# EDGAR Filing Document

**Accession Number:** 0000276463
**File Stem:** 0001193125-26-257156
**Filing Date:** 2026-6
**Character Count:** 1103925
**Document Hash:** 2890d0ca5904429cdf08b0bbb776b8ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-257156.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-257156

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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:** 261064492

**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:

#### 09/30/2026
Date of reporting period:

#### 03/31/2026
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](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Institutional Shares \| MAHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Institutional Shares \| MAHQX

Semi-Annual Shareholder Report — March 31, 2026

MAHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Service Shares \| MSHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 | $38 | 0.75%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Service Shares \| MSHQX

Semi-Annual Shareholder Report — March 31, 2026

MSHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Investor A Shares \| MDHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 | $39 | 0.77%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Investor A Shares \| MDHQX

Semi-Annual Shareholder Report — March 31, 2026

MDHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Investor A1 Shares \| MEHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 | $30 | 0.59%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Investor A1 Shares \| MEHQX

Semi-Annual Shareholder Report — March 31, 2026

MEHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Investor C Shares \| MFHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 | $72 | 1.44%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Investor C Shares \| MFHQX

Semi-Annual Shareholder Report — March 31, 2026

MFHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Class K Shares \| MPHQX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Class K Shares \| MPHQX

Semi-Annual Shareholder Report — March 31, 2026

MPHQX-03/26-SAR

![TSR - Blackrock Fund Logo](g110264images_30956.jpg)

### BlackRock Total Return Fund

### Class R Shares \| MRCBX

#### Semi-Annual Shareholder Report — March 31, 2026

------

This semi-annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 | $52 | 1.03%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17809513268 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;373% |

---

#### What did the Fund invest in?
(as of March 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 49.0% |
| Corporate Bonds | 17.3% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 9.1% |
| U.S. Treasury Obligations | 7.9% |
| Foreign Government Obligations | 1.6% |
| Floating Rate Loan Interests | 1.2% |
| Investment Companies | 1.1% |
| Preferred Securities | 1.0% |
| Common Stocks | 0.5% |
| Municipal Bonds | 0.4% |
| 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> | 63.3% |
| AA/Aa | 1.8% |
| A | 5.1% |
| BBB/Baa | 9.0% |
| BB/Ba | 1.9% |
| B | 0.5% |
| CCC/Caa | 0.6% |
| CC/Ca | 0.1% |
| N/R | 17.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</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/or 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**.©2026 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](g110264images_30954.jpg)

BlackRock Total Return Fund

Class R Shares \| MRCBX

Semi-Annual Shareholder Report — March 31, 2026

MRCBX-03/26-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.

------

![](g110264img58cd957b1.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **BlackRock Bond Fund, Inc.** |
| ●BlackRock Total Return Fund |

---

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

**Not FDIC Insured ● May Lose Value ● No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_AFP-TEXT-3415_1)  | 3 |
| [Consolidated Schedule of Investments](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_SOIM-TEXT-3415_1)  | 4 |
| [Consolidated Statement of Assets and Liabilities](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_FS-TEXT-3415_1)  | 135 |
| [Consolidated Statement of Operations](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_FS-TEXT-3415_4)  | 138 |
| [Consolidated Statements of Changes in Net Assets](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_FS-TEXT-3415_5)  | 139 |
| [Financial Highlights](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_FIHI-TEXT-3415_1)  | 140 |
| [Notes to Consolidated Financial Statements](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_NTF-TEXT-3415_1)  | 147 |
| [Additional Information](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_AddInfo-TEXT-3415_1)  | 164 |
| [Glossary of Terms Used in these Financial Statements](#xx_a6918225-7219-4009-a0bc-ccbe6d38a452_Gloss-TEXT-3415_1)  | 166 |

---

------

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.

Derivative Financial Instruments

------

Consolidated Schedule of Investments (unaudited)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO 3 Ltd., Series 2023-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 10/15/38<sup>(a)(b)</sup><br>| USD  | 2430 | $2420419 |
| 1988 CLO 5 Ltd., Series 2024-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.54%), 5.21%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 3675 | 3674632 |
| AB BSL CLO 3 Ltd., Series 2021-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 04/20/38<sup>(a)(b)</sup><br>|  | 1190 | 1189738 |
| ACE Securities Corp. Home Equity Loan <br> Trust<br>|  |  |  |
| Series 2003-OP1, Class A2, (1-mo. CME <br> Term SOFR + 0.83%), 4.51%, <br> 12/25/33<sup>(b)</sup><br>|  | 441 | 434685 |
| Series 2005-AG1, Class M2, (1-mo. CME <br> Term SOFR + 0.80%), 4.48%, <br> 08/25/35<sup>(b)</sup><br>|  | 495 | 441772 |
| Series 2006-CW1, Class A2C, (1-mo. <br> CME Term SOFR + 0.39%), 4.07%, <br> 07/25/36<sup>(b)</sup><br>|  | 208 | 174597 |
| Series 2007-HE4, Class A2A, (1-mo. CME <br> Term SOFR + 0.37%), 4.05%, <br> 05/25/37<sup>(b)</sup><br>|  | 2287 | 333526 |
| Series 2007-HE4, Class A2C, (1-mo. CME <br> Term SOFR + 0.71%), 4.39%, <br> 05/25/37<sup>(b)</sup><br>|  | 202 | 29649 |
| Affirm Asset Securitization Trust |  |  |  |
| Series 2025-X1, Class C, 5.34%, <br> 04/15/30<sup>(a)</sup><br>|  | 1280 | 1281672 |
| Series 2025-X2, Class B, 4.56%, <br> 10/15/30<sup>(a)</sup><br>|  | 1100 | 1099187 |
| Series 2025-X2, Class C, 4.93%, <br> 10/15/30<sup>(a)</sup><br>|  | 381 | 381510 |
| Affirm Master Trust |  |  |  |
| Series 2025-1A, Class A, 4.99%, <br> 02/15/33<sup>(a)</sup><br>|  | 1882 | 1893399 |
| Series 2025-1A, Class B, 5.13%, <br> 02/15/33<sup>(a)</sup><br>|  | 1155 | 1158613 |
| Series 2026-1A, Class A, 4.37%, <br> 02/15/34<sup>(a)</sup><br>|  | 7142 | 7113340 |
| Series 2026-2A, Class A, 4.67%, <br> 04/16/35<sup>(a)</sup><br>|  | 5626 | 5617994 |
| AGL CLO 20 Ltd., Series 2022-20A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.37%), 5.04%, 10/20/37<sup>(a)(b)</sup><br>|  | 2840 | 2841236 |
| AGL CLO 21 Ltd., Series 2022-21A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 10/21/37<sup>(a)(b)</sup><br>|  | 1330 | 1330482 |
| AGL CLO 23 Ltd., Series 2022-23A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 04/20/38<sup>(a)(b)</sup><br>|  | 500 | 498090 |
| AGL CLO 24 Ltd., Series 2023-24A, <br> Class CR, (3-mo. CME Term SOFR + <br> 2.15%), 5.82%, 03/31/38<sup>(a)(b)</sup><br>|  | 620 | 622487 |
| AGL CLO 37 Ltd., Series 2024-37A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.24%), 4.91%, 04/22/38<sup>(a)(b)</sup><br>|  | 290 | 289759 |
| AGL CLO 42 Ltd., Series 2025-42A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.30%), 4.97%, 07/22/38<sup>(a)(b)</sup><br>|  | 1850 | 1850371 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| AGL CLO 5 Ltd. |  |  |  |
| Series 2020-5A, Class D1AR, (3-mo. CME <br> Term SOFR + 2.70%), 6.46%, <br> 01/20/39<sup>(a)(b)</sup><br>| USD  | 620 | $613412 |
| Series 2020-5A, Class D2R3, (3-mo. CME <br> Term SOFR + 3.95%), 7.71%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 240 | 228391 |
| AGL CLO 6 Ltd., Series 2020-6A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.28%), 4.95%, 04/20/38<sup>(a)(b)</sup><br>|  | 3980 | 3980649 |
| AGL CLO 7 Ltd., Series 2020-7A, Class AR2, <br> (3-mo. CME Term SOFR + 1.25%), 4.92%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1490 | 1488725 |
| AGL Core CLO 2 Ltd., Series 2019-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.46%), 5.13%, 07/20/37<sup>(a)(b)</sup><br>|  | 14335 | 14339275 |
| AGL Core CLO 27 Ltd., Series 2023-27A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 01/21/39<sup>(a)(b)</sup><br>|  | 1000 | 998651 |
| AGL Core CLO 31 Ltd., Series 2024-31A, <br> Class C, (3-mo. CME Term SOFR + <br> 1.90%), 5.57%, 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250283 |
| AGL Core CLO 38 Ltd., Series 2025-38A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.24%), 4.91%, 01/22/38<sup>(a)(b)</sup><br>|  | 3370 | 3367340 |
| AGL Core CLO 4 Ltd., Series 2020-4A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 10/20/37<sup>(a)(b)</sup><br>|  | 3620 | 3621942 |
| Aimco CLO, Series 2018-AA, Class AR, (3-<br> mo. CME Term SOFR + 1.31%), 4.98%, <br> 10/17/37<sup>(a)(b)</sup><br>|  | 3190 | 3191125 |
| Aimco CLO 11 Ltd. |  |  |  |
| Series 2020-11A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.34%), 5.01%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 2190 | 2190286 |
| Series 2020-11A, Class BR2, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 3490 | 3487591 |
| Aimco CLO 18 Ltd., Series 2022-18A, <br> Class A1LR, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 07/20/37<sup>(a)(b)</sup><br>|  | 1280 | 1280646 |
| Aimco CLO 21 Ltd., Series 2024-21A, <br> Class B, (3-mo. CME Term SOFR + <br> 1.92%), 5.59%, 04/18/37<sup>(a)(b)</sup><br>|  | 750 | 750000 |
| Aimco CLO 23 Ltd., Series 2025-23A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.13%), 4.80%, 04/20/38<sup>(a)(b)</sup><br>|  | 439 | 437592 |
| Ajax Mortgage Loan Trust |  |  |  |
| Series 2021-G, Class A, 5.88%, <br> 06/25/61<sup>(a)(b)</sup><br>|  | 25621 | 25631055 |
| Series 2021-G, Class B, 6.75%, <br> 06/25/61<sup>(a)(b)</sup><br>|  | 8484 | 8484054 |
| Series 2021-G, Class C, 0.00%, <br> 06/25/61<sup>(a)</sup><br>|  | 14273 | 14680792 |
| Series 2023-B, Class A, 4.25%, <br> 10/25/62<sup>(a)(c)</sup><br>|  | 10770 | 10719003 |
| Series 2023-B, Class B, 4.25%, <br> 10/25/62<sup>(a)(c)</sup><br>|  | 1749 | 1729739 |
| Series 2023-B, Class C, 0.00%, <br> 10/25/62<sup>(a)</sup><br>|  | 3800 | 2927691 |
| Series 2023-B, Class SA, 0.00%, <br> 10/25/62<sup>(a)(d)</sup><br>|  | 51 | 50113 |

---

42026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Allegro CLO V-S Ltd., Series 2024-2A, <br> Class A2, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 07/24/37<sup>(a)(b)</sup><br>| USD  | 2400 | $2397411 |
| AMMC CLO 27 Ltd., Series 2022-27A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.08%), 4.75%, 01/20/37<sup>(a)(b)</sup><br>|  | 3070 | 3063744 |
| Anchorage Capital CLO 15 Ltd., Series 2020-<br> 15A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.41%), 5.08%, 07/20/38<sup>(a)(b)</sup><br>|  | 5340 | 5341961 |
| Anchorage Capital CLO 17 Ltd., Series 2021-<br> 17A, Class A1R, (3-mo. CME Term SOFR <br> + 1.23%), 4.90%, 02/15/38<sup>(a)(b)</sup><br>|  | 11115 | 11103040 |
| Anchorage Capital CLO 18 Ltd., Series 2021-<br> 18A, Class A1, (3-mo. CME Term SOFR + <br> 1.41%), 5.08%, 04/15/34<sup>(a)(b)</sup><br>|  | 550 | 550062 |
| Anchorage Capital CLO 29 Ltd., Series 2024-<br> 29A, Class A1, (3-mo. CME Term SOFR + <br> 1.60%), 5.27%, 07/20/37<sup>(a)(b)</sup><br>|  | 3020 | 3020574 |
| Anchorage Capital CLO 30 Ltd., Series 2024-<br> 30A, Class A1, (3-mo. CME Term SOFR + <br> 1.30%), 4.97%, 01/20/37<sup>(a)(b)</sup><br>|  | 4160 | 4160189 |
| Anchorage Capital CLO 32 Ltd., Series 2025-<br> 32A, Class D, (3-mo. CME Term SOFR + <br> 3.95%), 7.62%, 07/15/37<sup>(a)(b)</sup><br>|  | 1412 | 1412109 |
| Anchorage Capital CLO 34 Ltd., Series 2025-<br> 34A, Class A1, (3-mo. CME Term SOFR + <br> 1.27%), 4.94%, 01/15/39<sup>(a)(b)</sup><br>|  | 3610 | 3608848 |
| Anchorage Capital CLO 6 Ltd. |  |  |  |
| Series 2015-6A, Class AR4, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 4570 | 4573414 |
| Series 2015-6A, Class BR4, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 2539 | 2540848 |
| Anchorage Capital CLO 7 Ltd. |  |  |  |
| Series 2015-7A, Class AR3, (3-mo. CME <br> Term SOFR + 1.56%), 5.23%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 5686 | 5688768 |
| Series 2015-7A, Class BR3, (3-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 7620 | 7631445 |
| Series 2015-7A, Class CR3, (3-mo. CME <br> Term SOFR + 2.45%), 6.12%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 4250 | 4253845 |
| Series 2015-7A, Class DR3, (3-mo. CME <br> Term SOFR + 3.80%), 7.47%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 1140 | 1115068 |
| Anchorage Capital CLO 8 Ltd., Series 2016-<br> 8A, Class A1R3, (3-mo. CME Term SOFR <br> + 1.29%), 4.96%, 10/27/38<sup>(a)(b)</sup><br>|  | 2395 | 2395328 |
| Anchorage Capital CLO Ltd., Series 2026-<br> 22A, Class AR4, (3-mo. CME Term SOFR <br> + 1.23%), 4.81%, 01/20/39<sup>(a)(b)</sup><br>|  | 7220 | 7215373 |
| Antares CLO LLC, Series 2024-5A, Class A, <br> (3-mo. CME Term SOFR + 1.57%), 5.24%, <br> 10/20/36<sup>(a)(b)</sup><br>|  | 4600 | 4614999 |
| Antares CLO Ltd. |  |  |  |
| Series 2018-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 2435 | 2439131 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Antares CLO Ltd. |  |  |  |
| Series 2018-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.59%), 5.26%, <br> 07/20/36<sup>(a)(b)</sup><br>| USD  | 4000 | $3992374 |
| Apidos CLO LV, Series 2025-55A, Class A1, <br> (3-mo. CME Term SOFR + 1.21%), 4.93%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 2590 | 2587725 |
| Apidos CLO XLVI Ltd., Series 2023-46A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.20%), 5.11%, 10/24/38<sup>(a)(b)</sup><br>|  | 1690 | 1688342 |
| Apidos CLO XLVIII Ltd., Series 2024-48A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.44%), 5.11%, 07/25/37<sup>(a)(b)</sup><br>|  | 250 | 250209 |
| Apidos CLO XVIII-R, Series 2018-18A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 01/22/38<sup>(a)(b)</sup><br>|  | 880 | 880199 |
| Apidos CLO XXIV, Series 2016-24A, <br> Class A2LX, (3-mo. CME Term SOFR + <br> 1.61%), 5.28%, 10/20/30<sup>(a)(b)</sup><br>|  | 660 | 658936 |
| Apidos CLO XXXII, Series 2019-32A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.10%), 4.77%, 01/20/33<sup>(a)(b)</sup><br>|  | 593 | 593292 |
| Apidos CLO XXXIX Ltd. |  |  |  |
| Series 2022-39A, Class A1R, (3-mo. CME <br> Term SOFR + 1.23%), 4.90%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 1360 | 1359305 |
| Series 2022-39A, Class BR, (3-mo. CME <br> Term SOFR + 1.53%), 5.20%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 300 | 299792 |
| Series 2022-39A, Class D1R, (3-mo. CME <br> Term SOFR + 2.60%), 6.27%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 250 | 241594 |
| Apidos CLO XXXVI, Series 2021-36A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 2.60%), 6.32%, 01/20/39<sup>(a)(b)</sup><br>|  | 250 | 246847 |
| Apidos CLO XXXVII |  |  |  |
| Series 2021-37A, Class A, (3-mo. CME <br> Term SOFR + 1.39%), 5.06%, <br> 10/22/34<sup>(a)(b)</sup><br>|  | 450 | 450060 |
| Series 2021-37A, Class D, (3-mo. CME <br> Term SOFR + 3.31%), 6.98%, <br> 10/22/34<sup>(a)(b)</sup><br>|  | 250 | 250010 |
| Series 2021-37A, Class E, (3-mo. CME <br> Term SOFR + 6.56%), 10.23%, <br> 10/22/34<sup>(a)(b)</sup><br>|  | 455 | 451855 |
| Aqua Finance Trust, Series 2021-A, Class A, <br> 1.54%, 07/17/46<sup>(a)</sup><br>|  | 157 | 144116 |
| Ares Direct Lending CLO 6 LLC, <br> Series 2025-2A, Class A1, (3-mo. CME <br> Term SOFR + 1.45%), 5.20%, <br> 10/16/37<sup>(a)(b)</sup><br>|  | 820 | 821545 |
| Ares Direct Lending CLO 8 LLC, <br> Series 2025-4A, Class A1, (3-mo. CME <br> Term SOFR + 1.40%), 5.08%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 950 | 951654 |
| Ares European CLO XII DAC, Series 12A, <br> Class B1R, (3-mo. EURIBOR + 1.70%), <br> 3.73%, 04/20/32<sup>(a)(b)</sup><br>| EUR  | 889 | 1031359 |
| ARES LIX CLO Ltd., Series 2021-59A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.29%), 4.96%, 04/25/34<sup>(a)(b)</sup><br>| USD  | 500 | 500020 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| ARES Loan Funding I Ltd., Series 2021-<br> ALFA, Class AR, (3-mo. CME Term SOFR <br> + 1.17%), 4.84%, 04/15/39<sup>(a)(b)</sup><br>| USD  | 2820 | $2814956 |
| ARES Loan Funding III Ltd., Series 2022-<br> ALF3A, Class A1R, (3-mo. CME Term <br> SOFR + 1.27%), 4.94%, 07/25/36<sup>(a)(b)</sup><br>|  | 1050 | 1050000 |
| ARES Loan Funding IX Ltd., Series 2025-<br> ALF9A, Class A1, (3-mo. CME Term <br> SOFR + 1.18%), 4.85%, 03/31/38<sup>(a)(b)</sup><br>|  | 5500 | 5488823 |
| ARES Loan Funding VIII Ltd., Series 2024-<br> ALF8, Class A1, (3-mo. CME Term SOFR <br> + 1.25%), 4.92%, 01/24/38<sup>(a)(b)</sup><br>|  | 8660 | 8654321 |
| ARES LXIII CLO Ltd., Series 2022-63A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.31%), 4.98%, 10/15/38<sup>(a)(b)</sup><br>|  | 2800 | 2801538 |
| ARES LXX CLO Ltd., Series 2023-70A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 01/25/39<sup>(a)(b)</sup><br>|  | 2000 | 1998053 |
| ARES LXXIX CLO Ltd., Series 2026-79A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.19%), 0.00%, 04/20/39<sup>(a)(b)</sup><br>|  | 3530 | 3523503 |
| ARES XLI CLO Ltd., Series 2016-41A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 04/15/34<sup>(a)(b)</sup><br>|  | 1070 | 1070055 |
| ARES XLIII CLO Ltd., Series 2017-43A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.35%), 5.02%, 01/15/38<sup>(a)(b)</sup><br>|  | 250 | 250073 |
| ARES XLIV CLO Ltd., Series 2017-44A, <br> Class CRR, (3-mo. CME Term SOFR + <br> 2.75%), 6.42%, 04/15/34<sup>(a)(b)</sup><br>|  | 1650 | 1624431 |
| Argent Mortgage Loan Trust, Series 2005-<br> W1, Class A2, (1-mo. CME Term SOFR + <br> 0.59%), 4.27%, 05/25/35<sup>(b)</sup><br>|  | 2102 | 1783214 |
| Argent Securities Trust |  |  |  |
| Series 2006-M1, Class A2C, (1-mo. CME <br> Term SOFR + 0.41%), 4.09%, <br> 07/25/36<sup>(b)</sup><br>|  | 3576 | 952353 |
| Series 2006-W2, Class A2C, (1-mo. CME <br> Term SOFR + 0.69%), 4.37%, <br> 03/25/36<sup>(b)</sup><br>|  | 659 | 370858 |
| Arini European CLO II DAC, Series 2X, <br> Class AR, (3-mo. EURIBOR + 1.32%), <br> 3.34%, 10/15/38<sup>(b)(e)</sup><br>| EUR  | 6000 | 6931231 |
| Asimi Funding PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.95%), 5.68%, 09/16/31<sup>(b)(e)</sup><br>| GBP  | 304 | 402145 |
| Series 2025-1, Class C, (1-day SONIA + <br> 1.75%), 5.48%, 05/16/32<sup>(b)(e)</sup><br>|  | 500 | 663051 |
| Series 2025-1, Class D, (1-day SONIA + <br> 2.40%), 6.13%, 05/16/32<sup>(b)(e)</sup><br>|  | 197 | 261047 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Five Srl<br>|  |  |  |
| Series 25, Class D, (1-mo. EURIBOR + <br> 2.50%), 4.44%, 11/15/39<sup>(b)(e)</sup><br>| EUR  | 250 | 290435 |
| Series 25, Class E, (1-mo. EURIBOR + <br> 4.00%), 5.94%, 11/15/39<sup>(b)(e)</sup><br>|  | 644 | 748038 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Three S.a.r.l.<br>|  |  |  |
| Series 23, Class C, (1-mo. EURIBOR + <br> 1.60%), 3.52%, 03/21/34<sup>(b)(e)</sup><br>|  | 395 | 460247 |
| Series 23, Class D, (1-mo. EURIBOR + <br> 1.90%), 3.82%, 03/21/34<sup>(b)(e)</sup><br>|  | 237 | 276262 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Asset-Backed European Securitisation <br> Transaction Twenty-Three S.a.r.l.<br>|  |  |  |
| Series 23, Class E, (1-mo. EURIBOR + <br> 2.40%), 4.32%, 03/21/34<sup>(b)(e)</sup><br>| EUR  | 237 | $276959 |
| Atlas Senior Loan Fund XX Ltd., <br> Series 2022-20A, Class XR, (3-mo. CME <br> Term SOFR + 1.15%), 4.82%, <br> 10/19/37<sup>(a)(b)</sup><br>| USD  | 335 | 334999 |
| Auto ABS Italian Stella Loans SRL |  |  |  |
| Series 2024-1, Class C, (1-mo. EURIBOR <br> + 1.70%), 3.61%, 12/29/36<sup>(b)(e)</sup><br>| EUR  | 315 | 366841 |
| Series 2024-1, Class D, (1-mo. EURIBOR <br> + 2.30%), 4.21%, 12/29/36<sup>(b)(e)</sup><br>|  | 301 | 351007 |
| Series 2025-1, Class C, (1-mo. EURIBOR <br> + 1.25%), 3.16%, 12/28/40<sup>(b)(e)</sup><br>|  | 648 | 748625 |
| Series 2025-1, Class D, (1-mo. EURIBOR <br> + 1.90%), 3.81%, 12/28/40<sup>(b)(e)</sup><br>|  | 214 | 249644 |
| Auto Abs Spanish Loans, Series 2026-1, <br> Class D, (1-mo. EURIBOR + 1.60%), <br> 3.78%, 12/28/38<sup>(b)(e)</sup><br>|  | 200 | 231161 |
| Auto1 Car Funding S.a.r.l |  |  |  |
| Series 2024-1, Class C, (1-mo. EURIBOR <br> + 1.50%), 3.44%, 12/15/33<sup>(b)(e)</sup><br>|  | 300 | 348972 |
| Series 2024-1, Class D, (1-mo. EURIBOR <br> + 3.50%), 5.44%, 12/15/33<sup>(b)(e)</sup><br>|  | 300 | 356277 |
| AutoNoria Spain 2025 FT |  |  |  |
| Series 2025-SP, Class D, (1-mo. <br> EURIBOR + 1.50%), 3.44%, <br> 04/30/43<sup>(b)(e)</sup><br>|  | 400 | 463388 |
| Series 2025-SP, Class E, (1-mo. <br> EURIBOR + 3.00%), 4.94%, <br> 04/30/43<sup>(b)(e)</sup><br>|  | 500 | 580294 |
| Avoca CLO XVIII DAC, Series 18A, <br> Class CR, (3-mo. EURIBOR + 2.25%), <br> 4.27%, 01/15/38<sup>(a)(b)</sup><br>|  | 400 | 456399 |
| Avoca CLO XXII DAC |  |  |  |
| Series 22A, Class D, (3-mo. EURIBOR + <br> 2.90%), 4.92%, 04/15/35<sup>(a)(b)</sup><br>|  | 500 | 573583 |
| Series 22X, Class B1, (3-mo. EURIBOR + <br> 1.30%), 3.32%, 04/15/35<sup>(b)(e)</sup><br>|  | 850 | 974332 |
| Avoca CLO XXIII DAC, Series 23A, Class D, <br> (3-mo. EURIBOR + 3.05%), 5.07%, <br> 04/15/34<sup>(a)(b)</sup><br>|  | 500 | 573579 |
| Bain Capital Credit CLO Ltd. |  |  |  |
| Series 2018-2A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 07/19/31<sup>(a)(b)</sup><br>| USD  | 1450 | 1449573 |
| Series 2019-2A, Class BR3, (3-mo. CME <br> Term SOFR + 1.45%), 5.12%, <br> 10/17/32<sup>(a)(b)</sup><br>|  | 590 | 587486 |
| Series 2021-1A, Class AR, (3-mo. CME <br> Term SOFR + 0.94%), 4.61%, <br> 04/18/34<sup>(a)(b)</sup><br>|  | 3140 | 3133506 |
| Series 2024-2A, Class A1, (3-mo. CME <br> Term SOFR + 1.52%), 5.19%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 7880 | 7877996 |
| Ballyrock CLO 14 Ltd. |  |  |  |
| Series 2020-14A, Class A1AR, (3-mo. <br> CME Term SOFR + 1.38%), 5.05%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 4448 | 4449254 |

---

62026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Ballyrock CLO 14 Ltd. |  |  |  |
| Series 2020-14A, Class A2R, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 07/20/37<sup>(a)(b)</sup><br>| USD  | 2500 | $2498475 |
| Ballyrock CLO 20 Ltd. |  |  |  |
| Series 2022-20A, Class BR3, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 250 | 249232 |
| Series 2022-20A, Class C1R3, (3-mo. <br> CME Term SOFR + 2.80%), 6.47%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 250 | 246895 |
| Ballyrock CLO 29 Ltd., Series 2025-29A, <br> Class A1A, (3-mo. CME Term SOFR + <br> 1.32%), 4.99%, 07/25/38<sup>(a)(b)</sup><br>|  | 250 | 250125 |
| Ballyrock CLO 32 Ltd. |  |  |  |
| Series 2025-32A, Class A1A, (3-mo. CME <br> Term SOFR + 1.21%), 4.88%, <br> 01/25/39<sup>(a)(b)</sup><br>|  | 820 | 819047 |
| Series 2025-32A, Class B, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 01/25/39<sup>(a)(b)</sup><br>|  | 830 | 830085 |
| Ballyrock CLO Ltd. |  |  |  |
| Series 2019-2A, Class A2R3, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 460 | 459641 |
| Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.00%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 6935 | 6935085 |
| Series 2023-25A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 570 | 569787 |
| BankAmerica Manufactured Housing <br> Contract Trust<br>|  |  |  |
| Series 1997-2, Class B1, 7.07%, <br> 02/10/22<sup>(b)</sup><br>|  | 1680 | 95187 |
| Series 1998-2, Class B1, 7.17%, <br> 12/10/25<sup>(b)(f)(g)</sup><br>|  | 2790 | 181258 |
| Bankers Healthcare Group Securitization <br> Trust, Series 2020-A, Class C, 5.17%, <br> 09/17/31<sup>(a)</sup><br>|  | 307 | 306639 |
| Barclays Mortgage Loan Trust, Series 2026-<br> CES1, Class A1A, 4.85%, 01/25/56<sup>(a)(c)</sup><br>|  | 4894 | 4846481 |
| Bardot CLO Ltd., Series 2019-2A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 0.98%), 4.65%, 10/22/32<sup>(a)(b)</sup><br>|  | 1100 | 1098431 |
| Barings CLO Ltd., Series 2015-IA, Class BR, <br> (3-mo. CME Term SOFR + 1.66%), 5.33%, <br> 01/20/31<sup>(a)(b)</sup><br>|  | 352 | 352289 |
| Barrow Hanley CLO II Ltd., Series 2023-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.31%), 4.98%, 03/31/38<sup>(a)(b)</sup><br>|  | 1810 | 1810727 |
| Battalion CLO 18 Ltd., Series 2020-18A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.80%), 5.47%, 10/15/36<sup>(a)(b)</sup><br>|  | 1827 | 1825158 |
| Battalion CLO VIII Ltd. |  |  |  |
| Series 2015-8A, Class A2R3, (3-mo. CME <br> Term SOFR + 1.00%), 4.67%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 1884 | 1883702 |
| Series 2015-8A, Class BR3, (3-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 2901 | 2893050 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Battalion CLO X Ltd., Series 2016-10A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.14%), 4.81%, 01/24/35<sup>(a)(b)</sup><br>| USD  | 1777 | $1775885 |
| Bayview Financial Revolving Asset Trust |  |  |  |
| Series 2004-B, Class A2, (1-mo. CME <br> Term SOFR + 1.41%), 5.09%, <br> 05/28/39<sup>(a)(b)</sup><br>|  | 112 | 51972 |
| Series 2005-A, Class A1, (1-mo. CME <br> Term SOFR + 1.11%), 4.79%, <br> 02/28/40<sup>(a)(b)</sup><br>|  | 967 | 872794 |
| Series 2005-E, Class A1, (1-mo. CME <br> Term SOFR + 1.11%), 4.79%, <br> 12/28/40<sup>(a)(b)</sup><br>|  | 85 | 86344 |
| Bbam U.S. CLO V Ltd., Series 2025-5A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 07/25/38<sup>(a)(b)</sup><br>|  | 250 | 250160 |
| BBAM U.S. CLO VI Ltd., Series 2025-6A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.25%), 5.06%, 01/27/39<sup>(a)(b)</sup><br>|  | 3280 | 3278611 |
| Bbva Consumer Fondo de Titulizacion |  |  |  |
| Series 2026-1, Class D, (3-mo. EURIBOR <br> + 2.50%), 4.51%, 05/20/39<sup>(b)(e)</sup><br>| EUR  | 1500 | 1714082 |
| Series 2026-1, Class E, (3-mo. EURIBOR <br> + 3.50%), 5.51%, 05/20/39<sup>(b)(e)</sup><br>|  | 900 | 1037920 |
| Series 2026-1, Class F, (3-mo. EURIBOR <br> + 5.10%), 7.11%, 05/20/39<sup>(b)(e)</sup><br>|  | 1800 | 2061339 |
| BCMSC Trust |  |  |  |
| Series 2000-A, Class A2, 7.58%, <br> 06/15/30<sup>(b)</sup><br>| USD  | 1674 | 89316 |
| Series 2000-A, Class A3, 7.83%, <br> 06/15/30<sup>(b)</sup><br>|  | 1554 | 85603 |
| Series 2000-A, Class A4, 8.29%, <br> 06/15/30<sup>(b)</sup><br>|  | 1121 | 65378 |
| BDS Ltd., Series 2024-FL13, Class A, (1-mo. <br> CME Term SOFR + 1.58%), 5.25%, <br> 09/19/39<sup>(a)(b)</sup><br>|  | 2735 | 2732956 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| Series 2004-HE7, Class M2, (1-mo. CME <br> Term SOFR + 1.84%), 5.52%, <br> 08/25/34<sup>(b)</sup><br>|  | 5 | 4693 |
| Series 2006-HE1, Class 1M4, (1-mo. CME <br> Term SOFR + 1.13%), 4.81%, <br> 12/25/35<sup>(b)</sup><br>|  | 2130 | 2106059 |
| Series 2006-HE7, Class 1A2, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 09/25/36<sup>(b)</sup><br>|  | 569 | 561242 |
| Series 2007-HE2, Class 1A4, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, <br> 03/25/37<sup>(b)</sup><br>|  | 898 | 893429 |
| Series 2007-HE2, Class 22A, (1-mo. CME <br> Term SOFR + 0.39%), 4.07%, <br> 03/25/37<sup>(b)</sup><br>|  | 319 | 303833 |
| Series 2007-HE2, Class 23A, (1-mo. CME <br> Term SOFR + 0.39%), 4.07%, <br> 03/25/37<sup>(b)</sup><br>|  | 359 | 346928 |
| Series 2007-HE3, Class 1A4, (1-mo. CME <br> Term SOFR + 0.81%), 4.49%, <br> 04/25/37<sup>(b)</sup><br>|  | 6830 | 6557522 |
| Benefit Street Partners CLO 42 Ltd., <br> Series 2025-42A, Class A, (3-mo. CME <br> Term SOFR + 1.30%), 4.97%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 3180 | 3179953 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Benefit Street Partners CLO 43 Ltd., <br> Series 2025-43A, Class A, (3-mo. CME <br> Term SOFR + 1.27%), 5.07%, <br> 10/20/38<sup>(a)(b)</sup><br>| USD  | 500 | $499658 |
| Benefit Street Partners CLO 44 Ltd., <br> Series 2025-44A, Class A1, (3-mo. CME <br> Term SOFR + 1.22%), 4.94%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 2790 | 2788008 |
| Benefit Street Partners CLO 48 Ltd., <br> Series 2026-48A, Class A, (3-mo. CME <br> Term SOFR + 1.15%), 4.86%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 1570 | 1570000 |
| Benefit Street Partners CLO V-B Ltd., <br> Series 2018-5BA, Class A1R, (3-mo. CME <br> Term SOFR + 1.53%), 5.20%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 6170 | 6169006 |
| Benefit Street Partners CLO XII-B Ltd. |  |  |  |
| Series 2017-12BRA, Class A, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1340 | 1340464 |
| Series 2017-12BRA, Class B, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 2000 | 2001062 |
| Benefit Street Partners CLO XIV Ltd., <br> Series 2018-14A, Class AR, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 750 | 750215 |
| Benefit Street Partners CLO XVI Ltd., <br> Series 2018-16A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.32%), 4.99%, <br> 01/17/38<sup>(a)(b)</sup><br>|  | 920 | 920336 |
| Benefit Street Partners CLO XXIII Ltd. |  |  |  |
| Series 2021-23A, Class A1R, (3-mo. CME <br> Term SOFR + 1.10%), 4.77%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 550 | 549207 |
| Series 2021-23A, Class ER, (3-mo. CME <br> Term SOFR + 5.25%), 8.92%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 750 | 736762 |
| Benefit Street Partners CLO XXIX Ltd., <br> Series 2022-29A, Class AR, (3-mo. CME <br> Term SOFR + 1.18%), 4.85%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 2150 | 2145177 |
| Benefit Street Partners CLO XXV Ltd., <br> Series 2021-25A, Class A1R, (3-mo. CME <br> Term SOFR + 1.00%), 4.67%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 5485 | 5470812 |
| Benefit Street Partners CLO XXVI Ltd., <br> Series 2022-26A, Class AR, (3-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1310 | 1310673 |
| Benefit Street Partners CLO XXVII Ltd., <br> Series 2022-27A, Class AR, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 10520 | 10525701 |
| Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class A, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 4500 | 4502306 |
| Bethpage Park CLO Ltd., Series 2021-1A, <br> Class D, (3-mo. CME Term SOFR + <br> 3.21%), 6.88%, 10/15/36<sup>(a)(b)</sup><br>|  | 580 | 555339 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| BHG Securitization Trust |  |  |  |
| Series 2021-A, Class B, 2.79%, <br> 11/17/33<sup>(a)</sup><br>| USD  | 1007 | $987598 |
| Series 2022-C, Class B, 5.93%, <br> 10/17/35<sup>(a)</sup><br>|  | 208 | 208562 |
| Birch Grove CLO 10 Ltd., Series 2024-10A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.39%), 5.06%, 01/22/38<sup>(a)(b)</sup><br>|  | 2550 | 2551909 |
| Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.31%), 5.47%, 10/23/38<sup>(a)(b)</sup><br>|  | 900 | 900124 |
| Birch Grove CLO 15 Ltd., Series 2025-15A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.25%), 4.96%, 01/23/39<sup>(a)(b)</sup><br>|  | 1500 | 1498976 |
| Birch Grove CLO 2 Ltd., Series 2021-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 10/19/37<sup>(a)(b)</sup><br>|  | 870 | 870656 |
| Birch Grove CLO 3 Ltd., Series 2021-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 4.93%, 01/19/38<sup>(a)(b)</sup><br>|  | 4093 | 4089363 |
| Birch Grove CLO 4 Ltd., Series 2022-4A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.48%), 5.15%, 07/15/37<sup>(a)(b)</sup><br>|  | 1140 | 1140203 |
| Birch Grove CLO Ltd., Series 19A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.59%), 5.26%, 07/17/37<sup>(a)(b)</sup><br>|  | 250 | 249991 |
| BlueMountain CLO Ltd. |  |  |  |
| Series 2013-2A, Class BR, (3-mo. CME <br> Term SOFR + 1.86%), 5.53%, <br> 10/22/30<sup>(a)(b)</sup><br>|  | 119 | 119322 |
| Series 2014-2A, Class BR2, (3-mo. CME <br> Term SOFR + 2.01%), 5.68%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 790 | 790624 |
| Series 2015-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.26%), 4.93%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 642 | 642734 |
| Series 2016-3A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.20%), 4.85%, <br> 11/15/30<sup>(a)(b)</sup><br>|  | 170 | 170334 |
| Series 2018-2A, Class B, (3-mo. CME <br> Term SOFR + 1.96%), 5.61%, <br> 08/15/31<sup>(a)(b)</sup><br>|  | 1095 | 1095271 |
| Series 2018-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.19%), 4.86%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 594 | 593954 |
| Series 2018-3A, Class BR, (3-mo. CME <br> Term SOFR + 1.85%), 5.52%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 11960 | 11957775 |
| BlueMountain CLO XXII Ltd., Series 2018-<br> 22A, Class B, (3-mo. CME Term SOFR + <br> 1.76%), 5.43%, 07/15/31<sup>(a)(b)</sup><br>|  | 3970 | 3958584 |
| BlueMountain CLO XXIX Ltd., Series 2020-<br> 29A, Class BR, (3-mo. CME Term SOFR + <br> 2.01%), 5.68%, 07/25/34<sup>(a)(b)</sup><br>|  | 1080 | 1074971 |
| BlueMountain CLO XXVI Ltd., Series 2019-<br> 26A, Class D1R, (3-mo. CME Term SOFR <br> + 3.76%), 7.43%, 10/20/34<sup>(a)(b)</sup><br>|  | 1080 | 1063999 |
| BlueMountain CLO XXXV Ltd., Series 2022-<br> 35A, Class A1R, (3-mo. CME Term SOFR <br> + 1.42%), 5.09%, 10/22/37<sup>(a)(b)</sup><br>|  | 660 | 660596 |

---

82026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| BlueMountain Euro CLO DAC, Series 2021-<br> 2A, Class B1, (3-mo. EURIBOR + 1.75%), <br> 3.77%, 10/15/35<sup>(a)(b)</sup><br>| EUR  | 3280 | $3783669 |
| BlueMountain Fuji U.S. CLO II Ltd., <br> Series 2017-2A, Class A2, (3-mo. CME <br> Term SOFR + 1.86%), 5.53%, <br> 10/20/30<sup>(a)(b)</sup><br>| USD  | 1380 | 1379158 |
| Brant Point CLO Ltd., Series 2024-6A, <br> Class D1, (3-mo. CME Term SOFR + <br> 3.20%), 6.87%, 01/15/38<sup>(a)(b)</sup><br>|  | 1080 | 1072778 |
| BRAVO Residential Funding Trust, <br> Series 2024-CES2, Class A1A, 5.55%, <br> 09/25/54<sup>(a)(c)</sup><br>|  | 1268 | 1270750 |
| Bridge Street CLO III Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.42%), 5.09%, 10/20/37<sup>(a)(b)</sup><br>|  | 1580 | 1581564 |
| Bridge Street CLO VI Ltd., Series 2025-2A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.28%), 5.07%, 01/15/39<sup>(a)(b)</sup><br>|  | 4160 | 4158794 |
| Bridgepoint CLO VI DAC, Series 6X, <br> Class AR, (3-mo. EURIBOR + 1.30%), <br> 3.32%, 03/15/38<sup>(b)(e)</sup><br>| EUR  | 2000 | 2306976 |
| Brignole Co. |  |  |  |
| Series 2024, Class C, (1-mo. EURIBOR + <br> 2.00%), 3.92%, 02/24/42<sup>(b)(e)</sup><br>|  | 157 | 182492 |
| Series 2024, Class D, (1-mo. EURIBOR + <br> 4.00%), 5.92%, 02/24/42<sup>(b)(e)</sup><br>|  | 227 | 264752 |
| Bryant Park CLO Ltd., Series 2025-27A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 07/20/38<sup>(a)(b)</sup><br>| USD  | 1780 | 1780657 |
| Bryant Park Funding Ltd. |  |  |  |
| Series 2023-19A, Class A1R, (3-mo. CME <br> Term SOFR + 1.20%), 4.87%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 710 | 708761 |
| Series 2024-24A, Class A1, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1501125 |
| Series 2024-25A, Class A1, (3-mo. CME <br> Term SOFR + 1.34%), 5.01%, <br> 01/18/38<sup>(a)(b)</sup><br>|  | 2250 | 2250602 |
| Series 2024-25A, Class D1, (3-mo. CME <br> Term SOFR + 2.95%), 6.62%, <br> 01/18/38<sup>(a)(b)</sup><br>|  | 500 | 497546 |
| Series 2025-28A, Class A, (3-mo. CME <br> Term SOFR + 1.24%), 5.00%, <br> 01/22/39<sup>(a)(b)</sup><br>|  | 2210 | 2208375 |
| Buckhorn Park CLO Ltd., Series 2019-1A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.07%), 4.74%, 07/18/34<sup>(a)(b)</sup><br>|  | 1600 | 1597716 |
| BXMT Ltd. Mortgage-Backed Securities, <br> Series 2025-FL5, Class A, (1-mo. CME <br> Term SOFR + 1.64%), 5.32%, <br> 10/18/42<sup>(a)(b)</sup><br>|  | 7587 | 7580419 |
| Canyon Capital CLO Ltd., Series 2016-1A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 07/15/31<sup>(a)(b)</sup><br>|  | 111 | 110725 |
| Canyon CLO Ltd. |  |  |  |
| Series 2018-1A, Class A, (3-mo. CME <br> Term SOFR + 1.33%), 5.00%, <br> 07/15/31<sup>(a)(b)</sup><br>|  | 276 | 275732 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Canyon CLO Ltd. |  |  |  |
| Series 2020-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 10/15/37<sup>(a)(b)</sup><br>| USD  | 2945 | $2947474 |
| Series 2020-3A, Class BR, (3-mo. CME <br> Term SOFR + 1.95%), 5.62%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1610 | 1611846 |
| Series 2023-2A, Class B, (3-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 05/15/37<sup>(a)(b)</sup><br>|  | 6800 | 6793586 |
| Capital Four U.S. CLO II Ltd., Series 2022-<br> 1A, Class AR, (3-mo. CME Term SOFR + <br> 1.90%), 5.57%, 01/20/37<sup>(a)(b)</sup><br>|  | 20 | 20010 |
| Cardiff Auto Receivables Securitisation PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.90%), 5.63%, 08/20/31<sup>(b)(e)</sup><br>| GBP  | 1743 | 2317426 |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.60%), 6.33%, 08/20/31<sup>(b)(e)</sup><br>|  | 1320 | 1759235 |
| Carlyle U.S. CLO Ltd. |  |  |  |
| Series 2017-3A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 10/21/37<sup>(a)(b)</sup><br>| USD  | 4158 | 4162386 |
| Series 2017-3A, Class BR2, (3-mo. CME <br> Term SOFR + 1.78%), 5.45%, <br> 10/21/37<sup>(a)(b)</sup><br>|  | 5170 | 5180301 |
| Series 2019-3A, Class CR3, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 04/20/39<sup>(a)(b)</sup><br>|  | 1990 | 1989390 |
| Series 2019-4A, Class A11R, (3-mo. CME <br> Term SOFR + 1.32%), 4.99%, <br> 04/15/35<sup>(a)(b)</sup><br>|  | 3000 | 3000000 |
| Series 2021-11A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.08%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 250 | 250165 |
| Series 2022-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 270 | 270118 |
| Series 2022-3A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.16%), 4.83%, <br> 04/20/39<sup>(a)(b)</sup><br>|  | 2430 | 2425472 |
| Series 2023-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.21%), 4.88%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 1000 | 999154 |
| Series 2024-6A, Class B, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 510 | 510832 |
| Series 2025-6A, Class A1, (3-mo. CME <br> Term SOFR + 1.22%), 4.88%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 1000 | 998940 |
| Carrington Mortgage Loan Trust |  |  |  |
| Series 2006-NC1, Class M2, (1-mo. CME <br> Term SOFR + 0.74%), 4.42%, <br> 01/25/36<sup>(b)</sup><br>|  | 610 | 550210 |
| Series 2006-NC4, Class A3, (1-mo. CME <br> Term SOFR + 0.27%), 3.95%, <br> 10/25/36<sup>(b)</sup><br>|  | 146 | 143537 |
| CarVal CLO IV Ltd., Series 2021-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.30%), 4.97%, 03/31/38<sup>(a)(b)</sup><br>|  | 6340 | 6339907 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CarVal CLO VC Ltd. |  |  |  |
| Series 2021-2A, Class D, (3-mo. CME <br> Term SOFR + 3.51%), 7.18%, <br> 10/15/34<sup>(a)(b)</sup><br>| USD  | 250 | $245788 |
| Series 2021-2A, Class E, (3-mo. CME <br> Term SOFR + 7.01%), 10.68%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 250 | 231722 |
| CarVal CLO VIII-C Ltd., Series 2022-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.42%), 5.09%, 10/22/37<sup>(a)(b)</sup><br>|  | 730 | 730658 |
| Cascade MH Asset Trust, Series 2019-MH1, <br> Class A, 4.00%, 11/25/44<sup>(a)(b)</sup><br>|  | 5829 | 5599439 |
| CBAM Ltd. |  |  |  |
| Series 2018-7A, Class A, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 07/20/31<sup>(a)(b)</sup><br>|  | 45 | 44969 |
| Series 2018-7A, Class B1, (3-mo. CME <br> Term SOFR + 1.86%), 5.53%, <br> 07/20/31<sup>(a)(b)</sup><br>|  | 250 | 249236 |
| C-BASS Trust |  |  |  |
| Series 2006-CB7, Class A4, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, <br> 10/25/36<sup>(b)</sup><br>|  | 325 | 227500 |
| Series 2006-CB9, Class A4, (1-mo. CME <br> Term SOFR + 0.57%), 4.25%, <br> 11/25/36<sup>(b)</sup><br>|  | 318 | 146036 |
| Cedar Funding VII CLO Ltd., Series 2018-7A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.28%), 5.20%, 10/20/38<sup>(a)(b)</sup><br>|  | 1870 | 1869226 |
| Cedar Funding XI CLO Ltd., Series 2019-<br> 11A, Class A2R2, (3-mo. CME Term <br> SOFR + 1.30%), 4.97%, 05/29/32<sup>(a)(b)</sup><br>|  | 1220 | 1216944 |
| Cedar Funding XIV CLO Ltd., Series 2021-<br> 14A, Class B1R, (3-mo. CME Term SOFR <br> + 1.70%), 5.37%, 10/15/37<sup>(a)(b)</sup><br>|  | 770 | 770424 |
| Cerberus Loan Funding XLIV LLC, <br> Series 2023-5A, Class A, (3-mo. CME <br> Term SOFR + 2.35%), 6.02%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 1480 | 1481248 |
| CIFC European Funding CLO II DAC |  |  |  |
| Series 2X, Class AR, (3-mo. EURIBOR + <br> 1.30%), 3.32%, 10/15/39<sup>(b)(e)</sup><br>| EUR  | 3460 | 3985232 |
| Series 2X, Class DR, (3-mo. EURIBOR + <br> 3.00%), 5.02%, 10/15/39<sup>(b)(e)</sup><br>|  | 300 | 344139 |
| CIFC European Funding CLO III DAC |  |  |  |
| Series 3X, Class AR, (3-mo. EURIBOR + <br> 1.23%), 3.22%, 01/15/39<sup>(b)(e)</sup><br>|  | 2000 | 2304160 |
| Series 3X, Class DR, (3-mo. EURIBOR + <br> 2.55%), 4.54%, 01/15/39<sup>(b)(e)</sup><br>|  | 321 | 361721 |
| CIFC Funding Ltd. |  |  |  |
| Series 2014-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.18%), 4.85%, <br> 03/31/38<sup>(a)(b)</sup><br>| USD  | 1710 | 1706580 |
| Series 2017-1A, Class ARR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 6190 | 6192956 |
| Series 2017-1A, Class BRR, (3-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 3710 | 3714011 |
| Series 2017-1A, Class CRR, (3-mo. CME <br> Term SOFR + 2.45%), 6.12%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 250 | 250246 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CIFC Funding Ltd. |  |  |  |
| Series 2017-5A, Class AR, (3-mo. CME <br> Term SOFR + 1.41%), 5.08%, <br> 07/17/37<sup>(a)(b)</sup><br>| USD  | 1770 | $1771156 |
| Series 2018-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.32%), 4.99%, <br> 01/18/38<sup>(a)(b)</sup><br>|  | 3140 | 3140928 |
| Series 2018-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 01/18/38<sup>(a)(b)</sup><br>|  | 1510 | 1509079 |
| Series 2018-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 250109 |
| Series 2018-2A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1000 | 1001643 |
| Series 2019-1A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 6729 | 6731448 |
| Series 2019-2A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 10/17/38<sup>(a)(b)</sup><br>|  | 2190 | 2187787 |
| Series 2019-5A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.27%), 4.94%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 430 | 429933 |
| Series 2019-6A, Class A1R, (3-mo. CME <br> Term SOFR + 1.45%), 5.12%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 6170 | 6175279 |
| Series 2020-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.08%, <br> 07/15/36<sup>(a)(b)</sup><br>|  | 1200 | 1200224 |
| Series 2020-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.91%), 5.58%, <br> 07/15/36<sup>(a)(b)</sup><br>|  | 3260 | 3260558 |
| Series 2020-2A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.16%), 4.83%, <br> 04/16/39<sup>(a)(b)</sup><br>|  | 1680 | 1676837 |
| Series 2020-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.30%), 4.97%, <br> 01/15/40<sup>(a)(b)</sup><br>|  | 9120 | 9120896 |
| Series 2021-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 5280 | 5288787 |
| Series 2021-3A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 637 | 636362 |
| Series 2021-4A, Class AR, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 07/23/37<sup>(a)(b)</sup><br>|  | 4132 | 4134517 |
| Series 2021-4A, Class BR, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 07/23/37<sup>(a)(b)</sup><br>|  | 500 | 499655 |
| Series 2021-4A, Class CR, (3-mo. CME <br> Term SOFR + 1.90%), 5.57%, <br> 07/23/37<sup>(a)(b)</sup><br>|  | 250 | 250297 |
| Series 2021-6A, Class A, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 840 | 840129 |
| Series 2021-6A, Class B, (3-mo. CME <br> Term SOFR + 1.91%), 5.58%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 700 | 700127 |

---

102026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CIFC Funding Ltd. |  |  |  |
| Series 2022-2A, Class A1R, (3-mo. CME <br> Term SOFR + 0.97%), 4.64%, <br> 04/19/35<sup>(a)(b)</sup><br>| USD  | 6150 | $6136950 |
| Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.24%), 4.91%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1579 | 1578694 |
| Series 2024-3A, Class A1, (3-mo. CME <br> Term SOFR + 1.48%), 5.15%, <br> 07/21/37<sup>(a)(b)</sup><br>|  | 690 | 690280 |
| Series 2025-1A, Class A, (3-mo. CME <br> Term SOFR + 1.15%), 4.82%, <br> 04/23/38<sup>(a)(b)</sup><br>|  | 250 | 249249 |
| Series 2025-4A, Class A1, (3-mo. CME <br> Term SOFR + 1.29%), 5.40%, <br> 10/24/38<sup>(a)(b)</sup><br>|  | 3450 | 3450270 |
| Series 2025-4A, Class B, (3-mo. CME <br> Term SOFR + 1.70%), 5.81%, <br> 10/24/38<sup>(a)(b)</sup><br>|  | 890 | 891547 |
| Series 2025-4A, Class C, (3-mo. CME <br> Term SOFR + 1.85%), 5.96%, <br> 10/24/38<sup>(a)(b)</sup><br>|  | 890 | 890083 |
| Series 2026-1A, Class C, (3-mo. CME <br> Term SOFR + 1.65%), 5.30%, <br> 04/25/39<sup>(a)(b)</sup><br>|  | 1500 | 1494048 |
| CIT Mortgage Loan Trust |  |  |  |
| Series 2007-1, Class 1M2, (1-mo. CME <br> Term SOFR + 2.74%), 5.54%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 1821 | 1815296 |
| Series 2007-1, Class 2M2, (1-mo. CME <br> Term SOFR + 2.74%), 5.54%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 397 | 389008 |
| Citigroup Mortgage Loan Trust |  |  |  |
| Series 2007-AHL2, Class A3B, (1-mo. <br> CME Term SOFR + 0.31%), 3.99%, <br> 05/25/37<sup>(b)</sup><br>|  | 4066 | 2773872 |
| Series 2007-AHL2, Class A3C, (1-mo. <br> CME Term SOFR + 0.38%), 4.06%, <br> 05/25/37<sup>(b)</sup><br>|  | 1847 | 1260645 |
| Series 2007-AHL3, Class A3B, (1-mo. <br> CME Term SOFR + 0.28%), 3.96%, <br> 07/25/45<sup>(b)</sup><br>|  | 2926 | 2062503 |
| Clover CLO LLC |  |  |  |
| Series 2018-1A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.53%), 5.20%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 4120 | 4121089 |
| Series 2021-3A, Class AR, (3-mo. CME <br> Term SOFR + 1.07%), 4.74%, <br> 01/25/35<sup>(a)(b)</sup><br>|  | 270 | 269595 |
| College Ave Student Loans LLC |  |  |  |
| Series 2021-B, Class B, 2.42%, <br> 06/25/52<sup>(a)</sup><br>|  | 589 | 537728 |
| Series 2021-B, Class C, 2.72%, <br> 06/25/52<sup>(a)</sup><br>|  | 266 | 246177 |
| Series 2021-B, Class D, 3.78%, <br> 06/25/52<sup>(a)</sup><br>|  | 65 | 59580 |
| College Ave Student Loans Trust, <br> Series 2024-A, Class A1B, (SOFR (30-<br> day) + 1.75%), 5.41%, 06/25/54<sup>(a)(b)</sup><br>|  | 6815 | 6910640 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, 4.93%, <br> 11/25/50<sup>(a)</sup><br>|  | 5505 | 5417959 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Compass Datacenters Issuer III LLC |  |  |  |
| Series 2025-3A, Class A2, 5.29%, <br> 07/25/50<sup>(a)</sup><br>| USD  | 9702 | $9606669 |
| Series 2026-1A, Class A21, 4.90%, <br> 02/25/56<sup>(a)</sup><br>|  | 5800 | 5751769 |
| Series 2026-1A, Class A22, 5.29%, <br> 02/25/56<sup>(a)</sup><br>|  | 4526 | 4432517 |
| Series 2026-1A, Class A23, 5.44%, <br> 02/25/56<sup>(a)</sup><br>|  | 4339 | 4249779 |
| Concord Music Royalties LLC, Series 2024-<br> 1A, Class A, 5.64%, 10/20/74<sup>(a)</sup><br>|  | 2794 | 2804830 |
| Conseco Finance Corp. |  |  |  |
| Series 1997-3, Class M1, 7.53%, <br> 03/15/28<sup>(b)</sup><br>|  | 236 | 239115 |
| Series 1997-6, Class M1, 7.21%, <br> 01/15/29<sup>(b)</sup><br>|  | 38 | 38950 |
| Series 1998-4, Class M1, 6.83%, <br> 04/01/30<sup>(b)</sup><br>|  | 100 | 101502 |
| Series 1999-5, Class A5, 7.86%, <br> 03/01/30<sup>(b)</sup><br>|  | 763 | 184674 |
| Series 1999-5, Class A6, 7.50%, <br> 03/01/30<sup>(b)</sup><br>|  | 818 | 189355 |
| Conseco Finance Securitizations Corp. |  |  |  |
| Series 2000-1, Class A5, 8.06%, <br> 09/01/29<sup>(b)</sup><br>|  | 1445 | 162822 |
| Series 2000-4, Class A6, 8.31%, <br> 05/01/32<sup>(b)</sup><br>|  | 1224 | 144509 |
| Series 2000-5, Class A6, 7.96%, 05/01/31 |  | 2105 | 356664 |
| Series 2000-5, Class A7, 8.20%, 05/01/31 |  | 3840 | 670264 |
| Consolidated Communications LLC/Fidium <br> Fiber Finance Holdco LLC<br>|  |  |  |
| Series 2025-4A, Class B, 5.77%, <br> 12/20/55<sup>(a)</sup><br>|  | 18083 | 18152377 |
| Series 2026-1A, Class A2, 5.08%, <br> 03/20/56<sup>(a)</sup><br>|  | 3849 | 3799005 |
| Series 2026-1A, Class B, 5.42%, <br> 03/20/56<sup>(a)</sup><br>|  | 2206 | 2175803 |
| Series 2026-1A, Class C, 7.03%, <br> 03/20/56<sup>(a)</sup><br>|  | 5000 | 4897758 |
| Countrywide Asset-Backed Certificates |  |  |  |
| Series 2004-5, Class A, (1-mo. CME Term <br> SOFR + 1.01%), 4.69%, 10/25/34<sup>(b)</sup><br>|  | 255 | 251200 |
| Series 2005-16, Class 1AF, 4.54%, <br> 04/25/36<sup>(b)</sup><br>|  | 1676 | 1501011 |
| Series 2006-14, Class M1, (1-mo. CME <br> Term SOFR + 0.55%), 4.23%, <br> 02/25/37<sup>(b)</sup><br>|  | 1126 | 1208646 |
| Series 2006-18, Class M1, (1-mo. CME <br> Term SOFR + 0.56%), 4.24%, <br> 03/25/37<sup>(b)</sup><br>|  | 6649 | 7056516 |
| Series 2006-22, Class M1, (1-mo. CME <br> Term SOFR + 0.46%), 4.14%, <br> 05/25/47<sup>(b)</sup><br>|  | 846 | 850202 |
| Series 2006-SPS1, Class A, (1-mo. CME <br> Term SOFR + 0.33%), 4.01%, <br> 12/25/25<sup>(b)</sup><br>|  | 2 | 15075 |
| Series 2007-12, Class 1A2, (1-mo. CME <br> Term SOFR + 0.95%), 4.63%, <br> 08/25/47<sup>(b)</sup><br>|  | 2130 | 2091021 |
| Series 2007-SEA2, Class 2A1, (1-mo. <br> CME Term SOFR + 1.61%), 5.29%, <br> 06/25/47<sup>(a)(b)</sup><br>|  | 1272 | 1066214 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Countrywide Asset-Backed Certificates <br> Revolving Home Equity Loan Trust, <br> Series 2004-U, Class 2A, (1-mo. CME <br> Term SOFR + 0.38%), 4.06%, 03/15/34<sup>(b)</sup><br>| USD  | 121 | $120318 |
| CQS U.S. CLO 5 Ltd., Series 2025-5A, <br> Class B, (3-mo. CME Term SOFR + <br> 1.65%), 5.46%, 01/17/39<sup>(a)(b)</sup><br>|  | 360 | 359678 |
| CQS U.S. CLO Ltd., Series 2023-3A, <br> Class B, (3-mo. CME Term SOFR + <br> 2.65%), 6.32%, 01/25/37<sup>(a)(b)</sup><br>|  | 1910 | 1902626 |
| Credit Suisse First Boston Mortgage <br> Securities Corp.<br>|  |  |  |
| Series 2001-MH29, Class B1, 8.10%, <br> 09/25/31<sup>(b)</sup><br>|  | 399 | 403528 |
| Series 2004-CF2, Class 1B, 6.00%, <br> 01/25/43<sup>(a)(c)</sup><br>|  | 298 | 250179 |
| Credit-Based Asset Servicing & <br> Securitization LLC<br>|  |  |  |
| Series 2006-CB2, Class AF4, 2.92%, <br> 12/25/36<sup>(c)</sup><br>|  | 296 | 241516 |
| Series 2006-MH1, Class B1, 6.75%, <br> 10/25/36<sup>(a)(c)</sup><br>|  | 198 | 197684 |
| Series 2006-MH1, Class B2, 6.75%, <br> 10/25/36<sup>(a)(c)</sup><br>|  | 2962 | 2490679 |
| Series 2006-SL1, Class A2, 6.06%, <br> 09/25/36<sup>(a)(c)</sup><br>|  | 2695 | 76584 |
| Series 2007-CB6, Class A4, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 363 | 241899 |
| Creeksource Dunes Creek CLO Ltd. |  |  |  |
| Series 2024-1A, Class A1, (3-mo. CME <br> Term SOFR + 1.41%), 5.08%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 250 | 250211 |
| Series 2024-1A, Class B, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1040 | 1039801 |
| Cross Mortgage Trust, Series 2025-CES1, <br> Class A1A, 5.30%, 11/25/60<sup>(a)(c)</sup><br>|  | 1039 | 1037212 |
| Crown City CLO III, Series 2021-1A, <br> Class A1A, (3-mo. CME Term SOFR + <br> 1.43%), 5.10%, 07/20/34<sup>(a)(b)</sup><br>|  | 1000 | 1000122 |
| Crown Point CLO 10 Ltd., Series 2021-10A, <br> Class B, (3-mo. CME Term SOFR + <br> 1.96%), 5.63%, 07/20/34<sup>(a)(b)</sup><br>|  | 490 | 490843 |
| Crown Point CLO 11 Ltd., Series 2021-11A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 4.93%, 02/28/38<sup>(a)(b)</sup><br>|  | 1290 | 1289615 |
| CVC Cordatus Loan Fund IV DAC, <br> Series 4X, Class BR1, (3-mo. EURIBOR + <br> 1.30%), 3.32%, 02/22/34<sup>(b)(e)</sup><br>| EUR  | 990 | 1144877 |
| CWHEQ Home Equity Loan Trust |  |  |  |
| Series 2006-S3, Class A4, 5.26%, <br> 01/25/29<sup>(c)</sup><br>| USD  | 28 | 69546 |
| Series 2006-S5, Class A5, 6.16%, <br> 06/25/35<br>|  | 35 | 54209 |
| CWHEQ Revolving Home Equity Loan Trust |  |  |  |
| Series 2005-B, Class 2A, (1-mo. CME <br> Term SOFR + 0.29%), 3.97%, <br> 05/15/35<sup>(b)</sup><br>|  | 9 | 9044 |
| Series 2006-C, Class 2A, (1-mo. CME <br> Term SOFR + 0.29%), 3.97%, <br> 05/15/36<sup>(b)</sup><br>|  | 201 | 200255 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CWHEQ Revolving Home Equity Loan Trust |  |  |  |
| Series 2006-H, Class 1A, (1-mo. CME <br> Term SOFR + 0.26%), 3.94%, <br> 11/15/36<sup>(b)</sup><br>| USD  | 129 | $127198 |
| Series 2006-I, Class 1A, (1-mo. CME Term <br> SOFR + 0.25%), 3.93%, 01/15/37<sup>(b)</sup><br>|  | 169 | 164488 |
| DB Master Finance LLC, Series 2025-1A, <br> Class A2I, 4.89%, 08/20/55<sup>(a)</sup><br>|  | 7295 | 7225219 |
| Deephaven Residential Mortgage Trust, <br> Series 2025-CES1, Class A1A, 5.22%, <br> 10/25/55<sup>(a)(c)</sup><br>|  | 2828 | 2823769 |
| Diameter Capital CLO 12 Ltd., Series 2025-<br> 12A, Class A, (3-mo. CME Term SOFR + <br> 1.24%), 5.16%, 10/20/38<sup>(a)(b)</sup><br>|  | 2240 | 2238805 |
| Diameter Capital CLO 2 Ltd., Series 2021-<br> 2A, Class A1R, (3-mo. CME Term SOFR + <br> 1.39%), 5.06%, 10/15/37<sup>(a)(b)</sup><br>|  | 250 | 250211 |
| Diameter Capital CLO 3 Ltd. |  |  |  |
| Series 2022-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.00%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 4002 | 4002463 |
| Series 2022-3A, Class A2R, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1500 | 1500857 |
| Diameter Capital CLO 5 Ltd., Series 2023-<br> 5A, Class A1R, (3-mo. CME Term SOFR + <br> 1.24%), 4.91%, 01/15/39<sup>(a)(b)</sup><br>|  | 3330 | 3328296 |
| Diameter Capital CLO 8 Ltd., Series 2024-<br> 8A, Class A1A, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 10/20/37<sup>(a)(b)</sup><br>|  | 22190 | 22209554 |
| Dowson PLC |  |  |  |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.35%), 6.08%, 08/20/31<sup>(b)(e)</sup><br>| GBP  | 344 | 453810 |
| Series 2024-1, Class E, (1-day SONIA + <br> 3.95%), 7.68%, 08/20/31<sup>(b)(e)</sup><br>|  | 408 | 539244 |
| Series 2024-1, Class F, (1-day SONIA + <br> 6.95%), 10.68%, 08/20/31<sup>(b)(e)</sup><br>|  | 496 | 649995 |
| Dryden 104 CLO Ltd., Series 2022-104A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.29%), 4.95%, 08/20/34<sup>(a)(b)</sup><br>| USD  | 3180 | 3179528 |
| Dryden 113 CLO Ltd., Series 2022-113A, <br> Class AR3, (3-mo. CME Term SOFR + <br> 1.09%), 4.76%, 10/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1496951 |
| Dryden 30 Senior Loan Fund, Series 2013-<br> 30A, Class CR, (3-mo. CME Term SOFR + <br> 1.96%), 5.61%, 11/15/28<sup>(a)(b)</sup><br>|  | 159 | 159166 |
| Dryden 49 Senior Loan Fund |  |  |  |
| Series 2017-49A, Class AR, (3-mo. CME <br> Term SOFR + 1.21%), 4.88%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 37 | 36841 |
| Series 2017-49A, Class BR, (3-mo. CME <br> Term SOFR + 1.86%), 5.53%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 500 | 499800 |
| Dryden 53 CLO Ltd., Series 2017-53A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.30%), 4.97%, 01/15/31<sup>(a)(b)</sup><br>|  | 430 | 429678 |
| Dryden 54 Senior Loan Fund, Series 2017-<br> 54A, Class AR, (3-mo. CME Term SOFR + <br> 1.15%), 4.82%, 10/19/29<sup>(a)(b)</sup><br>|  | 56 | 56075 |
| Dryden 55 CLO Ltd., Series 2018-55A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.28%), 4.95%, 04/15/31<sup>(a)(b)</sup><br>|  | 484 | 483804 |

---

122026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Dryden 64 CLO Ltd., Series 2018-64A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.23%), 4.90%, 04/18/31<sup>(a)(b)</sup><br>| USD  | 212 | $211556 |
| Dryden 65 CLO Ltd., Series 2018-65A, <br> Class B, (3-mo. CME Term SOFR + <br> 1.86%), 5.53%, 07/18/30<sup>(a)(b)</sup><br>|  | 300 | 299828 |
| Dryden 68 CLO Ltd., Series 2019-68A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.10%), 4.77%, 07/15/35<sup>(a)(b)</sup><br>|  | 250 | 249638 |
| Dryden 72 CLO Ltd., Series 2019-72A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.10%), 4.75%, 05/15/32<sup>(a)(b)</sup><br>|  | 132 | 132130 |
| Dryden 76 CLO Ltd., Series 2019-76A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.37%), 5.04%, 10/15/37<sup>(a)(b)</sup><br>|  | 1250 | 1250543 |
| Dryden 80 CLO Ltd., Series 2019-80A, <br> Class CRR, (3-mo. CME Term SOFR + <br> 1.85%), 5.52%, 01/17/33<sup>(a)(b)</sup><br>|  | 120 | 119854 |
| Dryden 85 CLO Ltd., Series 2020-85A, <br> Class A1LN, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 07/15/37<sup>(a)(b)(h)</sup><br>|  | 1770 | 1775221 |
| Dryden 87 CLO Ltd., Series 2021-87A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.75%), 5.41%, 08/20/38<sup>(a)(b)</sup><br>|  | 1740 | 1743263 |
| Eaton Vance CLO Ltd. |  |  |  |
| Series 2019-1A, Class AR2, (3-mo. CME <br> Term SOFR + 1.51%), 5.18%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 710 | 710380 |
| Series 2020-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 100 | 100056 |
| Edenbrook Mortgage Funding PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.95%), 5.70%, 03/22/57<sup>(b)(e)</sup><br>| GBP  | 1611 | 2155257 |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.55%), 6.30%, 03/22/57<sup>(b)(e)</sup><br>|  | 931 | 1254409 |
| Edgeconnex Data Centers Europe BV, <br> Series 2026-1X, Class A2, 04/30/56<sup>(c)(e)(i)</sup><br>| EUR  | 4882 | 5498357 |
| EDvestinU Private Education Loan Issue No. <br> 4 LLC, Series 2022-A, Class A, 5.25%, <br> 11/25/40<sup>(a)</sup><br>| USD  | 1845 | 1838582 |
| Elevation CLO Ltd. |  |  |  |
| Series 2013-1A, Class A1R3, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 07/25/38<sup>(a)(b)</sup><br>|  | 2500 | 2500943 |
| Series 2018-10A, Class BR, (3-mo. CME <br> Term SOFR + 1.20%), 4.87%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 1740 | 1734805 |
| Series 2026-19A, Class A1, (3-mo. CME <br> Term SOFR + 1.28%), 4.94%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 750 | 749652 |
| Elm Park CLO DAC |  |  |  |
| Series 1X, Class AR3, (3-mo. EURIBOR + <br> 1.30%), 3.42%, 01/15/38<sup>(b)(e)</sup><br>| EUR  | 2000 | 2300250 |
| Series 1X, Class DR3, (3-mo. EURIBOR + <br> 3.20%), 5.32%, 01/15/38<sup>(b)(e)</sup><br>|  | 952 | 1088353 |
| Elmwood CLO 14 Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.30%), 4.97%, 10/20/38<sup>(a)(b)</sup><br>| USD  | 1120 | 1120525 |
| Elmwood CLO 22 Ltd., Series 2023-1A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.20%), 4.87%, 04/17/38<sup>(a)(b)</sup><br>|  | 1500 | 1498052 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Elmwood CLO 26 Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.50%), 5.17%, 04/18/37<sup>(a)(b)</sup><br>| USD  | 440 | $440000 |
| Elmwood CLO 27 Ltd., Series 2024-3A, <br> Class B, (3-mo. CME Term SOFR + <br> 1.95%), 5.62%, 04/18/37<sup>(a)(b)</sup><br>|  | 1040 | 1040251 |
| Elmwood CLO 29 Ltd., Series 2024-5A, <br> Class AR1, (3-mo. CME Term SOFR + <br> 1.52%), 5.19%, 04/20/37<sup>(a)(b)</sup><br>|  | 4760 | 4761363 |
| Elmwood CLO 30 Ltd., Series 2024-6A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.43%), 5.10%, 07/17/37<sup>(a)(b)</sup><br>|  | 2410 | 2411834 |
| Elmwood CLO 36 Ltd., Series 2024-12RA, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.34%), 5.01%, 10/20/37<sup>(a)(b)</sup><br>|  | 1517 | 1517752 |
| Elmwood CLO 38 Ltd., Series 2025-1A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.15%), 4.82%, 04/22/38<sup>(a)(b)</sup><br>|  | 4855 | 4840485 |
| Elmwood CLO I Ltd., Series 2019-1A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.12%), 4.78%, 04/20/37<sup>(a)(b)</sup><br>|  | 1020 | 1016832 |
| Elmwood CLO II Ltd. |  |  |  |
| Series 2019-2A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 6690 | 6691959 |
| Series 2019-2A, Class BRR, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1600 | 1599008 |
| Series 2019-2A, Class D1RR, (3-mo. CME <br> Term SOFR + 3.05%), 6.72%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 246960 |
| Elmwood CLO III Ltd., Series 2019-3A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 07/18/37<sup>(a)(b)</sup><br>|  | 670 | 670758 |
| Elmwood CLO IV Ltd., Series 2020-1A, <br> Class DR, (3-mo. CME Term SOFR + <br> 3.35%), 7.02%, 04/18/37<sup>(a)(b)</sup><br>|  | 1000 | 983018 |
| Elmwood CLO VII Ltd., Series 2020-4A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 10/17/37<sup>(a)(b)</sup><br>|  | 790 | 790290 |
| Elmwood CLO X Ltd., Series 2021-3A, <br> Class CR2, (3-mo. CME Term SOFR + <br> 1.95%), 5.62%, 07/20/38<sup>(a)(b)</sup><br>|  | 310 | 310617 |
| Elmwood CLO XII Ltd., Series 2021-5A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 10/15/37<sup>(a)(b)</sup><br>|  | 1310 | 1310475 |
| Euro-Galaxy III CLO BV |  |  |  |
| Series 2013-3A, Class CRRR, (3-mo. <br> EURIBOR + 2.35%), 4.38%, <br> 04/24/34<sup>(a)(b)</sup><br>| EUR  | 700 | 808605 |
| Series 2013-3A, Class DRRR, (3-mo. <br> EURIBOR + 3.25%), 5.28%, <br> 04/24/34<sup>(a)(b)</sup><br>|  | 1585 | 1824498 |
| Fairbridge BV, Series 2025-1, Class C, (3-<br> mo. EURIBOR + 1.80%), 3.82%, <br> 02/24/62<sup>(b)(e)</sup><br>|  | 260 | 301980 |
| FBR Securitization Trust, Series 2005-5, <br> Class M2, (1-mo. CME Term SOFR + <br> 0.82%), 4.50%, 11/25/35<sup>(b)</sup><br>| USD  | 2810 | 2793743 |
| FCT Noria 2025, Series 2025-1, Class E, <br> (1-mo. EURIBOR + 2.75%), 4.69%, <br> 07/25/43<sup>(b)(e)</sup><br>| EUR  | 600 | 694437 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| FIGRE Trust |  |  |  |
| Series 2024-SL1, Class A1, 5.75%, <br> 07/25/53<sup>(a)(b)</sup><br>| USD  | 3471 | $3495573 |
| Series 2025-HE7, Class A, 5.15%, <br> 11/25/55<sup>(a)(b)</sup><br>|  | 2809 | 2790493 |
| Series 2026-HE1, Class A, 4.98%, <br> 01/25/56<sup>(a)(b)</sup><br>|  | 4754 | 4714573 |
| Series 2026-HE1, Class B, 5.18%, <br> 01/25/56<sup>(a)(b)</sup><br>|  | 557 | 550828 |
| First Franklin Mortgage Loan Trust |  |  |  |
| Series 2004-FFH3, Class M3, (1-mo. CME <br> Term SOFR + 1.16%), 4.42%, <br> 10/25/34<sup>(b)</sup><br>|  | 1000 | 928317 |
| Series 2006-FF13, Class A1, (1-mo. CME <br> Term SOFR + 0.35%), 4.03%, <br> 10/25/36<sup>(b)</sup><br>|  | 1737 | 1106485 |
| Series 2006-FF13, Class A2C, (1-mo. <br> CME Term SOFR + 0.43%), 4.11%, <br> 10/25/36<sup>(b)</sup><br>|  | 1019 | 666812 |
| Series 2006-FF16, Class 2A3, (1-mo. <br> CME Term SOFR + 0.39%), 4.07%, <br> 12/25/36<sup>(b)</sup><br>|  | 8578 | 3326546 |
| Series 2006-FF17, Class A5, (1-mo. CME <br> Term SOFR + 0.26%), 3.94%, <br> 12/25/36<sup>(b)</sup><br>|  | 7144 | 6279467 |
| Series 2006-FFH1, Class M2, (1-mo. CME <br> Term SOFR + 0.71%), 4.39%, <br> 01/25/36<sup>(b)</sup><br>|  | 2883 | 2640514 |
| First NLC Trust, Series 2007-1, Class A3, <br> (1-mo. CME Term SOFR + 0.29%), 3.97%, <br> 08/25/37<sup>(a)(b)</sup><br>|  | 673 | 337600 |
| FirstKey Homes Trust, Series 2022-SFR3, <br> Class E2, 3.50%, 07/17/38<sup>(a)</sup><br>|  | 5641 | 5602079 |
| Flatiron CLO 21 Ltd. |  |  |  |
| Series 2021-1A, Class A2R, (3-mo. CME <br> Term SOFR + 1.58%), 5.25%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 1980 | 1975816 |
| Series 2021-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 1200 | 1201357 |
| Flatiron CLO 24 Ltd., Series 2023-2A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 2.35%), 5.94%, 01/15/39<sup>(a)(b)</sup><br>|  | 470 | 453758 |
| Flatiron CLO 25 Ltd. |  |  |  |
| Series 2024-2A, Class A, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 10/17/37<sup>(a)(b)</sup><br>|  | 1140 | 1140336 |
| Series 2024-2A, Class B, (3-mo. CME <br> Term SOFR + 1.60%), 5.27%, <br> 10/17/37<sup>(a)(b)</sup><br>|  | 600 | 600342 |
| FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 6068 | 6042253 |
| Fortuna Consumer Loan Abs DAC |  |  |  |
| Series 2024-2, Class C, (1-mo. EURIBOR <br> + 1.65%), 3.60%, 10/18/34<sup>(b)</sup><br>| EUR  | 587 | 680393 |
| Series 2024-2, Class E, (1-mo. EURIBOR <br> + 4.10%), 6.05%, 10/18/34<sup>(b)</sup><br>|  | 1687 | 1973163 |
| Series 2026-1, Class E, (1-mo. EURIBOR <br> + 3.50%), 10/18/37<sup>(b)(e)(i)</sup><br>|  | 1200 | 1381509 |
| Fortuna Consumer Loan ABS DAC |  |  |  |
| Series 2025-2, Class D, (1-mo. EURIBOR <br> + 1.40%), 3.35%, 10/18/35<sup>(b)(e)</sup><br>|  | 700 | 807715 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Fortuna Consumer Loan ABS DAC |  |  |  |
| Series 2025-2, Class E, (1-mo. EURIBOR <br> + 2.75%), 4.70%, 10/18/35<sup>(b)(e)</sup><br>| EUR  | 600 | $691076 |
| Foundation Finance Trust |  |  |  |
| Series 2021-2A, Class A, 2.19%, <br> 01/15/42<sup>(a)</sup><br>| USD  | 1720 | 1639016 |
| Series 2024-1A, Class B, 5.95%, <br> 12/15/49<sup>(a)</sup><br>|  | 720 | 736517 |
| Series 2024-2A, Class B, 4.93%, <br> 03/15/50<sup>(a)</sup><br>|  | 1245 | 1243595 |
| Series 2025-1A, Class A, 4.95%, <br> 04/15/50<sup>(a)</sup><br>|  | 2240 | 2244283 |
| Series 2025-2A, Class D, 5.68%, <br> 04/15/52<sup>(a)</sup><br>|  | 1004 | 999859 |
| Series 2025-2A, Class E, 8.35%, <br> 04/15/52<sup>(a)</sup><br>|  | 1082 | 1065761 |
| Fremont Home Loan Trust, Series 2006-3, <br> Class 1A1, (1-mo. CME Term SOFR + <br> 0.39%), 4.07%, 02/25/37<sup>(b)</sup><br>|  | 1642 | 1231408 |
| FTA Consumo Santander |  |  |  |
| Series 7, Class B, (3-mo. EURIBOR + <br> 1.30%), 3.33%, 07/20/38<sup>(b)(e)</sup><br>| EUR  | 831 | 962522 |
| Series 7, Class C, (3-mo. EURIBOR + <br> 1.65%), 3.68%, 07/20/38<sup>(b)(e)</sup><br>|  | 703 | 813633 |
| Golden Bar Securitisation Srl |  |  |  |
| Series 2024-1, Class B, (3-mo. EURIBOR <br> + 1.50%), 3.61%, 09/22/43<sup>(b)(e)</sup><br>|  | 1047 | 1216191 |
| Series 2025-1, Class D, (3-mo. EURIBOR <br> + 1.90%), 4.02%, 12/20/44<sup>(b)(e)</sup><br>|  | 463 | 537765 |
| Golden Ray SA - Compartment 1, Series 1, <br> Class C, (1-mo. EURIBOR + 2.00%), <br> 3.95%, 12/27/57<sup>(b)(e)</sup><br>|  | 300 | 343934 |
| Golden Ray SA Compartment 2, Series 2, <br> Class C, (1-mo. EURIBOR + 1.50%), <br> 3.45%, 12/27/58<sup>(b)(e)</sup><br>|  | 200 | 231545 |
| GoldenTree Loan Management U.S. CLO <br> 11 Ltd., Series 2021-11A, Class ER, (3-<br> mo. CME Term SOFR + 4.90%), 8.57%, <br> 10/20/34<sup>(a)(b)</sup><br>| USD  | 250 | 245430 |
| GoldenTree Loan Management U.S. CLO <br> 23 Ltd., Series 2024-23A, Class A, (3-mo. <br> CME Term SOFR + 1.27%), 4.94%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 1890 | 1889970 |
| GoldenTree Loan Management U.S. CLO <br> 25 Ltd., Series 2025-25A, Class A, (3-mo. <br> CME Term SOFR + 1.32%), 4.99%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 1370 | 1370676 |
| Goldman Home Improvement Trust, <br> Series 2022-GRN2, Class A, 6.80%, <br> 10/25/52<sup>(a)</sup><br>|  | 843 | 861458 |
| Golub Capital Partners CLO Ltd. |  |  |  |
| Series 2013-17A, Class A1RR, (3-mo. <br> CME Term SOFR + 1.47%), 5.13%, <br> 02/09/39<sup>(a)(b)</sup><br>|  | 8040 | 8055389 |
| Series 2017-19RA, Class A1R3, (3-mo. <br> CME Term SOFR + 1.15%), 5.04%, <br> 10/20/36<sup>(a)(b)</sup><br>|  | 4740 | 4732760 |
| Series 2019-43A, Class A1R, (3-mo. CME <br> Term SOFR + 1.34%), 5.01%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1490 | 1490397 |

---

142026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Golub Capital Partners CLO Ltd. |  |  |  |
| Series 2019-44A, Class A1R, (3-mo. CME <br> Term SOFR + 1.57%), 5.24%, <br> 10/21/38<sup>(a)(b)</sup><br>| USD  | 10480 | $10421317 |
| Series 2020-52A, Class BR, (3-mo. CME <br> Term SOFR + 2.00%), 5.67%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 940 | 940681 |
| Series 2021-53A, Class AR, (3-mo. CME <br> Term SOFR + 0.98%), 4.65%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 749 | 747174 |
| Series 2022-64A, Class AR, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 500 | 500096 |
| Series 2023-70A, Class CR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 440 | 439854 |
| Series 2024-76A, Class A1, (3-mo. CME <br> Term SOFR + 1.37%), 5.04%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 860 | 860265 |
| Series 2024-76A, Class B, (3-mo. CME <br> Term SOFR + 1.67%), 5.34%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 390 | 389517 |
| Series 2024-76A, Class D1, (3-mo. CME <br> Term SOFR + 2.90%), 6.57%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 260 | 255117 |
| Series 2024-77A, Class A1, (3-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 250 | 250270 |
| Series 2025-78A, Class A1, (3-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 04/21/39<sup>(a)(b)</sup><br>|  | 250 | 248463 |
| Series 2025-81A, Class A1, (3-mo. CME <br> Term SOFR + 1.31%), 4.98%, <br> 07/20/38<sup>(a)(b)</sup><br>|  | 1080 | 1080471 |
| Series 2025-83A, Class A1, (3-mo. CME <br> Term SOFR + 1.40%), 5.24%, <br> 11/09/38<sup>(a)(b)</sup><br>|  | 3000 | 3005288 |
| Golub Capital Private Credit Fund CLO 2, <br> Series 2025-1A, Class A1, (3-mo. CME <br> Term SOFR + 1.47%), 5.14%, <br> 10/18/39<sup>(a)(b)</sup><br>|  | 1470 | 1472844 |
| GoodLeap Home Improvement Solutions <br> Trust<br>|  |  |  |
| Series 2024-1A, Class A, 5.35%, <br> 10/20/46<sup>(a)</sup><br>|  | 11537 | 11628092 |
| Series 2025-1A, Class A, 5.38%, <br> 02/20/49<sup>(a)</sup><br>|  | 10116 | 10147880 |
| Series 2025-1A, Class B, 6.27%, <br> 02/20/49<sup>(a)</sup><br>|  | 389 | 395211 |
| Series 2025-3A, Class A, 5.00%, <br> 10/20/49<sup>(a)</sup><br>|  | 12453 | 12398089 |
| Great Lakes CLO IX Ltd., Series 2025-9A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 01/15/39<sup>(a)(b)</sup><br>|  | 450 | 450957 |
| GreenPoint Manufactured Housing, <br> Series 1999-5, Class M2, 9.23%, <br> 12/15/29<sup>(b)</sup><br>|  | 432 | 431219 |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| Series 2024-1, Class A4, 5.67%, <br> 06/25/59<sup>(a)</sup><br>|  | 4990 | 5061823 |
| Series 2024-1, Class B, 5.87%, <br> 06/25/59<sup>(a)</sup><br>|  | 800 | 810479 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| Series 2024-2, Class A4, 5.15%, <br> 10/27/59<sup>(a)</sup><br>| USD  | 1011 | $1015818 |
| Series 2024-2, Class B, 5.26%, <br> 10/27/59<sup>(a)</sup><br>|  | 1269 | 1272757 |
| Series 2025-2A, Class C, 5.26%, <br> 06/25/60<sup>(a)</sup><br>|  | 1699 | 1695906 |
| Series 2025-2A, Class D, 5.56%, <br> 06/25/60<sup>(a)</sup><br>|  | 1356 | 1351036 |
| Series 2025-2A, Class E, 7.79%, <br> 06/25/60<sup>(a)</sup><br>|  | 575 | 584471 |
| Series 2025-3A, Class A3, 4.52%, <br> 12/27/60<sup>(a)</sup><br>|  | 4630 | 4624086 |
| GS Mortgage-Backed Securities Trust |  |  |  |
| Series 2026-CES1, Class A1, 4.90%, <br> 05/25/56<sup>(a)(c)</sup><br>|  | 1245 | 1234040 |
| Series 2026-CES1, Class A2, 5.27%, <br> 05/25/56<sup>(a)(c)</sup><br>|  | 359 | 355870 |
| GSAA Home Equity Trust |  |  |  |
| Series 2005-14, Class 1A2, (1-mo. CME <br> Term SOFR + 0.81%), 4.49%, <br> 12/25/35<sup>(b)</sup><br>|  | 836 | 371498 |
| Series 2006-18, Class AF2A, 5.63%, <br> 11/25/36<sup>(b)</sup><br>|  | 108 | 28724 |
| Series 2006-18, Class AF3A, 5.77%, <br> 11/25/36<sup>(b)</sup><br>|  | 1069 | 282994 |
| Series 2006-4, Class 1A1, 4.01%, <br> 03/25/36<sup>(b)</sup><br>|  | 1423 | 982169 |
| Series 2006-5, Class 2A1, (1-mo. CME <br> Term SOFR + 0.25%), 3.93%, <br> 03/25/36<sup>(b)</sup><br>|  | 10 | 3232 |
| Series 2007-2, Class AF3, 5.92%, <br> 03/25/37<sup>(b)</sup><br>|  | 436 | 74748 |
| GSAMP Trust |  |  |  |
| Series 2007-H1, Class A1B, (1-mo. CME <br> Term SOFR + 0.51%), 4.19%, <br> 01/25/47<sup>(b)</sup><br>|  | 633 | 308206 |
| Series 2007-HS1, Class M6, (1-mo. CME <br> Term SOFR + 3.49%), 7.17%, <br> 02/25/37<sup>(b)</sup><br>|  | 1300 | 1278538 |
| GT Loan Financing I Ltd., Series 2013-1A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.22%), 5.08%, 04/28/39<sup>(a)(b)</sup><br>|  | 2630 | 2628279 |
| Halseypoint CLO 4 Ltd., Series 2021-4A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.48%), 5.15%, 04/20/34<sup>(a)(b)</sup><br>|  | 1330 | 1330441 |
| Halseypoint CLO 7 Ltd., Series 2023-7A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.45%), 5.12%, 07/20/38<sup>(a)(b)</sup><br>|  | 769 | 769765 |
| Hamlin Park CLO Ltd., Series 2024-1A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.34%), 5.01%, 10/20/37<sup>(a)(b)</sup><br>|  | 1460 | 1460730 |
| Hermitage 2025 PLC |  |  |  |
| Series 2025-1, Class D, (1-day SONIA + <br> 1.70%), 5.43%, 04/21/33<sup>(b)(e)</sup><br>| GBP  | 648 | 854745 |
| Series 2025-1, Class E, (1-day SONIA + <br> 3.20%), 6.93%, 04/21/33<sup>(b)(e)</sup><br>|  | 468 | 628159 |
| Hermitage PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.60%), 5.33%, 04/21/33<sup>(b)(e)</sup><br>|  | 335 | 443617 |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.35%), 6.08%, 04/21/33<sup>(b)(e)</sup><br>|  | 208 | 276936 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Hermitage PLC |  |  |  |
| Series 2024-1, Class E, (1-day SONIA + <br> 3.90%), 7.63%, 04/21/33<sup>(b)(e)</sup><br>| GBP  | 338 | $452977 |
| Hill FL BV, Series 2024-2FL, Class D, (1-mo. <br> EURIBOR + 1.95%), 3.91%, 10/18/32<sup>(b)(e)</sup><br>| EUR  | 401 | 458465 |
| Home Efficiency Trust, Series 2024, Class A, <br> 0.00%, 12/31/54<sup>(a)(h)</sup><br>| USD  | 35912 | 36903633 |
| Home Equity Asset Trust |  |  |  |
| Series 2006-3, Class M2, (1-mo. CME <br> Term SOFR + 0.71%), 4.39%, <br> 07/25/36<sup>(b)</sup><br>|  | 2406 | 2306430 |
| Series 2007-1, Class 2A3, (1-mo. CME <br> Term SOFR + 0.41%), 4.09%, <br> 05/25/37<sup>(b)</sup><br>|  | 1174 | 992737 |
| Home Equity Mortgage Loan Asset-Backed <br> Trust, Series 2004-A, Class M2, (1-mo. <br> CME Term SOFR + 2.14%), 3.88%, <br> 07/25/34<sup>(b)</sup><br>|  | 198 | 192006 |
| Home Equity Mortgage Trust, Series 2006-2, <br> Class 1A1, 5.87%, 07/25/36<sup>(c)</sup><br>|  | 1603 | 133561 |
| Home Partners of America Trust, <br> Series 2021-2, Class F, 3.80%, <br> 12/17/26<sup>(a)</sup><br>|  | 8715 | 8586772 |
| Honey Hill Park CLO Ltd., Series 2026-1A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.15%), 4.87%, 04/24/39<sup>(a)(b)</sup><br>|  | 3210 | 3203505 |
| Household Capital RMBS, Series 2025-1, <br> Class A, (3-mo. BBSW + 1.90%), 5.63%, <br> 07/21/87<sup>(b)(e)</sup><br>| AUD  | 3427 | 2346399 |
| Huntington Bank Auto Credit-Linked Notes |  |  |  |
| Series 2024-1, Class B2, (SOFR (30-day) <br> + 1.40%), 5.07%, 05/20/32<sup>(a)(b)</sup><br>| USD  | 2777 | 2785453 |
| Series 2024-2, Class B2, (SOFR (30-day) <br> + 1.35%), 5.02%, 10/20/32<sup>(a)(b)</sup><br>|  | 3053 | 3057569 |
| Series 2025-2, Class B2, (SOFR (30-day) <br> + 1.20%), 4.87%, 09/20/33<sup>(a)(b)</sup><br>|  | 2749 | 2756606 |
| Invesco CLO Ltd. |  |  |  |
| Series 2022-1A, Class B, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 1857 | 1858561 |
| Series 2024-4A, Class A1, (3-mo. CME <br> Term SOFR + 1.33%), 5.00%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1177 | 1177589 |
| Invesco Euro CLO V DAC, Series 5X, <br> Class D, (3-mo. EURIBOR + 3.80%), <br> 5.82%, 01/15/34<sup>(b)(e)</sup><br>| EUR  | 350 | 398649 |
| Italian Stella Loans Srl, Series 2024-2, <br> Class D, (1-mo. EURIBOR + 2.15%), <br> 4.10%, 05/27/39<sup>(b)(e)</sup><br>|  | 203 | 237471 |
| Ivy Hill Middle Market Credit Fund XVIII Ltd., <br> Series 18A, Class A1R, (3-mo. CME Term <br> SOFR + 1.58%), 5.25%, 01/22/37<sup>(a)(b)</sup><br>| USD  | 8523 | 8550550 |
| Jersey Mike's Funding LLC, Series 2026-1A, <br> Class A2II, 5.48%, 02/15/56<sup>(a)</sup><br>|  | 16705 | 16417400 |
| JPMorgan Mortgage Acquisition Trust |  |  |  |
| Series 2006-CW1, Class M1, (1-mo. CME <br> Term SOFR + 0.52%), 4.20%, <br> 05/25/36<sup>(b)</sup><br>|  | 363 | 361779 |
| Series 2007-CH1, Class MF1, 4.37%, <br> 11/25/36<sup>(c)</sup><br>|  | 120 | 123473 |
| JPMorgan Mortgage Trust, Series 2026-<br> CES1, Class A1B, 4.96%, 06/25/56<sup>(a)(c)</sup><br>|  | 970 | 962601 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Kennedy Lewis CLO 12 Ltd., Series 2023-<br> 12A, Class CR, (3-mo. CME Term SOFR + <br> 2.00%), 5.67%, 07/20/38<sup>(a)(b)</sup><br>| USD  | 570 | $571813 |
| Kennedy Lewis CLO 13 Ltd., Series 2023-<br> 13A, Class A1R, (3-mo. CME Term SOFR <br> + 1.14%), 4.80%, 01/20/38<sup>(a)(b)</sup><br>|  | 3610 | 3599850 |
| Kennedy Lewis CLO 19 Ltd., Series 2025-<br> 19A, Class A, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 04/22/36<sup>(a)(b)</sup><br>|  | 2000 | 1998646 |
| Kennedy Lewis CLO 20 Ltd., Series 2024-<br> 20A, Class B, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 01/25/38<sup>(a)(b)</sup><br>|  | 260 | 259913 |
| Kennedy Lewis CLO 4 Ltd. |  |  |  |
| Series 4A, Class ARR, (3-mo. CME Term <br> SOFR + 1.43%), 5.10%, 07/20/37<sup>(a)(b)</sup><br>|  | 10700 | 10706444 |
| Series 4A, Class BRR, (3-mo. CME Term <br> SOFR + 1.75%), 5.42%, 07/20/37<sup>(a)(b)</sup><br>|  | 3000 | 2999422 |
| Kennedy Lewis CLO 7 Ltd., Series 7A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.62%), 5.29%, 04/22/37<sup>(a)(b)</sup><br>|  | 5673 | 5674878 |
| KKR Financial CLO 17 Ltd., Series 17, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.86%), 5.53%, 04/15/34<sup>(a)(b)</sup><br>|  | 295 | 295092 |
| KKR Financial CLO 21 Ltd., Series 21, <br> Class A, (3-mo. CME Term SOFR + <br> 1.26%), 4.93%, 04/15/31<sup>(a)(b)</sup><br>|  | 86 | 86076 |
| KKR Financial CLO 27 Ltd., Series 27A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.11%), 4.78%, 01/15/35<sup>(a)(b)</sup><br>|  | 1978 | 1974843 |
| KKR Financial CLO 30 Ltd., Series 30A, <br> Class BR2, (3-mo. CME Term SOFR + <br> 1.85%), 5.52%, 04/17/37<sup>(a)(b)</sup><br>|  | 1320 | 1320701 |
| KKR Financial CLO 34 Ltd., Series 34A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.10%), 4.77%, 07/15/34<sup>(a)(b)</sup><br>|  | 3680 | 3674755 |
| KKR Financial CLO 48 Ltd., Series 48A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.28%), 5.16%, 10/20/38<sup>(a)(b)</sup><br>|  | 740 | 739788 |
| KKR Financial CLO 54 Ltd., Series 2024-<br> 54A, Class A, (3-mo. CME Term SOFR + <br> 1.32%), 4.99%, 01/15/38<sup>(a)(b)</sup><br>|  | 570 | 569911 |
| KKR Financial CLO Ltd., Series 2013-1A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.25%), 5.09%, 10/15/38<sup>(a)(b)</sup><br>|  | 790 | 789210 |
| Latitude Australia Credit Card Master Trust |  |  |  |
| Series 2026-1, Class C, (1-mo. BBSW + <br> 1.65%), 09/22/38<sup>(b)(e)(i)</sup><br>| AUD  | 500 | 343292 |
| Series 2026-1, Class D, (1-mo. BBSW + <br> 1.85%), 09/22/38<sup>(b)(e)(i)</sup><br>|  | 1337 | 919410 |
| LCM 29 Ltd., Series 29A, Class AR, (3-mo. <br> CME Term SOFR + 1.33%), 5.00%, <br> 04/15/31<sup>(a)(b)</sup><br>| USD  | 805 | 805608 |
| LCM 31 Ltd., Series 31A, Class AR, (3-mo. <br> CME Term SOFR + 1.28%), 4.95%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 2760 | 2760002 |
| LCM 32 Ltd., Series 32A, Class B, (3-mo. <br> CME Term SOFR + 1.96%), 5.63%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 750 | 749600 |
| LCM 34 Ltd., Series 34A, Class BR, (3-mo. <br> CME Term SOFR + 1.70%), 5.37%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 490 | 488530 |

---

162026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Legacy Mortgage Asset Trust |  |  |  |
| Series 2019-SL2, Class A, 3.38%, <br> 02/25/59<sup>(a)(b)</sup><br>| USD  | 1734 | $1694620 |
| Series 2019-SL2, Class B, 0.00%, <br> 02/25/59<sup>(a)</sup><br>|  | 2124 | 464724 |
| Series 2019-SL2, Class M, 4.25%, <br> 02/25/59<sup>(a)(b)</sup><br>|  | 2442 | 2220593 |
| Lehman ABS Manufactured Housing <br> Contract Trust<br>|  |  |  |
| Series 2001-B, Class M1, 6.63%, <br> 04/15/40<sup>(b)</sup><br>|  | 359 | 360858 |
| Series 2002-A, Class C, 0.00%, 06/15/33 |  | 129 | 125172 |
| Lehman ABS Mortgage Loan Trust, <br> Series 2007-1, Class 2A1, (1-mo. CME <br> Term SOFR + 0.20%), 3.88%, <br> 06/25/37<sup>(a)(b)</sup><br>|  | 273 | 180614 |
| LendingClub Rated Notes Issuer Trust |  |  |  |
| Series 2025-P1, Class A, 5.54%, <br> 06/16/31<sup>(a)</sup><br>|  | 6761 | 6787733 |
| Series 2025-P1, Class B, 5.92%, <br> 06/16/31<sup>(a)</sup><br>|  | 871 | 873732 |
| Series 2025-P1, Class C, 6.56%, <br> 06/16/31<sup>(a)</sup><br>|  | 1740 | 1746355 |
| Series 2025-P1, Class D, 6.79%, <br> 06/16/31<sup>(a)</sup><br>|  | 707 | 709868 |
| Series 2025-P1, Class E, 9.28%, <br> 06/16/31<sup>(a)</sup><br>|  | 1378 | 1383244 |
| Series 2025-P1, Class F, 13.31%, <br> 06/16/38<sup>(a)</sup><br>|  | 458 | 460238 |
| Series 2025-P1, Class R, 0.00%, <br> 07/16/40<sup>(a)</sup><br>|  | 182 | 525920 |
| Series 2025-P2, Class A, 5.20%, <br> 02/15/35<sup>(a)</sup><br>|  | 6333 | 6360055 |
| Series 2025-P2, Class B, 5.59%, <br> 04/15/35<sup>(a)</sup><br>|  | 407 | 406828 |
| Series 2025-P2, Class C, 6.25%, <br> 09/15/35<sup>(a)</sup><br>|  | 820 | 819175 |
| Series 2025-P2, Class D, 6.47%, <br> 12/15/35<sup>(a)</sup><br>|  | 328 | 327157 |
| Series 2025-P2, Class E, 8.99%, <br> 07/15/36<sup>(a)</sup><br>|  | 526 | 524511 |
| Series 2025-P2, Class F, 13.02%, <br> 01/15/37<sup>(a)</sup><br>|  | 262 | 261495 |
| Series 2025-P2, Class R, 0.00%, <br> 03/15/45<sup>(a)</sup><br>|  | 114 | 283654 |
| Series 2026-P1, Class A, 6.98%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 2442 | 2543028 |
| Series 2026-P1, Class B, 6.86%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 600 | 616680 |
| Series 2026-P1, Class C, 2.40%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 580 | 553798 |
| Series 2026-P1, Class D, 1.15%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 405 | 377662 |
| Series 2026-P1, Class E, 1.00%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 200 | 179755 |
| Series 2026-P1, Class F, 0.90%, <br> 08/15/37<sup>(a)(h)</sup><br>|  | 205 | 174668 |
| Series 2026-P1, Class R, 0.00%, <br> 03/15/41<sup>(a)(h)</sup><br>|  | 38 | 12333 |
| LendingClub Structured Loan Certificate <br> Issuer Trust, Series 2025-P16, Class A, <br> 5.19%, 12/15/32<sup>(a)</sup><br>|  | 8197 | 8192792 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Lendmark Funding Trust |  |  |  |
| Series 2021-2A, Class D, 4.46%, <br> 04/20/32<sup>(a)</sup><br>| USD  | 730 | $674747 |
| Series 2024-1A, Class B, 5.88%, <br> 06/21/32<sup>(a)</sup><br>|  | 2136 | 2155417 |
| Series 2024-1A, Class C, 6.40%, <br> 06/21/32<sup>(a)</sup><br>|  | 818 | 826617 |
| Series 2024-1A, Class D, 7.21%, <br> 06/21/32<sup>(a)</sup><br>|  | 953 | 965472 |
| Series 2024-2A, Class B, 4.86%, <br> 02/21/34<sup>(a)</sup><br>|  | 1304 | 1303380 |
| Series 2024-2A, Class C, 5.25%, <br> 02/21/34<sup>(a)</sup><br>|  | 399 | 400106 |
| Series 2024-2A, Class D, 5.69%, <br> 02/21/34<sup>(a)</sup><br>|  | 1277 | 1278005 |
| Series 2025-1A, Class A, 4.94%, <br> 09/20/34<sup>(a)</sup><br>|  | 6997 | 7021091 |
| Series 2025-1A, Class C, 5.68%, <br> 09/20/34<sup>(a)</sup><br>|  | 454 | 457847 |
| Series 2025-3A, Class A, 4.51%, <br> 05/21/35<sup>(a)</sup><br>|  | 8510 | 8450973 |
| Series 2025-3A, Class B, 4.83%, <br> 05/21/35<sup>(a)</sup><br>|  | 1407 | 1390820 |
| Series 2025-3A, Class C, 5.04%, <br> 05/21/35<sup>(a)</sup><br>|  | 409 | 404751 |
| LMRE Trust, Series 2025-SFR1, Class A, <br> 4.50%, 12/17/42<sup>(a)</sup><br>|  | 3162 | 3077893 |
| Loanpal Solar Loan Ltd. |  |  |  |
| Series 2020-2GF, Class A, 2.75%, <br> 07/20/47<sup>(a)</sup><br>|  | 3916 | 3256470 |
| Series 2021-1GS, Class A, 2.29%, <br> 01/20/48<sup>(a)</sup><br>|  | 3739 | 3093950 |
| Long Beach Mortgage Loan Trust |  |  |  |
| Series 2006-5, Class 2A3, (1-mo. CME <br> Term SOFR + 0.41%), 4.09%, <br> 06/25/36<sup>(b)</sup><br>|  | 2850 | 1329135 |
| Series 2006-7, Class 2A3, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, <br> 08/25/36<sup>(b)</sup><br>|  | 7510 | 2942707 |
| Lyra Music Assets Delaware LP |  |  |  |
| Series 2024-2A, Class A2, 5.76%, <br> 12/22/64<sup>(a)</sup><br>|  | 7743 | 7784710 |
| Series 2025-1A, Class A2, 5.60%, <br> 09/20/65<sup>(a)</sup><br>|  | 2282 | 2295782 |
| M&T Bank RV Trust, Series 2026-1A, <br> Class A, 4.35%, 01/15/46<sup>(a)</sup><br>|  | 3575 | 3534311 |
| Madison Park Funding LI Ltd., Series 2021-<br> 51A, Class A1R, (3-mo. CME Term SOFR <br> + 1.23%), 4.90%, 10/19/38<sup>(a)(b)</sup><br>|  | 540 | 539648 |
| Madison Park Funding LIX Ltd., Series 2021-<br> 59A, Class A1R, (3-mo. CME Term SOFR <br> + 1.50%), 5.17%, 04/18/37<sup>(a)(b)</sup><br>|  | 230 | 230101 |
| Madison Park Funding LVII Ltd., <br> Series 2022-57A, Class A1R, (3-mo. CME <br> Term SOFR + 1.28%), 4.95%, <br> 07/27/34<sup>(a)(b)</sup><br>|  | 3340 | 3339066 |
| Madison Park Funding LXI Ltd., Series 2023-<br> 61A, Class AR, (3-mo. CME Term SOFR + <br> 1.22%), 4.87%, 01/20/39<sup>(a)(b)</sup><br>|  | 850 | 849386 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Madison Park Funding LXVII Ltd., <br> Series 2024-67A, Class B, (3-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 04/25/37<sup>(a)(b)</sup><br>| USD  | 6610 | $6617077 |
| Madison Park Funding LXXI Ltd. |  |  |  |
| Series 2025-71A, Class A1, (3-mo. CME <br> Term SOFR + 1.14%), 4.81%, <br> 04/23/38<sup>(a)(b)</sup><br>|  | 9325 | 9294363 |
| Series 2025-71A, Class B, (3-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 04/23/38<sup>(a)(b)</sup><br>|  | 250 | 249267 |
| Madison Park Funding LXXIII Ltd., <br> Series 2025-73A, Class B, (3-mo. CME <br> Term SOFR + 1.70%), 5.66%, <br> 10/17/38<sup>(a)(b)</sup><br>|  | 730 | 731446 |
| Madison Park Funding XL-R Ltd., <br> Series 2025-40RA, Class A, (3-mo. CME <br> Term SOFR + 1.29%), 5.12%, <br> 10/16/38<sup>(a)(b)</sup><br>|  | 3000 | 3000245 |
| Madison Park Funding XXII Ltd., <br> Series 2016-22A, Class AR2, (3-mo. CME <br> Term SOFR + 1.31%), 4.98%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 3000 | 2999238 |
| Madison Park Funding XXIV Ltd., <br> Series 2016-24A, Class BR2, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 10/20/29<sup>(a)(b)</sup><br>|  | 159 | 159121 |
| Madison Park Funding XXVII Ltd., <br> Series 2018-27A, Class A1R, (3-mo. CME <br> Term SOFR + 1.20%), 4.87%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 500 | 499253 |
| Madison Park Funding XXX Ltd. |  |  |  |
| Series 2018-30A, Class A1R, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 1780 | 1780640 |
| Series 2018-30A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 290 | 290334 |
| Madison Park Funding XXXI Ltd., <br> Series 2018-31A, Class B1R, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 07/23/37<sup>(a)(b)</sup><br>|  | 4110 | 4114523 |
| Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, (3-mo. CME <br> Term SOFR + 1.29%), 4.96%, <br> 10/15/32<sup>(a)(b)</sup><br>|  | 2603 | 2602569 |
| Madison Park Funding XXXV Ltd., <br> Series 2019-35A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.22%), 4.80%, <br> 02/13/39<sup>(a)(b)</sup><br>|  | 8715 | 8708853 |
| Madison Park Funding XXXVII Ltd., <br> Series 2019-37A, Class AR2, (3-mo. CME <br> Term SOFR + 1.53%), 5.20%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 670 | 670267 |
| Marble Point CLO XV Ltd., Series 2019-1A, <br> Class BR2, (3-mo. CME Term SOFR + <br> 1.60%), 5.27%, 07/23/32<sup>(a)(b)</sup><br>|  | 1395 | 1389269 |
| Marble Point CLO XVII Ltd., Series 2020-1A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.44%), 5.11%, 07/20/37<sup>(a)(b)</sup><br>|  | 1720 | 1720311 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Mariner Finance Issuance Trust |  |  |  |
| Series 2021-BA, Class E, 4.68%, <br> 11/20/36<sup>(a)</sup><br>| USD  | 1265 | $1187126 |
| Series 2024-AA, Class A, 5.13%, <br> 09/22/36<sup>(a)</sup><br>|  | 5718 | 5764082 |
| Series 2024-AA, Class D, 6.77%, <br> 09/22/36<sup>(a)</sup><br>|  | 304 | 308978 |
| Series 2024-AA, Class E, 9.02%, <br> 09/22/36<sup>(a)</sup><br>|  | 1277 | 1307910 |
| Series 2024-BA, Class D, 6.36%, <br> 11/20/38<sup>(a)</sup><br>|  | 1400 | 1425532 |
| Series 2025-AA, Class A, 4.98%, <br> 05/20/38<sup>(a)</sup><br>|  | 10592 | 10670821 |
| Series 2025-AA, Class B, 5.33%, <br> 05/20/38<sup>(a)</sup><br>|  | 1425 | 1436238 |
| Series 2025-AA, Class C, 5.69%, <br> 05/20/38<sup>(a)</sup><br>|  | 1462 | 1474975 |
| Series 2025-BA, Class A, 4.59%, <br> 11/22/38<sup>(a)</sup><br>|  | 7143 | 7107884 |
| MASTR Asset-Backed Securities Trust |  |  |  |
| Series 2006-AM2, Class A4, (1-mo. CME <br> Term SOFR + 0.63%), 4.31%, <br> 06/25/36<sup>(a)(b)</sup><br>|  | 841 | 796404 |
| Series 2007-HE1, Class A4, (1-mo. CME <br> Term SOFR + 0.67%), 4.35%, <br> 05/25/37<sup>(b)</sup><br>|  | 1318 | 1142654 |
| MASTR Specialized Loan Trust, <br> Series 2006-3, Class A, (1-mo. CME Term <br> SOFR + 0.63%), 4.31%, 06/25/46<sup>(a)(b)</sup><br>|  | 158 | 153117 |
| Menlo CLO IV Ltd., Series 2026-1A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.21%), 4.89%, 03/20/39<sup>(a)(b)</sup><br>|  | 1130 | 1127954 |
| Merrill Lynch First Franklin Mortgage Loan <br> Trust, Series 2007-2, Class A2C, (1-mo. <br> CME Term SOFR + 0.59%), 4.27%, <br> 05/25/37<sup>(b)</sup><br>|  | 726 | 531079 |
| Merrill Lynch Mortgage Investors Trust |  |  |  |
| Series 2006-OPT1, Class M1, (1-mo. <br> CME Term SOFR + 0.50%), 4.18%, <br> 08/25/37<sup>(b)</sup><br>|  | 395 | 413469 |
| Series 2006-RM3, Class A2B, (1-mo. CME <br> Term SOFR + 0.29%), 3.97%, <br> 06/25/37<sup>(b)</sup><br>|  | 803 | 164511 |
| Metro Finance Trust |  |  |  |
| Series 2025-1, Class C, (1-mo. BBSW + <br> 1.90%), 5.85%, 10/15/31<sup>(b)</sup><br>| AUD  | 500 | 347131 |
| Series 2025-1, Class D, (1-mo. BBSW + <br> 2.20%), 6.15%, 10/15/31<sup>(b)</sup><br>|  | 650 | 451589 |
| MF1 LLC, Series 2022-FL9, Class A, (1-mo. <br> CME Term SOFR + 2.15%), 5.83%, <br> 06/19/37<sup>(a)(b)</sup><br>| USD  | 2815 | 2815188 |
| MFA Trust, Series 2024-NPL1, Class A1, <br> 6.33%, 09/25/54<sup>(a)(c)</sup><br>|  | 4399 | 4404360 |
| MidOcean Credit CLO XII Ltd., Series 2023-<br> 12A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.34%), 5.01%, 07/18/38<sup>(a)(b)</sup><br>|  | 3170 | 3170927 |
| Mila BV |  |  |  |
| Series 2024-1, Class C, (1-mo. EURIBOR <br> + 1.45%), 3.39%, 09/16/41<sup>(b)(e)</sup><br>| EUR  | 171 | 198359 |
| Series 2024-1, Class D, (1-mo. EURIBOR <br> + 2.00%), 3.94%, 09/16/41<sup>(b)(e)</sup><br>|  | 135 | 156896 |

