# EDGAR Filing Document

**Accession Number:** 0000276463
**File Stem:** 0001193125-25-306384
**Filing Date:** 2025-12
**Character Count:** 884664
**Document Hash:** f07ede234b12d3f2e7511296aa26d05e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306384.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306384

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02857
- **FILM NUMBER:** 251545907

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-02857

Name of Fund:

BlackRock Bond Fund, Inc.

BlackRock Total Return Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

09/30/2025

Date of reporting period:

09/30/2025

Item 1 — Reports to Stockholders

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

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Institutional Shares \| MAHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $45 | 0.44% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Institutional Shares returned 3.48%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743700.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 3.48% | 0.02% | 2.25% |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Institutional Shares \| MAHQX

Annual Shareholder Report — September 30, 2025

MAHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Service Shares \| MSHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $76 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Service Shares returned 3.16%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743876.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Service Shares | 3.16% | (0.31)% | 1.94% |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

Average annual total returns reflect reductions for service fees.

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Service Shares \| MSHQX

Annual Shareholder Report — September 30, 2025

MSHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Investor A Shares \| MDHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $75 | 0.74% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Investor A Shares returned 3.07%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743744.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 3.07% | (0.29)% | 1.93% |
| Investor A Shares (with sales charge) | (1.06) | (1.11) | 1.51 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

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

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Investor A Shares \| MDHQX

Annual Shareholder Report — September 30, 2025

MDHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Investor A1 Shares \| MEHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $60 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Investor A1 Shares returned 3.23%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743788.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A1 Shares | 3.23% | (0.15)% | 2.10% |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

Average annual total returns reflect reductions for service fees.

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Investor A1 Shares \| MEHQX

Annual Shareholder Report — September 30, 2025

MEHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Investor C Shares \| MFHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $146 | 1.44% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Investor C Shares returned 2.36%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743832.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 2.36% | (0.99)% | 1.38% |
| Investor C Shares (with sales charge) | 1.37 | (0.99) | 1.38 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

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

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Investor C Shares \| MFHQX

Annual Shareholder Report — September 30, 2025

MFHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Class K Shares \| MPHQX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $37 | 0.36% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Class K Shares returned 3.57%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743612.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 3.57% | 0.09% | 2.32% |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Class K Shares \| MPHQX

Annual Shareholder Report — September 30, 2025

MPHQX-09/25-AR

![TSR - Blackrock Fund Logo](g17414images_29644.jpg)

### BlackRock Total Return Fund

### Class R Shares \| MRCBX

#### Annual Shareholder Report — September 30, 2025

------

This annual shareholder report contains important information about BlackRock Total Return Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year?
(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 | $104 | 1.03% |

---

How did the Fund perform last year?

* For the reporting period ended September 30, 2025, the Fund's Class R Shares returned 2.78%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.88%. 

What contributed to absolute performance?

The Fund's allocations to structured products, agency mortgage-backed securities and U.S. investment grade corporate bonds contributed to performance for the annual period.

What detracted from absolute performance?

The Fund's positioning with respect to U.S. interest rates was the only source of negative return.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 1, 2015 through September 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g17414chartimages_10743656.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 2.78% | (0.58)% | 1.65% |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17873183739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5231 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65354148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;595% |

---

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

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

#### What did the Fund invest in?
(as of September 30, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 41.4% |
| Corporate Bonds | 22.9% |
| U.S. Treasury Obligations | 11.2% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 8.5% |
| Foreign Government Obligations | 2.3% |
| Floating Rate Loan Interests | 1.1% |
| Preferred Securities | 0.7% |
| Municipal Bonds | 0.5% |
| Common Stocks | 0.4% |
| Fixed Rate Loan Interests | 0.1% |
| Investment Companies | 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> | 58.7% |
| AA/Aa | 1.4% |
| A | 5.7% |
| BBB/Baa | 12.4% |
| BB/Ba | 2.4% |
| B | 0.8% |
| CCC/Caa | 0.7% |
| CC/Ca | 0.1% |
| N/R | 17.8% |

---

---

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

---

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - Blackrock Footer Logo](g17414images_29642.jpg)

BlackRock Total Return Fund

Class R Shares \| MRCBX

Annual Shareholder Report — September 30, 2025

MRCBX-09/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

------

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br><u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br><u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br><u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br><u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br><u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Total Return Fund | $87125 | $86700 | $0 | $7000 | $31700 | $62856 | $0 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

#### 2

------

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal</u>** <br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Total Return Fund | $31700 | $69856 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

#### 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

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.

#### 4

------

---

| | |
|:---|:---|
| ![LOGO](g17414g42l24.jpg)  | **SEPTEMBER 30, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

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

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [Derivative Financial Instruments](#fin17414_1) | 3 |
|  [Consolidated Schedule of Investments](#fin17414_2) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#fin17414_3) | 84 |
|  [Consolidated Statement of Operations](#fin17414_4) | 87 |
|  [Consolidated Statements of Changes in Net Assets](#fin17414_5) | 88 |
|  [Financial Highlights](#fin17414_6) | 89 |
|  [Notes to Consolidated Financial Statements](#fin17414_7) | 96 |
|  [Report of Independent Registered Public Accounting Firm](#fin17414_8) | 112 |
|  [Important Tax Information](#fin17414_9) | 113 |
|  [Additional Information](#fin17414_10) | 114 |
|  [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#fin17414_11) | 116 |
|  [Glossary of Terms Used in these Financial Statements](#fin17414_12) | 119 |

---

2.0 ------

Derivative Financial Instruments

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments <br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  1988 CLO 5 Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.54%), 5.86%, 07/15/37<sup>(a)(b)</sup> | USD 3,675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695088 |
|  522 Funding CLO Ltd., Series 2019-5A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.65%, 04/15/35<sup>(a)(b)</sup> | 510 | 510470 |
|  720 East CLO VII Ltd., Series 2025-7A, Class A1, (3-mo. CME Term SOFR + 1.06%), 5.34%, 04/20/37<sup>(a)(b)</sup> | 7410 | 7421496 |
|  AB BSL CLO 3 Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.25%), 5.58%, 04/20/38<sup>(a)(b)</sup> | 1190 | 1192268 |
|  ACE Securities Corp. Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OP1, Class A2, (1-mo. CME Term SOFR + 0.83%), 4.99%, 12/25/33<sup>(b)</sup> | 476 | 459345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AG1, Class M2, (1-mo. CME Term SOFR + 0.80%), 4.96%, 08/25/35<sup>(b)</sup> | 495 | 433407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class A2C, (1-mo. CME Term SOFR + 0.39%), 4.55%, 07/25/36<sup>(b)</sup> | 213 | 175884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2A, (1-mo. CME Term SOFR + 0.37%), 4.53%, 05/25/37<sup>(b)</sup> | 2318 | 362469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2C, (1-mo. CME Term SOFR + 0.71%), 4.87%, 05/25/37<sup>(b)</sup> | 205 | 32343 |
|  Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.61%, 02/15/29<sup>(a)</sup> | 3805 | 3822358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class C, 5.34%, 04/15/30<sup>(a)</sup> | 1280 | 1282605 |
|  Affirm Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.99%, 02/15/33<sup>(a)</sup> | 10743 | 10828987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.13%, 02/15/33<sup>(a)</sup> | 1155 | 1163336 |
|  AGL CLO 12 Ltd., Series 2021-12A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.75%, 07/20/34<sup>(a)(b)</sup> | 7640 | 7652993 |
|  AGL CLO 32 Ltd., Series 2024-32A, Class A1, (3-mo. CME Term SOFR + 1.38%), 5.71%, 07/21/37<sup>(a)(b)</sup> | 1900 | 1904408 |
|  AGL CLO 37 Ltd., Series 2024-37A, Class A1, (3-mo. CME Term SOFR + 1.24%), 5.57%, 04/22/38<sup>(a)(b)</sup> | 290 | 290638 |
|  AGL CLO 42 Ltd., Series 2025-42A, Class A1, (3-mo. CME Term SOFR + 1.30%), 5.57%, 07/22/38<sup>(a)(b)</sup> | 900 | 901595 |
|  AGL CLO 7 Ltd., Series 2020-7A, Class AR2, (3-mo. CME Term SOFR + 1.25%), 5.39%, 10/15/38<sup>(a)(b)</sup> | 1490 | 1490000 |
|  AGL Core CLO 15 Ltd., Series 2021-15A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.74%, 01/20/35<sup>(a)(b)</sup> | 1344 | 1346477 |
|  AGL Core CLO 2 Ltd., Series 2019-2A, Class A1R, (3-mo. CME Term SOFR + 1.46%), 5.79%, 07/20/37<sup>(a)(b)</sup> | 14335 | 14391361 |
|  AGL Core CLO 38 Ltd., Series 2025-38A, Class A1, (3-mo. CME Term SOFR + 1.24%), 5.57%, 01/22/38<sup>(a)(b)</sup> | 3370 | 3377690 |
|  AGL Core CLO 4 Ltd., Series 2020-4A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 5.71%, 10/20/37<sup>(a)(b)</sup> | 3620 | 3632308 |
|  AIMCO CLO 11 Ltd., Series 2020-11A, Class BR2, (3-mo. CME Term SOFR + 1.65%), 5.97%, 07/17/37<sup>(a)(b)</sup> | 3490 | 3503401 |
|  AIMCO CLO 21 Ltd., Series 2024-21A, Class B, (3-mo. CME Term SOFR + 1.92%), 6.25%, 04/18/37<sup>(a)(b)</sup> | 750 | 753045 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  AIMCO CLO 23 Ltd., Series 2025-23A, Class A, (3-mo. CME Term SOFR + 1.13%), 5.39%, 04/20/38<sup>(a)(b)</sup> |  | USD 439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439482 |
|  Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%,<br>06/25/61<sup>(a)(b)</sup> |  | 27803 | 27782421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 6.75%,<br>06/25/61<sup>(a)(b)</sup> |  | 8204 | 9287517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.00%, 06/25/61<sup>(a)</sup> |  | 14303 | 14409743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A, 4.25%,<br>10/25/62<sup>(a)(c)</sup> |  | 11901 | 11766186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 4.25%,<br>10/25/62<sup>(a)(c)</sup> |  | 1749 | 1707041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class C, 0.00%, 10/25/62<sup>(a)</sup> |  | 3917 | 2498448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class SA, 0.00%,<br>10/25/62<sup>(a)(d)</sup> |  | 248 | 233447 |
|  Anchorage Capital CLO 17 Ltd., Series 2021- 17A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 5.55%, 02/15/38<sup>(a)(b)</sup> |  | 11115 | 11131209 |
|  Anchorage Capital CLO 29 Ltd., Series 2024- 29A, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.93%, 07/20/37<sup>(a)(b)</sup> |  | 3020 | 3035293 |
|  Anchorage Capital CLO 6 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class AR4, (3-mo. CME Term SOFR + 1.37%), 5.64%,<br>07/22/38<sup>(a)(b)</sup> |  | 4570 | 4585995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class BR4, (3-mo. CME Term SOFR + 1.80%), 6.07%,<br>07/22/38<sup>(a)(b)</sup> |  | 5490 | 5518712 |
|  Anchorage Capital CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class AR3, (3-mo. CME Term SOFR + 1.56%), 5.87%,<br>04/28/37<sup>(a)(b)</sup> |  | 5686 | 5708265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class BR3, (3-mo. CME Term SOFR + 2.05%), 6.36%,<br>04/28/37<sup>(a)(b)</sup> |  | 7620 | 7660689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class CR3, (3-mo. CME Term SOFR + 2.45%), 6.76%,<br>04/28/37<sup>(a)(b)</sup> |  | 4250 | 4279894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 8.11%,<br>04/28/37<sup>(a)(b)</sup> |  | 1140 | 1147607 |
|  Anchorage Capital CLO 8 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8A, Class AR2A, (3-mo. CME Term SOFR + 1.46%), 5.78%,<br>10/27/34<sup>(a)(b)</sup> |  | 2395 | 2398279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8A, Class BR2, (3-mo. CME Term SOFR + 2.06%), 6.38%,<br>10/27/34<sup>(a)(b)</sup> |  | 2800 | 2802687 |
|  Anchorage Capital Europe CLO DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.20%), 5.14%, 04/25/34<sup>(a)(b)</sup> | EUR | 542 | 642564 |
|  Apidos CLO LII, Series 2025-52A, Class A1, (3-mo. CME Term SOFR + 1.13%), 5.39%, 04/20/38<sup>(a)(b)</sup> | USD | 2680 | 2682921 |
|  Apidos CLO XVIII-R, Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.66%, 01/22/38<sup>(a)(b)</sup> |  | 880 | 883636 |
|  Apidos CLO XXIV, Series 2016-24A, Class A2LX, (3-mo. CME Term SOFR + 1.61%), 5.94%, 10/20/30<sup>(a)(b)</sup> |  | 660 | 660297 |
|  Apidos CLO XXV, Series 2016-25A, Class BR3, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/20/37<sup>(a)(b)</sup> |  | 6850 | 6869114 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Apidos CLO XXXI, Series 2019-31A, Class BR, (3-mo. CME Term SOFR + 1.81%), 6.13%, 04/15/31<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501255 |
|  Apidos CLO XXXII, Series 2019-32A, Class A1R,<br>(3-mo. CME Term SOFR + 1.10%), 5.43%, 01/20/33<sup>(a)(b)</sup> |  | 818 | 818877 |
|  Apidos CLO XXXIV, Series 2020-34A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.74%,<br>01/20/35<sup>(a)(b)</sup> |  | 6244 | 6255759 |
|  Apidos CLO XXXVI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.19%, 07/20/34<sup>(a)(b)</sup> |  | 625 | 626638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36A, Class D, (3-mo. CME Term SOFR + 3.16%), 7.49%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 250582 |
|  Apidos CLO XXXVII |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.72%, 10/22/34<sup>(a)(b)</sup> |  | 450 | 450622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.64%, 10/22/34<sup>(a)(b)</sup> |  | 250 | 250622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class E, (3-mo. CME Term SOFR + 6.56%), 10.89%, 10/22/34<sup>(a)(b)</sup> |  | 455 | 455884 |
|  Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/46<sup>(a)</sup> |  | 195 | 180406 |
|  AREIT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (1-mo. CME Term SOFR + 2.24%), 6.39%, 06/17/39<sup>(a)(b)</sup> |  | 1922 | 1921729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CRE8, Class A, (1-mo. CME Term SOFR + 2.11%), 6.26%, 08/17/41<sup>(a)(b)</sup> |  | 2620 | 2619899 |
|  AREIT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 05/17/41<sup>(a)(b)</sup> |  | 8310 | 8311240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE10, Class A, (1-mo. CME Term SOFR + 1.39%), 5.53%, 12/17/29<sup>(a)(b)</sup> |  | 1830 | 1831131 |
|  Ares European CLO XII DAC, Series 12A, Class B1R, (3-mo. EURIBOR + 1.70%), 3.72%, 04/20/32<sup>(a)(b)</sup> | EUR | 889 | 1048826 |
|  Ares LIX CLO Ltd., Series 2021-59A, Class A, (3-mo. CME Term SOFR + 1.29%), 5.61%, 04/25/34<sup>(a)(b)</sup> | USD | 500 | 500203 |
|  Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, (3-mo. CME Term SOFR + 1.75%), 6.07%, 10/15/36<sup>(a)(b)</sup> |  | 1270 | 1271434 |
|  Ares LVI CLO Ltd., Series 2020-56A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 5.57%,<br>01/25/38<sup>(a)(b)</sup> |  | 2110 | 2115292 |
|  Ares LVII CLO Ltd., Series 2020-57A, Class AR, (3-mo. CME Term SOFR + 1.41%), 5.73%,<br>01/25/35<sup>(a)(b)</sup> |  | 510 | 510953 |
|  Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1-mo. CME Term SOFR + 0.59%), 4.75%, 05/25/35<sup>(b)</sup> |  | 2241 | 1856134 |
|  Argent Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M1, Class A2C, (1-mo. CME Term SOFR + 0.41%), 4.57%, 07/25/36<sup>(b)</sup> |  | 3602 | 971694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-W2, Class A2C, (1-mo. CME Term SOFR + 0.69%), 4.85%, 03/25/36<sup>(b)</sup> |  | 666 | 371059 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Asimi Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.35%), 5.32%, 09/16/31<sup>(b)(e)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.95%), 5.92%, 09/16/31<sup>(b)(e)</sup> |  | 556 | 751679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-day SONIA + 1.75%), 5.72%, 05/16/32<sup>(b)(e)</sup> |  | 669 | 903915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 2.40%), 6.37%, 05/16/32<sup>(b)(e)</sup> |  | 263 | 356149 |
|  Asset-Backed European Securitisation Transaction Twenty-Five Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class D, (1-mo. EURIBOR + 2.50%), 4.38%, 11/15/39<sup>(b)(e)</sup> | EUR | 298 | 352880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class E, (1-mo. EURIBOR + 4.00%), 5.88%, 11/15/39<sup>(b)(e)</sup> |  | 768 | 908760 |
|  Asset-Backed European Securitisation Transaction Twenty-Three Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class C, (1-mo. EURIBOR + 1.60%), 3.53%, 03/21/34<sup>(b)(e)</sup> |  | 471 | 557785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class D, (1-mo. EURIBOR + 1.90%), 3.83%, 03/21/34<sup>(b)(e)</sup> |  | 283 | 335228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class E, (1-mo. EURIBOR + 2.40%), 4.33%, 03/21/34<sup>(b)(e)</sup> |  | 283 | 335490 |
|  Assurant CLO II Ltd., Series 2018-2A,<br>Class A, (3-mo. CME Term SOFR + 1.30%), 5.63%, 04/20/31<sup>(a)(b)</sup> | USD | 65 | 64649 |
|  Auto ABS Italian Stella Loans SRL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.70%), 3.60%, 12/29/36<sup>(b)(e)</sup> | EUR | 372 | 440570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 2.30%), 4.20%, 12/29/36<sup>(b)(e)</sup> |  | 355 | 422058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. EURIBOR + 1.25%), 3.15%, 12/28/40<sup>(b)(e)</sup> |  | 692 | 814379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. EURIBOR + 1.90%), 3.80%, 12/28/40<sup>(b)(e)</sup> |  | 229 | 271509 |
|  Auto1 Car Funding S.a.r.l |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.50%), 3.38%, 12/15/33<sup>(b)(e)</sup> |  | 300 | 354562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 3.50%), 5.38%, 12/15/33<sup>(b)(e)</sup> |  | 300 | 363165 |
|  AutoNoria Spain 2025 FT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SP, Class D, (1-mo. EURIBOR + 1.50%), 3.37%, 04/30/43<sup>(b)(e)</sup> |  | 400 | 470255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SP, Class E, (1-mo. EURIBOR + 3.00%), 4.87%, 04/30/43<sup>(b)(e)</sup> |  | 500 | 590093 |
|  Avoca CLO XVIII DAC, Series 18A, Class CR, (3-mo. EURIBOR + 2.25%), 4.28%, 01/15/38<sup>(a)(b)</sup> |  | 400 | 472498 |
|  Avoca CLO XXII DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22A, Class D, (3-mo. EURIBOR + 2.90%), 4.93%, 04/15/35<sup>(a)(b)</sup> |  | 500 | 590986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22X, Class B1, (3-mo. EURIBOR + 1.30%), 3.33%, 04/15/35<sup>(b)(e)</sup> |  | 850 | 992919 |
|  Avoca CLO XXIII DAC, Series 23A, Class D, (3-mo. EURIBOR + 3.05%), 5.08%, 04/15/34<sup>(a)(b)</sup> |  | 500 | 591692 |
|  Bain Capital Credit CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.88%, 07/19/31<sup>(a)(b)</sup> | USD | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class ARR, (3-mo. CME Term SOFR + 1.24%), 5.57%, 07/19/34<sup>(a)(b)</sup> |  | 550 | 550550 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Bain Capital Credit CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 7.68%, 07/24/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.53%, 10/20/34<sup>(a)(b)</sup> |  | 560 | 561018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.52%), 5.84%, 07/15/37<sup>(a)(b)</sup> |  | 7880 | 7930452 |
|  Ballyrock CLO 14 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1AR, (3-mo. CME Term SOFR + 1.38%), 5.71%, 07/20/37<sup>(a)(b)</sup> |  | 2948 | 2955674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.03%, 07/20/37<sup>(a)(b)</sup> |  | 2500 | 2508749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class DR, (3-mo. CME Term SOFR + 5.85%), 10.18%, 07/20/37<sup>(a)(b)</sup> |  | 250 | 250852 |
|  Ballyrock CLO 29 Ltd., Series 2025-29A, Class A1A, (3-mo. CME Term SOFR + 1.32%), 5.63%, 07/25/38<sup>(a)(b)</sup> |  | 250 | 250435 |
|  Ballyrock CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A2R3, (3-mo. CME Term SOFR + 1.65%), 5.39%, 10/25/38<sup>(a)(b)</sup> |  | 460 | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 6.41%), 10.74%, 10/20/31<sup>(a)(b)</sup> |  | 250 | 250044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.65%, 01/15/38<sup>(a)(b)</sup> |  | 6935 | 6955772 |
|  BankAmerica Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-2, Class B1, 7.07%, 02/10/22<sup>(b)</sup> |  | 1680 | 143654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-2, Class B1, 7.18%, 12/10/25<sup>(b)</sup> |  | 2790 | 235746 |
|  Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31<sup>(a)</sup> |  | 410 | 409595 |
|  Bardot CLO Ltd., Series 2019-2A, Class ARR,<br>(3-mo. CME Term SOFR + 0.98%), 5.31%, 10/22/32<sup>(a)(b)</sup> |  | 1363 | 1363904 |
|  Barings CLO Ltd., Series 2015-IA, Class BR,<br>(3-mo. CME Term SOFR + 1.66%), 5.99%, 01/20/31<sup>(a)(b)</sup> |  | 980 | 980715 |
|  Battalion CLO 18 Ltd., Series 2020-18A, Class BRR, (3-mo. CME Term SOFR + 1.80%), 6.08%, 10/15/36<sup>(a)(b)</sup> |  | 1827 | 1830581 |
|  Battalion CLO VIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A1R3, (3-mo. CME Term SOFR + 0.90%), 5.23%, 07/18/30<sup>(a)(b)</sup> |  | 6500 | 6500414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A2R3, (3-mo. CME Term SOFR + 1.00%), 5.33%, 07/18/30<sup>(a)(b)</sup> |  | 3250 | 3237386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class BR3, (3-mo. CME Term SOFR + 1.25%), 5.58%, 07/18/30<sup>(a)(b)</sup> |  | 2901 | 2898018 |
|  Bayswater Park CLO Ltd., Series 2023-1A, Class A1, (3-mo. CME Term SOFR + 1.73%), 6.06%, 01/20/37<sup>(a)(b)</sup> |  | 970 | 973040 |
|  Bayview Financial Revolving Asset Trust Series 2004-B, Class A1, (1-mo. CME Term SOFR + 1.11%), 5.28%, 05/28/39<sup>(a)(b)</sup> |  | 5099 | 4205997 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Bayview Financial Revolving Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A2, (1-mo. CME Term<br>SOFR + 1.41%), 5.58%, 05/28/39<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A1, (1-mo. CME Term<br>SOFR + 1.11%), 5.28%, 02/28/40<sup>(a)(b)</sup> |  | 1069 | 964691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E, Class A1, (1-mo. CME Term<br>SOFR + 1.11%), 5.28%, 12/28/40<sup>(a)(b)</sup> |  | 97 | 98657 |
|  BBAM U.S. CLO I Ltd., Series 2022-1A, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.52%, 03/30/38<sup>(a)(b)</sup> |  | 2024 | 2026012 |
|  Bbam U.S. CLO V Ltd., Series 2025-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.60%, 07/25/38<sup>(a)(b)</sup> |  | 250 | 250886 |
|  BCMSC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A2, 7.58%, 06/15/30<sup>(b)</sup> |  | 1674 | 107841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A3, 7.83%, 06/15/30<sup>(b)</sup> |  | 1554 | 103349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-A, Class A4, 8.29%, 06/15/30<sup>(b)</sup> |  | 1121 | 78932 |
|  BDS Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL11, Class ATS, (1-mo. CME Term SOFR + 1.80%), 5.93%, 03/19/39<sup>(a)(b)</sup> |  | 1262 | 1262028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL13, Class A, (1-mo. CME Term SOFR + 1.58%), 5.71%, 09/19/39<sup>(a)(b)</sup> |  | 2735 | 2749061 |
|  Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, (1-mo. CME Term SOFR + 1.84%), 6.00%, 08/25/34<sup>(b)</sup> |  | 5 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1, Class 1M4, (1-mo. CME Term SOFR + 1.13%), 5.06%, 12/25/35<sup>(b)</sup> |  | 2217 | 2172312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7, Class 1A2, (1-mo. CME Term SOFR + 0.45%), 4.61%, 09/25/36<sup>(b)</sup> |  | 626 | 613911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 1A4, (1-mo. CME Term SOFR + 0.43%), 4.59%, 03/25/37<sup>(b)</sup> |  | 922 | 880963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 22A, (1-mo. CME Term SOFR + 0.39%), 4.55%, 03/25/37<sup>(b)</sup> |  | 333 | 313637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 23A, (1-mo. CME Term SOFR + 0.39%), 4.55%, 03/25/37<sup>(b)</sup> |  | 408 | 388799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 1A4, (1-mo. CME Term SOFR + 0.81%), 4.97%, 04/25/37<sup>(b)</sup> |  | 7135 | 6863661 |
|  Benefit Street Partners CLO 43 Ltd., Series 2025-43A, Class A, (3-mo. CME Term SOFR + 1.27%), 10/20/38<sup>(a)(b)(f)</sup> |  | 500 | 500000 |
|  Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, (3-mo. CME Term SOFR + 1.53%), 5.86%, 07/20/37<sup>(a)(b)</sup> |  | 6170 | 6209975 |
|  Benefit Street Partners CLO X Ltd., Series 2016- 10A, Class A1R3, (3-mo. CME Term SOFR + 1.30%), 5.63%, 07/20/38<sup>(a)(b)</sup> |  | 4609 | 4624786 |
|  Benefit Street Partners CLO XII-B Ltd., Series 2017-12BRA, Class B, (3-mo. CME Term SOFR + 1.70%), 6.02%, 10/15/37<sup>(a)(b)</sup> |  | 2000 | 2004579 |
|  Benefit Street Partners CLO XIV Ltd., Series 2018-14A, Class AR, (3-mo. CME Term SOFR + 1.37%), 5.70%, 10/20/37<sup>(a)(b)</sup> |  | 750 | 752246 |
|  Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/17/38<sup>(a)(b)</sup> |  | 920 | 923403 |
|  Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ARR, (3-mo. CME Term SOFR + 1.29%), 5.58%, 07/15/37<sup>(a)(b)</sup> |  | 4685 | 4699311 |

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Benefit Street Partners CLO XXIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class A1R, (3-mo. CME Term SOFR + 1.10%), 5.42%, 04/25/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class ER, (3-mo. CME Term SOFR + 5.25%), 9.57%, 04/25/34<sup>(a)(b)</sup> |  | 750 | 756192 |
|  Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, (3-mo. CME Term<br>SOFR + 1.18%), 5.50%, 01/25/38<sup>(a)(b)</sup> |  | 2150 | 2151153 |
|  Benefit Street Partners CLO XXVI Ltd., Series 2022-26A, Class AR, (3-mo. CME Term<br>SOFR + 1.38%), 5.71%, 07/20/37<sup>(a)(b)</sup> |  | 1310 | 1314585 |
|  Benefit Street Partners CLO XXVII Ltd., Series 2022-27A, Class AR, (3-mo. CME Term<br>SOFR + 1.37%), 5.70%, 10/20/37<sup>(a)(b)</sup> |  | 10520 | 10550107 |
|  Benefit Street Partners CLO XXXVII Ltd., Series 2024-37A, Class A, (3-mo. CME Term SOFR + 1.35%), 5.67%, 01/25/38<sup>(a)(b)</sup> |  | 4500 | 4513860 |
|  Benefit Street Partners CLO XXXVIII Ltd., Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.31%), 5.63%, 01/25/38<sup>(a)(b)</sup> |  | 3920 | 3934783 |
|  BHG Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.79%, 11/17/33<sup>(a)</sup> |  | 1007 | 986456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 5.93%, 10/17/35<sup>(a)</sup> |  | 745 | 747166 |
|  Birch Grove CLO 10 Ltd., Series 2024-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.72%, 01/22/38<sup>(a)(b)</sup> |  | 2550 | 2560570 |
|  Birch Grove CLO 13 Ltd., Series 2025-13A, Class A1, (3-mo. CME Term SOFR + 1.31%), 5.47%, 10/23/38<sup>(a)(b)</sup> |  | 900 | 902349 |
|  Birch Grove CLO 2 Ltd., Series 2021-2A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.73%, 10/19/37<sup>(a)(b)</sup> |  | 870 | 873111 |
|  Birch Grove CLO 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 5.59%, 01/19/38<sup>(a)(b)</sup> |  | 250 | 250562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/19/38<sup>(a)(b)</sup> |  | 520 | 520848 |
|  Birch Grove CLO Ltd., Series 19A, Class A1RR, (3-mo. CME Term SOFR + 1.59%), 5.91%, 07/17/37<sup>(a)(b)</sup> |  | 250 | 250976 |
|  BlueMountain CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.19%, 10/22/30<sup>(a)(b)</sup> |  | 454 | 453907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 5.59%, 04/20/31<sup>(a)(b)</sup> |  | 1032 | 1033174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1R2, (3-mo. CME Term SOFR + 1.20%), 5.41%, 11/15/30<sup>(a)(b)</sup> |  | 553 | 553495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.17%, 08/15/31<sup>(a)(b)</sup> |  | 1095 | 1096763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 5.51%, 10/25/30<sup>(a)(b)</sup> |  | 1420 | 1420797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term SOFR + 1.85%), 6.17%, 10/25/30<sup>(a)(b)</sup> |  | 10020 | 10055171 |
|  BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.08%, 07/15/31<sup>(a)(b)</sup> |  | 3970 | 3972183 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  BlueMountain CLO XXIX Ltd., Series 2020-29A,<br>Class BR, (3-mo. CME Term SOFR + 2.01%), 6.33%,<br>07/25/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082246 |
|  BlueMountain Euro CLO DAC, Series 2021-2A,<br>Class B1, (3-mo. EURIBOR + 1.75%), 3.78%, 10/15/35<sup>(a)(b)</sup> | EUR | 3280 | 3851003 |
|  BlueMountain Fuji U.S. CLO II Ltd., Series 2017- 2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 5.59%, 10/20/30<sup>(a)(b)</sup> | USD | 1483 | 1484151 |
|  BRAVO Residential Funding Trust, Series 2024- CES2, Class A1A, 5.55%, 09/25/54<sup>(a)(c)</sup> |  | 1446 | 1454724 |
|  Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 07/15/27<sup>(a)</sup> |  | 3325 | 3345670 |
|  Bridge Street CLO II Ltd., Series 2021-1A, Class A1A,<br>(3-mo. CME Term SOFR + 1.49%), 5.82%,<br>07/20/34<sup>(a)(b)</sup> |  | 500 | 500813 |
|  Brignole Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class C, (1-mo. EURIBOR + 2.00%), 3.89%, 02/24/42<sup>(b)(e)</sup> | EUR | 198 | 234432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class D, (1-mo. EURIBOR + 4.00%), 5.89%, 02/24/42<sup>(b)(e)</sup> |  | 285 | 339883 |
|  Bryant Park CLO Ltd., Series 2025-27A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.53%, 07/20/38<sup>(a)(b)</sup> | USD | 1780 | 1786903 |
|  Bryant Park Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.52%, 04/15/38<sup>(a)(b)</sup> |  | 710 | 710500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.72%, 10/15/37<sup>(a)(b)</sup> |  | 1500 | 1505334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.67%, 01/18/38<sup>(a)(b)</sup> |  | 2250 | 2256357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class B, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/18/38<sup>(a)(b)</sup> |  | 4000 | 4012000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class D1, (3-mo. CME Term SOFR + 2.95%), 7.28%, 01/18/38<sup>(a)(b)</sup> |  | 500 | 505626 |
|  Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.40%,<br>07/18/34<sup>(a)(b)</sup> |  | 2400 | 2401201 |
|  BXMT Ltd. Mortgage-Backed Securities, Series 2025-FL5, Class A, (1-mo. CME Term SOFR + 1.64%), 5.78%, 10/18/42<sup>(a)(b)</sup> |  | 7587 | 7553002 |
|  Canyon Capital CLO Ltd., Series 2016-1A, Class AR,<br>(3-mo. CME Term SOFR + 1.33%), 5.65%,<br>07/15/31<sup>(a)(b)</sup> |  | 236 | 236191 |
|  Canyon CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.65%, 07/15/31<sup>(a)(b)</sup> |  | 582 | 582831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R, (3-mo. CME Term<br>SOFR + 1.40%), 5.72%, 10/15/37<sup>(a)(b)</sup> |  | 2945 | 2955500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class BR, (3-mo. CME Term SOFR + 1.95%), 6.27%, 10/15/37<sup>(a)(b)</sup> |  | 1610 | 1617293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, (3-mo. CME Term SOFR + 2.05%), 6.37%, 05/15/37<sup>(a)(b)</sup> |  | 6800 | 6840663 |
|  Cardiff Auto Receivables Securitisation PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.90%), 5.87%, 08/20/31<sup>(b)(e)</sup> | GBP | 1743 | 2365816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.60%), 6.57%, 08/20/31<sup>(b)(e)</sup> |  | 1320 | 1799263 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Carlyle Global Market Strategies CLO Ltd.,<br>Series 2014-2RA, Class A1, (3-mo. CME Term SOFR + 1.31%), 5.52%,<br>05/15/31<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261993 |
|  Carlyle U.S. CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1R2, (3-mo. CME Term SOFR + 1.40%), 5.73%, 10/21/37<sup>(a)(b)</sup> |  | 4158 | 4175879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class BR2, (3-mo. CME Term SOFR + 1.78%), 6.11%, 10/21/37<sup>(a)(b)</sup> |  | 5170 | 5187112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class B, (3-mo. CME Term SOFR + 1.70%), 6.02%, 10/25/37<sup>(a)(b)</sup> |  | 510 | 513147 |
|  Carrington Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC1, Class M2, (1-mo. CME Term SOFR + 0.74%), 4.90%, 01/25/36<sup>(b)</sup> |  | 610 | 541815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC4, Class A3, (1-mo. CME Term SOFR + 0.27%), 4.43%, 10/25/36<sup>(b)</sup> |  | 170 | 165761 |
|  CarVal CLO VC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 7.83%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 250765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term SOFR + 7.01%), 11.33%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 250565 |
|  CarVal CLO VIII-C Ltd., Series 2022-2A,<br>Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.75%, 10/22/37<sup>(a)(b)</sup> |  | 730 | 732777 |
|  Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44<sup>(a)(b)</sup> |  | 6158 | 5912946 |
|  Cayuga Park CLO Ltd., Series 2020-1A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.70%, 07/17/34<sup>(a)(b)</sup> |  | 3270 | 3274726 |
|  CBAM Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.69%, 07/20/31<sup>(a)(b)</sup> |  | 106 | 105722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.19%, 07/20/31<sup>(a)(b)</sup> |  | 250 | 250212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, (3-mo. CME Term SOFR + 1.44%), 5.77%, 07/20/34<sup>(a)(b)</sup> |  | 436 | 436726 |
|  C-BASS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB7, Class A4, (1-mo. CME Term SOFR + 0.43%), 4.59%, 10/25/36<sup>(b)</sup> |  | 341 | 236002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9, Class A4, (1-mo. CME Term SOFR + 0.57%), 4.73%, 11/25/36<sup>(b)</sup> |  | 324 | 146591 |
|  Cedar Funding II CLO Ltd., Series 2013-1A,<br>Class BR3, (3-mo. CME Term SOFR + 1.75%), 5.84%, 07/22/38<sup>(a)(b)</sup> |  | 3110 | 3123559 |
|  Cedar Funding V CLO Ltd., Series 2016-5A,<br>Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.68%, 07/17/31<sup>(a)(b)</sup> |  | 1060 | 1061779 |
|  Cedar Funding VII CLO Ltd., Series 2018-7A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.41%, 01/20/31<sup>(a)(b)</sup> |  | 103 | 102688 |
|  Cedar Funding XI CLO Ltd., Series 2019-11A, Class A2R2, (3-mo. CME Term SOFR + 1.30%), 5.50%, 05/29/32<sup>(a)(b)</sup> |  | 1220 | 1219479 |
|  Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.02%, 10/15/37<sup>(a)(b)</sup> |  | 770 | 772164 |
|  CIFC European Funding CLO II DAC, Series 2X, Class B1, (3-mo. EURIBOR + 1.60%), 3.63%, 04/15/33<sup>(b)(e)</sup> | EUR | 900 | 1056699 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1L2, (3-mo. CME Term SOFR + 1.26%), 5.59%, 10/18/30<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A2L2, (3-mo. CME Term SOFR + 1.76%), 6.09%, 10/18/30<sup>(a)(b)</sup> |  | 250 | 250353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.99%, 01/18/31<sup>(a)(b)</sup> |  | 3320 | 3324748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class A1R, (3-mo. CME Term SOFR + 1.18%), 5.50%, 03/31/38<sup>(a)(b)</sup> |  | 1000 | 1001001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.66%, 04/20/34<sup>(a)(b)</sup> |  | 510 | 510530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class ARR, (3-mo. CME Term SOFR + 1.55%), 5.88%, 04/21/37<sup>(a)(b)</sup> |  | 6190 | 6213761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class BRR, (3-mo. CME Term SOFR + 2.05%), 6.38%, 04/21/37<sup>(a)(b)</sup> |  | 3710 | 3723096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.78%, 04/21/37<sup>(a)(b)</sup> |  | 250 | 251767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class AR, (3-mo. CME Term SOFR + 1.41%), 5.73%, 07/17/37<sup>(a)(b)</sup> |  | 1770 | 1776351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.65%, 01/18/38<sup>(a)(b)</sup> |  | 3140 | 3149420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/18/38<sup>(a)(b)</sup> |  | 1510 | 1516252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R, (3-mo. CME Term SOFR + 1.37%), 5.70%, 10/20/37<sup>(a)(b)</sup> |  | 250 | 250690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.08%, 10/20/37<sup>(a)(b)</sup> |  | 1000 | 1005340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, (3-mo. CME Term SOFR + 1.27%), 5.35%, 10/18/38<sup>(a)(b)</sup> |  | 682 | 684476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R2, (3-mo. CME Term SOFR + 1.36%), 5.69%, 10/20/37<sup>(a)(b)</sup> |  | 6729 | 6749299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, (3-mo. CME Term SOFR + 1.45%), 5.77%, 07/16/37<sup>(a)(b)</sup> |  | 6170 | 6199485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.73%, 07/15/36<sup>(a)(b)</sup> |  | 1200 | 1201861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.23%, 07/15/36<sup>(a)(b)</sup> |  | 3260 | 3266227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.72%, 10/20/34<sup>(a)(b)</sup> |  | 12140 | 12156873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.24%, 10/20/34<sup>(a)(b)</sup> |  | 780 | 781646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.62%, 01/15/40<sup>(a)(b)</sup> |  | 9120 | 9154211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.07%, 07/25/37<sup>(a)(b)</sup> |  | 5280 | 5297582 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.28%, 07/15/36<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.68%, 07/23/37<sup>(a)(b)</sup> |  | 4132 | 4145715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class BR, (3-mo. CME Term SOFR + 1.65%), 5.97%, 07/23/37<sup>(a)(b)</sup> |  | 500 | 501625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class CR, (3-mo. CME Term SOFR + 1.90%), 6.22%, 07/23/37<sup>(a)(b)</sup> |  | 250 | 250691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.72%, 10/15/34<sup>(a)(b)</sup> |  | 840 | 841304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.23%, 10/15/34<sup>(a)(b)</sup> |  | 700 | 701407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/20/37<sup>(a)(b)</sup> |  | 2410 | 2417883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, (3-mo. CME Term SOFR + 1.48%), 5.81%, 07/21/37<sup>(a)(b)</sup> |  | 690 | 693273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/23/38<sup>(a)(b)</sup> |  | 250 | 250343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, (3-mo. CME Term SOFR + 1.70%), 5.81%, 10/24/38<sup>(a)(b)</sup> |  | 890 | 894530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class C, (3-mo. CME Term SOFR + 1.85%), 5.96%, 10/24/38<sup>(a)(b)</sup> |  | 890 | 892411 |
|  CIT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1M2, (1-mo. CME Term SOFR + 1.86%), 6.90%, 10/25/37<sup>(a)(b)</sup> |  | 1821 | 1806254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2M2, (1-mo. CME Term SOFR + 1.86%), 6.90%, 10/25/37<sup>(a)(b)</sup> |  | 397 | 387181 |
|  Citigroup Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1-mo. CME Term SOFR + 0.31%), 4.47%, 05/25/37<sup>(b)</sup> |  | 4167 | 2814890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3C, (1-mo. CME Term SOFR + 0.38%), 4.54%, 05/25/37<sup>(b)</sup> |  | 1893 | 1279537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1-mo. CME Term SOFR + 0.28%), 4.44%, 07/25/45<sup>(b)</sup> |  | 3001 | 2099928 |
|  Clover CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 5.86%, 04/20/37<sup>(a)(b)</sup> |  | 4120 | 4136567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, (3-mo. CME Term SOFR + 1.07%), 5.39%, 01/25/35<sup>(a)(b)</sup> |  | 270 | 270433 |
|  Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 04/25/47<sup>(a)</sup> |  | 596 | 551647 |
|  College Ave Student Loans LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 2.42%, 06/25/52<sup>(a)</sup> |  | 650 | 595682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 2.72%, 06/25/52<sup>(a)</sup> |  | 293 | 272957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 3.78%, 06/25/52<sup>(a)</sup> |  | 72 | 67480 |
|  College Ave Student Loans Trust, Series 2024-A, Class A1B, (SOFR (30-day) + 1.75%), 6.11%, 06/25/54<sup>(a)(b)</sup> |  | 7749 | 7861571 |
|  Compass Datacenters Issuer III LLC, Series 2025-3A, Class A2, 5.29%, 07/25/50<sup>(a)</sup> . |  | 9702 | 9810645 |
|  Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74<sup>(a)</sup> |  | 2794 | 2815039 |
|  Conseco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-3, Class M1, 7.53%, 03/15/28<sup>(b)</sup> |  | 302 | 306861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-6, Class M1, 7.21%, 01/15/29<sup>(b)</sup> |  | 50 | 51057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-4, Class M1, 6.83%, 04/01/30<sup>(b)</sup> |  | 121 | 123006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999-5, Class A5, 7.86%, 03/01/30<sup>(b)</sup> |  | 767 | 210863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999-5, Class A6, 7.50%, 03/01/30<sup>(b)</sup> |  | 822 | 216313 |
|  Conseco Finance Securitizations Corp.<br>Series 2000-1, Class A5, 8.06%, 09/01/29<sup>(b)</sup> |  | 1445 | 185626 |

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| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Conseco Finance Securitizations Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-4, Class A6, 8.31%, 05/01/32<sup>(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-5, Class A6, 7.96%, 05/01/31 |  | 2105 | 397290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-5, Class A7, 8.20%, 05/01/31 |  | 3840 | 746611 |
|  Cook Park CLO Ltd., Series 2018-1A, Class B,<br>(3-mo. CME Term SOFR + 1.66%), 5.98%, 04/17/30<sup>(a)(b)</sup> |  | 250 | 250212 |
|  Countrywide Asset-Backed Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5, Class A, (1-mo. CME Term SOFR + 1.01%), 5.17%, 10/25/34<sup>(b)</sup> |  | 280 | 275597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-16, Class 1AF, 4.47%, 04/25/36<sup>(b)</sup> |  | 1790 | 1608332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-14, Class M1, (1-mo. CME Term SOFR + 0.55%), 4.71%, 02/25/37<sup>(b)</sup> |  | 1122 | 1161625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class M1, (1-mo. CME Term SOFR + 0.56%), 4.72%, 03/25/37<sup>(b)</sup> |  | 6600 | 6752251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-22, Class M1, (1-mo. CME Term SOFR + 0.46%), 4.62%, 05/25/47<sup>(b)</sup> |  | 831 | 817806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SPS1, Class A, (1-mo. CME Term SOFR + 0.33%), 4.49%, 12/25/25<sup>(b)</sup> |  | 4 | 24320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12, Class 1A2, (1-mo. CME Term SOFR + 0.95%), 5.11%, 08/25/47<sup>(b)</sup> |  | 2447 | 2399334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA2, Class 2A1, (1-mo. CME Term SOFR + 1.61%), 5.77%, 06/25/47<sup>(a)(b)</sup> |  | 1308 | 1077966 |
|  Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1-mo. CME Term SOFR + 0.38%), 4.54%, 03/15/34<sup>(b)</sup> |  | 138 | 137914 |
|  Credit Suisse First Boston Mortgage Securities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-MH29, Class B1, 8.10%, 09/25/31<sup>(b)</sup> |  | 434 | 440154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CF2, Class 1B, 6.00%, 01/25/43<sup>(a)(c)</sup> |  | 304 | 254064 |
|  Credit-Based Asset Servicing & Securitization LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB2, Class AF4, 3.00%, 12/25/36<sup>(c)</sup> |  | 302 | 246899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B1, 6.75%,<br>10/25/36<sup>(a)(c)</sup> |  | 253 | 251859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B2, 6.75%,<br>10/25/36<sup>(a)(c)</sup> |  | 2962 | 2473118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A2, 6.06%,<br>09/25/36<sup>(a)(c)</sup> |  | 2706 | 83695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6, Class A4, (1-mo. CME Term SOFR + 0.45%), 4.61%, 07/25/37<sup>(a)(b)</sup> |  | 378 | 250826 |
|  Creeksource Dunes Creek CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.73%, 01/15/38<sup>(a)(b)</sup> |  | 250 | 251086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term SOFR + 1.75%), 6.07%, 01/15/38<sup>(a)(b)</sup> |  | 1040 | 1043505 |
|  Crown City CLO III, Series 2021-1A, Class A1A,<br>(3-mo. CME Term SOFR + 1.43%), 5.76%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 250363 |
|  Crown Point CLO 10 Ltd., Series 2021-10A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.29%, 07/20/34<sup>(a)(b)</sup> |  | 490 | 491166 |
|  CVC Cordatus Loan Fund IV DAC, Series 4X,<br>Class BR1, (3-mo. EURIBOR + 1.30%), 3.33%, 02/22/34<sup>(b)(e)</sup> | EUR | 990 | 1156434 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

