |  |  |  |  |  |  |  | (770548) |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/22/27 | 1-day SOFR, 4.41% | Annual | 4.12% | Annual | Citibank N.A. | 06/20/25 | 3.69% | USD | 91615 | $(285306) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 08/28/26 | 1-day SOFR, 4.41% | Annual | 4.00% | Annual | JPMorgan Chase<br>Bank N.A. | 08/26/25 | 4.12% | USD | 201704 | (133129) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 08/28/26 | 1-day SOFR, 4.41% | Annual | 3.93% | Annual | Bank of America N.A. | 08/26/25 | 4.17% | USD | 201704 | (111950) |
|  |  |  |  |  |  |  |  |  |  | $(530385) |
|  |  |  |  |  |  |  |  |  |  | $(1300933) |

---

66 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Centrally Cleared Credit Default Swaps — Buy Protection

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Paid by<br>the*<br> *Fund* | *Payment<br>Frequency* | *Termination<br>Date* |  | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  ITRAXX.EUR.43.V1 | 1.00% | Quarterly | 06/20/30 | EUR | 17284 | $(335535) | $(383364) | $47829 |
|  ITRAXX.EUR.43.V1 | 5.00 | Quarterly | 06/20/30 | EUR | 8215 | (680017) | (758112) | 78095 |
|  ITRAXX.FINSR.43.V1 | 1.00 | Quarterly | 06/20/30 | EUR | 54428 | (896058) | (1040839) | 144781 |
|  Republic of Columbia | 1.00 | Quarterly | 06/20/30 | USD | 4259 | 241104 | 230811 | 10293 |
|  |  |  |  |  |  | $(1670506) | $(1951504) | $280998 |

---

#### Centrally Cleared Credit Default Swaps — Sell Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Received<br>by*<br> *the*<br> *Fund* | *Payment<br>Frequency* | *Termination<br>Date* | *Credit<br>Rating<sup>(a)</sup>* |  | *Notional<br>Amount<br>(000)<sup>(b)</sup>* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CDX.N.A.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | B+ | USD | 854575 | $45486831 | $49612615 | $(4125784) |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. 

#### Centrally Cleared Inflation Swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  2.69% | At Termination | U.S. CPI Urban Consumers<br>NAS(CPURNSA) | At Termination | 04/15/28 | USD | 47411 | $391274 | $7289 | $383985 |
|  2.69% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/28 | USD | 47411 | 382422 | 5831 | 376591 |
|  2.83% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/28 | USD | 93393 | 88704 |  | 88704 |
|  2.84% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/28 | USD | 46697 | 41429 |  | 41429 |
|  2.84% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/28 | USD | 46696 | 40259 |  | 40259 |
|  2.87% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/28 | USD | 93393 | (78614) |  | (78614) |
|  2.53% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 37929 | 307245 | (7328) | 314573 |
|  2.54% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 37929 | 298189 | (5863) | 304052 |
|  2.68% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 37357 | 29328 |  | 29328 |
|  2.69% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 37357 | 27534 |  | 27534 |
|  2.69% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 74714 | 46095 |  | 46095 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 67

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Centrally Cleared Inflation Swaps (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  2.72% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/15/29 | USD | 74714 | $(83212) | $— | $(83212) |
|  2.53% | At Termination | U.S. CPI Urban Consumers<br>NAS (CPURNSA) | At Termination | 04/02/35 | USD | 6919 | (7991) |  | (7991) |
|  |  |  |  |  |  |  | $1482662 | $(71) | $1482733 |

---

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  5.14% | Semi-Annual | 6-month WIBOR,<br>5.76% | Annual | N/A | 12/20/25 | PLN | 25383 | $36432 | $— | $36432 |
|  9.31% | Monthly | 28-day MXIBTIIE,<br>9.27% | Monthly | N/A | 01/09/26 | MXN | 37169 | (14482) |  | (14482) |
|  28-day MXIBTIIE, 9.27% | Monthly | 8.47% | Monthly | N/A | 02/25/26 | MXN | 222546 | 27708 |  | 27708 |
|  8.15% | Quarterly | 3-month JIBAR,<br>7.56% | Quarterly | 05/07/25<sup>(a)</sup> | 05/07/26 | ZAR | 150989 | (58704) |  | (58704) |
|  1-day SOFR, 4.41% | At Termination | 3.80% | At Termination | 05/16/25<sup>(a)</sup> | 05/16/26 | USD | 369112 | (250359) |  | (250359) |
|  1-day SOFR, 4.41% | At Termination | 3.90% | At Termination | 05/16/25<sup>(a)</sup> | 05/16/26 | USD | 283259 | 84156 |  | 84156 |
|  3.79% | At Termination | 1-day SOFR,<br>4.41% | At Termination | 05/16/25<sup>(a)</sup> | 05/16/26 | USD | 369112 | 273040 |  | 273040 |
|  3.81% | At Termination | 1-day SOFR,<br>4.41% | At Termination | 05/16/25<sup>(a)</sup> | 05/16/26 | USD | 283259 | 153447 | 198613 | (45166) |
|  7.97% | Quarterly | 3-month JIBAR,<br>7.56% | Quarterly | 06/06/25<sup>(a)</sup> | 06/06/26 | ZAR | 103987 | (31739) |  | (31739) |
|  1-day SOFR, 4.41% | At Termination | 3.78% | At Termination | 08/26/25<sup>(a)</sup> | 08/26/26 | USD | 19254 | 22165 |  | 22165 |
|  3.82% | At Termination | 1-day SOFR,<br>4.41% | At Termination | 08/26/25<sup>(a)</sup> | 08/26/26 | USD | 19254 | (28251) |  | (28251) |
|  5.16% | Semi-Annual | 6-month WIBOR,<br>5.76% | Annual | N/A | 09/19/26 | PLN | 28267 | (8379) |  | (8379) |
|  1.00% | At Termination | 1-Day TONA,<br>0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 25830724 | (4572) |  | (4572) |
|  1.02% | At Termination | 1-Day TONA,<br>0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 58560835 | (90871) |  | (90871) |
|  1.03% | At Termination | 1-Day TONA,<br>0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 63212579 | (131424) |  | (131424) |
|  3.87% | Annual | 1-day SOFR,<br>4.41% | Annual | 06/02/25<sup>(a)</sup> | 03/15/27 | USD | 29271 | (101080) |  | (101080) |
|  5.13% | Semi-Annual | 6-month WIBOR,<br>5.76% | Annual | N/A | 03/19/27 | PLN | 16230 | (16950) |  | (16950) |
|  5.14% | Semi-Annual | 6-month WIBOR,<br>5.76% | Annual | N/A | 03/19/27 | PLN | 27049 | (29941) |  | (29941) |
|  6-Month BUBOR, 6.53% | Annual | 6.50% | Semi-Annual | N/A | 03/19/27 | HUF | 3114689 | (15205) |  | (15205) |
|  1-day SOFR, 4.41% | Annual | 3.64% | Annual | 06/20/25<sup>(a)</sup> | 06/20/27 | USD | 16491 | 4641 |  | 4641 |
|  28-day MXIBTIIE, 9.27% | Monthly | 8.08% | Monthly | N/A | 03/07/28 | MXN | 118779 | 21861 |  | 21861 |
|  7-Day China Fixing Repo Rates, 2.49% | Quarterly | 1.58% | Quarterly | N/A | 03/19/28 | CNY | 43942 | (1766) |  | (1766) |
|  |  | 28-day MXIBTIIE, |  |  |  |  |  |  |  |  |
|  8.97% | Monthly | 9.27% | Monthly | N/A | 12/14/29 | MXN | 39964 | (72115) |  | (72115) |
|  1-Day MIBOR, |  |  |  |  |  |  |  |  |  |  |
|  7.20% | Semi-Annual | 6.00% | Semi-Annual | N/A | 03/19/30 | INR | 509941 | 25345 |  | 25345 |
|  6-Month BUBOR, 6.53% | Annual | 6.55% | Semi-Annual | N/A | 03/19/30 | HUF | 444010 | (9250) |  | (9250) |
|  6-Month PRIBOR, 3.61% | Annual | 3.69% | Semi-Annual | N/A | 03/19/30 | CZK | 55587 | 14522 |  | 14522 |

---

68 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Centrally Cleared Interest Rate Swaps (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  6-month WIBOR, 5.76% | Annual | 4.88% | Semi-Annual | N/A | 03/19/30 | PLN | 9201 | $24504 | $— | $24504 |
|  6-month WIBOR, 5.76% | Annual | 4.91% | Semi-Annual | N/A | 03/19/30 | PLN | 6783 | 19747 |  | 19747 |
|  6-month WIBOR, 5.76% | Annual | 4.94% | Semi-Annual | N/A | 03/19/30 | PLN | 15335 | 50693 |  | 50693 |
|  7.94% | Quarterly | 3-month JIBAR,<br>7.56% | Quarterly | N/A | 03/19/30 | ZAR | 118530 | (51815) |  | (51815) |
|  6-Month PRIBOR, 3.61% | Annual | 3.56% | Semi-Annual | 06/18/25<sup>(a)</sup> | 06/18/30 | CZK | 37485 | 41 |  | 41 |
|  6-Month PRIBOR, 3.61% | Annual | 3.66% | Semi-Annual | 06/18/25<sup>(a)</sup> | 06/18/30 | CZK | 31435 | 6313 | 3729 | 2584 |
|  3.38% | Annual | 1-<br>day SOFR, 4.41% | Annual | N/A | 10/09/34 | USD | 17804 | 636243 |  | 636243 |
|  9.45% | Monthly | 28-day MXIBTIIE,<br>9.27% | Monthly | N/A | 01/03/35 | MXN | 83469 | (299323) |  | (299323) |
|  6.07% | Semi-Annual | 1-Day MIBOR,<br>7.20% | Semi-Annual | N/A | 03/19/35 | INR | 59032 | (3745) |  | (3745) |
|  2.49% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 02/19/54 | EUR | 41301 | 1379380 |  | 1379380 |
|  2.51% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 02/20/54 | EUR | 41301 | 1237372 |  | 1237372 |
|  2.51% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 02/20/54 | EUR | 40708 | 1152905 |  | 1152905 |
|  2.51% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 03/01/54 | EUR | 20868 | 589125 |  | 589125 |
|  2.46% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 03/22/54 | EUR | 8764 | 354029 |  | 354029 |
|  2.54% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 04/22/54 | EUR | 33918 | 335867 | (72345) | 408212 |
|  2.43% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 06/19/54 | EUR | 8347 | 281813 |  | 281813 |
|  2.43% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 06/20/54 | EUR | 8082 | 272267 |  | 272267 |
|  6-month EURIBOR, 2.34% | Annual | 2.44% | Semi-Annual | N/A | 06/24/54 | EUR | 5548 | (170189) |  | (170189) |
|  6-month EURIBOR, 2.34% | Annual | 2.26% | Semi-Annual | N/A | 10/22/54 | EUR | 5070 | (438845) | (24347) | (414498) |
|  6-month EURIBOR, 2.34% | Annual | 2.18% | Semi-Annual | N/A | 11/07/54 | EUR | 6561 | (675257) |  | (675257) |
|  6-month EURIBOR, 2.34% | Annual | 2.19% | Semi-Annual | N/A | 02/13/55 | EUR | 1730 | (170488) | (1039) | (169449) |
|  1.95% | Semi-Annual | 6-month<br>EURIBOR, 2.34% | Annual | N/A | 02/13/75 | EUR | 1179 | 185961 | 657 | 185304 |
|  |  |  |  |  |  |  |  | $4514827 | $105268 | $4409559 |

---

<sup>(a)</sup> Forward Swap.

#### OTC Credit Default Swaps — Buy Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Paid*<br> *by the<br>Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* |  | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Avis Budget Group, Inc. | 5.00% | Quarterly | JPMorgan Chase Bank N.A. | 06/20/25 | USD | 2540 | $(24560) | $13823 | $(38383) |
|  Caterpillar, Inc. | 1.00 | Quarterly | Deutsche Bank AG | 06/20/27 | USD | 4300 | (81167) | (45917) | (35250) |
|  BorgWarner, Inc. | 1.00 | Quarterly | BNP Paribas S.A. | 12/20/27 | USD | 1000 | (13497) | 7559 | (21056) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Bank of America N.A. | 12/20/27 | USD | 620 | 10104 | 89608 | (79504) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 250 | 4074 | 37161 | (33087) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 69

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Credit Default Swaps — Buy Protection (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Paid*<br> *by the<br>Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* |  | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Pitney Bowes, Inc. | 1.00% | Quarterly | Citibank N.A. | 12/20/27 | USD | 380 | $6193 | $58199 | $(52006) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs International | 12/20/27 | USD | 780 | 12712 | 148173 | (135461) |
|  Simon Property Group LP | 1.00 | Quarterly | Goldman Sachs International | 12/20/27 | USD | 3640 | (62311) | 30792 | (93103) |
|  Credit Suisse Group AG | 1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | EUR | 1350 | (29639) | 57771 | (87410) |
|  Credit Suisse Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3500 | (76842) | 82539 | (159381) |
|  Deutsche Bank AG | 1.00 | Quarterly | BNP Paribas S.A. | 06/20/28 | EUR | 4400 | (84820) | 239937 | (324757) |
|  Deutsche Bank AG | 1.00 | Quarterly | Goldman Sachs International | 06/20/28 | EUR | 4400 | (84820) | 167173 | (251993) |
|  Boeing Co. (The) | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 4700 | (46524) | (17095) | (29429) |
|  Boeing Co. (The) | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 4700 | (43981) | 47586 | (91567) |
|  American Electric Power Co., Inc. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | USD | 39219 | (1166873) | (1030130) | (136743) |
|  American Express Co. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | USD | 19990 | (547462) | (535840) | (11622) |
|  Dominion Energy, Inc. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | USD | 19396 | (492777) | (493424) | 647 |
|  |  |  | Morgan Stanley & Co. |  |  |  |  |  |  |
|  Federative Republic of Brazil | 1.00 | Quarterly | International PLC | 06/20/30 | USD | 11026 | 431038 | 474561 | (43523) |
|  Republic of Turkey | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 5120 | 481865 | 402779 | 79086 |
|  United Mexican States | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 5413 | 88716 | 87043 | 1673 |
|  CMBX.NA.9.AAA | 0.50 | Monthly | Morgan Stanley & Co.<br>International PLC | 09/17/58 | USD | 2992 | (1293) | 29844 | (31137) |
|  CMBX.NA.9.AAA | 0.50 | Monthly | Morgan Stanley & Co.<br>International PLC | 09/17/58 | USD | 63 | (27) | 687 | (714) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Citigroup Global Markets,<br>Inc. | 09/17/58 | USD | 2080 | 369287 | 62333 | 306954 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs International | 09/17/58 | USD | 3544 | 629208 | 250284 | 378924 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co.<br>International PLC | 09/17/58 | USD | 204 | 36218 | 10009 | 26209 |
|  CMBX.NA.6.AAA | 0.50 | Monthly | Deutsche Bank AG | 05/11/63 | USD | 7 | (1) | (2) | 1 |
|  |  |  |  |  |  |  | $(687179) | $175453 | $(862632) |

---

#### OTC Credit Default Swaps — Sell Protection

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Received<br>by*<br> *the Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* | *Credit<br>Rating<sup>(a)</sup>* | *Notional<br>Amount*<br> *(000)<sup>(b)</sup>* | *Notional<br>Amount*<br> *(000)<sup>(b)</sup>* | *Value* | *Upfront*<br> *Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Vistra Operations Co. LLC | 5.00% | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | USD | 1015 | $33556 | $12896 | $20660 |
|  PacifiCorp | 0.13 | Monthly | JPMorgan Chase Bank N.A. | 09/29/27 | A | USD | 6915 | (3546) | (4512) | 966 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Deutsche Bank AG | 09/17/58 | N/R | USD | 906 | (160853) | (91920) | (68933) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R | USD | 1310 | (232580) | (129440) | (103140) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 09/17/58 | N/R | USD | 121 | (21482) | (24193) | 2711 |
|  |  |  | Morgan Stanley & Co. |  |  |  |  |  |  |  |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 231 | (41012) | (11899) | (29113) |
|  |  |  | Morgan Stanley & Co. |  |  |  |  |  |  |  |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 1060 | (188194) | (45420) | (142774) |
|  |  |  | Morgan Stanley & Co. |  |  |  |  |  |  |  |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 1200 | (213050) | (1320) | (211730) |
|  |  |  | Morgan Stanley & Co. |  |  |  |  |  |  |  |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 1000 | (177542) | (233538) | 55996 |
|  CMBX.NA.10.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 11/17/59 | BBB- | USD | 60 | (11609) | (4390) | (7219) |
|  |  |  |  |  |  |  |  | $(1016312) | $(533736) | $(482576) |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of agreement. 