---

182026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Mill City Solar Loan Ltd., Series 2019-2GS, <br> Class A, 3.69%, 07/20/43<sup>(a)</sup><br>| USD  | 3222 | $2915781 |
| Montgomery Square Consumer Funding <br> 1 PLC, Series 1, Class C, (1-day SONIA + <br> 1.55%), 5.28%, 03/17/36<sup>(b)(e)</sup><br>| GBP  | 117 | 154859 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |  |
| Series 2005-HE1, Class A2MZ, (1-mo. <br> CME Term SOFR + 0.71%), 4.39%, <br> 12/25/34<sup>(b)</sup><br>| USD  | 820 | 781610 |
| Series 2005-HE5, Class M4, (1-mo. CME <br> Term SOFR + 0.98%), 4.66%, <br> 09/25/35<sup>(b)</sup><br>|  | 2887 | 2433219 |
| Series 2006-HE8, Class A2FP, (1-mo. <br> CME Term SOFR + 0.18%), 3.86%, <br> 10/25/36<sup>(b)</sup><br>|  | 1622 | 702254 |
| Series 2007-SEA1, Class 2A1, (1-mo. <br> CME Term SOFR + 3.91%), 7.59%, <br> 02/25/47<sup>(a)(b)</sup><br>|  | 142 | 138807 |
| Morgan Stanley Home Equity Loan Trust, <br> Series 2006-3, Class A3, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, 04/25/36<sup>(b)</sup><br>|  | 1233 | 846414 |
| Morgan Stanley Mortgage Loan Trust |  |  |  |
| Series 2006-12XS, Class A4, 6.51%, <br> 10/25/36<sup>(c)</sup><br>|  | 1849 | 383525 |
| Series 2006-12XS, Class A6A, 6.23%, <br> 10/25/36<sup>(c)</sup><br>|  | 707 | 181947 |
| Series 2006-16AX, Class 1A, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 11/25/36<sup>(b)</sup><br>|  | 3430 | 510840 |
| Series 2006-16AX, Class 2A3, (1-mo. <br> CME Term SOFR + 0.61%), 4.29%, <br> 11/25/36<sup>(b)</sup><br>|  | 993 | 270286 |
| Series 2007-3XS, Class 2A3S, 6.36%, <br> 01/25/47<sup>(c)</sup><br>|  | 1352 | 460295 |
| Series 2007-3XS, Class 2A4S, 6.46%, <br> 01/25/47<sup>(c)</sup><br>|  | 5887 | 2003406 |
| Mosaic Solar Loan Trust |  |  |  |
| Series 2018-2GS, Class A, 4.20%, <br> 02/22/44<sup>(a)</sup><br>|  | 1055 | 985569 |
| Series 2019-2A, Class A, 2.88%, <br> 09/20/40<sup>(a)</sup><br>|  | 397 | 351066 |
| Series 2020-1A, Class A, 2.10%, <br> 04/20/46<sup>(a)</sup><br>|  | 519 | 457638 |
| Series 2023-1A, Class A, 5.32%, <br> 06/20/53<sup>(a)</sup><br>|  | 356 | 328823 |
| Nationstar Home Equity Loan Trust, <br> Series 2007-B, Class M1, (1-mo. CME <br> Term SOFR + 0.73%), 4.41%, 04/25/37<sup>(b)</sup><br>|  | 3320 | 3174698 |
| Navient Education Loan Trust, <br> Series 2025-A, Class D, 6.03%, <br> 07/15/55<sup>(a)</sup><br>|  | 404 | 404350 |
| Navient Private Education Loan Trust |  |  |  |
| Series 2014-AA, Class B, 3.50%, <br> 08/15/44<sup>(a)</sup><br>|  | 4359 | 4324069 |
| Series 2020-A, Class A2B, (1-mo. CME <br> Term SOFR + 1.01%), 4.69%, <br> 11/15/68<sup>(a)(b)</sup><br>|  | 715 | 713319 |
| Navient Private Education Refi Loan Trust |  |  |  |
| Series 2019-CA, Class A2, 3.13%, <br> 02/15/68<sup>(a)</sup><br>|  | 42 | 42072 |
| Series 2020-FA, Class B, 2.69%, <br> 07/15/69<sup>(a)</sup><br>|  | 2590 | 2239007 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Navient Private Education Refi Loan Trust |  |  |  |
| Series 2021-DA, Class B, 2.61%, <br> 04/15/60<sup>(a)</sup><br>| USD  | 772 | $689500 |
| Series 2021-DA, Class C, 3.48%, <br> 04/15/60<sup>(a)</sup><br>|  | 2078 | 1936739 |
| Series 2024-A, Class A, 5.66%, <br> 10/15/72<sup>(a)</sup><br>|  | 4625 | 4690009 |
| Navient Refinance Loan Trust |  |  |  |
| Series 2025-B, Class A, 4.72%, <br> 09/15/55<sup>(a)</sup><br>|  | 6360 | 6317832 |
| Series 2025-C, Class A, 4.80%, <br> 10/15/55<sup>(a)</sup><br>|  | 4436 | 4412635 |
| Nelnet Student Loan Trust |  |  |  |
| Series 2021-A, Class B1, 2.85%, <br> 04/20/62<sup>(a)</sup><br>|  | 3470 | 3139788 |
| Series 2021-A, Class B2, 2.85%, <br> 04/20/62<sup>(a)</sup><br>|  | 21590 | 19535455 |
| Series 2021-A, Class C, 3.75%, <br> 04/20/62<sup>(a)</sup><br>|  | 1706 | 1527659 |
| Series 2021-A, Class D, 4.93%, <br> 04/20/62<sup>(a)</sup><br>|  | 2323 | 2118315 |
| Series 2021-BA, Class B, 2.68%, <br> 04/20/62<sup>(a)</sup><br>|  | 13069 | 11770098 |
| Series 2021-BA, Class C, 3.57%, <br> 04/20/62<sup>(a)</sup><br>|  | 836 | 738502 |
| Series 2021-BA, Class D, 4.75%, <br> 04/20/62<sup>(a)</sup><br>|  | 1499 | 1350739 |
| Series 2021-CA, Class B, 2.53%, <br> 04/20/62<sup>(a)</sup><br>|  | 12397 | 11003700 |
| Series 2021-CA, Class C, 3.36%, <br> 04/20/62<sup>(a)</sup><br>|  | 650 | 574592 |
| Series 2021-CA, Class D, 4.44%, <br> 04/20/62<sup>(a)</sup><br>|  | 990 | 881710 |
| Series 2021-DA, Class B, 2.90%, <br> 04/20/62<sup>(a)</sup><br>|  | 7353 | 6631147 |
| Series 2021-DA, Class D, 4.38%, <br> 04/20/62<sup>(a)</sup><br>|  | 331 | 290160 |
| Series 2023-PL1A, Class A1A, (SOFR <br> (30-day) + 2.25%), 5.91%, <br> 11/25/53<sup>(a)(b)</sup><br>|  | 1977 | 2002977 |
| Series 2025-BA, Class A1B, (SOFR (30-<br> day) + 1.35%), 5.02%, 05/17/55<sup>(a)(b)</sup><br>|  | 14658 | 14730698 |
| Series 2025-BA, Class B, 4.98%, <br> 05/17/55<sup>(a)</sup><br>|  | 7795 | 7717981 |
| Series 2025-BA, Class C, 5.38%, <br> 05/17/55<sup>(a)</sup><br>|  | 4319 | 4248840 |
| Series 2025-BA, Class D, 6.04%, <br> 05/17/55<sup>(a)</sup><br>|  | 1257 | 1236448 |
| Series 2025-CA, Class A1B, (SOFR (30-<br> day) + 1.35%), 5.02%, 06/22/65<sup>(a)(b)</sup><br>|  | 7257 | 7307732 |
| Series 2025-CA, Class D, 5.82%, <br> 06/22/65<sup>(a)</sup><br>|  | 4599 | 4485468 |
| Neuberger Berman CLO XVII Ltd., <br> Series 2014-17A, Class AR3, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 920 | 920518 |
| Neuberger Berman CLO XVI-S Ltd., <br> Series 2017-16SA, Class A1R2, (3-mo. <br> CME Term SOFR + 1.18%), 4.85%, <br> 04/15/39<sup>(a)(b)</sup><br>|  | 680 | 678610 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Neuberger Berman CLO XXI Ltd., <br> Series 2016-21A, Class A1R3, (3-mo. <br> CME Term SOFR + 1.32%), 4.99%, <br> 01/20/39<sup>(a)(b)</sup><br>| USD  | 8100 | $8102391 |
| Neuberger Berman Loan Advisers CLO <br> 34 Ltd.<br>|  |  |  |
| Series 2019-34A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.30%), 4.97%, <br> 07/20/39<sup>(a)(b)</sup><br>|  | 740 | 740384 |
| Series 2019-34A, Class BR2, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 07/20/39<sup>(a)(b)</sup><br>|  | 1000 | 999230 |
| Neuberger Berman Loan Advisers CLO <br> 46 Ltd., Series 2021-46A, Class BR, (3-<br> mo. CME Term SOFR + 1.50%), 5.17%, <br> 01/20/37<sup>(a)(b)</sup><br>|  | 780 | 779818 |
| Neuberger Berman Loan Advisers CLO <br> 51 Ltd., Series 2022-51A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.80%), 6.47%, <br> 10/23/36<sup>(a)(b)</sup><br>|  | 590 | 581960 |
| New Century Home Equity Loan Trust, <br> Series 2005-C, Class M2, (1-mo. CME <br> Term SOFR + 0.79%), 4.47%, 12/25/35<sup>(b)</sup><br>|  | 2184 | 1967900 |
| New Mountain CLO 2 Ltd., Series CLO-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 01/15/38<sup>(a)(b)</sup><br>|  | 1990 | 1991194 |
| New Mountain CLO 3 Ltd., Series CLO-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 10/20/38<sup>(a)(b)</sup><br>|  | 1070 | 1070659 |
| New Mountain CLO 8 Ltd., Series CLO-8A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.27%), 5.13%, 10/20/38<sup>(a)(b)</sup><br>|  | 560 | 559797 |
| New Residential Mortgage Loan Trust, <br> Series 2022-SFR1, Class F, 4.44%, <br> 02/17/39<sup>(a)</sup><br>|  | 699 | 686464 |
| Newbridge Park CLO DAC |  |  |  |
| Series 1X, Class A, (3-mo. EURIBOR + <br> 1.22%), 3.42%, 04/15/40<sup>(b)(e)</sup><br>| EUR  | 330 | 381431 |
| Series 1X, Class D, (3-mo. EURIBOR + <br> 2.50%), 4.70%, 04/15/40<sup>(b)(e)</sup><br>|  | 1110 | 1260250 |
| Newday Funding Master Issuer PLC |  |  |  |
| Series 2024-2X, Class B, (1-day SONIA + <br> 1.40%), 5.13%, 07/15/32<sup>(b)(e)</sup><br>| GBP  | 655 | 870494 |
| Series 2024-2X, Class C, (1-day SONIA + <br> 1.90%), 5.63%, 07/15/32<sup>(b)(e)</sup><br>|  | 780 | 1035117 |
| Series 2024-2X, Class D, (1-day SONIA + <br> 2.65%), 6.38%, 07/15/32<sup>(b)(e)</sup><br>|  | 1645 | 2194431 |
| Series 2025-2X, Class C, (1-day SONIA + <br> 1.50%), 5.23%, 07/15/33<sup>(b)(e)</sup><br>|  | 981 | 1294521 |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust, Series 2006-S5, Class A1, <br> (1-mo. CME Term SOFR + 0.51%), 4.19%, <br> 10/25/36<sup>(a)(b)</sup><br>| USD  | 40 | 82092 |
| Noria |  |  |  |
| Series 2024-DE1, Class D, (1-mo. <br> EURIBOR + 1.65%), 3.59%, <br> 02/25/43<sup>(b)(e)</sup><br>| EUR  | 363 | 420495 |
| Series 2024-DE1, Class E, (1-mo. <br> EURIBOR + 3.55%), 5.49%, <br> 02/25/43<sup>(b)(e)</sup><br>|  | 363 | 423373 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Noria |  |  |  |
| Series 2024-DE1, Class F, (1-mo. <br> EURIBOR + 4.50%), 6.44%, <br> 02/25/43<sup>(b)(e)</sup><br>| EUR  | 218 | $252670 |
| Oak Hill Credit Partners X-R Ltd., <br> Series 2014-10RA, Class AR2, (3-mo. <br> CME Term SOFR + 1.13%), 4.80%, <br> 04/20/38<sup>(a)(b)</sup><br>| USD  | 4590 | 4575287 |
| Oaktree CLO Ltd. |  |  |  |
| Series 2020-1A, Class BRR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 930 | 928543 |
| Series 2021-2A, Class AR, (3-mo. CME <br> Term SOFR + 0.97%), 4.64%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 2100 | 2095615 |
| Series 2024-27A, Class A2, (3-mo. CME <br> Term SOFR + 1.57%), 5.24%, <br> 10/22/37<sup>(a)(b)</sup><br>|  | 790 | 788279 |
| Series 2024-27A, Class D1, (3-mo. CME <br> Term SOFR + 3.00%), 6.67%, <br> 10/22/37<sup>(a)(b)</sup><br>|  | 250 | 248305 |
| Series 2025-31A, Class A, (3-mo. CME <br> Term SOFR + 1.32%), 4.99%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 1200 | 1200300 |
| Oakwood Mortgage Investors, Inc. |  |  |  |
| Series 2001-D, Class A2, 5.26%, <br> 01/15/19<sup>(b)</sup><br>|  | 411 | 121026 |
| Series 2001-D, Class A4, 6.93%, <br> 09/15/31<sup>(b)</sup><br>|  | 261 | 94925 |
| Series 2002-B, Class M1, 7.62%, <br> 06/15/32<sup>(b)</sup><br>|  | 2751 | 2779240 |
| OCP CLO Ltd. |  |  |  |
| Series 2014-5A, Class A2R, (3-mo. CME <br> Term SOFR + 1.66%), 5.33%, <br> 04/26/31<sup>(a)(b)</sup><br>|  | 152 | 152026 |
| Series 2016-12A, Class BAR3, (3-mo. <br> CME Term SOFR + 1.68%), 5.35%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1960 | 1961079 |
| Series 2016-12A, Class CR3, (3-mo. CME <br> Term SOFR + 2.00%), 5.67%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1250 | 1253722 |
| Series 2016-12A, Class XR3, (3-mo. CME <br> Term SOFR + 1.20%), 4.87%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1575 | 1575017 |
| Series 2017-13A, Class AR2, (3-mo. CME <br> Term SOFR + 1.34%), 5.01%, <br> 11/26/37<sup>(a)(b)</sup><br>|  | 8965 | 8969352 |
| Series 2017-13A, Class X, (3-mo. CME <br> Term SOFR + 1.10%), 4.77%, <br> 11/26/37<sup>(a)(b)</sup><br>|  | 447 | 446668 |
| Series 2019-17A, Class AR2, (3-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1570 | 1570665 |
| Series 2020-18A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.37%), 5.04%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 330 | 330145 |
| Series 2020-18A, Class D1R2, (3-mo. <br> CME Term SOFR + 3.10%), 6.77%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 390 | 390397 |
| Series 2020-19A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.18%), 4.85%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 5500 | 5488957 |

---

202026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| OCP CLO Ltd. |  |  |  |
| Series 2020-19A, Class D1R2, (3-mo. <br> CME Term SOFR + 2.70%), 6.37%, <br> 04/20/38<sup>(a)(b)</sup><br>| USD  | 530 | $524081 |
| Series 2020-20A, Class B1R, (3-mo. CME <br> Term SOFR + 1.95%), 5.62%, <br> 04/18/37<sup>(a)(b)</sup><br>|  | 360 | 360394 |
| Series 2020-8RA, Class AR2, (3-mo. CME <br> Term SOFR + 1.22%), 4.89%, <br> 10/17/38<sup>(a)(b)</sup><br>|  | 750 | 749435 |
| Series 2021-22A, Class AR, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1380 | 1380215 |
| Series 2021-22A, Class BR, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 660 | 660370 |
| Series 2024-31A, Class AR, (3-mo. CME <br> Term SOFR + 1.15%), 4.82%, <br> 04/20/39<sup>(a)(b)</sup><br>|  | 3180 | 3173093 |
| Series 2024-34A, Class D1, (3-mo. CME <br> Term SOFR + 2.90%), 6.57%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 340 | 340489 |
| Series 2024-36A, Class B1, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/16/37<sup>(a)(b)</sup><br>|  | 289 | 289162 |
| Series 2024-37A, Class A1, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1390 | 1390832 |
| Series 2024-37A, Class B1, (3-mo. CME <br> Term SOFR + 1.68%), 5.35%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1390 | 1390780 |
| Series 2025-42A, Class A, (3-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 05/21/38<sup>(a)(b)</sup><br>|  | 2060 | 2058125 |
| Series 2025-45A, Class A, (3-mo. CME <br> Term SOFR + 1.23%), 5.10%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1260 | 1259180 |
| Series 2025-46A, Class A, (3-mo. CME <br> Term SOFR + 1.20%), 5.05%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1690 | 1687910 |
| Series 2025-46A, Class C, (3-mo. CME <br> Term SOFR + 1.70%), 5.55%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 910 | 906925 |
| Series 2025-46A, Class D1, (3-mo. CME <br> Term SOFR + 2.45%), 6.30%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 360 | 348961 |
| OCP Euro CLO DAC |  |  |  |
| Series 2019-3A, Class CR, (3-mo. <br> EURIBOR + 2.30%), 4.33%, <br> 04/20/33<sup>(a)(b)</sup><br>| EUR  | 250 | 288732 |
| Series 2019-3A, Class DR, (3-mo. <br> EURIBOR + 3.30%), 5.33%, <br> 04/20/33<sup>(a)(b)</sup><br>|  | 250 | 288311 |
| Octagon 56 Ltd., Series 2021-1A, Class B, <br> (3-mo. CME Term SOFR + 1.91%), 5.58%, <br> 10/15/34<sup>(a)(b)</sup><br>| USD  | 250 | 250045 |
| Octagon 59 Ltd., Series 2022-1A, Class B, <br> (3-mo. CME Term SOFR + 1.95%), 5.60%, <br> 05/15/35<sup>(a)(b)</sup><br>|  | 2200 | 2201535 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Octagon Investment Partners 41 Ltd., <br> Series 2019-2A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.09%), 4.76%, <br> 10/15/33<sup>(a)(b)</sup><br>| USD  | 3940 | $3934209 |
| OHA Credit Funding 10-R Ltd., Series 2021-<br> 10RA, Class A1, (3-mo. CME Term SOFR <br> + 1.26%), 4.93%, 07/18/37<sup>(a)(b)</sup><br>|  | 2420 | 2417580 |
| OHA Credit Funding 16-R Ltd., Series 2023-<br> 16RA, Class A1, (3-mo. CME Term SOFR <br> + 1.20%), 4.87%, 10/20/38<sup>(a)(b)</sup><br>|  | 1720 | 1718282 |
| OHA Credit Funding 17-R Ltd., Series 2024-<br> 17RA, Class A1, (3-mo. CME Term SOFR <br> + 1.14%), 4.81%, 04/20/39<sup>(a)(b)</sup><br>|  | 3240 | 3233169 |
| OHA Credit Funding 2 Ltd., Series 2019-2A, <br> Class B1R2, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 01/21/38<sup>(a)(b)</sup><br>|  | 250 | 249767 |
| OHA Credit Funding 22 Ltd., Series 2025-<br> 22A, Class A1, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 07/20/38<sup>(a)(b)</sup><br>|  | 3000 | 3000361 |
| OHA Credit Funding 4 Ltd., Series 2019-4A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.29%), 4.96%, 01/22/38<sup>(a)(b)</sup><br>|  | 3170 | 3169932 |
| OHA Credit Funding 5 Ltd., Series 2020-5A, <br> Class B1R, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 10/18/37<sup>(a)(b)</sup><br>|  | 420 | 420410 |
| OHA Credit Funding 6 Ltd., Series 2020-6A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 10/20/37<sup>(a)(b)</sup><br>|  | 850 | 850330 |
| OHA Credit Funding 7 Ltd., Series 2020-7A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.28%), 4.95%, 07/19/38<sup>(a)(b)</sup><br>|  | 6346 | 6345529 |
| OHA Credit Funding 9 Ltd., Series 2021-9A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.35%), 5.02%, 10/19/37<sup>(a)(b)</sup><br>|  | 2780 | 2780809 |
| OHA Credit Partners XI Ltd., Series 2015-<br> 11A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.46%), 5.13%, 04/20/37<sup>(a)(b)</sup><br>|  | 3780 | 3781134 |
| OHA Credit Partners XVI, Series 2021-16A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.35%), 5.02%, 10/18/37<sup>(a)(b)</sup><br>|  | 5388 | 5389342 |
| OHA Loan Funding Ltd. |  |  |  |
| Series 2015-1A, Class A1R4, (3-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 10/19/38<sup>(a)(b)</sup><br>|  | 1830 | 1829380 |
| Series 2016-1A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.46%), 5.13%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 3750 | 3751130 |
| Series 2016-1A, Class B1R2, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250244 |
| OHS Issuer LLC, Series 2026-1, Class A2, <br> 5.98%, 02/25/61<sup>(a)</sup><br>|  | 8738 | 8566646 |
| OneMain Financial Issuance Trust |  |  |  |
| Series 2020-2A, Class C, 2.76%, <br> 09/14/35<sup>(a)</sup><br>|  | 2620 | 2544197 |
| Series 2024-1A, Class A, 5.79%, <br> 05/14/41<sup>(a)</sup><br>|  | 17503 | 18322181 |
| Series 2025-1A, Class D, 5.79%, <br> 07/14/38<sup>(a)</sup><br>|  | 2126 | 2139174 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Option One Mortgage Loan Trust |  |  |  |
| Series 2005-4, Class M3, (1-mo. CME <br> Term SOFR + 0.85%), 4.53%, <br> 11/25/35<sup>(b)</sup><br>| USD  | 4030 | $3552391 |
| Series 2007-CP1, Class 2A3, (1-mo. CME <br> Term SOFR + 0.32%), 4.00%, <br> 03/25/37<sup>(b)</sup><br>|  | 2360 | 2039321 |
| Series 2007-FXD1, Class 1A1, 5.87%, <br> 01/25/37<sup>(c)</sup><br>|  | 1598 | 1368868 |
| Series 2007-FXD1, Class 2A1, 5.87%, <br> 01/25/37<sup>(c)</sup><br>|  | 3808 | 3291956 |
| Series 2007-FXD1, Class 3A4, 5.86%, <br> 01/25/37<sup>(c)</sup><br>|  | 225 | 220754 |
| Orchard Park CLO Ltd. |  |  |  |
| Series 2024-1A, Class A, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 15180 | 15185526 |
| Series 2024-1A, Class B1, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1380 | 1381561 |
| Origen Manufactured Housing Contract Trust |  |  |  |
| Series 2001-A, Class M1, 7.82%, <br> 03/15/32<sup>(b)</sup><br>|  | 579 | 580224 |
| Series 2007-B, Class A1, (1-mo. CME <br> Term SOFR + 1.31%), 4.99%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 34 | 33827 |
| Owl Rock CLO III Ltd., Series 2020-3A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.85%), 5.52%, 04/20/36<sup>(a)(b)</sup><br>|  | 430 | 430129 |
| Owl Rock CLO V LLC, Series 2020-5A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.78%), 5.45%, 04/20/34<sup>(a)(b)</sup><br>|  | 900 | 902377 |
| Owl Rock CLO VII LLC, Series 2022-7A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 04/20/38<sup>(a)(b)</sup><br>|  | 2110 | 2101250 |
| Owl Rock CLO XVIII LLC, Series 2024-18A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 07/24/36<sup>(a)(b)</sup><br>|  | 3925 | 3925584 |
| Ownit Mortgage Loan Trust, Series 2006-2, <br> Class A2C, 6.50%, 01/25/37<sup>(c)</sup><br>|  | 1428 | 1302076 |
| OZLM Funding II Ltd., Series 2012-2A, <br> Class AR4, (3-mo. CME Term SOFR + <br> 1.20%), 4.87%, 07/30/37<sup>(a)(b)</sup><br>|  | 1970 | 1968267 |
| OZLM XIX Ltd. |  |  |  |
| Series 2017-19A, Class A1R3, (3-mo. <br> CME Term SOFR + 1.00%), 4.66%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 2680 | 2679970 |
| Series 2017-19A, Class B1R3, (3-mo. <br> CME Term SOFR + 1.60%), 5.26%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 1130 | 1121319 |
| OZLM XVIII Ltd., Series 2018-18A, Class B, <br> (3-mo. CME Term SOFR + 1.81%), 5.48%, <br> 04/15/31<sup>(a)(b)</sup><br>|  | 2126 | 2121369 |
| OZLM XXIV Ltd., Series 2019-24A, <br> Class A2AR, (3-mo. CME Term SOFR + <br> 1.96%), 5.63%, 07/20/32<sup>(a)(b)</sup><br>|  | 750 | 749839 |
| Pagaya AI Technology in Housing Trust, <br> Series 2023-1, Class F, 3.60%, <br> 10/25/40<sup>(a)</sup><br>|  | 3423 | 2935676 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Palmer Square CLO Ltd. |  |  |  |
| Series 2021-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.32%), 4.99%, <br> 07/15/38<sup>(a)(b)</sup><br>| USD  | 610 | $610448 |
| Series 2022-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1530 | 1530372 |
| Series 2022-3A, Class D1R, (3-mo. CME <br> Term SOFR + 2.95%), 6.62%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 550 | 539638 |
| Series 2024-2A, Class B, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 3270 | 3267743 |
| Series 2025-4A, Class A, (3-mo. CME <br> Term SOFR + 1.27%), 5.23%, <br> 10/20/38<sup>(a)(b)</sup><br>|  | 1440 | 1439825 |
| Palmer Square Loan Funding Ltd. |  |  |  |
| Series 2024-3A, Class A2R, (3-mo. CME <br> Term SOFR + 1.15%), 4.81%, <br> 08/08/32<sup>(a)(b)</sup><br>|  | 3465 | 3451482 |
| Series 2025-3A, Class A1, (3-mo. CME <br> Term SOFR + 0.95%), 4.66%, <br> 01/15/34<sup>(a)(b)</sup><br>|  | 5120 | 5117907 |
| Series 2025-3A, Class C, (3-mo. CME <br> Term SOFR + 2.40%), 6.11%, <br> 01/15/34<sup>(a)(b)</sup><br>|  | 310 | 302877 |
| Series 2025-3A, Class D, (3-mo. CME <br> Term SOFR + 4.40%), 8.11%, <br> 01/15/34<sup>(a)(b)</sup><br>|  | 520 | 505461 |
| Panorama Auto Trust |  |  |  |
| Series 2025-1, Class C, (1-mo. BBSW + <br> 1.55%), 5.50%, 03/15/33<sup>(b)(e)</sup><br>| AUD  | 732 | 505498 |
| Series 2025-1, Class E, (1-mo. BBSW + <br> 3.40%), 7.35%, 03/15/33<sup>(b)(e)</sup><br>|  | 540 | 375393 |
| Series 2025-4, Class C, (1-mo. BBSW + <br> 1.50%), 5.56%, 04/20/34<sup>(b)(e)</sup><br>|  | 2337 | 1610382 |
| Series 2026-1, Class C, (1-mo. BBSW + <br> 1.50%), 5.62%, 03/15/34<sup>(b)(e)</sup><br>|  | 889 | 611642 |
| Park Blue CLO Ltd. |  |  |  |
| Series 2022-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.42%), 5.09%, <br> 07/20/37<sup>(a)(b)</sup><br>| USD  | 1460 | 1460850 |
| Series 2022-2A, Class BR, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250138 |
| Series 2024-6A, Class A1, (3-mo. CME <br> Term SOFR + 1.34%), 5.01%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 1080 | 1080491 |
| Series 2025-10A, Class A1, (3-mo. CME <br> Term SOFR + 1.28%), 4.95%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 4760 | 4759025 |
| Series 2025-10A, Class D1, (3-mo. CME <br> Term SOFR + 2.90%), 6.57%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 990 | 980215 |
| Series 2025-7A, Class A1, (3-mo. CME <br> Term SOFR + 1.22%), 4.89%, <br> 04/25/38<sup>(a)(b)</sup><br>|  | 2000 | 1997632 |
| Series 2025-8A, Class A1, (3-mo. CME <br> Term SOFR + 1.31%), 5.26%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 950 | 949689 |

---

222026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Park Blue CLO Ltd. |  |  |  |
| Series 2025-9A, Class C, (3-mo. CME <br> Term SOFR + 2.00%), 6.08%, <br> 10/20/38<sup>(a)(b)</sup><br>| USD  | 2350 | $2356788 |
| Pavillion Consumer PLC, Series 2025-1X, <br> Class C, (1-day SONIA + 1.60%), 5.33%, <br> 01/25/36<sup>(b)(e)</sup><br>| GBP  | 1021 | 1348741 |
| PCL Funding IX PLC |  |  |  |
| Series 2024-1, Class B, (1-day SONIA + <br> 1.30%), 5.03%, 07/16/29<sup>(b)(e)</sup><br>|  | 684 | 907652 |
| Series 2024-1, Class C, (1-day SONIA + <br> 2.15%), 5.88%, 07/16/29<sup>(b)(e)</sup><br>|  | 151 | 201501 |
| Penta CLO 12 DAC, Series 2022-12X, <br> Class ARR, (3-mo. EURIBOR + 1.28%), <br> 3.30%, 11/09/38<sup>(b)(e)</sup><br>| EUR  | 3000 | 3457164 |
| Penta CLO 17 DAC |  |  |  |
| Series 2024-17X, Class AR, (3-mo. <br> EURIBOR + 1.21%), 3.23%, <br> 02/15/39<sup>(b)(e)</sup><br>|  | 500 | 574776 |
| Series 2024-17X, Class DR, (3-mo. <br> EURIBOR + 2.60%), 4.62%, <br> 02/15/39<sup>(b)(e)</sup><br>|  | 370 | 409495 |
| PFS Financing Corp., Series 2022-E, <br> Class B, 5.54%, 10/30/26<sup>(a)(h)</sup><br>| USD  | 12000 | 12049200 |
| Pikes Peak CLO 15 Ltd., Series 2023-15A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.22%), 4.89%, 10/20/38<sup>(a)(b)</sup><br>|  | 960 | 959306 |
| Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2II, 5.65%, <br> 12/06/55<sup>(a)</sup><br>|  | 6348 | 6266955 |
| Point Broadband & Funding LLC, <br> Series 2025-1A, Class C, 8.16%, <br> 07/20/55<sup>(a)</sup><br>|  | 2274 | 2317862 |
| Pony SA |  |  |  |
| Series 2024-1, Class C, (1-mo. EURIBOR <br> + 1.20%), 3.14%, 01/14/33<sup>(b)(e)</sup><br>| EUR  | 328 | 379523 |
| Series 2024-1, Class D, (1-mo. EURIBOR <br> + 1.65%), 3.59%, 01/14/33<sup>(b)(e)</sup><br>|  | 246 | 285772 |
| Post CLO Ltd. |  |  |  |
| Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.30%), 4.97%, <br> 10/20/38<sup>(a)(b)</sup><br>| USD  | 1340 | 1340352 |
| Series 2023-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 10/20/38<sup>(a)(b)</sup><br>|  | 1620 | 1621006 |
| Series 2023-1A, Class D1R, (3-mo. CME <br> Term SOFR + 2.85%), 6.52%, <br> 10/20/38<sup>(a)(b)</sup><br>|  | 1080 | 1069366 |
| Post CLO VI Ltd., Series 2024-2A, Class A1, <br> (3-mo. CME Term SOFR + 1.42%), 5.09%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 950 | 950651 |
| Prodigy Finance DAC |  |  |  |
| Series 2021-1A, Class A, (1-mo. CME <br> Term SOFR + 1.36%), 5.04%, <br> 07/25/51<sup>(a)(b)</sup><br>|  | 911 | 908699 |
| Series 2021-1A, Class B, (1-mo. CME <br> Term SOFR + 2.61%), 6.29%, <br> 07/25/51<sup>(a)(b)</sup><br>|  | 183 | 181766 |
| Series 2021-1A, Class C, (1-mo. CME <br> Term SOFR + 3.86%), 7.54%, <br> 07/25/51<sup>(a)(b)</sup><br>|  | 106 | 105752 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Prodigy Finance DAC |  |  |  |
| Series 2021-1A, Class D, (1-mo. CME <br> Term SOFR + 6.01%), 9.69%, <br> 07/25/51<sup>(a)(b)</sup><br>| USD  | 73 | $72821 |
| Progress Residential Trust |  |  |  |
| Series 2021-SFR10, Class E2, 3.67%, <br> 12/17/40<sup>(a)</sup><br>|  | 1764 | 1690183 |
| Series 2021-SFR10, Class F, 4.61%, <br> 12/17/40<sup>(a)</sup><br>|  | 7124 | 6974665 |
| Series 2021-SFR3, Class F, 3.44%, <br> 05/17/26<sup>(a)</sup><br>|  | 6640 | 6616679 |
| Series 2021-SFR9, Class F, 4.05%, <br> 11/17/40<sup>(a)</sup><br>|  | 1342 | 1301505 |
| Series 2022-SFR1, Class F, 4.88%, <br> 02/17/41<sup>(a)</sup><br>|  | 2617 | 2534243 |
| Series 2022-SFR1, Class G, 5.52%, <br> 02/17/41<sup>(a)</sup><br>|  | 2617 | 2554369 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 04/17/41<sup>(a)(b)</sup><br>|  | 2025 | 1904945 |
| Series 2024-SFR2, Class E2, 3.65%, <br> 04/17/41<sup>(a)(b)</sup><br>|  | 1012 | 953597 |
| Series 2026-SFR1, Class E, 4.10%, <br> 02/17/43<sup>(a)</sup><br>|  | 1000 | 923252 |
| Providus CLO XIV DAC |  |  |  |
| Series 14X, Class A, (3-mo. EURIBOR + <br> 1.23%), 3.50%, 04/18/40<sup>(b)(e)</sup><br>| EUR  | 2000 | 2306768 |
| Series 14X, Class D, (3-mo. EURIBOR + <br> 2.65%), 4.92%, 04/18/40<sup>(b)(e)</sup><br>|  | 961 | 1079384 |
| QTS Issuer ABS II LLC |  |  |  |
| Series 2025-1A, Class A2, 5.04%, <br> 10/05/55<sup>(a)</sup><br>| USD  | 7979 | 7815570 |
| Series 2026-1A, Class B, 6.73%, <br> 01/05/56<sup>(a)</sup><br>|  | 1319 | 1305425 |
| Series 2026-2A, Class A2, 5.85%, <br> 01/05/56<sup>(a)</sup><br>|  | 2889 | 2828962 |
| Series 2026-5A, Class A2, 6.18%, <br> 03/05/56<sup>(a)</sup><br>|  | 3656 | 3638027 |
| Quarzo Srl |  |  |  |
| Series 2024-1, Class C, (3-mo. EURIBOR <br> + 2.30%), 4.45%, 06/15/41<sup>(b)(e)</sup><br>| EUR  | 251 | 292362 |
| Series 2024-1, Class D, (3-mo. EURIBOR <br> + 3.70%), 5.85%, 06/15/41<sup>(b)(e)</sup><br>|  | 204 | 237778 |
| Rad CLO 14 Ltd., Series 2021-14A, Class A, <br> (3-mo. CME Term SOFR + 1.43%), 5.10%, <br> 01/15/35<sup>(a)(b)</sup><br>| USD  | 3680 | 3680664 |
| Rad CLO 16 Ltd., Series 2022-16A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 07/15/37<sup>(a)(b)</sup><br>|  | 325 | 325114 |
| Rad CLO 18 Ltd., Series 2023-18A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 07/15/37<sup>(a)(b)</sup><br>|  | 250 | 250125 |
| Rad CLO 21 Ltd., Series 2023-21A, <br> Class CR, (3-mo. CME Term SOFR + <br> 1.80%), 5.47%, 01/25/37<sup>(a)(b)</sup><br>|  | 1500 | 1494412 |
| Rad CLO 23 Ltd., Series 2024-23A, <br> Class B1, (3-mo. CME Term SOFR + <br> 2.05%), 5.72%, 04/20/37<sup>(a)(b)</sup><br>|  | 1400 | 1398397 |
| RAF ABS, Series 2025-1, Class C, (1-mo. <br> BBSW + 1.45%), 5.31%, 12/09/31<sup>(b)(e)</sup><br>| AUD  | 500 | 344778 |
| RAMP Series Trust, Series 2004-RS7, <br> Class A2A, (1-mo. CME Term SOFR + <br> 0.62%), 4.41%, 07/25/34<sup>(b)</sup><br>| USD  | 927 | 738183 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| RCKT Mortgage Trust, Series 2024-CES2, <br> Class B2, 9.58%, 04/25/44<sup>(a)(b)</sup><br>| USD  | 848 | $872218 |
| Red & Black Auto Italy Srl, Series 3, Class C, <br> (1-mo. EURIBOR + 1.50%), 3.41%, <br> 07/28/36<sup>(b)(e)</sup><br>| EUR  | 245 | 284228 |
| Regatta 30 Funding Ltd., Series 2024-4A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.32%), 4.99%, 01/25/38<sup>(a)(b)</sup><br>| USD  | 5320 | 5321530 |
| Regatta 32 Funding Ltd., Series 2025-4A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.34%), 5.01%, 07/25/38<sup>(a)(b)</sup><br>|  | 2870 | 2872585 |
| Regatta 35 Funding Ltd., Series 2025-5A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.29%), 4.96%, 10/15/38<sup>(a)(b)</sup><br>|  | 6490 | 6490753 |
| Regatta IX Funding Ltd., Series 2017-1A, <br> Class B1R, (3-mo. CME Term SOFR + <br> 2.00%), 5.67%, 04/17/37<sup>(a)(b)</sup><br>|  | 2438 | 2440611 |
| Regatta XI Funding Ltd., Series 2018-1A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.75%), 5.42%, 07/17/37<sup>(a)(b)</sup><br>|  | 3270 | 3275473 |
| Regatta XII Funding Ltd., Series 2019-1A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.39%), 5.06%, 10/15/37<sup>(a)(b)</sup><br>|  | 3640 | 3642105 |
| Regatta XIX Funding Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.24%), 4.91%, 10/20/38<sup>(a)(b)</sup><br>|  | 1020 | 1019697 |
| Regatta XVII Funding Ltd., Series 2020-1A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 10/15/37<sup>(a)(b)</sup><br>|  | 1240 | 1240650 |
| Regatta XVIII Funding Ltd. |  |  |  |
| Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.16%), 4.83%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 2138 | 2132247 |
| Series 2021-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 750 | 746639 |
| Regatta XXVII Funding Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.53%), 5.20%, 04/26/37<sup>(a)(b)</sup><br>|  | 4350 | 4352320 |
| Regional Management Issuance Trust |  |  |  |
| Series 2021-2, Class A, 1.90%, <br> 08/15/33<sup>(a)</sup><br>|  | 1053 | 1024101 |
| Series 2021-3, Class A, 3.88%, <br> 10/17/33<sup>(a)(h)</sup><br>|  | 21460 | 21084450 |
| Series 2022-1, Class B, 3.71%, <br> 03/15/32<sup>(a)</sup><br>|  | 661 | 658997 |
| Series 2022-1, Class C, 4.46%, <br> 03/15/32<sup>(a)</sup><br>|  | 534 | 530996 |
| Series 2022-1, Class D, 6.72%, <br> 03/15/32<sup>(a)</sup><br>|  | 1695 | 1697675 |
| Series 2024-1, Class D, 7.46%, <br> 07/15/36<sup>(a)</sup><br>|  | 1047 | 1067980 |
| Series 2024-2, Class A, 5.11%, <br> 12/15/33<sup>(a)</sup><br>|  | 1860 | 1867136 |
| Series 2024-2, Class D, 6.33%, <br> 12/15/33<sup>(a)</sup><br>|  | 271 | 272441 |
| Series 2025-2, Class A, 4.59%, <br> 11/16/37<sup>(a)</sup><br>|  | 10082 | 9971191 |
| Republic Finance Issuance Trust |  |  |  |
| Series 2024-A, Class B, 6.47%, <br> 08/20/32<sup>(a)</sup><br>|  | 695 | 699600 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Republic Finance Issuance Trust |  |  |  |
| Series 2024-A, Class C, 7.28%, <br> 08/20/32<sup>(a)</sup><br>| USD  | 340 | $342722 |
| Series 2024-A, Class D, 9.49%, <br> 08/20/32<sup>(a)</sup><br>|  | 1401 | 1418990 |
| Series 2024-B, Class A, 5.42%, <br> 11/20/37<sup>(a)</sup><br>|  | 10434 | 10565851 |
| Series 2024-B, Class B, 5.86%, <br> 11/20/37<sup>(a)</sup><br>|  | 3690 | 3747625 |
| Series 2025-A, Class A, 4.59%, <br> 11/20/34<sup>(a)</sup><br>|  | 9326 | 9284659 |
| Retained Vantage Data Centers Issuer LLC, <br> Series 2025-1A, Class A2A, 5.09%, <br> 08/15/50<sup>(a)</sup><br>|  | 6786 | 6635458 |
| Rockford Tower CLO Ltd. |  |  |  |
| Series 2017-1A, Class AR2, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 4827 | 4826776 |
| Series 2017-3A, Class A, (3-mo. CME <br> Term SOFR + 1.45%), 5.12%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 2 | 1923 |
| Series 2018-1A, Class A, (3-mo. CME <br> Term SOFR + 1.36%), 5.02%, <br> 05/20/31<sup>(a)(b)</sup><br>|  | 831 | 831652 |
| Series 2018-1A, Class B, (3-mo. CME <br> Term SOFR + 1.98%), 5.64%, <br> 05/20/31<sup>(a)(b)</sup><br>|  | 1500 | 1499164 |
| Series 2018-2A, Class A, (3-mo. CME <br> Term SOFR + 1.42%), 5.09%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 166 | 166135 |
| Series 2018-2A, Class B, (3-mo. CME <br> Term SOFR + 2.06%), 5.73%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 600 | 599383 |
| Series 2018-2A, Class D, (3-mo. CME <br> Term SOFR + 3.36%), 7.03%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 250 | 250972 |
| Series 2019-1A, Class AR2, (3-mo. CME <br> Term SOFR + 1.10%), 4.77%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 1240 | 1238588 |
| Series 2019-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.13%), 4.79%, <br> 08/20/32<sup>(a)(b)</sup><br>|  | 189 | 189214 |
| Series 2021-1A, Class B, (3-mo. CME <br> Term SOFR + 1.91%), 5.58%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 1110 | 1111328 |
| Series 2025-3A, Class A1, (3-mo. CME <br> Term SOFR + 1.30%), 4.96%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 2590 | 2587773 |
| Series 2025-3A, Class D1, (3-mo. CME <br> Term SOFR + 3.17%), 6.83%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 550 | 545922 |
| Rockford Tower Europe CLO DAC |  |  |  |
| Series 2025-3X, Class A, (3-mo. <br> EURIBOR + 1.31%), 3.39%, <br> 01/15/40<sup>(b)(e)</sup><br>| EUR  | 4760 | 5507348 |
| Series 2025-3X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.18%, <br> 01/15/40<sup>(b)(e)</sup><br>|  | 830 | 955918 |
| Romark CLO II Ltd., Series 2018-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.14%), 4.81%, 07/25/31<sup>(a)(b)</sup><br>| USD  | 36 | 36019 |

---

242026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Romark CLO Ltd., Series 2017-1A, Class B, <br> (3-mo. CME Term SOFR + 2.41%), 6.08%, <br> 10/23/30<sup>(a)(b)</sup><br>| USD  | 750 | $753206 |
| RR 20 Ltd., Series 2022-20A, Class CR, <br> (3-mo. CME Term SOFR + 2.60%), 6.27%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 750 | 715393 |
| RR 24 Ltd., Series 2022-24A, Class A1A2, <br> (3-mo. CME Term SOFR + 1.31%), 4.98%, <br> 01/15/37<sup>(a)(b)</sup><br>|  | 500 | 500079 |
| RR 29 Ltd., Series 2024-29RA, Class A1R, <br> (3-mo. CME Term SOFR + 1.39%), 5.06%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 300 | 300150 |
| RR 36 Ltd., Series 2024-36RA, Class A1R, <br> (3-mo. CME Term SOFR + 1.29%), 4.96%, <br> 01/15/40<sup>(a)(b)</sup><br>|  | 550 | 550004 |
| RR 38 Ltd., Series 2025-38A, Class A1A, <br> (3-mo. CME Term SOFR + 1.15%), 4.82%, <br> 04/15/40<sup>(a)(b)</sup><br>|  | 9490 | 9461889 |
| RR 41 Ltd., Series 2025-41A, Class A1A, <br> (3-mo. CME Term SOFR + 1.25%), 5.21%, <br> 10/15/40<sup>(a)(b)</sup><br>|  | 570 | 569400 |
| RR 5 Ltd. |  |  |  |
| Series 2018-5A, Class A1R, (3-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 720 | 720457 |
| Series 2018-5A, Class A2R, (3-mo. CME <br> Term SOFR + 1.95%), 5.62%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 1000 | 1000421 |
| RR 7 Ltd., Series 2019-7A, Class A2B, (3-<br> mo. CME Term SOFR + 1.85%), 5.52%, <br> 01/15/37<sup>(a)(b)</sup><br>|  | 220 | 220000 |
| RR 8 Ltd., Series 2020-8A, Class A1A2, (3-<br> mo. CME Term SOFR + 1.23%), 4.90%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 760 | 759617 |
| RRE 5 Loan Management DAC, Series 5A, <br> Class A2R, (3-mo. EURIBOR + 1.75%), <br> 3.77%, 01/15/37<sup>(a)(b)</sup><br>| EUR  | 1160 | 1341367 |
| Sagard-Halseypoint CLO 10 Ltd., <br> Series 2025-10A, Class A1, (3-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 10/20/38<sup>(a)(b)</sup><br>| USD  | 13510 | 13521671 |
| Sagard-Halseypoint CLO 8 Ltd., Series 2024-<br> 8A, Class A1, (3-mo. CME Term SOFR + <br> 1.39%), 5.06%, 01/30/38<sup>(a)(b)</sup><br>|  | 2920 | 2921234 |
| SAIF Securitization Trust, Series 2026-CES1, <br> Class A1A, 5.40%, 02/25/56<sup>(a)(c)</sup><br>|  | 2000 | 1998663 |
| Sandstone Peak II Ltd. |  |  |  |
| Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.08%, <br> 07/20/38<sup>(a)(b)</sup><br>|  | 1840 | 1840719 |
| Series 2023-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.42%, <br> 07/20/38<sup>(a)(b)</sup><br>|  | 570 | 570160 |
| Sandstone Peak IV Ltd. |  |  |  |
| Series 2025-1A, Class A1, (3-mo. CME <br> Term SOFR + 1.29%), 4.95%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 3620 | 3620498 |
| Series 2025-1A, Class C1, (3-mo. CME <br> Term SOFR + 2.05%), 5.71%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 1070 | 1073597 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Sandstone Peak IV Ltd. |  |  |  |
| Series 2025-1A, Class D1, (3-mo. CME <br> Term SOFR + 3.10%), 6.76%, <br> 01/20/39<sup>(a)(b)</sup><br>| USD  | 1070 | $1058991 |
| Santander Consumo 10 FT |  |  |  |
| Series 10, Class C, (3-mo. EURIBOR + <br> 1.50%), 3.74%, 05/22/41<sup>(b)(e)</sup><br>| EUR  | 1100 | 1271481 |
| Series 10, Class D, (3-mo. EURIBOR + <br> 1.90%), 4.14%, 05/22/41<sup>(b)(e)</sup><br>|  | 1200 | 1387069 |
| Santander Consumo 8 Fondo de Titulizacion |  |  |  |
| Series 8, Class C, (3-mo. EURIBOR + <br> 1.50%), 3.53%, 01/21/40<sup>(b)(e)</sup><br>|  | 900 | 1041716 |
| Series 8, Class D, (3-mo. EURIBOR + <br> 2.75%), 4.78%, 01/21/40<sup>(b)(e)</sup><br>|  | 300 | 346431 |
| Saxon Asset Securities Trust, Series 2004-2, <br> Class MF5, 2.69%, 08/25/35<sup>(c)</sup><br>| USD  | 587 | 456711 |
| SC Germany SA Compartment Consumer |  |  |  |
| Series 2024-2, Class C, (1-mo. EURIBOR <br> + 1.40%), 3.34%, 05/14/38<sup>(b)(e)</sup><br>| EUR  | 800 | 925268 |
| Series 2024-2, Class D, (1-mo. EURIBOR <br> + 1.70%), 3.64%, 05/14/38<sup>(b)(e)</sup><br>|  | 500 | 579123 |
| Series 2025-1, Class D, (1-mo. EURIBOR <br> + 1.75%), 3.69%, 12/14/38<sup>(b)(e)</sup><br>|  | 500 | 580324 |
| Sculptor CLO XXXVI Ltd., Series 36A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 01/30/39<sup>(a)(b)</sup><br>| USD  | 2030 | 2027873 |
| Securitized Asset Backed Receivables LLC <br> Trust, Series 2006-OP1, Class M6, (1-mo. <br> CME Term SOFR + 1.12%), 4.80%, <br> 10/25/35<sup>(b)</sup><br>|  | 340 | 269901 |
| Securitized Asset-Backed Receivables LLC <br> Trust<br>|  |  |  |
| Series 2007-BR1, Class A2A, (1-mo. CME <br> Term SOFR + 0.33%), 4.01%, <br> 02/25/37<sup>(b)</sup><br>|  | 326 | 130170 |
| Series 2007-BR1, Class A2B, (1-mo. CME <br> Term SOFR + 0.65%), 4.33%, <br> 02/25/37<sup>(b)</sup><br>|  | 3472 | 1387092 |
| Series 2007-NC2, Class A2C, (1-mo. CME <br> Term SOFR + 0.55%), 4.23%, <br> 01/25/37<sup>(b)</sup><br>|  | 575 | 438760 |
| Service Experts Issuer LLC |  |  |  |
| Series 2021-1A, Class A, 2.67%, <br> 02/02/32<sup>(a)</sup><br>|  | 1340 | 1318511 |
| Series 2024-1A, Class A, 6.39%, <br> 11/20/35<sup>(a)</sup><br>|  | 2888 | 2945437 |
| SESAC Finance LLC |  |  |  |
| Series 2024-1, Class A2, 6.42%, <br> 01/25/54<sup>(a)</sup><br>|  | 1273 | 1275038 |
| Series 2025-1, Class A2, 5.50%, <br> 07/25/55<sup>(a)</sup><br>|  | 7131 | 6990362 |
| SG Mortgage Securities Trust, Series 2006-<br> FRE2, Class A2C, (1-mo. CME Term <br> SOFR + 0.43%), 4.11%, 07/25/36<sup>(b)</sup><br>|  | 853 | 174505 |
| Shackleton CLO Ltd., Series 2013-3A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.81%), 5.48%, 07/15/30<sup>(a)(b)</sup><br>|  | 88 | 88362 |
| Signal Peak CLO 11 Ltd., Series 2024-11A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.45%), 5.12%, 07/18/37<sup>(a)(b)</sup><br>|  | 2000 | 2001327 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Signal Peak CLO 12 Ltd., Series 2022-12A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 07/18/37<sup>(a)(b)</sup><br>| USD  | 520 | $520380 |
| Signal Peak CLO 3 Ltd., Series 2016-3A, <br> Class AR3, (3-mo. CME Term SOFR + <br> 1.59%), 5.26%, 01/23/37<sup>(a)(b)</sup><br>|  | 1350 | 1350600 |
| Signal Peak CLO 5 Ltd. |  |  |  |
| Series 2018-5A, Class A1R, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 2620 | 2620673 |
| Series 2018-5A, Class BR, (3-mo. CME <br> Term SOFR + 2.20%), 5.87%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 610 | 607102 |
| Signal Peak CLO 7 Ltd. |  |  |  |
| Series 2019-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.42%), 5.09%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 400 | 400359 |
| Series 2019-1A, Class BR, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 270 | 270511 |
| Signal Peak CLO 9 Ltd., Series 2021-9A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 01/21/38<sup>(a)(b)</sup><br>|  | 650 | 650323 |
| Silver Point CLO 1 Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.32%), 4.99%, 01/20/38<sup>(a)(b)</sup><br>|  | 1250 | 1249870 |
| Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.31%), 5.29%, 10/15/38<sup>(a)(b)</sup><br>|  | 3270 | 3271003 |
| Silver Point CLO 13 Ltd., Series 2025-13A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.25%), 5.18%, 10/15/38<sup>(a)(b)</sup><br>|  | 5260 | 5257730 |
| Silver Point CLO 3 Ltd., Series 2023-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 5.01%, 01/18/39<sup>(a)(b)</sup><br>|  | 1530 | 1528661 |
| Silver Point CLO 5 Ltd., Series 2024-5A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.40%), 5.07%, 10/20/37<sup>(a)(b)</sup><br>|  | 860 | 860743 |
| Silver Point CLO 8 Ltd., Series 2025-8A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.21%), 4.88%, 04/15/38<sup>(a)(b)</sup><br>|  | 2840 | 2836239 |
| Silver Point Euro CLO 1 DAC |  |  |  |
| Series 1X, Class A, (3-mo. EURIBOR + <br> 1.35%), 3.45%, 01/15/39<sup>(b)(e)</sup><br>| EUR  | 1465 | 1693465 |
| Series 1X, Class D, (3-mo. EURIBOR + <br> 3.00%), 5.10%, 01/15/39<sup>(b)(e)</sup><br>|  | 370 | 424524 |
| Silver Point SCF CLO V Ltd., Series 2025-<br> 1A, Class A1, (3-mo. CME Term SOFR + <br> 1.50%), 5.17%, 04/20/38<sup>(a)(b)</sup><br>| USD  | 7080 | 7094224 |
| Sixth Street CLO IX Ltd., Series 2017-9A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 07/21/37<sup>(a)(b)</sup><br>|  | 1690 | 1690465 |
| Sixth Street CLO XIV Ltd., Series 2019-14A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.15%), 4.82%, 01/20/38<sup>(a)(b)</sup><br>|  | 1570 | 1565683 |
| Sixth Street CLO XVI Ltd., Series 2020-16A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.17%), 4.83%, 01/21/39<sup>(a)(b)</sup><br>|  | 4210 | 4201663 |
| Sixth Street CLO XX Ltd., Series 2021-20A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.32%), 4.99%, 07/17/38<sup>(a)(b)</sup><br>|  | 250 | 250125 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Sixth Street CLO XXII Ltd., Series 2023-22A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.13%), 4.80%, 04/21/38<sup>(a)(b)</sup><br>| USD  | 2626 | $2619176 |
| SLM Private Credit Student Loan Trust, <br> Series 2004-A, Class A3, (3-mo. CME <br> Term SOFR + 0.66%), 4.34%, 06/15/33<sup>(b)</sup><br>|  | 129 | 128784 |
| SLM Private Education Loan Trust, <br> Series 2010-C, Class A5, (1-mo. CME <br> Term SOFR + 4.86%), 8.54%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 8818 | 9249495 |
| Small Business Origination Loan Trust DAC, <br> Series 2025-1, Class B, (1-day SONIA + <br> 2.60%), 6.33%, 12/15/36<sup>(b)(e)</sup><br>| GBP  | 141 | 184883 |
| SMB Private Education Loan Trust |  |  |  |
| Series 2015-B, Class B, 3.50%, <br> 12/17/40<sup>(a)</sup><br>| USD  | 44 | 44237 |
| Series 2020-PTA, Class A2A, 1.60%, <br> 09/15/54<sup>(a)</sup><br>|  | 5585 | 5278942 |
| Series 2020-PTA, Class B, 2.50%, <br> 09/15/54<sup>(a)</sup><br>|  | 6740 | 6036362 |
| Series 2021-A, Class C, 2.99%, <br> 01/15/53<sup>(a)</sup><br>|  | 6022 | 5308557 |
| Series 2021-C, Class B, 2.30%, <br> 01/15/53<sup>(a)</sup><br>|  | 354 | 346186 |
| Series 2021-C, Class C, 3.00%, <br> 01/15/53<sup>(a)</sup><br>|  | 416 | 375000 |
| SoFi Consumer Loan Program Trust |  |  |  |
| Series 2026-B, Class A, 4.40%, <br> 02/25/36<sup>(a)</sup><br>|  | 17923 | 17921421 |
| Series 2026-B, Class B, 4.90%, <br> 02/25/36<sup>(a)</sup><br>|  | 1791 | 1789056 |
| Series 2026-B, Class C, 5.20%, <br> 02/25/36<sup>(a)</sup><br>|  | 1710 | 1707705 |
| Series 2026-B, Class D, 5.56%, <br> 02/25/36<sup>(a)</sup><br>|  | 1678 | 1676033 |
| SoFi Personal Loan Trust |  |  |  |
| Series 2023-1, Class R1, 0.00%, <br> 11/12/30<sup>(a)</sup><br>|  | 178 | 2374296 |
| Series 2023-1A, Class A, 6.00%, <br> 11/12/30<sup>(a)</sup><br>|  | 2835 | 2850898 |
| Series 2024-1, Class R1, 0.00%, <br> 02/12/31<sup>(a)</sup><br>|  | 162 | 3121731 |
| Series 2024-1A, Class A, 6.06%, <br> 02/12/31<sup>(a)</sup><br>|  | 2017 | 2018896 |
| Soundview Home Loan Trust |  |  |  |
| Series 2004-WMC1, Class M2, (1-mo. <br> CME Term SOFR + 0.91%), 4.59%, <br> 01/25/35<sup>(b)</sup><br>|  | 31 | 26699 |
| Series 2005-OPT3, Class M4, (1-mo. <br> CME Term SOFR + 1.13%), 4.81%, <br> 11/25/35<sup>(b)</sup><br>|  | 547 | 468271 |
| Series 2007-NS1, Class M1, (1-mo. CME <br> Term SOFR + 0.64%), 4.32%, <br> 01/25/37<sup>(b)</sup><br>|  | 782 | 817497 |
| St. Paul's CLO XII DAC, Series 12X, <br> Class B1, (3-mo. EURIBOR + 1.60%), <br> 3.62%, 04/15/33<sup>(b)(e)</sup><br>| EUR  | 1420 | 1630842 |
| STAR Trust, Series 2021-SFR1, Class F, <br> (1-mo. CME Term SOFR + 2.51%), 6.19%, <br> 04/17/38<sup>(a)(b)</sup><br>| USD  | 199 | 198552 |
| Stratus CLO Ltd., Series 2021-1A, <br> Class SUB, 0.00%, 12/29/29<sup>(a)(b)(h)</sup><br>|  | 1000 |  |

---

262026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Stream Innovations Issuer Trust, <br> Series 2025-1A, Class A, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| USD  | 3317 | $3327367 |
| Structured Asset Securities Corp. Assistance <br> Loan Trust, Series 2003-AL2, Class A, <br> 3.36%, 01/25/31<sup>(a)</sup><br>|  | 30 | 28534 |
| Structured Asset Securities Corp. Mortgage <br> Loan Trust, Series 2007-GEL2, Class M1, <br> (1-mo. CME Term SOFR + 1.16%), 4.84%, <br> 05/25/37<sup>(a)(b)</sup><br>|  | 2109 | 1759863 |
| Subway Funding LLC, Series 2024-1A, <br> Class A2II, 6.27%, 07/30/54<sup>(a)</sup><br>|  | 5704 | 5753351 |
| Summit Issuer LLC, Series 2025-1A, <br> Class A2, 5.21%, 11/20/55<sup>(a)</sup><br>|  | 5981 | 5965985 |
| Sunrise SPV 97 S.r.l., Series 2025-2, <br> Class D, (1-mo. EURIBOR + 1.55%), <br> 3.50%, 10/27/50<sup>(b)(e)</sup><br>| EUR  | 420 | 483506 |
| Sunrise Spv 98 S.r.l. |  |  |  |
| Series 2026-1, Class D, (1-mo. EURIBOR <br> + 1.50%), 3.52%, 04/27/51<sup>(b)(e)</sup><br>|  | 704 | 813751 |
| Series 2026-1, Class E, (1-mo. EURIBOR <br> + 2.85%), 4.87%, 04/27/51<sup>(b)(e)</sup><br>|  | 747 | 863462 |
| Switch ABS Issuer LLC, Series 2026-1A, <br> Class A21, 5.61%, 03/27/56<sup>(a)</sup><br>| USD  | 3243 | 3248888 |
| Sycamore Tree CLO Ltd. |  |  |  |
| Series 2021-1A, Class AR, (3-mo. CME <br> Term SOFR + 1.39%), 5.06%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 960 | 960668 |
| Series 2025-7A, Class D1, (3-mo. CME <br> Term SOFR + 3.00%), 6.67%, <br> 08/28/38<sup>(a)(b)</sup><br>|  | 250 | 248257 |
| Symphony CLO 38 Ltd., Series 2023-38A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.95%), 5.62%, 07/24/38<sup>(a)(b)</sup><br>|  | 1240 | 1240324 |
| Symphony CLO 40 Ltd., Series 2023-40A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.31%), 4.98%, 01/05/38<sup>(a)(b)</sup><br>|  | 2640 | 2640941 |
| Symphony CLO 43 Ltd., Series 2024-43A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.52%), 5.19%, 04/15/37<sup>(a)(b)</sup><br>|  | 991 | 991298 |
| Symphony CLO 52 Ltd., Series 2025-52A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 01/20/36<sup>(a)(b)</sup><br>|  | 1000 | 999304 |
| Symphony CLO XIX Ltd., Series 2018-19A, <br> Class A, (3-mo. CME Term SOFR + <br> 1.22%), 4.89%, 04/16/31<sup>(a)(b)</sup><br>|  | 40 | 39572 |
| Symphony CLO XVI Ltd., Series 2015-16A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.20%), 4.87%, 10/15/31<sup>(a)(b)</sup><br>|  | 438 | 438536 |
| Symphony CLO XX Ltd., Series 2018-20A, <br> Class BR2, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 01/16/32<sup>(a)(b)</sup><br>|  | 1110 | 1107398 |
| Symphony CLO XXI Ltd., Series 2019-21A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 0.90%), 4.57%, 07/15/32<sup>(a)(b)</sup><br>|  | 1023 | 1022793 |
| Symphony CLO XXIX Ltd., Series 2021-29A, <br> Class BR, (3-mo. CME Term SOFR + <br> 1.65%), 5.32%, 10/15/35<sup>(a)(b)</sup><br>|  | 2600 | 2598570 |
| Symphony CLO XXXIII Ltd., Series 2022-<br> 33A, Class AR, (3-mo. CME Term SOFR + <br> 1.26%), 4.93%, 01/24/38<sup>(a)(b)</sup><br>|  | 2000 | 1998969 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Taco Bell Funding LLC, Series 2025-1A, <br> Class A2I, 4.82%, 08/25/55<sup>(a)</sup><br>| USD  | 8563 | $8431441 |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Silk Finance No. 6, Series 6, <br> Class C, (3-mo. EURIBOR + 1.70%), <br> 3.83%, 12/25/39<sup>(b)(e)</sup><br>| EUR  | 500 | 579707 |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |  |
| Series 2, Class B, (1-mo. EURIBOR + <br> 1.80%), 3.75%, 10/27/42<sup>(b)(e)</sup><br>|  | 210 | 243666 |
| Series 2, Class C, (1-mo. EURIBOR + <br> 2.60%), 4.55%, 10/27/42<sup>(b)(e)</sup><br>|  | 140 | 163668 |
| Series 2, Class D, (1-mo. EURIBOR + <br> 4.00%), 5.95%, 10/27/42<sup>(b)(e)</sup><br>|  | 267 | 311584 |
| TCI-Symphony CLO Ltd., Series 2016-1A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.28%), 4.93%, 10/13/32<sup>(a)(b)</sup><br>| USD  | 584 | 583594 |
| TCW CLO Ltd. |  |  |  |
| Series 2019-2A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.27%), 4.94%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 1270 | 1269982 |
| Series 2024-2A, Class C, (3-mo. CME <br> Term SOFR + 2.15%), 5.82%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 300 | 301086 |
| Terwin Mortgage Trust, Series 2005-10HE, <br> Class M5, (1-mo. CME Term SOFR + <br> 1.13%), 4.81%, 06/25/36<sup>(b)</sup><br>|  | 359 | 340091 |
| Thayer Park CLO Ltd., Series 2017-1A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.00%), 4.67%, 04/20/34<sup>(a)(b)</sup><br>|  | 1900 | 1896379 |
| TICP CLO VI Ltd., Series 2016-6A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 01/15/34<sup>(a)(b)</sup><br>|  | 5120 | 5121289 |
| TICP CLO XI Ltd. |  |  |  |
| Series 2018-11A, Class AR, (3-mo. CME <br> Term SOFR + 1.53%), 5.20%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 750 | 750316 |
| Series 2018-11A, Class BR, (3-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 2680 | 2682816 |
| Series 2018-11A, Class DR, (3-mo. CME <br> Term SOFR + 3.70%), 7.37%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 250 | 245229 |
| Tower Bridge Funding PLC |  |  |  |
| Series 2024-3X, Class C, (1-day SONIA + <br> 1.40%), 5.15%, 12/20/66<sup>(b)(e)</sup><br>| GBP  | 272 | 359955 |
| Series 2024-3X, Class D, (1-day SONIA + <br> 1.90%), 5.65%, 12/20/66<sup>(b)(e)</sup><br>|  | 334 | 443475 |
| Trestles CLO III Ltd., Series 2020-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.39%), 5.06%, 10/20/37<sup>(a)(b)</sup><br>| USD  | 4480 | 4481413 |
| Trestles CLO IV Ltd., Series 2021-4A, <br> Class AR1, (3-mo. CME Term SOFR + <br> 1.28%), 5.07%, 10/30/38<sup>(a)(b)</sup><br>|  | 6050 | 6048380 |
| Trestles CLO IX Ltd., Series 2025-9A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.26%), 5.13%, 01/15/39<sup>(a)(b)</sup><br>|  | 4120 | 4118890 |
| Trestles CLO Ltd., Series 2017-1A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.46%), 5.13%, 07/25/37<sup>(a)(b)</sup><br>|  | 7370 | 7374192 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Trestles CLO V Ltd., Series 2021-5A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.25%), 4.92%, 10/20/34<sup>(a)(b)</sup><br>| USD  | 230 | $229855 |
| Trestles CLO VI Ltd., Series 2023-6A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.18%), 4.85%, 04/25/38<sup>(a)(b)</sup><br>|  | 3450 | 3442944 |
| Trestles CLO VII Ltd., Series 2024-7A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.38%), 5.05%, 10/25/37<sup>(a)(b)</sup><br>|  | 1000 | 1000228 |
| Trestles CLO VIII Ltd., Series 2025-8A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 06/11/35<sup>(a)(b)</sup><br>|  | 2030 | 2029518 |
| Tricon Residential Trust, Series 2021-SFR1, <br> Class G, 4.13%, 07/17/38<sup>(a)</sup><br>|  | 3324 | 3298006 |
| Trimaran CAVU Ltd. |  |  |  |
| Series 2021-1A, Class AR, (3-mo. CME <br> Term SOFR + 1.42%), 5.09%, <br> 07/23/37<sup>(a)(b)</sup><br>|  | 1970 | 1971784 |
| Series 2021-2A, Class D1R, (3-mo. CME <br> Term SOFR + 2.50%), 6.15%, <br> 10/25/34<sup>(a)(b)</sup><br>|  | 250 | 241246 |
| Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.27%), 4.94%, <br> 03/20/38<sup>(a)(b)</sup><br>|  | 1600 | 1599161 |
| Series 2023-2A, Class CR, (3-mo. CME <br> Term SOFR + 1.80%), 5.47%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 500 | 500073 |
| Series 2024-1A, Class A, (3-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 4940 | 4943024 |
| Trinitas CLO XIV Ltd., Series 2020-14A, <br> Class BR2, (3-mo. CME Term SOFR + <br> 1.70%), 5.37%, 01/25/34<sup>(a)(b)</sup><br>|  | 3460 | 3456434 |
| Trinitas CLO XVIII Ltd., Series 2021-18A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.22%), 4.89%, 01/20/35<sup>(a)(b)</sup><br>|  | 870 | 869240 |
| Trinitas CLO XXI Ltd., Series 2022-21A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 2.90%), 6.57%, 04/20/38<sup>(a)(b)</sup><br>|  | 1140 | 1132416 |
| Trinitas CLO XXIX Ltd., Series 2024-29A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.49%), 5.16%, 07/23/37<sup>(a)(b)</sup><br>|  | 310 | 310072 |
| Trinitas CLO XXVIII Ltd., Series 2024-28A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.55%), 5.22%, 04/25/37<sup>(a)(b)</sup><br>|  | 1480 | 1480305 |
| Trinitas CLO XXX Ltd., Series 2024-30A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.37%), 5.04%, 10/23/37<sup>(a)(b)</sup><br>|  | 2140 | 2141166 |
| Trinitas CLO XXXII Ltd., Series 2025-32A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 07/23/38<sup>(a)(b)</sup><br>|  | 1110 | 1110425 |
| U.S. Bank N.A., Series 2026-RVM1, <br> Class B1, 4.96%, 12/25/46<sup>(a)</sup><br>|  | 7106 | 7072933 |
| Unity-Peace Park CLO Ltd., Series 2022-1A, <br> Class DR, (3-mo. CME Term SOFR + <br> 2.85%), 6.51%, 04/20/35<sup>(a)(b)</sup><br>|  | 1500 | 1488762 |
| UPG HI Issuer Trust, Series 2025-2, Class A, <br> 5.00%, 09/25/47<sup>(a)</sup><br>|  | 2623 | 2607913 |
| Upgrade Master Pass-Thru Trust |  |  |  |
| Series 2025-ST4, Class A, 5.50%, <br> 08/16/32<sup>(a)</sup><br>|  | 2665 | 2670702 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Upgrade Master Pass-Thru Trust |  |  |  |
| Series 2025-ST5, Class B, 5.25%, <br> 09/15/32<sup>(a)</sup><br>| USD  | 900 | $898745 |
| Series 2025-ST6, Class A, 4.61%, <br> 10/15/32<sup>(a)</sup><br>|  | 1943 | 1943290 |
| Series 2025-ST7, Class A, 4.55%, <br> 11/15/32<sup>(a)</sup><br>|  | 4779 | 4779658 |
| Series 2025-ST7, Class B, 4.98%, <br> 11/15/32<sup>(a)</sup><br>|  | 2311 | 2309872 |
| Series 2025-ST8, Class C, 5.25%, <br> 12/15/33<sup>(a)</sup><br>|  | 2648 | 2634687 |
| Upland CLO Ltd., Series 2016-1A, <br> Class A2R, (3-mo. CME Term SOFR + <br> 1.91%), 5.58%, 04/20/31<sup>(a)(b)</sup><br>|  | 1012 | 1010912 |
| UPX HIL Issuer Trust, Series 2025-1, <br> Class A, 5.16%, 01/25/47<sup>(a)</sup><br>|  | 7570 | 7538116 |
| Vantage Data Centers Germany Borrower <br> Lux S.a.r.l., Series 2025-1X, Class A2, <br> 4.29%, 06/28/50<sup>(e)</sup><br>| EUR  | 4157 | 4742987 |
| Vantage Data Centers Jersey Borrower Spv <br> Ltd.<br>|  |  |  |
| Series 2024-1X, Class A2, 6.17%, <br> 05/28/39<sup>(e)</sup><br>| GBP  | 4114 | 5457357 |
| Series 2024-1X, Class B, 6.34%, <br> 05/28/39<sup>(e)</sup><br>|  | 1651 | 2144511 |
| VB-S1 Issuer LLC |  |  |  |
| Series 2026-1A, Class C2, 4.69%, <br> 03/15/56<sup>(a)</sup><br>| USD  | 14993 | 14731296 |
| Series 2026-1A, Class D, 5.19%, <br> 03/15/56<sup>(a)</sup><br>|  | 2747 | 2700837 |
| Velocity PLC |  |  |  |
| Series 2026-1, Class C, (1-day SONIA + <br> 1.55%), 5.28%, 02/25/37<sup>(b)(e)</sup><br>| GBP  | 223 | 295169 |
| Series 2026-1, Class D, (1-day SONIA + <br> 1.80%), 5.53%, 02/25/37<sup>(b)(e)</sup><br>|  | 266 | 352085 |
| Series 2026-1, Class E, (1-day SONIA + <br> 3.20%), 6.93%, 02/25/37<sup>(b)(e)</sup><br>|  | 212 | 280609 |
| Venture 34 CLO Ltd., Series 2018-34A, <br> Class AR, (3-mo. CME Term SOFR + <br> 1.28%), 4.95%, 10/15/31<sup>(a)(b)</sup><br>| USD  | 2909 | 2911388 |
| Venture CLO Ltd., Series 2018-32A, <br> Class A2A, (3-mo. CME Term SOFR + <br> 1.33%), 5.00%, 07/18/31<sup>(a)(b)</sup><br>|  | 99 | 99233 |
| Verdelite Static CLO Ltd. |  |  |  |
| Series 2024-1A, Class A, (3-mo. CME <br> Term SOFR + 1.13%), 4.80%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 1449 | 1449365 |
| Series 2024-1A, Class B, (3-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 210 | 209871 |
| Victory Street CLO II DAC |  |  |  |
| Series 2X, Class A, (3-mo. EURIBOR + <br> 1.31%), 3.41%, 01/15/39<sup>(b)(e)</sup><br>| EUR  | 1080 | 1245982 |
| Series 2X, Class D, (3-mo. EURIBOR + <br> 3.10%), 5.20%, 01/15/39<sup>(b)(e)</sup><br>|  | 580 | 664999 |
| Vista Point Securitization Trust, Series 2025-<br> CES3, Class A1, 5.30%, 11/25/55<sup>(a)(c)</sup><br>| USD  | 2207 | 2199412 |
| VOLT CVI LLC, Series 2021-NP12, Class A1, <br> 6.73%, 12/26/51<sup>(a)(c)</sup><br>|  | 2508 | 2508745 |

---

282026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Voya CLO Ltd. |  |  |  |
| Series 2013-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.23%), 4.90%, <br> 04/25/31<sup>(a)(b)</sup><br>| USD  | 30 | $30460 |
| Series 2014-4A, Class A1RA, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 07/14/31<sup>(a)(b)</sup><br>|  | 13 | 13487 |
| Series 2016-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.00%, <br> 01/20/31<sup>(a)(b)</sup><br>|  | 13 | 12924 |
| Series 2019-2A, Class AR, (3-mo. CME <br> Term SOFR + 1.20%), 4.87%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 560 | 559811 |
| Series 2021-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.17%), 4.84%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 250 | 249515 |
| Series 2021-2A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 1440 | 1438584 |
| Series 2024-1A, Class A1, (3-mo. CME <br> Term SOFR + 1.52%), 5.19%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 250 | 250072 |
| Series 2024-7A, Class A1, (3-mo. CME <br> Term SOFR + 1.31%), 4.98%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 990 | 990147 |
| Series 2025-4A, Class A1, (3-mo. CME <br> Term SOFR + 1.29%), 4.96%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 250 | 250026 |
| Voya Euro CLO II DAC, Series 2A, Class CR, <br> (3-mo. EURIBOR + 2.15%), 4.17%, <br> 07/15/35<sup>(a)(b)</sup><br>| EUR  | 750 | 860379 |
| Voya Euro CLO V DAC, Series 5A, Class B1, <br> (3-mo. EURIBOR + 1.75%), 3.77%, <br> 04/15/35<sup>(a)(b)</sup><br>|  | 1970 | 2263617 |
| Warwick Capital CLO 5 Ltd., Series 2024-5A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.36%), 5.03%, 01/20/38<sup>(a)(b)</sup><br>| USD  | 300 | 300180 |
| Warwick Capital CLO 7 Ltd., Series 2025-7A, <br> Class A1, (3-mo. CME Term SOFR + <br> 1.30%), 5.25%, 10/21/38<sup>(a)(b)</sup><br>|  | 790 | 790193 |
| Washington Mutual Asset-Backed <br> Certificates Trust<br>|  |  |  |
| Series 2006-HE4, Class 2A2, (1-mo. CME <br> Term SOFR + 0.47%), 4.15%, <br> 09/25/36<sup>(b)</sup><br>|  | 3794 | 949298 |
| Series 2006-HE5, Class 1A, (1-mo. CME <br> Term SOFR + 0.42%), 4.10%, <br> 10/25/36<sup>(b)</sup><br>|  | 1111 | 856796 |
| Series 2007-HE1, Class 2A1, (1-mo. CME <br> Term SOFR + 0.23%), 3.91%, <br> 11/25/36<sup>(b)</sup><br>|  | 225 | 70065 |
| Series 2007-HE1, Class 2A2, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 11/25/36<sup>(b)</sup><br>|  | 1994 | 624274 |
| Series 2007-HE3, Class 2A3, (1-mo. CME <br> Term SOFR + 0.35%), 4.03%, <br> 05/25/37<sup>(b)</sup><br>|  | 796 | 719781 |
| Wellfleet CLO Ltd., Series 2020-1A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.80%), 5.47%, 04/15/33<sup>(a)(b)</sup><br>|  | 500 | 499254 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Wellington Management CLO 4 Ltd., <br> Series 2025-4A, Class A, (3-mo. CME <br> Term SOFR + 1.15%), 4.82%, <br> 04/18/38<sup>(a)(b)</sup><br>| USD  | 2530 | $2521790 |
| Wellington Management CLO 5 Ltd., <br> Series 2025-5A, Class A, (3-mo. CME <br> Term SOFR + 1.29%), 5.25%, <br> 10/18/38<sup>(a)(b)</sup><br>|  | 890 | 890078 |
| Whetstone Park CLO Ltd., Series 2021-1A, <br> Class D, (3-mo. CME Term SOFR + <br> 3.16%), 6.83%, 01/20/35<sup>(a)(b)</sup><br>|  | 250 | 232971 |
| Whitebox CLO I Ltd. |  |  |  |
| Series 2019-1A, Class A1R3, (3-mo. CME <br> Term SOFR + 1.18%), 4.85%, <br> 01/24/37<sup>(a)(b)</sup><br>|  | 3806 | 3798005 |
| Series 2019-1A, Class ER3, (3-mo. CME <br> Term SOFR + 5.30%), 8.97%, <br> 01/24/37<sup>(a)(b)</sup><br>|  | 2750 | 2617216 |
| Whitebox CLO II Ltd. |  |  |  |
| Series 2020-2A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 8645 | 8649907 |
| Series 2020-2A, Class D1R2, (3-mo. CME <br> Term SOFR + 2.90%), 6.57%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 421 | 418017 |
| Whitebox CLO III Ltd. |  |  |  |
| Series 2021-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.27%), 4.94%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 991 | 991253 |
| Series 2021-3A, Class DR, (3-mo. CME <br> Term SOFR + 2.85%), 6.52%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 1250 | 1249954 |
| Series 2021-3A, Class ER, (3-mo. CME <br> Term SOFR + 5.65%), 9.32%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 1000 | 973060 |
| Wildwood Park CLO Ltd. |  |  |  |
| Series 2024-1A, Class A, (3-mo. CME <br> Term SOFR + 1.36%), 5.03%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 3450 | 3451316 |
| Series 2024-1A, Class E, (3-mo. CME <br> Term SOFR + 5.75%), 9.42%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 900 | 900990 |
| Wireless PropCo Funding LLC, Series 2025-<br> 1A, Class C, 8.51%, 06/25/55<sup>(a)</sup><br>|  | 5688 | 5731482 |
| Yale Mortgage Loan Trust, Series 2007-1, <br> Class A, (1-mo. CME Term SOFR + <br> 0.51%), 4.19%, 06/25/37<sup>(a)(b)</sup><br>|  | 1931 | 586840 |
| Youni Italy Srl |  |  |  |
| Series 2025-2, Class C, (1-mo. EURIBOR <br> + 1.75%), 3.71%, 01/25/36<sup>(b)(e)</sup><br>| EUR  | 188 | 217169 |
| Series 2025-2, Class D, (1-mo. EURIBOR <br> + 2.90%), 4.86%, 01/25/36<sup>(b)(e)</sup><br>|  | 355 | 409287 |
| **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $2,376,876,203)** | **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $2,376,876,203)** | **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $2,376,876,203)** | 2329324020 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Space Exploration Technologies Corp., Class A <br> (Acquired 08/21/23, cost $2,075,706)<sup>(g)(h)(j)</sup><br>| 25626 | $13494395 |
| Space Exploration Technologies Corp., Class C <br> (Acquired 08/21/23, cost $2,227,824)<sup>(g)(h)(j)</sup><br>| 27504 | 14483332 |
|  |  | 27977727 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Citigroup, Inc. | 6886 | 780941 |
| Fifth Third Bancorp | 10965 | 509434 |
| First Citizens BancShares, Inc., Class A | 1737 | 3273654 |
| First Horizon Corp. | 56989 | 1297070 |
| Flagstar Bank N.A. | 317333 | 4179276 |
|  |  | 10040375 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Crown PropTech Acquisitions<sup>(g)(h)</sup> | 147660 | 193435 |
| Crown PropTech Acquisitions, Class A<sup>(g)</sup> | 85597 | 1013468 |
| Crown PropTech Founders Unvested<sup>(g)(h)</sup> | 96296 | 1 |
| Wealthfront Corp.<sup>(g)(k)</sup> | 55550 | 513837 |
|  |  | 1720741 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Methanex Corp.<sup>(k)</sup> | 32177 | 1915819 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| Vistance Networks, Inc.<sup>(g)</sup> | 69858 | 1271416 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Altice France Lux 3 Equity<sup>(g)</sup> | 16571 | 275812 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| FreeWire Technologies, Inc.<sup>(g)(h)</sup> | 153 |  |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Solaris Energy Infrastructure, Inc., Class A | 15526 | 877374 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Lionsgate Studios Corp.<sup>(g)</sup> | 126271 | 1210939 |
| Playstudios, Inc., Class A<sup>(g)</sup> | 457322 | 214575 |
| Starz Entertainment Corp.<sup>(g)</sup> | 8031 | 92357 |
| Walt Disney Co. (The) | 5147 | 496068 |
|  |  | 2013939 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| HNG Hospitality Offshore LP (Acquired 02/16/24, <br> cost $13,871,000)<sup>(g)(h)(j)</sup><br>| 13871000 | 8322600 |
| Melange Secondaries Partners, LP<sup>(h)(l)</sup> | — <br><sup>(m)</sup><br>| 6806553 |
| New Holdco (Cayman)<sup>(g)(h)</sup> | 9330 | 214590 |
|  |  | 15343743 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Caesars Entertainment, Inc.<sup>(g)</sup> | 70088 | 1852426 |
| Genius Sports Ltd.<sup>(g)</sup> | 501475 | 2221534 |
| Six Flags Entertainment Corp.<sup>(g)</sup> | 52483 | 931573 |
| Sonder Holdings, Inc., Class A<sup>(g)</sup> | 45465 |  |
|  |  | 5005533 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc. | 28740 | 1649101 |
| KB Home | 10869 | 562471 |
| Meritage Homes Corp. | 22856 | 1413415 |
|  |  | 3624987 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| OpenAI Series C<sup>(g)(h)</sup> | 3499 | 2406216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp.<sup>(g)</sup> | 11463 | $69578 |
| Sarcos Technology & Robotics Corp.<sup>(g)</sup> | 464024 | 2816625 |
|  |  | 2886203 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| AMC Networks, Inc., Class A<sup>(g)</sup> | 51468 | 349468 |
| EchoStar Corp., Class A<sup>(g)</sup> | 41272 | 4831713 |
|  |  | 5181181 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc. | 296503 | 1224558 |
| U.S.A. Rare Earth, Inc. (Acquired 01/26/26, cost <br> $2,445,775)<sup>(g)(j)</sup><br>| 113757 | 1721712 |
|  |  | 2946270 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| APA Corp. | 30667 | 1301507 |
| Ascent Resources Fund LP<sup>(h)(l)</sup> | — <br><sup>(m)</sup><br>| 5270862 |
| Crescent Midstream Fund LP<sup>(h)(l)</sup> | — <br><sup>(m)</sup><br>| 3456180 |
| EOC Partners Fund LP<sup>(g)(h)(l)</sup> | — <br><sup>(m)</sup><br>| 17893169 |
| Formentera Partners Fund II LP<sup>(h)(l)</sup> | — <br><sup>(m)</sup><br>| 5706273 |
| Marathon Petroleum Corp. | 4715 | 1151309 |
| PBF Energy, Inc., Class A | 24562 | 1169642 |
| SM Energy Co. | 59813 | 1864969 |
| Valero Energy Corp. | 2433 | 601146 |
|  |  | 38415057 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| DF Residential III LP<sup>(g)(h)</sup> | 5690612 | 6259673 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Anthropic Series G<sup>(g)(h)</sup> | 16702 | 4328096 |
| Avaya Holdings Corp.<sup>(g)</sup> | 333 | 4745 |
| Latch, Inc.<sup>(g)</sup> | 411849 | 86489 |
| RSA Security Common<sup>(g)(h)</sup> | 14275 |  |
|  |  | 4419330 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| QXO, Inc.<sup>(g)</sup> | 23922 | 464565 |
| **Total Common Stocks — 0.7%** <br>**(Cost: $148,538,432)** | **Total Common Stocks — 0.7%** <br>**(Cost: $148,538,432)** | 133045961 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| ATI, Inc., 7.25%, 08/15/30 | USD  | 290 | 300721 |
| Axon Enterprise, Inc., 6.13%, 03/15/30<sup>(a)</sup> |  | 36 | 36596 |
| Boeing Co. (The) |  |  |  |
| 6.63%, 02/15/38 |  | 743 | 808314 |
| 3.38%, 06/15/46 |  | 474 | 325936 |
| 3.63%, 03/01/48 |  | 173 | 120549 |
| 3.83%, 03/01/59 |  | 540 | 361416 |
| 5.93%, 05/01/60 |  | 2245 | 2154949 |
| 7.01%, 05/01/64 |  | 3041 | 3361886 |
| Bombardier, Inc. |  |  |  |
| 8.75%, 11/15/30<sup>(a)</sup> |  | 129 | 137197 |
| 7.25%, 07/01/31<sup>(a)</sup> |  | 122 | 127846 |
| 7.00%, 06/01/32<sup>(a)</sup> |  | 47 | 48779 |
| Figeac Aero SA, 7.79%, 07/23/30 (Acquired <br> 07/16/25, cost $8,424,102)<sup>(h)(j)</sup><br>| EUR  | 7240 | 8211866 |
| General Dynamics Corp., 3.60%, 11/15/42 | USD  | 149 | 118705 |
| General Electric Co., 6.88%, 01/10/39 |  | 772 | 887513 |
| Honeywell Aerospace, Inc. |  |  |  |
| 3.90%, 03/16/28<sup>(a)</sup> |  | 2303 | 2286041 |

---

302026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Honeywell Aerospace, Inc. |  |  |  |
| 4.95%, 03/16/36<sup>(a)</sup> | USD  | 3860 | $3829904 |
| 5.73%, 03/16/56<sup>(a)</sup> |  | 2720 | 2688587 |
| Howmet Aerospace, Inc., 3.90%, 04/15/29 |  | 747 | 736276 |
| L3Harris Technologies, Inc. |  |  |  |
| 1.80%, 01/15/31 |  | 192 | 168180 |
| 5.25%, 06/01/31 |  | 100 | 102322 |
| 5.40%, 07/31/33 |  | 184 | 188783 |
| 5.35%, 06/01/34 |  | 766 | 778593 |
| 6.15%, 12/15/40 |  | 201 | 214038 |
| Lockheed Martin Corp. |  |  |  |
| 4.45%, 05/15/28 |  | 1718 | 1728229 |
| 1.85%, 06/15/30 |  | 199 | 179642 |
| 4.75%, 02/15/34 |  | 1276 | 1279429 |
| 5.00%, 08/15/35 |  | 419 | 422773 |
| 3.80%, 03/01/45 |  | 917 | 724438 |
| 4.70%, 05/15/46 |  | 794 | 703320 |
| 4.15%, 06/15/53 |  | 100 | 78943 |
| 5.70%, 11/15/54 |  | 701 | 699886 |
| 5.90%, 11/15/63 |  | 100 | 102245 |
| MTU Aero Engines AG, 0.00%, <br> 07/15/33<sup>(d)(e)(n)</sup><br>| EUR  | 400 | 426253 |
| Northrop Grumman Corp. |  |  |  |
| 3.25%, 01/15/28 | USD  | 349 | 342764 |
| 4.60%, 02/01/29 |  | 715 | 719607 |
| 4.90%, 06/01/34 |  | 523 | 521916 |
| 5.15%, 05/01/40 |  | 100 | 97472 |
| 4.75%, 06/01/43 |  | 370 | 334073 |
| 3.85%, 04/15/45 |  | 268 | 210517 |
| 4.03%, 10/15/47 |  | 593 | 466770 |
| 4.95%, 03/15/53 |  | 358 | 317088 |
| RTX Corp. |  |  |  |
| 3.13%, 05/04/27 |  | 1266 | 1249633 |
| 4.13%, 11/16/28 |  | 759 | 755814 |
| 2.25%, 07/01/30 |  | 438 | 400441 |
| 1.90%, 09/01/31 |  | 314 | 273262 |
| 5.15%, 02/27/33 |  | 358 | 365107 |
| 6.10%, 03/15/34 |  | 428 | 460891 |
| 6.13%, 07/15/38 |  | 110 | 118315 |
| 4.70%, 12/15/41 |  | 1246 | 1129887 |
| 4.80%, 12/15/43 |  | 129 | 116108 |
| 3.75%, 11/01/46 |  | 1811 | 1377408 |
| 4.05%, 05/04/47 |  | 564 | 446459 |
| 4.63%, 11/16/48 |  | 702 | 597648 |
| 3.13%, 07/01/50 |  | 541 | 355746 |
| 3.03%, 03/15/52 |  | 163 | 103488 |
| Sabena Technics SAS, (3-mo. EURIBOR + <br> 5.00%), 7.13%, 09/30/29 (Acquired <br> 10/28/22, cost $6,476,488)<sup>(b)(h)(j)</sup><br>| EUR  | 6552 | 7572770 |
| TransDigm, Inc. |  |  |  |
| 6.75%, 08/15/28<sup>(a)</sup> | USD  | 238 | 240889 |
| 4.63%, 01/15/29 |  | 109 | 107095 |
| 6.63%, 03/01/32<sup>(a)</sup> |  | 641 | 653737 |
| 6.00%, 01/15/33<sup>(a)</sup> |  | 126 | 125929 |
| 6.38%, 05/31/33<sup>(a)</sup> |  | 330 | 328241 |
| 6.75%, 01/31/34<sup>(a)</sup> |  | 118 | 119546 |
|  |  |  | 54248776 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| FedEx Corp. |  |  |  |
| 3.10%, 08/05/29 |  | 160 | 153541 |
| 2.40%, 05/15/31 |  | 660 | 594329 |
| 3.90%, 02/01/35 |  | 235 | 214953 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** |
| FedEx Corp. |  |  |  |
| 5.10%, 01/15/44 | USD  | 479 | $436951 |
| 4.10%, 02/01/45 |  | 1081 | 849572 |
| 4.75%, 11/15/45 |  | 47 | 40140 |
| Fedex Freight Holding Co., Inc. |  |  |  |
| 4.30%, 03/15/29<sup>(a)</sup> |  | 722 | 713342 |
| 4.65%, 03/15/31<sup>(a)</sup> |  | 299 | 293877 |
| 4.95%, 03/15/33<sup>(a)</sup> |  | 857 | 835833 |
| 5.25%, 03/15/36<sup>(a)</sup> |  | 246 | 238002 |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(a)</sup> |  | 85 | 87255 |
| ZTO Express Cayman, Inc., 0.93%, <br> 03/01/31<sup>(e)(n)</sup><br>|  | 2263 | 2260737 |
|  |  |  | 6718532 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Adient Global Holdings Ltd. |  |  |  |
| 7.00%, 04/15/28<sup>(a)</sup> |  | 100 | 101329 |
| 7.50%, 02/15/33<sup>(a)</sup> |  | 135 | 136486 |
| American Axle & Manufacturing, Inc. |  |  |  |
| 6.38%, 10/15/32<sup>(a)</sup> |  | 145 | 143513 |
| 7.75%, 10/15/33<sup>(a)</sup> |  | 330 | 321254 |
| Aptiv Swiss Holdings Ltd. |  |  |  |
| 3.25%, 03/01/32 |  | 100 | 93592 |
| 5.15%, 09/13/34 |  | 508 | 518368 |
| 5.75%, 09/13/54 |  | 409 | 393492 |
| BorgWarner, Inc., 2.65%, 07/01/27 |  | 100 | 97724 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| 4.75%, 06/15/31<sup>(e)</sup> | EUR  | 1037 | 1176884 |
| 6.75%, 09/15/32<sup>(a)</sup> | USD  | 234 | 235872 |
| Cooper-Standard Automotive, Inc., 9.25%, <br> 03/01/31<sup>(a)</sup><br>|  | 125 | 117469 |
| Dometic Group AB, 5.00%, 09/11/30<sup>(e)</sup> | EUR  | 347 | 382920 |
| Forvia SE |  |  |  |
| 5.63%, 06/15/30<sup>(e)</sup> |  | 463 | 539392 |
| 6.75%, 09/15/33<sup>(a)</sup> | USD  | 552 | 538967 |
| Goodyear Tire & Rubber Co. (The) |  |  |  |
| 4.88%, 03/15/27 |  | 78 | 77223 |
| 5.25%, 04/30/31 |  | 306 | 276040 |
| 5.25%, 07/15/31 |  | 177 | 158317 |
| 5.63%, 04/30/33 |  | 100 | 87683 |
| IHO Verwaltungs GmbH |  |  |  |
| (7.00% Cash or 7.75% PIK), 7.00%, <br> 11/15/31<sup>(e)(o)</sup><br>| EUR  | 339 | 409663 |
| (8.00% Cash or 8.75% PIK), 8.00%, <br> 11/15/32<sup>(a)(o)</sup><br>| USD  | 1040 | 1065365 |
| Lear Corp., 4.25%, 05/15/29 |  | 455 | 448102 |
| Magna International, Inc., 5.88%, 06/01/35 |  | 116 | 120168 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(e)</sup> | EUR  | 263 | 307375 |
| Qnity Electronics, Inc., 5.75%, 08/15/32<sup>(a)</sup> | USD  | 65 | 65077 |
| Schaeffler AG, 5.38%, 04/01/31<sup>(e)</sup> | EUR  | 500 | 584269 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | USD  | 369 | 367688 |
| ZF Europe Finance BV |  |  |  |
| 6.13%, 03/13/29<sup>(e)</sup> | EUR  | 700 | 812434 |
| 7.00%, 06/12/30<sup>(e)</sup> |  | 200 | 235810 |
| 5.50%, 02/17/32<sup>(e)</sup> |  | 600 | 654284 |
| ZF North America Capital, Inc. |  |  |  |
| 6.88%, 04/14/28<sup>(a)</sup> | USD  | 150 | 152145 |
| 7.13%, 04/14/30<sup>(a)</sup> |  | 514 | 506785 |
| 6.88%, 04/23/32<sup>(a)</sup> |  | 150 | 142515 |
|  |  |  | 11268205 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(a)</sup> |  | 1973 | 1484683 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.38%, 03/31/29<sup>(e)</sup> | GBP  | 652 | $662256 |
| Ford Motor Co. |  |  |  |
| 3.25%, 02/12/32 | USD  | 516 | 448172 |
| 4.75%, 01/15/43 |  | 1765 | 1333238 |
| General Motors Co. |  |  |  |
| 4.20%, 10/01/27 |  | 1213 | 1206562 |
| 5.35%, 04/15/28 |  | 2762 | 2801344 |
| 5.40%, 10/15/29 |  | 263 | 268922 |
| 6.25%, 04/15/35 |  | 573 | 595860 |
| 6.60%, 04/01/36 |  | 402 | 427469 |
| 6.25%, 10/02/43 |  | 1021 | 1002641 |
| Honda Motor Co. Ltd. |  |  |  |
| 2.53%, 03/10/27 |  | 773 | 759685 |
| 5.34%, 07/08/35 |  | 200 | 197874 |
| Jaguar Land Rover Automotive PLC, 5.88%, <br> 01/15/28<sup>(a)</sup><br>|  | 360 | 356407 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| 1.85%, 09/16/26<sup>(a)</sup> |  | 635 | 624113 |
| 2.75%, 03/09/28<sup>(a)</sup> |  | 100 | 93494 |
| 7.05%, 09/15/28<sup>(a)</sup> |  | 133 | 135073 |
| Nissan Motor Co. Ltd. |  |  |  |
| 7.50%, 07/17/30<sup>(a)</sup> |  | 200 | 201529 |
| 6.38%, 07/17/33<sup>(e)</sup> | EUR  | 1457 | 1675546 |
| Toyota Motor Corp. |  |  |  |
| 5.12%, 07/13/28 | USD  | 333 | 339044 |
| 2.76%, 07/02/29 |  | 147 | 140214 |
|  |  |  | 14754126 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| ABN AMRO Bank NV, 4.63%, 11/08/30<sup>(e)</sup> | GBP  | 3300 | 4250938 |
| Al Rajhi Sukuk Ltd., 6.25% <sup>(e)(p)</sup> | USD  | 1096 | 1072754 |
| Alinma Sukuk Ltd., 5.87%, 01/23/36<sup>(e)</sup> |  | 2400 | 2359128 |
| Australia & New Zealand Banking Group Ltd., <br> (3-mo. BBSW + 1.25%), 5.24%, <br> 02/23/37<sup>(b)</sup><br>| AUD  | 1500 | 1026439 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |  |
| 7.88%, 11/15/34 | USD  | 200 | 226183 |
| 6.03%, 03/13/35 |  | 600 | 623492 |
| 5.13%, 03/03/36 |  | 200 | 194543 |
| Banco Espirito Santo SA |  |  |  |
| 2.63%, 05/08/17<sup>(e)(f)(g)</sup> | EUR  | 400 | 101715 |
| 4.75%, 01/15/18<sup>(e)(f)(g)</sup> |  | 2200 | 559431 |
| 4.00%, 01/21/19<sup>(e)(f)(g)</sup> |  | 6300 | 1602008 |
| Banco Santander SA |  |  |  |
| 4.25%, 04/11/27 | USD  | 1000 | 998933 |
| 5.29%, 08/18/27 |  | 200 | 201924 |
| 4.18%, 03/24/28 |  | 2000 | 1991189 |
| 5.37%, 07/15/28 |  | 2000 | 2021575 |
| 5.59%, 08/08/28 |  | 970 | 993593 |
| 3.31%, 06/27/29 |  | 400 | 385431 |
| 5.54%, 03/14/30 |  | 800 | 819117 |
| 3.49%, 05/28/30 |  | 200 | 190302 |
| 4.63%, 11/17/30<sup>(e)</sup> | GBP  | 3300 | 4269530 |
| 2.75%, 12/03/30 | USD  | 600 | 537451 |
| 3.23%, 11/22/32 |  | 600 | 538557 |
| 6.92%, 08/08/33 |  | 1400 | 1511007 |
| 6.03%, 01/17/35 |  | 200 | 209042 |
| 5.13%, 11/06/35 |  | 200 | 194976 |
| Bank of America Corp. |  |  |  |
| 3.71%, 04/24/28 |  | 3903 | 3873276 |
| 4.38%, 04/27/28 |  | 6824 | 6818979 |
| 3.42%, 12/20/28 |  | 6755 | 6635919 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. |  |  |  |
| 4.27%, 07/23/29 | USD  | 543 | $540787 |
| 5.82%, 09/15/29 |  | 5455 | 5627319 |
| 3.19%, 07/23/30 |  | 100 | 95906 |
| 2.50%, 02/13/31 |  | 823 | 760716 |
| 1.92%, 10/24/31 |  | 5675 | 5029439 |
| 4.46%, 02/06/32 |  | 235 | 232059 |
| 2.97%, 02/04/33 |  | 7310 | 6617108 |
| 4.57%, 04/27/33 |  | 3576 | 3513475 |
| 5.47%, 01/23/35 |  | 421 | 429756 |
| 5.52%, 10/25/35 |  | 1673 | 1672962 |
| 5.74%, 02/12/36 |  | 279 | 283819 |
| 2.48%, 09/21/36 |  | 2880 | 2491495 |
| 5.05%, 02/06/37 |  | 2476 | 2443063 |
| 3.85%, 03/08/37 |  | 958 | 887391 |
| 7.75%, 05/14/38 |  | 1574 | 1870030 |
| 5.88%, 02/07/42 |  | 396 | 407825 |
| 3.31%, 04/22/42 |  | 1506 | 1148435 |
| 4.88%, 04/01/44 |  | 1238 | 1139674 |
| 4.44%, 01/20/48 |  | 485 | 407222 |
| 3.95%, 01/23/49 |  | 841 | 648426 |
| 4.33%, 03/15/50 |  | 1025 | 831027 |
| Series N, 2.65%, 03/11/32 |  | 551 | 499710 |
| Series N, 3.48%, 03/13/52 |  | 421 | 292633 |
| Bank of Montreal |  |  |  |
| 5.37%, 06/04/27 |  | 100 | 101217 |
| 5.00%, 01/27/29 |  | 371 | 374327 |
| 4.64%, 09/10/30 |  | 361 | 361668 |
| 4.35%, 09/22/31 |  | 356 | 350922 |
| Series J, 4.44%, 01/14/32 |  | 593 | 583860 |
| Bank of Nova Scotia (The) |  |  |  |
| 4.81%, 02/02/34 |  | 1144 | 1127756 |
| 4.59%, 05/04/37 |  | 1202 | 1149873 |
| Barclays PLC, 5.75%, 08/09/33 |  | 1231 | 1263917 |
| BNP Paribas SA, 3.74%, 04/20/34<sup>(e)</sup> | EUR  | 4800 | 5422531 |
| Canadian Imperial Bank of Commerce |  |  |  |
| 5.24%, 06/28/27 | USD  | 944 | 954358 |
| 4.86%, 03/30/29 |  | 61 | 61488 |
| 5.26%, 04/08/29 |  | 790 | 807229 |
| 5.25%, 01/13/31 |  | 122 | 124424 |
| 6.09%, 10/03/33 |  | 501 | 535978 |
| Citibank N.A. |  |  |  |
| 4.58%, 05/29/27 |  | 443 | 444762 |
| 4.84%, 08/06/29 |  | 1106 | 1120717 |
| Citigroup, Inc. |  |  |  |
| 4.66%, 05/24/28 |  | 5556 | 5566463 |
| 4.13%, 07/25/28 |  | 104 | 103126 |
| 3.52%, 10/27/28 |  | 3622 | 3568105 |
| 4.08%, 04/23/29 |  | 3197 | 3173482 |
| 3.98%, 03/20/30 |  | 1645 | 1618450 |
| 4.54%, 09/19/30 |  | 739 | 736436 |
| 2.98%, 11/05/30 |  | 2888 | 2727733 |
| 2.67%, 01/29/31 |  | 670 | 621551 |
| 4.50%, 09/11/31 |  | 736 | 727635 |
| 3.06%, 01/25/33 |  | 4305 | 3893171 |
| 6.17%, 05/25/34 |  | 1324 | 1370497 |
| 5.59%, 11/19/34 |  | 869 | 882027 |
| 5.83%, 02/13/35 |  | 1658 | 1679782 |
| 4.11%, 04/29/36 | EUR  | 8226 | 9442742 |
| 5.17%, 09/11/36 | USD  | 1611 | 1596972 |
| 8.13%, 07/15/39 |  | 1496 | 1863227 |
| 5.41%, 09/19/39 |  | 2388 | 2332736 |

---

322026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |  |
| 5.88%, 01/30/42 | USD  | 930 | $941376 |
| 5.30%, 05/06/44 |  | 375 | 345385 |
| 4.75%, 05/18/46 |  | 460 | 387437 |
| 4.65%, 07/23/48 |  | 125 | 105797 |
| 5.61%, 03/04/56 |  | 318 | 305415 |
| Series MTN, 5.92%, 12/11/30<sup>(b)</sup> |  | 21220 | 20159085 |
| Citizens Financial Group, Inc. |  |  |  |
| 5.84%, 01/23/30 |  | 100 | 102983 |
| 5.25%, 03/05/31 |  | 503 | 508992 |
| 5.72%, 07/23/32 |  | 379 | 389577 |
| 6.65%, 04/25/35 |  | 206 | 220783 |
| 5.30%, 01/29/36 |  | 365 | 361714 |
| 5.64%, 05/21/37 |  | 105 | 104766 |
| Commonwealth Bank of Australia, (3-mo. <br> BBSW + 1.28%), 5.33%, 03/05/36<sup>(b)</sup><br>| AUD  | 680 | 467852 |
| Cooperatieve Rabobank UA |  |  |  |
| 5.25%, 05/24/41 | USD  | 256 | 247999 |
| 5.75%, 12/01/43 |  | 773 | 751389 |
| DNB Bank ASA, 4.83%, 03/30/32<sup>(a)</sup> |  | 334 | 333204 |
| Fifth Third Bancorp |  |  |  |
| 4.06%, 04/25/28 |  | 150 | 149161 |
| 6.34%, 07/27/29 |  | 155 | 160683 |
| 4.77%, 07/28/30 |  | 636 | 636096 |
| 4.90%, 09/06/30 |  | 378 | 379260 |
| 5.63%, 01/29/32 |  | 111 | 114420 |
| 4.57%, 04/29/32 |  | 303 | 297016 |
| 8.25%, 03/01/38 |  | 428 | 514532 |
| First Citizens BancShares, Inc. |  |  |  |
| 5.60%, 09/05/35 |  | 1039 | 1015492 |
| 6.25%, 03/12/40 |  | 6414 | 6271633 |
| FNB Corp., 5.72%, 12/11/30 |  | 375 | 377329 |
| HSBC Bank U.S.A. N.A. |  |  |  |
| 5.63%, 08/15/35 |  | 1161 | 1183684 |
| 7.00%, 01/15/39 |  | 250 | 278788 |
| HSBC Holdings PLC |  |  |  |
| 4.76%, 06/09/28 |  | 1895 | 1899025 |
| 2.01%, 09/22/28 |  | 4558 | 4393912 |
| 5.13%, 11/19/28 |  | 220 | 221604 |
| 4.58%, 06/19/29 |  | 2815 | 2812980 |
| 2.21%, 08/17/29 |  | 475 | 449631 |
| 3.97%, 05/22/30 |  | 291 | 284912 |
| 5.24%, 05/13/31 |  | 1451 | 1471437 |
| 2.36%, 08/18/31 |  | 1204 | 1085999 |
| 4.62%, 11/06/31 |  | 200 | 197222 |
| 4.68%, 03/10/32 |  | 2574 | 2539889 |
| 5.73%, 05/17/32 |  | 494 | 510724 |
| 2.80%, 05/24/32 |  | 900 | 809421 |
| 6.55%, 06/20/34 |  | 535 | 562534 |
| 7.40%, 11/13/34 |  | 2193 | 2422890 |
| 5.87%, 11/18/35 |  | 632 | 640187 |
| 5.45%, 03/03/36 |  | 218 | 218635 |
| 6.50%, 05/02/36 |  | 899 | 944145 |
| 5.28%, 03/10/37 |  | 1285 | 1261919 |
| 6.80%, 06/01/38 |  | 753 | 810546 |
| 6.33%, 03/09/44 |  | 400 | 421601 |
| HSBC U.S.A., Inc., 4.65%, 06/03/28 |  | 2561 | 2576949 |
| Huntington Bancshares, Inc. |  |  |  |
| 5.71%, 02/02/35 |  | 667 | 680617 |
| 2.49%, 08/15/36 |  | 477 | 408931 |
| 6.14%, 11/18/39 |  | 231 | 235275 |
| 5.61%, 01/28/41 |  | 427 | 416710 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| ING Groep NV |  |  |  |
| 3.95%, 03/29/27 | USD  | 264 | $263211 |
| 4.02%, 03/28/28 |  | 599 | 596221 |
| 4.55%, 10/02/28 |  | 571 | 571656 |
| 5.07%, 03/25/31 |  | 437 | 440698 |
| 6.11%, 09/11/34 |  | 491 | 517876 |
| 5.55%, 03/19/35 |  | 801 | 813571 |
| Intesa Sanpaolo SpA, 6.50%, 03/14/29<sup>(e)</sup> | GBP  | 3300 | 4471325 |
| JPMorgan Chase & Co. |  |  |  |
| 8.00%, 04/29/27 | USD  | 413 | 428725 |
| 2.95%, 02/24/28 |  | 5361 | 5293548 |
| 5.57%, 04/22/28 |  | 9202 | 9314349 |
| 4.51%, 10/22/28 |  | 193 | 192959 |
| 6.09%, 10/23/29 |  | 407 | 422905 |
| 5.00%, 07/22/30 |  | 6094 | 6180516 |
| 4.49%, 03/24/31 |  | 4398 | 4374251 |
| 2.96%, 05/13/31 |  | 670 | 624288 |
| 1.76%, 11/19/31 |  | 10740 | 9428450 |
| 4.59%, 04/26/33 |  | 3051 | 3010352 |
| 5.35%, 06/01/34 |  | 229 | 233645 |
| 6.25%, 10/23/34 |  | 1247 | 1340791 |
| 5.34%, 01/23/35 |  | 2201 | 2234781 |
| 5.77%, 04/22/35 |  | 1735 | 1807150 |
| 5.57%, 04/22/36 |  | 5318 | 5480113 |
| 5.58%, 07/23/36 |  | 2046 | 2071997 |
| 3.11%, 04/22/41 |  | 1066 | 812914 |
| 5.60%, 07/15/41 |  | 599 | 600153 |
| 2.53%, 11/19/41 |  | 420 | 293484 |
| 3.16%, 04/22/42 |  | 1823 | 1370591 |
| 5.63%, 08/16/43 |  | 141 | 140300 |
| 3.96%, 11/15/48 |  | 568 | 440668 |
| 3.11%, 04/22/51 |  | 1111 | 725297 |
| Keybank National Association, 5.00%, <br> 01/26/33<br>|  | 3553 | 3501823 |
| Lehman Brothers Holdings Capital Trust VII, <br> 5.86% <sup>(f)(g)(h)(p)</sup><br>|  | 1888 |  |
| Lloyds Banking Group PLC |  |  |  |
| 3.75%, 03/18/28 |  | 412 | 409269 |
| 4.38%, 03/22/28 |  | 3855 | 3847870 |
| 4.55%, 08/16/28 |  | 1263 | 1264704 |
| 5.09%, 11/26/28 |  | 843 | 850687 |
| 4.98%, 08/11/33 |  | 219 | 218060 |
| 7.95%, 11/15/33 |  | 459 | 522893 |
| 5.68%, 01/05/35 |  | 1188 | 1220609 |
| 5.59%, 11/26/35 |  | 200 | 203490 |
| 6.07%, 06/13/36 |  | 393 | 399422 |
| 5.30%, 12/01/45 |  | 232 | 212056 |
| 3.37%, 12/14/46 |  | 518 | 373723 |
| M&T Bank Corp. |  |  |  |
| 5.05%, 01/27/34 |  | 238 | 235079 |
| 5.40%, 07/30/35 |  | 1252 | 1247973 |
| Macquarie Bank Ltd., (3-mo. BBSW + 1.32%), <br> 5.31%, 08/20/36<sup>(b)</sup><br>| AUD  | 3190 | 2179283 |
| Manufacturers & Traders Trust Co., 4.76%, <br> 07/06/28<br>| USD  | 708 | 709955 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| 3.68%, 02/22/27 |  | 564 | 561164 |
| 4.08%, 04/19/28 |  | 1702 | 1695552 |
| 5.02%, 07/20/28 |  | 866 | 871386 |
| 4.05%, 09/11/28 |  | 107 | 106300 |
| 5.42%, 02/22/29 |  | 552 | 560863 |
| 3.20%, 07/18/29 |  | 615 | 589735 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| 5.26%, 04/17/30 | USD  | 1611 | $1639326 |
| 5.16%, 04/24/31 |  | 1637 | 1660296 |
| 2.31%, 07/20/32 |  | 675 | 594560 |
| 2.49%, 10/13/32 |  | 882 | 779368 |
| 5.47%, 09/13/33 |  | 200 | 205547 |
| 5.44%, 02/22/34 |  | 200 | 204395 |
| 5.43%, 04/17/35 |  | 500 | 508709 |
| 5.19%, 09/12/36 |  | 1293 | 1283665 |
| 3.75%, 07/18/39 |  | 663 | 559214 |
| Mizuho Financial Group, Inc. |  |  |  |
| 3.17%, 09/11/27 |  | 251 | 246932 |
| 5.41%, 09/13/28 |  | 477 | 483432 |
| 5.78%, 07/06/29 |  | 250 | 256894 |
| 5.38%, 07/10/30 |  | 1244 | 1272483 |
| 3.15%, 07/16/30 |  | 261 | 249258 |
| 5.74%, 05/27/31 |  | 400 | 414565 |
| 2.20%, 07/10/31 |  | 2232 | 2010446 |
| 2.26%, 07/09/32 |  | 401 | 351875 |
| 5.75%, 07/06/34 |  | 606 | 629483 |
| 5.59%, 07/10/35 |  | 325 | 333085 |
| 5.32%, 07/08/36 |  | 400 | 401770 |
| National Australia Bank Ltd. |  |  |  |
| 5.09%, 06/11/27 |  | 250 | 252770 |
| 6.34%, 06/06/39<sup>(e)</sup> | AUD  | 673 | 462651 |
| NatWest Group PLC |  |  |  |
| 5.58%, 03/01/28 | USD  | 385 | 388804 |
| 3.07%, 05/22/28 |  | 416 | 409317 |
| 5.52%, 09/30/28 |  | 2531 | 2568095 |
| 5.08%, 01/27/30 |  | 200 | 202203 |
| 4.45%, 05/08/30 |  | 1570 | 1560550 |
| 4.96%, 08/15/30 |  | 328 | 330915 |
| 6.48%, 06/01/34 |  | 666 | 691193 |
| 5.78%, 03/01/35 |  | 200 | 206747 |
| Pinnacle Bank/Nashville TN, 5.96%, 01/15/36 |  | 531 | 525880 |
| PNC Bank N.A., 4.05%, 07/26/28 |  | 311 | 308234 |
| PNC Financial Services Group, Inc. (The) |  |  |  |
| 3.15%, 05/19/27 |  | 877 | 866472 |
| 5.58%, 06/12/29 |  | 121 | 123992 |
| 5.22%, 01/29/31 |  | 167 | 170356 |
| 2.31%, 04/23/32 |  | 608 | 541511 |
| 4.63%, 06/06/33 |  | 729 | 708591 |
| 5.07%, 01/24/34 |  | 233 | 232951 |
| 5.94%, 08/18/34 |  | 854 | 894416 |
| 6.88%, 10/20/34 |  | 141 | 155773 |
| 5.68%, 01/22/35 |  | 1139 | 1171698 |
| 5.40%, 07/23/35 |  | 1085 | 1098774 |
| 5.42%, 01/25/41 |  | 1226 | 1201049 |
| Regions Bank/Birmingham AL, 6.45%, <br> 06/26/37<br>|  | 250 | 263015 |
| Regions Financial Corp., 5.50%, 09/06/35 |  | 177 | 177241 |
| Royal Bank of Canada |  |  |  |
| 3.63%, 05/04/27 |  | 1275 | 1267340 |
| 4.24%, 08/03/27 |  | 3768 | 3766651 |
| 5.20%, 08/01/28 |  | 1333 | 1359415 |
| 4.52%, 10/18/28 |  | 130 | 130144 |
| 4.50%, 08/06/29 |  | 145 | 145000 |
| 4.97%, 05/02/31 |  | 725 | 732766 |
| 4.70%, 08/06/31 |  | 315 | 314299 |
| 4.31%, 11/03/31 |  | 72 | 70780 |
| 5.00%, 02/01/33 |  | 932 | 939184 |
| 5.00%, 05/02/33 |  | 151 | 152338 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Santander Holdings U.S.A., Inc. |  |  |  |
| 5.47%, 03/20/29 | USD  | 100 | $101392 |
| 5.35%, 09/06/30 |  | 1275 | 1288634 |
| 5.74%, 03/20/31 |  | 328 | 336555 |
| 6.34%, 05/31/35 |  | 32 | 33469 |
| Santander UK Group Holdings PLC |  |  |  |
| 4.86%, 09/11/30 |  | 400 | 400870 |
| 5.69%, 04/15/31 |  | 391 | 402138 |
| 2.90%, 03/15/32 |  | 290 | 263055 |
| 5.14%, 09/22/36 |  | 200 | 193133 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| 3.54%, 01/17/28 |  | 1731 | 1706708 |
| 3.94%, 07/19/28 |  | 282 | 279192 |
| 1.90%, 09/17/28 |  | 797 | 748520 |
| 2.47%, 01/14/29 |  | 587 | 556826 |
| 3.04%, 07/16/29 |  | 872 | 829440 |
| 5.71%, 01/13/30 |  | 640 | 663184 |
| 5.42%, 07/09/31 |  | 2134 | 2184553 |
| 5.77%, 01/13/33 |  | 1764 | 1835820 |
| 5.81%, 09/14/33 |  | 300 | 313441 |
| 5.56%, 07/09/34 |  | 1108 | 1135455 |
| 5.33%, 03/03/41 |  | 444 | 430532 |
| 5.80%, 07/08/46 |  | 842 | 816879 |
| 5.57%, 01/15/47 |  | 200 | 193540 |
| Texas Capital Bancshares, Inc. |  |  |  |
| 4.00%, 05/06/31 |  | 4001 | 3994387 |
| 5.30%, 02/27/32 |  | 2300 | 2267697 |
| Toronto-Dominion Bank (The) |  |  |  |
| 4.98%, 04/05/27 |  | 524 | 527821 |
| 5.16%, 01/10/28 |  | 248 | 251151 |
| 4.86%, 01/31/28 |  | 1424 | 1435459 |
| 4.57%, 06/02/28 |  | 1007 | 1010104 |
| 5.30%, 01/30/32 |  | 468 | 480692 |
| 5.15%, 09/10/34 |  | 2831 | 2834111 |
| Truist Bank, 4.14%, 10/23/29 |  | 400 | 396192 |
| Truist Financial Corp. |  |  |  |
| 1.13%, 08/03/27 |  | 373 | 357528 |
| 4.12%, 06/06/28 |  | 2256 | 2246250 |
| 7.16%, 10/30/29 |  | 647 | 687653 |
| 5.44%, 01/24/30 |  | 524 | 536345 |
| 5.07%, 05/20/31 |  | 201 | 203191 |
| 4.60%, 01/27/32 |  | 366 | 362100 |
| 4.92%, 07/28/33 |  | 738 | 723688 |
| 6.12%, 10/28/33 |  | 1417 | 1498067 |
| 5.87%, 06/08/34 |  | 290 | 302159 |
| 5.71%, 01/24/35 |  | 411 | 423964 |
| U.S. Bancorp |  |  |  |
| 4.55%, 07/22/28 |  | 3181 | 3183857 |
| 5.78%, 06/12/29 |  | 1044 | 1073837 |
| 5.10%, 07/23/30 |  | 106 | 107869 |
| 4.48%, 01/26/32 |  | 2225 | 2201552 |
| 4.97%, 07/22/33 |  | 558 | 551906 |
| 5.85%, 10/21/33 |  | 100 | 105067 |
| 4.84%, 02/01/34 |  | 1045 | 1032750 |
| 5.84%, 06/12/34 |  | 1220 | 1273351 |
| Wachovia Corp., 5.50%, 08/01/35 |  | 100 | 100909 |
| Washington Mutual Escrow Bonds |  |  |  |
| 0.00%<sup>(f)(g)(h)(p)</sup> |  | 13308 | 1 |
| 0.00%<sup>(f)(g)(h)(p)</sup> |  | 11911 | 1 |
| 0.00%<sup>(f)(g)(h)(p)</sup> |  | 2570 |  |
| 0.00%<sup>(f)(g)(h)(p)</sup> |  | 3115 |  |