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| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  CWHEQ Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S3, Class A4, 5.30%, 01/25/29<sup>(c)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S5, Class A5, 6.16%, 06/25/35 |  | 38 | 58615 |
|  CWHEQ Revolving Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-B, Class 2A, (1-mo. CME Term SOFR + 0.29%), 4.45%, 05/15/35<sup>(b)</sup> |  | 25 | 24465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C, Class 2A, (1-mo. CME Term SOFR + 0.29%), 4.45%, 05/15/36<sup>(b)</sup> |  | 285 | 282616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H, Class 1A, (1-mo. CME Term SOFR + 0.26%), 4.42%, 11/15/36<sup>(b)</sup> |  | 169 | 166113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 1A, (1-mo. CME Term SOFR + 0.25%), 4.41%, 01/15/37<sup>(b)</sup> |  | 182 | 174944 |
|  Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A, (3-mo. CME Term SOFR + 1.31%), 5.60%, 04/20/38<sup>(a)(b)</sup> |  | 6307 | 6327802 |
|  Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.71%, 10/15/37<sup>(a)(b)</sup> |  | 250 | 251030 |
|  Diameter Capital CLO 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.65%, 01/15/38<sup>(a)(b)</sup> |  | 372 | 373497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.02%, 01/15/38<sup>(a)(b)</sup> |  | 1500 | 1506255 |
|  Diameter Capital CLO 8 Ltd., Series 2024-8A, Class A1A, (3-mo. CME Term SOFR + 1.40%), 5.73%, 10/20/37<sup>(a)(b)</sup> |  | 22190 | 22269971 |
|  Dowson PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.35%), 6.32%, 08/20/31<sup>(b)(e)</sup> | GBP | 344 | 466087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.95%), 7.92%, 08/20/31<sup>(b)(e)</sup> |  | 408 | 551602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class F, (1-day SONIA + 6.95%), 10.92%, 08/20/31<sup>(b)(e)</sup> |  | 496 | 676968 |
|  Dryden 104 CLO Ltd., Series 2022-104A,<br>Class A1R, (3-mo. CME Term SOFR + 1.29%), 5.49%, 08/20/34<sup>(a)(b)</sup> | USD | 3180 | 3184982 |
|  Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, (3-mo. CME Term SOFR + 1.23%), 5.55%, 04/15/31<sup>(a)(b)</sup> |  | 981 | 981208 |
|  Dryden 49 Senior Loan Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class AR, (3-mo. CME Term SOFR + 1.21%), 5.54%, 07/18/30<sup>(a)(b)</sup> |  | 294 | 294526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.19%, 07/18/30<sup>(a)(b)</sup> |  | 500 | 500750 |
|  Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.48%, 10/19/29<sup>(a)(b)</sup> |  | 1121 | 1121013 |
|  Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (3-mo. CME Term SOFR + 1.28%), 5.60%, 04/15/31<sup>(a)(b)</sup> |  | 1115 | 1116761 |
|  Dryden 64 CLO Ltd., Series 2018-64A, Class A,<br>(3-mo. CME Term SOFR + 1.23%), 5.56%, 04/18/31<sup>(a)(b)</sup> |  | 244 | 244713 |
|  Dryden 65 CLO Ltd., Series 2018-65A, Class B,<br>(3-mo. CME Term SOFR + 1.86%), 6.19%, 07/18/30<sup>(a)(b)</sup> |  | 300 | 300648 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Dryden 76 CLO Ltd., Series 2019-76A,<br>Class A1R2, (3-mo. CME Term SOFR + 1.37%), 5.69%, 10/15/37<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002731 |
|  Eaton Vance CLO Ltd., Series 2014-1RA,<br>Class A2, (3-mo. CME Term SOFR + 1.75%), 6.07%, 07/15/30<sup>(a)(b)</sup> |  | 250 | 250297 |
|  Edenbrook Mortgage Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.95%), 5.94%, 03/22/57<sup>(b)(e)</sup> | GBP | 1611 | 2200416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.55%), 6.54%, 03/22/57<sup>(b)(e)</sup> |  | 931 | 1279926 |
|  EDvestinU Private Education Loan Issue No. 4 LLC, Series 2022-A, Class A, 5.25%, 11/25/40<sup>(a)</sup> | USD | 2104 | 2107843 |
|  Elmwood CLO 24 Ltd., Series 2023-3A, Class AR, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/17/38<sup>(a)(b)</sup> |  | 3680 | 3694737 |
|  Elmwood CLO 27 Ltd., Series 2024-3A, Class B, (3-mo. CME Term SOFR + 1.95%), 6.28%, 04/18/37<sup>(a)(b)</sup> |  | 1040 | 1044774 |
|  Elmwood CLO 29 Ltd., Series 2024-5A,<br>Class AR1, (3-mo. CME Term SOFR + 1.52%), 5.85%, 04/20/37<sup>(a)(b)</sup> |  | 4760 | 4783967 |
|  Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3-mo. CME Term SOFR + 1.43%), 5.75%, 07/17/37<sup>(a)(b)</sup> |  | 2410 | 2421180 |
|  Elmwood CLO 36 Ltd., Series 2024-12RA,<br>Class AR, (3-mo. CME Term SOFR + 1.34%), 5.67%, 10/20/37<sup>(a)(b)</sup> |  | 1517 | 1522659 |
|  Elmwood CLO 38 Ltd., Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/22/38<sup>(a)(b)</sup> |  | 4490 | 4496057 |
|  Elmwood CLO 39 Ltd., Series 2025-2A, Class A1, (3-mo. CME Term SOFR + 1.14%), 5.42%, 04/17/38<sup>(a)(b)</sup> |  | 1250 | 1250375 |
|  Elmwood CLO I Ltd., Series 2019-1A,<br>Class A1RR, (3-mo. CME Term SOFR + 1.52%), 5.85%, 04/20/37<sup>(a)(b)</sup> |  | 250 | 251259 |
|  Elmwood CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.68%, 10/20/37<sup>(a)(b)</sup> |  | 6690 | 6715670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/20/37<sup>(a)(b)</sup> |  | 1600 | 1607024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D1RR, (3-mo. CME Term SOFR + 3.05%), 7.38%, 10/20/37<sup>(a)(b)</sup> |  | 250 | 252437 |
|  Elmwood CLO III Ltd., Series 2019-3A,<br>Class BRR, (3-mo. CME Term SOFR + 1.70%), 6.03%, 07/18/37<sup>(a)(b)</sup> |  | 670 | 672506 |
|  Elmwood CLO IV Ltd., Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.35%), 7.68%, 04/18/37<sup>(a)(b)</sup> |  | 1000 | 1003888 |
|  Elmwood CLO VI Ltd., Series 2020-3A,<br>Class ARR, (3-mo. CME Term SOFR + 1.38%), 5.71%, 07/18/37<sup>(a)(b)</sup> |  | 3381 | 3390283 |
|  Elmwood CLO VII Ltd., Series 2020-4A,<br>Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.68%, 10/17/37<sup>(a)(b)</sup> |  | 790 | 792709 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Elmwood CLO XII Ltd., Series 2021-5A,<br>Class AR, (3-mo. CME Term SOFR + 1.36%), 5.68%, 10/15/37<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314451 |
|  Euro-Galaxy III CLO BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class CRRR, (3-mo. EURIBOR + 2.35%), 4.29%, 04/24/34<sup>(a)(b)</sup> | EUR | 700 | 825716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class DRRR, (3-mo. EURIBOR + 3.25%), 5.19%, 04/24/34<sup>(a)(b)</sup> |  | 1585 | 1868628 |
|  FBR Securitization Trust, Series 2005-5,<br>Class M2, (1-mo. CME Term SOFR + 0.82%), 4.98%, 11/25/35<sup>(b)</sup> | USD | 3280 | 3265124 |
|  FCT Noria 2025, Series 2025-1, Class E, (1-mo. EURIBOR + 2.75%), 4.62%, 07/25/43<sup>(b)(e)</sup> | EUR | 600 | 710416 |
|  FIGRE Trust, Series 2024-SL1, Class A1, 5.75%, 07/25/53<sup>(a)(b)</sup> | USD | 3995 | 4054389 |
|  First Franklin Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-FFH3, Class M3, (1-mo. CME Term SOFR + 1.16%), 5.32%, 10/25/34<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 911746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A1, (1-mo. CME Term SOFR + 0.35%), 4.51%, 10/25/36<sup>(b)</sup> |  | 1789 | 1152369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A2C, (1-mo. CME Term SOFR + 0.43%), 4.59%, 10/25/36<sup>(b)</sup> |  | 1049 | 689416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16, Class 2A3, (1-mo. CME Term SOFR + 0.39%), 4.55%, 12/25/36<sup>(b)</sup> |  | 8853 | 3569278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF17, Class A5, (1-mo. CME Term SOFR + 0.26%), 4.42%, 12/25/36<sup>(b)</sup> |  | 7836 | 6789707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FFH1, Class M2, (1-mo. CME Term SOFR + 0.71%), 4.87%, 01/25/36<sup>(b)</sup> |  | 2866 | 2604323 |
|  First NLC Trust, Series 2007-1, Class A3, (1-mo. CME Term SOFR + 0.29%), 4.45%,<br>08/25/37<sup>(a)(b)</sup> |  | 689 | 344997 |
|  FirstKey Homes Trust, Series 2022-SFR3,<br>Class E2, 3.50%, 07/17/38<sup>(a)</sup> |  | 5641 | 5521023 |
|  Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, (3-mo. CME Term SOFR + 1.92%), 6.12%, 05/20/36<sup>(a)(b)</sup> |  | 1160 | 1162854 |
|  Flatiron CLO 21 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.69%, 10/19/37<sup>(a)(b)</sup> |  | 13960 | 14000763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME Term SOFR + 1.58%), 5.91%, 10/19/37<sup>(a)(b)</sup> |  | 1980 | 1981597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/19/37<sup>(a)(b)</sup> |  | 1200 | 1203636 |
|  Flatiron CLO 25 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, (3-mo. CME Term SOFR + 1.35%), 5.67%, 10/17/37<sup>(a)(b)</sup> |  | 1140 | 1144362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term SOFR + 1.60%), 5.92%, 10/17/37<sup>(a)(b)</sup> |  | 600 | 602124 |
|  FNA 8 LLC, Series 2025-1, Class A, 5.62%, 03/15/45<sup>(a)(b)</sup> |  | 7635 | 7689585 |
|  Fortuna Consumer Loan Abs DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, (1-mo. EURIBOR + 1.65%), 3.56%, 10/18/34<sup>(b)</sup> | EUR | 800 | 944998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class E, (1-mo. EURIBOR + 4.10%), 6.01%, 10/18/34<sup>(b)</sup> |  | 2300 | 2746007 |
|  Fortuna Consumer Loan ABS DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, (1-mo. EURIBOR + 1.40%), 10/18/35<sup>(b)(e)(f)</sup> |  | 700 | 822210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class E, (1-mo. EURIBOR + 2.75%), 10/18/35<sup>(b)(e)(f)</sup> |  | 600 | 704740 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Foundation Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 2.19%, 01/15/42<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.95%, 12/15/49<sup>(a)</sup> |  | 807 | 828699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.93%, 03/15/50<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | 1425184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.68%, 04/15/52<sup>(a)</sup> |  | 1004 | 1009405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 8.35%, 04/15/52<sup>(a)</sup> |  | 1082 | 1095070 |
|  Fremont Home Loan Trust, Series 2006-3,<br>Class 1A1, (1-mo. CME Term SOFR + 0.39%), 4.55%, 02/25/37<sup>(b)</sup> |  | 1687 | 1250344 |
|  FS Rialto Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4, Class A, (SOFR (30-day) + 1.90%), 6.29%, 01/19/39<sup>(a)(b)</sup> |  | 5269 | 5256157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, (1-mo. CME Term SOFR + 1.63%), 5.76%, 10/19/39<sup>(a)(b)</sup> |  | 4627 | 4651538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10, Class A, (1-mo. CME Term SOFR + 1.39%), 5.52%, 08/19/42<sup>(a)(b)</sup> |  | 1610 | 1611217 |
|  FTA Consumo Santander |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class B, (3-mo. EURIBOR + 1.30%), 3.32%, 07/20/38<sup>(b)(e)</sup> | EUR | 1021 | 1205796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class C, (3-mo. EURIBOR + 1.65%), 3.67%, 07/20/38<sup>(b)(e)</sup> |  | 864 | 1020391 |
|  Galaxy XXVI CLO Ltd., Series 2018-26A, Class AR, (3-mo. CME Term SOFR + 1.17%), 5.37%, 11/22/31<sup>(a)(b)</sup> | USD | 189 | 188765 |
|  Generate CLO 13 Ltd., Series 2023-13A, Class A1, (3-mo. CME Term SOFR + 1.80%), 6.13%, 01/20/37<sup>(a)(b)</sup> |  | 2600 | 2605950 |
|  Generate CLO 19 Ltd., Series 2025-19A, Class A, (3-mo. CME Term SOFR + 1.25%), 5.57%, 04/22/36<sup>(a)(b)</sup> |  | 2000 | 2007092 |
|  Generate CLO 2 Ltd., Series 2A, Class AR2, (3-mo. CME Term SOFR + 1.41%), 5.73%,<br>10/22/37<sup>(a)(b)</sup> |  | 3015 | 3026143 |
|  Generate CLO 20 Ltd., Series 2024-20A, Class B, (3-mo. CME Term SOFR + 1.70%), 6.02%, 01/25/38<sup>(a)(b)</sup> |  | 260 | 261196 |
|  Generate CLO 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class ARR, (3-mo. CME Term<br>SOFR + 1.43%), 5.76%, 07/20/37<sup>(a)(b)</sup> |  | 8250 | 8286348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class BRR, (3-mo. CME Term<br>SOFR + 1.75%), 6.08%, 07/20/37<sup>(a)(b)</sup> |  | 3000 | 3011611 |
|  Generate CLO 7 Ltd., Series 7A, Class A1R, (3-mo. CME Term SOFR + 1.62%), 5.95%,<br>04/22/37<sup>(a)(b)</sup> |  | 5673 | 5692099 |
|  Generate CLO 9 Ltd., Series 9A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.68%,<br>01/20/38<sup>(a)(b)</sup> |  | 1658 | 1662483 |
|  Golden Bar Securitisation Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (3-mo. EURIBOR + 1.50%), 3.53%, 09/22/43<sup>(b)(e)</sup> | EUR | 1342 | 1590711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (3-mo. EURIBOR + 1.90%), 3.93%, 12/20/44<sup>(b)(e)</sup> |  | 509 | 604311 |
|  Golden Ray SA - Compartment 1, Series 1,<br>Class C, (1-mo. EURIBOR + 2.00%), 3.90%, 12/27/57<sup>(b)(e)</sup> |  | 300 | 352315 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.41%, 10/20/34<sup>(a)(b)</sup> | USD | 18440 | 18454793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class ER, (3-mo. CME Term SOFR + 4.90%), 9.23%, 10/20/34<sup>(a)(b)</sup> |  | 250 | 250377 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  GoldenTree Loan Management U.S. CLO 23 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A, (3-mo. CME Term SOFR + 1.27%), 5.60%, 01/20/39<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/20/39<sup>(a)(b)</sup> |  | 3020 | 3030721 |
|  GoldenTree Loan Management U.S. CLO 7 Ltd., Series 2020-7A, Class ARR, (3-mo. CME Term SOFR + 1.10%), 5.43%, 04/20/34<sup>(a)(b)</sup> |  | 270 | 270310 |
|  Goldman Home Improvement Trust, Series 2022-GRN2, Class A, 6.80%, 10/25/52<sup>(a)</sup> |  | 1046 | 1073341 |
|  Golub Capital Partners CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-52A, Class BR, (3-mo. CME Term SOFR + 2.00%), 6.33%, 04/20/37<sup>(a)(b)</sup> |  | 940 | 944737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class A1, (3-mo. CME Term SOFR + 1.37%), 5.69%, 10/25/37<sup>(a)(b)</sup> |  | 860 | 862594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class B, (3-mo. CME Term SOFR + 1.67%), 5.99%, 10/25/37<sup>(a)(b)</sup> |  | 390 | 391287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class D1, (3-mo. CME Term SOFR + 2.90%), 7.22%, 10/25/37<sup>(a)(b)</sup> |  | 260 | 261300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-77A, Class A1, (3-mo. CME Term SOFR + 1.25%), 5.57%, 01/25/38<sup>(a)(b)</sup> |  | 2252 | 2256957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-81A, Class A1, (3-mo. CME Term SOFR + 1.31%), 5.64%, 07/20/38<sup>(a)(b)</sup> |  | 1080 | 1081676 |
|  GoodLeap Home Improvement Solutions Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.35%, 10/20/46<sup>(a)</sup> |  | 13098 | 13268732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.38%, 02/20/49<sup>(a)</sup> |  | 11682 | 11852049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(a)</sup> |  | 449 | 459545 |
|  Gracie Point International Funding LLC, Series 2024-1A, Class A, (SOFR (90-day) + 1.70%), 6.06%, 03/01/28<sup>(a)(b)</sup> |  | 7816 | 7831193 |
|  Green Lakes Park CLO LLC, Series 2025-1A, Class ARR, (3-mo. CME Term SOFR + 1.18%), 5.50%, 01/25/38<sup>(a)(b)</sup> |  | 4060 | 4063808 |
|  GreenPoint Manufactured Housing, Series 1999-5, Class M2, 9.23%, 12/15/29<sup>(b)</sup> |  | 514 | 513553 |
|  GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A4, 5.67%, 06/25/59<sup>(a)</sup> |  | 6191 | 6331012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.87%, 06/25/59<sup>(a)</sup> |  | 993 | 1012807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.15%, 10/27/59<sup>(a)</sup> |  | 1357 | 1372953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.26%, 10/27/59<sup>(a)</sup> |  | 1474 | 1488469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.26%, 06/25/60<sup>(a)</sup> |  | 1699 | 1714290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.56%, 06/25/60<sup>(a)</sup> |  | 1356 | 1369753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.79%, 06/25/60<sup>(a)</sup> |  | 575 | 583672 |
|  GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14, Class 1A2, (1-mo. CME Term SOFR + 0.81%), 4.97%, 12/25/35<sup>(b)</sup> |  | 836 | 372582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF2A, 5.63%, 11/25/36<sup>(b)</sup> |  | 110 | 29742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF3A, 5.77%, 11/25/36<sup>(b)</sup> |  | 1081 | 293030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 4.18%, 03/25/36<sup>(b)</sup> |  | 1445 | 1001519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1, (1-mo. CME Term SOFR + 0.25%), 4.41%, 03/25/36<sup>(b)</sup> |  | 10 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class AF3, 5.92%, 03/25/37<sup>(b)</sup>  |  | 440 | 78580 |
|  GSAMP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-H1, Class A1B, (1-mo. CME Term SOFR + 0.51%), 4.67%, 01/25/47<sup>(b)</sup> |  | 640 | 313457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HS1, Class M6, (1-mo. CME Term SOFR + 3.49%), 7.65%, 02/25/47<sup>(b)</sup> |  | 1300 | 1283380 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  GT Loan Financing I Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.36%), 6.68%, 07/28/31<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250536 |
|  Halseypoint CLO 4 Ltd., Series 2021-4A, Class A,<br>(3-mo. CME Term SOFR + 1.48%), 5.81%, 04/20/34<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | 1331955 |
|  Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R, (3-mo. CME Term SOFR + 1.45%), 5.78%, 07/20/38<sup>(a)(b)</sup> |  | 1080 | 1086973 |
|  Hamlin Park CLO Ltd., Series 2024-1A, Class A,<br>(3-mo. CME Term SOFR + 1.34%), 5.67%, 10/20/37<sup>(a)(b)</sup> |  | 1460 | 1465455 |
|  Henley CLO IV DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class D, (3-mo. EURIBOR + 3.00%), 4.94%, 04/25/34<sup>(a)(b)</sup> | EUR | 750 | 888151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4X, Class B1, (3-mo. EURIBOR + 1.35%), 3.29%, 04/25/34<sup>(b)(e)</sup> |  | 540 | 633888 |
|  Hermitage 2025 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 1.70%), 5.67%, 04/21/33<sup>(b)(e)</sup> | GBP | 648 | 873215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + 3.20%), 7.17%, 04/21/33<sup>(b)(e)</sup> |  | 468 | 633157 |
|  Hermitage PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.60%), 5.57%, 04/21/33<sup>(b)(e)</sup> |  | 464 | 626987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.35%), 6.32%, 04/21/33<sup>(b)(e)</sup> |  | 289 | 391178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.90%), 7.87%, 04/21/33<sup>(b)(e)</sup> |  | 469 | 637504 |
|  Hill FL BV, Series 2024-2FL, Class D, (1-mo. EURIBOR + 1.95%), 3.86%, 10/18/32<sup>(b)(e)</sup> | EUR | 500 | 579352 |
|  Home Efficiency Trust, Series 2024, Class A, 0.00%, 12/31/54<sup>(a)(g)</sup> | USD | 27891 | 28463064 |
|  Home Equity Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class M2, (1-mo. CME Term SOFR + 0.71%), 4.87%, 07/25/36<sup>(b)</sup> |  | 2440 | 2316639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A3, (1-mo. CME Term SOFR + 0.41%), 4.57%, 05/25/37<sup>(b)</sup> |  | 1643 | 1374182 |
|  Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-A, Class M2, (1-mo. CME Term SOFR + 2.14%), 3.52%, 07/25/34<sup>(b)</sup> |  | 217 | 209313 |
|  Home Equity Mortgage Trust, Series 2006-2,<br>Class 1A1, 5.87%, 07/25/36<sup>(c)</sup> |  | 1619 | 145941 |
|  Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26<sup>(a)</sup> |  | 8716 | 8492098 |
|  Household Capital RMBS, Series 2025-1, Class A, (3-mo. BBSW + 1.90%), 5.74%, 07/21/87<sup>(b)(e)</sup> | AUD | 3530 | 2328770 |
|  Huntington Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B2, (SOFR (30-day) + 1.40%), 5.79%, 05/20/32<sup>(a)(b)</sup> | USD | 3742 | 3750067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B2, (SOFR (30-day) + 1.35%), 5.74%, 10/20/32<sup>(a)(b)</sup> |  | 6396 | 6405240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class B2, (SOFR (30-day) + 1.20%), 5.59%, 09/20/33<sup>(a)(b)</sup> |  | 3329 | 3330429 |
|  Invesco CLO Ltd., Series 2022-1A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.13%, 04/20/35<sup>(a)(b)</sup> |  | 1857 | 1857705 |
|  Invesco Euro CLO V DAC, Series 5X, Class D,<br>(3-mo. EURIBOR + 3.80%), 5.83%, 01/15/34<sup>(b)(e)</sup> | EUR | 350 | 411281 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Italian Stella Loans Srl, Series 2024-2, Class D,<br>(1-mo. EURIBOR + 2.15%), 4.05%,<br>05/27/39<sup>(b)(e)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273286 |
|  JPMorgan Mortgage Acquisition Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class M1, (1-mo. CME Term SOFR + 0.52%), 4.68%, 05/25/36<sup>(b)</sup> | USD | 468 | 467874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH1, Class MF1, 4.44%, 11/25/36<sup>(c)</sup> |  | 120 | 123801 |
|  Juniper Valley Park CLO Ltd., Series 2023-1R, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.88%, 07/20/36<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | 2683644 |
|  Kings Park CLO Ltd., Series 2021-1A, Class A,<br>(3-mo. CME Term SOFR + 1.39%), 5.72%, 01/21/35<sup>(a)(b)</sup> |  | 810 | 811215 |
|  KKR CLO 10 Ltd., Series 10, Class BR, (3-mo. CME Term SOFR + 1.96%), 6.00%,<br>09/15/29<sup>(a)(b)</sup> |  | 40 | 39682 |
|  KKR CLO 33 Ltd., Series 33A, Class A, (3-mo. CME Term SOFR + 1.43%), 5.76%,<br>07/20/34<sup>(a)(b)</sup> |  | 250 | 250410 |
|  LCM 26 Ltd., Series 26A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.66%, 01/20/31<sup>(a)(b)</sup> |  | 39 | 39007 |
|  LCM 29 Ltd., Series 29A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.65%, 04/15/31<sup>(a)(b)</sup> |  | 536 | 536389 |
|  LCM XIV LP, Series 14A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.63%, 07/20/31<sup>(a)(b)</sup> |  | 5 | 5025 |
|  LCM XVII LP, Series 17A, Class A1AR, (3-mo. CME Term SOFR + 1.39%), 5.71%,<br>10/15/31<sup>(a)(b)</sup> |  | 72 | 72235 |
|  Legacy Mortgage Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class A, 3.38%, 02/25/59<sup>(a)(b)</sup> |  | 2158 | 2086018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class B, 0.00%, 02/25/59<sup>(a)</sup>. |  | 2072 | 409156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class M, 4.25%, 02/25/59<sup>(a)(b)</sup> |  | 2390 | 2167903 |
|  Lehman ABS Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-B, Class M1, 6.63%, 04/15/40<sup>(b)</sup> . |  | 585 | 590176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-A, Class C, 0.00%, 06/15/33 |  | 142 | 141549 |
|  Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1-mo. CME Term SOFR + 0.20%), 4.36%, 06/25/37<sup>(a)(b)</sup> |  | 284 | 188460 |
|  LendingClub Rated Notes Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class A, 5.54%, 06/16/31<sup>(a)</sup> |  | 10127 | 10180022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class B, 5.92%, 06/16/31<sup>(a)</sup> |  | 871 | 878171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class C, 6.56%, 06/16/31<sup>(a)</sup> |  | 1740 | 1756485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class D, 6.79%, 06/16/31<sup>(a)</sup> |  | 707 | 714298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class E, 9.28%, 06/16/31<sup>(a)</sup> |  | 1378 | 1392332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class F, 13.31%, 06/16/38<sup>(a)</sup>  |  | 458 | 463320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class R, 0.00%, 07/16/40<sup>(a)</sup> |  | 182 | 470271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class A, 5.20%, 02/15/35<sup>(a)</sup> |  | 8206 | 8267752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class B, 5.59%, 04/15/35<sup>(a)</sup> |  | 407 | 409775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class C, 6.25%, 09/15/35<sup>(a)</sup> |  | 820 | 825570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class D, 6.47%, 12/15/35<sup>(a)</sup> |  | 328 | 330202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class E, 8.99%, 07/15/36<sup>(a)</sup> |  | 526 | 529427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class F, 13.02%, 01/15/37<sup>(a)</sup>  |  | 262 | 264042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class R, 0.00%, 03/15/45<sup>(a)</sup> |  | 114 | 270258 |
|  Lendmark Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.46%, 04/20/32<sup>(a)</sup> |  | 730 | 678826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.88%, 06/21/32<sup>(a)</sup> |  | 2136 | 2170373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.40%, 06/21/32<sup>(a)</sup> |  | 818 | 834792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 7.21%, 06/21/32<sup>(a)</sup> |  | 953 | 973966 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Lendmark Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.86%, 02/21/34<sup>(a)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.25%, 02/21/34<sup>(a)</sup> |  | 399 | 400101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 02/21/34<sup>(a)</sup> |  | 1277 | 1278085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 09/20/34<sup>(a)</sup> |  | 6997 | 7076732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.68%, 09/20/34<sup>(a)</sup> |  | 454 | 462565 |
|  LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (SOFR (30-day) + 1.55%), 5.93%, 01/17/37<sup>(a)(b)</sup> |  | 500 | 500552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A, (1-mo. CME Term SOFR + 1.39%), 5.53%, 08/17/42<sup>(a)(b)</sup> |  | 1750 | 1753246 |
|  Loanpal Solar Loan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2GF, Class A, 2.75%, 07/20/47<sup>(a)</sup> |  | 4121 | 3496344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1GS, Class A, 2.29%, 01/20/48<sup>(a)</sup> |  | 3967 | 3322223 |
|  Long Beach Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A3, (1-mo. CME Term SOFR + 0.41%), 4.57%, 06/25/36<sup>(b)</sup> |  | 2879 | 1350474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7, Class 2A3, (1-mo. CME Term SOFR + 0.43%), 4.59%, 08/25/36<sup>(b)</sup> |  | 7639 | 3028460 |
|  Lyra Music Assets Delaware LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.76%, 12/22/64<sup>(a)</sup> . |  | 8360 | 8479203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.60%, 09/20/65<sup>(a)</sup> . |  | 2464 | 2491759 |
|  Madison Park Funding LI Ltd., Series 2021-51A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.29%, 07/19/34<sup>(a)(b)</sup> |  | 2740 | 2745123 |
|  Madison Park Funding LVII Ltd., Series 2022- 57A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.59%, 07/27/34<sup>(a)(b)</sup> |  | 250 | 250250 |
|  Madison Park Funding LXVII Ltd., Series 2024- 67A, Class B, (3-mo. CME Term SOFR + 2.05%), 6.37%, 04/25/37<sup>(a)(b)</sup> |  | 6610 | 6632211 |
|  Madison Park Funding LXXI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A, Class A1, (3-mo. CME Term SOFR + 1.14%), 5.41%, 04/23/38<sup>(a)(b)</sup> |  | 1900 | 1901488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A, Class B, (3-mo. CME Term SOFR + 1.50%), 5.77%, 04/23/38<sup>(a)(b)</sup> |  | 250 | 249625 |
|  Madison Park Funding LXXIII Ltd., Series 2025- 73A, Class B, (3-mo. CME Term SOFR + 1.70%), 5.66%, 10/17/38<sup>(a)(b)</sup> |  | 730 | 733300 |
|  Madison Park Funding XIX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, (3-mo. CME Term SOFR + 1.60%), 5.93%, 01/22/37<sup>(a)(b)</sup> |  | 7000 | 7023100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class BR3, (3-mo. CME Term SOFR + 2.25%), 6.58%, 01/22/37<sup>(a)(b)</sup> |  | 1000 | 1004640 |
|  Madison Park Funding XLII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.47%, 11/21/30<sup>(a)(b)</sup> |  | 259 | 259175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.08%, 11/21/30<sup>(a)(b)</sup> |  | 1500 | 1502070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.38%, 11/21/30<sup>(a)(b)</sup> |  | 390 | 390740 |
|  Madison Park Funding XXII Ltd., Series 2016- 22A, Class AR2, (3-mo. CME Term SOFR + 1.31%), 5.63%, 01/15/38<sup>(a)(b)</sup> |  | 3000 | 3011141 |
|  Madison Park Funding XXIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class BR, (3-mo. CME Term SOFR + 1.81%), 6.13%, 07/27/31<sup>(a)(b)</sup> |  | 500 | 501005 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Madison Park Funding XXIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.58%, 07/27/31<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901708 |
|  Madison Park Funding XXIV Ltd., Series 2016-24A, Class BR2, (3-mo. CME Term SOFR + 1.55%), 5.88%, 10/20/29<sup>(a)(b)</sup> |  | 760 | 759878 |
|  Madison Park Funding XXVII Ltd., Series 2018-27A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.53%, 04/20/38<sup>(a)(b)</sup> |  | 500 | 500625 |
|  Madison Park Funding XXX Ltd., Series 2018-30A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.68%, 07/16/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | 1785874 |
|  Madison Park Funding XXXI Ltd., Series 2018-31A, Class B1R, (3-mo. CME Term SOFR + 1.80%), 6.12%, 07/23/37<sup>(a)(b)</sup> |  | 4110 | 4114192 |
|  Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, (3-mo. CME Term SOFR + 1.29%), 5.61%, 10/15/32<sup>(a)(b)</sup> |  | 2951 | 2954232 |
|  Madison Park Funding XXXV Ltd., Series 2019-35A, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.99%, 04/20/32<sup>(a)(b)</sup> |  | 1030 | 1030515 |
|  Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR2, (3-mo. CME Term SOFR + 1.53%), 5.85%, 04/15/37<sup>(a)(b)</sup> |  | 670 | 673367 |
|  Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 8.24%, 01/22/35<sup>(a)(b)</sup> |  | 250 | 250531 |
|  Mariner Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36<sup>(a)</sup> |  | 1265 | 1177246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class A, 5.13%, 09/22/36<sup>(a)</sup> |  | 5718 | 5797381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class D, 6.77%, 09/22/36<sup>(a)</sup> |  | 304 | 311987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class E, 9.02%, 09/22/36<sup>(a)</sup> |  | 1277 | 1325613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class D, 6.36%, 11/20/38<sup>(a)</sup> |  | 1400 | 1437983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A, 4.98%, 05/20/38<sup>(a)</sup> |  | 10592 | 10708331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class B, 5.33%, 05/20/38<sup>(a)</sup> |  | 1425 | 1445301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class C, 5.69%, 05/20/38<sup>(a)</sup> |  | 1462 | 1489940 |
|  MASTR Asset-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AM2, Class A4, (1-mo. CME Term SOFR + 0.63%), 4.79%, 06/25/36<sup>(a)(b)</sup> |  | 879 | 822924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class A4, (1-mo. CME Term SOFR + 0.67%), 4.83%, 05/25/37<sup>(b)</sup> |  | 1318 | 1124620 |
|  MASTR Specialized Loan Trust, Series 2006-3, Class A, (1-mo. CME Term SOFR + 0.63%), 4.79%, 06/25/46<sup>(a)(b)</sup> |  | 166 | 163307 |
|  Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1-mo. CME Term SOFR + 0.59%), 4.75%, 05/25/37<sup>(b)</sup> |  | 743 | 541211 |
|  Merrill Lynch Mortgage Investors Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OPT1, Class M1, (1-mo. CME Term SOFR + 0.50%), 4.66%, 08/25/37<sup>(b)</sup> |  | 395 | 379035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM3, Class A2B, (1-mo. CME Term SOFR + 0.29%), 4.45%, 06/25/37<sup>(b)</sup> |  | 817 | 171895 |
|  Metro Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. BBSW + 1.90%), 5.44%, 10/15/31<sup>(b)</sup> | AUD | 500 | 333977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. BBSW + 2.20%), 5.74%, 10/15/31<sup>(b)</sup> |  | 650 | 434974 |
|  MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10, Class A, (1-mo. CME Term SOFR + 2.64%), 6.77%, 09/17/37<sup>(a)(b)</sup> | USD | 956 | 956549 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class A, (1-mo. CME Term SOFR + 2.15%), 6.28%, 06/19/37<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993139 |
|  MFA Trust, Series 2024-NPL1, Class A1, 6.33%, 09/25/54<sup>(a)(c)</sup> |  | 4685 | 4690625 |
|  MidOcean Credit CLO XII Ltd., Series 2023-12A, Class A1RR, (3-mo. CME Term SOFR + 1.34%), 5.67%, 07/18/38<sup>(a)(b)</sup> |  | 3170 | 3182353 |
|  Mila BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.45%), 3.37%, 09/16/41<sup>(b)(e)</sup> | EUR | 216 | 255268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 2.00%), 3.92%, 09/16/41<sup>(b)(e)</sup> |  | 171 | 202585 |
|  Milford Park CLO Ltd., Series 2022-1A, Class AR, (3-mo. CME Term SOFR + 1.16%), 5.49%, 01/20/38<sup>(a)(b)</sup> | USD | 2370 | 2370168 |
|  Mill City Solar Loan Ltd., Series 2019-2GS, Class A, 3.69%, 07/20/43<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 | 3096185 |
|  Milos CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.33%), 5.66%,<br>10/20/30<sup>(a)(b)</sup> |  | 1516 | 1516699 |
|  Morgan Stanley ABS Capital I, Inc. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1, Class A2MZ, (1-mo. CME Term SOFR + 0.71%), 4.87%, 12/25/34<sup>(b)</sup> |  | 820 | 780076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE5, Class M4, (1-mo. CME Term SOFR + 0.98%), 5.14%, 09/25/35<sup>(b)</sup> |  | 2861 | 2382406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8, Class A2FP, (1-mo. CME Term SOFR + 0.18%), 4.34%, 10/25/36<sup>(b)</sup> |  | 1648 | 719210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA1, Class 2A1, (1-mo. CME Term SOFR + 3.91%), 8.07%, 02/25/47<sup>(a)(b)</sup> |  | 317 | 301283 |
|  Morgan Stanley Home Equity Loan Trust,<br>Series 2006-3, Class A3, (1-mo. CME Term SOFR + 0.43%), 4.59%, 04/25/36<sup>(b)</sup> |  | 1274 | 888223 |
|  Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A4, 6.51%, 10/25/36<sup>(c)</sup> |  | 1865 | 397911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A6A, 6.23%, 10/25/36<sup>(c)</sup> |  | 715 | 188583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 1A, (1-mo. CME Term SOFR + 0.45%), 4.61%, 11/25/36<sup>(b)</sup> |  | 3471 | 540752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 2A3, (1-mo. CME Term SOFR + 0.61%), 4.77%, 11/25/36<sup>(b)</sup> |  | 1008 | 276723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A3S, 6.36%, 01/25/47<sup>(c)</sup> |  | 1377 | 481496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47<sup>(c)</sup> |  | 5993 | 2058145 |
|  Mosaic Solar Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS, Class A, 4.20%, 02/22/44<sup>(a)</sup> |  | 1166 | 1090756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.88%, 09/20/40<sup>(a)</sup> |  | 422 | 373472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.10%, 04/20/46<sup>(a)</sup> |  | 567 | 498714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.32%, 06/20/53<sup>(a)</sup> |  | 370 | 352759 |
|  MP CLO VII Ltd., Series 2015-1A, Class BRR,<br>(3-mo. CME Term SOFR + 1.86%), 6.19%, 10/18/28<sup>(a)(b)</sup> |  | 311 | 311043 |
|  Nationstar Home Equity Loan Trust, Series 2007-B, Class M1, (1-mo. CME Term SOFR + 0.73%), 4.89%, 04/25/37<sup>(b)</sup> |  | 3320 | 3200698 |
|  Navient Education Loan Trust, Series 2025-A, Class D, 6.03%, 07/15/55<sup>(a)</sup> |  | 404 | 407502 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** |  |  |  |
|  Navient Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-AA, Class B, 3.50%, 08/15/44<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (1-mo. CME Term SOFR + 1.01%), 5.17%, 11/15/68<sup>(a)(b)</sup> |  | 858 | 856024 |
|  Navient Private Education Refi Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 3.13%, 02/15/68<sup>(a)</sup> |  | 61 | 60428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class B, 2.69%, 07/15/69<sup>(a)</sup> |  | 2590 | 2228129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.61%, 04/15/60<sup>(a)</sup> |  | 828 | 745002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/60<sup>(a)</sup> |  | 2230 | 2088948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/72<sup>(a)</sup> |  | 12343 | 12675314 |
|  Navient Refinance Loan Trust, Series 2025-B, Class A, 4.72%, 09/15/55<sup>(a)</sup> |  | 7360 | 7343603 |
|  Nelnet Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B1, 2.85%, 04/20/62<sup>(a)</sup> |  | 3470 | 3133396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B2, 2.85%, 04/20/62<sup>(a)</sup> |  | 22590 | 20339882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.75%, 04/20/62<sup>(a)</sup> |  | 1706 | 1521385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62<sup>(a)</sup> |  | 2323 | 2113026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B, 2.68%, 04/20/62<sup>(a)</sup> |  | 13069 | 11675429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class C, 3.57%, 04/20/62<sup>(a)</sup> |  | 836 | 739555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62<sup>(a)</sup> |  | 1499 | 1342794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 2.53%, 04/20/62<sup>(a)</sup> |  | 12397 | 10903199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 3.36%, 04/20/62<sup>(a)</sup> |  | 650 | 560768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62<sup>(a)</sup> |  | 990 | 852622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.90%, 04/20/62<sup>(a)</sup> |  | 7353 | 6603512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class D, 4.38%, 04/20/62<sup>(a)</sup> |  | 331 | 288159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PL1A, Class A1A, (SOFR<br>(30-day) + 2.25%), 6.61%, 11/25/53<sup>(a)(b)</sup> |  | 2562 | 2597777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A1B, (SOFR (30-day) + 1.35%), 5.69%, 05/17/55<sup>(a)(b)</sup> |  | 16636 | 16735294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class B, 4.98%, 05/17/55<sup>(a)</sup> |  | 7795 | 7793853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class C, 5.38%, 05/17/55<sup>(a)</sup> |  | 4319 | 4338244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class D, 6.04%, 05/17/55<sup>(a)</sup> |  | 3153 | 3175052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class A1B, (SOFR (30-day) + 1.35%), 5.71%, 06/22/65<sup>(a)(b)</sup> |  | 8092 | 8091948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class D, 5.82%, 06/22/65<sup>(a)</sup> |  | 4599 | 4582609 |
|  Neuberger Berman CLO XX Ltd., Series 2015- 20A, Class BR3, (3-mo. CME Term SOFR + 1.50%), 5.82%, 04/15/39<sup>(a)(b)</sup> |  | 750 | 751223 |
|  Neuberger Berman CLO XXI Ltd., Series 2016- 21A, Class A1R3, (3-mo. CME Term SOFR + 1.32%), 5.65%, 01/20/39<sup>(a)(b)</sup> |  | 6960 | 6987864 |
|  Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class BR2, (3-mo. CME Term SOFR + 1.65%), 5.98%, 07/20/39<sup>(a)(b)</sup> |  | 1000 | 1000700 |
|  Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.83%, 01/20/37<sup>(a)(b)</sup> |  | 780 | 778861 |
|  New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1-mo. CME Term SOFR + 0.79%), 4.95%, 12/25/35<sup>(b)</sup> |  | 2183 | 1912333 |
|  New Mountain CLO 2 Ltd., Series CLO-2A,<br>Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/15/38<sup>(a)(b)</sup> |  | 1990 | 1996776 |
|  New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39<sup>(a)</sup> |  | 699 | 684244 |
|  Newday Funding Master Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class B, (1-day SONIA + 1.40%), 5.37%, 07/15/32<sup>(b)(e)</sup> | GBP | 655 | 887571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + 1.90%), 5.87%, 07/15/32<sup>(b)(e)</sup> |  | 780 | 1059769 |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Newday Funding Master Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + 2.65%), 6.62%, 07/15/32<sup>(b)(e)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2X, Class C, (1-day SONIA + 1.50%), 5.47%, 07/15/33<sup>(b)(e)</sup> |  | 981 | 1324056 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1-mo. CME Term SOFR + 0.51%), 4.67%, 10/25/36<sup>(a)(b)</sup> | USD | 42 | 83600 |
|  Noria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class D, (1-mo. EURIBOR + 1.65%), 3.52%, 02/25/43<sup>(b)(e)</sup> | EUR | 446 | 526689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class E, (1-mo. EURIBOR + 3.55%), 5.42%, 02/25/43<sup>(b)(e)</sup> |  | 446 | 531148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class F, (1-mo. EURIBOR + 4.50%), 6.37%, 02/25/43<sup>(b)(e)</sup> |  | 268 | 317325 |
|  Oak Hill Credit Partners X-R Ltd., Series 2014- 10RA, Class AR2, (3-mo. CME Term SOFR + 1.13%), 5.46%, 04/20/38<sup>(a)(b)</sup> | USD | 2680 | 2680260 |
|  Oaktree CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BRR, (3-mo. CME Term SOFR + 1.55%), 5.87%, 01/15/38<sup>(a)(b)</sup> |  | 930 | 932399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class AR, (3-mo. CME Term SOFR + 0.97%), 5.29%, 01/15/35<sup>(a)(b)</sup> |  | 2100 | 2100223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A2, (3-mo. CME Term SOFR + 1.57%), 5.90%, 10/22/37<sup>(a)(b)</sup> |  | 790 | 793091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class D1, (3-mo. CME Term SOFR + 3.00%), 7.33%, 10/22/37<sup>(a)(b)</sup> |  | 250 | 252329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31A, Class A, (3-mo. CME Term SOFR + 1.32%), 5.60%, 07/15/38<sup>(a)(b)</sup> |  | 1200 | 1202022 |
|  Oakwood Mortgage Investors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-D, Class A2, 5.26%, 01/15/19<sup>(b)</sup> |  | 427 | 143008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-D, Class A4, 6.93%, 09/15/31<sup>(b)</sup> |  | 271 | 110595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-B, Class M1, 7.62%, 06/15/32<sup>(b)</sup> |  | 3108 | 3147465 |
|  OCP Aegis CLO Ltd., Series 2024-39A, Class A1, (3-mo. CME Term SOFR + 1.22%), 5.54%, 01/16/37<sup>(a)(b)</sup> |  | 310 | 310974 |
|  OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.66%, 04/26/31<sup>(a)(b)</sup> |  | 16 | 16449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A2R, (3-mo. CME Term SOFR + 1.66%), 5.98%, 04/26/31<sup>(a)(b)</sup> |  | 1070 | 1069925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class BAR3, (3-mo. CME Term SOFR + 1.68%), 6.01%, 10/18/37<sup>(a)(b)</sup> |  | 1960 | 1966096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class XR3, (3-mo. CME Term SOFR + 1.20%), 5.53%, 10/18/37<sup>(a)(b)</sup> |  | 1785 | 1785011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.67%, 11/26/37<sup>(a)(b)</sup> |  | 6765 | 6785288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR, (3-mo. CME Term SOFR + 1.25%), 5.58%, 01/20/38<sup>(a)(b)</sup> |  | 535 | 536062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class AR, (3-mo. CME Term SOFR + 1.26%), 5.59%, 04/10/33<sup>(a)(b)</sup> |  | 3675 | 3681788 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class AR2, (3-mo. CME Term SOFR + 1.40%), 5.73%, 07/20/37<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class A1R2, (3-mo. CME Term SOFR + 1.37%), 5.70%, 07/20/37<sup>(a)(b)</sup> |  | 2080 | 2086619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME Term SOFR + 3.10%), 7.43%, 07/20/37<sup>(a)(b)</sup> |  | 390 | 393542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-20A, Class B1R, (3-mo. CME Term SOFR + 1.95%), 6.28%, 04/18/37<sup>(a)(b)</sup> |  | 360 | 361562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR, (3-mo. CME Term SOFR + 1.25%), 5.57%, 10/17/36<sup>(a)(b)</sup> |  | 750 | 751004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2, (3-mo. CME Term SOFR + 1.22%), 10/17/38<sup>(a)(b)(f)</sup> |  | 750 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/20/37<sup>(a)(b)</sup> |  | 660 | 662224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36A, Class B1, (3-mo. CME Term SOFR + 1.70%), 6.02%, 10/16/37<sup>(a)(b)</sup> |  | 289 | 290439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 10/15/37<sup>(a)(b)</sup> |  | 1390 | 1394726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class B1, (3-mo. CME Term SOFR + 1.68%), 6.00%, 10/15/37<sup>(a)(b)</sup> |  | 1390 | 1396422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.66%, 01/21/38<sup>(a)(b)</sup> |  | 4400 | 4413280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40A, Class A, (3-mo. CME Term SOFR + 1.14%), 5.46%, 04/16/38<sup>(a)(b)</sup> |  | 6620 | 6625076 |
|  OCP Euro CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class CR, (3-mo.<br>EURIBOR + 2.30%), 4.32%, 04/20/33<sup>(a)(b)</sup> | EUR | 250 | 294982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class DR, (3-mo. EURIBOR + 3.30%), 5.32%, 04/20/33<sup>(a)(b)</sup> |  | 250 | 295848 |
|  Octagon 56 Ltd., Series 2021-1A, Class B,<br>(3-mo. CME Term SOFR + 1.91%), 6.23%, 10/15/34<sup>(a)(b)</sup> | USD | 250 | 250130 |
|  Octagon 57 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.73%, 10/15/34<sup>(a)(b)</sup> |  | 500 | 500883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.91%), 6.23%, 10/15/34<sup>(a)(b)</sup> |  | 1280 | 1282611 |
|  Octagon 66 Ltd., Series 2022-1A, Class A1R, (3-mo. CME Term SOFR + 1.75%), 5.94%, 11/16/36<sup>(a)(b)</sup> |  | 4970 | 4977282 |
|  Octagon Investment Partners 18-R Ltd.,<br>Series 2018-18A, Class A1A, (3-mo. CME Term SOFR + 1.22%), 5.54%, 04/16/31<sup>(a)(b)</sup> |  | 1469 | 1469137 |
|  Octagon Investment Partners 39 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class AR, (3-mo. CME Term SOFR + 1.15%), 5.48%, 10/20/30<sup>(a)(b)</sup> |  | 797 | 797406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term SOFR + 1.80%), 6.13%, 10/20/30<sup>(a)(b)</sup> |  | 8890 | 8895690 |
|  Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.23%, 07/15/36<sup>(a)(b)</sup> |  | 3290 | 3292994 |
|  Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.60%, 07/17/30<sup>(a)(b)</sup> |  | 1080 | 1080748 |