70 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Interest Rate Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Counterparty* | *Termination<br>Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Termination<br>Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination<br>Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  9.73% | At Termination | 1-day COOIS,<br> 8.97%1-day COOIS, | At<br>Termination | Morgan<br>Stanley &<br>Co.<br>International<br>PLC<br>JPMorgan<br>Chase | 05/10/25 | COP | 16035300 | $(7143) | $— | $(7143) |
|  9.81% | At Termination | 8.97% | At<br>Termination | Bank N.A. | 05/10/25 | COP | 23970250 | (11820) |  | (11820) |
|  1-day BZDIOVER, 14.15% | At Termination | 10.98% | At<br>Termination | BNP<br>Paribas<br>S.A. | 07/01/25 | BRL | 28021 | (58891) |  | (58891) |
|  1-day BZDIOVER, 14.15% | At Termination | 10.81% | At<br>Termination | BNP<br>Paribas<br>S.A. | 07/01/25 | BRL | 44581 | (106500) |  | (106500) |
|  8.62% | At Termination | 1-day COOIS,<br>8.97% | At<br>Termination | JPMorgan<br>Chase Bank<br>N.A. | 11/05/25 | COP | 44297919 | 54822 |  | 54822 |
|  1-day BZDIOVER, 14.15% | At Termination | 9.79% | At<br>Termination | BNP<br>Paribas<br>S.A. | 01/04/27 | BRL | 43250 | (791602) |  | (791602) |
|  1-day BZDIOVER, 14.15% | At Termination | 10.32% | At<br>Termination | Bank of<br>America<br>N.A. | 01/04/27 | BRL | 616 | (9311) |  | (9311) |
|  10.97% | At Termination | 1-day<br>BZDIOVER,<br>14.15% | At<br>Termination | Barclays<br>Bank PLC | 01/04/27 | BRL | 50523 | 611809 |  | 611809 |
|  11.57% | At Termination | 1-day<br>BZDIOVER,<br>14.15% | At<br>Termination | BNP<br>Paribas<br>S.A. | 01/04/27 | BRL | 21383 | 203161 |  | 203161 |
|  1-day BZDIOVER, 14.15% | At Termination | 13.09% | At<br>Termination | Bank of<br>America<br>N.A. | 01/04/27 | BRL | 38388 | (178243) |  | (178243) |
|  15.41% | At Termination | 1-day<br>BZDIOVER,<br>14.15% | At<br>Termination | Citibank<br>N.A. | 01/04/27 | BRL | 23897 | (63145) |  | (63145) |
|  1-day BZDIOVER, 14.15% | At Termination | 14.55% | At<br>Termination | Bank of<br>America<br>N.A. | 01/04/27 | BRL | 17001 | (14239) |  | (14239) |
|  1-day BZDIOVER, 14.15% | At Termination | 14.48% | At<br>Termination | Bank of<br>America<br>N.A. | 01/04/27 | BRL | 24168 | (22421) |  | (22421) |
|  1-day BZDIOVER, 14.15% | At Termination | 13.15% | At<br>Termination | Goldman<br>Sachs<br>International | 01/02/29 | BRL | 13556 | (114310) |  | (114310) |
|  1-day BZDIOVER, 14.15% | At Termination | 13.02% | At<br>Termination | Barclays<br>Bank PLC | 01/02/29 | BRL | 19066 | (177974) |  | (177974) |
|  8.73% | At Termination | 1-day COOIS,<br>8.97% | At<br>Termination | Morgan<br>Stanley &<br>Co.<br>International<br>PLC | 01/14/30 | COP | 6295448 | (6772) |  | (6772) |
|  8.78% | At Termination | 1-day COOIS,<br>8.97% | At<br>Termination | Morgan<br>Stanley &<br>Co.<br>International<br>PLC | 01/14/30 | COP | 2167560 | (3280) |  | (3280) |
|  |  |  |  |  |  |  |  | $(695859) | $— | $(695859) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 71

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Total Return Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination*<br> *Date* |  | *Notional<br>Amount*<br> *(000)* |  | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination*<br> *Date* |  | *Notional<br>Amount*<br> *(000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  0.00% | Quarterly | Goldman Sachs Intraday Delta Replication VVol Series 5 Excess Return Strategy | Quarterly | Goldman Sachs International | 05/06/25 | USD | 71327 | $199604 | $— | $199604 |
|  0.00% | Quarterly | Goldman Sachs Intraday Delta Replication VVol Series 5 Excess Return Strategy | Quarterly | Goldman Sachs International | 05/06/25 | USD | 21671 | 60645 |  | 60645 |
|  0.00% | Quarterly | Goldman Sachs Systematic Skew U.S. Series 10 Excess Return Strategy | Quarterly | Goldman Sachs International | 12/06/25 | USD | 15186 | 43509 |  | 43509 |
|  |  |  |  |  |  |  |  | $303758 | $— | $303758 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination Date* | *Net*<br> *Notional* | *Accrued<br>Unrealized<br>Appreciation*<br> *(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross Notional<br>Amount Net<br>Asset<br>Percentage* |
| Equity Securities<br> Long/Short | Monthly | Barclays Bank PLC<sup>(b)</sup> | 03/23/26–02/25/27 | $(11155813) | $536814 <sup>(c)</sup> | $(10249853) | 0.8% |
|  | Monthly | Citibank N.A.<sup>(d)</sup> | 02/26/26–02/24/28 | (11549675) | (864669)<sup>(e)</sup> | (12372338) | 0.8 |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(f)</sup> | 02/09/26–02/11/26 | (5908726) | (439771)<sup>(g)</sup> | (6421364) | 0.6 |
|  | Monthly | Merrill Lynch International<sup>(h)</sup> | 02/15/28–03/15/28 | (14521857) | 1429781 <sup>(i)</sup> | (13179856) | 0.9 |
|  |  |  |  |  | $662155 | $(42223411) |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. 

<sup>(c)</sup> Amount includes $(369146) of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $(42006) of net dividends and financing fees. 

<sup>(g)</sup> Amount includes $72,867 of net dividends and financing fees. 

<sup>(i)</sup> Amount includes $87,780 of net dividends and financing fees. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 15-160 basis points | 15-70 basis points | 0-124 basis points |
| Benchmarks: | Swiss Average Rate O/N: | Canadian Overnight Repo Rate Average: | Overnight Reserve Bank of Australia Rate: |
|  | CHF 1-day | CAD 1-day | AUD 1-day |
|  | Euro Short Term Rate: | Euro Short Term Rate: | Overnight Interbank Rate: |
|  | EUR 1-day | EUR 1-day | CAD 1-day |
|  | Sterling Overnight Index Average: | Sterling Overnight Index Average: | Swiss Average Rate O/N: |
|  | GBP 1-day | GBP 1-day | CHF 1-day |
|  | Tokyo Overnight Average Rate: | Tokyo Overnight Average Rate: | Annualized Overnight Deposit MID Rate: |
|  | JPY 1-day | JPY 1-day | DKK 1-day |
|  | Norwegian Overnight Weighted Average: | Norwegian Overnight Weighted Average: | Euro Short-Term Rate: |
|  | NOK 1-day | NOK 1-day | EUR 1-day |
|  | Stockholm Overnight Interbank Offer Rate: | Stockholm Overnight Interbank Offer Rate: | Sterling Overnight Index Average: |
|  | SEK 1-day | SEK 1-day | GBP 1-day |
|  | Overnight Bank Funding Rate: | Overnight Bank Funding Rate: | Hong Kong Overnight Index Average: |
|  | USD 1-day | USD 1-day | HKD 1-day |
|  |  |  | Tokyo Overnight Average Rate: |
|  |  |  | JPY 1-day |
|  |  |  | Overnight TIIE Funding Rate: |
|  |  |  | MXN 1-day |
|  |  |  | Stockholm Overnight Interbank Offer Rate: |

---

72 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | |
|:---|:---|:---|
|  |  | SEK 1-day |
|  |  | Overnight Bank Funding Rate: |
|  |  | USD 1-day |
|  |  | Rand Overnight Interest Rate Fixing: |
|  |  | ZAR 1-day |
|  | (h) |  |
| Range: | 0-350 basis points |  |
| Benchmarks: | Overnight Reserve Bank of Australia Rate: |  |
|  | AUD 1-day |  |
|  | Bank of Canada Overnight Rate Target: |  |
|  | CAD 1-day |  |
|  | Swiss Average Rate O/N: |  |
|  | CHF 1-day |  |
|  | Copenhagen Interbank Swap Rate: |  |
|  | DKK 1-week |  |
|  | Euro Short-Term Rate: |  |
|  | EUR 1-day |  |
|  | Sterling Overnight Index Average: |  |
|  | GBP 1-day |  |
|  | Hong Kong Overnight Index Average: |  |
|  | HKD 1-day |  |
|  | Tokyo Overnight Average Rate: |  |
|  | JPY 1-day |  |
|  | Overnight TIIE Funding Rate: |  |
|  | MXN 1-day |  |
|  | Norwegian Overnight Weighted Average: |  |
|  | NOK 1-day |  |
|  | Stockholm Overnight Interbank Offer Rate: |  |
|  | SEK 1-day |  |
|  | Overnight Bank Funding Rate: |  |
|  | USD 1-day |  |
|  | Johannesburg Interbank Agreed Rate: |  |
|  | ZAR 1-month |  |

---

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Barclays Bank PLC, as of period end, termination dates March 23, 2026 to February 25, 2027:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
|  Textron, Inc. | 20700 | $1495575 | (14.6)% |
| **Automobiles** |  |  |  |
|  General Motors Co. | 21600 | 1015848 | (9.9)% |
| **Banks** |  |  |  |
|  Citigroup, Inc. | 17700 | 1256523 | (12.3)% |
|  Credicorp Ltd. | 6300 | 1172808 | (11.5)% |
|  NatWest Group .PLC | 179200 | 1058067 | (10.3)% |
|  PNC Financial Services Group, Inc. (The) | 13900 | 2443203 | (23.8)% |
|  |  | 5930601 |  |
| **Beverages** |  |  |  |
|  PepsiCo, Inc. | 13500 | 2024190 | (19.8)% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Broadline Retail** |  |  |  |
|  B&M European Value Retail SA | 287400 | $970808 | (9.5)% |
|  Next PLC | 11000 | 1584828 | (15.4)% |
|  |  | 2555636 |  |
| **Building Products** |  |  |  |
|  Geberit AG, Registered Shares | 2800 | 1754163 | (17.1)% |
| **Capital Markets** |  |  |  |
|  Japan Exchange Group, Inc. | 148400 | 1527174 | (14.9)% |
|  Morgan Stanley | 10700 | 1248369 | (12.2)% |
|  |  | 2775543 |  |
| **Chemicals** |  |  |  |
|  Air Water, Inc. | 70900 | 896736 | (8.7)% |
|  Kuraray Co. Ltd. | 78900 | 972243 | (9.5)% |
|  Nippon Paint Holdings Co. Ltd. | 80000 | 600765 | (5.9)% |
|  |  | 2469744 |  |
| **Communications Equipment** |  |  |  |
|  Arista Networks, Inc. | 11100 | 860028 | (8.4)% |
| **Construction & Engineering** |  |  |  |
|  Kinden Corp. | 38000 | 852125 | (8.3)% |
|  Obayashi Corp. | 115600 | 1542144 | (15.1)% |
|  SHO-BOND Holdings Co. Ltd. | 54900 | 1754801 | (17.1)% |
|  |  | 4149070 |  |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Construction Materials** |  |  |  |
|  CRH PLC | 17300 | $1521881 | (14.8)% |
| **Consumer Staples Distribution & Retail** |  |  |  |
|  Costco Wholesale Corp. | 2300 | 2175294 | (21.2)% |
| **Diversified Telecommunication Services** |  |  |  |
|  Elisa Oyj | 39800 | 1940051 | (18.9)% |
|  Telenor ASA | 192200 | 2746341 | (26.8)% |
|  Verizon Communications, Inc. | 37700 | 1710072 | (16.7)% |
|  |  | 6396464 |  |
| **Electrical Equipment** |  |  |  |
|  Rockwell Automation, Inc. | 3700 | 956006 | (9.3)% |
|  Siemens Energy AG | 10100 | 598748 | (5.9)% |
|  Ushio, Inc. | 84600 | 1049556 | (10.2)% |
|  |  | 2604310 |  |
|  **Electronic Equipment, Instruments & Components** |  |  |  |
|  Hamamatsu Photonics KK | 84700 | 825696 | (8.0)% |
|  TE Connectivity PLC | 8900 | 1257748 | (12.3)% |
|  |  | 2083444 |  |
|  **Entertainment** |  |  |  |
|  Nexon Co. Ltd. | 66600 | 912177 | (8.9)% |
|  Tencent Music Entertainment Group, ADR | 62300 | 897743 | (8.7)% |
|  Walt Disney Co. (The) | 11600 | 1144920 | (11.2)% |
|  |  | 2954840 |  |
|  **Food Products** |  |  |  |
|  Archer-Daniels-Midland Co. | 13500 | 648135 | (6.3)% |
|  Kikkoman Corp. | 92100 | 888460 | (8.7)% |
|  |  | 1536595 |  |
|  **Ground Transportation** |  |  |  |
|  CSX Corp. | 71000 | 2089530 | (20.4)% |
|  **Health Care Equipment & Supplies** |  |  |  |
|  Hoya Corp. | 6100 | 688437 | (6.7)% |
|  **Health Care Providers & Services** |  |  |  |
|  As One Corp. | 49800 | 773057 | (7.6)% |
|  Universal Health Services, Inc., Class B | 5300 | 995870 | (9.7)% |
|  |  | 1768927 |  |
|  **Health Care REITs** |  |  |  |
|  Ventas, Inc. | 25500 | 1753380 | (17.1)% |
|  **Hotels, Restaurants & Leisure** |  |  |  |
|  DoorDash, Inc., Class A | 7700 | 1407329 | (13.7)% |
|  Marriott International, Inc./MD, Class A | 5800 | 1381560 | (13.5)% |
|  |  | 2788889 |  |
|  **Household Products** |  |  |  |
|  Henkel AG & Co. KGaA, Preference Shares, NVS | 14400 | 1145767 | (11.2)% |
|  Unicharm Corp. | 88300 | 703291 | (6.8)% |
|  |  | 1849058 |  |
|  **Insurance** |  |  |  |
|  Aegon Ltd. | 160900 | 1056764 | (10.3)% |
|  NN Group NV | 24000 | 1335499 | (13.0)% |
|  |  | 2392263 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Interactive Media & Services** |  |  |  |
|  Kakaku.com, Inc. | 62600 | $896582 | (8.8)% |
|  Match Group, Inc. | 31300 | 976560 | (9.5)% |
|  |  | 1873142 |  |
|  **IT Services** |  |  |  |
|  Capgemini SE | 6100 | 916574 | (8.9)% |
|  **Media** |  |  |  |
|  AMC Networks, Inc., Class A | 45315 | 311767 | (3.0)% |
|  **Metals & Mining** |  |  |  |
|  Mitsui Mining & Smelting Co. Ltd. | 35900 | 1051638 | (10.3)% |
|  **Multi-Utilities** |  |  |  |
|  Engie SA | 57400 | 1118487 | (10.9)% |
|  **Oil, Gas & Consumable Fuels** |  |  |  |
|  EOG Resources, Inc. | 10000 | 1282400 | (12.5)% |
|  **Personal Care Products** |  |  |  |
|  Rohto Pharmaceutical Co. Ltd. | 67800 | 1015217 | (9.9)% |
|  **Pharmaceuticals** |  |  |  |
|  Galderma Group AG | 6600 | 698047 | (6.8)% |
|  Zoetis, Inc. | 9500 | 1564175 | (15.3)% |
|  |  | 2262222 |  |
|  **Semiconductors & Semiconductor Equipment** |  |  |  |
|  Socionext, Inc. | 53000 | 643561 | (6.3)% |
|  **Textiles, Apparel & Luxury Goods** |  |  |  |
|  Goldwin, Inc. | 12500 | 690202 | (6.7)% |
|  Lululemon Athletica, Inc. | 2100 | 594426 | (5.8)% |
|  LVMH Moet Hennessy Louis Vuitton SE | 1500 | 928918 | (9.1)% |
|  |  | 2213546 |  |
|  **Trading Companies & Distributors** |  |  |  |
|  Ashtead Group PLC | 11300 | 610954 | (6.0)% |
|  **Transportation Infrastructure** |  |  |  |
|  Kamigumi Co. Ltd. | 40700 | 952524 | (9.3)% |
|  **Total Reference Entity — Long** |  | 71885742 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** |  |  |
| **Common Stocks** |  |  |  |
|  **Air Freight & Logistics** |  |  |  |
|  InPost SA | 51000 | (748490) | 7.3% |
|  SG Holdings Co. Ltd. | 111800 | (1114971) | 10.9% |
|  |  | (1863461) |  |
|  **Automobiles** |  |  |  |
|  Volkswagen AG, Preference Shares, NVS | 10000 | (1020382) | 10.0% |
|  **Banks** |  |  |  |
|  ABN AMRO Bank NV | 100200 | (2111353) | 20.6% |
|  Commerzbank AG | 28000 | (640780) | 6.3% |
|  Concordia Financial Group Ltd. | 184300 | (1223573) | 11.9% |
|  KeyCorp | 91400 | (1461486) | 14.3% |
|  Nordea Bank Abp | 115200 | (1469373) | 14.3% |
|  Societe Generale SA | 41900 | (1890273) | 18.4% |
|  Standard Chartered PLC | 60100 | (891846) | 8.7% |
|  |  | (9688684) |  |