---

342026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |  |
| 3.00%, 10/23/26 | USD  | 46 | $45684 |
| 4.30%, 07/22/27 |  | 3385 | 3380660 |
| 3.53%, 03/24/28 |  | 647 | 641663 |
| 5.71%, 04/22/28 |  | 2362 | 2392468 |
| 3.58%, 05/22/28 |  | 10342 | 10244268 |
| 4.15%, 01/24/29 |  | 2330 | 2316904 |
| 5.57%, 07/25/29 |  | 1066 | 1090489 |
| 6.30%, 10/23/29 |  | 948 | 987336 |
| 5.20%, 01/23/30 |  | 1140 | 1157870 |
| 2.57%, 02/11/31 |  | 2132 | 1972054 |
| 4.48%, 04/04/31 |  | 1556 | 1542557 |
| 5.15%, 04/23/31 |  | 936 | 951992 |
| 3.35%, 03/02/33 |  | 4065 | 3732425 |
| 4.90%, 07/25/33 |  | 1790 | 1780846 |
| 6.49%, 10/23/34 |  | 1348 | 1459552 |
| 5.61%, 04/23/36 |  | 2725 | 2788568 |
| 4.89%, 09/15/36 |  | 359 | 349273 |
| 3.07%, 04/30/41 |  | 262 | 196697 |
| 5.61%, 01/15/44 |  | 306 | 292811 |
| 4.65%, 11/04/44 |  | 1480 | 1240901 |
| 3.90%, 05/01/45 |  | 915 | 714226 |
| 4.40%, 06/14/46 |  | 1833 | 1459331 |
| 4.75%, 12/07/46 |  | 100 | 83830 |
| 5.43%, 01/23/47 |  | 118 | 111810 |
| 5.01%, 04/04/51 |  | 914 | 805228 |
| 4.61%, 04/25/53 |  | 558 | 462648 |
| Series W, 4.90%, 01/24/28 |  | 240 | 240870 |
| Wells Fargo Bank N.A. |  |  |  |
| 5.95%, 08/26/36 |  | 250 | 260505 |
| 5.85%, 02/01/37 |  | 689 | 709839 |
| Westpac Banking Corp. |  |  |  |
| 5.41%, 08/10/33 |  | 559 | 566276 |
| 6.82%, 11/17/33 |  | 378 | 412606 |
| 4.11%, 07/24/34 |  | 288 | 280811 |
| 2.67%, 11/15/35 |  | 594 | 533554 |
| 5.62%, 11/20/35 |  | 468 | 473516 |
| 2.96%, 11/16/40 |  | 524 | 388242 |
| 6.09%, 02/12/41 | AUD  | 2630 | 1763398 |
| 3.13%, 11/18/41 | USD  | 700 | 514199 |
| Zions Bancorp N.A. |  |  |  |
| 3.25%, 10/29/29 |  | 705 | 653774 |
| 6.82%, 11/19/35 |  | 269 | 276298 |
|  |  |  | 423070487 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide, Inc., 4.70%, 02/01/36<br>|  | 1107 | 1078188 |
| Anheuser-Busch InBev Finance, Inc. |  |  |  |
| 4.70%, 02/01/36 |  | 606 | 590228 |
| 4.90%, 02/01/46 |  | 2085 | 1871820 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |  |
| 4.75%, 01/23/29 |  | 2238 | 2266450 |
| 5.00%, 06/15/34 |  | 582 | 588663 |
| 5.88%, 06/15/35 |  | 510 | 543887 |
| 8.00%, 11/15/39 |  | 210 | 262456 |
| 4.95%, 01/15/42 |  | 2165 | 2019604 |
| 4.75%, 04/15/58 |  | 100 | 84456 |
| 5.80%, 01/23/59 |  | 1818 | 1822381 |
| Coca-Cola Co. (The) |  |  |  |
| 2.13%, 09/06/29 |  | 690 | 647875 |
| 2.00%, 03/05/31 |  | 725 | 651403 |
| 1.38%, 03/15/31 |  | 1193 | 1040334 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Coca-Cola Co. (The) |  |  |  |
| 2.25%, 01/05/32 | USD  | 986 | $882688 |
| 5.00%, 05/13/34 |  | 411 | 423360 |
| 4.65%, 08/14/34 |  | 70 | 70460 |
| 5.30%, 05/13/54 |  | 1339 | 1283363 |
| 2.75%, 06/01/60 |  | 100 | 57283 |
| 5.40%, 05/13/64 |  | 498 | 473684 |
| Constellation Brands, Inc. |  |  |  |
| 3.50%, 05/09/27 |  | 1145 | 1132871 |
| 3.60%, 02/15/28 |  | 306 | 301570 |
| 4.65%, 11/15/28 |  | 354 | 355536 |
| 4.80%, 01/15/29 |  | 414 | 416439 |
| 4.90%, 05/01/33 |  | 262 | 258466 |
| 4.95%, 11/01/35 |  | 156 | 150591 |
| 4.50%, 05/09/47 |  | 471 | 383769 |
| 4.10%, 02/15/48 |  | 42 | 32158 |
| Keurig Dr Pepper, Inc. |  |  |  |
| 3.43%, 06/15/27 |  | 688 | 678840 |
| 4.35%, 05/15/28 |  | 1389 | 1384039 |
| 5.05%, 03/15/29 |  | 1829 | 1848901 |
| 3.20%, 05/01/30 |  | 1111 | 1041721 |
| 2.25%, 03/15/31 |  | 210 | 185495 |
| 4.05%, 04/15/32 |  | 202 | 191100 |
| 5.30%, 03/15/34 |  | 531 | 526473 |
| 5.09%, 05/25/48 |  | 100 | 85867 |
| Molson Coors Beverage Co., 5.00%, <br> 05/01/42<br>|  | 708 | 636156 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |  |
| 4.55%, 02/16/29 |  | 2000 | 2020335 |
| 4.70%, 02/16/34 |  | 2282 | 2269846 |
| PepsiCo, Inc. |  |  |  |
| 4.45%, 05/15/28 |  | 616 | 621045 |
| 7.00%, 03/01/29 |  | 130 | 140095 |
| 4.50%, 07/17/29 |  | 112 | 113076 |
| 4.60%, 02/07/30 |  | 938 | 950186 |
| 5.00%, 02/07/35 |  | 1046 | 1058973 |
| 3.50%, 03/19/40 |  | 928 | 771142 |
| 4.00%, 03/05/42 |  | 136 | 115083 |
| 3.45%, 10/06/46 |  | 20 | 14824 |
| 4.00%, 05/02/47 |  | 146 | 117139 |
| 2.88%, 10/15/49 |  | 250 | 161204 |
| 4.20%, 07/18/52 |  | 100 | 80460 |
| 4.65%, 02/15/53 |  | 260 | 224554 |
|  |  |  | 34926537 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| AbbVie, Inc. |  |  |  |
| 4.65%, 03/15/28 |  | 1438 | 1451090 |
| 4.25%, 11/14/28 |  | 100 | 100276 |
| 4.80%, 03/15/29 |  | 2760 | 2804345 |
| 4.95%, 03/15/31 |  | 994 | 1015410 |
| 4.40%, 03/15/33 |  | 1099 | 1078864 |
| 5.05%, 03/15/34 |  | 100 | 101495 |
| 4.55%, 03/15/35 |  | 2239 | 2173925 |
| 4.30%, 05/14/36 |  | 339 | 320259 |
| 4.63%, 10/01/42 |  | 104 | 93536 |
| 4.40%, 11/06/42 |  | 470 | 412836 |
| 5.35%, 03/15/44 |  | 1200 | 1168010 |
| 4.85%, 06/15/44 |  | 611 | 555344 |
| 4.75%, 03/15/45 |  | 1191 | 1064861 |
| 4.45%, 05/14/46 |  | 543 | 466111 |
| 4.88%, 11/14/48 |  | 2342 | 2100046 |
| 5.60%, 03/15/55 |  | 745 | 733882 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| AbbVie, Inc. |  |  |  |
| 5.50%, 03/15/64 | USD  | 455 | $433881 |
| Amgen, Inc. |  |  |  |
| 3.20%, 11/02/27 |  | 100 | 98438 |
| 5.15%, 03/02/28 |  | 1123 | 1139457 |
| 4.05%, 08/18/29 |  | 1411 | 1397790 |
| 2.45%, 02/21/30 |  | 285 | 264669 |
| 4.20%, 02/19/31 |  | 792 | 781143 |
| 2.00%, 01/15/32 |  | 902 | 780540 |
| 3.35%, 02/22/32 |  | 3547 | 3302753 |
| 6.38%, 06/01/37 |  | 942 | 1027082 |
| 6.40%, 02/01/39 |  | 246 | 265972 |
| 2.80%, 08/15/41 |  | 872 | 628401 |
| 4.95%, 10/01/41 |  | 515 | 476300 |
| 5.15%, 11/15/41 |  | 493 | 467401 |
| 5.65%, 06/15/42 |  | 791 | 783787 |
| 4.66%, 06/15/51 |  | 2841 | 2383507 |
| 4.88%, 03/01/53 |  | 1020 | 883604 |
| 4.40%, 02/22/62 |  | 183 | 141555 |
| Baxalta, Inc., 5.25%, 06/23/45 |  | 733 | 682280 |
| Biocon Biologics Global PLC, 6.67%, <br> 10/09/29<sup>(e)</sup><br>|  | 5096 | 5024656 |
| Biogen, Inc. |  |  |  |
| 2.25%, 05/01/30 |  | 643 | 587335 |
| 5.05%, 01/15/31 |  | 554 | 564841 |
| 5.75%, 05/15/35 |  | 401 | 414694 |
| 5.20%, 09/15/45 |  | 271 | 243779 |
| 3.15%, 05/01/50 |  | 400 | 252080 |
| Genmab A/S/Genmab Finance LLC, 6.25%, <br> 12/15/32<sup>(a)</sup><br>|  | 200 | 205046 |
| Gilead Sciences, Inc. |  |  |  |
| 1.65%, 10/01/30 |  | 417 | 371433 |
| 5.25%, 10/15/33 |  | 711 | 735320 |
| 5.10%, 06/15/35 |  | 663 | 669835 |
| 5.65%, 12/01/41 |  | 499 | 507757 |
| 4.80%, 04/01/44 |  | 1888 | 1703805 |
| 4.75%, 03/01/46 |  | 100 | 88602 |
| 4.15%, 03/01/47 |  | 514 | 415829 |
| 2.80%, 10/01/50 |  | 419 | 259648 |
| 5.55%, 10/15/53 |  | 115 | 111824 |
| Grifols SA |  |  |  |
| 7.13%, 05/01/30<sup>(e)</sup> | EUR  | 351 | 419371 |
| 7.50%, 05/01/30<sup>(e)</sup> |  | 387 | 462652 |
|  |  |  | 44617357 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Amazon.com, Inc. |  |  |  |
| 3.90%, 11/20/28 | USD  | 1039 | 1034559 |
| 4.25%, 03/13/31 |  | 3405 | 3379904 |
| 4.55%, 03/13/33 |  | 262 | 259478 |
| 4.88%, 03/13/36 |  | 1269 | 1257435 |
| 4.05%, 08/22/47 |  | 640 | 511751 |
| 3.95%, 04/13/52 |  | 15658 | 12005680 |
| 5.80%, 03/13/56 |  | 1819 | 1817538 |
| 4.25%, 08/22/57 |  | 321 | 250449 |
| 4.85%, 03/16/64 | EUR  | 4200 | 4811980 |
| 5.95%, 03/13/66 | USD  | 26137 | 26222677 |
| 6.05%, 03/13/76 |  | 1729 | 1718867 |
| eBay, Inc. |  |  |  |
| 3.60%, 06/05/27 |  | 886 | 878107 |
| 4.25%, 03/06/29 |  | 407 | 404860 |
| 2.60%, 05/10/31 |  | 154 | 138975 |
| 5.13%, 11/06/35 |  | 374 | 368853 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** |
| Kohl's Corp., 5.13%, 05/01/31 | USD  | 223 | $167838 |
| Prosus NV, 4.03%, 08/03/50<sup>(e)</sup> |  | 200 | 133450 |
| Rakuten Group, Inc. |  |  |  |
| 6.25%<sup>(a)(p)</sup> |  | 203 | 187015 |
| 9.75%, 04/15/29<sup>(a)</sup> |  | 200 | 213120 |
| 9.75%, 04/15/29<sup>(e)</sup> |  | 14000 | 14918373 |
|  |  |  | 70680909 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Builders FirstSource, Inc. |  |  |  |
| 5.00%, 03/01/30<sup>(a)</sup> |  | 132 | 128562 |
| 6.38%, 03/01/34<sup>(a)</sup> |  | 157 | 154993 |
| Carlisle Cos., Inc., 5.55%, 09/15/40 |  | 100 | 99113 |
| Carrier Global Corp. |  |  |  |
| 2.72%, 02/15/30 |  | 568 | 530465 |
| 2.70%, 02/15/31 |  | 494 | 452912 |
| 5.90%, 03/15/34 |  | 803 | 847204 |
| 3.38%, 04/05/40 |  | 150 | 118156 |
| Fortune Brands Innovations, Inc., 5.88%, <br> 06/01/33<br>|  | 287 | 297227 |
| Johnson Controls International plc, 4.63%, <br> 07/02/44<br>|  | 112 | 97310 |
| Johnson Controls International PLC/Tyco Fire <br> & Security Finance SCA<br>|  |  |  |
| 5.50%, 04/19/29 |  | 220 | 227276 |
| 4.90%, 12/01/32 |  | 321 | 322231 |
| Miter Brands Acquisition Holdco, Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup><br>|  | 52 | 49803 |
| Owens Corning |  |  |  |
| 5.70%, 06/15/34 |  | 642 | 663661 |
| 7.00%, 12/01/36 |  | 144 | 160484 |
| 4.30%, 07/15/47 |  | 135 | 107109 |
| Smyrna Ready Mix Concrete LLC, 6.00%, <br> 11/01/28<sup>(a)</sup><br>|  | 158 | 156808 |
| Standard Building Solutions, Inc., 6.50%, <br> 08/15/32<sup>(a)</sup><br>|  | 332 | 332172 |
| Standard Industries, Inc., 3.38%, 01/15/31<sup>(a)</sup> |  | 121 | 108460 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> |  | 1232 | 1272822 |
| Trane Technologies Financing Ltd. |  |  |  |
| 5.25%, 03/03/33 |  | 100 | 102549 |
| 5.10%, 06/13/34 |  | 321 | 325289 |
|  |  |  | 6554606 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ameriprise Financial, Inc., 5.20%, 04/15/35 |  | 239 | 238355 |
| Ares Capital Corp. |  |  |  |
| 5.88%, 03/01/29 |  | 100 | 100709 |
| 5.95%, 07/15/29 |  | 750 | 753701 |
| 5.50%, 09/01/30 |  | 100 | 98217 |
| 5.25%, 04/12/31 |  | 1399 | 1352398 |
| 5.80%, 03/08/32 |  | 261 | 257513 |
| Ares Strategic Income Fund |  |  |  |
| 4.85%, 01/15/29<sup>(a)</sup> |  | 100 | 96826 |
| 6.35%, 08/15/29 |  | 351 | 352123 |
| 5.80%, 09/09/30<sup>(a)</sup> |  | 240 | 233373 |
| 5.15%, 01/15/31<sup>(a)</sup> |  | 1214 | 1146586 |
| 6.20%, 03/21/32 |  | 521 | 510636 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(a)</sup> |  | 60 | 63730 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 3.99%, 06/13/28 |  | 119 | 118474 |
| 5.80%, 10/25/28 |  | 2511 | 2567181 |
| 3.00%, 10/30/28 |  | 443 | 428261 |
| 3.30%, 08/23/29 |  | 779 | 750590 |
| 4.60%, 07/26/30 |  | 117 | 117638 |

---

362026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 5.06%, 07/22/32 | USD  | 169 | $172268 |
| 6.47%, 10/25/34 |  | 195 | 213139 |
| 5.32%, 06/06/36 |  | 100 | 101397 |
| 5.61%, 07/21/39 |  | 682 | 694063 |
| Series J, 4.97%, 04/26/34 |  | 1483 | 1486792 |
| Blackstone Private Credit Fund |  |  |  |
| 4.00%, 01/15/29 |  | 546 | 513674 |
| 5.35%, 03/12/31 |  | 1203 | 1142627 |
| 6.00%, 01/29/32 |  | 621 | 602232 |
| 6.00%, 11/22/34 |  | 375 | 350569 |
| Blackstone Reg Finance Co. LLC |  |  |  |
| 4.30%, 11/03/30 |  | 374 | 368118 |
| 4.95%, 02/15/36 |  | 123 | 118709 |
| Blackstone Reg. Finance Co. LLC, 5.00%, <br> 12/06/34<br>|  | 100 | 97892 |
| Blackstone Secured Lending Fund |  |  |  |
| 2.85%, 09/30/28 |  | 700 | 651134 |
| 5.30%, 06/30/30 |  | 306 | 296120 |
| 5.13%, 01/31/31 |  | 636 | 609086 |
| Blue Owl Capital Corp. |  |  |  |
| 2.88%, 06/11/28 |  | 322 | 299328 |
| 6.20%, 07/15/30 |  | 1111 | 1094945 |
| Blue Owl Credit Income Corp. |  |  |  |
| 7.75%, 09/16/27 |  | 221 | 224098 |
| 7.75%, 01/15/29 |  | 67 | 68562 |
| 6.60%, 09/15/29 |  | 835 | 831828 |
| 5.80%, 03/15/30 |  | 1078 | 1039445 |
| 6.65%, 03/15/31 |  | 268 | 264336 |
| Blue Owl Finance LLC |  |  |  |
| 3.13%, 06/10/31 |  | 439 | 378541 |
| 6.25%, 04/18/34 |  | 954 | 917158 |
| Brookfield Capital Finance LLC, 6.09%, <br> 06/14/33<br>|  | 1178 | 1228561 |
| Carlyle Group, Inc. (The), 5.05%, 09/19/35 |  | 262 | 252789 |
| Charles Schwab Corp. (The) |  |  |  |
| 6.20%, 11/17/29 |  | 609 | 636492 |
| 1.65%, 03/11/31 |  | 502 | 437421 |
| 4.34%, 11/14/31 |  | 206 | 203708 |
| 5.85%, 05/19/34 |  | 1139 | 1196253 |
| 6.14%, 08/24/34 |  | 575 | 612023 |
| Deutsche Bank AG |  |  |  |
| 6.72%, 01/18/29 |  | 3374 | 3495617 |
| 6.82%, 11/20/29 |  | 1009 | 1059418 |
| 5.30%, 05/09/31 |  | 497 | 502129 |
| 3.73%, 01/14/32 |  | 1022 | 949781 |
| 3.04%, 05/28/32 |  | 228 | 206450 |
| 3.74%, 01/07/33 |  | 502 | 457532 |
| 7.08%, 02/10/34 |  | 919 | 984785 |
| Drawbridge Special Opportunities Fund <br> LP/Drawbridge Special Opportunities Fin, <br> 5.95%, 09/17/30<sup>(a)</sup><br>|  | 950 | 892054 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 1.54%, 09/10/27 |  | 5251 | 5182947 |
| 4.94%, 04/23/28 |  | 16717 | 16798674 |
| 5.05%, 07/23/30 |  | 4234 | 4285009 |
| 5.21%, 01/28/31 |  | 996 | 1011972 |
| 4.52%, 01/21/32 |  | 2050 | 2018926 |
| 2.62%, 04/22/32 |  | 3307 | 2970523 |
| 2.65%, 10/21/32 |  | 231 | 205077 |
| 6.13%, 02/15/33 |  | 872 | 935184 |
| 3.10%, 02/24/33 |  | 665 | 600594 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 3.51%, 08/17/33<sup>(e)</sup> | EUR  | 14540 | $16332565 |
| 6.56%, 10/24/34 | USD  | 484 | 526201 |
| 5.85%, 04/25/35 |  | 347 | 360073 |
| 4.94%, 10/21/36 |  | 4786 | 4634838 |
| 4.02%, 10/31/38 |  | 95 | 82931 |
| 4.41%, 04/23/39 |  | 126 | 112843 |
| 6.25%, 02/01/41 |  | 3469 | 3651498 |
| 5.39%, 02/02/41 |  | 2723 | 2630829 |
| 3.21%, 04/22/42 |  | 219 | 162384 |
| 2.91%, 07/21/42 |  | 738 | 519818 |
| 5.15%, 05/22/45 |  | 100 | 89430 |
| 4.75%, 10/21/45 |  | 1021 | 884321 |
| 5.73%, 01/28/56 |  | 145 | 141568 |
| GS Finance Corp. |  |  |  |
| Series MTN, 5.95%, 01/15/31<sup>(b)</sup> |  | 44740 | 42938812 |
| Series MTN, 6.11%, 02/17/31<sup>(b)</sup> |  | 12097 | 11749804 |
| Series MTN, 7.35%, 02/17/31<sup>(b)</sup> |  | 25124 | 24451858 |
| Intercontinental Exchange, Inc. |  |  |  |
| 3.63%, 09/01/28 |  | 1086 | 1068771 |
| 3.75%, 09/21/28 |  | 100 | 98797 |
| 4.35%, 06/15/29 |  | 1123 | 1120563 |
| 2.10%, 06/15/30 |  | 566 | 513944 |
| 4.60%, 03/15/33 |  | 1398 | 1378509 |
| 2.65%, 09/15/40 |  | 619 | 445785 |
| 4.25%, 09/21/48 |  | 129 | 102694 |
| 3.00%, 09/15/60 |  | 750 | 429034 |
| 5.20%, 06/15/62 |  | 198 | 175399 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| 7.13%, 04/30/31<sup>(a)</sup> |  | 290 | 298107 |
| 6.13%, 11/01/32<sup>(a)</sup> |  | 147 | 145367 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 6.63%, 10/15/31<sup>(a)</sup><br>|  | 200 | 190680 |
| Jefferies Financial Group, Inc. |  |  |  |
| 5.88%, 07/21/28 |  | 100 | 102107 |
| 6.20%, 04/14/34 |  | 715 | 729166 |
| 6.25%, 01/15/36 |  | 652 | 660934 |
| 6.50%, 01/20/43 |  | 359 | 348728 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>|  | 16 | 16652 |
| KKR & Co., Inc., 5.10%, 08/07/35 |  | 295 | 285391 |
| Lehman Brothers Holdings, Inc., 6.75%, <br> 12/28/17<sup>(f)(g)(h)</sup><br>|  | 7360 | 1 |
| LPL Holdings, Inc. |  |  |  |
| 5.70%, 05/20/27 |  | 271 | 273503 |
| 6.00%, 05/20/34 |  | 370 | 377382 |
| 5.65%, 03/15/35 |  | 225 | 223073 |
| 5.75%, 06/15/35 |  | 200 | 199209 |
| Moody's Corp. |  |  |  |
| 2.00%, 08/19/31 |  | 180 | 158356 |
| 2.75%, 08/19/41 |  | 100 | 70475 |
| 5.25%, 07/15/44 |  | 424 | 397952 |
| Morgan Stanley |  |  |  |
| 3.95%, 04/23/27 |  | 100 | 99407 |
| 5.16%, 04/20/29 |  | 2626 | 2656247 |
| 5.04%, 07/19/30 |  | 11354 | 11485336 |
| 5.23%, 01/15/31 |  | 6179 | 6274035 |
| 2.94%, 01/21/33 |  | 6544 | 5883960 |
| 5.25%, 04/21/34 |  | 1946 | 1952076 |
| 6.63%, 11/01/34 |  | 446 | 485306 |
| 5.66%, 04/17/36 |  | 5145 | 5269830 |
| 4.10%, 05/22/36 | EUR  | 8623 | 9891622 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Morgan Stanley |  |  |  |
| 2.48%, 09/16/36 | USD  | 1450 | $1247562 |
| 3.75%, 11/07/36 | EUR  | 2420 | 2689636 |
| 5.30%, 04/20/37 | USD  | 156 | 155620 |
| 5.94%, 02/07/39 |  | 780 | 797353 |
| 5.31%, 01/18/41 |  | 169 | 163139 |
| 6.38%, 07/24/42 |  | 1872 | 2005630 |
| 5.90%, 03/13/47 |  | 2602 | 2589927 |
| 5.52%, 11/19/55 |  | 353 | 335173 |
| Morgan Stanley Finance LLC, Series 2330, <br> 0.00%, 02/02/29<sup>(d)(e)(n)</sup><br>|  | 700 | 710850 |
| MSCI, Inc. |  |  |  |
| 3.63%, 09/01/30<sup>(a)</sup> |  | 7909 | 7475571 |
| 3.88%, 02/15/31<sup>(a)</sup> |  | 4529 | 4281240 |
| 5.25%, 09/01/35 |  | 1414 | 1385093 |
| 5.15%, 03/15/36 |  | 3854 | 3732914 |
| Nomura Holdings, Inc. |  |  |  |
| 5.39%, 07/06/27 |  | 380 | 383901 |
| 3.10%, 01/16/30 |  | 216 | 203674 |
| 4.90%, 07/01/30 |  | 544 | 543749 |
| 2.61%, 07/14/31 |  | 655 | 584160 |
| 5.04%, 06/10/36 |  | 1708 | 1656851 |
| Northern Trust Corp., 5.12%, 11/19/40 |  | 362 | 352448 |
| Raymond James Financial, Inc. |  |  |  |
| 4.90%, 09/11/35 |  | 344 | 335003 |
| 4.95%, 07/15/46 |  | 369 | 327995 |
| 3.75%, 04/01/51 |  | 105 | 74953 |
| S&P Global, Inc. |  |  |  |
| 2.95%, 03/01/29 |  | 2188 | 2107393 |
| 4.25%, 05/01/29 |  | 349 | 348168 |
| 4.25%, 01/15/31<sup>(a)</sup> |  | 891 | 879490 |
| 5.25%, 09/15/33 |  | 225 | 231570 |
| State Street Corp. |  |  |  |
| 5.82%, 11/04/28 |  | 1673 | 1709922 |
| 2.20%, 03/03/31 |  | 38 | 33999 |
| 5.16%, 05/18/34 |  | 1176 | 1190705 |
| 3.03%, 11/01/34 |  | 406 | 382197 |
| 6.12%, 11/21/34 |  | 791 | 835836 |
| StoneX Escrow Issuer LLC, 6.88%, <br> 07/15/32<sup>(a)</sup><br>|  | 100 | 101063 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> |  | 46 | 47777 |
| TPG Operating Group II LP |  |  |  |
| 4.88%, 05/15/31 |  | 120 | 117693 |
| 5.88%, 03/05/34 |  | 346 | 350885 |
| 5.38%, 01/15/36 |  | 217 | 209862 |
| UBS Group AG |  |  |  |
| 0.63%, 01/18/33<sup>(e)</sup> | EUR  | 4749 | 4408273 |
| 4.88%, 05/15/45 | USD  | 556 | 492302 |
|  |  |  | 277404039 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products & Chemicals, Inc. |  |  |  |
| 4.85%, 02/08/34 |  | 433 | 433518 |
| 2.70%, 05/15/40 |  | 246 | 180969 |
| Avient Corp., 7.13%, 08/01/30<sup>(a)</sup> |  | 170 | 172746 |
| Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(a)</sup><br>|  | 690 | 721545 |
| Axalta Coating Systems LLC, 3.38%, <br> 02/15/29<sup>(a)</sup><br>|  | 184 | 174095 |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(e)</sup> | EUR  | 7500 | 8374549 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.33%, 07/15/29 | USD  | 240 | 250522 |
| 7.38%, 07/15/32 |  | 83 | 86632 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.38%, 02/15/34 | USD  | 227 | $232567 |
| CF Industries, Inc. |  |  |  |
| 5.15%, 03/15/34 |  | 158 | 157013 |
| 4.95%, 06/01/43 |  | 475 | 423781 |
| Chemours Co. (The) |  |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> |  | 61 | 57203 |
| 8.00%, 01/15/33<sup>(a)</sup> |  | 168 | 168917 |
| Dow Chemical Co. (The) |  |  |  |
| 2.10%, 11/15/30 |  | 171 | 150345 |
| 6.30%, 03/15/33 |  | 97 | 101727 |
| 5.15%, 02/15/34 |  | 138 | 134619 |
| 4.25%, 10/01/34 |  | 506 | 459560 |
| 9.40%, 05/15/39 |  | 100 | 126648 |
| 5.25%, 11/15/41 |  | 106 | 93111 |
| 4.38%, 11/15/42 |  | 917 | 718649 |
| 5.55%, 11/30/48 |  | 702 | 606322 |
| 4.80%, 05/15/49 |  | 843 | 652173 |
| DuPont de Nemours, Inc., 4.73%, 11/15/28 |  | 1201 | 1208041 |
| Eastman Chemical Co. |  |  |  |
| 4.50%, 02/20/31 |  | 485 | 474218 |
| 5.63%, 02/20/34 |  | 216 | 219012 |
| 4.80%, 09/01/42 |  | 106 | 92769 |
| 4.65%, 10/15/44 |  | 213 | 178456 |
| Ecolab, Inc. |  |  |  |
| 1.30%, 01/30/31 |  | 769 | 664614 |
| 5.00%, 09/01/35 |  | 107 | 107121 |
| 5.50%, 12/08/41 |  | 125 | 127028 |
| FIS Fabbrica Italiana Sintetici SpA, (3-mo. <br> EURIBOR + 3.25%), 5.28%, 02/05/31<sup>(b)(e)</sup><br>| EUR  | 138 | 156386 |
| Huntsman International LLC |  |  |  |
| 4.50%, 05/01/29 | USD  | 91 | 85095 |
| 2.95%, 06/15/31 |  | 43 | 35666 |
| INEOS Finance PLC, 7.25%, 03/31/31<sup>(e)</sup> | EUR  | 882 | 926671 |
| International Flavors & Fragrances, Inc., <br> 4.45%, 09/26/28<br>| USD  | 358 | 356894 |
| Italmatch Chemicals SpA |  |  |  |
| (3-mo. EURIBOR + 4.13%), 6.15%, <br> 02/05/31<sup>(b)(e)</sup><br>| EUR  | 311 | 346639 |
| 6.25%, 02/05/31<sup>(e)</sup> |  | 100 | 109652 |
| Itelyum Regeneration SpA, 5.75%, <br> 04/15/30<sup>(e)</sup><br>|  | 234 | 266789 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | USD  | 227 | 253748 |
| Lune Holdings S.a.r.l., 5.63%, 11/15/28<sup>(e)</sup> | EUR  | 316 | 7804 |
| LYB International Finance BV, 5.25%, <br> 07/15/43<br>| USD  | 1011 | 868976 |
| LYB International Finance III LLC |  |  |  |
| 5.63%, 05/15/33 |  | 352 | 354845 |
| 5.88%, 01/15/36 |  | 450 | 451487 |
| 4.20%, 10/15/49 |  | 999 | 706874 |
| Methanex Corp., 5.25%, 12/15/29 |  | 100 | 99003 |
| Mosaic Co. (The) |  |  |  |
| 5.45%, 11/15/33 |  | 207 | 209201 |
| 5.63%, 11/15/43 |  | 200 | 185541 |
| NOVA Chemicals Corp., 9.00%, 02/15/30<sup>(a)</sup> |  | 620 | 654517 |
| Nutrien Ltd. |  |  |  |
| 4.50%, 03/12/27 |  | 1234 | 1236055 |
| 5.20%, 06/21/27 |  | 1313 | 1325654 |
| 4.90%, 03/27/28 |  | 803 | 809625 |
| 2.95%, 05/13/30 |  | 452 | 423620 |
| 5.25%, 03/12/32 |  | 603 | 615469 |
| 4.13%, 03/15/35 |  | 475 | 435355 |

---

382026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Nutrien Ltd. |  |  |  |
| 5.63%, 12/01/40 | USD  | 105 | $102934 |
| 6.13%, 01/15/41 |  | 194 | 202440 |
| OCP SA, 6.75%, 05/02/34<sup>(e)</sup> |  | 5089 | 5299583 |
| Olin Corp. |  |  |  |
| 5.00%, 02/01/30 |  | 135 | 129315 |
| 6.63%, 04/01/33<sup>(a)</sup> |  | 31 | 30325 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 6.25%, 10/01/29<sup>(a)</sup> |  | 400 | 378017 |
| 6.13%, 02/15/33<sup>(e)</sup> | EUR  | 339 | 376633 |
| 7.25%, 02/15/33<sup>(a)</sup> | USD  | 200 | 190820 |
| Perimeter Holdings LLC, 6.25%, 01/15/34<sup>(a)</sup> |  | 100 | 98075 |
| Pioneer Midco, (10.50% PIK), 10.50%, <br> 11/18/30<sup>(a)(h)(o)</sup><br>|  | 8866 | 8855111 |
| Sasol Financing U.S.A. LLC, 8.75%, <br> 05/03/29<sup>(e)</sup><br>|  | 668 | 694286 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(a)</sup> |  | 125 | 123574 |
| Sherwin-Williams Co. (The) |  |  |  |
| 3.45%, 06/01/27 |  | 2194 | 2170663 |
| 4.55%, 03/01/28 |  | 371 | 372428 |
| 4.30%, 08/15/28 |  | 445 | 444042 |
| 4.55%, 08/01/45 |  | 100 | 84020 |
| 4.50%, 06/01/47 |  | 543 | 452002 |
| Solstice Advanced Materials, Inc., 5.63%, <br> 09/30/33<sup>(a)</sup><br>|  | 106 | 104520 |
| Westlake Corp. |  |  |  |
| 5.55%, 11/15/35 |  | 333 | 331912 |
| 2.88%, 08/15/41 |  | 799 | 544608 |
| 6.38%, 11/15/55 |  | 23 | 22662 |
| WR Grace Holdings LLC, 7.00%, 08/01/33<sup>(a)</sup> |  | 262 | 254448 |
|  |  |  | 49732454 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| ADT Security Corp. (The), 4.13%, 08/01/29<sup>(a)</sup> |  | 145 | 138526 |
| Aethon III BR LLC, 9.80%, 01/10/27<sup>(a)(b)(h)</sup> |  | 3155 | 3155143 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>|  | 265 | 273272 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(a)</sup><br>|  | 411 | 397140 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(e)</sup> | EUR  | 314 | 372438 |
| Biffa Group Holdings Ltd. |  |  |  |
| 5.25%, 06/15/31<sup>(e)</sup> |  | 388 | 433843 |
| 7.38%, 06/15/31<sup>(e)</sup> | GBP  | 129 | 166731 |
| Brink's Co. (The) |  |  |  |
| 4.63%, 10/15/27<sup>(a)</sup> | USD  | 100 | 98691 |
| 6.75%, 06/15/32<sup>(a)</sup> |  | 177 | 179162 |
| Clarivate Science Holdings Corp., 3.88%, <br> 07/01/28<sup>(a)</sup><br>|  | 163 | 153826 |
| Covanta Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> |  | 662 | 620599 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(e)</sup> | EUR  | 795 | 900607 |
| Garda World Security Corp. |  |  |  |
| 8.25%, 08/01/32<sup>(a)</sup> | USD  | 162 | 160305 |
| 8.38%, 11/15/32<sup>(a)</sup> |  | 198 | 198134 |
| GEO Group, Inc. (The), 8.63%, 04/15/29 |  | 107 | 111123 |
| GFL Environmental, Inc. |  |  |  |
| 4.75%, 06/15/29<sup>(a)</sup> |  | 293 | 287478 |
| 4.38%, 08/15/29<sup>(a)</sup> |  | 90 | 87563 |
| 6.75%, 01/15/31<sup>(a)</sup> |  | 33 | 34149 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(e)</sup> | EUR  | 1743 | 1981000 |
| Loxam SAS, 4.25%, 02/15/31<sup>(e)</sup> |  | 520 | 583242 |
| Luna 2.5 S.a.r.l., 5.50%, 07/01/32<sup>(e)</sup> |  | 717 | 815158 |
| Madison IAQ LLC, 4.13%, 06/30/28<sup>(a)</sup> | USD  | 188 | 183600 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Multiversity SpA |  |  |  |
| (3-mo. EURIBOR + 4.25%), 6.28%, <br> 05/17/31<sup>(b)(e)</sup><br>| EUR  | 599 | $689449 |
| 7.13%, 05/17/31<sup>(e)</sup> |  | 351 | 405871 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(a)</sup> | USD  | 6435 | 6426506 |
| Republic Services, Inc. |  |  |  |
| 4.88%, 04/01/29 |  | 318 | 322762 |
| 5.00%, 11/15/29 |  | 229 | 233947 |
| 1.45%, 02/15/31 |  | 410 | 355491 |
| 2.38%, 03/15/33 |  | 117 | 100984 |
| 5.00%, 04/01/34 |  | 156 | 157589 |
| 5.70%, 05/15/41 |  | 238 | 245240 |
| Waste Connections, Inc., 5.00%, 03/01/34 |  | 480 | 483114 |
| Waste Management, Inc. |  |  |  |
| 1.15%, 03/15/28 |  | 976 | 921380 |
| 4.88%, 02/15/29 |  | 336 | 341630 |
| 2.00%, 06/01/29 |  | 1717 | 1602355 |
| 4.63%, 02/15/30 |  | 572 | 577166 |
| 1.50%, 03/15/31 |  | 883 | 767227 |
| 4.95%, 03/15/35 |  | 200 | 200494 |
| 2.95%, 06/01/41 |  | 375 | 279700 |
| Williams Scotsman, Inc. |  |  |  |
| 4.63%, 08/15/28<sup>(a)</sup> |  | 223 | 219376 |
| 6.63%, 06/15/29<sup>(a)</sup> |  | 39 | 39439 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> |  | 100 | 102968 |
|  |  |  | 25804418 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Cisco Systems, Inc. |  |  |  |
| 4.55%, 02/24/28 |  | 4036 | 4076827 |
| 4.95%, 02/24/32 |  | 758 | 773554 |
| 5.05%, 02/26/34 |  | 660 | 669547 |
| 5.10%, 02/24/35 |  | 745 | 755164 |
| 5.90%, 02/15/39 |  | 236 | 249183 |
| 5.50%, 01/15/40 |  | 926 | 942311 |
| 5.30%, 02/26/54 |  | 100 | 93788 |
| 5.50%, 02/24/55 |  | 175 | 169674 |
| Motorola Solutions, Inc. |  |  |  |
| 5.60%, 06/01/32 |  | 579 | 599684 |
| 5.40%, 04/15/34 |  | 139 | 140667 |
| 5.55%, 08/15/35 |  | 373 | 381352 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> |  | 328 | 325784 |
|  |  |  | 9177535 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> |  | 100 | 99890 |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(a)</sup> |  | 79 | 80947 |
| Cellnex Finance Co. SA, 3.88%, 01/19/36<sup>(e)</sup> | EUR  | 1700 | 1883612 |
| China City Construction International Co. Ltd., <br> 0.00%, 07/03/17<sup>(e)(f)(g)(h)</sup><br>| CNH  | 340 |  |
| IHS Holding Ltd. |  |  |  |
| 6.25%, 11/29/28<sup>(a)</sup> | USD  | 200 | 198032 |
| 8.25%, 11/29/31<sup>(e)</sup> |  | 859 | 880475 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(e)</sup><br>|  | 13800 | 13800000 |
| Vinci SA, Series ADP, 0.75%, 03/04/31<sup>(e)(n)</sup> | EUR  | 1400 | 1536149 |
|  |  |  | 18479105 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Martin Marietta Materials, Inc. |  |  |  |
| 3.45%, 06/01/27 | USD  | 807 | 797957 |
| 2.40%, 07/15/31 |  | 755 | 671971 |
| 5.15%, 12/01/34 |  | 100 | 100036 |
| 4.25%, 12/15/47 |  | 101 | 80734 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Quikrete Holdings, Inc. |  |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | USD  | 484 | $490777 |
| 6.75%, 03/01/33<sup>(a)</sup> |  | 123 | 124924 |
| Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(f)(g)(h)(o)</sup><br>|  | 10986 | 1 |
| Vulcan Materials Co. |  |  |  |
| 3.50%, 06/01/30 |  | 478 | 458200 |
| 4.70%, 03/01/48 |  | 303 | 258391 |
|  |  |  | 2982991 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| Ally Financial, Inc. |  |  |  |
| 6.99%, 06/13/29 |  | 577 | 600979 |
| 8.00%, 11/01/31 |  | 253 | 280533 |
| 8.00%, 11/01/31 |  | 683 | 753132 |
| 5.55%, 07/31/33 |  | 179 | 175828 |
| 6.18%, 07/26/35 |  | 519 | 520508 |
| 6.65%, 01/17/40 |  | 120 | 115828 |
| American Express Co. |  |  |  |
| 3.30%, 05/03/27 |  | 860 | 852761 |
| 5.04%, 07/26/28 |  | 1560 | 1573427 |
| 4.05%, 05/03/29 |  | 764 | 760984 |
| 5.28%, 07/27/29 |  | 1043 | 1060769 |
| 5.09%, 01/30/31 |  | 602 | 612183 |
| 4.99%, 05/26/33 |  | 786 | 781947 |
| 5.04%, 05/01/34 |  | 1614 | 1616447 |
| 4.80%, 10/24/36 |  | 1692 | 1636010 |
| 5.41%, 02/08/41 |  | 100 | 99227 |
| American Honda Finance Corp. |  |  |  |
| 3.50%, 02/15/28 |  | 2611 | 2560293 |
| 4.55%, 03/03/28 |  | 261 | 260889 |
| 5.13%, 07/07/28 |  | 499 | 504314 |
| 4.40%, 09/05/29 |  | 100 | 99097 |
| 4.50%, 09/04/30 |  | 1267 | 1248234 |
| 5.85%, 10/04/30 |  | 478 | 496342 |
| 5.05%, 07/10/31 |  | 290 | 290724 |
| 4.90%, 01/10/34 |  | 501 | 487218 |
| BCP V Modular Services Finance II PLC |  |  |  |
| 4.75%, 11/30/28<sup>(e)</sup> | EUR  | 429 | 466467 |
| 6.13%, 11/30/28<sup>(e)</sup> | GBP  | 151 | 186847 |
| 6.50%, 07/10/31<sup>(e)</sup> | EUR  | 1732 | 1700970 |
| BCP V Modular Services Finance PLC, <br> 6.75%, 11/30/29<sup>(e)</sup><br>|  | 565 | 446574 |
| Capital One Financial Corp. |  |  |  |
| 3.80%, 01/31/28 | USD  | 1612 | 1593069 |
| 6.31%, 06/08/29 |  | 275 | 284354 |
| 5.46%, 07/26/30 |  | 306 | 312339 |
| 7.62%, 10/30/31 |  | 462 | 510278 |
| 2.36%, 07/29/32 |  | 128 | 110347 |
| 5.82%, 02/01/34 |  | 14 | 14324 |
| 7.96%, 11/02/34 |  | 2272 | 2605639 |
| 5.88%, 07/26/35 |  | 473 | 484470 |
| 6.18%, 01/30/36 |  | 1013 | 1030377 |
| Capital One N.A. |  |  |  |
| 4.65%, 09/13/28 |  | 1865 | 1872842 |
| 2.70%, 02/06/30 |  | 558 | 520645 |
| Caterpillar Financial Services Corp. |  |  |  |
| 4.40%, 03/03/28 |  | 1095 | 1100401 |
| 3.95%, 11/14/28 |  | 248 | 246813 |
| 4.85%, 02/27/29 |  | 2077 | 2113493 |
| 4.38%, 08/16/29 |  | 200 | 200662 |
| 4.70%, 11/15/29 |  | 345 | 349743 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> |  | 177 | 172867 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Encore Capital Group, Inc., 4.25%, <br> 06/01/28<sup>(e)</sup><br>| GBP  | 156 | $196799 |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(a)</sup> | USD  | 142 | 144729 |
| Ford Motor Credit Co. LLC |  |  |  |
| 6.95%, 06/10/26 |  | 1941 | 1945570 |
| 4.54%, 08/01/26 |  | 773 | 771918 |
| 5.13%, 11/05/26 |  | 1562 | 1565228 |
| 4.27%, 01/09/27 |  | 1566 | 1558843 |
| 5.92%, 03/20/28 |  | 4104 | 4156015 |
| 4.97%, 04/06/29 |  | 8990 | 8879085 |
| 5.30%, 09/06/29 |  | 871 | 866455 |
| 7.20%, 06/10/30 |  | 200 | 210666 |
| 6.05%, 03/05/31 |  | 1330 | 1341768 |
| 3.63%, 06/17/31 |  | 370 | 333405 |
| 6.05%, 11/05/31 |  | 234 | 235032 |
| 6.53%, 03/19/32 |  | 249 | 255518 |
| 7.12%, 11/07/33 |  | 1497 | 1572516 |
| 5.87%, 10/31/35 |  | 866 | 831429 |
| General Motors Financial Co., Inc. |  |  |  |
| 5.40%, 05/08/27 |  | 439 | 442866 |
| 2.70%, 08/20/27 |  | 991 | 965707 |
| 6.00%, 01/09/28 |  | 2816 | 2879012 |
| 5.05%, 04/04/28 |  | 600 | 605209 |
| 2.40%, 10/15/28 |  | 343 | 325148 |
| 5.65%, 01/17/29 |  | 1251 | 1279512 |
| 4.30%, 04/06/29 |  | 282 | 279151 |
| 5.85%, 04/06/30 |  | 39 | 40366 |
| 3.60%, 06/21/30 |  | 292 | 277702 |
| 2.35%, 01/08/31 |  | 1178 | 1049415 |
| 5.75%, 02/08/31 |  | 100 | 103182 |
| 5.60%, 06/18/31 |  | 912 | 933433 |
| 6.40%, 01/09/33 |  | 1934 | 2049344 |
| 6.15%, 07/15/35 |  | 477 | 493263 |
| GGAM Finance Ltd., 6.88%, 04/15/29<sup>(a)</sup> |  | 355 | 362897 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(e)</sup> |  | 447 | 448194 |
| Muangthai Capital PCL |  |  |  |
| 6.88%, 09/30/28<sup>(e)</sup> |  | 800 | 791376 |
| 7.55%, 07/21/30<sup>(e)</sup> |  | 2000 | 1980000 |
| Muthoot Finance Ltd., 5.75%, 08/04/30<sup>(e)</sup> |  | 1700 | 1632850 |
| Synchrony Financial |  |  |  |
| 5.15%, 03/19/29 |  | 6664 | 6680159 |
| 5.45%, 03/06/31 |  | 250 | 249793 |
| 7.25%, 02/02/33 |  | 39 | 39834 |
| Toyota Motor Credit Corp. |  |  |  |
| 4.50%, 05/14/27 |  | 100 | 100394 |
| 5.05%, 05/16/29 |  | 1061 | 1083638 |
| 4.45%, 06/29/29 |  | 218 | 218776 |
| 1.65%, 01/10/31 |  | 808 | 707428 |
| 5.10%, 03/21/31 |  | 2419 | 2474542 |
| 4.65%, 09/03/32 |  | 509 | 505223 |
| 4.80%, 01/05/34 |  | 156 | 155143 |
| Series B, 5.00%, 03/19/27 |  | 326 | 328495 |
| Volkswagen Financial Services NV, 2.13%, <br> 01/18/28<sup>(e)</sup><br>| GBP  | 3300 | 4133056 |
|  |  |  | 92191279 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Albertsons Cos., Inc., 5.63%, 03/31/32<sup>(a)</sup> | USD  | 93 | 91560 |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |  |
| 3.50%, 03/15/29<sup>(a)</sup> |  | 277 | 264241 |
| 5.50%, 03/31/31<sup>(a)</sup> |  | 274 | 270896 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(e)</sup> | EUR  | 2009 | 2187842 |

---

402026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Boots Group Finco LP, 7.38%, 08/31/32<sup>(e)</sup> | GBP  | 298 | $391720 |
| Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(e)</sup> | EUR  | 500 | 577559 |
| CK Hutchison International 23 Ltd., 4.75%, <br> 04/21/28<sup>(e)</sup><br>| USD  | 640 | 645120 |
| Dollar General Corp., 5.45%, 07/05/33 |  | 546 | 552361 |
| Duomo Bidco SpA, (3-mo. EURIBOR + <br> 3.25%), 5.31%, 01/15/32<sup>(b)(e)</sup><br>| EUR  | 345 | 392217 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| USD  | 134 | 139501 |
| Kroger Co. (The), 5.40%, 07/15/40 |  | 1800 | 1757583 |
| Ocado Group PLC |  |  |  |
| 10.50%, 08/08/29<sup>(e)</sup> | GBP  | 178 | 231871 |
| 11.00%, 06/15/30<sup>(e)</sup> |  | 204 | 269218 |
| Performance Food Group, Inc., 4.25%, <br> 08/01/29<sup>(a)</sup><br>| USD  | 161 | 154651 |
| Picard Groupe SAS, 6.38%, 07/01/29<sup>(e)</sup> | EUR  | 463 | 540956 |
| Sysco Corp. |  |  |  |
| 3.25%, 07/15/27 | USD  | 950 | 935524 |
| 2.40%, 02/15/30 |  | 243 | 222603 |
| 5.10%, 09/23/30 |  | 321 | 323551 |
| 6.00%, 01/17/34 |  | 829 | 865485 |
| 5.40%, 03/23/35 |  | 145 | 143946 |
| 5.38%, 09/21/35 |  | 188 | 187880 |
| 6.60%, 04/01/40 |  | 309 | 329933 |
| 4.85%, 10/01/45 |  | 64 | 54384 |
| 6.60%, 04/01/50 |  | 276 | 285189 |
| Target Corp. |  |  |  |
| 4.50%, 09/15/34 |  | 1519 | 1478760 |
| 5.25%, 02/15/36 |  | 100 | 101174 |
| 3.63%, 04/15/46 |  | 563 | 423300 |
| 3.90%, 11/15/47 |  | 107 | 83330 |
| Walmart, Inc. |  |  |  |
| 4.35%, 04/28/30 |  | 490 | 494703 |
| 4.90%, 04/28/35 |  | 129 | 130803 |
| 5.25%, 09/01/35 |  | 740 | 771357 |
| 6.50%, 08/15/37 |  | 416 | 475962 |
| 6.20%, 04/15/38 |  | 195 | 217153 |
| 5.63%, 04/01/40 |  | 475 | 502966 |
| 3.63%, 12/15/47 |  | 1313 | 1010564 |
| 2.65%, 09/22/51 |  | 100 | 61458 |
| 4.50%, 09/09/52 |  | 821 | 707871 |
|  |  |  | 18275192 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor Finance U.S.A., Inc., 5.63%, 05/26/33 |  | 152 | 155724 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 |  | 451 | 462099 |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<sup>(e)</sup> |  | 1791 | 1878300 |
| (5.50% Cash and 6.50% PIK), 12.00%, <br> 12/01/30<sup>(a)(o)</sup><br>|  | 7796 | 6551731 |
| (4.50% Cash and 7.50% PIK), 12.00%, <br> 12/01/30<sup>(e)(o)</sup><br>| EUR  | 1541 | 1462080 |
| Ardagh Metal Packaging Finance U.S.A. <br> LLC/Ardagh Metal Packaging Finance PLC<br>|  |  |  |
| 3.00%, 09/01/29<sup>(e)</sup> |  | 200 | 208552 |
| 4.00%, 09/01/29<sup>(a)</sup> | USD  | 200 | 183140 |
| 6.25%, 01/30/31<sup>(a)</sup> |  | 258 | 255785 |
| Ball Corp. |  |  |  |
| 6.00%, 06/15/29 |  | 127 | 128826 |
| 2.88%, 08/15/30 |  | 100 | 91018 |
| 3.13%, 09/15/31 |  | 125 | 112573 |
| Berry Global, Inc., 5.65%, 01/15/34 |  | 348 | 355908 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/26<br>| USD  | 201 | $200231 |
| OI European Group BV, 4.75%, 02/15/30<sup>(a)</sup> |  | 189 | 176371 |
| Owens-Brockway Glass Container, Inc., <br> 7.25%, 05/15/31<sup>(a)</sup><br>|  | 170 | 162793 |
| Packaging Corp. of America, 5.20%, 08/15/35 |  | 100 | 99200 |
| Sealed Air Corp., 4.00%, 12/01/27<sup>(a)</sup> |  | 250 | 249375 |
| Smurfit Kappa Treasury ULC, 5.44%, <br> 04/03/34<br>|  | 400 | 405283 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<br>|  | 241 | 242935 |
| Sonoco Products Co., 4.60%, 09/01/29 |  | 316 | 315085 |
| Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC, 9.50%, <br> 05/15/30<sup>(a)</sup><br>|  | 2410 | 2128728 |
| Trivium Packaging Finance BV, 12.25%, <br> 01/15/31<sup>(a)</sup><br>|  | 239 | 258767 |
| WestRock MWV LLC |  |  |  |
| 8.20%, 01/15/30 |  | 154 | 172617 |
| 7.95%, 02/15/31 |  | 603 | 683325 |
| WRKCo, Inc., 3.00%, 06/15/33 |  | 381 | 334669 |
|  |  |  | 17275115 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| LKQ Corp., 6.25%, 06/15/33 |  | 257 | 264763 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Match Group Holdings II LLC |  |  |  |
| 5.00%, 12/15/27<sup>(a)</sup> |  | 100 | 99583 |
| 4.13%, 08/01/30<sup>(a)</sup> |  | 85 | 78772 |
| 6.13%, 09/15/33<sup>(a)</sup> |  | 82 | 79689 |
| Service Corp. International, 5.13%, 06/01/29 |  | 182 | 180822 |
| United Rentals North America, Inc. |  |  |  |
| 4.88%, 01/15/28 |  | 189 | 188179 |
| 5.25%, 01/15/30 |  | 100 | 99432 |
| 4.00%, 07/15/30 |  | 156 | 148180 |
| 3.75%, 01/15/32 |  | 186 | 170466 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(a)</sup> |  | 139 | 142127 |
|  |  |  | 1187250 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| American Tower Corp., 5.45%, 02/15/34 |  | 9910 | 10074138 |
| Crown Castle, Inc. |  |  |  |
| 2.90%, 03/15/27 |  | 354 | 348706 |
| 3.65%, 09/01/27 |  | 205 | 202547 |
| 5.00%, 01/11/28 |  | 112 | 112803 |
| 4.30%, 02/15/29 |  | 622 | 614594 |
| 5.60%, 06/01/29 |  | 492 | 503650 |
| 4.90%, 09/01/29 |  | 199 | 200105 |
| 3.10%, 11/15/29 |  | 466 | 439792 |
| 2.10%, 04/01/31 |  | 299 | 260512 |
| 2.50%, 07/15/31 |  | 1718 | 1513460 |
| 5.10%, 05/01/33 |  | 258 | 254352 |
| 5.80%, 03/01/34 |  | 389 | 398436 |
| 4.75%, 05/15/47 |  | 100 | 83091 |
| Equinix, Inc. |  |  |  |
| 2.50%, 05/15/31 |  | 853 | 761361 |
| 3.40%, 02/15/52 |  | 2586 | 1704950 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| 4.00%, 01/15/31 |  | 2181 | 2062311 |
| 5.25%, 02/15/33 |  | 3089 | 3027955 |
| Prologis LP |  |  |  |
| 4.38%, 02/01/29 |  | 415 | 415226 |
| 2.88%, 11/15/29 |  | 250 | 237055 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Prologis LP |  |  |  |
| 1.75%, 02/01/31 | USD  | 1062 | $933107 |
| 1.63%, 03/15/31 |  | 292 | 255267 |
| 5.13%, 01/15/34 |  | 1138 | 1150446 |
| 5.00%, 03/15/34 |  | 419 | 419960 |
| 5.00%, 01/31/35 |  | 229 | 228192 |
| 5.25%, 05/15/35 |  | 104 | 105713 |
| 2.13%, 10/15/50 |  | 367 | 194675 |
| Trust 2401, 7.70%, 01/23/32<sup>(a)</sup> |  | 2008 | 2145167 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(e)</sup> |  | 4000 | 4223520 |
| VICI Properties LP/VICI Note Co., Inc., 3.88%, <br> 02/15/29<sup>(a)</sup><br>|  | 10482 | 10186464 |
| Weyerhaeuser Co., 4.00%, 04/15/30 |  | 126 | 122633 |
| WP Carey, Inc. |  |  |  |
| 3.85%, 07/15/29 |  | 173 | 168907 |
| 2.25%, 04/01/33 |  | 100 | 82969 |
|  |  |  | 43432064 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Altice France SA, 5.63%, 07/15/32<sup>(e)</sup> | EUR  | 643 | 707914 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | USD  | 195 | 200913 |
| AT&T Inc. |  |  |  |
| 2.30%, 06/01/27 |  | 1927 | 1883634 |
| 4.70%, 08/15/30 |  | 559 | 563619 |
| 2.75%, 06/01/31 |  | 555 | 507511 |
| 2.25%, 02/01/32 |  | 818 | 714625 |
| 2.55%, 12/01/33 |  | 2211 | 1871031 |
| 5.40%, 02/15/34 |  | 208 | 212679 |
| 4.50%, 05/15/35 |  | 724 | 686253 |
| 5.13%, 04/30/36 |  | 1863 | 1840647 |
| 4.85%, 03/01/39 |  | 129 | 120140 |
| 5.55%, 08/15/41 |  | 130 | 125664 |
| 5.85%, 04/30/46 |  | 817 | 796142 |
| 4.75%, 05/15/46 |  | 1896 | 1593079 |
| 5.45%, 03/01/47 |  | 1917 | 1777371 |
| 5.15%, 02/15/50 |  | 1181 | 1041625 |
| 5.70%, 11/01/54 |  | 1592 | 1490636 |
| 3.85%, 06/01/60 |  | 8180 | 5503577 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| 5.10%, 05/11/33 |  | 488 | 488568 |
| 5.55%, 02/15/54 |  | 603 | 565629 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> |  | 152 | 157476 |
| Connect Finco S.a.r.l./Connect U.S. Finco <br> LLC, 9.00%, 09/15/29<sup>(a)</sup><br>|  | 200 | 210108 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> |  | 12915 | 12912976 |
| 5.88%, 11/01/29 |  | 8615 | 8666802 |
| 6.00%, 01/15/30<sup>(a)</sup> |  | 2600 | 2615553 |
| Frontier Florida LLC, Series E, 6.86%, <br> 02/01/28<br>|  | 5279 | 5452837 |
| Frontier North, Inc., Series G, 6.73%, <br> 02/15/28<br>|  | 1500 | 1551000 |
| Iliad Holding SAS |  |  |  |
| 7.00%, 10/15/28<sup>(a)</sup> |  | 537 | 540465 |
| 6.88%, 04/15/31<sup>(e)</sup> | EUR  | 1034 | 1245095 |
| 7.00%, 04/15/32<sup>(a)</sup> | USD  | 332 | 332398 |
| Level 3 Financing, Inc. |  |  |  |
| 6.88%, 06/30/33<sup>(a)</sup> |  | 223 | 227086 |
| 8.50%, 01/15/36<sup>(a)</sup> |  | 1202 | 1254181 |
| Orange SA |  |  |  |
| 9.00%, 03/01/31 |  | 406 | 479864 |
| 5.38%, 01/13/42 |  | 133 | 128695 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Telecom Argentina SA |  |  |  |
| 9.25%, 05/28/33<sup>(a)</sup> | USD  | 998 | $1033239 |
| 8.50%, 01/20/36<sup>(a)</sup> |  | 341 | 340431 |
| Telefonica Emisiones SA |  |  |  |
| 7.05%, 06/20/36 |  | 831 | 916565 |
| 5.21%, 03/08/47 |  | 1092 | 948226 |
| Telefonica Europe BV, 8.25%, 09/15/30 |  | 808 | 915921 |
| United Group BV, 5.25%, 02/01/30<sup>(e)</sup> | EUR  | 191 | 215318 |
| Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup><br>| USD  | 359 | 357133 |
| Uniti Services LLC, 7.50%, 10/15/33<sup>(a)</sup> |  | 85 | 88370 |
| Verizon Communications, Inc. |  |  |  |
| 4.13%, 03/16/27 |  | 567 | 566632 |
| 4.33%, 09/21/28 |  | 1142 | 1142339 |
| 3.15%, 03/22/30 |  | 709 | 675276 |
| 1.68%, 10/30/30 |  | 641 | 565700 |
| 7.75%, 12/01/30 |  | 1840 | 2074557 |
| 2.55%, 03/21/31 |  | 200 | 181574 |
| 4.50%, 08/10/33 |  | 3726 | 3613973 |
| 4.40%, 11/01/34 |  | 977 | 930072 |
| 4.78%, 02/15/35 |  | 2284 | 2210661 |
| 5.00%, 01/15/36 |  | 466 | 456348 |
| 4.81%, 03/15/39 |  | 1198 | 1116709 |
| 4.75%, 11/01/41 |  | 100 | 89928 |
| 6.55%, 09/15/43 |  | 1446 | 1549483 |
| 5.50%, 03/16/47 |  | 1121 | 1053896 |
| 4.00%, 03/22/50 |  | 483 | 364709 |
| 2.88%, 11/20/50 |  | 5978 | 3625302 |
| 5.88%, 11/30/55 |  | 577 | 561232 |
| 3.00%, 11/20/60 |  | 205 | 117855 |
| 6.00%, 11/30/65 |  | 965 | 934836 |
| Windstream Services LLC/Windstream <br> Escrow Finance Corp., 8.25%, 10/01/31<sup>(a)</sup><br>|  | 245 | 256063 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(a)(n)(o)</sup><br>|  | 5068 | 4597067 |
| WOM Mobile SA, (11.00% Cash or 12.50% <br> PIK), 11.00%, 04/01/31<sup>(a)(o)</sup><br>|  | 210 | 212262 |
| Zayo Group Holdings, Inc., (9.25% Cash or <br> 0.50% PIK), 9.25%, 03/09/30<sup>(a)(o)</sup><br>|  | 147 | 146511 |
|  |  |  | 90323981 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| AEP Texas, Inc., Series G, 4.15%, 05/01/49 |  | 1090 | 823358 |
| AEP Transmission Co. LLC |  |  |  |
| 3.75%, 12/01/47 |  | 3185 | 2357246 |
| 3.80%, 06/15/49 |  | 1262 | 929197 |
| 3.15%, 09/15/49 |  | 1476 | 970507 |
| Series N, 2.75%, 08/15/51 |  | 2295 | 1377323 |
| AES Andes SA |  |  |  |
| 6.30%, 03/15/29<sup>(a)</sup> |  | 200 | 204375 |
| 6.30%, 03/15/29<sup>(e)</sup> |  | 443 | 452691 |
| Alabama Power Co. |  |  |  |
| 3.85%, 12/01/42 |  | 405 | 324822 |
| 4.15%, 08/15/44 |  | 411 | 334474 |
| Series B, 3.70%, 12/01/47 |  | 239 | 176214 |
| Alpha Generation LLC |  |  |  |
| 6.75%, 10/15/32<sup>(a)</sup> |  | 40 | 40585 |
| 6.25%, 01/15/34<sup>(a)</sup> |  | 79 | 77605 |
| American Transmission Co. LLC, 5.75%, <br> 04/01/56<sup>(a)</sup><br>|  | 130 | 128857 |
| Arizona Public Service Co., 5.10%, 03/15/36 |  | 19881 | 19546502 |
| Atlantic City Electric Co., 2.30%, 03/15/31 |  | 76 | 68466 |

---

422026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Baltimore Gas & Electric Co. |  |  |  |
| 5.30%, 06/01/34 | USD  | 1094 | $1121933 |
| 5.45%, 06/01/35 |  | 111 | 113808 |
| 6.35%, 10/01/36 |  | 232 | 252372 |
| 3.50%, 08/15/46 |  | 1549 | 1118138 |
| 3.75%, 08/15/47 |  | 1396 | 1043040 |
| 2.90%, 06/15/50 |  | 888 | 558048 |
| Berkshire Hathaway Energy Co. |  |  |  |
| 5.95%, 05/15/37 |  | 668 | 702266 |
| 5.15%, 11/15/43 |  | 424 | 395009 |
| 4.45%, 01/15/49 |  | 428 | 347198 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(e)</sup><br>| EUR  | 602 | 672599 |
| Clearway Energy Operating LLC, 4.75%, <br> 03/15/28<sup>(a)</sup><br>| USD  | 202 | 199305 |
| Commonwealth Edison Co. |  |  |  |
| 5.30%, 06/01/34 |  | 352 | 362110 |
| 6.45%, 01/15/38 |  | 338 | 371073 |
| 4.70%, 01/15/44 |  | 205 | 179798 |
| 3.70%, 03/01/45 |  | 306 | 233278 |
| 4.35%, 11/15/45 |  | 100 | 82778 |
| 4.00%, 03/01/49 |  | 100 | 76403 |
| 5.30%, 02/01/53 |  | 100 | 92732 |
| 5.65%, 06/01/54 |  | 192 | 187111 |
| Series 123, 3.75%, 08/15/47 |  | 174 | 129895 |
| Connecticut Light & Power Co. (The) |  |  |  |
| 4.95%, 08/15/34 |  | 113 | 112050 |
| Series A, 4.15%, 06/01/45 |  | 465 | 377383 |
| Consolidated Edison Co. of New York, Inc. |  |  |  |
| 5.50%, 03/15/34 |  | 102 | 105800 |
| 3.85%, 06/15/46 |  | 1590 | 1217524 |
| 5.90%, 11/15/53 |  | 1105 | 1103253 |
| 4.63%, 12/01/54 |  | 75 | 61790 |
| 4.30%, 12/01/56 |  | 95 | 73703 |
| 4.50%, 05/15/58 |  | 100 | 79681 |
| Series 06-A, 5.85%, 03/15/36 |  | 277 | 292256 |
| Series 06-B, 6.20%, 06/15/36 |  | 676 | 723358 |
| Series 09-C, 5.50%, 12/01/39 |  | 194 | 194212 |
| Series C, 3.00%, 12/01/60 |  | 1238 | 718502 |
| Series D, 4.00%, 12/01/28 |  | 201 | 199646 |
| Constellation Energy Generation LLC |  |  |  |
| 4.63%, 02/01/29<sup>(a)</sup> |  | 998 | 985928 |
| 5.75%, 10/01/41 |  | 429 | 429266 |
| 5.60%, 06/15/42 |  | 258 | 252833 |
| 6.50%, 10/01/53 |  | 307 | 325809 |
| 5.88%, 01/15/66 |  | 105 | 100806 |
| Continuum Energy Aura Pte Ltd., 9.50%, <br> 02/24/27<sup>(e)</sup><br>|  | 8000 | 8047500 |
| Continuum Green Energy India Pvt/Co-<br> Issuers, 7.50%, 06/26/33<sup>(e)</sup><br>|  | 9408 | 9292728 |
| Dominion Energy South Carolina, Inc. |  |  |  |
| 6.05%, 01/15/38 |  | 100 | 105766 |
| 4.60%, 06/15/43 |  | 280 | 242158 |
| Dominion Energy, Inc. |  |  |  |
| 7.00%, 06/15/38 |  | 145 | 160032 |
| Series C, 4.05%, 09/15/42 |  | 100 | 79022 |
| Series F, 5.25%, 08/01/33 |  | 200 | 202358 |
| DTE Electric Co. |  |  |  |
| 4.25%, 05/14/27 |  | 1473 | 1473638 |
| 5.20%, 03/01/34 |  | 176 | 179847 |
| 4.30%, 07/01/44 |  | 360 | 301643 |
| 5.40%, 04/01/53 |  | 202 | 192552 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| DTE Electric Co. |  |  |  |
| 5.85%, 05/15/55 | USD  | 202 | $203328 |
| Series A, 4.85%, 03/01/36 |  | 729 | 715335 |
| Duke Energy Carolinas LLC, 3.70%, 12/01/47 |  | 2564 | 1901637 |
| Duke Energy Florida LLC, 4.20%, 07/15/48 |  | 1764 | 1391607 |
| Duke Energy Kentucky, Inc., 5.90%, <br> 09/15/35 (Acquired 08/11/25, cost <br> $9,639,000)<sup>(h)(j)</sup><br>|  | 9639 | 9614902 |
| Duke Energy Ohio, Inc. |  |  |  |
| 5.25%, 04/01/33 |  | 1527 | 1560294 |
| 5.55%, 03/15/54 |  | 3785 | 3623502 |
| Duke Energy Progress LLC |  |  |  |
| 3.70%, 10/15/46 |  | 2928 | 2178669 |
| 2.50%, 08/15/50 |  | 478 | 274238 |
| Edison International |  |  |  |
| 6.95%, 11/15/29 |  | 924 | 974949 |
| 4.80%, 03/15/31 |  | 512 | 499799 |
| 5.25%, 03/15/32 |  | 102 | 100951 |
| Electricite de France SA, 3.38% <sup>(e)(p)</sup> | EUR  | 400 | 434780 |
| Entergy Arkansas LLC, 5.15%, 01/15/33 | USD  | 100 | 101695 |
| Entergy Corp., 1.90%, 06/15/28 |  | 253 | 239880 |
| Entergy Louisiana LLC |  |  |  |
| 3.05%, 06/01/31 |  | 25 | 23259 |
| 4.00%, 03/15/33 |  | 42 | 39874 |
| 5.15%, 09/15/34 |  | 76 | 76557 |
| 4.95%, 01/15/45 |  | 594 | 535078 |
| 4.20%, 04/01/50 |  | 251 | 197363 |
| 5.80%, 03/15/55 |  | 407 | 399117 |
| Entergy Texas, Inc. |  |  |  |
| 4.50%, 03/30/39 |  | 1590 | 1453326 |
| 5.00%, 09/15/52 |  | 100 | 87068 |
| Evergy Kansas Central, Inc. |  |  |  |
| 3.10%, 04/01/27 |  | 145 | 143460 |
| 5.90%, 11/15/33 |  | 196 | 207860 |
| 5.25%, 03/15/35 |  | 119 | 119951 |
| Evergy Metro, Inc. |  |  |  |
| 5.13%, 08/15/35 |  | 251 | 249747 |
| 4.20%, 03/15/48 |  | 229 | 182053 |
| Exelon Corp. |  |  |  |
| 5.45%, 03/15/34 |  | 100 | 102232 |
| 4.95%, 03/15/36 |  | 134 | 129963 |
| 5.10%, 06/15/45 |  | 173 | 155664 |
| 5.88%, 03/15/55 |  | 261 | 254423 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple, 7.25%, <br> 01/31/41<sup>(a)</sup><br>|  | 865 | 864713 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 |  | 18914 | 12583438 |
| FirstEnergy Transmission LLC |  |  |  |
| 4.75%, 01/15/33 |  | 9675 | 9529127 |
| 5.00%, 01/15/35 |  | 16781 | 16524176 |
| 4.55%, 04/01/49<sup>(a)</sup> |  | 7670 | 6356687 |
| Florida Power & Light Co. |  |  |  |
| 5.15%, 06/15/29 |  | 1583 | 1623930 |
| 5.63%, 04/01/34 |  | 230 | 240039 |
| 5.30%, 06/15/34 |  | 1169 | 1201937 |
| 4.95%, 06/01/35 |  | 984 | 980199 |
| 5.69%, 03/01/40 |  | 1026 | 1058760 |
| 4.13%, 02/01/42 |  | 252 | 214370 |
| 3.15%, 10/01/49 |  | 1499 | 1003359 |
| 5.60%, 02/15/66 |  | 278 | 267810 |
| Georgia Power Co. |  |  |  |
| 4.85%, 03/15/31 |  | 2431 | 2461229 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Georgia Power Co. |  |  |  |
| 4.70%, 05/15/32 | USD  | 4456 | $4457889 |
| 4.30%, 03/15/43 |  | 100 | 84880 |
| Series 10-C, 4.75%, 09/01/40 |  | 500 | 468700 |
| Series B, 2.65%, 09/15/29 |  | 100 | 94686 |
| India Green Power Holdings, 4.00%, <br> 02/22/27<sup>(e)</sup><br>|  | 6538 | 6368402 |
| Kentucky Utilities Co. |  |  |  |
| 5.45%, 04/15/33 |  | 294 | 303370 |
| 5.13%, 11/01/40 |  | 404 | 389685 |
| 4.38%, 10/01/45 |  | 141 | 116292 |
| 5.85%, 08/15/55 |  | 118 | 117324 |
| Louisville Gas & Electric Co., 5.45%, <br> 04/15/33<br>|  | 668 | 689724 |
| MidAmerican Energy Co. |  |  |  |
| 4.25%, 05/01/46 |  | 434 | 355314 |
| 3.65%, 08/01/48 |  | 188 | 137759 |
| 3.15%, 04/15/50 |  | 1263 | 835273 |
| 5.30%, 02/01/55 |  | 239 | 221647 |
| Mississippi Power Co., Series 12-A, 4.25%, <br> 03/15/42<br>|  | 120 | 100739 |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(e)</sup><br>|  | 6173 | 6066616 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(e)</sup> |  | 6120 | 6315075 |
| National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |  |
| 4.85%, 02/07/29 |  | 171 | 173146 |
| 8.00%, 03/01/32 |  | 522 | 603938 |
| 7.13%, 09/15/53 |  | 562 | 581626 |
| Series D, 4.05%, 02/09/29 |  | 217 | 215564 |
| Nevada Power Co., Series N, 6.65%, <br> 04/01/36<br>|  | 146 | 161761 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 4.69%, 09/01/27 |  | 1599 | 1606714 |
| 5.25%, 03/15/34 |  | 536 | 542636 |
| 3.00%, 01/15/52 |  | 521 | 321917 |
| 5.90%, 03/15/55 |  | 174 | 170791 |
| Northern States Power Co. |  |  |  |
| 6.25%, 06/01/36 |  | 354 | 384760 |
| 5.35%, 11/01/39 |  | 1375 | 1368851 |
| 2.90%, 03/01/50 |  | 486 | 314344 |
| 3.20%, 04/01/52 |  | 292 | 198114 |
| NRG Energy, Inc. |  |  |  |
| 5.25%, 06/15/29<sup>(a)</sup> |  | 373 | 369291 |
| 5.75%, 07/15/29<sup>(a)</sup> |  | 288 | 287569 |
| 3.63%, 02/15/31<sup>(a)</sup> |  | 142 | 130761 |
| NSTAR Electric Co. |  |  |  |
| 3.25%, 05/15/29 |  | 173 | 167461 |
| 1.95%, 08/15/31 |  | 2161 | 1889613 |
| 5.40%, 06/01/34 |  | 170 | 173762 |
| Oglethorpe Power Corp. |  |  |  |
| 5.95%, 11/01/39 |  | 121 | 124756 |
| 6.20%, 12/01/53 |  | 338 | 344037 |
| Ohio Power Co. |  |  |  |
| 4.00%, 06/01/49 |  | 2212 | 1651530 |
| Series P, 2.60%, 04/01/30 |  | 23 | 21323 |
| Series R, 2.90%, 10/01/51 |  | 473 | 282902 |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 3.70%, 11/15/28 |  | 312 | 307135 |
| 7.00%, 05/01/32 |  | 748 | 833995 |
| 5.35%, 04/01/35 |  | 145 | 148166 |
| 7.50%, 09/01/38 |  | 100 | 117993 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 5.30%, 06/01/42 | USD  | 429 | $406863 |
| 3.80%, 09/30/47 |  | 298 | 224026 |
| 3.70%, 05/15/50 |  | 565 | 407851 |
| 2.70%, 11/15/51 |  | 215 | 124649 |
| 5.55%, 06/15/54 |  | 347 | 331176 |
| Pacific Gas & Electric Co. |  |  |  |
| 5.00%, 06/04/28 |  | 840 | 847116 |
| 3.00%, 06/15/28 |  | 665 | 643379 |
| 5.55%, 05/15/29 |  | 1250 | 1279690 |
| 3.25%, 06/01/31 |  | 735 | 677919 |
| 5.05%, 10/15/32 |  | 1309 | 1300491 |
| 6.15%, 01/15/33 |  | 383 | 400464 |
| 6.40%, 06/15/33 |  | 12 | 12736 |
| 5.80%, 05/15/34 |  | 255 | 261296 |
| 5.20%, 05/01/36 |  | 744 | 725123 |
| 4.50%, 07/01/40 |  | 10245 | 8742142 |
| 3.30%, 08/01/40 |  | 7852 | 5872215 |
| 4.45%, 04/15/42 |  | 100 | 82367 |
| 3.75%, 08/15/42 |  | 1297 | 971076 |
| 4.75%, 02/15/44 |  | 4059 | 3381872 |
| 4.25%, 03/15/46 |  | 856 | 650197 |
| 3.95%, 12/01/47 |  | 1052 | 765542 |
| 4.95%, 07/01/50 |  | 38798 | 32139343 |
| 3.50%, 08/01/50 |  | 7742 | 5118946 |
| 5.25%, 03/01/52 |  | 4819 | 4100458 |
| 6.75%, 01/15/53 |  | 17712 | 18377728 |
| 6.70%, 04/01/53 |  | 11996 | 12416869 |
| 5.90%, 10/01/54 |  | 6982 | 6506166 |
| 6.15%, 03/01/55 |  | 9162 | 8851858 |
| 6.10%, 10/15/55 |  | 20494 | 19684985 |
| PacifiCorp |  |  |  |
| 3.50%, 06/15/29 |  | 303 | 291634 |
| 6.35%, 07/15/38 |  | 850 | 870128 |
| 6.00%, 01/15/39 |  | 2909 | 2889083 |
| 4.10%, 02/01/42 |  | 570 | 444670 |
| 4.13%, 01/15/49 |  | 310 | 227257 |
| 3.30%, 03/15/51 |  | 176 | 109599 |
| PECO Energy Co. |  |  |  |
| 3.70%, 09/15/47 |  | 1254 | 936895 |
| 5.25%, 09/15/54 |  | 100 | 92683 |
| PG&E Corp., 5.25%, 07/01/30 |  | 18780 | 18531956 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 |  | 12421 | 12603644 |
| Potomac Electric Power Co., 4.15%, 03/15/43 |  | 30 | 24775 |
| PPL Capital Funding, Inc., 5.25%, 09/01/34 |  | 200 | 201417 |
| PPL Electric Utilities Corp. |  |  |  |
| 4.85%, 02/15/34 |  | 100 | 99650 |
| 4.13%, 06/15/44 |  | 383 | 314910 |
| 3.95%, 06/01/47 |  | 285 | 221986 |
| Public Service Co. of Colorado |  |  |  |
| 1.88%, 06/15/31 |  | 1236 | 1077846 |
| 3.60%, 09/15/42 |  | 75 | 57848 |
| 5.25%, 04/01/53 |  | 429 | 388212 |
| Series 17, 6.25%, 09/01/37 |  | 291 | 310612 |
| Series 35, 1.90%, 01/15/31 |  | 101 | 89200 |
| Series 36, 2.70%, 01/15/51 |  | 177 | 104668 |
| Public Service Electric & Gas Co. |  |  |  |
| 3.65%, 09/01/28 |  | 100 | 98620 |
| 4.65%, 03/15/33 |  | 155 | 153162 |
| 5.20%, 03/01/34 |  | 362 | 368149 |
| 5.80%, 05/01/37 |  | 932 | 980547 |
| 3.95%, 05/01/42 |  | 226 | 186502 |

---

442026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Public Service Electric & Gas Co. |  |  |  |
| 3.60%, 12/01/47 | USD  | 354 | $261453 |
| 3.85%, 05/01/49 |  | 25 | 19003 |
| 3.20%, 08/01/49 |  | 95 | 63819 |
| 2.05%, 08/01/50 |  | 22 | 11617 |
| 5.45%, 08/01/53 |  | 158 | 151724 |
| 5.45%, 03/01/54 |  | 236 | 225355 |
| Series Q, 5.50%, 03/01/55 |  | 100 | 96530 |
| Public Service Enterprise Group, Inc. |  |  |  |
| 5.88%, 10/15/28 |  | 1144 | 1180543 |
| 6.13%, 10/15/33 |  | 653 | 691625 |
| Puget Energy, Inc. |  |  |  |
| 2.38%, 06/15/28 |  | 576 | 548989 |
| 4.10%, 06/15/30 |  | 408 | 395396 |
| 4.22%, 03/15/32 |  | 231 | 220349 |
| 5.73%, 03/15/35 |  | 601 | 605373 |
| Puget Sound Energy, Inc. |  |  |  |
| 5.64%, 04/15/41 |  | 112 | 110734 |
| 5.45%, 06/01/53 |  | 100 | 94617 |
| San Diego Gas & Electric Co. |  |  |  |
| 6.00%, 06/01/39 |  | 241 | 250694 |
| 4.50%, 08/15/40 |  | 202 | 181758 |
| Series RRR, 3.75%, 06/01/47 |  | 114 | 84495 |
| Southern California Edison Co. |  |  |  |
| 5.85%, 11/01/27 |  | 2991 | 3046269 |
| 5.45%, 06/01/31 |  | 100 | 102294 |
| 6.00%, 01/15/34 |  | 873 | 910155 |
| 5.63%, 02/01/36 |  | 227 | 227420 |
| 6.05%, 03/15/39 |  | 218 | 221316 |
| 4.65%, 10/01/43 |  | 930 | 777743 |
| 4.00%, 04/01/47 |  | 44 | 32689 |
| 5.70%, 03/01/53 |  | 361 | 331412 |
| Series 08-A, 5.95%, 02/01/38 |  | 418 | 423795 |
| Series A, 4.20%, 03/01/29 |  | 570 | 563557 |
| Series C, 3.60%, 02/01/45 |  | 363 | 257913 |
| Series E, 5.45%, 06/01/52 |  | 1414 | 1252900 |
| Southern Co. (The) |  |  |  |
| 5.20%, 06/15/33 |  | 1113 | 1124151 |
| 4.85%, 03/15/35 |  | 649 | 631348 |
| Southern Power Co. |  |  |  |
| 5.25%, 07/15/43 |  | 204 | 190511 |
| Series B, 4.90%, 10/01/35 |  | 100 | 96710 |
| Southwestern Electric Power Co., 5.30%, <br> 04/01/33<br>|  | 612 | 620583 |
| Southwestern Public Service Co. |  |  |  |
| 5.30%, 05/15/35 |  | 730 | 732253 |
| 4.50%, 08/15/41 |  | 117 | 102172 |
| 3.70%, 08/15/47 |  | 953 | 700601 |
| Series 6, 4.40%, 11/15/48 |  | 100 | 81035 |
| Talen Energy Supply LLC |  |  |  |
| 8.63%, 06/01/30<sup>(a)</sup> |  | 171 | 179392 |
| 6.25%, 02/01/34<sup>(a)</sup> |  | 200 | 197772 |
| Tampa Electric Co. |  |  |  |
| 5.15%, 03/01/35 |  | 100 | 100287 |
| 4.35%, 05/15/44 |  | 173 | 144529 |
| Tsetsens Mining & Energy LLC, 11.38%, <br> 02/05/31<sup>(e)</sup><br>|  | 1500 | 1507050 |
| Tucson Electric Power Co., 5.50%, 04/15/53 |  | 100 | 93306 |
| Union Electric Co. |  |  |  |
| 3.50%, 03/15/29 |  | 468 | 457497 |
| 4.80%, 03/15/36 |  | 954 | 931153 |
| 5.30%, 08/01/37 |  | 111 | 112269 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Union Electric Co. |  |  |  |
| 3.90%, 09/15/42 | USD  | 84 | $67915 |
| 3.65%, 04/15/45 |  | 564 | 427842 |
| 5.55%, 03/15/56 |  | 458 | 441561 |
| Virginia Electric & Power Co. |  |  |  |
| 5.30%, 08/15/33 |  | 100 | 102292 |
| 6.35%, 11/30/37 |  | 440 | 473692 |
| 4.00%, 01/15/43 |  | 198 | 158442 |
| 2.45%, 12/15/50 |  | 1417 | 789838 |
| Series A, 3.80%, 04/01/28 |  | 2278 | 2255503 |
| Series A, 6.00%, 05/15/37 |  | 110 | 115646 |
| Series B, 3.75%, 05/15/27 |  | 313 | 311068 |
| Series B, 3.80%, 09/15/47 |  | 831 | 619394 |
| Series C, 4.63%, 05/15/52 |  | 256 | 210805 |
| Vistra Operations Co. LLC |  |  |  |
| 5.00%, 07/31/27<sup>(a)</sup> |  | 209 | 208262 |
| 6.88%, 04/15/32<sup>(a)</sup> |  | 149 | 154207 |
| 6.00%, 04/15/34<sup>(a)</sup> |  | 5564 | 5719608 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> |  | 1486 | 1534754 |
| Wisconsin Electric Power Co., 5.65%, <br> 03/15/56<br>|  | 460 | 450781 |
| Xcel Energy, Inc. |  |  |  |
| 4.60%, 06/01/32 |  | 286 | 280943 |
| 5.50%, 03/15/34 |  | 487 | 495056 |
| XPLR Infrastructure Operating Partners LP |  |  |  |
| 8.38%, 01/15/31<sup>(a)</sup> |  | 92 | 96848 |
| 8.63%, 03/15/33<sup>(a)</sup> |  | 224 | 236638 |
|  |  |  | 400857773 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Eaton Corp. |  |  |  |
| 3.85%, 03/06/28 |  | 1339 | 1329176 |
| 3.95%, 03/06/29 |  | 2726 | 2698776 |
| 3.92%, 09/15/47 |  | 88 | 69332 |
| Emerson Electric Co., 5.00%, 03/15/35 |  | 148 | 148969 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> |  | 132 | 128295 |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 |  | 489 | 499650 |
| NXP BV/NXP Funding LLC/NXP U.S.A., Inc. |  |  |  |
| 2.50%, 05/11/31 |  | 293 | 263249 |
| 2.65%, 02/15/32 |  | 100 | 88291 |
| 5.00%, 01/15/33 |  | 726 | 721156 |
| 3.25%, 05/11/41 |  | 482 | 354395 |
| Otis Worldwide Corp. |  |  |  |
| 2.57%, 02/15/30 |  | 462 | 428895 |
| 5.13%, 11/19/31 |  | 100 | 102297 |
| 3.11%, 02/15/40 |  | 203 | 154376 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30<sup>(a)</sup> |  | 49 | 46860 |
| 3.75%, 02/15/31<sup>(a)</sup> |  | 100 | 92752 |
| 6.63%, 07/15/32<sup>(a)</sup> |  | 200 | 203997 |
| Vertiv Holdings Co., 4.85%, 03/15/36 |  | 310 | 301434 |
| WESCO Distribution, Inc. |  |  |  |
| 6.38%, 03/15/29<sup>(a)</sup> |  | 152 | 154722 |
| 6.63%, 03/15/32<sup>(a)</sup> |  | 171 | 175024 |
|  |  |  | 7961646 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| Amphenol Corp. |  |  |  |
| 5.05%, 04/05/27 |  | 100 | 100742 |
| 2.20%, 09/15/31 |  | 130 | 115373 |
| 5.25%, 04/05/34 |  | 1494 | 1526575 |
| 5.00%, 01/15/35 |  | 276 | 275649 |
| 4.63%, 02/15/36 |  | 583 | 563777 |
| Arrow Electronics, Inc., 2.95%, 02/15/32 |  | 226 | 199684 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Avnet, Inc., 3.00%, 05/15/31 | USD  | 125 | $111950 |
| Corning, Inc. |  |  |  |
| 5.75%, 08/15/40 |  | 325 | 328633 |
| 4.75%, 03/15/42 |  | 298 | 270125 |
| 4.38%, 11/15/57 |  | 200 | 157497 |
| 5.45%, 11/15/79 |  | 248 | 222885 |
| Flex Ltd., 5.25%, 01/15/32 |  | 100 | 100400 |
| Jabil, Inc. |  |  |  |
| 4.25%, 05/15/27 |  | 100 | 99743 |
| 4.75%, 02/01/33 |  | 102 | 99318 |
| Tyco Electronics Group SA |  |  |  |
| 5.00%, 05/09/35 |  | 100 | 99668 |
| 7.13%, 10/01/37 |  | 100 | 115479 |
|  |  |  | 4387498 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |  |
| 6.25%, 04/01/28<sup>(a)</sup> |  | 100 | 100000 |
| 6.63%, 09/01/32<sup>(a)</sup> |  | 100 | 101966 |
| Baker Hughes Holdings LLC, 5.13%, <br> 09/15/40<br>|  | 277 | 265066 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc.<br>|  |  |  |
| 4.05%, 03/11/29 |  | 692 | 688478 |
| 3.81%, 03/11/34 | EUR  | 4030 | 4599435 |
| 5.00%, 06/15/36 | USD  | 257 | 252323 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(e)</sup> | EUR  | 539 | 633626 |
| Halliburton Co. |  |  |  |
| 6.70%, 09/15/38 | USD  | 268 | 293858 |
| 7.45%, 09/15/39 |  | 134 | 156731 |
| 4.75%, 08/01/43 |  | 1101 | 962371 |
| Kodiak Gas Services LLC |  |  |  |
| 7.25%, 02/15/29<sup>(a)</sup> |  | 100 | 103606 |
| 6.50%, 10/01/33<sup>(a)</sup> |  | 31 | 31335 |
| New Generation Gas Gathering LLC, (3-mo. <br> CME Term SOFR at 2.00% Floor + 5.75%), <br> 10.34%, 09/30/29<sup>(a)(b)(h)</sup><br>|  | 9844 | 9905528 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> |  | 115 | 118402 |
| NOV, Inc., 3.95%, 12/01/42 |  | 170 | 133575 |
| Oceanica Lux, 13.00%, 10/02/29<sup>(a)</sup> |  | 201 | 211445 |
| Solaris Energy Infrastructure, Inc. |  |  |  |
| 4.75%, 05/01/30<sup>(a)(n)</sup> |  | 2951 | 7002723 |
| 0.25%, 10/01/31<sup>(n)</sup> |  | 5583 | 6971771 |
| Transocean International Ltd. |  |  |  |
| 8.25%, 05/15/29<sup>(a)</sup> |  | 765 | 790439 |
| 7.88%, 10/15/32<sup>(a)</sup> |  | 144 | 153864 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> |  | 105 | 108800 |
| Venture Global LNG, Inc. |  |  |  |
| 8.13%, 06/01/28<sup>(a)</sup> |  | 667 | 682155 |
| 7.00%, 01/15/30<sup>(a)</sup> |  | 116 | 118442 |
| 8.38%, 06/01/31<sup>(a)</sup> |  | 58 | 60319 |
| 9.88%, 02/01/32<sup>(a)</sup> |  | 87 | 93437 |
| WBI Operating LLC |  |  |  |
| 6.25%, 10/15/30<sup>(a)</sup> |  | 88 | 88524 |
| 6.50%, 10/15/33<sup>(a)</sup> |  | 45 | 44656 |
|  |  |  | 34672875 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| China Ruyi Holdings Ltd., 0.00%, <br> 01/31/27<sup>(d)(e)(n)</sup><br>| HKD  | 3000 | 364995 |
| Cinemark U.S.A., Inc., 7.00%, 08/01/32<sup>(a)</sup> | USD  | 125 | 128436 |
| iQIYI, Inc., 4.63%, 03/15/30<sup>(n)</sup> |  | 400 | 361397 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Live Nation Entertainment, Inc., 4.75%, <br> 10/15/27<sup>(a)</sup><br>| USD  | 69 | $68571 |
| OAK-Eagle Acquireco, Inc., 07/01/33<sup>(a)(i)</sup> |  | 191 | 197894 |
| Resorts World Las Vegas LLC/RWLV Capital, <br> Inc.<br>|  |  |  |
| 4.63%, 04/16/29<sup>(a)</sup> |  | 200 | 171244 |
| 4.63%, 04/16/29<sup>(e)</sup> |  | 4000 | 3437709 |
| 8.45%, 07/27/30<sup>(a)</sup> |  | 200 | 190906 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> |  | 100 | 93978 |
|  |  |  | 5015130 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| ABRA Global Finance, (6% Cash and 8% <br> PIK), 14.00%, 10/22/29<sup>(a)(o)</sup><br>|  | 584 | 552287 |
| Acropolis Trade & Investments Ltd., (11.04% <br> PIK), 11.04%, 04/02/28<sup>(a)(h)(o)</sup><br>|  | 18914 | 19411685 |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |  |
| 3.65%, 07/21/27 |  | 2193 | 2169566 |
| 3.00%, 10/29/28 |  | 280 | 269524 |
| 5.10%, 01/19/29 |  | 880 | 891496 |
| 6.15%, 09/30/30 |  | 310 | 325775 |
| 3.40%, 10/29/33 |  | 1810 | 1601398 |
| 5.30%, 01/19/34 |  | 351 | 349294 |
| Andiron Financing LLC, (1-mo. CME Term <br> SOFR + 3.00%), 7.07%, 01/21/30<sup>(b)(h)</sup><br>|  | 880 | 872344 |
| AT&T Reign II Multi-Property Lease-Backed <br> Pass-Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>|  | 20792 | 20583661 |
| Block, Inc. |  |  |  |
| 6.50%, 05/15/32 |  | 269 | 271456 |
| 6.00%, 08/15/33<sup>(a)</sup> |  | 64 | 62943 |
| Bracken MidCo1 PLC, (6.75% Cash or 7.50% <br> PIK), 6.75%, 11/01/27<sup>(e)(o)</sup><br>| GBP  | 199 | 259584 |
| Brookfield Finance, Inc. |  |  |  |
| 4.85%, 03/29/29 | USD  | 428 | 429931 |
| 2.72%, 04/15/31 |  | 645 | 584895 |
| 5.68%, 01/15/35 |  | 493 | 497247 |
| 5.33%, 01/15/36 |  | 262 | 256530 |
| 4.70%, 09/20/47 |  | 100 | 83065 |
| 3.63%, 02/15/52 |  | 146 | 98701 |
| 5.97%, 03/04/54 |  | 100 | 96859 |
| 5.81%, 03/03/55 |  | 106 | 100413 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> |  | 155 | 152220 |
| 8.75%, 04/15/30<sup>(a)</sup> |  | 1107 | 1032913 |
| Corebridge Financial, Inc. |  |  |  |
| 3.65%, 04/05/27 |  | 292 | 289352 |
| 3.85%, 04/05/29 |  | 100 | 97623 |
| 6.05%, 09/15/33 |  | 564 | 589577 |
| CrossCountry Intermediate HoldCo LLC |  |  |  |
| 6.50%, 10/01/30<sup>(a)</sup> |  | 88 | 83876 |
| 6.75%, 12/01/32<sup>(a)</sup> |  | 99 | 93154 |
| Domain Greenbough Partner 2, 14.57%, <br> 01/23/32<sup>(a)(h)</sup><br>|  | 3238 | 3234076 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(e)</sup> | EUR  | 579 | 681198 |
| 6.63%, 12/15/30<sup>(a)</sup> | USD  | 180 | 183071 |
| Envalior Deutschland Gmbh, (11.62% PIK), <br> (6-mo. EURIBOR at 0.00% Floor + 9.50%) <br> (12.37% Cash or 12.37% PIK), 12.00%, <br> 04/01/31<sup>(b)(h)(o)</sup><br>| EUR  | 12319 | 11552201 |
| Equitable Holdings, Inc., 5.59%, 01/11/33 | USD  | 624 | 636471 |

---

462026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| USD  | 100 | $99315 |
| Freedom Mortgage Holdings LLC |  |  |  |
| 6.88%, 05/01/31<sup>(a)</sup> |  | 206 | 192591 |
| 8.38%, 04/01/32<sup>(a)</sup> |  | 67 | 65908 |
| 7.88%, 04/01/33<sup>(a)</sup> |  | 86 | 80631 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(e)</sup> | EUR  | 1846 | 2144294 |
| Glencore Funding LLC, 2.50%, 09/01/30<sup>(a)</sup> | USD  | 2230 | 2027833 |
| Homes By West Bay LLC, 11.00%, <br> 02/06/30<sup>(h)</sup><br>|  | 21604 | 21333950 |
| Intrum Investments & Financing AB, 8.00%, <br> 09/11/27<sup>(e)</sup><br>| EUR  | 1324 | 1521034 |
| Lessen LLC, (3-mo. CME Term SOFR + <br> 8.50%), 12.79%, 01/05/28<sup>(a)(b)(h)</sup><br>| USD  | 11328 | 8509612 |
| Mastercard, Inc. |  |  |  |
| 2.95%, 06/01/29 |  | 696 | 670807 |
| 4.88%, 05/09/34 |  | 885 | 890047 |
| 3.80%, 11/21/46 |  | 988 | 764741 |
| 3.65%, 06/01/49 |  | 154 | 113340 |
| Minejesa Capital BV |  |  |  |
| 5.63%, 08/10/37<sup>(e)</sup> |  | 461 | 441315 |
| 5.63%, 08/10/37<sup>(a)</sup> |  | 200 | 191460 |
| Nasdaq, Inc. |  |  |  |
| 5.55%, 02/15/34 |  | 1016 | 1045141 |
| 2.50%, 12/21/40 |  | 148 | 102880 |
| 6.10%, 06/28/63 |  | 225 | 225579 |
| Oceana Australian Fixed Income Trust |  |  |  |
| 8.00%, 08/31/26<sup>(h)</sup> | AUD  | 3013 | 2089213 |
| 8.00%, 08/31/27<sup>(h)</sup> |  | 5022 | 3521407 |
| 10.50%, 07/31/28<sup>(h)</sup> |  | 4228 | 2877144 |
| PayPal Holdings, Inc. |  |  |  |
| 3.90%, 06/01/27 | USD  | 846 | 841806 |
| 4.45%, 03/06/28 |  | 610 | 611290 |
| 2.30%, 06/01/30 |  | 552 | 504902 |
| 4.40%, 06/01/32 |  | 209 | 205225 |
| 5.10%, 04/01/35 |  | 376 | 373316 |
| 3.25%, 06/01/50 |  | 100 | 64500 |
| 5.50%, 06/01/54 |  | 420 | 383042 |
| PennyMac Financial Services, Inc. |  |  |  |
| 7.13%, 11/15/30<sup>(a)</sup> |  | 145 | 144097 |
| 5.75%, 09/15/31<sup>(a)</sup> |  | 111 | 102700 |
| 6.75%, 02/15/34<sup>(a)</sup> |  | 217 | 203077 |
| PRA Group Europe Holding II S.a.r.l., 6.25%, <br> 09/30/32<sup>(e)</sup><br>| EUR  | 848 | 927032 |
| Resurgent Trade & Invest Ltd., 9.51%, <br> 12/05/27<sup>(h)</sup><br>| USD  | 13653 | 13602484 |
| Rocket Cos., Inc., 6.50%, 08/01/29<sup>(a)</sup> |  | 456 | 461132 |
| Rocket Mortgage LLC/Rocket Mortgage Co-<br> Issuer, Inc., 3.88%, 03/01/31<sup>(a)</sup><br>|  | 271 | 250073 |
| Sammaan Capital Ltd., 9.70%, 07/03/27<sup>(e)</sup> |  | 2000 | 2039000 |
| Sun Country Airlines, Series 2022-1A, 4.84%, <br> 03/15/31<sup>(h)</sup><br>|  | 2708 | 2663921 |
| SURA Asset Management SA |  |  |  |
| 6.35%, 05/13/32<sup>(a)</sup> |  | 1249 | 1311712 |
| 6.35%, 05/13/32<sup>(e)</sup> |  | 1369 | 1437738 |
| UBS Americas, Inc., 7.13%, 07/15/32 |  | 354 | 395453 |
| United Wholesale Mortgage LLC |  |  |  |
| 5.75%, 06/15/27<sup>(a)</sup> |  | 199 | 195858 |
| 5.50%, 04/15/29<sup>(a)</sup> |  | 75 | 70199 |
| UWM Holdings LLC, 6.25%, 03/15/31<sup>(a)</sup> |  | 158 | 143888 |
| Visa, Inc. |  |  |  |
| 4.40%, 02/12/33 |  | 100 | 99086 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc. |  |  |  |
| 4.70%, 02/12/36 | USD  | 827 | $818043 |
| 2.70%, 04/15/40 |  | 709 | 535121 |
| 4.30%, 12/14/45 |  | 649 | 550634 |
| 3.65%, 09/15/47 |  | 279 | 212548 |
| Voya Financial, Inc. |  |  |  |
| 5.00%, 09/20/34 |  | 223 | 217061 |
| 5.70%, 07/15/43 |  | 100 | 95340 |
| Western Union Co. (The), 6.20%, 11/17/36 |  | 109 | 110911 |
| Worldline SA |  |  |  |
| 0.88%, 06/30/27<sup>(e)</sup> | EUR  | 1600 | 1733287 |
| 4.13%, 09/12/28<sup>(e)</sup> |  | 3500 | 3675986 |
| 5.25%, 11/27/29<sup>(e)</sup> |  | 1100 | 1097599 |
| 5.50%, 06/10/30<sup>(e)</sup> |  | 600 | 593582 |
|  |  |  | 153974271 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Archer-Daniels-Midland Co. |  |  |  |
| 4.02%, 04/16/43 | USD  | 504 | 416535 |
| 3.75%, 09/15/47 |  | 136 | 103387 |
| Bunge Ltd. Finance Corp. |  |  |  |
| 4.20%, 09/17/29 |  | 320 | 316972 |
| 4.55%, 08/04/30 |  | 518 | 515624 |
| Campbell's Co. (The) |  |  |  |
| 5.20%, 03/21/29 |  | 115 | 116100 |
| 4.55%, 03/21/31 |  | 840 | 814361 |
| 4.75%, 03/23/35 |  | 264 | 243046 |
| 4.80%, 03/15/48 |  | 383 | 302527 |
| Chobani LLC/Chobani Finance Corp., Inc., <br> 7.63%, 07/01/29<sup>(a)</sup><br>|  | 431 | 440420 |
| Conagra Brands, Inc. |  |  |  |
| 4.85%, 11/01/28 |  | 1221 | 1222211 |
| 8.25%, 09/15/30 |  | 431 | 484662 |
| 5.30%, 11/01/38 |  | 278 | 258532 |
| 5.40%, 11/01/48 |  | 100 | 84983 |
| Darling Ingredients, Inc., 5.25%, 04/15/27<sup>(a)</sup> |  | 81 | 80832 |
| Flowers Foods, Inc., 6.20%, 03/15/55 |  | 529 | 429104 |
| Froneri Lux FinCo S.a.r.l., 4.75%, 08/01/32<sup>(e)</sup> | EUR  | 1695 | 1850679 |
| General Mills, Inc. |  |  |  |
| 4.20%, 04/17/28 | USD  | 336 | 334249 |
| 5.50%, 10/17/28 |  | 100 | 102511 |
| 2.88%, 04/15/30 |  | 329 | 306901 |
| 2.25%, 10/14/31 |  | 228 | 199857 |
| 4.95%, 03/29/33 |  | 317 | 313351 |
| 5.25%, 01/30/35 |  | 450 | 444814 |
| 5.40%, 06/15/40 |  | 100 | 96300 |
| 4.15%, 02/15/43 |  | 100 | 79972 |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, 06/01/29<sup>(a)</sup><br>|  | 174 | 162820 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.90%, <br> 12/15/29<sup>(b)(e)</sup><br>| EUR  | 455 | 526745 |
| J M Smucker Co. (The) |  |  |  |
| 3.38%, 12/15/27 | USD  | 1491 | 1465573 |
| 6.20%, 11/15/33 |  | 303 | 321052 |
| 4.25%, 03/15/35 |  | 159 | 146126 |
| 6.50%, 11/15/43 |  | 448 | 466936 |
| Kellanova |  |  |  |
| 3.40%, 11/15/27 |  | 126 | 124402 |
| 5.25%, 03/01/33 |  | 100 | 102062 |
| 4.50%, 04/01/46 |  | 101 | 85756 |
| Kraft Heinz Foods Co. |  |  |  |
| 3.88%, 05/15/27 |  | 634 | 629715 |
| 4.63%, 01/30/29 |  | 121 | 121235 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Kraft Heinz Foods Co. |  |  |  |
| 5.00%, 07/15/35 | USD  | 185 | $179706 |
| 4.63%, 10/01/39 |  | 549 | 484013 |
| 6.50%, 02/09/40 |  | 865 | 903235 |
| 5.20%, 07/15/45 |  | 1062 | 926911 |
| 5.50%, 06/01/50 |  | 417 | 372659 |
| Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/32<sup>(a)</sup><br>|  | 119 | 110545 |
| McCormick & Co., Inc., 4.15%, 02/15/29 |  | 339 | 335711 |
| MHP Lux SA, 10.50%, 07/28/29<sup>(a)</sup> |  | 200 | 201000 |
| Mondelez International, Inc. |  |  |  |
| 2.63%, 03/17/27 |  | 570 | 561386 |
| 2.75%, 04/13/30 |  | 512 | 477002 |
| 3.00%, 03/17/32 |  | 380 | 343824 |
| Pilgrim's Pride Corp. |  |  |  |
| 4.25%, 04/15/31 |  | 226 | 215879 |
| 3.50%, 03/01/32 |  | 211 | 191534 |
| 6.25%, 07/01/33 |  | 128 | 134039 |
| 6.88%, 05/15/34 |  | 482 | 520349 |
| Post Holdings, Inc. |  |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> |  | 134 | 124595 |
| 6.25%, 02/15/32<sup>(a)</sup> |  | 66 | 66682 |
| 6.50%, 03/15/36<sup>(a)</sup> |  | 293 | 286941 |
| Tyson Foods, Inc. |  |  |  |
| 3.55%, 06/02/27 |  | 3051 | 3022494 |
| 4.35%, 03/01/29 |  | 100 | 99675 |
| 5.70%, 03/15/34 |  | 816 | 844733 |
| 4.95%, 02/20/36 |  | 56 | 54701 |
| 4.55%, 06/02/47 |  | 100 | 84167 |
| U.S. Foods, Inc. |  |  |  |
| 6.88%, 09/15/28<sup>(a)</sup> |  | 179 | 182948 |
| 4.75%, 02/15/29<sup>(a)</sup> |  | 100 | 98670 |
|  |  |  | 24533751 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance <br> Corp., 9.50%, 06/01/30<sup>(a)</sup><br>|  | 289 | 306171 |
| Atmos Energy Corp. |  |  |  |
| 5.45%, 10/15/32 |  | 297 | 308768 |
| 5.50%, 06/15/41 |  | 323 | 323014 |
| 4.15%, 01/15/43 |  | 102 | 85597 |
| 4.13%, 10/15/44 |  | 99 | 81881 |
| 5.75%, 10/15/52 |  | 245 | 243428 |
| 6.20%, 11/15/53 |  | 338 | 356881 |
| China Oil & Gas Group Ltd., 7.00%, <br> 02/04/29<sup>(e)</sup><br>|  | 2000 | 1922625 |
| EP Infrastructure AS |  |  |  |
| 4.13%, 02/27/33<sup>(e)</sup> | EUR  | 4020 | 4464606 |
| 4.38%, 01/29/34<sup>(e)</sup> |  | 4205 | 4695826 |
| National Fuel Gas Co., 5.95%, 03/15/35 | USD  | 125 | 129319 |
| Southern California Gas Co. |  |  |  |
| 2.95%, 04/15/27 |  | 28 | 27632 |
| Series VV, 4.30%, 01/15/49 |  | 390 | 309229 |
| Southern Co. Gas Capital Corp., 4.40%, <br> 06/01/43<br>|  | 495 | 414907 |
|  |  |  | 13669884 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |  |
| 8.00%, 02/15/31<sup>(a)</sup> |  | 117 | 115644 |
| 8.38%, 06/15/32<sup>(a)</sup> |  | 185 | 183985 |
| Burlington Northern Santa Fe LLC |  |  |  |
| 6.20%, 08/15/36 |  | 461 | 502698 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Burlington Northern Santa Fe LLC |  |  |  |
| 4.90%, 04/01/44 | USD  | 278 | $254857 |
| 3.90%, 08/01/46 |  | 2751 | 2149743 |
| 3.30%, 09/15/51 |  | 492 | 332613 |
| 2.88%, 06/15/52 |  | 1657 | 1020672 |
| 5.20%, 04/15/54 |  | 132 | 121470 |
| 5.80%, 03/15/56 |  | 231 | 233047 |
| Canadian National Railway Co. |  |  |  |
| 4.20%, 03/12/31 |  | 60 | 59176 |
| 5.85%, 11/01/33 |  | 469 | 498546 |
| 6.25%, 08/01/34 |  | 760 | 827165 |
| 3.20%, 08/02/46 |  | 397 | 280204 |
| Canadian Pacific Railway Co. |  |  |  |
| 4.00%, 06/01/28 |  | 740 | 735765 |
| 2.05%, 03/05/30 |  | 130 | 118902 |
| 4.80%, 03/30/30 |  | 659 | 667068 |
| 7.13%, 10/15/31 |  | 144 | 160428 |
| 2.45%, 12/02/31 |  | 1126 | 1000453 |
| 4.80%, 09/15/35 |  | 835 | 827157 |
| 3.00%, 12/02/41 |  | 240 | 176381 |
| 4.30%, 05/15/43 |  | 166 | 141617 |
| 4.95%, 08/15/45 |  | 100 | 91264 |
| CSX Corp. |  |  |  |
| 3.25%, 06/01/27 |  | 916 | 905705 |
| 2.40%, 02/15/30 |  | 415 | 385753 |
| 5.20%, 11/15/33 |  | 353 | 361897 |
| 6.00%, 10/01/36 |  | 424 | 453843 |
| 6.15%, 05/01/37 |  | 546 | 590679 |
| 4.75%, 05/30/42 |  | 2397 | 2189379 |
| 4.30%, 03/01/48 |  | 100 | 81628 |
| 3.80%, 04/15/50 |  | 447 | 332088 |
| DP World Ltd., 6.85%, 07/02/37<sup>(e)</sup> |  | 5730 | 6087380 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(e)</sup> | GBP  | 1608 | 2195478 |
| gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(e)</sup><br>| CHF  | 760 | 953964 |
| Mobico Group PLC, 4.88%, 09/26/31<sup>(e)</sup> | EUR  | 505 | 451860 |
| Norfolk Southern Corp. |  |  |  |
| 3.80%, 08/01/28 | USD  | 185 | 183132 |
| 5.05%, 08/01/30 |  | 133 | 135877 |
| 5.55%, 03/15/34 |  | 1010 | 1046927 |
| 5.10%, 05/01/35 |  | 93 | 93271 |
| 3.95%, 10/01/42 |  | 273 | 221238 |
| 3.94%, 11/01/47 |  | 1356 | 1036208 |
| 2.90%, 08/25/51 |  | 153 | 93972 |
| 4.05%, 08/15/52 |  | 309 | 233834 |
| 3.70%, 03/15/53 |  | 202 | 142564 |
| 5.35%, 08/01/54 |  | 82 | 76452 |
| 5.95%, 03/15/64 |  | 148 | 146535 |
| 5.10%, 08/01/18 |  | 100 | 84320 |
| SGL Group ApS, (3-mo. EURIBOR + 4.75%), <br> 6.78%, 04/22/30<sup>(b)</sup><br>| EUR  | 501 | 538556 |
| Uber Technologies, Inc. |  |  |  |
| 4.30%, 01/15/30 | USD  | 775 | 768471 |
| 4.15%, 01/15/31 |  | 192 | 187736 |
| 4.80%, 09/15/34 |  | 100 | 97901 |
| 4.80%, 09/15/35 |  | 361 | 350298 |
| 5.35%, 09/15/54 |  | 100 | 92082 |
| Union Pacific Corp. |  |  |  |
| 3.00%, 04/15/27 |  | 1263 | 1248807 |
| 3.95%, 09/10/28 |  | 1096 | 1089906 |
| 2.40%, 02/05/30 |  | 129 | 119983 |
| 2.38%, 05/20/31 |  | 388 | 351612 |

---

482026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Union Pacific Corp. |  |  |  |
| 2.80%, 02/14/32 | USD  | 191 | $173693 |
| 3.38%, 02/01/35 |  | 318 | 283349 |
| 3.38%, 02/14/42 |  | 1307 | 1011845 |
| 4.05%, 11/15/45 |  | 257 | 206448 |
| 4.05%, 03/01/46 |  | 503 | 402260 |
| 4.00%, 04/15/47 |  | 354 | 278065 |
| 3.80%, 10/01/51 |  | 100 | 73988 |
| 2.95%, 03/10/52 |  | 64 | 39919 |
| 4.95%, 05/15/53 |  | 814 | 725673 |
| 3.95%, 08/15/59 |  | 558 | 404435 |
| 3.84%, 03/20/60 |  | 488 | 345204 |
| 5.15%, 01/20/63 |  | 203 | 181578 |
| 4.10%, 09/15/67 |  | 238 | 172050 |
| 3.75%, 02/05/70 |  | 589 | 391357 |
| XPO, Inc., 7.13%, 02/01/32<sup>(a)</sup> |  | 99 | 102110 |
|  |  |  | 38620165 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Abbott Laboratories |  |  |  |
| 4.30%, 03/15/33 |  | 765 | 748672 |
| 4.65%, 03/15/36 |  | 3026 | 2959000 |
| 4.75%, 03/15/38 |  | 418 | 405337 |
| 4.90%, 11/30/46 |  | 978 | 897728 |
| 5.50%, 03/15/56 |  | 665 | 652051 |
| 5.60%, 03/15/66 |  | 655 | 638459 |
| Augusta SpinCo Corp., 5.25%, 03/23/36 |  | 240 | 240058 |
| Bausch + Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> |  | 296 | 305620 |
| Baxter International, Inc. |  |  |  |
| 1.73%, 04/01/31 |  | 1218 | 1019042 |
| 2.54%, 02/01/32 |  | 562 | 473691 |
| 5.65%, 12/15/35 |  | 443 | 432644 |
| 3.50%, 08/15/46 |  | 100 | 65675 |
| Becton Dickinson & Co. |  |  |  |
| 3.70%, 06/06/27 |  | 560 | 555390 |
| 4.69%, 02/13/28 |  | 100 | 100478 |
| 5.08%, 06/07/29 |  | 378 | 383578 |
| 2.82%, 05/20/30 |  | 245 | 228460 |
| 1.96%, 02/11/31 |  | 931 | 820928 |
| 4.30%, 08/22/32 |  | 124 | 120190 |
| 5.11%, 02/08/34 |  | 577 | 580589 |
| 4.67%, 06/06/47 |  | 137 | 119588 |
| Boston Scientific Corp. |  |  |  |
| 2.65%, 06/01/30 |  | 299 | 278586 |
| 7.38%, 01/15/40 |  | 114 | 134908 |
| GE HealthCare Technologies, Inc. |  |  |  |
| 5.65%, 11/15/27 |  | 1600 | 1631781 |
| 4.80%, 08/14/29 |  | 667 | 673061 |
| 5.86%, 03/15/30 |  | 429 | 447679 |
| 4.80%, 01/15/31 |  | 449 | 451767 |
| 5.91%, 11/22/32 |  | 118 | 124468 |
| 5.50%, 06/15/35 |  | 330 | 336745 |
| Hologic, Inc., 4.63%, 02/01/28<sup>(a)</sup> |  | 100 | 99850 |
| Medline Borrower LP |  |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> |  | 100 | 96736 |
| 5.25%, 10/01/29<sup>(a)</sup> |  | 167 | 165529 |
| Medtronic Global Holdings SCA |  |  |  |
| 4.25%, 03/30/28 |  | 978 | 979953 |
| 4.50%, 03/30/33 |  | 463 | 457163 |
| Medtronic, Inc., 4.38%, 03/15/35 |  | 448 | 433003 |
| Solventum Corp. |  |  |  |
| 5.40%, 03/01/29 |  | 398 | 407147 |
| 5.45%, 03/13/31 |  | 737 | 756140 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Solventum Corp. |  |  |  |
| 5.60%, 03/23/34 | USD  | 466 | $476397 |
| Stryker Corp. |  |  |  |
| 3.65%, 03/07/28 |  | 279 | 275877 |
| 4.85%, 12/08/28 |  | 107 | 108578 |
| 4.25%, 09/11/29 |  | 159 | 158408 |
| 1.95%, 06/15/30 |  | 261 | 235540 |
| 4.63%, 09/11/34 |  | 584 | 570076 |
| 4.63%, 03/15/46 |  | 302 | 261579 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(a)</sup> |  | 100 | 97240 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| 4.98%, 08/10/30 |  | 212 | 216642 |
| 4.47%, 10/07/32 |  | 146 | 144469 |
| 4.55%, 06/15/33 |  | 1803 | 1781430 |
| 4.90%, 02/12/36 |  | 486 | 482549 |
| 5.30%, 02/01/44 |  | 636 | 614564 |
| 5.55%, 02/12/46 |  | 217 | 214301 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| 5.35%, 12/01/28 |  | 308 | 315071 |
| 5.05%, 02/19/30 |  | 114 | 115807 |
| 2.60%, 11/24/31 |  | 139 | 124111 |
| 5.20%, 09/15/34 |  | 130 | 129989 |
| 5.50%, 02/19/35 |  | 100 | 102074 |
| 5.75%, 11/30/39 |  | 116 | 117287 |
|  |  |  | 25763683 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| AdaptHealth LLC |  |  |  |
| 4.63%, 08/01/29<sup>(a)</sup> |  | 86 | 81937 |
| 5.13%, 03/01/30<sup>(a)</sup> |  | 98 | 93896 |
| Cardinal Health, Inc. |  |  |  |
| 3.41%, 06/15/27 |  | 709 | 700606 |
| 4.50%, 11/15/44 |  | 855 | 716564 |
| 4.90%, 09/15/45 |  | 228 | 201035 |
| Cencora, Inc. |  |  |  |
| 3.95%, 02/13/29 |  | 1205 | 1188234 |
| 4.85%, 12/15/29 |  | 1054 | 1068374 |
| 4.60%, 02/13/33 |  | 466 | 458192 |
| 4.90%, 02/13/36 |  | 100 | 97974 |
| Centene Corp. |  |  |  |
| 4.25%, 12/15/27 |  | 2116 | 2078578 |
| 3.38%, 02/15/30 |  | 1887 | 1704599 |
| 2.50%, 03/01/31 |  | 1132 | 949921 |
| 2.63%, 08/01/31 |  | 207 | 173082 |
| CHS/Community Health Systems, Inc. |  |  |  |
| 10.88%, 01/15/32<sup>(a)</sup> |  | 100 | 107286 |
| 9.75%, 01/15/34<sup>(a)</sup> |  | 446 | 462889 |
| Cigna Group (The) |  |  |  |
| 4.38%, 10/15/28 |  | 827 | 826350 |
| 5.00%, 05/15/29 |  | 526 | 535301 |
| 2.40%, 03/15/30 |  | 913 | 843415 |
| 4.50%, 09/15/30 |  | 81 | 80727 |
| 2.38%, 03/15/31 |  | 111 | 99733 |
| 5.13%, 05/15/31 |  | 417 | 425588 |
| 5.40%, 03/15/33 |  | 846 | 869735 |
| 5.25%, 02/15/34 |  | 100 | 101229 |
| 5.25%, 01/15/36 |  | 1354 | 1355745 |
| 4.80%, 07/15/46 |  | 445 | 384035 |
| 3.88%, 10/15/47 |  | 595 | 446360 |
| 3.40%, 03/15/50 |  | 2032 | 1389998 |
| Clariane SE, 0.88%, 03/06/27<sup>(e)(n)</sup> | EUR  | 472 | 321366 |
| CVS Health Corp. |  |  |  |
| 6.25%, 06/01/27 | USD  | 2860 | 2915345 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| CVS Health Corp. |  |  |  |
| 4.30%, 03/25/28 | USD  | 2345 | $2336689 |
| 5.40%, 06/01/29 |  | 430 | 440204 |
| 5.13%, 02/21/30 |  | 561 | 568867 |
| 1.88%, 02/28/31 |  | 834 | 728141 |
| 2.13%, 09/15/31 |  | 1855 | 1608449 |
| 5.30%, 06/01/33 |  | 928 | 935343 |
| 5.70%, 06/01/34 |  | 100 | 102769 |
| 4.88%, 07/20/35 |  | 2506 | 2410767 |
| 6.13%, 09/15/39 |  | 913 | 935305 |
| 5.30%, 12/05/43 |  | 142 | 129161 |
| 6.00%, 06/01/44 |  | 481 | 473554 |
| 5.13%, 07/20/45 |  | 497 | 436243 |
| 5.63%, 02/21/53 |  | 426 | 390340 |
| 6.05%, 06/01/54 |  | 128 | 124175 |
| 6.20%, 09/15/55 |  | 2407 | 2384151 |
| DaVita, Inc. |  |  |  |
| 4.63%, 06/01/30<sup>(a)</sup> |  | 187 | 179803 |
| 6.88%, 09/01/32<sup>(a)</sup> |  | 100 | 102443 |
| 6.75%, 07/15/33<sup>(a)</sup> |  | 252 | 256323 |
| Elevance Health, Inc. |  |  |  |
| 4.10%, 03/01/28 |  | 2027 | 2013485 |
| 2.25%, 05/15/30 |  | 403 | 367178 |
| 2.55%, 03/15/31 |  | 258 | 232818 |
| 4.95%, 11/01/31 |  | 299 | 300852 |
| 4.10%, 05/15/32 |  | 100 | 95960 |
| 5.38%, 06/15/34 |  | 519 | 525804 |
| 5.95%, 12/15/34 |  | 1286 | 1344415 |
| 5.85%, 01/15/36 |  | 353 | 365044 |
| 4.63%, 05/15/42 |  | 340 | 297711 |
| 4.65%, 01/15/43 |  | 607 | 525340 |
| 5.10%, 01/15/44 |  | 114 | 103794 |
| 4.38%, 12/01/47 |  | 155 | 124678 |
| 4.55%, 05/15/52 |  | 1285 | 1035113 |
| 5.13%, 02/15/53 |  | 317 | 277929 |
| 5.65%, 06/15/54 |  | 113 | 106452 |
| Encompass Health Corp., 4.63%, 04/01/31 |  | 111 | 107150 |
| Global Medical Response, Inc., 7.38%, <br> 10/01/32<sup>(a)</sup><br>|  | 14 | 14538 |
| HCA, Inc. |  |  |  |
| 4.30%, 11/15/30 |  | 2185 | 2148909 |
| 5.45%, 04/01/31 |  | 6537 | 6700410 |
| 4.60%, 11/15/32 |  | 11117 | 10813319 |
| 5.45%, 09/15/34 |  | 7718 | 7790234 |
| 5.75%, 03/01/35 |  | 341 | 350600 |
| 4.90%, 11/15/35 |  | 100 | 96681 |
| 5.50%, 06/15/47 |  | 1629 | 1492736 |
| 5.90%, 06/01/53 |  | 761 | 724550 |
| 6.00%, 04/01/54 |  | 1895 | 1829061 |
| 6.20%, 03/01/55 |  | 10053 | 9957940 |
| 6.10%, 04/01/64 |  | 3453 | 3333471 |
| Laboratory Corp. of America Holdings |  |  |  |
| 4.35%, 04/01/30 |  | 471 | 466845 |
| 2.70%, 06/01/31 |  | 360 | 327638 |
| 4.70%, 02/01/45 |  | 100 | 87330 |
| LifePoint Health, Inc. |  |  |  |
| 9.88%, 08/15/30<sup>(a)</sup> |  | 252 | 266493 |
| 8.38%, 02/15/32<sup>(a)</sup> |  | 336 | 358822 |
| McKesson Corp., 5.25%, 05/30/35 |  | 100 | 101897 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32<sup>(e)</sup> | EUR  | 792 | 912245 |
| Molina Healthcare, Inc. |  |  |  |
| 4.38%, 06/15/28<sup>(a)</sup> | USD  | 100 | 96696 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Molina Healthcare, Inc. |  |  |  |
| 3.88%, 11/15/30<sup>(a)</sup> | USD  | 206 | $184170 |
| 3.88%, 05/15/32<sup>(a)</sup> |  | 82 | 71227 |
| Quest Diagnostics, Inc. |  |  |  |
| 4.20%, 06/30/29 |  | 100 | 99407 |
| 2.95%, 06/30/30 |  | 526 | 492790 |
| 6.40%, 11/30/33 |  | 141 | 153476 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(a)</sup> |  | 854 | 813946 |
| Tenet Healthcare Corp. |  |  |  |
| 5.13%, 11/01/27 |  | 159 | 158844 |
| 4.63%, 06/15/28 |  | 425 | 421195 |
| 4.25%, 06/01/29 |  | 191 | 185203 |
| 4.38%, 01/15/30 |  | 77 | 74580 |
| 6.75%, 05/15/31 |  | 196 | 200338 |
|  |  |  | 93770135 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| 4.50%, 07/30/29 |  | 930 | 924605 |
| 2.75%, 12/15/29 |  | 766 | 714514 |
| 4.90%, 12/15/30 |  | 602 | 603290 |
| 2.00%, 05/18/32 |  | 154 | 128842 |
| 1.88%, 02/01/33 |  | 377 | 305179 |
| 2.95%, 03/15/34 |  | 395 | 333895 |
| 4.75%, 04/15/35 |  | 68 | 64306 |
| 5.50%, 10/01/35 |  | 440 | 437948 |
| 4.00%, 02/01/50 |  | 235 | 172852 |
| Healthcare Realty Holdings LP, 2.00%, <br> 03/15/31<br>|  | 207 | 179741 |
| Healthpeak OP LLC |  |  |  |
| 3.50%, 07/15/29 |  | 119 | 115003 |
| 4.75%, 01/15/33 |  | 666 | 651481 |
| 6.75%, 02/01/41 |  | 191 | 206305 |
| MPT Operating Partnership LP/MPT Finance <br> Corp.<br>|  |  |  |
| 0.99%, 10/15/26 | EUR  | 464 | 513313 |
| 7.00%, 02/15/32<sup>(e)</sup> |  | 308 | 350347 |
| Omega Healthcare Investors, Inc., 3.38%, <br> 02/01/31<br>| USD  | 671 | 620154 |
| Sabra Health Care LP, 3.20%, 12/01/31 |  | 100 | 90294 |
| Ventas Realty LP |  |  |  |
| 4.40%, 01/15/29 |  | 502 | 499121 |
| 4.75%, 11/15/30 |  | 248 | 248432 |
| 5.10%, 07/15/32 |  | 259 | 260425 |
| 5.63%, 07/01/34 |  | 116 | 118960 |
| 5.00%, 02/15/36 |  | 288 | 281513 |
| 5.70%, 09/30/43 |  | 34 | 33597 |
| Welltower OP LLC |  |  |  |
| 3.10%, 01/15/30 |  | 421 | 400536 |
| 2.80%, 06/01/31 |  | 1499 | 1372546 |
| 6.50%, 03/15/41 |  | 123 | 134614 |
|  |  |  | 9761813 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts LP |  |  |  |
| 5.70%, 06/15/32 |  | 108 | 110508 |
| 5.50%, 04/15/35 |  | 455 | 451422 |
| Series I, 3.50%, 09/15/30 |  | 335 | 314910 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |  |
| 5.88%, 10/01/28<sup>(a)</sup> |  | 286 | 284625 |
| 4.88%, 05/15/29<sup>(a)</sup> |  | 1876 | 1800765 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 7.25%, 07/15/28<sup>(a)</sup><br>|  | 31 | 31651 |