---

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |  |
|  Octagon Investment Partners XVII Ltd.,<br>Series 2013-1A, Class A1R2, (3-mo. CME Term SOFR + 1.26%), 5.58%, 01/25/31<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79478 |
|  OHA Credit Funding 17 Ltd., Series 2024-17A, Class A, (3-mo. CME Term SOFR + 1.48%), 5.81%, 04/20/37<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180619 |
|  OHA Credit Funding 19 Ltd., Series 2024-19A, Class B1, (3-mo. CME Term SOFR + 1.70%), 6.03%, 07/20/37<sup>(a)(b)</sup> |  | 250 | 251340 |
|  OHA Credit Funding 2 Ltd., Series 2019-2A,<br>Class AR2, (3-mo. CME Term SOFR + 1.24%), 5.57%, 01/21/38<sup>(a)(b)</sup> |  | 15470 | 15505304 |
|  OHA Credit Funding 4 Ltd., Series 2019-4A,<br>Class AR2, (3-mo. CME Term SOFR + 1.29%), 5.62%, 01/22/38<sup>(a)(b)</sup> |  | 3170 | 3180514 |
|  OHA Credit Funding 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.68%, 10/18/37<sup>(a)(b)</sup> |  | 8960 | 8994295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/18/37<sup>(a)(b)</sup> |  | 420 | 421978 |
|  OHA Credit Funding 6 Ltd., Series 2020-6A,<br>Class AR2, (3-mo. CME Term SOFR + 1.33%), 5.66%, 10/20/37<sup>(a)(b)</sup> |  | 850 | 853090 |
|  OHA Credit Funding 7 Ltd., Series 2020-7A,<br>Class A1R2, (3-mo. CME Term SOFR + 1.28%), 5.54%, 07/19/38<sup>(a)(b)</sup> |  | 1006 | 1008132 |
|  OHA Credit Funding 9 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.68%, 10/19/37<sup>(a)(b)</sup> |  | 2780 | 2790645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/19/37<sup>(a)(b)</sup> |  | 3510 | 3524567 |
|  OHA Credit Partners XI Ltd., Series 2015-11A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 5.79%, 04/20/37<sup>(a)(b)</sup> |  | 3530 | 3543898 |
|  OHA Credit Partners XVI, Series 2021-16A,<br>Class AR, (3-mo. CME Term SOFR + 1.35%), 5.68%, 10/18/37<sup>(a)(b)</sup> |  | 5388 | 5408392 |
|  OHA Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.50%, 05/23/31<sup>(a)(b)</sup> |  | 1544 | 1545067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A1R4, (3-mo. CME Term SOFR + 1.25%), 5.42%, 10/19/38<sup>(a)(b)</sup> |  | 1830 | 1835460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 5.79%, 07/20/37<sup>(a)(b)</sup> |  | 3750 | 3764770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class B1R2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 07/20/37<sup>(a)(b)</sup> |  | 250 | 250983 |
|  OneMain Direct Auto Receivables Trust,<br>Series 2025-1A, Class D, 6.10%, 07/14/37<sup>(a)</sup> |  | 1484 | 1511640 |
|  OneMain Financial Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 2.76%, 09/14/35<sup>(a)</sup> |  | 2620 | 2519205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.79%, 05/14/41<sup>(a)</sup> |  | 17503 | 18518244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.79%, 07/14/38<sup>(a)</sup> |  | 2126 | 2150829 |
|  Option One Mortgage Loan Trust Series 2005-4, Class M3, (1-mo. CME Term SOFR + 0.85%), 5.01%, 11/25/35<sup>(b)</sup> |  | 4030 | 3498785 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Option One Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1, Class 2A3, (1-mo. CME Term SOFR + 0.32%), 4.48%, 03/25/37<sup>(b)</sup> | USD | 2360 | $2069829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37<sup>(c)</sup> |  | 3959 | 3434299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 3A4, 5.86%, 01/25/37<sup>(c)</sup> |  | 272 | 266556 |
|  Orchard Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.69%, 10/20/37<sup>(a)(b)</sup> |  | 15180 | 15232174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B1, (3-mo. CME Term SOFR + 1.70%), 6.03%, 10/20/37<sup>(a)(b)</sup> |  | 1380 | 1387976 |
|  Origen Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-A, Class M1, 7.82%, 03/15/32<sup>(b)</sup> |  | 630 | 632708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-B, Class A1, (1-mo. CME Term SOFR + 1.31%), 5.47%, 10/15/37<sup>(a)(b)</sup> |  | 114 | 113863 |
|  Owl Rock CLO V LLC, Series 2020-5A,<br>Class A1R, (3-mo. CME Term SOFR + 1.78%), 6.11%, 04/20/34<sup>(a)(b)</sup> |  | 900 | 904534 |
|  Owl Rock CLO VII LLC, Series 2022-7A,<br>Class AR, (3-mo. CME Term SOFR + 1.40%), 5.73%, 04/20/38<sup>(a)(b)</sup> |  | 290 | 288550 |
|  Owl Rock CLO XVIII LLC, Series 2024-18A, Class A, (3-mo. CME Term SOFR + 1.70%), 6.02%, 07/24/36<sup>(a)(b)</sup> |  | 3925 | 3940085 |
|  Ownit Mortgage Loan Trust, Series 2006-2,<br>Class A2C, 6.50%, 01/25/37<sup>(c)</sup> |  | 1499 | 1377467 |
|  OZLM XVIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, (3-mo. CME Term SOFR + 1.28%), 5.60%, 04/15/31<sup>(a)(b)</sup> |  | 1439 | 1440673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class B, (3-mo. CME Term SOFR + 1.81%), 6.13%, 04/15/31<sup>(a)(b)</sup> |  | 700 | 700336 |
|  OZLM XXII Ltd., Series 2018-22A, Class A1,<br>(3-mo. CME Term SOFR + 1.33%), 5.65%, 01/17/31<sup>(a)(b)</sup> |  | 83 | 83240 |
|  OZLM XXIV Ltd., Series 2019-24A, Class A2AR, (3-mo. CME Term SOFR + 1.96%), 6.29%, 07/20/32<sup>(a)(b)</sup> |  | 750 | 750630 |
|  Pagaya AI Technology in Housing Trust,<br>Series 2023-1, Class F, 3.60%, 10/25/40<sup>(a)</sup> |  | 3423 | 2876266 |
|  Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 5.86%, 11/15/36<sup>(a)(b)</sup> |  | 1270 | 1272264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.59%, 07/15/38<sup>(a)(b)</sup> |  | 610 | 612861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.68%, 07/20/37<sup>(a)(b)</sup> |  | 1530 | 1535345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D1R, (3-mo. CME Term SOFR + 2.95%), 7.28%, 07/20/37<sup>(a)(b)</sup> |  | 550 | 555993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 07/20/37<sup>(a)(b)</sup> |  | 3270 | 3284191 |
|  Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A2, (3-mo. CME Term SOFR + 1.90%), 6.22%, 10/15/30<sup>(a)(b)</sup> |  | 1810 | 1811665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, (3-mo. CME Term SOFR + 2.20%), 6.52%, 10/15/30<sup>(a)(b)</sup> |  | 390 | 390745 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, (3-mo. CME Term SOFR + 3.10%), 7.42%, 10/15/30<sup>(a)(b)</sup> | USD | 250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1BR, (3-mo. CME Term SOFR + 1.40%), 5.72%, 04/15/31<sup>(a)(b)</sup> |  | 250 | 250374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME Term SOFR + 1.60%), 5.92%, 04/15/31<sup>(a)(b)</sup> |  | 16630 | 16644106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, (3-mo. CME Term SOFR + 1.45%), 5.77%, 10/15/32<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 1679261 |
|  Panorama Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. BBSW + 1.55%), 5.09%, 03/15/33<sup>(b)(e)</sup> | AUD | 732 | 485401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-mo. BBSW + 3.40%), 6.94%, 03/15/33<sup>(b)(e)</sup> |  | 540 | 362274 |
|  Park Blue CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.75%, 07/20/37<sup>(a)(b)</sup> | USD | 1460 | 1464634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A, Class A1, (3-mo. CME Term SOFR + 1.22%), 5.47%, 04/25/38<sup>(a)(b)</sup> |  | 2000 | 2002468 |
|  PCL Funding IX PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.30%), 5.27%, 07/16/29<sup>(b)(e)</sup> | GBP | 684 | 922702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 2.15%), 6.12%, 07/16/29<sup>(b)(e)</sup> |  | 151 | 204470 |
|  PFS Financing Corp., Series 2022-E, Class B, 5.54%, 10/30/26<sup>(a)(g)</sup> | USD | 12000 | 12057600 |
|  Point Au Roche Park CLO Ltd., Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.34%), 5.67%, 07/20/34<sup>(a)(b)</sup> |  | 370 | 370370 |
|  Point Broadband & Funding LLC, Series 2025-1A, Class C, 8.16%, 07/20/55<sup>(a)</sup> |  | 3261 | 3333964 |
|  Pony SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + 1.20%), 3.08%, 01/14/33<sup>(b)(e)</sup> | EUR | 389 | 457973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + 1.65%), 3.53%, 01/14/33<sup>(b)(e)</sup> |  | 292 | 345041 |
|  Post CLO Ltd., Series 2023-1A, Class A, (3-mo. CME Term SOFR + 1.95%), 6.28%, 04/20/36<sup>(a)(b)</sup> | USD | 500 | 500996 |
|  Post CLO VI Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.75%, 01/20/38<sup>(a)(b)</sup> |  | 950 | 954402 |
|  PRET LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RN4, Class A1, 5.49%, 10/25/51<sup>(a)(b)</sup> |  | 4010 | 4009960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%,<br>09/25/54<sup>(a)(c)</sup> |  | 4741 | 4744306 |
|  Prodigy Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (1-mo. CME Term<br>SOFR + 1.36%), 5.52%, 07/25/51<sup>(a)(b)</sup> |  | 1093 | 1091613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (1-mo. CME Term SOFR + 2.61%), 6.77%, 07/25/51<sup>(a)(b)</sup> |  | 214 | 216626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1-mo. CME Term SOFR + 3.86%), 8.02%, 07/25/51<sup>(a)(b)</sup> |  | 124 | 127197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1-mo. CME Term SOFR + 6.01%), 10.17%, 07/25/51<sup>(a)(b)</sup> |  | 85 | 87562 |
|  Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class E2, 3.67%, 12/17/40<sup>(a)</sup> |  | 1788 | 1710390 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, 12/17/40<sup>(a)</sup> | USD | 7221 | $7064370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class F, 3.44%, 05/17/26<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, 11/17/40<sup>(a)</sup> |  | 1342 | 1274932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 02/17/41<sup>(a)</sup> |  | 2617 | 2550533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, 02/17/41<sup>(a)</sup> |  | 2617 | 2562328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E1, 3.40%, 04/17/41<sup>(a)(b)</sup> |  | 2025 | 1876736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E2, 3.65%, 04/17/41<sup>(a)(b)</sup> |  | 1012 | 937080 |
|  QTS Issuer ABS II LLC, Series 2025-1A, Class A2, 5.04%, 10/05/55<sup>(a)</sup> |  | 7979 | 7945339 |
|  Quarzo Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (3-mo. EURIBOR + 2.30%), 4.31%, 06/15/41<sup>(b)(e)</sup> | EUR | 311 | 370129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (3-mo. EURIBOR + 3.70%), 5.71%, 06/15/41<sup>(b)(e)</sup> |  | 254 | 301100 |
|  Race Point X CLO Ltd., Series 2016-10A,<br>Class A1R, (3-mo. CME Term SOFR + 1.36%), 5.68%, 07/25/31<sup>(a)(b)</sup> | USD | 652 | 652115 |
|  Rad CLO 15 Ltd., Series 2021-15A, Class A1AR, (3-mo. CME Term SOFR + 1.36%), 5.70%, 07/20/40<sup>(a)(b)</sup> |  | 2430 | 2441409 |
|  Rad CLO 16 Ltd., Series 2022-16A, Class A1R,<br>(3-mo. CME Term SOFR + 1.55%), 5.87%, 07/15/37<sup>(a)(b)</sup> |  | 325 | 326575 |
|  Rad CLO 18 Ltd., Series 2023-18A, Class A1R,<br>(3-mo. CME Term SOFR + 1.40%), 5.72%, 07/15/37<sup>(a)(b)</sup> |  | 250 | 250789 |
|  Rad CLO 21 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class A1R, (3-mo. CME Term SOFR + 1.07%), 5.39%, 01/25/37<sup>(a)(b)</sup> |  | 1270 | 1272061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class CR, (3-mo. CME Term SOFR + 1.80%), 6.12%, 01/25/37<sup>(a)(b)</sup> |  | 1500 | 1502918 |
|  Rad CLO 23 Ltd., Series 2024-23A, Class B1,<br>(3-mo. CME Term SOFR + 2.05%), 6.38%, 04/20/37<sup>(a)(b)</sup> |  | 1400 | 1403444 |
|  Rad CLO 25 Ltd., Series 2024-25A, Class A1,<br>(3-mo. CME Term SOFR + 1.46%), 5.79%, 07/20/37<sup>(a)(b)</sup> |  | 490 | 492246 |
|  Rad CLO 27 Ltd., Series 2024-27A, Class A1,<br>(3-mo. CME Term SOFR + 1.32%), 5.64%, 01/15/38<sup>(a)(b)</sup> |  | 930 | 933559 |
|  Rad CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.67%, 04/17/36<sup>(a)(b)</sup> |  | 1050 | 1051883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class B1R, (3-mo. CME Term SOFR + 1.90%), 6.22%, 04/17/36<sup>(a)(b)</sup> |  | 4540 | 4551078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class CR, (3-mo. CME Term SOFR + 2.60%), 6.92%, 04/17/36<sup>(a)(b)</sup> |  | 2410 | 2413801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A, Class D1R, (3-mo. CME Term SOFR + 4.15%), 8.47%, 04/17/36<sup>(a)(b)</sup> |  | 770 | 771727 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  RAF ABS, Series 2025-1, Class C, (1-mo. BBSW + 1.45%), 5.01%, 12/09/31<sup>(b)(e)</sup> | AUD | 500 | $330986 |
|  RAMP Series Trust, Series 2004-RS7, Class A2A, (1-mo. CME Term SOFR + 0.62%), 4.79%, 07/25/34<sup>(b)</sup> | USD | 951 | 755067 |
|  RCKT Mortgage Trust, Series 2024-CES2, Class B2, 9.69%, 04/25/44<sup>(a)(b)</sup> |  | 848 | 872207 |
|  Recette CLO Ltd., Series 2015-1A, Class BRR,<br>(3-mo. CME Term SOFR + 1.66%), 5.99%, 04/20/34<sup>(a)(b)</sup> |  | 500 | 500280 |
|  Red & Black Auto Italy Srl, Series 3, Class C, (1-mo. EURIBOR + 1.50%), 3.40%, 07/28/36<sup>(b)(e)</sup> | EUR | 298 | 351875 |
|  Redwood Funding Trust, Series 2023-1, Class A, 7.50%, 07/25/59<sup>(a)(c)</sup> | USD | 374 | 373868 |
|  Regatta 30 Funding Ltd., Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/25/38<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716905 |
|  Regatta 31 Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, (3-mo. CME Term SOFR + 1.17%), 5.40%, 03/25/38<sup>(a)(b)</sup> |  | 1380 | 1380516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, (3-mo. CME Term SOFR + 1.60%), 5.83%, 03/25/38<sup>(a)(b)</sup> |  | 1920 | 1926893 |
|  Regatta 32 Funding Ltd., Series 2025-4A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.63%, 07/25/38<sup>(a)(b)</sup> |  | 2550 | 2560463 |
|  Regatta IX Funding Ltd., Series 2017-1A,<br>Class B1R, (3-mo. CME Term SOFR + 2.00%), 6.32%, 04/17/37<sup>(a)(b)</sup> |  | 2438 | 2447947 |
|  Regatta VI Funding Ltd., Series 2016-1A,<br>Class A1R3, (3-mo. CME Term SOFR + 1.25%), 5.21%, 10/20/38<sup>(a)(b)</sup> |  | 4700 | 4694125 |
|  Regatta VII Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME Term SOFR + 1.41%), 5.42%, 06/20/34<sup>(a)(b)</sup> |  | 1600 | 1602481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR2, (3-mo. CME Term SOFR + 1.86%), 5.87%, 06/20/34<sup>(a)(b)</sup> |  | 500 | 501185 |
|  Regatta XI Funding Ltd., Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.07%, 07/17/37<sup>(a)(b)</sup> |  | 3270 | 3279319 |
|  Regatta XII Funding Ltd., Series 2019-1A,<br>Class ARR, (3-mo. CME Term SOFR + 1.39%), 5.71%, 10/15/37<sup>(a)(b)</sup> |  | 3340 | 3350524 |
|  Regatta XIX Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.32%), 5.65%, 04/20/35<sup>(a)(b)</sup> |  | 1020 | 1020917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.18%, 04/20/35<sup>(a)(b)</sup> |  | 1390 | 1394184 |
|  Regatta XVIII Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.16%), 5.48%, 04/15/38<sup>(a)(b)</sup> |  | 4646 | 4648661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.87%, 04/15/38<sup>(a)(b)</sup> |  | 750 | 751613 |
|  Regatta XXIII Funding Ltd., Series 2021-4A,<br>Class A1, (3-mo. CME Term SOFR + 1.41%), 5.74%, 01/20/35<sup>(a)(b)</sup> |  | 1300 | 1302447 |
|  Regatta XXIV Funding Ltd., Series 2021-5A,<br>Class AR, (3-mo. CME Term SOFR + 1.32%), 5.65%, 01/20/38<sup>(a)(b)</sup> |  | 1190 | 1194764 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 5.84%, 04/26/37<sup>(a)(b)</sup> | USD | 2990 | $3004110 |
|  Regional Management Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.90%, 08/15/33<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | 1013905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 3.88%, 10/17/33<sup>(a)(g)</sup> . |  | 21460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20790448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.07%, 03/15/32<sup>(a)</sup> |  | 129 | 128599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 3.71%, 03/15/32<sup>(a)</sup> |  | 810 | 804220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.46%, 03/15/32<sup>(a)</sup> |  | 534 | 530240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 6.72%, 03/15/32<sup>(a)</sup> |  | 1695 | 1699517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.46%, 07/15/36<sup>(a)</sup> |  | 1047 | 1082024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.11%, 12/15/33<sup>(a)</sup> |  | 1860 | 1876018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.33%, 12/15/33<sup>(a)</sup> |  | 271 | 274069 |
|  Republic Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.47%, 08/20/32<sup>(a)</sup> |  | 695 | 705467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/32<sup>(a)</sup> |  | 340 | 348795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/32<sup>(a)</sup> |  | 1401 | 1433916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/37<sup>(a)</sup> |  | 10434 | 10624601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.86%, 11/20/37<sup>(a)</sup> |  | 3690 | 3765725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 4.59%, 11/20/34<sup>(a)</sup> |  | 9326 | 9323923 |
|  Retained Vantage Data Centers Issuer LLC,<br>Series 2025-1A, Class A2A, 5.09%, 08/15/50<sup>(a)</sup> |  | 6786 | 6805827 |
|  Riserva CLO Ltd., Series 2016-3A, Class ARR, (3-mo. CME Term SOFR + 1.32%), 5.65%, 01/18/34<sup>(a)(b)</sup> |  | 5690 | 5694652 |
|  Rockford Tower CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class AR2, (3-mo. CME Term<br>SOFR + 1.36%), 5.69%, 04/20/34<sup>(a)(b)</sup> |  | 4827 | 4833653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class BR, (3-mo. CME Term<br>SOFR + 1.76%), 6.08%, 10/15/29<sup>(a)(b)</sup> |  | 8271 | 8270173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class CR, (3-mo. CME Term<br>SOFR + 2.16%), 6.48%, 10/15/29<sup>(a)(b)</sup> |  | 2750 | 2755015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class DR, (3-mo. CME Term<br>SOFR + 3.11%), 7.43%, 10/15/29<sup>(a)(b)</sup> |  | 4766 | 4766115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 5.78%, 10/20/30<sup>(a)(b)</sup> |  | 3162 | 3165414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.57%, 05/20/31<sup>(a)(b)</sup> |  | 2987 | 2992070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, (3-mo. CME Term SOFR + 1.98%), 6.19%, 05/20/31<sup>(a)(b)</sup> |  | 1500 | 1500990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A, (3-mo. CME Term SOFR + 1.42%), 5.75%, 10/20/31<sup>(a)(b)</sup> |  | 406 | 406719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.39%, 10/20/31<sup>(a)(b)</sup> |  | 600 | 600732 |
|  Romark CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, (3-mo. CME Term<br>SOFR + 1.29%), 5.61%, 10/23/30<sup>(a)(b)</sup> |  | 652 | 652672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 6.73%, 10/23/30<sup>(a)(b)</sup> |  | 750 | 751617 |
|  Romark WM-R Ltd., Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.29%), 5.62%, 04/20/31<sup>(a)(b)</sup> |  | 2455 | 2458610 |
|  RR 12 Ltd., Series 2020-12A, Class A2R3, (3-mo. CME Term SOFR + 1.60%), 5.92%, 01/15/36<sup>(a)(b)</sup> |  | 1040 | 1041383 |
|  RR 24 Ltd., Series 2022-24A, Class A1A2, (3-mo. CME Term SOFR + 1.31%), 5.63%, 01/15/37<sup>(a)(b)</sup> |  | 500 | 501936 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  RR 28 Ltd., Series 2024-28RA, Class A1R, (3-mo. CME Term SOFR + 1.55%), 5.87%, 04/15/37<sup>(a)(b)</sup> | USD | 6320 | $6343847 |
|  RR 29 Ltd., Series 2024-29RA, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.71%, 07/15/39<sup>(a)(b)</sup> |  | 300 | 300926 |
|  RR 32 Ltd., Series 2024-32RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.02%, 10/15/39<sup>(a)(b)</sup> |  | 2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322843 |
|  RR 38 Ltd., Series 2025-38A, Class A1A, (3-mo. CME Term SOFR + 1.15%), 5.47%, 04/15/40<sup>(a)(b)</sup> |  | 9490 | 9504747 |
|  RR 5 Ltd., Series 2018-5A, Class A2R, (3-mo. CME Term SOFR + 1.95%), 6.27%, 07/15/39<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1003570 |
|  RR 8 Ltd., Series 2020-8A, Class A1R, (3-mo. CME Term SOFR + 1.35%), 5.67%, 07/15/37<sup>(a)(b)</sup> |  | 500 | 500684 |
|  RRE 5 Loan Management DAC, Series 5A,<br>Class A2R, (3-mo. EURIBOR + 1.75%), 3.78%, 01/15/37<sup>(a)(b)</sup> | EUR | 1160 | 1367795 |
|  Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, Class A1, (3-mo. CME Term SOFR + 1.39%), 5.70%, 01/30/38<sup>(a)(b)</sup> | USD | 2920 | 2932289 |
|  Sandstone Peak II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.74%, 07/20/38<sup>(a)(b)</sup> |  | 1840 | 1848282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.08%, 07/20/38<sup>(a)(b)</sup> |  | 570 | 571995 |
|  Sandstone Peak Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.60%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 250271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME Term SOFR + 1.68%), 6.00%, 10/15/34<sup>(a)(b)</sup> |  | 2410 | 2417388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1R, (3-mo. CME Term SOFR + 1.83%), 6.15%, 10/15/34<sup>(a)(b)</sup> |  | 710 | 711278 |
|  Santander Consumo 8 Fondo de Titulizacion |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, Class C, (3-mo. EURIBOR + 1.50%), 3.59%, 01/21/40<sup>(b)(e)</sup> | EUR | 900 | 1061727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, Class D, (3-mo. EURIBOR + 2.75%), 4.84%, 01/21/40<sup>(b)(e)</sup> |  | 300 | 353875 |
|  Saxon Asset Securities Trust, Series 2004-2,<br>Class MF5, 3.03%, 08/25/35<sup>(c)</sup> | USD | 587 | 452054 |
|  SC Germany SA Compartment Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, (1-mo. EURIBOR + 1.40%), 3.28%, 05/14/38<sup>(b)(e)</sup> | EUR | 800 | 947315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, (1-mo. EURIBOR + 1.70%), 3.58%, 05/14/38<sup>(b)(e)</sup> |  | 500 | 592151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. EURIBOR + 1.75%), 3.63%, 12/14/38<sup>(b)(e)</sup> |  | 500 | 592757 |
|  SCF Rahoituspalvelut XIII DAC, Series 13, Class C, (1-mo. EURIBOR + 1.40%), 3.27%, 06/25/34<sup>(b)(e)</sup> |  | 400 | 472747 |
|  Securitized Asset Backed Receivables LLC Trust, Series 2006-OP1, Class M6, (1-mo. CME Term SOFR + 1.12%), 5.28%, 10/25/35<sup>(b)</sup> | USD | 340 | 272559 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Securitized Asset-Backed Receivables LLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2A, (1-mo. CME Term SOFR + 0.33%), 4.49%, 02/25/37<sup>(b)</sup>  | USD | 330 | $138952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2B, (1-mo. CME Term SOFR + 0.65%), 4.81%, 02/25/37<sup>(b)</sup> |  | 3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NC2, Class A2C, (1-mo. CME Term SOFR + 0.55%), 4.71%, 01/25/37<sup>(b)</sup> |  | 575 | 431474 |
|  Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.67%, 02/02/32<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | 1925350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.39%, 11/20/35<sup>(a)</sup> |  | 3273 | 3347493 |
|  SESAC Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 6.42%, 01/25/54<sup>(a)</sup> |  | 1280 | 1302617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.50%, 07/25/55<sup>(a)</sup> |  | 7131 | 7102724 |
|  SG Mortgage Securities Trust, Series 2006- FRE2, Class A2C, (1-mo. CME Term SOFR + 0.43%), 4.59%, 07/25/36<sup>(b)</sup> |  | 856 | 175832 |
|  Signal Peak CLO 14 Ltd., Series 2024-14A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.63%, 01/22/38<sup>(a)(b)</sup> |  | 470 | 471686 |
|  Signal Peak CLO 3 Ltd., Series 2016-3A,<br>Class AR3, (3-mo. CME Term SOFR + 1.59%), 5.91%, 01/23/37<sup>(a)(b)</sup> |  | 1350 | 1353511 |
|  Signal Peak CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class A1R, (3-mo. CME Term SOFR + 1.55%), 5.87%, 04/25/37<sup>(a)(b)</sup> |  | 2620 | 2629825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class BR, (3-mo. CME Term SOFR + 2.20%), 6.52%, 04/25/37<sup>(a)(b)</sup> |  | 610 | 612416 |
|  Signal Peak CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 5.75%, 10/20/37<sup>(a)(b)</sup> |  | 400 | 401517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, (3-mo. CME Term SOFR + 1.80%), 6.13%, 10/20/37<sup>(a)(b)</sup> |  | 270 | 271196 |
|  Signal Peak CLO 8 Ltd., Series 2020-8A,<br>Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.72%, 10/20/37<sup>(a)(b)</sup> |  | 1430 | 1435913 |
|  Silver Point CLO 1 Ltd., Series 2022-1A,<br>Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.65%, 01/20/38<sup>(a)(b)</sup> |  | 1250 | 1254817 |
|  Silver Point CLO 12 Ltd., Series 2025-12A,<br>Class A1, (3-mo. CME Term SOFR + 1.31%), 5.29%, 10/15/38<sup>(a)(b)</sup> |  | 3270 | 3278175 |
|  Silver Point CLO 4 Ltd., Series 2024-4A,<br>Class A1, (3-mo. CME Term SOFR + 1.63%), 5.95%, 04/15/37<sup>(a)(b)</sup> |  | 690 | 692378 |
|  Silver Point CLO 5 Ltd., Series 2024-5A,<br>Class A1, (3-mo. CME Term SOFR + 1.40%), 5.73%, 10/20/37<sup>(a)(b)</sup> |  | 860 | 863099 |
|  Silver Point CLO 7 Ltd., Series 2024-7A,<br>Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/15/38<sup>(a)(b)</sup> |  | 1900 | 1906455 |
|  Silver Point CLO 8 Ltd., Series 2025-8A,<br>Class A1, (3-mo. CME Term SOFR + 1.21%), 5.43%, 04/15/38<sup>(a)(b)</sup> |  | 850 | 850850 |
|  Sixth Street CLO IX Ltd., Series 2017-9A,<br>Class AR, (3-mo. CME Term SOFR + 1.38%), 5.71%, 07/21/37<sup>(a)(b)</sup> |  | 1690 | 1694416 |
|  Sixth Street CLO XIV Ltd., Series 2019-14A,<br>Class A1R2, (3-mo. CME Term SOFR + 1.15%), 5.48%, 01/20/38<sup>(a)(b)</sup> |  | 1570 | 1571549 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Sixth Street CLO XVIII Ltd., Series 2021-18A,<br>Class A1R, (3-mo. CME Term SOFR + 1.25%), 5.46%, 10/17/38<sup>(a)(b)</sup> | USD | 1020 | $1022490 |
|  Sixth Street CLO XX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.58%, 07/17/38<sup>(a)(b)</sup> |  | 250 | 250760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class BR, (3-mo. CME Term SOFR + 1.65%), 5.91%, 07/17/38<sup>(a)(b)</sup> |  | 2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536326 |
|  SLM Private Credit Student Loan Trust, Series 2004-A, Class A3, (3-mo. CME Term SOFR + 0.66%), 4.70%, 06/15/33<sup>(b)</sup> |  | 213 | 211825 |
|  SLM Private Education Loan Trust, Series 2010-C, Class A5, (1-mo. CME Term SOFR + 4.86%), 9.02%, 10/15/41<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | 9981674 |
|  Small Business Origination Loan Trust DAC,<br>Series 2025-1, Class B, (1-day SONIA + 2.60%), 6.57%, 12/15/36<sup>(b)(e)</sup> | GBP | 177 | 237413 |
|  SMB Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B, Class B, 3.50%, 12/17/40<sup>(a)</sup> | USD | 406 | 404293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/54<sup>(a)</sup> |  | 6518 | 6150820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class B, 2.50%, 09/15/54<sup>(a)</sup> |  | 6740 | 6022610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.99%, 01/15/53<sup>(a)</sup> |  | 6022 | 5304377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.30%, 01/15/53<sup>(a)</sup> |  | 541 | 528571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.00%, 01/15/53<sup>(a)</sup> |  | 416 | 363109 |
|  SoFi Personal Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class R1, 0.00%, 11/12/30<sup>(a)</sup> |  | 178 | 6123807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.00%, 11/12/30<sup>(a)</sup> |  | 3276 | 3319891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class R1, 0.00%, 02/12/31<sup>(a)</sup> |  | 162 | 2569008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.06%, 02/12/31<sup>(a)</sup> |  | 4038 | 4063503 |
|  Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.65%, 01/26/31<sup>(a)(b)</sup> |  | 165 | 165524 |
|  Soundview Home Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC1, Class M2, (1-mo. CME Term SOFR + 0.91%), 5.07%, 01/25/35<sup>(b)</sup> |  | 31 | 26240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-OPT3, Class M4, (1-mo. CME Term SOFR + 1.13%), 5.29%, 11/25/35<sup>(b)</sup> |  | 547 | 452401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NS1, Class M1, (1-mo. CME Term SOFR + 0.64%), 4.80%, 01/25/37<sup>(b)</sup> |  | 782 | 773319 |
|  St. Paul's CLO XII DAC, Series 12X, Class B1,<br>(3-mo. EURIBOR + 1.60%), 3.63%, 04/15/33<sup>(b)(e)</sup> | EUR | 1420 | 1663663 |
|  STAR Trust, Series 2021-SFR1, Class F, (1-mo. CME Term SOFR + 2.51%), 6.67%, 04/17/38<sup>(a)(b)</sup> | USD | 1030 | 1028678 |
|  Steele Creek CLO Ltd., Series 2017-1A,<br>Class A, (3-mo. CME Term SOFR + 1.51%), 5.83%, 10/15/30<sup>(a)(b)</sup> |  | 373 | 372817 |
|  Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%, 12/29/29<sup>(a)(b)(g)</sup> |  | 1000 |  |
|  Stream Innovations Issuer Trust, Series 2025-1A, Class A, 5.05%, 09/15/45<sup>(a)</sup> |  | 3830 | 3865241 |
|  Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31<sup>(a)</sup> |  | 38 | 36316 |