---

74 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Beverages** |  |  |  |
|  Remy Cointreau SA | 2300 | $(107491) | 1.1% |
|  Sapporo Holdings Ltd. | 10100 | (515913) | 5.0% |
|  |  | (623404) |  |
| **Building Products** |  |  |  |
|  AGC, Inc. | 20600 | (627121) | 6.1% |
|  Allegion PLC | 1600 | (208736) | 2.0% |
|  |  | (835857) |  |
| **Capital Markets** |  |  |  |
|  SBI Holdings, Inc. | 36200 | (977506) | 9.5% |
| **Chemicals** |  |  |  |
|  Arkema SA | 24700 | (1891308) | 18.5% |
|  BASF SE | 37000 | (1854768) | 18.1% |
|  Linde PLC | 2800 | (1303792) | 12.7% |
|  Syensqo SA | 11700 | (798438) | 7.8% |
|  UBE Corp. | 50600 | (738779) | 7.2% |
|  |  | (6587085) |  |
|  **Consumer Staples Distribution & Retail** |  |  |  |
|  Aeon Co. Ltd. | 41000 | (1028277) | 10.0% |
|  Kobe Bussan Co. Ltd. | 29200 | (679847) | 6.7% |
|  MatsukiyoCocokara & Co. | 99000 | (1548755) | 15.1% |
|  |  | (3256879) |  |
| **Containers & Packaging** |  |  |  |
|  International Paper Co. | 1824 | (97191) | 0.9% |
| **Diversified REITs** |  |  |  |
|  United Urban Investment Corp. | 800 | (793449) | 7.7% |
|  **Diversified Telecommunication Services** |  |  |  |
|  Deutsche Telekom AG, Registered Shares | 49100 | (1812771) | 17.7% |
|  **Electronic Equipment, Instruments & Components** |  |  |  |
|  Omron Corp. | 23800 | (672034) | 6.6% |
|  Trimble, Inc. | 17400 | (1142310) | 11.1% |
|  |  | (1814344) |  |
| **Energy Equipment & Services** |  |  |  |
|  Schlumberger NV | 20800 | (869440) | 8.5% |
| **Financial Services** |  |  |  |
|  Mitsubishi HC Capital, Inc. | 197000 | (1334953) | 13.0% |
|  Zenkoku Hosho Co. Ltd. | 37400 | (742967) | 7.3% |
|  |  | (2077920) |  |
| **Food Products** |  |  |  |
|  Kagome Co. Ltd. | 36900 | (723611) | 7.0% |
|  Yakult Honsha Co. Ltd. | 49900 | (949521) | 9.3% |
|  |  | (1673132) |  |
| **Ground Transportation** |  |  |  |
|  Ayvens SA | 87500 | (767875) | 7.5% |
|  Central Japan Railway Co. | 56500 | (1077690) | 10.5% |
|  Hankyu Hanshin Holdings, Inc. | 77800 | (2093387) | 20.4% |
|  |  | (3938952) |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Nipro Corp. | 44600 | (404860) | 4.0% |
|  Solventum Corp. | 9500 | (722380) | 7.0% |
|  |  | (1127240) |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Hotel & Resort REITs** |  |  |  |
|  Invincible Investment Corp. | 1200 | $(505661) | 4.9% |
| **Hotels, Restaurants & Leisure** |  |  |  |
|  Heiwa Corp. | 56900 | (892493) | 8.7% |
| **Household Durables** |  |  |  |
|  SEB SA | 9100 | (860730) | 8.4% |
| **Industrial Conglomerates** |  |  |  |
|  Siemens AG, Registered Shares | 5900 | (1362583) | 13.3% |
| **Insurance** |  |  |  |
|  Assurant, Inc. | 5100 | (1069725) | 10.4% |
|  Beazley PLC | 75000 | (903281) | 8.8% |
|  |  | (1973006) |  |
| **IT Services** |  |  |  |
|  Fujitsu Ltd. | 22200 | (441800) | 4.3% |
|  NTT Data Group Corp. | 12800 | (231873) | 2.3% |
|  SCSK Corp. | 14200 | (351133) | 3.4% |
|  |  | (1024806) |  |
| **Machinery** |  |  |  |
|  Dover Corp. | 8800 | (1545984) | 15.1% |
|  Georg Fischer AG, Registered Shares | 22500 | (1646750) | 16.1% |
|  Hoshizaki Corp. | 17900 | (692885) | 6.7% |
|  Kawasaki Heavy Industries Ltd. | 8800 | (531169) | 5.2% |
|  Parker-Hannifin Corp. | 3600 | (2188260) | 21.3% |
|  Spirax Group PLC | 9200 | (741647) | 7.2% |
|  Sumitomo Heavy Industries Ltd. | 52400 | (1073392) | 10.5% |
|  |  | (8420087) |  |
| **Media** |  |  |  |
|  Dentsu Group, Inc. | 42100 | (929762) | 9.1% |
|  WPP PLC | 183400 | (1393662) | 13.6% |
|  |  | (2323424) |  |
| **Metals & Mining** |  |  |  |
|  Nippon Steel Corp. | 86800 | (1857613) | 18.1% |
|  Sumitomo Metal Mining Co. Ltd. | 59700 | (1304972) | 12.8% |
|  |  | (3162585) |  |
| **Paper & Forest Products** |  |  |  |
|  Oji Holdings Corp. | 176200 | (738613) | 7.2% |
| **Personal Care Products** |  |  |  |
|  Kenvue, Inc. | 79400 | (1904012) | 18.6% |
|  Kose Corp. | 15400 | (639080) | 6.2% |
|  Unilever PLC | 28800 | (1718412) | 16.8% |
|  |  | (4261504) |  |
| **Pharmaceuticals** |  |  |  |
|  AstraZeneca PLC | 4900 | (719540) | 7.0% |
|  Bristol-Myers Squibb Co. | 11300 | (689187) | 6.7% |
|  Hikma Pharmaceuticals PLC | 38800 | (980169) | 9.6% |
|  Ono Pharmaceutical Co. Ltd. | 176700 | (1901053) | 18.6% |
|  Sandoz Group AG | 14000 | (587077) | 5.7% |
|  |  | (4877026) |  |
| **Professional Services** |  |  |  |
|  Dayforce, Inc. | 11900 | (694127) | 6.8% |
|  Paychex, Inc. | 12000 | (1851360) | 18.1% |
|  Paycom Software, Inc. | 3200 | (699136) | 6.8% |
|  |  | (3244623) |  |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 75

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Semiconductors & Semiconductor Equipment** |  |  |  |
|  Advanced Micro Devices, Inc. | 8700 | $(893838) | 8.7% |
|  Analog Devices, Inc. | 4000 | (806680) | 7.9% |
|  Lasertec Corp. | 3200 | (275041) | 2.7% |
|  Shinko Electric Industries Co. Ltd. | 9600 | (470683) | 4.6% |
|  |  | (2446242) |  |
|  **Software** |  |  |  |
|  SAP SE | 900 | (241155) | 2.4% |
|  Temenos AG | 15200 | (1180160) | 11.5% |
|  |  | (1421315) |  |
|  **Specialty Retail** |  |  |  |
|  Avolta AG | 32400 | (1419267) | 13.8% |
|  **Technology Hardware, Storage & Peripherals** |  |  |  |
|  Ricoh Co. Ltd. | 94700 | (1001752) | 9.8% |
|  **Textiles, Apparel & Luxury Goods** |  |  |  |
|  adidas AG | 3600 | (849098) | 8.3% |
|  Kering SA | 4600 | (956985) | 9.3% |
|  |  | (1806083) |  |
|  **Trading Companies & Distributors** |  |  |  |
|  Sumitomo Corp. | 33000 | (752989) | 7.3% |
|  **Wireless Telecommunication Services** |  |  |  |
|  SoftBank Group Corp. | 11400 | (583109) | 5.7% |
|  **Total Reference Entity — Short** |  | (82135595) |  |
|  **Net Value of Reference Entity — Barclays Bank PLC** |  | $(10249853) |  |

---

The following table represents the individual long and short positions and relatedvalues of equity securities underlying the total return swap with Citibank N.A., asof period end, termination dates February 26, 2026 to February 24, 2028:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
|  Kongsberg Gruppen ASA | 3300 | $483830 | (3.9)% |
|  Lockheed Martin Corp. | 6000 | 2680260 | (21.7)% |
|  Rolls-Royce Holdings PLC | 115400 | 1121615 | (9.1)% |
|  TransDigm Group, Inc. | 800 | 1106632 | (8.9)% |
|  |  | 5392337 |  |
|  **Automobile Components** |  |  |  |
|  Magna International, Inc. | 22700 | 771521 | (6.2)% |
|  **Banks** |  |  |  |
|  Fifth Third Bancorp | 32000 | 1254400 | (10.1)% |
|  **Beverages** |  |  |  |
|  Molson Coors Beverage Co., Class B | 20300 | 1235661 | (10.0)% |
|  **Broadline Retail** |  |  |  |
|  MercadoLibre, Inc. | 500 | 975435 | (7.9)% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Building Products** |  |  |  |
|  Daikin Industries Ltd. | 8200 | $889853 | (7.2)% |
|  **Capital Markets** |  |  |  |
|  Amundi SA | 9400 | 736447 | (5.9)% |
|  MSCI, Inc. | 3600 | 2035800 | (16.5)% |
|  Northern Trust Corp. | 12900 | 1272585 | (10.3)% |
|  State Street Corp. | 10100 | 904253 | (7.3)% |
|  T Rowe Price Group, Inc. | 16700 | 1534229 | (12.4)% |
|  |  | 6483314 |  |
|  **Chemicals** |  |  |  |
|  LyondellBasell Industries NV, Class A | 21200 | 1492480 | (12.0)% |
|  Nissan Chemical Corp. | 36500 | 1086722 | (8.8)% |
|  |  | 2579202 |  |
|  **Construction & Engineering** |  |  |  |
|  Shimizu Corp. | 98900 | 880259 | (7.1)% |
|  **Consumer Finance** |  |  |  |
|  American Express Co. | 11200 | 3013360 | (24.4)% |
|  **Electrical Equipment** |  |  |  |
|  NIDEC Corp. | 33400 | 560528 | (4.5)% |
|  **Electronic Equipment, Instruments & Components** |  |  |  |
|  Azbil Corp. | 88000 | 683618 | (5.5)% |
|  Jeol Ltd. | 31900 | 988411 | (8.0)% |
|  |  | 1672029 |  |
|  **Entertainment** |  |  |  |
|  Netflix, Inc. | 2500 | 2331325 | (18.8)% |
|  **Financial Services** |  |  |  |
|  GMO Payment Gateway, Inc. | 8900 | 473559 | (3.8)% |
|  **Food Products** |  |  |  |
|  JDE Peet's NV | 64100 | 1401452 | (11.3)% |
|  Nichirei Corp. | 79400 | 939153 | (7.6)% |
|  |  | 2340605 |  |
|  **Ground Transportation** |  |  |  |
|  Kintetsu Group Holdings Co. Ltd. | 25500 | 544751 | (4.4)% |
|  **Health Care Equipment & Supplies** |  |  |  |
|  Asahi Intecc Co. Ltd. | 56400 | 911065 | (7.4)% |
|  Dexcom, Inc. | 15300 | 1044837 | (8.4)% |
|  Olympus Corp. | 73900 | 967405 | (7.8)% |
|  ResMed, Inc. | 3100 | 693935 | (5.6)% |
|  |  | 3617242 |  |
|  **Health Care REITs** |  |  |  |
|  Healthpeak Properties, Inc. | 55000 | 1112100 | (9.0)% |
|  **Hotels, Restaurants & Leisure** |  |  |  |
|  Accor SA | 25200 | 1149253 | (9.3)% |
|  Booking Holdings, Inc. | 300 | 1382073 | (11.2)% |
|  Sodexo SA | 21200 | 1361659 | (11.0)% |
|  |  | 3892985 |  |
|  **Household Durables** |  |  |  |
|  Garmin Ltd. | 5100 | 1107363 | (9.0)% |
|  **Household Products** |  |  |  |
|  Procter & Gamble Co. (The) | 8800 | 1499696 | (12.1)% |