---

502026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<sup>(a)(d)</sup> | USD  | 2220 | $2019746 |
| 5.50%, 12/15/27 |  | 397 | 397521 |
| 4.38%, 02/15/30 |  | 386 | 342776 |
| 8.88%, 06/15/32 |  | 5029 | 4984434 |
| XHR LP, 4.88%, 06/01/29<sup>(a)</sup> |  | 289 | 279968 |
|  |  |  | 11018326 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| 3.88%, 01/15/28<sup>(a)</sup> |  | 84 | 82108 |
| 4.38%, 01/15/28<sup>(a)</sup> |  | 153 | 150857 |
| 5.63%, 09/15/29<sup>(a)</sup> |  | 125 | 125272 |
| 4.00%, 10/15/30<sup>(a)</sup> |  | 214 | 201144 |
| Allwyn Entertainment Financing UK PLC |  |  |  |
| 7.25%, 04/30/30<sup>(e)</sup> | EUR  | 572 | 683938 |
| 4.13%, 02/15/31<sup>(e)</sup> |  | 741 | 805848 |
| 4.63%, 08/15/31<sup>(e)</sup> |  | 277 | 306856 |
| Aramark International Finance S.a.r.l., 4.38%, <br> 04/15/33<sup>(e)</sup><br>|  | 463 | 509775 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(a)</sup> | USD  | 72 | 71575 |
| Arcos Dorados BV, 6.38%, 01/29/32<sup>(e)</sup> |  | 428 | 437330 |
| BCPE Flavor Debt Merger Sub LLC & BCPE <br> Flavor Issuer, Inc., 9.50%, 07/01/32<sup>(a)</sup><br>|  | 650 | 589431 |
| Betclic Everest Group SAS, 5.13%, <br> 12/10/31<sup>(e)</sup><br>| EUR  | 367 | 419243 |
| Boyd Gaming Corp. |  |  |  |
| 4.75%, 12/01/27 | USD  | 91 | 90054 |
| 4.75%, 06/15/31<sup>(a)</sup> |  | 54 | 51344 |
| Bracelet Holdings, Inc., 9.25%, 07/02/28<sup>(a)</sup> |  | 5752 | 5588739 |
| Caesars Entertainment, Inc. |  |  |  |
| 7.00%, 02/15/30<sup>(a)</sup> |  | 109 | 110346 |
| 6.50%, 02/15/32<sup>(a)</sup> |  | 242 | 239183 |
| 6.00%, 10/15/32<sup>(a)</sup> |  | 206 | 189522 |
| Churchill Downs, Inc. |  |  |  |
| 5.50%, 04/01/27<sup>(a)</sup> |  | 24 | 23969 |
| 4.75%, 01/15/28<sup>(a)</sup> |  | 310 | 305821 |
| Cirsa Finance International S.a.r.l. |  |  |  |
| 6.50%, 03/15/29<sup>(e)</sup> | EUR  | 569 | 669226 |
| 4.88%, 10/15/31<sup>(e)</sup> |  | 146 | 166131 |
| (3-mo. EURIBOR + 3.00%), 5.15%, <br> 10/15/32<sup>(b)(e)</sup><br>|  | 215 | 247349 |
| Deuce Finco PLC, (3-mo. EURIBOR + <br> 3.50%), 5.65%, 11/20/32<sup>(b)(e)</sup><br>|  | 244 | 281342 |
| Elior Group SA, 5.63%, 03/15/30<sup>(e)</sup> |  | 1091 | 1272757 |
| Entain PLC, 4.88%, 11/30/31<sup>(e)</sup> |  | 240 | 272304 |
| Essendi SA |  |  |  |
| 5.38%, 05/15/30<sup>(e)</sup> |  | 258 | 291936 |
| 5.63%, 05/15/32<sup>(e)</sup> |  | 587 | 656373 |
| Expedia Group, Inc. |  |  |  |
| 3.25%, 02/15/30 | USD  | 572 | 540506 |
| 5.40%, 02/15/35 |  | 100 | 99207 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 6.75%, <br> 01/15/30<sup>(a)</sup><br>|  | 282 | 263403 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<sup>(e)</sup> | EUR  | 3385 | 3628892 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> | USD  | 562 | 511420 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| 5.88%, 04/01/29<sup>(a)</sup> |  | 550 | 555409 |
| 5.88%, 03/15/33<sup>(a)</sup> |  | 128 | 128781 |
| Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., 6.63%, <br> 01/15/32<sup>(a)</sup><br>|  | 81 | 80005 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Hilton Worldwide Finance LLC/Hilton <br> Worldwide Finance Corp., 4.88%, 04/01/27<br>| USD  | 101 | $100938 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(a)</sup> |  | 22988 | 25545915 |
| Jose Andres Group 1L Notes, 10.00%, <br> 11/14/32<sup>(h)</sup><br>|  | 3914 | 2906145 |
| Light & Wonder International, Inc., 7.50%, <br> 09/01/31<sup>(a)</sup><br>|  | 133 | 136498 |
| Marriott International, Inc. |  |  |  |
| 4.88%, 05/15/29 |  | 162 | 163839 |
| 2.85%, 04/15/31 |  | 100 | 91570 |
| 5.30%, 05/15/34 |  | 819 | 826616 |
| 5.10%, 05/01/38 |  | 1089 | 1035302 |
| Series GG, 3.50%, 10/15/32 |  | 258 | 237269 |
| Marriott Ownership Resorts, Inc., 6.50%, <br> 10/01/33<sup>(a)</sup><br>|  | 86 | 81772 |
| McDonald's Corp. |  |  |  |
| 4.80%, 08/14/28 |  | 754 | 763232 |
| 2.63%, 09/01/29 |  | 150 | 142195 |
| 4.60%, 05/15/30 |  | 70 | 70633 |
| 5.20%, 05/17/34 |  | 496 | 507146 |
| 6.30%, 10/15/37 |  | 1111 | 1217792 |
| 5.70%, 02/01/39 |  | 148 | 153169 |
| 4.88%, 07/15/40 |  | 1311 | 1233256 |
| 4.60%, 05/26/45 |  | 123 | 106019 |
| 4.88%, 12/09/45 |  | 101 | 90001 |
| 4.20%, 04/01/50 |  | 139 | 109553 |
| 5.15%, 09/09/52 |  | 684 | 617991 |
| Melco Resorts Finance Ltd. |  |  |  |
| 5.63%, 07/17/27<sup>(e)</sup> |  | 8000 | 7925200 |
| 5.75%, 07/21/28<sup>(e)</sup> |  | 8000 | 7855440 |
| 5.38%, 12/04/29<sup>(e)</sup> |  | 926 | 887802 |
| 6.50%, 09/24/33<sup>(a)</sup> |  | 200 | 191886 |
| MGM Resorts International, 6.50%, 04/15/32 |  | 164 | 165354 |
| Midwest Gaming Borrower LLC/Midwest <br> Gaming Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>|  | 1349 | 1308286 |
| Minor International PCL, 2.70% <sup>(e)(p)</sup> |  | 500 | 497000 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)</sup><br>|  | 235 | 244815 |
| NCL Corp. Ltd. |  |  |  |
| 7.75%, 02/15/29<sup>(a)</sup> |  | 197 | 205101 |
| 6.25%, 09/15/33<sup>(a)</sup> |  | 137 | 132936 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(a)</sup> |  | 135 | 136160 |
| REXLot Holdings Ltd., 4.50%, <br> 04/17/19<sup>(e)(f)(g)(h)(n)</sup><br>| HKD  | 1161 |  |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Millennium Operations <br> LLC, 8.63%, 01/15/32<sup>(a)</sup><br>| USD  | 696 | 697123 |
| SJM International Ltd., 6.50%, 01/15/31<sup>(e)</sup> |  | 2500 | 2389425 |
| Station Casinos LLC, 6.63%, 03/15/32<sup>(a)</sup> |  | 53 | 53206 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(e)</sup> |  | 4900 | 4890200 |
| Studio City Finance Ltd., 6.50%, 01/15/28<sup>(e)</sup> |  | 800 | 790528 |
| Tabcorp Finance Pty Ltd., 5.99%, 05/28/31<sup>(e)</sup> | AUD  | 2480 | 1664894 |
| Travel + Leisure Co., 4.50%, 12/01/29<sup>(a)</sup> | USD  | 13 | 12431 |
| Vail Resorts, Inc., 5.63%, 07/15/30<sup>(a)</sup> |  | 40 | 39669 |
| Viking Cruises Ltd. |  |  |  |
| 9.13%, 07/15/31<sup>(a)</sup> |  | 103 | 108659 |
| 5.88%, 10/15/33<sup>(a)</sup> |  | 100 | 98731 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> |  | 100 | 99588 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> |  | 189 | 196222 |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 10/01/27<sup>(a)</sup> |  | 200 | 197922 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 10/01/27<sup>(e)</sup> | USD  | 8000 | $7916880 |
| 5.63%, 08/26/28<sup>(a)</sup> |  | 200 | 196593 |
| 5.63%, 08/26/28<sup>(e)</sup> |  | 4000 | 3931850 |
| 6.75%, 02/15/34<sup>(a)</sup> |  | 709 | 689502 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |  |
| 7.13%, 02/15/31<sup>(a)</sup> |  | 86 | 90149 |
| 6.25%, 03/15/33<sup>(a)</sup> |  | 139 | 137554 |
| Yum! Brands, Inc. |  |  |  |
| 4.75%, 01/15/30<sup>(a)</sup> |  | 180 | 176997 |
| 5.38%, 04/01/32 |  | 88 | 87299 |
|  |  |  | 100799649 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Ashton Woods U.S.A. LLC/Ashton Woods <br> Finance Co.<br>|  |  |  |
| 4.63%, 08/01/29<sup>(a)</sup> |  | 430 | 406229 |
| 4.63%, 04/01/30<sup>(a)</sup> |  | 1180 | 1095193 |
| 6.88%, 08/01/33<sup>(a)</sup> |  | 827 | 797836 |
| Beazer Homes U.S.A., Inc., 7.25%, 10/15/29 |  | 3721 | 3717280 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC<br>|  |  |  |
| 5.00%, 06/15/29<sup>(a)</sup> |  | 742 | 704006 |
| 4.88%, 02/15/30<sup>(a)</sup> |  | 280 | 257077 |
| Century Communities, Inc., 6.63%, <br> 09/15/33<sup>(a)</sup><br>|  | 100 | 97965 |
| DR Horton, Inc., 5.50%, 10/15/35 |  | 147 | 149165 |
| K Hovnanian Enterprises, Inc., 8.00%, <br> 04/01/31<sup>(a)</sup><br>|  | 32 | 31638 |
| Leggett & Platt, Inc., 4.40%, 03/15/29 |  | 922 | 900128 |
| LGI Homes, Inc. |  |  |  |
| 8.75%, 12/15/28<sup>(a)</sup> |  | 1568 | 1604271 |
| 7.00%, 11/15/32<sup>(a)</sup> |  | 1871 | 1734842 |
| Maison Finco PLC, 7.25%, 04/30/32<sup>(e)</sup> | GBP  | 249 | 308982 |
| Mattamy Group Corp. |  |  |  |
| 4.63%, 03/01/30<sup>(a)</sup> | USD  | 1691 | 1607720 |
| 6.00%, 12/15/33<sup>(a)</sup> |  | 112 | 105174 |
| Meritage Homes Corp., 5.65%, 03/15/35 |  | 116 | 115874 |
| Newell Brands, Inc. |  |  |  |
| 6.63%, 09/15/29 |  | 28 | 27330 |
| 6.38%, 05/15/30 |  | 156 | 149747 |
| 6.63%, 05/15/32 |  | 35 | 33494 |
| PulteGroup, Inc., 4.25%, 03/01/31 |  | 995 | 972416 |
| Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/30<sup>(a)</sup><br>|  | 100 | 98856 |
| TopBuild Corp., 3.63%, 03/15/29<sup>(a)</sup> |  | 73 | 69517 |
| Weekley Homes LLC/Weekley Finance Corp., <br> 4.88%, 09/15/28<sup>(a)</sup><br>|  | 1032 | 999316 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 100 | 97638 |
| 6.50%, 06/15/33 |  | 114 | 108007 |
|  |  |  | 16189701 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Central Garden & Pet Co., 4.13%, 04/30/31<sup>(a)</sup> |  | 27 | 25157 |
| Colgate-Palmolive Co., 3.70%, 08/01/47 |  | 2155 | 1667058 |
| Energizer Holdings, Inc. |  |  |  |
| 4.75%, 06/15/28<sup>(a)</sup> |  | 53 | 52169 |
| 6.00%, 09/15/33<sup>(a)</sup> |  | 109 | 102082 |
| Kimberly-Clark Corp., 3.90%, 05/04/47 |  | 352 | 271541 |
| Procter & Gamble Co. (The) |  |  |  |
| 4.05%, 05/01/30 |  | 680 | 677207 |
| 4.55%, 01/29/34 |  | 140 | 140283 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** |
| Procter & Gamble Co. (The) |  |  |  |
| 5.80%, 08/15/34 | USD  | 352 | $380160 |
| 4.35%, 11/03/35 |  | 555 | 538128 |
|  |  |  | 3853785 |
| **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., <br> 4.25%, 03/25/27<sup>(e)</sup><br>|  | 5880 | 5735940 |
| Continuum Energy Pte Ltd., 5.00%, <br> 09/13/27<sup>(a)(h)(o)</sup><br>|  | 10577 | 10538065 |
| ContourGlobal Power Holdings SA, 4.38%, <br> 07/31/31<sup>(e)</sup><br>| EUR  | 403 | 441110 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(e)</sup><br>| USD  | 4074 | 4036276 |
| India Clean Energy Holdings, 4.50%, <br> 04/18/27<sup>(e)</sup><br>|  | 14800 | 14331580 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(e)</sup> |  | 5932 | 5887510 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> |  | 117 | 121619 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(e)</sup> |  | 14000 | 13810440 |
| Renew Treasury Ifsc Pvt Ltd., 6.50%, <br> 02/02/31<sup>(a)</sup><br>|  | 200 | 193938 |
| San Miguel Global Power Holdings Corp., <br> 8.38% <sup>(e)(p)</sup><br>|  | 5127 | 5020461 |
| SCC Power PLC, (4.00% Cash or 4.00% PIK), <br> 4.00%, 05/17/32<sup>(a)(o)</sup><br>|  | 494 | 123421 |
| Star Energy Geothermal Wayang Windu Ltd., <br> 6.75%, 04/24/33<sup>(e)</sup><br>|  | 2428 | 2428237 |
| Stem, Inc., 0.50%, 12/01/28<sup>(a)(n)</sup> |  | 622 | 254669 |
|  |  |  | 62923266 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co. |  |  |  |
| 2.38%, 08/26/29 |  | 349 | 327241 |
| 4.80%, 03/15/30 |  | 573 | 579136 |
| 3.05%, 04/15/30 |  | 439 | 415969 |
| 5.70%, 03/15/37 |  | 117 | 121444 |
| 3.88%, 06/15/44 |  | 910 | 709482 |
| Ambipar Lux S.a.r.l. |  |  |  |
| 10.88%, 02/05/33<sup>(a)(f)(g)</sup> |  | 539 | 73293 |
| 10.88%, 02/05/33<sup>(e)(f)(g)</sup> |  | 574 | 78053 |
| Beach Acquisition Bidco LLC |  |  |  |
| 5.25%, 07/15/32<sup>(e)</sup> | EUR  | 463 | 513266 |
| 10.00%, 07/15/33<sup>(a)(o)</sup> | USD  | 155 | 165593 |
| CTF Services Ltd., 0.75%, 10/03/28<sup>(e)(n)</sup> | HKD  | 14000 | 1738127 |
| Honeywell International, Inc., 4.50%, <br> 01/15/34<br>| USD  | 1626 | 1599644 |
| Maxam Prill S.a.r.l., 6.00%, 07/15/30<sup>(e)</sup> | EUR  | 1671 | 1908740 |
| Sisecam UK PLC, 8.38%, 01/23/33<sup>(a)</sup> | USD  | 464 | 460476 |
|  |  |  | 8690464 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| 7.50%, 11/06/30<sup>(a)</sup> |  | 167 | 167512 |
| 6.75%, 07/01/32<sup>(a)</sup> |  | 188 | 181161 |
| Alleghany Corp., 4.90%, 09/15/44 |  | 100 | 88619 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |  |
| 5.88%, 11/01/29<sup>(a)</sup> |  | 230 | 222532 |
| 7.38%, 10/01/32<sup>(a)</sup> |  | 46 | 45561 |
| Allstate Corp. (The) |  |  |  |
| 5.35%, 06/01/33 |  | 256 | 263126 |
| 5.95%, 04/01/36 |  | 251 | 264746 |
| 4.50%, 06/15/43 |  | 264 | 224350 |
| 4.20%, 12/15/46 |  | 61 | 48374 |

---

522026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Ambac Assurance Corp., 5.10% <sup>(a)(p)</sup> | USD  | 462 | $607797 |
| American Financial Group, Inc., 5.00%, <br> 09/23/35<br>|  | 158 | 151574 |
| American International Group, Inc. |  |  |  |
| 4.85%, 05/07/30 |  | 280 | 282813 |
| 5.13%, 03/27/33 |  | 637 | 643140 |
| 5.45%, 05/07/35 |  | 480 | 489589 |
| 4.50%, 07/16/44 |  | 293 | 250504 |
| American National Group, Inc. |  |  |  |
| 5.75%, 10/01/29 |  | 75 | 75774 |
| 6.00%, 07/15/35 |  | 542 | 528388 |
| Aon Corp., 3.75%, 05/02/29 |  | 144 | 141331 |
| Aon Corp./Aon Global Holdings PLC |  |  |  |
| 2.85%, 05/28/27 |  | 852 | 837356 |
| 2.05%, 08/23/31 |  | 28 | 24447 |
| 2.60%, 12/02/31 |  | 100 | 89195 |
| 5.35%, 02/28/33 |  | 1276 | 1306784 |
| 3.90%, 02/28/52 |  | 338 | 246469 |
| Aon Global Ltd., 4.60%, 06/14/44 |  | 447 | 378760 |
| Aon North America, Inc. |  |  |  |
| 5.30%, 03/01/31 |  | 706 | 720342 |
| 5.45%, 03/01/34 |  | 273 | 278797 |
| Arch Capital Group Ltd., 7.35%, 05/01/34 |  | 568 | 643100 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(e)</sup> | EUR  | 1898 | 2178670 |
| 7.75%, 02/15/31<sup>(a)</sup> | USD  | 221 | 223589 |
| Arthur J Gallagher & Co. |  |  |  |
| 4.60%, 12/15/27 |  | 512 | 513405 |
| 5.00%, 02/15/32 |  | 993 | 995364 |
| 6.50%, 02/15/34 |  | 149 | 161121 |
| 5.45%, 07/15/34 |  | 488 | 495700 |
| Arthur J. Gallagher & Co. |  |  |  |
| 3.50%, 05/20/51 |  | 577 | 394707 |
| 6.75%, 02/15/54 |  | 337 | 363904 |
| Athene Holding Ltd., 6.63%, 05/19/55 |  | 386 | 371848 |
| Berkshire Hathaway Finance Corp. |  |  |  |
| 1.85%, 03/12/30 |  | 325 | 298104 |
| 4.40%, 05/15/42 |  | 840 | 750447 |
| 4.20%, 08/15/48 |  | 536 | 436877 |
| 4.25%, 01/15/49 |  | 462 | 379158 |
| 2.85%, 10/15/50 |  | 1343 | 843023 |
| Brown & Brown, Inc. |  |  |  |
| 4.90%, 06/23/30 |  | 131 | 130822 |
| 2.38%, 03/15/31 |  | 820 | 721528 |
| 4.20%, 03/17/32 |  | 100 | 94392 |
| 5.25%, 06/23/32 |  | 335 | 334073 |
| 5.65%, 06/11/34 |  | 661 | 666618 |
| 4.95%, 03/17/52 |  | 100 | 83339 |
| Chubb INA Holdings LLC |  |  |  |
| 4.65%, 08/15/29 |  | 228 | 230563 |
| 1.38%, 09/15/30 |  | 297 | 259256 |
| 5.00%, 03/15/34 |  | 536 | 538977 |
| 6.00%, 05/11/37 |  | 1402 | 1495815 |
| CNA Financial Corp. |  |  |  |
| 5.13%, 02/15/34 |  | 287 | 282540 |
| 5.20%, 08/15/35 |  | 100 | 97854 |
| Everest Reinsurance Holdings, Inc. |  |  |  |
| 3.50%, 10/15/50 |  | 272 | 180448 |
| 3.13%, 10/15/52 |  | 137 | 82625 |
| F&G Annuities & Life, Inc. |  |  |  |
| 7.40%, 01/13/28 |  | 966 | 983201 |
| 6.50%, 06/04/29 |  | 405 | 406692 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| F&G Annuities & Life, Inc. |  |  |  |
| 6.25%, 10/04/34 | USD  | 298 | $282838 |
| Fairfax Financial Holdings Ltd. |  |  |  |
| 3.38%, 03/03/31 |  | 540 | 502794 |
| 6.00%, 12/07/33 |  | 990 | 1034315 |
| 6.10%, 03/15/55 |  | 215 | 210144 |
| Global Atlantic Fin Co., 7.25%, 03/01/56<sup>(a)</sup> |  | 76 | 71635 |
| Hartford Insurance Group, Inc. (The) |  |  |  |
| 2.80%, 08/19/29 |  | 830 | 785941 |
| 5.95%, 10/15/36 |  | 100 | 105660 |
| 6.10%, 10/01/41 |  | 100 | 104997 |
| 4.40%, 03/15/48 |  | 131 | 108112 |
| Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 8.13%, 02/15/32<sup>(a)</sup><br>|  | 255 | 238922 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> |  | 405 | 414884 |
| Insurance Australia Group Ltd., (3-mo. BBSW <br> + 1.68%), 5.85%, 06/15/37<sup>(b)(e)</sup><br>| AUD  | 1500 | 1038009 |
| Jones Deslauriers Insurance Management, <br> Inc., 8.50%, 03/15/30<sup>(a)</sup><br>| USD  | 79 | 80298 |
| Lincoln National Corp. |  |  |  |
| 3.05%, 01/15/30 |  | 26 | 24463 |
| 5.85%, 03/15/34 |  | 343 | 349063 |
| 6.30%, 10/09/37 |  | 106 | 108945 |
| 7.00%, 06/15/40 |  | 270 | 292166 |
| Loews Corp., 4.94%, 04/01/36 |  | 121 | 118411 |
| Manulife Financial Corp. |  |  |  |
| 2.48%, 05/19/27 |  | 587 | 574921 |
| 4.99%, 12/11/35 |  | 136 | 132863 |
| Markel Group, Inc. |  |  |  |
| 3.50%, 11/01/27 |  | 1162 | 1143357 |
| 3.35%, 09/17/29 |  | 997 | 955176 |
| 5.00%, 04/05/46 |  | 100 | 87729 |
| 6.00%, 05/16/54 |  | 184 | 179088 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 4.85%, 11/15/31 |  | 430 | 433506 |
| 5.75%, 11/01/32 |  | 558 | 588202 |
| 5.40%, 09/15/33 |  | 326 | 336186 |
| 5.15%, 03/15/34 |  | 872 | 882361 |
| 4.95%, 03/15/36 |  | 477 | 472491 |
| 4.75%, 03/15/39 |  | 283 | 265521 |
| 5.35%, 11/15/44 |  | 452 | 427934 |
| 4.90%, 03/15/49 |  | 139 | 122642 |
| 6.25%, 11/01/52 |  | 435 | 456703 |
| 5.45%, 03/15/53 |  | 448 | 422973 |
| MetLife, Inc. |  |  |  |
| 4.72%, 12/15/44 |  | 2948 | 2566344 |
| Series G, 6.35%, 03/15/55 |  | 785 | 796580 |
| Nippon Life Insurance Co. |  |  |  |
| 04/02/31<sup>(a)(i)</sup> |  | 320 | 320801 |
| 04/02/33<sup>(a)(i)</sup> |  | 200 | 200245 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/31<sup>(a)</sup><br>|  | 316 | 317061 |
| Principal Financial Group, Inc., 4.63%, <br> 09/15/42<br>|  | 358 | 311497 |
| Progressive Corp. (The), 3.70%, 01/26/45 |  | 1645 | 1252398 |
| Prudential Financial, Inc., 3.91%, 12/07/47 |  | 3826 | 2882531 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)</sup> |  | 164 | 158878 |
| Transatlantic Holdings, Inc., 8.00%, 11/30/39 |  | 100 | 120581 |
| Travelers Cos., Inc. (The) |  |  |  |
| 5.05%, 07/24/35 |  | 300 | 300481 |
| 6.75%, 06/20/36 |  | 169 | 190872 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Travelers Cos., Inc. (The) |  |  |  |
| 6.25%, 06/15/37 | USD  | 218 | $238494 |
| 5.35%, 11/01/40 |  | 1160 | 1147782 |
| 5.45%, 05/25/53 |  | 306 | 292667 |
| Unum Group |  |  |  |
| 4.00%, 06/15/29 |  | 100 | 98008 |
| 5.25%, 12/15/35 |  | 414 | 404911 |
| 5.75%, 08/15/42 |  | 100 | 97267 |
| 6.00%, 06/15/54 |  | 100 | 94371 |
| Willis North America, Inc. |  |  |  |
| 4.65%, 06/15/27 |  | 1116 | 1117841 |
| 4.55%, 03/15/31 |  | 137 | 134990 |
| 5.35%, 05/15/33 |  | 472 | 476939 |
| 5.90%, 03/05/54 |  | 216 | 209662 |
|  |  |  | 51281252 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Alphabet, Inc. |  |  |  |
| 3.70%, 02/15/29 |  | 3452 | 3422332 |
| 4.00%, 05/15/30 |  | 1693 | 1680374 |
| 4.10%, 11/15/30 |  | 20280 | 20141761 |
| 4.10%, 02/15/31 |  | 1026 | 1018870 |
| 4.40%, 02/15/33 |  | 1399 | 1381576 |
| 4.70%, 11/15/35 |  | 2047 | 2022314 |
| 5.35%, 11/15/45 |  | 1214 | 1187038 |
| 5.45%, 11/15/55 |  | 1715 | 1660465 |
| 5.65%, 02/15/56 |  | 11861 | 11822849 |
| 4.38%, 11/06/64 | EUR  | 5010 | 5437651 |
| 5.75%, 02/15/66 | USD  | 636 | 629857 |
| 5.70%, 11/15/75 |  | 22957 | 22249164 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(a)</sup> |  | 100 | 96279 |
| Meta Platforms, Inc. |  |  |  |
| 4.60%, 11/15/32 |  | 875 | 866416 |
| 4.75%, 08/15/34 |  | 1063 | 1051429 |
| 4.88%, 11/15/35 |  | 300 | 294312 |
| 5.50%, 11/15/45 |  | 1345 | 1272794 |
| 5.40%, 08/15/54 |  | 4103 | 3716320 |
| 4.65%, 08/15/62 |  | 5588 | 4326133 |
| Snap, Inc., 6.88%, 03/15/34<sup>(a)</sup> |  | 186 | 174946 |
|  |  |  | 84452880 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Almaviva-The Italian Innovation Co. SpA, <br> 5.00%, 10/30/30<sup>(e)</sup><br>| EUR  | 743 | 813827 |
| Atos SE, 9.36%, 12/18/29<sup>(c)(e)</sup> |  | 542 | 706894 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | USD  | 49907 | 51312189 |
| Cedacri SpA, (3-mo. EURIBOR + 4.63%), <br> 6.61%, 05/15/28<sup>(b)(e)</sup><br>| EUR  | 308 | 344833 |
| Cogent Communications Group LLC/Cogent <br> Finance, Inc., 6.50%, 07/01/32<sup>(a)</sup><br>| USD  | 223 | 194409 |
| CoreWeave, Inc. |  |  |  |
| 9.00%, 02/01/31<sup>(a)</sup> |  | 435 | 413911 |
| 1.75%, 12/01/31<sup>(a)(n)</sup> |  | 311 | 311342 |
| Dell International LLC/EMC Corp. |  |  |  |
| 5.30%, 10/01/29 |  | 126 | 128588 |
| 4.50%, 02/15/31 |  | 599 | 591920 |
| 5.40%, 04/15/34 |  | 1142 | 1152280 |
| 8.10%, 07/15/36 |  | 1198 | 1424023 |
| 8.35%, 07/15/46 |  | 507 | 627556 |
| Engineering - Ingegneria Informatica - SpA, <br> 11.13%, 05/15/28<sup>(e)</sup><br>| EUR  | 729 | 854493 |
| Fidelity National Information Services, Inc. |  |  |  |
| 4.45%, 03/10/28 | USD  | 1278 | 1274422 |
| 4.55%, 03/10/29 |  | 1560 | 1552644 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Fidelity National Information Services, Inc. |  |  |  |
| 3.75%, 05/21/29 | USD  | 836 | $811424 |
| Fiserv, Inc. |  |  |  |
| 2.25%, 06/01/27 |  | 546 | 531369 |
| 5.45%, 03/02/28 |  | 3419 | 3467563 |
| 4.20%, 10/01/28 |  | 345 | 341020 |
| 3.50%, 07/01/29 |  | 1256 | 1203001 |
| 4.75%, 03/15/30 |  | 642 | 636205 |
| 2.65%, 06/01/30 |  | 282 | 256777 |
| 5.35%, 03/15/31 |  | 327 | 330212 |
| 5.60%, 03/02/33 |  | 100 | 101049 |
| 5.63%, 08/21/33 |  | 254 | 256381 |
| 5.45%, 03/15/34 |  | 536 | 533336 |
| 5.15%, 08/12/34 |  | 97 | 94216 |
| Gartner, Inc. |  |  |  |
| 4.50%, 07/01/28<sup>(a)</sup> |  | 36267 | 35655389 |
| 3.63%, 06/15/29<sup>(a)</sup> |  | 11237 | 10571309 |
| 5.60%, 11/20/35 |  | 411 | 389848 |
| Global Payments, Inc. |  |  |  |
| 4.95%, 08/15/27 |  | 1245 | 1247306 |
| 4.50%, 11/15/28 |  | 700 | 693146 |
| 3.20%, 08/15/29 |  | 101 | 95259 |
| 2.90%, 05/15/30 |  | 814 | 744029 |
| 5.40%, 08/15/32 |  | 414 | 410572 |
| 5.20%, 11/15/32 |  | 493 | 478558 |
| 5.55%, 11/15/35 |  | 851 | 820057 |
| 5.95%, 08/15/52 |  | 51 | 46930 |
| Go Daddy Operating Co. LLC/GD Finance <br> Co., Inc., 5.25%, 12/01/27<sup>(a)</sup><br>|  | 24 | 23902 |
| IBM International Capital Pte Ltd. |  |  |  |
| 4.75%, 02/05/31 |  | 1808 | 1810404 |
| 4.90%, 02/05/34 |  | 1578 | 1556968 |
| International Business Machines Corp. |  |  |  |
| 5.60%, 11/30/39 |  | 2432 | 2447527 |
| 4.25%, 05/15/49 |  | 196 | 151044 |
| 2.95%, 05/15/50 |  | 1615 | 989051 |
| 4.90%, 07/27/52 |  | 289 | 243360 |
| 5.10%, 02/06/53 |  | 379 | 329663 |
| Intuit, Inc. |  |  |  |
| 5.13%, 09/15/28 |  | 525 | 535122 |
| 1.65%, 07/15/30 |  | 15 | 13364 |
| 5.20%, 09/15/33 |  | 401 | 407954 |
| Kyndryl Holdings, Inc., 6.35%, 02/20/34 |  | 1095 | 1015877 |
| Leidos, Inc. |  |  |  |
| 4.38%, 05/15/30 |  | 239 | 235137 |
| 5.00%, 03/15/36 |  | 472 | 456333 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(e)</sup> | EUR  | 165 | 184953 |
| Prime Investment Partners, 11.00%, <br> 05/01/30<sup>(h)</sup><br>| USD  | 5615 | 5825847 |
| Sabre Financial Borrower LLC, 11.13%, <br> 06/15/29<sup>(a)</sup><br>|  | 3050 | 3121135 |
| Sabre GLBL, Inc. |  |  |  |
| 10.75%, 11/15/29<sup>(a)</sup> |  | 765 | 653497 |
| 10.75%, 03/15/30<sup>(a)</sup> |  | 1010 | 848901 |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.<br>|  |  |  |
| 6.75%, 08/15/32<sup>(a)</sup> |  | 110 | 108168 |
| 5.50%, 05/15/33<sup>(e)</sup> | EUR  | 1443 | 1572415 |
| SV RNO Property Owner 1 LLC, 5.88%, <br> 03/01/31<sup>(a)</sup><br>| USD  | 315 | 311375 |
| TR Finance LLC, 5.85%, 04/15/40 |  | 284 | 276616 |
|  |  |  | 144536900 |

---

542026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Brunswick Corp., 4.40%, 09/15/32 | USD  | 148 | $139242 |
| Hasbro, Inc., 6.05%, 05/14/34 |  | 356 | 371063 |
|  |  |  | 510305 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Avantor Funding, Inc., 4.63%, 07/15/28<sup>(a)</sup> |  | 211 | 205939 |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/32 |  | 100 | 92882 |
| Charles River Laboratories International, Inc., <br> 4.25%, 05/01/28<sup>(a)</sup><br>|  | 223 | 217976 |
| DH Europe Finance II S.a.r.l. |  |  |  |
| 3.25%, 11/15/39 |  | 748 | 600516 |
| 3.40%, 11/15/49 |  | 143 | 100348 |
| Ephios Subco 3 S.a.r.l., 7.88%, 01/31/31<sup>(e)</sup> | EUR  | 330 | 399461 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(a)</sup> | USD  | 200 | 199784 |
|  |  |  | 1816906 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Allison Transmission, Inc., 4.75%, 10/01/27<sup>(a)</sup> |  | 165 | 163977 |
| Caterpillar, Inc. |  |  |  |
| 1.90%, 03/12/31 |  | 1030 | 916740 |
| 6.05%, 08/15/36 |  | 406 | 443625 |
| 3.80%, 08/15/42 |  | 567 | 467747 |
| 4.30%, 05/15/44 |  | 100 | 86191 |
| Cummins, Inc. |  |  |  |
| 4.70%, 02/15/31 |  | 580 | 586010 |
| 5.15%, 02/20/34 |  | 197 | 200289 |
| 5.30%, 05/09/35 |  | 422 | 430135 |
| Deere & Co., 7.13%, 03/03/31 |  | 561 | 626922 |
| Deere Funding Canada Corp., 4.15%, <br> 10/09/30<br>|  | 988 | 975285 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(e)</sup> | EUR  | 258 | 264472 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd., 0.00%, 05/04/31<sup>(d)(e)</sup><br>| USD  | 1200 | 1203000 |
| Ingersoll Rand, Inc. |  |  |  |
| 5.20%, 06/15/27 |  | 126 | 127091 |
| 5.45%, 06/15/34 |  | 200 | 204215 |
| John Deere Capital Corp. |  |  |  |
| 4.85%, 03/05/27 |  | 768 | 773130 |
| 1.75%, 03/09/27 |  | 522 | 510680 |
| 4.20%, 07/15/27 |  | 661 | 663079 |
| 2.80%, 09/08/27 |  | 612 | 601411 |
| 4.95%, 07/14/28 |  | 411 | 418965 |
| 3.35%, 04/18/29 |  | 510 | 496754 |
| 4.85%, 06/11/29 |  | 115 | 117111 |
| 2.80%, 07/18/29 |  | 298 | 284849 |
| 4.90%, 03/07/31 |  | 200 | 204165 |
| 2.00%, 06/17/31 |  | 729 | 646688 |
| 4.35%, 09/15/32 |  | 104 | 103145 |
| 5.10%, 04/11/34 |  | 573 | 583393 |
| 5.05%, 06/12/34 |  | 361 | 366588 |
| Series I, 4.25%, 06/05/28 |  | 76 | 76240 |
| Series I, 3.90%, 03/09/29 |  | 1020 | 1013447 |
| Series I, 4.20%, 03/10/31 |  | 650 | 643833 |
| Parker-Hannifin Corp. |  |  |  |
| 4.25%, 09/15/27 |  | 592 | 592241 |
| 4.50%, 09/15/29 |  | 598 | 601461 |
| 4.45%, 11/21/44 |  | 132 | 114170 |
| 4.10%, 03/01/47 |  | 131 | 105448 |
| Stanley Black & Decker, Inc. |  |  |  |
| 4.25%, 11/15/28 |  | 367 | 366411 |
| 2.30%, 03/15/30 |  | 100 | 91303 |
| 3.00%, 05/15/32 |  | 165 | 148795 |
| 5.20%, 09/01/40 |  | 233 | 217726 |
| Terex Corp., 5.00%, 05/15/29<sup>(a)</sup> |  | 28 | 27586 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| TK Elevator U.S. Newco, Inc., 5.25%, <br> 07/15/27<sup>(a)</sup><br>| USD  | 200 | $199477 |
| Westinghouse Air Brake Technologies Corp., <br> 4.70%, 09/15/28<br>|  | 100 | 100293 |
|  |  |  | 16764088 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| AMC Networks, Inc. |  |  |  |
| 4.25%, 02/15/29 |  | 2822 | 2377485 |
| 4.25%, 02/15/29<sup>(n)</sup> |  | 1097 | 972216 |
| 10.50%, 07/15/32<sup>(a)</sup> |  | 184 | 181594 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |  |
| 5.38%, 06/01/29<sup>(a)</sup> |  | 163 | 160759 |
| 6.38%, 09/01/29<sup>(a)</sup> |  | 100 | 100307 |
| 4.50%, 08/15/30<sup>(a)</sup> |  | 342 | 319592 |
| 4.25%, 02/01/31<sup>(a)</sup> |  | 179 | 163150 |
| 4.75%, 02/01/32<sup>(a)</sup> |  | 751 | 679029 |
| 7.00%, 02/01/33<sup>(a)</sup> |  | 302 | 302832 |
| 7.38%, 02/01/36<sup>(a)</sup> |  | 37 | 36846 |
| Charter Communications Operating <br> LLC/Charter Communications Operating <br> Capital<br>|  |  |  |
| 5.38%, 04/01/38 |  | 1418 | 1270884 |
| 6.48%, 10/23/45 |  | 3371 | 3107944 |
| 5.75%, 04/01/48 |  | 3310 | 2760539 |
| 4.80%, 03/01/50 |  | 1980 | 1463927 |
| 3.90%, 06/01/52 |  | 3222 | 2051091 |
| 3.85%, 04/01/61 |  | 4575 | 2671855 |
| 3.95%, 06/30/62 |  | 410 | 240899 |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| 7.88%, 04/01/30<sup>(a)</sup> |  | 755 | 790110 |
| 7.13%, 02/15/31<sup>(a)</sup> |  | 644 | 674716 |
| Comcast Corp. |  |  |  |
| 3.15%, 02/15/28 |  | 2000 | 1962548 |
| 4.15%, 10/15/28 |  | 2108 | 2099341 |
| 5.10%, 06/01/29 |  | 603 | 617143 |
| 4.25%, 10/15/30 |  | 100 | 98925 |
| 4.95%, 05/15/32 |  | 1098 | 1108138 |
| 5.50%, 11/15/32 |  | 87 | 90353 |
| 4.25%, 01/15/33 |  | 170 | 164283 |
| 7.05%, 03/15/33 |  | 592 | 664848 |
| 5.65%, 06/15/35 |  | 226 | 233647 |
| 3.20%, 07/15/36 |  | 75 | 62878 |
| 5.17%, 01/15/37<sup>(a)</sup> |  | 261 | 254147 |
| 6.45%, 03/15/37 |  | 217 | 234911 |
| 6.95%, 08/15/37 |  | 431 | 481412 |
| 3.90%, 03/01/38 |  | 1068 | 917204 |
| 4.65%, 07/15/42 |  | 100 | 86346 |
| 4.75%, 03/01/44 |  | 1055 | 898883 |
| 4.60%, 08/15/45 |  | 209 | 174398 |
| 4.00%, 03/01/48 |  | 1021 | 751653 |
| 2.89%, 11/01/51 |  | 525 | 303484 |
| 4.05%, 11/01/52 |  | 2659 | 1904953 |
| 2.94%, 11/01/56 |  | 3219 | 1783214 |
| 4.95%, 10/15/58 |  | 783 | 639808 |
| 2.65%, 08/15/62 |  | 1828 | 903274 |
| 2.99%, 11/01/63 |  | 100 | 52949 |
| CSC Holdings LLC |  |  |  |
| 5.50%, 04/15/27<sup>(a)</sup> |  | 3346 | 2902301 |
| 11.25%, 05/15/28<sup>(a)</sup> |  | 773 | 631652 |
| 11.75%, 01/31/29<sup>(a)</sup> |  | 1731 | 1251764 |
| DirecTV Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> |  | 308 | 307315 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| DirecTV Financing LLC/DirecTV Financing <br> Co-Obligor, Inc., 10.00%, 02/15/31<sup>(a)</sup><br>| USD  | 362 | $369540 |
| Discovery Communications LLC |  |  |  |
| 3.95%, 03/20/28 |  | 39937 | 39126279 |
| 5.00%, 09/20/37 |  | 451 | 326064 |
| 6.35%, 06/01/40 |  | 653 | 478532 |
| Discovery Global Holdings, Inc., 3.76%, <br> 03/15/27<br>|  | 115064 | 113653315 |
| DISH Network Corp., 3.38%, 08/15/26<sup>(n)</sup> |  | 892 | 859888 |
| EchoStar Corp. |  |  |  |
| 10.75%, 11/30/29 |  | 390 | 421298 |
| (6.75% PIK), 6.75%, 11/30/30<sup>(o)</sup> |  | 1364 | 1377310 |
| Fox Corp. |  |  |  |
| 6.50%, 10/13/33 |  | 557 | 597771 |
| 5.48%, 01/25/39 |  | 505 | 488490 |
| 5.58%, 01/25/49 |  | 128 | 117970 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(a)</sup> |  | 362 | 361977 |
| iHeartCommunications, Inc. |  |  |  |
| 9.13%, 05/01/29<sup>(a)</sup> |  | 100 | 90810 |
| 7.75%, 08/15/30<sup>(a)</sup> |  | 200 | 159230 |
| Lamar Media Corp. |  |  |  |
| 3.75%, 02/15/28 |  | 47 | 45713 |
| 4.88%, 01/15/29 |  | 145 | 143273 |
| McGraw-Hill Education, Inc., 7.38%, <br> 09/01/31<sup>(a)</sup><br>|  | 191 | 194588 |
| NBCUniversal Media LLC |  |  |  |
| 6.40%, 04/30/40 |  | 100 | 106191 |
| 5.95%, 04/01/41 |  | 1214 | 1215731 |
| 4.45%, 01/15/43 |  | 100 | 83032 |
| Neptune Bidco U.S., Inc. |  |  |  |
| 10.38%, 05/15/31<sup>(a)</sup> |  | 232 | 234090 |
| 9.50%, 02/15/33<sup>(a)</sup> |  | 340 | 329881 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(a)</sup> |  | 250 | 249881 |
| Omnicom Group, Inc. |  |  |  |
| 4.65%, 10/01/28 |  | 254 | 254481 |
| 5.30%, 11/01/34 |  | 398 | 393848 |
| 3.38%, 03/01/41 |  | 100 | 73283 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/29<sup>(a)</sup><br>|  | 100 | 96400 |
| Paramount Global |  |  |  |
| 3.70%, 10/04/26 |  | 4155 | 4094065 |
| 2.90%, 01/15/27 |  | 6236 | 6130165 |
| 6.88%, 04/30/36 |  | 405 | 355255 |
| 4.85%, 07/01/42 |  | 1285 | 820596 |
| Sirius XM Radio LLC, 5.00%, 08/01/27<sup>(a)</sup> |  | 615 | 614142 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)</sup> |  | 179 | 170417 |
| Starz Capital Holdings 1, Inc., 6.00%, <br> 04/15/30<sup>(a)</sup><br>|  | 1819 | 1668933 |
| Summer BC Holdco B S.a.r.l. |  |  |  |
| 5.88%, 02/15/30<sup>(e)</sup> | EUR  | 310 | 308208 |
| (3-mo. EURIBOR + 4.25%), 6.23%, <br> 02/15/30<sup>(b)(e)</sup><br>|  | 1113 | 1117822 |
| Sunrise FinCo I BV, 4.63%, 05/15/32<sup>(e)</sup> |  | 211 | 238296 |
| TCI Communications, Inc., 7.13%, 02/15/28 | USD  | 1000 | 1049298 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>|  | 676 | 765419 |
| Time Warner Cable LLC, 6.55%, 05/01/37 |  | 100 | 100820 |
| Univision Communications, Inc. |  |  |  |
| 8.00%, 08/15/28<sup>(a)</sup> |  | 300 | 304498 |
| 8.50%, 07/31/31<sup>(a)</sup> |  | 382 | 383864 |
| 9.38%, 08/01/32<sup>(a)</sup> |  | 117 | 120582 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Versant Media Group, Inc., 7.25%, <br> 01/30/31<sup>(a)</sup><br>| USD  | 86 | $88013 |
| Virgin Media O2 Vendor Financing Notes V <br> DAC, 7.88%, 03/15/32<sup>(e)</sup><br>| GBP  | 630 | 738653 |
| Virgin Media O2 Vendor Financing Notes VI <br> DAC, 8.50%, 03/15/33<sup>(a)</sup><br>| USD  | 253 | 221077 |
| Virgin Media O2 Vendor Financing Notes VII <br> DAC, 7.50%, 07/15/33<sup>(e)</sup><br>| EUR  | 266 | 269438 |
| Virgin Media O2 Vendor Financing Notes VIII <br> DAC, 8.88%, 07/15/33<sup>(e)</sup><br>| GBP  | 179 | 209067 |
| VZ Secured Financing BV |  |  |  |
| 5.00%, 01/15/32<sup>(a)</sup> | USD  | 1199 | 1027778 |
| 5.25%, 01/15/33<sup>(e)</sup> | EUR  | 2660 | 2834470 |
| Walt Disney Co. (The) |  |  |  |
| 7.75%, 12/01/45 | USD  | 2191 | 2712155 |
| 4.75%, 11/15/46 |  | 224 | 197788 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(e)</sup> | EUR  | 15970 | 17610515 |
| Ziggo Bond Co. BV |  |  |  |
| 3.38%, 02/28/30<sup>(e)</sup> |  | 146 | 142331 |
| 5.13%, 02/28/30<sup>(a)</sup> | USD  | 200 | 171617 |
| 6.13%, 11/15/32<sup>(e)</sup> | EUR  | 132 | 129481 |
|  |  |  | 248351176 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Alcoa Nederland Holding BV, 7.13%, <br> 03/15/31<sup>(a)</sup><br>| USD  | 226 | 236331 |
| Arsenal AIC Parent LLC |  |  |  |
| 8.00%, 10/01/30<sup>(a)</sup> |  | 87 | 90582 |
| 11.50%, 10/01/31<sup>(a)</sup> |  | 135 | 145868 |
| Barrick North America Finance LLC |  |  |  |
| 5.70%, 05/30/41 |  | 201 | 201256 |
| 5.75%, 05/01/43 |  | 155 | 153329 |
| Barrick PD Australia Finance Pty Ltd., 5.95%, <br> 10/15/39<br>|  | 230 | 235886 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 7.50%, 09/15/31<sup>(a)</sup> |  | 229 | 228418 |
| 7.38%, 05/01/33<sup>(a)</sup> |  | 10 | 9783 |
| 7.63%, 01/15/34<sup>(a)</sup> |  | 362 | 353662 |
| CMOC Capital Ltd., Class H, 0.00%, <br> 01/24/27<sup>(d)(e)(n)</sup><br>|  | 900 | 870758 |
| Commercial Metals Co., 5.75%, 11/15/33<sup>(a)</sup> |  | 195 | 192950 |
| Corp. Nacional del Cobre de Chile |  |  |  |
| 6.44%, 01/26/36<sup>(e)</sup> |  | 419 | 440966 |
| 5.53%, 01/30/37<sup>(a)</sup> |  | 1057 | 1035543 |
| CSN Resources SA |  |  |  |
| 4.63%, 06/10/31<sup>(e)</sup> |  | 595 | 362206 |
| 5.88%, 04/08/32<sup>(a)</sup> |  | 582 | 355747 |
| Fortescue Treasury Pty Ltd. |  |  |  |
| 5.88%, 04/15/30<sup>(a)</sup> |  | 100 | 101200 |
| 4.38%, 04/01/31<sup>(a)</sup> |  | 100 | 94484 |
| Freeport-McMoRan, Inc. |  |  |  |
| 4.25%, 03/01/30 |  | 393 | 384960 |
| 5.45%, 03/15/43 |  | 281 | 265850 |
| Jinkai Investment Holdings Ltd., Class H, <br> 0.00%, 02/05/31<sup>(d)(e)(n)</sup><br>|  | 1300 | 1201200 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(a)</sup> |  | 48 | 45347 |
| Marcobre SAC, 5.75%, 01/22/36<sup>(a)</sup> |  | 200 | 193680 |
| Mineral Resources Ltd. |  |  |  |
| 8.00%, 11/01/27<sup>(a)</sup> |  | 115 | 116468 |
| 9.25%, 10/01/28<sup>(a)</sup> |  | 119 | 123299 |
| 8.50%, 05/01/30<sup>(a)</sup> |  | 121 | 124364 |
| 7.00%, 04/01/31<sup>(a)</sup> |  | 100 | 102192 |

---

562026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Navoi Mining & Metallurgical Combinat |  |  |  |
| 6.70%, 10/17/28<sup>(a)</sup> | USD  | 376 | $382467 |
| 6.75%, 05/14/30<sup>(e)</sup> |  | 881 | 905404 |
| 6.95%, 10/17/31<sup>(a)</sup> |  | 475 | 494000 |
| Newmont Corp., 5.45%, 06/09/44 |  | 206 | 198685 |
| Newmont Corp./Newcrest Finance Pty Ltd., <br> 5.35%, 03/15/34<br>|  | 422 | 433996 |
| Nickel Industries Ltd., 9.00%, 09/30/30<sup>(e)</sup> |  | 2185 | 2179537 |
| Nippon Steel Corp. |  |  |  |
| 0.00%, 02/14/29<sup>(d)(e)(n)</sup> | JPY  | 300000 | 1923380 |
| 0.00%, 02/14/31<sup>(d)(e)(n)</sup> |  | 220000 | 1420875 |
| Novelis Corp. |  |  |  |
| 4.75%, 01/30/30<sup>(a)</sup> | USD  | 241 | 227143 |
| 6.38%, 08/15/33<sup>(a)</sup> |  | 107 | 104956 |
| Nucor Corp. |  |  |  |
| 2.70%, 06/01/30 |  | 309 | 288252 |
| 6.40%, 12/01/37 |  | 300 | 330690 |
| 5.20%, 08/01/43 |  | 117 | 111383 |
| Periama Holdings LLC, 5.95%, 04/19/26<sup>(e)</sup> |  | 425 | 424350 |
| Rio Tinto Alcan, Inc. |  |  |  |
| 6.13%, 12/15/33 |  | 564 | 605163 |
| 5.75%, 06/01/35 |  | 1074 | 1121749 |
| Rio Tinto Finance U.S.A. Ltd., 5.20%, <br> 11/02/40<br>|  | 1236 | 1202957 |
| Rio Tinto Finance U.S.A. PLC |  |  |  |
| 5.00%, 03/09/33 |  | 805 | 817777 |
| 5.75%, 03/14/55 |  | 255 | 254389 |
| Samarco Mineracao SA |  |  |  |
| (9.50% PIK), 9.50%, 06/30/31<sup>(a)(o)</sup> |  | 6 | 5553 |
| (9.50% Cash or 9.00% PIK), 9.50%, <br> 06/30/31<sup>(e)(o)</sup><br>|  | 6633 | 6533457 |
| Steel Dynamics, Inc., 5.25%, 05/15/35 |  | 445 | 445191 |
| Stillwater Mining Co. |  |  |  |
| 4.50%, 11/16/29<sup>(a)</sup> |  | 200 | 188278 |
| 4.50%, 11/16/29<sup>(e)</sup> |  | 980 | 922562 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 474 | 476929 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/29<sup>(a)</sup> |  | 200 | 209400 |
| 10.88%, 09/17/29<sup>(e)</sup> |  | 3900 | 4083300 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<sup>(a)</sup> |  | 73 | 74270 |
|  |  |  | 34032422 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| Starwood Property Trust, Inc. |  |  |  |
| 3.63%, 07/15/26<sup>(a)</sup> |  | 124 | 123240 |
| 6.00%, 04/15/30<sup>(a)</sup> |  | 300 | 299418 |
|  |  |  | 422658 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Ameren Corp. |  |  |  |
| 5.00%, 01/15/29 |  | 223 | 226517 |
| 3.50%, 01/15/31 |  | 244 | 231538 |
| 5.38%, 03/15/35 |  | 295 | 298205 |
| Ameren Illinois Co. |  |  |  |
| 3.85%, 09/01/32 |  | 260 | 247374 |
| 3.70%, 12/01/47 |  | 141 | 105153 |
| 5.63%, 03/01/55 |  | 201 | 195411 |
| American Water Capital Corp. |  |  |  |
| 2.95%, 09/01/27 |  | 71 | 69746 |
| 4.45%, 06/01/32 |  | 309 | 304147 |
| 5.25%, 03/01/35 |  | 320 | 325146 |
| 6.59%, 10/15/37 |  | 31 | 34912 |
| 3.75%, 09/01/47 |  | 553 | 411453 |
| 3.45%, 05/01/50 |  | 519 | 361225 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| American Water Capital Corp. |  |  |  |
| 5.70%, 09/01/55 | USD  | 137 | $134039 |
| AusNet Services Holdings Pty Ltd. |  |  |  |
| Series MTN, (3-mo. BBSW + 1.77%), <br> 5.70%, 02/04/56<sup>(b)(e)</sup><br>| AUD  | 1410 | 958257 |
| Series MTN, 6.50%, 02/04/56 |  | 1090 | 730477 |
| CenterPoint Energy Houston Electric LLC |  |  |  |
| 5.20%, 10/01/28 | USD  | 277 | 283110 |
| 5.05%, 03/01/35 |  | 334 | 332796 |
| CenterPoint Energy Resources Corp., 5.85%, <br> 01/15/41<br>|  | 246 | 251047 |
| Consumers Energy Co. |  |  |  |
| 4.60%, 05/30/29 |  | 499 | 502467 |
| 4.63%, 05/15/33 |  | 236 | 233714 |
| 5.05%, 05/15/35 |  | 684 | 686834 |
| 3.25%, 08/15/46 |  | 296 | 209632 |
| 4.20%, 09/01/52 |  | 350 | 276579 |
| DTE Energy Co. |  |  |  |
| 4.95%, 07/01/27 |  | 217 | 218404 |
| 5.20%, 04/01/30 |  | 1378 | 1405374 |
| 5.85%, 06/01/34 |  | 208 | 217787 |
| 5.05%, 10/01/35 |  | 296 | 291679 |
| Series C, 3.40%, 06/15/29 |  | 262 | 253435 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 |  | 106 | 87446 |
| NiSource, Inc. |  |  |  |
| 3.49%, 05/15/27 |  | 217 | 214723 |
| 5.25%, 02/15/43 |  | 174 | 160985 |
| 4.80%, 02/15/44 |  | 71 | 62170 |
| NSW Electricity Networks Finance Pty Ltd., <br> (3-mo. BBSW + 2.05%), 6.20%, <br> 03/11/55<sup>(b)(e)</sup><br>| AUD  | 750 | 523864 |
| Sempra |  |  |  |
| 3.40%, 02/01/28 | USD  | 5241 | 5142764 |
| 5.25%, 03/15/36 |  | 424 | 418024 |
|  |  |  | 16406434 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| alstria S.a.r.l. |  |  |  |
| 4.25%, 10/15/29<sup>(e)</sup> | EUR  | 200 | 220536 |
| 5.50%, 03/20/31<sup>(e)</sup> |  | 1300 | 1487816 |
| Boston Properties LP |  |  |  |
| 4.50%, 12/01/28 | USD  | 289 | 287090 |
| 2.90%, 03/15/30 |  | 330 | 305803 |
| 3.25%, 01/30/31 |  | 100 | 92236 |
| 2.45%, 10/01/33 |  | 480 | 387597 |
| 6.50%, 01/15/34 |  | 333 | 348612 |
| 5.75%, 01/15/35 |  | 433 | 430623 |
| Cousins Properties LP, 4.88%, 03/01/33 |  | 526 | 506417 |
| Highwoods Realty LP, 5.35%, 01/15/33 |  | 649 | 633681 |
| Piedmont Operating Partnership LP, 5.63%, <br> 01/15/33<br>|  | 737 | 716181 |
|  |  |  | 5416592 |
| **Oil, Gas & Consumable Fuels — 5.1%** | **Oil, Gas & Consumable Fuels — 5.1%** | **Oil, Gas & Consumable Fuels — 5.1%** | **Oil, Gas & Consumable Fuels — 5.1%** |
| 3R Lux S.a.r.l, 9.75%, 02/05/31<sup>(a)</sup> |  | 440 | 450450 |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>|  | 100 | 104297 |
| Ampol Ltd., (3-mo. BBSW + 2.50%), 6.65%, <br> 12/11/54<sup>(b)(e)</sup><br>| AUD  | 2000 | 1413142 |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |  |
| 5.75%, 01/15/28<sup>(a)</sup> | USD  | 117 | 116999 |
| 6.63%, 02/01/32<sup>(a)</sup> |  | 100 | 102204 |
| 5.75%, 07/01/34<sup>(a)</sup> |  | 91 | 89674 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(a)</sup> | USD  | 40064 | $40268126 |
| APA Corp. |  |  |  |
| 6.10%, 02/15/35 |  | 220 | 225889 |
| 5.10%, 09/01/40 |  | 204 | 183349 |
| 5.35%, 07/01/49 |  | 260 | 219090 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 5.88%, 06/30/29<sup>(a)</sup><br>|  | 169 | 168844 |
| Azule Energy Finance PLC, 8.63%, <br> 01/22/33<sup>(a)</sup><br>|  | 468 | 470708 |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp., 7.00%, 07/15/29<sup>(a)</sup><br>|  | 34 | 35124 |
| Boardwalk Pipelines LP |  |  |  |
| 4.45%, 07/15/27 |  | 100 | 99891 |
| 5.38%, 02/15/36 |  | 309 | 304028 |
| BP Capital Markets America, Inc. |  |  |  |
| 5.02%, 11/17/27 |  | 1732 | 1754734 |
| 3.94%, 09/21/28 |  | 207 | 205468 |
| 4.97%, 10/17/29 |  | 582 | 594132 |
| 4.87%, 11/25/29 |  | 1245 | 1267472 |
| 2.72%, 01/12/32 |  | 1364 | 1232549 |
| 4.81%, 02/13/33 |  | 536 | 537735 |
| 4.89%, 09/11/33 |  | 842 | 846292 |
| 5.23%, 11/17/34 |  | 100 | 102054 |
| 3.06%, 06/17/41 |  | 719 | 540372 |
| 3.00%, 02/24/50 |  | 824 | 529648 |
| 3.00%, 03/17/52 |  | 249 | 157565 |
| 3.38%, 02/08/61 |  | 508 | 326055 |
| BP Capital Markets PLC, 3.72%, 11/28/28 |  | 207 | 203979 |
| Breakwater Energy Holdings S.a.r.l. |  |  |  |
| 9.25%, 11/15/30<sup>(a)</sup> |  | 340 | 357063 |
| 9.25%, 11/15/30<sup>(e)</sup> |  | 714 | 749831 |
| Buckeye Partners LP |  |  |  |
| 4.13%, 12/01/27 |  | 48 | 46938 |
| 6.88%, 07/01/29<sup>(a)</sup> |  | 217 | 223343 |
| Burlington Resources LLC, 5.95%, 10/15/36 |  | 364 | 388822 |
| California Resources Corp., 7.00%, <br> 01/15/34<sup>(a)</sup><br>|  | 1448 | 1459818 |
| Cameron LNG LLC, 3.40%, 01/15/38<sup>(a)</sup> |  | 7021 | 6113356 |
| Canadian Natural Resources Ltd. |  |  |  |
| 7.20%, 01/15/32 |  | 546 | 606281 |
| 6.50%, 02/15/37 |  | 285 | 304146 |
| 6.25%, 03/15/38 |  | 293 | 308173 |
| 6.75%, 02/01/39 |  | 311 | 338407 |
| Cenovus Energy, Inc. |  |  |  |
| 5.40%, 03/20/36 |  | 392 | 389977 |
| 6.75%, 11/15/39 |  | 250 | 272238 |
| 5.40%, 06/15/47 |  | 140 | 126723 |
| Cheniere Corpus Christi Holdings LLC, <br> 2.74%, 12/31/39<br>|  | 21789 | 18424791 |
| Cheniere Energy Partners LP |  |  |  |
| 3.25%, 01/31/32 |  | 1595 | 1453699 |
| 5.75%, 08/15/34 |  | 100 | 103002 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 |  | 510 | 525059 |
| Chesapeake Energy Corp., 6.13%, <br> 02/15/21<sup>(f)(g)(h)</sup><br>|  | 9090 | 1 |
| Chevron Corp., 2.24%, 05/11/30 |  | 204 | 188343 |
| Chevron U.S.A., Inc. |  |  |  |
| 4.05%, 08/13/28 |  | 182 | 182221 |
| 4.69%, 04/15/30 |  | 1251 | 1270445 |
| 4.82%, 04/15/32 |  | 100 | 102041 |
| 4.98%, 04/15/35 |  | 700 | 708959 |
| Chord Energy Corp., 6.00%, 10/01/30<sup>(a)</sup> |  | 97 | 98287 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| CNX Resources Corp. |  |  |  |
| 7.38%, 01/15/31<sup>(a)</sup> | USD  | 71 | $72953 |
| 7.25%, 03/01/32<sup>(a)</sup> |  | 7223 | 7442984 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/29<sup>(a)</sup><br>|  | 577 | 570163 |
| ConocoPhillips |  |  |  |
| 5.90%, 05/15/38 |  | 434 | 458229 |
| 4.88%, 10/01/47 |  | 1878 | 1650594 |
| ConocoPhillips Co. |  |  |  |
| 6.95%, 04/15/29 |  | 878 | 942799 |
| 5.05%, 09/15/33 |  | 717 | 728167 |
| 5.30%, 05/15/53 |  | 435 | 402551 |
| 4.03%, 03/15/62 |  | 214 | 154154 |
| 5.70%, 09/15/63 |  | 164 | 157834 |
| 5.65%, 01/15/65 |  | 143 | 135977 |
| Continental Resources, Inc., 4.90%, 06/01/44 |  | 370 | 291926 |
| Coterra Energy, Inc. |  |  |  |
| 3.90%, 05/15/27 |  | 1028 | 1020631 |
| 5.60%, 03/15/34 |  | 400 | 409364 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 7.50%, 12/15/33<sup>(a)</sup><br>|  | 250 | 262366 |
| Crescent Energy Finance LLC |  |  |  |
| 7.63%, 04/01/32<sup>(a)</sup> |  | 100 | 101483 |
| 7.38%, 01/15/33<sup>(a)</sup> |  | 795 | 794801 |
| CVR Energy, Inc. |  |  |  |
| 7.50%, 02/15/31<sup>(a)</sup> |  | 100 | 100747 |
| 7.88%, 02/15/34<sup>(a)</sup> |  | 162 | 162568 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |  |
| 8.63%, 03/15/29<sup>(a)</sup> |  | 100 | 103477 |
| 7.38%, 06/30/33<sup>(a)</sup> |  | 313 | 315588 |
| Devon Energy Corp. |  |  |  |
| 7.95%, 04/15/32 |  | 364 | 418520 |
| 5.60%, 07/15/41 |  | 1089 | 1052522 |
| Diamondback Energy, Inc. |  |  |  |
| 3.25%, 12/01/26 |  | 54757 | 54402666 |
| 5.20%, 04/18/27 |  | 1092 | 1100596 |
| 3.50%, 12/01/29 |  | 42622 | 41126294 |
| 5.15%, 01/30/30 |  | 100 | 102036 |
| 3.13%, 03/24/31 |  | 43515 | 40343830 |
| 5.40%, 04/18/34 |  | 1270 | 1289300 |
| 4.25%, 03/15/52 |  | 8220 | 6361727 |
| 6.25%, 03/15/53 |  | 502 | 507713 |
| 5.75%, 04/18/54 |  | 105 | 99303 |
| Eastern Energy Gas Holdings LLC |  |  |  |
| 5.80%, 01/15/35 |  | 1146 | 1188465 |
| 5.65%, 10/15/54 |  | 475 | 447389 |
| 6.20%, 01/15/55 |  | 110 | 111485 |
| Enbridge Energy Partners LP, 7.38%, <br> 10/15/45<br>|  | 278 | 318104 |
| Enbridge, Inc. |  |  |  |
| 4.20%, 11/20/28 |  | 633 | 628558 |
| 4.90%, 06/20/30 |  | 100 | 101047 |
| 4.50%, 02/15/31 |  | 100 | 98859 |
| 5.70%, 03/08/33 |  | 1827 | 1892565 |
| 5.63%, 04/05/34 |  | 235 | 242400 |
| 5.55%, 06/20/35 |  | 775 | 791583 |
| 5.50%, 12/01/46 |  | 984 | 938546 |
| 3.40%, 08/01/51 |  | 188 | 126106 |
| 5.95%, 04/05/54 |  | 244 | 242302 |
| Energean Israel Finance Ltd., 8.50%, <br> 09/30/33<sup>(a)(e)</sup><br>|  | 484 | 497086 |

---

582026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energean PLC |  |  |  |
| 5.63%, 05/12/31<sup>(e)</sup> | EUR  | 250 | $281137 |
| 5.63%, 05/12/31<sup>(a)</sup> |  | 638 | 717461 |
| Energy Transfer LP |  |  |  |
| 5.25%, 07/01/29 | USD  | 267 | 272839 |
| 4.15%, 09/15/29 |  | 100 | 98668 |
| 6.55%, 12/01/33 |  | 1239 | 1337701 |
| 5.55%, 05/15/34 |  | 116 | 118119 |
| 5.60%, 09/01/34 |  | 1756 | 1789653 |
| 5.15%, 03/15/45 |  | 2130 | 1853983 |
| 5.35%, 05/15/45 |  | 1099 | 982469 |
| 6.00%, 06/15/48 |  | 857 | 822635 |
| 6.25%, 04/15/49 |  | 441 | 432501 |
| 5.00%, 05/15/50 |  | 1387 | 1151039 |
| 6.05%, 09/01/54 |  | 234 | 222803 |
| 6.30%, 01/15/56 |  | 484 | 479606 |
| Enterprise Products Operating LLC |  |  |  |
| 3.13%, 07/31/29 |  | 100 | 96365 |
| 2.80%, 01/31/30 |  | 516 | 486419 |
| 4.60%, 01/15/31 |  | 279 | 279455 |
| 5.35%, 01/31/33 |  | 15 | 15472 |
| 4.85%, 01/31/34 |  | 799 | 797507 |
| 4.95%, 02/15/35 |  | 460 | 458584 |
| 5.20%, 01/15/36 |  | 221 | 222185 |
| 7.55%, 04/15/38 |  | 123 | 145661 |
| 5.70%, 02/15/42 |  | 678 | 678930 |
| 4.45%, 02/15/43 |  | 164 | 141733 |
| 4.85%, 03/15/44 |  | 734 | 662470 |
| 4.90%, 05/15/46 |  | 1152 | 1029909 |
| 3.30%, 02/15/53 |  | 990 | 654078 |
| 4.95%, 10/15/54 |  | 194 | 170139 |
| 3.95%, 01/31/60 |  | 657 | 474511 |
| Series H, 6.65%, 10/15/34 |  | 167 | 184942 |
| EOG Resources, Inc. |  |  |  |
| 4.40%, 01/15/31 |  | 393 | 390200 |
| 5.00%, 07/15/32 |  | 238 | 240961 |
| 3.90%, 04/01/35 |  | 320 | 294371 |
| 5.35%, 01/15/36 |  | 374 | 379544 |
| 5.65%, 12/01/54 |  | 360 | 350606 |
| EQT Corp. |  |  |  |
| 3.13%, 05/15/26<sup>(a)</sup> |  | 12370 | 12345112 |
| 3.90%, 10/01/27 |  | 15380 | 15192534 |
| 5.70%, 04/01/28 |  | 14621 | 14958844 |
| 5.50%, 07/15/28 |  | 3998 | 4049228 |
| 4.50%, 01/15/29 |  | 22587 | 22534172 |
| 5.00%, 01/15/29 |  | 22764 | 22899407 |
| 7.00%, 02/01/30 |  | 41496 | 44395564 |
| 7.50%, 06/01/30 |  | 52980 | 57694089 |
| 4.75%, 01/15/31 |  | 98188 | 97670992 |
| 3.63%, 05/15/31<sup>(a)</sup> |  | 56576 | 52759066 |
| 5.75%, 02/01/34 |  | 439 | 452580 |
| Expand Energy Corp. |  |  |  |
| 6.63%, 08/15/20<sup>(f)(g)(h)</sup> |  | 623 |  |
| 5.38%, 02/01/29 |  | 10382 | 10372788 |
| 5.88%, 02/01/29<sup>(a)</sup> |  | 4042 | 4044682 |
| 6.75%, 04/15/29<sup>(a)</sup> |  | 15516 | 15526906 |
| 5.38%, 03/15/30 |  | 9615 | 9694906 |
| 4.75%, 02/01/32 |  | 11947 | 11640778 |
| 5.70%, 01/15/35 |  | 47947 | 48697402 |
| Exxon Mobil Corp. |  |  |  |
| 3.00%, 08/16/39 |  | 660 | 524287 |
| 3.57%, 03/06/45 |  | 609 | 470836 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Exxon Mobil Corp. |  |  |  |
| 4.11%, 03/01/46 | USD  | 442 | $364335 |
| 4.33%, 03/19/50 |  | 1365 | 1134994 |
| 3.45%, 04/15/51 |  | 348 | 247873 |
| Genesis Energy LP/Genesis Energy Finance <br> Corp.<br>|  |  |  |
| 7.88%, 05/15/32 |  | 154 | 158375 |
| 8.00%, 05/15/33 |  | 125 | 129162 |
| Global Partners LP/GLP Finance Corp., <br> 8.25%, 01/15/32<sup>(a)</sup><br>|  | 95 | 98178 |
| Gran Tierra Energy, Inc., 9.75%, 04/15/31<sup>(a)</sup> |  | 3007 | 2627366 |
| Granite Ridge Resources, Inc., 8.88%, <br> 11/05/29<sup>(a)</sup><br>|  | 8080 | 7892643 |
| Greensaif Pipelines Bidco S.a.r.l., 5.85%, <br> 02/23/36<sup>(e)</sup><br>|  | 435 | 435870 |
| Harvest Midstream I LP |  |  |  |
| 7.50%, 09/01/28<sup>(a)</sup> |  | 145 | 146407 |
| 7.50%, 05/15/32<sup>(a)</sup> |  | 22 | 22424 |
| Hess Corp. |  |  |  |
| 7.30%, 08/15/31 |  | 5263 | 5947647 |
| 6.00%, 01/15/40 |  | 1812 | 1916252 |
| Hess Midstream Operations LP |  |  |  |
| 6.50%, 06/01/29<sup>(a)</sup> |  | 141 | 144035 |
| 5.50%, 10/15/30<sup>(a)</sup> |  | 137 | 135917 |
| HF Sinclair Corp. |  |  |  |
| 5.50%, 09/01/32 |  | 472 | 473075 |
| 6.25%, 01/15/35 |  | 100 | 103253 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| 6.25%, 11/01/28<sup>(a)</sup> |  | 199 | 199399 |
| 6.00%, 04/15/30<sup>(a)</sup> |  | 23 | 22387 |
| 6.00%, 02/01/31<sup>(a)</sup> |  | 110 | 106913 |
| 7.25%, 02/15/35<sup>(a)</sup> |  | 100 | 99691 |
| Howard Midstream Energy Partners LLC, <br> 7.38%, 07/15/32<sup>(a)</sup><br>|  | 165 | 170618 |
| Infinity Natural Resources LLC, 7.63%, <br> 04/01/31<sup>(a)</sup><br>|  | 541 | 543856 |
| Ithaca Energy North Sea PLC |  |  |  |
| 8.13%, 10/15/29<sup>(a)</sup> |  | 660 | 676761 |
| 5.50%, 10/01/31<sup>(e)</sup> | EUR  | 357 | 412719 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | USD  | 139 | 135155 |
| KazMunayGas National Co. JSC, 6.38%, <br> 10/24/48<sup>(e)</sup><br>|  | 1749 | 1727207 |
| Kinder Morgan Energy Partners LP |  |  |  |
| 7.40%, 03/15/31 |  | 590 | 660449 |
| 7.75%, 03/15/32 |  | 149 | 169857 |
| 7.30%, 08/15/33 |  | 992 | 1119854 |
| 5.80%, 03/15/35 |  | 1034 | 1072255 |
| 6.50%, 09/01/39 |  | 120 | 128034 |
| 6.55%, 09/15/40 |  | 911 | 974935 |
| 7.50%, 11/15/40 |  | 100 | 115915 |
| 5.00%, 08/15/42 |  | 873 | 786838 |
| 4.70%, 11/01/42 |  | 830 | 726375 |
| Kinder Morgan, Inc. |  |  |  |
| 7.75%, 01/15/32 |  | 170 | 194922 |
| 5.30%, 12/01/34 |  | 748 | 753764 |
| 3.25%, 08/01/50 |  | 437 | 283823 |
| Kinetik Holdings LP |  |  |  |
| 6.63%, 12/15/28<sup>(a)</sup> |  | 112 | 113895 |
| 5.88%, 06/15/30<sup>(a)</sup> |  | 37 | 37136 |
| Marathon Petroleum Corp. |  |  |  |
| 3.80%, 04/01/28 |  | 506 | 500097 |
| 5.70%, 03/01/35 |  | 127 | 130378 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Marathon Petroleum Corp. |  |  |  |
| 6.50%, 03/01/41 | USD  | 577 | $614165 |
| 4.75%, 09/15/44 |  | 200 | 170041 |
| Matador Resources Co. |  |  |  |
| 6.50%, 04/15/32<sup>(a)</sup> |  | 100 | 101089 |
| 6.25%, 04/15/33<sup>(a)</sup> |  | 56 | 56053 |
| MC Brazil Downstream Trading S.a.r.l. |  |  |  |
| 7.25%, 06/30/31<sup>(a)</sup> |  | 188 | 167656 |
| 7.25%, 06/30/31<sup>(e)</sup> |  | 181 | 161987 |
| Medco Cypress Tree Pte Ltd., 8.63%, <br> 05/19/30<sup>(a)</sup><br>|  | 1319 | 1355273 |
| Medco Laurel Tree Pte Ltd., 6.95%, <br> 11/12/28<sup>(e)</sup><br>|  | 7457 | 7421710 |
| MPLX LP |  |  |  |
| 4.25%, 12/01/27 |  | 573 | 571321 |
| 4.80%, 02/15/29 |  | 573 | 577770 |
| 5.00%, 01/15/33 |  | 541 | 537031 |
| 5.00%, 03/01/33 |  | 815 | 810423 |
| 5.50%, 06/01/34 |  | 361 | 364715 |
| 5.40%, 04/01/35 |  | 1431 | 1429558 |
| 4.50%, 04/15/38 |  | 226 | 203089 |
| 5.20%, 03/01/47 |  | 485 | 428493 |
| 5.20%, 12/01/47 |  | 107 | 93862 |
| 4.95%, 03/14/52 |  | 1468 | 1218674 |
| 4.90%, 04/15/58 |  | 453 | 366653 |
| Murphy Oil Corp., 6.50%, 02/15/34 |  | 100 | 98756 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(a)</sup> |  | 8477 | 7790302 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<sup>(a)</sup> |  | 699 | 723222 |
| NuStar Logistics LP, 5.63%, 04/28/27 |  | 97 | 97178 |
| Occidental Petroleum Corp. |  |  |  |
| 8.88%, 07/15/30 |  | 681 | 775167 |
| 7.50%, 05/01/31 |  | 247 | 274915 |
| 5.38%, 01/01/32 |  | 314 | 318705 |
| 6.45%, 09/15/36 |  | 710 | 758634 |
| 7.95%, 06/15/39 |  | 895 | 1048853 |
| 6.20%, 03/15/40 |  | 184 | 187925 |
| 4.20%, 03/15/48 |  | 190 | 142798 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(e)</sup> | EUR  | 1660 | 1976243 |
| ONEOK Partners LP |  |  |  |
| 6.65%, 10/01/36 | USD  | 767 | 826089 |
| 6.85%, 10/15/37 |  | 151 | 164474 |
| ONEOK, Inc. |  |  |  |
| 4.00%, 07/13/27 |  | 1452 | 1443735 |
| 4.40%, 10/15/29 |  | 154 | 152984 |
| 6.35%, 01/15/31 |  | 554 | 588629 |
| 4.95%, 10/15/32 |  | 454 | 450322 |
| 6.10%, 11/15/32 |  | 349 | 367664 |
| 6.05%, 09/01/33 |  | 100 | 104862 |
| 5.40%, 10/15/35 |  | 184 | 182784 |
| 5.45%, 06/01/47 |  | 1555 | 1402163 |
| 4.85%, 02/01/49 |  | 1017 | 835600 |
| 3.95%, 03/01/50 |  | 947 | 671041 |
| 7.15%, 01/15/51 |  | 451 | 486349 |
| 5.85%, 11/01/64 |  | 208 | 189539 |
| Ovintiv, Inc. |  |  |  |
| 7.38%, 11/01/31 |  | 426 | 471246 |
| 6.25%, 07/15/33 |  | 168 | 177261 |
| 6.63%, 08/15/37 |  | 191 | 202969 |
| 6.50%, 02/01/38 |  | 202 | 211629 |
| Permian Resources Operating LLC |  |  |  |
| 8.00%, 04/15/27<sup>(a)</sup> |  | 2171 | 2172851 |
| 5.88%, 07/01/29<sup>(a)</sup> |  | 100 | 100114 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Permian Resources Operating LLC |  |  |  |
| 7.00%, 01/15/32<sup>(a)</sup> | USD  | 178 | $184318 |
| Petrobras Global Finance BV, 6.75%, <br> 01/27/41<br>|  | 72 | 70114 |
| Petroleos de Venezuela SA, 6.00%, <br> 11/15/26<sup>(e)(f)(g)</sup><br>|  | 954 | 325886 |
| Petroleos Mexicanos, 4.75%, 02/26/29<sup>(e)</sup> | EUR  | 848 | 973584 |
| Phillips 66, 5.88%, 05/01/42 | USD  | 652 | 653121 |
| Phillips 66 Co. |  |  |  |
| 4.95%, 12/01/27 |  | 569 | 574408 |
| 3.75%, 03/01/28 |  | 100 | 98926 |
| 4.90%, 10/01/46 |  | 311 | 269346 |
| 5.50%, 03/15/55 |  | 117 | 107248 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>|  | 319 | 329367 |
| Plains All American Pipeline LP/PAA Finance <br> Corp.<br>|  |  |  |
| 6.65%, 01/15/37 |  | 711 | 766328 |
| 5.15%, 06/01/42 |  | 503 | 451339 |
| 4.70%, 06/15/44 |  | 115 | 97167 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)</sup><br>|  | 68 | 70465 |
| PRIO Luxembourg Holding S.a.r.l., 6.75%, <br> 10/15/30<sup>(a)</sup><br>|  | 200 | 194550 |
| Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(e)</sup><br>|  | 7000 | 7137900 |
| Raizen Fuels Finance SA |  |  |  |
| 6.25%, 07/08/32<sup>(a)</sup> |  | 2178 | 1192956 |
| 6.45%, 03/05/34<sup>(e)</sup> |  | 2216 | 1218800 |
| 6.70%, 02/25/37<sup>(e)</sup> |  | 316 | 171430 |
| 6.95%, 03/05/54<sup>(e)</sup> |  | 317 | 168169 |
| Repsol E&P Capital Markets U.S. LLC, 4.81%, <br> 09/16/28<sup>(a)</sup><br>|  | 1629 | 1635790 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>|  | 177 | 172586 |
| Sabine Pass Liquefaction LLC, 5.90%, <br> 09/15/37<br>|  | 8956 | 9338541 |
| SM Energy Co. |  |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> |  | 3557 | 3551201 |
| 6.63%, 01/15/27 |  | 100 | 99993 |
| 8.63%, 11/01/30<sup>(a)</sup> |  | 429 | 452632 |
| 7.00%, 08/01/32<sup>(a)</sup> |  | 85 | 86793 |
| Suncor Energy, Inc. |  |  |  |
| 5.95%, 12/01/34 |  | 238 | 249349 |
| 6.80%, 05/15/38 |  | 262 | 286276 |
| 6.50%, 06/15/38 |  | 100 | 106501 |
| 6.85%, 06/01/39 |  | 389 | 426057 |
| Sunoco LP |  |  |  |
| 4.63%, 05/01/30<sup>(a)</sup> |  | 223 | 214608 |
| 5.63%, 03/15/31<sup>(a)</sup> |  | 198 | 197092 |
| 7.25%, 05/01/32<sup>(a)</sup> |  | 96 | 99328 |
| 6.63%, 08/15/32<sup>(a)</sup> |  | 105 | 106645 |
| Sunoco LP/Sunoco Finance Corp., 7.00%, <br> 09/15/28<sup>(a)</sup><br>|  | 304 | 310168 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |  |
| 5.50%, 01/15/28<sup>(a)</sup> |  | 31 | 30738 |
| 6.00%, 12/31/30<sup>(a)</sup> |  | 204 | 202961 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.<br>|  |  |  |
| 5.00%, 01/15/28 |  | 2661 | 2659444 |
| 4.88%, 02/01/31 |  | 10135 | 10118985 |

---

602026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Tennessee Gas Pipeline Co. LLC, 7.00%, <br> 10/15/28<br>| USD  | 100 | $106081 |
| TotalEnergies Capital International SA |  |  |  |
| 3.46%, 02/19/29 |  | 890 | 874140 |
| 3.46%, 07/12/49 |  | 322 | 227706 |
| TotalEnergies Capital SA |  |  |  |
| 3.88%, 10/11/28 |  | 175 | 174600 |
| 5.28%, 09/10/54 |  | 1026 | 957004 |
| 5.64%, 04/05/64 |  | 422 | 404942 |
| TotalEnergies Capital U.S.A. LLC |  |  |  |
| 4.25%, 01/13/31 |  | 2307 | 2285715 |
| 4.57%, 01/13/33 |  | 1124 | 1112620 |
| TransCanada PipeLines Ltd. |  |  |  |
| 4.25%, 05/15/28 |  | 348 | 346434 |
| 4.63%, 03/01/34 |  | 783 | 757756 |
| 5.60%, 03/31/34 |  | 213 | 219038 |
| 5.85%, 03/15/36 |  | 100 | 104066 |
| 6.20%, 10/15/37 |  | 225 | 238731 |
| 7.63%, 01/15/39 |  | 371 | 435131 |
| 6.10%, 06/01/40 |  | 357 | 370021 |
| Transcontinental Gas Pipe Line Co. LLC, <br> 4.45%, 08/01/42<br>|  | 653 | 559395 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>|  | 889 | 907251 |
| Trident Energy Finance PLC, 12.50%, <br> 11/30/29<sup>(e)</sup><br>|  | 2649 | 2815463 |
| U.S.A. Compression Partners LP/U.S.A. <br> Compression Finance Corp., 7.13%, <br> 03/15/29<sup>(a)</sup><br>|  | 179 | 183149 |
| Valero Energy Corp. |  |  |  |
| 7.50%, 04/15/32 |  | 652 | 737895 |
| 5.15%, 03/10/36 |  | 313 | 308547 |
| 6.63%, 06/15/37 |  | 181 | 198106 |
| 4.90%, 03/15/45 |  | 150 | 131491 |
| Valero Energy Partners LP, 4.50%, 03/15/28 |  | 177 | 177037 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| 3.88%, 08/15/29<sup>(a)</sup> |  | 141 | 134026 |
| 4.13%, 08/15/31<sup>(a)</sup> |  | 335 | 310748 |
| Venture Global Plaquemines LNG LLC |  |  |  |
| 6.13%, 12/15/30<sup>(a)</sup> |  | 208 | 213913 |
| 7.50%, 05/01/33<sup>(a)</sup> |  | 100 | 109920 |
| 6.50%, 06/15/34<sup>(a)</sup> |  | 183 | 190494 |
| 7.75%, 05/01/35<sup>(a)</sup> |  | 172 | 192774 |
| Viper Energy Partners LLC |  |  |  |
| 4.90%, 08/01/30 |  | 13287 | 13278231 |
| 5.70%, 08/01/35 |  | 20384 | 20543199 |
| Vista Energy Argentina SAU |  |  |  |
| 8.50%, 06/10/33<sup>(a)</sup> |  | 35 | 36605 |
| 7.63%, 12/10/35<sup>(a)</sup> |  | 674 | 679480 |
| Western Midstream Operating LP |  |  |  |
| 4.05%, 02/01/30 |  | 359 | 348616 |
| 6.15%, 04/01/33 |  | 108 | 112717 |
| 5.45%, 11/15/34 |  | 282 | 279242 |
| 5.50%, 12/15/35 |  | 205 | 201604 |
| 5.45%, 04/01/44 |  | 494 | 439458 |
| 5.30%, 03/01/48 |  | 246 | 207929 |
| 5.25%, 02/01/50 |  | 102 | 86029 |
| Williams Cos., Inc. (The) |  |  |  |
| 3.75%, 06/15/27 |  | 169 | 167721 |
| 3.50%, 11/15/30 |  | 286 | 271802 |
| 2.60%, 03/15/31 |  | 1067 | 965884 |
| 8.75%, 03/15/32 |  | 436 | 517802 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Williams Cos., Inc. (The) |  |  |  |
| 5.15%, 03/15/34 | USD  | 1008 | $1009294 |
| 5.60%, 03/15/35 |  | 302 | 308630 |
| 5.30%, 09/30/35 |  | 320 | 319701 |
| 5.40%, 03/04/44 |  | 369 | 343186 |
| 4.90%, 01/15/45 |  | 1799 | 1573656 |
| 3.50%, 10/15/51 |  | 560 | 380716 |
| 5.30%, 08/15/52 |  | 129 | 116057 |
| Series A, 7.50%, 01/15/31 |  | 314 | 350953 |
|  |  |  | 902248442 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Fedrigoni SpA, (3-mo. EURIBOR + 4.00%), <br> 6.13%, 01/15/30<sup>(b)(e)</sup><br>| EUR  | 612 | 668764 |
| Graphic Packaging International LLC |  |  |  |
| 3.75%, 02/01/30<sup>(a)</sup> | USD  | 100 | 91777 |
| 6.38%, 07/15/32<sup>(a)</sup> |  | 58 | 57726 |
| International Paper Co. |  |  |  |
| 7.30%, 11/15/39 |  | 200 | 222589 |
| 6.00%, 11/15/41 |  | 100 | 99929 |
| 5.15%, 05/15/46 |  | 300 | 264238 |
| 4.40%, 08/15/47 |  | 298 | 234336 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(a)</sup><br>|  | 200 | 205595 |
| Magnera Corp. |  |  |  |
| 4.75%, 11/15/29<sup>(a)</sup> |  | 225 | 203122 |
| 7.25%, 11/15/31<sup>(a)</sup> |  | 179 | 165682 |
|  |  |  | 2213758 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines Pass-Through Trust |  |  |  |
| 3.50%, 12/15/27<sup>(h)</sup> |  | 2613 | 2603569 |
| Series 2025-1, B, 5.65%, 11/11/34 |  | 740 | 743236 |
| American Airlines, Inc., 7.25%, 02/15/28<sup>(a)</sup> |  | 210 | 211196 |
| Avianca Midco 2 PLC |  |  |  |
| 9.00%, 12/01/28<sup>(a)</sup> |  | 1011 | 975242 |
| 9.50%, 01/28/31<sup>(a)</sup> |  | 1566 | 1439232 |
| Garuda Indonesia Persero Tbk PT, (6.50% <br> PIK), 6.50%, 12/28/31<sup>(e)(o)</sup><br>|  | 1847 | 1543425 |
| JetBlue Airways Corp. Pass-Through Trust, <br> Series 2019-1, AA, 2.75%, 05/15/32<br>|  | 633 | 561178 |
| JetBlue Airways Corp./JetBlue Loyalty LP, <br> 9.88%, 09/20/31<sup>(a)</sup><br>|  | 312 | 294858 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| 4.10%, 04/01/28 |  | 83 | 81532 |
| 3.38%, 02/15/30 |  | 948 | 885669 |
| 3.65%, 02/15/30 |  | 2487 | 2272124 |
| Turkish Airlines Pass-Through Trust, <br> Series 2015-1, Class A, 4.20%, 03/15/27<sup>(a)</sup><br>|  | 289 | 282205 |
| United Airlines Holdings, Inc., 4.88%, <br> 03/01/29<br>|  | 180 | 176055 |
|  |  |  | 12069521 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Edgewell Personal Care Co., 4.13%, <br> 04/01/29<sup>(a)</sup><br>|  | 69 | 65184 |
| Estee Lauder Cos., Inc. (The) |  |  |  |
| 4.38%, 05/15/28 |  | 176 | 176181 |
| 2.38%, 12/01/29 |  | 385 | 358435 |
| 5.00%, 02/14/34 |  | 405 | 403027 |
| 4.38%, 06/15/45 |  | 276 | 225262 |
| 4.15%, 03/15/47 |  | 80 | 61707 |
| 5.15%, 05/15/53 |  | 100 | 86929 |
| Haleon U.S. Capital LLC, 3.63%, 03/24/32 |  | 250 | 234912 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Kenvue, Inc. |  |  |  |
| 5.05%, 03/22/28 | USD  | 1119 | $1136077 |
| 4.85%, 05/22/32 |  | 206 | 208194 |
| 4.90%, 03/22/33 |  | 661 | 666319 |
| 5.10%, 03/22/43 |  | 80 | 75554 |
| 5.20%, 03/22/63 |  | 200 | 179122 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(e)</sup> | EUR  | 429 | 454897 |
|  |  |  | 4331800 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| Astrazeneca Finance LLC |  |  |  |
| 4.85%, 02/26/29 | USD  | 1384 | 1407881 |
| 4.90%, 03/03/30 |  | 505 | 515482 |
| 5.00%, 02/26/34 |  | 594 | 602731 |
| AstraZeneca PLC |  |  |  |
| 6.45%, 09/15/37 |  | 989 | 1105287 |
| 4.00%, 09/18/42 |  | 568 | 477803 |
| Bristol-Myers Squibb Co. |  |  |  |
| 4.90%, 02/22/29 |  | 793 | 809814 |
| 3.40%, 07/26/29 |  | 1375 | 1339335 |
| 5.10%, 02/22/31 |  | 1604 | 1648826 |
| 2.95%, 03/15/32 |  | 438 | 401449 |
| 5.90%, 11/15/33 |  | 694 | 743877 |
| 4.35%, 11/15/47 |  | 2714 | 2237392 |
| 3.70%, 03/15/52 |  | 99 | 71378 |
| 6.25%, 11/15/53 |  | 1648 | 1749611 |
| 5.55%, 02/22/54 |  | 100 | 96291 |
| 5.65%, 02/22/64 |  | 325 | 314889 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(e)</sup> | EUR  | 1401 | 1608485 |
| Eli Lilly & Co. |  |  |  |
| 4.55%, 02/12/28 | USD  | 121 | 121974 |
| 3.38%, 03/15/29 |  | 699 | 685189 |
| 4.20%, 08/14/29 |  | 3425 | 3428245 |
| 4.75%, 02/12/30 |  | 1127 | 1147423 |
| 4.55%, 10/15/32 |  | 1801 | 1801835 |
| 4.60%, 08/14/34 |  | 593 | 587001 |
| 5.10%, 02/12/35 |  | 262 | 267328 |
| 4.88%, 02/27/53 |  | 399 | 356453 |
| 5.05%, 08/14/54 |  | 847 | 777155 |
| 5.50%, 02/12/55 |  | 112 | 109781 |
| 2.50%, 09/15/60 |  | 747 | 395991 |
| 5.10%, 02/09/64 |  | 692 | 622473 |
| 5.60%, 02/12/65 |  | 566 | 553928 |
| Endo Finance Holdings LP, 8.50%, <br> 04/15/31<sup>(a)</sup><br>|  | 117 | 122508 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(e)</sup> | EUR  | 395 | 447417 |
| Johnson & Johnson |  |  |  |
| 4.80%, 06/01/29 | USD  | 174 | 178353 |
| 4.70%, 03/01/30 |  | 375 | 383269 |
| 4.90%, 06/01/31 |  | 229 | 236619 |
| 4.95%, 06/01/34 |  | 185 | 191541 |
| 3.63%, 03/03/37 |  | 398 | 357510 |
| 3.40%, 01/15/38 |  | 1482 | 1284779 |
| 4.50%, 12/05/43 |  | 1150 | 1060226 |
| 3.75%, 03/03/47 |  | 1308 | 1035167 |
| Merck & Co., Inc. |  |  |  |
| 1.90%, 12/10/28 |  | 1018 | 963857 |
| 4.30%, 05/17/30 |  | 875 | 873686 |
| 4.15%, 03/15/31 |  | 1692 | 1673089 |
| 2.15%, 12/10/31 |  | 214 | 189455 |
| 6.50%, 12/01/33 |  | 1642 | 1823901 |
| 4.75%, 12/04/35 |  | 175 | 171716 |
| 6.55%, 09/15/37 |  | 638 | 717792 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Merck & Co., Inc. |  |  |  |
| 4.90%, 05/17/44 | USD  | 324 | $297219 |
| 3.70%, 02/10/45 |  | 1735 | 1350214 |
| 5.00%, 05/17/53 |  | 917 | 826406 |
| 5.70%, 09/15/55 |  | 545 | 540779 |
| 5.55%, 12/04/55 |  | 136 | 132070 |
| 5.70%, 12/04/65 |  | 755 | 733520 |
| Nidda Healthcare Holding GmbH, (3-mo. <br> EURIBOR + 3.25%), 5.23%, 10/15/32<sup>(b)(e)</sup><br>| EUR  | 1723 | 1975678 |
| Novartis Capital Corp. |  |  |  |
| 2.20%, 08/14/30 | USD  | 290 | 265488 |
| 4.10%, 11/05/30 |  | 379 | 374778 |
| 4.30%, 11/05/32 |  | 221 | 217786 |
| 4.20%, 09/18/34 |  | 306 | 295883 |
| 4.40%, 05/06/44 |  | 1895 | 1661132 |
| 4.70%, 09/18/54 |  | 100 | 87359 |
| Perrigo Finance Unlimited Co. |  |  |  |
| 5.15%, 06/15/30 |  | 200 | 180548 |
| Series USD, 6.13%, 09/30/32 |  | 105 | 95805 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |  |
| 4.45%, 05/19/28 |  | 324 | 325923 |
| 4.65%, 05/19/30 |  | 185 | 186404 |
| 4.75%, 05/19/33 |  | 728 | 725226 |
| 5.30%, 05/19/53 |  | 1538 | 1429371 |
| 5.34%, 05/19/63 |  | 1288 | 1169925 |
| Pfizer, Inc. |  |  |  |
| 3.45%, 03/15/29 |  | 274 | 269347 |
| 1.70%, 05/28/30 |  | 1058 | 951151 |
| 4.20%, 11/15/30 |  | 1491 | 1480643 |
| 1.75%, 08/18/31 |  | 533 | 465414 |
| 7.20%, 03/15/39 |  | 793 | 926988 |
| 5.60%, 09/15/40 |  | 1991 | 2039665 |
| 4.30%, 06/15/43 |  | 133 | 113508 |
| 4.13%, 12/15/46 |  | 325 | 261692 |
| 4.20%, 09/15/48 |  | 627 | 505369 |
| Royalty Pharma PLC |  |  |  |
| 1.75%, 09/02/27 |  | 658 | 634330 |
| 5.15%, 09/02/29 |  | 573 | 583319 |
| 4.45%, 03/25/31 |  | 330 | 325631 |
| 2.15%, 09/02/31 |  | 160 | 139432 |
| 5.40%, 09/02/34 |  | 297 | 299449 |
| 5.20%, 09/25/35 |  | 246 | 242785 |
| 3.30%, 09/02/40 |  | 168 | 127372 |
| 5.90%, 09/02/54 |  | 451 | 432997 |
| Takeda Pharmaceutical Co. Ltd. |  |  |  |
| 5.00%, 11/26/28 |  | 1125 | 1139509 |
| 2.05%, 03/31/30 |  | 469 | 426137 |
| 5.65%, 07/05/44 |  | 866 | 850275 |
| 3.38%, 07/09/60 |  | 314 | 196852 |
| Takeda U.S. Financing, Inc. |  |  |  |
| 5.20%, 07/07/35 |  | 521 | 521039 |
| 5.90%, 07/07/55 |  | 200 | 199065 |
| Teva Pharmaceutical Finance Netherlands III <br> BV, 7.88%, 09/15/29<br>|  | 228 | 243930 |
| Wyeth LLC |  |  |  |
| 6.50%, 02/01/34 |  | 1271 | 1403939 |
| 6.00%, 02/15/36 |  | 197 | 210610 |
| 5.95%, 04/01/37 |  | 1274 | 1350476 |
| Zoetis, Inc. |  |  |  |
| 3.00%, 09/12/27 |  | 507 | 498419 |
| 4.15%, 08/17/28 |  | 1608 | 1603006 |

---

622026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Zoetis, Inc. |  |  |  |
| 5.00%, 08/17/35 | USD  | 180 | $178535 |
| 4.70%, 02/01/43 |  | 346 | 308536 |
|  |  |  | 69497126 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(a)</sup> |  | 69 | 71402 |
| Booz Allen Hamilton, Inc., 5.95%, 04/15/35 |  | 221 | 222802 |
| Verisk Analytics, Inc. |  |  |  |
| 4.45%, 03/15/31 |  | 660 | 649023 |
| 5.25%, 06/05/34 |  | 365 | 363533 |
| 5.25%, 03/15/35 |  | 105 | 104102 |
|  |  |  | 1410862 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Adler Financing S.a.r.l., (8.25% PIK), <br> Series 1L, 8.25%, 12/31/28<sup>(o)</sup><br>| EUR  | 2906 | 3713379 |
| Aldar Properties PJSC, 5.88%, 04/14/56<sup>(e)</sup> | USD  | 3200 | 2929952 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(e)</sup> |  | 200 | 189920 |
| Citycon Treasury BV, 5.38%, 07/08/31<sup>(e)</sup> | EUR  | 337 | 358873 |
| Cushman & Wakefield U.S. Borrower LLC, <br> 6.75%, 05/15/28<sup>(a)</sup><br>| USD  | 282 | 282407 |
| DEMIRE Deutsche Mittelstand Real Estate <br> AG, 5.00%, 12/31/27<sup>(c)(e)</sup><br>| EUR  | 793 | 837350 |
| Fantasia Holdings Group Co. Ltd. |  |  |  |
| 6.95%, 12/17/21<sup>(e)(f)(g)</sup> | USD  | 465 | 6510 |
| 11.75%, 04/17/22<sup>(e)(f)(g)</sup> |  | 2430 | 26730 |
| 7.95%, 07/05/22<sup>(e)(f)(g)</sup> |  | 530 | 5830 |
| 12.25%, 10/18/22<sup>(e)(f)(g)</sup> |  | 200 | 2200 |
| 10.88%, 01/09/23<sup>(e)(f)(g)</sup> |  | 2657 | 29891 |
| 11.88%, 06/01/23<sup>(e)(f)(g)</sup> |  | 1093 | 12296 |
| Five Point Operating Co. LP, 8.00%, <br> 10/01/30<sup>(a)</sup><br>|  | 270 | 269365 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> |  | 1413 | 1397831 |
| GLP Pte Ltd., 9.75%, 05/20/28<sup>(e)</sup> |  | 356 | 291030 |
| Heimstaden AB |  |  |  |
| 8.38%, 01/29/30<sup>(e)</sup> | EUR  | 200 | 236176 |
| 7.36%, 01/24/31<sup>(e)</sup> |  | 100 | 112737 |
| Heimstaden Bostad AB, 6.25% <sup>(e)(p)</sup> |  | 336 | 387988 |
| Howard Hughes Corp. (The), 4.13%, <br> 02/01/29<sup>(a)</sup><br>| USD  | 200 | 189178 |
| New Immo Holding SA |  |  |  |
| 5.88%, 04/17/28<sup>(e)</sup> | EUR  | 1300 | 1505383 |
| 4.95%, 11/14/30<sup>(e)</sup> |  | 100 | 111118 |
| New World China Land Ltd., 4.75%, <br> 01/23/27<sup>(e)</sup><br>| USD  | 2000 | 1866000 |
| Resort Communities LoanCo LP, (10.50% <br> Cash and 2.00% PIK), 12.00%, <br> 11/30/28<sup>(a)(h)(o)</sup><br>|  | 31263 | 30774919 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(e)(n)</sup> | EUR  | 500 | 593980 |
| Vicinity Centres Trust, 5.84%, 03/03/36<sup>(e)</sup> | AUD  | 1660 | 1108129 |
| Vivion Investments S.a.r.l. |  |  |  |
| (6.50% Cash and 1.75% PIK), 8.25%, <br> 08/31/28<sup>(e)(o)</sup><br>| EUR  | 158 | 182485 |
| (6.50% PIK), 6.50%, 02/28/29<sup>(e)(o)</sup> |  | 1452 | 1675372 |
| 5.63%, 06/08/30<sup>(e)</sup> |  | 605 | 653577 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(e)(n)</sup> |  | 1100 | 1204219 |
|  |  |  | 50954825 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| American Homes 4 Rent LP |  |  |  |
| 4.25%, 02/15/28 | USD  | 267 | 265522 |
| 4.95%, 06/15/30 |  | 414 | 415514 |
| 2.38%, 07/15/31 |  | 242 | 212952 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| American Homes 4 Rent LP |  |  |  |
| 5.50%, 02/01/34 | USD  | 425 | $428719 |
| 5.50%, 07/15/34 |  | 159 | 159056 |
| AvalonBay Communities, Inc., 3.90%, <br> 10/15/46<br>|  | 1946 | 1503815 |
| Camden Property Trust |  |  |  |
| 3.15%, 07/01/29 |  | 603 | 578318 |
| 4.90%, 02/28/36 |  | 113 | 109599 |
| ERP Operating LP |  |  |  |
| 3.50%, 03/01/28 |  | 492 | 484601 |
| 3.00%, 07/01/29 |  | 430 | 411678 |
| 1.85%, 08/01/31 |  | 424 | 371037 |
| 4.50%, 06/01/45 |  | 148 | 125705 |
| Essex Portfolio LP |  |  |  |
| 1.65%, 01/15/31 |  | 207 | 179491 |
| 5.50%, 04/01/34 |  | 466 | 471847 |
| 4.88%, 02/15/36 |  | 100 | 96117 |
| Invitation Homes Operating Partnership LP |  |  |  |
| 2.30%, 11/15/28 |  | 190 | 178817 |
| 4.95%, 01/15/33 |  | 388 | 378910 |
| 5.50%, 08/15/33 |  | 302 | 302398 |
| 2.70%, 01/15/34 |  | 100 | 83299 |
| Mid-America Apartments LP |  |  |  |
| 4.65%, 01/15/33 |  | 488 | 479273 |
| 5.00%, 03/15/34 |  | 100 | 99346 |
| UDR, Inc., 2.10%, 06/15/33 |  | 278 | 228672 |
|  |  |  | 7564686 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP, 4.85%, <br> 02/15/33<br>|  | 248 | 243601 |
| Kimco Realty OP LLC |  |  |  |
| 4.60%, 02/01/33 |  | 100 | 98236 |
| 4.85%, 03/01/35 |  | 107 | 104817 |
| 4.45%, 09/01/47 |  | 243 | 201399 |
| NNN REIT, Inc. |  |  |  |
| 4.30%, 10/15/28 |  | 345 | 343718 |
| 5.50%, 06/15/34 |  | 345 | 350245 |
| Realty Income Corp. |  |  |  |
| 2.20%, 06/15/28 |  | 108 | 103119 |
| 4.75%, 02/15/29 |  | 106 | 107036 |
| 3.40%, 01/15/30 |  | 100 | 95896 |
| 3.25%, 01/15/31 |  | 503 | 472973 |
| 3.20%, 02/15/31 |  | 39 | 36560 |
| 4.50%, 02/01/33 |  | 962 | 937827 |
| 5.13%, 02/15/34 |  | 395 | 397651 |
| Regency Centers LP |  |  |  |
| 4.50%, 03/15/33 |  | 115 | 112141 |
| 5.25%, 01/15/34 |  | 100 | 101080 |
| Simon Property Group LP |  |  |  |
| 3.38%, 06/15/27 |  | 100 | 98971 |
| 2.45%, 09/13/29 |  | 472 | 442167 |
| 4.38%, 10/01/30 |  | 543 | 539920 |
| 2.20%, 02/01/31 |  | 149 | 133547 |
| 2.25%, 01/15/32 |  | 1403 | 1226960 |
| 6.25%, 01/15/34 |  | 279 | 299944 |
| 4.75%, 09/26/34 |  | 564 | 551896 |
| 4.25%, 10/01/44 |  | 547 | 450205 |
| 5.85%, 03/08/53 |  | 164 | 163463 |
| Store Capital LLC, 5.40%, 04/30/30 |  | 17338 | 17417843 |
|  |  |  | 25031215 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(e)</sup> | EUR  | 159 | 192410 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Analog Devices, Inc. |  |  |  |
| 4.25%, 06/15/28 | USD  | 99 | $99157 |
| 2.10%, 10/01/31 |  | 280 | 247039 |
| 5.05%, 04/01/34 |  | 218 | 222396 |
| 5.30%, 12/15/45 |  | 246 | 234751 |
| AP Grange Holdings LLC, 6.50%, <br> 03/20/45 (Acquired 06/21/24, cost <br> $12,241,000)<sup>(h)(j)</sup><br>|  | 12241 | 12853050 |
| Applied Materials, Inc. |  |  |  |
| 4.60%, 01/15/36 |  | 121 | 117538 |
| 5.85%, 06/15/41 |  | 482 | 502844 |
| Broadcom, Inc. |  |  |  |
| 2.45%, 02/15/31 |  | 4269 | 3877062 |
| 3.42%, 04/15/33 |  | 7365 | 6734730 |
| 5.20%, 07/15/35 |  | 3718 | 3746994 |
| 4.95%, 01/15/36 |  | 481 | 474386 |
| 4.80%, 02/15/36 |  | 956 | 932039 |
| Entegris, Inc. |  |  |  |
| 4.38%, 04/15/28<sup>(a)</sup> |  | 135 | 132779 |
| 4.75%, 04/15/29<sup>(a)</sup> |  | 100 | 98853 |
| Intel Corp. |  |  |  |
| 3.15%, 05/11/27 |  | 544 | 536262 |
| 4.88%, 02/10/28 |  | 2069 | 2083563 |
| 4.00%, 08/05/29 |  | 827 | 813123 |
| 5.13%, 02/10/30 |  | 607 | 614780 |
| 3.90%, 03/25/30 |  | 71 | 68823 |
| 2.00%, 08/12/31 |  | 366 | 316687 |
| 4.00%, 12/15/32 |  | 205 | 193078 |
| 5.15%, 02/21/34 |  | 1959 | 1953641 |
| 4.90%, 07/29/45 |  | 676 | 569956 |
| 4.10%, 05/11/47 |  | 620 | 462584 |
| 3.73%, 12/08/47 |  | 1154 | 806382 |
| 5.70%, 02/10/53 |  | 406 | 373831 |
| 3.10%, 02/15/60 |  | 2044 | 1129139 |
| 4.95%, 03/25/60 |  | 891 | 716128 |
| 3.20%, 08/12/61 |  | 188 | 104898 |
| 5.05%, 08/05/62 |  | 368 | 297485 |
| 5.90%, 02/10/63 |  | 128 | 118735 |
| Kioxia Holdings Corp., 6.25%, 07/24/30<sup>(a)</sup> |  | 512 | 520258 |
| KLA Corp. |  |  |  |
| 4.70%, 02/01/34 |  | 1121 | 1111047 |
| 5.00%, 03/15/49 |  | 200 | 180406 |
| Lam Research Corp., 4.88%, 03/15/49 |  | 107 | 95810 |
| Micron Technology, Inc. |  |  |  |
| 5.65%, 11/01/32 |  | 472 | 498257 |
| 5.88%, 09/15/33 |  | 107 | 114362 |
| 5.80%, 01/15/35 |  | 453 | 482326 |
| 6.05%, 11/01/35 |  | 260 | 280551 |
| MKS, Inc., 4.25%, 02/15/34<sup>(e)</sup> | EUR  | 971 | 1072283 |
| NVIDIA Corp. |  |  |  |
| 2.00%, 06/15/31 | USD  | 210 | 188101 |
| 3.50%, 04/01/40 |  | 490 | 407997 |
| QUALCOMM, Inc. |  |  |  |
| 2.15%, 05/20/30 |  | 275 | 251714 |
| 4.50%, 05/20/30 |  | 530 | 533090 |
| 4.75%, 05/20/32 |  | 710 | 713856 |
| 4.65%, 05/20/35 |  | 146 | 143777 |
| 5.00%, 05/20/35 |  | 421 | 420360 |
| 4.80%, 05/20/45 |  | 424 | 374676 |
| 4.30%, 05/20/47 |  | 523 | 424541 |
| 6.00%, 05/20/53 |  | 363 | 369205 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Texas Instruments, Inc. |  |  |  |
| 4.50%, 05/23/30 | USD  | 594 | $596733 |
| 4.85%, 02/08/34 |  | 934 | 942464 |
| 5.10%, 05/23/35 |  | 371 | 375618 |
| 3.88%, 03/15/39 |  | 114 | 99505 |
| 5.00%, 03/14/53 |  | 498 | 449203 |
| 5.05%, 05/18/63 |  | 348 | 305753 |
|  |  |  | 52577016 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| Adobe, Inc., 4.95%, 04/04/34 |  | 140 | 140191 |
| AppLovin Corp. |  |  |  |
| 5.13%, 12/01/29 |  | 10483 | 10543825 |
| 5.38%, 12/01/31 |  | 28388 | 28666538 |
| 5.95%, 12/01/54 |  | 9098 | 8264058 |
| Black Pearl Compute LLC, 6.13%, 02/15/31<sup>(a)</sup> |  | 66 | 67175 |
| Cloud Software Group, Inc. |  |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> |  | 126 | 122922 |
| 9.00%, 09/30/29<sup>(a)</sup> |  | 1348 | 1300380 |
| 8.25%, 06/30/32<sup>(a)</sup> |  | 205 | 194429 |
| 6.63%, 08/15/33<sup>(a)</sup> |  | 108 | 96020 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(a)(d)(n)</sup> |  | 546 | 596505 |
| Fair Isaac Corp. |  |  |  |
| 4.00%, 06/15/28<sup>(a)</sup> |  | 128 | 124214 |
| 6.00%, 05/15/33<sup>(a)</sup> |  | 100 | 98122 |
| Gen Digital, Inc., 6.25%, 04/01/33<sup>(a)</sup> |  | 113 | 109849 |
| GoTo Group, Inc. |  |  |  |
| 5.50%, 05/01/28<sup>(a)</sup> |  | 925 | 723553 |
| 5.50%, 05/01/28<sup>(a)</sup> |  | 1925 | 539000 |
| ION Platform Finance S.a.r.l. |  |  |  |
| 6.50%, 09/30/30<sup>(e)</sup> | EUR  | 1524 | 1459899 |
| 6.88%, 09/30/32<sup>(e)</sup> |  | 1083 | 998570 |
| ION Platform Finance U.S., Inc., 7.88%, <br> 09/30/32<sup>(a)</sup><br>| USD  | 400 | 309610 |
| ION Platform Finance U.S., Inc./ION Platform <br> Finance S.a.r.l., 8.75%, 05/01/29<sup>(a)</sup><br>|  | 100 | 92995 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(e)</sup> | EUR  | 1219 | 1323234 |
| Microsoft Corp. |  |  |  |
| 4.10%, 02/06/37 | USD  | 443 | 421885 |
| 5.20%, 06/01/39 |  | 1003 | 1039264 |
| 5.30%, 02/08/41 |  | 624 | 639394 |
| 3.70%, 08/08/46 |  | 635 | 501180 |
| 4.25%, 02/06/47 |  | 100 | 85204 |
| 4.50%, 06/15/47 |  | 147 | 129275 |
| 2.53%, 06/01/50 |  | 54 | 32379 |
| 2.50%, 09/15/50 |  | 741 | 440230 |
| 2.92%, 03/17/52 |  | 18014 | 11585314 |
| 4.00%, 02/12/55 |  | 497 | 387704 |
| 3.95%, 08/08/56 |  | 2209 | 1688661 |
| 3.04%, 03/17/62 |  | 100 | 60758 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> |  | 1764 | 1888260 |
| Nebius Group NV, 2.63%, 03/15/33<sup>(a)(n)</sup> |  | 2697 | 2513874 |
| Open Text Corp., 3.88%, 12/01/29<sup>(a)</sup> |  | 232 | 207328 |
| Oracle Corp. |  |  |  |
| 2.80%, 04/01/27 |  | 358 | 351856 |
| 4.80%, 08/03/28 |  | 2079 | 2079883 |
| 4.45%, 09/26/30 |  | 947 | 912606 |
| 4.95%, 02/04/31 |  | 3006 | 2941190 |
| 5.25%, 02/03/32 |  | 514 | 504829 |
| 4.80%, 09/26/32 |  | 2442 | 2325634 |
| 3.90%, 05/15/35 |  | 3662 | 3100344 |
| 5.70%, 02/04/36 |  | 2172 | 2088353 |
| 6.50%, 04/15/38 |  | 906 | 908064 |