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-GEL2, Class M1, (1-mo. CME Term SOFR + 1.16%), 5.32%,<br>05/25/37<sup>(a)(b)</sup> | USD | 2108 | $1736651 |
|  Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, 07/30/54<sup>(a)</sup> |  | 5733 | 5880138 |
|  Sunrise SPV 97 S.r.l., Series 2025-2, Class D,<br>(1-mo. EURIBOR + 1.55%), 3.48%,<br>10/27/50<sup>(b)(e)</sup> | EUR | 420 | 493540 |
|  Sycamore Tree CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, (3-mo. CME Term SOFR + 1.39%), 5.72%, 01/20/38<sup>(a)(b)</sup> | USD | 960 | 963799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A, Class B, (3-mo. CME Term SOFR + 2.25%), 6.58%, 04/20/36<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289118 |
|  Symphony CLO 40 Ltd., Series 2023-40A,<br>Class AR, (3-mo. CME Term SOFR + 1.31%), 5.63%, 01/05/38<sup>(a)(b)</sup> |  | 2140 | 2148259 |
|  Symphony CLO 46 Ltd., Series 2024-46A,<br>Class A2, (3-mo. CME Term SOFR + 1.59%), 5.92%, 01/20/38<sup>(a)(b)</sup> |  | 250 | 250488 |
|  Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3-mo. CME Term SOFR + 1.22%), 5.54%, 04/16/31<sup>(a)(b)</sup> |  | 134 | 134556 |
|  Symphony CLO XVI Ltd., Series 2015-16A,<br>Class ARR, (3-mo. CME Term SOFR + 1.20%), 5.52%, 10/15/31<sup>(a)(b)</sup> |  | 1457 | 1457878 |
|  Symphony CLO XX Ltd., Series 2018-20A,<br>Class BR2, (3-mo. CME Term SOFR + 1.55%), 5.87%, 01/16/32<sup>(a)(b)</sup> |  | 1110 | 1114151 |
|  Symphony CLO XXI Ltd., Series 2019-21A,<br>Class AR2, (3-mo. CME Term SOFR + 0.90%), 5.22%, 07/15/32<sup>(a)(b)</sup> |  | 1498 | 1497771 |
|  Symphony CLO XXVI Ltd., Series 2021-26A,<br>Class AR, (3-mo. CME Term SOFR + 1.34%), 5.67%, 04/20/33<sup>(a)(b)</sup> |  | 1794 | 1797177 |
|  Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.72%, 10/23/34<sup>(a)(b)</sup> |  | 2230 | 2233440 |
|  Symphony CLO XXXIII Ltd., Series 2022-33A, Class AR, (3-mo. CME Term SOFR + 1.26%), 5.58%, 01/24/38<sup>(a)(b)</sup> |  | 2000 | 2005153 |
|  Taco Bell Funding LLC, Series 2025-1A, Class A2I, 4.82%, 08/25/55<sup>(a)</sup> |  | 8563 | 8580888 |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Silk Finance No. 6, Series 6, Class C, (3-mo. EURIBOR + 1.70%), 3.75%, 12/25/39<sup>(b)(e)</sup> | EUR | 500 | 590983 |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, (1-mo. EURIBOR + 1.80%), 3.69%, 10/27/42<sup>(b)(e)</sup> |  | 300 | 355408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class C, (1-mo. EURIBOR + 2.60%), 4.49%, 10/27/42<sup>(b)(e)</sup> |  | 200 | 237847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class D, (1-mo. EURIBOR + 4.00%), 5.89%, 10/27/42<sup>(b)(e)</sup> |  | 400 | 476483 |
|  TCW CLO Ltd., Series 2019-2A, Class A1R2,<br>(3-mo. CME Term SOFR + 1.27%), 5.60%, 01/20/38<sup>(a)(b)</sup> | USD | 1270 | 1273203 |
|  Terwin Mortgage Trust, Series 2005-10HE,<br>Class M5, (1-mo. CME Term SOFR + 1.13%), 5.29%, 06/25/36<sup>(b)</sup> |  | 358 | 329239 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Thayer Park CLO Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.63%, 04/20/34<sup>(a)(b)</sup> | USD | 550 | $550308 |
|  TIAA CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.73%, 01/16/31<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 212396 |
|  TICP CLO VI Ltd., Series 2016-6A, Class AR2,<br>(3-mo. CME Term SOFR + 1.38%), 5.70%, 01/15/34<sup>(a)(b)</sup> |  | 5120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128473 |
|  TICP CLO VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A, Class ASR2, (3-mo. CME Term SOFR + 1.30%), 5.62%, 04/15/33<sup>(a)(b)</sup> |  | 1531 | 1533463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A, Class BR2, (3-mo. CME Term SOFR + 1.90%), 6.22%, 04/15/33<sup>(a)(b)</sup> |  | 4165 | 4170956 |
|  TICP CLO XI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, (3-mo. CME Term SOFR + 1.53%), 5.85%, 04/25/37<sup>(a)(b)</sup> |  | 750 | 753158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class BR, (3-mo. CME Term SOFR + 2.05%), 6.37%, 04/25/37<sup>(a)(b)</sup> |  | 2680 | 2690666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class DR, (3-mo. CME Term SOFR + 3.70%), 8.02%, 04/25/37<sup>(a)(b)</sup> |  | 250 | 251242 |
|  Tower Bridge Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class C, (1-day SONIA + 1.40%), 5.39%, 12/20/66<sup>(b)(e)</sup> | GBP | 272 | 366915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (1-day SONIA + 1.90%), 5.89%, 12/20/66<sup>(b)(e)</sup> |  | 334 | 451263 |
|  Trestles CLO III Ltd., Series 2020-3A, Class A1R,<br>(3-mo. CME Term SOFR + 1.39%), 5.72%, 10/20/37<sup>(a)(b)</sup> | USD | 3670 | 3685193 |
|  Trestles CLO IV Ltd., Series 2021-4A, Class A,<br>(3-mo. CME Term SOFR + 1.43%), 5.76%, 07/21/34<sup>(a)(b)</sup> |  | 9420 | 9435694 |
|  Trestles CLO Ltd., Series 2017-1A, Class A1RR,<br>(3-mo. CME Term SOFR + 1.46%), 5.78%, 07/25/37<sup>(a)(b)</sup> |  | 7060 | 7092807 |
|  Tricon Residential Trust, Series 2021-SFR1, Class G, 4.13%, 07/17/38<sup>(a)</sup> |  | 3324 | 3275705 |
|  Trimaran CAVU Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 7.83%, 10/25/34<sup>(a)(b)</sup> |  | 250 | 251151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term<br>SOFR + 1.38%), 5.70%, 01/25/38<sup>(a)(b)</sup> |  | 4940 | 4955350 |
|  Trinitas CLO IV Ltd., Series 2016-4A, Class A2L2,<br>(3-mo. CME Term SOFR + 1.66%), 5.99%, 10/18/31<sup>(a)(b)</sup> |  | 970 | 970786 |
|  Trinitas CLO VII Ltd., Series 2017-7A, Class A1R2, (3-mo. CME Term SOFR + 1.06%), 5.38%, 01/25/35<sup>(a)(b)</sup> |  | 2674 | 2675008 |
|  Trinitas CLO XIV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1R2, (3-mo. CME Term SOFR + 1.10%), 5.33%, 01/25/34<sup>(a)(b)</sup> |  | 1250 | 1251031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.93%, 01/25/34<sup>(a)(b)</sup> |  | 3460 | 3466436 |
|  Trinitas CLO XVIII Ltd., Series 2021-18A,<br>Class A1R, (3-mo. CME Term SOFR + 1.22%), 5.55%, 01/20/35<sup>(a)(b)</sup> |  | 250 | 250512 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Trinitas CLO XXVIII Ltd., Series 2024-28A,<br>Class A1, (3-mo. CME Term SOFR + 1.55%), 5.87%, 04/25/37<sup>(a)(b)</sup> | USD | 810 | $813037 |
|  Trinitas CLO XXX Ltd., Series 2024-30A, Class A1, (3-mo. CME Term SOFR + 1.37%), 5.69%, 10/23/37<sup>(a)(b)</sup> |  | 2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146195 |
|  Upgrade Master Pass-Thru Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST4, Class A, 5.50%, 08/16/32<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | 3480395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST5, Class B, 5.25%, 09/15/32<sup>(a)</sup> |  | 900 | 902642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST6, Class A, 4.61%, 10/15/32<sup>(a)</sup> |  | 2773 | 2775480 |
|  UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, 01/25/47<sup>(a)</sup> |  | 9330 | 9369646 |
|  Vantage Data Centers Germany Borrower Lux Sarl, Series 2025-1X, Class A2, 4.29%, 06/28/50<sup>(e)</sup> | EUR | 4157 | 4968898 |
|  Vantage Data Centers Jersey Borrower Spv Ltd., Series 2024-1X, Class A2, 6.17%, 05/28/39<sup>(e)</sup>  | GBP | 2561 | 3524586 |
|  Venture CLO Ltd., Series 2018-32A, Class A2A,<br>(3-mo. CME Term SOFR + 1.33%), 5.66%, 07/18/31<sup>(a)(b)</sup> | USD | 501 | 501293 |
|  Verdelite Static CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.13%), 5.46%, 07/20/32<sup>(a)(b)</sup> |  | 1909 | 1911136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 07/20/32<sup>(a)(b)</sup> |  | 210 | 210168 |
|  VOLT CVI LLC, Series 2021-NP12, Class A1, 5.73%, 12/26/51<sup>(a)(c)</sup> |  | 2923 | 2922847 |
|  Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A, Class A1RA, (3-mo. CME Term SOFR + 1.36%), 5.68%, 07/14/31<sup>(a)(b)</sup> |  | 64 | 64508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.66%, 01/20/31<sup>(a)(b)</sup> |  | 450 | 449995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 5.53%, 04/17/30<sup>(a)(b)</sup> |  | 62 | 61945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.21%), 5.54%, 04/19/31<sup>(a)(b)</sup> |  | 377 | 377253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.56%), 5.89%, 04/19/31<sup>(a)(b)</sup> |  | 250 | 250202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.37%), 5.69%, 10/15/37<sup>(a)(b)</sup> |  | 3620 | 3629910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.53%, 07/20/32<sup>(a)(b)</sup> |  | 824 | 824548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.88%, 04/20/38<sup>(a)(b)</sup> |  | 1440 | 1442261 |
|  Voya Euro CLO II DAC, Series 2A, Class CR,<br>(3-mo. EURIBOR + 2.15%), 4.18%,<br>07/15/35<sup>(a)(b)</sup> | EUR | 750 | 885233 |
|  Voya Euro CLO V DAC, Series 5A, Class B1,<br>(3-mo. EURIBOR + 1.75%), 3.78%,<br>04/15/35<sup>(a)(b)</sup> |  | 1970 | 2318464 |
|  Warwick Capital CLO 7 Ltd., Series 2025-7A, Class A1, (3-mo. CME Term SOFR + 1.30%), 5.25%, 10/21/38<sup>(a)(b)</sup> | USD | 790 | 790000 |
|  Washington Mutual Asset-Backed Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4, Class 2A2, (1-mo. CME Term SOFR + 0.47%), 4.63%, 09/25/36<sup>(b)</sup> |  | 3813 | 953758 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Washington Mutual Asset-Backed Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5, Class 1A, (1-mo. CME Term SOFR + 0.42%), 4.13%, 10/25/36<sup>(b)</sup>  | USD | 1132 | $863993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A1, (1-mo. CME Term SOFR + 0.23%), 4.39%, 11/25/36<sup>(b)</sup> |  | 226 | 69959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A2, (1-mo. CME Term SOFR + 0.45%), 4.61%, 11/25/36<sup>(b)</sup> |  | 2002 | 623548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 2A3, (1-mo. CME Term SOFR + 0.35%), 4.51%, 05/25/37<sup>(b)</sup> |  | 814 | 723660 |
|  Wellington Management CLO 1 Ltd., Series 2023-1A, Class A, (3-mo. CME Term SOFR + 1.80%), 6.13%, 10/20/36<sup>(a)(b)</sup> |  | 250 | 250322 |
|  Wellington Management CLO 4 Ltd., Series 2025-4A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/18/38<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840944 |
|  Wellington Management CLO 5 Ltd., Series 2025-5A, Class A, (3-mo. CME Term SOFR + 1.29%), 5.25%, 10/18/38<sup>(a)(b)</sup> |  | 890 | 892438 |
|  Whitebox CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 5.64%, 07/24/36<sup>(a)(b)</sup> |  | 4525 | 4529031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D1RR, (3-mo. CME Term SOFR + 3.10%), 7.42%, 07/24/36<sup>(a)(b)</sup> |  | 4120 | 4130832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ERR, (3-mo. CME Term SOFR + 5.75%), 10.07%, 07/24/36<sup>(a)(b)</sup> |  | 3300 | 3300849 |
|  Whitebox CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.70%, 10/24/37<sup>(a)(b)</sup> |  | 10522 | 10549620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 6.07%, 10/24/37<sup>(a)(b)</sup> |  | 1850 | 1856401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class D1R2, (3-mo. CME Term SOFR + 2.90%), 7.22%, 10/24/37<sup>(a)(b)</sup> |  | 671 | 676094 |
|  Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.27%), 5.59%, 10/15/35<sup>(a)(b)</sup> |  | 1991 | 1993686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.17%, 10/15/35<sup>(a)(b)</sup> |  | 1250 | 1260018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 9.97%, 10/15/35<sup>(a)(b)</sup> |  | 1000 | 999542 |
|  Wildwood Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term<br>SOFR + 1.36%), 5.69%, 10/20/37<sup>(a)(b)</sup> |  | 3170 | 3181555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, (3-mo. CME Term SOFR + 5.75%), 10.08%, 10/20/37<sup>(a)(b)</sup> |  | 900 | 915630 |
|  Wireless PropCo Funding LLC, Series 2025-1A, Class C, 8.51%, 06/25/55<sup>(a)</sup> |  | 5688 | 5812000 |
|  Yale Mortgage Loan Trust, Series 2007-1, Class A, (1-mo. CME Term SOFR + 0.51%), 4.67%, 06/25/37<sup>(a)(b)</sup> |  | 1969 | 611726 |
| **Total Asset-Backed Securities — 11.4%**<br> **(Cost: $2,082,818,419)** |  |  | 2045448198 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 0.1%** |  |  |
|  Space Exploration Technologies Corp., Class A (Acquired 08/21/23, cost $2,075,706)<sup>(g)(h)(i)</sup> | 25626 | 5244105 |
|  Space Exploration Technologies Corp., Class C (Acquired 08/21/23, cost $2,227,824)<sup>(g)(h)(i)</sup> | 27504 | 5628418 |
|  |  | 10872523 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Citigroup, Inc. | 17033 | 1728849 |
|  Comerica, Inc. | 6086 | 417013 |
|  First Citizens BancShares, Inc., Class A | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093317 |
|  First Horizon Corp. | 35657 | 806205 |
|  Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392949 | 4538561 |
|  |  | 9583945 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
|  Rakuten Group, Inc.<sup>(h)</sup> | 293212 | 1901381 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
|  Crown PropTech Acquisitions<sup>(g)(h)</sup> | 147660 | 200817 |
|  Crown PropTech Acquisitions, Class A<sup>(h)</sup> | 85597 | 974094 |
|  Crown PropTech Founders Unvested<sup>(g)(h)</sup> | 96296 | 1 |
|  |  | 1174912 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
|  Lumen Technologies, Inc.<sup>(h)</sup> | 613880 | 3756946 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
|  FreeWire Technologies, Inc.<sup>(g)(h)</sup> | 153 |  |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  Flowco Holdings, Inc., Class A | 145106 | 2154824 |
|  Solaris Energy Infrastructure, Inc., Class A | 172125 | 6879836 |
|  |  | 9034660 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Lionsgate Studios Corp.<sup>(h)</sup> | 120471 | 831250 |
|  Playstudios, Inc., Class A<sup>(h)</sup> | 457322 | 440218 |
|  Starz Entertainment Corp.<sup>(h)</sup> | 8031 | 118297 |
|  Warner Bros Discovery, Inc., Class A<sup>(h)</sup> | 156766 | 3061640 |
|  |  | 4451405 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
|  HNG Hospitality Offshore LP (Acquired 02/16/24,cost $13,871,000)<sup>(g)(h)(i)</sup> | 13871000 | 9987120 |
|  Melange Secondaries Partners, LP<sup>(g)(j)</sup> | — <sup>(k)</sup> | 4256088 |
|  New Holdco (Cayman)<sup>(g)</sup> | 9330 | 214590 |
|  |  | 14457798 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
|  Centene Corp.<sup>(h)</sup> | 59131 | 2109794 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Caesars Entertainment, Inc.<sup>(h)</sup> | 72600 | 1962015 |
|  Genius Sports Ltd.<sup>(h)</sup> | 519448 | 6430767 |
|  Six Flags Entertainment Corp.<sup>(h)</sup> | 81546 | 1852725 |
|  Sonder Holdings, Inc., Class A<sup>(h)</sup> | 45465 | 57740 |
|  |  | 10303247 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
|  Century Communities, Inc. | 29770 | 1886525 |
|  M/I Homes, Inc.<sup>(h)</sup> | 7532 | 1087922 |
|  Meritage Homes Corp. | 23675 | 1714780 |
|  Tri Pointe Homes, Inc.<sup>(h)</sup> | 51773 | 1758729 |
|  |  | 6447956 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Machinery — 0.0%** | **Machinery — 0.0%**  | **Machinery — 0.0%**  | **Machinery — 0.0%**  |
|  Palladyne AI Corp.<sup>(h)</sup> |  | 11463 | $98464 |
|  Sarcos Technology & Robotics Corp.<sup>(h)</sup> |  | 464024 | 3985965 |
|  |  |  | 4084429 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  AMC Networks, Inc., Class A<sup>(h)</sup> |  | 51468 | 424096 |
|  EchoStar Corp., Class A<sup>(h)(l)</sup> |  | 106507 | 8132875 |
|  |  |  | 8556971 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
|  Algoma Steel Group, Inc. |  | 307130 | 1091847 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
|  Ascent Resources Fund LP<sup>(j)</sup> |  | — <sup>(k)</sup> | 1637571 |
|  Crescent Midstream Fund LP<sup>(g)(j)</sup> |  | — <sup>(k)</sup> | 2954000 |
|  Formentera Partners Fund II LP<sup>(g)(j)</sup> |  | — <sup>(k)</sup> | 4969508 |
|  |  |  | 9561079 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
|  Amentum Holdings, Inc.<sup>(h)</sup> |  | 61340 | 1469093 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  DF Residential III LP<sup>(g)(h)</sup> |  | 5690612 | 5975143 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  Avaya Holdings Corp.<sup>(h)</sup> |  | 333 | 3469 |
|  Core Scientific, Inc.<sup>(h)(l)</sup> |  | 194733 | 3493510 |
|  Latch, Inc.<sup>(h)</sup> |  | 411849 | 40773 |
|  |  |  | 3537752 |
| **Total Common Stocks — 0.6%**<br> **(Cost: $129,332,421)** | **Total Common Stocks — 0.6%**<br> **(Cost: $129,332,421)** | **Total Common Stocks — 0.6%**<br> **(Cost: $129,332,421)** | 108370881 |
|  | *Par*<br> *(000)* | *Par*<br> *(000)* |  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  Axon Enterprise, Inc., 6.13%, 03/15/30<sup>(a)</sup> | USD | 155 | 159189 |
|  Boeing Co. (The), 7.01%, 05/01/64 |  | 10443 | 12089374 |
|  Bombardier, Inc., 8.75%, 11/15/30<sup>(a)</sup> |  | 327 | 352634 |
|  Embraer Netherlands Finance BV, 5.98%, 02/11/35 |  | 7730 | 8152290 |
|  Figeac Aero SA, 7.79%, 07/23/30 (Acquired 07/16/25, cost $8,424,102)<sup>(g)(i)</sup> | EUR | 7240 | 8478872 |
|  L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 | USD | 767 | 794827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 |  | 1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261962 |
|  Northrop Grumman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8014 | 6529715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/53 |  | 3130 | 2872975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/54 |  | 3673 | 3497161 |
|  Sabena Technics SAS, (3-mo. EURIBOR + 5.00%), 6.48%, 09/30/29 (Acquired 10/28/22, cost $6,468,185)<sup>(b)(g)(i)</sup> | EUR | 6552 | 7692011 |
|  TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> | USD | 100 | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/30<sup>(a)</sup> |  | 155 | 160601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> |  | 400 | 417236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> |  | 1028 | 1058372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(a)</sup> |  | 347 | 350846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> |  | 1303 | 1317650 |
|  |  |  | 55287621 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
|  Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(a)</sup> |  | 300 | 310639 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
|  American Axle & Manufacturing, Inc., 5.00%, 10/01/29 | USD | 724 | $| 688002 |
|  Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(a)</sup> |  | 260 |  | 265743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(a)</sup> |  | 217 |  | 224163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(e)</sup> | EUR | 1078 |  | 1289473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(a)</sup> | USD | 109 |  | 111415 |
|  Dana, Inc., 5.38%, 11/15/27 |  | 131 |  | 130822 |
|  Dometic Group AB, 5.00%, 09/11/30<sup>(e)</sup> | EUR | 808 |  | 952122 |
|  Forvia SE, 5.63%, 06/15/30<sup>(e)</sup> |  | 1078 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309970 |
|  Gestamp Automocion SA, 10/15/30<sup>(e)(f)</sup> |  | 385 |  | 453795 |
|  Goodyear Tire & Rubber Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 | USD | 100 |  | 101466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 |  | 100 |  | 93936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 392 |  | 364724 |
|  IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), 7.00%, 11/15/31<sup>(e)(m)</sup> | EUR | 1186 |  | 1507230 |
|  Mahle GmbH, 6.50%, 05/02/31<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |  | 1310118 |
|  Qnity Electronics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/32<sup>(a)</sup> | USD | 19 |  | 19145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/33<sup>(a)</sup> |  | 100 |  | 102119 |
|  Schaeffler AG, 5.38%, 04/01/31<sup>(e)</sup> | EUR | 1100 |  | 1352292 |
|  Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | USD | 3413 |  | 3419231 |
|  ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/13/29<sup>(e)</sup> | EUR | 1700 |  | 2040174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/12/30<sup>(e)</sup> |  | 500 |  | 609348 |
|  ZF North America Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/14/30<sup>(a)</sup> | USD | 763 |  | 755517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/23/32<sup>(a)</sup> |  | 236 |  | 225948 |
|  |  |  |  | 17637392 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
|  Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29<sup>(a)</sup> |  | 1973 |  | 1931677 |
|  Jaguar Land Rover Automotive PLC, 5.88%, 01/15/28<sup>(a)</sup> |  | 360 |  | 359394 |
|  Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/15/28<sup>(a)</sup> |  | 308 |  | 320686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/29/28<sup>(a)</sup> |  | 733 |  | 733472 |
|  Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(a)</sup> |  | 704 |  | 663228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(a)</sup> |  | 596 |  | 630725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/17/33<sup>(e)</sup> | EUR | 2186 |  | 2642321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(a)</sup> | USD | 270 |  | 289844 |
|  Renault SA, 3.88%, 09/30/30<sup>(e)</sup> | EUR | 600 |  | 703360 |
|  |  |  |  | 8274707 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
|  AIB Group PLC, 6.00%, <sup>(e)(n)</sup> |  | 808 |  | 968867 |
|  Akbank TAS, 9.37%, <sup>(e)(n)</sup> | USD | 6884 |  | 7210990 |
|  Banco Bilbao Vizcaya Argentaria SA, 6.88%, <sup>(e)(n)</sup> | EUR | 1000 |  | 1267476 |
|  Banco Espirito Santo SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/08/17<sup>(e)(h)(o)</sup> |  | 400 |  | 103316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/18<sup>(e)(h)(o)</sup> |  | 2200 |  | 568240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/21/19<sup>(e)(h)(o)</sup> |  | 6300 |  | 1627233 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 | USD | 2487 |  | 2437331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 |  | 8172 |  | 8047321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/25/29 |  | 5811 |  | 5956642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 05/09/29 |  | 22660 |  | 22940737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 09/15/29 |  | 8645 |  | 9040036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 01/24/31 |  | 10624 |  | 10964874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 |  | 2140 |  | 1898186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 |  | 16911 |  | 15399776 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 | USD | 11665 | $11662589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 04/25/34 |  | 6931 | 7170949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 01/24/36 |  | 6391 | 6680594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 05/09/36 |  | 17252 | 17985973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 |  | 3276 | 3141740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 |  | 2296 | 1958901 |
|  Bank of Ireland Group PLC, 6.38%, <sup>(e)(n)</sup> | EUR | 647 | 792030 |
|  CaixaBank SA, 6.25%, <sup>(e)(n)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228181 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/07/28 | USD | 12756 | 12844220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 03/04/29 |  | 8699 | 8811045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 09/19/30 |  | 5744 | 5770729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 |  | 2305 | 2182009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 |  | 6049 | 5623009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/07/31 |  | 13625 | 13883894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/11/31 |  | 9125 | 9129933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 |  | 16913 | 15397266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 |  | 16755 | 15916965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/33 |  | 2878 | 3140951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 04/29/36 | EUR | 12000 | 14522694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 09/11/36 | USD | 1149 | 1160660 |
|  First Citizens BancShares, Inc., 6.25%, 03/12/40 |  | 7895 | 7998203 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 10/22/27 |  | 14235 | 14518055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 |  | 7053 | 6942307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 04/22/28 |  | 30329 | 30991422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 |  | 5021 | 4866880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 10/22/28 |  | 2448 | 2468916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 01/24/29 |  | 3348 | 3408361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 01/23/30 |  | 43558 | 44623022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 04/22/30 |  | 46499 | 48567583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/22/30 |  | 15668 | 16071347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/22/30 |  | 930 | 940873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 |  | 9912 | 10005050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/22/31 |  | 27174 | 28074001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 |  | 10740 | 9482138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 |  | 7639 | 7959512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/36 |  | 17691 | 18508490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 04/22/36 |  | 43672 | 46031369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 07/23/36 |  | 5192 | 5382453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 |  | 3344 | 2312086 |
|  KeyBank N.A., 5.00%, 01/26/33 |  | 12449 | 12529210 |
|  Lehman Brothers Holdings Capital Trust VII,<br>5.86%, <sup>(g)(h)(n)(o)</sup> |  | 1888 |  |
|  Texas Capital Bancshares, Inc., 4.00%, 05/06/31 |  | 4001 | 3943105 |
|  Washington Mutual Escrow Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)(h)(n)(o)</sup> |  | 13308 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)(h)(n)(o)</sup> |  | 11911 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)(h)(n)(o)</sup> |  | 2570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)(h)(n)(o)</sup> |  | 3115 |  |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 |  | 946 | 936385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 04/22/28 |  | 921 | 942399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/23/30 |  | 3096 | 3188565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/24/31 |  | 1722 | 1781595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 |  | 1518 | 1410723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/22/32<sup>(e)</sup> | EUR | 4200 | 5078649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 | USD | 8678 | 8078132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 |  | 12448 | 12646278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 04/24/34 |  | 5475 | 5688857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/23/35 |  | 7192 | 7501909 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | USD | 1232 | $| 1009579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 |  | 4642 |  | 4078112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 4.90%, 01/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551133 |
|  |  |  |  | 626952058 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Heineken NV, 05/03/34<sup>(e)(f)</sup> | EUR | 8380 |  | 9881337 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.38%, 04/30/29<sup>(a)</sup> | USD | 164 |  | 159064 |
|  |  |  |  | 10040401 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 |  | 2354 |  | 1428161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 |  | 2430 |  | 1945187 |
|  Grifols SA, 7.50%, 05/01/30<sup>(e)</sup> | EUR | 1617 |  | 2000362 |
|  |  |  |  | 5373710 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
|  Kohl's Corp., 5.13%, 05/01/31 | USD | 839 |  | 662348 |
|  Nordstrom, Inc., 4.25%, 08/01/31 |  | 155 |  | 140793 |
|  Prosus NV, 4.19%, 01/19/32<sup>(e)</sup> |  | 9025 |  | 8667249 |
|  Rakuten Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(a)</sup> |  | 482 |  | 541992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(e)</sup> |  | 14000 |  | 15742507 |
|  |  |  |  | 25754889 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
|  Builders FirstSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30<sup>(a)</sup> |  | 110 |  | 108882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/34<sup>(a)</sup> |  | 517 |  | 532565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/35<sup>(a)</sup> |  | 111 |  | 115899 |
|  Camelot Return Merger Sub, Inc., 8.75%, 08/01/28<sup>(a)</sup> |  | 600 |  | 580503 |
|  Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(a)</sup> |  | 681 |  | 661687 |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/30<sup>(a)</sup> |  | 440 |  | 460812 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<sup>(a)</sup> |  | 277 |  | 256398 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup> |  | 272 |  | 279413 |
|  Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(a)</sup> |  | 706 |  | 745495 |
|  Standard Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> |  | 103 |  | 102114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(a)</sup> |  | 1088 |  | 1043152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31<sup>(a)</sup> |  | 100 |  | 90557 |
|  STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> |  | 1232 |  | 1291032 |
|  |  |  |  | 6268509 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
|  Aretec Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/29<sup>(a)</sup> |  | 100 |  | 100479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 08/15/30<sup>(a)</sup> |  | 971 |  | 1057907 |
|  Deutsche Bank AG, 4.63%, <sup>(e)(n)</sup> | EUR | 1600 |  | 1850679 |
|  Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Fin, 5.95%, 09/17/30<sup>(a)</sup> | USD | 1200 |  | 1171295 |
|  Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> |  | 605 |  | 674903 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 |  | 16102 |  | 15704600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 04/23/28 |  | 35726 |  | 36144233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 |  | 18303 |  | 18324355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/24/29 |  | 1450 |  | 1543060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 |  | 2053 |  | 1923001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Capital Markets (continued)** | **Capital Markets (continued)**  | **Capital Markets (continued)**  | **Capital Markets (continued)**  | **Capital Markets (continued)**  |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 | USD | 1107 | $| 1089492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 04/25/30 |  | 898 |  | 939526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/23/30 |  | 22579 |  | 23144906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 10/23/30 |  | 12001 |  | 12153949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 04/23/31 |  | 11216 |  | 11598529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 |  | 4735 |  | 4295683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 |  | 27129 |  | 24397921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 07/23/35 |  | 4677 |  | 4814710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 01/28/36 |  | 8157 |  | 8514637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 11/19/45 |  | 4081 |  | 4143965 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/30/31<sup>(a)</sup> |  | 781 |  | 819185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/32<sup>(a)</sup> |  | 367 |  | 371976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/33<sup>(a)</sup> |  | 337 |  | 350020 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/28<sup>(a)</sup> |  | 299 |  | 288889 |
|  Jefferson Capital Holdings LLC, 8.25%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/15/30<sup>(a)</sup> |  | 264 |  | 276098 |
|  Lehman Brothers Holdings, Inc., 6.75%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/28/17<sup>(g)(h)(o)</sup> |  | 7360 |  | 1 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 |  | 7829 |  | 7705416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 |  | 948 |  | 927874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/13/28 |  | 893 |  | 912997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 |  | 12751 |  | 12640475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 04/12/29 |  | 31007 |  | 31626323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 04/20/29 |  | 19626 |  | 20089793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 11/01/29 |  | 4678 |  | 4972087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 04/18/30 |  | 15450 |  | 16133115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 07/19/30 |  | 28523 |  | 29232119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/18/30 |  | 3143 |  | 3177355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/31 |  | 20873 |  | 21544062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 |  | 2086 |  | 1949230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 |  | 2381 |  | 2076656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 |  | 1287 |  | 1123201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 |  | 19645 |  | 17350349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 |  | 7726 |  | 7024121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 |  | 17688 |  | 17960289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/34 |  | 6987 |  | 7205160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 07/19/35 |  | 1663 |  | 1715964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 01/18/36 |  | 3110 |  | 3256190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 04/17/36 |  | 411 |  | 433630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/22/36 | EUR | 12300 |  | 14897804 |
|  MSCI, Inc., 5.25%, 09/01/35 | USD | 18531 |  | 18684417 |
|  StoneX Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> |  | 85 |  | 87492 |
|  |  |  |  | 421855703 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(a)</sup> |  | 150 |  | 142111 |
|  Brenntag Finance BV, 10/02/31<sup>(e)(f)</sup> | EUR | 4800 |  | 5614325 |
|  Celanese U.S. Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/30 | USD | 575 |  | 578760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 |  | 27 |  | 27870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/32 |  | 281 |  | 287129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/33 |  | 282 |  | 280810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 |  | 212 |  | 220396 |
|  Chemours Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(a)</sup> |  | 416 |  | 375838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/33<sup>(a)</sup> |  | 235 |  | 233746 |
|  Huntsman International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 |  | 115 |  | 110058 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Huntsman International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 | USD | 100 | $| 84373 |
|  INEOS Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/29<sup>(a)</sup> |  | 658 |  | 640166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/31/31<sup>(e)</sup> | EUR | 194 |  | 227443 |
|  Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287639 |
|  Methanex Corp., 5.13%, 10/15/27 | USD | 157 |  | 157183 |
|  NOVA Chemicals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29<sup>(a)</sup> |  | 95 |  | 91939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/15/30<sup>(a)</sup> |  | 595 |  | 637926 |
|  OCP SA, 6.75%, 05/02/34<sup>(e)</sup> |  | 6785 |  | 7387169 |
|  Olin Corp., 6.63%, 04/01/33<sup>(a)</sup> |  | 336 |  | 337733 |
|  Olympus Water U.S. Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/27<sup>(a)</sup> |  | 359 |  | 365371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(a)</sup> |  | 2149 |  | 2255376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/29<sup>(a)</sup> |  | 481 |  | 467049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(a)</sup> |  | 492 |  | 498777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33<sup>(e)(f)</sup> | EUR | 481 |  | 566063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33<sup>(a)(f)</sup> | USD | 1130 |  | 1131177 |
|  Orbia Advance Corp. SAB de CV, 6.80%, 05/13/30<sup>(a)</sup> |  | 8531 |  | 8870150 |
|  Pioneer Midco, (10.50% PIK), 10.50%,<br>11/18/30<sup>(a)(c)(g)(m)</sup> |  | 8610 |  | 8631487 |
|  Sasol Financing U.S.A. LLC, 8.75%, 05/03/29<sup>(e)</sup> |  | 6738 |  | 6990675 |
|  SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(a)</sup> |  | 240 |  | 234530 |
|  Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32 |  | 100 |  | 92331 |
|  Tronox, Inc., 4.63%, 03/15/29<sup>(a)</sup> |  | 1739 |  | 1134257 |
|  WR Grace Holdings LLC, 4.88%, 06/15/27<sup>(a)</sup> |  | 200 |  | 198760 |
|  |  |  |  | 50158617 |
| **Commercial Services & Supplies — 0.1%** | **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> |  | 195 |  | 188568 |
|  Aethon III BR LLC, 10.17%, 01/10/27<sup>(b)</sup> |  | 3155 |  | 3131479 |
|  Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> |  | 403 |  | 422544 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29<sup>(a)</sup> |  | 1233 |  | 1212105 |
|  Amber Finco PLC, 6.63%, 07/15/29<sup>(e)</sup> | EUR | 1617 |  | 1995364 |
|  APCOA Group GmbH, 6.00%, 04/15/31<sup>(e)</sup> |  | 1617 |  | 1922305 |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/28<sup>(a)</sup> | USD | 275 |  | 264647 |
|  Covanta Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> |  | 908 |  | 853945 |
|  Garda World Security Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(a)</sup> |  | 350 |  | 346998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/32<sup>(a)</sup> |  | 544 |  | 563907 |
|  GEO Group, Inc. (The), 8.63%, 04/15/29 |  | 385 |  | 407611 |
|  GFL Environmental, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28<sup>(a)</sup> |  | 120 |  | 117154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29<sup>(a)</sup> |  | 113 |  | 111454 |
|  Loxam SAS, 4.25%, 02/15/31<sup>(e)</sup> | EUR | 1778 |  | 2088293 |
|  Luna 2 5SARL, 5.50%, 07/01/32<sup>(e)</sup> |  | 539 |  | 643807 |
|  Pachelbel Bidco SpA, 7.13%, 05/17/31<sup>(e)</sup> |  | 1617 |  | 2045416 |
|  Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(a)</sup> | USD | 6435 |  | 6429903 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27<sup>(a)</sup> |  | 514 |  | 499645 |
|  RR Donnelley & Sons Co., 10.88%, 08/01/29<sup>(a)</sup> |  | 1184 |  | 1180824 |
|  Williams Scotsman, Inc., 4.63%, 08/15/28<sup>(a)</sup> |  | 728 |  | 715762 |
|  |  |  |  | 25141731 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
|  Motorola Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 3009 |  | 3167528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 |  | 8112 |  | 8450834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
|  Motorola Solutions, Inc.<br>5.50%, 09/01/44 | USD | 947 | $| 945329 |
|  Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> |  | 658 |  | 655349 |
|  |  |  |  | 13219040 |
| **Construction & Engineering — 0.1%** | **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> |  | 36 |  | 36806 |
|  Arcosa, Inc., 6.88%, 08/15/32<sup>(a)</sup> |  | 111 |  | 115939 |
|  China City Construction International Co. Ltd., 5.35%, 07/03/17<sup>(e)(g)(h)(o)</sup> | CNH | 340 |  |  |
|  IHS Holding Ltd., 8.25%, 11/29/31<sup>(e)</sup> | USD | 6943 |  | 7316186 |
|  IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(e)</sup> |  | 14000 |  | 14507500 |
|  |  |  |  | 21976431 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
|  Quikrete Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/32<sup>(a)</sup> |  | 601 |  | 622542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/33<sup>(a)</sup> |  | 485 |  | 504252 |
|  Sonder Holdings, Inc., (7.00% PIK), 7.00%, 12/10/27<sup>(g)(m)</sup> |  | 10986 |  | 8239623 |
|  |  |  |  | 9366417 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
|  Ally Financial, Inc., 6.65%, 01/17/40 |  | 95 |  | 94967 |
|  American Express Co., 4.92%, 07/20/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741123 |
|  BCP V Modular Services Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/28<sup>(e)</sup> | EUR | 1000 |  | 1123936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/10/31<sup>(e)</sup> |  | 1078 |  | 1183231 |
|  Burford Capital Global Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/28<sup>(a)</sup> | USD | 220 |  | 220391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/01/31<sup>(a)</sup> |  | 568 |  | 603538 |
|  Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> |  | 566 |  | 566940 |
|  Encore Capital Group, Inc., 9.25%, 04/01/29<sup>(a)</sup> |  | 600 |  | 633096 |
|  FirstCash, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30<sup>(a)</sup> |  | 173 |  | 172749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/32<sup>(a)</sup> |  | 203 |  | 209822 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/06/26 |  | 789 |  | 795282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/10/26 |  | 1941 |  | 1966232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 |  | 773 |  | 772340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/05/26 |  | 1562 |  | 1567176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 |  | 1566 |  | 1553191 |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/04/34 |  | 6140 |  | 6376699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/07/35 |  | 1270 |  | 1310313 |
|  GGAM Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/27<sup>(a)</sup> |  | 129 |  | 132027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/28<sup>(a)</sup> |  | 287 |  | 303776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/29<sup>(a)</sup> |  | 214 |  | 221920 |
|  Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(e)</sup> |  | 8415 |  | 8629162 |
|  RCI Banque SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/24/37<sup>(e)</sup> | EUR | 1100 |  | 1313994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, <sup>(e)(n)</sup> |  | 1000 |  | 1173463 |
|  SLM Corp., 3.13%, 11/02/26 | USD | 473 |  | 463372 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 |  | 6324 |  | 6251541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 |  | 8746 |  | 8856207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 08/02/30 |  | 22532 |  | 23355144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/06/31 |  | 34083 |  | 34729412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 |  | 21705 |  | 19222267 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
|  Synchrony Financial<br>7.25%, 02/02/33 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13369 | $| 14265985 |
|  Volkswagen International Finance NV,<br>4.38%, (e)(n) | EUR | 1600 |  | 1823749 |
|  |  |  |  | 144633045 |
| **Consumer Staples Distribution & Retail — 0.1%** | **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./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27<sup>(a)</sup> | USD | 152 |  | 151045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/28<sup>(a)</sup> |  | 130 |  | 132049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> |  | 373 |  | 366381 |
|  Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(e)</sup> | EUR | 1886 |  | 2247196 |
|  Boots Group Finco LP, 7.38%, 08/31/32<sup>(e)</sup> | GBP | 1078 |  | 1476947 |
|  Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(e)</sup> | EUR | 1078 |  | 1296297 |
|  CK Hutchison International 23 Ltd., 4.75%, 04/21/28<sup>(e)</sup> | USD | 640 |  | 648179 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 |  | 1843 |  | 1918458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/44 |  | 2670 |  | 2708749 |
|  KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29<sup>(a)</sup> |  | 692 |  | 728090 |
|  Market Bidco Finco PLC, 6.75%, 01/31/31<sup>(e)</sup> | EUR | 1078 |  | 1249778 |
|  Performance Food Group, Inc., 4.25%, 08/01/29<sup>(a)</sup> | USD | 100 |  | 97139 |
|  Picard Groupe SAS, 6.38%, 07/01/29<sup>(e)</sup> | EUR | 1078 |  | 1324089 |
|  |  |  |  | 14344397 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
|  Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup> | USD | 530 |  | 490524 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26<sup>(e)</sup> | EUR | 394 |  | 453225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(a)</sup> | USD | 10163 |  | 9756480 |
|  Ball Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/29 |  | 200 |  | 204729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 |  | 45 |  | 40880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/33<sup>(a)</sup> |  | 171 |  | 172838 |
|  Crown Americas LLC, 5.88%, 06/01/33<sup>(a)</sup> |  | 205 |  | 207073 |
|  Mauser Packaging Solutions Holding Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/27<sup>(a)</sup> |  | 2648 |  | 2654058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.88%, 04/15/27<sup>(a)</sup> |  | 1248 |  | 1260234 |
|  Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31<sup>(a)</sup> |  | 246 |  | 250422 |
|  Sealed Air Corp., 5.00%, 04/15/29<sup>(a)</sup> |  | 375 |  | 372908 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 05/15/30<sup>(a)</sup> |  | 3818 |  | 3740094 |
|  Trivium Packaging Finance BV, 12.25%, 01/15/31<sup>(a)</sup> |  | 1200 |  | 1298809 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902274 |
| **Diversified Consumer Services — 0.0%** | **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(a)</sup> |  | 280 |  | 275052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30<sup>(a)</sup> |  | 238 |  | 224789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(a)</sup> |  | 113 |  | 102415 |
|  Service Corp. International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 314 |  | 290942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 |  | 298 |  | 280968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
|  United Rentals North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 | USD | 461 | $| 440946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 431 |  | 399270 |
|  Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(a)</sup> |  | 194 |  | 204402 |
|  |  |  |  | 2218784 |
| **Diversified REITs — 1.4%** | **Diversified REITs — 1.4%** | **Diversified REITs — 1.4%** | **Diversified REITs — 1.4%** | **Diversified REITs — 1.4%** |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 |  | 1687 |  | 1669194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 |  | 1041 |  | 920651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 2086 |  | 1903142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/16/31 | EUR | 6200 |  | 7779211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22430 |  | 23303292 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/01/29 |  | 834 |  | 845980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 |  | 4857 |  | 4323996 |
|  Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/34 |  | 9440 |  | 9799106 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 |  | 18700 |  | 16854497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 18260 |  | 17514902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 |  | 5153 |  | 3606702 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 |  | 3702 |  | 3769702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 |  | 6677 |  | 6466204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 |  | 4559 |  | 4363501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 |  | 12470 |  | 11218909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/33 |  | 5560 |  | 5569063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/54 |  | 12957 |  | 13053659 |
|  Trust Fibra Uno, 7.70%, 01/23/32<sup>(e)</sup> |  | 8011 |  | 8683924 |
|  VICI Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 10716 |  | 10806096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 |  | 2384 |  | 2408856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 |  | 15918 |  | 16102629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/31 |  | 10539 |  | 10693084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 12283 |  | 12403896 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27<sup>(a)</sup> |  | 2363 |  | 2336949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/29<sup>(a)</sup> |  | 13926 |  | 13596493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29<sup>(a)</sup> |  | 23204 |  | 22975456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(a)</sup> |  | 17747 |  | 17151322 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250120416 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
|  AT&T Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 |  | 1917 |  | 1853448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 |  | 4526 |  | 3836374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 |  | 1749 |  | 1482583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 |  | 1181 |  | 1094907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 |  | 2132 |  | 1474711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 |  | 1390 |  | 957874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/56 |  | 1839 |  | 1906168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 |  | 14339 |  | 10224389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 |  | 33328 |  | 22786512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 |  | 11080 |  | 7878168 |
|  Connect Finco S.a.r.l./Connect U.S. Finco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/15/29<sup>(a)</sup> |  | 2070 |  | 2176408 |
|  Frontier Communications Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(a)</sup> |  | 100 |  | 99940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> |  | 12915 |  | 12885953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(a)</sup> |  | 73 |  | 73728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 8767 |  | 8859375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> |  | 5668 |  | 5975551 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 4835 |  | 5044355 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Frontier North, Inc., Series G, 6.73%, 02/15/28 | USD | 1500 | $| 1539375 |
|  Level 3 Financing, Inc., 6.88%, 06/30/33<sup>(a)</sup> |  | 696 |  | 709349 |
|  Maya SAS, 7.00%, 04/15/32<sup>(a)</sup> |  | 200 |  | 203961 |
|  Maya SAS/Paris France |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28<sup>(a)</sup> |  | 900 |  | 914427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/31<sup>(e)</sup> | EUR | 1886 |  | 2352039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/31<sup>(a)</sup> | USD | 258 |  | 276703 |
|  Telecom Argentina SA, 9.25%, 05/28/33<sup>(a)</sup> |  | 3723 |  | 3664982 |
|  Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 1078 |  | 1194200 |
|  Telefonica Europe BV, 6.75%, <sup>(e)(n)</sup> | EUR | 1100 |  | 1442071 |
|  Turk Telekomunikasyon AS, 7.38%, 05/20/29<sup>(e)</sup> | USD | 6840 |  | 7063121 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup> |  | 1308 |  | 1280872 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 |  | 2414 |  | 2110307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 |  | 4530 |  | 4369865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/02/37<sup>(a)</sup> |  | 2202 |  | 2237145 |
|  Windstream Services LLC, 10/15/33<sup>(a)(f)</sup> |  | 107 |  | 106971 |
|  WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32<sup>(a)(m)(p)</sup> |  | 4938 |  | 4419423 |
|  WOM Mobile SA, (11.00% Cash or 12.50% PIK), 11.00%, 04/01/31<sup>(a)(m)</sup> |  | 197 |  | 188885 |
|  Zayo Group Holdings, Inc., (9.25% Cash or 0.50% PIK), 9.25%, 03/09/30<sup>(a)(m)</sup> |  | 372 |  | 356380 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123040520 |
| **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** |
|  AEP Texas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/33 |  | 1154 |  | 1186750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/34 |  | 3606 |  | 3752647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 |  | 2473 |  | 1853350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 |  | 2546 |  | 1751008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 |  | 1090 |  | 851322 |
|  AEP Transmission Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 |  | 4846 |  | 3761490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 |  | 1262 |  | 972841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 |  | 1476 |  | 1012149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 |  | 2495 |  | 1583439 |
|  AES Andes SA, 6.30%, 03/15/29<sup>(e)</sup> |  | 5742 |  | 5965938 |
|  Alabama Power Co., 4.30%, 01/02/46 |  | 1946 |  | 1667438 |
|  Baltimore Gas & Electric Co., 3.75%, 08/15/47 |  | 1396 |  | 1079832 |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(e)</sup> | EUR | 1401 |  | 1711790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(a)</sup> | USD | 256 |  | 262382 |
|  Continuum Energy Aura Pte Ltd., 9.50%, 02/24/27<sup>(e)</sup> |  | 8000 |  | 8247520 |
|  Continuum Green Energy India Pvt/Co-Issuers, 7.50%, 06/26/33<sup>(e)</sup> |  | 9645 |  | 10214537 |
|  ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(e)</sup> | EUR | 1078 |  | 1295540 |
|  Diamond II Ltd., 7.95%, 07/28/26<sup>(e)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 |  | 14105000 |
|  Duke Energy Carolinas LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 |  | 2487 |  | 1973992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 |  | 5364 |  | 4126150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 |  | 2643 |  | 2118813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 |  | 4688 |  | 3275290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 |  | 2440 |  | 2393152 |
|  Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 |  | 3057 |  | 2376212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 |  | 1211 |  | 970866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 |  | 6115 |  | 5505065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/15/54 |  | 17451 |  | 17630333 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Duke Energy Florida LLC, 4.20%, 07/15/48 | USD | 1916 | $1575230 |
|  Duke Energy Kentucky, Inc., 5.90%, 09/15/35 (Acquired 08/11/25, cost $9,639,000)<sup>(g)(i)</sup> |  | 9639 | 9807683 |
|  Duke Energy Ohio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 |  | 1427 | 1303098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/33 |  | 1527 | 1581467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/54 |  | 5416 | 5410243 |
|  Duke Energy Progress LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 |  | 3457 | 2674446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 |  | 5236 | 3138463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 |  | 4209 | 3316728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/53 |  | 7886 | 7683081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/55 |  | 975 | 978901 |
|  E.ON International Finance BV, 3.50%, 09/03/35<sup>(e)</sup> | EUR | 4200 | 4898707 |
|  Emera, Inc., Series 16-A, 6.75%, 06/15/76 | USD | 600 | 603075 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 01/31/41<sup>(a)</sup> |  | 1109 | 1178371 |
|  FirstEnergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.90%, 07/15/27 |  | 7174 | 7130003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 |  | 13994 | 12386898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 31118 | 21724903 |
|  FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/33<sup>(a)</sup> |  | 9675 | 9656085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 |  | 16781 | 16790986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(a)</sup> |  | 9752 | 8324604 |
|  Florida Power & Light Co., 3.15%, 10/01/49 |  | 5738 | 4005707 |
|  Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/31 |  | 4674 | 4799194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 |  | 5017 | 5077578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/35 |  | 7488 | 7673222 |
|  India Green Power Holdings, 4.00%, 02/22/27<sup>(e)</sup> |  | 7299 | 7135136 |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(e)</sup> |  | 11360 | 10763600 |
|  MidAmerican Energy Co., 3.15%, 04/15/50 |  | 2889 | 1986401 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(e)</sup> |  | 8842 | 8742530 |
|  MVM Energetika Zrt, 6.50%, 03/13/31<sup>(e)</sup> |  | 8160 | 8649600 |
|  NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/27 |  | 6215 | 6282585 |
|  NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/29<sup>(a)</sup> |  | 325 | 307228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/29<sup>(a)</sup> |  | 948 | 940027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(a)</sup> |  | 294 | 293048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> |  | 188 | 188225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(a)</sup> |  | 294 | 271810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34242361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> |  | 72 | 73807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 01/15/36<sup>(a)(f)</sup> |  | 100 | 100014 |
|  Ohio Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 |  | 2212 | 1707719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 |  | 2332 | 2168768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 |  | 5350 | 3328947 |
|  Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 01/15/33 |  | 907 | 959963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 |  | 3466 | 3725756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 |  | 10245 | 8910493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 |  | 7852 | 5949094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 |  | 1297 | 986890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 |  | 4059 | 3472564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 |  | 38798 | 33299809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 |  | 7742 | 5281638 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Pacific Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 |  | 17712 |  | 19083754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 04/01/53 |  | 11091 |  | 11859869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 |  | 5906 |  | 5753053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/55 |  | 8533 |  | 8581545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/55 |  | 6729 |  | 6719579 |
|  PECO Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 |  | 1211 |  | 972838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 |  | 7003 |  | 4500618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/54 |  | 1500 |  | 1452345 |
|  PG&E Corp., 5.25%, 07/01/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60914 |  | 60070043 |
|  Pinnacle West Capital Corp., 5.15%, 05/15/30 |  | 16456 |  | 16923157 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/33 |  | 2145 |  | 2205178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 |  | 12203 |  | 12077830 |
|  Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)</sup> |  | 292 |  | 309969 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26<sup>(a)</sup> |  | 425 |  | 424666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/30/26<sup>(a)</sup> |  | 4530 |  | 4556034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29<sup>(a)</sup> |  | 235 |  | 230079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/31<sup>(a)</sup> |  | 688 |  | 728036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/33<sup>(a)</sup> |  | 29724 |  | 33152366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/34<sup>(a)</sup> |  | 14213 |  | 14984865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/34<sup>(a)</sup> |  | 18960 |  | 19620225 |
|  XPLR Infrastructure Operating Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27<sup>(a)</sup> |  | 235 |  | 230552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/29<sup>(a)</sup> |  | 187 |  | 191997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/31<sup>(a)</sup> |  | 800 |  | 838400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622883134 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
|  Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> |  | 35 |  | 34042 |
|  Sensata Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(a)</sup> |  | 155 |  | 149599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)</sup> |  | 100 |  | 92288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/32<sup>(a)</sup> |  | 200 |  | 206956 |
|  WESCO Distribution, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28<sup>(a)</sup> |  | 149 |  | 150937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> |  | 260 |  | 267691 |
|  |  |  |  | 901513 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
|  Sensata Technologies BV, 4.00%, 04/15/29<sup>(a)</sup> |  | 200 |  | 191934 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  Deepocean Ltd., 04/08/31<sup>(e)(f)</sup> | EUR | 502 |  | 597335 |
|  New Generation Gas Gathering LLC, (3-mo. CME Term SOFR at 2.00% Floor + 5.75%), 10.34%, 09/30/29<sup>(a)(b)(g)</sup> | USD | 9844 |  | 9843514 |
|  Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> |  | 728 |  | 753523 |
|  Solaris Energy Infrastructure, Inc., 4.75%, 05/01/30<sup>(a)(p)</sup> |  | 4635 |  | 8296212 |
|  Transocean International Ltd., 8.25%, 05/15/29<sup>(a)</sup> |  | 1674 |  | 1650340 |
|  Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> |  | 384 |  | 398532 |
|  Venture Global LNG, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> |  | 231 |  | 239101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> |  | 107 |  | 117917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(a)</sup> |  | 15 |  | 15522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)</sup> |  | 1037 |  | 1088819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)</sup> |  | 819 |  | 891664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
|  Weatherford International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/15/33<sup>(a)(f)</sup> |  | 325 |  | 325226 |
|  |  |  |  | 24823900 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Cinemark U.S.A., Inc., 7.00%, 08/01/32<sup>(a)</sup> |  | 200 |  | 207871 |
|  Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(a)</sup> |  | 331 |  | 328810 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 07/27/30<sup>(a)</sup> |  | 700 |  | 711550 |
|  ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> |  | 100 |  | 95385 |
|  |  |  |  | 1343616 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
|  Acropolis Trade & Investments Ltd., (11.04% |  |  |  |  |
|  PIK), 11.04%, 04/02/28<sup>(a)(g)(m)</sup> |  | 18402 |  | 19230500 |
|  Andiron Financing LLC, (1-mo. CME Term SOFR + 3.00%), 7.31%, 01/21/30<sup>(b)(g)</sup> |  | 880 |  | 880000 |
|  AT&T Reign II Multi-Property Lease-Backed Pass- Through Trust, 6.09%, 12/15/44<sup>(a)</sup> |  | 21025 |  | 21237893 |
|  Azorra Finance Ltd., 7.75%, 04/15/30<sup>(a)</sup> |  | 172 |  | 180385 |
|  Block, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 |  | 547 |  | 539814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/30<sup>(a)</sup> |  | 217 |  | 219860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 |  | 3297 |  | 3068263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/33<sup>(a)</sup> |  | 118 |  | 120837 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> |  | 100 |  | 101139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30<sup>(a)</sup> |  | 1095 |  | 1124831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/32<sup>(a)</sup> |  | 160 |  | 164138 |
|  EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(e)</sup> | EUR | 1078 |  | 1322243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(a)</sup> | USD | 680 |  | 699005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(a)</sup> |  | 100 |  | 103865 |
|  Envalior Deutschland Gmbh, (6-mo. EURIBOR at 0.00% Floor + 9.50%) (12.37% Cash or 12.37% PIK), 12.37%, 04/01/31<sup>(b)(g)(m)</sup> | EUR | 11594 |  | 12438533 |
|  Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(a)</sup>. | USD | 186 |  | 190486 |
|  Freedom Mortgage Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> |  | 215 |  | 228664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)</sup> |  | 181 |  | 189715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/33<sup>(a)</sup> |  | 120 |  | 123621 |
|  Glencore Capital Finance DAC, 10/06/32<sup>(e)(f)</sup> | EUR | 3062 |  | 3587859 |
|  Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 04/01/30<sup>(a)</sup> | USD | 2359 |  | 2430450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30<sup>(a)</sup> |  | 4591 |  | 4188126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/31<sup>(a)</sup> |  | 6464 |  | 5929017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/31<sup>(a)</sup> |  | 2563 |  | 2301755 |
|  Homes By West Bay LLC, 11.00%, 02/06/30<sup>(g)</sup> |  | 21604 |  | 21902135 |
|  Lessen LLC, (3-mo. CME Term SOFR + 8.50%), 12.79%, 01/05/28<sup>(a)(b)(g)</sup> |  | 11434 |  | 10633238 |
|  Minejesa Capital BV, 5.63%, 08/10/37<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24806 |  | 24657164 |
|  Nationstar Mortgage Holdings, Inc., 6.50%, 08/01/29<sup>(a)</sup> |  | 1000 |  | 1025888 |
|  Oceana Australian Fixed Income Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.50%, 08/31/26<sup>(g)</sup> | AUD | 3013 |  | 2036168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.50%, 08/31/27<sup>(g)</sup> |  | 5022 |  | 3472595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/31/28<sup>(g)</sup> |  | 4228 |  | 2843270 |
|  PennyMac Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(a)</sup> | USD | 665 |  | 705763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> |  | 100 |  | 104126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31<sup>(a)</sup> |  | 65 |  | 64436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> |  | 332 |  | 344017 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
|  PennyMac Financial Services, Inc.<br>6.75%, 02/15/34<sup>(a)</sup> | USD | 107 | $109149 |
|  Rocket Cos., Inc., 6.13%, 08/01/30<sup>(a)</sup> |  | 100 | 102632 |
|  Rocket Mortgage LLC/Rocket Mortgage<br>Co- Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26<sup>(a)</sup> |  | 600 | 587717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31<sup>(a)</sup> |  | 391 | 365133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33<sup>(a)</sup> |  | 13 | 11873 |
|  Sun Country Airlines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1B, 4.70%, 12/15/25<sup>(g)</sup> |  | 568 | 565513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, 4.84%, 03/15/31<sup>(g)</sup> |  | 3054 | 3007923 |
|  SURAAsset Management SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 05/13/32<sup>(a)</sup> |  | 3824 | 4082120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 05/13/32<sup>(e)</sup> |  | 3909 | 4172857 |
|  United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27<sup>(a)</sup> |  | 416 | 415768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29<sup>(a)</sup> |  | 213 | 210072 |
|  UWM Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/30<sup>(a)</sup> |  | 1497 | 1522873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/31<sup>(a)</sup> |  | 259 | 257766 |
|  Worldline SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/27<sup>(e)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 1582190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/12/28<sup>(e)</sup> |  | 3500 | 3348525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/27/29<sup>(e)</sup> |  | 1000 | 908788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/10/30<sup>(e)</sup> |  | 600 | 545966 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170186664 |
| **Food Products — 0.0%** |  |  |  |
|  Chobani LLC/Chobani Finance Corp., Inc.,<br>7.63%, 07/01/29<sup>(a)</sup> | USD | 590 | 615221 |
|  Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(a)</sup> |  | 246 | 248352 |
|  Lamb Weston Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30<sup>(a)</sup> |  | 212 | 203567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(a)</sup> |  | 384 | 362927 |
|  Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29<sup>(a)</sup> |  | 260 | 258962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(a)</sup> |  | 526 | 530896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(a)</sup> |  | 100 | 100832 |
|  U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/15/28<sup>(a)</sup> |  | 395 | 407108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29<sup>(a)</sup> |  | 85 | 83729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(a)</sup> |  | 321 | 313709 |
|  |  |  | 3125303 |
| **Gas Utilities — 0.0%** |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)</sup> |  | 498 | 511620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/30<sup>(a)</sup> |  | 358 | 374783 |
|  |  |  | 886403 |
| **Ground Transportation — 0.1%** |  |  |  |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/31<sup>(a)</sup> |  | 700 | 724164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/15/32<sup>(a)</sup> |  | 100 | 104595 |
|  DP World Ltd., 6.85%, 07/02/37<sup>(e)</sup> |  | 7640 | 8775075 |
|  Edge Finco PLC, 8.13%, 08/15/31<sup>(e)</sup> | GBP | 1078 | 1545853 |
|  gategroup Finance Luxembourg SA, 3.00%, 02/28/27<sup>(e)</sup> | CHF | 1080 | 1342073 |
|  La Poste SA, 5.00%, <sup>(e)(n)</sup> | EUR | 1100 | 1341220 |
|  Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26 | USD | 2023 | 2011612 |
|  XPO, Inc., 7.13%, 02/01/32<sup>(a)</sup> |  | 155 | 162786 |
|  |  |  | 16007378 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
|  Bausch + Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | USD | 700 | $729531 |
|  Becton Dickinson & Co., 4.67%, 06/06/47 |  | 1125 | 994036 |
|  Hologic, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28<sup>(a)</sup> |  | 100 | 99255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29<sup>(a)</sup> |  | 122 | 117802 |
|  Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29<sup>(a)</sup> |  | 578 | 557449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(a)</sup> |  | 524 | 519469 |
|  Medline Borrower LP/Medline Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/29<sup>(a)</sup> |  | 738 | 756749 |
|  Solventum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/25/27 |  | 640 | 650385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/01/29 |  | 533 | 550051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/23/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11223375 |
|  Teleflex, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 |  | 129 | 127815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28<sup>(a)</sup> |  | 206 | 201094 |
|  |  |  | 16527011 |
| **Health Care Providers & Services — 0.5%** |  |  |  |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(a)</sup> |  | 313 | 324953 |
|  Centene Corp., 4.25%, 12/15/27 |  | 3900 | 3829868 |
|  CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30<sup>(a)</sup> |  | 100 | 90464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31<sup>(a)</sup> |  | 820 | 709094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/15/32<sup>(a)</sup> |  | 819 | 867400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/34<sup>(a)</sup> |  | 422 | 432339 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 |  | 3403 | 2838022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 |  | 2621 | 1876270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 |  | 1971 | 2049973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/55 |  | 1374 | 1359917 |
|  Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 |  | 131 | 129465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 275 | 267571 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 |  | 1144 | 1180416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 2089 | 2174978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 |  | 3806 | 3635347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 |  | 6537 | 6795077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/32 |  | 7671 | 7991888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 10597 | 10870301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/35 |  | 16107 | 16839454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 6432 | 4400234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/53 |  | 935 | 923170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/55 |  | 10665 | 11009292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 |  | 4207 | 4223955 |
|  LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/15/30<sup>(a)</sup> |  | 126 | 136450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/30<sup>(a)</sup> |  | 488 | 537853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)</sup> |  | 100 | 106571 |
|  Mehilainen Yhtiot Oy, 5.13%, 06/30/32<sup>(e)</sup> | EUR | 1078 | 1292470 |
|  Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28<sup>(a)</sup> | USD | 168 | 163841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30<sup>(a)</sup> |  | 65 | 60150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32<sup>(a)</sup> |  | 210 | 190560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/33<sup>(a)</sup> |  | 113 | 114255 |
|  Select Medical Corp., 6.25%, 12/01/32<sup>(a)</sup> |  | 854 | 854358 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 |  | 281 | 278429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 783 | 764701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 1030 | 1043140 |
|  |  |  | 90362226 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
|  MPT Operating Partnership LP/MPT Finance Corp., 7.00%, 02/15/32<sup>(e)</sup> | EUR | 1078 | $1322485 |
| **Hotel & Resort REITs — 0.1%** |  |  |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28<sup>(a)</sup> | USD | 115 | 114783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29<sup>(a)</sup> |  | 2068 | 2016293 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(a)</sup> |  | 194 | 190260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/32<sup>(a)</sup> |  | 392 | 403012 |
|  RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> |  | 261 | 246466 |