---

76 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Independent Power and Renewable Electricity Producers** |  |  |  |
|  AES Corp. (The) | 50300 | $624726 | (5.0)% |
|  **Insurance** |  |  |  |
|  Allianz SE, Registered Shares | 6000 | 2296259 | (18.6)% |
|  Erie Indemnity Co., Class A, NVS | 1900 | 796195 | (6.4)% |
|  |  | 3092454 |  |
|  **IT Services** |  |  |  |
|  Snowflake, Inc., Class A | 4200 | 613872 | (5.0)% |
|  **Leisure Products** |  |  |  |
|  Yamaha Corp. | 114100 | 885453 | (7.2)% |
|  **Machinery** |  |  |  |
|  Atlas Copco AB, A Shares | 59000 | 942433 | (7.6)% |
|  **Multi-Utilities** |  |  |  |
|  Centrica PLC | 428700 | 830071 | (6.7)% |
|  Consolidated Edison, Inc. | 8400 | 928956 | (7.5)% |
|  |  | 1759027 |  |
|  **Oil, Gas & Consumable Fuels** |  |  |  |
|  Cheniere Energy, Inc. | 7400 | 1712360 | (13.8)% |
|  Inpex Corp. | 85700 | 1188727 | (9.6)% |
|  Marathon Petroleum Corp. | 4900 | 713881 | (5.8)% |
|  TC Energy Corp. | 40500 | 1912637 | (15.5)% |
|  Valero Energy Corp. | 7700 | 1016939 | (8.2)% |
|  |  | 6544544 |  |
|  **Personal Care Products** |  |  |  |
|  L'Oreal SA | 2000 | 743386 | (6.0)% |
|  **Pharmaceuticals** |  |  |  |
|  Merck & Co., Inc. | 8200 | 736032 | (5.9)% |
|  Merck KGaA | 5200 | 715572 | (5.8)% |
|  |  | 1451604 |  |
|  **Professional Services** |  |  |  |
|  Automatic Data Processing, Inc. | 8000 | 2444240 | (19.8)% |
|  **Semiconductors & Semiconductor Equipment** |  |  |  |
|  NXP Semiconductors NV | 4400 | 836264 | (6.7)% |
|  Rorze Corp. | 43800 | 418300 | (3.4)% |
|  |  | 1254564 |  |
|  **Software** |  |  |  |
|  Autodesk, Inc. | 5600 | 1466080 | (11.8)% |
|  Fair Isaac Corp. | 400 | 737664 | (6.0)% |
|  Intuit, Inc. | 3500 | 2148965 | (17.4)% |
|  |  | 4352709 |  |
|  **Specialized REITs** |  |  |  |
|  Digital Realty Trust, Inc. | 5000 | 716450 | (5.8)% |
|  **Specialty Retail** |  |  |  |
|  Ulta Beauty, Inc. | 2900 | 1062966 | (8.6)% |
|  **Technology Hardware, Storage & Peripherals** |  |  |  |
|  FUJIFILM Holdings Corp. | 51500 | 986687 | (8.0)% |
|  HP, Inc. | 83000 | 2298270 | (18.6)% |
|  |  | 3284957 |  |
|  **Wireless Telecommunication Services** |  |  |  |
|  Vodafone Group PLC | 771100 | 724542 | (5.9)% |
|  **Total Reference Entity — Long** |  | 73125452 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
|  Axon Enterprise, Inc. | 1200 | $(631140) | 5.1% |
|  **Automobiles** |  |  |  |
|  Bayerische Motoren Werke AG | 10600 | (854756) | 6.9% |
|  **Banks** |  |  |  |
|  NU Holdings Ltd., Class A | 84400 | (864256) | 7.0% |
|  Svenska Handelsbanken AB, A Shares | 86600 | (978711) | 7.9% |
|  |  | (1842967) |  |
|  **Beverages** |  |  |  |
|  Coca-Cola Co. (The) | 22100 | (1582802) | 12.8% |
|  Coca-Cola Europacific Partners PLC | 22100 | (1923363) | 15.5% |
|  Monster Beverage Corp. | 13300 | (778316) | 6.3% |
|  Pernod Ricard SA | 19400 | (1916577) | 15.5% |
|  |  | (6201058) |  |
|  **Building Products** |  |  |  |
|  Allegion PLC | 7200 | (939312) | 7.6% |
|  Nibe Industrier AB, B Shares | 160500 | (610463) | 4.9% |
|  |  | (1549775) |  |
|  **Capital Markets** |  |  |  |
|  Blackstone, Inc. | 9500 | (1327910) | 10.7% |
|  Brookfield Asset Management Ltd., Class A | 38700 | (1873348) | 15.1% |
|  Deutsche Bank AG, Registered Shares | 32200 | (767557) | 6.2% |
|  Intercontinental Exchange, Inc. | 8100 | (1397250) | 11.3% |
|  KKR & Co., Inc. | 10000 | (1156100) | 9.4% |
|  |  | (6522165) |  |
|  **Chemicals** |  |  |  |
|  Albemarle Corp. | 15500 | (1116310) | 9.0% |
|  Corteva, Inc. | 11700 | (736281) | 6.0% |
|  Ecolab, Inc. | 6500 | (1647880) | 13.3% |
|  Sherwin-Williams Co. (The) | 2600 | (907894) | 7.3% |
|  |  | (4408365) |  |
|  **Commercial Services & Supplies** |  |  |  |
|  Republic Services, Inc. | 5900 | (1428744) | 11.5% |
|  **Communications Equipment** |  |  |  |
|  Cisco Systems, Inc. | 17900 | (1104609) | 8.9% |
|  **Consumer Staples Distribution & Retail** |  |  |  |
|  Dollar General Corp. | 10100 | (888093) | 7.2% |
|  Dollar Tree, Inc. | 23000 | (1726610) | 13.9% |
|  |  | (2614703) |  |
|  **Containers & Packaging** |  |  |  |
|  Packaging Corp. of America | 7900 | (1564358) | 12.6% |
|  Smurfit WestRock PLC | 35300 | (1590618) | 12.9% |
|  |  | (3154976) |  |
|  **Distributors** |  |  |  |
|  LKQ Corp. | 56200 | (2390748) | 19.3% |
|  **Financial Services** |  |  |  |
|  Berkshire Hathaway, Inc., Class B | 2700 | (1437966) | 11.6% |
|  Fiserv, Inc. | 8500 | (1877055) | 15.2% |
|  Wise PLC, Class A | 41500 | (509408) | 4.1% |
|  |  | (3824429) |  |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 77

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Food Products** |  |  |  |
|  Orkla ASA | 199200 | $(2184525) | 17.7% |
|  **Health Care Equipment & Supplies** |  |  |  |
|  Abbott Laboratories | 14200 | (1883630) | 15.2% |
|  DiaSorin SpA | 7279 | (722890) | 5.9% |
|  |  | (2606520) |  |
|  **Health Care Providers & Services** |  |  |  |
|  Cencora, Inc. | 3900 | (1084551) | 8.7% |
|  Fresenius SE & Co. KGaA | 26900 | (1148460) | 9.3% |
|  |  | (2233011) |  |
|  **Hotel & Resort REITs** |  |  |  |
|  Host Hotels & Resorts, Inc. | 118700 | (1686727) | 13.6% |
|  **Hotels, Restaurants & Leisure** |  |  |  |
|  McDonald's Corp. | 5900 | (1842983) | 14.9% |
|  Restaurant Brands International, Inc. | 19100 | (1273245) | 10.3% |
|  |  | (3116228) |  |
|  **Household Durables** |  |  |  |
|  Barratt Redrow PLC | 334100 | (1837834) | 14.9% |
|  **Independent Power and Renewable Electricity Producers** |  |  |  |
|  Neoen SA | 18490 | (796731) | 6.4% |
|  **Insurance** |  |  |  |
|  Loews Corp. | 16600 | (1525706) | 12.3% |
|  **IT Services** |  |  |  |
|  International Business Machines Corp. | 8300 | (2063878) | 16.7% |
|  **Machinery** |  |  |  |
|  Deere & Co. | 2300 | (1079505) | 8.7% |
|  Fortive Corp. | 12800 | (936704) | 7.6% |
|  Pentair PLC | 15300 | (1338444) | 10.8% |
|  Xylem, Inc./NY | 10300 | (1230438) | 10.0% |
|  |  | (4585091) |  |
|  **Multi-Utilities** |  |  |  |
|  CenterPoint Energy, Inc. | 29000 | (1050670) | 8.5% |
|  **Oil, Gas & Consumable Fuels** |  |  |  |
|  APA Corp. | 47400 | (996348) | 8.1% |
|  Calumet, Inc. | 22535 | (285744) | 2.3% |
|  Devon Energy Corp. | 26100 | (976140) | 7.9% |
|  Diamondback Energy, Inc. | 9400 | (1502872) | 12.1% |
|  Expand Energy Corp. | 5100 | (567732) | 4.6% |
|  Exxon Mobil Corp. | 22700 | (2699711) | 21.8% |
|  ONEOK, Inc. | 8300 | (823526) | 6.7% |
|  |  | (7852073) |  |
|  **Pharmaceuticals** |  |  |  |
|  Haleon PLC | 334400 | (1688789) | 13.7% |
|  **Professional Services** |  |  |  |
|  Equifax, Inc. | 5900 | (1437004) | 11.6% |
|  **Real Estate Management & Development** |  |  |  |
|  CoStar Group, Inc. | 8100 | (641763) | 5.2% |
|  **Semiconductors & Semiconductor Equipment** |  |  |  |
|  Lasertec Corp. | 5000 | (429752) | 3.5% |
|  Skyworks Solutions, Inc. | 11800 | (762634) | 6.1% |
|  |  | (1192386) |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Software** |  |  |  |
|  AppLovin Corp., Class A | 2500 | $(662425) | 5.3% |
|  SAP SE | 4700 | (1259364) | 10.2% |
|  |  | (1921789) |  |
|  **Specialized REITs** |  |  |  |
|  SBA Communications Corp. | 3300 | (726033) | 5.9% |
|  **Specialty Retail** |  |  |  |
|  AutoZone, Inc. | 300 | (1143834) | 9.2% |
|  O'Reilly Automotive, Inc. | 1200 | (1719096) | 13.9% |
|  Ross Stores, Inc. | 7500 | (958425) | 7.8% |
|  |  | (3821355) |  |
|  **Technology Hardware, Storage & Peripherals** |  |  |  |
|  Western Digital Corp. | 27700 | (1119911) | 9.1% |
|  **Trading Companies & Distributors** |  |  |  |
|  Howden Joinery Group PLC | 139000 | (1299967) | 10.5% |
|  WW Grainger, Inc. | 1500 | (1481745) | 12.0% |
|  |  | (2781712) |  |
|  **Wireless Telecommunication Services** |  |  |  |
|  Airtel Africa PLC | 471100 | (1014329) | 8.2% |
|  **Investment Companies** |  |  |  |
|  **Equity Funds** |  |  |  |
|  SPDR S&P Oil & Gas Exploration & Production ETF | 8240 | (1085290) | 8.8% |
|  **Total Reference Entity — Short** |  | (85497790) |  |
|  **Net Value of Reference Entity — Citibank N.A.** |  | $(12372338) |  |

---

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank N.A., as of period end, termination dates February 9, 2026 to February 11, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
|  **Aerospace & Defense** |  |  |  |
|  Huntington Ingalls Industries, Inc. | 3200 | $652928 | (10.2)% |
|  **Banks** |  |  |  |
|  Banco de Sabadell SA | 378300 | 1062136 | (16.6)% |
|  Bank of Nova Scotia (The) | 20700 | 981454 | (15.3)% |
|  Eagle Bancorp, Inc. | 17230 | 361830 | (5.6)% |
|  Flagstar Financial, Inc. | 281517 | 3271227 | (51.0)% |
|  Grupo Financiero Banorte SAB de CV, Class O | 80800 | 560975 | (8.7)% |
|  Japan Post Bank Co. Ltd. | 70300 | 713797 | (11.1)% |
|  |  | 6951419 |  |
|  **Biotechnology** |  |  |  |
|  CSL Ltd. | 8500 | 1337809 | (20.8)% |

---

78 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Broadline Retail** |  |  |  |
|  Takashimaya Co. Ltd. | 135400 | $1101384 | (17.2)% |
| **Capital Markets** |  |  |  |
|  B3 SA - Brasil Bolsa Balcao | 337700 | 721388 | (11.2)% |
| **Chemicals** |  |  |  |
|  Evonik Industries AG | 69100 | 1498018 | (23.3)% |
|  Incitec Pivot Ltd. | 707500 | 1134687 | (17.7)% |
|  |  | 2632705 |  |
| **Construction & Engineering** |  |  |  |
|  COMSYS Holdings Corp. | 41800 | 889248 | (13.8)% |
|  GS Engineering & Construction Corp. | 30300 | 351116 | (5.5)% |
|  |  | 1240364 |  |
| **Construction Materials** |  |  |  |
|  Cemex SAB de CV, NVS | 1152700 | 647195 | (10.1)% |
|  GCC SAB de CV | 106600 | 977525 | (15.2)% |
|  |  | 1624720 |  |
| **Consumer Finance** |  |  |  |
|  Samsung Card Co. Ltd. | 5900 | 161385 | (2.5)% |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |
|  Alimentation Couche-Tard, Inc. | 21800 | 1075116 | (16.7)% |
|  Axfood AB | 53400 | 1199558 | (18.7)% |
|  |  | 2274674 |  |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |
|  Koninklijke KPN NV | 605000 | 2562574 | (39.9)% |
| **Electrical Equipment** |  |  |  |
|  GE Vernova, Inc. | 2700 | 824256 | (12.8)% |
|  Legrand SA | 8400 | 889590 | (13.9)% |
|  Vestas Wind Systems A/S | 68600 | 949047 | (14.8)% |
|  |  | 2662893 |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |
|  Alps Alpine Co. Ltd. | 118200 | 1209430 | (18.9)% |
|  Jabil, Inc. | 7700 | 1047739 | (16.3)% |
|  |  | 2257169 |  |
| **Ground Transportation** |  |  |  |
|  Canadian National Railway Co. | 21800 | 2121450 | (33.0)% |
| **Health Care Equipment & Supplies** |  |  |  |
|  Alcon AG | 11200 | 1062712 | (16.5)% |
| **Health Care Providers & Services** |  |  |  |
|  Ship Healthcare Holdings, Inc. | 23200 | 310504 | (4.8)% |
| **Insurance** |  |  |  |
|  AIA Group Ltd. | 305800 | 2314868 | (36.0)% |
|  Steadfast Group Ltd. | 264900 | 963233 | (15.0)% |
|  |  | 3278101 |  |
| **IT Services** |  |  |  |
|  GMO internet group, Inc. | 35800 | 736672 | (11.5)% |
| **Life Sciences Tools & Services** |  |  |  |
|  Agilent Technologies, Inc. | 6800 | 795464 | (12.4)% |
| **Machinery** |  |  |  |
|  Kurita Water Industries Ltd. | 29800 | 921693 | (14.4)% |
|  MISUMI Group, Inc. | 36400 | 605867 | (9.4)% |
|  |  | 1527560 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Marine Transportation** |  |  |  |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 452500 | $713967 | (11.1)% |
| **Media** |  |  |  |
|  AMC Networks, Inc., Class A | 107125 | 737020 | (11.5)% |
|  Fox Corp., Class A, NVS | 35700 | 2020620 | (31.4)% |
|  |  | 2757640 |  |
| **Metals & Mining** |  |  |  |
|  CMOC Group Ltd., Class H | 1101000 | 910100 | (14.2)% |
|  Evolution Mining Ltd. | 182100 | 814786 | (12.7)% |
|  Fresnillo PLC | 99700 | 1212176 | (18.9)% |
|  Glencore PLC | 277600 | 1016053 | (15.8)% |
|  |  | 3953115 |  |
| **Multi-Utilities** |  |  |  |
|  Consolidated Edison, Inc. | 2600 | 287534 | (4.5)% |
| **Oil, Gas & Consumable Fuels** |  |  |  |
|  PetroChina Co. Ltd., Class H | 1084000 | 878861 | (13.7)% |
|  Santos Ltd. | 343200 | 1438160 | (22.4)% |
|  |  | 2317021 |  |
| **Pharmaceuticals** |  |  |  |
|  Novo Nordisk A/S, Class B | 23900 | 1634242 | (25.4)% |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |  |
|  City Developments Ltd. | 266000 | 989395 | (15.4)% |
|  Henderson Land Development Co. Ltd. | 510000 | 1466908 | (22.9)% |
|  UOL Group Ltd. | 293100 | 1286093 | (20.0)% |
|  |  | 3742396 |  |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |  |
|  MediaTek, Inc. | 20000 | 862009 | (13.4)% |
|  Realtek Semiconductor Corp. | 45000 | 717413 | (11.2)% |
|  |  | 1579422 |  |
| **Specialty Retail** |  |  |  |
|  Mr. Price Group Ltd. | 134200 | 1627835 | (25.4)% |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |
|  Xiaomi Corp., Class B | 97000 | 613790 | (9.6)% |
| **Tobacco** |  |  |  |
|  Altria Group, Inc. | 26900 | 1614538 | (25.1)% |
|  KT&G Corp. | 12400 | 852893 | (13.3)% |
|  |  | 2467431 |  |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |
|  T-Mobile U.S., Inc. | 4100 | 1093511 | (17.0)% |
|  **Total Reference Entity — Long** | **Total Reference Entity — Long** | 58801779 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Atlantic Union Bankshares Corp. | 7830 | (243826) | 3.8% |
|  Bendigo & Adelaide Bank Ltd. | 183500 | (1227848) | 19.1% |
|  Commonwealth Bank of Australia | 12200 | (1160145) | 18.1% |
|  Community Bank System, Inc. | 6998 | (397906) | 6.2% |
|  CVB Financial Corp. | 18856 | (348082) | 5.4% |
|  First Financial Holding Co. Ltd. | 1034449 | (848793) | 13.2% |
|  Hua Nan Financial Holdings Co. Ltd. | 1067497 | (902654) | 14.0% |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 79