---

642026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. |  |  |  |
| 6.55%, 02/04/46 | USD  | 5529 | $5158314 |
| 6.90%, 11/09/52 |  | 4463 | 4213646 |
| 5.55%, 02/06/53 |  | 100 | 79786 |
| 5.38%, 09/27/54 |  | 2794 | 2161224 |
| 6.00%, 08/03/55 |  | 5695 | 4774589 |
| 5.95%, 09/26/55 |  | 33488 | 28172473 |
| 6.70%, 02/04/56 |  | 6231 | 5783013 |
| 5.50%, 09/27/64 |  | 5022 | 3845900 |
| 6.13%, 08/03/65 |  | 8420 | 7004301 |
| 6.10%, 09/26/65 |  | 20843 | 17282631 |
| 6.85%, 02/04/66 |  | 904 | 831067 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(a)</sup> |  | 112 | 111832 |
| Roper Technologies, Inc. |  |  |  |
| 4.20%, 09/15/28 |  | 455 | 452197 |
| 2.95%, 09/15/29 |  | 637 | 601821 |
| 1.75%, 02/15/31 |  | 277 | 239129 |
| 4.90%, 10/15/34 |  | 450 | 434496 |
| Salesforce, Inc. |  |  |  |
| 4.50%, 03/15/28 |  | 11629 | 11631995 |
| 4.90%, 09/15/31 |  | 3468 | 3463088 |
| 5.20%, 03/15/33 |  | 26479 | 26433781 |
| 5.55%, 03/15/36 |  | 15192 | 15144743 |
| 6.40%, 03/15/46 |  | 369 | 371555 |
| 6.55%, 03/15/56 |  | 3922 | 3935606 |
| 6.70%, 03/15/66 |  | 3922 | 3986370 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(a)</sup> |  | 100 | 100003 |
| Synopsys, Inc. |  |  |  |
| 4.65%, 04/01/28 |  | 2438 | 2446942 |
| 4.85%, 04/01/30 |  | 1136 | 1144355 |
| 5.15%, 04/01/35 |  | 466 | 466891 |
| 5.70%, 04/01/55 |  | 110 | 105169 |
| TeamSystem SpA, 5.00%, 07/01/31<sup>(e)</sup> | EUR  | 318 | 339240 |
| UKG, Inc., 6.88%, 02/01/31<sup>(a)</sup> | USD  | 300 | 293195 |
| Workday, Inc., 3.80%, 04/01/32 |  | 100 | 92826 |
|  |  |  | 243706736 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| CubeSmart LP, 4.38%, 02/15/29 |  | 212 | 210531 |
| Extra Space Storage LP |  |  |  |
| 4.00%, 06/15/29 |  | 1836 | 1806694 |
| 2.20%, 10/15/30 |  | 4093 | 3661997 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 03/15/28<sup>(a)</sup> |  | 140 | 139209 |
| 4.88%, 09/15/29<sup>(a)</sup> |  | 142 | 138157 |
| 5.25%, 07/15/30<sup>(a)</sup> |  | 442 | 429428 |
| 5.63%, 07/15/32<sup>(a)</sup> |  | 96 | 93194 |
| 4.75%, 01/15/34<sup>(e)</sup> | EUR  | 1693 | 1820884 |
| Millrose Properties, Inc., 6.38%, 08/01/30<sup>(a)</sup> | USD  | 125 | 124961 |
| Public Storage Operating Co. |  |  |  |
| 4.38%, 07/01/30 |  | 283 | 282623 |
| 2.30%, 05/01/31 |  | 370 | 332015 |
| 5.10%, 08/01/33 |  | 147 | 150121 |
|  |  |  | 9189814 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Advance Auto Parts, Inc. |  |  |  |
| 3.90%, 04/15/30 |  | 53 | 48673 |
| 7.00%, 08/01/30<sup>(a)</sup> |  | 100 | 101305 |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 182 | 178724 |
| 4.75%, 03/01/30 |  | 76 | 73237 |
| AutoNation, Inc. |  |  |  |
| 4.45%, 01/15/29 |  | 287 | 284614 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| AutoNation, Inc. |  |  |  |
| 2.40%, 08/01/31 | USD  | 100 | $87373 |
| AutoZone, Inc., 6.55%, 11/01/33 |  | 379 | 412508 |
| Bath & Body Works, Inc. |  |  |  |
| 7.50%, 06/15/29 |  | 133 | 134615 |
| 6.63%, 10/01/30<sup>(a)</sup> |  | 100 | 100942 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(e)</sup> | GBP  | 437 | 588026 |
| Chow Tai Fook Jewellery Group Ltd., 0.38%, <br> 06/30/30<sup>(e)(n)</sup><br>| HKD  | 24000 | 2958221 |
| Gap, Inc. (The), 3.88%, 10/01/31<sup>(a)</sup> | USD  | 119 | 107798 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(e)</sup> | EUR  | 1539 | 1739045 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(a)</sup> | USD  | 50 | 50335 |
| LCM Investments Holdings II LLC, 8.25%, <br> 08/01/31<sup>(a)</sup><br>|  | 572 | 594162 |
| Lithia Motors, Inc. |  |  |  |
| 4.63%, 12/15/27<sup>(a)</sup> |  | 77 | 75981 |
| 5.50%, 10/01/30<sup>(a)</sup> |  | 161 | 157769 |
| Lowe's Cos., Inc. |  |  |  |
| 3.35%, 04/01/27 |  | 2892 | 2869241 |
| 3.10%, 05/03/27 |  | 6285 | 6210038 |
| 1.70%, 09/15/28 |  | 63 | 59207 |
| 3.65%, 04/05/29 |  | 781 | 763960 |
| 2.63%, 04/01/31 |  | 1551 | 1409252 |
| 4.50%, 10/15/32 |  | 1125 | 1105659 |
| 5.15%, 07/01/33 |  | 100 | 101143 |
| 5.50%, 10/15/35 |  | 303 | 309533 |
| 4.05%, 05/03/47 |  | 1330 | 1020028 |
| 4.55%, 04/05/49 |  | 1058 | 866590 |
| 5.13%, 04/15/50 |  | 250 | 220888 |
| 4.45%, 04/01/62 |  | 441 | 333773 |
| 5.80%, 09/15/62 |  | 197 | 187138 |
| Michaels Cos., Inc. (The), 8.50%, 03/15/33<sup>(a)</sup> |  | 89 | 86641 |
| PetSmart LLC/PetSmart Finance Corp., <br> 10.00%, 09/15/33<sup>(a)</sup><br>|  | 352 | 351192 |
| Sonic Automotive, Inc., 4.88%, 11/15/31<sup>(a)</sup> |  | 38 | 36018 |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., 5.00%, 06/01/31<sup>(a)</sup><br>|  | 91 | 85620 |
| Wayfair LLC |  |  |  |
| 7.75%, 09/15/30<sup>(a)</sup> |  | 157 | 163458 |
| 6.75%, 11/15/32<sup>(a)</sup> |  | 37 | 37281 |
|  |  |  | 23909988 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Apple Inc. |  |  |  |
| 1.20%, 02/08/28 |  | 453 | 431400 |
| 4.20%, 05/12/30 |  | 3945 | 3965398 |
| 3.85%, 05/04/43 |  | 18 | 14881 |
| 4.25%, 02/09/47 |  | 702 | 587895 |
| 3.75%, 09/12/47 |  | 1825 | 1411180 |
| 3.75%, 11/13/47 |  | 3217 | 2488426 |
| 2.65%, 05/11/50 |  | 1177 | 720174 |
| 2.65%, 02/08/51 |  | 7821 | 4733262 |
| 3.95%, 08/08/52 |  | 2839 | 2203290 |
| 2.55%, 08/20/60 |  | 100 | 53288 |
| 2.80%, 02/08/61 |  | 11 | 6280 |
| 4.10%, 08/08/62 |  | 846 | 644207 |
| CDW LLC/CDW Finance Corp. |  |  |  |
| 3.25%, 02/15/29 |  | 237 | 225705 |
| 5.10%, 03/01/30 |  | 241 | 240630 |
| 3.57%, 12/01/31 |  | 106 | 96893 |
| 5.55%, 08/22/34 |  | 278 | 273196 |
| Dell, Inc., 6.50%, 04/15/38 |  | 202 | 214633 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| EquipmentShare.com, Inc. |  |  |  |
| 9.00%, 05/15/28<sup>(a)</sup> | USD  | 16 | $16527 |
| 8.63%, 05/15/32<sup>(a)</sup> |  | 242 | 252590 |
| Hewlett Packard Enterprise Co. |  |  |  |
| 4.40%, 10/15/30 |  | 561 | 550802 |
| 4.85%, 10/15/31 |  | 289 | 287051 |
| 6.20%, 10/15/35 |  | 694 | 735827 |
| 6.35%, 10/15/45 |  | 568 | 567084 |
| 5.60%, 10/15/54 |  | 321 | 286545 |
| HP, Inc. |  |  |  |
| 5.40%, 04/25/30 |  | 264 | 269546 |
| 2.65%, 06/17/31 |  | 589 | 523830 |
| 4.20%, 04/15/32 |  | 200 | 190186 |
| 5.50%, 01/15/33 |  | 175 | 177171 |
| 6.10%, 04/25/35 |  | 217 | 225773 |
| 6.00%, 09/15/41 |  | 251 | 248068 |
| NetApp, Inc., 5.50%, 03/17/32 |  | 298 | 304905 |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| 8.25%, 12/15/29<sup>(a)</sup> |  | 1217 | 1278079 |
| 5.88%, 07/15/30<sup>(a)</sup> |  | 3531 | 3589050 |
| Xerox Corp. |  |  |  |
| 10.25%, 10/15/30<sup>(a)</sup> |  | 3270 | 2452500 |
| 13.50%, 04/15/31<sup>(a)</sup> |  | 274 | 134945 |
|  |  |  | 30401217 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| NIKE, Inc. |  |  |  |
| 3.88%, 11/01/45 |  | 525 | 410876 |
| 3.38%, 11/01/46 |  | 285 | 204205 |
| VF Corp., 4.25%, 03/07/29 | EUR  | 509 | 581849 |
|  |  |  | 1196930 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc. |  |  |  |
| 2.45%, 02/04/32 | USD  | 366 | 321161 |
| 5.63%, 02/06/35 |  | 293 | 300100 |
| 5.80%, 02/14/39 |  | 295 | 296165 |
| 3.40%, 02/04/41 |  | 1102 | 831811 |
| 4.50%, 05/02/43 |  | 1477 | 1227094 |
| 5.95%, 02/14/49 |  | 489 | 474108 |
| 4.45%, 05/06/50 |  | 803 | 627402 |
| BAT Capital Corp., 5.65%, 03/16/52 |  | 6722 | 6227008 |
| Philip Morris International, Inc. |  |  |  |
| 5.25%, 09/07/28 |  | 174 | 178437 |
| 4.63%, 11/01/29 |  | 165 | 166452 |
| 5.63%, 11/17/29 |  | 289 | 300380 |
| 5.50%, 09/07/30 |  | 1078 | 1119424 |
| 1.75%, 11/01/30 |  | 753 | 666768 |
| 5.13%, 02/13/31 |  | 299 | 305810 |
| 5.38%, 02/15/33 |  | 516 | 530315 |
| 5.63%, 09/07/33 |  | 1141 | 1190470 |
| 5.25%, 02/13/34 |  | 393 | 400192 |
| 4.90%, 11/01/34 |  | 285 | 283471 |
| 6.38%, 05/16/38 |  | 744 | 810965 |
| 4.38%, 11/15/41 |  | 69 | 59900 |
| 4.50%, 03/20/42 |  | 1070 | 935057 |
| 4.13%, 03/04/43 |  | 305 | 252047 |
|  |  |  | 17504537 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| Air Lease Corp. |  |  |  |
| 4.63%, 10/01/28 |  | 1638 | 1630532 |
| 3.00%, 02/01/30 |  | 456 | 423828 |
| 3.13%, 12/01/30 |  | 170 | 156497 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Albion Financing 1 S.a.r.l./Aggreko Holdings, <br> Inc.<br>|  |  |  |
| 5.38%, 05/21/30<sup>(e)</sup> | EUR  | 252 | $291917 |
| 7.00%, 05/21/30<sup>(a)</sup> | USD  | 268 | 273906 |
| American Builders & Contractors Supply Co., <br> Inc., 4.00%, 01/15/28<sup>(a)</sup><br>|  | 69 | 67705 |
| FTAI Aviation Investors LLC |  |  |  |
| 5.50%, 05/01/28<sup>(a)</sup> |  | 13 | 12995 |
| 7.88%, 12/01/30<sup>(a)</sup> |  | 276 | 288198 |
| 5.88%, 04/15/33<sup>(a)</sup> |  | 92 | 90012 |
| GATX Corp. |  |  |  |
| 3.50%, 03/15/28 |  | 241 | 236482 |
| 4.70%, 04/01/29 |  | 200 | 200315 |
| 1.90%, 06/01/31 |  | 447 | 387054 |
| 6.05%, 03/15/34 |  | 100 | 105014 |
| 6.90%, 05/01/34 |  | 661 | 724663 |
| 5.50%, 06/15/35 |  | 281 | 283317 |
| Herc Holdings, Inc. |  |  |  |
| 7.00%, 06/15/30<sup>(a)</sup> |  | 278 | 285053 |
| 7.25%, 06/15/33<sup>(a)</sup> |  | 132 | 135266 |
| Park River Holdings, Inc., 8.75%, 12/31/30<sup>(a)</sup> |  | 222 | 204469 |
| QXO Building Products, Inc., 6.75%, <br> 04/30/32<sup>(a)</sup><br>|  | 182 | 185638 |
| Triton Container International Ltd./TAL <br> International Container Corp., 5.15%, <br> 02/15/33<br>|  | 2647 | 2591786 |
|  |  |  | 8574647 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(e)</sup> | GBP  | 239 | 313734 |
| Progroup AG, 5.38%, 04/15/31<sup>(e)</sup> | EUR  | 810 | 916429 |
| Stena International SA, 7.25%, 01/15/31<sup>(a)</sup> | USD  | 200 | 202106 |
| TAV Havalimanlari Holding AS, 8.50%, <br> 12/07/28<sup>(e)</sup><br>|  | 5028 | 5126989 |
|  |  |  | 6559258 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| Severn Trent Utilities Finance PLC, 4.25%, <br> 01/29/40<sup>(e)</sup><br>| EUR  | 2000 | 2247534 |
| Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(e)</sup><br>| GBP  | 2796 | 2504795 |
|  |  |  | 4752329 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Digicel Group Holdings Ltd., Series 2B14, <br> 0.00%, 12/31/30<sup>(a)(d)(h)</sup><br>| USD  | 544 | 32616 |
| Digicel International Finance Ltd./Difl <br> U.S. LLC<br>|  |  |  |
| 8.63%, 08/01/32<sup>(a)</sup> |  | 200 | 202959 |
| 8.63%, 08/01/32<sup>(e)</sup> |  | 892 | 905199 |
| Fibercop SpA |  |  |  |
| 5.13%, 06/30/32<sup>(e)</sup> | EUR  | 268 | 306671 |
| 6.00%, 09/30/34<sup>(a)</sup> | USD  | 343 | 326291 |
| Rogers Communications, Inc. |  |  |  |
| 3.20%, 03/15/27 |  | 424 | 418763 |
| 3.80%, 03/15/32 |  | 252 | 235239 |
| 5.30%, 02/15/34 |  | 442 | 440075 |
| 7.50%, 08/15/38 |  | 859 | 979796 |
| 5.45%, 10/01/43 |  | 963 | 892937 |
| 4.55%, 03/15/52 |  | 100 | 78984 |
| 7.13%, 04/15/55 |  | 233 | 238426 |
| SoftBank Group Corp. |  |  |  |
| 5.25%, 10/10/29<sup>(e)</sup> | EUR  | 1092 | 1241530 |
| 7.00%, 07/08/31<sup>(e)</sup> | USD  | 7400 | 7262248 |

---

662026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| SoftBank Group Corp. |  |  |  |
| 5.88%, 07/10/31<sup>(e)</sup> | EUR  | 997 | $1122498 |
| 6.38%, 07/10/33<sup>(e)</sup> |  | 2060 | 2284544 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. <br> II LLC/Sprint Spectrum Co. III LLC, 5.15%, <br> 03/20/28<sup>(a)</sup><br>| USD  | 140 | 140691 |
| T-Mobile U.S.A., Inc. |  |  |  |
| 2.05%, 02/15/28 |  | 110 | 105509 |
| 4.95%, 03/15/28 |  | 1870 | 1889430 |
| 4.80%, 07/15/28 |  | 1325 | 1337675 |
| 2.40%, 03/15/29 |  | 792 | 747282 |
| 2.88%, 02/15/31 |  | 637 | 587392 |
| 2.70%, 03/15/32 |  | 1545 | 1374362 |
| 5.75%, 01/15/34 |  | 1218 | 1270139 |
| 4.70%, 01/15/35 |  | 100 | 96719 |
| 5.30%, 05/15/35 |  | 424 | 427505 |
| 5.00%, 02/15/36 |  | 238 | 234410 |
| 4.38%, 04/15/40 |  | 849 | 746281 |
| 5.50%, 01/15/55 |  | 564 | 517259 |
| 3.60%, 11/15/60 |  | 5663 | 3675493 |
| 5.80%, 09/15/62 |  | 1007 | 965647 |
| Turkcell Iletisim Hizmetleri AS |  |  |  |
| 7.65%, 01/24/32<sup>(a)</sup> |  | 200 | 203252 |
| 7.65%, 01/24/32<sup>(e)</sup> |  | 858 | 871951 |
| VF Ukraine PAT via VFU Funding PLC, <br> 9.63%, 02/11/27<sup>(a)</sup><br>|  | 945 | 931104 |
| Vmed O2 UK Financing I PLC |  |  |  |
| 4.25%, 01/31/31<sup>(a)</sup> |  | 307 | 263664 |
| 4.75%, 07/15/31<sup>(a)</sup> |  | 200 | 172073 |
| 5.63%, 04/15/32<sup>(e)</sup> | EUR  | 1134 | 1200728 |
| 6.75%, 01/15/33<sup>(a)</sup> | USD  | 200 | 178689 |
| Vodafone Group PLC |  |  |  |
| 7.88%, 02/15/30 |  | 178 | 199085 |
| 6.25%, 11/30/32 |  | 100 | 106882 |
| 5.00%, 05/30/38 |  | 284 | 277320 |
| 4.38%, 02/19/43 |  | 821 | 686993 |
| 5.25%, 05/30/48 |  | 779 | 701511 |
| 4.25%, 09/17/50 |  | 804 | 617490 |
| 5.88%, 06/28/64 |  | 256 | 243017 |
|  |  |  | 37738329 |
| **Total Corporate Bonds — 25.0%** <br>**(Cost: $4,512,524,994)** | **Total Corporate Bonds — 25.0%** <br>**(Cost: $4,512,524,994)** | **Total Corporate Bonds — 25.0%** <br>**(Cost: $4,512,524,994)** | 4445258185 |
| **Fixed Rate Loan Interests** |  |  |  |
| **Banks — 0.0%** |  |  |  |
| Atos SE, New Money Term Loan, 9.00%, <br> 12/18/29<sup>(h)</sup><br>| EUR  | 1873 | 2200087 |
| **Financial Services — 0.2%** |  |  |  |
| Aspen Owner LLC, Term Loan (First Lien), <br> 7.27%, 02/09/27<sup>(h)</sup><br>| USD  | 29088 | 29263713 |
| **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $31,402,877)**<br>|  |  | 31463800 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Clarios Global LP, Amendment No. 6 Euro <br> Term Loan (First Lien), (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.14%, 01/28/32<sup>(h)</sup><br>| EUR  | 1000 | 1151631 |
| Median BV, Term Loan, (3-mo. SONIA at <br> 0.20% Floor + 5.93%), 9.77%, 10/14/27<sup>(h)</sup><br>| GBP  | 1000 | 1264038 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mehilainen Yhtiot Oy, Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.40%), 5.53%, <br> 08/05/31<sup>(h)</sup><br>| EUR  | 1000 | $1154209 |
| Nobian Finance BV, 2025 Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.52%, <br> 07/01/30<sup>(h)</sup><br>|  | 1000 | 1084927 |
| Ohio Power Partners LLC, Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 11/12/32<sup>(h)</sup><br>| USD  | 1328 | 1331329 |
| Techem Verwaltungsgesellschaft 675 Mbh, <br> Term Loan, (3-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.23%, 07/15/32<sup>(h)</sup><br>| EUR  | 1000 | 1151897 |
| Tk Elevator Midco GmbH, Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.15%, <br> 04/30/30<sup>(h)</sup><br>|  | 2000 | 2294015 |
|  |  |  | 9432046 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Montage Hotels & Resorts LLC |  |  |  |
| Revolver, (3-mo. CME Term SOFR at <br> 2.00% Floor + 6.00%), 9.68%, <br> 02/16/29<sup>(h)</sup><br>| USD  | 2790 | 2633126 |
| Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 6.00%), 9.70%, <br> 02/16/29<sup>(h)</sup><br>|  | 6696 | 6319514 |
| Robertshaw U.S. Holding Corp., Fifth-Out <br> Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 8.00%), 11.76%, <br> 02/28/27<sup>(f)(g)(h)</sup><br>|  | 1795 |  |
|  |  |  | 8952640 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Allied Universal Holdco LLC (aka USAGM <br> Holdco LLC), Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 6.92%, <br> 08/20/32<br>|  | 3626 | 3623811 |
| Alorica, Inc., Term Loan B (First Lien), (1-mo. <br> CME Term SOFR at 1.00% Floor + 6.88%), <br> 10.54%, 12/21/27<sup>(h)</sup><br>|  | 4778 | 4658204 |
| DRI Holding, Inc., Closing Date Term Loan <br> (First Lien), (1-mo. CME Term SOFR at <br> 0.50% Floor + 5.25%), 9.02%, 12/21/28<sup>(h)</sup><br>|  | 3051 | 2942818 |
| Interface Security Systems LLC, Initial Term <br> Loan, (1-mo. CME Term SOFR at 1.75% <br> Floor + 8.00%), (7.00% Cash and 1.00% <br> PIK), 11.77%, 08/07/28<sup>(f)(g)(h)(o)</sup><br>|  | 9423 | 2661903 |
|  |  |  | 13886736 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Cirkul, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 4.00% Floor + 11.00%), (7.50% <br> Cash and 3.50% PIK), 16.85%, <br> 04/23/28<sup>(h)(o)</sup><br>|  | 4229 | 3303749 |
| Flexsys Cayman Holdings LP, Second Out <br> Refinancing Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 9.17%, <br> 08/01/29<sup>(h)</sup><br>|  | 1962 | 119367 |
| Goodarz Holding Co. S.a.r.l, Term Loan, (1-<br> mo. EURIBOR at 0.00% Floor + 5.50%), <br> 7.42%, 11/20/28<sup>(h)</sup><br>| EUR  | 7652 | 8840750 |
| Houston Center |  |  |  |
| Term Loan A, 5.75%, 05/09/30<sup>(h)</sup> | USD  | 5515 | 5203390 |
| Term Loan B, 5.75%, 05/09/30<sup>(h)</sup> |  | 7132 | 1 |
|  |  |  | 17467257 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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 <br> Term SOFR at 1.00% Floor + 7.50%), <br> 11.17%, 08/01/28<br>| USD  | 11 | $9434 |
| Connect Finco S.a.r.l., Amendment No. 4 Term <br> Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.50%), 8.17%, 09/27/29<br>|  | 2391 | 2393004 |
|  |  |  | 2402438 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| Verifone Systems, Inc., 2025-1 Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 5.50%), 9.18%, 08/18/28<br>|  | 1152 | 1081820 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| CTP-02 Propco LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), <br> 6.88%, 12/06/27<sup>(h)</sup><br>|  | 10304 | 10300354 |
| Garfunkelux Holdco 3 SA, Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 6.88%, 12/31/30<sup>(h)</sup><br>| EUR  | 6275 | 6986993 |
| Macerich Crabtree LP, Initial Advance, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 08/06/29<sup>(h)</sup><br>| USD  | 9300 | 9242394 |
|  |  |  | 26529741 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| CPV Fairview LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), <br> 6.20%, 08/14/31<sup>(h)</sup><br>|  | 1578 | 1569355 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| ECL Entertainment LLC, Term B Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.67%, 08/30/30<br>|  | 5647 | 5604424 |
| ITG Communications LLC, Initial Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.45%, 07/09/31<sup>(h)</sup><br>|  | 4893 | 4648564 |
| Medical Solutions Holdings, Inc., Initial Term <br> Loan (Second Lien), (3-mo. CME Term <br> SOFR at 0.50% Floor + 7.00%), 10.77%, <br> 11/01/29<sup>(h)</sup><br>|  | 1587 | 126960 |
| Peninsula Pacific Entertainment LLC, Term B <br> Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.75%), 8.45%, 10/01/32<sup>(h)</sup><br>|  | 5336 | 5309597 |
| RunItOneTime LLC |  |  |  |
| Term Loan, (1-mo. CME Term SOFR at <br> 2.00% Floor + 12.50%), 16.17%, <br> 04/16/26<sup>(h)</sup><br>|  | 947 | 945997 |
| Term Loan, (1-mo. CME Term SOFR at <br> 2.00% Floor + 12.50%), (1.00% Cash <br> and 11.50% PIK), 16.17%, 04/16/26<sup>(h)(o)</sup><br>|  | 80 | 79143 |
| Term Loan, (1-mo. CME Term SOFR at <br> 2.00% Floor + 12.50%), (1.00% Cash <br> and 11.50% PIK), 16.17%, 04/16/26<sup>(h)(o)</sup><br>|  | 1641 | 1620600 |
| West Deptford Energy Holdings LLC, Term <br> Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.00%), 9.75%, 07/24/32<sup>(h)</sup><br>|  | 1945 | 1933142 |
|  |  |  | 20268427 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Argento LLC, Term Loan A, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.68%, <br> 04/30/31<br>|  | 3709 | 3560640 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Hilton Garden Inn Waikiki, Term Loan (First <br> Lien), (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.30%), 6.97%, 05/31/29<sup>(h)</sup><br>| USD  | 13200 | $13169360 |
| HRNI Holdings LLC, Term B Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.25%), <br> 8.10%, 12/11/28<br>|  | 7174 | 6923118 |
| Long Point Development, LLC, Refinancing <br> Debt, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.35%), 8.01%, 01/01/28<sup>(h)</sup><br>|  | 7500 | 7500000 |
| Maverick Gaming LLC, Second Out Term <br> Loan, (3-mo. CME Term SOFR at 1.00% <br> Floor + 9.50%), 15.25%, 06/05/28<sup>(f)(g)(h)</sup><br>|  | 2706 | 106069 |
| Sodalite Tahoe Hotel LLC, Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.90%), <br> 6.68%, 10/25/26<sup>(h)</sup><br>|  | 8244 | 8139976 |
|  |  |  | 39399163 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Hunterstown Generation LLC, Incremental <br> Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 8.75%, 11/06/31<sup>(h)</sup><br>|  | 1320 | 1319376 |
| Tenaska Pennsylvania Partners LLC, Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 5.91%, 02/18/33<sup>(h)</sup><br>|  | 1020 | 1014900 |
|  |  |  | 2334276 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| CoreWeave Compute Acquisition Co. II LLC, <br> Delayed Draw Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 9.62%), 13.28%, <br> 07/31/28<sup>(h)</sup><br>|  | 10134 | 10109039 |
| CoreWeave Compute Acquisition Co. IV LLC |  |  |  |
| Delayed Draw Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 7.88%, <br> 09/30/30<sup>(h)</sup><br>|  | 7715 | 7502966 |
| Delayed Draw Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.50%), 9.67%, <br> 05/16/29<sup>(h)</sup><br>|  | 11380 | 11408538 |
|  |  |  | 29020543 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| J & J Ventures Gaming LLC, 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + <br> 3.50%), 7.17%, 04/26/30<br>|  | 1851 | 1825770 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Project Midnights, Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.15%), 5.17%, <br> 08/22/26<sup>(h)</sup><br>| EUR  | 10903 | 12585859 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Betclic Everest Group SAS, Facility B2, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.03%, <br> 12/10/31<sup>(h)</sup><br>|  | 1000 | 1135623 |
| CML Hotel Adeline, Term Loan, 03/01/31 | USD  | 9700 | 9700000 |
| CML The Ben, Term Loan, 03/09/31<sup>(g)(h)</sup> |  | 3385 | 3352369 |
| Cobham Ultra SeniorCo S.a r.l., Facility B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 5.90%, 08/06/29<sup>(h)</sup><br>| EUR  | 1000 | 1150799 |
| Crescent Midstream Intermediate Holdings <br> LLC, Initial Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.75%), 7.41%, <br> 02/18/33<sup>(h)</sup><br>| USD  | 3756 | 3763812 |

---

682026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Hydrofarm Holdings Group, Inc., Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.50%), 9.43%, 10/25/28<sup>(h)</sup><br>| USD  | 2094 | $1046931 |
| Kersia International, 2026 Incremental Facility <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.50%, 12/18/30<sup>(h)</sup><br>| EUR  | 1000 | 1142269 |
| Redstone HoldCo 2 LP |  |  |  |
| Initial Term Loan (Second Lien), (3-mo. <br> CME Term SOFR at 0.00% Floor + <br> 5.50%), 9.17%, 12/31/30<sup>(h)</sup><br>| USD  | 2727 | 1004453 |
| Initial Term Loan A-1 (First Lien), (3-mo. <br> CME Term SOFR at 0.00% Floor + <br> 5.50%), 9.17%, 12/31/30<sup>(h)</sup><br>|  | 2000 | 1746660 |
| Initial Term Loan A-2 (First Lien), (3-mo. <br> CME Term SOFR at 0.00% Floor + <br> 5.25%), 8.92%, 12/31/30<sup>(h)</sup><br>|  | 562 | 421139 |
| Initial Term Loan B-1 (Third Lien), <br> 12/31/30<sup>(h)</sup><br>|  | 1135 | 378236 |
| SGB-SMIT MidCo GmbH, Facility B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.89%, <br> 03/10/33<sup>(h)</sup><br>| EUR  | 1000 | 1156809 |
| Vehis Warehouse Leasing 2025 DAC, Term <br> Loan, 06/10/32<br>| PLN  | 4998 | 1346303 |
|  |  |  | 27345403 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| CSC Holdings LLC, September 2019 Initial <br> Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 1.50%), 8.25%, 04/15/27<br>| USD  | 1063 | 934473 |
| DirecTV Financing LLC, 2025 Incremental <br> Term Loan B, (3-mo. CME Term SOFR at <br> 0.75% Floor + 5.50%), 9.17%, 02/17/31<sup>(h)</sup><br>|  | 3697 | 3695393 |
|  |  |  | 4629866 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Indigo, Term Loan, 03/18/32 |  | 51513 | 51384217 |
| Usavflow II Ltd., Term Loan B (First Lien), <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 6.50%), 10.17%, 09/10/29<sup>(h)</sup><br>|  | 1785 | 1787321 |
|  |  |  | 53171538 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| AI Mansart (Luxembourg) Bidco S.C.S. |  |  |  |
| Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 5.25%), 8.99%, <br> 09/01/28<sup>(h)</sup><br>|  | 718 | 714306 |
| Term Loan A (First Lien), (6-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 8.99%, <br> 09/01/28<sup>(h)</sup><br>|  | 1011 | 1007053 |
|  |  |  | 1721359 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Vaco Holdings LLC, Initial Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.00%), <br> 8.85%, 01/22/29<sup>(h)</sup><br>|  | 664 | 429614 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| Altar Bidco, Inc., Initial Term Loan (Second <br> Lien), (6-mo. CME Term SOFR at 0.50% <br> Floor + 5.60%), 9.11%, 02/01/30<br>|  | 618 | 579492 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| ConnectWise LLC, Initial Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.46%, 09/29/28<br>|  | 2675 | 2463647 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| EIS Group Ltd. |  |  |  |
| Closing Date Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%), 10.67%, <br> 07/08/28<sup>(h)</sup><br>| USD  | 12826 | $11623825 |
| Revolving Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 7.00%), 10.67%, <br> 07/10/28<sup>(h)</sup><br>|  | 1283 | 1162383 |
| Finastra U.S.A., Inc., Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 4.50%), 6.62%, <br> 09/15/32<sup>(h)</sup><br>| EUR  | 1000 | 1073137 |
| GoTo Group, Inc. |  |  |  |
| Exchange First Out Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.57%, 04/28/28<sup>(h)</sup><br>| USD  | 723 | 591193 |
| Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.75%), 8.57%, <br> 04/28/28<sup>(h)</sup><br>|  | 721 | 214059 |
|  |  |  | 17128244 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Xerox Corp., Initial Term Loan (First Lien), <br> (6-mo. CME Term SOFR at 0.50% Floor + <br> 4.00%), 7.73%, 11/19/29<sup>(h)</sup><br>|  | 1588 | 1000261 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| Albion Financing 3 S.a r.l. (Albion Financing <br> LLC), 2025-A Refinancing Euro Term Loan, <br> (3-mo. EURIBOR at 0.50% Floor + 3.00%), <br> 5.03%, 05/21/31<sup>(h)</sup><br>| EUR  | 1000 | 1151631 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| One Frio Holdco BV |  |  |  |
| Term Loan, (1-day SONIA at 0.00% Floor + <br> 3.15%), 6.88%, 08/15/30<sup>(h)</sup><br>| GBP  | 2256 | 2984041 |
| Term Loan, (3-mo. EURIBOR at 0.00% <br> Floor + 3.15%), 5.28%, 08/15/30<sup>(h)</sup><br>| EUR  | 9933 | 11470925 |
|  |  |  | 14454966 |
| **Total Floating Rate Loan Interests — 1.7%** <br>**(Cost: $333,130,312)** | **Total Floating Rate Loan Interests — 1.7%** <br>**(Cost: $333,130,312)** | **Total Floating Rate Loan Interests — 1.7%** <br>**(Cost: $333,130,312)** | 308368445 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Ecopetrol SA |  |  |  |
| 7.75%, 02/01/32 | USD  | 5075 | 5130825 |
| 8.88%, 01/13/33 |  | 197 | 207933 |
|  |  |  | 5338758 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Magyar Export-Import Bank Zrt, 6.00%, <br> 05/16/29<sup>(e)</sup><br>| EUR  | 100 | 121186 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| Equate Petrochemical Co. KSCC, 4.25%, <br> 11/03/26<sup>(e)</sup><br>| USD  | 200 | 197938 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Khazanah Global Sukuk Bhd, 4.69%, <br> 06/01/28<sup>(e)</sup><br>|  | 895 | 899923 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 147 | 154839 |
| 5.95%, 01/28/31 |  | 1522 | 1455717 |
| 6.70%, 02/16/32 |  | 297 | 290689 |
|  |  |  | 1901245 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA, 7.50%, 05/02/54<sup>(a)</sup> | USD  | 200 | $209663 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| NAK Naftogaz Ukraine via Kondor Finance <br> PLC<br>|  |  |  |
| 7.13%, 07/19/26<sup>(e)(o)</sup> | EUR  | 1247 | 1181784 |
| 7.63%, 11/08/28<sup>(a)(o)</sup> | USD  | 783 | 611078 |
|  |  |  | 1792862 |
| **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $10,083,242)** | **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $10,083,242)** | **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $10,083,242)** | 10461575 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| Argentina Treasury Bond BONCER, 0.00%, <br> 12/15/27<sup>(d)</sup><br>| ARS  | 517516 | 870885 |
| Republic of Argentina |  |  |  |
| 1.00%, 07/09/29 | USD  | 36 | 31713 |
| 0.75%, 07/09/30<sup>(c)</sup> |  | 30 | 25243 |
| 4.13%, 07/09/35<sup>(c)</sup> |  | 607 | 437040 |
| 3.50%, 07/09/41<sup>(c)</sup> |  | 1109 | 741921 |
|  |  |  | 2106802 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| Barbados Government International Bond, <br> 8.00%, 06/26/35<sup>(a)</sup><br>|  | 975 | 995475 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |
| Republic of Benin |  |  |  |
| 4.95%, 01/22/35<sup>(e)</sup> | EUR  | 436 | 439999 |
| 7.96%, 02/13/38<sup>(a)</sup> | USD  | 569 | 556668 |
|  |  |  | 996667 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Brazil Letras do Tesouro Nacional, 0.00%, <br> 10/01/26<sup>(d)</sup><br>| BRL  | 843 | 15240216 |
| Federative Republic of Brazil |  |  |  |
| 0.00%, 07/01/26<sup>(d)</sup> |  | 184 | 3431671 |
| 10.00%, 01/01/27 |  | 585 | 11003562 |
| 6.63%, 03/15/35 | USD  | 200 | 204600 |
|  |  |  | 29880049 |
| **Cameroon — 0.0%** | **Cameroon — 0.0%** | **Cameroon — 0.0%** | **Cameroon — 0.0%** |
| Republic of Cameroon, 9.50%, 07/31/31<sup>(e)</sup> |  | 822 | 801450 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Republic of Chile, 4.34%, 03/07/42 |  | 200 | 175400 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| China Government Bond, 2.11%, 08/25/34 | CNY  | 21310 | 3182068 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Republic of Colombia |  |  |  |
| 5.75%, 11/03/27 | COP  | 44483600 | 10745829 |
| 12.50%, 02/27/30 |  | 7984500 | 2064100 |
| 7.75%, 09/18/30 |  | 49293700 | 10742931 |
| 7.00%, 06/30/32 |  | 4779000 | 949647 |
| 7.25%, 10/26/50 |  | 7107900 | 1124622 |
| 12.00%, 03/13/58 |  | 605900 | 148376 |
|  |  |  | 25775505 |
| **Congo — 0.0%** | **Congo — 0.0%** | **Congo — 0.0%** | **Congo — 0.0%** |
| Congolese International Bond, 9.50%, <br> 02/17/35<sup>(e)</sup><br>| USD  | 295 | 265205 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Republic of Costa Rica |  |  |  |
| 6.55%, 04/03/34<sup>(e)</sup> |  | 200 | 210950 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Costa Rica (continued)** | **Costa Rica (continued)** | **Costa Rica (continued)** | **Costa Rica (continued)** |
| Republic of Costa Rica |  |  |  |
| 7.16%, 03/12/45<sup>(e)</sup> | USD  | 809 | $862394 |
| 7.30%, 11/13/54<sup>(e)</sup> |  | 739 | 801815 |
|  |  |  | 1875159 |
| **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** |
| Republic of Cote d'Ivoire |  |  |  |
| 5.88%, 10/17/31<sup>(e)</sup> | EUR  | 100 | 112753 |
| 8.08%, 04/01/36<sup>(a)</sup> | USD  | 200 | 203218 |
|  |  |  | 315971 |
| **Czechia — 0.0%** | **Czechia — 0.0%** | **Czechia — 0.0%** | **Czechia — 0.0%** |
| Czech Republic |  |  |  |
| 4.50%, 11/11/32 | CZK  | 88780 | 4136796 |
| 4.20%, 12/04/36<sup>(e)</sup> |  | 27600 | 1223661 |
| 4.00%, 04/04/44 |  | 48940 | 1977348 |
|  |  |  | 7337805 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |
| Dominican Republic |  |  |  |
| 4.50%, 01/30/30<sup>(a)</sup> | USD  | 150 | 142500 |
| 7.05%, 02/03/31<sup>(a)</sup> |  | 150 | 155100 |
| 10.75%, 06/01/36<sup>(a)</sup> | DOP  | 78800 | 1364604 |
| 10.50%, 03/15/37<sup>(a)</sup> |  | 136100 | 2325540 |
|  |  |  | 3987744 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Republic of Ecuador |  |  |  |
| 6.90%, 07/31/35<sup>(c)(e)</sup> | USD  | 566 | 496382 |
| 9.25%, 01/29/39<sup>(a)</sup> |  | 255 | 250155 |
|  |  |  | 746537 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Arab Republic of Egypt |  |  |  |
| 5.80%, 09/30/27<sup>(e)</sup> |  | 217 | 213704 |
| 24.46%, 10/01/27 | EGP  | 106784 | 1921583 |
| 24.44%, 08/05/28 |  | 25744 | 463963 |
| 23.38%, 08/26/28 |  | 76919 | 1372906 |
| 9.45%, 02/04/33<sup>(a)</sup> | USD  | 200 | 209262 |
|  |  |  | 4181418 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| Republic of Guatemala, 7.05%, 10/04/32<sup>(a)</sup> |  | 200 | 214000 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungarian People's Republic |  |  |  |
| 5.25%, 06/16/29<sup>(a)</sup> |  | 200 | 200395 |
| 6.00%, 09/26/35<sup>(e)</sup> |  | 200 | 202736 |
| 7.00%, 10/24/35 | HUF  | 964980 | 2863458 |
|  |  |  | 3266589 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Republic of Indonesia |  |  |  |
| 7.00%, 05/15/27 | IDR  | 91527000 | 5448965 |
| 2.85%, 02/14/30 | USD  | 17370 | 16119360 |
| 6.50%, 07/15/30 | IDR  | 40369000 | 2367471 |
| 8.25%, 06/15/32 |  | 2448000 | 153842 |
| 7.00%, 02/15/33 |  | 18862000 | 1114883 |
| 6.63%, 05/15/33 |  | 12665000 | 735714 |
| 3.05%, 03/12/51 | USD  | 11595 | 7246875 |
|  |  |  | 33187110 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Japanese Government Bonds (30 Year), <br> 0.70%, 09/20/51<br>| JPY  | 420000 | 1361953 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| Republic of Kazakhstan, 18.40%, 10/16/28<sup>(e)</sup> | KZT  | 233500 | 500471 |

---

702026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |
| Republic of Kenya, 9.75%, 02/16/31<sup>(a)</sup> | USD  | 200 | $205190 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |
| Kyrgyz Republic International Bond, 7.75%, <br> 06/03/30<sup>(a)</sup><br>|  | 200 | 199408 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |
| Republic of Latvia, 5.13%, 07/30/34<sup>(a)</sup> |  | 200 | 200250 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanese Republic |  |  |  |
| 6.25%, 11/04/24<sup>(e)(f)(g)</sup> |  | 940 | 221370 |
| 6.85%, 03/23/27<sup>(e)(f)(g)</sup> |  | 1618 | 381039 |
| 6.65%, 11/03/28<sup>(e)(f)(g)</sup> |  | 571 | 134470 |
|  |  |  | 736879 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| Eagle Funding Luxco S.a.r.l., 5.50%, <br> 08/17/30<sup>(a)</sup><br>|  | 250 | 250625 |
| United Mexican States |  |  |  |
| 7.00%, 09/03/26 | MXN  | 2119 | 11827794 |
| 8.50%, 03/01/29 |  | 1168 | 6519913 |
| 8.50%, 05/31/29 |  | 28 | 153983 |
| 2.66%, 05/24/31 | USD  | 30379 | 26809467 |
| 5.38%, 03/22/33 |  | 200 | 195400 |
| 6.35%, 02/09/35 |  | 504 | 515340 |
| 5.63%, 09/22/35 |  | 200 | 193400 |
| 8.00%, 02/21/36 | MXN  | 394 | 2009706 |
| 6.88%, 05/13/37 | USD  | 920 | 962780 |
| 5.38%, 05/16/40 | EUR  | 1927 | 2145201 |
| 7.75%, 11/13/42 | MXN  | 1238 | 5730866 |
| 4.50%, 01/31/50 | USD  | 25868 | 19038848 |
| 7.38%, 05/13/55 |  | 2225 | 2336250 |
|  |  |  | 78689573 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Kingdom of Morocco |  |  |  |
| 2.38%, 12/15/27<sup>(e)</sup> |  | 200 | 192030 |
| 4.75%, 04/02/35<sup>(a)</sup> | EUR  | 100 | 113736 |
|  |  |  | 305766 |
| **Mozambique — 0.0%** | **Mozambique — 0.0%** | **Mozambique — 0.0%** | **Mozambique — 0.0%** |
| Republic of Mozambique, 9.00%, <br> 09/15/31<sup>(a)(c)</sup><br>| USD  | 202 | 151421 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| Republic of Nigeria, 10.38%, 12/09/34<sup>(a)</sup> |  | 200 | 228800 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |
| Sultanate of Oman, 6.75%, 01/17/48<sup>(e)</sup> |  | 200 | 208554 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** |
| Pakistan Global Sukuk Programme Co. Ltd. <br> (The), 7.95%, 01/31/29<sup>(e)</sup><br>|  | 905 | 892556 |
| Pakistan Government International Bond, <br> 7.88%, 03/31/36<sup>(e)</sup><br>|  | 233 | 208826 |
|  |  |  | 1101382 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Republic of Panama, 3.88%, 03/17/28 |  | 17669 | 17368627 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Republic of Paraguay |  |  |  |
| 2.74%, 01/29/33<sup>(e)</sup> |  | 200 | 175800 |
| 8.50%, 04/04/38<sup>(a)</sup> | PYG  | 16453000 | 2506015 |
|  |  |  | 2681815 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27<sup>(e)</sup> | USD  | 226 | 226000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| Republic of Peru |  |  |  |
| 2.78%, 01/23/31 | USD  | 100 | $91298 |
| 1.86%, 12/01/32 |  | 100 | 82400 |
| 7.60%, 08/12/39<sup>(a)</sup> | PEN  | 3003 | 893366 |
| 7.60%, 08/12/39<sup>(e)</sup> |  | 2735 | 813639 |
| 3.55%, 03/10/51 | USD  | 14265 | 9714465 |
|  |  |  | 11821168 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| Republic of the Philippines |  |  |  |
| 3.00%, 02/01/28 |  | 11468 | 11170291 |
| 6.38%, 07/27/30 | PHP  | 233430 | 3810667 |
| 6.00%, 08/20/30 |  | 1897285 | 30498174 |
| 6.38%, 04/28/35 |  | 574680 | 9143657 |
| 5.93%, 02/23/36 |  | 60000 | 918337 |
| 3.20%, 07/06/46 | USD  | 15450 | 10614150 |
|  |  |  | 66155276 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Republic of Poland |  |  |  |
| 5.75%, 04/25/29 | PLN  | 23080 | 6367828 |
| 4.75%, 07/25/29 |  | 12997 | 3469193 |
| 5.00%, 01/25/30 |  | 12170 | 3271675 |
| 4.88%, 10/04/33 | USD  | 34 | 33926 |
| 5.00%, 10/25/34 | PLN  | 14866 | 3810519 |
| 5.00%, 10/25/35 |  | 33318 | 8404219 |
| 5.50%, 04/04/53 | USD  | 106 | 97463 |
|  |  |  | 25454823 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |
| Romania |  |  |  |
| 5.25%, 11/25/27<sup>(a)</sup> |  | 30 | 29977 |
| 2.12%, 07/16/31<sup>(e)</sup> | EUR  | 161 | 159711 |
| 5.25%, 05/30/32<sup>(e)</sup> |  | 798 | 909990 |
| 4.63%, 03/04/33<sup>(a)</sup> |  | 229 | 246989 |
| 5.38%, 06/07/33<sup>(a)</sup> |  | 194 | 217929 |
| 6.25%, 09/10/34<sup>(a)</sup> |  | 130 | 152139 |
| 6.13%, 10/07/37<sup>(a)</sup> |  | 194 | 217032 |
| 6.75%, 07/11/39<sup>(a)</sup> |  | 58 | 66797 |
| 6.50%, 10/07/45<sup>(a)</sup> |  | 249 | 274942 |
|  |  |  | 2275506 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |
| Republic of Serbia, 6.00%, 06/12/34<sup>(a)</sup> | USD  | 200 | 200000 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Republic of South Africa |  |  |  |
| 8.00%, 01/31/30 | ZAR  | 249672 | 14592120 |
| 7.00%, 02/28/31 |  | 319303 | 17680871 |
| 7.10%, 11/19/36<sup>(a)</sup> | USD  | 200 | 204926 |
| 8.50%, 01/31/37 | ZAR  | 165037 | 9110820 |
| 5.75%, 09/30/49 | USD  | 200 | 155000 |
| 7.25%, 12/11/55<sup>(a)</sup> |  | 1096 | 1002292 |
|  |  |  | 42746029 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Korea Mine Rehabilitation & Mineral <br> Resources Corp., 4.88%, 04/13/31<sup>(e)</sup><br>|  | 1130 | 1125344 |
| **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** |
| Kingdom of Spain, 2.60%, 05/31/31 | EUR  | 8133 | 9220339 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Republic of Sri Lanka |  |  |  |
| 4.00%, 04/15/28<sup>(e)</sup> | USD  | 1598 | 1527260 |
| 3.60%, 06/15/35<sup>(c)(e)</sup> |  | 617 | 467377 |
|  |  |  | 1994637 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Suriname — 0.0%** | **Suriname — 0.0%** | **Suriname — 0.0%** | **Suriname — 0.0%** |
| Suriname Government International Bond, <br> 8.50%, 11/06/35<sup>(a)</sup><br>| USD  | 200 | $206800 |
| **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** |
| Republic of Trinidad and Tobago |  |  |  |
| 6.40%, 06/26/34<sup>(e)</sup> |  | 654 | 650076 |
| 6.50%, 01/28/36<sup>(a)</sup> |  | 351 | 347490 |
|  |  |  | 997566 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Republic of Türkiye |  |  |  |
| 31.08%, 11/08/28 | TRY  | 33417 | 670732 |
| 30.00%, 09/12/29 |  | 38692 | 750320 |
| 7.13%, 02/12/32 | USD  | 200 | 200300 |
| 6.30%, 03/14/33 |  | 459 | 433870 |
| 26.20%, 10/05/33 | TRY  | 40080 | 765245 |
| 27.70%, 09/27/34 |  | 40431 | 806063 |
|  |  |  | 3626530 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government |  |  |  |
| 0.00%, 02/01/30<sup>(a)(c)</sup> | USD  | 32 | 18688 |
| 0.00%, 02/01/35<sup>(a)(c)</sup> |  | 68 | 31281 |
| 0.00%, 02/01/36<sup>(c)(e)</sup> |  | 1182 | 540128 |
| 4.50%, 02/01/36<sup>(a)(c)</sup> |  | 80 | 40727 |
| 4.50%, 02/01/36<sup>(c)(e)</sup> |  | 513 | 261888 |
|  |  |  | 892712 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay |  |  |  |
| 4.38%, 10/27/27 |  | 3949 | 3964469 |
| 9.75%, 07/20/33 | UYU  | 28044 | 764145 |
| 8.00%, 10/29/35 |  | 83373 | 2075865 |
| 5.10%, 06/18/50 | USD  | 13597 | 12477056 |
| 5.25%, 09/10/60 |  | 114 | 103182 |
|  |  |  | 19384717 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| Republic of Uzbekistan |  |  |  |
| 5.38%, 05/29/27<sup>(e)</sup> | EUR  | 780 | 907213 |
| 7.85%, 10/12/28<sup>(a)</sup> | USD  | 200 | 208625 |
|  |  |  | 1115838 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |
| Republic of Venezuela |  |  |  |
| 9.25%, 09/15/27<sup>(f)(g)</sup> |  | 541 | 256975 |
| 11.95%, 08/05/31<sup>(e)(f)(g)</sup> |  | 1341 | 682365 |
|  |  |  | 939340 |
| **Total Foreign Government Obligations — 2.3%** <br>**(Cost: $443,224,583)** | **Total Foreign Government Obligations — 2.3%** <br>**(Cost: $443,224,583)** | **Total Foreign Government Obligations — 2.3%** <br>**(Cost: $443,224,583)** | 411387668 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies**<sup>(q)</sup> | **Investment Companies**<sup>(q)</sup> | **Investment Companies**<sup>(q)</sup> |
| **Fixed-Income Funds — 1.5%** | **Fixed-Income Funds — 1.5%** | **Fixed-Income Funds — 1.5%** |
| iShares AAA CLO Active ETF | 200000 | 10367000 |
| iShares iBoxx USD Investment Grade Corporate <br> Bond ETF<sup>(k)</sup><br>| 2388100 | 260279019 |
|  |  | 270646019 |
| **Total Investment Companies — 1.5%** <br>**(Cost: $270,080,420)** | **Total Investment Companies — 1.5%** <br>**(Cost: $270,080,420)** | 270646019 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| Bay Area Toll Authority, RB, Series S1, <br> 7.04%,04/01/50<br>| USD  | 4850 | $5458696 |
| Los Angeles Community College District, GO, <br> 6.60%,08/01/42<br>|  | 3990 | 4309460 |
| State of California |  |  |  |
| GO, 7.55%,04/01/39 |  | 4000 | 4748290 |
| GO, Refunding, 4.60%,04/01/38 |  | 22215 | 22473742 |
| University of California, RB, Series AD, <br> 4.86%,05/15/2112<br>|  | 2467 | 2012329 |
|  |  |  | 39002517 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| Municipal Electric Authority of Georgia, RB, <br> 6.64%,04/01/57<br>|  | 3139 | 3365112 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois, GO, 5.10%,06/01/33 |  | 15387 | 15673734 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development <br> Authority, RB, Series 2022-ELL, Class A2, <br> 4.15%,02/01/33<br>|  | 2630 | 2617491 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| New Jersey Turnpike Authority, RB, Series F, <br> 7.41%,01/01/40<br>|  | 4596 | 5432587 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| Metropolitan Transportation Authority |  |  |  |
| RB, 6.67%,11/15/39 |  | 3060 | 3268626 |
| RB, Series E, 6.81%,11/15/40 |  | 515 | 561996 |
| New York City Water & Sewer System |  |  |  |
| RB, 6.01%,06/15/42 |  | 2430 | 2503634 |
| RB, 5.88%,06/15/44 |  | 1665 | 1675206 |
| New York State Dormitory Authority, RB, <br> Series H, 5.39%,03/15/40<br>|  | 1470 | 1463768 |
| Port Authority of New York & New Jersey |  |  |  |
| RB, 5.65%,11/01/40 |  | 2780 | 2906025 |
| RB, 4.93%,10/01/51 |  | 1400 | 1301947 |
| RB, Series 181, 4.96%,08/01/46 |  | 5020 | 4705750 |
|  |  |  | 18386952 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| American Municipal Power, Inc., RB, Series B, <br> 8.08%,02/15/50<br>|  | 3555 | 4435325 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| City of San Antonio, TX Electric & Gas <br> Systems Revenue, RB, 5.81%,02/01/41<br>|  | 4375 | 4473907 |
| Port of Beaumont Navigation District, <br> Refunding RB, Series B, <br> 10.00%,07/01/26<sup>(a)</sup><br>|  | 7045 | 7050992 |
| State of Texas, GO, 5.52%,04/01/39 |  | 5357 | 5487544 |
|  |  |  | 17012443 |
| **Total Municipal Bonds — 0.6%** <br>**(Cost: $117,369,327)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $117,369,327)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $117,369,327)** | 105926161 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 7.6%** | **Collateralized Mortgage Obligations — 7.6%** | **Collateralized Mortgage Obligations — 7.6%** | **Collateralized Mortgage Obligations — 7.6%** |
| A&D Mortgage Trust |  |  |  |
| Series 2023-NQM5, Class A1, 7.05%, <br> 11/25/68<sup>(a)(c)</sup><br>|  | 6496 | 6545871 |

---

722026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| A&D Mortgage Trust |  |  |  |
| Series 2024-NQM5, Class A1, 5.70%, <br> 11/25/69<sup>(a)</sup><br>| USD  | 1873 | $1879406 |
| Series 2024-NQM5, Class M1, 6.52%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 2033 | 2041890 |
| Series 2026-NQM1, Class A1, 4.91%, <br> 02/25/71<sup>(a)(b)</sup><br>|  | 3803 | 3768019 |
| ACRA Trust, Series 2024-NQM1, Class A1, <br> 5.61%, 10/25/64<sup>(a)(c)</sup><br>|  | 3554 | 3562664 |
| Adjustable Rate Mortgage Trust, <br> Series 2005-8, Class 3A1, 4.76%, <br> 11/25/35<sup>(b)</sup><br>|  | 3125 | 2174306 |
| AFG Trust |  |  |  |
| Series 2026-1, Class D, (1-mo. BBSW + <br> 1.65%), 5.49%, 10/10/57<sup>(b)(e)</sup><br>| AUD  | 710 | 483173 |
| Series 2026-1, Class E, (1-mo. BBSW + <br> 2.80%), 6.64%, 10/10/57<sup>(b)(e)</sup><br>|  | 565 | 384606 |
| Ajax Mortgage Loan Trust |  |  |  |
| Series 2017-D, Class B, 0.00%, <br> 12/25/57<sup>(a)(b)</sup><br>| USD  | 1 | 501 |
| Series 2020-C, Class C, 0.00%, <br> 09/27/60<sup>(a)</sup><br>|  | 69 | 1390 |
| Series 2021-C, Class A, 6.12%, <br> 01/25/61<sup>(a)(c)</sup><br>|  | 5702 | 5705393 |
| Series 2021-C, Class B, 6.72%, <br> 01/25/61<sup>(a)(c)</sup><br>|  | 3570 | 3570614 |
| Series 2021-C, Class C, 0.00%, <br> 01/25/61<sup>(a)</sup><br>|  | 8035 | 8495117 |
| Series 2021-D, Class A, 6.00%, <br> 03/25/60<sup>(a)(c)</sup><br>|  | 12449 | 12455421 |
| Series 2021-D, Class B, 7.00%, <br> 03/25/60<sup>(a)(b)</sup><br>|  | 6201 | 6218493 |
| Series 2021-D, Class C, 0.00%, <br> 03/25/60<sup>(a)(b)</sup><br>|  | 8297 | 10250274 |
| Series 2021-E, Class A1, 1.74%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 18122 | 15855561 |
| Series 2021-E, Class A2, 2.69%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 4422 | 3363983 |
| Series 2021-E, Class B1, 3.73%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 2669 | 1859216 |
| Series 2021-E, Class B3, 3.82%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 7571 | 4075592 |
| Series 2021-E, Class M1, 2.94%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 1744 | 1241247 |
| Series 2021-E, Class SA, 0.00%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 13 | 5968 |
| Series 2021-F, Class A, 5.88%, <br> 06/25/61<sup>(a)(c)</sup><br>|  | 32777 | 32790261 |
| Series 2021-F, Class B, 6.75%, <br> 06/25/61<sup>(a)(c)</sup><br>|  | 13238 | 13161549 |
| Series 2021-F, Class C, 0.00%, 06/25/61<sup>(a)</sup> |  | 18829 | 18743246 |
| Series 2022-A, Class A1, 3.50%, <br> 10/25/61<sup>(a)(c)</sup><br>|  | 10270 | 9976730 |
| Series 2022-A, Class A2, 3.00%, <br> 10/25/61<sup>(a)(b)</sup><br>|  | 1244 | 1161961 |
| Series 2022-A, Class A3, 3.00%, <br> 10/25/61<sup>(a)(b)</sup><br>|  | 664 | 616256 |
| Series 2022-A, Class B, 3.00%, 10/25/61<sup>(a)</sup> |  | 4977 | 4030772 |
| Series 2022-A, Class C, 3.00%, <br> 10/25/61<sup>(a)</sup><br>|  | 2343 | 3063599 |
| Series 2022-A, Class M1, 3.00%, <br> 10/25/61<sup>(a)</sup><br>|  | 726 | 669996 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Ajax Mortgage Loan Trust |  |  |  |
| Series 2022-A, Class M2, 3.00%, <br> 10/25/61<sup>(a)</sup><br>| USD  | 3256 | $2723781 |
| Series 2022-A, Class M3, 3.00%, <br> 10/25/61<sup>(a)</sup><br>|  | 208 | 172116 |
| Series 2022-B, Class A1, 3.50%, <br> 03/27/62<sup>(a)(c)</sup><br>|  | 15018 | 14532998 |
| Series 2022-B, Class A2, 3.00%, <br> 03/27/62<sup>(a)(b)</sup><br>|  | 937 | 873598 |
| Series 2022-B, Class A3, 3.00%, <br> 03/27/62<sup>(a)(b)</sup><br>|  | 804 | 743436 |
| Series 2022-B, Class B, 3.00%, 03/27/62<sup>(a)</sup> |  | 4464 | 3668805 |
| Series 2022-B, Class C, 3.00%, <br> 03/27/62<sup>(a)</sup><br>|  | 4668 | 3752292 |
| Series 2022-B, Class M1, 3.00%, <br> 03/27/62<sup>(a)</sup><br>|  | 603 | 554306 |
| Series 2022-B, Class M2, 3.00%, <br> 03/27/62<sup>(a)</sup><br>|  | 2991 | 2664264 |
| Series 2023-A, Class A1, 3.50%, <br> 07/25/62<sup>(a)(c)</sup><br>|  | 19581 | 18639887 |
| Series 2023-A, Class A2, 3.00%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 1258 | 1156586 |
| Series 2023-A, Class A3, 2.50%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 713 | 638216 |
| Series 2023-A, Class B, 2.50%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 4194 | 3232049 |
| Series 2023-A, Class C, 2.50%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 3553 | 2530154 |
| Series 2023-A, Class M1, 2.50%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 2160 | 1899012 |
| Series 2023-C, Class A1, 3.50%, <br> 05/25/63<sup>(a)(c)</sup><br>|  | 19388 | 18591654 |
| Series 2023-C, Class A2, 3.00%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 1567 | 1418692 |
| Series 2023-C, Class A3, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 836 | 737549 |
| Series 2023-C, Class C, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 7583 | 4100029 |
| Series 2023-C, Class M1, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 731 | 640475 |
| Series 2023-C, Class M2, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 4534 | 3734641 |
| American Home Mortgage Assets Trust |  |  |  |
| Series 2006-3, Class 2A11, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 0.94%), 4.80%, 10/25/46<sup>(b)</sup><br>|  | 547 | 363921 |
| Series 2006-4, Class 1A12, (1-mo. CME <br> Term SOFR + 0.32%), 4.00%, <br> 10/25/46<sup>(b)</sup><br>|  | 1486 | 743793 |
| Series 2007-1, Class A1, (12-mo. Federal <br> Reserve Cumulative Average US + <br> 0.70%), 4.56%, 02/25/47<sup>(b)</sup><br>|  | 602 | 201705 |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2020-4, Class A3, 2.81%, <br> 06/25/65<sup>(a)(b)</sup><br>|  | 343 | 335863 |
| Series 2022-2, Class A1, 4.05%, <br> 01/25/67<sup>(a)(b)</sup><br>|  | 358 | 342193 |
| Series 2023-7, Class A1, 4.80%, <br> 11/25/67<sup>(a)(c)</sup><br>|  | 9845 | 9789485 |
| Series 2024-1, Class A1, 5.21%, <br> 08/25/68<sup>(a)(c)</sup><br>|  | 1474 | 1471179 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/69<sup>(a)(c)</sup><br>| USD  | 1754 | $1755492 |
| Series 2024-11, Class A1, 5.70%, <br> 08/25/69<sup>(a)(c)</sup><br>|  | 2915 | 2929380 |
| Series 2025-2, Class A1, 5.64%, <br> 02/25/70<sup>(a)(c)</sup><br>|  | 6160 | 6189751 |
| Series 2025-8, Class A1, 5.41%, <br> 07/25/70<sup>(a)(c)</sup><br>|  | 3726 | 3733677 |
| Angel Oak Mortgage Trust LLC, <br> Series 2020-3, Class A3, 2.87%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 778 | 756638 |
| APS Resecuritization Trust, Series 2016-1, <br> Class 1MZ, 2.96%, 07/31/57<sup>(a)(b)</sup><br>|  | 7820 | 2863886 |
| Atlas Funding PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.55%), 5.28%, 09/20/61<sup>(b)(e)</sup><br>| GBP  | 518 | 689396 |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.20%), 5.93%, 09/20/61<sup>(b)(e)</sup><br>|  | 343 | 461635 |
| Banc of America Alternative Loan Trust, <br> Series 2006-7, Class A4, 6.50%, <br> 10/25/36<sup>(c)</sup><br>| USD  | 1899 | 468514 |
| Banc of America Funding Trust |  |  |  |
| Series 2007-1, Class 1A6, 5.75%, <br> 01/25/37<br>|  | 19 | 15886 |
| Series 2014-R2, Class 1C, 0.00%, <br> 11/26/36<sup>(a)(b)</sup><br>|  | 3210 | 1107182 |
| Series 2015-R3, Class 1A2, 3.86%, <br> 03/27/36<sup>(a)(b)</sup><br>|  | 946 | 804089 |
| Barclays Mortgage Loan Trust |  |  |  |
| Series 2021-NPL1, Class A, 5.00%, <br> 11/25/51<sup>(a)(c)</sup><br>|  | 9518 | 9523010 |
| Series 2021-NPL1, Class B, 7.63%, <br> 11/25/51<sup>(a)(c)</sup><br>|  | 3337 | 3339683 |
| Series 2021-NPL1, Class C, 0.00%, <br> 11/25/51<sup>(a)</sup><br>|  | 6471 | 9318872 |
| Series 2022-NQM1, Class A1, 4.55%, <br> 07/25/52<sup>(a)(c)</sup><br>|  | 4239 | 4207701 |
| Series 2022-RPL1, Class A, 7.25%, <br> 02/25/28<sup>(a)(c)</sup><br>|  | 8373 | 8377037 |
| Series 2022-RPL1, Class B, 7.25%, <br> 02/25/28<sup>(a)(c)</sup><br>|  | 2125 | 2125389 |
| Series 2022-RPL1, Class C, 0.00%, <br> 02/25/28<sup>(a)</sup><br>|  | 3522 | 1285408 |
| Series 2022-RPL1, Class SA, 0.00%, <br> 02/25/28<sup>(a)</sup><br>|  | 16 | 14036 |
| Series 2023-NQM3, Class A1, 6.90%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 24660 | 24851053 |
| Series 2023-NQM3, Class A2, 7.36%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 3928 | 3962087 |
| Series 2023-NQM3, Class A3, 7.69%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 2372 | 2393307 |
| Series 2023-NQM3, Class B1, 7.92%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1918 | 1935234 |
| Series 2023-NQM3, Class B2, 7.92%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1613 | 1625381 |
| Series 2023-NQM3, Class B3, 7.92%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 4414 | 4324588 |
| Series 2023-NQM3, Class M1, 7.92%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 3196 | 3228379 |
| Series 2023-NQM3, Class SA, 0.00%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1 | 547 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Barclays Mortgage Loan Trust |  |  |  |
| Series 2024-NQM1, Class A1, 5.90%, <br> 01/25/64<sup>(a)(c)</sup><br>| USD  | 3255 | $3267869 |
| Series 2024-NQM1, Class A2, 6.11%, <br> 01/25/64<sup>(a)(c)</sup><br>|  | 2219 | 2226545 |
| Series 2024-NQM1, Class A3, 6.31%, <br> 01/25/64<sup>(a)(c)</sup><br>|  | 1695 | 1700879 |
| Series 2024-NQM1, Class B1, 8.09%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 1442 | 1457027 |
| Series 2024-NQM1, Class B2, 8.63%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 1322 | 1335131 |
| Series 2024-NQM1, Class B3, 8.63%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 2836 | 2838236 |
| Series 2024-NQM1, Class M1, 6.80%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 2476 | 2487737 |
| Series 2024-NQM1, Class SA, 0.00%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 6 | 3554 |
| Series 2024-NQM3, Class A1, 6.04%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 21195 | 21336835 |
| Series 2024-NQM3, Class A2, 6.30%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 1671 | 1682312 |
| Series 2024-NQM3, Class A3, 6.50%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 2916 | 2935602 |
| Series 2024-NQM3, Class B1, 7.50%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 1983 | 2001926 |
| Series 2024-NQM3, Class B2, 8.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 1816 | 1817833 |
| Series 2024-NQM3, Class B3, 8.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 4970 | 4897799 |
| Series 2024-NQM3, Class M1, 6.41%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 2891 | 2901538 |
| Series 2024-NQM3, Class SA, 0.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 4 | 3114 |
| Series 2024-NQM4, Class A1, 4.79%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 33252 | 33165044 |
| Series 2024-NQM4, Class A2, 5.10%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 3128 | 3118316 |
| Series 2024-NQM4, Class A3, 5.25%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 3504 | 3497338 |
| Series 2024-NQM4, Class B1, 6.96%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 1760 | 1761531 |
| Series 2024-NQM4, Class B2, 7.54%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 1343 | 1337513 |
| Series 2024-NQM4, Class B3, 7.54%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 3073 | 2993497 |
| Series 2024-NQM4, Class M1, 6.31%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 2894 | 2906293 |
| Series 2024-NQM4, Class SA, 0.00%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 6 | 4644 |
| Series 2025-NQM1, Class A1, 5.66%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 31306 | 31504561 |
| Series 2025-NQM1, Class A2, 5.87%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 2856 | 2878160 |
| Series 2025-NQM1, Class A3, 5.97%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 2720 | 2740972 |
| Series 2025-NQM1, Class B1, 6.94%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 1955 | 1955683 |
| Series 2025-NQM1, Class B2, 7.75%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 1700 | 1698611 |
| Series 2025-NQM1, Class B3, 7.75%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 3768 | 3694032 |

---

742026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Barclays Mortgage Loan Trust |  |  |  |
| Series 2025-NQM1, Class M1, 6.49%, <br> 01/25/65<sup>(a)(b)</sup><br>| USD  | 3145 | $3167631 |
| Series 2025-NQM1, Class SA, 0.00%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 6 | 5786 |
| Series 2025-NQM2, Class A1, 5.76%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 26361 | 26674538 |
| Series 2025-NQM2, Class A2, 5.94%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 2087 | 2110842 |
| Series 2025-NQM2, Class A3, 6.04%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 4101 | 4147114 |
| Series 2025-NQM2, Class B1, 7.66%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 1485 | 1513140 |
| Series 2025-NQM2, Class B2, 7.66%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 589 | 584174 |
| Series 2025-NQM2, Class B3, 7.66%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 109 | 97740 |
| Series 2025-NQM2, Class M1, 6.71%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 3013 | 3037275 |
| Series 2025-NQM2, Class SA, 0.00%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 0 <br><sup>(r)</sup><br>| 259 |
| Series 2025-NQM3, Class B1, 7.58%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 710 | 717711 |
| Series 2025-NQM4, Class PT2, 0.00%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 49708 | 50984796 |
| Series 2025-NQM5, Class PT2, 0.00%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 47560 | 48400116 |
| Series 2025-NQM7, Class PT2, 0.00%, <br> 12/25/64<sup>(a)(b)</sup><br>|  | 46803 | 47657643 |
| Series 2026-NQM2, Class A1, 4.70%, <br> 12/25/65<sup>(a)(b)</sup><br>|  | 10830 | 10685269 |
| Series 2026-NQM3, Class PT2, 4.92%, <br> 01/25/66<sup>(a)(b)</sup><br>|  | 22986 | 23303266 |
| BCAP LLC Trust, Series 2011-RR5, <br> Class 11A5, (1-mo. CME Term SOFR + <br> 0.26%), 4.06%, 05/28/36<sup>(a)(b)</sup><br>|  | 1042 | 1016610 |
| Bear Stearns ALT-A Trust |  |  |  |
| Series 2006-2, Class 22A1, 4.04%, <br> 03/25/36<sup>(b)</sup><br>|  | 2935 | 1883658 |
| Series 2007-1, Class 1A1, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, <br> 01/25/47<sup>(b)</sup><br>|  | 689 | 648480 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| Series 2005-AC9, Class A5, 6.25%, <br> 12/25/35<sup>(c)</sup><br>|  | 134 | 133315 |
| Series 2006-AC2, Class 1A1, (1-mo. CME <br> Term SOFR + 0.46%), 4.14%, <br> 03/25/36<sup>(b)</sup><br>|  | 3053 | 758816 |
| Bear Stearns Mortgage Funding Trust |  |  |  |
| Series 2006-SL1, Class A1, (1-mo. CME <br> Term SOFR + 0.39%), 4.07%, <br> 08/25/36<sup>(b)</sup><br>|  | 209 | 208569 |
| Series 2007-AR2, Class A1, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 03/25/37<sup>(b)</sup><br>|  | 169 | 155270 |
| Series 2007-AR3, Class 1A1, (1-mo. CME <br> Term SOFR + 0.39%), 4.07%, <br> 03/25/37<sup>(b)</sup><br>|  | 292 | 279207 |
| Series 2007-AR4, Class 2A1, (1-mo. CME <br> Term SOFR + 0.32%), 4.00%, <br> 06/25/37<sup>(b)</sup><br>|  | 269 | 256363 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| BlackRock Capital Finance LP, Series 1997-<br> R2, Class AP, 0.00%, 12/25/35<sup>(a)(h)(q)</sup><br>| USD  | 1 | $— |
| Bletchley Park Funding PLC |  |  |  |
| Series 2025-1, Class D, (1-day SONIA + <br> 1.88%), 5.61%, 01/27/70<sup>(b)(e)</sup><br>| GBP  | 891 | 1175224 |
| Series 2025-1, Class E, (1-day SONIA + <br> 3.38%), 7.11%, 01/27/70<sup>(b)(e)</sup><br>|  | 1222 | 1618183 |
| Braccan Mortgage Funding PLC, Series 2026-<br> 1X, Class D, (1-day SONIA + 1.85%), <br> 5.58%, 04/17/68<sup>(b)(e)</sup><br>|  | 424 | 561201 |
| BRAVO Residential Funding Trust |  |  |  |
| Series 2023-NQM6, Class B1, 7.97%, <br> 09/25/63<sup>(a)(b)</sup><br>| USD  | 662 | 664575 |
| Series 2024-NQM1, Class B1, 8.04%, <br> 12/01/63<sup>(a)</sup><br>|  | 353 | 360111 |
| Series 2024-NQM3, Class B1, 8.10%, <br> 03/25/64<sup>(a)(b)</sup><br>|  | 527 | 534865 |
| Series 2024-NQM6, Class B2, 8.01%, <br> 08/01/64<sup>(a)(b)</sup><br>|  | 250 | 252587 |
| Series 2025-NQM2, Class A1, 5.68%, <br> 11/25/64<sup>(a)(c)</sup><br>|  | 7405 | 7444424 |
| Series 2026-NQM2, Class A1LC, 4.77%, <br> 11/25/65<sup>(a)(c)</sup><br>|  | 1280 | 1267586 |
| CAFL Issuer LLC, Series 2024-RTL1, <br> Class A1, 6.75%, 11/28/31<sup>(a)(c)</sup><br>|  | 1281 | 1288979 |
| Castell PLC |  |  |  |
| Series 2025-1, Class C, (1-day SONIA + <br> 1.55%), 5.28%, 01/27/62<sup>(b)(e)</sup><br>| GBP  | 394 | 523314 |
| Series 2025-1, Class D, (1-day SONIA + <br> 2.00%), 5.73%, 01/27/62<sup>(b)(e)</sup><br>|  | 233 | 310614 |
| Series 2025-1, Class E, (1-day SONIA + <br> 3.50%), 7.23%, 01/27/62<sup>(b)(e)</sup><br>|  | 666 | 889035 |
| Series 2026-1, Class C, (1-day SONIA + <br> 1.50%), 12/27/62<sup>(b)(e)(i)</sup><br>|  | 361 | 476970 |
| CFMT LLC |  |  |  |
| Series 2024-HB14, Class M2, 3.00%, <br> 06/25/34<sup>(a)(b)</sup><br>| USD  | 274 | 264924 |
| Series 2024-HB14, Class M3, 3.00%, <br> 06/25/34<sup>(a)(b)</sup><br>|  | 675 | 649679 |
| Series 2024-HB15, Class M2, 4.00%, <br> 08/25/34<sup>(a)(b)</sup><br>|  | 265 | 258638 |
| Series 2024-R1, Class A1, 4.00%, <br> 10/25/54<sup>(a)(c)</sup><br>|  | 987 | 967670 |
| Series 2024-R1, Class A2, 4.00%, <br> 10/25/54<sup>(a)(c)</sup><br>|  | 176 | 170054 |
| Chase Mortgage Finance Trust, Series 2007-<br> S6, Class 1A1, 6.00%, 12/25/37<br>|  | 18856 | 7293337 |
| Cheshire PLC, Series 2025-1, Class C, (1-day <br> SONIA + 1.35%), 5.08%, 06/28/48<sup>(b)(e)</sup><br>| GBP  | 934 | 1231788 |
| CHNGE Mortgage Trust, Series 2022-1, <br> Class A1, 4.01%, 01/25/67<sup>(a)(b)</sup><br>| USD  | 1636 | 1575548 |
| CIM Trust |  |  |  |
| Series 2023-I2, Class A2, 6.85%, <br> 12/25/67<sup>(a)(c)</sup><br>|  | 2355 | 2357152 |
| Series 2025-I1, Class A1, 5.66%, <br> 10/25/69<sup>(a)(c)</sup><br>|  | 6984 | 7027783 |
| Citadel PLC |  |  |  |
| Series 2024-1, Class B, (1-day SONIA + <br> 1.45%), 5.18%, 04/28/60<sup>(b)(e)</sup><br>| GBP  | 483 | 641712 |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.75%), 5.48%, 04/28/60<sup>(b)(e)</sup><br>|  | 506 | 672338 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Citadel PLC |  |  |  |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.45%), 6.18%, 04/28/60<sup>(b)(e)</sup><br>| GBP  | 553 | $738937 |
| Series 2024-1, Class E, (1-day SONIA + <br> 3.75%), 7.48%, 04/28/60<sup>(b)(e)</sup><br>|  | 539 | 721182 |
| Citicorp Mortgage Securities Trust |  |  |  |
| Series 2007-4, Class 1A14, 6.00%, <br> 05/25/37<br>| USD  | 591 | 515609 |
| Series 2007-9, Class 1A1, 6.25%, <br> 12/25/37<br>|  | 835 | 792954 |
| Series 2008-2, Class 1A1, 6.50%, <br> 06/25/38<br>|  | 2776 | 2381003 |
| Citigroup Mortgage Loan Trust, Series 2007-6, <br> Class 2A1, (1-mo. CME Term SOFR + <br> 0.61%), 4.29%, 05/25/37<sup>(b)</sup><br>|  | 1599 | 1532042 |
| CitiMortgage Alternative Loan Trust, <br> Series 2007-A6, Class 1A11, 6.00%, <br> 06/25/37<br>|  | 400 | 366576 |
| COLT Mortgage Loan Trust |  |  |  |
| Series 2021-5, Class A1, 1.73%, <br> 11/26/66<sup>(a)(b)</sup><br>|  | 1958 | 1777365 |
| Series 2021-HX1, Class B2, 3.86%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 1000 | 777937 |
| Series 2022-1, Class B2, 4.16%, <br> 12/27/66<sup>(a)(b)</sup><br>|  | 316 | 274594 |
| Series 2022-3, Class B1, 4.21%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 1000 | 877067 |
| Series 2022-3, Class B2, 4.21%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 1300 | 1087707 |
| Series 2024-6, Class A1, 5.39%, <br> 11/25/69<sup>(a)(c)</sup><br>|  | 2464 | 2467387 |
| Series 2025-11, Class A1, 5.05%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 6194 | 6173724 |
| Series 2025-11, Class B1, 6.90%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 617 | 614700 |
| Series 2025-12, Class B1, 6.86%, <br> 01/26/71<sup>(a)(b)</sup><br>|  | 807 | 805839 |
| Series 2025-7, Class A1, 5.47%, <br> 06/25/70<sup>(a)(c)</sup><br>|  | 3814 | 3824955 |
| Series 2025-8, Class A1, 5.48%, <br> 08/25/70<sup>(a)(c)</sup><br>|  | 2136 | 2143661 |
| Series 2025-8, Class B1, 7.10%, <br> 08/25/70<sup>(a)(b)</sup><br>|  | 699 | 700974 |
| Countrywide Alternative Loan Trust |  |  |  |
| Series 2005-11CB, Class 2A1, 5.50%, <br> 06/25/35<br>|  | 81 | 63965 |
| Series 2005-11CB, Class 2A6, 5.50%, <br> 06/25/25<br>|  | 442 | 349134 |
| Series 2005-22T1, Class A1, (1-mo. CME <br> Term SOFR + 0.46%), 4.14%, <br> 06/25/35<sup>(b)</sup><br>|  | 2571 | 2273661 |
| Series 2005-29CB, Class A6, 5.50%, <br> 07/25/35<br>|  | 288 | 158292 |
| Series 2005-55CW, Class 2A3, (1-mo. <br> CME Term SOFR + 0.46%), 4.14%, <br> 11/25/35<sup>(b)</sup><br>|  | 551 | 395092 |
| Series 2005-59, Class 1A1, (1-mo. CME <br> Term SOFR + 0.77%), 4.45%, <br> 11/20/35<sup>(b)</sup><br>|  | 576 | 553584 |
| Series 2005-76, Class 2A1, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 1.00%), 4.86%, 02/25/36<sup>(b)</sup><br>|  | 372 | 345454 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Countrywide Alternative Loan Trust |  |  |  |
| Series 2005-J4, Class B1, (1-mo. CME <br> Term SOFR + 2.14%), 5.82%, <br> 07/25/35<sup>(b)</sup><br>| USD  | 45 | $44756 |
| Series 2006-11CB, Class 3A1, 6.50%, <br> 05/25/36<br>|  | 1356 | 594064 |
| Series 2006-15CB, Class A1, 6.50%, <br> 06/25/36<br>|  | 306 | 135647 |
| Series 2006-28CB, Class A14, 6.25%, <br> 10/25/36<br>|  | 1116 | 514023 |
| Series 2006-6CB, Class 2A10, 6.00%, <br> 05/25/36<br>|  | 221 | 76921 |
| Series 2006-OA11, Class A4, (1-mo. CME <br> Term SOFR + 0.49%), 4.17%, <br> 09/25/46<sup>(b)</sup><br>|  | 258 | 245831 |
| Series 2006-OA14, Class 1A1, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 1.73%), 5.59%, 11/25/46<sup>(b)</sup><br>|  | 1689 | 1432114 |
| Series 2006-OA16, Class A2, (1-mo. CME <br> Term SOFR + 0.49%), 4.17%, <br> 10/25/46<sup>(b)</sup><br>|  | 1869 | 1775478 |
| Series 2006-OA16, Class A4C, (1-mo. CME <br> Term SOFR + 0.79%), 4.47%, <br> 10/25/46<sup>(b)</sup><br>|  | 2793 | 2428401 |
| Series 2006-OA21, Class A1, (1-mo. CME <br> Term SOFR + 0.30%), 3.98%, <br> 03/20/47<sup>(b)</sup><br>|  | 4002 | 3503526 |
| Series 2006-OA8, Class 1A1, (1-mo. CME <br> Term SOFR + 0.49%), 4.17%, <br> 07/25/46<sup>(b)</sup><br>|  | 218 | 201265 |
| Series 2006-OC1, Class 1A1, (1-mo. CME <br> Term SOFR + 0.57%), 4.25%, <br> 03/25/36<sup>(b)</sup><br>|  | 950 | 918105 |
| Series 2006-OC10, Class 2A3, (1-mo. CME <br> Term SOFR + 0.57%), 4.25%, <br> 11/25/36<sup>(b)</sup><br>|  | 1575 | 1456615 |
| Series 2006-OC7, Class 2A3, (1-mo. CME <br> Term SOFR + 0.61%), 4.29%, <br> 07/25/46<sup>(b)</sup><br>|  | 1374 | 1277648 |
| Series 2007-14T2, Class A1, 6.00%, <br> 07/25/37<br>|  | 2093 | 1044519 |
| Series 2007-3T1, Class 1A1, 6.00%, <br> 04/25/37<br>|  | 266 | 112629 |
| Series 2007-AL1, Class A1, (1-mo. CME <br> Term SOFR + 0.61%), 4.29%, <br> 06/25/37<sup>(b)</sup><br>|  | 3839 | 3254221 |
| Series 2007-OA3, Class 1A1, (1-mo. CME <br> Term SOFR + 0.39%), 4.07%, <br> 04/25/47<sup>(b)</sup><br>|  | 507 | 464875 |
| Series 2007-OA8, Class 2A1, (1-mo. CME <br> Term SOFR + 0.47%), 4.15%, <br> 06/25/47<sup>(b)</sup><br>|  | 161 | 134182 |
| Series 2007-OH2, Class A2A, (1-mo. CME <br> Term SOFR + 0.59%), 4.27%, <br> 08/25/47<sup>(b)</sup><br>|  | 174 | 163620 |
| Countrywide Home Loan Mortgage Pass-<br> Through Trust<br>|  |  |  |
| Series 2004-29, Class 1A1, (1-mo. CME <br> Term SOFR + 0.65%), 4.33%, <br> 02/25/35<sup>(b)</sup><br>|  | 58 | 56200 |
| Series 2005-16, Class A28, 5.50%, <br> 09/25/35<br>|  | 2675 | 1587844 |

---

762026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Countrywide Home Loan Mortgage Pass-<br> Through Trust<br>|  |  |  |
| Series 2006-17, Class A6, 6.00%, <br> 12/25/36<br>| USD  | 265 | $114317 |
| Series 2006-OA4, Class A1, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 0.96%), 4.82%, 04/25/46<sup>(b)</sup><br>|  | 1205 | 315076 |
| Series 2006-OA5, Class 3A1, (1-mo. CME <br> Term SOFR + 0.51%), 4.19%, <br> 04/25/46<sup>(b)</sup><br>|  | 326 | 300398 |
| Series 2007-1, Class A2, 6.00%, 03/25/37 |  | 405 | 164849 |
| Series 2007-15, Class 2A2, 6.50%, <br> 09/25/37<br>|  | 7345 | 2428446 |
| Series 2007-9, Class A1, 5.75%, 07/25/37 |  | 1274 | 559189 |
| Series 2007-9, Class A11, 5.75%, 07/25/37 |  | 696 | 305585 |
| Credit Suisse Mortgage Capital Certificates, <br> Series 2009-12R, Class 3A1, 6.50%, <br> 10/27/37<sup>(a)</sup><br>|  | 8101 | 3017470 |
| Credit Suisse Mortgage Trust |  |  |  |
| Series 2006-4, Class 1A3, 6.00%, <br> 05/25/36<br>|  | 929 | 463065 |
| Series 2006-4, Class 1A4, 6.00%, <br> 05/25/36<br>|  | 702 | 350044 |
| Series 2014-9R, Class 9A1, (1-mo. CME <br> Term SOFR + 0.23%), 4.03%, <br> 08/27/36<sup>(a)(b)</sup><br>|  | 481 | 401556 |
| Series 2015-6R, Class 5A2, (1-mo. CME <br> Term SOFR + 0.29%), 3.71%, <br> 03/27/36<sup>(a)(b)</sup><br>|  | 1357 | 1152171 |
| Series 2021-NQM8, Class M1, 3.26%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 760 | 580387 |
| Series 2022-NQM3, Class A1B, 4.27%, <br> 03/25/67<sup>(a)(b)</sup><br>|  | 3821 | 3781871 |
| Series 2022-NQM6, Class PT, 9.21%, <br> 12/25/67<sup>(a)(b)</sup><br>|  | 9451 | 9512069 |
| Cross Mortgage Trust |  |  |  |
| Series 2024-H7, Class A1, 5.59%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 3678 | 3689373 |
| Series 2025-H1, Class A1, 5.74%, <br> 02/25/70<sup>(a)(b)</sup><br>|  | 4069 | 4091752 |
| Series 2025-H2, Class A1, 5.36%, <br> 03/25/70<sup>(a)(b)</sup><br>|  | 1578 | 1579784 |
| Series 2025-H8, Class A1A, 5.00%, <br> 11/25/70<sup>(a)(c)</sup><br>|  | 4647 | 4624440 |
| CSFB Mortgage-Backed Pass-Through <br> Certificates, Series 2005-10, Class 10A1, <br> (1-mo. CME Term SOFR + 1.46%), 5.14%, <br> 11/25/35<sup>(b)</sup><br>|  | 1191 | 228894 |
| Deephaven Residential Mortgage Trust |  |  |  |
| Series 2022-2, Class M1, 4.31%, <br> 03/25/67<sup>(a)(b)</sup><br>|  | 1629 | 1457746 |
| Series 2022-3, Class B1, 5.27%, <br> 07/25/67<sup>(a)(b)</sup><br>|  | 1716 | 1616631 |
| Series 2022-3, Class M1, 5.27%, <br> 07/25/67<sup>(a)(b)</sup><br>|  | 3171 | 3055464 |
| Series 2024-1, Class A1, 5.74%, <br> 07/25/69<sup>(a)(c)</sup><br>|  | 1829 | 1843393 |
| Series 2025-INV1, Class A1, 5.09%, <br> 11/25/60<sup>(a)(b)</sup><br>|  | 5451 | 5434999 |
| Series 2025-INV1, Class B1, 6.68%, <br> 11/25/60<sup>(a)(b)</sup><br>|  | 773 | 762917 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Deephaven Residential Mortgage Trust |  |  |  |
| Series 2026-INV1, Class A1, 4.80%, <br> 12/25/70<sup>(a)(b)</sup><br>| USD  | 2834 | $2811528 |
| Series 2026-INV1, Class B1, 6.57%, <br> 12/25/70<sup>(a)(b)</sup><br>|  | 158 | 155528 |
| Deutsche Alt-A Securities Mortgage Loan <br> Trust, Series 2007-OA4, Class A2A, (1-mo. <br> CME Term SOFR + 0.45%), 4.13%, <br> 08/25/47<sup>(b)</sup><br>|  | 724 | 668983 |
| Deutsche Alt-B Securities Mortgage Loan <br> Trust<br>|  |  |  |
| Series 2006-AB3, Class A3, 6.51%, <br> 07/25/36<sup>(b)</sup><br>|  | 233 | 202398 |
| Series 2006-AB3, Class A8, 6.36%, <br> 07/25/36<sup>(b)</sup><br>|  | 148 | 129068 |
| Easy Street Mortgage Loan Trust, <br> Series 2025-RTL2, Class A1, 5.61%, <br> 10/25/40<sup>(a)(c)</sup><br>|  | 2081 | 2083195 |
| Ellington Financial Mortgage Trust |  |  |  |
| Series 2022-4, Class B2, 5.87%, <br> 09/25/67<sup>(a)(b)</sup><br>|  | 2288 | 2263696 |
| Series 2024-NQM1, Class A1A, 5.71%, <br> 11/25/69<sup>(a)(c)</sup><br>|  | 3276 | 3296959 |
| Series 2025-INV1, Class A1, 5.63%, <br> 03/25/70<sup>(a)(c)</sup><br>|  | 5147 | 5167554 |
| Series 2025-INV3, Class A1, 5.44%, <br> 07/25/70<sup>(a)(c)</sup><br>|  | 5726 | 5737170 |
| Series 2025-NQM5, Class A1, 5.03%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 4591 | 4566969 |
| Series 2025-NQM6, Class A1A, 5.00%, <br> 12/25/70<sup>(a)(c)</sup><br>|  | 470 | 467309 |
| Series 2026-NQM1, Class A1, 4.77%, <br> 02/25/71<sup>(a)(b)</sup><br>|  | 4585 | 4540654 |
| Series 2026-NQM1, Class A1LC, 4.96%, <br> 02/25/71<sup>(a)(c)</sup><br>|  | 647 | 642895 |
| Series 2026-NQM1, Class B1, 6.54%, <br> 02/25/71<sup>(a)(b)</sup><br>|  | 231 | 228452 |
| Elstree Mix PLC, Series 261-MIX, Class C, <br> (1-day SONIA + 1.50%), 09/21/66<sup>(b)(e)(i)</sup><br>| GBP  | 508 | 670555 |
| Exmoor Funding PLC |  |  |  |
| Series 2024-1, Class C, (1-day SONIA + <br> 1.90%), 5.65%, 03/25/94<sup>(b)(e)</sup><br>|  | 454 | 604254 |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.80%), 6.55%, 03/25/94<sup>(b)(e)</sup><br>|  | 197 | 263378 |
| Series 2025-1, Class D, (1-day SONIA + <br> 2.38%), 6.13%, 03/25/95<sup>(b)(e)</sup><br>|  | 532 | 702660 |
| First Horizon Alternative Mortgage Securities <br> Trust, Series 2005-AA12, Class 2A1, <br> 4.72%, 02/25/36<sup>(b)</sup><br>| USD  | 17 | 10317 |
| GAEA Mortgage Loan Trust, Series 2025-A, <br> Class A, 6.75%, 02/25/30<sup>(a)(b)</sup><br>|  | 1393 | 1370549 |
| GCAT Trust |  |  |  |
| Series 2021-NQM3, Class B1, 3.47%, <br> 05/25/66<sup>(a)(b)</sup><br>|  | 1642 | 1234309 |
| Series 2022-HX1, Class A1, 2.89%, <br> 12/27/66<sup>(a)(b)</sup><br>|  | 250 | 231452 |
| Series 2022-NQM1, Class B1, 3.92%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 564 | 425910 |
| Series 2022-NQM2, Class M1, 4.19%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 1186 | 988109 |
| Series 2023-NQM4, Class A1, 4.25%, <br> 05/25/67<sup>(a)(b)</sup><br>|  | 5395 | 5087584 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| GreenPoint Mortgage Funding Trust, <br> Series 2006-AR2, Class 4A1, (12-mo. <br> Federal Reserve Cumulative Average US + <br> 2.00%), 5.97%, 03/25/36<sup>(b)</sup><br>| USD  | 383 | $352952 |
| GS Mortgage Securities Trust, Series 2019-<br> PJ2, Class B4, 4.36%, 11/25/49<sup>(a)(b)</sup><br>|  | 1326 | 1202884 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |  |
| Series 2025-NQM6, Class A1, 5.02%, <br> 02/25/66<sup>(a)(c)</sup><br>|  | 5985 | 5963179 |
| Series 2025-NQM6, Class B1, 6.60%, <br> 02/25/66<sup>(a)(b)</sup><br>|  | 750 | 742060 |
| GS Mortgage-Backed Securities Trust |  |  |  |
| Series 2022-NQM1, Class A4, 4.00%, <br> 05/25/62<sup>(a)(b)</sup><br>|  | 548 | 509913 |
| Series 2023-CCM1, Class B1, 7.36%, <br> 08/25/53<sup>(a)(b)</sup><br>|  | 1022 | 1018125 |
| Series 2025-DSC2, Class A1, 5.04%, <br> 01/25/66<sup>(a)(c)</sup><br>|  | 1817 | 1811321 |
| Series 2025-NQM5, Class A1, 5.01%, <br> 07/25/65<sup>(a)(c)</sup><br>|  | 3150 | 3133258 |
| GSR Mortgage Loan Trust |  |  |  |
| Series 2007-1F, Class 2A4, 5.50%, <br> 01/25/37<br>|  | 13 | 34798 |
| Series 2007-OA2, Class 2A1, 2.89%, <br> 06/25/47<sup>(b)</sup><br>|  | 738 | 416570 |
| HarborView Mortgage Loan Trust |  |  |  |
| Series 2005-1, Class 1A, (1-mo. CME Term <br> SOFR + 0.75%), 4.43%, 03/19/35<sup>(b)</sup><br>|  | 914 | 437469 |
| Series 2006-12, Class 1A1A, (1-mo. CME <br> Term SOFR + 0.52%), 4.20%, <br> 12/19/36<sup>(b)</sup><br>|  | 4894 | 4109241 |
| Series 2007-3, Class 1A1A, (1-mo. CME <br> Term SOFR + 0.51%), 4.19%, <br> 05/19/37<sup>(b)</sup><br>|  | 1454 | 1221927 |
| Series 2007-4, Class 2A2, (1-mo. CME <br> Term SOFR + 0.61%), 4.04%, <br> 07/19/37<sup>(b)</sup><br>|  | 329 | 327453 |
| HOMES Trust |  |  |  |
| Series 2024-NQM2, Class A1, 5.72%, <br> 10/25/69<sup>(a)(c)</sup><br>|  | 3681 | 3697920 |
| Series 2025-AFC4, Class A1A, 5.15%, <br> 11/25/60<sup>(a)(c)</sup><br>|  | 3055 | 3048896 |
| Series 2025-NQM2, Class A1, 5.43%, <br> 02/25/70<sup>(a)(c)</sup><br>|  | 2829 | 2834608 |
| Series 2025-NQM5, Class A1, 5.03%, <br> 09/25/70<sup>(a)(b)</sup><br>|  | 5131 | 5104825 |
| Series 2025-NQM5, Class B1, 6.79%, <br> 09/25/70<sup>(a)(b)</sup><br>|  | 1500 | 1487382 |
| Impac CMB Trust |  |  |  |
| Series 2004-11, Class 1A2, (1-mo. CME <br> Term SOFR + 0.63%), 4.31%, <br> 03/25/35<sup>(b)</sup><br>|  | 502 | 707714 |
| Series 2005-6, Class 1A1, (1-mo. CME <br> Term SOFR + 0.61%), 4.29%, <br> 10/25/35<sup>(b)</sup><br>|  | 392 | 366066 |
| Series 2007-A, Class A, (1-mo. CME Term <br> SOFR + 0.61%), 4.29%, 05/25/37<sup>(a)(b)</sup><br>|  | 749 | 736989 |
| Impac Secured Assets Trust, Series 2006-3, <br> Class A1, (1-mo. CME Term SOFR + <br> 0.45%), 4.13%, 11/25/36<sup>(b)</sup><br>|  | 1571 | 1455755 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| IndyMac Index Mortgage Loan Trust |  |  |  |
| Series 2006-AR15, Class A1, (1-mo. CME <br> Term SOFR + 0.35%), 4.03%, <br> 07/25/36<sup>(b)</sup><br>| USD  | 257 | $257907 |
| Series 2006-AR35, Class 2A1A, (1-mo. <br> CME Term SOFR + 0.45%), 4.13%, <br> 01/25/37<sup>(b)</sup><br>|  | 489 | 448131 |
| Series 2006-AR41, Class A3, (1-mo. CME <br> Term SOFR + 0.47%), 4.15%, <br> 02/25/37<sup>(b)</sup><br>|  | 348 | 337974 |
| Series 2007-AR19, Class 3A1, 3.83%, <br> 09/25/37<sup>(b)</sup><br>|  | 2394 | 1545608 |
| Series 2007-FLX5, Class 2A2, (1-mo. CME <br> Term SOFR + 0.59%), 4.27%, <br> 08/25/37<sup>(b)</sup><br>|  | 453 | 422908 |
| Japan Housing Finance Agency/Kiko |  |  |  |
| Series 164, Class 1, 0.33%, 01/10/56 | JPY  | 77136 | 354517 |
| Series 170, Class 1, 0.36%, 07/10/56 |  | 77219 | 356165 |
| Series 176, Class 1, 0.32%, 01/10/57 |  | 80619 | 366726 |
| Series 180, Class 1, 0.50%, 05/10/57 |  | 80672 | 373623 |
| JPMorgan Alternative Loan Trust |  |  |  |
| Series 2007-A1, Class 1A4, (1-mo. CME <br> Term SOFR + 0.53%), 4.21%, <br> 03/25/37<sup>(b)</sup><br>| USD  | 578 | 485920 |
| Series 2007-A2, Class 2A1, 4.67%, <br> 05/25/37<sup>(b)</sup><br>|  | 138 | 121146 |
| JPMorgan Mortgage Trust |  |  |  |
| Series 2021-4, Class B3, 2.90%, <br> 08/25/51<sup>(a)(b)</sup><br>|  | 3387 | 2759835 |
| Series 2021-4, Class B4, 2.90%, <br> 08/25/51<sup>(a)(b)</sup><br>|  | 263 | 210249 |
| Series 2021-4, Class B5, 2.90%, <br> 08/25/51<sup>(a)(b)</sup><br>|  | 197 | 155009 |
| Series 2021-4, Class B6, 2.90%, <br> 08/25/51<sup>(a)(b)</sup><br>|  | 611 | 264984 |
| Series 2021-INV5, Class A5A, 2.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 7803 | 6437309 |
| Series 2021-INV5, Class B4, 3.19%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 1187 | 986032 |
| Series 2021-INV5, Class B5, 3.19%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 416 | 338115 |
| Series 2021-INV5, Class B6, 3.07%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 1425 | 749487 |
| Series 2021-INV7, Class A3A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 20258 | 18253444 |
| Series 2021-INV7, Class A4A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 10539 | 7232900 |
| Series 2021-INV7, Class A5A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 4679 | 3860332 |
| Series 2021-INV7, Class B1, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 3019 | 2601610 |
| Series 2021-INV7, Class B2, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 709 | 603636 |
| Series 2021-INV7, Class B3, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 986 | 831078 |
| Series 2021-INV7, Class B4, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 524 | 438158 |
| Series 2021-INV7, Class B5, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 216 | 177885 |
| Series 2021-INV7, Class B6, 2.94%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 705 | 363904 |

---

782026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| JPMorgan Mortgage Trust |  |  |  |
| Series 2024-VIS1, Class B2, 8.05%, <br> 07/25/64<sup>(a)(b)</sup><br>| USD  | 507 | $508236 |
| Series 2024-VIS2, Class B1, 7.69%, <br> 11/25/64<sup>(a)(b)</sup><br>|  | 2216 | 2237192 |
| Series 2025-NQM5, Class A1LC, 5.02%, <br> 05/25/66<sup>(a)(c)</sup><br>|  | 288 | 285923 |
| Series 2026-NQM1, Class A1LC, 4.93%, <br> 06/25/66<sup>(a)(c)</sup><br>|  | 1853 | 1837500 |
| Jubilee Place 7 BV, Series 7, Class D, (3-mo. <br> EURIBOR + 1.90%), 4.06%, 09/18/62<sup>(b)(e)</sup><br>| EUR  | 185 | 214982 |
| Legacy Mortgage Asset Trust, Series 2021-<br> GS2, Class A1, 5.75%, 04/25/61<sup>(a)(c)</sup><br>| USD  | 13171 | 13193632 |
| Lehman XS Trust |  |  |  |
| Series 2007-16N, Class AF2, (1-mo. CME <br> Term SOFR + 2.01%), 5.69%, <br> 09/25/47<sup>(b)</sup><br>|  | 1411 | 2029174 |
| Series 2007-20N, Class A1, (1-mo. CME <br> Term SOFR + 2.41%), 6.09%, <br> 12/25/37<sup>(b)</sup><br>|  | 334 | 340769 |
| MASTR Resecuritization Trust, Series 2008-3, <br> Class A1, 3.28%, 08/25/37<sup>(a)(b)</sup><br>|  | 590 | 174029 |
| MCM Trust |  |  |  |
| Series 2021-VFN1, Class Cert, 0.00%, <br> 09/25/31<sup>(d)(h)</sup><br>|  | 19373 | 14904118 |
| Series 2021-VFN1, Class Note, 2.50%, <br> 09/25/31<sup>(h)</sup><br>|  | 26231 | 25206429 |
| Merrill Lynch Alternative Note Asset Trust, <br> Series 2007-OAR2, Class A2, (1-mo. CME <br> Term SOFR + 0.53%), 4.21%, 04/25/37<sup>(b)</sup><br>|  | 826 | 668159 |
| Merrill Lynch Mortgage Investors Trust |  |  |  |
| Series 2006-A3, Class 6A1, 5.12%, <br> 05/25/36<sup>(b)</sup><br>|  | 483 | 458734 |
| Series 2006-AF2, Class AV1, (1-mo. CME <br> Term SOFR + 0.43%), 4.11%, <br> 09/25/37<sup>(b)</sup><br>|  | 633 | 311015 |
| MFA Trust |  |  |  |
| Series 2020-NQM1, Class A3, 3.30%, <br> 08/25/49<sup>(a)(b)</sup><br>|  | 52 | 50152 |
| Series 2021-NQM1, Class B1, 3.51%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 3310 | 2779093 |
| Series 2022-NQM1, Class B1, 4.30%, <br> 12/25/66<sup>(a)(b)</sup><br>|  | 1000 | 858261 |
| Series 2022-NQM1, Class M1, 4.30%, <br> 12/25/66<sup>(a)(b)</sup><br>|  | 3429 | 3076513 |
| Miltonia Mortgage Finance Srl, Series 1, <br> Class B, (3-mo. EURIBOR + 1.30%), <br> 3.34%, 04/28/62<sup>(b)(e)</sup><br>| EUR  | 1776 | 2054713 |
| Morgan Stanley Resecuritization Trust, <br> Series 2013-R7, Class 1B, (1-mo. CME <br> Term SOFR + 0.27%), 4.11%, <br> 12/26/46<sup>(a)(b)</sup><br>| USD  | 561 | 516863 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |  |
| Series 2014-1A, Class B3, 5.88%, <br> 06/25/44<sup>(a)(b)</sup><br>|  | 323 | 325611 |
| Series 2023-NQM1, Class B1, 7.34%, <br> 09/25/68<sup>(a)(b)</sup><br>|  | 1402 | 1406338 |
| Series 2025-DSC2, Class A1, 5.44%, <br> 07/25/70<sup>(a)(b)</sup><br>|  | 6988 | 7005791 |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 6848 | 6907540 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |  |
| Series 2025-NQM1, Class M1, 6.50%, <br> 11/25/69<sup>(a)(b)</sup><br>| USD  | 1220 | $1231369 |
| Mortgage Loan Resecuritization Trust, <br> Series 2009-RS1, Class A85, (1-mo. CME <br> Term SOFR + 0.45%), 4.12%, <br> 04/16/36<sup>(a)(b)</sup><br>|  | 1053 | 1038039 |
| Mortimer PLC |  |  |  |
| Series 2024-MIX, Class C, (1-day SONIA + <br> 1.55%), 5.30%, 09/22/67<sup>(b)(e)</sup><br>| GBP  | 654 | 866708 |
| Series 2024-MIX, Class D, (1-day SONIA + <br> 2.10%), 5.85%, 09/22/67<sup>(b)(e)</sup><br>|  | 357 | 476131 |
| NACC Reperforming Loan REMIC Trust |  |  |  |
| Series 2004-R1, Class A1, 6.50%, <br> 03/25/34<sup>(a)</sup><br>| USD  | 1317 | 1203630 |
| Series 2004-R1, Class A2, 7.50%, <br> 03/25/34<sup>(a)</sup><br>|  | 302 | 284457 |
| National RMBS Trust |  |  |  |
| Series 2026-1, Class C, (1-mo. BBSW + <br> 1.75%), 5.89%, 10/20/57<sup>(b)(e)</sup><br>| AUD  | 850 | 582786 |
| Series 2026-1, Class D, (1-mo. BBSW + <br> 2.00%), 6.14%, 10/20/57<sup>(b)(e)</sup><br>|  | 750 | 513049 |
| New Residential Mortgage Loan Trust |  |  |  |
| Series 2019-2A, Class A1, 4.25%, <br> 12/25/57<sup>(a)(b)</sup><br>| USD  | 512 | 501273 |
| Series 2020-RPL1, Class B3, 3.83%, <br> 11/25/59<sup>(a)(b)</sup><br>|  | 6210 | 4990729 |
| Series 2024-NQM3, Class B1, 7.16%, <br> 11/25/64<sup>(a)(b)</sup><br>|  | 781 | 789500 |
| Series 2025-NQM1, Class A1, 5.64%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 10179 | 10282514 |
| Series 2025-NQM1, Class M1, 6.47%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 679 | 689589 |
| Series 2025-NQM4, Class A1, 5.35%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 2619 | 2620679 |
| Series 2025-NQM4, Class B1, 7.02%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 790 | 801052 |
| Series 2025-NQM5, Class A1, 5.11%, <br> 08/25/65<sup>(a)(b)</sup><br>|  | 3400 | 3388321 |
| Series 2025-NQM6, Class A1, 5.09%, <br> 10/25/65<sup>(a)(b)</sup><br>|  | 7258 | 7239600 |
| Series 2025-NQM7, Class A1LC, 5.16%, <br> 10/26/65<sup>(a)(c)</sup><br>|  | 875 | 872197 |
| New York Mortgage Trust |  |  |  |
| Series 2024-INV1, Class A1, 5.38%, <br> 06/25/69<sup>(a)(b)</sup><br>|  | 1021 | 1023184 |
| Series 2024-RR1, Class A, 7.38%, <br> 05/25/64<sup>(a)(c)</sup><br>|  | 6328 | 6287957 |
| Series 2026-INV1, Class A1, 4.77%, <br> 02/25/61<sup>(a)(b)</sup><br>|  | 964 | 957880 |
| Series 2026-INV1, Class A1LC, 4.95%, <br> 02/25/61<sup>(a)(c)</sup><br>|  | 297 | 295746 |
| NLT Trust, Series 2021-INV2, Class B1, <br> 3.32%, 08/25/56<sup>(a)(b)</sup><br>|  | 910 | 702492 |
| NMLT Trust, Series 2021-INV1, Class B1, <br> 3.61%, 05/25/56<sup>(a)(b)</sup><br>|  | 1327 | 1054958 |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust<br>|  |  |  |
| Series 2001-R1A, Class A, 7.00%, <br> 02/19/30<sup>(a)(b)</sup><br>|  | 198 | 197501 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust<br>|  |  |  |
| Series 2006-AF1, Class 1A4, 7.13%, <br> 05/25/36<sup>(c)</sup><br>| USD  | 497 | $85241 |
| Series 2007-2, Class A4, (1-mo. CME Term <br> SOFR + 0.95%), 4.63%, 06/25/37<sup>(b)</sup><br>|  | 216 | 181629 |
| OBX Trust, Series 2025-NQM3, Class A1, <br> 5.65%, 12/01/64<sup>(a)(c)</sup><br>|  | 4082 | 4104715 |
| Pierpont Btl PLC, Series 2026-1, Class D, <br> (1-day SONIA + 1.75%), 5.49%, <br> 12/21/62<sup>(b)(e)</sup><br>| GBP  | 180 | 237451 |
| Pierpont BTL PLC |  |  |  |
| Series 2024-1, Class D, (1-day SONIA + <br> 2.20%), 5.95%, 09/21/61<sup>(b)(e)</sup><br>|  | 322 | 426893 |
| Series 2025-1, Class D, (1-day SONIA + <br> 1.85%), 5.60%, 03/21/62<sup>(b)(e)</sup><br>|  | 151 | 201040 |
| Preston Ridge Partners Mortgage Trust |  |  |  |
| Series 2022-NQM1, Class B1, 5.37%, <br> 08/25/67<sup>(a)(b)</sup><br>| USD  | 471 | 464260 |
| Series 2024-NQM1, Class B1, 7.39%, <br> 12/25/68<sup>(a)(b)</sup><br>|  | 1346 | 1353743 |
| Series 2025-NQM1, Class A1, 5.80%, <br> 11/25/69<sup>(a)(c)</sup><br>|  | 3731 | 3751202 |
| Series 2025-NQM1, Class M1A, 6.65%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 983 | 991051 |
| Series 2025-NQM3, Class A1, 0.00%, <br> 05/25/70<sup>(a)(b)</sup><br>|  | 5649 | 5669315 |
| Series 2025-NQM5, Class A1A, 5.18%, <br> 10/25/70<sup>(a)(c)</sup><br>|  | 4606 | 4592697 |
| Series 2025-NQM6, Class A1, 4.99%, <br> 12/25/70<sup>(a)(b)</sup><br>|  | 663 | 658699 |
| Series 2025-NQM6, Class B1, 6.96%, <br> 12/25/70<sup>(a)(b)</sup><br>|  | 100 | 99209 |
| PRKCM Trust |  |  |  |
| Series 2021-AFC2, Class A1, 2.07%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 1173 | 1039920 |
| Series 2022-AFC1, Class A1A, 4.10%, <br> 04/25/57<sup>(a)(b)</sup><br>|  | 570 | 567541 |
| Series 2022-AFC2, Class A1, 5.34%, <br> 08/25/57<sup>(a)(b)</sup><br>|  | 3995 | 3983213 |
| Series 2023-AFC1, Class B1, 7.26%, <br> 02/25/58<sup>(a)(b)</sup><br>|  | 2349 | 2339353 |
| Series 2026-AFC1, Class A1, 4.68%, <br> 02/25/61<sup>(a)(b)</sup><br>|  | 5173 | 5118589 |
| Rain City Mortgage Trust, Series 2024-RTL1, <br> Class A1, 6.53%, 09/25/29<sup>(a)(c)</sup><br>|  | 1198 | 1208478 |
| RALI Trust |  |  |  |
| Series 2006-QA10, Class A2, (1-mo. CME <br> Term SOFR + 0.47%), 4.15%, <br> 12/25/36<sup>(b)</sup><br>|  | 2036 | 1859329 |
| Series 2007-QH9, Class A1, 3.97%, <br> 11/25/37<sup>(b)</sup><br>|  | 419 | 353362 |
| Series 2007-QO2, Class A1, (1-mo. CME <br> Term SOFR + 0.26%), 3.94%, <br> 02/25/47<sup>(b)</sup><br>|  | 221 | 64080 |
| RCKT Mortgage Trust, Series 2024-CES8, <br> Class A1A, 5.49%, 11/25/44<sup>(a)(c)</sup><br>|  | 1515 | 1521200 |
| Reperforming Loan REMIC Trust |  |  |  |
| Series 2005-R2, Class 1AF1, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 06/25/35<sup>(a)(b)</sup><br>|  | 109 | 106089 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Reperforming Loan REMIC Trust |  |  |  |
| Series 2005-R3, Class AF, (1-mo. CME <br> Term SOFR + 0.51%), 4.19%, <br> 09/25/35<sup>(a)(b)</sup><br>| USD  | 40 | $34045 |
| Residential Mortgage Loan Trust |  |  |  |
| Series 2019-2, Class B2, 6.04%, <br> 05/25/59<sup>(a)(b)</sup><br>|  | 2434 | 2397773 |
| Series 2019-3, Class B2, 5.66%, <br> 09/25/59<sup>(a)(b)</sup><br>|  | 282 | 280066 |
| Series 2020-2, Class M1, 3.57%, <br> 05/25/60<sup>(a)(b)</sup><br>|  | 7854 | 7586555 |
| RFMSI Series Trust |  |  |  |
| Series 2006-SA2, Class 2A1, 5.49%, <br> 08/25/36<sup>(b)</sup><br>|  | 3992 | 2650760 |
| Series 2006-SA4, Class 2A1, 5.43%, <br> 11/25/36<sup>(b)</sup><br>|  | 177 | 150407 |
| Series 2007-SA4, Class 3A1, 5.73%, <br> 10/25/37<sup>(b)</sup><br>|  | 255 | 153427 |
| RMF Buyout Issuance Trust |  |  |  |
| Series 2021-HB1, Class M3, 3.69%, <br> 11/25/31<sup>(a)(b)</sup><br>|  | 3112 | 2972854 |
| Series 2021-HB1, Class M6, 6.00%, <br> 11/25/31<sup>(a)(b)</sup><br>|  | 2371 | 2116168 |
| Saluda Grade Alternative Mortgage Trust |  |  |  |
| Series 2024-RTL4, Class A1, 7.50%, <br> 02/25/30<sup>(a)(c)</sup><br>|  | 43 | 42972 |
| Series 2024-RTL5, Class A1, 7.76%, <br> 04/25/30<sup>(a)(c)</sup><br>|  | 5768 | 5761221 |
| Santander Mortgage Asset Receivable Trust |  |  |  |
| Series 2025-NQM6, Class A1, 5.14%, <br> 11/25/65<sup>(a)(b)</sup><br>|  | 3751 | 3740747 |
| Series 2026-NQM1, Class A1, 4.95%, <br> 11/25/65<sup>(a)(b)</sup><br>|  | 2581 | 2564460 |
| Seasoned Credit Risk Transfer Trust, <br> Series 2018-1, Class BX, 3.43%, <br> 05/25/57<sup>(b)</sup><br>|  | 518 | 220218 |
| Seasoned Loans Structured Transaction Trust |  |  |  |
| Series 2020-2, Class M1, 4.75%, <br> 09/25/60<sup>(a)(b)</sup><br>|  | 5654 | 5623768 |
| Series 2020-3, Class M1, 4.75%, <br> 04/26/60<sup>(a)(b)</sup><br>|  | 180 | 178812 |
| Sequoia Mortgage Trust, Series 2007-3, <br> Class 2AA1, 4.38%, 07/20/37<sup>(b)</sup><br>|  | 589 | 449712 |
| SG Residential Mortgage Trust |  |  |  |
| Series 2025-1, Class A1, 5.10%, <br> 12/25/65<sup>(a)(b)</sup><br>|  | 3721 | 3707485 |
| Series 2026-1, Class A1, 4.78%, <br> 01/25/66<sup>(a)(b)</sup><br>|  | 5966 | 5909525 |
| Spruce Hill Mortgage Loan Trust, Series 2022-<br> SH1, Class A3, 4.10%, 07/25/57<sup>(a)(c)</sup><br>|  | 785 | 768288 |
| Stratton Mortgage Funding PLC, <br> Series 2024-3, Class C, (1-day SONIA + <br> 1.50%), 5.25%, 06/25/49<sup>(b)(e)</sup><br>| GBP  | 492 | 651276 |
| Structured Adjustable Rate Mortgage Loan <br> Trust, Series 2006-3, Class 4A, 3.98%, <br> 04/25/36<sup>(b)</sup><br>| USD  | 483 | 246212 |
| Structured Asset Mortgage Investments II <br> Trust<br>|  |  |  |
| Series 2006-AR4, Class 3A1, (1-mo. CME <br> Term SOFR + 0.49%), 4.17%, <br> 06/25/36<sup>(b)</sup><br>|  | 1516 | 1366610 |