|  Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/30/27<sup>(a)(d)</sup> |  | 2220 | 1956997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 |  | 397 | 389687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 |  | 222 | 207762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 |  | 6133 | 6227264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 |  | 300 | 264405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 1662 | 1412671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 5038 | 5066309 |
|  XHR LP, 4.88%, 06/01/29<sup>(a)</sup> |  | 289 | 283053 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18778962 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
|  1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29<sup>(a)</sup> |  | 271 | 258748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/29<sup>(a)</sup> |  | 164 | 167690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/29<sup>(a)</sup> |  | 472 | 477676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> |  | 393 | 370372 |
|  Allwyn Entertainment Financing UK PLC, 4.13%, 02/15/31<sup>(e)</sup> | EUR | 1725 | 1967097 |
|  Aramark International Finance Sarl, 4.38%, 04/15/33<sup>(e)</sup> |  | 1078 | 1267244 |
|  Arcos Dorados BV, 6.38%, 01/29/32<sup>(e)</sup> | USD | 5573 | 5873273 |
|  Booking Holdings, Inc., 3.25%, 11/21/32 | EUR | 3728 | 4358855 |
|  Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | USD | 241 | 232326 |
|  Bracelet Holdings, Inc., 9.25%, 07/02/28<sup>(a)</sup> |  | 5752 | 5535232 |
|  Brightstar Lottery PLC, 5.25%, 01/15/29<sup>(a)</sup> |  | 323 | 321549 |
|  Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29<sup>(a)</sup> |  | 131 | 125267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> |  | 252 | 259209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/32<sup>(a)</sup> |  | 665 | 678292 |
|  Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/30<sup>(a)</sup> |  | 403 | 402637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/31<sup>(a)</sup> |  | 281 | 287984 |
|  Elior Group SA, 5.63%, 03/15/30<sup>(e)</sup> | EUR | 593 | 713357 |
|  Essendi SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/30<sup>(e)</sup> |  | 600 | 725151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/32<sup>(e)</sup> |  | 1100 | 1331602 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30<sup>(a)</sup> | USD | 1004 | 942187 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> |  | 562 | 521566 |
|  Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28<sup>(a)</sup> |  | 100 | 100122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)</sup> |  | 411 | 419494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29<sup>(a)</sup> |  | 55 | 52910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(a)</sup> |  | 460 | 435266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/33<sup>(a)</sup> |  | 108 | 110246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/33<sup>(a)</sup> |  | 100 | 101335 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29<sup>(a)</sup> |  | 167 | 160597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/32<sup>(a)</sup> |  | 285 | 289461 |
|  HR Ottawa LP, 11.00%, 03/31/31<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23430 | 25822600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Light & Wonder International, Inc., 7.50%, 09/01/31<sup>(a)</sup> | USD | 179 | $| 186153 |
|  Marriott Ownership Resorts, Inc., 6.50%, 10/01/33<sup>(a)</sup> |  | 100 |  | 99542 |
|  Melco Resorts Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27<sup>(e)</sup> |  | 8000 |  | 7998000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28<sup>(e)</sup> |  | 8000 |  | 7996000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/29<sup>(e)</sup> |  | 6993 |  | 6831811 |
|  MGM China Holdings Ltd., 7.13%, 06/26/31<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 |  | 14770000 |
|  MGM Resorts International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 |  | 174 |  | 173562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 |  | 233 |  | 231184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/32 |  | 249 |  | 253680 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(a)</sup> |  | 1349 |  | 1311363 |
|  Minor International PCL, 2.70%, <sup>(e)(n)</sup> |  | 500 |  | 494575 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 11.88%, 04/15/31<sup>(a)</sup> |  | 883 |  | 925558 |
|  NCL Corp. Ltd., 6.75%, 02/01/32<sup>(a)</sup> |  | 411 |  | 422685 |
|  REXLot Holdings Ltd., 4.50%, 04/17/19<sup>(e)(g)(h)(o)(p)</sup> | HKD | 1161 |  |  |
|  Royal Caribbean Cruises Ltd., 01/15/36<sup>(f)</sup> | USD | 4430 |  | 4455835 |
|  Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(a)</sup> |  | 258 |  | 258102 |
|  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, 05/01/32<sup>(a)</sup> |  | 277 |  | 282211 |
|  Studio City Co. Ltd., 7.00%, 02/15/27<sup>(e)</sup> |  | 4900 |  | 4932144 |
|  TKC Holdings, Inc., 10.50%, 05/15/29<sup>(a)</sup> |  | 985 |  | 1008726 |
|  Travel + Leisure Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26<sup>(a)</sup> |  | 449 |  | 452336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29<sup>(a)</sup> |  | 52 |  | 50238 |
|  Vail Resorts, Inc., 5.63%, 07/15/30<sup>(a)</sup> |  | 123 |  | 123769 |
|  Viking Cruises Ltd., 7.00%, 02/15/29<sup>(a)</sup> |  | 207 |  | 208046 |
|  VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> |  | 200 |  | 199456 |
|  Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> |  | 487 |  | 514998 |
|  Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27<sup>(e)</sup> |  | 8000 |  | 7996000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(a)</sup> |  | 280 |  | 279443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(e)</sup> |  | 8000 |  | 7984080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/34<sup>(a)</sup> |  | 8055 |  | 8165354 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(a)</sup> |  | 486 |  | 486749 |
|  Yum! Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(a)</sup> |  | 101 |  | 100373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 |  | 567 |  | 529432 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134030750 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  Ashton Woods U.S.A. LLC/Ashton Woods |  |  |  |  |
|  Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29<sup>(a)</sup> |  | 430 |  | 411757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30<sup>(a)</sup> |  | 1348 |  | 1276124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/01/33<sup>(a)</sup> |  | 828 |  | 835102 |
|  Beazer Homes U.S.A., Inc., 7.25%, 10/15/29 |  | 3721 |  | 3785061 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27<sup>(a)</sup> |  | 156 |  | 155623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> |  | 742 |  | 707106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> |  | 40 |  | 37514 |
|  Century Communities, Inc.<br>6.75%, 06/01/27 |  | 249 |  | 248934 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
|  Century Communities, Inc.<br>3.88%, 08/15/29<sup>(a)</sup> | USD | 189 | $| 177805 |
|  LGI Homes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/28<sup>(a)</sup> |  | 1568 |  | 1646118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(a)</sup> |  | 2507 |  | 2447897 |
|  Mattamy Group Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27<sup>(a)</sup> |  | 1160 |  | 1152486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30<sup>(a)</sup> |  | 1865 |  | 1800008 |
|  Newell Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 |  | 158 |  | 158902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/30 |  | 443 |  | 438922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/32 |  | 100 |  | 98691 |
|  Somnigroup International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29<sup>(a)</sup> |  | 268 |  | 257212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31<sup>(a)</sup> |  | 100 |  | 91587 |
|  Taylor Morrison Communities, Inc., 5.88%, 06/15/27<sup>(a)</sup> |  | 116 |  | 117406 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28<sup>(a)</sup> |  | 1032 |  | 1010448 |
|  Whirlpool Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 |  | 154 |  | 151917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 344 |  | 343292 |
|  |  |  |  | 17349912 |
| **Household Products — 0.0%** |  |  |  |  |
|  Central Garden & Pet Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 |  | 100 |  | 94986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31<sup>(a)</sup> |  | 123 |  | 114757 |
|  Energizer Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28<sup>(a)</sup> |  | 118 |  | 115946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/29<sup>(a)</sup> |  | 46 |  | 44117 |
|  |  |  |  | 369806 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
|  Calpine Corp., 4.50%, 02/15/28<sup>(a)</sup> |  | 233 |  | 232017 |
|  Clean Renewable Power Mauritius Pte Ltd., 4.25%, 03/25/27<sup>(e)</sup> |  | 6160 |  | 6029100 |
|  Continuum Energy Pte Ltd., 5.00%,<br>09/13/27<sup>(a)(g)(m)</sup> |  | 10174 |  | 10173956 |
|  Greenko Dutch BV, 3.85%, 03/29/26<sup>(e)</sup> |  | 6920 |  | 6852574 |
|  Greenko Power II Ltd., 4.30%, 12/13/28<sup>(e)</sup> |  | 6380 |  | 6085435 |
|  Greenko Wind Projects Mauritius Ltd., 7.25%, 09/27/28<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199 |  | 13443181 |
|  India Clean Energy Holdings, 4.50%, 04/18/27<sup>(e)</sup> |  | 14000 |  | 13685000 |
|  India Cleantech Energy, 4.70%, 08/10/26<sup>(e)</sup> |  | 6072 |  | 6014316 |
|  ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(e)</sup> |  | 14000 |  | 13980540 |
|  SCC Power PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash and 4.00% PIK), 8.00%, 12/31/28<sup>(a)(m)</sup> |  | 1733 |  | 1035328 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% Cash or 4.00% PIK), 4.00%,<br>05/17/32<sup>(a)(m)</sup> |  | 494 |  | 98737 |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33<sup>(e)</sup> |  | 2744 |  | 2835061 |
|  Stem, Inc., 0.50%, 12/01/28<sup>(a)(p)</sup> |  | 622 |  | 177270 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80642515 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
|  Beach Acquisition Bidco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/32<sup>(e)</sup> | EUR | 1078 |  | 1297372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 07/15/33<sup>(a)(m)</sup> | USD | 527 |  | 568455 |
|  Maxam Prill Sarl, 6.00%, 07/15/30<sup>(e)</sup> | EUR | 1617 |  | 1927326 |
|  |  |  |  | 3793153 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(a)</sup> | USD | 203 | $195576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/30<sup>(a)</sup> |  | 500 | 520875 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27<sup>(a)</sup> |  | 100 | 98340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/28<sup>(a)</sup> |  | 661 | 672716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(a)</sup> |  | 683 | 703785 |
|  Ambac Assurance Corp., 5.10% <sup>(a)(n)</sup> |  | 462 | 577753 |
|  AmWINS Group, Inc., 6.38%, 02/15/29<sup>(a)</sup> |  | 131 | 133663 |
|  Ardonagh Finco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/31<sup>(e)</sup> | EUR | 1617 | 1962264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/31<sup>(a)</sup> | USD | 321 | 335891 |
|  Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden U.S. Refinance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/31<sup>(a)</sup> |  | 400 | 411828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/32<sup>(a)</sup> |  | 208 | 215800 |
|  HUB International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29<sup>(a)</sup> |  | 517 | 516480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/31/32<sup>(a)</sup> |  | 1099 | 1144432 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> |  | 700 | 728083 |
|  Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)</sup> |  | 437 | 423403 |
|  |  |  | 8640889 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
|  Alphabet, Inc., 4.00%, 05/06/54 | EUR | 3400 | 3895922 |
|  Arches Buyer, Inc., 4.25%, 06/01/28<sup>(a)</sup> | USD | 489 | 479191 |
|  Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091 | 12084680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/63 |  | 617 | 634560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/64 |  | 10428 | 10351382 |
|  Snap, Inc., 6.88%, 03/01/33<sup>(a)</sup> |  | 200 | 204420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27650155 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
|  Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30<sup>(e)</sup> | EUR | 754 | 899252 |
|  Atos SE, 9.00%, 12/18/29<sup>(c)(e)</sup> |  | 1994 | 2693141 |
|  Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.66%, 05/15/28<sup>(b)(e)</sup> |  | 1078 | 1272870 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27<sup>(a)</sup> | USD | 404 | 402927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/32<sup>(a)</sup> |  | 166 | 161267 |
|  CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/30<sup>(a)</sup> |  | 1114 | 1150533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/31<sup>(a)</sup> |  | 59 | 60468 |
|  Dell International LLC/EMC Corp., 02/15/31<sup>(f)</sup> |  | 18451 | 18408346 |
|  Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28<sup>(e)</sup> | EUR | 862 | 1078446 |
|  Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/31<sup>(a)</sup> | USD | 5856 | 6076599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/25/33<sup>(a)</sup> |  | 9875 | 10413044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/25/37<sup>(a)</sup> |  | 7247 | 7730302 |
|  Gartner, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28<sup>(a)</sup> |  | 36567 | 36268404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29<sup>(a)</sup> |  | 29005 | 27791318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30<sup>(a)</sup> |  | 3330 | 3144648 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27<sup>(a)</sup> |  | 273 | 272518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29<sup>(a)</sup> |  | 33 | 31267 |
|  Prime Investment Partners, 11.00%, 05/01/30<sup>(g)</sup> |  | 5461 | 5604305 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(a)</sup> | USD | 184 | $190236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/33<sup>(e)</sup> | EUR | 1617 | 1976756 |
|  Twilio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 | USD | 100 | 95291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 |  | 100 | 94027 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125815965 |
| **Life Sciences Tools & Services — 0.0%** |  |  |  |
|  Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(a)</sup> |  | 522 | 513469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29<sup>(a)</sup> |  | 453 | 430787 |
|  Charles River Laboratories International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28<sup>(a)</sup> |  | 254 | 248426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31<sup>(a)</sup> |  | 238 | 221664 |
|  Ephios Subco 3 Sarl, 7.88%, 01/31/31<sup>(e)</sup> | EUR | 1617 | 2021021 |
|  IQVIA, Inc., 6.25%, 06/01/32<sup>(a)</sup> | USD | 100 | 102814 |
|  Star Parent, Inc., 9.00%, 10/01/30<sup>(a)</sup> |  | 761 | 804524 |
|  |  |  | 4342705 |
| **Machinery — 0.0%** |  |  |  |
|  Allison Transmission, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27<sup>(a)</sup> |  | 120 | 119181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31<sup>(a)</sup> |  | 113 | 104400 |
|  Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29<sup>(a)</sup> |  | 668 | 698188 |
|  Terex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/29<sup>(a)</sup> |  | 284 | 279684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/32<sup>(a)</sup> |  | 100 | 101870 |
|  TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(a)</sup> . |  | 587 | 584924 |
|  |  |  | 1888247 |
| **Media — 1.8%** |  |  |  |
|  AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(a)</sup> |  | 1930 | 2033738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 2822 | 2455140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(p)</sup> |  | 1097 | 1044892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/32<sup>(a)</sup> |  | 641 | 677816 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(a)</sup> |  | 1034 | 1027056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(a)</sup> |  | 12 | 11920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(a)</sup> |  | 1001 | 960527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> |  | 486 | 447718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> |  | 651 | 671692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)</sup> |  | 1768 | 1634979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 8351 | 7599963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)</sup> |  | 7133 | 6166927 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 02/01/34 |  | 1385 | 1480007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 06/01/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10519 | 11210273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 |  | 14050 | 14719194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 |  | 693 | 499130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 |  | 8998 | 8156460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 |  | 15373 | 12175888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 |  | 6020 | 3971452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 |  | 13808 | 9352052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 |  | 4178 | 3491131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 |  | 27437 | 17100939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 |  | 8160 | 5654131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 |  | 13853 | 8764370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 |  | 1142 | 956991 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(a)</sup> | USD | 569 | $597465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/33<sup>(a)</sup> |  | 100 | 104557 |
|  Comcast Corp., 2.65%, 08/15/62 |  | 4063 | 2138159 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> |  | 3346 | 3175783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(a)</sup> |  | 773 | 715611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/29<sup>(a)</sup> |  | 1731 | 1455674 |
|  Directv Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> |  | 341 | 336813 |
|  DirecTV Financing LLC/DirecTV Financing Co- Obligor, Inc., 10.00%, 02/15/31<sup>(a)</sup> |  | 1543 | 1540735 |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 |  | 100 | 92381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 |  | 265 | 227381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 |  | 701 | 643287 |
|  DISH Network Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(d)(p)</sup> |  | 3089 | 3043789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/26<sup>(p)</sup> |  | 892 | 857212 |
|  Gray Media, Inc., 9.63%, 07/15/32<sup>(a)</sup> |  | 1178 | 1203490 |
|  iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/01/29<sup>(a)</sup> |  | 938 | 843624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/30<sup>(a)</sup> |  | 141 | 116705 |
|  Lamar Media Corp., 3.75%, 02/15/28 |  | 295 | 286799 |
|  McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(a)</sup> |  | 200 | 207790 |
|  OT Midco, Inc., 10.00%, 02/15/30<sup>(a)</sup> |  | 3690 | 2492982 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(a)</sup> |  | 201 | 199990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/15/31<sup>(a)</sup> |  | 131 | 138198 |
|  Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/04/26 |  | 4155 | 4091645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 |  | 8736 | 8556597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 |  | 3519 | 3427956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 |  | 9840 | 9727745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 |  | 3414 | 2635180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 |  | 1424 | 1300603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 |  | 4000 | 3287018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 |  | 1052 | 847392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 |  | 1518 | 1183153 |
|  Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27<sup>(a)</sup> |  | 941 | 936481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(a)</sup> |  | 473 | 457048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30<sup>(a)</sup> |  | 470 | 440817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31<sup>(a)</sup> |  | 126 | 114192 |
|  Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)</sup> |  | 245 | 237998 |
|  Summer BC Holdco B S.a.r.l., (3-mo. EURIBOR + 4.25%), 6.29%, 02/15/30<sup>(b)(e)</sup> | EUR | 1886 | 2174451 |
|  Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | USD | 509 | 484899 |
|  TEGNA, Inc., 4.63%, 03/15/28 |  | 327 | 320673 |
|  Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29<sup>(e)(m)</sup> | EUR | 808 | 639534 |
|  Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30<sup>(a)</sup> | USD | 111 | 111531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/31<sup>(a)</sup> |  | 847 | 874648 |
|  Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, 03/15/32<sup>(e)</sup> | GBP | 1617 | 2247536 |
|  Virgin Media Secured Finance PLC, 5.50%, 05/15/29<sup>(a)</sup> | USD | 1060 | 1048016 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28<sup>(a)</sup> |  | 300 | 293865 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  VZ Secured Financing BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/32<sup>(a)</sup> | USD | 400 | $| 361887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33<sup>(e)</sup> | EUR | 1078 |  | 1265569 |
|  Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98095 |  | 96746194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 |  | 363 |  | 270435 |
|  Ziggo BV, 4.88%, 01/15/30<sup>(a)</sup> |  | 370 |  | 349227 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317265606 |
| **Metals & Mining — 0.3%** |  |  |  |  |
|  Alcoa Nederland Holding BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/29<sup>(a)</sup> |  | 200 |  | 193399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/31<sup>(a)</sup> |  | 200 |  | 210236 |
|  Arsenal AIC Parent LLC, 11.50%, 10/01/31<sup>(a)</sup> |  | 500 |  | 555314 |
|  Cleveland-Cliffs, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/29<sup>(a)</sup> |  | 397 |  | 404569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/32<sup>(a)</sup> |  | 501 |  | 505992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/01/33<sup>(a)</sup> |  | 89 |  | 90857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/34<sup>(a)</sup> |  | 175 |  | 180321 |
|  Constellium SE, 3.75%, 04/15/29<sup>(a)</sup> |  | 403 |  | 383448 |
|  Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36<sup>(e)</sup> |  | 8027 |  | 8677187 |
|  Fortescue Treasury Pty Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30<sup>(a)</sup> |  | 111 |  | 113761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32<sup>(a)</sup> |  | 423 |  | 437108 |
|  Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(a)</sup> |  | 208 |  | 196046 |
|  Mineral Resources Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27<sup>(a)</sup> |  | 159 |  | 162068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/28<sup>(a)</sup> |  | 1185 |  | 1241654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30<sup>(a)</sup> |  | 1128 |  | 1173289 |
|  Navoi Mining & Metallurgical Combinat, 6.75%, 05/14/30<sup>(e)</sup> |  | 7310 |  | 7675500 |
|  Nickel Industries Ltd., 9.00%, 09/30/30<sup>(e)</sup> |  | 1585 |  | 1608274 |
|  Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)</sup> |  | 380 |  | 366193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)</sup> |  | 100 |  | 103697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31<sup>(a)</sup> |  | 200 |  | 182338 |
|  Periama Holdings LLC, 5.95%, 04/19/26<sup>(e)</sup> |  | 425 |  | 426488 |
|  Samarco Mineracao SA, (9.50% Cash or 9.00% PIK), 9.50%, 06/30/31<sup>(e)(m)</sup> |  | 9205 |  | 9250532 |
|  Stillwater Mining Co., 4.50%, 11/16/29<sup>(e)</sup> |  | 3696 |  | 3439590 |
|  Vale Overseas Ltd., 6.40%, 06/28/54 |  | 8600 |  | 8826008 |
|  Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(e)</sup> |  | 6746 |  | 7062219 |
|  Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(a)</sup> |  | 173 |  | 179453 |
|  |  |  |  | 53645541 |
| **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%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  Starwood Property Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26<sup>(a)</sup> |  | 130 |  | 128510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27<sup>(a)</sup> |  | 259 |  | 256776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> |  | 300 |  | 304560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(a)</sup> |  | 100 |  | 103297 |
|  |  |  |  | 793143 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
|  Alstria Office AG, 5.50%, 03/20/31<sup>(e)</sup> | EUR | 1600 |  | 1953281 |
| **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** |
|  Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29<sup>(a)</sup> | USD | 200 |  | 208579 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29<sup>(a)</sup> |  | 170 |  | 169377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/32<sup>(a)</sup> |  | 100 |  | 102993 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Antero Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19621925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30<sup>(a)</sup> |  | 40064 | 40296451 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/32<sup>(a)</sup> |  | 100 | 102047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/33<sup>(a)</sup> |  | 405 | 411748 |
|  Baytex Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/30/30<sup>(a)</sup> |  | 300 | 308269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/32<sup>(a)</sup> |  | 270 | 264359 |
|  BP Capital Markets America, Inc., 5.23%, 11/17/34 |  | 11649 | 12032055 |
|  Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28<sup>(a)</sup> |  | 352 | 347627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/29<sup>(a)</sup> |  | 100 | 103637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(a)</sup> |  | 60 | 62319 |
|  California Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/15/29<sup>(a)</sup> |  | 1230 | 1282699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 01/15/34<sup>(a)(f)</sup> |  | 1331 | 1321838 |
|  Cameron LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/35<sup>(a)</sup> |  | 13346 | 11588314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38<sup>(a)</sup> |  | 8998 | 7802013 |
|  Cheniere Corpus Christi Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 |  | 18860 | 19065806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 |  | 21789 | 18275439 |
|  Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 19597 | 18898721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 13588 | 12378830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/34 |  | 9908 | 10300252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/30/35<sup>(a)</sup> |  | 1084 | 1107428 |
|  Cheniere Energy, Inc., 5.65%, 04/15/34 |  | 41227 | 42498452 |
|  Chesapeake Energy Corp., 6.13%, 02/15/21<sup>(g)(h)(o)</sup> |  | 9090 | 1 |
|  Chord Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/30<sup>(a)</sup> |  | 80 | 79443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/33<sup>(a)</sup> |  | 100 | 101319 |
|  Civitas Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> |  | 3557 | 3539898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> |  | 1810 | 1876154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/01/30<sup>(a)</sup> |  | 429 | 444300 |
|  CNX Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(a)</sup> |  | 139 | 139057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(a)</sup> |  | 100 | 103100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/01/32<sup>(a)</sup> |  | 7556 | 7838797 |
|  Comstock Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> |  | 167 | 166727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> |  | 646 | 642124 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33<sup>(a)</sup> |  | 250 | 271300 |
|  Crescent Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/33<sup>(a)</sup> |  | 1081 | 1052531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/34<sup>(a)</sup> |  | 83 | 84095 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 7.38%, 02/01/31<sup>(a)</sup> |  | 26362 | 27534643 |
|  CVR Energy, Inc., 8.50%, 01/15/29<sup>(a)</sup> |  | 483 | 493654 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/01/28<sup>(a)</sup> |  | 152 | 152492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/29<sup>(a)</sup> |  | 351 | 366023 |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 |  | 65115 | 64427366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 |  | 42622 | 41121692 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 | USD | 42090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39106830 |
|  Energean Israel Finance Ltd., 8.50%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/33<sup>(a)(e)</sup> |  | 7469 | 7879426 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/54 |  | 5842 | 5657563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/54 |  | 5582 | 5480859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/01/55 |  | 3596 | 3617600 |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12370 | 12256655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 |  | 10771 | 10980662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 |  | 10983 | 11243907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 |  | 39707 | 39451967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 |  | 14621 | 15112558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 |  | 3998 | 4026825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 |  | 53512 | 53519681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 |  | 22764 | 23081800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/29 |  | 28074 | 29112358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 24207 | 26355214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 |  | 51034 | 56296889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 |  | 93608 | 93417158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(a)</sup> |  | 41473 | 38780330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 |  | 22227 | 23261896 |
|  Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/20<sup>(g)(h)(o)</sup> |  | 623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/21<sup>(g)(h)(o)</sup> |  | 425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 18382 | 18387666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29<sup>(a)</sup> |  | 4042 | 4057024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(a)</sup> |  | 15516 | 15677904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 |  | 9615 | 9776619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 11947 | 11741212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/15/35 |  | 47947 | 49280447 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 05/15/33 |  | 383 | 400598 |
|  Global Partners LP/GLP Finance Corp., 8.25%, 01/15/32<sup>(a)</sup> |  | 258 | 272103 |
|  Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(a)</sup> |  | 4763 | 4012828 |
|  Greensaif Pipelines Bidco Sarl, 5.85%, 02/23/36<sup>(e)</sup> |  | 8214 | 8616650 |
|  Harvest Midstream I LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/28<sup>(a)</sup> |  | 450 | 454843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/32<sup>(a)</sup> |  | 341 | 348333 |
|  Hess Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 |  | 6412 | 7383221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 |  | 1812 | 1969632 |
|  Hess Midstream Operations LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28<sup>(a)</sup> |  | 166 | 165813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/29<sup>(a)</sup> |  | 176 | 181515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30<sup>(a)</sup> |  | 100 | 100723 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29<sup>(a)</sup> |  | 321 | 316217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31<sup>(a)</sup> |  | 324 | 312032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/34<sup>(a)</sup> |  | 128 | 123066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/35<sup>(a)</sup> |  | 413 | 403619 |
|  Howard Midstream Energy Partners LLC, 7.38%, 07/15/32<sup>(a)</sup> |  | 245 | 254316 |
|  Ithaca Energy North Sea PLC, 5.50%, 10/01/31<sup>(e)</sup> | EUR | 1078 | 1276691 |
|  ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | USD | 583 | 573168 |
|  KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(e)</sup> |  | 8435 | 8370810 |
|  Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> |  | 424 | 435203 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/28<sup>(a)</sup> | USD | 18 | $18370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(a)</sup> |  | 126 | 127206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/33<sup>(a)</sup> |  | 100 | 100470 |
|  Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(a)</sup> . |  | 6686 | 7053730 |
|  Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(e)</sup> |  | 7457 | 7527842 |
|  NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17095772 |
|  Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/01/28<sup>(a)</sup> |  | 100 | 101412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/31<sup>(a)</sup> |  | 415 | 428734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/15/33<sup>(a)(f)</sup> |  | 749 | 746036 |
|  NuStar Logistics LP, 5.63%, 04/28/27 |  | 99 | 99608 |
|  OEG Finance PLC, 7.25%, 09/27/29<sup>(e)</sup> | EUR | 1886 | 2314295 |
|  ORLEN SA, 6.00%, 01/30/35<sup>(e)</sup> | USD | 7811 | 8154254 |
|  Parkland Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27<sup>(a)</sup> |  | 100 | 99916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30<sup>(a)</sup> |  | 397 | 385988 |
|  Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/27<sup>(a)</sup> |  | 2171 | 2204720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29<sup>(a)</sup> |  | 545 | 547439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/32<sup>(a)</sup> |  | 42 | 43560 |
|  Petroleos Mexicanos, 7.50%, 03/20/26 |  | 22921 | 22783474 |
|  Puma International Financing SA, 7.75%, 04/25/29<sup>(e)</sup> |  | 7200 | 7417512 |
|  Raizen Fuels Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/08/32<sup>(a)</sup> |  | 5790 | 5649593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/05/34<sup>(e)</sup> |  | 2955 | 2866350 |
|  Range Resources Corp., 8.25%, 01/15/29 |  | 57 | 58339 |
|  Repsol E&P Capital Markets U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/16/28<sup>(a)</sup> |  | 2855 | 2867359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/16/30<sup>(a)</sup> |  | 3690 | 3716711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 09/16/35<sup>(a)</sup> |  | 7265 | 7397143 |
|  Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(a)</sup> |  | 239 | 237061 |
|  Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 5952 | 5971567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 |  | 29097 | 29272944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 |  | 3370 | 3366387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 |  | 28735 | 28835233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 |  | 9226 | 9701391 |
|  SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(e)</sup>  |  | 248 | 240638 |
|  SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/29<sup>(a)</sup> |  | 530 | 532540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/32<sup>(a)</sup> |  | 515 | 515397 |
|  Sunoco LP, 6.25%, 07/01/33<sup>(a)</sup> |  | 169 | 172015 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/28<sup>(a)</sup> |  | 186 | 191757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 |  | 70 | 68288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 |  | 550 | 529566 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27<sup>(a)</sup> |  | 208 | 207951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(a)</sup> |  | 196 | 195003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30<sup>(a)</sup> |  | 500 | 493765 |
|  Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 |  | 3609 | 3428927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/33 |  | 1445 | 1536699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 |  | 1962 | 1679426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/53 |  | 998 | 1050662 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp.<br>5.00%, 01/15/28 |  | 3277 | 3280662 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14735 | $| 14778037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 |  | 12078 |  | 11454099 |
|  TotalEnergies Capital International SA, 3.85%, 03/03/45<sup>(e)</sup> | EUR | 7800 |  | 8594486 |
|  Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(a)</sup> | USD | 1236 |  | 1266554 |
|  Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(e)</sup>  |  | 3532 |  | 3679920 |
|  U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/29<sup>(a)</sup> |  | 325 |  | 335180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/33<sup>(a)</sup> |  | 120 |  | 120459 |
|  Var Energi ASA, 7.86%, 11/15/83<sup>(e)</sup> | EUR | 647 |  | 842292 |
|  Venture Global Calcasieu Pass LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29<sup>(a)</sup> | USD | 627 |  | 600876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31<sup>(a)</sup> |  | 252 |  | 237850 |
|  Venture Global Plaquemines LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/33<sup>(a)</sup> |  | 255 |  | 281778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/34<sup>(a)</sup> |  | 414 |  | 435800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/36<sup>(a)</sup> |  | 350 |  | 371762 |
|  Viper Energy Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/01/30 |  | 9019 |  | 9086251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/01/35 |  | 13852 |  | 14083605 |
|  Vista Energy Argentina SAU |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/10/33<sup>(a)</sup> |  | 6742 |  | 6870098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 12/10/35<sup>(a)</sup> |  | 1349 |  | 1308193 |
|  Vital Energy, Inc., 7.88%, 04/15/32<sup>(a)</sup> |  | 604 |  | 586325 |
|  Vnom Sub, Inc., 5.38%, 11/01/27<sup>(a)</sup> |  | 32793 |  | 32798739 |
|  Wintershall Dea Finance 2 BV, 6.12%, <sup>(e)(n)</sup> | EUR | 1078 |  | 1322579 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1312886920 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
|  Graphic Packaging International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30<sup>(a)</sup> | USD | 100 |  | 93478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32<sup>(a)</sup> |  | 169 |  | 171614 |
|  Magnera Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/29<sup>(a)</sup> |  | 354 |  | 313397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/31<sup>(a)</sup> |  | 366 |  | 344399 |
|  Suzano Austria GmbH, Series DM3N, 3.13%, 01/15/32 |  | 9721 |  | 8723625 |
|  |  |  |  | 9646513 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
|  Air Canada, 3.88%, 08/15/26<sup>(a)</sup> |  | 100 |  | 99092 |
|  Air Canada Pass-Through Trust, Series 2017-1, Class B, 3.70%, 01/15/26<sup>(a)</sup> |  | 8 |  | 7823 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(a)</sup> |  | 1070 |  | 1083303 |
|  American Airlines Pass-Through Trust, 3.50%, 06/15/26<sup>(g)</sup> |  | 2804 |  | 2780051 |
|  American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)</sup> |  | 874 |  | 895374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)</sup> |  | 118 |  | 123092 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29<sup>(a)</sup> |  | 310 |  | 311186 |
|  Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(a)</sup> |  | 5443 |  | 5429393 |
|  JetBlue Airways Corp. Pass-Through Trust, Series 2019-1, AA, 2.75%, 05/15/32 |  | 655 |  | 579869 |
|  JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31<sup>(a)</sup> |  | 971 |  | 984858 |
|  Latam Airlines Group SA, 7.63%, 01/07/31<sup>(a)</sup> |  | 6946 |  | 7206475 |
|  Spirit Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/28 |  | 87 |  | 82889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 |  | 988 |  | 919528 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
|  Spirit Airlines Pass-Through Trust 3.65%, 02/15/30 | USD | 2591 | $| 2361516 |
|  Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27<sup>(a)</sup> |  | 418 |  | 407322 |
|  |  |  |  | 23271771 |
| **Personal Care Products — 0.0%** | **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%, 04/01/29<sup>(a)</sup> |  | 100 |  | 95115 |
| **Pharmaceuticals — 0.1%** |  |  |  |  |
|  Bayer AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/82<sup>(e)</sup> | EUR | 1600 |  | 1930224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/25/83<sup>(e)</sup> |  | 1100 |  | 1415972 |
|  Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(e)</sup> |  | 1617 |  | 1946372 |
|  Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(a)</sup> | USD | 682 |  | 731697 |
|  Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)</sup> |  | 752 |  | 732626 |
|  Nidda Healthcare Holding GmbH, 5.38%, 10/23/30<sup>(e)</sup> | EUR | 1078 |  | 1286922 |
|  Opal Bidco SAS, 5.50%, 03/31/32<sup>(e)</sup> |  | 1078 |  | 1309905 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31<sup>(a)</sup> | USD | 800 |  | 700839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/34<sup>(a)</sup> |  | 900 |  | 833761 |
|  Pfizer Investment Enterprises Pte Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/19/33 |  | 1799 |  | 1817443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 |  | 2157 |  | 2084496 |
|  Prestige Brands, Inc., 5.13%, 01/15/28<sup>(a)</sup> |  | 171 |  | 169603 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 |  | 200 |  | 199250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/09/29 |  | 200 |  | 201062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/29 |  | 655 |  | 715181 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075353 |
| **Professional Services — 0.0%** | **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> |  | 384 |  | 398733 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  Adler Financing Sarl, Series 1L, 8.25%, 12/31/28 | EUR | 1798 |  | 2246919 |
|  Aroundtown SA, 1.63%, <sup>(e)(n)</sup> |  | 300 |  | 337619 |
|  Citycon Oyj, 3.63%, <sup>(e)(n)</sup> |  | 261 |  | 286246 |
|  Citycon Treasury BV, 5.38%, 07/08/31<sup>(e)</sup> |  | 808 |  | 953906 |
|  Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31<sup>(a)</sup> | USD | 271 |  | 289244 |
|  Fantasia Holdings Group Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 12/17/21<sup>(e)(h)(o)</sup> |  | 465 |  | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 04/17/22<sup>(e)(h)(o)</sup> |  | 2430 |  | 27338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 07/05/22<sup>(e)(h)(o)</sup> |  | 530 |  | 10931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/18/22<sup>(e)(h)(o)</sup> |  | 200 |  | 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/09/23<sup>(e)(h)(o)</sup> |  | 2657 |  | 51811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 06/01/23<sup>(e)(h)(o)</sup> |  | 1093 |  | 16395 |
|  Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(a)</sup> |  | 270 |  | 273988 |
|  Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> |  | 1413 |  | 1399776 |
|  Grand City Properties SA, 1.50%, <sup>(e)(n)</sup> | EUR | 1300 |  | 1492551 |
|  Heimstaden Bostad AB, 6.25%, <sup>(e)(n)</sup> |  | 1617 |  | 1952747 |
|  Howard Hughes Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28<sup>(a)</sup> | USD | 2746 |  | 2735159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31<sup>(a)</sup> |  | 137 |  | 128446 |
|  New Immo Holding SA, 5.88%, 04/17/28<sup>(e)</sup> | EUR | 1600 |  | 1939595 |
|  Resort Communities LoanCo LP, (10.50% Cash and 2.00% PIK), 12.50%, 11/30/28<sup>(a)(g)(m)</sup> | USD | 28966 |  | 29655634 |
|  Store Capital LLC, 5.40%, 04/30/30<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17338 |  | 17658102 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value | Value |
|  **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
|  Vivion Investments Sarl, (6.50% Cash or 1.75% PIK), 6.50%, 08/31/28<sup>(e)(m)</sup> | EUR | 1617 | $| 1893566 |
|  Vonovia SE, Series B, 0.88%, 05/20/32<sup>(e)(p)</sup> |  | 1100 |  | 1295402 |
|  |  |  |  | 64656475 |
|  **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
|  AP Grange Holdings LLC, 6.50%, |  |  |  |  |
|  03/20/45 (Acquired 06/21/24, cost<br>$12,241,000)<sup>(g)(i)</sup> | USD | 12241 |  | 12685348 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31<sup>(a)</sup> |  | 28982 |  | 26359496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 |  | 7915 |  | 8224070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/32 |  | 955 |  | 961635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 |  | 11520 |  | 11994203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(a)</sup> |  | 12299 |  | 11382410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(a)</sup> |  | 26093 |  | 23812496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 |  | 17109 |  | 17228666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37<sup>(a)</sup> |  | 2536 |  | 2529199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/38 |  | 7695 |  | 7653772 |
|  Entegris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28<sup>(a)</sup> |  | 331 |  | 323868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29<sup>(a)</sup> |  | 174 |  | 165373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/30<sup>(a)</sup> |  | 123 |  | 124726 |
|  Kioxia Holdings Corp., 6.25%, 07/24/30<sup>(a)</sup> |  | 200 |  | 204001 |
|  |  |  |  | 123649263 |
|  **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  AppLovin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 |  | 15869 |  | 16234086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 |  | 27058 |  | 27990843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 |  | 19554 |  | 19809295 |
|  Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> |  | 430 |  | 456184 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29<sup>(a)</sup> |  | 646 |  | 569291 |
|  Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(a)</sup> |  | 697 |  | 600155 |
|  Cloud Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> |  | 253 |  | 255282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)</sup> |  | 296 |  | 313983 |
|  Core Scientific, Inc., 0.00%, 06/15/31<sup>(a)(d)(p)</sup> |  | 546 |  | 610155 |
|  Fair Isaac Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28<sup>(a)</sup> |  | 327 |  | 318022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/33<sup>(a)</sup> |  | 173 |  | 175153 |
|  Gen Digital, Inc., 6.75%, 09/30/27<sup>(a)</sup> |  | 561 |  | 569598 |
|  GoTo Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 425 |  | 344250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 1925 |  | 623219 |
|  ION Platform Finance S.a.r.l. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/30<sup>(e)</sup> | EUR | 493 |  | 578807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/30/32<sup>(e)</sup> |  | 408 |  | 479012 |
|  ION Trading Technologies Sarl, 9.50%, 05/30/29<sup>(a)</sup> | USD | 800 |  | 844939 |
|  IPD 3 BV, 5.50%, 06/15/31<sup>(e)</sup> | EUR | 1078 |  | 1285274 |
|  McAfee Corp., 7.38%, 02/15/30<sup>(a)</sup> | USD | 1200 |  | 1113110 |
|  NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> |  | 700 |  | 757765 |
|  NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)</sup> |  | 200 |  | 197012 |
|  Open Text Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28<sup>(a)</sup> |  | 124 |  | 120582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29<sup>(a)</sup> |  | 165 |  | 155966 |
|  Open Text Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30<sup>(a)</sup> |  | 306 |  | 289873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31<sup>(a)</sup> |  | 85 |  | 78608 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/26/32 | USD | 2025 | $2027435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/26/35 |  | 1554 | 1562557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 2418 | 1702174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 1288 | 957639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/03/55 |  | 5447 | 5468279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/26/55 |  | 5525 | 5508004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/27/64 |  | 5022 | 4599322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 |  | 7491 | 7519973 |
|  TeamSystem SpA, 5.00%, 07/01/31<sup>(e)</sup> | EUR | 808 | 961918 |
|  UKG, Inc., 6.88%, 02/01/31<sup>(a)</sup> | USD | 665 | 686170 |
|  |  |  | 107993929 |
|  **Specialized REITs — 0.1%** |  |  |  |
|  Crown Castle, Inc., 5.60%, 06/01/29 |  | 926 | 962193 |
|  Extra Space Storage LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 |  | 1836 | 1817175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 |  | 5163 | 4628768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/15/31 |  | 954 | 1013573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/35 |  | 2440 | 2492633 |
|  Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27<sup>(a)</sup> |  | 320 | 318461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(a)</sup> |  | 153 | 157671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29<sup>(a)</sup> |  | 19 | 18704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(a)</sup> |  | 730 | 721946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(a)</sup> |  | 290 | 288452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(e)</sup> | EUR | 1078 | 1268418 |
|  Millrose Properties, Inc., 6.25%, 09/15/32<sup>(a)</sup> | USD | 100 | 100261 |
|  SBA Communications Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 |  | 1127 | 1110011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 |  | 200 | 187062 |
|  |  |  | 24362161 |
|  **Specialty Retail — 0.1%** |  |  |  |
|  Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 |  | 420 | 389917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/01/33<sup>(a)</sup> |  | 209 | 215531 |
|  Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 265 | 258089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(a)</sup> |  | 223 | 214132 |
|  CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(e)</sup> | GBP | 1617 | 2284814 |
|  Gap, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29<sup>(a)</sup> | USD | 254 | 237614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31<sup>(a)</sup> |  | 18 | 16355 |
|  Global Auto Holdings Ltd./AAG FH UK Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/29<sup>(a)</sup> |  | 200 | 195669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/29<sup>(a)</sup> |  | 700 | 738500 |
|  Goldstory SAS, 6.75%, 02/01/30<sup>(e)</sup> | EUR | 1617 | 1971249 |
|  Group 1 Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/28<sup>(a)</sup> | USD | 20 | 19436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/30<sup>(a)</sup> |  | 160 | 163685 |
|  LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(a)</sup> |  | 757 | 800606 |
|  Lithia Motors, Inc., 4.38%, 01/15/31<sup>(a)</sup> |  | 389 | 369401 |
|  Murphy Oil U.S.A., Inc., 3.75%, 02/15/31<sup>(a)</sup> |  | 225 | 209262 |
|  PetSmart LLC/PetSmart Finance Corp., 10.00%, 09/15/33<sup>(a)</sup> |  | 1202 | 1213008 |
|  Sonic Automotive, Inc., 4.88%, 11/15/31<sup>(a)</sup> |  | 241 | 230447 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31<sup>(a)</sup> |  | 50 | 47575 |
|  Wayfair LLC, 7.25%, 10/31/29<sup>(a)</sup> |  | 386 | 397982 |
|  |  |  | 9973272 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
|  CA Magnum Holdings, 5.38%, 10/31/26<sup>(e)</sup> | USD | 400 | $398050 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/32<sup>(a)</sup> |  | 540 | 583008 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(a)</sup> |  | 100 | 105860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/30<sup>(a)</sup> |  | 78 | 79358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/32<sup>(a)</sup> |  | 191 | 216341 |
|  Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/30<sup>(a)</sup> |  | 701 | 712101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.50%, 04/15/31<sup>(a)</sup> |  | 1615 | 1563495 |
|  Xerox Holdings Corp., 8.88%, 11/30/29<sup>(a)</sup> |  | 400 | 216101 |
|  |  |  | 3874314 |
| Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% |
|  VF Corp., 4.25%, 03/07/29 | EUR | 1186 | 1394848 |
|  William Carter Co. (The), 5.63%, 03/15/27<sup>(a)</sup> | USD | 105 | 105063 |
|  |  |  | 1499911 |
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
|  Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 |  | 16847 | 13058226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 |  | 6482 | 5590040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 |  | 7491 | 5742009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 |  | 1835 | 1487651 |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/33 |  | 8035 | 7951206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 |  | 800 | 905346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 |  | 7090 | 5945244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 |  | 10088 | 8585140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 |  | 12058 | 11536044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/53 |  | 15877 | 18198222 |
|  Reynolds American, Inc., 5.85%, 08/15/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25378800 |
|  |  |  | 104377928 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |
|  Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/21/30<sup>(e)</sup> | EUR | 1617 | 1969380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/30<sup>(a)</sup> | USD | 293 | 303050 |
|  American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29<sup>(a)</sup> |  | 174 | 165089 |
|  FTAI Aviation Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 256 | 256041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> |  | 380 | 403806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/31<sup>(a)</sup> |  | 47 | 49165 |
|  Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/29<sup>(a)</sup> |  | 121 | 124328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/30<sup>(a)</sup> |  | 212 | 220210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/33<sup>(a)</sup> |  | 436 | 455141 |
|  QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> |  | 11 | 11389 |
|  RB Global Holdings, Inc., 7.75%, 03/15/31<sup>(a)</sup> |  | 83 | 86810 |
|  |  |  | 4044409 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
|  Heathrow Finance PLC, 6.63%, 03/01/31<sup>(e)</sup> | GBP | 1617 | 2185109 |
|  Progroup AG, 5.38%, 04/15/31<sup>(e)</sup> | EUR | 1886 | 2235781 |
|  Stena International SA, 7.25%, 01/15/31<sup>(a)</sup> | USD | 400 | 407807 |
|  TAV Havalimanlari Holding AS, 8.50%, 12/07/28<sup>(e)</sup> |  | 6704 | 7014060 |
|  |  |  | 11842757 |
| Water Utilities — 0.0% | Water Utilities — 0.0% | Water Utilities — 0.0% | Water Utilities — 0.0% |
|  Thames Water Super Senior Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/10/27<sup>(a)</sup> | GBP | 31 | 46378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/10/27<sup>(a)</sup> |  | 109 | 163582 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** |
|  Thames Water Utilities Finance PLC, 4.00%, 06/19/27<sup>(e)</sup> | GBP | 2796 | $| 2674522 |
|  Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(a)(d)</sup> . |  | 21 |  | 24113 |
|  |  |  |  | 2908595 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
|  Digicel Group Holdings Ltd., Series 2B14, 0.00%, 12/31/30<sup>(a)(d)(g)</sup> | USD | 544 |  | 32616 |
|  Fibercop SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/30/30<sup>(e)</sup> | EUR | 1078 |  | 1285546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34<sup>(a)</sup> | USD | 343 |  | 326935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38<sup>(a)</sup> |  | 200 |  | 202405 |
|  Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/15/55 |  | 132 |  | 139942 |
|  SoftBank Group Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/10/29<sup>(e)</sup> | EUR | 1078 |  | 1304997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/08/31<sup>(e)</sup> | USD | 11000 |  | 11399918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/08/32<sup>(e)</sup> | EUR | 808 |  | 991222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/10/33<sup>(e)</sup> |  | 1078 |  | 1345715 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, 03/20/28<sup>(a)</sup> | USD | 175 |  | 175662 |
|  T-Mobile U.S.A., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 |  | 13386 |  | 13126158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 |  | 8659 |  | 7762048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 1464 |  | 1506687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 |  | 2975 |  | 3069781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 15406 |  | 15496213 |
|  Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(e)</sup>. |  | 7320 |  | 7649400 |
|  VF Ukraine PAT via VFU Funding PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(e)</sup> |  | 229 |  | 217378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(a)</sup> |  | 1352 |  | 1284310 |
|  Vmed O2 UK Financing I PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(a)</sup> |  | 500 |  | 470623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(e)</sup> | EUR | 1886 |  | 2269856 |
|  |  |  |  | 70457732 |
|  **Total Corporate Bonds — 30.7%** | **Total Corporate Bonds — 30.7%** | **Total Corporate Bonds — 30.7%** | **Total Corporate Bonds — 30.7%** | **Total Corporate Bonds — 30.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $5,396,899,234)** |  |  |  | 5490104010 |
|  **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Vedanta Resources Ltd., Term Loan, 18.00%, 04/17/26<sup>(g)</sup> | USD | 2225 |  | 2224640 |
| **Financial Services — 0.2%** |  |  |  |  |
|  Aspen Owner LLC, Term Loan (First Lien), 7.27%, 02/09/27<sup>(g)</sup> |  | 29088 |  | 29363443 |
|  **Total Fixed Rate Loan Interests — 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $31,293,018)** |  |  |  | 31588083 |
|  **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>** | **Floating Rate Loan Interests<sup>(b)</sup>** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Hilton Motto Chelsea, Term Loan (First Lien), (1-mo. CME Term SOFR at 2.00% Floor + 3.25%), 7.53%, 10/17/28<sup>(g)</sup> |  | 9400 |  | 9401164 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Montage Hotels & Resorts LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.98%, 02/16/29<sup>(g)</sup> |  | 1349 |  | 1298251 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value | Value |
|  **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Montage Hotels & Resorts LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 10.00%, 02/16/29<sup>(g)</sup> | USD | 6696 | $| 6444725 |
|  Robertshaw U.S. Holding Corp., Fifth-Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 12.18%, 02/28/27<sup>(g)(h)(o)</sup> |  | 1795 |  | 17950 |
|  |  |  |  | 7760926 |
| Commercial Services & Supplies — 0.1% | 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 Holdco, LLC), Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 08/20/32 |  | 3644 |  | 3655613 |
|  Alorica, Inc., Term Loan B (First Lien), (1-mo. CME Term SOFR at 1.00% Floor + 6.88%), 11.04%, 12/21/27<sup>(g)</sup> |  | 4831 |  | 4794783 |
|  DRI Holding, Inc., Closing Date Term Loan (First Lien), (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.51%, 12/21/28 |  | 3067 |  | 3005434 |
|  Interface Security Systems LLC, Initial Term Loan, (1-mo. CME Term SOFR at 1.75% Floor + 7.00%), 11.26%, 08/07/28<sup>(g)(h)(o)</sup> |  | 8873 |  | 3970599 |
|  |  |  |  | 15426429 |
| Construction & Engineering — 0.0% | Construction & Engineering — 0.0% | Construction & Engineering — 0.0% | Construction & Engineering — 0.0% | Construction & Engineering — 0.0% |
|  SSD Holdings LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.97%, 04/07/30<sup>(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410113 |
| Construction Materials — 0.1% |  |  |  |  |
|  Cirkul, Inc., Term Loan, (3-mo. CME Term SOFR at 4.00% Floor + 11.00%), 11.79%, 04/23/28<sup>(g)</sup> . |  | 4153 |  | 4086201 |
|  Flexsys Cayman Holdings LP, Second Out Refinancing Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 9.71%, 08/01/29 |  | 1962 |  | 635298 |
|  Goodarz Holding Co. S.a.r.l, Term Loan, (1-mo. EURIBOR at 0.00% Floor + 5.13%), 7.03%, 11/20/28<sup>(g)</sup> | EUR | 7244 |  | 8500558 |
|  Houston Center |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan A, 5.75%, 05/09/30<sup>(g)</sup> | USD | 5056 |  | 4779266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 5.75%, 05/09/30<sup>(g)</sup> |  | 7132 |  | 1 |
|  |  |  |  | 18001324 |
| Diversified Telecommunication Services — 0.0% | Diversified Telecommunication Services — 0.0% | Diversified Telecommunication Services — 0.0% | Diversified Telecommunication Services — 0.0% | Diversified Telecommunication Services — 0.0% |
|  Avaya, Inc., Initial Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.66%, 08/01/28 |  | 12 |  | 10660 |
|  Connect Finco S.a.r.l., Amendment No. 4 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.66%, 09/27/29 |  | 2403 |  | 2370293 |
|  |  |  |  | 2380953 |
| Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% |
|  Emerald Technologies (U.S.) Acquisitionco, Inc., Term B Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 10.60%, 12/29/27<sup>(g)</sup> |  | 1524 |  | 1051499 |
| Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% |
|  CTP-02 Propco LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.39%, 12/06/29<sup>(g)</sup> |  | 8624 |  | 8619346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value | Value |
|  **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
|  Garfunkelux Holdco 3 SA, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 4.75%, 08/01/28 | EUR | 6275 | $| 7284283 |
|  HP LQ Investment LP, Term Loan (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 2.82%), 6.85%, 12/09/27<sup>(g)</sup> | USD | 13549 |  | 13548595 |
|  |  |  |  | 29452224 |
| Health Care Providers & Services — 0.1% | 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. CME Term SOFR at 0.00% Floor + 3.00%), 7.16%, 08/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665219 |
|  ITG Communications LLC, Initial Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.95%, 07/09/31 |  | 4924 |  | 4859397 |
|  Medical Solutions Holdings, Inc., Initial Term Loan (Second Lien), (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 11.41%, 11/01/29 |  | 1587 |  | 320050 |
|  Peninsula Pacific Entertainment LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.74%, 08/13/32<sup>(g)</sup> |  | 816 |  | 813899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.74%, 08/13/32<sup>(g)</sup> |  | 3481 |  | 3472636 |
|  RunItOneTime LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.00%), 5.17%, 04/16/26 |  | 74 |  | 63808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.00%), 15.66%, 05/06/26 |  | 1538 |  | 1322874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 1.00%), 16.66%, 04/21/26 |  | 947 |  | 910706 |
|  Stakeholder Midstream LLC, Initial Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/01/31 |  | 4732 |  | 4737915 |
|  West Deptford Energy Holdings LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.16%, 10/31/25 |  | 1955 |  | 1937016 |
|  |  |  |  | 24103520 |
| Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% |
|  Bally's Corp., Term B Facility Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.84%, 10/02/28 |  | 11381 |  | 11029853 |
|  Hilton Garden Inn Waikiki, Term Loan (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 3.30%), 7.58%, 05/31/29<sup>(g)</sup> |  | 14800 |  | 14626001 |
|  HRNI Holdings LLC, Term B Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.40%, 12/11/28 |  | 7435 |  | 7224460 |
|  Long Point Development, LLC, Refinancing Debt, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.48%, 01/01/28<sup>(g)</sup> |  | 7500 |  | 7500000 |
|  Maverick Gaming LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 9.50%), 15.75%, 06/05/28 |  | 2706 |  | 1488212 |
|  Sodalite Tahoe Hotel LLC, Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.90%), 7.12%, 10/25/26<sup>(g)</sup> |  | 9699 |  | 9547700 |
|  |  |  |  | 51416226 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
|  CoreWeave Compute Acquisition Co. II LLC, Delayed Draw Loan, (3-mo. CME Term SOFR at 0.00% Floor + 9.62%), 13.62%, 07/31/28<sup>(g)</sup> |  | 11756 |  | 11697096 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value | Value |
|  **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
|  CoreWeave Compute Acquisition Co. IV LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.24%, 09/29/30 | USD | 3192 | $| 3144443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Loan, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 10.32%, 05/16/29<sup>(g)</sup> |  | 12955 |  | 12825116 |
|  |  |  |  | 27666655 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
|  J & J Ventures Gaming LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.65%, 04/26/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 |  | 1839643 |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
|  Project Midnights, Term Loan, (3-mo. EURIBOR at 0.00% Floor + 3.15%), 5.17%, 08/22/26<sup>(g)</sup> | EUR | 9913 |  | 11621184 |
|  Veritas U.S., Inc., Term Loan B, (3-mo. CME Term SOFR at 2.50% Floor + 8.00%), 12.00%, 12/09/29 | USD | 1051 |  | 1060994 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12682178 |
| Machinery — 0.0% | Machinery — 0.0% | Machinery — 0.0% | Machinery — 0.0% | Machinery — 0.0% |
|  Hydrofarm Holdings Group, Inc., Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 10.07%, 10/25/28<sup>(g)</sup> |  | 2095 |  | 1717840 |
| Media — 0.0% | Media — 0.0% | Media — 0.0% | Media — 0.0% | Media — 0.0% |
|  CSC Holdings LLC, September 2019 Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.50%), 8.75%, 04/15/27 |  | 1069 |  | 1032954 |
|  DirecTV Financing LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 02/17/31 |  | 3958 |  | 3863597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.57%, 08/02/27 |  | 90 |  | 90190 |
|  |  |  |  | 4986741 |
| Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% |
|  CVR CHC LP, Initial Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.00%, 12/30/27 |  | 2757 |  | 2757118 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
|  Solaris Energy Infrastructure LLC, Term Loan,<br>(3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 10.00%, 09/11/29<sup>(g)</sup> |  | 10687 |  | 10766875 |
|  Usavflow II Ltd., Term Loan B (First Lien), (1-mo. CME Term SOFR at 0.00% Floor + 6.50%), 10.63%, 09/10/29<sup>(g)</sup> |  | 2040 |  | 2052852 |
|  |  |  |  | 12819727 |
| Personal Care Products — 0.0% | 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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.12%, 09/01/28<sup>(g)</sup> |  | 718 |  | 714305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan A (First Lien), (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.12%, 09/01/28<sup>(g)</sup> |  | 1088 |  | 1082463 |
|  |  |  |  | 1796768 |
| Professional Services — 0.0% | Professional Services — 0.0% | Professional Services — 0.0% | Professional Services — 0.0% | Professional Services — 0.0% |
|  Vaco Holdings LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.15%, 01/21/29 |  | 1607 |  | 1377995 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  ConnectWise LLC, Initial Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.76%, 09/29/28 | USD | 2689 | $2692313 |
|  EIS Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.32%, 07/10/28<sup>(g)</sup> |  | 12826 | 12393360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.16%, 07/10/28<sup>(g)</sup> |  | 1283 | 1239336 |
|  GoTo Group, Inc., Exchange First Out Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.22%, 04/28/28 |  | 2 | 1569 |
|  |  |  | 16326578 |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |
|  Redstone Holdco 2 LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan (Second Lien), (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.32%, 04/27/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728 | 950328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.32%, 04/27/28 |  | 4319 | 2192083 |
|  |  |  | 3142411 |
| Total Floating Rate Loan Interests — 1.4% | Total Floating Rate Loan Interests — 1.4% | Total Floating Rate Loan Interests — 1.4% | Total Floating Rate Loan Interests — 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $275,306,910)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253518032 |
|  **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| Argentina — 0.0% | Argentina — 0.0% | Argentina — 0.0% | Argentina — 0.0% |
|  YPF SA, 9.50%, 01/17/31<sup>(a)</sup> |  | 876 | 897024 |
| Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% |
|  Ecopetrol SA, 7.75%, 02/01/32 |  | 6766 | 6992661 |
| Malaysia — 0.0% | Malaysia — 0.0% | Malaysia — 0.0% | Malaysia — 0.0% |
|  Khazanah Global Sukuk Bhd, 4.69%, 06/01/28<sup>(e)</sup>  |  | 895 | 907870 |
| Mexico — 0.0% | Mexico — 0.0% | Mexico — 0.0% | Mexico — 0.0% |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 116 | 125569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 205 | 198748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/07/33 |  | 258 | 299086 |
|  |  |  | 623403 |
| Morocco — 0.0% | Morocco — 0.0% | Morocco — 0.0% | Morocco — 0.0% |
|  OCP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/22/25<sup>(e)</sup> |  | 548 | 547315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/02/34<sup>(a)</sup> |  | 1283 | 1396866 |
|  |  |  | 1944181 |
| Ukraine — 0.0% | Ukraine — 0.0% | Ukraine — 0.0% | Ukraine — 0.0% |
|  NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/19/26<sup>(e)(m)</sup> | EUR | 1247 | 1255289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/08/28<sup>(a)(m)</sup> | USD | 783 | 613036 |
|  |  |  | 1868325 |
| Total Foreign Agency Obligations — 0.1% | Total Foreign Agency Obligations — 0.1% | Total Foreign Agency Obligations — 0.1% | Total Foreign Agency Obligations — 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $11,994,503) |  |  | 13233464 |
|  **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| Brazil — 0.8% | Brazil — 0.8% | Brazil — 0.8% | Brazil — 0.8% |
|  Brazil Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 01/01/29 | BRL | 139 | 23944628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 01/01/35 |  | 772 | 118620608 |
|  |  |  | 142565236 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Colombia — 0.2%** |  |  |
|  Republic of Colombia, 6.25%, 07/09/36 | COP 215,420,500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37891976 |
| **Germany — 0.1%** |  |  |
|  Bundesrepublik Deutschland Bundesanleihe, 2.90%, 08/15/56<sup>(e)</sup> | EUR 12,843 | 13970942 |
| **Indonesia — 0.1%** |  |  |
|  Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | USD 17,370 | 16414650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 | 11595 | 7780245 |
|  |  | 24194895 |
| **Israel — 0.1%** |  |  |
|  State of Israel, 5.75%, 03/12/54 | 10116 | 9575199 |
| **Japan — 0.4%** |  |  |
|  Japanese Government Bonds (30 Year) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/20/54 | JPY 7,782,100 | 44867647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/20/55 | 4241400 | 24999265 |
|  |  | 69866912 |
| **Mexico — 0.7%** |  |  |
|  United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | USD 30,379 | 27122675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 | 3502 | 3393438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 | 27547 | 23931456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 | 20471 | 21648083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 | 22401 | 24181879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 | 25868 | 19976563 |
|  |  | 120254094 |
| **Panama — 0.1%** |  |  |
|  Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 | 17669 | 17386296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 | 10739 | 7882426 |
|  |  | 25268722 |
| **Peru — 0.2%** |  |  |
|  Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 08/12/35<sup>(e)</sup> | PEN 44,188 | 13444235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 08/12/39<sup>(e)</sup> | 35572 | 11197824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 | USD 14,265 | 10188776 |
|  |  | 34830835 |
| **Philippines — 0.1%** |  |  |
|  Republic of the Philippines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 | 11468 | 11204236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | 15450 | 11309400 |
|  |  | 22513636 |
| **South Africa — 0.2%** |  |  |
|  Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 03/31/33 | ZAR 282,189 | 17478226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/37 | 260483 | 13884528 |
|  |  | 31362754 |
| **Uruguay — 0.1%** |  |  |
|  Oriental Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | USD 5,923 | 5965657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | 10407 | 9860253 |
|  |  | 15825910 |
| **Total Foreign Government Obligations — 3.1%**<br> **(Cost: $568,007,224)** | **Total Foreign Government Obligations — 3.1%**<br> **(Cost: $568,007,224)** | 548121111 |