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Banks (continued)** |  |  |  |
|  National Australia Bank Ltd. | 68900 | $(1481949) | 23.1% |
|  Provident Financial Services, Inc. | 26784 | (459881) | 7.2% |
|  ServisFirst Bancshares, Inc. | 6527 | (539130) | 8.4% |
|  |  | (7610214) |  |
| **Beverages** |  |  |  |
|  Treasury Wine Estates Ltd. | 312700 | (1917237) | 29.9% |
| **Biotechnology** |  |  |  |
|  Zealand Pharma A/S | 9300 | (698379) | 10.9% |
| **Building Products** |  |  |  |
|  ROCKWOOL A/S, B Shares | 2000 | (829016) | 12.9% |
| **Capital Markets** |  |  |  |
|  3i Group PLC | 20700 | (973327) | 15.2% |
| **Chemicals** |  |  |  |
|  Formosa Plastics Corp. | 1050413 | (1167177) | 18.2% |
|  Nan Ya Plastics Corp. | 968504 | (882390) | 13.8% |
|  Orica Ltd. | 77100 | (824058) | 12.8% |
|  |  | (2873625) |  |
| **Containers & Packaging** |  |  |  |
|  International Paper Co. | 15369 | (818911) | 12.7% |
|  Orora Ltd. | 466700 | (550850) | 8.6% |
|  |  | (1369761) |  |
| **Diversified REITs** |  |  |  |
|  Merlin Properties Socimi SA | 68000 | (725330) | 11.3% |
| **Diversified Telecommunication Services** |  |  |  |
|  Telstra Group Ltd. | 797400 | (2106560) | 32.8% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Ansell Ltd. | 57200 | (1218206) | 19.0% |
|  Baxter International, Inc. | 24500 | (838635) | 13.1% |
|  Carl Zeiss Meditec AG | 11500 | (760164) | 11.8% |
|  |  | (2817005) |  |
| **Hotels, Restaurants & Leisure** |  |  |  |
|  Aristocrat Leisure Ltd. | 19200 | (776508) | 12.1% |
| **Insurance** |  |  |  |
|  Cathay Financial Holding Co. Ltd. | 27907 | (52076) | 0.8% |
|  KGI Financial Holding Co. Ltd. | 832000 | (434491) | 6.8% |
|  Medibank Pvt Ltd. | 420300 | (1174672) | 18.3% |
|  |  | (1661239) |  |
| **IT Services** |  |  |  |
|  NEXTDC Ltd. | 163200 | (1168916) | 18.2% |
| **Machinery** |  |  |  |
|  Seatrium Ltd. | 507130 | (791079) | 12.3% |
| **Media** |  |  |  |
|  MultiChoice Group | 180700 | (1081638) | 16.8% |
| **Metals & Mining** |  |  |  |
|  Impala Platinum Holdings Ltd. | 115800 | (797209) | 12.4% |
|  Lynas Rare Earths Ltd. | 290500 | (1271923) | 19.8% |
|  Mineral Resources Ltd. | 38500 | (581313) | 9.0% |
|  MMG Ltd. | 4236000 | (1461701) | 22.8% |
|  |  | (4112146) |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Oil, Gas & Consumable Fuels** |  |  |  |
|  Orlen SA | 73700 | $(1298127) | 20.2% |
|  Texas Pacific Land Corp. | 300 | (397497) | 6.2% |
|  |  | (1695624) |  |
| **Pharmaceuticals** |  |  |  |
|  Ono Pharmaceutical Co. Ltd. | 11400 | (122649) | 1.9% |
| **Retail REITs** |  |  |  |
|  Vicinity Ltd. | 1082700 | (1499206) | 23.3% |
| **Trading Companies & Distributors** |  |  |  |
|  Fastenal Co. | 24800 | (1923240) | 29.9% |
|  Reece Ltd. | 66600 | (660814) | 10.3% |
|  SGH Ltd. | 65000 | (2040405) | 31.8% |
|  |  | (4624459) |  |
| **Investment Companies** |  |  |  |
| **Equity Funds** |  |  |  |
|  SPDR S&P Oil & Gas Exploration & Production ETF | 37519 | (4941628) | 77.0% |
| **Fixed-Income Funds** |  |  |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 114463 | (12440983) | 193.7% |
|  Vanguard Intermediate-Term Corporate Bond ETF | 102576 | (8386614) | 130.6% |
|  |  | (20827597) |  |
|  **Total Reference Entity — Short** |  | (65223143) |  |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $(6421364) |  |

---

The following table represents the individual long and short positions and relatedvalues of equity securities underlying the total return swap with Merrill Lynch International, as of period end, termination dates February 15, 2028 to March 15, 2028:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| Reference Entity — Long |  |  |  |
| **Common Stocks** |  |  |  |
| **Air Freight & Logistics** |  |  |  |
|  ZTO Express Cayman, Inc. | 38500 | $761164 | (5.8)% |
| **Automobiles** |  |  |  |
|  Geely Automobile Holdings Ltd. | 357000 | 766339 | (5.8)% |
|  Mazda Motor Corp. | 101300 | 648154 | (4.9)% |
|  Stellantis NV | 41800 | 468832 | (3.6)% |
|  Subaru Corp. | 30700 | 549812 | (4.2)% |
|  Suzuki Motor Corp. | 52800 | 648126 | (4.9)% |
|  |  | 3081263 |  |
| **Banks** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 66900 | 913024 | (6.9)% |
|  Bankinter SA | 200900 | 2233040 | (16.9)% |
|  DNB Bank ASA | 60100 | 1581392 | (12.0)% |

---

80 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Banks (continued)** |  |  |  |
|  Itau Unibanco Holding SA, Preference Shares, NVS | 475770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619614 | (19.9)% |
|  Kyushu Financial Group, Inc. | 153700 | 765152 | (5.8)% |
|  |  | 8112222 |  |
| **Broadline Retail** |  |  |  |
|  JD.com, Inc., Class A | 45500 | 936005 | (7.1)% |
| **Building Products** |  |  |  |
|  Belimo Holding AG, Registered Shares | 3000 | 1849543 | (14.0)% |
|  TOTO Ltd. | 33900 | 881031 | (6.7)% |
|  |  | 2730574 |  |
| **Capital Markets** |  |  |  |
|  Invesco Ltd. | 65700 | 996669 | (7.6)% |
|  Magellan Financial Group Ltd. | 219000 | 1056260 | (8.0)% |
|  |  | 2052929 |  |
| **Chemicals** |  |  |  |
|  Asahi Kasei Corp. | 157200 | 1102076 | (8.4)% |
|  Orbia Advance Corp. SAB de CV | 1047700 | 794050 | (6.0)% |
|  Symrise AG | 23000 | 2384503 | (18.1)% |
|  |  | 4280629 |  |
| **Communications Equipment** |  |  |  |
|  VTech Holdings Ltd. | 184800 | 1355299 | (10.3)% |
| **Construction & Engineering** |  |  |  |
|  Eiffage SA | 9600 | 1117717 | (8.5)% |
| **Construction Materials** |  |  |  |
|  Asia Cement Corp. | 775000 | 1095230 | (8.3)% |
|  James Hardie Industries PLC, CDI | 22400 | 534561 | (4.1)% |
|  |  | 1629791 |  |
| **Consumer Finance** |  |  |  |
|  Synchrony Financial | 22200 | 1175268 | (8.9)% |
| **Consumer Staples Distribution &**<br> **Retail** |  |  |  |
|  Endeavour Group Ltd./Australia | 400900 | 969544 | (7.3)% |
|  J Sainsbury PLC | 419000 | 1277147 | (9.7)% |
|  Woolworths Group Ltd. | 67200 | 1247726 | (9.5)% |
|  |  | 3494417 |  |
| **Containers & Packaging** |  |  |  |
|  Amcor PLC | 166100 | 1611170 | (12.2)% |
| **Diversified Telecommunication Services** |  |  |  |
|  TPG Telecom Ltd. | 607300 | 1834637 | (13.9)% |
|  **Electric Utilities** |  |  |  |
|  SSE PLC | 79200 | 1631391 | (12.4)% |
| **Electronic Equipment, Instruments &**<br> **Components** |  |  |  |
|  Genius Electronic Optical Co. Ltd. | 46000 | 551169 | (4.2)% |
| **Entertainment** |  |  |  |
|  Electronic Arts, Inc. | 5000 | 722600 | (5.5)% |
|  NetEase, Inc. | 56600 | 1162712 | (8.8)% |
|  Sea Ltd., ADR | 4700 | 613303 | (4.7)% |
|  |  | 2498615 |  |
| **Food Products** |  |  |  |
|  Morinaga & Co. Ltd. | 49900 | 834369 | (6.3)% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Health Care Equipment & Supplies** |  |  |  |
|  Intuitive Surgical, Inc. | 1800 | $891486 | (6.8)% |
| **Health Care Providers & Services** |  |  |  |
|  Alfresa Holdings Corp. | 69100 | 978113 | (7.4)% |
| **Hotels, Restaurants & Leisure** |  |  |  |
|  Airbnb, Inc., Class A | 6900 | 824274 | (6.3)% |
|  MGM China Holdings Ltd. | 640000 | 862943 | (6.5)% |
|  |  | 1687217 |  |
| **Household Products** |  |  |  |
|  Clorox Co. (The) | 9200 | 1354700 | (10.3)% |
| **Independent Power and Renewable**<br> **Electricity Producers** |  |  |  |
|  Orsted AS | 11800 | 515319 | (3.9)% |
|  RWE AG | 49000 | 1749522 | (13.3)% |
|  |  | 2264841 |  |
| **Industrial Conglomerates** |  |  |  |
|  CITIC Ltd. | 1469000 | 1813114 | (13.8)% |
|  LG Corp. | 16900 | 745368 | (5.6)% |
|  |  | 2558482 |  |
| **Insurance** |  |  |  |
|  Admiral Group PLC | 57600 | 2126599 | (16.1)% |
|  Porto Seguro SA | 110200 | 772459 | (5.9)% |
|  Powszechny Zaklad Ubezpieczen SA | 96900 | 1407840 | (10.7)% |
|  |  | 4306898 |  |
| **Interactive Media & Services** |  |  |  |
|  Rightmove PLC | 86800 | 772793 | (5.9)% |
| **Life Sciences Tools & Services** |  |  |  |
|  Danaher Corp. | 7000 | 1435000 | (10.9)% |
| **Machinery** |  |  |  |
|  Airtac International Group | 37000 | 939673 | (7.1)% |
|  IDEX Corp. | 7600 | 1375372 | (10.5)% |
|  Techtronic Industries Co. Ltd. | 58500 | 701080 | (5.3)% |
|  Weichai Power Co. Ltd., Class H | 361000 | 760320 | (5.8)% |
|  |  | 3776445 |  |
| **Marine Transportation** |  |  |  |
|  Yang Ming Marine Transport Corp. | 327000 | 739744 | (5.6)% |
| **Metals & Mining** |  |  |  |
|  BHP Group Ltd. | 61900 | 1501888 | (11.4)% |
|  China Hongqiao Group Ltd. | 301000 | 622658 | (4.7)% |
|  Fortescue Ltd. | 75900 | 734638 | (5.6)% |
|  Gerdau SA, Preference Shares, NVS | 297200 | 845802 | (6.4)% |
|  Harmony Gold Mining Co. Ltd. | 61300 | 897721 | (6.8)% |
|  IGO Ltd. | 321500 | 801678 | (6.1)% |
|  |  | 5404385 |  |
| **Office REITs** |  |  |  |
|  Gecina SA | 16900 | 1585787 | (12.0)% |
| **Oil, Gas & Consumable Fuels** |  |  |  |
|  Repsol SA | 95600 | 1269332 | (9.6)% |
| **Passenger Airlines** |  |  |  |
|  China Airlines Ltd. | 820000 | 560490 | (4.2)% |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 81

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Pharmaceuticals** |  |  |  |
|  Daiichi Sankyo Co. Ltd. | 40800 | $971606 | (7.4)% |
|  Santen Pharmaceutical Co. Ltd. | 91700 | 873353 | (6.6)% |
|  |  | 1844959 |  |
| **Professional Services** |  |  |  |
|  Persol Holdings Co. Ltd. | 665700 | 1109192 | (8.4)% |
| **Real Estate Management &<br>Development** |  |  |  |
|  Castellum AB | 137900 | 1519784 | (11.5)% |
| **Semiconductors & Semiconductor**<br>**Equipment** |  |  |  |
|  ASPEED Technology, Inc. | 6000 | 555634 | (4.2)% |
|  STMicroelectronics NV | 51500 | 1129268 | (8.6)% |
|  |  | 1684902 |  |
| **Software** |  |  |  |
|  Adobe, Inc. | 6200 | 2377886 | (18.0)% |
| **Specialty Retail** |  |  |  |
|  CarMax, Inc. | 19800 | 1542816 | (11.7)% |
|  Workman Co. Ltd. | 16600 | 463344 | (3.5)% |
|  |  | 2006160 |  |
| **Textiles, Apparel & Luxury Goods** |  |  |  |
|  Yue Yuen Industrial Holdings Ltd. | 323000 | 518945 | (3.9)% |
| **Tobacco** |  |  |  |
|  Imperial Brands PLC | 37500 | 1387570 | (10.5)% |
| **Transportation Infrastructure** |  |  |  |
|  Transurban Group | 351600 | 2961416 | (22.5)% |
|  Total Reference Entity — Long |  | 84685156 |  |
|  **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Air Freight & Logistics** |  |  |  |
|  CH Robinson Worldwide, Inc. | 11400 | (1167360) | 8.8% |
|  SG Holdings Co. Ltd. | 18100 | (180510) | 1.4% |
|  |  | (1347870) |  |
| **Automobiles** |  |  |  |
|  NIO, Inc., Class A | 142272 | (538609) | 4.1% |
| **Banks** |  |  |  |
|  China Everbright Bank Co. Ltd., Class H | 2651000 | (1080549) | 8.2% |
| **Beverages** |  |  |  |
|  Davide Campari-Milano NV | 146200 | (859355) | 6.5% |
|  Tsingtao Brewery Co. Ltd., Class H | 70000 | (504083) | 3.8% |
|  |  | (1363438) |  |
| **Broadline Retail** |  |  |  |
|  Dollarama, Inc. | 12400 | (1325953) | 10.1% |
| **Building Products** |  |  |  |
|  AGC, Inc. | 33000 | (1004611) | 7.6% |
| **Capital Markets** |  |  |  |
|  China International Capital Corp. Ltd., Class H | 265200 | (498639) | 3.8% |
| **Chemicals** |  |  |  |
|  Clariant AG, Registered Shares | 102900 | (1115171) | 8.5% |
| **Construction & Engineering** |  |  |  |
|  China Railway Group Ltd., Class H | 1828000 | (808677) | 6.1% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Consumer Staples Distribution & Retail** |  |  |  |
|  JD Health International, Inc. | 223900 | $(956077) | 7.3% |
|  Koninklijke Ahold Delhaize NV | 32800 | (1225246) | 9.3% |
|  Seven & i Holdings Co. Ltd. | 47500 | (687843) | 5.2% |
|  |  | (2869166) |  |
| **Containers & Packaging** |  |  |  |
|  International Paper Co. | 25700 | (1371095) | 10.4% |
| **Diversified REITs** |  |  |  |
|  United Urban Investment Corp. | 600 | (595087) | 4.5% |
| **Diversified Telecommunication<br>Services** |  |  |  |
|  Telefonica SA | 365700 | (1723684) | 13.1% |
| **Electric Utilities** |  |  |  |
|  CLP Holdings Ltd. | 68500 | (557643) | 4.2% |
|  Endesa SA | 39100 | (1035832) | 7.9% |
|  Xcel Energy, Inc. | 17100 | (1210509) | 9.2% |
|  |  | (2803984) |  |
| **Electronic Equipment, Instruments &<br>Components** |  |  |  |
|  Keysight Technologies, Inc. | 4500 | (673965) | 5.1% |
|  Teledyne Technologies, Inc. | 2000 | (995420) | 7.6% |
|  |  | (1669385) |  |
| **Food Products** |  |  |  |
|  Lamb Weston Holdings, Inc. | 18700 | (996710) | 7.5% |
|  MEIJI Holdings Co. Ltd. | 35100 | (760551) | 5.8% |
|  |  | (1757261) |  |
| **Ground Transportation** |  |  |  |
|  Canadian Pacific Kansas City Ltd. | 17800 | (1249173) | 9.5% |
|  MTR Corp. Ltd. | 518000 | (1697051) | 12.8% |
|  Norfolk Southern Corp. | 5400 | (1278990) | 9.7% |
|  Rumo SA | 290100 | (827630) | 6.3% |
|  |  | (5052844) |  |
| **Health Care Equipment &<br>Supplies** |  |  |  |
|  Nipro Corp. | 18000 | (163396) | 1.2% |
| **Health Care Providers &<br>Services** |  |  |  |
|  Molina Healthcare, Inc. | 1600 | (527024) | 4.0% |
|  Shanghai Pharmaceuticals Holding Co. Ltd., |  |  |  |
|  Class H | 1057400 | (1521965) | 11.6% |
|  |  | (2048989) |  |
| **Hotel & Resort REITs** |  |  |  |
|  Invincible Investment Corp. | 200 | (84277) | 0.6% |
| **Hotels, Restaurants & Leisure** |  |  |  |
|  Genting Singapore Ltd. | 3639800 | (2019695) | 15.3% |
|  Heiwa Corp. | 44100 | (691722) | 5.3% |
|  Meituan, Class B | 31100 | (625809) | 4.7% |
|  |  | (3337226) |  |
| **Household Durables** |  |  |  |
|  Taylor Wimpey PLC | 514800 | (723290) | 5.5% |
| **Household Products** |  |  |  |
|  Church & Dwight Co., Inc. | 11600 | (1277044) | 9.7% |