---

802026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Structured Asset Mortgage Investments II <br> Trust<br>|  |  |  |
| Series 2006-AR5, Class 2A1, (1-mo. CME <br> Term SOFR + 0.53%), 4.21%, <br> 05/25/46<sup>(b)</sup><br>| USD  | 275 | $194937 |
| Thornburg Mortgage Securities Trust, <br> Series 2006-3, Class A1, 4.21%, <br> 06/25/46<sup>(b)</sup><br>|  | 958 | 394379 |
| Together Asset-Backed Securitisation-1 PLC |  |  |  |
| Series 2025-CRE1, Class B, (1-day SONIA <br> + 1.50%), 5.23%, 01/15/57<sup>(b)(e)</sup><br>| GBP  | 860 | 1144364 |
| Series 2025-CRE1, Class C, (1-day SONIA <br> + 1.80%), 5.53%, 01/15/57<sup>(b)(e)</sup><br>|  | 511 | 682713 |
| Series 2025-CRE1, Class D, (1-day SONIA <br> + 2.40%), 6.13%, 01/15/57<sup>(b)(e)</sup><br>|  | 223 | 294189 |
| Toorak Mortgage Corp. |  |  |  |
| Series 2021-INV1, Class B1, 3.29%, <br> 07/25/56<sup>(a)(b)</sup><br>| USD  | 937 | 776503 |
| Series 2021-INV2, Class B1, 4.10%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 3051 | 2648910 |
| Toorak Mortgage Trust, Series 2024-2, <br> Class A1, 6.33%, 10/25/31<sup>(a)(c)</sup><br>|  | 937 | 941347 |
| Turquoise V Trust |  |  |  |
| Series 2026-1, Class C, (1-mo. BBSW + <br> 1.60%), 5.55%, 06/12/67<sup>(b)(e)</sup><br>| AUD  | 1890 | 1299612 |
| Series 2026-1, Class D, (1-mo. BBSW + <br> 1.85%), 5.80%, 06/12/67<sup>(b)(e)</sup><br>|  | 1280 | 878699 |
| TVC DSCR Trust |  |  |  |
| Series 21-1, Class A, 2.38%, 02/01/51<sup>(a)</sup> | USD  | 11011 | 10393986 |
| Series 21-1, Class CERT, 0.00%, 02/01/51 |  | 7160 | 5451919 |
| Verus Securitization Trust |  |  |  |
| Series 2021-3, Class B1, 3.20%, <br> 06/25/66<sup>(a)(b)</sup><br>|  | 1668 | 1302530 |
| Series 2021-6, Class B1, 4.05%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 291 | 243174 |
| Series 2021-6, Class M1, 2.94%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 806 | 623200 |
| Series 2021-8, Class A1, 2.82%, <br> 11/25/66<sup>(a)(b)</sup><br>|  | 1831 | 1676814 |
| Series 2022-1, Class B1, 4.01%, <br> 01/25/67<sup>(a)(b)</sup><br>|  | 1354 | 1068739 |
| Series 2022-3, Class B1, 4.05%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 3879 | 3122419 |
| Series 2023-3, Class B1, 7.67%, <br> 03/25/68<sup>(a)(b)</sup><br>|  | 543 | 540967 |
| Series 2024-7, Class B1, 6.50%, <br> 09/25/69<sup>(a)(b)</sup><br>|  | 870 | 870401 |
| Series 2025-12, Class A1LC, 5.11%, <br> 12/25/70<sup>(a)(c)</sup><br>|  | 747 | 742169 |
| Series 2025-5, Class A1, 5.43%, <br> 06/25/70<sup>(a)(c)</sup><br>|  | 3801 | 3813012 |
| Series 2025-6, Class A1, 5.42%, <br> 07/25/70<sup>(a)(c)</sup><br>|  | 8869 | 8899031 |
| Series 2026-1, Class A1LC, 5.02%, <br> 01/25/71<sup>(a)(c)</sup><br>|  | 1521 | 1513651 |
| Series 2026-R1, Class A1, 4.83%, <br> 10/25/67<sup>(a)(b)</sup><br>|  | 2861 | 2835473 |
| Series 2026-R1, Class A1LC, 4.94%, <br> 10/25/67<sup>(a)(c)</sup><br>|  | 4196 | 4174965 |
| Visio Trust |  |  |  |
| Series 2019-2, Class B1, 3.91%, <br> 11/25/54<sup>(a)(b)</sup><br>|  | 906 | 862281 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Visio Trust |  |  |  |
| Series 2020-1, Class M1, 4.45%, <br> 08/25/55<sup>(a)(b)</sup><br>| USD  | 1100 | $1067504 |
| Series 2022-1, Class B1, 5.66%, <br> 08/25/57<sup>(a)(b)</sup><br>|  | 2429 | 2418840 |
| Vista Point Securitization Trust |  |  |  |
| Series 2020-2, Class A3, 2.50%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 322 | 313991 |
| Series 2020-2, Class B1, 4.90%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 640 | 629431 |
| Series 2020-2, Class B2, 5.16%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 500 | 479371 |
| Series 2020-2, Class M1, 3.40%, <br> 04/25/65<sup>(a)(b)</sup><br>|  | 1480 | 1420096 |
| Washington Mutual Mortgage Pass-Through <br> Certificates Trust<br>|  |  |  |
| Series 2006-1, Class 4CB, 6.50%, <br> 02/25/36<br>|  | 723 | 586524 |
| Series 2006-4, Class 1A1, 6.00%, <br> 04/25/36<br>|  | 1488 | 1402352 |
| Series 2006-4, Class 3A1, 7.00%, <br> 05/25/36<sup>(c)</sup><br>|  | 667 | 586974 |
| Series 2006-4, Class 3A5, 6.85%, <br> 05/25/36<sup>(c)</sup><br>|  | 259 | 227594 |
| Series 2006-AR10, Class A2A, (1-mo. CME <br> Term SOFR + 0.45%), 4.13%, <br> 12/25/36<sup>(b)</sup><br>|  | 569 | 478700 |
| Series 2007-HY3, Class 4A1, 4.86%, <br> 03/25/37<sup>(b)</sup><br>|  | 22 | 20717 |
| Series 2007-OA1, Class 2A, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 0.72%), 4.58%, 12/25/46<sup>(b)</sup><br>|  | 210 | 175612 |
| Series 2007-OA3, Class 5A, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 1.25%), 5.11%, 04/25/47<sup>(b)</sup><br>|  | 793 | 702208 |
| Series 2007-OA5, Class 1A, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 0.75%), 4.61%, 06/25/47<sup>(b)</sup><br>|  | 2015 | 1738576 |
| Series 2007-OA5, Class 2A, (12-mo. <br> Federal Reserve Cumulative Average <br> US + 0.80%), 4.66%, 06/25/47<sup>(b)</sup><br>|  | 827 | 703157 |
| Series 2007-OC2, Class A3, (1-mo. CME <br> Term SOFR + 0.73%), 4.41%, <br> 06/25/37<sup>(b)</sup><br>|  | 796 | 773554 |
| Western Alliance Bank |  |  |  |
| Series 2021-CL2, Class M1, (SOFR (30-<br> day) + 3.15%), 6.81%, 07/25/59<sup>(a)(b)</sup><br>|  | 5438 | 5682745 |
| Series 2021-CL2, Class M2, (SOFR (30-<br> day) + 3.70%), 7.36%, 07/25/59<sup>(a)(b)</sup><br>|  | 7158 | 7592867 |
| Winchester PLC |  |  |  |
| Series 1, Class C, (1-day SONIA + 1.55%), <br> 5.29%, 10/21/56<sup>(b)(e)</sup><br>| GBP  | 425 | 561695 |
| Series 1, Class D, (1-day SONIA + 2.00%), <br> 5.74%, 10/21/56<sup>(b)(e)</sup><br>|  | 393 | 520179 |
|  |  |  | 1350590939 |
| **Commercial Mortgage-Backed Securities — 7.7%** | **Commercial Mortgage-Backed Securities — 7.7%** | **Commercial Mortgage-Backed Securities — 7.7%** | **Commercial Mortgage-Backed Securities — 7.7%** |
| 1211 Avenue of the Americas Trust |  |  |  |
| Series 2015-1211, Class C, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>| USD  | 600 | 561000 |
| Series 2015-1211, Class D, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>|  | 4972 | 4499660 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| 1211 Avenue of the Americas Trust |  |  |  |
| Series 2015-1211, Class E, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>| USD  | 1110 | $996225 |
| 1301 Trust |  |  |  |
| Series 2025-1301, Class A, 5.06%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 1955 | 1959638 |
| Series 2025-1301, Class E, 7.24%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 1346 | 1391187 |
| Series 2025-1301, Class F, 8.10%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 9654 | 10060299 |
| 1345 Trust |  |  |  |
| Series 2025-AOA, Class A, (1-mo. CME <br> Term SOFR + 1.60%), 5.27%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 4550 | 4535781 |
| Series 2025-AOA, Class E, (1-mo. CME <br> Term SOFR + 4.50%), 8.17%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 4620 | 4653777 |
| 245 Park Avenue Trust |  |  |  |
| Series 2017-245P, Class D, 3.66%, <br> 06/05/37<sup>(a)(b)</sup><br>|  | 480 | 467159 |
| Series 2017-245P, Class E, 3.66%, <br> 06/05/37<sup>(a)(b)</sup><br>|  | 2463 | 2378375 |
| 280 Park Avenue Mortgage Trust |  |  |  |
| Series 2017-280P, Class A, (1-mo. CME <br> Term SOFR + 1.18%), 4.85%, <br> 09/15/34<sup>(a)(b)</sup><br>|  | 951 | 946257 |
| Series 2017-280P, Class B, (1-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 09/15/34<sup>(a)(b)</sup><br>|  | 997 | 987030 |
| Series 2017-280P, Class D, (1-mo. CME <br> Term SOFR + 1.84%), 5.51%, <br> 09/15/34<sup>(a)(b)</sup><br>|  | 2920 | 2876200 |
| Series 2017-280P, Class E, (1-mo. CME <br> Term SOFR + 2.42%), 6.09%, <br> 09/15/34<sup>(a)(b)</sup><br>|  | 7007 | 6867031 |
| 3650R Commercial Mortgage Trust, <br> Series 2022-PF2, Class A5, 5.29%, <br> 11/15/55<sup>(b)</sup><br>|  | 1000 | 1020948 |
| A10 Issuer LLC, Series 2025-FL6, Class A, <br> (1-mo. CME Term SOFR + 1.47%), 5.14%, <br> 05/15/42<sup>(a)(b)</sup><br>|  | 4881 | 4878850 |
| ACORE Issuer LLC, Series 2026-FL1, <br> Class A, (1-mo. CME Term SOFR + <br> 1.45%), 5.13%, 08/20/43<sup>(a)(b)</sup><br>|  | 1750 | 1745115 |
| ACREC LLC, Series 2026-FL4, Class A, (1-<br> mo. CME Term SOFR + 1.45%), 5.13%, <br> 01/18/43<sup>(a)(b)</sup><br>|  | 4000 | 3988162 |
| Acres PLC |  |  |  |
| Series 2025-FL3, Class A, (1-mo. CME <br> Term SOFR + 1.62%), 5.30%, <br> 08/18/40<sup>(a)(b)</sup><br>|  | 6139 | 6140720 |
| Series 2026-FL4, Class A, (1-mo. CME <br> Term SOFR + 1.45%), 5.11%, <br> 08/18/44<sup>(a)(b)</sup><br>|  | 1330 | 1327841 |
| ALA Trust, Series 2025-OANA, Class A, (1-<br> mo. CME Term SOFR + 1.74%), 5.42%, <br> 06/15/40<sup>(a)(b)</sup><br>|  | 5949 | 5963872 |
| Alen Mortgage Trust, Series 2021-ACEN, <br> Class A, (1-mo. CME Term SOFR + <br> 1.26%), 4.94%, 04/15/34<sup>(a)(b)</sup><br>|  | 1144 | 1081080 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Arbor Multifamily Mortgage Securities Trust |  |  |  |
| Series 2020-MF1, Class E, 1.75%, <br> 05/15/53<sup>(a)</sup><br>| USD  | 636 | $522159 |
| Series 2021-MF3, Class A5, 2.58%, <br> 10/15/54<sup>(a)</sup><br>|  | 679 | 608094 |
| Arbor Realty Collateralized Loan Obligation <br> Ltd., Series 2025-BTR1, Class A, (1-mo. <br> CME Term SOFR + 1.93%), 5.60%, <br> 01/20/41<sup>(a)(b)</sup><br>|  | 1120 | 1120768 |
| Arbor Realty Commercial Real Estate Notes <br> LLC<br>|  |  |  |
| Series 2025-FL1, Class A, (1-mo. CME <br> Term SOFR + 1.35%), 5.03%, <br> 01/20/43<sup>(a)(b)</sup><br>|  | 5428 | 5410198 |
| Series 2026-FL1, Class A, (1-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 09/20/43<sup>(a)(b)</sup><br>|  | 5000 | 4997145 |
| Arbor Realty Commercial Real Estate Notes <br> Ltd., Series 2022-FL1, Class A, (SOFR <br> (30-day) + 1.45%), 5.12%, 01/15/37<sup>(a)(b)</sup><br>|  | 94 | 93918 |
| AREIT CRE Trust |  |  |  |
| Series 2022-CRE7, Class A, (1-mo. CME <br> Term SOFR + 2.24%), 5.92%, <br> 06/17/39<sup>(a)(b)</sup><br>|  | 1317 | 1316664 |
| Series 2023-CRE8, Class A, (1-mo. CME <br> Term SOFR + 2.11%), 5.79%, <br> 08/17/41<sup>(a)(b)</sup><br>|  | 882 | 881680 |
| Series 2024-CRE9, Class A, (1-mo. CME <br> Term SOFR + 1.69%), 5.36%, <br> 05/17/41<sup>(a)(b)</sup><br>|  | 2503 | 2501557 |
| Series 2025-CRE10, Class A, (1-mo. CME <br> Term SOFR + 1.39%), 5.07%, <br> 12/17/29<sup>(a)(b)</sup><br>|  | 1830 | 1825213 |
| Series 2025-CRE11, Class A, (1-mo. CME <br> Term SOFR + 1.55%), 5.23%, <br> 07/25/43<sup>(a)(b)</sup><br>|  | 9832 | 9837340 |
| ARES Commercial Mortgage Trust |  |  |  |
| Series 2024-IND, Class A, (1-mo. CME <br> Term SOFR + 1.69%), 5.36%, <br> 07/15/41<sup>(a)(b)</sup><br>|  | 8860 | 8862769 |
| Series 2024-IND2, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.12%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 10370 | 10370000 |
| Series 2026-AZURE, Class E, (1-mo. CME <br> Term SOFR + 3.25%), 6.90%, <br> 03/15/38<sup>(a)(b)</sup><br>|  | 1000 | 1000000 |
| Series 2026-GCP, Class A, (1-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 02/15/43<sup>(a)(b)</sup><br>|  | 472 | 469935 |
| Ashford Hospitality Trust, Series 2018-ASHF, <br> Class D, (1-mo. CME Term SOFR + <br> 2.27%), 5.95%, 04/15/35<sup>(a)(b)</sup><br>|  | 1525 | 1504031 |
| Atrium Hotel Portfolio Trust |  |  |  |
| Series 2017-ATRM, Class D, (1-mo. CME <br> Term SOFR + 2.25%), 5.92%, <br> 12/15/36<sup>(a)(b)</sup><br>|  | 3269 | 3121895 |
| Series 2024-ATRM, Class A, 5.05%, <br> 11/10/29<sup>(a)(b)</sup><br>|  | 7110 | 7178903 |
| Series 2024-ATRM, Class E, 8.60%, <br> 11/10/29<sup>(a)(b)</sup><br>|  | 2226 | 2286325 |

---

822026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Atrium Hotel Portfolio Trust |  |  |  |
| Series 2025-ATRM, Class A, (1-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 08/15/42<sup>(a)(b)</sup><br>| USD  | 2614 | $2616054 |
| Series 2025-ATRM, Class F, (1-mo. CME <br> Term SOFR + 5.50%), 9.17%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 5549 | 5494618 |
| Series 2025-ATRM, Class G, (1-mo. CME <br> Term SOFR + 6.75%), 10.42%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 1042 | 1032045 |
| BAHA Trust |  |  |  |
| Series 2024-MAR, Class A, 5.57%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 27690 | 28254690 |
| Series 2024-MAR, Class B, 6.39%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 1001 | 1031420 |
| Series 2024-MAR, Class C, 7.02%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 2452 | 2522129 |
| Series 2024-MAR, Class D, 8.31%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 1389 | 1448027 |
| Banc of America Merrill Lynch Commercial <br> Mortgage Securities Trust<br>|  |  |  |
| Series 2024-BHP, Class A, (1-mo. CME <br> Term SOFR + 2.35%), 6.02%, <br> 08/15/39<sup>(a)(b)</sup><br>|  | 5800 | 5800803 |
| Series 2025-ASHF, Class A, (1-mo. CME <br> Term SOFR + 1.85%), 5.52%, <br> 02/15/42<sup>(a)(b)</sup><br>|  | 10950 | 10901070 |
| Series 2025-ASHF, Class E, (1-mo. CME <br> Term SOFR + 5.25%), 8.92%, <br> 02/15/42<sup>(a)(b)</sup><br>|  | 4465 | 4451315 |
| BANK, Series 2021-BN35, Class C, 2.90%, <br> 06/15/64<sup>(b)</sup><br>|  | 1583 | 1333526 |
| Barings Issuer LLC, Series 2026-FL1, <br> Class A, (1-mo. CME Term SOFR + <br> 1.60%), 5.30%, 08/20/43<sup>(a)(b)</sup><br>|  | 2000 | 1997259 |
| Bayview Commercial Asset Trust |  |  |  |
| Series 2005-3A, Class A1, (1-mo. CME <br> Term SOFR + 0.59%), 4.27%, <br> 11/25/35<sup>(a)(b)</sup><br>|  | 1016 | 995622 |
| Series 2005-4A, Class A1, (1-mo. CME <br> Term SOFR + 0.56%), 4.24%, <br> 01/25/36<sup>(a)(b)</sup><br>|  | 2056 | 1967355 |
| Series 2005-4A, Class A2, (1-mo. CME <br> Term SOFR + 0.70%), 4.37%, <br> 01/25/36<sup>(a)(b)</sup><br>|  | 31 | 29752 |
| Series 2005-4A, Class M1, (1-mo. CME <br> Term SOFR + 0.79%), 4.46%, <br> 01/25/36<sup>(a)(b)</sup><br>|  | 83 | 79329 |
| Series 2006-1A, Class A2, (1-mo. CME <br> Term SOFR + 0.65%), 4.33%, <br> 04/25/36<sup>(a)(b)</sup><br>|  | 104 | 98858 |
| Series 2006-2A, Class A2, (1-mo. CME <br> Term SOFR + 0.53%), 4.21%, <br> 07/25/36<sup>(a)(b)</sup><br>|  | 336 | 327024 |
| Series 2006-3A, Class A1, (1-mo. CME <br> Term SOFR + 0.49%), 4.17%, <br> 10/25/36<sup>(a)(b)</sup><br>|  | 119 | 115740 |
| Series 2006-3A, Class A2, (1-mo. CME <br> Term SOFR + 0.56%), 4.24%, <br> 10/25/36<sup>(a)(b)</sup><br>|  | 83 | 80662 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Bayview Commercial Asset Trust |  |  |  |
| Series 2006-4A, Class A1, (1-mo. CME <br> Term SOFR + 0.46%), 4.14%, <br> 12/25/36<sup>(a)(b)</sup><br>| USD  | 606 | $584194 |
| Series 2007-1, Class A2, (1-mo. CME Term <br> SOFR + 0.52%), 4.20%, 03/25/37<sup>(a)(b)</sup><br>|  | 470 | 450426 |
| Series 2007-5A, Class A4, (1-mo. CME <br> Term SOFR + 2.36%), 6.04%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 2610 | 1498724 |
| Series 2007-6A, Class A4A, (1-mo. CME <br> Term SOFR + 2.36%), 6.04%, <br> 12/25/37<sup>(a)(b)</sup><br>|  | 1171 | 1054530 |
| Series 2008-2, Class A4A, (1-mo. CME <br> Term SOFR + 3.86%), 7.54%, <br> 04/25/38<sup>(a)(b)</sup><br>|  | 796 | 793422 |
| BBCMS Mortgage Trust |  |  |  |
| Series 2015-SRCH, Class A1, 3.31%, <br> 08/10/35<sup>(a)</sup><br>|  | 634 | 623447 |
| Series 2018-CHRS, Class E, 4.27%, <br> 08/05/38<sup>(a)(b)</sup><br>|  | 640 | 554204 |
| Series 2018-TALL, Class A, (1-mo. CME <br> Term SOFR + 0.92%), 4.59%, <br> 03/15/37<sup>(a)(b)</sup><br>|  | 3309 | 3135399 |
| Series 2018-TALL, Class B, (1-mo. CME <br> Term SOFR + 1.17%), 4.84%, <br> 03/15/37<sup>(a)(b)</sup><br>|  | 1166 | 1072783 |
| Series 2022-C17, Class A5, 4.44%, <br> 09/15/55<br>|  | 218 | 212930 |
| Series 2023-5C23, Class D, 7.42%, <br> 12/15/56<sup>(a)(b)</sup><br>|  | 553 | 526874 |
| Series 2025-C35, Class AS, 5.84%, <br> 07/15/58<sup>(b)</sup><br>|  | 1295 | 1334552 |
| Series 2025-C35, Class D, 4.50%, <br> 07/15/58<sup>(a)</sup><br>|  | 1430 | 1114287 |
| Series 2025-C39, Class A5, 5.30%, <br> 12/15/58<br>|  | 140 | 141988 |
| Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>|  | 890 | 787893 |
| BFLD Trust |  |  |  |
| Series 2020-EYP, Class E, (1-mo. CME <br> Term SOFR + 3.81%), 7.49%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 3978 | 29875 |
| Series 2024-UNIV, Class A, (1-mo. CME <br> Term SOFR + 1.49%), 5.17%, <br> 11/15/41<sup>(a)(b)</sup><br>|  | 3690 | 3691153 |
| Series 2024-UNIV, Class E, (1-mo. CME <br> Term SOFR + 3.64%), 7.31%, <br> 11/15/41<sup>(a)(b)</sup><br>|  | 2290 | 2290716 |
| Series 2025-5MW, Class F, 9.83%, <br> 10/10/42<sup>(a)(b)</sup><br>|  | 12210 | 12512124 |
| Series 2025-660F, Class A, (1-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 9343 | 9331346 |
| Series 2025-660F, Class D, (1-mo. CME <br> Term SOFR + 2.75%), 6.42%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 422 | 420945 |
| Series 2025-EWEST, Class A, (1-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 10008 | 9976072 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BHMS Commercial Mortgage Trust, <br> Series 2025-ATLS, Class A, (1-mo. CME <br> Term SOFR + 1.85%), 5.52%, <br> 08/15/42<sup>(a)(b)</sup><br>| USD  | 12912 | $12920295 |
| BMP, Series 2024-MF23, Class E, (1-mo. <br> CME Term SOFR + 3.39%), 7.06%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 2636 | 2626115 |
| BOCA Commercial Mortgage Trust, <br> Series 2025-BOCA, Class A, (1-mo. CME <br> Term SOFR + 1.60%), 5.27%, <br> 12/15/42<sup>(a)(b)</sup><br>|  | 10170 | 10176356 |
| BPR Commercial Mortgage Trust, <br> Series 2024-PARK, Class B, 5.41%, <br> 11/05/39<sup>(a)(b)</sup><br>|  | 1500 | 1527682 |
| BPR Trust |  |  |  |
| Series 2022-SSP, Class A, (1-mo. CME <br> Term SOFR + 3.00%), 6.67%, <br> 05/15/39<sup>(a)(b)</sup><br>|  | 1270 | 1270000 |
| Series 2023-STON, Class A, 7.50%, <br> 12/05/39<sup>(a)</sup><br>|  | 1145 | 1172656 |
| Series 2024-PARK, Class A, 4.87%, <br> 11/05/39<sup>(a)(b)</sup><br>|  | 1880 | 1899860 |
| Series 2024-PARK, Class D, 6.53%, <br> 11/05/39<sup>(a)(b)</sup><br>|  | 320 | 330824 |
| Series 2024-PMDW, Class A, 5.36%, <br> 11/05/41<sup>(a)(b)</sup><br>|  | 620 | 627752 |
| BRCK Trust |  |  |  |
| Series 2025-830B, Class A, 4.48%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 2965 | 2935579 |
| Series 2025-830B, Class E, 6.78%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 3768 | 3845229 |
| Series 2025-830B, Class F, 7.59%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 1971 | 2025716 |
| BRES Trust, Series 2025-ATCAP, Class A, <br> (1-mo. CME Term SOFR + 1.49%), 5.17%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 4696 | 4684985 |
| BSPDF Issuer LLC |  |  |  |
| Series 2025-FL2, Class A, (1-mo. CME <br> Term SOFR + 1.52%), 5.20%, <br> 12/15/42<sup>(a)(b)</sup><br>|  | 1339 | 1337433 |
| Series 2026-FL3, Class A, (1-mo. CME <br> Term SOFR + 1.45%), 5.10%, <br> 09/18/43<sup>(a)(b)</sup><br>|  | 3400 | 3389776 |
| BWAY Mortgage Trust |  |  |  |
| Series 2013-1515, Class A2, 3.45%, <br> 03/10/33<sup>(a)</sup><br>|  | 1816 | 1744383 |
| Series 2013-1515, Class C, 3.45%, <br> 03/10/33<sup>(a)</sup><br>|  | 1325 | 1211287 |
| Series 2013-1515, Class D, 3.63%, <br> 03/10/33<sup>(a)</sup><br>|  | 1400 | 1251416 |
| Series 2013-1515, Class E, 3.72%, <br> 03/10/33<sup>(a)</sup><br>|  | 250 | 218910 |
| Series 2013-1515, Class F, 3.93%, <br> 03/10/33<sup>(a)(b)</sup><br>|  | 599 | 507847 |
| Series 2025-1535, Class A, 5.89%, <br> 05/05/42<sup>(a)(b)</sup><br>|  | 891 | 901596 |
| BX Commercial Mortgage Trust |  |  |  |
| Series 2020-VIV2, Class C, 3.54%, <br> 03/09/44<sup>(a)(b)</sup><br>|  | 2550 | 2376137 |
| Series 2020-VIV3, Class B, 3.54%, <br> 03/09/44<sup>(a)(b)</sup><br>|  | 3862 | 3637254 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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 |  |  |  |
| Series 2020-VIV4, Class A, 2.84%, <br> 03/09/44<sup>(a)</sup><br>| USD  | 4397 | $4073827 |
| Series 2024-AIR2, Class A, (1-mo. CME <br> Term SOFR + 1.49%), 5.17%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 5909 | 5914089 |
| Series 2024-AIRC, Class A, (1-mo. CME <br> Term SOFR + 1.69%), 5.36%, <br> 08/15/41<sup>(a)(b)</sup><br>|  | 10515 | 10525279 |
| Series 2024-AIRC, Class B, (1-mo. CME <br> Term SOFR + 2.14%), 5.81%, <br> 08/15/41<sup>(a)(b)</sup><br>|  | 87 | 86806 |
| Series 2024-BRBK, Class A, (1-mo. CME <br> Term SOFR + 2.88%), 6.56%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 8630 | 8608425 |
| Series 2024-BRBK, Class B, (1-mo. CME <br> Term SOFR + 3.93%), 7.61%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 974 | 967913 |
| Series 2024-GPA3, Class B, (1-mo. CME <br> Term SOFR + 1.64%), 5.32%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 1371 | 1371435 |
| Series 2024-KING, Class A, (1-mo. CME <br> Term SOFR + 1.54%), 5.21%, <br> 05/15/34<sup>(a)(b)</sup><br>|  | 4333 | 4332957 |
| Series 2024-MDHS, Class A, (1-mo. CME <br> Term SOFR + 1.64%), 5.31%, <br> 05/15/41<sup>(a)(b)</sup><br>|  | 11451 | 11451291 |
| Series 2024-MF, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.11%, 02/15/39<sup>(a)(b)</sup><br>|  | 1688 | 1687488 |
| Series 2024-MF, Class E, (1-mo. CME <br> Term SOFR + 3.74%), 7.41%, <br> 02/15/39<sup>(a)(b)</sup><br>|  | 3385 | 3377236 |
| Series 2024-PURE, Class A, (CORRA + <br> 1.90%), 4.18%, 11/15/41<sup>(a)(b)</sup><br>| CAD  | 1288 | 935242 |
| Series 2024-XL4, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.12%, <br> 02/15/39<sup>(a)(b)</sup><br>| USD  | 4584 | 4589329 |
| Series 2024-XL4, Class D, (1-mo. CME <br> Term SOFR + 3.14%), 6.81%, <br> 02/15/39<sup>(a)(b)</sup><br>|  | 7113 | 7130512 |
| Series 2024-XL4, Class E, (1-mo. CME <br> Term SOFR + 4.19%), 7.86%, <br> 02/15/39<sup>(a)(b)</sup><br>|  | 4236 | 4227691 |
| Series 2024-XL5, Class A, (1-mo. CME <br> Term SOFR + 1.39%), 5.06%, <br> 03/15/41<sup>(a)(b)</sup><br>|  | 142 | 141981 |
| Series 2025-BCAT, Class A, (1-mo. CME <br> Term SOFR + 1.38%), 5.05%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 3938 | 3937591 |
| Series 2025-BCAT, Class B, (1-mo. CME <br> Term SOFR + 1.55%), 5.22%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 1033 | 1030450 |
| Series 2025-BCAT, Class C, (1-mo. CME <br> Term SOFR + 1.90%), 5.57%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 394 | 393363 |
| Series 2025-BCAT, Class E, (1-mo. CME <br> Term SOFR + 3.50%), 7.17%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 3241 | 3249022 |
| Series 2025-JDI, Class A, (1-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 8935 | 8937491 |

---

842026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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 |  |  |  |
| Series 2025-JDI, Class E, (1-mo. CME <br> Term SOFR + 3.40%), 7.07%, <br> 11/15/42<sup>(a)(b)</sup><br>| USD  | 1736 | $1735181 |
| Series 2025-SPOT, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.12%, <br> 04/15/40<sup>(a)(b)</sup><br>|  | 2031 | 2031194 |
| Series 2026-VLT9, Class A, (1-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 2526 | 2513773 |
| Series 2026-XL6, Class E, (1-mo. CME <br> Term SOFR + 3.00%), 6.67%, <br> 03/15/43<sup>(a)(b)</sup><br>|  | 770 | 765202 |
| BX Trust |  |  |  |
| Series 2019-OC11, Class D, 3.94%, <br> 12/09/41<sup>(a)(b)</sup><br>|  | 4000 | 3781358 |
| Series 2021-LBA, Class AJV, (1-mo. CME <br> Term SOFR + 1.16%), 4.84%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 4964 | 4960887 |
| Series 2021-LBA, Class AV, (1-mo. CME <br> Term SOFR + 1.16%), 4.84%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 964 | 963395 |
| Series 2021-LBA, Class FJV, (1-mo. CME <br> Term SOFR + 2.76%), 6.44%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 6390 | 6374025 |
| Series 2021-LBA, Class FV, (1-mo. CME <br> Term SOFR + 2.76%), 6.44%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 4055 | 4045134 |
| Series 2021-LBA, Class GJV, (1-mo. CME <br> Term SOFR + 3.36%), 7.04%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 1244 | 1240376 |
| Series 2021-LBA, Class GV, (1-mo. CME <br> Term SOFR + 3.36%), 7.04%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 4206 | 4193172 |
| Series 2022-LBA6, Class D, (1-mo. CME <br> Term SOFR + 2.00%), 5.67%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 2890 | 2888194 |
| Series 2022-VAMF, Class B, (1-mo. CME <br> Term SOFR + 1.28%), 4.95%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 512 | 511850 |
| Series 2024-CNYN, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.11%, <br> 04/15/41<sup>(a)(b)</sup><br>|  | 4162 | 4163252 |
| Series 2024-CNYN, Class D, (1-mo. CME <br> Term SOFR + 2.69%), 6.36%, <br> 04/15/41<sup>(a)(b)</sup><br>|  | 4568 | 4565091 |
| Series 2024-CNYN, Class E, (1-mo. CME <br> Term SOFR + 3.69%), 7.36%, <br> 04/15/41<sup>(a)(b)</sup><br>|  | 2612 | 2599661 |
| Series 2024-PALM, Class A, (1-mo. CME <br> Term SOFR + 1.54%), 5.21%, <br> 06/15/37<sup>(a)(b)</sup><br>|  | 13906 | 13897174 |
| Series 2024-VLT4, Class A, (1-mo. CME <br> Term SOFR + 1.49%), 5.16%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 17354 | 17245252 |
| Series 2024-VLT4, Class E, (1-mo. CME <br> Term SOFR + 2.89%), 6.56%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 3100 | 3042050 |
| Series 2024-VLT4, Class F, (1-mo. CME <br> Term SOFR + 3.94%), 7.61%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 7980 | 7897191 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Trust |  |  |  |
| Series 2025-ARIA, Class A, 5.03%, <br> 12/13/42<sup>(a)(b)</sup><br>| USD  | 9570 | $9620388 |
| Series 2025-LIFE, Class A, 5.88%, <br> 06/13/47<sup>(a)(b)</sup><br>|  | 3251 | 3260341 |
| Series 2025-LUNR, Class A, (1-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 06/15/40<sup>(a)(b)</sup><br>|  | 900 | 901288 |
| Series 2025-ROIC, Class E, (1-mo. CME <br> Term SOFR + 2.94%), 6.61%, <br> 03/15/30<sup>(a)(b)</sup><br>|  | 10497 | 10457684 |
| Series 2025-TAIL, Class A, (1-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 06/15/35<sup>(a)(b)</sup><br>|  | 1136 | 1136000 |
| Series 2025-TAIL, Class E, (1-mo. CME <br> Term SOFR + 3.30%), 6.97%, <br> 06/15/35<sup>(a)(b)</sup><br>|  | 2352 | 2351957 |
| Series 2025-VLT6, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.12%, <br> 03/15/42<sup>(a)(b)</sup><br>|  | 4517 | 4485435 |
| Series 2025-VOLT, Class A, (1-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 12/15/44<sup>(a)(b)</sup><br>|  | 12817 | 12776947 |
| BXP Trust |  |  |  |
| Series 2017-CC, Class D, 3.55%, <br> 08/13/37<sup>(a)(b)</sup><br>|  | 750 | 624546 |
| Series 2017-GM, Class D, 3.43%, <br> 06/13/39<sup>(a)(b)</sup><br>|  | 590 | 574829 |
| Series 2017-GM, Class E, 3.43%, <br> 06/13/39<sup>(a)(b)</sup><br>|  | 1240 | 1193672 |
| Series 2021-601L, Class D, 2.78%, <br> 01/15/44<sup>(a)(b)</sup><br>|  | 2010 | 1645003 |
| CALI Mortgage Trust, Series 2024-SUN, <br> Class A, (1-mo. CME Term SOFR + <br> 1.89%), 5.56%, 07/15/41<sup>(a)(b)</sup><br>|  | 4289 | 4289000 |
| Cassia SRL, Series 2022-1A, Class A, (3-mo. <br> EURIBOR + 2.50%), 4.52%, 05/22/34<sup>(a)(b)</sup><br>| EUR  | 7562 | 8782859 |
| CD Mortgage Trust |  |  |  |
| Series 2017-CD3, Class A4, 3.63%, <br> 02/10/50<br>| USD  | 850 | 831600 |
| Series 2017-CD5, Class B, 3.96%, <br> 08/15/50<sup>(b)</sup><br>|  | 2091 | 2031394 |
| Series 2017-CD6, Class B, 3.91%, <br> 11/13/50<sup>(b)</sup><br>|  | 597 | 565224 |
| CENT Trust, Series 2025-CITY, Class A, <br> 4.92%, 07/10/40<sup>(a)(b)</sup><br>|  | 5603 | 5643181 |
| CFK Trust, Series 2019-FAX, Class D, 4.64%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 2643 | 2526021 |
| CFSP Mortgage Trust, Series 2024-AHP1, <br> Class A, 6.50%, 04/15/37<br>|  | 8381 | 8021718 |
| CHI Commercial Mortgage Trust |  |  |  |
| Series 2025-110W, Class A, 5.10%, <br> 12/13/40<sup>(a)(b)</sup><br>|  | 6110 | 6068739 |
| Series 2025-110W, Class D, 6.63%, <br> 12/13/40<sup>(a)(b)</sup><br>|  | 2616 | 2558403 |
| CIP Commercial Mortgage Trust |  |  |  |
| Series 2025-SBAY, Class A, (1-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 11127 | 11120046 |
| Series 2025-SBAY, Class E, (1-mo. CME <br> Term SOFR + 3.75%), 7.42%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 6330 | 6306262 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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 |  |  |  |
| Series 2015-P1, Class D, 3.23%, <br> 09/15/48<sup>(a)</sup><br>| USD  | 15 | $15079 |
| Series 2020-420K, Class E, 3.31%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 1540 | 1322717 |
| COAST Commercial Mortgage Trust, <br> Series 2023-2HTL, Class D, (1-mo. CME <br> Term SOFR + 4.44%), 8.11%, <br> 08/15/36<sup>(a)(b)</sup><br>|  | 3696 | 3677621 |
| Commercial Mortgage Trust |  |  |  |
| Series 2016-667M, Class D, 3.18%, <br> 10/10/36<sup>(a)(b)</sup><br>|  | 147 | 112488 |
| Series 2024-CBM, Class A2, 5.87%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 830 | 832317 |
| Series 2024-WCL1, Class A, (1-mo. CME <br> Term SOFR + 1.84%), 5.51%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 8360 | 8331242 |
| Series 2024-WCL1, Class B, (1-mo. CME <br> Term SOFR + 2.59%), 6.26%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 2829 | 2819268 |
| Series 2025-167G, Class A, 5.50%, <br> 08/10/40<sup>(a)</sup><br>|  | 2062 | 2053841 |
| Series 2025-167G, Class E, 8.20%, <br> 08/10/40<sup>(a)(b)</sup><br>|  | 1600 | 1592492 |
| Series 2025-167G, Class F, 9.16%, <br> 08/10/40<sup>(a)(b)</sup><br>|  | 1389 | 1382560 |
| Series 2025-SBX, Class B, 5.55%, <br> 08/10/41<sup>(a)(b)</sup><br>|  | 953 | 947130 |
| CONE Trust |  |  |  |
| Series 2024-DFW1, Class A, (1-mo. CME <br> Term SOFR + 1.64%), 5.31%, <br> 08/15/41<sup>(a)(b)</sup><br>|  | 3280 | 3256425 |
| Series 2024-DFW1, Class E, (1-mo. CME <br> Term SOFR + 3.89%), 7.56%, <br> 08/15/41<sup>(a)(b)</sup><br>|  | 3244 | 3214294 |
| Credit Suisse Mortgage Trust |  |  |  |
| Series 2017-CALI, Class C, 3.61%, <br> 11/10/32<sup>(a)(b)</sup><br>|  | 1729 | 510020 |
| Series 2017-TIME, Class A, 3.65%, <br> 11/13/39<sup>(a)</sup><br>|  | 850 | 808834 |
| Series 2020-FACT, Class E, (1-mo. CME <br> Term SOFR + 5.48%), 9.15%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 2484 | 2254230 |
| Series 2021-BHAR, Class A, (1-mo. CME <br> Term SOFR + 1.26%), 4.94%, <br> 11/15/38<sup>(a)(b)</sup><br>|  | 641 | 632587 |
| Series 2021-BHAR, Class B, (1-mo. CME <br> Term SOFR + 1.61%), 5.29%, <br> 11/15/38<sup>(a)(b)</sup><br>|  | 1150 | 1138865 |
| Series 2022-LION, Class A, (1-mo. CME <br> Term SOFR + 3.44%), 7.11%, <br> 02/15/27<sup>(a)(b)(h)</sup><br>|  | 10100 | 10055363 |
| CRSNT Trust, Series 2026-MOON, Class A, <br> (1-mo. CME Term SOFR + 1.40%), 5.07%, <br> 02/15/31<sup>(a)(b)</sup><br>|  | 6085 | 6058378 |
| CRSO Trust, Series 2023-BRND, 7.12%, <br> 07/10/40<sup>(a)</sup><br>|  | 2271 | 2337453 |
| CSAIL Commercial Mortgage Trust, <br> Series 2018-CX12, Class C, 4.72%, <br> 08/15/51<sup>(b)</sup><br>|  | 570 | 536738 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| CSTL Commercial Mortgage Trust |  |  |  |
| Series 2024-GATE, Class A, 4.76%, <br> 11/10/41<sup>(a)(b)</sup><br>| USD  | 2966 | $2958131 |
| Series 2025-GATE2, Class A, 4.56%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 1290 | 1268227 |
| Series 2025-GATE2, Class D, 5.63%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 2030 | 1995869 |
| Series 2026-GATE3, Class E, 6.34%, <br> 02/10/43<sup>(a)(b)</sup><br>|  | 2164 | 2137480 |
| DBC Mortgage Trust |  |  |  |
| Series 2025-DBC, Class A, (1-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 13377 | 13368654 |
| Series 2025-DBC, Class C, (1-mo. CME <br> Term SOFR + 2.05%), 5.72%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 3857 | 3842544 |
| Series 2025-DBC, Class HRR, (1-mo. CME <br> Term SOFR + 5.55%), 9.22%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 16000 | 16060672 |
| DBGS Mortgage Trust, Series 2024-SBL, <br> Class A, (1-mo. CME Term SOFR + <br> 1.88%), 5.56%, 08/15/34<sup>(a)(b)</sup><br>|  | 5582 | 5575022 |
| DBMS DAC, Series 2025-1X, Class C, (1-day <br> SONIA + 1.80%), 5.55%, 02/18/36<sup>(b)(e)</sup><br>| GBP  | 417 | 551746 |
| DBSG Mortgage Trust, Series 2024-ALTA, <br> Class A, 5.95%, 06/10/37<sup>(a)(b)</sup><br>| USD  | 2584 | 2607836 |
| DBWF Mortgage Trust, Series 2024-LCRS, <br> Class A, (1-mo. CME Term SOFR + <br> 1.74%), 5.41%, 04/15/37<sup>(a)(b)</sup><br>|  | 705 | 702797 |
| DC Trust |  |  |  |
| Series 2024-HLTN, Class A, 5.73%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 830 | 833312 |
| Series 2024-HLTN, Class F, 10.31%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 2180 | 2155604 |
| Deutsche Bank JPMorgan Mortgage Trust, <br> Series 2016-C1, Class A4, 3.28%, <br> 05/10/49<br>|  | 216 | 215274 |
| DGWD Trust, Series 2025-INFL, Class A, <br> (1-mo. CME Term SOFR + 1.60%), 5.27%, <br> 08/15/35<sup>(a)(b)</sup><br>|  | 884 | 884696 |
| DK Trust |  |  |  |
| Series 2024-SPBX, Class A, (1-mo. CME <br> Term SOFR + 1.50%), 5.17%, <br> 03/15/34<sup>(a)(b)</sup><br>|  | 4850 | 4848484 |
| Series 2024-SPBX, Class E, (1-mo. CME <br> Term SOFR + 4.00%), 7.67%, <br> 03/15/34<sup>(a)(b)</sup><br>|  | 13906 | 13922794 |
| Series 2025-LXP, Class A, (1-mo. CME <br> Term SOFR + 1.59%), 5.27%, <br> 08/15/37<sup>(a)(b)</sup><br>|  | 4559 | 4559000 |
| Series 2025-LXP, Class D, (1-mo. CME <br> Term SOFR + 2.89%), 6.57%, <br> 08/15/37<sup>(a)(b)</sup><br>|  | 1397 | 1397000 |
| Durst Commercial Mortgage Trust |  |  |  |
| Series 2025-151, Class A, 4.80%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1708 | 1723763 |
| Series 2025-151, Class D, 6.34%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1670 | 1706136 |
| Dwight Issuer LLC, Series 2025-FL1, Class A, <br> (1-mo. CME Term SOFR + 1.66%), 5.34%, <br> 06/18/42<sup>(a)(b)</sup><br>|  | 1148 | 1146968 |

---

862026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| ELM Trust |  |  |  |
| Series 2024-ELM, Class A10, 5.41%, <br> 06/10/39<sup>(a)(b)</sup><br>| USD  | 4860 | $4869586 |
| Series 2024-ELM, Class A15, 5.41%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 4860 | 4869586 |
| Series 2024-ELM, Class D10, 6.18%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 1472 | 1472523 |
| Series 2024-ELM, Class E10, 7.27%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 6375 | 6381554 |
| EQT Trust, Series 2024-EXTR, Class A, <br> 5.33%, 07/05/41<sup>(a)</sup><br>|  | 1679 | 1698206 |
| Fashion Show Mall LLC, Series 2024-SHOW, <br> Class A, 4.76%, 10/10/41<sup>(a)(b)</sup><br>|  | 1535 | 1544083 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |  |
| Series 2024-FBLU, Class F, (1-mo. CME <br> Term SOFR + 4.25%), 7.92%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 422 | 423319 |
| Series 2024-FBLU, Class G, (1-mo. CME <br> Term SOFR + 5.65%), 9.32%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 2269 | 2287481 |
| FREMF Mortgage Trust |  |  |  |
| Series 2017-KGX1, Class BFX, 3.60%, <br> 10/25/27<sup>(a)(b)</sup><br>|  | 1190 | 1154487 |
| Series 2018-K74, Class B, 4.10%, <br> 02/25/51<sup>(a)(b)</sup><br>|  | 120 | 118063 |
| Series 2018-K80, Class B, 4.24%, <br> 08/25/50<sup>(a)(b)</sup><br>|  | 1043 | 1020688 |
| FS Rialto Issuer Ltd. |  |  |  |
| Series 2024-FL9, Class A, (1-mo. CME <br> Term SOFR + 1.63%), 5.31%, <br> 10/19/39<sup>(a)(b)</sup><br>|  | 4627 | 4628979 |
| Series 2025-FL10, Class A, (1-mo. CME <br> Term SOFR + 1.39%), 5.06%, <br> 08/19/42<sup>(a)(b)</sup><br>|  | 1610 | 1606542 |
| Series 2026-FL11, Class A, (1-mo. CME <br> Term SOFR + 1.45%), 5.12%, <br> 01/19/44<sup>(a)(b)</sup><br>|  | 2471 | 2463039 |
| FS Trust |  |  |  |
| Series 2026-HULA, Class A, (1-mo. CME <br> Term SOFR + 1.45%), 5.13%, <br> 03/15/41<sup>(a)(b)</sup><br>|  | 3853 | 3851795 |
| Series 2026-ORL, Class A, (1-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 02/15/41<sup>(a)(b)</sup><br>|  | 6030 | 6018694 |
| Series 2026-ORL, Class E, (1-mo. CME <br> Term SOFR + 3.25%), 6.92%, <br> 02/15/41<sup>(a)(b)</sup><br>|  | 3290 | 3284622 |
| GGP Trust |  |  |  |
| Series 2026-TY, Class A, 4.67%, <br> 03/05/43<sup>(a)(b)</sup><br>|  | 1757 | 1735667 |
| Series 2026-TY, Class HRR, 8.06%, <br> 03/05/43<sup>(a)(b)</sup><br>|  | 6250 | 6142791 |
| Grace Trust, Series 2020-GRCE, Class E, <br> 2.68%, 12/10/40<sup>(a)(b)</sup><br>|  | 1489 | 1299442 |
| Great Wolf Trust, Series 2024-WOLF, Class A, <br> (1-mo. CME Term SOFR + 1.54%), 5.22%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 570 | 569822 |
| Greystone CRE Notes LLC |  |  |  |
| Series 2025-FL4, Class A, (1-mo. CME <br> Term SOFR + 1.48%), 5.15%, <br> 01/15/43<sup>(a)(b)</sup><br>|  | 2077 | 2074016 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Greystone CRE Notes LLC |  |  |  |
| Series 2025-HC4, Class A, (1-mo. CME <br> Term SOFR + 1.78%), 5.46%, <br> 10/15/42<sup>(a)(b)</sup><br>| USD  | 500 | $500253 |
| GS Mortgage Securities Trust |  |  |  |
| Series 2017-GPTX, Class A, 2.86%, <br> 05/10/34<sup>(a)</sup><br>|  | 1943 | 1755140 |
| Series 2019-GSA1, Class C, 3.80%, <br> 11/10/52<sup>(b)</sup><br>|  | 260 | 234308 |
| Series 2023-FUN, Class A, (1-mo. CME <br> Term SOFR + 2.09%), 5.76%, <br> 03/15/28<sup>(a)(b)</sup><br>|  | 5374 | 5389114 |
| Series 2024-RVR, Class E, 6.97%, <br> 08/10/41<sup>(a)(b)</sup><br>|  | 1802 | 1788791 |
| Series 2025-800D, Class A, (1-mo. CME <br> Term SOFR + 2.65%), 6.33%, <br> 11/25/41<sup>(a)(b)</sup><br>|  | 6587 | 6580055 |
| Series 2025-800D, Class C, (1-mo. CME <br> Term SOFR + 4.70%), 8.38%, <br> 11/25/41<sup>(a)(b)</sup><br>|  | 5849 | 5816480 |
| GS REFT Issuer Ltd., Series 2026-FL1, <br> Class A, (1-mo. CME Term SOFR + <br> 1.50%), 5.17%, 04/19/43<sup>(a)(b)</sup><br>|  | 1000 | 998441 |
| GSAT Trust, Series 2025-BMF, Class A, (1-<br> mo. CME Term SOFR + 1.50%), 5.17%, <br> 07/15/40<sup>(a)(b)</sup><br>|  | 1936 | 1934108 |
| GWT, Series 2024-WLF2, Class A, (1-mo. <br> CME Term SOFR + 1.69%), 5.36%, <br> 05/15/41<sup>(a)(b)</sup><br>|  | 7570 | 7570000 |
| HIH Trust |  |  |  |
| Series 2024-61P, Class A, (1-mo. CME <br> Term SOFR + 1.84%), 5.52%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 3083 | 3083366 |
| Series 2024-61P, Class D, (1-mo. CME <br> Term SOFR + 3.64%), 7.31%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 1167 | 1166679 |
| HILT Commercial Mortgage Trust, <br> Series 2024-ORL, Class D, (1-mo. CME <br> Term SOFR + 3.19%), 6.86%, <br> 05/15/37<sup>(a)(b)</sup><br>|  | 6057 | 6053214 |
| HLTN Commercial Mortgage Trust, <br> Series 2024-DPLO, Class A, (1-mo. CME <br> Term SOFR + 1.64%), 5.31%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 3176 | 3176000 |
| HONO Mortgage Trust, Series 2021-LULU, <br> Class A, (1-mo. CME Term SOFR + <br> 1.26%), 4.94%, 10/15/36<sup>(a)(b)</sup><br>|  | 3168 | 3134340 |
| HTL Commercial Mortgage Trust |  |  |  |
| Series 2024-T53, Class A, 5.88%, <br> 05/10/39<sup>(a)(b)</sup><br>|  | 1790 | 1803841 |
| Series 2024-T53, Class E, 10.26%, <br> 05/10/39<sup>(a)(b)</sup><br>|  | 4965 | 5045829 |
| Hudson Yards Mortgage Trust |  |  |  |
| Series 2019-30HY, Class A, 3.23%, <br> 07/10/39<sup>(a)</sup><br>|  | 195 | 185331 |
| Series 2019-55HY, Class F, 2.94%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 2975 | 2554611 |
| ILPT Commercial Mortgage Trust, <br> Series 2025-LPF2, Class A, 5.29%, <br> 07/13/42<sup>(a)(b)</sup><br>|  | 10261 | 10396029 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| INCREF LLC, Series 2025-FL1, Class A, (1-<br> mo. CME Term SOFR + 1.73%), 5.41%, <br> 10/19/42<sup>(a)(b)</sup><br>| USD  | 4155 | $4152151 |
| INT Commercial Mortgage Trust, Series 2025-<br> PLAZA, Class A, 4.55%, 11/05/37<sup>(a)(b)</sup><br>|  | 3023 | 3012866 |
| INV Mortgage Trust, Series 2024-IND, <br> Class A, (1-mo. CME Term SOFR + <br> 1.74%), 5.41%, 11/15/41<sup>(a)(b)</sup><br>|  | 4830 | 4766606 |
| JPMBB Commercial Mortgage Securities <br> Trust, Series 2015-C33, Class D1, 4.30%, <br> 12/15/48<sup>(a)(b)</sup><br>|  | 785 | 686883 |
| JPMDB Commercial Mortgage Securities <br> Trust, Series 2018-C8, Class AS, 4.42%, <br> 06/15/51<br>|  | 198 | 194479 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |  |
| Series 2016-NINE, Class B, 2.85%, <br> 09/06/38<sup>(a)(b)</sup><br>|  | 3688 | 3655901 |
| Series 2018-PHH, Class A, (1-mo. CME <br> Term SOFR + 1.26%), 4.93%, <br> 06/15/35<sup>(a)(b)</sup><br>|  | 659 | 428349 |
| Series 2019-COR5, Class A3, 3.12%, <br> 06/13/52<br>|  | 1700 | 1633747 |
| Series 2019-MFP, Class E, (1-mo. CME <br> Term SOFR + 2.21%), 5.88%, <br> 07/15/36<sup>(a)(b)</sup><br>|  | 1189 | 820074 |
| Series 2022-NLP, Class F, (1-mo. CME <br> Term SOFR + 3.79%), 7.46%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 4703 | 4585644 |
| Series 2022-OPO, Class D, 3.45%, <br> 01/05/39<sup>(a)(b)</sup><br>|  | 3034 | 2346798 |
| Series 2024-IGLG, Class A, 5.17%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 8100 | 8116974 |
| Series 2024-IGLG, Class D, 6.48%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 2260 | 2256204 |
| Series 2024-IGLG, Class E, 7.25%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 6887 | 6869752 |
| Series 2024-IGLG, Class F, 8.22%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 5900 | 5887386 |
| Series 2024-OMNI, Class A, 5.80%, <br> 10/05/39<sup>(a)(b)</sup><br>|  | 2310 | 2331067 |
| Series 2025-BHR5, Class A, (1-mo. CME <br> Term SOFR + 1.69%), 5.37%, <br> 03/15/40<sup>(a)(b)</sup><br>|  | 2567 | 2566022 |
| JW Commercial Mortgage Trust |  |  |  |
| Series 2024-MRCO, Class A, (1-mo. CME <br> Term SOFR + 1.62%), 5.29%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 3715 | 3715000 |
| Series 2024-MRCO, Class D, (1-mo. CME <br> Term SOFR + 3.19%), 6.86%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 2904 | 2896740 |
| KSL Commercial Mortgage Trust |  |  |  |
| Series 2024-HT2, Class A, (1-mo. CME <br> Term SOFR + 1.54%), 5.22%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 7204 | 7190141 |
| Series 2025-MAK, Class A, 6.20%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 1333 | 1332619 |
| Series 2025-MAK, Class E, 8.40%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 2840 | 2849215 |
| Lagarino European Loan Conduit No. 40 DAC |  |  |  |
| Series 40X, Class B, (3-mo. EURIBOR + <br> 2.15%), 4.26%, 06/22/37<sup>(b)(e)</sup><br>| EUR  | 3268 | 3763053 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Lagarino European Loan Conduit No. 40 DAC |  |  |  |
| Series 40X, Class C, (3-mo. EURIBOR + <br> 2.65%), 4.76%, 06/22/37<sup>(b)(e)</sup><br>| EUR  | 2077 | $2390601 |
| Series 40X, Class D, (3-mo. EURIBOR + <br> 3.55%), 5.66%, 06/22/37<sup>(b)(e)</sup><br>|  | 5903 | 6798649 |
| Last Mile Logistics Pan Euro Finance DAC, <br> Series 1X, Class E, (3-mo. EURIBOR + <br> 2.70%), 4.70%, 08/17/33<sup>(b)(e)</sup><br>|  | 2588 | 2986488 |
| LBA Trust |  |  |  |
| Series 2024-7IND, Class A, (1-mo. CME <br> Term SOFR + 1.44%), 5.12%, <br> 10/15/41<sup>(a)(b)</sup><br>| USD  | 5220 | 5216650 |
| Series 2024-7IND, Class D, (1-mo. CME <br> Term SOFR + 2.64%), 6.31%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 586 | 585542 |
| Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2006-2A, Class M3, <br> (1-mo. CME Term SOFR + 0.56%), 4.24%, <br> 09/25/36<sup>(a)(b)</sup><br>|  | 753 | 715513 |
| LEX Trust |  |  |  |
| Series 2026-450, Class A, (1-mo. CME <br> Term SOFR + 1.35%), 5.02%, <br> 03/15/43<sup>(a)(b)</sup><br>|  | 3217 | 3202926 |
| Series 2026-450, Class E, (1-mo. CME <br> Term SOFR + 3.70%), 7.37%, <br> 03/15/43<sup>(a)(b)</sup><br>|  | 7845 | 7768816 |
| LoanCore Issuer Ltd. |  |  |  |
| Series 2022-CRE7, Class A, (SOFR (30-<br> day) + 1.55%), 5.22%, 01/17/37<sup>(a)(b)</sup><br>|  | 137 | 137053 |
| Series 2025-CRE8, Class A, (1-mo. CME <br> Term SOFR + 1.39%), 5.06%, <br> 08/17/42<sup>(a)(b)</sup><br>|  | 1750 | 1746727 |
| Series 2025-CRE9, Class A, (1-mo. CME <br> Term SOFR + 1.45%), 5.13%, <br> 08/18/42<sup>(a)(b)</sup><br>|  | 3988 | 3974094 |
| LQR Trust |  |  |  |
| Series 2025-CALI, Class A, (1-mo. CME <br> Term SOFR + 1.60%), 5.27%, <br> 01/15/43<sup>(a)(b)</sup><br>|  | 1859 | 1846274 |
| Series 2025-CALI, Class E, (1-mo. CME <br> Term SOFR + 3.95%), 7.62%, <br> 01/15/43<sup>(a)(b)</sup><br>|  | 5519 | 5518941 |
| LUX, Series 2023-LION, Class A, (1-mo. CME <br> Term SOFR + 2.69%), 6.36%, <br> 08/15/40<sup>(a)(b)</sup><br>|  | 2294 | 2303548 |
| MAC Trust, Series 2025-801B, Class A, (1-<br> mo. CME Term SOFR + 1.70%), 5.37%, <br> 10/15/40<sup>(a)(b)</sup><br>|  | 6679 | 6662311 |
| MAIN Trust |  |  |  |
| Series 2026-OLAS, Class A, (1-mo. CME <br> Term SOFR + 1.70%), 5.37%, <br> 01/15/41<sup>(a)(b)</sup><br>|  | 10000 | 9999947 |
| Series 2026-OLAS, Class B, (1-mo. CME <br> Term SOFR + 2.00%), 5.67%, <br> 01/15/41<sup>(a)(b)</sup><br>|  | 5000 | 4999970 |
| Series 2026-OLAS, Class C, (1-mo. CME <br> Term SOFR + 2.45%), 6.12%, <br> 01/15/41<sup>(a)(b)</sup><br>|  | 910 | 909994 |
| Series 2026-OLAS, Class D, (1-mo. CME <br> Term SOFR + 3.15%), 6.82%, <br> 01/15/41<sup>(a)(b)</sup><br>|  | 2500 | 2499978 |

---

882026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| MAIN Trust |  |  |  |
| Series 2026-OLAS, Class E, (1-mo. CME <br> Term SOFR + 4.25%), 7.92%, <br> 01/15/41<sup>(a)(b)</sup><br>| USD  | 2500 | $2499971 |
| Series 2026-OLAS, Class F, (1-mo. CME <br> Term SOFR + 5.25%), 8.92%, <br> 01/15/41<sup>(a)(b)</sup><br>|  | 2280 | 2279966 |
| MCR Mortgage Trust |  |  |  |
| Series 2024-HF1, Class A, (1-mo. CME <br> Term SOFR + 1.79%), 5.47%, <br> 12/15/41<sup>(a)(b)</sup><br>|  | 3432 | 3431840 |
| Series 2024-HTL, Class A, (1-mo. CME <br> Term SOFR + 1.76%), 5.43%, <br> 02/15/37<sup>(a)(b)</sup><br>|  | 276 | 276007 |
| Series 2024-HTL, Class E, (1-mo. CME <br> Term SOFR + 4.65%), 8.33%, <br> 02/15/37<sup>(a)(b)</sup><br>|  | 2415 | 2388285 |
| Series 2024-TWA, Class A, 5.92%, <br> 06/12/39<sup>(a)</sup><br>|  | 3570 | 3595427 |
| Series 2024-TWA, Class E, 8.73%, <br> 06/12/39<sup>(a)</sup><br>|  | 2080 | 2086275 |
| MF1 LLC |  |  |  |
| Series 2024-FL14, Class A, (1-mo. CME <br> Term SOFR + 1.74%), 5.41%, <br> 03/19/39<sup>(a)(b)</sup><br>|  | 1770 | 1769972 |
| Series 2025-FL19, Class A, (1-mo. CME <br> Term SOFR + 1.49%), 5.17%, <br> 05/18/42<sup>(a)(b)</sup><br>|  | 1786 | 1787096 |
| Series 2026-FL21, Class A, (1-mo. CME <br> Term SOFR + 1.35%), 5.03%, <br> 02/18/41<sup>(a)(b)</sup><br>|  | 4981 | 4962479 |
| MHC Commercial Mortgage Trust |  |  |  |
| Series 2021-MHC, Class E, (1-mo. CME <br> Term SOFR + 2.22%), 5.89%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 63 | 63159 |
| Series 2021-MHC, Class F, (1-mo. CME <br> Term SOFR + 2.72%), 6.39%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 471 | 470828 |
| MHP, Series 2021-STOR, Class G, (1-mo. <br> CME Term SOFR + 2.86%), 6.54%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 2100 | 2098688 |
| MIC Trust (The), Series 2023-MIC, Class A, <br> 8.44%, 12/05/38<sup>(a)(b)</sup><br>|  | 1550 | 1649525 |
| MIRA Trust, Series 2023-MILE, Class A, <br> 6.76%, 06/10/38<sup>(a)</sup><br>|  | 3432 | 3522961 |
| MLTI Trust |  |  |  |
| Series 2026-SF75, Class A, (1-mo. CME <br> Term SOFR + 1.40%), 5.07%, <br> 03/15/31<sup>(a)(b)</sup><br>|  | 4478 | 4455610 |
| Series 2026-SF75, Class E, (1-mo. CME <br> Term SOFR + 3.25%), 6.92%, <br> 03/15/31<sup>(a)(b)</sup><br>|  | 4163 | 4139968 |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2017-ASHF, Class F, (1-mo. CME <br> Term SOFR + 4.65%), 8.32%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 1413 | 1395338 |
| Series 2017-ASHF, Class G, (1-mo. CME <br> Term SOFR + 7.20%), 10.87%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 1612 | 1587820 |
| Series 2018-MP, Class E, 4.28%, <br> 07/11/40<sup>(a)(b)</sup><br>|  | 2730 | 2082106 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2019-H6, Class D, 3.00%, <br> 06/15/52<sup>(a)</sup><br>| USD  | 630 | $519433 |
| Series 2021-230P, Class B, (1-mo. CME <br> Term SOFR + 1.56%), 5.24%, <br> 12/15/38<sup>(a)(b)</sup><br>|  | 460 | 428950 |
| Series 2024-NSTB, Class A, 3.90%, <br> 09/24/57<sup>(a)(b)</sup><br>|  | 2871 | 2831308 |
| MSDB Trust, Series 2017-712F, Class B, <br> 3.45%, 07/11/39<sup>(a)(b)</sup><br>|  | 1650 | 1573226 |
| MTN Commercial Mortgage Trust, <br> Series 2022-LPFL, Class A, (1-mo. CME <br> Term SOFR + 1.40%), 5.08%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 1330 | 1329169 |
| Natixis Commercial Mortgage Securities Trust |  |  |  |
| Series 2018-SOX, Class A, 4.40%, <br> 06/17/38<sup>(a)</sup><br>|  | 4162 | 4077862 |
| Series 2019-LVL, Class D, 4.44%, <br> 08/15/38<sup>(a)</sup><br>|  | 1550 | 1424598 |
| NCMF Trust |  |  |  |
| Series 2025-MFS, Class A, 4.88%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 5715 | 5694156 |
| Series 2025-MFS, Class E, 7.53%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 12994 | 13064737 |
| Series 2025-MFS, Class F, 8.44%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 11453 | 11523103 |
| NJ Trust, Series 2023-GSP, Class A, 6.48%, <br> 01/06/29<sup>(a)(b)</sup><br>|  | 5050 | 5233409 |
| NY Commercial Mortgage Trust, Series 2025-<br> 299P, Class B, 5.93%, 02/10/47<sup>(a)(b)</sup><br>|  | 908 | 931322 |
| NYC Commercial Mortgage Trust |  |  |  |
| Series 2025-11X, Class A, (1-mo. CME <br> Term SOFR + 1.74%), 5.42%, <br> 10/15/40<sup>(a)(b)</sup><br>|  | 9538 | 9540981 |
| Series 2025-28L, Class A, 4.67%, <br> 11/05/38<sup>(a)(b)</sup><br>|  | 4981 | 4959946 |
| Series 2025-300P, Class E, 7.39%, <br> 07/13/42<sup>(a)(b)</sup><br>|  | 1738 | 1745267 |
| Series 2025-77C, Class A, 4.79%, <br> 01/10/36<sup>(a)(b)</sup><br>|  | 11020 | 10931776 |
| NYCT Trust |  |  |  |
| Series 2024-3ELV, Class A, (1-mo. CME <br> Term SOFR + 1.99%), 5.66%, <br> 08/15/29<sup>(a)(b)</sup><br>|  | 1348 | 1349983 |
| Series 2024-3ELV, Class D, (1-mo. CME <br> Term SOFR + 3.84%), 7.51%, <br> 08/15/29<sup>(a)(b)</sup><br>|  | 2195 | 2194312 |
| Olympic Tower Mortgage Trust, Series 2017-<br> OT, Class E, 3.95%, 05/10/39<sup>(a)(b)</sup><br>|  | 2910 | 2584809 |
| One Bryant Park Trust, Series 2019-OBP, <br> Class A, 2.52%, 09/15/54<sup>(a)</sup><br>|  | 1888 | 1744400 |
| One Market Plaza Trust, Series 2017-1MKT, <br> Class D, 4.15%, 02/10/32<sup>(a)</sup><br>|  | 1754 | 1614572 |
| One New York Plaza Trust |  |  |  |
| Series 2020-1NYP, Class A, (1-mo. CME <br> Term SOFR + 1.06%), 4.74%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 1713 | 1648949 |
| Series 2020-1NYP, Class AJ, (1-mo. CME <br> Term SOFR + 1.36%), 5.04%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 1157 | 1090473 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| One New York Plaza Trust |  |  |  |
| Series 2020-1NYP, Class B, (1-mo. CME <br> Term SOFR + 1.61%), 5.29%, <br> 01/15/36<sup>(a)(b)</sup><br>| USD  | 2345 | $2198438 |
| Series 2020-1NYP, Class D, (1-mo. CME <br> Term SOFR + 2.86%), 6.54%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 960 | 888000 |
| ONNI Commerical Mortgage Trust, <br> Series 2024-APT, Class A, 5.20%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 781 | 790422 |
| ORL Trust, Series 2024-GLKS, Class A, (1-<br> mo. CME Term SOFR + 1.49%), 5.17%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 4150 | 4150000 |
| PENN Commercial Mortgage Trust |  |  |  |
| Series 2025-P11, Class A, 5.34%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1207 | 1226402 |
| Series 2025-P11, Class C, 6.51%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1242 | 1288368 |
| PFP Ltd., Series 2026-13, Class A, (1-mo. <br> CME Term SOFR + 1.50%), 5.18%, <br> 08/18/43<sup>(a)(b)</sup><br>|  | 1745 | 1744991 |
| PGA Trust, Series 2024-RSR2, Class A, (1-<br> mo. CME Term SOFR + 1.89%), 5.56%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 2559 | 2550203 |
| PLYM Commercial Mortgage Trust, <br> Series 2026-IND, Class D, (1-mo. CME <br> Term SOFR + 2.15%), 5.82%, <br> 03/15/43<sup>(a)(b)</sup><br>|  | 588 | 582145 |
| PRM5 Trust, Series 2025-PRM5, Class D, <br> 5.25%, 03/10/33<sup>(a)(b)</sup><br>|  | 1700 | 1685850 |
| ROCK Trust, Series 2024-CNTR, Class A, <br> 5.39%, 11/13/41<sup>(a)</sup><br>|  | 800 | 813246 |
| Sage AR Funding |  |  |  |
| Series 2025-1X, Class C, (1-day SONIA + <br> 2.40%), 6.15%, 05/17/37<sup>(b)(e)</sup><br>| GBP  | 1618 | 2133770 |
| Series 2025-1X, Class D, (1-day SONIA + <br> 3.90%), 7.65%, 05/17/37<sup>(b)(e)</sup><br>|  | 1393 | 1837269 |
| Series 2026-1X, Class C, (1-day SONIA + <br> 1.75%), 5.48%, 05/18/38<sup>(b)(e)</sup><br>|  | 5108 | 6717266 |
| Series 2026-1X, Class D, (1-day SONIA + <br> 2.50%), 6.23%, 05/18/38<sup>(b)(e)</sup><br>|  | 2179 | 2864117 |
| SCG Commercial Mortgage Trust |  |  |  |
| Series 2025-DLFN, Class D, (1-mo. CME <br> Term SOFR + 2.15%), 5.82%, <br> 03/15/35<sup>(a)(b)</sup><br>| USD  | 532 | 531335 |
| Series 2025-DLFN, Class E, (1-mo. CME <br> Term SOFR + 2.95%), 6.62%, <br> 03/15/35<sup>(a)(b)</sup><br>|  | 4046 | 4050485 |
| Series 2025-FLWR, Class A, (1-mo. CME <br> Term SOFR + 1.25%), 4.92%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 1710 | 1706794 |
| Series 2025-FLWR, Class E, (1-mo. CME <br> Term SOFR + 2.75%), 6.42%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 278 | 275976 |
| SDAL Trust, Series 2025-DAL, Class A, (1-<br> mo. CME Term SOFR + 2.44%), 6.11%, <br> 04/15/42<sup>(a)(b)</sup><br>|  | 1963 | 1967355 |
| SELF Commercial Mortgage Trust |  |  |  |
| Series 2024-STRG, Class A, (1-mo. CME <br> Term SOFR + 1.54%), 5.22%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 296 | 295766 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| SELF Commercial Mortgage Trust |  |  |  |
| Series 2024-STRG, Class E, (1-mo. CME <br> Term SOFR + 4.19%), 7.86%, <br> 11/15/34<sup>(a)(b)</sup><br>| USD  | 2367 | $2360282 |
| Series 2024-STRG, Class F, (1-mo. CME <br> Term SOFR + 5.19%), 8.86%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 2023 | 2011139 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| Series 2019-PREZ, Class D, 3.48%, <br> 09/15/39<sup>(a)(b)</sup><br>|  | 2200 | 1948206 |
| Series 2019-PREZ, Class E, 3.48%, <br> 09/15/39<sup>(a)(b)</sup><br>|  | 1792 | 1523062 |
| SHR Trust |  |  |  |
| Series 2024-LXRY, Class A, (1-mo. CME <br> Term SOFR + 1.95%), 5.62%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 9897 | 9884629 |
| Series 2024-LXRY, Class B, (1-mo. CME <br> Term SOFR + 2.45%), 6.12%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 2553 | 2546617 |
| Series 2024-LXRY, Class D, (1-mo. CME <br> Term SOFR + 3.60%), 7.27%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 1783 | 1778553 |
| Series 2024-LXRY, Class E, (1-mo. CME <br> Term SOFR + 4.45%), 8.12%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 280 | 279648 |
| SLG Commercial Mortgage Trust, <br> Series 2026-PAT, Class HRR, 8.41%, <br> 02/15/39<sup>(a)(b)</sup><br>|  | 7000 | 6878607 |
| SLG Trust |  |  |  |
| Series 2026-OMA, Class A, 04/15/41<sup>(a)(b)(i)</sup> |  | 750 | 754348 |
| Series 2026-OMA, Class E, 04/15/41<sup>(a)(b)(i)</sup> |  | 2250 | 2262310 |
| Series 2026-OMA, Class F, 04/15/41<sup>(a)(b)(i)</sup> |  | 3500 | 3518641 |
| Series 2026-PAT, Class A, 4.45%, <br> 02/15/39<sup>(a)(b)</sup><br>|  | 6496 | 6442637 |
| SREIT Trust, Series 2021-MFP2, Class F, <br> (1-mo. CME Term SOFR + 2.73%), 6.41%, <br> 11/15/36<sup>(a)(b)</sup><br>|  | 2091 | 2089993 |
| Taurus UK DAC |  |  |  |
| Series 2025-UK2X, Class B, (1-day SONIA <br> + 2.00%), 5.75%, 02/18/35<sup>(b)(e)</sup><br>| GBP  | 1627 | 2146779 |
| Series 2025-UK2X, Class C, (1-day SONIA <br> + 2.50%), 6.25%, 02/18/35<sup>(b)(e)</sup><br>|  | 2011 | 2653144 |
| Series 2025-UK2X, Class D, (1-day SONIA <br> + 3.20%), 6.95%, 02/18/35<sup>(b)(e)</sup><br>|  | 4444 | 5862558 |
| Series 2025-UK4, Class B, (1-day SONIA + <br> 1.60%), 5.34%, 08/18/35<sup>(b)(e)</sup><br>|  | 508 | 670255 |
| Series 2025-UK4, Class C, (1-day SONIA + <br> 1.95%), 5.69%, 08/18/35<sup>(b)(e)</sup><br>|  | 790 | 1041336 |
| TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class D, (1-mo. CME <br> Term SOFR + 2.74%), 6.41%, <br> 12/15/39<sup>(a)(b)</sup><br>| USD  | 519 | 518351 |
| THPT Mortgage Trust, Series 2023-THL, <br> Class A, 7.00%, 12/10/34<sup>(a)(b)</sup><br>|  | 1683 | 1695092 |
| Thunder Logistics DAC, Series 2024-1X, <br> Class B, (3-mo. EURIBOR + 2.05%), <br> 4.05%, 11/17/36<sup>(b)(e)</sup><br>| EUR  | 407 | 470628 |
| TYSN Mortgage Trust, Series 2023-CRNR, <br> Class A, 6.58%, 12/10/33<sup>(a)(b)</sup><br>| USD  | 2230 | 2317463 |
| UBS Commercial Mortgage Trust |  |  |  |
| Series 2017-C7, Class A4, 3.68%, <br> 12/15/50<br>|  | 880 | 868391 |

---

902026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| UBS Commercial Mortgage Trust |  |  |  |
| Series 2018-C15, Class A4, 4.34%, <br> 12/15/51<br>| USD  | 1500 | $1480263 |
| UK Logistics DAC |  |  |  |
| Series 2024-1X, Class A, (1-day SONIA + <br> 1.65%), 5.40%, 05/17/34<sup>(b)(e)</sup><br>| GBP  | 711 | 940356 |
| Series 2024-2X, Class C, (1-day SONIA + <br> 2.10%), 5.85%, 02/17/35<sup>(b)(e)</sup><br>|  | 509 | 670825 |
| Series 2024-2X, Class D, (1-day SONIA + <br> 3.10%), 6.85%, 02/17/35<sup>(b)(e)</sup><br>|  | 1175 | 1539969 |
| Series 2025-1X, Class D, (1-day SONIA + <br> 4.00%), 7.75%, 05/17/35<sup>(b)(e)</sup><br>|  | 4493 | 5928464 |
| UNIV Trust |  |  |  |
| Series 2025-APTS, Class A, (1-mo. CME <br> Term SOFR + 1.65%), 5.32%, <br> 11/15/42<sup>(a)(b)</sup><br>| USD  | 8745 | 8714282 |
| Series 2025-APTS, Class B, (1-mo. CME <br> Term SOFR + 2.25%), 5.92%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 1018 | 1014437 |
| Vanir Logistics Finance S.a.r.l., Series 1X, <br> Class C, (3-mo. EURIBOR + 1.90%), <br> 3.98%, 07/23/37<sup>(b)(e)</sup><br>| EUR  | 891 | 1026036 |
| VEGAS Trust |  |  |  |
| Series 2024-GCS, Class C, 6.22%, <br> 07/10/36<sup>(a)(b)</sup><br>| USD  | 7390 | 7466894 |
| Series 2024-GCS, Class D, 6.22%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 10840 | 10784998 |
| Velocity Commercial Capital Loan Trust |  |  |  |
| Series 2017-2, Class M3, 4.24%, <br> 11/25/47<sup>(a)(b)</sup><br>|  | 212 | 199456 |
| Series 2017-2, Class M4, 5.00%, <br> 11/25/47<sup>(a)(b)</sup><br>|  | 128 | 116279 |
| Series 2018-1, Class M2, 4.26%, <br> 04/25/48<sup>(a)</sup><br>|  | 109 | 105310 |
| Series 2020-1, Class AFX, 2.61%, <br> 02/25/50<sup>(a)(b)</sup><br>|  | 2328 | 2171857 |
| Series 2020-1, Class M1, 2.80%, <br> 02/25/50<sup>(a)(b)</sup><br>|  | 418 | 343452 |
| Series 2020-1, Class M2, 2.98%, <br> 02/25/50<sup>(a)(b)</sup><br>|  | 492 | 399217 |
| Series 2021-4, Class A, 2.52%, <br> 12/26/51<sup>(a)(b)</sup><br>|  | 7744 | 6991008 |
| Series 2021-4, Class M4, 4.48%, <br> 12/26/51<sup>(a)(b)</sup><br>|  | 852 | 694795 |
| Series 2022-1, Class M4, 5.20%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 567 | 475303 |
| Series 2022-2, Class M3, 5.73%, <br> 04/25/52<sup>(a)(b)</sup><br>|  | 1774 | 1689805 |
| Series 2022-4, Class M2, 6.97%, <br> 08/25/52<sup>(a)(b)</sup><br>|  | 748 | 748998 |
| Series 2022-4, Class M3, 7.52%, <br> 08/25/52<sup>(a)(b)</sup><br>|  | 509 | 510548 |
| Series 2022-4, Class M4, 7.52%, <br> 08/25/52<sup>(a)(b)</sup><br>|  | 923 | 881222 |
| Series 2023-2, Class A, 6.22%, <br> 05/25/53<sup>(a)(b)</sup><br>|  | 1753 | 1752314 |
| Series 2023-2, Class M1, 7.03%, <br> 05/25/53<sup>(a)(b)</sup><br>|  | 969 | 976352 |
| Series 2024-1, Class A, 6.55%, <br> 01/25/54<sup>(a)(b)</sup><br>|  | 4357 | 4404387 |
| Series 2024-1, Class M2, 7.23%, <br> 01/25/54<sup>(a)(b)</sup><br>|  | 494 | 499833 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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 |  |  |  |
| Series 2024-1, Class M3, 8.44%, <br> 01/25/54<sup>(a)(b)</sup><br>| USD  | 490 | $502141 |
| Series 2024-5, Class A, 5.49%, 10/25/54<sup>(a)</sup> |  | 1486 | 1478616 |
| Series 2024-5, Class M2, 5.96%, <br> 10/25/54<sup>(a)</sup><br>|  | 717 | 713135 |
| Series 2024-5, Class M3, 6.76%, <br> 10/25/54<sup>(a)</sup><br>|  | 946 | 940978 |
| Series 2024-5, Class M4, 9.47%, <br> 10/25/54<sup>(a)</sup><br>|  | 708 | 707531 |
| Series 2024-6, Class M2, 6.55%, <br> 12/25/54<sup>(a)(b)</sup><br>|  | 432 | 432869 |
| Series 2024-6, Class M3, 6.92%, <br> 12/25/54<sup>(a)(b)</sup><br>|  | 655 | 656073 |
| Series 2024-6, Class M4, 9.67%, <br> 12/25/54<sup>(a)(b)</sup><br>|  | 1190 | 1198880 |
| Series 2025-1, Class M3, 7.33%, <br> 02/25/55<sup>(a)(b)</sup><br>|  | 2414 | 2434035 |
| Series 2025-1, Class M4, 10.15%, <br> 02/25/55<sup>(a)</sup><br>|  | 836 | 841887 |
| Series 2025-3, Class M3, 7.38%, <br> 06/25/55<sup>(a)(b)</sup><br>|  | 1600 | 1611432 |
| Series 2025-5, Class M2, 6.31%, <br> 12/25/55<sup>(a)(b)</sup><br>|  | 339 | 338203 |
| Series 2025-5, Class M3, 6.70%, <br> 12/25/55<sup>(a)(b)</sup><br>|  | 1459 | 1437579 |
| Series 2025-MC1, Class A1, 8.16%, <br> 05/25/55<sup>(a)(c)</sup><br>|  | 2413 | 2403238 |
| Series 2025-P2, Class A, 5.46%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 7513 | 7444462 |
| Series 2025-P2, Class M1, 6.04%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 678 | 671770 |
| Series 2025-P2, Class M2, 6.56%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 758 | 749965 |
| Series 2025-P2, Class M3, 6.85%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 1326 | 1312465 |
| Series 2025-P2, Class M4, 9.45%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 788 | 780151 |
| Series 2025-P2, Class M5, 10.21%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 287 | 261741 |
| Series 2026-1, Class A, 5.10%, <br> 02/25/56<sup>(a)(b)</sup><br>|  | 3032 | 2989494 |
| VNDO Trust, Series 2016-350P, Class D, <br> 3.90%, 01/10/35<sup>(a)(b)</sup><br>|  | 3390 | 3384243 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2018-1745, Class A, 3.75%, <br> 06/15/36<sup>(a)(b)</sup><br>|  | 472 | 444814 |
| Series 2018-AUS, Class A, 4.06%, <br> 08/17/36<sup>(a)(b)</sup><br>|  | 1680 | 1640547 |
| Series 2019-C49, Class D, 3.00%, <br> 03/15/52<sup>(a)</sup><br>|  | 514 | 420415 |
| Series 2024-1CHI, Class A, 4.95%, <br> 07/15/35<sup>(a)(b)</sup><br>|  | 2829 | 2841056 |
| Series 2024-BPRC, Class B, 6.22%, <br> 07/15/43<sup>(a)</sup><br>|  | 4292 | 4386717 |
| Series 2024-BPRC, Class C, 6.43%, <br> 07/15/43<sup>(a)</sup><br>|  | 2732 | 2737381 |
| Series 2024-BPRC, Class D, 7.08%, <br> 07/15/43<sup>(a)</sup><br>|  | 1160 | 1160283 |
| WEST Trust, Series 2025-ROSE, Class A, <br> 5.28%, 04/10/35<sup>(a)(b)</sup><br>|  | 2278 | 2287503 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| WHARF Commercial Mortgage Trust |  |  |  |
| Series 2025-DC, Class A, 4.99%, <br> 07/15/40<sup>(a)(b)</sup><br>| USD  | 4623 | $4726023 |
| Series 2025-DC, Class E, 7.21%, <br> 07/15/40<sup>(a)(b)</sup><br>|  | 2708 | 2710053 |
|  |  |  | 1372652266 |
| **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, <br> Class XS, 0.00%, 12/25/60<sup>(a)(b)</sup><br>|  | 90454 | 2822636 |
| Barclays Mortgage Loan Trust |  |  |  |
| Series 2023-NQM3, Class XS, 0.82%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 42099 | 122058 |
| Series 2024-NQM1, Class XS, 2.45%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 28350 | 600911 |
| Series 2024-NQM3, Class XS, 0.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 37443 | 761071 |
| Series 2024-NQM4, Class XS, 0.00%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 48954 | 1650484 |
| Series 2025-NQM1, Class XS, 0.00%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 47450 | 1454751 |
| Series 2025-NQM2, Class XS2, 0.00%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 37746 | 963114 |
| JPMorgan Mortgage Trust |  |  |  |
| Series 2021-INV5, Class A2X, 0.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 44121 | 1238336 |
| Series 2021-INV5, Class A5X, 0.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 6301 | 176864 |
| Series 2021-INV5, Class AX1, 0.19%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 85278 | 892275 |
| Series 2021-INV7, Class A2X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 23194 | 660078 |
| Series 2021-INV7, Class A3X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 12986 | 230891 |
| Series 2021-INV7, Class A4X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 6756 | 280537 |
| Series 2021-INV7, Class A5X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 2525 | 71870 |
| Series 2021-INV7, Class AX1, 0.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 45462 | 685979 |
| Seasoned Credit Risk Transfer Trust, <br> Series 2017-3, Class BIO, 1.53%, <br> 07/25/56<sup>(a)(b)</sup><br>|  | 2485 | 283737 |
| Voyager OPTONE Delaware Trust, <br> Series 2009-1, Class SAA7, 3.44%, <br> 02/25/38<sup>(a)(b)</sup><br>|  | 11277 | 2384754 |
|  |  |  | 15280346 |
| **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** |
| 245 Park Avenue Trust, Series 2017-245P, <br> Class XA, 0.15%, 06/05/37<sup>(a)(b)</sup><br>|  | 13000 | 22347 |
| BANK, Series 2019-BN20, Class XB, 0.36%, <br> 09/15/62<sup>(b)</sup><br>|  | 39279 | 457942 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK3, <br> Class XB, 0.59%, 02/15/50<sup>(b)</sup><br>|  | 11850 | 40875 |
| BBCMS Mortgage Trust |  |  |  |
| Series 2015-SRCH, Class XA, 0.82%, <br> 08/10/35<sup>(a)(b)</sup><br>|  | 14677 | 107078 |
| Series 2020-C7, Class XB, 0.97%, <br> 04/15/53<sup>(b)</sup><br>|  | 1596 | 57223 |
| Benchmark Mortgage Trust |  |  |  |
| Series 2019-B9, Class XA, 1.00%, <br> 03/15/52<sup>(b)</sup><br>|  | 11907 | 270861 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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)** |
| Benchmark Mortgage Trust |  |  |  |
| Series 2020-B17, Class XB, 0.52%, <br> 03/15/53<sup>(b)</sup><br>| USD  | 7100 | $114923 |
| Series 2021-B23, Class XA, 1.25%, <br> 02/15/54<sup>(b)</sup><br>|  | 26975 | 1160394 |
| BMO Mortgage Trust, Series 2023-C5, <br> Class XA, 0.73%, 06/15/56<sup>(b)</sup><br>|  | 14152 | 552704 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| Series 2016-C3, Class XD, 1.50%, <br> 01/10/48<sup>(a)(b)</sup><br>|  | 3306 | 33 |
| Series 2016-C4, Class XB, 0.57%, <br> 05/10/58<sup>(b)</sup><br>|  | 5810 | 90 |
| Citigroup Commercial Mortgage Trust, <br> Series 2020-420K, Class X, 0.80%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 46500 | 1495700 |
| Commercial Mortgage Pass-Through <br> Certificates, Series 2018-COR3, Class XD, <br> 1.75%, 05/10/51<sup>(a)(b)</sup><br>|  | 3200 | 97555 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| Series 2017-CX10, Class XB, 0.23%, <br> 11/15/50<sup>(b)</sup><br>|  | 12490 | 57795 |
| Series 2019-C16, Class XA, 1.53%, <br> 06/15/52<sup>(b)</sup><br>|  | 28493 | 1097360 |
| Series 2019-C17, Class XA, 1.31%, <br> 09/15/52<sup>(b)</sup><br>|  | 9073 | 303553 |
| Series 2019-C17, Class XB, 0.53%, <br> 09/15/52<sup>(b)</sup><br>|  | 19090 | 294051 |
| DBGS Mortgage Trust, Series 2019-1735, <br> Class X, 0.29%, 04/10/37<sup>(a)(b)</sup><br>|  | 21535 | 176996 |
| Deutsche Bank JPMorgan Mortgage Trust, <br> Series 2017-C6, Class XD, 1.00%, <br> 06/10/50<sup>(a)(b)</sup><br>|  | 5780 | 56548 |
| ELM Trust |  |  |  |
| Series 2024-ELM, Class XP10, 0.22%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 51484 | 20254 |
| Series 2024-ELM, Class XP15, 1.46%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 46635 | 122039 |
| FREMF Mortgage Trust, Series 2019-KW08, <br> Class X2A, 0.10%, 01/25/29<sup>(a)</sup><br>|  | 139459 | 302989 |
| GS Mortgage Securities Trust |  |  |  |
| Series 2019-GSA1, Class XA, 0.80%, <br> 11/10/52<sup>(b)</sup><br>|  | 7642 | 178437 |
| Series 2020-GSA2, Class XA, 1.65%, <br> 12/12/53<sup>(a)(b)</sup><br>|  | 17367 | 1003808 |
| JPMBB Commercial Mortgage Securities <br> Trust, Series 2014-C22, Class XA, 0.41%, <br> 09/15/47<sup>(b)</sup><br>|  | 86 | 1 |
| JPMDB Commercial Mortgage Securities <br> Trust, Series 2016-C4, Class XC, 0.75%, <br> 12/15/49<sup>(a)(b)</sup><br>|  | 4940 | 12830 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |  |
| Series 2013-LC11, Class XB, 0.02%, <br> 04/15/46<sup>(b)</sup><br>|  | 1832 | 955 |
| Series 2016-JP3, Class XC, 0.75%, <br> 08/15/49<sup>(a)(b)</sup><br>|  | 13040 | 17102 |
| Ladder Capital Commercial Mortgage Trust, <br> Series 2013-GCP, Class XA, 1.13%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 3380 | 71862 |
| LSTAR Commercial Mortgage Trust, <br> Series 2017-5, Class X, 0.87%, <br> 03/10/50<sup>(a)(b)</sup><br>|  | 2166 | 8553 |

---

922026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *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)** |
| MCR Mortgage Trust, Series 2024-TWA, <br> Class XA, 0.92%, 06/12/39<sup>(a)</sup><br>| USD  | 16557 | $98966 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |  |
| Series 2014-C19, Class XF, 1.06%, <br> 12/15/47<sup>(a)(b)</sup><br>|  | 4370 | 48930 |
| Series 2015-C26, Class XD, 1.61%, <br> 10/15/48<sup>(a)(b)</sup><br>|  | 2032 | 85 |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2016-UBS9, Class XD, 1.58%, <br> 03/15/49<sup>(a)(b)</sup><br>|  | 13984 | 179640 |
| Series 2017-H1, Class XD, 2.12%, <br> 06/15/50<sup>(a)(b)</sup><br>|  | 3293 | 73410 |
| Series 2019-H6, Class XB, 0.72%, <br> 06/15/52<sup>(b)</sup><br>|  | 23510 | 494735 |
| Series 2019-L2, Class XA, 0.97%, <br> 03/15/52<sup>(b)</sup><br>|  | 7952 | 188630 |
| MSWF Commercial Mortgage Trust, <br> Series 2023-2, Class XA, 0.92%, <br> 12/15/56<sup>(b)</sup><br>|  | 54801 | 2955019 |
| Olympic Tower Mortgage Trust, Series 2017-<br> OT, Class XA, 0.38%, 05/10/39<sup>(a)(b)</sup><br>|  | 36697 | 95394 |
| One Market Plaza Trust |  |  |  |
| Series 2017-1MKT, Class XCP, 0.00%, <br> 02/10/32<sup>(a)(b)</sup><br>|  | 44225 | 137694 |
| Series 2017-1MKT, Class XNCP, 0.09%, <br> 02/10/32<sup>(a)(b)</sup><br>|  | 8845 | 23134 |
| UBS Commercial Mortgage Trust |  |  |  |
| Series 2019-C17, Class XA, 1.44%, <br> 10/15/52<sup>(b)</sup><br>|  | 18125 | 740053 |
| Series 2019-C18, Class XA, 0.98%, <br> 12/15/52<sup>(b)</sup><br>|  | 32483 | 839516 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-BNK1, Class XD, 1.41%, <br> 08/15/49<sup>(a)(b)</sup><br>|  | 4420 | 23336 |
| Series 2019-C50, Class XA, 1.39%, <br> 05/15/52<sup>(b)</sup><br>|  | 20807 | 662604 |
| Series 2024-BPRC, Class X, 0.09%, <br> 07/15/43<sup>(a)(b)</sup><br>|  | 33871 | 272164 |
|  |  |  | 14936168 |
| **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%, <br> 07/25/56<sup>(a)(d)</sup><br>|  | 1492 | 239206 |
| **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $2,801,403,850)** | **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $2,801,403,850)** | **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $2,801,403,850)** | 2753698925 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.8%** | **Capital Trusts — 0.8%** | **Capital Trusts — 0.8%** | **Capital Trusts — 0.8%** |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Stellantis NV |  |  |  |
| 6.25%<sup>(e)(p)</sup> | EUR  | 950 | 1048081 |
| 6.88%<sup>(e)(p)</sup> |  | 828 | 902162 |
| 8.25%<sup>(e)(p)</sup> | GBP  | 780 | 986623 |
|  |  |  | 2936866 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Akbank TAS, 9.37%<sup>(e)(p)</sup> | USD  | 852 | 851321 |
| Banco Bilbao Vizcaya Argentaria SA, <br> 6.88%<sup>(e)(p)</sup><br>| EUR  | 400 | 483451 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Barclays PLC |  |  |  |
| 4.38%<sup>(p)</sup> | USD  | 462 | $438071 |
| 6.13%<sup>(e)(p)</sup> | EUR  | 500 | 551923 |
| BNP Paribas SA, 4.63%<sup>(a)(p)</sup> | USD  | 462 | 454915 |
| Cooperatieve Rabobank UA, 6.50%<sup>(c)(e)(p)</sup> | EUR  | 657 | 840430 |
| Eurobank SA, 6.25%<sup>(e)(p)</sup> |  | 750 | 825527 |
| HSBC Holdings PLC, 5.25%<sup>(e)(p)</sup> | SGD  | 2000 | 1586684 |
| National Bank of Greece SA, 5.80%<sup>(e)(p)</sup> | EUR  | 200 | 220600 |
| United Overseas Bank Ltd., 3.00%<sup>(e)(p)</sup> | SGD  | 7250 | 5631903 |
| Wells Fargo & Co., 5.95%, 12/15/36 | USD  | 135 | 139143 |
|  |  |  | 12023968 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Rakuten Group, Inc., 4.25%<sup>(e)(p)</sup> | EUR  | 2654 | 2974413 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Deutsche Bank AG |  |  |  |
| 4.63%<sup>(e)(p)</sup> |  | 400 | 446998 |
| 6.75%<sup>(e)(p)</sup> |  | 600 | 683974 |
| 7.38%<sup>(e)(p)</sup> |  | 600 | 717783 |
| 8.13%<sup>(e)(p)</sup> |  | 400 | 485507 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | USD  | 266 | 277089 |
| UBS Group AG |  |  |  |
| 4.88%<sup>(a)(p)</sup> |  | 483 | 476923 |
| 7.13%<sup>(e)(p)</sup> | AUD  | 1915 | 1281035 |
|  |  |  | 4369309 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| FMC Corp., 8.45%, 11/01/55 | USD  | 547 | 352191 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Cemex SAB de CV, 7.20%<sup>(a)(p)</sup> |  | 5377 | 5458291 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
| RCI Banque SA, 6.13%<sup>(e)(p)</sup> | EUR  | 200 | 226599 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| 6.88%, 09/15/55 | USD  | 19 | 19215 |
| 7.00%, 09/15/55 |  | 169 | 172975 |
| British Telecommunications PLC, 4.25%, <br> 11/23/81<sup>(a)</sup><br>|  | 200 | 197428 |
| Cas Capital No. 2 Ltd., 6.25%<sup>(e)(p)</sup> |  | 667 | 656061 |
| Telefonica Emisiones SA |  |  |  |
| 4.38%<sup>(e)(p)</sup> | EUR  | 200 | 223287 |
| 4.88%<sup>(e)(p)</sup> |  | 400 | 439174 |
| TELUS Corp. |  |  |  |
| 6.38%, 06/09/56 | USD  | 200 | 197997 |
| 6.63%, 06/09/56 |  | 100 | 97476 |
|  |  |  | 2003613 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| AES Corp. (The), 6.95%, 07/15/55 |  | 233 | 217384 |
| Alliant Energy Corp., 5.75%, 04/01/56 |  | 2681 | 2606618 |
| Dominion Energy, Inc. |  |  |  |
| 6.00%, 02/15/56 |  | 1931 | 1918694 |
| 6.20%, 02/15/56 |  | 1467 | 1454097 |
| Series A, 6.88%, 02/01/55 |  | 100 | 102917 |
| Series B, 7.00%, 06/01/54 |  | 4328 | 4577682 |
| Edison International, 8.13%, 06/15/53 |  | 221 | 225002 |
| EDP SA, 4.38%, 12/02/55<sup>(e)</sup> | EUR  | 100 | 111066 |
| Electricite de France SA |  |  |  |
| 5.63%<sup>(e)(p)</sup> |  | 600 | 709173 |
| 7.38%<sup>(e)(p)</sup> | GBP  | 500 | 666307 |
| Enel SpA, 4.50%<sup>(e)(p)</sup> | EUR  | 250 | 273670 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Entergy Corp. |  |  |  |
| 5.88%, 06/15/56 | USD  | 1791 | $1767143 |
| 6.10%, 06/15/56 |  | 932 | 919821 |
| 7.13%, 12/01/54 |  | 3459 | 3544361 |
| EUSHI Finance, Inc., 6.25%, 04/01/56 |  | 142 | 139394 |
| Evergy, Inc., 6.65%, 06/01/55 |  | 1647 | 1658107 |
| Eversource Energy |  |  |  |
| Series A, 6.10%, 08/15/56 |  | 2646 | 2613291 |
| Series B, 6.35%, 08/15/56 |  | 893 | 880905 |
| Exelon Corp., 6.50%, 03/15/55 |  | 346 | 352769 |
| Nevada Power Co., 6.25%, 05/15/55 |  | 1030 | 1029597 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 4.00%, 05/15/56 | EUR  | 16000 | 17805900 |
| 6.38%, 08/15/55 | USD  | 1477 | 1504697 |
| 6.50%, 08/15/55 |  | 905 | 933892 |
| 6.70%, 09/01/54 |  | 217 | 221631 |
| 6.75%, 06/15/54 |  | 1814 | 1876645 |
| PacifiCorp, 7.13%, 08/15/56 |  | 233 | 220110 |
| PG&E Corp., 7.38%, 03/15/55 |  | 11120 | 11191328 |
| Sierra Pacific Power Co., 6.20%, 12/15/55 |  | 1503 | 1461850 |
| Southern Co. (The), Series 2025, 6.38%, <br> 03/15/55<br>|  | 600 | 617127 |
|  |  |  | 61601178 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Venture Global LNG, Inc., 9.00%<sup>(a)(p)</sup> |  | 1775 | 1767982 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 6.50%, 01/31/56<br>|  | 2448 | 2450522 |
| Apollo Global Management, Inc., 6.00%, <br> 12/15/54<br>|  | 965 | 904784 |
| Corebridge Financial, Inc. |  |  |  |
| 6.38%, 09/15/54 |  | 749 | 736141 |
| 6.88%, 12/15/52 |  | 880 | 886662 |
| Equitable Holdings, Inc., 6.70%, 03/28/55 |  | 100 | 100919 |
| HA Sustainable Infrastructure Capital, Inc., <br> 8.00%, 06/01/56<br>|  | 81 | 83817 |
|  |  |  | 5162845 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| Spire, Inc. |  |  |  |
| 6.25%, 06/01/56 |  | 277 | 273911 |
| 6.45%, 06/01/56 |  | 433 | 431872 |
|  |  |  | 705783 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| DENTSPLY SIRONA, Inc., 8.38%, 09/12/55 |  | 144 | 140620 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 127 | 128593 |
| 7.00%, 03/10/55 |  | 183 | 188598 |
|  |  |  | 317191 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Orsted AS, 5.13%, 03/14/24<sup>(e)</sup> | EUR  | 235 | 271576 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Ageas SA, 5.88%<sup>(e)(p)</sup> |  | 200 | 223946 |
| American National Group, Inc., 7.00%, <br> 12/01/55<br>| USD  | 134 | 127075 |
| Athene Holding Ltd. |  |  |  |
| 6.63%, 10/15/54 |  | 1889 | 1744732 |
| 6.88%, 06/28/55 |  | 106 | 99105 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| AXIS Specialty Finance LLC, 4.90%, <br> 01/15/40<br>| USD  | 822 | $788471 |
| BNP Paribas Cardif SA, 6.00%<sup>(e)(p)</sup> | EUR  | 800 | 894559 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(a)</sup> | USD  | 63 | 60660 |
| MetLife, Inc. |  |  |  |
| 6.40%, 12/15/36 |  | 372 | 379826 |
| 10.75%, 08/01/39 |  | 202 | 261810 |
| Prudential Financial, Inc., 4.50%, 09/15/47 |  | 961 | 937366 |
|  |  |  | 5517550 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Paramount Global, 6.25%, 02/28/57 |  | 537 | 359790 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| CenterPoint Energy, Inc. |  |  |  |
| 6.70%, 05/15/55 |  | 1593 | 1610827 |
| Series A, 7.00%, 02/15/55 |  | 2587 | 2662352 |
| Series B, 6.85%, 02/15/55 |  | 184 | 192788 |
| CMS Energy Corp., 3.75%, 12/01/50 |  | 172 | 156909 |
| NiSource, Inc. |  |  |  |
| 5.75%, 07/15/56 |  | 1560 | 1536266 |
| 6.38%, 03/31/55 |  | 604 | 617200 |
| 6.95%, 11/30/54 |  | 3340 | 3434519 |
| Sempra |  |  |  |
| 6.38%, 04/01/56 |  | 1086 | 1090890 |
| 6.40%, 10/01/54 |  | 108 | 107662 |
| 6.55%, 04/01/55 |  | 1385 | 1378812 |
| 6.63%, 04/01/55 |  | 1250 | 1249959 |
| 6.88%, 10/01/54 |  | 3876 | 3917733 |
| WEC Energy Group, Inc., 5.63%, 05/15/56 |  | 341 | 334122 |
|  |  |  | 18290039 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Keppel REIT, Series MTN, 3.78%<sup>(e)(p)</sup> | SGD  | 1750 | 1370654 |
| Suntec Real Estate Investment Trust, <br> 4.48%<sup>(e)(p)</sup><br>|  | 1750 | 1395154 |
|  |  |  | 2765808 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Energy Transfer LP |  |  |  |
| 6.75%, 02/15/56 | USD  | 112 | 111389 |
| 7.13%, 10/01/54 |  | 213 | 216337 |
| Eni SpA, 4.88%<sup>(e)(p)</sup> | EUR  | 730 | 835971 |
| Enterprise Products Operating LLC, Series E, <br> 5.25%, 08/16/77<br>| USD  | 1546 | 1532215 |
| Phillips 66 Co. |  |  |  |
| Series A, 5.88%, 03/15/56 |  | 2805 | 2762246 |
| Series B, 6.20%, 03/15/56 |  | 902 | 897948 |
| South Bow Canadian Infrastructure Holdings <br> Ltd.<br>|  |  |  |
| 7.50%, 03/01/55 |  | 26 | 27071 |
| 7.63%, 03/01/55 |  | 103 | 106046 |
| Sunoco LP, 7.88%<sup>(a)(p)</sup> |  | 1363 | 1391658 |
| Thaioil Treasury Center Co. Ltd., 6.10%<sup>(e)(p)</sup> |  | 3315 | 3190872 |
| Var Energi ASA, 7.86%, 11/15/83<sup>(e)</sup> | EUR  | 916 | 1141932 |
| Wintershall Dea Finance 2 BV, 6.12%<sup>(e)(p)</sup> |  | 287 | 335234 |
|  |  |  | 12548919 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Air France-KLM, 5.75%<sup>(e)(p)</sup> |  | 500 | 562311 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55<sup>(e)</sup> |  | 1000 | 1131675 |
|  |  |  | 1693986 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Bayer AG, 7.00%, 09/25/83<sup>(e)</sup> |  | 700 | 857735 |

---

942026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Aroundtown Finance S.a.r.l. |  |  |  |
| 5.13%<sup>(e)(p)</sup> | EUR  | 1081 | $1127088 |
| 5.25%<sup>(e)(p)</sup> |  | 1420 | 1493532 |
| Citycon Oyj, 3.63%<sup>(e)(p)</sup> |  | 122 | 101642 |
| Grand City Properties SA, 1.50%<sup>(e)(p)</sup> |  | 1700 | 1925283 |
| Heimstaden Bostad AB, 2.63%<sup>(e)(p)</sup> |  | 500 | 559331 |
| Lendlease Asia Treasury Pte Ltd., 3.90%<sup>(e)(p)</sup> | SGD  | 750 | 576048 |
| Vivion Investments S.a.r.l., 8.13%<sup>(e)(p)</sup> | EUR  | 700 | 677098 |
|  |  |  | 6460022 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| Unibail-Rodamco-Westfield SE, 4.75%<sup>(e)(p)</sup> |  | 300 | 343010 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| Vodafone Group PLC |  |  |  |
| 4.13%, 06/04/81 | USD  | 174 | 159264 |
| 7.00%, 04/04/79 |  | 127 | 130627 |
|  |  |  | 289891 |
| **Total Capital Trusts — 0.8%** | **Total Capital Trusts — 0.8%** | **Total Capital Trusts — 0.8%** | 149439175 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(n)</sup> | 38550 | 2501124 |
| True Anomaly, Series D | 245131 | 6416975 |
| Zetview, Series E-3<sup>(h)</sup> | 1119957 | 1136298 |
|  |  | 10054397 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Cirkul<sup>(h)</sup> | 31 |  |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| SCI PH Parent, Inc., Series A, (Acquired 02/10/23, <br> cost $1,875,000), 12.50%<sup>(g)(h)(j)</sup><br>| 1875 | 2549100 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Dream Finders Homes, Inc. (Preference), <br> 9.00%<sup>(h)(p)</sup><br>| 15124 | 14991665 |
| Lessen Holdings, Inc., Series B<sup>(h)</sup> | 143367 | 1 |
|  |  | 14991666 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Fluidstack, Series A<sup>(h)</sup> | 38166 | 2827798 |
| Veritas NewCo. |  |  |
| 0.00%<sup>(h)</sup> | 13357 | 253783 |
| 0.00%<sup>(h)</sup> | 9228 | 175332 |
| X.AI Holdings Corp., Series C<sup>(h)</sup> | 363422 | 27423824 |
|  |  | 30680737 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Anthropic PBC, Series F, (Acquired 08/18/25, cost <br> $3,919,604)<sup>(g)(h)(j)</sup><br>| 27805 | 7205288 |
| RSA Security |  |  |
| Series A, <sup>(h)</sup> | 137119 | 1 |
| Series B, <sup>(h)</sup> | 411359 | 4 |
| Versa Networks, Inc., Series E, (12.66% Cash or <br> 12.66% PIK), (Acquired 10/14/22, cost <br> $12,017,972), 12.00%<sup>(g)(h)(j)(o)</sup><br>| 4118274 | 22032766 |
|  |  | 29238059 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Davidson Homes, Inc.<sup>(h)</sup> | 18658 | 20576416 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| Cap Hill Brands<sup>(h)</sup> | 2670520 | $27 |
| **Total Preferred Stocks — 0.6%** | **Total Preferred Stocks — 0.6%** | 108090402 |
| **Total Preferred Securities — 1.4%** <br>**(Cost: $229,356,431)** | **Total Preferred Securities — 1.4%** <br>**(Cost: $229,356,431)** | 257529577 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **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%** | **Agency Obligations — 0.0%** | **Agency Obligations — 0.0%** | **Agency Obligations — 0.0%** |
| Fannie Mae, 6.63%, 11/15/30 | USD  | 1450 | 1611701 |
| **Collateralized Mortgage Obligations — 1.9%** | **Collateralized Mortgage Obligations — 1.9%** | **Collateralized Mortgage Obligations — 1.9%** | **Collateralized Mortgage Obligations — 1.9%** |
| Fannie Mae |  |  |  |
| Series 2003-W5, Class A, (1-mo. CME <br> Term SOFR + 0.11%), 3.89%, <br> 04/25/33<sup>(b)</sup><br>|  | 1 | 589 |
| Series 2023-35, Class FC, (SOFR (30-day) <br> + 1.10%), 4.76%, 08/25/53<sup>(b)</sup><br>|  | 8668 | 8715997 |
| Series 2023-68, Class FB, (SOFR (30-day) <br> + 1.05%), 4.71%, 01/25/54<sup>(b)</sup><br>|  | 8541 | 8577376 |
| Series 2024-63, Class FH, (SOFR (30-day) <br> + 1.10%), 4.76%, 09/25/54<sup>(b)</sup><br>|  | 6148 | 6181670 |
| Series 2024-88, Class FC, (SOFR (30-day) <br> + 1.40%), 5.06%, 12/25/54<sup>(b)</sup><br>|  | 5038 | 5076845 |
| Series 2024-95, Class FC, (SOFR (30-day) <br> + 1.40%), 5.06%, 12/25/54<sup>(b)</sup><br>|  | 1737 | 1751622 |
| Series 2024-96, Class FA, (SOFR (30-day) <br> + 1.40%), 5.06%, 12/25/54<sup>(b)</sup><br>|  | 8538 | 8603376 |
| Series 2025-1, Class FX, (SOFR (30-day) + <br> 1.35%), 5.01%, 02/25/55<sup>(b)</sup><br>|  | 5854 | 5895508 |
| Series 2025-13, Class FB, (SOFR (30-day) <br> + 1.30%), 4.96%, 03/25/55<sup>(b)</sup><br>|  | 6350 | 6393001 |
| Series 2025-18, Class FH, (SOFR (30-day) <br> + 1.40%), 5.06%, 08/25/54<sup>(b)</sup><br>|  | 3001 | 3026626 |
| Series 2025-2, Class FG, (SOFR (30-day) <br> + 1.45%), 5.11%, 02/25/55<sup>(b)</sup><br>|  | 11112 | 11209904 |
| Series 2025-35, Class FJ, (SOFR (30-day) <br> + 1.60%), 5.26%, 05/25/55<sup>(b)</sup><br>|  | 6962 | 7051017 |
| Series 2025-42, Class FA, (SOFR (30-day) <br> + 1.50%), 5.16%, 06/25/55<sup>(b)</sup><br>|  | 4144 | 4187844 |
| Series 2025-42, Class FE, (SOFR (30-day) <br> + 1.55%), 5.21%, 06/25/55<sup>(b)</sup><br>|  | 7707 | 7799193 |
| Series 2025-63, Class DF, (SOFR (30-day) <br> + 1.40%), 5.06%, 08/25/55<sup>(b)</sup><br>|  | 4202 | 4238461 |
| Series 2025-9, Class FG, (SOFR (30-day) <br> + 1.35%), 5.01%, 03/25/55<sup>(b)</sup><br>|  | 3393 | 3417198 |
| Freddie Mac |  |  |  |
| Series 5468, Class WF, (SOFR (30-day) + <br> 1.10%), 4.76%, 11/25/54<sup>(b)</sup><br>|  | 6980 | 7000554 |
| Series 5478, Class FD, (SOFR (30-day) + <br> 1.40%), 5.06%, 02/25/54<sup>(b)</sup><br>|  | 4130 | 4161695 |
| Series 5479, Class FB, (SOFR (30-day) + <br> 1.40%), 5.06%, 12/25/54<sup>(b)</sup><br>|  | 3328 | 3353162 |
| Series 5482, Class FB, (SOFR (30-day) + <br> 1.50%), 5.16%, 12/25/54<sup>(b)</sup><br>|  | 7539 | 7620538 |
| Series 5500, Class DF, (SOFR (30-day) + <br> 1.35%), 5.01%, 10/25/54<sup>(b)</sup><br>|  | 5372 | 5413054 |
| Series 5502, Class EF, (SOFR (30-day) + <br> 1.40%), 5.06%, 02/25/55<sup>(b)</sup><br>|  | 4271 | 4307340 |
| Series 5503, Class FB, (SOFR (30-day) + <br> 1.35%), 5.01%, 02/25/55<sup>(b)</sup><br>|  | 4689 | 4721855 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac |  |  |  |
| Series 5508, Class FE, (SOFR (30-day) + <br> 1.60%), 5.26%, 02/25/55<sup>(b)</sup><br>| USD  | 5804 | $5870195 |
| Series 5513, Class FD, (SOFR (30-day) + <br> 1.35%), 5.01%, 01/25/55<sup>(b)</sup><br>|  | 43951 | 44260299 |
| Series 5515, Class FB, (SOFR (30-day) + <br> 1.40%), 5.06%, 03/25/55<sup>(b)</sup><br>|  | 4422 | 4460112 |
| Series 5516, Class FC, (SOFR (30-day) + <br> 1.40%), 5.06%, 03/25/55<sup>(b)</sup><br>|  | 103521 | 104385108 |
| Series 5539, Class FC, (SOFR (30-day) + <br> 1.50%), 5.16%, 05/25/55<sup>(b)</sup><br>|  | 5745 | 5807111 |
| Series 5543, Class FC, (SOFR (30-day) + <br> 1.50%), 5.16%, 06/25/55<sup>(b)</sup><br>|  | 4381 | 4427485 |
| Series 5543, Class FG, (SOFR (30-day) + <br> 1.50%), 5.16%, 06/25/55<sup>(b)</sup><br>|  | 4449 | 4496888 |
| Series 5543, Class FH, (SOFR (30-day) + <br> 1.50%), 5.16%, 06/25/55<sup>(b)</sup><br>|  | 5935 | 5999690 |
| Series 5543, Class FM, (SOFR (30-day) + <br> 1.50%), 5.16%, 06/25/55<sup>(b)</sup><br>|  | 5882 | 5944829 |
| Series 5563, Class FA, (SOFR (30-day) + <br> 1.35%), 5.01%, 08/25/55<sup>(b)</sup><br>|  | 10847 | 10924482 |
| Series 5570, Class FA, (SOFR (30-day) + <br> 1.40%), 5.06%, 05/25/55<sup>(b)</sup><br>|  | 6384 | 6438449 |
| Series 5574, Class FB, (SOFR (30-day) + <br> 1.35%), 5.01%, 09/25/55<sup>(b)</sup><br>|  | 5180 | 5219800 |
| Ginnie Mae, Series 2025-9, Class FE, (SOFR <br> (30-day) + 1.25%), 4.92%, 01/20/55<sup>(b)</sup><br>|  | 4946 | 4973924 |
|  |  |  | 341912797 |
| **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, <br> 5.27%, 10/25/32<sup>(b)</sup><br>|  | 71 | 71579 |
| Freddie Mac, Series 2024-P015, Class A1, <br> 4.30%, 11/25/32<sup>(b)</sup><br>|  | 1191 | 1178480 |
| Ginnie Mae |  |  |  |
| Series 2023-118, Class BA, 3.75%, <br> 05/16/65<sup>(b)</sup><br>|  | 1347 | 1213852 |
| Series 2023-119, Class AD, 2.25%, <br> 04/16/65<br>|  | 2378 | 1901895 |
| Series 2023-50, Class AC, 3.25%, <br> 09/16/63<sup>(b)</sup><br>|  | 1083 | 972735 |
| Series 2025-126, Class AD, 5.00%, <br> 05/16/65<br>|  | 1899 | 1893993 |
| Series 2025-128, Class AD, 5.00%, <br> 10/16/56<br>|  | 4517 | 4534307 |
| Series 2025-129, Class AB, 4.75%, <br> 09/16/54<br>|  | 1390 | 1381622 |
| Series 2025-130, Class AL, 4.75%, <br> 08/16/56<br>|  | 1390 | 1381831 |
| Series 2025-88, Class AT, 5.00%, 06/16/58 |  | 2167 | 2170439 |
|  |  |  | 16700733 |
| **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%** |
| Freddie Mac, Series 5112, Class KI, 3.50%, <br> 06/25/51<br>|  | 17984 | 3308305 |
| Ginnie Mae |  |  |  |
| Series 2021-67, Class QI, 3.00%, 04/20/51 |  | 3032 | 507387 |
| Series 2021-76, Class JI, 3.00%, 08/20/50 |  | 3115 | 520327 |
| Series 2021-96, Class MI, 3.00%, 06/20/51 |  | 5438 | 910686 |
| Series 2022-78, Class IO, 3.00%, 08/20/51 |  | 4944 | 826988 |
|  |  |  | 6073693 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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 |  |  |  |
| Series K121, Class X1, 1.01%, 10/25/30<sup>(b)</sup> | USD  | 13372 | $493992 |
| Series KL06, Class XFX, 1.36%, <br> 12/25/29<sup>(b)</sup><br>|  | 6552 | 275126 |
| Series KW09, Class X1, 0.76%, 05/25/29<sup>(b)</sup> |  | 32344 | 581315 |
| Ginnie Mae |  |  |  |
| Series 2013-30, Class IO, 0.53%, <br> 09/16/53<sup>(b)</sup><br>|  | 2282 | 32421 |
| Series 2016-36, Class IO, 0.64%, <br> 08/16/57<sup>(b)</sup><br>|  | 530 | 14136 |
| Series 2016-96, Class IO, 0.77%, <br> 12/16/57<sup>(b)</sup><br>|  | 2976 | 109408 |
|  |  |  | 1506398 |
| **Mortgage-Backed Securities — 68.7%** | **Mortgage-Backed Securities — 68.7%** | **Mortgage-Backed Securities — 68.7%** | **Mortgage-Backed Securities — 68.7%** |
| Fannie Mae Mortgage-Backed Securities |  |  |  |
| 1.50%, 12/01/35 - 03/01/51<sup>(s)</sup> |  | 203578 | 170310024 |
| 2.00%, 10/01/31 - 04/01/52 |  | 547126 | 456261228 |
| 2.50%, 09/01/27 - 02/01/52 |  | 392787 | 341671133 |
| 3.00%, 04/01/28 - 05/01/52 |  | 113588 | 104013227 |
| 3.50%, 08/01/28 - 01/01/51 |  | 66746 | 62240740 |
| 4.00%, 08/01/31 - 04/01/52 |  | 82150 | 78616471 |
| 4.50%, 06/01/26 - 02/01/50 |  | 45913 | 45129535 |
| 5.00%, 11/01/32 - 03/01/56 |  | 370703 | 367569552 |
| 5.50%, 12/01/32 - 03/01/54<sup>(s)</sup> |  | 156115 | 157793045 |
| 5.81%, 06/01/31 |  | 5495 | 5583217 |
| 6.00%, 02/01/34 - 09/01/55 |  | 123282 | 126701579 |
| 6.50%, 05/01/40 - 07/01/54 |  | 57244 | 59326517 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| 1.50%, 04/01/36 - 10/01/50 |  | 32462 | 27277427 |
| 2.00%, 09/01/35 - 02/01/52 |  | 265911 | 223648599 |
| 2.50%, 04/01/27 - 04/01/52 |  | 164017 | 141486670 |
| 3.00%, 09/01/27 - 08/01/52 |  | 146325 | 132108328 |
| 3.50%, 02/01/31 - 06/01/50 |  | 56789 | 53845242 |
| 4.00%, 08/01/40 - 06/01/52 |  | 91903 | 88287389 |
| 4.50%, 02/01/39 - 10/01/50 |  | 33162 | 32591329 |
| 5.00%, 07/01/35 - 01/01/56<sup>(s)</sup> |  | 344822 | 341889217 |
| 5.50%, 02/01/35 - 04/01/55 |  | 77846 | 78853858 |
| 6.00%, 11/01/52 - 11/01/55 |  | 104979 | 107723504 |
| 6.50%, 02/01/53 - 09/01/53 |  | 3904 | 4048453 |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 2.00%, 08/20/50 - 04/15/56<sup>(t)</sup> |  | 173430 | 143296081 |
| 2.50%, 04/20/51 - 04/15/56<sup>(t)</sup> |  | 173730 | 149552936 |
| 3.00%, 12/20/44 - 04/15/56<sup>(t)</sup> |  | 124669 | 111451328 |
| 3.50%, 01/15/42 - 04/15/56<sup>(t)</sup> |  | 99956 | 92923324 |
| 4.00%, 04/20/39 - 04/15/56<sup>(t)</sup> |  | 72711 | 68709528 |
| 4.50%, 12/20/39 - 04/15/56<sup>(t)</sup> |  | 89129 | 86228404 |
| 5.00%, 04/15/33 - 04/15/56<sup>(t)</sup> |  | 131191 | 130369683 |
| 5.50%, 04/15/56<sup>(t)</sup> |  | 136379 | 137247562 |
| 6.00%, 04/15/56<sup>(t)</sup> |  | 77379 | 78679447 |
| 6.50%, 04/15/56<sup>(t)</sup> |  | 32735 | 34019223 |
| Uniform Mortgage-Backed Securities |  |  |  |
| 2.00%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 77651 | 62796390 |
| 2.50%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 471923 | 397234130 |
| 3.00%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 491302 | 431453755 |
| 3.50%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 1829277 | 1676456544 |
| 4.00%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 22031 | 20957990 |
| 4.50%, 04/01/41 - 04/01/56<sup>(t)</sup> |  | 109762 | 107090971 |
| 5.00%, 04/01/56<sup>(t)</sup> |  | 2453528 | 2419489448 |
| 5.50%, 04/01/56<sup>(t)</sup> |  | 1156085 | 1161410252 |