---

---

| | | |
|:---|:---|:---|
| Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | Value |
|  **Investment Companies<sup>(q)</sup>** |  |  |
| Fixed-Income Funds — 0.1% |  |  |
|  iShares AAA CLO Active ETF | 200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10393000 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(l)</sup> | 54500 | 6075115 |
|  |  | 16468115 |
| Total Investment Companies — 0.1%<br> (Cost: $16,405,013) |  | 16468115 |
|  | *Par*<br> *(000)* |  |
|  **Municipal Bonds** |  |  |
| California — 0.3% |  |  |
|  Bay Area Toll Authority, RB, Series S1, 7.04%, 04/01/50 | USD 6,480 | 7459975 |
|  Los Angeles Community College District, GO, 6.60%, 08/01/42 | 3990 | 4373696 |
|  State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO, 7.55%, 04/01/39 | 4000 | 4834968 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding, 4.60%, 04/01/38 | 22215 | 22636173 |
|  University of California, RB, Series AD, 4.86%, 05/15/2112 | 2467 | 2104875 |
|  |  | 41409687 |
| Georgia — 0.0% |  |  |
|  Municipal Electric Authority of Georgia, RB, 6.64%, 04/01/57 | 3139 | 3428273 |
| Illinois — 0.1% |  |  |
|  State of Illinois, GO, 5.10%, 06/01/33 | 15387 | 15574281 |
| Louisiana — 0.0% |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series 2022-ELL, Class A2, 4.15%, 02/01/33 | 2630 | 2616542 |
| New Jersey — 0.0% |  |  |
|  New Jersey Turnpike Authority, RB, Series F, 7.41%, 01/01/40 | 4596 | 5542304 |
| New York — 0.1% |  |  |
|  Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 6.67%, 11/15/39 | 3060 | 3348241 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series E, 6.81%, 11/15/40 | 655 | 719368 |
|  New York City Water & Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 6.01%, 06/15/42 | 2430 | 2562352 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.88%, 06/15/44 | 1665 | 1712851 |
|  New York State Dormitory Authority, RB, Series H, 5.39%, 03/15/40 | 1470 | 1487333 |
|  Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.65%, 11/01/40 | 2780 | 2979801 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 4.93%, 10/01/51 | 1400 | 1300036 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series 181, 4.96%, 08/01/46 | 5020 | 4820283 |
|  |  | 18930265 |
| Ohio — 0.0% |  |  |
|  American Municipal Power, Inc., RB, Series B, 8.08%, 02/15/50 | 3555 | 4561366 |
| Texas — 0.1% |  |  |
|  City of San Antonio, TX Electric & Gas Systems Revenue, RB, 5.81%, 02/01/41 | 4375 | 4469109 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Texas (continued)** |  |  |  |
|  Port of Beaumont Navigation District, Refunding RB, Series B, 10.00%, 07/01/26<sup>(a)</sup> | USD 7,045 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081868 |
|  State of Texas, GO, 5.52%, 04/01/39 | 5715 |  | 5922606 |
|  |  |  | 17473583 |
| **Total Municipal Bonds — 0.6%**<br> **(Cost: $120,590,248)** |  | 109536301 | 109536301 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 7.2%** | **Collateralized Mortgage Obligations — 7.2%** | **Collateralized Mortgage Obligations — 7.2%** | **Collateralized Mortgage Obligations — 7.2%** |
|  A&D Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, 7.05%, 11/25/68<sup>(a)(c)</sup> | 7772 |  | 7898101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.70%, 11/25/69<sup>(a)</sup> | 2090 |  | 2103293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class M1, 6.52%, 11/25/69<sup>(a)(b)</sup> | 2033 |  | 2052783 |
|  ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64<sup>(a)(c)</sup> | 4152 |  | 4175765 |
|  Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A1, 4.78%, 11/25/35<sup>(b)</sup> | 3185 |  | 2200800 |
|  Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D, Class B, 0.00%, 12/25/57<sup>(a)(b)</sup> | 1 |  | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.00%, 09/27/60<sup>(a)</sup> | 70 |  | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 6.12%, 01/25/61<sup>(a)(c)</sup> | 6435 |  | 6433249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 6.72%, 01/25/61<sup>(a)(c)</sup> | 3452 |  | 3418291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 0.00%, 01/25/61<sup>(a)</sup> | 8062 |  | 9648326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A, 5.00%, 03/25/60<sup>(a)(c)</sup> | 13362 |  | 13355355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class B, 7.00%, 03/25/60<sup>(a)(b)</sup> | 5988 |  | 6611721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class C, 0.00%, 03/25/60<sup>(a)(b)</sup> | 8322 |  | 10171133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A1, 1.74%, 12/25/60<sup>(a)(b)</sup> | 19194 |  | 16874019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A2, 2.69%, 12/25/60<sup>(a)(b)</sup>  | 4422 |  | 3399874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60<sup>(a)(b)</sup>  | 2669 |  | 1775516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 3.95%, 12/25/60<sup>(a)(b)</sup>  | 7582 |  | 4207884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 2.94%, 12/25/60<sup>(a)(b)</sup> | 1744 |  | 1261217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(a)(b)</sup> | 48 |  | 22593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class A, 4.88%, 06/25/61<sup>(a)(c)</sup> | 35810 |  | 35784509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class B, 6.75%, 06/25/61<sup>(a)(c)</sup> | 12800 |  | 12730331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F, Class C, 0.00%, 06/25/61<sup>(a)</sup> | 18846 |  | 18372130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 3.50%, 10/25/61<sup>(a)(c)</sup>  | 11448 |  | 11146605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A2, 3.00%, 10/25/61<sup>(a)(b)</sup>  | 1244 |  | 1151431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 3.00%, 10/25/61<sup>(a)(b)</sup>  | 664 |  | 612146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 3.00%, 10/25/61<sup>(a)</sup> | 4977 |  | 3914619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 3.00%, 10/25/61<sup>(a)</sup> | 2345 |  | 2830463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M1, 3.00%, 10/25/61<sup>(a)</sup> | 726 |  | 666037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M2, 3.00%, 10/25/61<sup>(a)</sup> | 3256 |  | 2654083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class M3, 3.00%, 10/25/61<sup>(a)</sup> | 208 |  | 168590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1, 3.50%, 03/27/62<sup>(a)(c)</sup>  | 16447 |  | 15966260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A2, 3.00%, 03/27/62<sup>(a)(b)</sup>  | 937 |  | 865717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.00%, 03/27/62<sup>(a)(b)</sup>  | 804 |  | 739644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B, 3.00%, 03/27/62<sup>(a)</sup> | 4464 |  | 3556765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class C, 3.00%, 03/27/62<sup>(a)</sup> | 4459 |  | 3493734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class M1, 3.00%, 03/27/62<sup>(a)</sup> | 603 |  | 551921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class M2, 3.00%, 03/27/62<sup>(a)</sup> | 2991 |  | 2631266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1, 3.50%, 07/25/62<sup>(a)(c)</sup>  | 21133 |  | 20159505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 3.00%, 07/25/62<sup>(a)(b)</sup>  | 1258 |  | 1144885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 2.50%, 07/25/62<sup>(a)(b)</sup>  | 713 |  | 629661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B, 2.50%, 07/25/62<sup>(a)(b)</sup> | 4194 |  | 3194808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 2.50%, 07/25/62<sup>(a)(b)</sup> | 3352 |  | 2506786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class M1, 2.50%, 07/25/62<sup>(a)(b)</sup> | 2160 |  | 1884486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A1, 3.50%, 05/25/63<sup>(a)(c)</sup>  | USD 21,262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20439270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, 3.00%, 05/25/63<sup>(a)(b)</sup>  | 1567 | 1409628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 2.50%, 05/25/63<sup>(a)(b)</sup>  | 836 | 732403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class C, 2.50%, 05/25/63<sup>(a)(b)</sup> | 7407 | 5438211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M1, 2.50%, 05/25/63<sup>(a)(b)</sup> | 731 | 636857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M2, 2.50%, 05/25/63<sup>(a)(b)</sup> | 4534 | 3688747 |
|  American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A11, (12-mo. Federal Reserve Cumulative Average US + 0.94%), 5.09%, 10/25/46<sup>(b)</sup> | 561 | 368660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A12, (1-mo. CME Term SOFR + 0.32%), 4.48%, 10/25/46<sup>(b)</sup> | 1495 | 744840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A1, (12-mo. Federal Reserve Cumulative Average US + 0.70%), 4.85%, 02/25/47<sup>(b)</sup> | 610 | 209273 |
|  Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A3, 2.81%, 06/25/65<sup>(a)(b)</sup>  | 436 | 424516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.35%, 01/25/67<sup>(a)(b)</sup>  | 373 | 353288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, 4.80%, 11/25/67<sup>(a)(c)</sup> | 10582 | 10528017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.21%, 08/25/68<sup>(a)(c)</sup>  | 1582 | 1582079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, 10/25/69<sup>(a)(c)</sup> | 1992 | 2001921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, 5.70%, 08/25/69<sup>(a)(c)</sup> | 3306 | 3336946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/70<sup>(a)(c)</sup>  | 6805 | 6868901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.41%, 07/25/70<sup>(a)(c)</sup>  | 4149 | 4178933 |
|  Angel Oak Mortgage Trust LLC, Series 2020-3, Class A3, 2.87%, 04/25/65<sup>(a)(b)</sup> | 895 | 866196 |
|  APS Resecuritization Trust, Series 2016-1, Class 1MZ, 2.98%, 07/31/57<sup>(a)(b)</sup> | 7908 | 2997388 |
|  Atlas Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.55%), 5.52%, 09/20/61<sup>(b)(e)</sup> | GBP 518 | 704134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.20%), 6.17%, 09/20/61<sup>(b)(e)</sup> | 343 | 471272 |
|  Banc of America Alternative Loan Trust, Series 2006-7, Class A4, 6.50%, 10/25/36<sup>(c)</sup> | USD 1,942 | 510892 |
|  Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6, 5.75%, 01/25/37 | 19 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-R2, Class 1C, 0.00%, 11/26/36<sup>(a)(b)</sup> | 3245 | 1110920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R3, Class 1A2, 3.45%, 03/27/36<sup>(a)(b)</sup> | 1009 | 864172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-R2, Class 1A1, 4.70%, 05/01/33<sup>(a)(b)</sup> | 92 | 91603 |
|  Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A, 5.00%, 11/25/51<sup>(a)(c)</sup> | 10801 | 10798110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class B, 4.63%, 11/25/51<sup>(a)(c)</sup> | 3212 | 3214626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class C, 0.00%, 11/25/51<sup>(a)</sup> | 6482 | 8782506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 4.55%,<br>07/25/52<sup>(a)(c)</sup> | 4649 | 4626764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class A, 4.25%, 02/25/28<sup>(a)(c)</sup> | 9059 | 9015250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class B, 4.25%, 02/25/28<sup>(a)(c)</sup> | 2105 | 2075792 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class C, 0.00%, 02/25/28<sup>(a)</sup> | USD 3,532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class SA, 0.00%, 02/25/28<sup>(a)</sup> | 18 | 16966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 6.90%, 10/25/63<sup>(a)(c)</sup> | 28679 | 29081443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A2, 7.36%, 10/25/63<sup>(a)(c)</sup> | 4563 | 4632229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A3, 7.69%, 10/25/63<sup>(a)(c)</sup> | 2755 | 2798897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B1, 7.97%, 10/25/63<sup>(a)(b)</sup> | 1918 | 1946988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B2, 7.97%, 10/25/63<sup>(a)(b)</sup> | 1613 | 1626384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B3, 7.97%, 10/25/63<sup>(a)(b)</sup> | 4380 | 4258154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class M1, 7.97%, 10/25/63<sup>(a)(b)</sup> | 3196 | 3264278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class SA, 0.00%, 10/25/63<sup>(a)(b)</sup> | 1 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, 5.90%, 01/25/64<sup>(a)(c)</sup> | 3955 | 3984094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A2, 6.11%, 01/25/64<sup>(a)(c)</sup> | 2694 | 2712516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A3, 6.31%, 01/25/64<sup>(a)(c)</sup> | 2058 | 2072476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.09%, 01/25/64<sup>(a)(b)</sup> | 1442 | 1470544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 8.65%, 01/25/64<sup>(a)(b)</sup> | 1322 | 1346913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 8.65%, 01/25/64<sup>(a)(b)</sup> | 2836 | 2781635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class M1, 6.80%, 01/25/64<sup>(a)(b)</sup> | 2476 | 2503195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class SA, 0.00%, 01/25/64<sup>(a)(b)</sup> | 6 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 6.04%, 06/25/64<sup>(a)(c)</sup> | 23124 | 23347323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A2, 6.30%, 06/25/64<sup>(a)(c)</sup> | 1823 | 1841260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A3, 6.50%, 06/25/64<sup>(a)(c)</sup> | 3182 | 3213947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.50%, 06/25/64<sup>(a)(b)</sup> | 1983 | 2019451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B2, 8.02%, 06/25/64<sup>(a)(b)</sup> | 1816 | 1826190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B3, 8.02%, 06/25/64<sup>(a)(b)</sup> | 4970 | 4790215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class M1, 6.41%, 06/25/64<sup>(a)(b)</sup> | 2891 | 2919777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class SA, 0.00%, 06/25/64<sup>(a)(b)</sup> | 4 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1, 4.79%, 12/26/64<sup>(a)(c)</sup> | 37545 | 37450482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 5.10%, 12/26/64<sup>(a)(c)</sup> | 3532 | 3520152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 5.25%, 12/26/64<sup>(a)(c)</sup> | 3956 | 3948946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B1, 6.96%, 12/26/64<sup>(a)(b)</sup> | 1760 | 1766280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B2, 7.55%,<br>12/26/64<sup>(a)(b)</sup> | USD 1,343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B3, 7.55%,<br>12/26/64<sup>(a)(b)</sup> | 3073 | 2941984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class M1, 6.31%,<br>12/26/64<sup>(a)(b)</sup> | 2894 | 2925450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class SA, 0.00%,<br>12/26/64<sup>(a)(b)</sup> | 6 | 5548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.66%,<br>01/25/65<sup>(a)(c)</sup> | 36287 | 36586784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A2, 5.87%,<br>01/25/65<sup>(a)(c)</sup> | 3311 | 3342309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A3, 5.97%,<br>01/25/65<sup>(a)(c)</sup> | 3153 | 3183016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B1, 6.94%,<br>01/25/65<sup>(a)(b)</sup> | 1955 | 1967308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.80%,<br>01/25/65<sup>(a)(b)</sup> | 1700 | 1706488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.80%,<br>01/25/65<sup>(a)(b)</sup> | 3768 | 3642244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.49%,<br>01/25/65<sup>(a)(b)</sup> | 3145 | 3195273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class SA, 0.00%,<br>01/25/65<sup>(a)(b)</sup> | 6 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.76%,<br>05/25/65<sup>(a)(c)</sup> | 29746 | 30164424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A2, 5.94%,<br>05/25/65<sup>(a)(c)</sup> | 2355 | 2388444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.04%,<br>05/25/65<sup>(a)(c)</sup> | 4628 | 4692510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.69%,<br>05/25/65<sup>(a)(b)</sup> | 1485 | 1525655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B2, 7.69%,<br>05/25/65<sup>(a)(b)</sup> | 589 | 587861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B3, 7.69%,<br>05/25/65<sup>(a)(b)</sup> | 109 | 97876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class M1, 6.71%,<br>05/25/65<sup>(a)(b)</sup> | 3013 | 3097356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class SA, 0.00%,<br>05/25/65<sup>(a)(b)</sup> | 1 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class B1, 7.61%,<br>05/25/65<sup>(a)(b)</sup> | 710 | 713599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class PT2, 6.03%,<br>07/25/65<sup>(a)(b)</sup> | 53377 | 54977378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class PT2, 5.14%,<br>10/25/55<sup>(a)(b)</sup> | 50776 | 52324561 |
|  BCAP LLC Trust, Series 2011-RR5, Class 11A5, (1-mo. CME Term SOFR + 0.26%), 4.02%, 05/28/36<sup>(a)(b)</sup> | 1282 | 1238586 |
|  Bear Stearns ALT-A Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2, Class 22A1, 4.22%, 03/25/36<sup>(b)</sup>. | 3058 | 1956119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, (1-mo. CME Term SOFR + 0.43%), 4.59%, 01/25/47<sup>(b)</sup> | 697 | 604249 |
|  Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AC9, Class A5, 6.25%, 12/25/35<sup>(c)</sup> | 138 | 136124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC2, Class 1A1, (1-mo. CME Term SOFR + 0.46%), 4.62%, 03/25/36<sup>(b)</sup> | 3079 | 782224 |
|  Bear Stearns Mortgage Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A1, (1-mo. CME Term SOFR + 0.39%), 4.55%, 08/25/36<sup>(b)</sup> | 233 | 231339 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Bear Stearns Mortgage Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2, Class A1, (1-mo. CME Term SOFR + 0.45%), 4.61%, 03/25/37<sup>(b)</sup> | USD 178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 1A1, (1-mo. CME Term SOFR + 0.39%), 4.55%, 03/25/37<sup>(b)</sup> | 302 | 284457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 2A1, (1-mo. CME Term SOFR + 0.32%), 4.48%, 06/25/37<sup>(b)</sup> | 277 | 267678 |
|  BlackRock Capital Finance LP, Series 1997-R2, Class AP, 0.00%, 12/25/35<sup>(a)(g)(q)</sup> | 1 |  |
|  Bletchley Park Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 1.88%), 5.85%, 01/27/70<sup>(b)(e)</sup> | GBP 891 | 1207488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + 3.38%), 7.35%, 01/27/70<sup>(b)(e)</sup> | 1222 | 1656786 |
|  BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class B1, 7.99%, 09/25/63<sup>(a)(b)</sup> | USD 662 | 669317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.04%, 12/01/63<sup>(a)</sup> | 353 | 359801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 8.10%, 03/25/64<sup>(a)(b)</sup> | 527 | 539151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class B2, 8.03%, 08/01/64<sup>(a)(b)</sup> | 250 | 252760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 11/25/64<sup>(a)(c)</sup> | 8459 | 8540644 |
|  CAFL Issuer LLC, Series 2024-RTL1, Class A1, 6.75%, 11/28/31<sup>(a)(c)</sup> | 1281 | 1298779 |
|  Castell PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-day SONIA + 1.55%), 5.52%, 01/27/62<sup>(b)(e)</sup> | GBP 394 | 533233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 2.00%), 5.97%, 01/27/62<sup>(b)(e)</sup> | 233 | 317714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + 3.50%), 7.47%, 01/27/62<sup>(b)(e)</sup> | 666 | 908833 |
|  CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M2, 3.00%, 06/25/34<sup>(a)(b)</sup> | USD 274 | 262436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M3, 3.00%, 06/25/34<sup>(a)(b)</sup> | 675 | 641613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB15, Class M2, 4.00%, 08/25/34<sup>(a)(b)</sup> | 265 | 258960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A1, 4.00%, 10/25/54<sup>(a)(c)</sup> | 1085 | 1070582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A2, 4.00%, 10/25/54<sup>(a)(c)</sup> | 176 | 170529 |
|  Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37 | 18849 | 7376161 |
|  Cheshire PLC, Series 2025-1, Class C, (1-day SONIA + 1.35%), 5.33%, 06/28/48<sup>(b)(e)</sup> | GBP 934 | 1256458 |
|  CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/67<sup>(a)(b)</sup> | USD 1,731 | 1673905 |
|  CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I2, Class A2, 6.85%, 12/25/67<sup>(a)(c)</sup> | 2622 | 2640879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I1, Class A1, 5.66%, 10/25/69<sup>(a)(c)</sup> | 8463 | 8547945 |
|  Citadel PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + 1.45%), 5.42%, 04/28/60<sup>(b)(e)</sup> | GBP 483 | 656610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.75%), 5.72%, 04/28/60<sup>(b)(e)</sup> | 506 | 686311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.45%), 6.42%, 04/28/60<sup>(b)(e)</sup> | 553 | 756543 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Citadel PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + 3.75%), 7.72%, 04/28/60<sup>(b)(e)</sup> | GBP 539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737189 |
|  Citicorp Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A14, 6.00%, 05/25/37 | USD 605 | 532561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class 1A1, 6.25%, 12/25/37 | 856 | 809940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A1, 6.50%, 06/25/38 | 2790 | 2388340 |
|  Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A1, (1-mo. CME Term SOFR + 0.61%), 4.77%, 05/25/37<sup>(b)</sup> | 1665 | 1545900 |
|  CitiMortgage Alternative Loan Trust, Series 2007- A6, Class 1A11, 6.00%, 06/25/37 | 418 | 366880 |
|  COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A3, 2.38%, 04/27/65<sup>(a)(b)</sup>  | 70 | 68928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, 11/26/66<sup>(a)(b)</sup> | 2179 | 1967241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B2, 3.86%, 10/25/66<sup>(a)(b)</sup> | 1000 | 789508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.15%, 12/27/66<sup>(a)(b)</sup>  | 316 | 274363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.20%, 02/25/67<sup>(a)(b)</sup>  | 1000 | 876771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.20%, 02/25/67<sup>(a)(b)</sup>  | 1300 | 1092152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.74%, 03/25/67<sup>(a)(b)</sup>  | 2398 | 2301971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class B1, 6.48%, 08/25/67<sup>(a)(b)</sup>  | 1172 | 1167571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, 5.39%, 11/25/69<sup>(a)(c)</sup> | 2866 | 2881012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.47%, 06/25/70<sup>(a)(c)</sup>  | 4327 | 4362149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.48%, 08/25/70<sup>(a)(c)</sup>  | 2304 | 2323423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class B1, 7.10%, 08/25/70<sup>(a)(b)</sup>  | 699 | 704243 |
|  Countrywide Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A1, 5.50%, 06/25/35 | 85 | 68027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A6, 5.50%, 06/25/25 | 464 | 371304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-22T1, Class A1, (1-mo. CME Term SOFR + 0.46%), 4.62%, 06/25/35<sup>(b)</sup> | 2571 | 2280003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A6, 5.50%, 07/25/35 | 296 | 168938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-55CW, Class 2A3, (1-mo. CME Term SOFR + 0.46%), 4.79%, 11/25/35<sup>(b)</sup> | 569 | 408646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, (1-mo. CME Term SOFR + 0.77%), 4.91%, 11/20/35<sup>(b)</sup> | 598 | 579309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-76, Class 2A1, (12-mo. Federal Reserve Cumulative Average US + 1.00%), 5.15%, 02/25/36<sup>(b)</sup> | 385 | 352793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J4, Class B1, (1-mo. CME Term SOFR + 2.14%), 6.30%, 07/25/35<sup>(b)</sup> | 49 | 48827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-11CB, Class 3A1, 6.50%, 05/25/36 | 1355 | 606758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-15CB, Class A1, 6.50%, 06/25/36 | 305 | 139658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14, 6.25%, 10/25/36 | 1124 | 542837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB, Class 2A10, 6.00%, 05/25/36 | 221 | 81184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11, Class A4, (1-mo. CME Term SOFR + 0.49%), 4.65%, 09/25/46<sup>(b)</sup> | 264 | 248228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA14, Class 1A1, (12-mo. Federal Reserve Cumulative Average US + 1.73%), 5.88%, 11/25/46<sup>(b)</sup> | 1730 | 1442928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A2, (1-mo. CME Term SOFR + 0.49%), 4.65%, 10/25/46<sup>(b)</sup> | 1970 | 1844453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A4C, (1-mo. CME Term SOFR + 0.79%), 4.95%, 10/25/46<sup>(b)</sup> | 2871 | 2147680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA21, Class A1, (1-mo. CME Term SOFR + 0.30%), 4.44%, 03/20/47<sup>(b)</sup> | 4260 | 3691805 |