---

82 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Independent Power and Renewable Electricity<br>Producers** |  |  |  |
|  China Resources Power Holdings Co. Ltd. | 392000 | $(932519) | 7.1% |
|  Engie Brasil Energia SA | 264700 | (1790504) | 13.6% |
|  |  | (2723023) |  |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |  |
|  Alfa SAB de CV, Class A | 2222597 | (1731202) | 13.1% |
|  Grupo Carso SAB de CV | 89100 | (519157) | 4.0% |
|  |  | (2250359) |  |
| **Industrial REITs** |  |  |  |
|  Warehouses De Pauw CVA | 34400 | (815491) | 6.2% |
| **Insurance** |  |  |  |
|  China Life Insurance Co. Ltd., Class H | 463000 | (894972) | 6.8% |
|  Hannover Rueck SE | 3500 | (1043202) | 7.9% |
|  Prudential Financial, Inc. | 8700 | (971616) | 7.4% |
|  |  | (2909790) |  |
| **Interactive Media & Services** |  |  |  |
|  Kuaishou Technology | 126500 | (887089) | 6.7% |
| **IT Services** |  |  |  |
|  Bechtle AG | 18400 | (687235) | 5.2% |
|  Fujitsu Ltd. | 34800 | (692551) | 5.3% |
|  NEC Corp. | 58500 | (1246092) | 9.5% |
|  NTT Data Group Corp. | 46200 | (836916) | 6.3% |
|  SCSK Corp. | 16100 | (398116) | 3.0% |
|  |  | (3860910) |  |
| **Life Sciences Tools & Services** |  |  |  |
|  Bachem Holding AG | 16000 | (945030) | 7.2% |
|  Charles River Laboratories International, Inc. | 4900 | (737548) | 5.6% |
|  |  | (1682578) |  |
| **Machinery** |  |  |  |
|  DMG Mori Co. Ltd. | 42700 | (834041) | 6.3% |
|  Hoshizaki Corp. | 1500 | (58063) | 0.4% |
|  Mitsubishi Heavy Industries Ltd. | 38800 | (666335) | 5.1% |
|  |  | (1558439) |  |
| **Marine Transportation** |  |  |  |
|  SITC International Holdings Co. Ltd. | 293000 | (796375) | 6.0% |
| **Media** |  |  |  |
|  Charter Communications, Inc., Class A | 2500 | (921325) | 7.0% |
|  CyberAgent, Inc. | 68800 | (523540) | 4.0% |
|  MultiChoice Group | 29800 | (178377) | 1.3% |
|  |  | (1623242) |  |
| **Metals & Mining** |  |  |  |
|  Shandong Gold Mining Co. Ltd., Class H | 263000 | (628050) | 4.8% |
|  Sumitomo Metal Mining Co. Ltd. | 13500 | (295094) | 2.2% |
|  Wheaton Precious Metals Corp. | 11700 | (907918) | 6.9% |
|  |  | (1831062) |  |
| **Oil, Gas & Consumable Fuels** |  |  |  |
|  Neste Oyj | 126200 | (1167253) | 8.9% |
|  Tourmaline Oil Corp. | 12900 | (622119) | 4.7% |
|  |  | (1789372) |  |
| **Paper & Forest Products** |  |  |  |
|  Oji Holdings Corp. | 6500 | (27247) | 0.2% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Personal Care Products** |  |  |  |
|  Kobayashi Pharmaceutical Co. Ltd. | 28500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079671) | 8.2% |
|  Kose Corp. | 600 | (24899) | 0.2% |
|  |  | (1104570) |  |
| **Professional Services** |  |  |  |
|  Teleperformance SE | 7100 | (713913) | 5.4% |
| **Real Estate Management & Development** |  |  |  |
|  CapitaLand Investment Ltd./Singapore | 716400 | (1448922) | 11.0% |
|  Daito Trust Construction Co. Ltd. | 7600 | (777664) | 5.9% |
|  Hang Lung Properties Ltd. | 2082000 | (1781214) | 13.5% |
|  Wharf Holdings Ltd. (The) | 174000 | (413229) | 3.1% |
|  Wharf Real Estate Investment Co. Ltd. | 456000 | (1107226) | 8.4% |
|  |  | (5528255) |  |
| **Residential REITs** |  |  |  |
|  Mid-America Apartment Communities, Inc. | 6700 | (1122786) | 8.5% |
| **Semiconductors & Semiconductor Equipment** |  |  |  |
|  First Solar, Inc. | 6100 | (771223) | 5.9% |
|  Intel Corp. | 26300 | (597273) | 4.5% |
|  |  | (1368496) |  |
| **Software** |  |  |  |
|  Palantir Technologies, Inc., Class A | 6400 | (540160) | 4.1% |
| **Specialized REITs** |  |  |  |
|  Public Storage | 5200 | (1556308) | 11.8% |
| **Specialty Retail** |  |  |  |
|  Zalando SE | 18700 | (648615) | 4.9% |
| **Technology Hardware, Storage & Peripherals** |  |  |  |
|  Super Micro Computer, Inc. | 22000 | (753280) | 5.7% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |
|  Asics Corp. | 32200 | (682884) | 5.2% |
| **Trading Companies & Distributors** |  |  |  |
|  Beijer Ref AB | 47600 | (669605) | 5.1% |
|  Howden Joinery Group PLC | 32900 | (307690) | 2.3% |
|  |  | (977295) |  |
| **Transportation Infrastructure** |  |  |  |
|  Santos Brasil Participacoes SA | 279500 | (651430) | 4.9% |
|  SATS Ltd. | 258800 | (591370) | 4.5% |
|  |  | (1242800) |  |
| **Water Utilities** |  |  |  |
|  Cia de Saneamento Basico do Estado de Sao |  |  |  |
|  Paulo SABESP | 39400 | (705360) | 5.4% |
| **Wireless Telecommunication Services** |  |  |  |
|  MTN Group Ltd. | 82500 | (554485) | 4.2% |
|  SoftBank Group Corp. | 5700 | (291554) | 2.2% |
|  |  | (846039) |  |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 83

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Investment Companies** |  |  |  |
| **Fixed-Income Funds** |  |  |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 85982 | $(9345384) | 70.9% |
|  iShares Preferred & Income Securities ETF | 436500 | (13413645) | 101.8% |
|  |  | (22759029) |  |
|  **Total Reference Entity — Short** |  | (97865012) |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Fixed-Income Funds (continued)** |  |  |  |
|  **Net Value of Reference Entity — Merrill Lynch International** |  | $(13179856) |  |

---

#### Balances Reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Swap/Options<br>Premiums<br>Paid* | *Swap/Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Centrally Cleared Swaps | $50059545 | $(2293237) | $9037637 | $(6990131) | $— |
|  OTC Swaps | 2310757 | (2669040) | 4013972 | (5089126) |  |
|  Options Written | N/A | (10504765) | 7748713 | (333728) | (3089781) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $684612 | $— | $41123916 | $— | $41808528 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 4602488 |  |  | 4602488 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  | 124926 |  | 1090988 | 22799863 |  | 24015777 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> |  | 280998 |  |  | 7104089 | 1652550 | 9037637 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 3184584 | 2270353 |  | 869792 |  | 6324729 |
|  | $— | $3590508 | $2954965 | $5693476 | $71897660 | $1652550 | $85789159 |

---

84 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $42947 | $— | $68344 | $— | $3713004 | $— | $3824295 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 4030467 |  |  | 4030467 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  | 4365 | 211250 | 579302 | 2294864 |  | 3089781 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 4125784 |  |  | 2694530 | 169817 | 6990131 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 4888075 | 1304440 |  | 1565651 |  | 7758166 |
|  | $42947 | $9018224 | $1584034 | $4609769 | $10268049 | $169817 | $25692840 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss) 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended March 31, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(5260713) | $— | $(161131477) | $— | $(166392190) |
|  Forward foreign currency exchange contracts |  |  |  | 18525462 |  |  | 18525462 |
|  Options purchased<sup>(a)</sup> |  |  | 1532690 | (5870234) | 13792336 |  | 9454792 |
|  Options written |  |  | 638999 | 2606892 | (15296196) |  | (12050305) |
|  Swaps |  | 12233886 | (654457) |  | (12743936) |  | (1164507) |
|  | $— | $12233886 | $(3743481) | $15262120 | $(175379273) | $— | $(151626748) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $46701 | $— | $1119691 | $— | $39220724 | $— | $40387116 |
|  Forward foreign currency exchange contracts |  |  |  | 10964660 |  |  | 10964660 |
|  Options purchased<sup>(b)</sup> |  | 29931 |  | (2182927) | (20722857) |  | (22875853) |
|  Options written |  | 7652 | (62433) | 3911089 | 16898783 |  | 20755091 |
|  Swaps |  | (3986996) | 1810139 |  | 19804124 | 1572733 | 19200000 |
|  | $46701 | $(3949413) | $2867397 | $12692822 | $55200774 | $1572733 | $68431014 |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 85

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $5698254038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 365717886 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | 800602418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | 262515682 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 6099457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1863589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | 8463940557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | 9229954229 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | 234607133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | 708718126 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 150324607 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | 518891590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 5854509014 |
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 340959398 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $930244 | $1887460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4602488 | 4030467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options<sup>(a)</sup> | 24015777 | 3089781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  | 113520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | 6324729 | 7758166 |
|  Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | $35873238 | $16879394 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (1351335) | (2521827) |
|  Total derivative assets and liabilities subject to an MNA | $34521903 | $14357567 |

---

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statement of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  Australia & New Zealand Banking Group Ltd. | $14337 | $(4162) | $– $|  | $10175 |
|  Bank of America N.A. | 333054 | (333054) | – |  |  |
|  Bank of New York Mellon | 345921 |  | – |  | 345921 |
|  Barclays Bank PLC | 1426955 | (458692) | – |  | 968263 |
|  BNP Paribas S.A. | 2440575 | (1348844) | – |  | 1091731 |
|  Citibank N.A. | 2444022 | (1861014) | – |  | 583008 |
|  Citigroup Global Markets, Inc. | 559093 | (208730) | – | (350363) |  |
|  Commonwealth Bank of Australia | 111 |  | – |  | 111 |
|  Credit Agricole Corporate & Investment Bank | 1464 | (1464) | – |  |  |
|  Deutsche Bank AG | 8047374 | (359578) | – | (6230000) | 1457796 |
|  Goldman Sachs Bank USA | 3371835 | (785788) | – |  | 2586047 |
|  Goldman Sachs International | 4855346 | (2136494) | – | (2718852) |  |
|  HSBC Bank PLC | 378890 | (378890) | – |  |  |

---

86 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net*<br> *Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  J.P. Morgan Securities LLC | $2711 | $(2711) | $— | $— | $— |
|  JPMorgan Chase Bank N.A. | 575213 | (575213) |  |  |  |
|  Merrill Lynch International | 1429781 |  |  |  | 1429781 |
|  Morgan Stanley & Co. International PLC | 6133636 | (987789) |  |  | 5145847 |
|  NatWest Markets PLC | 224481 | (224481) |  |  |  |
|  Royal Bank of Canada | 105957 |  |  |  | 105957 |
|  Societe Generale SA | 18334 | (18334) |  |  |  |
|  Standard Chartered Bank | 77106 | (77106) |  |  |  |
|  State Street Bank and Trust Co. | 488635 | (273753) |  |  | 214882 |
|  Toronto-Dominion Bank | 186421 | (81216) |  |  | 105205 |
|  UBS AG | 1060651 | (1060651) |  |  |  |
|  | $34521903 | $(11177964) | $— | $(9299215) | $14044724 |
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Net*<br> *Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Australia & New Zealand Banking Group Ltd. | $4162 | $(4162) | $— | $— | $— |
|  Bank of America N.A. | 1789303 | (333054) |  | (1456249) |  |
|  Barclays Bank PLC | 458692 | (458692) |  |  |  |
|  BNP Paribas S.A. | 1348844 | (1348844) |  |  |  |
|  Citibank N.A. | 1861014 | (1861014) |  |  |  |
|  Citigroup Global Markets, Inc. | 208730 | (208730) |  |  |  |
|  Credit Agricole Corporate & Investment Bank | 16176 | (1464) |  |  | 14712 |
|  Deutsche Bank AG | 359578 | (359578) |  |  |  |
|  Goldman Sachs Bank USA | 785788 | (785788) |  |  |  |
|  Goldman Sachs International | 2136494 | (2136494) |  |  |  |
|  HSBC Bank PLC | 967958 | (378890) |  |  | 589068 |
|  J.P. Morgan Securities LLC | 35802 | (2711) |  |  | 33091 |
|  JPMorgan Chase Bank N.A. | 1014757 | (575213) |  |  | 439544 |
|  Morgan Stanley & Co. International PLC | 987789 | (987789) |  |  |  |
|  NatWest Markets PLC | 227907 | (224481) |  |  | 3426 |
|  Societe Generale SA | 43485 | (18334) |  |  | 25151 |
|  Standard Chartered Bank | 269047 | (77106) |  |  | 191941 |
|  State Street Bank and Trust Co. | 273753 | (273753) |  |  |  |
|  Toronto-Dominion Bank | 81216 | (81216) |  |  |  |
|  UBS AG | 1487072 | (1060651) | (426421) |  |  |
|  | $14357567 | $(11177964) | $(426421) | $(1456249) | $1296933 |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statement of Assets and Liabilities. 