---

962026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Uniform Mortgage-Backed Securities |  |  |  |
| 6.00%, 04/01/56<sup>(t)</sup> | USD  | 1617874 | $1648286518 |
| 6.50%, 04/01/56<sup>(t)</sup> |  | 69731 | 72136983 |
|  |  |  | 12236766781 |
| **Total U.S. Government Sponsored Agency Securities — 70.8%** <br>**(Cost: $12,879,273,182)** | **Total U.S. Government Sponsored Agency Securities — 70.8%** <br>**(Cost: $12,879,273,182)** | **Total U.S. Government Sponsored Agency Securities — 70.8%** <br>**(Cost: $12,879,273,182)** | 12604572103 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| 4.50%, 08/15/39<sup>(u)</sup> |  | 7196 | 7127512 |
| 4.63%, 02/15/40 - 11/15/44 |  | 33498 | 32671240 |
| 1.13%, 05/15/40 - 08/15/40 |  | 13672 | 8567698 |
| 3.88%, 08/15/40 - 02/15/43<sup>(u)(v)</sup> |  | 57747 | 51539108 |
| 1.38%, 11/15/40 - 08/15/50 |  | 32593 | 16998116 |
| 4.25%, 11/15/40 |  | 24557 | 23413374 |
| 1.88%, 02/15/41 - 11/15/51 |  | 104743 | 64014148 |
| 3.75%, 08/15/41 - 11/15/43 |  | 61703 | 54170424 |
| 2.38%, 02/15/42 - 05/15/51 |  | 61974 | 41309947 |
| 3.00%, 05/15/42 - 08/15/52<sup>(u)(v)(w)</sup> |  | 248940 | 182992311 |
| 3.63%, 08/15/43 - 05/15/53 |  | 116470 | 95187109 |
| 4.75%, 11/15/43 - 11/15/53<sup>(v)</sup> |  | 109720 | 107678288 |
| 3.13%, 08/15/44 - 05/15/48 |  | 59739 | 46023178 |
| 4.13%, 08/15/44 - 08/15/53<sup>(v)(w)</sup> |  | 103717 | 92373106 |
| 2.50%, 02/15/45<sup>(v)</sup> |  | 51465 | 36091841 |
| 2.75%, 11/15/47<sup>(v)</sup> |  | 60064 | 42366236 |
| 2.88%, 05/15/49 |  | 25757 | 18311617 |
| 2.25%, 08/15/49 - 02/15/52 |  | 65176 | 39984922 |
| 1.63%, 11/15/50 |  | 26916 | 14043842 |
| 2.00%, 08/15/51 |  | 25757 | 14664386 |
| U.S. Treasury Inflation Indexed Notes, 1.63%, <br> 04/15/30<br>|  | 206814 | 208871262 |
| U.S. Treasury Notes |  |  |  |
| 4.38%, 12/15/26 - 08/31/28 |  | 26800 | 27135605 |
| 2.38%, 05/15/27 - 03/31/29 |  | 51464 | 49742228 |
| 0.50%, 05/31/27 |  | 2 | 1925 |
| 2.25%, 08/15/27 |  | 15187 | 14866649 |
| 4.13%, 09/30/27 |  | 27294 | 27405948 |
| 4.00%, 02/29/28 - 02/15/34<sup>(u)</sup> |  | 101739 | 101340084 |
| 3.88%, 03/15/28 - 11/30/29 |  | 102136 | 102214742 |
| 1.25%, 03/31/28 - 09/30/28 |  | 69400 | 65630874 |
| 1.13%, 08/31/28 |  | 18733 | 17576823 |
| 3.75%, 12/31/28 - 05/31/30 |  | 63554 | 63299743 |
| 2.88%, 04/30/29 - 05/15/32 |  | 43240 | 41878174 |
| 3.25%, 06/30/29<sup>(u)</sup> |  | 28150 | 27638191 |
| 3.50%, 01/31/30 |  | 32419 | 31967877 |
| 1.50%, 02/15/30 |  | 23763 | 21745001 |
| 3.63%, 08/31/30 - 09/30/31<sup>(v)</sup> |  | 164521 | 162299986 |
| 4.88%, 10/31/30 |  | 24671 | 25631716 |
| 4.25%, 06/30/31 |  | 29986 | 30363934 |
| 4.50%, 12/31/31 |  | 29412 | 30110228 |
| **Total U.S. Treasury Obligations — 11.4%** <br>**(Cost: $2,218,223,971)** | **Total U.S. Treasury Obligations — 11.4%** <br>**(Cost: $2,218,223,971)** | **Total U.S. Treasury Obligations — 11.4%** <br>**(Cost: $2,218,223,971)** | 2039249393 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants**<sup>(g)</sup> | **Warrants**<sup>(g)</sup> | **Warrants**<sup>(g)</sup> |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| New York Community Bancorp, Inc., <br> (Issued/Exercisable 03/07/24, 1 Share for <br> 3 Warrant, Expires 12/31/49, Strike Price <br> USD 2,485.52) (Acquired 03/07/24, cost $0)<sup>(h)(j)</sup><br>| 948 | 2493979 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Cirkul, (Issued/Exercisable 05/01/25, 1 Share for <br> 1 Warrant, Expires 04/25/35, Strike Price USD <br> 0.01)<sup>(h)</sup><br>| 22434 | $— |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Crown PropTech Acquisitions, (Issued/Exercisable <br> 12/25/21, 1 Share for 1 Warrant, Expires <br> 12/31/27, Strike Price USD 11.50)<br>| 128396 | 6420 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Jose Andres Group Penny Warrants, <br> (Issued/Exercisable 11/14/25, 1 Share for <br> 1 Warrant, Expires 11/13/35, Strike Price USD <br> 0.01)<sup>(h)</sup><br>| 29355 | 855111 |
| Sonder Holdings, Inc., (Issued/Exercisable <br> 04/11/25, 1 Share for 1 Warrant, Expires <br> 04/11/30, Strike Price USD 1.00)<sup>(h)</sup><br>| 262154 | 3 |
| Sonder Holdings, Inc., (Issued/Exercisable <br> 12/30/24, 1 Share for 1 Warrant, Expires <br> 12/30/29, Strike Price USD 0.01)<sup>(h)</sup><br>| 26279 |  |
|  |  | 855114 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp., (Issued/Exercisable 01/11/22, <br> 1 Share for 1 Warrant, Expires 06/15/27, Strike <br> Price USD 69.00)<br>| 72998 | 4577 |
| Palladyne AI Corp., (Issued/Exercisable 12/21/20, <br> 1 Share for 1 Warrant, Expires 09/24/26, Strike <br> Price USD 11.50)<br>| 267474 | 16771 |
|  |  | 21348 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Volato Group, Inc., (Issued/Exercisable 12/08/23, <br> 1 Share for 1 Warrant, Expires 12/03/28, Strike <br> Price USD 11.50) (Acquired 12/03/21, cost <br> $73,612)<sup>(j)</sup><br>| 73612 | 589 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| Offerpad Solutions, Inc., (Issued <br> 10/13/20/Exercisable 10/23/21, 1 Share for <br> 1 Warrant, Expires 09/01/26, Strike Price USD <br> 11.50)<br>| 111610 | 859 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Aurora Innovation, Inc., (Issued <br> 05/04/21/Exercisable 05/04/22, 1 Share for <br> 1 Warrant, Expires 12/31/28, Strike Price USD <br> 11.50)<br>| 16026 | 3189 |
| Latch, Inc., (Issued 12/29/20/Exercisable 11/13/21, <br> 1 Share for 1 Warrant, Expires 06/04/26, Strike <br> Price USD 11.50)<br>| 49166 | 20 |
| Versa Networks, Inc., Series E, <br> (Issued/Exercisable 10/05/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01) (Acquired 10/14/22, cost $0)<sup>(h)(j)</sup><br>| 507586 | 1999889 |
|  |  | 2003098 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Davidson Homes, Inc., (Issued/Exercisable <br> 05/16/24, 1 Share for 1 Warrant, Expires <br> 05/16/34, Strike Price USD 8.47) - Class A<sup>(h)</sup><br>| 129494 | 88056 |
| EVgo, Inc., (Issued 11/10/20/Exercisable 10/02/21, <br> 1 Share for 1 Warrant, Expires 07/01/26, Strike <br> Price USD 11.50)<br>| 75790 | 1819 |
|  |  | 89875 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| Lavoro Ltd., (Issued 12/27/22/Exercisable <br> 12/27/23, 1 Share for 1 Warrant, Expires <br> 12/27/27, Strike Price USD 11.50)<br>| 79561 | $159 |
| **Total Warrants — 0.0%** <br>**(Cost: $1,111,632)** | **Total Warrants — 0.0%** <br>**(Cost: $1,111,632)** | 5471441 |
| **Total Long-Term Investments — 144.3%** <br>**(Cost: $26,372,599,456)** | **Total Long-Term Investments — 144.3%** <br>**(Cost: $26,372,599,456)** | 25706403273 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** |
| Bank of America N.A., 1.75%, <br> 06/03/26 (Purchased on 03/20/26 to be <br> repurchased at $206,249, collateralized by <br> Clear Channel Outdoor Holdings, Inc., <br> 7.50% due 06/01/29, par and fair value of <br> USD 200,000 and $200,844, respectively)<br>| USD  | 206 | 205500 |
| Bank of America N.A., 3.40%, <br> 06/03/26 (Purchased on 03/20/26 to be <br> repurchased at $900,793, collateralized by <br> Open Text Holdings, Inc., 4.13% due <br> 02/15/30, par and fair value of USD <br> 998,000 and $891,741, respectively)<br>|  | 894 | 894458 |
| Barclays Capital, Inc., 2.85%, <br> 04/09/26 (Purchased on 03/13/26 to be <br> repurchased at $180,162, collateralized by <br> INEOS Finance PLC 7.50% due 04/15/29, <br> par and fair value of USD 200,000 and <br> $194,022, respectively)<br>|  | 180 | 179778 |
| BNP Paribas SA, 3.25%, 04/02/26 (Purchased <br> on 03/12/26 to be repurchased at <br> $584,546, collateralized by Open Text <br> Holdings, Inc., 4.13% due 12/01/31, par <br> and fair value of USD 663,000 and <br> $565,798, respectively)<br>|  | 583 | 583440 |
| BNP Paribas SA, 3.30%, 03/22/27 (Purchased <br> on 03/23/26 to be repurchased at <br> $524,385, collateralized by Mauser <br> Packaging Solutions Holding Co. 9.25% <br> due 04/15/30, par and fair value of USD <br> 542,000 and $503,609, respectively)<br>|  | 524 | 524385 |
| JPMorgan Chase Bank N.A., 3.41%, <br> 05/01/26 (Purchased on 03/20/26 to be <br> repurchased at $710,628, collateralized by <br> OneMain Finance Corp. 6.50% due <br> 03/15/33, par and fair value of USD <br> 750,000 and $716,944, respectively)<br>|  | 708 | 707813 |
| RBC Capital Markets LLC, 3.40%, <br> 10/01/26 (Purchased on 03/10/26 to be <br> repurchased at $991,763, collateralized by <br> FMC Corp. 3.20% due 10/01/26, par and <br> fair value of USD 998,000 and $988,207, <br> respectively)<br>|  | 992 | 991762 |
|  |  |  | 4087136 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 3.77%<sup>(q)(x)(y)</sup><br>|  | 262362988 | $262415460 |
| BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares, 3.55%<sup>(q)(x)</sup><br>|  | 1060814402 | 1060814402 |
|  |  |  | 1323229862 |
| **Total Short-Term Securities — 7.4%** <br>**(Cost: $1,327,348,200)** | **Total Short-Term Securities — 7.4%** <br>**(Cost: $1,327,348,200)** | **Total Short-Term Securities — 7.4%** <br>**(Cost: $1,327,348,200)** | 1327316998 |
| **Options Purchased — 0.1%** <br>**(Cost: $21,586,622)** | **Options Purchased — 0.1%** <br>**(Cost: $21,586,622)** | **Options Purchased — 0.1%** <br>**(Cost: $21,586,622)** | 18396181 |
| **Total Investments Before Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 151.8%** <br>**(Cost: $27,721,534,278)** | **Total Investments Before Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 151.8%** <br>**(Cost: $27,721,534,278)** | **Total Investments Before Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 151.8%** <br>**(Cost: $27,721,534,278)** | 27052116452 |
| **Borrowed Bonds**  | **Borrowed Bonds**  | **Borrowed Bonds**  | **Borrowed Bonds**  |
| **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** |
| **Chemicals — (0.0)%** | **Chemicals — (0.0)%** | **Chemicals — (0.0)%** | **Chemicals — (0.0)%** |
| FMC Corp., 3.20%, 10/01/26 | USD  | (998)<br>| (988207)<br>|
| INEOS Finance PLC, 7.50%, 04/15/29<sup>(a)</sup> |  | (200)<br>| (194022)<br>|
|  |  |  | (1182229)<br>|
| **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** |
| OneMain Finance Corp., 6.50%, 03/15/33 |  | (750)<br>| (716944)<br>|
| **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** |
| Mauser Packaging Solutions Holding Co., <br> 9.25%, 04/15/30<sup>(a)</sup><br>|  | (542)<br>| (503609)<br>|
| **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** |
| Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 06/01/29<sup>(a)</sup><br>|  | (200)<br>| (200844)<br>|
| **Software — (0.0)%** | **Software — (0.0)%** | **Software — (0.0)%** | **Software — (0.0)%** |
| Open Text Holdings, Inc. |  |  |  |
| 4.13%, 02/15/30<sup>(a)</sup> |  | (998)<br>| (891741)<br>|
| 4.13%, 12/01/31<sup>(a)</sup> |  | (663)<br>| (565798)<br>|
|  |  |  | (1457539)<br>|
| **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(4076200))** | **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(4076200))** | **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(4076200))** | (4061165)<br>|
| **TBA Sale Commitments**<sup>(t)</sup> | **TBA Sale Commitments**<sup>(t)</sup> | **TBA Sale Commitments**<sup>(t)</sup> | **TBA Sale Commitments**<sup>(t)</sup> |
| **Mortgage-Backed Securities — (39.0)%** | **Mortgage-Backed Securities — (39.0)%** | **Mortgage-Backed Securities — (39.0)%** | **Mortgage-Backed Securities — (39.0)%** |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 2.00%, 04/15/56 |  | (1369)<br>| (1130601)<br>|
| 2.50%, 04/15/56 |  | (1139)<br>| (979718)<br>|
| 3.00%, 04/15/56 |  | (1204)<br>| (1074683)<br>|
| 3.50%, 04/15/56 |  | (489)<br>| (448440)<br>|
| 4.00%, 04/15/56 |  | (567)<br>| (531039)<br>|
| 4.50%, 04/15/56 |  | (970)<br>| (936924)<br>|
| 5.00%, 04/15/56 |  | (1188)<br>| (1176479)<br>|
| 5.50%, 04/15/56 |  | (3628)<br>| (3651106)<br>|
| 6.00%, 04/15/56 |  | (3505)<br>| (3563906)<br>|
| 6.50%, 04/15/56 |  | (1674)<br>| (1739672)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| 1.50%, 04/01/41 |  | (7425)<br>| (6673614)<br>|
| 2.00%, 04/01/41 - 04/01/56 |  | (26086)<br>| (23510065)<br>|
| 2.50%, 04/01/41 - 04/01/56 |  | (109110)<br>| (91744378)<br>|
| 3.00%, 04/01/41 - 04/01/56 |  | (528219)<br>| (464126925)<br>|
| 3.50%, 04/01/41 - 04/01/56 |  | (1057182)<br>| (969202552)<br>|
| 4.00%, 04/01/56 |  | (905)<br>| (853889)<br>|
| 4.50%, 04/01/41 - 04/01/56 |  | (2279)<br>| (2229930)<br>|
| 5.00%, 04/01/56 |  | (4683602)<br>| (4616167353)<br>|
| 5.50%, 04/01/56 |  | (7600)<br>| (7635005)<br>|

---

982026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Uniform Mortgage-Backed Securities |  |  |  |
| 6.00%, 04/01/56 | USD  | (731905)<br>| $(746051260)<br>|
| 6.50%, 04/01/56 |  | (3413)<br>| (3530761)<br>|
| **Total TBA Sale Commitments — (39.0)%** <br>**(Proceeds: $(6977883712))** | **Total TBA Sale Commitments — (39.0)%** <br>**(Proceeds: $(6977883712))** | **Total TBA Sale Commitments — (39.0)%** <br>**(Proceeds: $(6977883712))** | (6946958300)<br>|
| **Options Written — (0.3)%** <br>**(Premiums Received: $(51096110))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(51096110))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(51096110))** | (58390603)<br>|
| **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 112.5%** <br>**(Cost: $20,688,478,256)** | **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 112.5%** <br>**(Cost: $20,688,478,256)** | **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 112.5%** <br>**(Cost: $20,688,478,256)** | 20042706384 |
| **Liabilities in Excess of Other Assets — (12.5)%** | **Liabilities in Excess of Other Assets — (12.5)%** | **Liabilities in Excess of Other Assets — (12.5)%** | (2233193116)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17809513268 |

---

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

<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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> 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;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(i)</sup> When-issued security.

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $112,556,238, representing 0.6% of its net assets as of period end, and an original cost of $75,287,083. 

<sup>(k)</sup> All or a portion of this security is on loan.

<sup>(l)</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. 

<sup>(m)</sup> Investment does not issue shares.

<sup>(n)</sup> Convertible security.

<sup>(o)</sup> 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. 

<sup>(p)</sup> Perpetual security with no stated maturity date.

<sup>(q)</sup> Affiliate of the Fund.

<sup>(r)</sup> Rounds to less than 1,000.

<sup>(s)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. 

<sup>(t)</sup> Represents or includes a TBA transaction.

<sup>(u)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(v)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(w)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds. 

<sup>(x)</sup> Annualized 7-day yield as of period end.

<sup>(y)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*09/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Par/Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Capital <br> Finance LP, <br> Series 1997-R2, <br> Class AP<br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; 830 | &nbsp;&nbsp; $390 | &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Institutional, <br> SL Agency <br> Shares<br>| &nbsp;&nbsp; 9939055<br>| &nbsp;&nbsp; 252534712 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (26387)<br>| &nbsp;&nbsp; (31920)<br>| &nbsp;&nbsp; 262415460 | &nbsp;&nbsp; 262362988 | &nbsp;&nbsp; 234118 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Liquidity <br> Funds, T-Fund, <br> Institutional <br> Shares<br>| &nbsp;&nbsp; 174293234<br>| &nbsp;&nbsp; 886521168 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1060814402 | &nbsp;&nbsp; 1060814402 | &nbsp;&nbsp; 6700361 | &nbsp;&nbsp; — |
| iShares AAA CLO <br> Active ETF<br>| &nbsp;&nbsp; 10393000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (26000)<br>| &nbsp;&nbsp; 10367000 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 258686 | &nbsp;&nbsp; — |
| iShares iBoxx USD <br> Investment Grade <br> Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 6075115<br>| &nbsp;&nbsp; 504372239 | &nbsp;&nbsp; (245934802)<br>| &nbsp;&nbsp; (4762030)<br>| &nbsp;&nbsp; 528497 | &nbsp;&nbsp; 260279019 | &nbsp;&nbsp; 2388100 | &nbsp;&nbsp; 817338 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(4788417)<br>| &nbsp;&nbsp; $470577 | &nbsp;&nbsp; $1593875881 |  | &nbsp;&nbsp; $8010893 | &nbsp;&nbsp; $— |

---

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

<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. 

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Short Term Euro-BTP Italian Government Bond | 151 | 06/08/26 | &nbsp;&nbsp;&nbsp;&nbsp; $18474 | &nbsp;&nbsp;&nbsp;&nbsp; $(126240)<br>|
| 10-Year Australian Treasury Bonds | 934 | 06/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 69438 | &nbsp;&nbsp;&nbsp;&nbsp; (679806)<br>|
| 3-Year Australian Treasury Bonds | 2460 | 06/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 175931 | &nbsp;&nbsp;&nbsp;&nbsp; (914545)<br>|
| S&P 500 E-Mini Index | 44 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14456 | &nbsp;&nbsp;&nbsp;&nbsp; (94693)<br>|
| U.S. Treasury Bonds (30 Year) | 4538 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 516765 | &nbsp;&nbsp;&nbsp;&nbsp; 3012019 |
| U.S. Treasury Notes (10 Year) | 3382 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 375561 | &nbsp;&nbsp;&nbsp;&nbsp; 1528682 |
| U.S. Ultra Treasury Bonds | 3403 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 396662 | &nbsp;&nbsp;&nbsp;&nbsp; (7497457)<br>|
| U.S. Ultra Treasury Notes (10 Year) | 3031 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 344066 | &nbsp;&nbsp;&nbsp;&nbsp; (3385906)<br>|
| U.S. Treasury Notes (2 Year) | 9142 | 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1896465 | &nbsp;&nbsp;&nbsp;&nbsp; (4275021)<br>|
| U.S. Treasury Notes (5 Year) | 6228 | 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 673743 | &nbsp;&nbsp;&nbsp;&nbsp; 1054591 |
| 30-Day Federal Funds | 23 | 07/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9236 | &nbsp;&nbsp;&nbsp;&nbsp; (26869)<br>|
| 3-month SOFR | 77 | 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18544 | &nbsp;&nbsp;&nbsp;&nbsp; (25969)<br>|
| 90-Day Bank Accepted Bills | 116 | 12/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 79096 | &nbsp;&nbsp;&nbsp;&nbsp; (129351)<br>|
| 3-month CORRA | 101 | 03/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 17653 | &nbsp;&nbsp;&nbsp;&nbsp; (47815)<br>|
| 3-month SOFR | 4593 | 03/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1106511 | &nbsp;&nbsp;&nbsp;&nbsp; (4352094)<br>|
| 3-month SOFR | 76 | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 18313 | &nbsp;&nbsp;&nbsp;&nbsp; (67666)<br>|
| 3-month SOFR | 1032 | 03/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 249215 | &nbsp;&nbsp;&nbsp;&nbsp; (147608)<br>|
| 3-month SOFR | 1032 | 03/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 248970 | &nbsp;&nbsp;&nbsp;&nbsp; 65206 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (16110542)<br>|
| Short Contracts |  |  |  |  |
| Euro-Bobl | 261 | 06/08/26 | &nbsp;&nbsp;&nbsp;&nbsp; 34823 | &nbsp;&nbsp;&nbsp;&nbsp; 408008 |
| Euro-Bund | 401 | 06/08/26 | &nbsp;&nbsp;&nbsp;&nbsp; 58118 | &nbsp;&nbsp;&nbsp;&nbsp; 324599 |
| Euro-Buxl | 65 | 06/08/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8284 | &nbsp;&nbsp;&nbsp;&nbsp; 35793 |
| KOSPI 200 Index | 13 | 06/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 165478 |
| SGX Nikkei 225 Index | 19 | 06/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3073 | &nbsp;&nbsp;&nbsp;&nbsp; 139581 |
| NASDAQ 100 E-Mini Index | 6 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp;&nbsp; 47708 |
| Russell 2000 E-Mini Index | 129 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16204 | &nbsp;&nbsp;&nbsp;&nbsp; 26866 |
| Euro STOXX 50 Index | 280 | 06/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17784 | &nbsp;&nbsp;&nbsp;&nbsp; 294453 |
| U.S. Treasury Bonds (30 Year) | 1 | 09/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 3170 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1445656 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(14664886)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 4759064 | USD | 911000 | Barclays Bank PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7407 |
| BRL | 10145008 | USD | 1942000 | Barclays Bank PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15789 |
| BRL | 143484133 | USD | 27325470 | BNP Paribas SA | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364173 |
| BRL | 7161850 | USD | 1367000 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15098 |
| BRL | 7062307 | USD | 1348000 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14888 |
| BRL | 18710622 | USD | 3524786 | Deutsche Bank AG | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86000 |
| BRL | 9574476 | USD | 1827434 | Deutsche Bank AG | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20253 |
| BRL | 13074360 | USD | 2467000 | HSBC Bank PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56097 |
| BRL | 9268082 | USD | 1747047 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41513 |
| BRL | 18636225 | USD | 3586441 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9987 |
| USD | 3617940 | BRL | 18716148 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6088 |
| USD | 22582047 | BRL | 116953551 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12289 |
| USD | 1791000 | INR | 166169338 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38299 |
| GBP | 1043700 | USD | 1376112 | Barclays Bank PLC | 04/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5315 |
| GBP | 3131100 | USD | 4129411 | HSBC Bank PLC | 04/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14869 |
| GBP | 1043700 | USD | 1375510 | JPMorgan Chase Bank N.A. | 04/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5917 |

---

1002026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 268263 | EUR | 228826 | State Street Bank and Trust Co. | 04/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3559 |
| ARS | 990156065 | USD | 638522 | Citibank N.A. | 04/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54793 |
| CNH | 124181864 | USD | 18045666 | UBS AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18617 |
| COP | 6474803790 | GBP | 1301000 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28315 |
| COP | 4972008000 | USD | 1338000 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6029 |
| COP | 6781700000 | USD | 1825000 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8224 |
| COP | 12928158263 | USD | 3459039 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35691 |
| HUF | 151042495 | EUR | 388000 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4357 |
| HUF | 458744500 | USD | 1370000 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6978 |
| HUF | 2531726824 | USD | 7485964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113324 |
| JPY | 235385386 | USD | 1486000 | Bank of America N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705 |
| THB | 32689417 | USD | 989000 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4213 |
| THB | 30706237 | USD | 929000 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3957 |
| USD | 2295064 | AUD | 3266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group <br> Ltd.<br>| 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42364 |
| USD | 602619 | AUD | 861919 | Bank of America N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8117 |
| USD | 1348745 | AUD | 1955000 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| USD | 1331497 | AUD | 1930000 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| USD | 2491000 | CAD | 3416328 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32562 |
| USD | 1397000 | CAD | 1910985 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21828 |
| USD | 1913990 | GBP | 1430500 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20641 |
| USD | 1120019 | GBP | 834000 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16172 |
| USD | 1791000 | INR | 168801750 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984 |
| USD | 1420000 | SGD | 1806308 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12499 |
| USD | 760000 | TRY | 34844936 | UBS AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| ZAR | 23396038 | USD | 1370000 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| IDR | 20783913835 | USD | 1221073 | Royal Bank of Canada | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846 |
| IDR | 54430232719 | USD | 3193869 | Standard Chartered Bank | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11407 |
| MXN | 25971670 | USD | 1433082 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12713 |
| TRY | 47250807 | USD | 1021043 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4108 |
| USD | 621705 | CZK | 12786049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19343 |
| USD | 620603 | CZK | 12805459 | Deutsche Bank AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17326 |
| USD | 4361607 | CZK | 90026948 | State Street Bank and Trust Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120354 |
| USD | 2993926 | HUF | 979597509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54188 |
| USD | 12421997 | IDR | 210545395193 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23445 |
| USD | 32004784 | MXN | 564084325 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603248 |
| USD | 1733240 | MXN | 30712935 | State Street Bank and Trust Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23508 |
| USD | 3028186 | PEN | 10179551 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107325 |
| USD | 5690709 | PHP | 338335433 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118265 |
| USD | 1034304 | PHP | 60000000 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46094 |
| USD | 15609924 | PHP | 925145558 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372612 |
| USD | 20017665 | PLN | 71711284 | Deutsche Bank AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700884 |
| USD | 289552 | PLN | 1070151 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287 |
| USD | 7334471 | THB | 227727989 | JPMorgan Chase Bank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413573 |
| USD | 12039290 | THB | 373807929 | JPMorgan Chase Bank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678867 |
| USD | 833554 | UYU | 31915961 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48491 |
| CZK | 85780012 | USD | 4025174 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16050 |
| EUR | 1989240 | USD | 2283125 | BNP Paribas SA | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19407 |
| EUR | 719369 | USD | 826845 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5820 |
| IDR | 14643393342 | USD | 860010 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2331 |
| USD | 6448650 | CZK | 132387462 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211680 |
| USD | 2352264 | EUR | 1989240 | Barclays Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49731 |
| USD | 494589 | EUR | 418295 | Barclays Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10416 |
| USD | 1821361 | EUR | 1540402 | Barclays Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38356 |
| USD | 804226 | EUR | 680110 | Barclays Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17003 |
| USD | 1652394 | EUR | 1397381 | Barclays Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34935 |
| USD | 3313399 | EUR | 2802232 | Deutsche Bank AG | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69834 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 495230 | EUR | 418097 | State Street Bank and Trust Co. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11286 |
| USD | 3081080 | IDR | 52119239209 | Citibank N.A. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11806 |
| USD | 3786712 | MXN | 65596831 | Goldman Sachs International | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135363 |
| USD | 1128558 | MXN | 20041492 | State Street Bank and Trust Co. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12978 |
| USD | 1615899 | PEN | 5437500 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55781 |
| USD | 3020965 | PHP | 181167260 | JPMorgan Chase Bank N.A. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37046 |
| USD | 100734 | PLN | 372514 | Citibank N.A. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| USD | 6966029 | PLN | 24921241 | HSBC Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253037 |
| USD | 2130215 | ZAR | 35337797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46474 |
| USD | 11768245 | ZAR | 189148181 | NatWest Markets PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614864 |
| USD | 34276110 | ZAR | 558721162 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330354 |
| USD | 1133918 | ZAR | 18397456 | State Street Bank and Trust Co. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49087 |
| USD | 1390000 | PEN | 4811485 | HSBC Bank PLC | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9952 |
| USD | 1163015 | TRY | 54012620 | Barclays Bank PLC | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| BRL | 19200631 | USD | 3615053 | Barclays Bank PLC | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65801 |
| BRL | 99687694 | USD | 18866024 | BNP Paribas SA | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244592 |
| INR | 1553173529 | USD | 16297301 | Citibank N.A. | 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114930 |
| INR | 52892888 | USD | 555000 | Citibank N.A. | 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914 |
| USD | 1350000 | INR | 127520325 | Citibank N.A. | 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| USD | 2858000 | INR | 269965251 | Citibank N.A. | 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 |
| BRL | 5952187 | USD | 1070691 | JPMorgan Chase Bank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62813 |
| AUD | 12903000 | USD | 8870894 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21331 |
| BRL | 48912031 | USD | 9169000 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111935 |
| BRL | 49058729 | USD | 9196500 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112271 |
| BRL | 39389777 | USD | 7383968 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90144 |
| BRL | 98959017 | USD | 18468016 | HSBC Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309210 |
| COP | 32642037500 | USD | 8495000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231533 |
| EUR | 56278000 | USD | 65035127 | HSBC Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245410 |
| JPY | 948217500 | AUD | 8650715 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52123 |
| JPY | 1887000000 | AUD | 16773408 | NatWest Markets PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408298 |
| JPY | 943000000 | EUR | 5135788 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23418 |
| USD | 31794811 | AUD | 45048000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group <br> Ltd.<br>| 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749556 |
| USD | 437057 | AUD | 619000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10467 |
| USD | 22835431 | EUR | 19634106 | State Street Bank and Trust Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60546 |
| USD | 566750 | GBP | 424000 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| USD | 12548813 | GBP | 9393000 | NatWest Markets PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119180 |
| USD | 645800 | GBP | 482000 | State Street Bank and Trust Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7976 |
| USD | 106692143 | GBP | 80332000 | State Street Bank and Trust Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389865 |
| USD | 6349715 | HKD | 49545000 | HSBC Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5489 |
| USD | 6182639 | IDR | 104060000000 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66667 |
| USD | 18394000 | IDR | 312786291200 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10450 |
| USD | 1986073 | IDR | 33669900000 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7175 |
| USD | 3084329 | IDR | 51900000000 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33983 |
| USD | 6212400 | IDR | 104710000000 | HSBC Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58225 |
| USD | 3098132 | IDR | 52250000000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27216 |
| USD | 9176698 | INR | 853800000 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181913 |
| USD | 1520108 | JPY | 235200000 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28407 |
| USD | 6267593 | MXN | 112901286 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10809 |
| USD | 25781391 | PHP | 1544588930 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425123 |
| USD | 199205 | PLN | 732000 | Royal Bank of Canada | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| USD | 9735391 | SGD | 12369000 | State Street Bank and Trust Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62417 |
| USD | 18286182 | AUD | 25600000 | NatWest Markets PLC | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644020 |
| USD | 10068132 | SGD | 12750000 | Goldman Sachs International | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96531 |
| INR | 84657300 | USD | 886000 | Citibank N.A. | 07/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644 |
| INR | 130903500 | USD | 1370000 | Citibank N.A. | 07/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5635 |
| COP | 760495837 | USD | 197480 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4962 |
| NGN | 1585354219 | USD | 1061325 | Citibank N.A. | 07/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34011 |
| NGN | 754343750 | USD | 505000 | Citibank N.A. | 07/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16183 |

---

1022026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MXN | 8456200 | USD | 461094 | Goldman Sachs International | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5029 |
| MXN | 32979000 | USD | 1794510 | Goldman Sachs International | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23357 |
| MXN | 211403974 | USD | 11226623 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426378 |
| USD | 14186516 | MXN | 252839174 | HSBC Bank PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 |
| USD | 46131145 | HKD | 356400000 | Citibank N.A. | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251866 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13724625 |
| BRL | 13962606 | USD | 2699053 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4542)<br>|
| BRL | 75194751 | USD | 14519024 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7901)<br>|
| INR | 168425640 | USD | 1791000 | Barclays Bank PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14500)<br>|
| USD | 3615053 | BRL | 19080250 | Barclays Bank PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67064)<br>|
| USD | 18866024 | BRL | 99064171 | BNP Paribas SA | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251432)<br>|
| USD | 4754916 | BRL | 26405000 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340735)<br>|
| USD | 23970 | BRL | 126410 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>|
| USD | 6720909 | BRL | 37472429 | Morgan Stanley & Co. International PLC | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510540)<br>|
| USD | 1429000 | BRL | 7517969 | Societe Generale | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21822)<br>|
| USD | 1343000 | BRL | 7065523 | Societe Generale | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20508)<br>|
| USD | 6905250 | GBP | 5218500 | Barclays Bank PLC | 04/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1883)<br>|
| THB | 49568579 | USD | 1601052 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95891)<br>|
| THB | 49505047 | USD | 1599000 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95768)<br>|
| THB | 24707495 | USD | 798046 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47797)<br>|
| THB | 24675827 | USD | 797023 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47736)<br>|
| THB | 82716396 | USD | 2669235 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157533)<br>|
| THB | 82610377 | USD | 2665814 | Barclays Bank PLC | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157331)<br>|
| THB | 24617859 | USD | 794124 | Citibank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46597)<br>|
| THB | 24586306 | USD | 793107 | Citibank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46538)<br>|
| THB | 24773858 | USD | 799931 | Citibank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47667)<br>|
| THB | 24742105 | USD | 798906 | Citibank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47606)<br>|
| THB | 24769419 | USD | 799400 | JPMorgan Chase Bank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47271)<br>|
| THB | 24737672 | USD | 798376 | JPMorgan Chase Bank N.A. | 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47211)<br>|
| EGP | 79814882 | USD | 1623904 | Societe Generale | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (194981)<br>|
| EGP | 40008100 | USD | 814000 | Societe Generale | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97736)<br>|
| CHF | 1188781 | USD | 1512000 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21072)<br>|
| CHF | 1103892 | USD | 1410000 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25537)<br>|
| CLP | 8010879794 | USD | 8656293 | UBS AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3553)<br>|
| CLP | 4293116160 | USD | 4639000 | UBS AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1904)<br>|
| CNH | 21994007 | USD | 3201000 | UBS AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1612)<br>|
| CZK | 60365252 | USD | 2869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25238)<br>|
| CZK | 163438122 | USD | 7736595 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37148)<br>|
| EUR | 1436842 | HUF | 560024357 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18184)<br>|
| EUR | 388000 | HUF | 149674570 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 2240500 | USD | 2605292 | Bank of America N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12455)<br>|
| EUR | 1397998 | USD | 1620506 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2662)<br>|
| IDR | 284643592541 | USD | 16818335 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57735)<br>|
| IDR | 19395591600 | USD | 1146000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3934)<br>|
| INR | 1527350455 | USD | 16297301 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109941)<br>|
| INR | 219862428 | USD | 2346000 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15826)<br>|
| KRW | 2692289978 | USD | 1795231 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10804)<br>|
| KRW | 3482280180 | USD | 2322000 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13974)<br>|
| MXN | 153563273 | USD | 8623000 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72268)<br>|
| MXN | 324097204 | USD | 18178539 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132113)<br>|
| MYR | 90263295 | USD | 23036929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (726559)<br>|
| MYR | 9858191 | USD | 2516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79352)<br>|
| PEN | 3194612 | USD | 922000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5204)<br>|
| PLN | 46520638 | USD | 12641354 | Bank of America N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110078)<br>|
| RON | 14254617 | USD | 3238968 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11606)<br>|
| SGD | 1806589 | USD | 1420000 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12280)<br>|
| THB | 624979404 | USD | 19117197 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128250)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| THB | 172466646 | USD | 5275500 | HSBC Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(35391)<br>|
| USD | 1814000 | CLP | 1691555000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13088)<br>|
| USD | 1332000 | CLP | 1242090000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9611)<br>|
| USD | 133000 | COP | 497087500 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1372)<br>|
| USD | 555000 | INR | 52591800 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2385)<br>|
| USD | 16297301 | INR | 1544332243 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70038)<br>|
| USD | 1772000 | MXN | 32151522 | Goldman Sachs International | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18266)<br>|
| USD | 650823 | MXN | 11751878 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3546)<br>|
| USD | 996858 | MXN | 18000213 | JPMorgan Chase Bank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5432)<br>|
| USD | 1132177 | MXN | 20421523 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4937)<br>|
| USD | 1734142 | MXN | 31279405 | Morgan Stanley & Co. International PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7563)<br>|
| USD | 1355000 | PEN | 4742432 | Deutsche Bank AG | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5992)<br>|
| USD | 1329000 | PHP | 81055710 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5918)<br>|
| USD | 1804000 | PHP | 110025960 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8034)<br>|
| USD | 1804000 | THB | 59450820 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2313)<br>|
| USD | 1772000 | THB | 58396260 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2272)<br>|
| USD | 1772000 | ZAR | 30523054 | Bank of America N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28403)<br>|
| ZAR | 65888919 | USD | 3917000 | Barclays Bank PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30540)<br>|
| ZAR | 30547245 | USD | 1808000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6170)<br>|
| ZAR | 22555626 | USD | 1335000 | Citibank N.A. | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4556)<br>|
| ZAR | 238253263 | USD | 14082632 | NatWest Markets PLC | 04/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29255)<br>|
| IDR | 36285769914 | USD | 2149361 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12572)<br>|
| MXN | 82133318 | USD | 4726322 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154112)<br>|
| MXN | 6529287 | USD | 375689 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12215)<br>|
| MXN | 56454561 | USD | 3153950 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11228)<br>|
| PEN | 6623625 | USD | 1972491 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71947)<br>|
| PEN | 3766375 | USD | 1121279 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40577)<br>|
| PHP | 27507348 | USD | 465201 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12150)<br>|
| PHP | 69408920 | USD | 1147065 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3888)<br>|
| PHP | 48613389 | USD | 804192 | Goldman Sachs International | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3521)<br>|
| PHP | 48617026 | USD | 804718 | JPMorgan Chase Bank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3987)<br>|
| THB | 144826014 | USD | 4580333 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178915)<br>|
| USD | 3219207 | CNH | 22300033 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25477)<br>|
| USD | 3853003 | CNH | 26604778 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18027)<br>|
| USD | 11780967 | COP | 44399517853 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (210671)<br>|
| USD | 436592 | IDR | 7418141640 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246)<br>|
| USD | 1964529 | IDR | 33455933054 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5617)<br>|
| USD | 203687 | TRY | 9426020 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (820)<br>|
| EUR | 403542 | USD | 468116 | HSBC Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1019)<br>|
| EUR | 680110 | USD | 789037 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1814)<br>|
| MXN | 20256454 | USD | 1138733 | HSBC Bank PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11188)<br>|
| PEN | 5437500 | USD | 1571169 | Citibank N.A. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11051)<br>|
| USD | 8101548 | COP | 30399438942 | Citibank N.A. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106508)<br>|
| ZAR | 17604834 | USD | 1044142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6048)<br>|
| ZAR | 33815330 | USD | 2022138 | Goldman Sachs International | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28171)<br>|
| ZAR | 33799778 | USD | 2050577 | UBS AG | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57527)<br>|
| PEN | 4125687 | USD | 1233500 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50155)<br>|
| PEN | 2324566 | USD | 695000 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28259)<br>|
| PEN | 4123714 | USD | 1233500 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50721)<br>|
| PEN | 2323454 | USD | 695000 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28578)<br>|
| USD | 27154556 | BRL | 143484133 | BNP Paribas SA | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (352050)<br>|
| USD | 443000 | BRL | 2316873 | BNP Paribas SA | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1156)<br>|
| USD | 2255000 | BRL | 11870996 | Citibank N.A. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20728)<br>|
| USD | 2215000 | BRL | 11660424 | Citibank N.A. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20360)<br>|
| USD | 1567701 | BRL | 8729427 | JPMorgan Chase Bank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94688)<br>|
| USD | 1083253 | BRL | 6039785 | Morgan Stanley & Co. International PLC | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66933)<br>|
| AUD | 4238231 | JPY | 471750000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71145)<br>|
| AUD | 4196661 | JPY | 467032500 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69875)<br>|
| CNH | 21360000 | USD | 3122716 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4705)<br>|

---

1042026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| IDR | 156310000000 | USD | 9210961 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24073)<br>|
| IDR | 144489785600 | USD | 8497000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4828)<br>|
| INR | 570200000 | USD | 6259743 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252685)<br>|
| INR | 283600000 | USD | 3104713 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116986)<br>|
| MXN | 498774942 | USD | 27702024 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60822)<br>|
| MXN | 170948270 | USD | 9503000 | Deutsche Bank AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29357)<br>|
| MXN | 99630464 | USD | 5537976 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16636)<br>|
| SGD | 2517900 | USD | 1986133 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17050)<br>|
| SGD | 2556050 | USD | 2004172 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5255)<br>|
| SGD | 3890000 | USD | 3088432 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46321)<br>|
| USD | 35456000 | BRL | 188094080 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (234381)<br>|
| USD | 48168000 | BRL | 256952196 | Goldman Sachs International | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (588037)<br>|
| USD | 39919000 | BRL | 212229363 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (350991)<br>|
| USD | 3281344 | EUR | 2831348 | NatWest Markets PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2922)<br>|
| USD | 455889170 | EUR | 395433000 | Societe Generale | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2799455)<br>|
| USD | 2171202 | EUR | 1890000 | Toronto-Dominion Bank | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21133)<br>|
| USD | 151565459 | EUR | 131400000 | Toronto-Dominion Bank | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (854004)<br>|
| USD | 2001994 | IDR | 34180050000 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6887)<br>|
| USD | 1370384 | JPY | 217416912 | Bank of New York Mellon | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8532)<br>|
| USD | 2267533 | JPY | 358087000 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3549)<br>|
| USD | 6267593 | ZAR | 107299312 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36139)<br>|
| ZAR | 468413524 | USD | 27702024 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183176)<br>|
| ZAR | 296504374 | USD | 17691500 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272151)<br>|
| ZAR | 92875837 | USD | 5537976 | State Street Bank and Trust Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81609)<br>|
| USD | 741685 | COP | 2864386360 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20807)<br>|
| USD | 279561 | COP | 1079663267 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7843)<br>|
| USD | 1925607 | COP | 7465576763 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61710)<br>|
| USD | 1346971 | COP | 5110409556 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13406)<br>|
| USD | 1424844 | COP | 5385909002 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8871)<br>|
| USD | 493535 | COP | 1856186086 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (577)<br>|
| USD | 517725 | COP | 1956222933 | Bank of New York Mellon | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3017)<br>|
| USD | 532000 | INR | 51508240 | HSBC Bank PLC | 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4103)<br>|
| HKD | 69000000 | USD | 8898862 | HSBC Bank PLC | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16511)<br>|
| HKD | 34747440 | USD | 4481806 | HSBC Bank PLC | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8777)<br>|
| HKD | 34755650 | USD | 4482865 | HSBC Bank PLC | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8779)<br>|
| HKD | 69000000 | USD | 8899781 | UBS AG | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17429)<br>|
| HKD | 69512494 | USD | 8965883 | UBS AG | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17558)<br>|
| HKD | 79384416 | USD | 10239055 | UBS AG | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19920)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12428573)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1296052 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| Sabre Corp. | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 2.00 | USD | 37 | &nbsp;&nbsp;&nbsp;&nbsp; $1290 |
| Sabre Corp. | &nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 3.00 | USD | 41 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 |
| U.S. Treasury 10-Year Notes Futures | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 112.50 | USD | 366248 | &nbsp;&nbsp;&nbsp;&nbsp; 6703 |
| U.S. Treasury 5-Year Notes Futures | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 108.50 | USD | 1038450 | &nbsp;&nbsp;&nbsp;&nbsp; 32250 |
| U.S. Treasury Bond Futures | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 115.00 | USD | 374963 | &nbsp;&nbsp;&nbsp;&nbsp; 28875 |
| iShares iBoxx USD High Yield Corporate Bond ETF | &nbsp;&nbsp; 11490 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | USD | 80.00 | USD | 91414 | &nbsp;&nbsp;&nbsp;&nbsp; 453209 |
| Lionsgate Studios Corp. | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | USD | 12.00 | USD | 232 | &nbsp;&nbsp;&nbsp;&nbsp; 15125 |
| ESTX Banks | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | EUR | 310.00 | EUR | 1792 | &nbsp;&nbsp;&nbsp;&nbsp; 10836 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | EUR | 6000.00 | EUR | 3230 | &nbsp;&nbsp;&nbsp;&nbsp; 79207 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | EUR | 6600.00 | EUR | 3230 | &nbsp;&nbsp;&nbsp;&nbsp; 11061 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 29500.00 | USD | 3378 | &nbsp;&nbsp;&nbsp;&nbsp; 8155 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise*<br> *Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Exercise*<br> *Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| NASDAQ 100 Stock Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 29500.00 | USD | 7122 | &nbsp;&nbsp;&nbsp;&nbsp; $17842 |
| Russell 2000 E-Mini Index | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 2900.00 | USD | 2908 | &nbsp;&nbsp;&nbsp;&nbsp; 49450 |
| Russell 2000 E-Mini Index | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 3300.00 | USD | 2908 | &nbsp;&nbsp;&nbsp;&nbsp; 6440 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $723993 |
| Put |  |  |  |  |  |  |  |
| Euro STOXX 50 Index | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | EUR | 5000.00 | EUR | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; $5048 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | EUR | 5800.00 | EUR | 2116 | &nbsp;&nbsp;&nbsp;&nbsp; 129461 |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 215.00 | USD | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 4426 |
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 82.00 | USD | 12256 | &nbsp;&nbsp;&nbsp;&nbsp; 201166 |
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 650.00 | USD | 10601 | &nbsp;&nbsp;&nbsp;&nbsp; 188668 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | EUR | 5200.00 | EUR | 9803 | &nbsp;&nbsp;&nbsp;&nbsp; 215839 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | EUR | 5600.00 | EUR | 9803 | &nbsp;&nbsp;&nbsp;&nbsp; 512744 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1257352 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1981345 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Type of* <br>*Option*<br>| *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | One-Touch | BNP Paribas SA | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 04/03/26 | KRW | 1400.00 | KRW | 1400.00 | USD | 175 | &nbsp;&nbsp;&nbsp; $— |
| USD Currency | One-Touch | HSBC Bank PLC | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 04/09/26 | KRW | 1415.00 | KRW | 1415.00 | USD | 583 | &nbsp;&nbsp;&nbsp; 2712 |
| USD Currency | Under-and-In | BNP Paribas SA | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 04/16/26 | JPY | 159.00 | JPY | 163.00 | USD | 13538 | &nbsp;&nbsp;&nbsp; 2106 |
| S&P 500 Index | One-Touch | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 3750724 | &nbsp;&nbsp;&nbsp; 04/17/26 | USD | 6536.76 | USD | 6536.76 | USD |  | &nbsp;&nbsp;&nbsp; 1477487 |
| USD Currency | One-Touch | Standard Chartered Bank | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 05/11/26 | INR | 89.00 | INR | 89.00 | USD | 825 | &nbsp;&nbsp;&nbsp; 11355 |
| EUR Currency | One-Touch | Bank of America N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 05/14/26 | MXN | 19.80 | MXN | 19.80 | EUR | 328 | &nbsp;&nbsp;&nbsp; 8835 |
| USD Currency | One-Touch | BNP Paribas SA | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 05/22/26 | JPY | 150.00 | JPY | 150.00 | USD | 840 | &nbsp;&nbsp;&nbsp; 61184 |
| EUR Currency | One-Touch | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 06/04/26 | USD | 1.13 | USD | 1.13 | EUR | 972 | &nbsp;&nbsp;&nbsp; 152936 |
|  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1716615 |

---

**OTC Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |
| USD Currency | Morgan Stanley & Co. International PLC |  | 04/01/26 | ZAR | 16.60 | USD | 6163 | &nbsp;&nbsp;&nbsp; $115812 |
| EUR Currency | Citibank N.A. |  | 04/09/26 | BRL | 6.29 | EUR | 2993 | &nbsp;&nbsp;&nbsp; 1626 |
| USD Currency | Morgan Stanley & Co. International PLC |  | 04/09/26 | THB | 32.00 | USD | 3690 | &nbsp;&nbsp;&nbsp; 67727 |
| USD Currency | HSBC Bank PLC |  | 04/13/26 | CLP | 910.00 | USD | 1391 | &nbsp;&nbsp;&nbsp; 32524 |
| USD Currency | HSBC Bank PLC |  | 04/13/26 | CLP | 910.00 | USD | 1481 | &nbsp;&nbsp;&nbsp; 34628 |
| EUR Currency | HSBC Bank PLC |  | 04/15/26 | USD | 1.22 | EUR | 13001 | &nbsp;&nbsp;&nbsp; 350 |
| USD Currency | JPMorgan Chase Bank N.A. |  | 04/22/26 | MXN | 18.10 | USD | 3795 | &nbsp;&nbsp;&nbsp; 36890 |
| USD Currency | Standard Chartered Bank |  | 04/22/26 | THB | 33.00 | USD | 3166 | &nbsp;&nbsp;&nbsp; 19541 |
| USD Currency | UBS AG |  | 04/27/26 | BRL | 5.45 | USD | 7747 | &nbsp;&nbsp;&nbsp; 33427 |
| USD Currency | Bank of America N.A. |  | 05/07/26 | IDR | 16900.00 | USD | 3460 | &nbsp;&nbsp;&nbsp; 38112 |
| USD Currency | BNP Paribas SA |  | 05/15/26 | NOK | 10.00 | USD | 6926 | &nbsp;&nbsp;&nbsp; 39259 |
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/22/26 | COP | 3850.00 | USD | 5316 | &nbsp;&nbsp;&nbsp; 52168 |
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/27/26 | COP | 3920.00 | USD | 111 | &nbsp;&nbsp;&nbsp; 841 |
| USD Currency | UBS AG |  | 05/27/26 | COP | 3920.00 | USD | 6021 | &nbsp;&nbsp;&nbsp; 45521 |
| USD Currency | UBS AG |  | 05/27/26 | COP | 3920.00 | USD | 434 | &nbsp;&nbsp;&nbsp; 3278 |
| AUD Currency | Goldman Sachs International |  | 07/06/26 | USD | 0.69 | AUD | 6867 | &nbsp;&nbsp;&nbsp; 119425 |
| AUD Currency | Goldman Sachs International |  | 07/06/26 | USD | 0.69 | AUD | 516 | &nbsp;&nbsp;&nbsp; 8974 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $650103 |
| Put |  |  |  |  |  |  |  |  |
| EUR Currency | Goldman Sachs International |  | 04/01/26 | USD | 1.17 | EUR | 8513 | &nbsp;&nbsp;&nbsp; 75656 |

---

1062026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Options Purchased (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br> *Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br> *Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| USD Currency | HSBC Bank PLC |  | 04/01/26 | HUF | 333.00 | USD | 6627 | &nbsp;&nbsp;&nbsp; $26921 |
| AUD Currency | BNP Paribas SA |  | 04/02/26 | USD | 0.69 | AUD | 639 | &nbsp;&nbsp;&nbsp; 1484 |
| GBP Currency | Morgan Stanley & Co. International PLC |  | 04/02/26 | USD | 1.33 | GBP | 10437 | &nbsp;&nbsp;&nbsp; 42625 |
| USD Currency | Morgan Stanley & Co. International PLC |  | 04/08/26 | HUF | 335.00 | USD | 9824 | &nbsp;&nbsp;&nbsp; 141056 |
| USD Currency | Deutsche Bank AG |  | 04/13/26 | CLP | 850.00 | USD | 2872 | &nbsp;&nbsp;&nbsp; 177 |
| EUR Currency | Societe Generale |  | 04/15/26 | USD | 1.14 | EUR | 8107 | &nbsp;&nbsp;&nbsp; 19808 |
| USD Currency | Goldman Sachs International |  | 04/22/26 | BRL | 5.16 | USD | 1344 | &nbsp;&nbsp;&nbsp; 12698 |
| EUR Currency | BNP Paribas SA |  | 04/28/26 | USD | 1.14 | EUR | 9661 | &nbsp;&nbsp;&nbsp; 37310 |
| USD Currency | Barclays Bank PLC |  | 04/28/26 | HUF | 333.00 | USD | 6627 | &nbsp;&nbsp;&nbsp; 150253 |
| AUD Currency | HSBC Bank PLC |  | 05/01/26 | USD | 0.67 | AUD | 10400 | &nbsp;&nbsp;&nbsp; 32315 |
| USD Currency | HSBC Bank PLC |  | 05/04/26 | IDR | 16400.00 | USD | 7533 | &nbsp;&nbsp;&nbsp; 1203 |
| S&P 500 Index | BNP Paribas SA | 161 | 06/18/26 | USD | 6950.00 | USD |  | &nbsp;&nbsp;&nbsp; 43584 |
| S&P 500 Index | BNP Paribas SA | 107 | 09/18/26 | USD | 6950.00 | USD |  | &nbsp;&nbsp;&nbsp; 42425 |
| USD Currency | HSBC Bank PLC |  | 01/08/27 | INR | 92.40 | USD | 9541 | &nbsp;&nbsp;&nbsp; 58723 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $686238 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1336341 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on 5-Year Credit Default <br> Swap,12/20/30<br>| 5.00% | Quarterly | CDX.NA.HY.45.V2 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 04/15/26 | 103.00 | USD | 2775 | $8275 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest <br> Rate Swap, <br> 05/02/56<br>| 1-day SOFR, 3.68% | Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55<br> %<br>| USD | 157151 | $25735 |
| 1-Year Interest <br> Rate Swap, <br> 05/09/27<br>| 1-day SOFR, 3.68% | Annual | 1.10% | Annual | Bank of America N.A. | 05/07/26 | 1.10<br> %<br>| JPY | 17252600 | 24300 |
| 1-Year Interest <br> Rate Swap, <br> 06/10/27<br>| 1-day SOFR, 3.68% | Annual | 3.00% | Annual | Goldman Sachs <br> International<br>| 06/08/26 | 3.00<br> %<br>| USD | 785769 | 215202 |
| 3-Year Interest <br> Rate Swap, <br> 06/10/29<br>| 1-day SOFR, 3.68% | Quarterly | 4.40% | Quarterly | Bank of America N.A. | 06/09/26 | 4.40<br> %<br>| AUD | 58660 | 103269 |
| 3-Year Interest <br> Rate Swap, <br> 10/01/27<br>| 1-day SOFR, 3.68% | Quarterly | 4.80% | Quarterly | Bank of America N.A. | 09/30/26 | 4.80<br> %<br>| AUD | 83530 | 156984 |
| 1-Year Interest <br> Rate Swap, <br> 12/17/27<br>| 1-day SOFR, 3.68% | Quarterly | 2.85% | Quarterly | Bank of America N.A. | 12/15/26 | 2.85<br> %<br>| KRW | 82000000 | 26368 |
| 10-Year Interest <br> Rate Swap, <br> 03/29/38<br>| 1-day SOFR, 3.68% | Annual | 4.11% | Annual | Deutsche Bank AG | 03/27/28 | 4.11<br> %<br>| USD | 87334 | 3422595 |
| 10-Year Interest <br> Rate Swap, <br> 04/01/38<br>| 1-day SOFR, 3.68% | Annual | 4.05% | Annual | Deutsche Bank AG | 03/30/28 | 4.05<br> %<br>| USD | 87334 | 3204064 |
|  |  |  |  |  |  |  |  |  |  | $7178517 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest <br> Rate Swap, <br> 03/29/38<br>| 4.11% | Annual | 1-day SOFR, 3.68% | Annual | Deutsche Bank AG | 03/27/28 | 4.11<br> %<br>| USD | 87334 | $2989100 |
| 10-Year Interest <br> Rate Swap, <br> 04/01/38<br>| 4.05% | Annual | 1-day SOFR, 3.68% | Annual | Deutsche Bank AG | 03/30/28 | 4.05<br> %<br>| USD | 87334 | 3185988 |
|  |  |  |  |  |  |  |  |  |  | 6175088 |
|  |  |  |  |  |  |  |  |  |  | $13353605 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| iShares iBoxx USD Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 6160 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | USD | 111.00 | USD | 67138 | &nbsp;&nbsp;&nbsp;&nbsp; $(423927)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | EUR | 6300.00 | EUR | 6461 | &nbsp;&nbsp;&nbsp;&nbsp; (64894)<br>|
| Russell 2000 E-Mini Index | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 3100.00 | USD | 5816 | &nbsp;&nbsp;&nbsp;&nbsp; (36110)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(524931)<br>|
| Put |  |  |  |  |  |  |  |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 175.00 | USD | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; $(435)<br>|
| State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 78.00 | USD | 12256 | &nbsp;&nbsp;&nbsp;&nbsp; (42571)<br>|
| State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 630.00 | USD | 10601 | &nbsp;&nbsp;&nbsp;&nbsp; (93462)<br>|
| U.S. Treasury 10-Year Notes Futures | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 111.00 | USD | 366248 | &nbsp;&nbsp;&nbsp;&nbsp; (22688)<br>|
| U.S. Treasury 5-Year Notes Futures | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 107.00 | USD | 627397 | &nbsp;&nbsp;&nbsp;&nbsp; (8156)<br>|
| U.S. Treasury Bond Futures | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 04/24/26 | USD | 112.00 | USD | 193163 | &nbsp;&nbsp;&nbsp;&nbsp; (9828)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | EUR | 5400.00 | EUR | 19605 | &nbsp;&nbsp;&nbsp;&nbsp; (670301)<br>|
| iShares iBoxx USD High Yield Corporate Bond ETF | &nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | USD | 75.00 | USD | 11425 | &nbsp;&nbsp;&nbsp;&nbsp; (63282)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(910723)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1435654)<br>|

---

**OTC Barrier Options Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp;&nbsp; *Type of* <br>*Option*<br>| *Counterparty* | &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| USD Currency | One-Touch | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 04/03/26 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | 1365.00 | &nbsp;&nbsp; KRW | 1365.00 | &nbsp;&nbsp; USD | 175 | &nbsp;&nbsp; $— |

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |
| EUR Currency | HSBC Bank PLC |  | 04/09/26 | BRL | 6.29 | EUR | 2993 | &nbsp;&nbsp;&nbsp; $(1626)<br>|
| USD Currency | HSBC Bank PLC |  | 04/09/26 | KRW | 1480.00 | USD | 2915 | &nbsp;&nbsp;&nbsp; (55583)<br>|
| EUR Currency | HSBC Bank PLC |  | 04/15/26 | USD | 1.24 | EUR | 26002 | &nbsp;&nbsp;&nbsp; (205)<br>|
| USD Currency | Societe Generale |  | 04/23/26 | CNH | 6.88 | USD | 6789 | &nbsp;&nbsp;&nbsp; (22772)<br>|
| USD Currency | UBS AG |  | 04/27/26 | BRL | 5.70 | USD | 11620 | &nbsp;&nbsp;&nbsp; (16319)<br>|
| USD Currency | Bank of America N.A. |  | 05/04/26 | ZAR | 16.74 | USD | 20092 | &nbsp;&nbsp;&nbsp; (512150)<br>|
| USD Currency | Barclays Bank PLC |  | 05/04/26 | BRL | 5.65 | USD | 20087 | &nbsp;&nbsp;&nbsp; (55239)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/04/26 | MXN | 18.05 | USD | 20087 | &nbsp;&nbsp;&nbsp; (279852)<br>|
| USD Currency | Bank of America N.A. |  | 05/07/26 | IDR | 17200.00 | USD | 3460 | &nbsp;&nbsp;&nbsp; (16436)<br>|
| EUR Currency | Bank of America N.A. |  | 05/14/26 | MXN | 20.90 | EUR | 3276 | &nbsp;&nbsp;&nbsp; (46297)<br>|
| EUR Currency | Deutsche Bank AG |  | 05/14/26 | MXN | 20.50 | EUR | 1204 | &nbsp;&nbsp;&nbsp; (29558)<br>|

---

1082026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| USD Currency | BNP Paribas SA |  | 05/14/26 | CLP | 910.00 | USD | 1338 | &nbsp;&nbsp;&nbsp; $(41923)<br>|
| USD Currency | Standard Chartered Bank |  | 05/14/26 | INR | 92.80 | USD | 4208 | &nbsp;&nbsp;&nbsp; (79748)<br>|
| EUR Currency | Deutsche Bank AG |  | 05/15/26 | MXN | 20.55 | EUR | 9838 | &nbsp;&nbsp;&nbsp; (227904)<br>|
| USD Currency | BNP Paribas SA |  | 05/15/26 | NOK | 10.25 | USD | 6926 | &nbsp;&nbsp;&nbsp; (17771)<br>|
| USD Currency | HSBC Bank PLC |  | 05/15/26 | CLP | 905.00 | USD | 4918 | &nbsp;&nbsp;&nbsp; (170791)<br>|
| USD Currency | HSBC Bank PLC |  | 05/15/26 | ZAR | 17.50 | USD | 7376 | &nbsp;&nbsp;&nbsp; (90333)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/22/26 | COP | 4000.00 | USD | 2658 | &nbsp;&nbsp;&nbsp; (10880)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/27/26 | COP | 4200.00 | USD | 167 | &nbsp;&nbsp;&nbsp; (292)<br>|
| USD Currency | UBS AG |  | 05/27/26 | COP | 4200.00 | USD | 651 | &nbsp;&nbsp;&nbsp; (1140)<br>|
| USD Currency | UBS AG |  | 05/27/26 | COP | 4200.00 | USD | 4170 | &nbsp;&nbsp;&nbsp; (7305)<br>|
| USD Currency | UBS AG |  | 05/27/26 | COP | 4200.00 | USD | 4629 | &nbsp;&nbsp;&nbsp; (8110)<br>|
| USD Currency | HSBC Bank PLC |  | 06/04/26 | INR | 95.50 | USD | 1772 | &nbsp;&nbsp;&nbsp; (15002)<br>|
| EUR Currency | Morgan Stanley & Co. International PLC |  | 06/08/26 | HUF | 410.00 | EUR | 2830 | &nbsp;&nbsp;&nbsp; (26019)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 06/29/26 | BRL | 5.35 | USD | 4470 | &nbsp;&nbsp;&nbsp; (105962)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 06/29/26 | BRL | 5.35 | USD | 12574 | &nbsp;&nbsp;&nbsp; (298069)<br>|
| AUD Currency | Goldman Sachs International |  | 07/06/26 | USD | 0.73 | AUD | 1032 | &nbsp;&nbsp;&nbsp; (3466)<br>|
| AUD Currency | Goldman Sachs International |  | 07/06/26 | USD | 0.73 | AUD | 13734 | &nbsp;&nbsp;&nbsp; (46124)<br>|
| USD Currency | Goldman Sachs International |  | 09/28/26 | ZAR | 17.40 | USD | 674 | &nbsp;&nbsp;&nbsp; (22626)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(2209502)<br>|
| Put |  |  |  |  |  |  |  |  |
| USD Currency | Barclays Bank PLC |  | 04/01/26 | HUF | 333.00 | USD | 6627 | &nbsp;&nbsp;&nbsp; (26921)<br>|
| AUD Currency | BNP Paribas SA |  | 04/02/26 | USD | 0.68 | AUD | 639 | &nbsp;&nbsp;&nbsp; (111)<br>|
| USD Currency | HSBC Bank PLC |  | 04/09/26 | KRW | 1445.00 | USD | 2915 | &nbsp;&nbsp;&nbsp; (1032)<br>|
| USD Currency | HSBC Bank PLC |  | 04/13/26 | CLP | 850.00 | USD | 1391 | &nbsp;&nbsp;&nbsp; (86)<br>|
| USD Currency | HSBC Bank PLC |  | 04/13/26 | CLP | 850.00 | USD | 1481 | &nbsp;&nbsp;&nbsp; (91)<br>|
| USD Currency | HSBC Bank PLC |  | 04/16/26 | COP | 3700.00 | USD | 3163 | &nbsp;&nbsp;&nbsp; (38895)<br>|
| EUR Currency | Goldman Sachs International |  | 04/23/26 | BRL | 6.15 | EUR | 4122 | &nbsp;&nbsp;&nbsp; (128504)<br>|
| EUR Currency | BNP Paribas SA |  | 04/28/26 | USD | 1.12 | EUR | 9661 | &nbsp;&nbsp;&nbsp; (13658)<br>|
| AUD Currency | HSBC Bank PLC |  | 05/01/26 | USD | 0.65 | AUD | 10400 | &nbsp;&nbsp;&nbsp; (11014)<br>|
| USD Currency | Barclays Bank PLC |  | 05/04/26 | COP | 3520.00 | USD | 5022 | &nbsp;&nbsp;&nbsp; (7657)<br>|
| USD Currency | Barclays Bank PLC |  | 05/04/26 | IDR | 16400.00 | USD | 7533 | &nbsp;&nbsp;&nbsp; (1203)<br>|
| USD Currency | Barclays Bank PLC |  | 05/04/26 | BRL | 5.15 | USD | 20087 | &nbsp;&nbsp;&nbsp; (215100)<br>|
| EUR Currency | Deutsche Bank AG |  | 05/14/26 | MXN | 20.50 | EUR | 1204 | &nbsp;&nbsp;&nbsp; (7693)<br>|
| EUR Currency | Societe Generale |  | 05/14/26 | USD | 1.12 | EUR | 4054 | &nbsp;&nbsp;&nbsp; (10069)<br>|
| USD Currency | BNP Paribas SA |  | 05/14/26 | CLP | 910.00 | USD | 1338 | &nbsp;&nbsp;&nbsp; (19407)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/14/26 | ZAR | 16.30 | USD | 33240 | &nbsp;&nbsp;&nbsp; (176137)<br>|
| USD Currency | UBS AG |  | 05/14/26 | MXN | 17.55 | USD | 33240 | &nbsp;&nbsp;&nbsp; (208127)<br>|
| EUR Currency | Deutsche Bank AG |  | 05/15/26 | MXN | 20.55 | EUR | 9838 | &nbsp;&nbsp;&nbsp; (75027)<br>|
| USD Currency | HSBC Bank PLC |  | 05/15/26 | CLP | 905.00 | USD | 4918 | &nbsp;&nbsp;&nbsp; (61613)<br>|
| USD Currency | UBS AG |  | 05/18/26 | HUF | 330.00 | USD | 6627 | &nbsp;&nbsp;&nbsp; (137950)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 05/22/26 | COP | 3600.00 | USD | 2658 | &nbsp;&nbsp;&nbsp; (21021)<br>|
| USD Currency | Standard Chartered Bank |  | 05/22/26 | THB | 32.00 | USD | 3166 | &nbsp;&nbsp;&nbsp; (32531)<br>|
| S&P 500 Index | BNP Paribas SA | 161 | 06/18/26 | USD | 6225.00 | USD |  | &nbsp;&nbsp;&nbsp; (23511)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 06/29/26 | BRL | 5.25 | USD | 4470 | &nbsp;&nbsp;&nbsp; (109348)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 06/29/26 | BRL | 5.35 | USD | 12574 | &nbsp;&nbsp;&nbsp; (451092)<br>|
| S&P 500 Index | BNP Paribas SA | 107 | 09/18/26 | USD | 6225.00 | USD |  | &nbsp;&nbsp;&nbsp; (25790)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1803588)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(4013090)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on <br> 5-Year Credit <br> Default <br> Swap,12/20/30<br>| 5.00% | Quarterly | ITRAXX.XO.44.V1 | Quarterly | JPMorgan Chase Bank <br> N.A.<br>| 06/17/26 | 300.00 | EUR | 23109 | $(214819)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on <br> 5-Year Credit <br> Default <br> Swap,12/20/30<br>| CDX.NA.HY.45.V2 | Quarterly | 5.00% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 04/15/26 | 98.00 | USD | 2775 | (1614)<br>|
| Bought Protection on <br> 5-Year Credit <br> Default <br> Swap,12/20/30<br>| ITRAXX.XO.44.V1 | Quarterly | 5.00% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 05/20/26 | 300.00 | EUR | 3499 | (78258)<br>|
| Bought Protection on <br> 5-Year Credit <br> Default <br> Swap,12/20/30<br>| ITRAXX.XO.44.V1 | Quarterly | 5.00% | Quarterly | JPMorgan Chase Bank <br> N.A.<br>| 06/17/26 | 300.00 | EUR | 23109 | (598070)<br>|
|  |  |  |  |  |  |  |  |  |  | $(677942)<br>|
|  |  |  |  |  |  |  |  |  |  | $(892761)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest <br> Rate Swap, <br> 05/02/56<br>| 3.25% | Annual | 1-day SOFR, 3.68% | Annual | Bank of America N.A. | 04/30/26 | 3.25<br> %<br>| USD | 157151 | $(2680)<br>|
| 5-Year Interest Rate <br> Swap, 05/07/31<br>| 3.86% | Semi-Annual | 1-day SOFR, 3.68% | Annual | JPMorgan Chase Bank <br> N.A.<br>| 05/05/26 | 3.86<br> %<br>| CZK | 52572 | (1235)<br>|
| 1-Year Interest Rate <br> Swap, 06/10/27<br>| 2.50% | Annual | 1-day SOFR, 3.68% | Annual | Goldman Sachs <br> International<br>| 06/08/26 | 2.50<br> %<br>| USD | 785769 | (65479)<br>|
| 3-Year Interest Rate <br> Swap, 06/10/29<br>| 4.05% | Quarterly | 1-day SOFR, 3.68% | Quarterly | Bank of America N.A. | 06/09/26 | 4.05<br> %<br>| AUD | 117320 | (60532)<br>|
| 3-Year Interest Rate <br> Swap, 10/01/27<br>| 4.35% | Quarterly | 1-day SOFR, 3.68% | Quarterly | Bank of America N.A. | 09/30/26 | 4.35<br> %<br>| AUD | 125300 | (100130)<br>|
| 10-Year Interest <br> Rate Swap, <br> 12/18/36<br>| 3.20% | Annual | 1-day SOFR, 3.68% | Annual | Citibank N.A. | 12/16/26 | 3.20<br> %<br>| USD | 30672 | (161934)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/06/37<br>| 3.71% | Annual | 1-day SOFR, 3.68% | Annual | Citibank N.A. | 03/04/27 | 3.71<br> %<br>| USD | 44261 | (791903)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/17/37<br>| 3.87% | Annual | 1-day SOFR, 3.68% | Annual | Bank of America N.A. | 03/15/27 | 3.87<br> %<br>| USD | 126921 | (3033597)<br>|
| 10-Year Interest <br> Rate Swap, <br> 11/10/37<br>| 3.87% | Annual | 1-day SOFR, 3.68% | Annual | Bank of America N.A. | 11/08/27 | 3.87<br> %<br>| USD | 80370 | (2287693)<br>|
| 10-Year Interest <br> Rate Swap, <br> 12/18/37<br>| 4.03% | Annual | 1-day SOFR, 3.68% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03<br> %<br>| USD | 79708 | (2792525)<br>|
| 10-Year Interest <br> Rate Swap, <br> 02/02/38<br>| 4.10% | Annual | 1-day SOFR, 3.68% | Annual | Deutsche Bank AG | 01/31/28 | 4.10<br> %<br>| USD | 91863 | (3539845)<br>|

---

1102026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* |
| 10-Year Interest <br> Rate Swap, <br> 02/09/38<br>| 4.07% | Annual | 1-day SOFR, 3.68% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 02/07/28 | 4.07<br> %<br>| USD | 46866 | $(1736779)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/22/38<br>| 3.94% | Annual | 1-day SOFR, 3.68% | Annual | Bank of America N.A. | 03/20/28 | 3.94<br> %<br>| USD | 39709 | (1284560)<br>|
|  |  |  |  |  |  |  |  |  |  | $(15858892)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate <br> Swap, 06/10/27<br>| 1-day SOFR, 3.68% | Annual | 3.50% | Annual | Goldman Sachs <br> International<br>| 06/08/26 | 3.50<br> %<br>| USD | 785769 | (2308865)<br>|
| 2-Year Interest Rate <br> Swap, 08/05/28<br>| 1-day SOFR, 3.68% | Annual | 3.70% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 08/03/26 | 3.70<br> %<br>| USD | 302376 | (1184396)<br>|
| 2-Year Interest Rate <br> Swap, 09/16/28<br>| 1-day SOFR, 3.68% | Annual | 3.80% | Annual | Deutsche Bank AG | 09/14/26 | 3.80<br> %<br>| USD | 294047 | (1097978)<br>|
| 2-Year Interest Rate <br> Swap, 10/23/28<br>| 1-day SOFR, 3.68% | Annual | 3.85% | Annual | Goldman Sachs <br> International<br>| 10/21/26 | 3.85<br> %<br>| USD | 728041 | (2770195)<br>|
| 10-Year Interest <br> Rate Swap, <br> 12/18/36<br>| 1-day SOFR, 3.68% | Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60<br> %<br>| USD | 15336 | (106238)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/06/37<br>| 1-day SOFR, 3.68% | Annual | 3.71% | Annual | Citibank N.A. | 03/04/27 | 3.71<br> %<br>| USD | 44261 | (1612482)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/17/37<br>| 1-day SOFR, 3.68% | Annual | 3.87% | Annual | Bank of America N.A. | 03/15/27 | 3.87<br> %<br>| USD | 126921 | (3746154)<br>|
| 2-Year Interest Rate <br> Swap, 09/22/29<br>| 1-day SOFR, 3.68% | Annual | 4.30% | Annual | Goldman Sachs <br> International<br>| 09/20/27 | 4.30<br> %<br>| USD | 814759 | (3174378)<br>|
| 2-Year Interest Rate <br> Swap, 10/06/29<br>| 1-day SOFR, 3.68% | Annual | 4.05% | Annual | Goldman Sachs <br> International<br>| 10/04/27 | 4.05<br> %<br>| USD | 960440 | (4998995)<br>|
| 10-Year Interest <br> Rate Swap, <br> 11/10/37<br>| 1-day SOFR, 3.68% | Annual | 3.87% | Annual | Bank of America N.A. | 11/08/27 | 3.87<br> %<br>| USD | 80370 | (3099269)<br>|
| 2-Year Interest Rate <br> Swap, 12/10/29<br>| 1-day SOFR, 3.68% | Annual | 4.00% | Annual | Nomura International <br> PLC<br>| 12/08/27 | 4.00<br> %<br>| USD | 240850 | (1419111)<br>|
| 10-Year Interest <br> Rate Swap, <br> 12/18/37<br>| 1-day SOFR, 3.68% | Annual | 4.03% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03<br> %<br>| USD | 79708 | (2691871)<br>|
| 2-Year Interest Rate <br> Swap, 12/18/29<br>| 1-day SOFR, 3.68% | Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50<br> %<br>| USD | 494839 | (1775085)<br>|
| 10-Year Interest <br> Rate Swap, <br> 02/02/38<br>| 1-day SOFR, 3.68% | Annual | 4.10% | Annual | Deutsche Bank AG | 01/31/28 | 4.10<br> %<br>| USD | 91863 | (3003613)<br>|
| 10-Year Interest <br> Rate Swap, <br> 02/09/38<br>| 1-day SOFR, 3.68% | Annual | 4.07% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 02/07/28 | 4.07<br> %<br>| USD | 46866 | (1601972)<br>|
| 10-Year Interest <br> Rate Swap, <br> 03/22/38<br>| 1-day SOFR, 3.68% | Annual | 3.94% | Annual | Bank of America N.A. | 03/20/28 | 3.94<br> %<br>| USD | 39709 | (1599604)<br>|
|  |  |  |  |  |  |  |  |  |  | $(36190206)<br>|
|  |  |  |  |  |  |  |  |  |  | $(52049098)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Paid by* <br>*the* <br>*Fund*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.45.V2 | 5.00<br> % <br>| Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 1940 | &nbsp;&nbsp;&nbsp;&nbsp; $(105418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(108289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2871 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Centrally Cleared Credit Default Swaps — Buy Protection (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate*<br> *Paid by*<br> *the*<br> *Fund*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Payment*<br> *Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.IG.45.V1 | 1.00<br> % <br>| Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 13920 | &nbsp;&nbsp;&nbsp;&nbsp; $(251334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(301514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50180 |
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 36706 | &nbsp;&nbsp;&nbsp;&nbsp; (3149407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4164290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1014883 |
| Brazilian Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 8055 | &nbsp;&nbsp;&nbsp;&nbsp; 145115 | &nbsp;&nbsp;&nbsp;&nbsp; 180146 | &nbsp;&nbsp;&nbsp;&nbsp; (35031)<br>|
| CDX.NA.HY.46.V1 | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 1952 | &nbsp;&nbsp;&nbsp;&nbsp; (96786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18861)<br>|
| Colombia Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 6097 | &nbsp;&nbsp;&nbsp;&nbsp; 353118 | &nbsp;&nbsp;&nbsp;&nbsp; 347596 | &nbsp;&nbsp;&nbsp;&nbsp; 5522 |
| ITRAXX.ASIA.XJ.IG.45.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 15246 | &nbsp;&nbsp;&nbsp;&nbsp; (59647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35865 |
| ITRAXX.AUST.45.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 14000 | &nbsp;&nbsp;&nbsp;&nbsp; (58747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3761)<br>|
| ITRAXX.EUR.45.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | EUR | 17284 | &nbsp;&nbsp;&nbsp;&nbsp; (280766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8423)<br>|
| ITRAXX.FINSR.45.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | EUR | 54428 | &nbsp;&nbsp;&nbsp;&nbsp; (690861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (653419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37442)<br>|
| ITRAXX.XO.45.V1 | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | EUR | 24825 | &nbsp;&nbsp;&nbsp;&nbsp; (1847107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1865214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18107 |
| Mexico Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 10507 | &nbsp;&nbsp;&nbsp;&nbsp; 42320 | &nbsp;&nbsp;&nbsp;&nbsp; 25669 | &nbsp;&nbsp;&nbsp;&nbsp; 16651 |
| Morocco Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 1398 | &nbsp;&nbsp;&nbsp;&nbsp; (1325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1325)<br>|
| Oman Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | USD | 1398 | &nbsp;&nbsp;&nbsp;&nbsp; (1840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1514)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(6002685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7040407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1037722 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | &nbsp;&nbsp; *Financing* <br>*Rate* <br>*Received* <br>*by* <br>*the* <br>*Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Saudi Government International Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| Quarterly | &nbsp;&nbsp;&nbsp; 06/20/31 | &nbsp;&nbsp;&nbsp; A+ | USD | 2790 | &nbsp;&nbsp;&nbsp; $19577 | &nbsp;&nbsp;&nbsp; $18097 | &nbsp;&nbsp;&nbsp; $1480 |

---

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

<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** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination* <br>*Date* | *Notional* <br>*Amount* <br>*(000)* | *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)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 2.43% | At Termination | U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 04/15/30 | USD | 22750 | $116615 | $— | $116615 |
| 2.43% | At Termination | U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 04/15/30 | USD | 28448 | 144470 |  | 144470 |
| 2.63% | At Termination | U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 09/09/30 | USD | 107639 | (371976)<br>|  | (371976)<br>|
|  |  |  |  |  |  |  | $(110891)<br>| $— | $(110891)<br>|

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR, 3.68% | At Termination | 3.80% | At Termination | N/A | 05/16/26 | USD | 369112 | &nbsp;&nbsp; $(1021070)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1021070)<br>|
| 1-day SOFR, 3.68% | At Termination | 3.90% | At Termination | N/A | 05/16/26 | USD | 283259 | &nbsp;&nbsp; (495426)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (495426)<br>|
| 3.79% | At Termination | 1-day SOFR, 3.68% | At Termination | N/A | 05/16/26 | USD | 369112 | &nbsp;&nbsp; 1044726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1044726 |
| 3.81% | At Termination | 1-day SOFR, 3.68% | At Termination | N/A | 05/16/26 | USD | 283259 | &nbsp;&nbsp; 743235 | &nbsp;&nbsp; 21799 | &nbsp;&nbsp; 721436 |
| 6.91% | Monthly | &nbsp;&nbsp; 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | N/A | 09/11/26 | MXN | 426550 | &nbsp;&nbsp; (11071)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11071)<br>|

---

1122026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date*<br>| &nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 6.98% | Monthly | N/A | 11/05/26 | MXN | 68859 | &nbsp;&nbsp; $3345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3345 |
| 4.00% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| At Termination | N/A | 12/17/26 | PLN | 20705 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; (1591)<br>| &nbsp;&nbsp; 1687 |
| 6.66% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/26 | ZAR | 278697 | &nbsp;&nbsp; 51088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51088 |
| 6.72% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/26 | ZAR | 205790 | &nbsp;&nbsp; 32193 | &nbsp;&nbsp; (4585)<br>| &nbsp;&nbsp; 36778 |
| 13.70% | At Termination | 1-day BROIS, 0.05% | At Termination | N/A | 01/04/27 | BRL | 6957 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6474 |
| 13.86% | At Termination | 1-day BROIS, 0.05% | At Termination | N/A | 01/04/27 | BRL | 5423 | &nbsp;&nbsp; 5094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5094 |
| 13.88% | At Termination | 1-day BROIS, 0.05% | At Termination | N/A | 01/04/27 | BRL | 46076 | &nbsp;&nbsp; 41543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41543 |
| 1-day MIBOR, 6.98% | At Termination | 5.61% | At Termination | 06/17/26<sup>(a)</sup> <br>| 06/17/27 | INR | 7502002 | &nbsp;&nbsp; (542859)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (542859)<br>|
| 1-day MIBOR, 6.98% | At Termination | 5.62% | At Termination | 06/17/26<sup>(a)</sup> <br>| 06/17/27 | INR | 4519278 | &nbsp;&nbsp; (322665)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (322665)<br>|
| 3.27% | Annual | 1-day SOFR, 3.68% | Annual | N/A | 12/01/27 | USD | 14452 | &nbsp;&nbsp; 115073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115073 |
| 1-day SOFR, 3.68% | At Termination | 3.23% | At Termination | 12/11/26<sup>(a)</sup> <br>| 12/11/27 | USD | 386606 | &nbsp;&nbsp; (1445165)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1445165)<br>|
| 3.35% | Annual | 1-day SOFR, 3.68% | Annual | N/A | 12/16/27 | USD | 26520 | &nbsp;&nbsp; 164856 | &nbsp;&nbsp; 4183 | &nbsp;&nbsp; 160673 |
| 3.88% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | N/A | 12/17/27 | PLN | 40701 | &nbsp;&nbsp; 84067 | &nbsp;&nbsp; (4144)<br>| &nbsp;&nbsp; 88211 |
| 3.95% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | N/A | 12/17/27 | PLN | 23249 | &nbsp;&nbsp; 39706 | &nbsp;&nbsp; (4870)<br>| &nbsp;&nbsp; 44576 |
| 6.55% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/27 | ZAR | 71619 | &nbsp;&nbsp; 52392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52392 |
| 6-Month BUBOR, <br> 6.62%<br>| Semi-Annual | 6.25% | Annual | N/A | 12/17/27 | HUF | 2909711 | &nbsp;&nbsp; (138959)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (138959)<br>|
| 1-day BROIS, 0.05% | At Termination | 13.80% | At Termination | N/A | 01/03/28 | BRL | 28124 | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4765 |
| 3.32% | Quarterly | &nbsp;&nbsp; 3-month KLIBOR, <br> 3.37%<br>| Quarterly | N/A | 03/18/28 | MYR | 47923 | &nbsp;&nbsp; 22493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22493 |
| 3.33% | Quarterly | &nbsp;&nbsp; 3-month KLIBOR, <br> 3.37%<br>| Quarterly | N/A | 03/18/28 | MYR | 20307 | &nbsp;&nbsp; 8358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8358 |
| 3.49% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | N/A | 03/18/28 | PLN | 4366 | &nbsp;&nbsp; 19401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19401 |
| 6-Month BUBOR, <br> 6.62%<br>| Semi-Annual | 5.76% | Annual | N/A | 03/18/28 | HUF | 313792 | &nbsp;&nbsp; (23766)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23766)<br>|
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.54% | Quarterly | N/A | 12/17/28 | CNY | 56107 | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3339 |
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.54% | Quarterly | N/A | 12/17/28 | CNY | 37634 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1504 |
| 1-day BROIS, 0.05% | At Termination | 13.02% | At Termination | N/A | 01/02/29 | BRL | 21780 | &nbsp;&nbsp; (91586)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91586)<br>|
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.56% | Quarterly | N/A | 03/18/29 | CNY | 8416 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 822 |
| 3.39% | Quarterly | &nbsp;&nbsp; 3-month KLIBOR, <br> 3.37%<br>| Quarterly | 06/18/26<sup>(a)</sup> <br>| 06/18/29 | MYR | 45110 | &nbsp;&nbsp; 29669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29669 |
| 3.48% | Quarterly | &nbsp;&nbsp; 3-month KLIBOR, <br> 3.37%<br>| Quarterly | 06/18/26<sup>(a)</sup> <br>| 06/18/29 | MYR | 45150 | &nbsp;&nbsp; (565)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (565)<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 7.28% | Monthly | N/A | 10/31/30 | MXN | 148598 | &nbsp;&nbsp; (263755)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (263755)<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 7.32% | Monthly | N/A | 11/05/30 | MXN | 27753 | &nbsp;&nbsp; (47105)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (47105)<br>|
| 3.45% | Annual | 1-day SOFR, 3.68% | Annual | N/A | 12/16/30 | USD | 17089 | &nbsp;&nbsp; 136641 | &nbsp;&nbsp; 14555 | &nbsp;&nbsp; 122086 |
| 1-day MIBOR, 6.98% | Semi-Annual | 5.71% | Semi-Annual | N/A | 12/17/30 | INR | 437998 | &nbsp;&nbsp; (185135)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (185135)<br>|
| 4.00% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | N/A | 12/17/30 | PLN | 616 | &nbsp;&nbsp; 3754 | &nbsp;&nbsp; (179)<br>| &nbsp;&nbsp; 3933 |
| 4.05% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | N/A | 12/17/30 | PLN | 18412 | &nbsp;&nbsp; 102047 | &nbsp;&nbsp; (1656)<br>| &nbsp;&nbsp; 103703 |
| 6.86% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/30 | ZAR | 210942 | &nbsp;&nbsp; 390354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 390354 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date*<br>| &nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 6.87% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/30 | ZAR | 99472 | &nbsp;&nbsp; $182897 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182897 |
| 6-Month BUBOR, <br> 6.62%<br>| Semi-Annual | 6.29% | Annual | N/A | 12/17/30 | HUF | 428610 | &nbsp;&nbsp; (45802)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45802)<br>|
| 6-month PRIBOR, <br> 3.62%<br>| Semi-Annual | 3.89% | Annual | N/A | 12/17/30 | CZK | 380985 | &nbsp;&nbsp; (353676)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (353676)<br>|
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.58% | Quarterly | N/A | 12/17/30 | CNY | 45361 | &nbsp;&nbsp; (2739)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2739)<br>|
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.58% | Quarterly | N/A | 12/17/30 | CNY | 32736 | &nbsp;&nbsp; (2194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2194)<br>|
| 1-day BROIS, 0.05% | At Termination | 13.18% | At Termination | N/A | 01/02/31 | BRL | 16036 | &nbsp;&nbsp; (62592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (62592)<br>|
| 1-day BROIS, 0.05% | At Termination | 13.24% | At Termination | N/A | 01/02/31 | BRL | 13815 | &nbsp;&nbsp; (61606)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61606)<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 7.53% | Monthly | N/A | 01/03/31 | MXN | 21367 | &nbsp;&nbsp; (27258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27258)<br>|
| 3.58% | Semi-Annual | &nbsp;&nbsp; 6-month PRIBOR, <br> 3.62%<br>| Annual | N/A | 03/18/31 | CZK | 24419 | &nbsp;&nbsp; 41176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41176 |
| 3.62% | Semi-Annual | &nbsp;&nbsp; 6-month PRIBOR, <br> 3.62%<br>| Annual | N/A | 03/18/31 | CZK | 24494 | &nbsp;&nbsp; 39466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39466 |
| 6.69% | Quarterly | &nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 03/18/31 | ZAR | 29118 | &nbsp;&nbsp; 71311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71311 |
| 6-Month BUBOR, <br> 6.62%<br>| Semi-Annual | 5.98% | Annual | N/A | 03/18/31 | HUF | 64712 | &nbsp;&nbsp; (9258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9258)<br>|
| 6-month PRIBOR, <br> 3.62%<br>| Semi-Annual | 3.74% | Annual | N/A | 03/18/31 | CZK | 50904 | &nbsp;&nbsp; (68267)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (68267)<br>|
| 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 1.64% | Quarterly | N/A | 03/18/31 | CNY | 6804 | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1786 |
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 8.05% | Monthly | N/A | 03/21/31 | MXN | 79276 | &nbsp;&nbsp; (12953)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12953)<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 8.09% | Monthly | N/A | 03/24/31 | MXN | 52501 | &nbsp;&nbsp; (4094)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4094)<br>|
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 8.17% | Monthly | 04/06/26<sup>(a)</sup> <br>| 03/31/31 | MXN | 16648 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1460 |
| 1-day MIBOR, 6.98% | Semi-Annual | 6.51% | Semi-Annual | 06/17/26<sup>(a)</sup> <br>| 06/17/31 | INR | 508155 | &nbsp;&nbsp; (73777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (73777)<br>|
| 1-day THOR, 0.99% | Quarterly | 1.62% | Quarterly | 06/17/26<sup>(a)</sup> <br>| 06/17/31 | THB | 216610 | &nbsp;&nbsp; (48958)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (48958)<br>|
| 4.12% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | 06/17/26<sup>(a)</sup> <br>| 06/17/31 | PLN | 19196 | &nbsp;&nbsp; 111264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111264 |
| 4.40% | Semi-Annual | &nbsp;&nbsp; 6-month WIBOR, <br> 3.89%<br>| Annual | 06/17/26<sup>(a)</sup> <br>| 06/17/31 | PLN | 19188 | &nbsp;&nbsp; 48085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48085 |
| 6.16% | Semi-Annual | 1-day MIBOR, 6.98% | Semi-Annual | 06/17/26<sup>(a)</sup> <br>| 06/17/31 | INR | 2716120 | &nbsp;&nbsp; 797459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 797459 |
| 1.61% | Quarterly | &nbsp;&nbsp; 7-Day China Fixing <br> Repo Rates, <br> 1.35%<br>| Quarterly | 09/16/26<sup>(a)</sup> <br>| 09/16/31 | CNY | 167990 | &nbsp;&nbsp; 20065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20065 |
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 8.27% | Monthly | N/A | 12/05/35 | MXN | 42733 | &nbsp;&nbsp; (30475)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30475)<br>|
| 3.77% | Annual | 1-day SOFR, 3.68% | Annual | N/A | 12/16/35 | USD | 4087 | &nbsp;&nbsp; 28116 | &nbsp;&nbsp; 4873 | &nbsp;&nbsp; 23243 |
| 28-day MXIBTIIE, <br> 7.06%<br>| Monthly | 8.00% | Monthly | N/A | 12/28/35 | MXN | 4237 | &nbsp;&nbsp; (7408)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7408)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(950064)<br>| &nbsp;&nbsp; $28385 | &nbsp;&nbsp; $(978449)<br>|

---

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

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

1142026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Paid* <br>*by the* <br>*Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Xerox Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> % <br>| Quarterly | Barclays Bank PLC | 12/20/26 | USD | 115 | &nbsp;&nbsp; $17050 | &nbsp;&nbsp; $20727 | &nbsp;&nbsp; $(3677)<br>|
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 06/20/27 | USD | 4300 | &nbsp;&nbsp; (49489)<br>| &nbsp;&nbsp; (25226)<br>| &nbsp;&nbsp; (24263)<br>|
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | BNP Paribas SA | 12/20/27 | USD | 1000 | &nbsp;&nbsp; (13577)<br>| &nbsp;&nbsp; 4780 | &nbsp;&nbsp; (18357)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 12/20/27 | USD | 620 | &nbsp;&nbsp; 2201 | &nbsp;&nbsp; 56670 | &nbsp;&nbsp; (54469)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 250 | &nbsp;&nbsp; 888 | &nbsp;&nbsp; 23502 | &nbsp;&nbsp; (22614)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 380 | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 36806 | &nbsp;&nbsp; (35457)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 780 | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 93709 | &nbsp;&nbsp; (90939)<br>|
| Republic of Argentina | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 184 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 3578 | &nbsp;&nbsp; (3252)<br>|
| Simon Property Group LP | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 3640 | &nbsp;&nbsp; (47845)<br>| &nbsp;&nbsp; 19473 | &nbsp;&nbsp; (67318)<br>|
| Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | EUR | 1350 | &nbsp;&nbsp; (23841)<br>| &nbsp;&nbsp; 39130 | &nbsp;&nbsp; (62971)<br>|
| Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3500 | &nbsp;&nbsp; (61811)<br>| &nbsp;&nbsp; 55906 | &nbsp;&nbsp; (117717)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | BNP Paribas SA | 06/20/28 | EUR | 4400 | &nbsp;&nbsp; (67665)<br>| &nbsp;&nbsp; 162518 | &nbsp;&nbsp; (230183)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 06/20/28 | EUR | 4400 | &nbsp;&nbsp; (67665)<br>| &nbsp;&nbsp; 113233 | &nbsp;&nbsp; (180898)<br>|
| Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 4700 | &nbsp;&nbsp; (64762)<br>| &nbsp;&nbsp; (12504)<br>| &nbsp;&nbsp; (52258)<br>|
| Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 4700 | &nbsp;&nbsp; (69500)<br>| &nbsp;&nbsp; 36315 | &nbsp;&nbsp; (105815)<br>|
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 12/20/29 | USD | 39219 | &nbsp;&nbsp; (1001508)<br>| &nbsp;&nbsp; (812034)<br>| &nbsp;&nbsp; (189474)<br>|
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19990 | &nbsp;&nbsp; (460677)<br>| &nbsp;&nbsp; (422394)<br>| &nbsp;&nbsp; (38283)<br>|
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19396 | &nbsp;&nbsp; (468495)<br>| &nbsp;&nbsp; (388958)<br>| &nbsp;&nbsp; (79537)<br>|
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | USD | 580 | &nbsp;&nbsp; (81821)<br>| &nbsp;&nbsp; (85240)<br>| &nbsp;&nbsp; 3419 |
| American Airlines Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 06/20/31 | USD | 140 | &nbsp;&nbsp; 4399 | &nbsp;&nbsp; 3507 | &nbsp;&nbsp; 892 |
| American Airlines Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 06/20/31 | USD | 175 | &nbsp;&nbsp; 5498 | &nbsp;&nbsp; 4383 | &nbsp;&nbsp; 1115 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 06/20/31 | EUR | 1649 | &nbsp;&nbsp; (32292)<br>| &nbsp;&nbsp; (32166)<br>| &nbsp;&nbsp; (126)<br>|
| CMA CGM SA | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 06/20/31 | EUR | 834 | &nbsp;&nbsp; (66487)<br>| &nbsp;&nbsp; (66292)<br>| &nbsp;&nbsp; (195)<br>|
| Discovery Global Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 06/20/31 | USD | 365 | &nbsp;&nbsp; 43248 | &nbsp;&nbsp; 43238 | &nbsp;&nbsp; 10 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 06/20/31 | USD | 575 | &nbsp;&nbsp; 2636 | &nbsp;&nbsp; 2383 | &nbsp;&nbsp; 253 |
| Lanxess AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 06/20/31 | EUR | 1230 | &nbsp;&nbsp; 75911 | &nbsp;&nbsp; 106916 | &nbsp;&nbsp; (31005)<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/31 | EUR | 1649 | &nbsp;&nbsp; (33190)<br>| &nbsp;&nbsp; (33100)<br>| &nbsp;&nbsp; (90)<br>|
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 06/20/31 | USD | 2315 | &nbsp;&nbsp; 29291 | &nbsp;&nbsp; 35021 | &nbsp;&nbsp; (5730)<br>|
| ThyssenKrupp AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 06/20/31 | EUR | 1248 | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 2053 | &nbsp;&nbsp; (367)<br>|
| Unicredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | BNP Paribas SA | 06/20/31 | EUR | 667 | &nbsp;&nbsp; (5676)<br>| &nbsp;&nbsp; (5115)<br>| &nbsp;&nbsp; (561)<br>|
| United Group BV | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/31 | EUR | 874 | &nbsp;&nbsp; (42908)<br>| &nbsp;&nbsp; (48578)<br>| &nbsp;&nbsp; 5670 |
| Volkswagen International Finance <br> NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 06/20/31 | EUR | 764 | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 5008 | &nbsp;&nbsp; (758)<br>|
| Volvo Car AB | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/31 | EUR | 1638 | &nbsp;&nbsp; (207364)<br>| &nbsp;&nbsp; (211125)<br>| &nbsp;&nbsp; 3761 |
| CMBX.NA.9.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 89 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 856 | &nbsp;&nbsp; (865)<br>|
| CMBX.NA.9.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (20)<br>|
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | Citigroup Global Markets, Inc. | 09/17/58 | USD | 1580 | &nbsp;&nbsp; 501886 | &nbsp;&nbsp; 45922 | &nbsp;&nbsp; 455964 |
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | USD | 2691 | &nbsp;&nbsp; 855137 | &nbsp;&nbsp; 184393 | &nbsp;&nbsp; 670744 |
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 155 | &nbsp;&nbsp; 49223 | &nbsp;&nbsp; 7374 | &nbsp;&nbsp; 41849 |
| CMBX.NA.6.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | Deutsche Bank AG | 05/11/63 | USD | 7 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 1 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(1268834)<br>| &nbsp;&nbsp; $(1035313)<br>| &nbsp;&nbsp; $(233521)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Received* <br>*by* <br>*the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount* <br>*(000)*<sup>(b)</sup>  | *Notional* <br>*Amount* <br>*(000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Altice France SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | CCC+ | EUR | 697 | $26563 | $14037 | $12526 |
| Altice France SA | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | CCC+ | EUR | 312 | 11890 | 8404 | 3486 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Credit Default Swaps — Sell Protection (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate*<br> *Received*<br> *by*<br> *the Fund*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | *Termination*<br> *Date*<br>| *Credit*<br> *Rating*<sup>(a)</sup><br>| *Notional*<br> *Amount*<br> *(000)*<sup>(b)</sup> | *Notional*<br> *Amount*<br> *(000)*<sup>(b)</sup> | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Altice France SA | 5.00<br> % <br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | CCC+ | EUR | 615 | $23438 | $16566 | $6872 |
| PacifiCorp | 1.56 | Monthly | JPMorgan Chase Bank N.A. | 09/29/27 | BBB+ | USD | 6915 | (3719)<br>| (2704)<br>| (1015)<br>|
| ADLER Real Estate GmbH | 5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | N/R | EUR | 178 | 9124 | 13312 | (4188)<br>|
| Altice France SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 534 | 26873 | 9832 | 17041 |
| Altice France SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 379 | 19073 | 18088 | 985 |
| Altice France SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 392 | 19727 | 18708 | 1019 |
| Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/28 | B- | EUR | 622 | 37632 | 51050 | (13418)<br>|
| Ziggo Bond Co. BV | 5.00 | Quarterly | Deutsche Bank AG | 12/20/28 | B- | EUR | 357 | 15730 | 26123 | (10393)<br>|
| ITRAXX.XO.42.V3 | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | BB- | EUR | 2718 | 20418 | 198089 | (177671)<br>|
| ITRAXX.XO.42.V3 | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | BB- | EUR | 5250 | 39439 | 371357 | (331918)<br>|
| Alibaba Group Holding Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | A+ | USD | 1600 | 5145 | 12219 | (7074)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Bank of America N.A. | 12/20/30 | BB- | EUR | 21620 | 4326672 | 4558193 | (231521)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | BB- | EUR | 7127 | 1426281 | 1513732 | (87451)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | BB- | EUR | 3179 | 645379 | 728033 | (82654)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Citibank N.A. | 12/20/30 | BB- | EUR | 7000 | 744529 | 1007055 | (262526)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/30 | BB- | EUR | 2718 | 289090 | 396991 | (107901)<br>|
| Premier Foods Finance PLC | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | BB+ | EUR | 329 | 43212 | 48835 | (5623)<br>|
| ZF Europe Finance BV | 5.00 | Quarterly | Bank of America N.A. | 12/20/30 | BB- | EUR | 165 | 9729 | 18808 | (9079)<br>|
| ZF Europe Finance BV | 5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/30 | BB- | EUR | 1000 | 58964 | 44665 | 14299 |
| Ziggo Bond Co. BV | 5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | B- | EUR | 320 | (10227)<br>| 8973 | (19200)<br>|
| Hutchison Whampoa Ltd. | 1.00 | Quarterly | Deutsche Bank AG | 06/20/31 | A | USD | 3600 | 6742 | 1665 | 5077 |
| CMBX.N.A.9.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 09/17/58 | N/R | USD | 92 | (29196)<br>| (17824)<br>| (11372)<br>|
| CMBX.N.A.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 759 | (241292)<br>| (172056)<br>| (69236)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Deutsche Bank AG | 09/17/58 | N/R | USD | 688 | (218610)<br>| (67721)<br>| (150889)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | N/R | USD | 995 | (316092)<br>| (95363)<br>| (220729)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 175 | (55739)<br>| (8767)<br>| (46972)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 805 | (255769)<br>| (33462)<br>| (222307)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 911 | (289550)<br>| (973)<br>| (288577)<br>|
| CMBX.NA.10.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 11/17/59 | BBB- | USD | 60 | (16406)<br>| (4262)<br>| (12144)<br>|
|  |  |  |  |  |  |  |  | $6369050 | $8681603 | $(2312553)<br>|

---

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

<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.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 4.44% | Semi-Annual | 1-day CLOIS, 4.50% | Semi-Annual | Bank of America <br> N.A.<br>| 12/17/27 | CLP | 6845692 | $58552 | $— | $58552 |
| 4.44% | Semi-Annual | 1-day CLOIS, 4.50% | Semi-Annual | Goldman Sachs <br> Bank USA<br>| 12/17/27 | CLP | 6890422 | 58935 |  | 58935 |
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/27 | COP | 7451528 | (88988)<br>|  | (88988)<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/27 | COP | 6871229 | (82058)<br>|  | (82058)<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.37% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/27 | COP | 7396965 | (86429)<br>|  | (86429)<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.37% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/27 | COP | 6820908 | (79698)<br>|  | (79698)<br>|

---

1162026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/27 | COP | 13542021 | $(148337)<br>| $— | $(148337)<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/27 | COP | 14685711 | (160912)<br>|  | (160912)<br>|
| 1-day COOIS, <br> 9.64%<br>| Quarterly | 10.78% | Quarterly | Goldman Sachs <br> Bank USA<br>| 03/18/28 | COP | 4111817 | (26010)<br>|  | (26010)<br>|
| 9.36% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/29 | COP | 4136961 | 81348 |  | 81348 |
| 9.36% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/29 | COP | 3811283 | 74944 |  | 74944 |
| 9.42% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/29 | COP | 4124830 | 79081 |  | 79081 |
| 9.42% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Goldman Sachs <br> Bank USA<br>| 12/17/29 | COP | 3800106 | 72855 |  | 72855 |
| 9.54% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/29 | COP | 7452320 | 135544 |  | 135544 |
| 9.54% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/29 | COP | 8089134 | 147168 |  | 147168 |
| 10.60% | Quarterly | 1-day COOIS, 9.64% | Quarterly | Goldman Sachs <br> Bank USA<br>| 03/18/30 | COP | 2274321 | 21716 |  | 21716 |
| 5.42% | Semi-Annual | 1-day CLOIS, 4.50% | Semi-Annual | BNP Paribas SA | 06/17/36 | CLP | 1662293 | (15717)<br>|  | (15717)<br>|
|  |  |  |  |  |  |  |  | $41994 | $— | $41994 |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR, 3.68% | At Termination | iShares iBoxx USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | Bank of America N.A. | 06/22/26 | USD | 30574 | $220173 | $— | $220173 |
| 1-day SOFR, 3.68% | At Termination | iShares iBoxx USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | JPMorgan Chase Bank <br> N.A.<br>| 06/22/26 | USD | 6453 | 46474 |  | 46474 |
| iShares iBoxx USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | 1-day SOFR, 3.68% | At Termination | Morgan Stanley & Co. <br> International PLC<br>| 06/22/26 | USD | 480544 | (3461914)<br>|  | (3461914)<br>|
|  |  |  |  |  |  |  |  | $(3195267)<br>| $— | $(3195267)<br>|

---

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| AAK AB | Citibank N.A. | USD  | 434893 | 02/24/27 | 0.26<br> %<br>| TN STIBOR | Monthly | $20930 |
| Accenture PLC, Class A | Citibank N.A. |  | 682352 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (27995)<br>|
| Accor SA | Barclays Bank PLC |  | 449358 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (3300)<br>|
| Ackermans & van Haaren NV | Barclays Bank PLC |  | 1095946 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (81164)<br>|
| Aegon Ltd. | Barclays Bank PLC |  | 312310 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | 2159 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Agilent Technologies, Inc. | Barclays Bank PLC | USD  | 899697 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | $(33449)<br>|
| Air Liquide SA | Barclays Bank PLC |  | 1080614 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | 35558 |
| Airbnb, Inc., Class A | Barclays Bank PLC |  | 587030 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 6486 |
| Airbus SE | Merrill Lynch International |  | 341176 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | (845)<br>|
| Alfresa Holdings Corp. | Citibank N.A. |  | 696889 | 02/24/27 | 0.21<br> %<br>| 1D P TONA | Monthly | 16926 |
| Alibaba Group Holding Ltd. | JPMorgan Chase Bank N.A. |  | 398078 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (3080)<br>|
| Allegro.eu SA | JPMorgan Chase Bank N.A. |  | 516675 | 02/11/27 | 0.50<br> %<br>| 1D OBFR01 | Monthly | (24984)<br>|
| Alps Alpine Co. Ltd. | JPMorgan Chase Bank N.A. |  | 277103 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | 15858 |
| Amadeus IT Group SA | Merrill Lynch International |  | 334489 | 02/15/28 | 0.15<br> %<br>| 1D ESTR | Monthly | (8558)<br>|
| AMC Networks, Inc., Class A | Barclays Bank PLC |  | 299129 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (37728)<br>|
| AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. |  | 806932 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (126302)<br>|
| Amphenol Corp., Class A | Merrill Lynch International |  | 540992 | 02/15/28 | - | 1D OBFR01 | Monthly | (10322)<br>|
| AP Moller - Maersk A/S, Class B, NVS | Merrill Lynch International |  | 251223 | 02/15/28 | 0.26<br> %<br>| 1W CIBOR | Monthly | (1434)<br>|
| APA Corp. | Citibank N.A. |  | 219392 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 73444 |
| ARC Resources Ltd. | Citibank N.A. |  | 325895 | 02/24/28 | 0.20<br> %<br>| 1D CORRA | Monthly | (7489)<br>|
| Arista Networks, Inc. | Merrill Lynch International |  | 330584 | 02/15/28 | - | 1D OBFR01 | Monthly | (23634)<br>|
| ASM International NV | Merrill Lynch International |  | 313152 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | (9971)<br>|
| Assurant, Inc. | Citibank N.A. |  | 438667 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (3047)<br>|
| Atlas Copco AB, A Shares | Barclays Bank PLC |  | 622519 | 09/14/26 | 0.26<br> %<br>| 1D STIBOR | Monthly | (3115)<br>|
| AutoZone, Inc. | JPMorgan Chase Bank N.A. |  | 734536 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (58980)<br>|
| Avolta AG | Citibank N.A. |  | 575784 | 02/24/27 | 0.26<br> %<br>| SSARON | Monthly | 23780 |
| AXA SA | Citibank N.A. |  | 538884 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | 17130 |
| Baidu, Inc., Class A | JPMorgan Chase Bank N.A. |  | 376194 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (12761)<br>|
| Banco BPM SpA | Citibank N.A. |  | 358791 | 02/24/27 | 0.19<br> %<br>| 1D ESTR | Monthly | (20766)<br>|
| Banco de Sabadell SA | Merrill Lynch International |  | 467739 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | (16369)<br>|
| Banco del Bajio SA | JPMorgan Chase Bank N.A. |  | 349614 | 02/10/27 | 0.50<br> %<br>| TIIEFONDEO | Monthly | 35455 |
| Barclays PLC | Citibank N.A. |  | 411025 | 02/24/27 | 0.25<br> %<br>| 1D SONIA | Monthly | (53054)<br>|
| Barrick Mining Corp. | Barclays Bank PLC |  | 568650 | 09/14/26 | 0.20<br> %<br>| CABROVER | Monthly | (33293)<br>|
| Bayerische Motoren Werke AG | Barclays Bank PLC |  | 314147 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | 9626 |
| BCE, Inc. | Merrill Lynch International |  | 537389 | 02/15/28 | 0.20<br> %<br>| CABROVER | Monthly | (2474)<br>|
| Belimo Holding AG, Registered Shares | Citibank N.A. |  | 356687 | 02/24/27 | 0.26<br> %<br>| SSARON | Monthly | (31828)<br>|
| Bendigo & Adelaide Bank Ltd. | JPMorgan Chase Bank N.A. |  | 411810 | 02/10/27 | 0.25<br> %<br>| 1D AONIA | Monthly | (4532)<br>|
| Bid Corp. Ltd. | Merrill Lynch International |  | 407043 | 02/15/28 | 0.85<br> %<br>| 1M JIBAR | Monthly | 25 |
| Bilibili, Inc., Class Z | JPMorgan Chase Bank N.A. |  | 223921 | 02/10/27 | 0.15<br> %<br>| HONIA | Monthly | (15641)<br>|
| Blue Zones Holdings Co. Ltd. | Merrill Lynch International |  | 470401 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | 10750 |
| Booking Holdings, Inc. | Citibank N.A. |  | 387083 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 33949 |
| Broadridge Financial Solutions, Inc. | Merrill Lynch International |  | 1187140 | 02/15/28 | - | 1D OBFR01 | Monthly | (66028)<br>|
| Bureau Veritas SA | Barclays Bank PLC |  | 743425 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (49016)<br>|
| Cencora, Inc. | Citibank N.A. |  | 403364 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 5018 |
| CGI, Inc. | Merrill Lynch International |  | 675995 | 02/15/28 | 0.20<br> %<br>| CABROVER | Monthly | 11217 |
| China Overseas Land & Investment Ltd. | Merrill Lynch International |  | 673495 | 02/15/28 | - | HONIA | Monthly | (94127)<br>|
| China Resources Land Ltd. | Merrill Lynch International |  | 255730 | 02/15/28 | 0.30<br> %<br>| HONIA | Monthly | 3714 |
| Chow Tai Fook Jewellery Group Ltd. | Merrill Lynch International |  | 430991 | 02/15/28 | - | HONIA | Monthly | (72005)<br>|
| Chubu Electric Power Co., Inc. | Barclays Bank PLC |  | 319672 | 08/14/28 | - | 1D P TONA | Monthly | 1823 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| Merrill Lynch International |  | 307426 | 02/15/28 | - | 1D OBFR01 | Monthly | 6847 |
| Cie Financiere Richemont SA, Registered <br> Shares<br>| Merrill Lynch International |  | 395843 | 02/15/28 | 0.26<br> %<br>| SSARON | Monthly | 10259 |
| CITIC Ltd. | Merrill Lynch International |  | 299980 | 02/15/28 | 0.30<br> %<br>| HONIA | Monthly | (10640)<br>|
| Coloplast A/S, Class B | Merrill Lynch International |  | 600149 | 02/15/28 | 0.26<br> %<br>| 1W CIBOR | Monthly | (55198)<br>|
| Conagra Brands, Inc. | Barclays Bank PLC |  | 440361 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (14349)<br>|
| Cooper Cos., Inc. (The) | Citibank N.A. |  | 485473 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (27873)<br>|
| Coterra Energy, Inc. | Merrill Lynch International |  | 334885 | 02/15/28 | - | 1D OBFR01 | Monthly | (8083)<br>|
| Covivio SA | Citibank N.A. |  | 653312 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (91535)<br>|
| Credit Saison Co. Ltd. | Barclays Bank PLC |  | 576967 | 08/14/28 | - | 1D P TONA | Monthly | (51561)<br>|
| CRH PLC | JPMorgan Chase Bank N.A. |  | 230401 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 7170 |
| CSG NV | JPMorgan Chase Bank N.A. |  | 1570675 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (444767)<br>|
| CTP NV | Barclays Bank PLC |  | 664152 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (157036)<br>|
| Daicel Corp. | Barclays Bank PLC |  | 484787 | 08/14/28 | - | 1D P TONA | Monthly | (10230)<br>|
| Daiichi Sankyo Co. Ltd. | Merrill Lynch International |  | 301176 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | (11347)<br>|