---

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

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Countrywide Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 1A1, (1-mo. CME Term SOFR + 0.49%), 4.65%, 07/25/46<sup>(b)</sup> | USD 223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC1, Class 1A1, (1-mo. CME Term SOFR + 0.57%), 4.73%, 03/25/36<sup>(b)</sup> | 976 | 960883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC10, Class 2A3, (1-mo. CME Term SOFR + 0.57%), 4.73%, 11/25/36<sup>(b)</sup> | 1574 | 1425150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC7, Class 2A3, (1-mo. CME Term SOFR + 0.61%), 4.77%, 07/25/46<sup>(b)</sup> | 1423 | 1284182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14T2, Class A1, 6.00%, 07/25/37 . | 2091 | 1065714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A1, 6.00%, 04/25/37 . | 266 | 115336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AL1, Class A1, (1-mo. CME Term SOFR + 0.36%), 4.52%, 06/25/37<sup>(b)</sup> | 4065 | 3423804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 1A1, (1-mo. CME Term SOFR + 0.39%), 4.55%, 04/25/47<sup>(b)</sup> | 542 | 501902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA8, Class 2A1, (1-mo. CME Term SOFR + 0.47%), 4.63%, 06/25/47<sup>(b)</sup> | 168 | 134176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2A, (1-mo. CME Term SOFR + 0.59%), 4.75%, 08/25/47<sup>(b)</sup> | 181 | 161920 |
|  Countrywide Home Loan Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-29, Class 1A1, (1-mo. CME Term SOFR + 0.65%), 4.81%, 02/25/35<sup>(b)</sup> | 61 | 58775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-16, Class A28, 5.50%, 09/25/35 | 2689 | 1621144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, 6.00%, 12/25/36 | 265 | 115304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA4, Class A1, (12-mo. Federal Reserve Cumulative Average US + 0.96%), 5.11%, 04/25/46<sup>(b)</sup> | 1205 | 328492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA5, Class 3A1, (1-mo. CME Term SOFR + 0.51%), 4.67%, 04/25/46<sup>(b)</sup> | 333 | 322773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, 6.00%, 03/25/37 | 405 | 176812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-15, Class 2A2, 6.50%, 09/25/37 | 7345 | 2611955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, 5.75%, 07/25/37 | 1309 | 609025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class A11, 5.75%, 07/25/37 | 715 | 332819 |
|  Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37<sup>(a)</sup> | 8101 | 3004052 |
|  Credit Suisse Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A3, 6.00%, 05/25/36 | 958 | 492795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A4, 6.00%, 05/25/36 | 724 | 372518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9R, Class 9A1, (1-mo. CME Term SOFR + 0.23%), 4.68%, 08/27/36<sup>(a)(b)</sup> | 506 | 417791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, (1-mo. CME Term SOFR + 0.29%), 3.36%, 03/27/36<sup>(a)(b)</sup> | 1402 | 1108169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class M1, 3.26%, 10/25/66<sup>(a)(b)</sup> | 760 | 587927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL9, Class A1, 3.87%, 02/25/61<sup>(a)(b)</sup> | 8542 | 8500525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH3, Class B1, 7.10%, 08/25/67<sup>(a)(b)</sup> | 2276 | 2267510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A1B, 4.27%, 03/25/67<sup>(a)(b)</sup> | 3821 | 3770917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM6, Class PT, 8.87%, 12/25/67<sup>(a)(b)</sup> | 10331 | 10409531 |
|  Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H2, Class A1A, 7.14%,<br>11/25/68<sup>(a)(c)</sup> | 1977 | 2007639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H7, Class A1, 5.59%, 11/25/69<sup>(a)(b)</sup> | 4327 | 4359792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H1, Class A1, 5.74%, 02/25/70<sup>(a)(b)</sup> | 5041 | 5092499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H2, Class A1, 5.36%, 03/25/70<sup>(a)(b)</sup> | USD 1,906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916684 |
|  CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1-mo. CME Term SOFR + 1.46%), 5.62%, 11/25/35<sup>(b)</sup> | 1191 | 241948 |
|  Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.30%, 03/25/67<sup>(a)(b)</sup>  | 1629 | 1454893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.26%, 07/25/67<sup>(a)(b)</sup>  | 1716 | 1561190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 5.26%, 07/25/67<sup>(a)(b)</sup> | 3171 | 3061645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.74%, 07/25/69<sup>(a)(c)</sup>  | 2154 | 2175651 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, (1-mo. CME Term SOFR + 0.45%), 4.61%, 08/25/47<sup>(b)</sup> | 739 | 683468 |
|  Deutsche Alt-B Securities Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A3, 6.51%, 07/25/36<sup>(b)</sup> | 238 | 207494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A8, 6.36%, 07/25/36<sup>(b)</sup> | 152 | 132318 |
|  Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class B2, 5.89%, 09/25/67<sup>(a)(b)</sup>  | 2288 | 2258576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1A, 5.71%, 11/25/69<sup>(a)(c)</sup> | 3949 | 3979000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A1, 5.63%, 03/25/70<sup>(a)(c)</sup> | 5456 | 5495429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV3, Class A1, 5.44%, 07/25/70<sup>(a)(c)</sup> | 6004 | 6040556 |
|  Exmoor Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + 1.90%), 5.89%, 03/25/94<sup>(b)(e)</sup> | GBP 454 | 616773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.80%), 6.79%, 03/25/94<sup>(b)(e)</sup> | 197 | 269062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 2.38%), 6.37%, 03/25/95<sup>(b)(e)</sup> | 532 | 717112 |
|  First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1, 4.94%, 02/25/36<sup>(b)</sup> | USD 18 | 10901 |
|  GAEA Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/30<sup>(a)(b)</sup> | 2113 | 2058999 |
|  GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.47%,<br>05/25/66<sup>(a)(b)</sup> | 1642 | 1248489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HX1, Class A1, 2.89%,<br>12/27/66<sup>(a)(b)</sup> | 267 | 251973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 3.93%,<br>02/25/67<sup>(a)(b)</sup> | 564 | 434539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class M1, 4.20%,<br>02/25/67<sup>(a)(b)</sup> | 853 | 721682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A1, 5.27%,<br>08/25/67<sup>(a)(c)</sup> | 4747 | 4741350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 4.25%,<br>05/25/67<sup>(a)(b)</sup> | 5636 | 5394588 |
|  GreenPoint Mortgage Funding Trust, Series 2006- AR2, Class 4A1, (12-mo. Federal Reserve Cumulative Average US + 2.00%), 6.15%, 03/25/36<sup>(b)</sup> | 387 | 351059 |
|  GS Mortgage Securities Trust, Series 2019-PJ2, Class B4, 4.36%, 11/25/49<sup>(a)(b)</sup> | 1369 | 1247697 |
|  GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A4, 4.00%,<br>05/25/62<sup>(a)(b)</sup> | 571 | 530560 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CCM1, Class B1, 7.39%, 08/25/53<sup>(a)(b)</sup> | USD 1,022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022026 |
|  GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1F, Class 2A4, 5.50%, 01/25/37 | 18 | 39118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 2A1, 2.80%, 06/25/47<sup>(b)</sup> | 764 | 439725 |
|  HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12, Class 1A1A, (1-mo. CME Term SOFR + 0.52%), 4.66%, 12/19/36<sup>(b)</sup> | 4992 | 3946214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1A, (1-mo. CME Term SOFR + 0.51%), 4.65%, 05/19/37<sup>(b)</sup> | 1472 | 1172285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A2, (1-mo. CME Term SOFR + 0.61%), 4.50%, 07/19/37<sup>(b)</sup> | 343 | 333393 |
|  HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.72%, 10/25/69<sup>(a)(c)</sup> | 4257 | 4297435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.43%, 02/25/70<sup>(a)(c)</sup> | 3158 | 3175204 |
|  Homeward Opportunities Fund I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 3.20%, 05/25/65<sup>(a)(b)</sup>  | 3166 | 3142381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B1, 5.45%, 05/25/65<sup>(a)(b)</sup>  | 809 | 808568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 5.08%, 07/25/67<sup>(a)(c)</sup>  | 8452 | 8438387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1, 5.03%, 07/25/67<sup>(a)(b)</sup>  | 3380 | 3327614 |
|  Impac CMB Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11, Class 1A2, (1-mo. CME Term SOFR + 0.63%), 4.79%, 03/25/35<sup>(b)</sup> | 550 | 737005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A1, (1-mo. CME Term SOFR + 0.61%), 4.77%, 10/25/35<sup>(b)</sup> | 407 | 372311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A, Class A, (1-mo. CME Term SOFR + 0.61%), 4.77%, 05/25/37<sup>(a)(b)</sup> | 835 | 813151 |
|  Impac Secured Assets Trust, Series 2006-3, Class A1, (1-mo. CME Term SOFR + 0.45%), 4.61%, 11/25/36<sup>(b)</sup> | 1627 | 1486849 |
|  IndyMac Index Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15, Class A1, (1-mo. CME Term SOFR + 0.35%), 4.51%, 07/25/36<sup>(b)</sup> | 265 | 260567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35, Class 2A1A, (1-mo. CME Term SOFR + 0.45%), 4.61%, 01/25/37<sup>(b)</sup> | 527 | 474379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR41, Class A3, (1-mo. CME Term SOFR + 0.47%), 4.63%, 02/25/37<sup>(b)</sup> | 363 | 347071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR19, Class 3A1, 3.83%, 09/25/37<sup>(b)</sup> | 2400 | 1555076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, (1-mo. CME Term SOFR + 0.59%), 4.75%, 08/25/37<sup>(b)</sup> | 480 | 442475 |
|  JPMorgan Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A4, (1-mo. CME Term SOFR + 0.53%), 4.69%, 03/25/37<sup>(b)</sup> | 578 | 478748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1, 4.78%, 05/25/37<sup>(b)</sup> | 144 | 126981 |
|  JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B3, 2.90%, 08/25/51<sup>(a)(b)</sup>  | 3439 | 2796247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51<sup>(a)(b)</sup>  | 267 | 212834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51<sup>(a)(b)</sup>  | 200 | 150064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51<sup>(a)(b)</sup>  | 611 | 251938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5A, 2.50%, 12/25/51<sup>(a)(b)</sup> | 8091 | 6658405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B4, 3.19%,<br>12/25/51<sup>(a)(b)</sup> | 1206 | 1000391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B5, 3.19%,<br>12/25/51<sup>(a)(b)</sup> | 422 | 326006 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B6, 3.07%,<br>12/25/51<sup>(a)(b)</sup> | USD 1,447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, 2.50%,<br>02/25/52<sup>(a)(b)</sup> | 21106 | 19049457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4A, 2.50%,<br>02/25/52<sup>(a)(b)</sup> | 10539 | 7211919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5A, 2.50%,<br>02/25/52<sup>(a)(b)</sup> | 4808 | 3956508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B1, 3.27%,<br>02/25/52<sup>(a)(b)</sup> | 3064 | 2635490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B2, 3.27%,<br>02/25/52<sup>(a)(b)</sup> | 719 | 612378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B3, 3.27%,<br>02/25/52<sup>(a)(b)</sup> | 1000 | 842741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B4, 3.27%,<br>02/25/52<sup>(a)(b)</sup> | 532 | 436950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B5, 3.27%,<br>02/25/52<sup>(a)(b)</sup> | 219 | 169064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B6, 3.13%,<br>02/25/52<sup>(a)(b)</sup> | 716 | 340595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class B2, 8.07%,<br>07/25/64<sup>(a)(b)</sup> | 507 | 512182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS2, Class B1, 7.72%,<br>11/25/64<sup>(a)(b)</sup> | 2216 | 2249709 |
|  Jubilee Place 7 BV, Series 7, Class D, (3-mo. EURIBOR + 1.90%), 3.93%, 09/18/62<sup>(b)(e)</sup> | EUR 185 | 218645 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75%, 04/25/61<sup>(a)(c)</sup> | USD 13,732 | 13721376 |
|  Lehman XS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16N, Class AF2, (1-mo. CME Term SOFR + 2.01%), 6.17%, 09/25/47<sup>(b)</sup> | 1474 | 2035481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N, Class A1, (1-mo. CME Term SOFR + 2.41%), 6.57%, 12/25/37<sup>(b)</sup> | 355 | 354474 |
|  MASTR Resecuritization Trust, Series 2008-3, Class A1, 3.79%, 08/25/37<sup>(a)(b)</sup> | 605 | 180157 |
|  MCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Cert, 0.00%, 09/25/31<sup>(d)(g)</sup> | 17249 | 12220934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Note, 2.50%, 09/25/31<sup>(g)</sup> | 18760 | 18036861 |
|  Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1-mo. CME Term SOFR + 0.53%), 4.69%, 04/25/37<sup>(b)</sup> | 866 | 689618 |
|  Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3, Class 6A1, 5.21%, 05/25/36<sup>(b)</sup> | 502 | 472392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF2, Class AV1, (1-mo. CME Term SOFR + 0.43%), 4.59%, 09/25/37<sup>(b)</sup> | 666 | 332860 |
|  MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A3, 3.30%,<br>08/25/49<sup>(a)(b)</sup> | 68 | 64502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B1, 3.51%,<br>04/25/65<sup>(a)(b)</sup> | 3310 | 2742614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 4.27%,<br>12/25/66<sup>(a)(b)</sup> | 1000 | 850514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class M1, 4.27%,<br>12/25/66<sup>(a)(b)</sup> | 3429 | 3035049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.09%,<br>02/25/29<sup>(a)(c)</sup> | 5663 | 5700309 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Miltonia Mortgage Finance Srl, Series 1, Class B, (3-mo. EURIBOR + 1.30%), 3.25%,<br>04/28/62<sup>(b)(e)</sup> | EUR 1,776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085659 |
|  Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1-mo. CME Term SOFR + 0.27%), 4.76%, 12/26/46<sup>(a)(b)</sup> | USD 612 | 571146 |
|  Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class B3, 5.88%, 06/25/44<sup>(a)(b)</sup> | 323 | 326300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class B1, 7.40%, 09/25/68<sup>(a)(b)</sup> | 1302 | 1314381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.44%, 07/25/70<sup>(a)(c)</sup> | 7352 | 7404696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.74%, 11/25/69<sup>(a)(b)</sup> | 7701 | 7761537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.50%, 11/25/69<sup>(a)(b)</sup> | 1220 | 1234823 |
|  Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1-mo. CME Term SOFR + 0.45%), 4.74%, 04/16/36<sup>(a)(b)</sup> | 1227 | 1205126 |
|  Mortimer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class C, (1-day SONIA + 1.55%), 5.54%, 09/22/67<sup>(b)(e)</sup> | GBP 654 | 886853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class D, (1-day SONIA + 2.10%), 6.09%, 09/22/67<sup>(b)(e)</sup> | 357 | 485911 |
|  NACC Reperforming Loan REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R1, Class A1, 6.50%, 03/25/34<sup>(a)</sup> | USD 1,394 | 1271335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R1, Class A2, 7.50%, 03/25/34<sup>(a)</sup> | 320 | 300639 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, 4.25%, 12/25/57<sup>(a)(b)</sup> | 566 | 556730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class B3, 3.84%, 11/25/59<sup>(a)(b)</sup> | 6210 | 4907558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.14%, 11/25/64<sup>(a)(b)</sup> | 781 | 803872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.64%, 01/25/65<sup>(a)(c)</sup> | 11777 | 11911926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.47%, 01/25/65<sup>(a)(b)</sup> | 679 | 694268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.35%, 07/25/65<sup>(a)(b)</sup> | 2954 | 2975427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class B1, 7.04%, 07/25/65<sup>(a)(b)</sup> | 790 | 785636 |
|  New York Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A1, 5.38%,<br>06/25/69<sup>(a)(b)</sup> | 1157 | 1161691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RR1, Class A, 7.38%,<br>05/25/64<sup>(a)(c)</sup> | 6609 | 6573152 |
|  NLT Trust, Series 2021-INV2, Class B1, 3.32%, 08/25/56<sup>(a)(b)</sup> | 910 | 699606 |
|  NMLT Trust, Series 2021-INV1, Class B1, 3.61%, 05/25/56<sup>(a)(b)</sup> | 1327 | 1049643 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A, Class A, 7.00%, 02/19/30<sup>(a)(b)</sup> | 217 | 216016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF1, Class 1A4, 7.13%, 05/25/36<sup>(c)</sup> | 501 | 88513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class A4, (1-mo. CME Term SOFR + 0.95%), 5.11%, 06/25/37<sup>(b)</sup> | 221 | 185335 |
|  OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/01/64<sup>(a)(c)</sup> | 4967 | 5018274 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Pierpont BTL PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + 2.20%), 6.19%, 09/21/61<sup>(b)(e)</sup> | GBP 322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + 1.85%), 5.84%, 03/21/62<sup>(b)(e)</sup> | 151 | 206007 |
|  PRKCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC2, Class A1, 2.07%,<br>11/25/56<sup>(a)(b)</sup> | USD 1,219 | 1086391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC1, Class A1A, 4.10%,<br>04/25/57<sup>(a)(b)</sup> | 609 | 606173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2, Class A1, 5.34%,<br>08/25/57<sup>(a)(b)</sup> | 4338 | 4335307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC1, Class B1, 7.42%,<br>02/25/58<sup>(a)(b)</sup> | 2349 | 2356255 |
|  PRP Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.40%,<br>08/25/67<sup>(a)(b)</sup> | 471 | 461620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 7.44%,<br>12/25/68<sup>(a)(b)</sup> | 1346 | 1354685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.80%,<br>11/25/69<sup>(a)(c)</sup> | 4312 | 4357654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1A, 6.65%,<br>11/25/69<sup>(a)(b)</sup> | 983 | 997315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.61%,<br>05/25/70<sup>(a)(c)</sup> | 6102 | 6146333 |
|  Rain City Mortgage Trust, Series 2024-RTL1, Class A1, 6.53%, 11/25/29<sup>(a)(b)</sup> | 1198 | 1212402 |
|  RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA10, Class A2, (1-mo. CME Term SOFR + 0.47%), 4.63%, 12/25/36<sup>(b)</sup> | 2240 | 1965155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH9, Class A1, 4.17%, 11/25/37<sup>(b)</sup> | 434 | 362145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO2, Class A1, (1-mo. CME Term SOFR + 0.26%), 4.42%, 02/25/47<sup>(b)</sup> | 221 | 67316 |
|  RCKT Mortgage Trust, Series 2024-CES8, Class A1A, 5.49%, 11/25/44<sup>(a)(c)</sup> | 1827 | 1842629 |
|  Reperforming Loan REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2, Class 1AF1, (1-mo. CME Term SOFR + 0.45%), 4.61%, 06/25/35<sup>(a)(b)</sup> . | 135 | 130366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R3, Class AF, (1-mo. CME Term SOFR + 0.51%), 4.67%, 09/25/35<sup>(a)(b)</sup> | 48 | 38686 |
|  Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B2, 6.04%, 05/25/59<sup>(a)(b)</sup> . | 2434 | 2416704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class B2, 5.66%, 09/25/59<sup>(a)(b)</sup> . | 282 | 282186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.57%, 05/25/60<sup>(a)(b)</sup> . | 7854 | 7531548 |
|  RFMSI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA2, Class 2A1, 5.55%, 08/25/36<sup>(b)</sup> | 4108 | 2893461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA4, Class 2A1, 5.49%, 11/25/36<sup>(b)</sup> | 181 | 152714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SA4, Class 3A1, 5.74%, 10/25/37<sup>(b)</sup> | 257 | 155510 |
|  RMF Buyout Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M3, 3.69%,<br>11/25/31<sup>(a)(b)</sup> | 3112 | 2967815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M6, 6.00%,<br>11/25/31<sup>(a)(b)</sup> | 2301 | 2076323 |
|  Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 7.50%,<br>02/25/30<sup>(a)(c)</sup> | 9935 | 10030145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 7.76%,<br>04/25/30<sup>(a)(c)</sup> | 5768 | 5836737 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 3.48%, 05/25/57<sup>(b)</sup> | USD 518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235332 |
|  Seasoned Loans Structured Transaction Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60<sup>(a)(b)</sup> . | 7631 | 7573645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60<sup>(a)(b)</sup> . | 292 | 289201 |
|  Sequoia Mortgage Trust, Series 2007-3, Class 2AA1, 4.35%, 07/20/37<sup>(b)</sup> | 647 | 508252 |
|  SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 5.35%, 08/25/62<sup>(a)(c)</sup> . | 1021 | 1020631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 5.30%, 08/25/62<sup>(a)(b)</sup> . | 2583 | 2544199 |
|  Spruce Hill Mortgage Loan Trust, Series 2022- SH1, Class A3, 4.10%, 07/25/57<sup>(a)(c)</sup> | 850 | 819509 |
|  Stratton Mortgage Funding PLC, Series 2024-3, Class C, (1-day SONIA + 1.50%), 5.49%, 06/25/49<sup>(b)(e)</sup> | GBP 492 | 662114 |
|  Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.06%, 04/25/36<sup>(b)</sup> | USD 494 | 256436 |
|  Structured Asset Mortgage Investments II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4, Class 3A1, (1-mo. CME Term SOFR + 0.49%), 4.65%, 06/25/36<sup>(b)</sup> | 1541 | 1354509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, (1-mo. CME Term SOFR + 0.53%), 4.69%, 05/25/46<sup>(b)</sup> | 281 | 199134 |
|  Thornburg Mortgage Securities Trust, Series 2006-3, Class A1, 3.85%, 06/25/46<sup>(b)</sup> | 958 | 571268 |
|  Together Asset-Backed Securitisation-1 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class B, (1-day SONIA + 1.50%), 5.47%, 01/15/57<sup>(b)(e)</sup> | GBP 860 | 1157738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class C, (1-day SONIA + 1.80%), 5.77%, 01/15/57<sup>(b)(e)</sup> | 511 | 695331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class D, (1-day SONIA + 2.40%), 6.37%, 01/15/57<sup>(b)(e)</sup> | 223 | 300345 |
|  Toorak Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B1, 3.29%,<br>07/25/56<sup>(a)(b)</sup> | USD 937 | 776569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.10%,<br>11/25/56<sup>(a)(b)</sup> | 3051 | 2506227 |
|  Toorak Mortgage Trust, Series 2024-2, Class A1, 6.33%, 10/25/31<sup>(a)(c)</sup> | 937 | 941833 |
|  TVC DSCR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-1, Class A, 2.38%, 02/01/51<sup>(a)(g)</sup> | 13283 | 12244948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-1, Class CERT, 0.00%, 02/01/51<sup>(g)</sup> | 7160 | 6135107 |
|  Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/66<sup>(a)(b)</sup>  | 1668 | 1280855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class B1, 4.05%, 10/25/66<sup>(a)(b)</sup>  | 291 | 223977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class M1, 2.94%, 10/25/66<sup>(a)(b)</sup>  | 806 | 606273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/66<sup>(a)(b)</sup> | 1927 | 1783902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.01%, 01/25/67<sup>(a)(b)</sup>  | 1354 | 1025937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.06%, 02/25/67<sup>(a)(b)</sup>  | 3879 | 3094185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class B1, 7.44%, 03/25/68<sup>(a)(b)</sup>  | 2041 | 2053314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class B1, 7.73%, 03/25/68<sup>(a)(b)</sup>  | 543 | 545029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class B1, 6.50%, 09/25/69<sup>(a)(b)</sup>  | 870 | 872110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, 5.43%, 06/25/70<sup>(a)(c)</sup>  | 4397 | 4430442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, 5.42%, 07/25/70<sup>(a)(c)</sup>  | 10101 | 10178712 |
|  Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B1, 3.91%, 11/25/54<sup>(a)(b)</sup>  | 906 | 842123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 4.45%, 08/25/55<sup>(a)(b)</sup>  | 1100 | 1069072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 5.75%, 08/25/57<sup>(a)(b)</sup>  | 2429 | 2418290 |
|  Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 2.50%, 04/25/65<sup>(a)(b)</sup>  | 518 | 500784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B1, 4.90%, 04/25/65<sup>(a)(b)</sup>  | 640 | 626706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B2, 5.16%, 04/25/65<sup>(a)(b)</sup>  | 500 | 483655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.40%, 04/25/65<sup>(a)(b)</sup>  | 1480 | 1400898 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 4CB, 6.50%, 02/25/36 | USD 739 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 6.00%, 04/25/36 | 1529 |  | 1443653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A1, 7.00%, 05/25/36<sup>(c)</sup> | 686 |  | 604951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A5, 6.85%, 05/25/36<sup>(c)</sup> | 266 |  | 234563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class A2A, (1-mo. CME Term SOFR + 0.45%), 4.61%, 12/25/36<sup>(b)</sup> | 602 |  | 498859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 4.99%, 03/25/37<sup>(b)</sup> | 23 |  | 21556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA1, Class 2A, (12-mo. Federal Reserve Cumulative Average US + 0.72%), 4.87%, 12/25/46<sup>(b)</sup> | 219 |  | 178840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 5A, (12-mo. Federal Reserve Cumulative Average US + 1.25%), 5.40%, 04/25/47<sup>(b)</sup> | 813 |  | 708485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1A, (12-mo. Federal Reserve Cumulative Average US + 0.75%), 4.90%, 06/25/47<sup>(b)</sup> | 2077 |  | 1741343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 2A, (12-mo. Federal Reserve Cumulative Average US + 0.80%), 4.95%, 06/25/47<sup>(b)</sup> | 844 |  | 705212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OC2, Class A3, (1-mo. CME Term SOFR + 0.73%), 4.89%, 06/25/37<sup>(b)</sup> | 823 |  | 777578 |
|  Western Alliance Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M1, (SOFR (30-day) + 3.15%), 7.51%, 07/25/59<sup>(a)(b)</sup> | 5626 |  | 5870691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M2, (SOFR (30-day) + 3.70%), 8.06%, 07/25/59<sup>(a)(b)</sup> | 7406 |  | 7740919 |
|  Winchester PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class C, (1-day SONIA + 1.55%), 5.60%, 10/21/56<sup>(b)(e)</sup> | GBP 425 |  | 576085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class D, (1-day SONIA + 2.00%), 6.05%, 10/21/56<sup>(b)(e)</sup> | 393 |  | 534382 |
|  |  |  | 1278727860 |
| **Commercial Mortgage-Backed Securities — 7.0%** | **Commercial Mortgage-Backed Securities — 7.0%** | **Commercial Mortgage-Backed Securities — 7.0%** | **Commercial Mortgage-Backed Securities — 7.0%** |
|  1211 Avenue of the Americas Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class C, 4.28%, 08/10/35<sup>(a)(b)</sup> | USD 600 |  | 561000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class D, 4.28%, 08/10/35<sup>(a)(b)</sup> | 4972 |  | 4499660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class E, 4.28%, 08/10/35<sup>(a)(b)</sup> | 1110 |  | 993450 |
|  1301 Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class A, 5.23%, 08/11/42<sup>(a)(b)</sup> | 1955 |  | 1980160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class E, 7.48%, 08/11/42<sup>(a)(b)</sup> | 1346 |  | 1355489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class F, 8.37%, 08/11/42<sup>(a)(b)</sup> | 19304 |  | 19551643 |
|  1345 Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class A, (1-mo. CME Term SOFR + 1.60%), 5.75%, 06/15/42<sup>(a)(b)</sup> | 2695 |  | 2701738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class E, (1-mo. CME Term SOFR + 4.50%), 8.65%, 06/15/42<sup>(a)(b)</sup> | 4620 |  | 4656553 |
|  245 Park Avenue Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class D, 3.78%, 06/05/37<sup>(a)(b)</sup> | 480 |  | 459747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class E, 3.78%, 06/05/37<sup>(a)(b)</sup> | 2463 |  | 2338689 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class A, (1-mo. CME Term SOFR + 1.18%), 5.40%, 09/15/34<sup>(a)(b)</sup> | USD 951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class B, (1-mo. CME Term SOFR + 1.38%), 5.60%, 09/15/34<sup>(a)(b)</sup> | 997 | 988276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class D, (1-mo. CME Term SOFR + 1.84%), 6.05%, 09/15/34<sup>(a)(b)</sup> | 2920 | 2867075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class E, (1-mo. CME Term SOFR + 2.42%), 6.64%, 09/15/34<sup>(a)(b)</sup> | 7007 | 6788201 |
|  3650R Commercial Mortgage Trust, Series 2022- PF2, Class A5, 5.47%, 11/15/55<sup>(b)</sup> | 1000 | 1024256 |
|  ACREC LLC, Series 2023-FL2, Class A, (1-mo. CME Term SOFR + 2.23%), 6.38%,<br>02/19/38<sup>(a)(b)</sup> | 1683 | 1683206 |
|  ACRES LLC, Series 2025-FL3, Class A, (1-mo. CME Term SOFR + 1.62%), 5.76%,<br>08/18/40<sup>(a)(b)</sup> | 6139 | 6152122 |
|  Alen Mortgage Trust, Series 2021-ACEN, Class A, (1-mo. CME Term SOFR + 1.26%), 5.42%, 04/15/34<sup>(a)(b)</sup> | 1144 | 1108250 |
|  Arbor Multifamily Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1, Class E, 1.75%, 05/15/53<sup>(a)</sup>  | 636 | 515481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF3, Class A5, 2.58%, 10/15/54<sup>(a)</sup> | 679 | 610415 |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, (1-mo. CME Term SOFR + 1.93%), 6.06%, 01/20/41<sup>(a)(b)</sup> | 1120 | 1120529 |
|  Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, (1-mo. CME Term SOFR + 1.35%), 5.49%, 01/20/43<sup>(a)(b)</sup> | 5428 | 5413615 |
|  Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, (SOFR (30-day) + 1.45%), 5.82%, 01/15/37<sup>(a)(b)</sup> | 144 | 144194 |
|  ARES Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 07/15/41<sup>(a)(b)</sup> | 8860 | 8882150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND2, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 10/15/34<sup>(a)(b)</sup> | 10370 | 10376481 |
|  Ashford Hospitality Trust, Series 2018-ASHF, Class D, (1-mo. CME Term SOFR + 2.27%), 6.42%, 04/15/35<sup>(a)(b)</sup> | 1525 | 1515469 |
|  Atrium Hotel Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM, Class D, (1-mo. CME Term SOFR + 2.25%), 6.40%, 12/15/36<sup>(a)(b)</sup> | 3269 | 3109637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class A, 5.59%,<br>11/10/29<sup>(a)(b)</sup> | 7110 | 7246704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class E, 9.52%,<br>11/10/29<sup>(a)(b)</sup> | 2226 | 2288290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class A, (1-mo. CME Term SOFR + 1.65%), 5.80%, 08/15/42<sup>(a)(b)</sup> | 2614 | 2613429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class F, (1-mo. CME Term SOFR + 5.50%), 9.65%, 08/15/42<sup>(a)(b)</sup> | 5549 | 5540067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class G, (1-mo. CME Term SOFR + 6.75%), 10.90%,<br>08/15/42<sup>(a)(b)</sup> | 1042 | 1040365 |
|  BAHA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 6.17%,<br>12/10/41<sup>(a)(b)</sup> | 27690 | 28633027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class B, 7.07%,<br>12/10/41<sup>(a)(b)</sup> | 1001 | 1042856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class C, 7.77%,<br>12/10/41<sup>(a)(b)</sup> | 2452 | 2552794 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Banc of America Merrill Lynch Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP, Class A, (1-mo. CME Term SOFR + 2.35%), 6.50%, 08/15/39<sup>(a)(b)</sup> | USD 5,800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class A, (1-mo. CME Term SOFR + 1.85%), 6.00%, 02/15/42<sup>(a)(b)</sup> | 10950 | 10963687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class E, (1-mo. CME Term SOFR + 5.25%), 9.40%, 02/15/42<sup>(a)(b)</sup> | 4465 | 4481744 |
|  BANK, Series 2021-BN35, Class C, 2.90%, 06/15/64<sup>(b)</sup> | 1583 | 1338493 |
|  Bayview Commercial Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3A, Class A1, (1-mo. CME Term SOFR + 0.59%), 4.92%, 11/25/35<sup>(a)(b)</sup> | 1097 | 1059884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A1, (1-mo. CME Term SOFR + 0.56%), 4.72%, 01/25/36<sup>(a)(b)</sup> | 2208 | 2092084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A2, (1-mo. CME Term SOFR + 0.70%), 4.86%, 01/25/36<sup>(a)(b)</sup> | 33 | 31650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class M1, (1-mo. CME Term SOFR + 0.79%), 4.95%, 01/25/36<sup>(a)(b)</sup> | 89 | 84751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1A, Class A2, (1-mo. CME Term SOFR + 0.65%), 4.81%, 04/25/36<sup>(a)(b)</sup> | 115 | 107824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2A, Class A2, (1-mo. CME Term SOFR + 0.53%), 4.69%, 07/25/36<sup>(a)(b)</sup> | 363 | 349028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A1, (1-mo. CME Term SOFR + 0.49%), 4.65%, 10/25/36<sup>(a)(b)</sup> | 141 | 135092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A2, (1-mo. CME Term SOFR + 0.56%), 4.72%, 10/25/36<sup>(a)(b)</sup> | 98 | 94144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4A, Class A1, (1-mo. CME Term SOFR + 0.46%), 4.62%, 12/25/36<sup>(a)(b)</sup> | 682 | 658500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, (1-mo. CME Term SOFR + 0.52%), 4.68%, 03/25/37<sup>(a)(b)</sup> | 529 | 502548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5A, Class A4, (1-mo. CME Term SOFR + 2.36%), 6.52%, 10/25/37<sup>(a)(b)</sup> | 2761 | 1522990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6A, Class A4A, (1-mo. CME Term SOFR + 2.36%), 6.52%, 12/25/37<sup>(a)(b)</sup> | 1282 | 1138410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class A4A, (1-mo. CME Term SOFR + 3.86%), 8.02%, 04/25/38<sup>(a)(b)</sup> | 896 | 886820 |
|  BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH, Class A1, 3.31%, 08/10/35<sup>(a)</sup> | 851 | 837942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class E, 4.41%,<br>08/05/38<sup>(a)(b)</sup> | 640 | 547884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, (1-mo. CME Term SOFR + 0.92%), 5.07%, 03/15/37<sup>(a)(b)</sup> | 3309 | 3135416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class B, (1-mo. CME Term SOFR + 1.17%), 5.32%, 03/15/37<sup>(a)(b)</sup> | 1166 | 1084444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class D, 7.70%,<br>12/15/56<sup>(a)(b)</sup> | 553 | 551647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class A5, 5.59%, 07/15/58<sup>(b)</sup> | 5529 | 5832972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class AS, 5.84%, 07/15/58<sup>(b)</sup> | 1295 | 1358195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class B, 6.12%, 07/15/58<sup>(b)</sup> | 779 | 809770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class D, 4.50%, 07/15/58<sup>(a)</sup> | 1430 | 1165759 |
|  Benchmark Mortgage Trust, Series 2020-B21, Class A5, 1.98%, 12/17/53 | 890 | 783018 |
|  BFLD Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP, Class E, (1-mo. CME Term SOFR + 3.81%), 7.97%, 10/15/35<sup>(a)(b)</sup> | 3978 | 49729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class A, (1-mo. CME Term SOFR + 1.49%), 5.64%, 11/15/41<sup>(a)(b)</sup> | 3690 | 3698072 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  BFLD Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class E, (1-mo. CME Term SOFR + 3.64%), 7.79%, 11/15/41<sup>(a)(b)</sup> | USD 2,290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, (1-mo. CME Term SOFR + 1.89%), 6.04%, 07/15/41<sup>(a)(b)</sup> | 4170 | 4183031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5MW, Class F, 9.83%,<br>10/10/42<sup>(a)(b)</sup> | 12210 | 12195852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, (1-mo. CME Term SOFR + 1.55%), 5.70%, 06/15/42<sup>(a)(b)</sup> . | 10008 | 10049810 |
|  BHMS Commercial Mortgage Trust, Series 2025- ATLS, Class A, (1-mo. CME Term SOFR + 1.85%), 6.00%, 08/15/42<sup>(a)(b)</sup> | 3418 | 3427634 |
|  BLP Commercial Mortgage Trust, Series 2023- IND, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 03/15/40<sup>(a)(b)</sup> | 1941 | 1940798 |
|  BMP, Series 2024-MF23, Class E, (1-mo. CME Term SOFR + 3.39%), 7.54%, 06/15/41<sup>(a)(b)</sup> | 2636 | 2636000 |
|  BOCA Commercial Mortgage Trust, Series 2024- BOCA, Class A, (1-mo. CME Term SOFR + 1.92%), 6.07%, 08/15/41<sup>(a)(b)</sup> | 1392 | 1398090 |
|  BPR Commercial Mortgage Trust, Series 2024- PARK, Class B, 5.99%, 11/05/39<sup>(a)(b)</sup> | 1500 | 1538049 |
|  BPR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SSP, Class A, (1-mo. CME Term SOFR + 3.00%), 7.15%, 05/15/39<sup>(a)(b)</sup> | 1270 | 1274149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STON, Class A, 7.50%,<br>12/05/39<sup>(a)</sup> | 1145 | 1192097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 5.39%,<br>11/05/39<sup>(a)(b)</sup> | 1880 | 1915864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class D, 7.23%,<br>11/05/39<sup>(a)(b)</sup> | 320 | 330165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 5.36%, 11/05/41<sup>(a)(b)</sup> | 620 | 631205 |
|  BSPDF Issuer LLC, Series 2025-FL2, Class A, (1-mo. CME Term SOFR + 1.52%), 5.85%, 12/15/42<sup>(a)(b)</sup> | 1339 | 1338755 |
|  BSTN Commercial Mortgage Trust, Series 2025- 1C, Class A, 5.55%, 06/15/44<sup>(a)(b)</sup> | 1144 | 1173994 |
|  BWAY Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class A2, 3.45%,<br>03/10/33<sup>(a)</sup> | 1891 | 1806898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class D, 3.63%, 03/10/33<sup>(a)</sup> | 1400 | 1274143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class E, 3.72%, 03/10/33<sup>(a)</sup> | 250 | 212896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class F, 4.06%,<br>03/10/33<sup>(a)(b)</sup> | 250 | 208997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 6.52%,<br>05/05/42<sup>(a)(b)</sup> | 891 | 923672 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C, 3.66%,<br>03/09/44<sup>(a)(b)</sup> | 2550 | 2366840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B, 3.66%,<br>03/09/44<sup>(a)(b)</sup> | 3862 | 3627596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, 2.84%, 03/09/44<sup>(a)</sup>  | 4397 | 4061514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class A, (1-mo. CME Term SOFR + 1.02%), 5.17%, 02/15/33<sup>(a)(b)</sup> | 14244 | 14187550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class B, (1-mo. CME Term SOFR + 2.26%), 6.41%, 02/15/33<sup>(a)(b)</sup> | 8727 | 8700191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class C, (1-mo. CME Term SOFR + 4.36%), 8.51%, 02/15/33<sup>(a)(b)</sup> | 5842 | 5835035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class G, (1-mo. CME Term SOFR + 2.91%), 7.07%, 06/15/38<sup>(a)(b)</sup> . | 3573 | 3573907 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, (1-mo. CME Term SOFR + 3.14%), 7.29%, 06/15/27<sup>(a)(b)</sup> . | USD 3,905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, (1-mo. CME Term SOFR + 1.76%), 5.91%, 12/09/40<sup>(a)(b)</sup> | 4114 | 4119327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class D, (1-mo. CME Term SOFR + 3.59%), 7.74%, 12/09/40<sup>(a)(b)</sup> | 5463 | 5475098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A, (1-mo. CME Term SOFR + 1.49%), 5.64%, 10/15/41<sup>(a)(b)</sup> | 5909 | 5917782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 08/15/39<sup>(a)(b)</sup> | 10924 | 10944945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class B, (1-mo. CME Term SOFR + 2.14%), 6.29%, 08/15/39<sup>(a)(b)</sup> | 94 | 93883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (1-mo. CME Term SOFR + 2.88%), 7.03%, 10/15/41<sup>(a)(b)</sup> | 8630 | 8675847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class B, (1-mo. CME Term SOFR + 3.93%), 8.07%, 10/15/41<sup>(a)(b)</sup> | 2104 | 2106607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class D, (1-mo. CME Term SOFR + 5.97%), 10.12%, 10/15/41<sup>(a)(b)</sup> | 1267 | 1268568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class E, (1-mo. CME Term SOFR + 6.97%), 11.11%, 10/15/41<sup>(a)(b)</sup> | 522 | 518601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class B, (1-mo. CME Term SOFR + 1.64%), 5.79%, 12/15/39<sup>(a)(b)</sup> | 1526 | 1530333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, (1-mo. CME Term SOFR + 1.54%), 5.69%, 05/15/34<sup>(a)(b)</sup> | 4333 | 4334311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, (1-mo. CME Term SOFR + 1.64%), 5.79%, 05/15/41<sup>(a)(b)</sup> | 13142 | 13158683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 02/15/39<sup>(a)(b)</sup> | 1077 | 1077725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class E, (1-mo. CME Term SOFR + 3.74%), 7.89%, 02/15/39<sup>(a)(b)</sup> | 3385 | 3391839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, (CORRA + 1.90%), 4.66%, 11/15/41<sup>(a)(b)</sup> | CAD 1,288 | 934295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 02/15/39<sup>(a)(b)</sup> | USD 2,710 | 2712403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class D, (1-mo. CME Term SOFR + 3.14%), 7.29%, 02/15/39<sup>(a)(b)</sup> | 8260 | 8285324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class E, (1-mo. CME Term SOFR + 4.19%), 8.34%, 02/15/39<sup>(a)(b)</sup> | 4919 | 4950944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (1-mo. CME Term SOFR + 1.39%), 5.54%, 03/15/41<sup>(a)(b)</sup> | 163 | 163549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, (1-mo. CME Term SOFR + 1.38%), 5.53%, 08/15/42<sup>(a)(b)</sup> | 3938 | 3941284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class B, (1-mo. CME Term SOFR + 1.55%), 5.70%, 08/15/42<sup>(a)(b)</sup> | 1033 | 1033677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, (1-mo. CME Term SOFR + 1.90%), 6.05%, 08/15/42<sup>(a)(b)</sup> | 394 | 394840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class E, (1-mo. CME Term SOFR + 3.50%), 7.65%, 08/15/42<sup>(a)(b)</sup> | 3241 | 3248009 |
|  BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class D, 4.08%, 12/09/41<sup>(a)(b)</sup> | 4000 | 3782987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class A, (1-mo. CME Term SOFR + 1.01%), 5.16%, 10/15/36<sup>(a)(b)</sup> | 402 | 401623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, (1-mo. CME Term SOFR + 0.91%), 5.07%, 02/15/36<sup>(a)(b)</sup> . | 4964 | 4962438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AV, (1-mo. CME Term SOFR + 0.91%), 5.07%, 02/15/36<sup>(a)(b)</sup> | 964 | 963395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FJV, (1-mo. CME Term SOFR + 2.51%), 6.67%, 02/15/36<sup>(a)(b)</sup> . | 6390 | 6374025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FV, (1-mo. CME Term SOFR + 2.51%), 6.67%, 02/15/36<sup>(a)(b)</sup> | 4055 | 4045134 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GJV, (1-mo. CME Term SOFR + 3.11%), 7.27%, 02/15/36<sup>(a)(b)</sup> . USD |  | 1244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GV, (1-mo. CME Term SOFR + 3.11%), 7.27%, 02/15/36<sup>(a)(b)</sup> |  | 4206 | 4185286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class F, (1-mo. CME Term SOFR + 4.04%), 8.19%, 06/15/36<sup>(a)(b)</sup> |  | 1482 | 1451688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class D, (1-mo. CME Term SOFR + 2.00%), 6.15%, 01/15/39<sup>(a)(b)</sup> |  | 2890 | 2886388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class B, (1-mo. CME Term SOFR + 1.28%), 5.43%, 01/15/39<sup>(a)(b)</sup> |  | 673 | 671948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, (1-mo. CME Term SOFR + 2.69%), 6.84%, 05/15/38<sup>(a)(b)</sup> |  | 8160 | 8210891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class D, (1-mo. CME Term SOFR + 4.39%), 8.54%, 05/15/38<sup>(a)(b)</sup> |  | 461 | 465034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 04/15/41<sup>(a)(b)</sup> |  | 4489 | 4499882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D, (1-mo. CME Term SOFR + 2.69%), 6.84%, 04/15/41<sup>(a)(b)</sup> |  | 4926 | 4940763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class E, (1-mo. CME Term SOFR + 3.69%), 7.84%, 04/15/41<sup>(a)(b)</sup> |  | 2817 | 2807302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM, Class A, (1-mo. CME Term SOFR + 1.54%), 5.69%, 06/15/37<sup>(a)(b)</sup> |  | 13906 | 13927593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (1-mo. CME Term SOFR + 2.09%), 6.24%, 03/15/41<sup>(a)(b)</sup> |  | 3750 | 3751172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class C, (1-mo. CME Term SOFR + 4.44%), 8.59%, 03/15/41<sup>(a)(b)</sup> |  | 8022 | 8052136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class D, (1-mo. CME Term SOFR + 5.39%), 9.54%, 03/15/41<sup>(a)(b)</sup> |  | 3845 | 3870659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (1-mo. CME Term SOFR + 1.49%), 5.64%, 06/15/41<sup>(a)(b)</sup> |  | 18354 | 18365184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1-mo. CME Term SOFR + 2.89%), 7.04%, 06/15/41<sup>(a)(b)</sup> |  | 3100 | 3103875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, (1-mo. CME Term SOFR + 3.94%), 8.09%, 06/15/41<sup>(a)(b)</sup> |  | 7980 | 7989833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 6.08%, 06/13/47<sup>(a)(b)</sup> |  | 3018 | 3108272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, (1-mo. CME Term SOFR + 1.50%), 5.65%, 06/15/40<sup>(a)(b)</sup> |  | 1106 | 1107684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class E, (1-mo. CME Term SOFR + 2.94%), 7.09%, 03/15/30<sup>(a)(b)</sup> |  | 10713 | 10730208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class E, (1-mo. CME Term SOFR + 3.30%), 7.45%, 06/15/35<sup>(a)(b)</sup> |  | 2352 | 2351017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 03/15/42<sup>(a)(b)</sup> |  | 4516 | 4515075 |
|  BXP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class D, 3.67%, 08/13/37<sup>(a)(b)</sup> |  | 750 | 627423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class E, 3.67%, 08/13/37<sup>(a)(b)</sup> |  | 1450 | 1170958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class D, 3.54%, 06/13/39<sup>(a)(b)</sup> |  | 590 | 568027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class E, 3.54%, 06/13/39<sup>(a)(b)</sup> |  | 1240 | 1179514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class D, 2.87%,<br>01/15/44<sup>(a)(b)</sup> |  | 2010 | 1635927 |
|  CALI Mortgage Trust, Series 2024-SUN, Class A, (1-mo. CME Term SOFR + 1.89%), 6.11%, 07/15/41<sup>(a)(b)</sup> |  | 4289 | 4298382 |
|  Cassia SRL, Series 2022-1A, Class A, (3-mo. EURIBOR + 2.50%), 4.53%, 05/22/34<sup>(a)(b)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | 8886848 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** |  |  |
|  CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 02/10/50 USD | 850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD5, Class B, 3.96%, 08/15/50<sup>(b)</sup> . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | 2019756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class B, 3.91%, 11/13/50<sup>(b)</sup> . | 597 | 569572 |
|  CENT Trust, Series 2025-CITY, Class A, 5.09%, 07/10/40<sup>(a)(b)</sup> | 5603 | 5666372 |
|  CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48 | 363 | 361702 |
|  CFK Trust, Series 2019-FAX, Class D, 4.79%, 01/15/39<sup>(a)(b)</sup> | 2643 | 2474024 |
|  CFSP Mortgage Trust, Series 2024-AHP1, Class A, 6.50%, 04/15/37 | 8574 | 8296867 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class D, 3.23%, 09/15/48<sup>(a)</sup> | 555 | 535793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class E, 3.42%, 11/10/42<sup>(a)(b)</sup> | 1540 | 1322366 |
|  COAST Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class A, (1-mo. CME Term SOFR + 2.59%), 6.74%, 08/15/36<sup>(a)(b)</sup> | 2681 | 2681353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class D, (1-mo. CME Term SOFR + 4.44%), 8.59%, 08/15/36<sup>(a)(b)</sup> | 4620 | 4588912 |
|  Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class B, 3.83%, 02/10/48<sup>(b)</sup> | 339 | 332161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-667M, Class D, 3.29%, 10/10/36<sup>(a)(b)</sup> | 147 | 108498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/41<sup>(a)(b)</sup> | 830 | 845495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class A, (1-mo. CME Term SOFR + 1.84%), 5.99%, 06/15/41<sup>(a)(b)</sup> | 8360 | 8336487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class B, (1-mo. CME Term SOFR + 2.59%), 6.74%, 06/15/41<sup>(a)(b)</sup> | 2829 | 2836957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class E, (1-mo. CME Term SOFR + 4.49%), 8.64%, 06/15/41<sup>(a)(b)</sup> | 3312 | 3299847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class A, 5.50%, 08/10/40<sup>(a)</sup> | 2062 | 2069660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class E, 8.47%, 08/10/40<sup>(a)(b)</sup> | 1600 | 1601905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class F, 9.46%, 08/10/40<sup>(a)(b)</sup> | 1389 | 1390581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, 5.73%, 08/10/41<sup>(a)(b)</sup> | 953 | 957526 |
|  CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A, (1-mo. CME Term SOFR + 1.64%), 5.79%, 08/15/41<sup>(a)(b)</sup> | 3280 | 3277401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class E, (1-mo. CME Term SOFR + 3.89%), 8.04%, 08/15/41<sup>(a)(b)</sup> | 3244 | 3242136 |
|  Credit Suisse Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CALI, Class C, 3.90%, 11/10/32<sup>(a)(b)</sup> | 1729 | 514378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 3.65%, 11/13/39<sup>(a)</sup>. | 850 | 802797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1-mo. CME Term SOFR + 5.48%), 9.63%, 10/15/37<sup>(a)(b)</sup> | 2484 | 2273605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class A, (1-mo. CME Term SOFR + 1.26%), 5.42%, 11/15/38<sup>(a)(b)</sup> | 641 | 636793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class B, (1-mo. CME Term SOFR + 1.61%), 5.77%, 11/15/38<sup>(a)(b)</sup> | 1150 | 1139219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1-mo. CME Term SOFR + 3.44%), 7.59%, 02/15/27<sup>(a)(b)(g)</sup> | 10100 | 10030198 |
|  CRSO Trust, Series 2023-BRND, 7.12%, 07/10/40<sup>(a)</sup> | 2271 | 2365038 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class B, 4.46%, 11/15/48<sup>(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class C, 4.88%, 08/15/51<sup>(b)</sup> |  | 570 | 524279 |
|  CSTL Commercial Mortgage Trust, Series 2024- GATE, Class A, 4.92%, 11/10/41<sup>(a)(b)</sup> |  | 8300 | 8335342 |
|  DBGS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5BP, Class B, (1-mo. CME Term SOFR + 1.08%), 5.23%, 06/15/33<sup>(a)(b)</sup> |  | 2890 | 2658800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SBL, Class A, (1-mo. CME Term SOFR + 1.88%), 6.03%, 08/15/34<sup>(a)(b)</sup> |  | 5582 | 5599444 |
|  DBSG Mortgage Trust, Series 2024-ALTA, Class A, 6.14%, 06/10/37<sup>(a)(b)</sup> |  | 2584 | 2627034 |
|  DBWF Mortgage Trust, Series 2024-LCRS, Class A, (1-mo. CME Term SOFR + 1.74%), 5.89%, 04/15/37<sup>(a)(b)</sup> |  | 705 | 705220 |
|  DC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 5.93%,<br>04/13/40<sup>(a)(b)</sup> |  | 830 | 839070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class F, 10.66%, 04/13/40<sup>(a)(b)</sup> |  | 2180 | 2183475 |
|  Deutsche Bank JPMorgan Mortgage Trust, Series 2016-C1, Class A4, 3.28%, 05/10/49 |  | 1430 | 1417186 |
|  DK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class A, (1-mo. CME Term SOFR + 1.50%), 5.65%, 03/15/34<sup>(a)(b)</sup> |  | 4850 | 4862125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class E, (1-mo. CME Term SOFR + 4.00%), 8.15%, 03/15/34<sup>(a)(b)</sup> |  | 13906 | 13950338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class A, (1-mo. CME Term SOFR + 1.59%), 5.74%, 08/15/37<sup>(a)(b)</sup> |  | 1559 | 1559000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class D, (1-mo. CME Term SOFR + 2.89%), 7.04%, 08/15/37<sup>(a)(b)</sup> |  | 947 | 948184 |
|  Durst Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 5.32%, 08/10/42<sup>(a)(b)</sup> |  | 1708 | 1739629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class D, 7.02%, 08/10/42<sup>(a)(b)</sup> |  | 3270 | 3358870 |
|  Dwight Issuer LLC, Series 2025-FL1, Class A, (1-mo. CME Term SOFR + 1.66%), 5.80%, 06/18/42<sup>(a)(b)</sup> |  | 1148 | 1147055 |
|  ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.99%, 06/10/39<sup>(a)(b)</sup> |  | 4860 | 4909641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.99%, 06/10/39<sup>(a)(b)</sup> |  | 4860 | 4890392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class E10, 8.05%, 06/10/39<sup>(a)(b)</sup> |  | 6375 | 6416692 |
|  ELP Commercial Mortgage Trust, Series 2021- ELP, Class G, (1-mo. CME Term SOFR + 3.23%), 7.38%, 11/15/38<sup>(a)(b)</sup> |  | 2468 | 2464628 |
|  EQT Trust, Series 2024-EXTR, Class A, 5.33%, 07/05/41<sup>(a)(b)</sup> |  | 1697 | 1735796 |
|  Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class D, (1-mo. CME Term SOFR + 2.36%), 6.51%, 07/15/38<sup>(a)(b)</sup> |  | 1750 | 1749798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E, (1-mo. CME Term SOFR + 2.96%), 7.11%, 07/15/38<sup>(a)(b)</sup> |  | 5215 | 5214819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F, (1-mo. CME Term SOFR + 3.81%), 7.96%, 07/15/38<sup>(a)(b)</sup> |  | 14494 | 14494228 |
|  Fashion Show Mall LLC, Series 2024-SHOW, Class A, 5.27%, 10/10/41<sup>(a)(b)</sup> |  | 1535 | 1556799 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  Fontainebleau Miami Beach Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class F, (1-mo. CME Term SOFR + 4.25%), 8.40%, 12/15/39<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class G, (1-mo. CME Term SOFR + 5.65%), 9.80%, 12/15/39<sup>(a)(b)</sup> |  | 2269 | 2287493 |
|  FREMF Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.72%,<br>10/25/27<sup>(a)(b)</sup> |  | 1190 | 1126328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K74, Class B, 4.23%, 02/25/51<sup>(a)(b)</sup> |  | 120 | 118209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K80, Class B, 4.38%, 08/25/50<sup>(a)(b)</sup> |  | 1043 | 1022741 |
|  Grace Trust, Series 2020-GRCE, Class E, 2.77%, 12/10/40<sup>(a)(b)</sup> |  | 1489 | 1284713 |
|  Great Wolf Trust, Series 2024-WOLF, Class A, (1-mo. CME Term SOFR + 1.54%), 5.69%, 03/15/39<sup>(a)(b)</sup> |  | 2970 | 2975569 |
|  Greystone CRE Notes LLC, Series 2025-FL4, Class A, (1-mo. CME Term SOFR + 1.48%), 5.63%, 01/15/43<sup>(a)(b)</sup> |  | 2077 | 2077783 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX, Class A, 2.86%, 05/10/34<sup>(a)</sup> |  | 1943 | 1709089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class C, 3.93%, 11/10/52<sup>(b)</sup> |  | 260 | 237278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class A, (1-mo. CME Term SOFR + 1.00%), 5.15%, 11/15/36<sup>(a)(b)</sup> |  | 3134 | 3132046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class A, (1-mo. CME Term SOFR + 2.09%), 6.24%, 03/15/28<sup>(a)(b)</sup> |  | 5374 | 5395832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class E, 7.68%, 09/10/38<sup>(a)(b)</sup> |  | 15141 | 15249755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class E, 7.72%, 08/10/41<sup>(a)(b)</sup> |  | 1802 | 1797035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, (1-mo. CME Term SOFR + 2.65%), 6.79%, 11/25/41<sup>(a)(b)</sup> |  | 8757 | 8769408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class C, (1-mo. CME Term SOFR + 4.70%), 8.84%, 11/25/41<sup>(a)(b)</sup> |  | 5849 | 5827460 |
|  GSAT Trust, Series 2025-BMF, Class A, (1-mo. CME Term SOFR + 1.50%), 5.65%, 07/15/40<sup>(a)(b)</sup> |  | 1936 | 1935889 |
|  GWT, Series 2024-WLF2, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 05/15/41<sup>(a)(b)</sup> |  | 16275 | 16305516 |
|  HIH Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class A, (1-mo. CME Term SOFR + 1.84%), 5.99%, 10/15/41<sup>(a)(b)</sup> |  | 3281 | 3292173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class D, (1-mo. CME Term SOFR + 3.64%), 7.79%, 10/15/41<sup>(a)(b)</sup> |  | 1241 | 1246463 |
|  HILT Commercial Mortgage Trust, Series 2024- ORL, Class D, (1-mo. CME Term SOFR + 3.19%), 7.34%, 05/15/37<sup>(a)(b)</sup> |  | 6057 | 6053214 |
|  HIT Trust, Series 2022-HI32, Class A, (1-mo. CME Term SOFR + 2.39%), 6.54%, 07/15/39<sup>(a)(b)</sup> |  | 597 | 597519 |
|  HLTN Commercial Mortgage Trust, Series 2024- DPLO, Class A, (1-mo. CME Term SOFR + 1.64%), 5.79%, 06/15/41<sup>(a)(b)</sup> |  | 3176 | 3180962 |
|  HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31<sup>(a)</sup> |  | 2060 | 1730400 |
|  HONO Mortgage Trust, Series 2021-LULU, Class A, (1-mo. CME Term SOFR + 1.26%), 5.42%, 10/15/36<sup>(a)(b)</sup> |  | 6458 | 6429746 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.64%, 02/05/45<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439448 |
|  HTL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 6.07%, 05/10/39<sup>(a)(b)</sup> |  | 1790 | 1815561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class E, 10.60%,<br>05/10/39<sup>(a)(b)</sup> |  | 4965 | 5137418 |
|  Hudson Yards Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-30HY, Class A, 3.23%, 07/10/39<sup>(a)</sup> |  | 195 | 185383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-55HY, Class F, 3.04%,<br>12/10/41<sup>(a)(b)</sup> |  | 2975 | 2534276 |
|  ILPT Commercial Mortgage Trust, Series 2025- LPF2, Class A, 5.47%, 07/13/42<sup>(a)(b)</sup> |  | 10261 | 10445818 |
|  INCREF LLC, Series 2025-FL1, Class A, (1-mo. CME Term SOFR + 1.73%), 5.86%,<br>10/19/42<sup>(a)(b)</sup> |  | 4155 | 4157417 |
|  INV Mortgage Trust, Series 2024-IND, Class A, (1-mo. CME Term SOFR + 1.74%), 5.89%, 11/15/41<sup>(a)(b)</sup> |  | 4830 | 4793775 |
|  JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.31%,<br>12/15/48<sup>(a)(b)</sup> |  | 785 | 716074 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class AS, 4.42%,<br>06/15/51 |  | 198 | 195013 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NINE, Class B, 2.95%,<br>09/06/38<sup>(a)(b)</sup> |  | 3688 | 3619979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class A, 4.13%, 07/05/31<sup>(a)</sup>  |  | 1819 | 1664704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH, Class A, (1-mo. CME Term SOFR + 1.26%), 5.41%, 06/15/35<sup>(a)(b)</sup> |  | 959 | 820671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class A3, 3.12%, 06/13/52 |  | 1700 | 1634204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class E, (1-mo. CME Term SOFR + 2.21%), 6.36%, 07/15/36<sup>(a)(b)</sup> |  | 2460 | 1887956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, (1-mo. CME Term SOFR + 1.16%), 5.32%, 04/15/38<sup>(a)(b)</sup> |  | 973 | 973021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term SOFR + 2.81%), 6.97%, 04/15/38<sup>(a)(b)</sup> |  | 9318 | 9329647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term SOFR + 3.31%), 7.47%, 04/15/38<sup>(a)(b)</sup> |  | 2750 | 2755156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1-mo. CME Term SOFR + 3.79%), 7.94%, 04/15/37<sup>(a)(b)</sup> |  | 4888 | 4619776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.57%,<br>01/05/39<sup>(a)(b)</sup> |  | 3034 | 2457960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class A, 5.35%,<br>11/09/39<sup>(a)(b)</sup> |  | 8100 | 8178623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class D, 6.70%,<br>11/09/39<sup>(a)(b)</sup> |  | 2260 | 2261965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class E, 7.50%,<br>11/09/39<sup>(a)(b)</sup> |  | 6887 | 6885879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class F, 8.49%,<br>11/09/39<sup>(a)(b)</sup> |  | 5900 | 5919828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-OMNI, Class A, 5.99%,<br>10/05/39<sup>(a)(b)</sup> |  | 2310 | 2356422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5, Class A, (1-mo. CME Term SOFR + 1.69%), 5.84%, 03/15/40<sup>(a)(b)</sup> |  | 7343 | 7343437 |
|  JW Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class A, (1-mo. CME Term SOFR + 1.62%), 5.77%, 06/15/39<sup>(a)(b)</sup>  |  | 3715 | 3726592 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  JW Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class D, (1-mo. CME Term SOFR + 3.19%), 7.34%, 06/15/39<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923469 |
|  KSL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HT2, Class A, (1-mo. CME Term SOFR + 1.54%), 5.69%, 12/15/39<sup>(a)(b)</sup> |  | 7409 | 7406988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MAK, Class A, 6.20%,<br>06/15/42<sup>(a)(b)</sup> |  | 1333 | 1331454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MAK, Class E, 8.40%,<br>06/15/42<sup>(a)(b)</sup> |  | 2840 | 2850175 |
|  Lagarino European Loan Conduit No. 40 DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class B, (3-mo. EURIBOR + 2.15%), 4.17%, 06/22/37<sup>(b)(e)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | 4117648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class C, (3-mo. EURIBOR + 2.65%), 4.67%, 06/22/37<sup>(b)(e)</sup> |  | 2233 | 2615371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class D, (3-mo. EURIBOR + 3.55%), 5.57%, 06/22/37<sup>(b)(e)</sup> |  | 6346 | 7458395 |
|  Last Mile Logistics Pan Euro Finance DAC, Series 1X, Class E, (3-mo. EURIBOR + 2.70%), 4.73%, 08/17/33<sup>(b)(e)</sup> |  | 2618 | 3073221 |
|  LBA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class A, (1-mo. CME Term SOFR + 1.44%), 5.59%, 10/15/41<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | 6827702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class D, (1-mo. CME Term SOFR + 2.64%), 6.79%, 10/15/41<sup>(a)(b)</sup> |  | 765 | 767331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class A, (1-mo. CME Term SOFR + 1.59%), 5.74%, 06/15/39<sup>(a)(b)</sup> |  | 12850 | 12866062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class F, (1-mo. CME Term SOFR + 4.44%), 8.59%, 06/15/39<sup>(a)(b)</sup> |  | 1058 | 1055110 |
|  Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-2A, Class M3, (1-mo. CME Term SOFR + 0.56%), 4.72%, 09/25/36<sup>(a)(b)</sup> |  | 828 | 788686 |
|  LUX, Series 2023-LION, Class A, (1-mo. CME Term SOFR + 2.69%), 6.84%, 08/15/40<sup>(a)(b)</sup> |  | 2294 | 2319024 |
|  MCR Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HF1, Class A, (1-mo. CME Term SOFR + 1.79%), 5.94%, 12/15/41<sup>(a)(b)</sup> |  | 3803 | 3818450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class A, (1-mo. CME Term SOFR + 1.76%), 5.91%, 02/15/37<sup>(a)(b)</sup> |  | 276 | 276352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class E, (1-mo. CME Term SOFR + 4.65%), 8.81%, 02/15/37<sup>(a)(b)</sup> |  | 2415 | 2403433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA, Class A, 5.92%, 06/12/39<sup>(a)</sup> |  | 3570 | 3620926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA, Class E, 8.73%, 06/12/39<sup>(a)</sup>  |  | 2080 | 2115027 |
|  MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL14, Class A, (1-mo. CME Term SOFR + 1.74%), 5.87%, 03/19/39<sup>(a)(b)</sup> |  | 1770 | 1777683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class A, (1-mo. CME Term SOFR + 1.49%), 5.62%, 05/18/42<sup>(a)(b)</sup> |  | 1786 | 1788574 |
|  MFT Trust, Series 2020-ABC, Class C, 3.59%, 02/10/42<sup>(a)(b)</sup> |  | 894 | 650814 |
|  MHC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term SOFR + 2.22%), 6.37%, 04/15/38<sup>(a)(b)</sup> |  | 3700 | 3703469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term SOFR + 2.72%), 6.87%, 04/15/38<sup>(a)(b)</sup> |  | 471 | 471417 |
|  MHP, Series 2021-STOR, Class G, (1-mo. CME Term SOFR + 2.86%), 7.02%, 07/15/38<sup>(a)(b)</sup> |  | 2100 | 2100000 |
|  MIC Trust (The), Series 2023-MIC, Class A, 8.73%, 12/05/38<sup>(a)(b)</sup> |  | 1550 | 1678772 |
|  MIRA Trust, Series 2023-MILE, Class A, 6.76%, 06/10/38<sup>(a)</sup> |  | 3432 | 3573842 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class F, (1-mo. CME Term SOFR + 4.65%), 8.80%, 11/15/34<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class G, (1-mo. CME Term SOFR + 7.20%), 11.35%, 11/15/34<sup>(a)(b)</sup> |  | 1612 | 1526182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class E, 4.42%, 07/11/40<sup>(a)(b)</sup> |  | 2730 | 2043801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class D, 3.00%, 06/15/52<sup>(a)</sup> |  | 630 | 509522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class B, (1-mo. CME Term SOFR + 1.56%), 5.71%, 12/15/38<sup>(a)(b)</sup> |  | 460 | 425500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.90%,<br>09/24/57<sup>(a)(b)</sup> |  | 3085 | 3034522 |
|  MSDB Trust, Series 2017-712F, Class B, 3.57%, 07/11/39<sup>(a)(b)</sup> |  | 1650 | 1552717 |
|  MTN Commercial Mortgage Trust, Series 2022- LPFL, Class A, (1-mo. CME Term SOFR + 1.40%), 5.56%, 03/15/39<sup>(a)(b)</sup> |  | 1330 | 1329584 |
|  Natixis Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 4.40%, 06/17/38<sup>(a)</sup>  |  | 4162 | 4102288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LVL, Class D, 4.44%, 08/15/38<sup>(a)</sup> |  | 1550 | 1414066 |
|  NCMF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class A, 5.05%,<br>06/10/33<sup>(a)(b)</sup> |  | 5715 | 5727448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class E, 7.78%,<br>06/10/33<sup>(a)(b)</sup> |  | 10742 | 10898612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class F, 8.72%,<br>06/10/33<sup>(a)(b)</sup> |  | 11453 | 11669315 |
|  NJ Trust, Series 2023-GSP, Class A, 6.70%, 01/06/29<sup>(a)(b)</sup> |  | 5050 | 5300323 |
|  NY Commercial Mortgage Trust, Series 2025- 299P, Class B, 6.13%, 02/10/47<sup>(a)(b)</sup> |  | 908 | 944242 |
|  NYC Commercial Mortgage Trust, Series 2025- 300P, Class E, 7.39%, 07/13/42<sup>(a)(b)</sup> |  | 904 | 913423 |
|  NYCT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class A, (1-mo. CME Term SOFR + 1.99%), 6.14%, 08/15/29<sup>(a)(b)</sup> |  | 1348 | 1353865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class D, (1-mo. CME Term SOFR + 3.84%), 7.99%, 08/15/29<sup>(a)(b)</sup> |  | 2195 | 2194987 |
|  Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39<sup>(a)(b)</sup> |  | 2910 | 2449190 |
|  One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/54<sup>(a)</sup> |  | 1888 | 1738820 |
|  One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, 02/10/32<sup>(a)</sup> |  | 1754 | 1654716 |
|  One New York Plaza Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class A, (1-mo. CME Term SOFR + 1.06%), 5.22%, 01/15/36<sup>(a)(b)</sup> |  | 1815 | 1785991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class AJ, (1-mo. CME Term SOFR + 1.36%), 5.52%, 01/15/36<sup>(a)(b)</sup>  |  | 2857 | 2756997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class B, (1-mo. CME Term SOFR + 1.61%), 5.77%, 01/15/36<sup>(a)(b)</sup> |  | 2345 | 2245331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class D, (1-mo. CME Term SOFR + 2.86%), 7.02%, 01/15/36<sup>(a)(b)</sup> |  | 960 | 911997 |
|  ONNI Commerical Mortgage Trust, Series 2024- APT, Class A, 5.75%, 07/15/39<sup>(a)(b)</sup> |  | 781 | 798985 |
|  OPEN Trust, Series 2023-AIR, Class A, (1-mo. CME Term SOFR + 3.09%), 7.24%,<br>11/15/40<sup>(a)(b)</sup> |  | 370 | 369920 |
|  ORL Trust, Series 2024-GLKS, Class A, (1-mo. CME Term SOFR + 1.49%), 5.64%,<br>12/15/39<sup>(a)(b)</sup> |  | 4150 | 4151297 |
|  PENN Commercial Mortgage Trust, Series 2025- P11, Class A, 5.52%, 08/10/42<sup>(a)(b)</sup> |  | 1207 | 1228426 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  PGA Trust, Series 2024-RSR2, Class A, (1-mo. CME Term SOFR + 1.89%), 6.04%, 06/15/39<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559000 |
|  PRM5 Trust, Series 2025-PRM5, Class D, 5.81%, 03/10/33<sup>(a)(b)</sup> |  | 1700 | 1694440 |
|  Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, (1-mo. CME Term SOFR + 2.37%), 6.53%, 10/25/39<sup>(a)(b)</sup> |  | 29 | 28648 |
|  ROCK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/41<sup>(a)</sup> |  | 800 | 824228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, 11/13/41<sup>(a)</sup> |  | 3231 | 3381550 |
|  Sage AR Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class C, (1-day SONIA + 2.40%), 6.39%, 05/17/37<sup>(b)(e)</sup> | GBP | 1618 | 2176891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class D, (1-day SONIA + 3.90%), 7.89%, 05/17/37<sup>(b)(e)</sup> |  | 1393 | 1874112 |
|  SCG Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class D, (1-mo. CME Term SOFR + 2.15%), 6.30%, 03/15/35<sup>(a)(b)</sup> | USD | 532 | 530670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class E, (1-mo. CME Term SOFR + 2.95%), 7.10%, 03/15/35<sup>(a)(b)</sup> |  | 4046 | 4043471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class A, (1-mo. CME Term SOFR + 1.25%), 5.40%, 08/15/42<sup>(a)(b)</sup> |  | 1710 | 1711603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class E, (1-mo. CME Term SOFR + 2.75%), 6.90%, 08/15/42<sup>(a)(b)</sup> |  | 278 | 278174 |
|  SDAL Trust, Series 2025-DAL, Class A, (1-mo. CME Term SOFR + 2.44%), 6.59%, 04/15/42<sup>(a)(b)</sup> |  | 1963 | 1979495 |
|  SELF Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class A, (1-mo. CME Term SOFR + 1.54%), 5.69%, 11/15/34<sup>(a)(b)</sup> |  | 3300 | 3293812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class E, (1-mo. CME Term SOFR + 4.19%), 8.34%, 11/15/34<sup>(a)(b)</sup> |  | 3381 | 3373604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class F, (1-mo. CME Term SOFR + 5.19%), 9.34%, 11/15/34<sup>(a)(b)</sup> |  | 2890 | 2873454 |
|  SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class D, 3.59%,<br>09/15/39<sup>(a)(b)</sup> |  | 2200 | 1949641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.59%, 09/15/39<sup>(a)(b)</sup> |  | 1792 | 1515685 |
|  SHR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class A, (1-mo. CME Term SOFR + 1.95%), 6.10%, 10/15/41<sup>(a)(b)</sup> |  | 9897 | 9909371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class B, (1-mo. CME Term SOFR + 2.45%), 6.60%, 10/15/41<sup>(a)(b)</sup> |  | 2553 | 2556191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class D, (1-mo. CME Term SOFR + 3.60%), 7.75%, 10/15/41<sup>(a)(b)</sup> |  | 1783 | 1795723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class E, (1-mo. CME Term SOFR + 4.45%), 8.60%, 10/15/41<sup>(a)(b)</sup> |  | 440 | 443397 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/41<sup>(a)</sup> |  | 573 | 509304 |
|  SREIT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, (1-mo. CME Term SOFR + 2.74%), 6.89%, 11/15/38<sup>(a)(b)</sup> |  | 4530 | 4525497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class F, (1-mo. CME Term SOFR + 2.73%), 6.88%, 11/15/36<sup>(a)(b)</sup> |  | 2091 | 2091300 |
|  Taurus UK DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class B, (1-day SONIA + 2.00%), 5.99%, 02/18/35<sup>(b)(e)</sup> | GBP | 1853 | 2495483 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
|  Taurus UK DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class C, (1-day SONIA + 2.50%), 6.49%, 02/18/35<sup>(b)(e)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class D, (1-day SONIA + 3.20%), 7.19%, 02/18/35<sup>(b)(e)</sup> |  | 4948 | 6687644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK4, Class B, (1-day SONIA + 1.60%), 5.62%, 08/18/35<sup>(b)(e)</sup> |  | 508 | 683551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK4, Class C, (1-day SONIA + 1.95%), 5.97%, 08/18/35<sup>(b)(e)</sup> |  | 790 | 1063002 |
|  TCO Commercial Mortgage Trust, Series 2024- DPM, Class D, (1-mo. CME Term SOFR + 2.74%), 6.89%, 12/15/39<sup>(a)(b)</sup> | USD | 519 | 520946 |
|  THPT Mortgage Trust, Series 2023-THL, Class A, 7.23%, 12/10/34<sup>(a)(b)</sup> |  | 1784 | 1811470 |
|  Thunder Logistics DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class B, (3-mo. EURIBOR + 2.05%), 4.09%, 11/17/36<sup>(b)(e)</sup> | EUR | 465 | 544854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class C, (3-mo. EURIBOR + 2.55%), 4.59%, 11/17/36<sup>(b)(e)</sup> |  | 326 | 382635 |
|  TYSN Mortgage Trust, Series 2023-CRNR, Class A, 6.80%, 12/10/33<sup>(a)(b)</sup> | USD | 2230 | 2354535 |
|  UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A4, 3.68%, 12/15/50 |  | 880 | 869093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class A4, 4.34%, 12/15/51 |  | 1500 | 1490778 |
|  UK Logistics DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class A, (1-day SONIA + 1.65%), 5.64%, 05/17/34<sup>(b)(e)</sup> | GBP | 1165 | 1570718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + 2.10%), 6.09%, 02/17/35<sup>(b)(e)</sup> |  | 599 | 807971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + 3.10%), 7.09%, 02/17/35<sup>(b)(e)</sup> |  | 1382 | 1865079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class D, (1-day SONIA + 4.00%), 7.99%, 05/17/35<sup>(b)(e)</sup> |  | 5586 | 7546030 |
|  VEGAS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class C, 6.42%,<br>07/10/36<sup>(a)(b)</sup> | USD | 7390 | 7438232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class D, 6.42%,<br>07/10/36<sup>(a)(b)</sup> |  | 16670 | 16490504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI, Class A, 5.52%, 11/10/39<sup>(a)</sup> |  | 2460 | 2496646 |
|  Velocity Commercial Capital Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class M3, 4.24%, 11/25/47<sup>(a)(b)</sup>  |  | 212 | 199145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class M4, 5.00%, 11/25/47<sup>(a)(b)</sup>  |  | 128 | 116344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2, 4.26%, 04/25/48<sup>(a)</sup> |  | 109 | 103604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, 02/25/50<sup>(a)(b)</sup> |  | 2549 | 2370939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 2.80%, 02/25/50<sup>(a)(b)</sup>  |  | 455 | 366857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M2, 2.98%, 02/25/50<sup>(a)(b)</sup>  |  | 530 | 424552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 2.52%, 12/26/51<sup>(a)(b)</sup> |  | 8166 | 7317336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class M4, 4.48%, 12/26/51<sup>(a)(b)</sup>  |  | 927 | 764125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M4, 5.20%, 02/25/52<sup>(a)(b)</sup>  |  | 600 | 512937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M3, 5.74%, 04/25/52<sup>(a)(b)</sup>  |  | 1835 | 1770865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M2, 6.97%, 08/25/52<sup>(a)(b)</sup>  |  | 762 | 771925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M3, 7.53%, 08/25/52<sup>(a)(b)</sup>  |  | 534 | 543558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class M4, 7.53%, 08/25/52<sup>(a)(b)</sup>  |  | 980 | 950807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 6.22%, 05/25/53<sup>(a)(b)</sup> |  | 2158 | 2158169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class M1, 7.03%, 05/25/53<sup>(a)(b)</sup>  |  | 1447 | 1451070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.55%, 01/25/54<sup>(a)(b)</sup> |  | 4737 | 4795423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 7.23%, 01/25/54<sup>(a)(b)</sup>  |  | 554 | 557140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M3, 8.44%, 01/25/54<sup>(a)(b)</sup>  |  | 543 | 555601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.49%, 10/25/54<sup>(a)(b)</sup> |  | 1797 | 1806260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M2, 5.96%, 10/25/54<sup>(a)(b)</sup>  |  | 777 | 773290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M3, 6.76%, 10/25/54<sup>(a)(b)</sup>  |  | 1184 | 1185821 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities (continued)** |  |  |  |
|  Velocity Commercial Capital Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class M4, 9.53%, 10/25/54<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M2, 6.55%, 12/25/54<sup>(a)(b)</sup>  |  | 432 | 434194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M3, 6.92%, 12/25/54<sup>(a)(b)</sup>  |  | 655 | 658107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class M4, 9.67%, 12/25/54<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | 1203654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, 7.33%, 02/25/55<sup>(a)(b)</sup>  |  | 2414 | 2452547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class M4, 10.15%, 02/25/55<sup>(a)(b)</sup> |  | 836 | 848247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class M3, 7.38%, 06/25/55<sup>(a)(b)</sup> . |  | 1600 | 1628117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MC1, Class A1, 8.16%, 05/25/55<sup>(a)(c)</sup> |  | 3001 | 2988198 |
|  VNDO Trust, Series 2016-350P, Class D, 4.03%, 01/10/35<sup>(a)(b)</sup> |  | 3390 | 3320450 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A3FL, (1-mo. CME Term SOFR + 1.53%), 5.68%, 01/15/59<sup>(b)</sup> |  | 205 | 205207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3FL, (1-mo. CME Term SOFR + 1.15%), 5.30%, 06/15/49<sup>(a)(b)</sup> . |  | 1830 | 1824156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 3.87%,<br>06/15/36<sup>(a)(b)</sup> |  | 472 | 434557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AUS, Class A, 4.19%,<br>08/17/36<sup>(a)(b)</sup> |  | 1680 | 1648894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/52<sup>(a)</sup>  |  | 514 | 447746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 5.48%,<br>07/15/35<sup>(a)(b)</sup> |  | 2829 | 2854902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class B, 6.22%,<br>07/15/43<sup>(a)</sup> |  | 4292 | 4425881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class C, 6.43%,<br>07/15/43<sup>(a)</sup> |  | 2732 | 2757324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class D, 7.08%,<br>07/15/43<sup>(a)</sup> |  | 1160 | 1168461 |
|  WEST Trust, Series 2025-ROSE, Class A, 5.45%, 04/10/35<sup>(a)(b)</sup> |  | 2278 | 2311213 |
|  WHARF Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 5.53%, 07/15/40<sup>(a)(b)</sup> |  | 4623 | 4741216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class E, 7.98%, 07/15/40<sup>(a)(b)</sup> |  | 2708 | 2753325 |
|  WMRK Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class A, (1-mo. CME Term SOFR + 2.79%), 6.94%, 11/15/27<sup>(a)(b)</sup>  |  | 6274 | 6289706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class B, (1-mo. CME Term SOFR + 3.44%), 7.59%, 11/15/27<sup>(a)(b)</sup>  |  | 2500 | 2506259 |
|  |  |  | 1251884701 |
|  **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** |  |
|  Ajax Mortgage Loan Trust, Series 2021-E, Class XS, 0.00%, 12/25/60<sup>(a)(b)</sup> |  | 93991 | 3227371 |
|  Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class XS, 0.82%,<br>10/25/63<sup>(a)(b)</sup> |  | 47102 | 359617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class XS, 2.45%,<br>01/25/64<sup>(a)(b)</sup> |  | 32712 | 1435039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class XS, 0.00%,<br>06/25/64<sup>(a)(b)</sup> |  | 39790 | 1140694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class XS, 0.00%,<br>12/26/64<sup>(a)(b)</sup> |  | 54103 | 2279589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class XS, 0.00%,<br>01/25/65<sup>(a)(b)</sup> |  | 53318 | 2102635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class XS2, 0.00%,<br>05/25/65<sup>(a)(b)</sup> |  | 41925 | 1135028 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value | Value |
|  **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** |
|  JPMorgan Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A2X, 0.50%, 12/25/51<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45754 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5X, 0.50%, 12/25/51<sup>(a)(b)</sup> |  | 6535 |  | 182995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class AX1, 0.19%, 12/25/51<sup>(a)(b)</sup> |  | 88435 |  | 900850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A2X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 23833 |  | 676558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 13530 |  | 247042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 6756 |  | 286458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5X, 0.50%, 02/25/52<sup>(a)(b)</sup> |  | 2595 |  | 73665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class AX1, 0.27%, 02/25/52<sup>(a)(b)</sup> |  | 46714 |  | 684623 |
|  Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.46%, 07/25/56<sup>(a)(b)</sup> |  | 2545 |  | 289961 |
|  Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 4.03%, 02/25/38<sup>(a)(b)</sup> |  | 11373 |  | 2460233 |
|  |  |  |  | 18763621 |
|  **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%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** |
|  245 Park Avenue Trust, Series 2017-245P, Class XA, 0.27%, 06/05/37<sup>(a)(b)</sup> |  | 13000 |  | 33782 |
|  BANK, Series 2019-BN20, Class XB, 0.46%, 09/15/62<sup>(b)</sup> |  | 39279 |  | 525294 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK3, Class XB, 0.73%, 02/15/50<sup>(b)</sup> |  | 11850 |  | 76827 |
|  BBCMS Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH, Class XA, 1.00%, 08/10/35<sup>(a)(b)</sup> |  | 14991 |  | 168722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class XB, 1.08%, 04/15/53<sup>(b)</sup>  |  | 1596 |  | 64676 |
|  Benchmark Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class XA, 1.17%, 03/15/52<sup>(b)</sup> |  | 12149 |  | 327201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class XB, 0.62%, 03/15/53<sup>(b)</sup> |  | 7100 |  | 129108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class XA, 1.36%, 02/15/54<sup>(b)</sup> |  | 27070 |  | 1288168 |
|  BMO Mortgage Trust, Series 2023-C5, Class XA, 0.94%, 06/15/56<sup>(b)</sup> |  | 14217 |  | 579924 |
|  CFCRE Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class XD, 1.85%,<br>01/10/48<sup>(a)(b)</sup> |  | 5497 |  | 16210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class XB, 0.87%, 05/10/58<sup>(b)</sup>  |  | 5810 |  | 10276 |
|  Citigroup Commercial Mortgage Trust, Series 2020-420K, Class X, 0.91%, 11/10/42<sup>(a)(b)</sup> |  | 46500 |  | 1654995 |
|  Commercial Mortgage Pass-Through Certificates, Series 2018-COR3, Class XD, 1.75%, 05/10/51<sup>(a)(b)</sup> |  | 3200 |  | 122761 |
|  CSAIL Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XB, 0.32%, 11/15/50<sup>(b)</sup> |  | 12490 |  | 66118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA, 1.69%, 06/15/52<sup>(b)</sup> |  | 29332 |  | 1333151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.46%, 09/15/52<sup>(b)</sup> |  | 9150 |  | 353406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XB, 0.67%, 09/15/52<sup>(b)</sup> |  | 19090 |  | 341730 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
|  **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |
|  DBGS Mortgage Trust, Series 2019-1735, Class X, 0.43%, 04/10/37<sup>(a)(b)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208039 |
|  Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50<sup>(a)(b)</sup> |  | 5780 | 82440 |
|  ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP10, 0.24%, 06/10/39<sup>(a)(b)</sup> |  | 51484 | 79934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP15, 1.61%, 06/10/39<sup>(a)(b)</sup> |  | 46635 | 481138 |
|  FREMF Mortgage Trust, Series 2019-KW08, Class X2A, 0.10%, 01/25/29<sup>(a)</sup> |  | 147147 | 361188 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class XA, 0.93%,<br>11/10/52<sup>(b)</sup> |  | 7669 | 206808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.77%,<br>12/12/53<sup>(a)(b)</sup> |  | 17471 | 1126907 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA, 0.55%, 09/15/47<sup>(b)</sup> |  | 104 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class XA, 0.49%, 09/15/47<sup>(b)</sup> |  | 1630 | 14 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49<sup>(a)(b)</sup> |  | 4940 | 30813 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class XB, 0.61%, 04/15/46<sup>(b)</sup> |  | 3045 | 8311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class XC, 0.75%, 08/15/49<sup>(a)(b)</sup> |  | 13040 | 64063 |
|  Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class XA, 1.30%, 02/15/36<sup>(a)(b)</sup> |  | 3432 | 79499 |
|  LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.00%, 03/10/50<sup>(a)(b)</sup>2,337 |  |  | 18069 |
|  MCR Mortgage Trust, Series 2024-TWA, Class XA, 0.92%, 06/12/39<sup>(a)</sup> |  | 16557 | 171319 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class XF, 1.38%,<br>12/15/47<sup>(a)(b)</sup> |  | 4370 | 49385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class XD, 1.30%,<br>10/15/48<sup>(a)(b)</sup> |  | 4490 | 19586 |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class XD, 1.70%,<br>03/15/49<sup>(a)(b)</sup> |  | 13984 | 288960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class XD, 2.29%,<br>06/15/50<sup>(a)(b)</sup> |  | 3293 | 105464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class XB, 0.86%, 06/15/52<sup>(b)</sup>  |  | 23510 | 549953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2, Class XA, 1.16%, 03/15/52<sup>(b)</sup> |  | 7988 | 223975 |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 1.14%, 12/15/56<sup>(b)</sup> |  | 56152 | 3215143 |
|  Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.51%, 05/10/39<sup>(a)(b)</sup> |  | 36697 | 169746 |
|  One Market Plaza Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XCP, 0.00%, 02/10/32<sup>(a)(b)</sup> |  | 44225 | 138808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XNCP, 0.22%, 02/10/32<sup>(a)(b)</sup> |  | 8845 | 23321 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |  |
|  UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.58%, 10/15/52<sup>(b)</sup> | USD | 18314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA, 1.11%, 12/15/52<sup>(b)</sup> |  | 32782 | 966930 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class XA, 1.12%, 12/15/48<sup>(b)</sup> |  | 227 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class XD, 1.37%, 08/15/49<sup>(a)(b)</sup> |  | 4420 | 45556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class XA, 1.57%, 05/15/52<sup>(b)</sup> |  | 20997 | 784971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class X, 0.31%, 07/15/43<sup>(a)(b)</sup> |  | 33871 | 292642 |
|  |  |  | 17750327 |
|  **Principal Only Collateralized Mortgage Obligations — 0.0%** |  |  |  |
|  Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56<sup>(a)(d)</sup> |  | 1493 | 237507 |
|  **Total Non-Agency Mortgage-Backed Securities — 14.4%<br>(Cost: $2,598,821,634)** | **Total Non-Agency Mortgage-Backed Securities — 14.4%<br>(Cost: $2,598,821,634)** | **Total Non-Agency Mortgage-Backed Securities — 14.4%<br>(Cost: $2,598,821,634)** | 2567364016 |
| **Preferred Securities** |  |  |  |
| **Capital Trusts — 0.4%** |  |  |  |
| **Banks — 0.0%** |  |  |  |
|  Barclays PLC, 4.38%<sup>(n)</sup> |  | 462 | 443211 |
|  BNP Paribas SA, 4.63%<sup>(a)(n)</sup> |  | 462 | 454719 |
|  Credit Agricole SA, 5.88%<sup>(e)(n)</sup> | EUR | 1100 | 1312043 |
|  Krung Thai Bank PCL, 4.40%<sup>(e)(n)</sup> | USD | 500 | 497188 |
|  |  |  | 2707161 |
| **Broadline Retail — 0.0%** |  |  |  |
|  Rakuten Group, Inc., 8.13%<sup>(a)(n)</sup> |  | 390 | 405403 |
| **Capital Markets — 0.0%** |  |  |  |
|  UBS Group AG, 4.88%<sup>(a)(n)</sup> |  | 483 | 475567 |
| **Chemicals — 0.0%** |  |  |  |
|  FMC Corp., 8.45%, 11/01/55 |  | 223 | 235351 |
| **Construction Materials — 0.1%** |  |  |  |
|  Cemex SAB de CV, 7.20%<sup>(a)(n)</sup> |  | 6903 | 7161172 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |  |
|  CVS Health Corp., 7.00%, 03/10/55 |  | 383 | 402052 |
| **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 |  | 523 | 542576 |
|  British Telecommunications PLC, 4.25%, 11/23/81<sup>(a)</sup> |  | 200 | 198199 |
|  TELUS Corp., 7.00%, 10/15/55 |  | 255 | 268876 |
|  |  |  | 1009651 |
| **Electric Utilities — 0.3%** |  |  |  |
|  AES Corp. (The), 6.95%, 07/15/55 |  | 733 | 719348 |
|  Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |  | 6582 | 7136777 |
|  Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/54 |  | 74 | 75398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 06/15/53 |  | 517 | 528376 |
|  Electricite de France SA, 5.63%<sup>(e)(n)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | 2711925 |
|  PacifiCorp, 7.38%, 09/15/55 | USD | 123 | 129497 |
|  PG&E Corp., 7.38%, 03/15/55 |  | 36535 | 37534234 |
|  |  |  | 48835555 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | *Par*<br> *(000)* | *Par*<br> *(000)* | Value |
| Electrical Equipment — 0.0% |  |  |  |
|  Prysmian SpA, 5.25%<sup>(e)(n)</sup> | EUR | 539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660112 |
| Energy Equipment & Services — 0.0% |  |  |  |
|  Venture Global LNG, Inc., 9.00%<sup>(a)(n)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | 1759166 |
| Health Care Equipment & Supplies — 0.0% |  |  |  |
|  DENTSPLY SIRONA, Inc., 8.38%, 09/12/55 |  | 360 | 371029 |
| Insurance — 0.0% |  |  |  |
|  Global Atlantic Fin Co., 4.70%, 10/15/51<sup>(a)</sup> |  | 252 | 248244 |
| Media — 0.0% |  |  |  |
|  Paramount Global, 6.25%, 02/28/57 |  | 1205 | 1187744 |
| Oil, Gas & Consumable Fuels — 0.0% |  |  |  |
|  Energy Transfer LP, 7.13%, 10/01/54 |  | 108 | 111787 |
|  South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 03/01/55 |  | 223 | 236795 |
|  Sunoco LP, 7.88%<sup>(a)(n)</sup> |  | 1363 | 1384413 |
|  |  |  | 1732995 |
| Passenger Airlines — 0.0% |  |  |  |
|  Air France-KLM, 5.75%<sup>(e)(n)</sup> | EUR | 1100 | 1317835 |
|  Deutsche Lufthansa AG, 5.25%, 01/15/55<sup>(e)</sup> |  | 1100 | 1332611 |
|  |  |  | 2650446 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |  |
|  Aroundtown Finance Sarl, 7.13%, 04/16/74<sup>(n)</sup> |  | 1725 | 2135638 |
| Retail REITs — 0.0% |  |  |  |
|  Unibail-Rodamco-Westfield SE, 4.75%<sup>(e)(n)</sup> |  | 1000 | 1192550 |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
|  Rogers Communications, Inc., 5.25%, 03/15/82<sup>(a)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | 265935 |
|  Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 |  | 72 | 67356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 |  | 558 | 589552 |
|  |  |  | 922843 |
| Total Capital Trusts — 0.4% |  |  | 74092679 |
|  | Shares | Shares |  |
| Preferred Stocks — 0.5% |  |  |  |
| Aerospace & Defense — 0.0% |  |  |  |
|  Boeing Co. (The), 6.00%<sup>(p)</sup> |  | 38550 | 2681924 |
| Financial Services — 0.0% |  |  |  |
|  SCI PH Parent, Inc., Series A, (Acquired 02/10/23, cost $1,875,000), 12.50%<sup>(g)(i)</sup> |  | 1875 | 2490206 |
| Household Durables — 0.1% |  |  |  |
|  Dream Finders Homes, Inc. (Preference), 9.00%<sup>(g)(n)</sup> |  | 15124 | 15010570 |
|  Lessen Holdings, Inc., Series B, 0.00%<sup>(g)</sup> |  | 143367 | 71683 |
|  |  |  | 15082253 |
| IT Services — 0.1% |  |  |  |
|  Veritas NewCo. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> |  | 13357 | 303872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> |  | 9228 | 209937 |
|  X.AI Holdings Corp., Series C, 0.00%<sup>(g)</sup> |  | 363422 | 13286708 |
|  |  |  | 13800517 |
| Oil, Gas & Consumable Fuels — 0.0% |  |  |  |
|  Insight M, Inc., 0.00%<sup>(g)</sup> |  | 3271821 | 658618 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Security* | *Shares* | *Shares* | *Value* |
| **Software — 0.2%** |  |  |  |
|  Anthropic PBC, Series F, (Acquired 08/18/25, cost $3,919,604)<sup>(g)(i)</sup> |  | 27805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919671 |
|  Versa Networks, Inc., Series E, (12.66% Cash or 12.66% PIK), (Acquired 10/14/22, cost $12,017,972), 12.00%<sup>(g)(i)(m)</sup> |  | 4118274 | 24503730 |
|  |  |  | 28423401 |
| **Specialty Retail — 0.1%** |  |  |  |
|  Davidson Homes, Inc., 12.00%<sup>(g)</sup> |  | 18658 | 20249154 |
| **Textiles, Apparel & Luxury Goods — 0.0%** |  |  |  |
|  Cap Hill Brands, 0.00%<sup>(g)</sup> |  | 2670520 | 27 |
| **Total Preferred Stocks — 0.5%** |  |  | 83386100 |
| **Total Preferred Securities — 0.9%<br>(Cost: $140,440,575)** |  |  | 157478779 |
|  | *Par*<br> *(000)* | *Par*<br> *(000)* |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |  |
| **Agency Obligations — 0.0%** |  |  |  |
|  Fannie Mae, 6.63%, 11/15/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638882 |
| **Collateralized Mortgage Obligations — 1.1%** |  |  |  |
|  Fannie Mae, Series 2003-W5, Class A, (1-mo. CME Term SOFR + 0.11%), 4.58%, 04/25/33<sup>(b)</sup> |  | 1 | 676 |
|  Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class FD, (SOFR (30-day) + 1.35%), 5.71%, 01/25/55<sup>(b)</sup> |  | 55471 | 55817653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FC, (SOFR (30-day) + 1.40%), 5.76%, 03/25/55<sup>(b)</sup> |  | 132594 | 133597999 |
|  |  |  | 189416328 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |  |
|  Fannie Mae, Series 2006-M2, Class A2A, 5.27%, 10/25/32<sup>(b)</sup> |  | 109 | 108994 |
|  Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P015, Class A1, 4.45%,<br>11/25/32<sup>(b)</sup> |  | 2109 | 2106009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KJ48, Class A2, 5.03%, 10/25/31 |  | 2327 | 2396793 |
|  Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-118, Class BA, 3.75%, 05/16/65<sup>(b)</sup> |  | 1356 | 1240888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-119, Class AD, 2.25%, 04/16/65 |  | 2467 | 1978256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-50, Class AC, 3.25%, 09/16/63<sup>(b)</sup> |  | 1092 | 984134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-126, Class AD, 5.00%, 05/16/65 |  | 1907 | 1897884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128, Class AD, 5.00%, 10/16/56 |  | 4543 | 4547649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128, Class AG, 4.75%, 07/16/66 |  | 4510 | 4410564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-129, Class AB, 4.75%, 09/16/54 |  | 1399 | 1386811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-130, Class AL, 4.75%, 08/16/56 |  | 1399 | 1386349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-88, Class AT, 5.00%, 06/16/58 |  | 2257 | 2253326 |
|  |  |  | 24697657 |
| **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** |  |
|  Freddie Mac, Series 5112, Class KI, 3.50%, 06/25/51 |  | 18918 | 3537742 |
|  Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-58, Class IY, 3.00%, 02/20/51 |  | 35149 | 5785962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67, Class QI, 3.00%, 04/20/51 |  | 3177 | 538513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-76, Class JI, 3.00%, 08/20/50 |  | 3264 | 552191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78, Class IP, 3.00%, 05/20/51 |  | 32588 | 5679574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-83, Class PI, 3.00%, 05/20/51 |  | 8391 | 1465695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96, Class MI, 3.00%, 06/20/51 |  | 5697 | 966673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97, Class LI, 3.00%, 08/20/50 |  | 41996 | 7125296 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** |  |
|  Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78, Class IO, 3.00%, 08/20/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class IK, 3.00%, 05/20/51 |  | 20817 | 3532459 |
|  |  |  | 30060952 |
| **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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, 1.11%, 10/25/30<sup>(b)</sup> |  | 13498 | 553011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.46%, 12/25/29<sup>(b)</sup> |  | 6617 | 314894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KW09, Class X1, 0.92%, 05/25/29<sup>(b)</sup> |  | 34239 | 699914 |
|  Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30, Class IO, 0.53%, 09/16/53<sup>(b)</sup> |  | 2340 | 33785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-36, Class IO, 0.66%, 08/16/57<sup>(b)</sup> |  | 572 | 15948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-96, Class IO, 0.77%, 12/16/57<sup>(b)</sup> |  | 3028 | 113926 |
|  |  |  | 1731478 |
| **Mortgage-Backed Securities — 54.0%** |  |  |  |
|  Fannie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/35 - 03/01/51<sup>(r)</sup> |  | 212773 | 177119548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/31 - 04/01/52 |  | 570974 | 475868113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/27 - 02/01/52 |  | 413861 | 360027314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/28 - 05/01/52 |  | 121693 | 111721912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/28 - 01/01/51 |  | 70292 | 65629386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/31 - 04/01/52 |  | 86945 | 83569240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/26 - 07/01/52 |  | 116983 | 115947876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 - 04/01/53 |  | 52245 | 52471509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/32 - 03/01/54<sup>(r)</sup> |  | 168850 | 171309521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 06/01/31 |  | 5495 | 5715680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 - 08/01/55 |  | 115483 | 118918020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/40 - 08/01/54 |  | 92979 | 96299854 |
|  Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/36 - 10/01/50 |  | 34579 | 28964721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/35 - 02/01/52 |  | 278802 | 234511016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/27 - 04/01/52 |  | 172061 | 148421330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/27 - 08/01/52 |  | 230424 | 206955918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/31 - 06/01/50 |  | 61305 | 58224132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/40 - 06/01/52 |  | 97272 | 93786182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/39 - 08/01/52 |  | 69259 | 68282293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 - 11/01/53 |  | 108550 | 108504602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/35 - 01/01/55 |  | 78234 | 79523956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - 05/01/55 |  | 72664 | 74701216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/53 - 01/01/55 |  | 20763 | 21484329 |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 - 10/15/55<sup>(s)</sup> |  | 184463 | 152541014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/51 - 10/15/55<sup>(s)</sup> |  | 184826 | 159230651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/44 - 10/15/55<sup>(s)</sup> |  | 133437 | 119246526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/42 - 10/15/55<sup>(s)</sup> |  | 117692 | 108125813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/39 - 10/15/55<sup>(s)</sup> |  | 74397 | 70538150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/39 - 10/15/55<sup>(s)</sup> |  | 84897 | 82466958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 - 10/15/55<sup>(s)</sup> |  | 160888 | 160020786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/55<sup>(s)</sup> |  | 131973 | 132955180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/55<sup>(s)</sup> |  | 85104 | 86551923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/55<sup>(s)</sup> |  | 74420 | 76428127 |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/40 - 10/01/55<sup>(s)</sup> |  | 92715 | 74753372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/40 - 10/01/55<sup>(s)</sup> |  | 57968 | 49463588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/55<sup>(s)</sup> |  | 22237 | 19528384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/40 - 10/01/55<sup>(s)</sup> |  | 1414361 | 1292052774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/40 - 10/01/55<sup>(s)</sup> |  | 347165 | 327308806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/40 - 10/01/55<sup>(s)</sup> |  | 721158 | 700386754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/55<sup>(s)</sup> |  | 201430 | 199749502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/55<sup>(s)</sup> |  | 1758799 | 1773288317 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | *Par*<br> *(000)* | Value |
| Mortgage-Backed Securities (continued) |  |  |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/55<sup>(s)</sup> | USD 987,959 | $&nbsp;&nbsp;&nbsp;&nbsp;1009286813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/55<sup>(s)</sup> | 98523 | 101812061 |
|  |  | 9653693167 |
|  **Total U.S. Government Sponsored Agency Securities — 55.4%<br>(Cost: $10,149,485,990)** | **Total U.S. Government Sponsored Agency Securities — 55.4%<br>(Cost: $10,149,485,990)** | 9901238464 |
|  **U.S. Treasury Obligations** |  |  |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39<sup>(t)</sup> | 7796 | 7853962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 - 11/15/44 | 36278 | 36179596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 - 08/15/40 | 14792 | 9374142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 - 02/15/43<sup>(r)(u)</sup> | 116397 | 105860019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 - 08/15/50 | 35293 | 18852272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40<sup>(t)</sup> | 33097 | 32156903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 - 11/15/51 | 135903 | 84537149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 - 11/15/43 | 66843 | 59890253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 - 05/15/51 | 72964 | 49546471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 - 08/15/52<sup>(u)</sup> | 334832 | 251859044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 - 05/15/53 | 158930 | 133024493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 - 05/15/48 | 64699 | 50977241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 - 08/15/53 | 128577 | 117628045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | 83945 | 60128885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 84374 | 60983286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 27897 | 20351733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 - 02/15/52 | 76317 | 48152257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 29156 | 15644231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 27897 | 16343719 |
|  U.S. Treasury Inflation Indexed Notes, 1.63%, 04/15/30 | 205412 | 208557658 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/26 | 31501 | 31606578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 - 08/31/28 | 48410 | 49261534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/27 - 02/15/34 | 144855 | 145288963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 - 08/15/35<sup>(u)</sup> | 235610 | 237967664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 - 03/31/29 | 91166 | 87713233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | 65942 | 62619142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 16447 | 16039037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | 36576 | 34311431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 - 09/30/28 | 133750 | 125283190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | 63183 | 58836701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 - 05/31/30 | 133406 | 133646839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 - 05/15/32 | 52930 | 51372433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | 74119 | 73010603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 | 41573 | 41840951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/30 | 35119 | 34821014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | 25743 | 23475404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/30 | 26721 | 28087215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/31 | 32920 | 32534219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | 31852 | 32956556 |
|  **Total U.S. Treasury Obligations — 15.0%<br>(Cost: $2,893,177,979)** |  | 2688574066 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Security* | Shares | Value |
|  **Warrants<sup>(h)</sup>** |  |  |
| Banks — 0.0% |  |  |
|  New York Community Bancorp, Inc., (Issued/Exercisable 03/07/24, 1 Share for 3 Warrant, Expires 03/11/31, Strike Price USD 2,489.86) (Acquired 03/07/24, cost $0)<sup>(g)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976798 |
| Beverages — 0.0% |  |  |
|  Cirkul, (Issued/Exercisable 05/01/25, 1 Share for 1 Warrant, Expires 04/25/35, Strike Price USD 35.41)<sup>(g)</sup> | 11359 | 5793 |
|  Cirkul, (Issued/Exercisable 05/01/25, 1 Share for 1 Warrant, Expires 04/25/35, Strike Price USD 0.01)<sup>(g)</sup> | 11075 | 48730 |
|  |  | 54523 |
| Capital Markets — 0.0% |  |  |
|  Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)<sup>(g)</sup> | 214560 | 56751 |
|  Crown PropTech Acquisitions, (Issued/Exercisable 12/25/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50) | 128396 |  |
|  |  | 56751 |
| Hotels, Restaurants & Leisure — 0.0% |  |  |
|  Sonder Holdings, Inc., (Issued/Exercisable 04/11/25, 1 Share for 1 Warrant, Expires 04/11/30, Strike Price USD 1.00)<sup>(g)</sup> | 262154 | 144185 |
|  Sonder Holdings, Inc., (Issued/Exercisable 12/30/24, 1 Share for 1 Warrant, Expires 12/30/29, Strike Price USD 0.01)<sup>(g)</sup> | 26279 | 33900 |
|  |  | 178085 |
| Machinery — 0.0% |  |  |
|  Palladyne AI Corp., (Issued/Exercisable 01/11/22, 1 Share for 1 Warrant, Expires 01/31/26, Strike Price USD 69.00) | 72998 | 14636 |
|  Palladyne AI Corp., (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50) | 267474 | 53629 |
|  |  | 68265 |
| Oil, Gas & Consumable Fuels — 0.0% |  |  |
|  Insight M, Inc., (Issued/Exercisable 01/25/24, 1 Share for 1 Warrant, Expires 12/31/49, Strike Price USD 0.34)<sup>(g)</sup> | 3390177 | 238329 |
| Passenger Airlines — 0.0% |  |  |
|  Volato Group, Inc., (Issued/Exercisable 12/08/23, 1 Share for 1 Warrant, Expires 12/03/28, Strike Price USD 11.50) (Acquired 12/03/21, cost $73,612)<sup>(i)</sup> | 73612 | 736 |
| Real Estate Management & Development — 0.0% |  |  |
|  Offerpad Solutions, Inc., (Issued 10/13/20/Exercisable 10/23/21, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50) | 111610 | 5581 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Security* | *Shares* | *Value* |
| **Software — 0.0%** |  |  |
|  Aurora Innovation, Inc., (Issued 05/04/21/Exercisable 05/04/22, 1 Share for 1 Warrant, Expires 12/31/28, Strike Price USD 11.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9311 |
|  Latch, Inc., (Issued 12/29/20/Exercisable 11/13/21, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)<sup>(g)</sup> | 49166 | 5 |
|  Versa Networks, Inc., Series E, (Issued/Exercisable 10/05/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01) (Acquired 10/14/22, cost $0)<sup>(g)(i)</sup> | 507586 | 2426261 |
|  |  | 2435577 |
| **Specialty Retail — 0.0%** |  |  |
|  Davidson Homes, Inc., (Issued/Exercisable 05/16/24, 1 Share for 1 Warrant, Expires 05/16/34, Strike Price USD 8.47) - Class A<sup>(g)</sup>129,494 |  | 792503 |
|  EVgo, Inc., (Issued 11/10/20/Exercisable 10/02/21, 1 Share for 1 Warrant, Expires 07/01/26, Strike Price USD 11.50) | 75790 | 14408 |
|  |  | 806911 |
| **Trading Companies & Distributors — 0.0%** |  |  |
|  Lavoro Ltd., (Issued 12/27/22/Exercisable 12/27/23, 1 Share for 1 Warrant, Expires 12/27/27, Strike Price USD 11.50) | 79561 | 3182 |
|  **Total Warrants — 0.0%<br>(Cost: $1,433,474)** |  | 5824738 |
|  **Total Long-Term Investments — 133.9%<br>(Cost: $24,416,006,642)** |  | 23936868258 |
|  | *Shares* |  |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26%<sup>(q)(v)(w)</sup> | 9934088 | 9939055 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.01%<sup>(q)(v)</sup> | 174293234 | 174293234 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $184,231,572)** |  | 184232289 |
|  **Options Purchased — 0.0%<br>(Cost: $11,080,491)** |  | 1676580 |
|  **Total Investments Before Options Written and TBA Sale Commitments — 134.9%<br>(Cost: $24,611,318,705)** |  | 24122777127 |
|  | *Par*<br> *(000)* |  |
|  **TBA Sale Commitments<sup>(s)</sup>** |  |  |
| **Mortgage-Backed Securities — (19.5)%** |  |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/55 | USD (1713) | (1415605) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/55 | (1325) | (1140530) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/55 | (1468) | (1310302) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/55 | (11948) | (10891989) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/55 | (661) | (621405) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/55 | (1059) | (1026808) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/55 | (53291) | (53004251) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/55 | (2027) | (2042085) |