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 87

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $2185494959 | $52330192 | $2237825151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 6211779 |  | 9829050 | 16040829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 32182776 |  |  | 32182776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 1437726 |  |  | 1437726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 2944051 | 1757233 |  | 4701284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1480426 |  |  | 1480426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 1546656 | 943279 | 199342 | 2689277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1921036 |  |  | 1921036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1626430 |  |  | 1626430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 2989811 |  |  | 2989811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 1696294 |  |  | 1696294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 3260120 |  |  | 3260120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 11654912 |  |  | 11654912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 7126815 | 580799 |  | 7707614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 1517196 |  | 13520705 | 15037901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 1414133 |  |  | 1414133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 6110780 |  |  | 6110780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 1518265 |  |  | 1518265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 1173537 |  |  | 1173537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 11600424 | 90929 |  | 11691353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1153989 |  |  | 1153989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 3248625 |  |  | 3248625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3045256 |  |  | 3045256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 2816872 |  |  | 2816872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 1472123 |  |  | 1472123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1404725 |  |  | 1404725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1424374 | 2795861 |  | 4220235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 1737545 |  |  | 1737545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 10429100 |  |  | 10429100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 10660980 |  |  | 10660980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 7804542 |  | 5504442 | 13308984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1479205 |  |  | 1479205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 2949019 |  |  | 2949019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 587474 |  | 4336075 | 4923549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 4814458 |  |  | 4814458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 4453258 |  |  | 4453258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 10202947 | 76075 |  | 10279022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 1454232 |  |  | 1454232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1486955 |  |  | 1486955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 4760630460 | 171196012 | 4931826472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests |  | 3825347 | 29324599 | 33149946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 93561738 | 168016433 | 261578171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 28262445 |  | 28262445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 773235084 |  | 773235084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 80470828 |  |  | 80470828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 116583068 |  | 116583068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 2267291799 | 52511873 | 2319803672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 18106902 |  | 18106902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 2306446 | 519455 | 66539718 | 69365619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 10174298779 |  | 10174298779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 3654937083 |  | 3654937083 |

---

88 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

#### Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 2146651 |  | 2146651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  |  | 55670 | 55670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  |  | 52295 | 52295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 74893 | 20439 |  | 95332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  |  | 174594 | 174594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines |  | 2584 |  | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 2210 |  |  | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 22597 |  | 2202923 | 2225520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 15249 |  | 753655 | 768904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 6134 |  |  | 6134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 453951459 |  |  | 453951459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | 124926 |  | 124926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 1090988 |  | 1090988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 421091 | 22378772 |  | 22799863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  | 75538 |  | 75538 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (3170531800) |  | (3170531800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests <sup>(a)</sup> |  |  | (16964) | (16964) |
|  | $709309753 | $20938299393 | $576530614 | $22224139760 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $1154825 | $— | $1154825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 684612 | 2270353 |  | 2954965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 4586263 |  | 4586263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 41123916 | 7973881 |  | 49097797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | 1652550 |  | 1652550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts | (42947) |  |  | (42947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (6349184) |  | (6349184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (279594) | (1304440) |  | (1584034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (4593544) |  | (4593544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (4022601) | (6245448) |  | (10268049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | (169817) |  | (169817) |
|  | $37463386 | $(1024561) | $— | $36438825 |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed<br>Securities* | *Common<br>Stocks* | *Corporate<br>Bonds* | *Fixed Rate<br>Loan Interests* | *Floating Rate<br>Loan Interests* |
|  **Assets** |  |  |  |  |  |
|  Opening Balance, as of September 30, 2024 | $21539348 | $25467216 | $157472285 | $37276835 | $143248121 |
|  Transfers into Level 3 |  |  | 6127157 |  | 17209124 |
|  Transfers out of Level 3 | (1500000) |  |  | (4986558) |  |
|  Accrued discounts/premiums | (4915) |  | 912297 | 10017 | 94912 |
|  Net realized gain (loss) | (138935) | (29) | 2231910 | 12309 | (6873283) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | 295747 | 1941269 | 4338075 | (105869) | 7009908 |
|  Purchases | 36770434 | 5981158 | 10553773 |  | 27503876 |
|  Sales | (4631487) |  | (10439485) | (2882135) | (20176225) |
|  Closing Balance, as of March 31, 2025 | $52330192 | $33389614 | $171196012 | $29324599 | $168016433 |
|  Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025<sup>(a)</sup> | $295746 | $126616 | $(355521) | $(105869) | $(201717) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 89

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Non-Agency<br>Mortgage-Backed<br>Securities* | *Preferred<br>Securities* | *Warrants* | *Unfunded<br>Floating Rate<br>Loan Interests* | *Total* |
|  **Assets** |  |  |  |  |  |
|  Opening Balance, as of September 30, 2024 | $53444000 | $56306650 | $4040333 | $60330 | $498855118 |
|  Transfers into Level 3 |  |  |  |  | 23336281 |
|  Transfers out of Level 3 |  |  |  |  | (6486558) |
|  Accrued discounts/premiums | 168477 |  |  |  | 1180788 |
|  Net realized gain (loss) |  |  |  |  | (4768028) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | 86332 | 2364981 | (801196) | (60330) | 15068917 |
|  Purchases | 4459918 | 7868087 |  |  | 93137245 |
|  Sales | (5646854) |  |  |  | (43776186) |
|  Closing Balance, as of March 31, 2025 | $52511873 | $66539718 | $3239137 | $— | $576547578 |
|  Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025<sup>(a)</sup> | $(100900) | $— | $9030521 | $(60330) | $8704084 |

---

---

| | |
|:---|:---|
|  | *Unfunded<br>Floating Rate<br>Loan Interests* |
|  **Liabilities** |  |
|  Opening Balance, as of September 30, 2024 | $(744) |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | (16220) |
|  Purchases |  |
|  Sales |  |
|  Closing Balance, as of March 31, 2025 | $(16964) |
|  Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025<sup>(a)</sup> | $(16220) |

---

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

90 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Total Return Fund** |

---

The following table summarizes the valuation approaches used and unobservable inputs utilized by the valuation committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $84,169,215. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation Approach* | *Unobservable*<br> *Inputs* | *Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup>* | *Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value* |
|  **Assets** |  |  |  |  |  |
|  Asset Backed Securities | $30147902 | Income | Discount Rate | 7%-10% | 8% |
|  Non-Agency Mortgage-Backed Securities | 9968818 | Income | Discount Rate | 9% |  |
|  Common Stocks | 33119042 | Market | Volatility | 44% |  |
|  |  |  | Time to Exit | 0.8 years |  |
|  |  |  | EBITDA Multiple | 14.50x - 24.95x | 19.16x |
|  |  |  | Discount for lack of marketability | 9% |  |
|  |  | Income | Discount Rate | 10% - 15% | 12% |
|  Corporate Bonds | 165067217 | Income | Discount Rate | 5% - 16% | 11% |
|  Floating Rate Loan Interests | 162875360 | Income | Discount Rate | 6% - 15% | 9% |
|  |  |  | Estimated Recovery Value | 44% |  |
|  |  | Market | EBITDA Multiple | 13.00x |  |
|  Fixed Rate Loan Interests | 29324599 | Income | Discount Rate | 7% |  |
|  Preferred Stock | 58671632 | Income | Discount Rate | 10% - 15% | 13% |
|  |  | Market | Revenue Multiple | 2.75x-8.25x | 8.08x |
|  |  |  | EBITDA Multiple | 8.50x |  |
|  |  |  | Direct Profit Multiple | 4.75x |  |
|  |  |  | Volatility | 47% -90% | 64% |
|  |  |  | Time to Exit | 2.0 - 3.0 years | 2.3 years |
|  Warrants | 3186829 | Market | Revenue Multiple | 2.75x-8.25x | 7.85x |
|  |  |  | Volatility | 45% - 75% | 47% |
|  |  |  | Time to Exit | 5.6 years |  |
|  |  |  | Discount for lack of marketability | 9% |  |
|  |  | Income | Discount Rate | 15% |  |
|  | $492361399 |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to consolidated financial statements* 

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 91

------

Consolidated Statement of Assets and Liabilities (unaudited) March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $24870152699 |
|  Investments, at value — affiliated<sup>(c)</sup> | 524460287 |
|  Cash | 3217170 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 3409524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 52917010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 105957000 |
|  Foreign currency, at value<sup>(d)</sup> | 44276015 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 338733452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 124782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 21561276 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 3161219327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 42838062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1371848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 154640673 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 206851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 930244 |
|  Swap premiums paid | 2310757 |
|  Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4602488 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 4013972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 75538 |
|  Prepaid expenses | 319162 |
|  Total assets | 29337341194 |
|  **LIABILITIES** |  |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 14214427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 370 |
|  Collateral on securities loaned | 17573891 |
|  Options written, at value<sup>(e)</sup> | 3089781 |
|  TBA sale commitments, at value<sup>(f)</sup> | 3170531800 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6342050742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 16740645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 92214073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 8957492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 5710845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 475527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1817687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 83425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 35991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 338789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1887460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 113520 |
|  Swap premiums received | 2669040 |
|  Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4030467 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 5089126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 16964 |
|  Total liabilities | 9687646748 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $19649694446 |

---

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Consolidated Statement of Assets and Liabilities (unaudited)(continued) March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $23121895269 |
|  Accumulated loss | (3472200823) |
|  NET ASSETS | $19649694446 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $25640457824 |
|  <sup>(b) </sup>Securities loaned, at value | $17059350 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $525050544 |
|  <sup>(d) </sup>Foreign currency, at cost | $44143807 |
|  <sup>(e) </sup>Premiums received | $10504765 |
|  <sup>(f)</sup> Proceeds from TBA sale commitments | $3161219327 |

---

C O N S O L I D A T E D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 93

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Consolidated Statement of Assets and Liabilities (unaudited) (continued) March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11151682167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1129557435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1.6 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Service** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $35794312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3624889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 50 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1284162539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 130018307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 450 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $13617730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1379975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 50 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $30804990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3121372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7064549483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 715630365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $69083225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 6993587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 250 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to consolidated financial statements.* 

94 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Consolidated Statement of Operations (unaudited) Six Months Ended March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br>Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $589581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 14538187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 459093869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 16733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (46178) |
|  Total investment income | 474192192 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 34063274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 6470166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 2015957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 382991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 254302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 209890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 146554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 69751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 98543 |
|  Total expenses excluding interest expense | 43711428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 61789 |
|  Total expenses | 43773217 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (307009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (609844) |
|  Total expenses after fees waived and/or reimbursed | 42856364 |
|  Net investment income | 431335828 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | (84372564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (271224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from investment — affiliated | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (12050305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (166392190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 18525462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (31456435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1164507) |
|  | (277178088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (386013195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (605979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 20755091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 40387116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 10964660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6371640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 19200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | (1012) |
|  | (288941679) |
|  Net realized and unrealized loss | (566119767) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(134783939) |
|  <sup>(a)</sup> Net of foreign capital gain tax of | $72 |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T O F O P E R A T I O N S 95

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Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Total Return Fund | BlackRock Total Return Fund |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $431335828 | $874793377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (277178088) | (129930046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (288941679) | 1365726336 |
|  Net increase (decrease) in net assets resulting from operations | (134783939) | 2110589667 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (273170430) | (482984458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (832034) | (1616783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (29724906) | (54049354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (329274) | (709072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (631461) | (1413948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (175692736) | (318861885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1476293) | (2863354) |
|  Decrease in net assets resulting from distributions to shareholders | (481857134) | (862498854) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 139028030 | 1359076595 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (477613043) | 2607167408 |
|  Beginning of period | 20127307489 | 17520140081 |
|  End of period | $19649694446 | $20127307489 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.* 

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Financial Highlights (For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund | BlackRock Total Return Fund | BlackRock Total Return Fund | BlackRock Total Return Fund | BlackRock Total Return Fund | BlackRock Total Return Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.18 | $9.51 | $9.76 | $11.96 | $12.53 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.21 | 0.46 | 0.41 | 0.25 | 0.23 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.28) | 0.67 | (0.26) | (2.13) | (0.07) | 0.60 |
|  Net increase (decrease) from investment operations | (0.07) | 1.13 | 0.15 | (1.88) | 0.16 | 0.88 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.46) | (0.38) | (0.25) | (0.24) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.24) | (0.46) | (0.40) | (0.32) | (0.73) | (0.30) |
|  **Net asset value, end of period** | $9.87 | $10.18 | $9.51 | $9.76 | $11.96 | $12.53 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.68)%<sup>(e)</sup> | 12.13 %<sup>(f)</sup> | 1.41% | (15.99)% | 1.25% | 7.51 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.45 %<sup>(i)</sup> | 0.46 %<sup>(j)</sup> | 0.45 %<sup>(k)</sup> | 0.47 %<sup>(k)</sup> | 0.47 %<sup>(k)</sup> | 0.47 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.44 %<sup>(i)</sup> | 0.44 %<sup>(j)</sup> | 0.44 %<sup>(k)</sup> | 0.45 %<sup>(k)</sup> | 0.45 %<sup>(k)</sup> | 0.44 %<sup>(l)</sup> |
|  Net investment income | 4.36 %<sup>(i)</sup> | 4.72 %<sup>(j)</sup> | 4.08 %<sup>(k)</sup> | 2.30 %<sup>(k)</sup> | 1.88 %<sup>(k)</sup> | 2.32 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $11151682 | $11315504 | $9557512 | $8809121 | $9915659 | $9067527 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 97

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.18 | $9.51 | $9.77 | $11.96 | $12.54 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.20 | 0.43 | 0.37 | 0.22 | 0.19 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | 0.67 | (0.26) | (2.12) | (0.08) | 0.60 |
|  Net increase (decrease) from investment operations | (0.09) | 1.10 | 0.11 | (1.90) | 0.11 | 0.86 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.43) | (0.35) | (0.22) | (0.20) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.22) | (0.43) | (0.37) | (0.29) | (0.69) | (0.27) |
|  **Net asset value, end of period** | $9.87 | $10.18 | $9.51 | $9.77 | $11.96 | $12.54 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.83)%<sup>(e)</sup> | 11.79 %<sup>(f)</sup> | 1.00% | (16.17)% | 0.86% | 7.28 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.77 %<sup>(i)</sup> | 0.77 %<sup>(j)</sup> | 0.79 %<sup>(k)</sup> | 0.80 %<sup>(k)</sup> | 0.80 %<sup>(k)</sup> | 0.74 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(i)</sup> | 0.75 %<sup>(j)</sup> | 0.75 %<sup>(k)</sup> | 0.76 %<sup>(k)</sup> | 0.76 %<sup>(k)</sup> | 0.74 %<sup>(l)</sup> |
|  Net investment income | 4.05 %<sup>(i)</sup> | 4.40 %<sup>(j)</sup> | 3.75 %<sup>(k)</sup> | 1.98 %<sup>(k)</sup> | 1.57 %<sup>(k)</sup> | 2.15 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $35794 | $38544 | $36341 | $42155 | $55378 | $57849 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

98 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.19 | $9.51 | $9.77 | $11.96 | $12.54 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.20 | 0.43 | 0.38 | 0.22 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | 0.68 | (0.27) | (2.12) | (0.08) | 0.60 |
|  Net increase (decrease) from investment operations | (0.09) | 1.11 | 0.11 | (1.90) | 0.11 | 0.85 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.43) | (0.35) | (0.22) | (0.20) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.22) | (0.43) | (0.37) | (0.29) | (0.69) | (0.27) |
|  **Net asset value, end of period** | $9.88 | $10.19 | $9.51 | $9.77 | $11.96 | $12.54 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.82)%<sup>(e)</sup> | 11.90 %<sup>(f)</sup> | 1.01% | (16.16)% | 0.87% | 7.16 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.73 %<sup>(i)</sup> | 0.74 %<sup>(j)</sup> | 0.74 %<sup>(k)</sup> | 0.76 %<sup>(k)</sup> | 0.74 %<sup>(k)</sup> | 0.76 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(i)</sup> | 0.74 %<sup>(j)</sup> | 0.74 %<sup>(k)</sup> | 0.76 %<sup>(k)</sup> | 0.74 %<sup>(k)</sup> | 0.76 %<sup>(l)</sup> |
|  Net investment income | 4.07 %<sup>(i)</sup> | 4.42 %<sup>(j)</sup> | 3.78 %<sup>(k)</sup> | 1.98 %<sup>(k)</sup> | 1.58 %<sup>(k)</sup> | 2.02 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1284163 | $1316590 | $1237078 | $1330459 | $1822670 | $2147025 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 99

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.18 | $9.50 | $9.76 | $11.95 | $12.53 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.21 | 0.45 | 0.39 | 0.24 | 0.21 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | 0.67 | (0.27) | (2.13) | (0.08) | 0.60 |
|  Net increase (decrease) from investment operations | (0.08) | 1.12 | 0.12 | (1.89) | 0.13 | 0.87 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.44) | (0.36) | (0.23) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.23) | (0.44) | (0.38) | (0.30) | (0.71) | (0.29) |
|  **Net asset value, end of period** | $9.87 | $10.18 | $9.50 | $9.76 | $11.95 | $12.53 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.75)%<sup>(e)</sup> | 12.08 %<sup>(f)</sup> | 1.15% | (16.04)% | 1.02% | 7.35 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.63 %<sup>(i)</sup> | 0.68 %<sup>(j)</sup> | 0.71 %<sup>(k)</sup> | 0.70 %<sup>(k)</sup> | 0.68 %<sup>(k)</sup> | 0.61 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.59 %<sup>(i)</sup> | 0.59 %<sup>(j)</sup> | 0.59 %<sup>(k)</sup> | 0.60 %<sup>(k)</sup> | 0.60 %<sup>(k)</sup> | 0.59 %<sup>(l)</sup> |
|  Net investment income | 4.21 %<sup>(i)</sup> | 4.57 %<sup>(j)</sup> | 3.90 %<sup>(k)</sup> | 2.19 %<sup>(k)</sup> | 1.73 %<sup>(k)</sup> | 2.22 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $13618 | $15732 | $16619 | $20124 | $21957 | $24443 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

100 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.18 | $9.50 | $9.76 | $11.95 | $12.53 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.16 | 0.36 | 0.30 | 0.14 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.28) | 0.68 | (0.26) | (2.12) | (0.08) | 0.60 |
|  Net increase (decrease) from investment operations | (0.12) | 1.04 | 0.04 | (1.98) | 0.03 | 0.76 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.36) | (0.28) | (0.14) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.19) | (0.36) | (0.30) | (0.21) | (0.61) | (0.18) |
|  **Net asset value, end of period** | $9.87 | $10.18 | $9.50 | $9.76 | $11.95 | $12.53 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.17)%<sup>(e)</sup> | 11.14 %<sup>(f)</sup> | 0.30% | (16.76)% | 0.16% | 6.44 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.49 %<sup>(i)</sup> | 1.50 %<sup>(j)</sup> | 1.49 %<sup>(k)</sup> | 1.48 %<sup>(k)(l)</sup> | 1.47 %<sup>(k)</sup> | 1.49 %<sup>(m)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.44 %<sup>(i)</sup> | 1.44 %<sup>(j)</sup> | 1.44 %<sup>(k)</sup> | 1.46 %<sup>(k)(l)</sup> | 1.45 %<sup>(k)</sup> | 1.44 %<sup>(m)</sup> |
|  Net investment income | 3.36 %<sup>(i)</sup> | 3.71 %<sup>(j)</sup> | 3.06 %<sup>(k)</sup> | 1.23 %<sup>(k)</sup> | 0.89 %<sup>(k)</sup> | 1.36 %<sup>(m)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $30805 | $36126 | $42501 | $56468 | $100462 | $140034 |
|  Portfolio turnover rate<sup>(n)(o)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.46% and 1.44%, respectively. 