---

1182026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Darden Restaurants, Inc. | Merrill Lynch International | USD  | 526426 | 02/15/28 | - | 1D OBFR01 | Monthly | $(16722)<br>|
| Deckers Outdoor Corp. | Citibank N.A. |  | 616997 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (46484)<br>|
| Denso Corp. | Barclays Bank PLC |  | 573308 | 08/14/28 | - | 1D P TONA | Monthly | 9713 |
| Deutsche Bank AG, Registered Shares | JPMorgan Chase Bank N.A. |  | 459230 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (6877)<br>|
| Dexus | Merrill Lynch International |  | 810375 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | (36129)<br>|
| Diploma PLC | Barclays Bank PLC |  | 1018312 | 09/14/26 | 0.25<br> %<br>| 1D SONIA | Monthly | 83508 |
| Dollar General Corp. | Merrill Lynch International |  | 420306 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (75989)<br>|
| DR Horton, Inc. | Merrill Lynch International |  | 361127 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (4355)<br>|
| DWS Group GmbH & Co. KGaA | Barclays Bank PLC |  | 519601 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (29983)<br>|
| Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. |  | 397806 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (1752)<br>|
| Eaton Corp. PLC | Merrill Lynch International |  | 644477 | 02/15/28 | - | 1D OBFR01 | Monthly | (36438)<br>|
| eBay, Inc. | JPMorgan Chase Bank N.A. |  | 387368 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 22222 |
| Eisai Co. Ltd. | JPMorgan Chase Bank N.A. |  | 477745 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | 13772 |
| Endeavour Mining PLC | Citibank N.A. |  | 364568 | 02/24/27 | 0.25<br> %<br>| 1D SONIA | Monthly | (3070)<br>|
| Epiroc AB, Class A | Merrill Lynch International |  | 356679 | 02/15/28 | 0.26<br> %<br>| 1D STIBOR | Monthly | (31737)<br>|
| Equinor ASA | Merrill Lynch International |  | 328059 | 02/15/28 | - | NOWA | Monthly | 187454 |
| FactSet Research Systems, Inc. | Citibank N.A. |  | 370030 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 42251 |
| Far EasTone Telecommunications Co. Ltd. | Merrill Lynch International |  | 520895 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 7679 |
| Fastenal Co. | JPMorgan Chase Bank N.A. |  | 754222 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 6738 |
| FDJ UNITED | Barclays Bank PLC |  | 406198 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (79)<br>|
| Ferrari NV | Citibank N.A. |  | 281010 | 02/24/27 | 0.05<br> %<br>| 1D ESTR | Monthly | (9567)<br>|
| Ferrovial SE | JPMorgan Chase Bank N.A. |  | 232670 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | 882 |
| FinecoBank Banca Fineco SpA | Citibank N.A. |  | 543499 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (11755)<br>|
| First Financial Holding Co. Ltd. | Merrill Lynch International |  | 693739 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (21941)<br>|
| FirstRand Ltd. | Merrill Lynch International |  | 657883 | 02/15/28 | 0.85<br> %<br>| 1M JIBAR | Monthly | (59948)<br>|
| Flagstar Bank N.A. | JPMorgan Chase Bank N.A. |  | 2185721 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 111641 |
| Ford Motor Co. | Merrill Lynch International |  | 777999 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (116757)<br>|
| Formosa Chemicals & Fibre Corp. | JPMorgan Chase Bank N.A. |  | 22 | 02/11/27 | 0.35<br> %<br>| 1D OBFR01 | Monthly | 1 |
| Fortis, Inc./Canada | Citibank N.A. |  | 1386896 | 02/24/28 | 0.20<br> %<br>| 1D CORRA | Monthly | (8874)<br>|
| Franklin Resources, Inc. | Barclays Bank PLC |  | 747132 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (95220)<br>|
| Freeport-McMoRan, Inc. | JPMorgan Chase Bank N.A. |  | 510720 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (5212)<br>|
| Fresnillo PLC | Barclays Bank PLC |  | 410450 | 09/14/26 | 0.25<br> %<br>| 1D SONIA | Monthly | (55841)<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H | Merrill Lynch International |  | 453779 | 02/15/28 | 0.30<br> %<br>| HONIA | Monthly | 6596 |
| Galderma Group AG | JPMorgan Chase Bank N.A. |  | 203932 | 02/11/27 | 0.26<br> %<br>| SSARON | Monthly | 18741 |
| Galderma Group AG | Merrill Lynch International |  | 442971 | 02/15/28 | 0.26<br> %<br>| SSARON | Monthly | 9056 |
| GEA Group AG | Barclays Bank PLC |  | 635802 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (11858)<br>|
| Goodman Group | Merrill Lynch International |  | 696033 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | (78432)<br>|
| Grupo Mateus SA | Merrill Lynch International |  | 408947 | 02/15/28 | - | 1D OBFR01 | Monthly | 18869 |
| Guangdong Huayan Robotics Co. Ltd., Class H | JPMorgan Chase Bank N.A. |  | 4380 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | 33 |
| H World Group Ltd., ADR | Merrill Lynch International |  | 383554 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 3679 |
| Heineken Holding NV | JPMorgan Chase Bank N.A. |  | 1232859 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (87082)<br>|
| Hirose Electric Co. Ltd. | Barclays Bank PLC |  | 674207 | 08/14/28 | - | 1D P TONA | Monthly | (19636)<br>|
| Home Depot, Inc. (The) | Merrill Lynch International |  | 430707 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (3150)<br>|
| Hon Precision, Inc. | Merrill Lynch International |  | 410772 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (78833)<br>|
| Host Hotels & Resorts, Inc. | Merrill Lynch International |  | 631668 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (20464)<br>|
| Hydro One Ltd. | Citibank N.A. |  | 781941 | 02/24/28 | 0.20<br> %<br>| 1D CORRA | Monthly | (26183)<br>|
| Hypera SA | Merrill Lynch International |  | 502120 | 02/15/28 | - | 1D OBFR01 | Monthly | 26617 |
| Incyte Corp. | Merrill Lynch International |  | 368723 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (20479)<br>|
| Industria de Diseno Textil SA | Merrill Lynch International |  | 291180 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 5685 |
| INFRONEER Holdings, Inc. | Barclays Bank PLC |  | 614517 | 08/14/28 | - | 1D P TONA | Monthly | (87330)<br>|
| Insurance Australia Group Ltd. | Merrill Lynch International |  | 327731 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | 35374 |
| Intact Financial Corp. | Merrill Lynch International |  | 767655 | 02/15/28 | - | CABROVER | Monthly | (24698)<br>|
| Intertek Group PLC | Citibank N.A. |  | 1232933 | 02/24/27 | 0.25<br> %<br>| 1D SONIA | Monthly | (225693)<br>|
| Intuitive Surgical, Inc. | Citibank N.A. |  | 640335 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (41048)<br>|
| Invesco Ltd. | Citibank N.A. |  | 338754 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 6164 |
| Ipsen SA | Barclays Bank PLC |  | 255622 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | 6015 |
| Isuzu Motors Ltd. | Citibank N.A. |  | 980887 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (129802)<br>|
| Ito En Ltd. | Barclays Bank PLC |  | 310093 | 08/14/28 | - | 1D P TONA | Monthly | 10641 |
| J M Smucker Co. (The) | Citibank N.A. |  | 688099 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (61239)<br>|
| J Sainsbury PLC | JPMorgan Chase Bank N.A. |  | 619801 | 02/11/27 | 0.25<br> %<br>| 1D SONIA | Monthly | 4790 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Jacobs Solutions, Inc. | Citibank N.A. | USD  | 349847 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | $6537 |
| Japan Post Bank Co. Ltd. | Merrill Lynch International |  | 505670 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | (21257)<br>|
| Japan Post Holdings Co. Ltd. | Barclays Bank PLC |  | 554889 | 08/14/28 | - | 1D P TONA | Monthly | (43380)<br>|
| JD.com, Inc., Class A | JPMorgan Chase Bank N.A. |  | 329446 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | 32433 |
| JFE Holdings, Inc. | Barclays Bank PLC |  | 551241 | 08/14/28 | - | 1D P TONA | Monthly | (71244)<br>|
| JTEKT Corp. | Merrill Lynch International |  | 639551 | 03/15/28 | - | 1D P TONA | Monthly | (103142)<br>|
| Julius Baer Group Ltd. | Citibank N.A. |  | 704190 | 02/24/27 | 0.26<br> %<br>| SSARON | Monthly | (49559)<br>|
| Kajima Corp. | Citibank N.A. |  | 712250 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (78982)<br>|
| Kao Corp. | Citibank N.A. |  | 645391 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (34228)<br>|
| KBC Group NV | Citibank N.A. |  | 774810 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (64937)<br>|
| Keppel DC REIT | Merrill Lynch International |  | 685735 | 02/15/28 | 0.30<br> %<br>| 1D OBFR01 | Monthly | (19827)<br>|
| Kerry Properties Ltd. | JPMorgan Chase Bank N.A. |  | 681717 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (14413)<br>|
| Keurig Dr. Pepper, Inc. | Barclays Bank PLC |  | 938663 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (104002)<br>|
| Keyence Corp. | JPMorgan Chase Bank N.A. |  | 468796 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (6117)<br>|
| Kimco Realty Corp. | Citibank N.A. |  | 573545 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (23030)<br>|
| Kokusai Electric Corp. | Merrill Lynch International |  | 447257 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | (27955)<br>|
| Kraftia Corp. | Merrill Lynch International |  | 343067 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | 1701 |
| Kuaishou Technology | JPMorgan Chase Bank N.A. |  | 208316 | 02/10/27 | 0.67<br> %<br>| HONIA | Monthly | (36319)<br>|
| Land Securities Group PLC | Barclays Bank PLC |  | 595595 | 09/14/26 | 0.15<br> %<br>| 1D SONIA | Monthly | 9995 |
| Lasertec Corp. | Barclays Bank PLC |  | 252302 | 08/14/28 | - | 1D P TONA | Monthly | 37043 |
| Legrand SA | Barclays Bank PLC |  | 391983 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (50203)<br>|
| Lenovo Group Ltd. | JPMorgan Chase Bank N.A. |  | 430342 | 02/10/27 | 0.15<br> %<br>| HONIA | Monthly | 14661 |
| Lionsgate Studios Corp. | JPMorgan Chase Bank N.A. |  | 440443 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (38172)<br>|
| London Stock Exchange Group PLC | Barclays Bank PLC |  | 451731 | 09/14/26 | 0.25<br> %<br>| 1D SONIA | Monthly | 20620 |
| Lundin Gold, Inc. | JPMorgan Chase Bank N.A. |  | 233001 | 02/09/27 | 0.20<br> %<br>| CABROVER | Monthly | (19021)<br>|
| LVMH Moet Hennessy Louis Vuitton SE | JPMorgan Chase Bank N.A. |  | 734459 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (23815)<br>|
| LY Corp. | Merrill Lynch International |  | 500277 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | 1239 |
| Mabuchi Motor Co. Ltd. | JPMorgan Chase Bank N.A. |  | 362008 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (9406)<br>|
| Macquarie Group Ltd. | JPMorgan Chase Bank N.A. |  | 391067 | 02/10/27 | 0.25<br> %<br>| 1D AONIA | Monthly | 20898 |
| Magellan Financial Group Ltd. | Merrill Lynch International |  | 289539 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | 62273 |
| Mastercard, Inc., Class A | Barclays Bank PLC |  | 641203 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 8355 |
| Mercedes-Benz Group AG | JPMorgan Chase Bank N.A. |  | 597571 | 02/11/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (13674)<br>|
| MetLife, Inc. | Barclays Bank PLC |  | 1012946 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (79442)<br>|
| Mirvac Group | JPMorgan Chase Bank N.A. |  | 1072516 | 02/10/27 | 0.25<br> %<br>| 1D AONIA | Monthly | (28589)<br>|
| Mitsui Kinzoku Co. Ltd. | Barclays Bank PLC |  | 295737 | 08/14/28 | - | 1D P TONA | Monthly | (11210)<br>|
| Moderna, Inc. | Barclays Bank PLC |  | 281624 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 2856 |
| Morinaga Milk Industry Co. Ltd. | Merrill Lynch International |  | 460434 | 03/15/28 | - | 1D P TONA | Monthly | 40856 |
| Motiva Infraestrutura de Mobilidade SA | JPMorgan Chase Bank N.A. |  | 264773 | 02/10/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 2360 |
| Mr. Price Group Ltd. | JPMorgan Chase Bank N.A. |  | 368554 | 02/11/27 | 0.40<br> %<br>| 1D RAONON | Monthly | (27757)<br>|
| MTU Aero Engines AG | Merrill Lynch International |  | 394782 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 6519 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Registered Shares<br>| Citibank N.A. |  | 558725 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | 9663 |
| Multiplan Empreendimentos Imobiliarios SA | Merrill Lynch International |  | 388966 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 8934 |
| Nedbank Group Ltd. | Merrill Lynch International |  | 376666 | 02/15/28 | 0.85<br> %<br>| 1M JIBAR | Monthly | (15652)<br>|
| Neoenergia SA | Merrill Lynch International |  | 445325 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 7431 |
| NetEase, Inc. | JPMorgan Chase Bank N.A. |  | 314006 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (7882)<br>|
| Netflix, Inc. | Citibank N.A. |  | 479081 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 68974 |
| Netmarble Corp. | JPMorgan Chase Bank N.A. |  | 302732 | 02/10/27 | 0.35<br> %<br>| 1D OBFR01 | Monthly | (26142)<br>|
| NIDEC Corp. | Citibank N.A. |  | 489933 | 02/24/27 | 0.20<br> %<br>| 1D P TONA | Monthly | (41686)<br>|
| Ningbo Joyson Electronic Corp., Class H | JPMorgan Chase Bank N.A. |  | 99538 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (3767)<br>|
| Nippon Kayaku Co. Ltd. | Citibank N.A. |  | 522778 | 02/24/27 | 0.20<br> %<br>| 1D P TONA | Monthly | (37358)<br>|
| Nippon Shokubai Co. Ltd. | Citibank N.A. |  | 934853 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (46226)<br>|
| Nucor Corp. | Merrill Lynch International |  | 379687 | 02/15/28 | - | 1D OBFR01 | Monthly | 9243 |
| NVR, Inc. | Barclays Bank PLC |  | 745683 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (86700)<br>|
| NXP Semiconductors NV | Merrill Lynch International |  | 440343 | 02/15/28 | - | 1D OBFR01 | Monthly | (26937)<br>|
| Occidental Petroleum Corp. | JPMorgan Chase Bank N.A. |  | 379638 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 68862 |
| Orica Ltd. | Merrill Lynch International |  | 382226 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | 9896 |
| Otis Worldwide Corp. | JPMorgan Chase Bank N.A. |  | 1363059 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (160611)<br>|
| Otsuka Corp. | JPMorgan Chase Bank N.A. |  | 716893 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (6625)<br>|
| Pan Pacific International Holdings Corp. | Citibank N.A. |  | 325385 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (16712)<br>|

---

1202026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Pernod Ricard SA | Citibank N.A. | USD  | 292597 | 02/24/27 | - | 1D ESTR | Monthly | $(2586)<br>|
| Pinnacle West Capital Corp. | Barclays Bank PLC |  | 955115 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (8065)<br>|
| Powertech Technology, Inc. | JPMorgan Chase Bank N.A. |  | 272365 | 02/11/27 | 0.35<br> %<br>| 1D OBFR01 | Monthly | (9106)<br>|
| Prudential Financial, Inc. | Merrill Lynch International |  | 662323 | 02/15/28 | - | 1D OBFR01 | Monthly | (27338)<br>|
| Publicis Groupe SA | Merrill Lynch International |  | 744895 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | (8246)<br>|
| Qube Holdings Ltd. | Merrill Lynch International |  | 736522 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | (15899)<br>|
| Ralph Lauren Corp., Class A | Merrill Lynch International |  | 547860 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (31875)<br>|
| REA Group Ltd. | Merrill Lynch International |  | 299048 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | 7716 |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| Merrill Lynch International |  | 339251 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 15752 |
| Region Group | JPMorgan Chase Bank N.A. |  | 858732 | 02/10/27 | 0.25<br> %<br>| 1D AONIA | Monthly | 50780 |
| RELX PLC | JPMorgan Chase Bank N.A. |  | 80552 | 02/11/27 | 0.25<br> %<br>| 1D SONIA | Monthly | (5198)<br>|
| Rinnai Corp. | Barclays Bank PLC |  | 450703 | 08/14/28 | - | 1D P TONA | Monthly | (37091)<br>|
| Rolls-Royce Holdings PLC | JPMorgan Chase Bank N.A. |  | 541346 | 02/11/27 | 0.25<br> %<br>| 1D SONIA | Monthly | (49111)<br>|
| RWE AG | Citibank N.A. |  | 305062 | 02/24/27 | - | 1D ESTR | Monthly | 4421 |
| S&P Global, Inc. | Merrill Lynch International |  | 837332 | 02/15/28 | - | 1D OBFR01 | Monthly | 13348 |
| Safran SA | Barclays Bank PLC |  | 545267 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (87146)<br>|
| Sage Group PLC (The) | JPMorgan Chase Bank N.A. |  | 495420 | 02/11/27 | 0.25<br> %<br>| 1D SONIA | Monthly | 3220 |
| Sampo Oyj, A Shares | Merrill Lynch International |  | 362738 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 732 |
| Santos Ltd. | Merrill Lynch International |  | 317598 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | 23404 |
| SBA Communications Corp., Class A | Merrill Lynch International |  | 651515 | 02/15/28 | - | 1D OBFR01 | Monthly | 2503 |
| Schneider Electric SE | Barclays Bank PLC |  | 413470 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (4898)<br>|
| Segro PLC | Citibank N.A. |  | 502665 | 02/24/27 | - | 1D SONIA | Monthly | 1402 |
| Sekisui House Ltd. | Barclays Bank PLC |  | 606350 | 08/14/28 | - | 1D P TONA | Monthly | (3599)<br>|
| Sendas Distribuidora S/A | Merrill Lynch International |  | 214741 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 38594 |
| ServiceNow, Inc. | Citibank N.A. |  | 811915 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 24485 |
| Seven & i Holdings Co. Ltd. | Citibank N.A. |  | 368953 | 02/24/27 | - | 1D P TONA | Monthly | 912 |
| Shenzhen Han's CNC Technology Co. Ltd., <br> Class H<br>| JPMorgan Chase Bank N.A. |  | 111074 | 02/10/27 | - | 1D OBFR01 | Monthly | 2484 |
| Shihlin Electric & Engineering Corp. | Merrill Lynch International |  | 250732 | 02/15/28 | 0.15<br> %<br>| 1D OBFR01 | Monthly | 1153 |
| Shizuoka Financial Group, Inc. | Citibank N.A. |  | 616846 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (73877)<br>|
| Siemens AG, Registered Shares | Barclays Bank PLC |  | 624587 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (64229)<br>|
| Siemens Healthineers AG | JPMorgan Chase Bank N.A. |  | 362649 | 02/11/27 | 0.15<br> %<br>| 1D ESTR | Monthly | (25587)<br>|
| Singapore Airlines Ltd. | JPMorgan Chase Bank N.A. |  | 682233 | 02/10/27 | 0.30<br> %<br>| 1D OBFR01 | Monthly | 9279 |
| Sino-American Silicon Products, Inc. | Merrill Lynch International |  | 335581 | 02/15/28 | 0.15<br> %<br>| 1D OBFR01 | Monthly | (19388)<br>|
| Skyworks Solutions, Inc. | Merrill Lynch International |  | 491064 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (68019)<br>|
| Snowflake, Inc., Class A | Barclays Bank PLC |  | 243905 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (32757)<br>|
| St James's Place PLC | Merrill Lynch International |  | 295103 | 02/15/28 | 0.25<br> %<br>| 1D SONIA | Monthly | (14243)<br>|
| Stanley Electric Co. Ltd. | Citibank N.A. |  | 478242 | 02/24/27 | 0.15<br> %<br>| 1D P TONA | Monthly | (4509)<br>|
| STERIS PLC | Citibank N.A. |  | 453161 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (10901)<br>|
| Straumann Holding AG, Registered Shares | Barclays Bank PLC |  | 545716 | 09/14/26 | 0.26<br> %<br>| SSARON | Monthly | 19249 |
| Sumitomo Chemical Co. Ltd. | Barclays Bank PLC |  | 434172 | 08/14/28 | - | 1D P TONA | Monthly | 28190 |
| Sunny Optical Technology Group Co. Ltd. | JPMorgan Chase Bank N.A. |  | 210375 | 02/10/27 | 0.22<br> %<br>| HONIA | Monthly | 3673 |
| Suzuki Motor Corp. | JPMorgan Chase Bank N.A. |  | 557151 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (26941)<br>|
| Sweco AB, B Shares | Merrill Lynch International |  | 313655 | 02/15/28 | 0.26<br> %<br>| 1D STIBOR | Monthly | (10299)<br>|
| Takasago Thermal Engineering Co. Ltd. | Citibank N.A. |  | 807224 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (56602)<br>|
| Take-Two Interactive Software, Inc. | JPMorgan Chase Bank N.A. |  | 265370 | 02/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (8620)<br>|
| Tapestry, Inc. | Merrill Lynch International |  | 538475 | 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (44590)<br>|
| TE Connectivity PLC | Citibank N.A. |  | 453629 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 6215 |
| Teijin Ltd. | Barclays Bank PLC |  | 340495 | 08/14/28 | - | 1D P TONA | Monthly | 5876 |
| Telefonica Brasil SA | Merrill Lynch International |  | 552550 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 142065 |
| Telefonica SA | Merrill Lynch International |  | 302102 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 16437 |
| Tenaris SA | Citibank N.A. |  | 261222 | 02/24/27 | 0.13<br> %<br>| 1D ESTR | Monthly | 31101 |
| Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. |  | 400681 | 02/10/27 | 0.64<br> %<br>| HONIA | Monthly | (9633)<br>|
| Tencent Holdings Ltd. | Merrill Lynch International |  | 406310 | 02/15/28 | 0.30<br> %<br>| HONIA | Monthly | (21568)<br>|
| Tencent Music Entertainment Group, ADR | Citibank N.A. |  | 590010 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (144570)<br>|
| Toda Corp. | Citibank N.A. |  | 866644 | 02/24/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (30784)<br>|
| Tokyo Century Corp. | Barclays Bank PLC |  | 693564 | 08/14/28 | - | 1D P TONA | Monthly | (13980)<br>|
| Toyoda Gosei Co. Ltd. | Merrill Lynch International |  | 406863 | 03/15/28 | 0.25<br> %<br>| 1D P TONA | Monthly | (63478)<br>|
| TransDigm Group, Inc. | Barclays Bank PLC |  | 884985 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (73713)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Transurban Group | Merrill Lynch International | USD  | 1017411 | 02/15/28 | 0.25<br> %<br>| 1D AONIA | Monthly | $(1932)<br>|
| Trend Micro, Inc. | Barclays Bank PLC |  | 271439 | 08/14/28 | - | 1D P TONA | Monthly | (1413)<br>|
| Truist Financial Corp. | Merrill Lynch International |  | 697132 | 02/15/28 | - | 1D OBFR01 | Monthly | 20000 |
| Tyler Technologies, Inc. | Citibank N.A. |  | 419798 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 25296 |
| UCB SA | Barclays Bank PLC |  | 310520 | 09/14/26 | 0.26<br> %<br>| 1D ESTR | Monthly | (9223)<br>|
| Ulta Beauty, Inc. | Citibank N.A. |  | 357878 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (44252)<br>|
| Unilever PLC | Merrill Lynch International |  | 754810 | 02/15/28 | 0.25<br> %<br>| 1D SONIA | Monthly | (52098)<br>|
| Unipol Assicurazioni SpA | Merrill Lynch International |  | 400479 | 02/15/28 | 0.26<br> %<br>| 1D ESTR | Monthly | 8372 |
| United Microelectronics Corp. | Merrill Lynch International |  | 314295 | 02/15/28 | 0.15<br> %<br>| 1D OBFR01 | Monthly | (27479)<br>|
| Universal Music Group NV | Citibank N.A. |  | 1186508 | 02/24/27 | 0.26<br> %<br>| 1D ESTR | Monthly | (136383)<br>|
| USS Co. Ltd. | JPMorgan Chase Bank N.A. |  | 441538 | 02/10/27 | 0.25<br> %<br>| 1D P TONA | Monthly | (33408)<br>|
| Valero Energy Corp. | Citibank N.A. |  | 367377 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 52659 |
| Valterra Platinum Ltd. | Merrill Lynch International |  | 225588 | 02/15/28 | 0.85<br> %<br>| 1M JIBAR | Monthly | 18180 |
| Var Energi ASA | Barclays Bank PLC |  | 615266 | 09/18/26 | 0.26<br> %<br>| NOWA | Monthly | 80265 |
| Venture Corp. Ltd. | JPMorgan Chase Bank N.A. |  | 549925 | 02/10/27 | 0.30<br> %<br>| 1D OBFR01 | Monthly | 12381 |
| Veralto Corp. | Merrill Lynch International |  | 958194 | 02/15/28 | - | 1D OBFR01 | Monthly | (38626)<br>|
| Verizon Communications, Inc. | Barclays Bank PLC |  | 896350 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 17290 |
| VICI Properties, Inc. | Citibank N.A. |  | 1012370 | 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (97150)<br>|
| Vodafone Group PLC | Citibank N.A. |  | 480030 | 02/24/27 | 0.10<br> %<br>| 1D SONIA | Monthly | (6407)<br>|
| Voltronic Power Technology Corp. | Merrill Lynch International |  | 565632 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (125280)<br>|
| VZ Holding AG | Merrill Lynch International |  | 435523 | 02/15/28 | 0.26<br> %<br>| SSARON | Monthly | 2147 |
| Wells Fargo & Co. | Barclays Bank PLC |  | 519614 | 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 21734 |
| WH Group Ltd. | JPMorgan Chase Bank N.A. |  | 500370 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | 42493 |
| Wheaton Precious Metals Corp. | Merrill Lynch International |  | 322011 | 02/15/28 | - | CABROVER | Monthly | 19273 |
| Whitecap Resources, Inc. | Citibank N.A. |  | 410614 | 02/24/28 | 0.20<br> %<br>| 1D CORRA | Monthly | 58885 |
| Woodside Energy Group Ltd. | JPMorgan Chase Bank N.A. |  | 334109 | 02/10/27 | 0.24<br> %<br>| 1D AONIA | Monthly | 33823 |
| Wuxi Biologics Cayman, Inc. | Merrill Lynch International |  | 224048 | 02/15/28 | 0.30<br> %<br>| HONIA | Monthly | 6028 |
| Xiaomi Corp., Class B | JPMorgan Chase Bank N.A. |  | 306599 | 02/10/27 | 0.30<br> %<br>| HONIA | Monthly | (3408)<br>|
| XPeng, Inc., A Shares | JPMorgan Chase Bank N.A. |  | 204879 | 02/10/27 | 0.15<br> %<br>| HONIA | Monthly | (10849)<br>|
| Zeon Corp. | Barclays Bank PLC |  | 805348 | 08/14/28 | - | 1D P TONA | Monthly | (88522)<br>|
| Zurich Insurance Group AG | Barclays Bank PLC |  | 761489 | 09/14/26 | 0.26<br> %<br>| SSARON | Monthly | 16012 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | (4345999)<br>|
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| Aeroports de Paris SA | Barclays Bank PLC |  | (431245)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (8557)<br>|
| Aeroports de Paris SA | JPMorgan Chase Bank N.A. |  | (66033)<br>| 02/11/27 | (0.26)%<br>| 1D ESTR | Monthly | (59)<br>|
| Air Products & Chemicals, Inc. | Citibank N.A. |  | (350879)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 2291 |
| Airtel Africa PLC | Merrill Lynch International |  | (897220)<br>| 02/15/28 | (0.10)%<br>| 1D SONIA | Monthly | 26138 |
| Ajinomoto Co., Inc. | Merrill Lynch International |  | (302400)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (14237)<br>|
| Alamos Gold, Inc., Class A | Citibank N.A. |  | (514412)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | 56166 |
| Alexandria Real Estate Equities, Inc. | Merrill Lynch International |  | (476093)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 67597 |
| Alimentation Couche-Tard, Inc. | Merrill Lynch International |  | (570565)<br>| 02/15/28 | - | CABROVER | Monthly | 37757 |
| Alphabet, Inc., Class C, NVS | JPMorgan Chase Bank N.A. |  | (229508)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | 14362 |
| ALS Ltd. | JPMorgan Chase Bank N.A. |  | (374726)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 22415 |
| ALS Ltd. | Merrill Lynch International |  | (72187)<br>| 02/15/28 | - | 1D AONIA | Monthly | (2678)<br>|
| American Express Co. | Barclays Bank PLC |  | (451278)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | (2442)<br>|
| Ampol Ltd. | JPMorgan Chase Bank N.A. |  | (449653)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | (37410)<br>|
| Anheuser-Busch InBev SA | JPMorgan Chase Bank N.A. |  | (701631)<br>| 02/11/27 | (0.26)%<br>| 1D ESTR | Monthly | 30526 |
| ANZ Group Holdings Ltd. | JPMorgan Chase Bank N.A. |  | (512602)<br>| 02/10/27 | (0.24)%<br>| 1D AONIA | Monthly | 4668 |
| Ares Management Corp., Class A | Citibank N.A. |  | (472314)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 14094 |
| Asahi Group Holdings Ltd. | Merrill Lynch International |  | (386018)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (4381)<br>|
| Asahi Kasei Corp. | Merrill Lynch International |  | (314051)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (8837)<br>|
| ASX Ltd. | JPMorgan Chase Bank N.A. |  | (383874)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | (15233)<br>|
| AvalonBay Communities, Inc. | Citibank N.A. |  | (599624)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 44234 |
| Ayvens SA | Citibank N.A. |  | (412029)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | (5341)<br>|
| Baker Hughes Co., Class A | Merrill Lynch International |  | (333274)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (8606)<br>|
| Banca Monte dei Paschi di Siena SpA | Citibank N.A. |  | (522162)<br>| 02/24/27 | (0.12)%<br>| 1D ESTR | Monthly | 2121 |
| Bank of New York Mellon Corp. (The) | Merrill Lynch International |  | (640232)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (370)<br>|
| Banque Cantonale Vaudoise, Registered <br> Shares<br>| Barclays Bank PLC |  | (636544)<br>| 09/14/26 | (0.26)%<br>| SSARON | Monthly | (30301)<br>|

---

1222026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Barratt Redrow PLC | Citibank N.A. | USD  | (469505)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | $130740 |
| BASF SE | Barclays Bank PLC |  | (505455)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (79654)<br>|
| Beiersdorf AG | Citibank N.A. |  | (470097)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 119536 |
| BeOne Medicines Ltd., Class H | JPMorgan Chase Bank N.A. |  | (75291)<br>| 02/10/27 | (0.15)%<br>| HONIA | Monthly | 1264 |
| BeOne Medicines Ltd., Class H | Merrill Lynch International |  | (464494)<br>| 02/15/28 | - | HONIA | Monthly | 56224 |
| Berkeley Group Holdings PLC | Citibank N.A. |  | (538732)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | 76062 |
| Berkshire Hathaway, Inc., Class B | Citibank N.A. |  | (482920)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 3720 |
| Bollore SE | Barclays Bank PLC |  | (1012119)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (17696)<br>|
| Brenntag SE | Barclays Bank PLC |  | (278544)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (53373)<br>|
| Brenntag SE | Citibank N.A. |  | (529968)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | (52581)<br>|
| Brenntag SE | Merrill Lynch International |  | (87614)<br>| 02/15/28 | (0.26)%<br>| 1D ESTR | Monthly | (7220)<br>|
| Brother Industries Ltd. | Merrill Lynch International |  | (486499)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 7012 |
| BT Group PLC | Barclays Bank PLC |  | (330216)<br>| 09/14/26 | (0.25)%<br>| 1D SONIA | Monthly | (767)<br>|
| Caixa Seguridade Participacoes S/A | Merrill Lynch International |  | (1154369)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | (20820)<br>|
| Campbell's Co. (The) | Barclays Bank PLC |  | (742729)<br>| 09/14/26 | (0.50)%<br>| 1D OBFR01 | Monthly | (32267)<br>|
| Canadian Pacific Kansas City Ltd. | Citibank N.A. |  | (469650)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | 28969 |
| Canon Marketing Japan, Inc. | Barclays Bank PLC |  | (514255)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (9176)<br>|
| Carnival Corp. | Citibank N.A. |  | (454943)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (16073)<br>|
| Chailease Holding Co. Ltd. | JPMorgan Chase Bank N.A. |  | (644031)<br>| 02/11/27 | (0.55)%<br>| 1D OBFR01 | Monthly | (72049)<br>|
| China Merchants Bank Co. Ltd., Class H | JPMorgan Chase Bank N.A. |  | (292360)<br>| 02/10/27 | (0.30)%<br>| HONIA | Monthly | (3112)<br>|
| China Tower Corp. Ltd., Class H | Merrill Lynch International |  | (379255)<br>| 02/15/28 | (0.30)%<br>| HONIA | Monthly | 5294 |
| Church & Dwight Co., Inc. | Citibank N.A. |  | (397499)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 5555 |
| Cie Generale des Etablissements Michelin SCA | Citibank N.A. |  | (450623)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | (11872)<br>|
| CLP Holdings Ltd. | Merrill Lynch International |  | (698563)<br>| 02/15/28 | (0.15)%<br>| HONIA | Monthly | 15983 |
| CMOC Group Ltd., Class H | Merrill Lynch International |  | (88379)<br>| 02/15/28 | (0.30)%<br>| HONIA | Monthly | 25285 |
| Coca-Cola HBC AG | Barclays Bank PLC |  | (479070)<br>| 09/14/26 | (0.10)%<br>| 1D SONIA | Monthly | 22804 |
| Cochlear Ltd. | JPMorgan Chase Bank N.A. |  | (485631)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 3182 |
| Comcast Corp., Class A | Merrill Lynch International |  | (520550)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | 41093 |
| Commerzbank AG | Barclays Bank PLC |  | (1113638)<br>| 09/14/26 | (0.10)%<br>| 1D ESTR | Monthly | 92218 |
| Commonwealth Bank of Australia | JPMorgan Chase Bank N.A. |  | (353595)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 13986 |
| Community Financial System, Inc. | JPMorgan Chase Bank N.A. |  | (377026)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | (2263)<br>|
| Constellation Brands, Inc., Class A | Merrill Lynch International |  | (531560)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 21560 |
| Continental AG | Citibank N.A. |  | (703673)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 82389 |
| CoreWeave, Inc., Class A | JPMorgan Chase Bank N.A. |  | (493737)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | 13965 |
| Corning, Inc. | Barclays Bank PLC |  | (424295)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | (24406)<br>|
| Corpay, Inc. | Barclays Bank PLC |  | (621796)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 68915 |
| Cosan SA | Merrill Lynch International |  | (518151)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | (16169)<br>|
| CoStar Group, Inc. | Barclays Bank PLC |  | (417075)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 58049 |
| Croda International PLC | Barclays Bank PLC |  | (449601)<br>| 09/14/26 | (0.10)%<br>| 1D SONIA | Monthly | 13990 |
| Crown Castle, Inc. | Citibank N.A. |  | (519259)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 39530 |
| CSG NV | Citibank N.A. |  | (1479990)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 354082 |
| CTS Eventim AG & Co. KGaA | Citibank N.A. |  | (422212)<br>| 02/24/27 | - | 1D ESTR | Monthly | (7814)<br>|
| CVB Financial Corp. | JPMorgan Chase Bank N.A. |  | (335295)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | (2614)<br>|
| CVS Health Corp. | Citibank N.A. |  | (307689)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (8319)<br>|
| CyberAgent, Inc. | Merrill Lynch International |  | (259571)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (4784)<br>|
| Daikin Industries Ltd. | Barclays Bank PLC |  | (294862)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (5005)<br>|
| Danaher Corp. | Barclays Bank PLC |  | (495093)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 40053 |
| Dassault Aviation SA | Citibank N.A. |  | (446851)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 208 |
| Deere & Co. | Barclays Bank PLC |  | (402407)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 8097 |
| Delivery Hero SE | Citibank N.A. |  | (416161)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 44537 |
| Demant A/S | Merrill Lynch International |  | (418870)<br>| 02/15/28 | - | 1W CIBOR | Monthly | (14471)<br>|
| Dentsu Soken, Inc. | Barclays Bank PLC |  | (90297)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (8486)<br>|
| Dentsu Soken, Inc. | Merrill Lynch International |  | (232558)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (26278)<br>|
| Deutsche Lufthansa AG, Registered Shares | Barclays Bank PLC |  | (344043)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | 19591 |
| Dexcom, Inc. | Citibank N.A. |  | (365941)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 20541 |
| Diamondback Energy, Inc. | Barclays Bank PLC |  | (535293)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | (58077)<br>|
| Discovery Ltd. | Merrill Lynch International |  | (654843)<br>| 02/15/28 | (0.35)%<br>| 1M JIBAR | Monthly | (1079)<br>|
| Dover Corp. | Merrill Lynch International |  | (655705)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 51200 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<br>| Barclays Bank PLC |  | (180828)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | 7722 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<br>| Citibank N.A. | USD  | (249210)<br>| 02/24/27 | (0.79)%<br>| 1D ESTR | Monthly | $10642 |
| DuPont de Nemours, Inc. | Barclays Bank PLC |  | (392319)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | (1561)<br>|
| East Japan Railway Co. | Barclays Bank PLC |  | (438082)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 17248 |
| Eiffage SA | Citibank N.A. |  | (544683)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 38570 |
| Element Fleet Management Corp. | Citibank N.A. |  | (483422)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | 8457 |
| Energisa S/A | Merrill Lynch International |  | (624897)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | (28215)<br>|
| Eneva SA | Merrill Lynch International |  | (304756)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | 5218 |
| Engie Brasil Energia SA | JPMorgan Chase Bank N.A. |  | (36882)<br>| 02/10/27 | (0.50)%<br>| 1D OBFR01 | Monthly | (558)<br>|
| Engie Brasil Energia SA | Merrill Lynch International |  | (380709)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | (21205)<br>|
| Expand Energy Corp. | Citibank N.A. |  | (374098)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (21110)<br>|
| Ezaki Glico Co. Ltd. | Barclays Bank PLC |  | (279027)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (183)<br>|
| F5, Inc. | Citibank N.A. |  | (619521)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (17005)<br>|
| FirstEnergy Corp. | Citibank N.A. |  | (907920)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (3960)<br>|
| Franco-Nevada Corp. | Merrill Lynch International |  | (653514)<br>| 02/15/28 | - | CABROVER | Monthly | (15032)<br>|
| Fujikura Ltd. | Merrill Lynch International |  | (224385)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (6632)<br>|
| Gecina SA | Citibank N.A. |  | (486714)<br>| 02/24/27 | - | 1D ESTR | Monthly | (2474)<br>|
| Gen Digital, Inc. | Citibank N.A. |  | (642155)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 82904 |
| Generac Holdings, Inc. | Citibank N.A. |  | (277765)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (15230)<br>|
| General Dynamics Corp. | Citibank N.A. |  | (374693)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (2849)<br>|
| General Mills, Inc. | Citibank N.A. |  | (560296)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 1996 |
| Genting Singapore Ltd. | Merrill Lynch International |  | (791069)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | 37262 |
| Georg Fischer AG, Registered Shares | Barclays Bank PLC |  | (656750)<br>| 09/14/26 | (0.26)%<br>| SSARON | Monthly | 32521 |
| Gildan Activewear, Inc. | Merrill Lynch International |  | (927376)<br>| 02/15/28 | - | CABROVER | Monthly | 136581 |
| GMO Payment Gateway, Inc. | Barclays Bank PLC |  | (285713)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (12191)<br>|
| Grifols SA | Merrill Lynch International |  | (424329)<br>| 02/15/28 | (0.26)%<br>| 1D ESTR | Monthly | 65482 |
| H & M Hennes & Mauritz AB, B Shares | Barclays Bank PLC |  | (670880)<br>| 09/14/26 | (0.26)%<br>| 1D STIBOR | Monthly | 8586 |
| Haier Smart Home Co. Ltd., Class H | Merrill Lynch International |  | (489527)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (7151)<br>|
| Hakuhodo DY Holdings, Inc. | Barclays Bank PLC |  | (411584)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 29478 |
| Hankyu Hanshin Holdings, Inc. | Barclays Bank PLC |  | (616379)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (48667)<br>|
| HCA Healthcare, Inc. | Barclays Bank PLC |  | (537354)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 64114 |
| Helvetia Baloise Holding AG | Barclays Bank PLC |  | (702578)<br>| 09/14/26 | (0.26)%<br>| SSARON | Monthly | (22091)<br>|
| Hewlett Packard Enterprise Co. | Citibank N.A. |  | (313077)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (17882)<br>|
| Holmen AB, B Shares | Citibank N.A. |  | (820447)<br>| 02/24/27 | (0.29)%<br>| TN STIBOR | Monthly | 31529 |
| Honda Motor Co. Ltd. | Barclays Bank PLC |  | (714971)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 99860 |
| Honda Motor Co. Ltd. | Citibank N.A. |  | (174823)<br>| 02/24/27 | (0.25)%<br>| 1D P TONA | Monthly | 21045 |
| Howden Joinery Group PLC | Barclays Bank PLC |  | (285808)<br>| 09/14/26 | (0.25)%<br>| 1D SONIA | Monthly | (3347)<br>|
| Hoya Corp. | Merrill Lynch International |  | (760850)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (1936)<br>|
| HSBC Holdings PLC | Citibank N.A. |  | (462298)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | (25453)<br>|
| HUB24 Ltd. | JPMorgan Chase Bank N.A. |  | (518839)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 21361 |
| IAMGOLD Corp. | Citibank N.A. |  | (374809)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | (48309)<br>|
| IDEX Corp. | Barclays Bank PLC |  | (589541)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 1936 |
| IMCD NV | Barclays Bank PLC |  | (264368)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (39105)<br>|
| InPost SA | Merrill Lynch International |  | (733855)<br>| 02/15/28 | (0.26)%<br>| 1D ESTR | Monthly | (2630)<br>|
| International Flavors & Fragrances, Inc. | Barclays Bank PLC |  | (784571)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 51816 |
| International Paper Co. | Barclays Bank PLC |  | (78222)<br>| 09/14/26 | (0.75)%<br>| 1D SONIA | Monthly | 12988 |
| International Paper Co. | JPMorgan Chase Bank N.A. |  | (566499)<br>| 02/11/27 | (0.50)%<br>| 1D SONIA | Monthly | 16878 |
| International Paper Co. | Merrill Lynch International |  | (864041)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 178601 |
| Investment AB Latour, B Shares | Citibank N.A. |  | (662823)<br>| 02/24/27 | (0.26)%<br>| TN STIBOR | Monthly | 61374 |
| iShares iBoxx USD High Yield Corporate Bond <br> ETF<br>| Citibank N.A. |  | (10272746)<br>| 02/24/28 | (3.39)%<br>| 1D OBFR01 | Monthly | 71802 |
| iShares iBoxx USD Investment Grade <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. |  | (12684790)<br>| 02/09/27 | (3.27)%<br>| 1D OBFR01 | Monthly | 209467 |
| iShares iBoxx USD Investment Grade <br> Corporate Bond ETF<br>| Merrill Lynch International |  | (9594731)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 223553 |
| iShares Preferred & Income Securities ETF | Merrill Lynch International |  | (13893795)<br>| 02/15/28 | (0.50)%<br>| 1D OBFR01 | Monthly | 659115 |
| J Front Retailing Co. Ltd. | Barclays Bank PLC |  | (335362)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 20810 |
| Japan Airlines Co. Ltd. | JPMorgan Chase Bank N.A. |  | (425547)<br>| 02/10/27 | (0.25)%<br>| 1D P TONA | Monthly | 15754 |
| Japan Steel Works Ltd. (The) | Barclays Bank PLC |  | (264018)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 16140 |
| Japan Steel Works Ltd. (The) | Citibank N.A. |  | (122876)<br>| 02/24/27 | - | 1D P TONA | Monthly | (3817)<br>|

---

1242026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| JD Sports Fashion PLC | Citibank N.A. | USD  | (594430)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | $54378 |
| JDE Peet's NV | Citibank N.A. |  | (403727)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | (2764)<br>|
| Jeol Ltd. | Merrill Lynch International |  | (450491)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 37058 |
| Johnson Controls International PLC | Barclays Bank PLC |  | (1241959)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 63409 |
| KeyCorp | Merrill Lynch International |  | (931542)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 19267 |
| Klepierre SA | Barclays Bank PLC |  | (788649)<br>| 09/14/26 | (0.10)%<br>| 1D ESTR | Monthly | 11525 |
| Kobe Steel Ltd. | Barclays Bank PLC |  | (652368)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 84396 |
| Koei Tecmo Holdings Co. Ltd. | Barclays Bank PLC |  | (399680)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 13999 |
| Komatsu Ltd. | Barclays Bank PLC |  | (329510)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 34838 |
| Lanxess AG | JPMorgan Chase Bank N.A. |  | (607835)<br>| 02/11/27 | - | 1D ESTR | Monthly | (357247)<br>|
| Legal & General Group PLC | Citibank N.A. |  | (522589)<br>| 02/24/27 | - | 1D SONIA | Monthly | (3554)<br>|
| Leidos Holdings, Inc. | Merrill Lynch International |  | (336227)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | 9634 |
| Lennar Corp., Class A | Citibank N.A. |  | (289781)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 20577 |
| Li Auto, Inc., Class A | Merrill Lynch International |  | (465063)<br>| 02/15/28 | (0.30)%<br>| HONIA | Monthly | (12462)<br>|
| Lottery Corp. Ltd. (The) | JPMorgan Chase Bank N.A. |  | (970299)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | (13381)<br>|
| Lululemon Athletica, Inc. | Barclays Bank PLC |  | (597172)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 61322 |
| Mapletree Industrial Trust | Merrill Lynch International |  | (425073)<br>| 02/15/28 | (0.30)%<br>| 1D OBFR01 | Monthly | 18665 |
| Marks & Spencer Group PLC | Citibank N.A. |  | (344389)<br>| 02/24/27 | - | 1D SONIA | Monthly | (1200)<br>|
| MatsukiyoCocokara & Co. | Barclays Bank PLC |  | (666609)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 7673 |
| Mercari, Inc. | Barclays Bank PLC |  | (14779)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (1702)<br>|
| Mercari, Inc. | Merrill Lynch International |  | (282702)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (21026)<br>|
| Merlin Properties Socimi SA | Merrill Lynch International |  | (763208)<br>| 02/15/28 | (0.10)%<br>| 1D ESTR | Monthly | 3985 |
| Meta Platforms, Inc., Class A | JPMorgan Chase Bank N.A. |  | (226587)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | 26341 |
| Mid-America Apartment Communities, Inc. | Merrill Lynch International |  | (456994)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 41786 |
| Mitsubishi Chemical Group Corp. | Barclays Bank PLC |  | (816936)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 101370 |
| Morgan Stanley | Barclays Bank PLC |  | (941750)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 3701 |
| MTR Corp. Ltd. | Merrill Lynch International |  | (624153)<br>| 02/15/28 | (0.30)%<br>| HONIA | Monthly | 77075 |
| National Australia Bank Ltd. | JPMorgan Chase Bank N.A. |  | (499929)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 48689 |
| Nebius Group NV | JPMorgan Chase Bank N.A. |  | (1199037)<br>| 02/09/27 | (0.77)%<br>| 1D OBFR01 | Monthly | 113188 |
| NEC Corp. | Merrill Lynch International |  | (287318)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 3651 |
| Nexi SpA | Merrill Lynch International |  | (388451)<br>| 02/15/28 | (0.40)%<br>| 1D ESTR | Monthly | (57421)<br>|
| NEXTDC Ltd. | JPMorgan Chase Bank N.A. |  | (372091)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 35502 |
| Nihon Kohden Corp. | Barclays Bank PLC |  | (578747)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 50452 |
| NIKE, Inc., Class B | Citibank N.A. |  | (708168)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 74328 |
| Nippon Steel Corp. | Barclays Bank PLC |  | (584007)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 38619 |
| Nippon Steel Corp. | JPMorgan Chase Bank N.A. |  | (901167)<br>| 02/10/27 | (0.25)%<br>| 1D P TONA | Monthly | 18738 |
| Norsk Hydro ASA | Barclays Bank PLC |  | (497571)<br>| 09/18/26 | (0.26)%<br>| NOWA | Monthly | (89706)<br>|
| Omnicom Group, Inc. | Citibank N.A. |  | (330124)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 13822 |
| Ono Pharmaceutical Co. Ltd. | Barclays Bank PLC |  | (346469)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (13051)<br>|
| Open House Group Co. Ltd. | Barclays Bank PLC |  | (613668)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 4797 |
| Oriental Land Co. Ltd. | Barclays Bank PLC |  | (324167)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (2613)<br>|
| Orlen SA | JPMorgan Chase Bank N.A. |  | (483564)<br>| 02/11/27 | (0.50)%<br>| 1D OBFR01 | Monthly | (63573)<br>|
| Pagaya Technologies Ltd., Class A | Barclays Bank PLC |  | (540789)<br>| 09/14/26 | (0.38)%<br>| 1D OBFR01 | Monthly | (51334)<br>|
| Pagaya Technologies Ltd., Class A | JPMorgan Chase Bank N.A. |  | (317165)<br>| 02/09/27 | (0.15)%<br>| 1D OBFR01 | Monthly | (1917)<br>|
| Panasonic Holdings Corp. | Barclays Bank PLC |  | (510096)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (31619)<br>|
| Pandora A/S | Merrill Lynch International |  | (302417)<br>| 02/15/28 | (0.26)%<br>| 1W CIBOR | Monthly | 30817 |
| PayPal Holdings, Inc. | Barclays Bank PLC |  | (436095)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | (11682)<br>|
| PDD Holdings, Inc., ADR | Merrill Lynch International |  | (441942)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (7650)<br>|
| Perpetual Ltd. | JPMorgan Chase Bank N.A. |  | (223557)<br>| 02/10/27 | - | 1D AONIA | Monthly | (3843)<br>|
| Pirelli & C SpA | Citibank N.A. |  | (1046044)<br>| 02/24/27 | (0.18)%<br>| 1D ESTR | Monthly | 23349 |
| PPL Corp. | Barclays Bank PLC |  | (559059)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 1339 |
| Public Storage | Barclays Bank PLC |  | (702218)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 79194 |
| QUALCOMM, Inc. | Citibank N.A. |  | (292286)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (3908)<br>|
| Quest Diagnostics, Inc. | Merrill Lynch International |  | (502356)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | 12406 |
| Randstad NV | Barclays Bank PLC |  | (619538)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | 89711 |
| Randstad NV | Merrill Lynch International |  | (149945)<br>| 02/15/28 | (0.26)%<br>| 1D ESTR | Monthly | (1434)<br>|
| Realtek Semiconductor Corp. | JPMorgan Chase Bank N.A. |  | (238669)<br>| 02/11/27 | (1.39)%<br>| 1D OBFR01 | Monthly | (1098)<br>|
| Reckitt Benckiser Group PLC | Barclays Bank PLC |  | (522762)<br>| 09/14/26 | (0.10)%<br>| 1D SONIA | Monthly | 101030 |
| Regency Centers Corp. | Barclays Bank PLC |  | (1073544)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 29436 |
| Renesas Electronics Corp. | Merrill Lynch International |  | (568027)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 111945 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Rentokil Initial PLC | Barclays Bank PLC | USD  | (455689)<br>| 09/14/26 | (0.25)%<br>| 1D SONIA | Monthly | $(9756)<br>|
| Restaurant Brands International, Inc. | Citibank N.A. |  | (286048)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | (32147)<br>|
| ROCKWOOL A/S, B Shares | Merrill Lynch International |  | (479320)<br>| 02/15/28 | (0.26)%<br>| 1W CIBOR | Monthly | 82141 |
| Rohm Co. Ltd. | Barclays Bank PLC |  | (242116)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (46790)<br>|
| Royal Bank of Canada | Citibank N.A. |  | (537140)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | (12491)<br>|
| RTL Group SA | Citibank N.A. |  | (486730)<br>| 02/24/27 | (1.23)%<br>| 1D ESTR | Monthly | (9949)<br>|
| Salesforce, Inc. | Citibank N.A. |  | (341910)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (12763)<br>|
| Salmar ASA | Merrill Lynch International |  | (367956)<br>| 02/15/28 | (0.26)%<br>| NOWA | Monthly | 6184 |
| Sapporo Holdings Ltd. | Barclays Bank PLC |  | (301871)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 2088 |
| Sartorius Stedim Biotech | Merrill Lynch International |  | (555428)<br>| 02/15/28 | - | 1D ESTR | Monthly | 10094 |
| Sasol Ltd. | Merrill Lynch International |  | (145391)<br>| 02/15/28 | (0.35)%<br>| 1M JIBAR | Monthly | (118413)<br>|
| Sawai Group Holdings Co. Ltd. | Barclays Bank PLC |  | (499084)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 22781 |
| Scentre Group | JPMorgan Chase Bank N.A. |  | (413418)<br>| 02/10/27 | (0.24)%<br>| 1D AONIA | Monthly | 18403 |
| Schroders PLC | Citibank N.A. |  | (829626)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | 5004 |
| Seatrium Ltd. | JPMorgan Chase Bank N.A. |  | (278594)<br>| 02/10/27 | (0.89)%<br>| 1D OBFR01 | Monthly | (12613)<br>|
| Sega Sammy Holdings, Inc. | Barclays Bank PLC |  | (431698)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 3695 |
| Sekisui Chemical Co. Ltd. | Barclays Bank PLC |  | (416428)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 40362 |
| Sembcorp Industries Ltd. | JPMorgan Chase Bank N.A. |  | (366416)<br>| 02/10/27 | (1.50)%<br>| 1D OBFR01 | Monthly | (38671)<br>|
| Shandong Gold Mining Co. Ltd., Class H | Merrill Lynch International |  | (407748)<br>| 02/15/28 | - | HONIA | Monthly | 62946 |
| Shimizu Corp. | Barclays Bank PLC |  | (366631)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (10133)<br>|
| Shin-Etsu Chemical Co. Ltd. | Barclays Bank PLC |  | (563386)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (31108)<br>|
| Shiseido Co. Ltd. | Barclays Bank PLC |  | (332255)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (21188)<br>|
| SIG Group AG | Citibank N.A. |  | (281465)<br>| 02/24/27 | (0.26)%<br>| SSARON | Monthly | (10847)<br>|
| Sigma Healthcare Ltd. | JPMorgan Chase Bank N.A. |  | (382025)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 3748 |
| Simon Property Group, Inc. | Merrill Lynch International |  | (787839)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 60372 |
| Sino Land Co. Ltd. | Merrill Lynch International |  | (466051)<br>| 02/15/28 | - | HONIA | Monthly | 40719 |
| Smurfit Westrock PLC | Citibank N.A. |  | (384207)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 53452 |
| Snap-on, Inc. | Citibank N.A. |  | (764863)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 38423 |
| Sofina SA | Barclays Bank PLC |  | (434777)<br>| 09/14/26 | (0.26)%<br>| 1D ESTR | Monthly | (2309)<br>|
| Sonic Healthcare Ltd. | JPMorgan Chase Bank N.A. |  | (494760)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | (1127)<br>|
| SPIE SA | Merrill Lynch International |  | (377129)<br>| 02/15/28 | (0.26)%<br>| 1D ESTR | Monthly | 46630 |
| SSE PLC | Citibank N.A. |  | (626041)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | 349 |
| Standard Bank Group Ltd. | Merrill Lynch International |  | (669811)<br>| 02/15/28 | (0.35)%<br>| 1M JIBAR | Monthly | 23293 |
| Standard Life PLC | Citibank N.A. |  | (1047285)<br>| 02/24/27 | (0.25)%<br>| 1D SONIA | Monthly | 85483 |
| STMicroelectronics NV | Citibank N.A. |  | (480631)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | (29798)<br>|
| Stockland | Merrill Lynch International |  | (420319)<br>| 02/15/28 | (0.30)%<br>| 1D AONIA | Monthly | (8342)<br>|
| Subaru Corp. | Merrill Lynch International |  | (278875)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (1463)<br>|
| Suntory Beverage & Food Ltd. | Barclays Bank PLC |  | (535435)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 24289 |
| Swedish Orphan Biovitrum AB | Merrill Lynch International |  | (414818)<br>| 02/15/28 | (0.26)%<br>| 1D STIBOR | Monthly | 8287 |
| Swiss Prime Site AG, Registered Shares | Barclays Bank PLC |  | (844153)<br>| 09/14/26 | (0.26)%<br>| SSARON | Monthly | 14494 |
| Swisscom AG, Registered Shares | Citibank N.A. |  | (698828)<br>| 02/24/27 | (0.26)%<br>| SSARON | Monthly | 27497 |
| Syensqo SA | Citibank N.A. |  | (455776)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 6923 |
| T Rowe Price Group, Inc. | Merrill Lynch International |  | (524693)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 1881 |
| T&D Holdings, Inc. | Barclays Bank PLC |  | (352347)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (6257)<br>|
| T&D Holdings, Inc. | Citibank N.A. |  | (14425)<br>| 02/24/27 | (0.15)%<br>| 1D P TONA | Monthly | (944)<br>|
| Taisei Corp. | Merrill Lynch International |  | (415145)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 21458 |
| Taiwan Mobile Co. Ltd. | JPMorgan Chase Bank N.A. |  | (594611)<br>| 02/11/27 | (0.34)%<br>| 1D OBFR01 | Monthly | (10474)<br>|
| Teradyne, Inc. | Merrill Lynch International |  | (268944)<br>| 02/15/28 | 0.10<br> %<br>| 1D OBFR01 | Monthly | 2130 |
| Tesco PLC | Barclays Bank PLC |  | (352530)<br>| 09/14/26 | (0.10)%<br>| 1D SONIA | Monthly | 6853 |
| Texas Instruments, Inc. | Citibank N.A. |  | (395514)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 46062 |
| TIS, Inc. | Barclays Bank PLC |  | (475439)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (33439)<br>|
| TKO Group Holdings, Inc., Class A | Citibank N.A. |  | (322901)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 20426 |
| Tokio Marine Holdings, Inc. | Barclays Bank PLC |  | (436006)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (5240)<br>|
| Tokyu Corp. | Barclays Bank PLC |  | (343629)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (1050)<br>|
| TOPPAN Holdings, Inc. | Barclays Bank PLC |  | (26152)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (223)<br>|
| TOPPAN Holdings, Inc. | Merrill Lynch International |  | (270583)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 30573 |
| Toromont Industries Ltd. | Merrill Lynch International |  | (529336)<br>| 02/15/28 | - | CABROVER | Monthly | (2681)<br>|
| TOTVS SA | Merrill Lynch International |  | (153828)<br>| 02/15/28 | - | 1D OBFR01 | Monthly | (4522)<br>|
| Tourmaline Oil Corp. | Citibank N.A. |  | (1151126)<br>| 02/24/28 | (0.20)%<br>| 1D CORRA | Monthly | (50196)<br>|
| Toyota Motor Corp. | Merrill Lynch International |  | (882500)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | 71793 |

---

1262026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Trade Desk, Inc. (The), Class A | Citibank N.A. | USD  | (418448)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | $30449 |
| UDR, Inc. | Barclays Bank PLC |  | (1290690)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 121902 |
| Unimicron Technology Corp. | JPMorgan Chase Bank N.A. |  | (283404)<br>| 02/11/27 | (1.00)%<br>| 1D OBFR01 | Monthly | 49286 |
| United Overseas Bank Ltd. | Merrill Lynch International |  | (818143)<br>| 02/15/28 | (0.30)%<br>| 1D OBFR01 | Monthly | 33797 |
| Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| JPMorgan Chase Bank N.A. |  | (8610229)<br>| 02/09/27 | (0.47)%<br>| 1D OBFR01 | Monthly | 122065 |
| Vend Marketplaces ASA | Citibank N.A. |  | (415668)<br>| 02/24/27 | (0.26)%<br>| NOWA | Monthly | (4991)<br>|
| Visional, Inc. | Barclays Bank PLC |  | (346574)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (402)<br>|
| W R Berkley Corp. | Barclays Bank PLC |  | (487786)<br>| 09/14/26 | (0.15)%<br>| 1D OBFR01 | Monthly | 30454 |
| Wartsila Oyj Abp | Citibank N.A. |  | (420568)<br>| 02/24/27 | (0.26)%<br>| 1D ESTR | Monthly | 48088 |
| Westinghouse Air Brake Technologies Corp. | Citibank N.A. |  | (651410)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | (23347)<br>|
| Wharf Real Estate Investment Co. Ltd. | Merrill Lynch International |  | (469479)<br>| 02/15/28 | (0.30)%<br>| HONIA | Monthly | 96981 |
| Whitbread PLC | Barclays Bank PLC |  | (599197)<br>| 09/14/26 | (0.25)%<br>| 1D SONIA | Monthly | 45781 |
| Willis Towers Watson PLC | Citibank N.A. |  | (670336)<br>| 02/24/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 1726 |
| Xero Ltd. | JPMorgan Chase Bank N.A. |  | (679156)<br>| 02/10/27 | (0.25)%<br>| 1D AONIA | Monthly | 55528 |
| Xero Ltd. | Merrill Lynch International |  | (115910)<br>| 02/15/28 | (0.15)%<br>| 1D AONIA | Monthly | 10210 |
| Yakult Honsha Co. Ltd. | Barclays Bank PLC |  | (493147)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | (13872)<br>|
| Yamaha Motor Co. Ltd. | Barclays Bank PLC |  | (313096)<br>| 08/14/28 | (0.20)%<br>| 1D P TONA | Monthly | 21953 |
| Zimmer Biomet Holdings, Inc. | Merrill Lynch International |  | (481863)<br>| 02/15/28 | (0.15)%<br>| 1D OBFR01 | Monthly | 11679 |
| ZOZO, Inc. | Merrill Lynch International |  | (281429)<br>| 03/15/28 | (0.15)%<br>| 1D P TONA | Monthly | (89)<br>|
| ZTO Express Cayman, Inc. | JPMorgan Chase Bank N.A. |  | (929976)<br>| 02/10/27 | (0.41)%<br>| HONIA | Monthly | (47156)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  | 4777111 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  | 431112 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (385290)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | $45822 |

---

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

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays 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 position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and 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 position. 

**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*<br>| &nbsp;&nbsp; *Swap/Options* <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $616918 | &nbsp;&nbsp;&nbsp; $(7610843)<br>| &nbsp;&nbsp;&nbsp; $5828379 | &nbsp;&nbsp;&nbsp; $(5878517)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 10192156 | &nbsp;&nbsp;&nbsp; (2545866)<br>| &nbsp;&nbsp;&nbsp; 11776753 | &nbsp;&nbsp;&nbsp; (17430278)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (51096110)<br>| &nbsp;&nbsp;&nbsp; 4281252 | &nbsp;&nbsp;&nbsp; (11575749)<br>| &nbsp;&nbsp;&nbsp; (58390603)<br>|

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures <br> contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $674086 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6432068 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7106154 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13724625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13724625 |
| Options purchased |  |  |  |  |  |  |  |
| Investments at value — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8275 | &nbsp;&nbsp;&nbsp; 3477013 | &nbsp;&nbsp;&nbsp; 1489460 | &nbsp;&nbsp;&nbsp; 13421433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18396181 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared <br> swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1145559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4421735 | &nbsp;&nbsp;&nbsp; 261085 | &nbsp;&nbsp;&nbsp; 5828379 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; <br>Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11437139 | &nbsp;&nbsp;&nbsp; 9801627 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 730143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21968909 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12590973 | &nbsp;&nbsp;&nbsp; $13952726 | &nbsp;&nbsp;&nbsp; $15214085 | &nbsp;&nbsp;&nbsp; $25005379 | &nbsp;&nbsp;&nbsp; $261085 | &nbsp;&nbsp;&nbsp; $67024248 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures <br> contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $94693 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21676347 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21771040 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12428573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12428573 |
| Options written |  |  |  |  |  |  |  |
| Options written at value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 892761 | &nbsp;&nbsp;&nbsp; 1444283 | &nbsp;&nbsp;&nbsp; 3963789 | &nbsp;&nbsp;&nbsp; 52089770 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58390603 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared <br> swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 106357 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5400184 | &nbsp;&nbsp;&nbsp; 371976 | &nbsp;&nbsp;&nbsp; 5878517 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; <br>Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6336923 | &nbsp;&nbsp;&nbsp; 12951072 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 688149 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19976144 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7336041 | &nbsp;&nbsp;&nbsp; $14490048 | &nbsp;&nbsp;&nbsp; $16392362 | &nbsp;&nbsp;&nbsp; $79854450 | &nbsp;&nbsp;&nbsp; $371976 | &nbsp;&nbsp;&nbsp; $118444877 |

---

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

<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, 2026, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1418343)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(64069698)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(65488041)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11749753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11749753 |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (306562)<br>| &nbsp;&nbsp;&nbsp; (5076864)<br>| &nbsp;&nbsp;&nbsp; (8841763)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14225189)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2788158 | &nbsp;&nbsp;&nbsp; 5030679 | &nbsp;&nbsp;&nbsp; 6856844 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14675681 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9482243 | &nbsp;&nbsp;&nbsp; 10391252 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4479272)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15394223 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9482243 | &nbsp;&nbsp;&nbsp; $11454505 | &nbsp;&nbsp;&nbsp; $11703568 | &nbsp;&nbsp;&nbsp; $(70533889)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(37893573)<br>|
| **Net Change in Unrealized Appreciation** <br> **(Depreciation) on:**<br>|  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1051134 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19598745)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(18547611)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1943648 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1943648 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9273)<br>| &nbsp;&nbsp;&nbsp; 1101951 | &nbsp;&nbsp;&nbsp; 1321958 | &nbsp;&nbsp;&nbsp; 3798834 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6213470 |

---

1282026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| &nbsp;&nbsp; *Credit*<br> *Contracts*<br>| &nbsp;&nbsp; *Equity*<br> *Contracts*<br>| &nbsp;&nbsp; *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| &nbsp;&nbsp; *Interest*<br> *Rate*<br> *Contracts*<br>| &nbsp;&nbsp; *Other*<br> *Contracts*<br>| *Total* |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(140495)<br>| &nbsp;&nbsp;&nbsp; $(119942)<br>| &nbsp;&nbsp;&nbsp; $(679445)<br>| &nbsp;&nbsp;&nbsp; $(7904947)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8844829)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8156569)<br>| &nbsp;&nbsp;&nbsp; (2732993)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2461552)<br>| &nbsp;&nbsp;&nbsp; (1568129)<br>| &nbsp;&nbsp;&nbsp; (14919243)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8306337)<br>| &nbsp;&nbsp;&nbsp; $(699850)<br>| &nbsp;&nbsp;&nbsp; $2586161 | &nbsp;&nbsp;&nbsp; $(26166410)<br>| &nbsp;&nbsp;&nbsp; $(1568129)<br>| &nbsp;&nbsp;&nbsp; $(34154565)<br>|

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $6930327314 |
| Average notional value of contracts — short | &nbsp;&nbsp; 164959806 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 1385363759 |
| Average amounts sold — in USD | &nbsp;&nbsp; 625578607 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 2838433 |
| Average value of option contracts written | &nbsp;&nbsp; 3207234 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 1306961915 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 6335218572 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 304589816 |
| Average notional value — sell protection | &nbsp;&nbsp; 76437047 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 135992262 |
| Average notional value — short | &nbsp;&nbsp; 183265155 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 523531606 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 4383464941 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 3757049902 |
| Inflation swaps: |  |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 176336818 |

---

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 |  |  |
| Futures contracts | &nbsp;&nbsp; $7496294 | &nbsp;&nbsp;&nbsp;&nbsp; $924040 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 13724625 | &nbsp;&nbsp;&nbsp;&nbsp; 12428573 |
| Options | &nbsp;&nbsp; 18396181 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 58390603 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 538408 |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 21968909 | &nbsp;&nbsp;&nbsp;&nbsp; 19976144 |
| Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | &nbsp;&nbsp; $61586009 | &nbsp;&nbsp;&nbsp;&nbsp; $92257768 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (9477639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3283392)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $52108370 | &nbsp;&nbsp;&nbsp;&nbsp; $88974376 |

---

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

<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.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp; $791920 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $791920 |
| Bank of America N.A. | &nbsp;&nbsp; 5596649 | &nbsp;&nbsp;&nbsp;&nbsp; (5596649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Bank of New York Mellon | &nbsp;&nbsp; 4962 | &nbsp;&nbsp;&nbsp;&nbsp; (4962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Barclays Bank PLC | &nbsp;&nbsp; 4311258 | &nbsp;&nbsp;&nbsp;&nbsp; (3819931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (491327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 4362029 | &nbsp;&nbsp;&nbsp;&nbsp; (1724364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2637665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 4914247 | &nbsp;&nbsp;&nbsp;&nbsp; (4914247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 501886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (418427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83459 |
| Credit Agricole Corporate & Investment Bank | &nbsp;&nbsp; 233329 | &nbsp;&nbsp;&nbsp;&nbsp; (233329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 13890996 | &nbsp;&nbsp;&nbsp;&nbsp; (10186800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3704196 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 1974719 | &nbsp;&nbsp;&nbsp;&nbsp; (1974719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 1034992 | &nbsp;&nbsp;&nbsp;&nbsp; (1034992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1840332 | &nbsp;&nbsp;&nbsp;&nbsp; (830941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1009391 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3069020 | &nbsp;&nbsp;&nbsp;&nbsp; (3069020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 3476029 | &nbsp;&nbsp;&nbsp;&nbsp; (2250469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1225560 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1630339 | &nbsp;&nbsp;&nbsp;&nbsp; (1630339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 1823175 | &nbsp;&nbsp;&nbsp;&nbsp; (81448)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1741727 |
| Royal Bank of Canada | &nbsp;&nbsp; 4919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4919 |
| Societe Generale | &nbsp;&nbsp; 1749149 | &nbsp;&nbsp;&nbsp;&nbsp; (1749149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 42303 | &nbsp;&nbsp;&nbsp;&nbsp; (42303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 741576 | &nbsp;&nbsp;&nbsp;&nbsp; (81609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 659967 |
| UBS AG | &nbsp;&nbsp; 114541 | &nbsp;&nbsp;&nbsp;&nbsp; (114541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $52108370 | &nbsp;&nbsp;&nbsp;&nbsp; $(39339812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(491327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3056092)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9221139 |
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $17581082 | &nbsp;&nbsp;&nbsp;&nbsp; $(5596649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7814909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4169524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Bank of New York Mellon | &nbsp;&nbsp; 124763 | &nbsp;&nbsp;&nbsp;&nbsp; (4962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119801 |
| Barclays Bank PLC | &nbsp;&nbsp; 3819931 | &nbsp;&nbsp;&nbsp;&nbsp; (3819931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1724364 | &nbsp;&nbsp;&nbsp;&nbsp; (1724364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 6415338 | &nbsp;&nbsp;&nbsp;&nbsp; (4914247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1501091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate & Investment Bank | &nbsp;&nbsp; 837197 | &nbsp;&nbsp;&nbsp;&nbsp; (233329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (603868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 10186800 | &nbsp;&nbsp;&nbsp;&nbsp; (10186800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 2065421 | &nbsp;&nbsp;&nbsp;&nbsp; (1974719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90702 |
| Goldman Sachs International | &nbsp;&nbsp; 14173263 | &nbsp;&nbsp;&nbsp;&nbsp; (1034992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13138271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 830941 | &nbsp;&nbsp;&nbsp;&nbsp; (830941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 45602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45602 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 4640186 | &nbsp;&nbsp;&nbsp;&nbsp; (3069020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1571166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 2250469 | &nbsp;&nbsp;&nbsp;&nbsp; (2250469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 17539888 | &nbsp;&nbsp;&nbsp;&nbsp; (1630339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11219563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4689986 |
| NatWest Markets PLC | &nbsp;&nbsp; 81448 | &nbsp;&nbsp;&nbsp;&nbsp; (81448)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 1419111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1419111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 3305325 | &nbsp;&nbsp;&nbsp;&nbsp; (1749149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1556176 |
| Standard Chartered Bank | &nbsp;&nbsp; 112279 | &nbsp;&nbsp;&nbsp;&nbsp; (42303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69976 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 81609 | &nbsp;&nbsp;&nbsp;&nbsp; (81609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

1302026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Non-*<br> *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; *Net*<br> *Amount of*<br> *Derivative*<br> *Liabilities*<sup>(d)(e)</sup><br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; $875137 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $875137 |
| UBS AG | &nbsp;&nbsp; 864222 | &nbsp;&nbsp;&nbsp;&nbsp; (114541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 749681 |
|  | &nbsp;&nbsp; $88974376 | &nbsp;&nbsp;&nbsp;&nbsp; $(39339812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(37267979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4169524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8197061 |

---

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

<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 may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</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 receivable/payable on the Consolidated Statement of Assets and Liabilities. 

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | $2253053592 | $76270428 | $2329324020 |
| Common Stocks  |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; — |  | 27977727 | 27977727 |
| Banks | &nbsp;&nbsp; 10040375 |  |  | 10040375 |
| Capital Markets | &nbsp;&nbsp; 513837 | 1013468 | 193436 | 1720741 |
| Chemicals | &nbsp;&nbsp; 1915819 |  |  | 1915819 |
| Communications Equipment | &nbsp;&nbsp; 1271416 |  |  | 1271416 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 275812 |  |  | 275812 |
| Electrical Equipment | &nbsp;&nbsp; — |  |  |  |
| Energy Equipment & Services | &nbsp;&nbsp; 877374 |  |  | 877374 |
| Entertainment | &nbsp;&nbsp; 1799364 | 214575 |  | 2013939 |
| Financial Services | &nbsp;&nbsp; — |  | 15343743 | 15343743 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 5005533 |  |  | 5005533 |
| Household Durables | &nbsp;&nbsp; 3624987 |  |  | 3624987 |
| IT Services | &nbsp;&nbsp; — |  | 2406216 | 2406216 |
| Machinery | &nbsp;&nbsp; — | 2886203 |  | 2886203 |
| Media | &nbsp;&nbsp; 5181181 |  |  | 5181181 |
| Metals & Mining | &nbsp;&nbsp; 1224558 | 1721712 |  | 2946270 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 6088573 |  | 32326484 | 38415057 |
| Real Estate Management & Development | &nbsp;&nbsp; — |  | 6259673 | 6259673 |
| Software | &nbsp;&nbsp; — | 91234 | 4328096 | 4419330 |
| Trading Companies & Distributors | &nbsp;&nbsp; 464565 |  |  | 464565 |
| Corporate Bonds  | &nbsp;&nbsp; — | 4242740612 | 202517573 | 4445258185 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — |  | 31463800 | 31463800 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | 91430153 | 216938292 | 308368445 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | 10461575 |  | 10461575 |
| Foreign Government Obligations | &nbsp;&nbsp; — | 411387668 |  | 411387668 |
| Investment Companies  | &nbsp;&nbsp; 270646019 |  |  | 270646019 |
| Municipal Bonds | &nbsp;&nbsp; — | 105926161 |  | 105926161 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | 2703533015 | 50165910 | 2753698925 |
| Preferred Securities  |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | 149439175 |  | 149439175 |
| Preferred Stocks | &nbsp;&nbsp; 2501124 | 6416975 | 99172303 | 108090402 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | 12604572103 |  | 12604572103 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | 2039249393 |  | 2039249393 |
| Warrants  |  |  |  |  |
| Banks | &nbsp;&nbsp; — |  | 2493979 | 2493979 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Warrants (continued) |  |  |  |  |
| Beverages | &nbsp;&nbsp; $— | $— | $— | $— |
| Capital Markets | &nbsp;&nbsp; 6420 |  |  | 6420 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — |  | 855114 | 855114 |
| Machinery | &nbsp;&nbsp; 16771 | 4577 |  | 21348 |
| Passenger Airlines | &nbsp;&nbsp; — | 589 |  | 589 |
| Real Estate Management & Development | &nbsp;&nbsp; 859 |  |  | 859 |
| Software | &nbsp;&nbsp; 3209 |  | 1999889 | 2003098 |
| Specialty Retail | &nbsp;&nbsp; 1819 |  | 88056 | 89875 |
| Trading Companies & Distributors | &nbsp;&nbsp; 159 |  |  | 159 |
| Short-Term Securities |  |  |  |  |
| Borrowed Bond Agreements | &nbsp;&nbsp; — | 4087136 |  | 4087136 |
| Money Market Funds | &nbsp;&nbsp; 1323229862 |  |  | 1323229862 |
| Options Purchased |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | 8275 |  | 8275 |
| Equity Contracts | &nbsp;&nbsp; 1913517 | 1563496 |  | 3477013 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | 1489460 |  | 1489460 |
| Interest Rate Contracts | &nbsp;&nbsp; 67828 | 13353605 |  | 13421433 |
| Unfunded Floating Rate Loan Interests <sup>(a)</sup> | &nbsp;&nbsp; — |  | 136881 | 136881 |
| Liabilities |  |  |  |  |
| Borrowed Bonds | &nbsp;&nbsp; — | (4061165)<br>|  | (4061165)<br>|
| TBA Sale Commitments | &nbsp;&nbsp; — | (6946958300)<br>|  | (6946958300)<br>|
| Unfunded Floating Rate Loan Interests <sup>(a)</sup> | &nbsp;&nbsp; — | (59014)<br>| (53389)<br>| (112403)<br>|
|  | &nbsp;&nbsp; $1636670981 | $17693566273 | $770884211 | $20101121465 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | $2390542 | $— | $2390542 |
| Equity Contracts | &nbsp;&nbsp; 674086 | 9801627 |  | 10475713 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | 13724625 |  | 13724625 |
| Interest Rate Contracts | &nbsp;&nbsp; 6432068 | 5151878 |  | 11583946 |
| Other Contracts | &nbsp;&nbsp; — | 261085 |  | 261085 |
| Liabilities |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | (4790175)<br>|  | (4790175)<br>|
| Equity Contracts | &nbsp;&nbsp; (1538976)<br>| (12951072)<br>|  | (14490048)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | (16392362)<br>|  | (16392362)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (21717019)<br>| (58137431)<br>|  | (79854450)<br>|
| Other Contracts | &nbsp;&nbsp; — | (371976)<br>|  | (371976)<br>|
|  | &nbsp;&nbsp; $(16149841)<br>| $(61313259)<br>| $— | $(77463100)<br>|

---

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

<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*<br>| &nbsp;&nbsp; *Common* <br>*Stocks*<br>| &nbsp;&nbsp; *Corporate* <br>*Bonds*<br>| &nbsp;&nbsp; *Fixed Rate* <br>*Loan Interests*<br>| &nbsp;&nbsp; *Floating Rate* <br>*Loan Interests*<br>|
| **Assets** |  |  |  |  |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $61311112 | &nbsp;&nbsp;&nbsp; $39429790 | &nbsp;&nbsp;&nbsp; $190634979 | &nbsp;&nbsp;&nbsp; $31588083 | &nbsp;&nbsp;&nbsp; $175993714 |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7151823 | &nbsp;&nbsp;&nbsp; 3155143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31728818 |
| Transfers out of Level 3<sup>(b)(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; (18038)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3404390)<br>| &nbsp;&nbsp;&nbsp; 4231 | &nbsp;&nbsp;&nbsp; 190667 |
| Net realized gain (loss) | &nbsp;&nbsp; (195989)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68210 | &nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp; (360480)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp; 454525 | &nbsp;&nbsp;&nbsp; 16520640 | &nbsp;&nbsp;&nbsp; (11481786)<br>| &nbsp;&nbsp;&nbsp; (234142)<br>| &nbsp;&nbsp;&nbsp; (6086004)<br>|
| Purchases | &nbsp;&nbsp; 21849953 | &nbsp;&nbsp;&nbsp; 27218564 | &nbsp;&nbsp;&nbsp; 25147642 | &nbsp;&nbsp;&nbsp; 2321589 | &nbsp;&nbsp;&nbsp; 64939713 |
| Sales | &nbsp;&nbsp; (7131135)<br>| &nbsp;&nbsp;&nbsp; (1485442)<br>| &nbsp;&nbsp;&nbsp; (1602225)<br>| &nbsp;&nbsp;&nbsp; (2224640)<br>| &nbsp;&nbsp;&nbsp; (49468136)<br>|
| Closing Balance, as of March 31, 2026 | &nbsp;&nbsp; $76270428 | &nbsp;&nbsp;&nbsp; $88835375 | &nbsp;&nbsp;&nbsp; $202517573 | &nbsp;&nbsp;&nbsp; $31463800 | &nbsp;&nbsp;&nbsp; $216938292 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br> March 31, 2026<sup>(e)</sup><br>| &nbsp;&nbsp; $454525 | &nbsp;&nbsp;&nbsp; $16520640 | &nbsp;&nbsp;&nbsp; $(11483886)<br>| &nbsp;&nbsp;&nbsp; $(224754)<br>| &nbsp;&nbsp;&nbsp; $(6214795)<br>|

---

1322026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Total Return Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Non-Agency* <br>*Mortgage-Backed* <br>*Securities*<br>| &nbsp;&nbsp; *Preferred* <br>*Securities*<br>| *Warrants* | &nbsp;&nbsp; *Unfunded* <br>Floating Rate <br>Loan Interests<br>| *Total* |
| **Assets** |  |  |  |  |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $58668048 | &nbsp;&nbsp;&nbsp; $80704176 | &nbsp;&nbsp;&nbsp; $5723255 | &nbsp;&nbsp;&nbsp; $218894 | &nbsp;&nbsp;&nbsp; $644272051 |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42035784 |
| Transfers out of Level 3<sup>(b)(c)</sup> | &nbsp;&nbsp; (18380055)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18380060)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; 163216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3064314)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (321839)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (801419)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp; (478573)<br>| &nbsp;&nbsp;&nbsp; 15640328 | &nbsp;&nbsp;&nbsp; 35630 | &nbsp;&nbsp;&nbsp; (82013)<br>| &nbsp;&nbsp;&nbsp; 14288605 |
| Purchases | &nbsp;&nbsp; 12123462 | &nbsp;&nbsp;&nbsp; 3944799 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157545722 |
| Sales | &nbsp;&nbsp; (1930188)<br>| &nbsp;&nbsp;&nbsp; (1117000)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (64958769)<br>|
| Closing Balance, as of March 31, 2026 | &nbsp;&nbsp; $50165910 | &nbsp;&nbsp;&nbsp; $99172303 | &nbsp;&nbsp;&nbsp; $5437038 | &nbsp;&nbsp;&nbsp; $136881 | &nbsp;&nbsp;&nbsp; $770937600 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br> March 31, 2026<sup>(e)</sup><br>| &nbsp;&nbsp; $(478573)<br>| &nbsp;&nbsp;&nbsp; $15181946 | &nbsp;&nbsp;&nbsp; $14661 | &nbsp;&nbsp;&nbsp; $(82013)<br>| &nbsp;&nbsp;&nbsp; $13687751 |

---

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

---

| | |
|:---|:---|
|  | *Unfunded* <br>*Floating Rate* <br>*Loan Interests*<br>|
| **Assets** |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $(79168)<br>|
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp; — |
| Transfers out of Level 3<sup>(b)(c)</sup> | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp; 25779 |
| Purchases | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; — |
| Closing Balance, as of March 31, 2026 | &nbsp;&nbsp; $(53389)<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026<sup>(e)</sup> | &nbsp;&nbsp; $25779 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

As of September 30, 2025, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2026, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

As of September 30, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2026, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

As of September 30, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2026, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 1 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>

Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(e)</sup>

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026 is generally

due to investments no longer held or categorized as Level 3 at period end.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2026

**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 $177,718,597. 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* | &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted Average of* <br>*Unobservable Inputs* <br>*Based on Fair Value*<br>|
| **Assets** |  |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $21084450 | Income | Discount Rate | 7% |  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 10055363 | Income | Discount Rate | 8% |  |
| Common Stocks | &nbsp;&nbsp; 72608576 | &nbsp;&nbsp;&nbsp; Market <br>Income<br>| &nbsp;&nbsp;&nbsp; Volatility <br>Time to Exit <br>Revenue Multiple <br>EBITDA Multiple <br>Discount for lack of marketability <br>Risk free rate <br>Discount Rate<br>| &nbsp;&nbsp;&nbsp; 49% <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.1 years <br>20.68x - 32.14x <br>3.75x - 71.43x <br>10% - 11% <br>4% <br>10% - 15%<br>| &nbsp;&nbsp;&nbsp; — <br>— <br>24.77x <br>45.7x <br>10% <br>— <br>13%<br>|
| Corporate Bonds | &nbsp;&nbsp; 198367970 | Income | Discount Rate | 5% - 18% | 11% |
| Floating Rate Loan Interests | &nbsp;&nbsp; 160433151 | &nbsp;&nbsp;&nbsp; Income <br>Market<br>| &nbsp;&nbsp;&nbsp; Discount Rate <br>EBITDA Multiple<br>| &nbsp;&nbsp;&nbsp; 5% - 32% <br>5.0x<br>| &nbsp;&nbsp;&nbsp; 10% <br>—<br>|
| Fixed Rate Loan Interests | &nbsp;&nbsp; 29263713 | Income | Discount Rate | 7% |  |
| Preferred Stock | &nbsp;&nbsp; 95915356 | &nbsp;&nbsp;&nbsp; Income <br>Market<br>| &nbsp;&nbsp;&nbsp; Discount Rate <br>Revenue Multiple<br>| &nbsp;&nbsp;&nbsp; 11% - 16% <br>7.22x-62.49x<br>| &nbsp;&nbsp;&nbsp; 14% <br>35.69x<br>|
| Warrants | &nbsp;&nbsp; 5437035 | &nbsp;&nbsp;&nbsp; Market <br>| &nbsp;&nbsp;&nbsp; Revenue Multiple <br>Volatility <br>Time to Exit <br>EBITDA Multiple<br>| &nbsp;&nbsp;&nbsp; 7.25x-9.50x <br>50% <br>&nbsp;&nbsp;&nbsp;&nbsp; 5.2 years <br>12.00x<br>| &nbsp;&nbsp;&nbsp; 7.34x <br>50% <br>— <br>—<br>|
|  | &nbsp;&nbsp; $593165614 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

A significant change in unobservable input could result in a correlated or inverse change in value.

1342026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Statement of Assets and Liabilities (unaudited)

March 31, 2026

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

---

| | |
|:---|:---|
|  | BlackRock <br>Total Return <br>Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $25458240571 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 1593875881 |
| Cash pledged: |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; 4169524 |
| Futures contracts | &nbsp;&nbsp; 80192010 |
| Centrally cleared swaps | &nbsp;&nbsp; 17161000 |
| Foreign currency, at value<sup>(d)</sup> | &nbsp;&nbsp; 113894718 |
| Receivables: |  |
| Investments sold | &nbsp;&nbsp; 45949188 |
| Options written | &nbsp;&nbsp; 1065368 |
| Securities lending income — affiliated | &nbsp;&nbsp; 206973 |
| Swaps | &nbsp;&nbsp; 130961372 |
| TBA sale commitments | &nbsp;&nbsp; 6977883712 |
| Capital shares sold | &nbsp;&nbsp; 32662113 |
| Dividends — affiliated | &nbsp;&nbsp; 2159441 |
| Interest — unaffiliated | &nbsp;&nbsp; 127711276 |
| From the Manager | &nbsp;&nbsp; 134448 |
| Principal paydowns | &nbsp;&nbsp; 8222 |
| Variation margin on futures contracts | &nbsp;&nbsp; 7496294 |
| Swap premiums paid | &nbsp;&nbsp; 10192156 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 13724625 |
| OTC swaps | &nbsp;&nbsp; 11776753 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; 136881 |
| Prepaid expenses | &nbsp;&nbsp; 297439 |
| Total assets | &nbsp;&nbsp; 34629899965 |
| **LIABILITIES** |  |
| Bank overdraft | &nbsp;&nbsp; 443016 |
| Cash received: |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; 3098427 |
| Collateral — TBA commitments | &nbsp;&nbsp; 5470000 |
| Borrowed bonds at value<sup>(e)</sup> | &nbsp;&nbsp; 4061165 |
| Collateral on securities loaned | &nbsp;&nbsp; 262474927 |
| Options written, at value<sup>(f)</sup> | &nbsp;&nbsp; 58390603 |
| TBA sale commitments, at value<sup>(g)</sup> | &nbsp;&nbsp; 6946958300 |
| Payables: |  |
| Investments purchased | &nbsp;&nbsp; 9279594790 |
| Swaps | &nbsp;&nbsp; 127225368 |
| Capital shares redeemed | &nbsp;&nbsp; 79750699 |
| Income dividend distributions | &nbsp;&nbsp; 5922946 |
| Interest expense | &nbsp;&nbsp; 55077 |
| Investment advisory fees | &nbsp;&nbsp; 5114612 |
| Directors' and Officer's fees | &nbsp;&nbsp; 565746 |
| Options written | &nbsp;&nbsp; 2508340 |
| Other accrued expenses | &nbsp;&nbsp; 4161050 |
| Other affiliate fees | &nbsp;&nbsp; 291949 |
| Professional fees | &nbsp;&nbsp; 16841 |
| Service and distribution fees | &nbsp;&nbsp; 303273 |
| Variation margin on futures contracts | &nbsp;&nbsp; 924040 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; 538408 |
| Swap premiums received | &nbsp;&nbsp; 2545866 |

---

Consolidated Statement of Assets and Liabilities

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

March 31, 2026

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund<br>|
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $12428573 |
| OTC swaps | &nbsp;&nbsp; 17430278 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; 112403 |
| Total liabilities | &nbsp;&nbsp; 16820386697 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | &nbsp;&nbsp; $17809513268 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | &nbsp;&nbsp; $21242334011 |
| Accumulated loss | &nbsp;&nbsp; (3432820743)<br>|
| NET ASSETS | &nbsp;&nbsp; $17809513268 |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $26128191965 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $258770421 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $1593342313 |
| <sup>(d)</sup> Foreign currency, at cost | &nbsp;&nbsp; $113222064 |
| <sup>(e)</sup> Proceeds received from borrowed bonds | &nbsp;&nbsp; $4076200 |
| <sup>(f)</sup> Premiums received | &nbsp;&nbsp; $51096110 |
| <sup>(g)</sup> Proceeds from TBA sale commitments | &nbsp;&nbsp; $6977883712 |

---

1362026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

March 31, 2026

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | &nbsp;&nbsp; $9721742046 |
| Shares outstanding | &nbsp;&nbsp; 982072884 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | 1.6<br> billion<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Service** |  |
| Net assets | &nbsp;&nbsp; $36717257 |
| Shares outstanding | &nbsp;&nbsp; 3708301 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 50<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Investor A** |  |
| Net assets | &nbsp;&nbsp; $1138190186 |
| Shares outstanding | &nbsp;&nbsp; 114925823 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 450<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Investor A1** |  |
| Net assets | &nbsp;&nbsp; $13396462 |
| Shares outstanding | &nbsp;&nbsp; 1353852 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 50<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Investor C** |  |
| Net assets | &nbsp;&nbsp; $21040251 |
| Shares outstanding | &nbsp;&nbsp; 2126163 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 100<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Class K** |  |
| Net assets | &nbsp;&nbsp; $6805806830 |
| Shares outstanding | &nbsp;&nbsp; 687545500 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 1<br> billion<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Class R** |  |
| Net assets | &nbsp;&nbsp; $72620236 |
| Shares outstanding | &nbsp;&nbsp; 7331848 |
| Net asset value | &nbsp;&nbsp; $9.90 |
| Shares authorized | &nbsp;&nbsp; 250<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |

---

*See notes to consolidated financial statements.*

Consolidated Statement of Assets and Liabilities

------

Consolidated Statement of Operations (unaudited)

Six Months Ended March 31, 2026

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

---

| | |
|:---|:---|
|  | BlackRock <br>Total Return <br>Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $265870 |
| Dividends — affiliated | &nbsp;&nbsp; 7776775 |
| Interest — unaffiliated | &nbsp;&nbsp; 458148516 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 234118 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 2053886 |
| Foreign taxes withheld | &nbsp;&nbsp; (135011)<br>|
| Total investment income | &nbsp;&nbsp; 468344154 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 31406882 |
| Transfer agent — class specific | &nbsp;&nbsp; 6978672 |
| Service and distribution — class specific | &nbsp;&nbsp; 1839310 |
| Custodian | &nbsp;&nbsp; 355960 |
| Professional | &nbsp;&nbsp; 288174 |
| Accounting services | &nbsp;&nbsp; 251596 |
| Registration | &nbsp;&nbsp; 166106 |
| Directors and Officer | &nbsp;&nbsp; 101349 |
| Printing and postage | &nbsp;&nbsp; 1121 |
| Miscellaneous | &nbsp;&nbsp; 383555 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 41772725 |
| Interest expense | &nbsp;&nbsp; 130200 |
| Total expenses | &nbsp;&nbsp; 41902925 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (280908)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (1676346)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 39945671 |
| Net investment income | &nbsp;&nbsp; 428398483 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (26294083)<br>|
| Investments — affiliated | &nbsp;&nbsp; (4788417)<br>|
| Borrowed bonds | &nbsp;&nbsp; (133414)<br>|
| Options written | &nbsp;&nbsp; 14675681 |
| Futures contracts | &nbsp;&nbsp; (65488041)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 11749753 |
| Foreign currency transactions | &nbsp;&nbsp; (1640954)<br>|
| Swaps | &nbsp;&nbsp; 15394223 |
|  | &nbsp;&nbsp; (56525252)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (151090079)<br>|
| Investments — affiliated | &nbsp;&nbsp; 470577 |
| Borrowed bonds | &nbsp;&nbsp; 15035 |
| Options written | &nbsp;&nbsp; (8844829)<br>|
| Futures contracts | &nbsp;&nbsp; (18547611)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1943648 |
| Foreign currency translations | &nbsp;&nbsp; 6489089 |
| Swaps | &nbsp;&nbsp; (14919243)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; (115234)<br>|
|  | &nbsp;&nbsp; (184598647)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (241123899)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $187274584 |
| <sup>(a)</sup> Net of foreign capital gain tax of | &nbsp;&nbsp; $(148015)<br>|

---

*See notes to consolidated financial statements.*

1382026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock Total Return Fund | BlackRock Total Return Fund |
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| Year Ended <br>09/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $428398483 | &nbsp;&nbsp; $911786614 |
| Net realized loss | &nbsp;&nbsp; (56525252)<br>| &nbsp;&nbsp; (276979927)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (184598647)<br>| &nbsp;&nbsp; (36996245)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 187274584 | &nbsp;&nbsp; 597810442 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (239194880)<br>| &nbsp;&nbsp; (519452601)<br>|
| Service | &nbsp;&nbsp; (778689)<br>| &nbsp;&nbsp; (1612875)<br>|
| Investor A | &nbsp;&nbsp; (26374928)<br>| &nbsp;&nbsp; (57379965)<br>|
| Investor A1 | &nbsp;&nbsp; (309971)<br>| &nbsp;&nbsp; (646399)<br>|
| Investor C | &nbsp;&nbsp; (454564)<br>| &nbsp;&nbsp; (1178198)<br>|
| Class K | &nbsp;&nbsp; (165484351)<br>| &nbsp;&nbsp; (344106110)<br>|
| Class R | &nbsp;&nbsp; (1457147)<br>| &nbsp;&nbsp; (2905116)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (434054530)<br>| &nbsp;&nbsp; (927281264)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 183109475 | &nbsp;&nbsp; (1924652928)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (63670471)<br>| &nbsp;&nbsp; (2254123750)<br>|
| Beginning of period | &nbsp;&nbsp; 17873183739 | &nbsp;&nbsp; 20127307489 |
| End of period | &nbsp;&nbsp; $17809513268 | &nbsp;&nbsp; $17873183739 |

---

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

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

*See notes to consolidated financial statements.*

Consolidated Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $12.53 |
| Net investment income<sup>(b)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net increase (decrease) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.97 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.13 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp; (15.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.48 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(k)</sup><br>|
| Net investment income | 4.68 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9721742 | &nbsp;&nbsp;&nbsp; $9637280 | &nbsp;&nbsp;&nbsp; $11315504 | &nbsp;&nbsp;&nbsp; $9557512 | &nbsp;&nbsp;&nbsp; $8809121 | &nbsp;&nbsp;&nbsp; $9915659 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

1402026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $12.54 |
| Net investment income<sup>(b)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase (decrease) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.81 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.79 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp; (16.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.78 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(k)</sup><br>|
| Net investment income | 4.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $36717 | &nbsp;&nbsp;&nbsp; $33547 | &nbsp;&nbsp;&nbsp; $38544 | &nbsp;&nbsp;&nbsp; $36341 | &nbsp;&nbsp;&nbsp; $42155 | &nbsp;&nbsp;&nbsp; $55378 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $12.54 |
| Net investment income<sup>(b)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase (decrease) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.80 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.90 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp; (16.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.77 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.77 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(k)</sup><br>|
| Net investment income | 4.36 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1138190 | &nbsp;&nbsp;&nbsp; $1227609 | &nbsp;&nbsp;&nbsp; $1316590 | &nbsp;&nbsp;&nbsp; $1237078 | &nbsp;&nbsp;&nbsp; $1330459 | &nbsp;&nbsp;&nbsp; $1822670 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

1422026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited) <br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $12.53 |
| Net investment income<sup>(b)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase (decrease) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.99 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.08 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp; (16.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.59 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(k)</sup><br>|
| Net investment income | 4.54 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $13396 | &nbsp;&nbsp;&nbsp; $13568 | &nbsp;&nbsp;&nbsp; $15732 | &nbsp;&nbsp;&nbsp; $16619 | &nbsp;&nbsp;&nbsp; $20124 | &nbsp;&nbsp;&nbsp; $21957 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $12.53 |
| Net investment income<sup>(b)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase (decrease) from investment operations | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.56 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; (16.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(k)</sup><br>|
| Net investment income | 3.68 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $21040 | &nbsp;&nbsp;&nbsp; $26811 | &nbsp;&nbsp;&nbsp; $36126 | &nbsp;&nbsp;&nbsp; $42501 | &nbsp;&nbsp;&nbsp; $56468 | &nbsp;&nbsp;&nbsp; $100462 |
| Portfolio turnover rate<sup>(m)(n)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> 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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(m)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

1442026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $12.53 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net increase (decrease) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.33 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp; (15.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.36 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.36 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(k)</sup><br>|
| Net investment income | 4.76 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6805807 | &nbsp;&nbsp;&nbsp; $6866456 | &nbsp;&nbsp;&nbsp; $7332441 | &nbsp;&nbsp;&nbsp; $6563237 | &nbsp;&nbsp;&nbsp; $6340122 | &nbsp;&nbsp;&nbsp; $8472180 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/26<sup>(a)</sup> <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $12.54 |
| Net investment income<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase (decrease) from investment operations | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $11.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.67 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp; (16.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.05 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(k)</sup><br>|
| Net investment income | 4.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $72620 | &nbsp;&nbsp;&nbsp; $67912 | &nbsp;&nbsp;&nbsp; $72371 | &nbsp;&nbsp;&nbsp; $66850 | &nbsp;&nbsp;&nbsp; $64860 | &nbsp;&nbsp;&nbsp; $85906 |
| Portfolio turnover rate<sup>(l)(m)</sup> | &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp;&nbsp; 595<br> %<br>| &nbsp;&nbsp;&nbsp; 471<br> %<br>| &nbsp;&nbsp;&nbsp; 380<br> %<br>| &nbsp;&nbsp;&nbsp; 289<br> %<br>| &nbsp;&nbsp;&nbsp; 459<br> %<br>|

---

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

<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> Portfolio turnover rate includes transactions from the Master Portfolio prior to September 16, 2024.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br>Ended <br>03/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>09/30/25<br>| &nbsp;&nbsp; Year Ended <br>09/30/24<br>| &nbsp;&nbsp; Year Ended <br>09/30/23<br>| &nbsp;&nbsp; Year Ended <br>09/30/22<br>| &nbsp;&nbsp; Year Ended <br>09/30/21<br>|
| Portfolio turnover rate (excluding MDRs)<sup>(l)</sup>  | &nbsp;&nbsp; 184<br> % <br>| &nbsp;&nbsp;&nbsp; 352<br> % <br>| &nbsp;&nbsp;&nbsp; 292<br> % <br>| &nbsp;&nbsp;&nbsp; 171<br> % <br>| &nbsp;&nbsp;&nbsp; 42<br> % <br>| &nbsp;&nbsp;&nbsp; 161<br> % <br>|

---

*See notes to consolidated financial statements.*

1462026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited)

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

***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 a diversified fund under the 1940 Act.

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" and the members are referred to as "Directors".

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Service, Class K and Class R Shares | &nbsp;&nbsp; No | &nbsp;&nbsp; No |  |
| Investor A Shares | &nbsp;&nbsp; Yes | &nbsp;&nbsp; No<sup>(a)</sup> <br>|  |
| Investor A1 Shares | &nbsp;&nbsp; No<sup>(b)</sup> <br>| &nbsp;&nbsp; No<sup>(c)</sup> <br>|  |
| Investor C Shares | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes<sup>(d)</sup> <br>| To Investor A Shares after approximately 8 years |
| <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>(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>(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>(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 <br> new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. | <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 <br> new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. | <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 <br> new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. | <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 <br> 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 <br> certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. | <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 <br> certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. | <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 <br> certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. | <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 <br> 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. | <sup>(d)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <sup>(d)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <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 $0, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

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, 2026, 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 $39,988,149, which is 0.22% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or 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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Foreign Currency Translation:** 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, 2026, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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 Board, the directors who are not "interested persons" of the Fund, 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 Directors' and 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 Directors and Officer expense on the Consolidated Statement of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**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 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.

1482026 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Consolidated Financial Statements (unaudited) (continued)

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

***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 Fund's 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded options (except ETF options, equity index options or those that are customized) 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. Customized exchange-traded equity options, ETF options, equity index options and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 and equity 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.

Notes to Consolidated Financial Statements

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

1502026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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, a 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

Notes to Consolidated Financial Statements

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CTP-02 Propco LLC, Term Loan | &nbsp;&nbsp; $2296688 | &nbsp;&nbsp;&nbsp; $2279106 | &nbsp;&nbsp;&nbsp; $2295818 | &nbsp;&nbsp;&nbsp; $16712 |
| Goodarz Holding Co. S.a.r.l, Term Loan | &nbsp;&nbsp; 2047614 | &nbsp;&nbsp;&nbsp; 2245426 | &nbsp;&nbsp;&nbsp; 2365595 | &nbsp;&nbsp;&nbsp; 120169 |
| One Frio Holdco BV, Term Loan | &nbsp;&nbsp; 1314771 | &nbsp;&nbsp;&nbsp; 1542227 | &nbsp;&nbsp;&nbsp; 1518405 | &nbsp;&nbsp;&nbsp; (23822)<br>|
| One Frio Holdco BV, Term Loan | &nbsp;&nbsp; 1159755 | &nbsp;&nbsp;&nbsp; 1563349 | &nbsp;&nbsp;&nbsp; 1533782 | &nbsp;&nbsp;&nbsp; (29567)<br>|
| Vehis Warehouse Leasing 2025 DAC, Term Loan | &nbsp;&nbsp; 19960599 | &nbsp;&nbsp;&nbsp; 5436041 | &nbsp;&nbsp;&nbsp; 5377027 | &nbsp;&nbsp;&nbsp; (59014)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp; $24478 |

---

**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.

1522026 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Consolidated Financial Statements (unaudited) (continued)

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 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, 2026, the Fund had outstanding commitments of $14,427,201. These commitments are not included in the net assets of the Fund as of March 31, 2026.

**Borrowed Bond Agreements:** Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

Borrowed bond agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreements, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.

As of period end, the following table is a summary of the Fund's open borrowed bond agreements by counterparty which are subject to offset under an MRA on a net basis:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Borrowed* <br>*Bond* <br>*Agreements*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Borrowed* <br>*Bonds* <br>*at Value* <br>*Including* <br>*Accrued* <br>*Interest*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Exposure* <br>*Due (to)/* <br>*from* <br>*Counterparty* <br>*Before Collateral*<br>| &nbsp;&nbsp;&nbsp; *Non-Cash* <br>*Collateral* <br>*Received*<br>| &nbsp;&nbsp;&nbsp; *Non-Cash* <br>*Collateral* <br>*Pledged*<br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Exposure* <br>*Due (to)/* <br>*from* <br>*Counterparty*<sup>(c)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $1099958 | &nbsp;&nbsp;&nbsp;&nbsp; $(1100993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1035 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| Barclays Capital, Inc. | &nbsp;&nbsp; 179778 | &nbsp;&nbsp;&nbsp;&nbsp; (200189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20411 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 1107825 | &nbsp;&nbsp;&nbsp;&nbsp; (1092735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15090 | &nbsp;&nbsp;&nbsp;&nbsp; (15090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 707813 | &nbsp;&nbsp;&nbsp;&nbsp; (720013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12200 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| RBC Capital Markets LLC | &nbsp;&nbsp; 991762 | &nbsp;&nbsp;&nbsp;&nbsp; (1002312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10550 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
|  | &nbsp;&nbsp; $4087136 | &nbsp;&nbsp;&nbsp;&nbsp; $(4116242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(29106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44196 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities.

<sup>(b)</sup> Includes accrued interest on borrowed bonds in the amount of $55,077 which is included in interest expense payable in the Consolidated Statement of Assets and Liabilities.

<sup>(c)</sup> Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

<sup>(d)</sup> Net receivable/payable is subject to set-off provision with net receivable/payable under the ISDA Agreement.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund's use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund's obligation to repurchase the securities.

**Short Sale Transactions:** In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statement of

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

**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 an approved 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 market 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 is 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $141918168 | &nbsp;&nbsp;&nbsp; $(141918168)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1349841 | &nbsp;&nbsp;&nbsp; (1349841)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 106473134 | &nbsp;&nbsp;&nbsp; (106473134)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1363466 | &nbsp;&nbsp;&nbsp; (1363466)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 7665812 | &nbsp;&nbsp;&nbsp; (7665812)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $258770421 | &nbsp;&nbsp;&nbsp; $(258770421)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<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. 

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 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).

1542026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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," 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swaptions – The Fund may purchase and write options on swaps ("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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity and Total return swaps — Equity and 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).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that a fund 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. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

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

1562026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 a 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.

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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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

***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, majority-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*<br>|
| First $250 million | 0.48<br> %<br>|
| $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") (collectively, the "Sub-Advisers"), 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-Adviser, 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<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Investor A | 0.25 | &nbsp;&nbsp;&nbsp; N/A |
| Investor A1 | 0.10 | &nbsp;&nbsp;&nbsp; N/A |
| Investor C | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Class R | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;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, 2026, 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 | &nbsp;&nbsp; $44005 | &nbsp;&nbsp;&nbsp; $1492013 | &nbsp;&nbsp;&nbsp; $6747 | &nbsp;&nbsp;&nbsp; $120503 | &nbsp;&nbsp;&nbsp; $176042 | &nbsp;&nbsp;&nbsp; $1839310 |

---

**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, 2026, the Fund paid $517,582 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.

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, 2026, 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 | $23757 | $367 | &nbsp;&nbsp;&nbsp; $6537 | &nbsp;&nbsp;&nbsp; $93 | &nbsp;&nbsp;&nbsp; $1637 | &nbsp;&nbsp;&nbsp; $7464 | &nbsp;&nbsp;&nbsp; $1155 | &nbsp;&nbsp;&nbsp; $41010 |

---

For the six months ended March 31, 2026, 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 | $5808989 | $30054 | &nbsp;&nbsp;&nbsp; $965701 | &nbsp;&nbsp;&nbsp; $12398 | &nbsp;&nbsp;&nbsp; $17239 | &nbsp;&nbsp;&nbsp; $79352 | &nbsp;&nbsp;&nbsp; $64939 | &nbsp;&nbsp;&nbsp; $6978672 |

---

**Other Fees:** For the six months ended March 31, 2026, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $5,483.

For the six months ended March 31, 2026, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
| Investor A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18277 |
| Investor C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826 |

---

1582026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Expense Limitations, Waivers and Reimbursements:** The Manager has 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, 2027. 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, 2026, the Manager waived $144,544 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, 2027. 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, 2026, the amount waived was $136,364.

With respect to the Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit net total annual operating 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Expense* <br>*Limitations*<br>|
| Institutional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Investor A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Investor A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Investor C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, 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, 2026, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Institutional* | &nbsp;&nbsp;&nbsp; *Service* | &nbsp;&nbsp;&nbsp; *Investor A* | &nbsp;&nbsp;&nbsp; *Investor A1* | &nbsp;&nbsp;&nbsp; *Investor C* | &nbsp;&nbsp;&nbsp; *Class R* | *Total* |
| Transfer agent fees waived and/or reimbursed — class specific | &nbsp;&nbsp; $1655142 | &nbsp;&nbsp;&nbsp; $5084 | &nbsp;&nbsp;&nbsp; $842 | &nbsp;&nbsp;&nbsp; $3475 | &nbsp;&nbsp;&nbsp; $7297 | &nbsp;&nbsp;&nbsp; $4506 | &nbsp;&nbsp;&nbsp; $1676346 |

---

**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 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 securities lending agreement effective as of January 1, 2026, 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 a specific threshold, 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.

Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending agreements were in place for the Fund for the calendar year ended December 31, 2025.

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, 2026, the Fund paid BIM $54,554 for securities lending agent services.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**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, 2026, purchases and sales of investments, including paydowns and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
| U.S. Government Securities | &nbsp;&nbsp; $68109881582 | &nbsp;&nbsp;&nbsp; $69383069608 |
| Other Securities | &nbsp;&nbsp; 8104062294 | &nbsp;&nbsp;&nbsp; 8428885887 |

---

For the six months ended March 31, 2026, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
| Mortgage Dollar Rolls | &nbsp;&nbsp; $38693196889 | &nbsp;&nbsp;&nbsp; $38702710342 |

---

***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, 2026, 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 the 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, 2025, the Fund had non-expiring capital loss carryforwards as follows:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Non-Expiring Capital* <br>*Loss Carryforwards*<sup>(a)</sup> <br>|
| BlackRock Total Return Fund | $(2689080044) |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BlackRock Total Return Fund | &nbsp;&nbsp; $27761888248 | &nbsp;&nbsp;&nbsp; $277908418 | &nbsp;&nbsp;&nbsp; $(983106757)<br>| &nbsp;&nbsp;&nbsp; $(705198339)<br>|

---

***9.*** ***BANK BORROWINGS***

The Corporation, on behalf of 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 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. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended March 31, 2026, the Fund did not borrow under the credit agreement.

***10.*** ***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

1602026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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 or 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.

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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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 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.

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.

**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.

***11.*** ***CAPITAL SHARE TRANSACTIONS***

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/26 | Six Months Ended 03/31/26 | Year Ended 09/30/25 | Year Ended 09/30/25 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 219243488 | &nbsp;&nbsp;&nbsp; $2204387024 | &nbsp;&nbsp;&nbsp; 333920423 | &nbsp;&nbsp;&nbsp; $3290444839 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 22445125 | &nbsp;&nbsp;&nbsp; 225356502 | &nbsp;&nbsp;&nbsp; 48089702 | &nbsp;&nbsp;&nbsp; 474567655 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (219728460)<br>| &nbsp;&nbsp;&nbsp; (2211684269)<br>| &nbsp;&nbsp;&nbsp; (533214523)<br>| &nbsp;&nbsp;&nbsp; (5249989880)<br>|
|  | &nbsp;&nbsp;&nbsp; 21960153 | &nbsp;&nbsp;&nbsp; $218059257 | &nbsp;&nbsp;&nbsp; (151204398)<br>| &nbsp;&nbsp;&nbsp; $(1484977386)<br>|
| Service |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 893298 | &nbsp;&nbsp;&nbsp; $8975854 | &nbsp;&nbsp;&nbsp; 796403 | &nbsp;&nbsp;&nbsp; $7854209 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 77261 | &nbsp;&nbsp;&nbsp; 775765 | &nbsp;&nbsp;&nbsp; 161378 | &nbsp;&nbsp;&nbsp; 1592960 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (603651)<br>| &nbsp;&nbsp;&nbsp; (6071270)<br>| &nbsp;&nbsp;&nbsp; (1401163)<br>| &nbsp;&nbsp;&nbsp; (13824231)<br>|
|  | &nbsp;&nbsp;&nbsp; 366908 | &nbsp;&nbsp;&nbsp; $3680349 | &nbsp;&nbsp;&nbsp; (443382)<br>| &nbsp;&nbsp;&nbsp; $(4377062)<br>|
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 9651924 | &nbsp;&nbsp;&nbsp; $96972849 | &nbsp;&nbsp;&nbsp; 43060141 | &nbsp;&nbsp;&nbsp; $425046792 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 2499824 | &nbsp;&nbsp;&nbsp; 25114353 | &nbsp;&nbsp;&nbsp; 5531684 | &nbsp;&nbsp;&nbsp; 54617364 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (19474911)<br>| &nbsp;&nbsp;&nbsp; (195781637)<br>| &nbsp;&nbsp;&nbsp; (55594816)<br>| &nbsp;&nbsp;&nbsp; (546572524)<br>|
|  | &nbsp;&nbsp;&nbsp; (7323163)<br>| &nbsp;&nbsp;&nbsp; $(73694435)<br>| &nbsp;&nbsp;&nbsp; (7002991)<br>| &nbsp;&nbsp;&nbsp; $(66908368)<br>|
| Investor A1 |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 61442 | &nbsp;&nbsp;&nbsp; $616314 | &nbsp;&nbsp;&nbsp; 156216 | &nbsp;&nbsp;&nbsp; $1539158 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 26762 | &nbsp;&nbsp;&nbsp; 268576 | &nbsp;&nbsp;&nbsp; 56941 | &nbsp;&nbsp;&nbsp; 561870 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (86691)<br>| &nbsp;&nbsp;&nbsp; (866767)<br>| &nbsp;&nbsp;&nbsp; (406541)<br>| &nbsp;&nbsp;&nbsp; (4026580)<br>|
|  | &nbsp;&nbsp;&nbsp; 1513 | &nbsp;&nbsp;&nbsp; $18123 | &nbsp;&nbsp;&nbsp; (193384)<br>| &nbsp;&nbsp;&nbsp; $(1925552)<br>|

---

1622026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/26 | Six Months Ended 03/31/26 | Year Ended 09/30/25 | Year Ended 09/30/25 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 165250 | &nbsp;&nbsp;&nbsp; $1658643 | &nbsp;&nbsp;&nbsp; 361664 | &nbsp;&nbsp;&nbsp; $3570311 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 42852 | &nbsp;&nbsp;&nbsp; 430115 | &nbsp;&nbsp;&nbsp; 113978 | &nbsp;&nbsp;&nbsp; 1124413 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (753982)<br>| &nbsp;&nbsp;&nbsp; (7569844)<br>| &nbsp;&nbsp;&nbsp; (1352940)<br>| &nbsp;&nbsp;&nbsp; (13326614)<br>|
|  | &nbsp;&nbsp;&nbsp; (545880)<br>| &nbsp;&nbsp;&nbsp; $(5481086)<br>| &nbsp;&nbsp;&nbsp; (877298)<br>| &nbsp;&nbsp;&nbsp; $(8631890)<br>|
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 67346015 | &nbsp;&nbsp;&nbsp; $676455919 | &nbsp;&nbsp;&nbsp; 135054859 | &nbsp;&nbsp;&nbsp; $1330313716 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 15437252 | &nbsp;&nbsp;&nbsp; 154976102 | &nbsp;&nbsp;&nbsp; 32668811 | &nbsp;&nbsp;&nbsp; 322404290 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (79364975)<br>| &nbsp;&nbsp;&nbsp; (796623242)<br>| &nbsp;&nbsp;&nbsp; (203808968)<br>| &nbsp;&nbsp;&nbsp; (2007233619)<br>|
|  | &nbsp;&nbsp;&nbsp; 3418292 | &nbsp;&nbsp;&nbsp; $34808779 | &nbsp;&nbsp;&nbsp; (36085298)<br>| &nbsp;&nbsp;&nbsp; $(354515613)<br>|
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1378571 | &nbsp;&nbsp;&nbsp; $13847409 | &nbsp;&nbsp;&nbsp; 1532548 | &nbsp;&nbsp;&nbsp; $15088994 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 144638 | &nbsp;&nbsp;&nbsp; 1452941 | &nbsp;&nbsp;&nbsp; 293097 | &nbsp;&nbsp;&nbsp; 2894546 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (953314)<br>| &nbsp;&nbsp;&nbsp; (9581862)<br>| &nbsp;&nbsp;&nbsp; (2167513)<br>| &nbsp;&nbsp;&nbsp; (21300597)<br>|
|  | &nbsp;&nbsp;&nbsp; 569895 | &nbsp;&nbsp;&nbsp; $5718488 | &nbsp;&nbsp;&nbsp; (341868)<br>| &nbsp;&nbsp;&nbsp; $(3317057)<br>|
|  | &nbsp;&nbsp;&nbsp; 18447718 | &nbsp;&nbsp;&nbsp; $183109475 | &nbsp;&nbsp;&nbsp; (196148619)<br>| &nbsp;&nbsp;&nbsp; $(1924652928)<br>|

---

***12.*** ***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 9, 2026, the credit agreement was extended until April 2027 under substantially similar terms.

Notes to Consolidated Financial Statements

------

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.

1642026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Advisers**

BlackRock International Limited

Edinburgh, EH3 5PP

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

**Accounting Agent and Custodian**

The Bank of New York Mellon

New York, NY 10286

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Westborough, MA 01581

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Legal Counsel**

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| ARS | Argentine Peso |
| 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 |
| 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 |
| PEN | Peruvian Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| PYG | Paraguayan Guarani |
| RON | Romanian New Leu |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D AONIA | AUD - 1D Overnight Reserve Bank of Australia Rate |
| 1D CORRA | CAD - 1D Overnight Bank of Canada Repo Rate |
| 1D ESTR | EUR - 1D Euro Short-Term Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| 1D P TONA | JPY - Provisional 1D Overnight Tokyo Average Rate |
| 1D RAONON | ZAR - 1D Rand Overnight Interest Rate Fixing |
| 1D SONIA | GBP - 1D Sterling Overnight Index Average |
| 1D STIBOR | SEK - 1D Overnight Stockholm Interbank Offer Rate |
| 1M JIBAR | ZAR - 1M Johannesburg Interbank Agreed Rate |
| 1W CIBOR | DKK - 1W Copenhagen Interbank Swap Rate |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| AKA | Also Known As |
| BBSW | Bank Bill Swap Rate |
| CABROVER | Bank of Canada Overnight Rate Target |
| CLO | Collateralized Loan Obligation |
| CLOIS | Chile Monetary Policy Rate (TPM) |
| CME | Chicago Mercantile Exchange |
| COOIS | Colombia Overnight Interbank Reference Rate |
| CORRA | Canadian OvernightRepo Rate Average |
| DAC | Designated Activity Co. |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| HONIA | HKD - Overnight Index Average |
| 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 |
| NOWA | NOK - Norwegian Overnight Weighted Average |
| 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 |
| SPDR | Standard & Poor's Depository Receipt |
| SSARON | CHF - Swiss Average Rate O/N |
| TBA | To-be-Announced |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate |
| TN STIBOR | SEK - TN Stockholm Interbank Offer Rate |
| TONA | Tokyo Overnight Average Rate |
| WIBOR | Warsaw Interbank Offer Rate |

---

1662026 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

**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.

![](g110264img72e9aaf02.jpg)

![](g110264img58cfb4103.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 (the "Exchange Act").

&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

------

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](d110264dex99cert.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](d110264dex99906cert.htm)

------

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 26, 2026

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 26, 2026

---

| | |
|:---|:---|
| By: | /s/Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Bond Fund, Inc. |

---

Date: May 26, 2026

## 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 26, 2026 |
| <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 26, 2026 |
| <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 their knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2026 (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 26, 2026 |
| <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 their knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2026 (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 26, 2026 |
| <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**.**