<sup>(m)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(n)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(o)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 101

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.18 | $9.50 | $9.76 | $11.96 | $12.53 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.22 | 0.47 | 0.41 | 0.26 | 0.24 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | 0.67 | (0.26) | (2.13) | (0.07) | 0.60 |
|  Net increase (decrease) from investment operations | (0.07) | 1.14 | 0.15 | (1.87) | 0.17 | 0.89 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.46) | (0.39) | (0.26) | (0.25) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.24) | (0.46) | (0.41) | (0.33) | (0.74) | (0.31) |
|  **Net asset value, end of period** | $9.87 | $10.18 | $9.50 | $9.76 | $11.96 | $12.53 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.63)%<sup>(e)</sup> | 12.33 %<sup>(f)</sup> | 1.38% | (15.93)% | 1.32% | 7.59 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.36 %<sup>(i)</sup> | 0.37 %<sup>(j)</sup> | 0.37 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.37 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.36 %<sup>(i)</sup> | 0.37 %<sup>(j)</sup> | 0.37 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.37 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.35 %<sup>(i)</sup> | 0.37 %<sup>(j)</sup> | 0.37 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.38 %<sup>(k)</sup> | 0.37 %<sup>(l)</sup> |
|  Net investment income | 4.39 %<sup>(i)</sup> | 4.79 %<sup>(j)</sup> | 4.16 %<sup>(k)</sup> | 2.37 %<sup>(k)</sup> | 1.94 %<sup>(k)</sup> | 2.41 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $7064549 | $7332441 | $6563237 | $6340122 | $8472180 | $7491107 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

102 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br> 03/31/25(unaudited<br><sup>(a)</sup>)  | Year Ended<br>09/30/24<br><sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $10.19 | $9.51 | $9.77 | $11.96 | $12.54 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.19 | 0.41 | 0.35 | 0.19 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | 0.67 | (0.27) | (2.13) | (0.08) | 0.59 |
|  Net increase (decrease) from investment operations | (0.10) | 1.08 | 0.08 | (1.94) | 0.08 | 0.81 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.40) | (0.32) | (0.18) | (0.17) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
|  Total distributions | (0.21) | (0.40) | (0.34) | (0.25) | (0.66) | (0.23) |
|  **Net asset value, end of period** | $9.88 | $10.19 | $9.51 | $9.77 | $11.96 | $12.54 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.97)%<sup>(e)</sup> | 11.59 %<sup>(f)</sup> | 0.72% | (16.40)% | 0.57% | 6.88 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.04 %<sup>(i)</sup> | 1.04 %<sup>(j)</sup> | 1.05 %<sup>(k)</sup> | 1.06 %<sup>(k)</sup> | 1.05 %<sup>(k)</sup> | 1.04 %<sup>(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.03 %<sup>(i)</sup> | 1.03 %<sup>(j)</sup> | 1.03 %<sup>(k)</sup> | 1.04 %<sup>(k)</sup> | 1.04 %<sup>(k)</sup> | 1.03 %<sup>(l)</sup> |
|  Net investment income | 3.77 %<sup>(i)</sup> | 4.13 %<sup>(j)</sup> | 3.48 %<sup>(k)</sup> | 1.71 %<sup>(k)</sup> | 1.29 %<sup>(k)</sup> | 1.80 %<sup>(l)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $69083 | $72371 | $66850 | $64860 | $85906 | $85550 |
|  Portfolio turnover rate<sup>(m)(n)</sup> | 301% | 471% | 380% | 289% | 459% | 556% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> From October 1, 2023 through September 15, 2024, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

<sup>(n)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 03/31/25(unaudited)  | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate (excluding MDRs)<sup>(m)</sup> | 188% | 292% | 171% | 42% | 161% | 274% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 103

------

Notes to Consolidated Financial Statements (unaudited)

*1. ORGANIZATION* 

BlackRock Bond Fund, Inc. (the "Corporation") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Corporation is organized as a Maryland corporation. BlackRock Total Return Fund (the "Fund") is a series of the Corporation. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor A1, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

The Board of Directors of the Corporation are referred to throughout this report as the "Board of Directors" or the "Board" and the members are referred to as "Directors".

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional, Service, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor A1 Shares | No <sup>(b)</sup> | No <sup>(c)</sup> |  |
| Investor C Shares | No | Yes <sup>(d)</sup> | To Investor A Shares after approximately 8 years |

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<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. 

<sup>(c)</sup> Investor A1 Shares may be subject to a CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. 

<sup>(d)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Master Total Return Portfolio II, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $76,360, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Master Total Return Portfolio Subsidiary, LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. Taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. The Fund may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $6,548,096, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to the Fund.

The Fund, together with certain other registered investment companies advised by the Manager its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

*2. SIGNIFICANT ACCOUNTING POLICIES* 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

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Notes to Consolidated Financial Statements (unaudited) (continued)

**Foreign CurrencyTranslation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Corporation's Board, the directors who are not "interested persons" of the Corporation, as defined in the 1940 Act ("Independent Directors"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Officer's fees payable in the Consolidated Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed Income Complex and reflected as Trustee and Officer expense on the Consolidated Statement of Operations. The Trustee and Officer expense may be negative as a result of a decrease in value of the deferred account.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statement of Operations.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

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Notes to Consolidated Financial Statements (unaudited) (continued)

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of the Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option. Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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Notes to Consolidated Financial Statements (unaudited) (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 Private Companies that may not have a secondary market and/or may have 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.

*4. SECURITIES AND OTHER INVESTMENTS* 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities

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Notes to Consolidated Financial Statements (unaudited) (continued)

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Inflation-Indexed Bonds:** Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, the Fund's initial investment in the IOs may not fully recoup.

**Stripped Mortgage-Backed Securities:** Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the

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Notes to Consolidated Financial Statements (unaudited) (continued)

warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Consolidated Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Borrower* | *Par* | *Commitment<br>Amount* | *Value* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CTP-02 Propco LLC | $8081119 | $8005581 | $8081119 | $75538 |
|  HP LQ Investment LP, Term Loan | 1747591 | 1749629 | 1747591 | (2038) |
|  Montage Hotels & Resorts LLC, Revolver | 1715577 | 1715577 | 1700651 | (14926) |
|  |  |  |  | $58574 |

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**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event

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of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Consolidated Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of March 31, 2025, the Fund had outstanding commitments of $25,593,054 and GBP 206,588. These commitments are not included in the net assets of the Fund as of March 31, 2025.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Consolidated Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Consolidated Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received <br><sup>(a)</sup>* |  | *Net<br>Amount<sup>(</sup>* | *<br><sup>b)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $34591 | $(34591) | $– | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 1694695 | (1694695) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 7850815 | (7850815) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2779455 | (2779455) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1582526 | (1582526) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 3045168 | (3045168) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 72100 | (71750) | – | 350 |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17059350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17059000) | $– | $350 |  |

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<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Consolidated Statement of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of March 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash

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Notes to Consolidated Financial Statements (unaudited) (continued)

collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts**: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or carbon credits (commodity risk) or to the applicable commodities market (commodities price risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. The Fund may invest in carbon credit futures that are traded on a commodity exchanges with the Commodity Futures Trading Commission. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options**: The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Consolidated Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Consolidated Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered,"

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Notes to Consolidated Financial Statements (unaudited) (continued)

meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Consolidated Statement of Assets and Liabilities.

• Swaptions – The Fund may purchase and write swaptions primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

• Interest rate caps and floors – Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or "cap." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that the Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

• Foreign currency options – The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

• Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option's expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will

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either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

• Currency swaps — Currency swaps are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

• Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

• Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. When the Fund enters into an ISDA Master Agreement and an MRA and/or MSLA with the same counterparty, the agreements may contain a set-off provision allowing the Fund to offset a net amount payable with amounts due to the Fund upon default of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA Master Agreement, such laws may prohibit the Fund from setting off amounts owed to a defaulting counterparty under an ISDA Master Agreement against amounts owed to the Fund by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

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Notes to Consolidated Financial Statements (unaudited) (continued)

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

*6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory:** The Corporation, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment*<br> *Advisory Fees* |
|  First $250 million | 0.48% |
|  $250 million — $500 million | 0.43 |
|  $500 million — $750 million | 0.38 |
|  Greater than $750 million | 0.34 |

---

With respect to the Fund, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of the Fund for which BIL and BSL, as applicable, acts as Sub-Advisor, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Corporation, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Service | 0.25% | N/A |
|  Investor A | 0.25 | N/A |
|  Investor A1 | 0.10 | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended March 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class R* | *Total* |
|  Service and distribution — class specific | $45769 | $1625965 | $7004 | $164093 | $173126 | $2015957 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended March 31, 2025, the Fund paid $451,622 for the Fund's Institutional Shares to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations.

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Notes to Consolidated Financial Statements (unaudited) (continued)

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended March 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Reimbursed amounts | $21133 | $299 | $8232 | $78 | $1608 | $8766 | $979 | $41095 |

---

For the six months ended March 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Transfer agent — class specific | $5451887 | $30174 | $810236 | $12090 | $21419 | $80361 | $63999 | $6470166 |

---

**Other Fees:** For the six months ended March 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $7,092.

For the six months ended March 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
|  Investor A | $21211 |
|  Investor C | 1852 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended March 31, 2025, the Manager waived $76,728 in investment advisory fees pursuant to this arrangement.

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended March 31, 2025, the amount waived was $230,281.

With respect to the Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense<br>Limitations* |
|  Institutional | 0.44% |
|  Service | 0.75 |
|  Investor A | 0.78 |
|  Investor A1 | 0.59 |
|  Investor C | 1.44 |
|  Class K | 0.39 |
|  Class R | 1.03 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Consolidated Statement of Operations. For the six months ended March 31, 2025, class specific waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Service* | *Investor A1* | *Investor C* | *Class R* | *Total* |
|  Transfer agent fees waived and/or reimbursed — class specific | $596698 | $2819 | $2610 | $6319 | $1398 | $609844 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 115

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Notes to Consolidated Financial Statements (unaudited) (continued)

certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended March 31, 2025, the Fund paid BIM $3,135 for securities lending agent services.

**Interfund Lending**: In accordance with an exemptive order (the "Order") from the SEC, the Fund participated in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

**Directors and Officers:** Certain directors and/or officers of the Corporation are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Corporation's Chief Compliance Officer, which is included in Officer in the Consolidated Statement of Operations.

*7. PURCHASES AND SALES* 

For the six months ended March 31, 2025, purchases and sales of investments, including paydowns and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
|  Non-U.S. Government Securities | $6272128389 | $5790234134 |
|  U.S. Government Securities | 60200793235 | 58307029749 |

---

For the six months ended March 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
|  Mortgage Dollar Rolls | $24158580872 | $24164277853 |

---

*8. INCOME TAX INFORMATION* 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of September 30, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $2,384,582,678.

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Notes to Consolidated Financial Statements (unaudited) (continued)

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock Total Return Fund | $26224048467 | $255209172 | $(1047013536) | $(791804364) |

---

*9. PRINCIPAL RISKS* 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 117

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Notes to Consolidated Financial Statements (unaudited) (continued)

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 210594733 | $2074662441 | 481902649 | $4752842030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 25382626 | 249945103 | 46490349 | 457662091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (217737053) | (2141193606) | (422542420) | (4150302091) |
|  | 18240306 | $183413938 | 105850578 | $1060202030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 297783 | $2927017 | 633782 | $6250232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 84130 | 828596 | 164508 | 1616783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (541799) | (5315526) | (835989) | (8226413) |
|  | (159886) | $(1559913) | (37699) | $(359398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 33113899 | $326882944 | 35802100 | $353628091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2870622 | 28278513 | 5182565 | 51014846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (35218191) | (346082786) | (41825232) | (410440969) |
|  | 766330 | $9078671 | (840567) | $(5798032) |

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Notes to Consolidated Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 100981 | $995296 | 153547 | $1511625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 29046 | 285990 | 62442 | 613930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (295775) | (2931309) | (419384) | (4097351) |
|  | (165748) | $(1650023) | (203395) | $(1971796) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 245868 | $2420233 | 765030 | $7493953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 61349 | 604051 | 138687 | 1362957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (735186) | (7230897) | (1827325) | (17860187) |
|  | (427969) | $(4206613) | (923608) | $(9003277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 83652122 | $823529517 | 202661708 | $2002649570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16753622 | 164986152 | 30433597 | 299455102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (104987885) | (1033503216) | (203443991) | (1986821082) |
|  | (4582141) | $(44987547) | 29651314 | $315283590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 840746 | $8279872 | 2016157 | $19843367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 149340 | 1471382 | 290020 | 2855542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1100320) | (10811737) | (2231236) | (21975431) |
|  | (110234) | $(1060483) | 74941 | $723478 |
|  | 13560658 | $139028030 | 133571564 | $1359076595 |

---

As of March 31, 2025, BlackRock HoldCo 2, Inc., an affiliate of the Fund, owned 264,970 Class K shares of the Fund.

**11.**  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were issued and the following item was noted:

Effective April 10, 2025, the Corporation, on behalf the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 119

------

Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of the Corporation is paid by the Corporation, on behalf of the Fund.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com.** Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

#### BlackRock's Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information**.** 

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

120 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Sub-Advisers** | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | **Legal Counsel** |
| BlackRock (Singapore) Limited | Willkie Farr & Gallagher LLP |
| 079912 Singapore | New York, NY 10019 |
| **Accounting Agent and Transfer Agent** | **Address of the Fund** |
| BNY Mellon Investment Servicing (US) Inc. | 100 Bellevue Parkway |
| Wilmington, DE 19809 | Wilmington, DE 19809 |
| **Custodian** |  |
| The Bank of New York Mellon |  |
| New York, NY 10286 |  |

---

A D D I T I O N A L I N F O R M A T I O N 121

------

Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Offshore |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan New Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| AKA | Also Known As |
| BBSW | Bank Bill Swap Rate |
| BZDIOVER | Overnight Brazil CETIP - Interbank Rate |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| COOIS | Colombia Overnight Interbank Reference Rate |
| CORRA | Canadian OvernightRepo Rate Average |
| CVR | Contingent Value Rights |
| DAC | Designated Activity Co. |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FKA | Formally Known As |
| GMTN | Global Medium-Term Note |
| GO | General Obligation Bonds |
| IO | Interest Only |
| JIBAR | Johannesburg Interbank Average Rate |
| LP | Limited Partnership |
| MIBOR | Mumbai Interbank Offered Rate |
| MTN | Medium-Term Note |
| MXIBTIIE | Mexico Interbank TIIE 28-Day |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| PIK | Payment-in-Kind |
| PRIBOR | Prague Interbank Offered Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| SPDR | Standard & Poor's Depository Receipt |
| TBA | To-be-Announced |
| TONA | Tokyo Overnight Average Rate |
| WIBOR | Warsaw Interbank Offer Rate |

---

122 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g91085dsp001.jpg)  | ![LOGO](g91085g53i55.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

#### 2

------

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d91085dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d91085dex99906cert.htm)

#### 3

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Bond Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Bond Fund, Inc. |

---

Date: May 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Bond Fund, Inc. |

---

Date: May 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Bond Fund, Inc. |

---

Date: May 22, 2025

#### 4

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Bond Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Bond Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Bond Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Bond Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**