---

---

| | | |
|:---|:---|:---|
| Security | *Par*<br> *(000)* | Value |
| Mortgage-Backed Securities (continued) |  |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/55 | USD (1972) | $(2005551) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/55 | (37140) | (38143568) |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/40 | (7425) | (6641460) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/40 - 10/01/55 | (21443) | (19090053) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/40 - 10/01/55 | (3676) | (3134266) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/40 - 10/01/55 | (68886) | (60719591) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/40 - 10/01/55 | (398836) | (364509754) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/40 - 10/01/55 | (470653) | (443529207) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/40 - 10/01/55 | (1247308) | (1209733448) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/55 | (1117) | (1107681) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/55 | (621353) | (626471640) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/55 | (564891) | (577085680) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/55 | (63699) | (65825508) |
|  **Total TBA Sale Commitments — (19.5)%<br>(Proceeds: $(3490119048))** |  | (3489450382) |
|  **Options Written — (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Premiums Received: $(5502301))** |  | (3951965) |
|  **Total Investments Net of Options Written and TBA Sale Commitments — 115.4%<br>(Cost: $21,115,697,356)** |  | 20629374780 |
|  **Liabilities in Excess of Other Assets — (15.4)%** | **Liabilities in Excess of Other Assets — (15.4)%** | (2756191041) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17873183739 |

---

---

| |
|:---|
|  <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. |
|  <sup>(f)</sup> When-issued security. |
|  <sup>(g)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
|  <sup>(h)</sup> Non-income producing security. |
|  <sup>(i)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $94,840,959, representing 0.5% of its net assets as of period end, and an original cost of $72,833,005. |
|  <sup>(j)</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>(k)</sup> Investment does not issue shares. |
|  <sup>(l)</sup> All or a portion of this security is on loan. |
|  <sup>(m)</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>(n)</sup> Perpetual security with no stated maturity date. |
|  <sup>(o)</sup> Issuer filed for bankruptcy and/or is in default. |
|  <sup>(p)</sup> Convertible security. |
|  <sup>(q)</sup> Affiliate of the Fund. |
|  <sup>(r)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. |
|  <sup>(s)</sup> Represents or includes a TBA transaction. |
|  <sup>(t)</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>(u)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. |
|  <sup>(v)</sup> Annualized 7-day yield as of period end. |
|  <sup>(w)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net*<br> *Realized*<br> *Gain*<br> *(Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | Value at<br>09/30/25 | *Par/Shares*<br> *Held at<br>09/30/25* | Income | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Capital Finance LP, Series 1997-R2, Class AP | $— | $— | $— | $— | $— | $— | 830 | $— | $— |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | 11651570 |  | (1710659)<sup>(a)</sup> | (1878) | 22 | 9939055 | 9934088 | 67786<sup>(b</sup><sup>)</sup> |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1075080828 |  | (900787594)<sup>(a)</sup> |  |  | 174293234 | 174293234 | 20875408 |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF<sup>(c)</sup> |  | 51526050 | (51303122) | (222928) |  |  |  | 2070582 |  |
|  iShares AAA CLO Active ETF |  | 10352000 |  |  | 41000 | 10393000 | 200000 | 525493 | 3675 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 5087376 | 191492742 | (190450909) | (60341) | 6247 | 6075115 | 54500 | 270120 |  |
|  |  |  |  | $(285147) | $47269 | $200700404 |  | $23809389 | $3675 |

---

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund | 388 | 12/08/25 | $58568 | $113395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | 3024 | 12/15/25 | 226814 | (860429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Bonds (10 Year) | 518 | 12/18/25 | 45580 | 84770 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds (30 Year) | 2256 | 12/19/25 | 262965 | 5149126 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 1762 | 12/19/25 | 198197 | 539667 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 2669 | 12/19/25 | 320530 | 837971 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 159 | 12/31/25 | 33130 | 21140 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 12445 | 12/31/25 | 1358644 | 1092371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month SOFR | 81 | 03/17/26 | 19503 | 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month SOFR | 224 | 06/16/26 | 54040 | 28841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month SOFR | 925 | 09/15/26 | 223642 | 100166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month SOFR | 177 | 12/15/26 | 42854 | 82188 |
|  |  |  |  | 7202732 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bobl | 176 | 12/08/25 | 24343 | (29603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Italian Government Bond | 17 | 12/08/25 | 2392 | (27560) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### Futures Contracts (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Buxl | 65 | 12/08/25 | $8736 | $(98025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 229 | 12/19/25 | 28115 | (350759) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 26 | 12/19/25 | 8760 | (120982) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 2439 | 12/19/25 | 280676 | (2711174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Gilt | 2 | 12/29/25 | 244 | (1724) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month CORRA | 109 | 03/17/26 | 19127 | (9966) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month EURIBOR | 55 | 09/14/26 | 15823 | 29786 |
|  |  |  |  | (3320007) |
|  |  |  |  | $3882725 |

---

#### Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | *Settlement*<br> *Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  TRY | 43487692 | USD | 935000 | UBS AG | 10/24/25 | $89862 |
|  BRL | 156370342 | USD | 28268300 | UBS AG | 12/17/25 | 577879 |
|  BRL | 224773404 | USD | 40634061 | UBS AG | 12/17/25 | 830667 |
|  EUR | 9933000 | USD | 11685052 | Deutsche Bank AG | 12/17/25 | 29233 |
|  MXN | 353492173 | USD | 18815686 | JPMorgan Chase Bank N.A. | 12/17/25 | 326943 |
|  MXN | 350661222 | USD | 18665000 | JPMorgan Chase Bank N.A. | 12/17/25 | 324325 |
|  USD | 4084276 | AUD | 6124000 | Commonwealth Bank of Australia | 12/17/25 | 28308 |
|  USD | 37290408 | COP | 147686796000 | Morgan Stanley & Co. International PLC | 12/17/25 | 14030 |
|  USD | 1700239 | EUR | 1437505 | JPMorgan Chase Bank N.A. | 12/17/25 | 4947 |
|  USD | 29826538 | EUR | 25234624 | Standard Chartered Bank | 12/17/25 | 66588 |
|  USD | 29826537 | EUR | 25234623 | Standard Chartered Bank | 12/17/25 | 66588 |
|  USD | 29826538 | EUR | 25234624 | Toronto-Dominion Bank | 12/17/25 | 66588 |
|  USD | 29826538 | EUR | 25234624 | Toronto-Dominion Bank | 12/17/25 | 66588 |
|  USD | 35413053 | GBP | 26161200 | Barclays Bank PLC | 12/17/25 | 225570 |
|  USD | 23729276 | GBP | 17428000 | Citigroup Global Markets, Inc. | 12/17/25 | 288170 |
|  USD | 10126642 | GBP | 7518000 | JPMorgan Chase Bank N.A. | 12/17/25 | 14739 |
|  USD | 73261800 | JPY | 10696551000 | HSBC Bank PLC | 12/17/25 | 348835 |
|  USD | 2498164 | JPY | 364670000 | Royal Bank of Canada | 12/17/25 | 12394 |
|  EGP | 82817000 | USD | 1478083 | Societe Generale | 12/22/25 | 186375 |
|  |  |  |  |  |  | $3568629 |
|  USD | 935000 | TRY | 43914612 | Barclays Bank PLC | 10/24/25 | (99923) |
|  CNH | 588073975 | USD | 83143500 | Citigroup Global Markets, Inc. | 12/17/25 | (192041) |
|  USD | 685246 | AUD | 1043000 | Societe Generale | 12/17/25 | (5540) |
|  USD | 132120416 | BRL | 730843900 | UBS AG | 12/17/25 | (2700889) |
|  USD | 49513411 | EUR | 42089390 | Deutsche Bank AG | 12/17/25 | (123870) |
|  USD | 3330761 | EUR | 2831348 | Deutsche Bank AG | 12/17/25 | (8333) |
|  USD | 184918272 | EUR | 157191700 | Deutsche Bank AG | 12/17/25 | (462619) |
|  USD | 3818830 | EUR | 3242000 | Deutsche Bank AG | 12/17/25 | (4558) |
|  USD | 23932000 | PEN | 83374302 | Bank of America N.A. | 12/17/25 | (32430) |
|  USD | 30948908 | ZAR | 544382000 | Bank of America N.A. | 12/17/25 | (397539) |
|  USD | 1475976 | EGP | 82817000 | Citigroup Global Markets, Inc. | 12/22/25 | (188483) |
|  |  |  |  |  |  | $(4216225) |
|  |  |  |  |  |  | $(647596) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | Exercise<br>Price | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond Futures | 4207 | 10/24/25 | USD 111.00 | USD 49,129,872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328672 |

---

#### OTC Barrier Options Purchased

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Type of<br>Option | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Expiration*<br> *Date* |  | *Exercise*<br> *Price* |  | *Barrier*<br> *Price/Range* |  | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Under-and-In | Barclays Bank PLC | 11/20/25 | JPY | 150.00 | JPY | 155.00 | USD | 198796 | $60249 |

---

#### OTC Options Purchased

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Expiration<br>Date | Exercise<br>Price |  | Notional<br>Amount<br>(000) | Value |
|  Put |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Standard Chartered Bank | 01/16/26 CNH | 7.00 | USD | 425204 | $1270909 |

---

#### OTC Interest Rate Swaptions Purchased

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | Exercise | *Notional*<br> *Amount* |  |
| Description | Rate | Frequency | Rate | Frequency | Counterparty | Date | Rate | (000) | Value |
|  Put |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 10/16/55 | 4.33% | Annual | 1-day SOFR, 4.24% | Annual | Citibank N.A. | 10/14/25 | 4.33% | USD 268,348 | $16750 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | Exercise<br>Price | *Notional* <br> *Amount* <br> *(000)* | Value |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp | 250 | 10/17/25 | USD 80.00 | USD 1,909 | $(58125) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 16589 | 01/16/26 | USD 82.00 | USD 134,686 | (298602) |
|  |  |  |  |  | $(356727) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond Futures | 4207 | 10/24/25 | USD 106.00 | USD 49,129,872 | (65734) |
|  |  |  |  |  | $(422461) |

---

#### OTC Options Written

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | *Expiration*<br> *Date* | Exercise Price | Exercise Price |  | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Standard Chartered Bank | 01/16/26 | CNH | 6.85 | USD | 425204 | $(336296) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Interest Rate Swaptions Written

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br>*Date* | *Exercise*<br>*Rate* | *Notional*<br>*Amount*<br>*(000)* | *Value* |
| Description | Rate | Frequency | Rate | Frequency | *Counterparty* | *Expiration*<br>*Date* | *Exercise*<br>*Rate* | *Notional*<br>*Amount*<br>*(000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/01/36 | 3.30% | Annual | 1-day SOFR, 4.24% | Annual | JPMorgan Chase<br>Bank N.A. | 12/30/25 | 3.30% | USD 102,150 | $(365073) |
|  Put |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/01/36 | 1-day SOFR,<br>4.24% | Annual | 4.00% | Annual | JPMorgan Chase<br>Bank N.A. | 12/30/25 | 4.00% | USD 102,150 | (383353) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 09/22/29 | 1-day SOFR,<br>4.24% | Annual | 4.30% | Annual | Goldman Sachs<br>International | 09/20/27 | 4.30% | USD 814,759 | (2444782) |
|  |  |  |  |  |  |  |  |  | $(2828135) |
|  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3193208) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | *Financing<br>Rate<br>Paid by*<br> *the* <br> *Fund* | Payment<br>Frequency | Termination<br>Date | *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | Value | Upfront<br>Premium<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  ITRAXX.EUR.44.V1 | 1.00% | Quarterly | 12/20/30 | EUR | 17284 | $(441295) | $(442640) | $1345 |
|  ITRAXX.FINSR.44.V1 | 1.00 | Quarterly | 12/20/30 | EUR | 54428 | (1255951) | (1269020) | 13069 |
|  ITRAXX.XO.44.V1 | 5.00 | Quarterly | 12/20/30 | EUR | 6582 | (831835) | (811752) | (20083) |
|  |  |  |  |  |  | $(2529081) | $(2523412) | $(5669) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | *Financing<br>Rate<br>Received<br>by*<br> *the* <br> *Fund* | Payment<br>Frequency | Termination<br>Date | Credit<br>Rating<sup>(a)</sup> | *Notional*<br> *Amount*<br> *(000)<sup>(b)</sup>* | Value | Upfront<br>Premium<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | B+ | USD 140,612 | $11406406 | $3161783 | $8244623 |

---

<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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Notional | Notional | | Upfront<br>Premium | Unrealized |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | Termination | Amount | Amount |  | Paid | Appreciation |
| Reference | Frequency | Rate | Frequency | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  UK RPI All Items Monthly | At Termination | 3.28% | At Termination | 07/15/27 | GBP | 52856 | $&nbsp;&nbsp;&nbsp;&nbsp;(270524) | $— | $(270524) |
|  UK RPI All Items Monthly | At Termination | 3.30% | At Termination | 07/15/27 | GBP | 53913 | (247895) |  | (247895) |
|  UK RPI All Items Monthly | At Termination | 3.32% | At Termination | 07/15/27 | GBP | 105609 | (451266) |  | (451266) |
|  UK RPI All Items Monthly | At Termination | 3.43% | At Termination | 07/15/27 | GBP | 51798 | (69820) | 483 | (70303) |
|  UK RPI All Items Monthly | At Termination | 3.26% | At Termination | 08/15/27 | GBP | 88196 | (309722) |  | (309722) |
|  2.53% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 17789 | &nbsp;&nbsp;&nbsp;&nbsp;148214 | (3010) | 151224 |
|  2.54% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 17789 | 143843 | (2408) | 146251 |
|  2.56% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 33901 | 232039 |  | 232039 |
|  2.64% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 21041 | 61607 |  | 61607 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### Centrally Cleared Inflation Swaps (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | Notional | Notional | | Upfront<br>Premium | Unrealized |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | Termination | Amount | Amount |  | Paid | Appreciation |
| Reference | Frequency | Rate | Frequency | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  2.65% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 23372 | $&nbsp;&nbsp;&nbsp;&nbsp;60359 | $— | $60359 |
|  2.67% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 22936 | 34884 |  | 34884 |
|  2.68% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 17520 | 14094 |  | 14094 |
|  2.69% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 17520 | 13228 |  | 13228 |
|  2.69% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 35041 | 22126 |  | 22126 |
|  2.72% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 35041 | (40275) |  | (40275) |
|  2.75% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/29 | USD | 27316 | (67924) |  | (67924) |
|  3.41% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/29 | GBP | 52856 | 259174 |  | 259174 |
|  3.42% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/29 | GBP | 53913 | 228120 |  | 228120 |
|  3.43% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/29 | GBP | 105609 | 418461 |  | 418461 |
|  3.49% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/29 | GBP | 51798 | 32818 | (7555) | 40373 |
|  3.37% | At Termination | UK RPI All Items Monthly | At Termination | 08/15/29 | GBP | 88196 | 458447 |  | 458447 |
|  2.43% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/30 | USD | 57750 | 497396 |  | 497396 |
|  2.43% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 04/15/30 | USD | 28448 | 243678 |  | 243678 |
|  3.39% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/30 | GBP | 23064 | 62139 |  | 62139 |
|  3.40% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/30 | GBP | 23525 | 48282 |  | 48282 |
|  3.41% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/30 | GBP | 46083 | 87183 |  | 87183 |
|  3.46% | At Termination | UK RPI All Items Monthly | At Termination | 07/15/30 | GBP | 22602 | (30592) | (5513) | (25079) |
|  2.69% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 07/17/30 | USD | 117830 | (104795) |  | (104795) |
|  2.70% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 07/22/30 | USD | 38434 | (54508) |  | (54508) |
|  3.35% | At Termination | UK RPI All Items Monthly | At Termination | 08/15/30 | GBP | 38485 | 127679 |  | 127679 |
|  2.63% | At Termination | U.S. CPI Urban Consumers NAS (CPURNSA) | At Termination | 09/09/30 | USD | 107639 | 64825 |  | 64825 |
|  UK RPI All Items Monthly | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 46083 | 2809 |  | 2809 |
|  UK RPI All Items Monthly | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 23525 | 4370 |  | 4370 |
|  UK RPI All Items Monthly | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 23064 | 9894 |  | 9894 |
|  UK RPI All Items Monthly | At Termination | 3.27% | At Termination | 07/15/35 | GBP | 22602 | 88278 | 12855 | 75423 |
|  UK RPI All Items Monthly | At Termination | 3.20% | At Termination | 08/15/35 | GBP | 38485 | (94657) |  | (94657) |
|  2.23% | At Termination | Eurostat Eurozone HICP Ex Tobacco NSA (CPTFEMU) | At Termination | 08/15/55 | EUR | 10539 | (46797) |  | (46797) |
|  2.24% | At Termination | Eurostat Eurozone HICP Ex Tobacco NSA (CPTFEMU) | At Termination | 08/15/55 | EUR | 8024 | (42549) |  | (42549) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | *Notional* | *Notional* |  | *Upfront<br>Premium* | *Unrealized* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination* | *Amount* | *Amount* |  | *Paid* | *Appreciation* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Date* | *(000)* | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  2.24% | At Termination | Eurostat Eurozone HICP Ex Tobacco NSA (CPTFEMU) | At Termination | 08/15/55 | EUR | 8024 | $(46011) | $— | $(46011) |
|  2.24% | At Termination | Eurostat Eurozone HICP Ex Tobacco NSA (CPTFEMU) | At Termination | 08/15/55 | EUR | 5349 | (34522) |  | (34522) |
|  |  |  |  |  |  |  | $1452090 | $(5148) | $1457238 |

---

**Centrally Cleared Interest Rate Swaps**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Notional | Notional |  | *Upfront*<br> *Premium* | Unrealized |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | Effective | Termination | Amount | Amount |  | Paid | Appreciation |
| Rate | Frequency | Rate | Frequency | Date | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  1-day SOFR, 4.24% | At Termination | 3.80% | At Termination | N/A | 05/16/26 | USD | 369112 | $(880676) | $— | $(880676) |
|  1-day SOFR, 4.24% | At Termination | 3.90% | At Termination | N/A | 05/16/26 | USD | 283259 | (393103) |  | (393103) |
|  3.79% | At Termination | 1-day SOFR, 4.24% | At Termination | N/A | 05/16/26 | USD | 369112 | 903886 |  | 903886 |
|  3.81% | At Termination | 1-day SOFR, 4.24% | At Termination | N/A | 05/16/26 | USD | 283259 | 636254 | 109964 | 526290 |
|  1.00% | At Termination | 1-Day TONA, 0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 25830724 | (51308) |  | (51308) |
|  1.02% | At Termination | 1-Day TONA, 0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 58560835 | (198287) |  | (198287) |
|  1.03% | At Termination | 1-Day TONA, 0.48% | At Termination | 03/12/26<sup>(a)</sup> | 03/12/27 | JPY | 63212579 | (247977) |  | (247977) |
|  0.68% | At Termination | 1-Day TONA, 0.48% | At Termination | 04/21/26<sup>(a)</sup> | 04/21/27 | JPY | 23843630 | 515421 |  | 515421 |
|  0.69% | At Termination | 1-Day TONA, 0.48% | At Termination | 04/21/26<sup>(a)</sup> | 04/21/27 | JPY | 24122377 | 518229 |  | 518229 |
|  0.70% | At Termination | 1-Day TONA, 0.48% | At Termination | 05/11/26<sup>(a)</sup> | 05/11/27 | JPY | 19040597 | 415673 |  | 415673 |
|  1-Day TONA, 0.48% | At Termination | 1.01% | At Termination | 09/11/26<sup>(a)</sup> | 09/11/27 | JPY | 13296780 | (98951) |  | (98951) |
|  1.29% | Annual | 1-Day TONA, 0.48% | Annual | N/A | 08/13/35 | JPY | 1593127 | 184756 |  | 184756 |
|  1.30% | Annual | 1-Day TONA, 0.48% | Annual | N/A | 08/13/35 | JPY | 2854700 | 318894 |  | 318894 |
|  1.30% | Annual | 1-Day TONA, 0.48% | Annual | N/A | 08/13/35 | JPY | 2871916 | 322177 |  | 322177 |
|  1-Day TONA, 0.48% | Annual | 2.03% | Annual | N/A | 08/12/45 | JPY | 1001004 | (122870) |  | (122870) |
|  1-Day TONA, 0.48% | Annual | 2.04% | Annual | N/A | 08/12/45 | JPY | 1599371 | (184973) |  | (184973) |
|  1-Day TONA, 0.48% | Annual | 2.04% | Annual | N/A | 08/12/45 | JPY | 1608495 | (186485) |  | (186485) |
|  |  |  |  |  |  |  |  | $1450660 | $109964 | $1340696 |

---

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Credit Default Swaps — Buy Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | *Financing<br>Rate<br>Paid<br>by the* <br> *Fund* | *Payment*<br> *Frequency* | Counterparty | Termination<br>Date | *Notional* <br> *Amount*<br> *(000)* | *Notional* <br> *Amount*<br> *(000)* | Value | Upfront<br>Premium<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Caterpillar, Inc. | 1.00% | Quarterly | Deutsche Bank AG | 06/20/27 | USD | 4300 | $(66157) | $(35543) | $(30614) |
|  BorgWarner, Inc. | 1.00 | Quarterly | BNP Paribas S.A. | 12/20/27 | USD | 1000 | (16762) | 6166 | (22928) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Bank of America N.A. | 12/20/27 | USD | 620 | 811 | 73094 | (72283) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Citigroup Global Markets, Inc. | 12/20/27 | USD | 250 | 327 | 30313 | (29986) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Citigroup Global Markets, Inc. | 12/20/27 | USD | 380 | 497 | 47474 | (46977) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 780 | 1064 | 120866 | (119802) |
|  Simon Property Group LP | 1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 3640 | (58962) | 25118 | (84080) |
|  Credit Suisse Group AG | 1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | EUR | 1350 | (31026) | 48487 | (79513) |
|  Credit Suisse Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3500 | (80439) | 69275 | (149714) |
|  Deutsche Bank AG | 1.00 | Quarterly | BNP Paribas S.A. | 06/20/28 | EUR | 4400 | (93674) | 201380 | (295054) |
|  Deutsche Bank AG | 1.00 | Quarterly | Goldman Sachs Bank USA | 06/20/28 | EUR | 4400 | (93674) | 140309 | (233983) |
|  Boeing Co. (The) | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 4700 | (79727) | (14793) | (64934) |
|  Boeing Co. (The) | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 4700 | (83890) | 41935 | (125825) |
|  American Electric Power Co., Inc. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | USD | 39219 | (1140353) | (920783) | (219570) |
|  American Express Co. | 1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19990 | (594607) | (478962) | (115645) |
|  Dominion Energy, Inc. | 1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19396 | (518979) | (441048) | (77931) |
|  CMBX.NA.9.AAA | 0.50 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | USD | 474 | (41) | 4659 | (4700) |
|  CMBX.NA.9.AAA | 0.50 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | USD | 10 | (1) | 107 | (108) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Citigroup Global Markets, Inc. | 09/17/58 | USD | 1823 | 350440 | 53808 | 296632 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | USD | 3106 | 597096 | 216056 | 381040 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | USD | 179 | 34370 | 8640 | 25730 |
|  CMBX.NA.6.AAA | 0.50 | Monthly | Goldman Sachs Bank USA | 05/11/63 | USD | 7 | (1) | (2) | 1 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1873688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803444) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070244) |

---

#### OTC Credit Default Swaps — Sell Protection

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate<br>Received<br>by<br>the Fund | *Payment*<br> *Frequency* | Counterparty | Termination<br>Date | Credit<br>Rating | *Notional<br>Amount*<br> *(000)* | *Notional<br>Amount*<br> *(000)* | Value | Upfront<br>Premium<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Vistra Operations Co. LLC | 5.00% | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | USD | 1015 | $11952 | $3923 | $8029 |
|  PacifiCorp. | 0.13 | Monthly | JPMorgan Chase Bank N.A. | 09/29/27 | A- | USD | 6915 | (4070) | (3606) | (464) |
|  Worldline SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | BB | EUR | 50 | (13786) | (12824) | (962) |
|  Worldline SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB | EUR | 50 | (14062) | (13739) | (323) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Deutsche Bank AG | 09/17/58 | N/R | USD | 794 | (152644) | (79349) | (73295) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | N/R | USD | 1148 | (220710) | (111738) | (108972) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | JPMorgan Chase Bank N.A. | 09/17/58 | N/R | USD | 106 | (20386) | (20885) | 499 |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R | USD | 202 | (38919) | (10272) | (28647) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R | USD | 929 | (178590) | (39208) | (139382) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R | USD | 1052 | (202177) | (1139) | (201038) |
|  CMBX.NA.9.BBB- | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R | USD | 876 | (168481) | (201600) | 33119 |
|  CMBX.NA.10.BBB- | 3.00 | Monthly | JPMorgan Chase Bank N.A. | 11/17/59 | BBB- | USD | 60 | (11903) | (4326) | (7577) |
|  |  |  |  |  |  |  |  | $(1013776) | $(494763) | $(519013) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

#### OTC Total Return Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid by the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid by the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Fund |  | Termination |  | Notional<br>Amount |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Reference | Frequency | Rate | Frequency | Counterparty | Date |  | (000) | Value | (Received) | (Depreciation) |
|  1-day SOFR, 4.24% | At Termination | iShares iBoxx $ High Yield Corporate Bond ETF | At Termination | JPMorgan Chase Bank N.A. | 12/19/25 | USD | 134471 | $184401 | $— | $184401 |

---

#### Equity Swap Contracts

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts<sup>(a)</sup> |  |  |  |  |  |  |  |  |
|  Accenture PLC, Class A | Citibank N.A. | USD | 1441354 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | $38246 |
|  Accor SA | Merrill Lynch International |  | 623253 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 3884 |
|  Ackermans & van Haaren NV | Barclays Bank PLC |  | 2722575 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (127305) |
|  Admiral Group PLC | Barclays Bank PLC |  | 936122 | 09/14/26 | 0.25% | 1D SONIA | Monthly | 2649 |
|  Adobe, Inc. | Merrill Lynch International |  | 2824658 | 02/15/28 |  | 1D OBFR01 | Monthly | 32617 |
|  Aena SME SA | Merrill Lynch International |  | 1687991 | 02/15/28 | 0.26% | 1D ESTR | Monthly | (74971) |
|  Air Water, Inc. | Barclays Bank PLC |  | 1320235 | 08/14/26 |  | 1D P TONA | Monthly | (23337) |
|  Airbnb, Inc., Class A | Barclays Bank PLC |  | 1152751 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (35687) |
|  Airtac International Group | Merrill Lynch International |  | 711070 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | (15607) |
|  Alcon AG | Citibank N.A. |  | 1133884 | 02/26/26 | 0.26% | SSARON | Monthly | (20704) |
|  Alfresa Holdings Corp. | Merrill Lynch International |  | 698547 | 03/15/28 | 0.25% | 1D P TONA | Monthly | (51478) |
|  Alimentation Couche-Tard, Inc. | JPMorgan Chase Bank N.A. |  | 1116259 | 02/09/26 | 0.20% | COBRO | Monthly | (1201) |
|  Alps Alpine Co. Ltd. | JPMorgan Chase Bank N.A. |  | 1663793 | 02/10/26 | 0.25% | 1D P TONA | Monthly | 19723 |
|  Altria Group, Inc. | Citibank N.A. |  | 1511823 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 53799 |
|  AMC Networks, Inc., Class A | Barclays Bank PLC |  | 357082 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 16313 |
|  AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. |  | 792898 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 33079 |
|  AMETEK, Inc. | Merrill Lynch International |  | 1400234 | 02/15/28 |  | 1D OBFR01 | Monthly | 9766 |
|  Analog Devices, Inc. | Merrill Lynch International |  | 1126586 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 3634 |
|  Anglo American PLC | JPMorgan Chase Bank N.A. |  | 1315352 | 02/11/26 | 0.25% | 1D SONIA | Monthly | 211795 |
|  ARC Resources Ltd. | Citibank N.A. |  | 1321892 | 02/24/28 | 0.20% | 1D CORRA | Monthly | (28911) |
|  Arch Capital Group Ltd. | Merrill Lynch International |  | 1248412 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 12735 |
|  Archer-Daniels-Midland Co. | Citibank N.A. |  | 1269032 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (2544) |
|  Argenx SE | Citibank N.A. |  | 741060 | 02/26/26 | 0.26% | 1D ESTR | Monthly | (2211) |
|  ASPEED Technology, Inc. | Merrill Lynch International |  | 954787 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | 43148 |
|  Assurant, Inc. | Barclays Bank PLC |  | 1013712 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 25968 |
|  AT&T Inc. | JPMorgan Chase Bank N.A. |  | 1060630 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (24222) |
|  Atlas Arteria Ltd. | JPMorgan Chase Bank N.A. |  | 1083865 | 02/10/26 | 0.25% | 1D AONIA | Monthly | (60931) |
|  Atlas Copco AB, A Shares | Barclays Bank PLC |  | 1036566 | 09/14/26 | 0.26% | 1D STIBOR | Monthly | (10608) |
|  Axfood AB | JPMorgan Chase Bank N.A. |  | 656303 | 02/11/26 | 0.26% | TN STIBOR | Monthly | (19641) |
|  Ball Corp. | Citibank N.A. |  | 1119870 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 39790 |
|  Baloise Holding AG, Registered Shares | Barclays Bank PLC |  | 1144559 | 09/14/26 | 0.26% | SSARON | Monthly | (6077) |
|  Banca Monte dei Paschi di Siena SpA | JPMorgan Chase Bank N.A. |  | 614178 | 02/11/26 | 0.20% | 1D ESTR | Monthly | 17594 |
|  Banco Bilbao Vizcaya Argentaria SA | Merrill Lynch International |  | 793268 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 2568 |
|  Banco Bradesco SA, Preference Shares, NVS | JPMorgan Chase Bank N.A. |  | 2235969 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly | 74315 |
|  Bankinter SA | Merrill Lynch International |  | 2339181 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 35229 |
|  BB Seguridade Participacoes SA | Merrill Lynch International |  | 1568764 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | 53187 |
|  Best Buy Co., Inc. | Merrill Lynch International |  | 827505 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 11877 |
|  BOC Hong Kong Holdings Ltd. | Merrill Lynch International |  | 1244904 | 02/15/28 | 0.30% | HONIA | Monthly | (66683) |
|  Bollore SE | Barclays Bank PLC |  | 638196 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 24760 |
|  Booking Holdings, Inc. | Citibank N.A. |  | 2728565 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (28930) |
|  Bristol-Myers Squibb Co. | Barclays Bank PLC |  | 1442050 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 5660 |
|  Bureau Veritas SA | JPMorgan Chase Bank N.A. |  | 781219 | 02/11/26 | 0.26% | 1D ESTR | Monthly | 28007 |
|  CAE, Inc. | Barclays Bank PLC |  | 1007650 | 09/14/26 | 0.20% | CABROVER | Monthly | 40589 |
|  Calbee, Inc. | Merrill Lynch International |  | 1118227 | 03/15/28 | 0.25% | 1D OBFR01 | Monthly | 34966 |
|  Canadian National Railway Co. | JPMorgan Chase Bank N.A. |  | 1191192 | 02/09/26 | 0.20% | COBRO | Monthly | (2988) |
|  Capgemini SE | JPMorgan Chase Bank N.A. |  | 774541 | 02/11/26 | 0.26% | 1D ESTR | Monthly | (15979) |
|  CarMax, Inc. | Merrill Lynch International |  | 978804 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | (251910) |
|  Carrefour SA | Merrill Lynch International |  | 650730 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 40327 |
|  Charles River Laboratories International, Inc. | Barclays Bank PLC |  | 584782 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 9766 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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#### Equity Swap Contracts (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |
|  Charter Communications, Inc., Class A | Citibank N.A. | USD 665,325 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22437 |
|  Chipotle Mexican Grill, Inc. | Citibank N.A. | 714314 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (16732) |
|  CITIC Ltd. | Merrill Lynch International | 1299191 | 02/15/28 | 0.30% | HONIA | Monthly | (89334) |
|  CK Hutchison Holdings Ltd. | JPMorgan Chase Bank N.A. | 965706 | 02/10/26 | 0.21% | HONIA | Monthly | (9773) |
|  Coca-Cola Co. (The) | Merrill Lynch International | 1683429 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 1099 |
|  Cognizant Technology Solutions Corp., Class A | Barclays Bank PLC | 1878960 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (27828) |
|  Coles Group Ltd. | Merrill Lynch International | 1190628 | 02/15/28 | 0.25% | 1D AONIA | Monthly | (34626) |
|  Colgate-Palmolive Co. | Citibank N.A. | 1176681 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (1563) |
|  Coloplast A/S, Class B | Merrill Lynch International | 2223333 | 02/15/28 | 0.26% | 1W CIBOR | Monthly | (223723) |
|  Cosmo Energy Holdings Co. Ltd. | Barclays Bank PLC | 1223962 | 08/14/26 |  | 1D P TONA | Monthly | (19704) |
|  Costco Wholesale Corp. | Barclays Bank PLC | 2169487 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (40538) |
|  Credit Agricole SA | Citibank N.A. | 996500 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 10481 |
|  Daiwa Securities Group, Inc. | Citibank N.A. | 1407310 | 02/26/26 | 0.15% | 1D P TONA | Monthly | (9624) |
|  Dassault Systemes SE | JPMorgan Chase Bank N.A. | 1041514 | 02/11/26 | 0.26% | 1D ESTR | Monthly | 48455 |
|  Deutsche Bank AG, Registered Shares | Barclays Bank PLC | 912070 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (8967) |
|  Deutsche Telekom AG, Registered Shares | Barclays Bank PLC | 798716 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 1917 |
|  D'ieteren Group | Barclays Bank PLC | 1187951 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (24223) |
|  Dollar General Corp. | Merrill Lynch International | 1723504 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | (18229) |
|  Dyno Nobel Ltd. | JPMorgan Chase Bank N.A. | 1223675 | 02/10/26 | 0.25% | 1D AONIA | Monthly | 44709 |
|  E.ON SE | Merrill Lynch International | 985319 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 5426 |
|  Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. | 326786 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 6763 |
|  Eaton Corp. PLC | Barclays Bank PLC | 1021437 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (10962) |
|  eBay, Inc. | Merrill Lynch International | 1084536 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 6863 |
|  Eiffage SA | Merrill Lynch International | 828004 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 4763 |
|  Elisa Oyj | Barclays Bank PLC | 1497811 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (12393) |
|  Emera, Inc. | JPMorgan Chase Bank N.A. | 1451990 | 02/09/26 | 0.20% | COBRO | Monthly | 49699 |
|  Endeavour Mining PLC | Merrill Lynch International | 2358256 | 02/15/28 | 0.25% | 1D SONIA | Monthly | 175860 |
|  ENEOS Holdings, Inc. | Barclays Bank PLC | 2169458 | 08/14/26 |  | 1D P TONA | Monthly | (8568) |
|  Eneva SA | JPMorgan Chase Bank N.A. | 915197 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly | 87535 |
|  Engie SA | Barclays Bank PLC | 1289443 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 8947 |
|  EOG Resources, Inc. | Barclays Bank PLC | 2235618 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (60490) |
|  EXEO Group, Inc. | Citibank N.A. | 1318428 | 02/26/26 | 0.25% | 1D P TONA | Monthly | (23320) |
|  EXOR NV | Citibank N.A. | 2188520 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 3896 |
|  Far EasTone Telecommunications Co. Ltd. | JPMorgan Chase Bank N.A. | 835 | 02/10/26 | 0.35% | 1D OBFR01 | Monthly | 40 |
|  Federal Realty Investment Trust | Merrill Lynch International | 1585940 | 02/15/28 |  | 1D OBFR01 | Monthly | 4627 |
|  FinecoBank Banca Fineco SpA | Citibank N.A. | 1358986 | 02/26/26 | 0.26% | 1D ESTR | Monthly | (4679) |
|  FirstRand Ltd. | Merrill Lynch International | 1345659 | 02/15/28 | 0.85% | 1M JIBAR | Monthly | (29176) |
|  FirstService Corp. | Citibank N.A. | 1853181 | 02/24/28 | 0.20% | 1D CORRA | Monthly | (24097) |
|  Fiserv, Inc. | Citibank N.A. | 1291752 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (15345) |
|  Flagstar Financial, Inc. | JPMorgan Chase Bank N.A. | 3363290 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (347296) |
|  Flughafen Zurich AG, Registered Shares | Barclays Bank PLC | 1862199 | 09/14/26 | 0.26% | SSARON | Monthly | 66793 |
|  Fomento Economico Mexicano SAB de CV | JPMorgan Chase Bank N.A. | 1359236 | 02/10/26 | 0.50% | TIIEFONDEO | Monthly | 44871 |
|  Ford Motor Co. | Merrill Lynch International | 1226413 | 02/15/28 |  | 1D OBFR01 | Monthly | 28191 |
|  Formosa Chemicals & Fibre Corp. | JPMorgan Chase Bank N.A. | 15 | 02/10/26 | 0.35% | 1D OBFR01 | Monthly | 1 |
|  Fortis, Inc./Canada | Citibank N.A. | 1455633 | 02/24/28 | 0.20% | 1D CORRA | Monthly | 55887 |
|  Fortive Corp. | Citibank N.A. | 1359008 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 17611 |
|  Fox Corp., Class A, NVS | JPMorgan Chase Bank N.A. | 1718831 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 21625 |
|  Fresenius Medical Care AG | Merrill Lynch International | 943965 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 65233 |
|  GE Vernova, Inc. | JPMorgan Chase Bank N.A. | 840322 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 20538 |
|  GEA Group AG | Citibank N.A. | 2413264 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 19102 |
|  Gecina SA | Merrill Lynch International | 1089177 | 02/15/28 | 0.26% | 1D ESTR | Monthly | (4212) |
|  General Mills, Inc. | JPMorgan Chase Bank N.A. | 2872406 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 21702 |
|  Genius Electronic Optical Co. Ltd. | Merrill Lynch International | 872498 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | 29872 |
|  Gerdau SA, Preference Shares, NVS | Merrill Lynch International | 1128656 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | (3379) |
|  GFL Environmental, Inc. | Citibank N.A. | 819934 | 02/24/28 | 0.20% | 1D CORRA | Monthly | 28442 |
|  Gildan Activewear, Inc. | Citibank N.A. | 1004982 | 02/24/28 | 0.20% | 1D CORRA | Monthly | 11789 |
|  Givaudan SA, Registered Shares | Barclays Bank PLC | 1233465 | 09/14/26 | 0.26% | SSARON | Monthly | (9753) |
|  Gunma Bank Ltd. (The) | Barclays Bank PLC | 674159 | 08/14/26 | 0.15% | 1D P TONA | Monthly | 28512 |
|  Haier Smart Home Co. Ltd., Class H | Merrill Lynch International | 958236 | 02/15/28 | 0.30% | HONIA | Monthly | (10280) |
|  Haleon PLC | Citibank N.A. | 1767991 | 02/26/26 | 0.25% | 1D SONIA | Monthly | 13181 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |
|  Harmony Gold Mining Co. Ltd. | Merrill Lynch International | USD 697,253 | 02/15/28 | 0.85% | 1M JIBAR | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137489 |
|  Henderson Land Development Co. Ltd. | JPMorgan Chase Bank N.A. | 929042 | 02/10/26 | 0.30% | HONIA | Monthly | 29067 |
|  Hewlett Packard Enterprise Co. | Merrill Lynch International | 797364 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | (8988) |
|  HOCHTIEF AG | Merrill Lynch International | 783702 | 02/15/28 | 0.26% | 1D ESTR | Monthly | (32107) |
|  Holcim AG | Citibank N.A. | 1703597 | 02/26/26 | 0.10% | SSARON | Monthly | (22703) |
|  Honeywell International, Inc. | Merrill Lynch International | 1255738 | 02/15/28 |  | 1D OBFR01 | Monthly | 7261 |
|  Huntington Ingalls Industries, Inc. | Citibank N.A. | 1242743 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 52852 |
|  Hydro One Ltd. | Barclays Bank PLC | 1091863 | 09/14/26 | 0.20% | CABROVER | Monthly | 17654 |
|  ICG PLC | Merrill Lynch International | 1568998 | 02/15/28 | 0.25% | 1D SONIA | Monthly | (40803) |
|  Idemitsu Kosan Co. Ltd. | Citibank N.A. | 1618907 | 02/26/26 | 0.25% | 1D P TONA | Monthly | (30974) |
|  Incyte Corp. | Barclays Bank PLC | 677840 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 640 |
|  Innolux Corp. | JPMorgan Chase Bank N.A. | 351 | 02/10/26 | 0.35% | 1D OBFR01 | Monthly | 18 |
|  Inpex Corp. | Merrill Lynch International | 1339052 | 03/15/28 | 0.25% | 1D P TONA | Monthly | 4172 |
|  InterContinental Hotels Group PLC | Barclays Bank PLC | 1078933 | 09/14/26 | 0.25% | 1D SONIA | Monthly | 33443 |
|  Interpublic Group of Cos., Inc. (The) | Citibank N.A. | 1147950 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 108000 |
|  Intuitive Surgical, Inc. | Barclays Bank PLC | 1200285 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 7236 |
|  Italgas SpA | Merrill Lynch International | 1130630 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 35585 |
|  Jabil, Inc. | JPMorgan Chase Bank N.A. | 1386256 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 47066 |
|  Japan Exchange Group, Inc. | Barclays Bank PLC | 927180 | 08/14/26 | 0.25% | 1D P TONA | Monthly | 40997 |
|  Japan Post Bank Co. Ltd. | JPMorgan Chase Bank N.A. | 868364 | 02/10/26 | 0.25% | 1D P TONA | Monthly | (35709) |
|  Japan Post Holdings Co. Ltd. | Citibank N.A. | 1046686 | 02/26/26 | 0.25% | 1D P TONA | Monthly | (12469) |
|  Japan Tobacco, Inc. | Citibank N.A. | 1617154 | 02/26/26 | 0.25% | 1D P TONA | Monthly | 29258 |
|  JB Hi-Fi Ltd. | JPMorgan Chase Bank N.A. | 1214931 | 02/10/26 | 0.25% | 1D AONIA | Monthly | (2316) |
|  JD.com, Inc., Class A | Merrill Lynch International | 1127124 | 02/15/28 | 0.30% | HONIA | Monthly | 39742 |
|  JPMorgan Chase & Co. | Barclays Bank PLC | 1374695 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 13197 |
|  Kakaku.com, Inc. | Barclays Bank PLC | 974988 | 08/14/26 |  | 1D P TONA | Monthly | (30370) |
|  Kamigumi Co. Ltd. | Barclays Bank PLC | 1476985 | 08/14/26 |  | 1D P TONA | Monthly | (24001) |
|  Kansai Paint Co. Ltd. | Barclays Bank PLC | 1289771 | 08/14/26 | 0.15% | 1D P TONA | Monthly | (29901) |
|  KDDI Corp. | JPMorgan Chase Bank N.A. | 1050372 | 02/10/26 | 0.25% | 1D P TONA | Monthly | (64753) |
|  Keurig Dr. Pepper, Inc. | Barclays Bank PLC | 1506467 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (24336) |
|  Keyence Corp. | Barclays Bank PLC | 908814 | 08/14/26 | 0.16% | 1D P TONA | Monthly | (14668) |
|  Keyera Corp. | Merrill Lynch International | 901487 | 02/15/28 | 0.20% | CABROVER | Monthly | 7688 |
|  Kingfisher PLC | Merrill Lynch International | 866628 | 02/15/28 | 0.25% | 1D SONIA | Monthly | 4851 |
|  Kinross Gold Corp. | Citibank N.A. | 2233095 | 02/24/28 | 0.20% | 1D CORRA | Monthly | 37804 |
|  KION Group AG | Barclays Bank PLC | 934873 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (12173) |
|  Koninklijke Vopak NV | Barclays Bank PLC | 684706 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 3759 |
|  Kraft Heinz Co. (The) | Merrill Lynch International | 891924 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 14268 |
|  KT&G Corp. | JPMorgan Chase Bank N.A. | 854446 | 02/10/26 | 0.35% | 1D OBFR01 | Monthly | (6648) |
|  Kuehne + Nagel International AG, Registered Shares | Merrill Lynch International | 1093784 | 02/15/28 | 0.26% | SSARON | Monthly | (45815) |
|  Kyushu Financial Group, Inc. | Merrill Lynch International | 845050 | 03/15/28 |  | 1D P TONA | Monthly | 28891 |
|  Las Vegas Sands Corp. | Citibank N.A. | 2119686 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 37293 |
|  Lendlease Corp. Ltd. | JPMorgan Chase Bank N.A. | 646507 | 02/10/26 | 0.25% | 1D AONIA | Monthly | (3312) |
|  Lenovo Group Ltd. | JPMorgan Chase Bank N.A. | 785204 | 02/10/26 | 0.30% | HONIA | Monthly | 53489 |
|  Lockheed Martin Corp. | Citibank N.A. | 1152936 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 45168 |
|  Lojas Renner SA | Merrill Lynch International | 867342 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | (66307) |
|  LVMH Moet Hennessy Louis Vuitton SE | Barclays Bank PLC | 954005 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 30605 |
|  Macquarie Group Ltd. | JPMorgan Chase Bank N.A. | 1214322 | 02/10/26 | 0.25% | 1D AONIA | Monthly | (9577) |
|  Magellan Financial Group Ltd. | Merrill Lynch International | 1493825 | 02/15/28 | 0.25% | 1D AONIA | Monthly | (129916) |
|  Match Group, Inc. | Barclays Bank PLC | 1464685 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (44821) |
|  McKesson Corp. | Merrill Lynch International | 989929 | 02/15/28 |  | 1D OBFR01 | Monthly | 14373 |
|  MGM China Holdings Ltd. | Merrill Lynch International | 968713 | 02/15/28 |  | HONIA | Monthly | 59003 |
|  MGM Resorts International | Citibank N.A. | 896740 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 4420 |
|  MISUMI Group, Inc. | JPMorgan Chase Bank N.A. | 609262 | 02/10/26 | 0.25% | 1D P TONA | Monthly | (12744) |
|  Morinaga & Co. Ltd. | Merrill Lynch International | 799414 | 03/15/28 |  | 1D P TONA | Monthly | (26750) |
|  Mr. Price Group Ltd. | JPMorgan Chase Bank N.A. | 1871185 | 02/11/26 | 0.40% | 1D RAONON | Monthly | (55182) |
|  Murata Manufacturing Co. Ltd. | Citibank N.A. | 973377 | 02/26/26 | 0.25% | 1D P TONA | Monthly | 505 |
|  NatWest Group PLC | Barclays Bank PLC | 1793983 | 09/14/26 | 0.25% | 1D SONIA | Monthly | 38957 |
|  Nestle SA, Registered Shares | Citibank N.A. | 1575121 | 02/26/26 | 0.26% | SSARON | Monthly | 31996 |
|  Netflix, Inc. | JPMorgan Chase Bank N.A. | 1735879 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (57391) |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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**Equity Swap Contracts (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |
|  Next PLC | Merrill Lynch International | USD 1,719,725 | 02/15/28 | 0.25% | 1D SONIA | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47336 |
|  Nichirei Corp. | Citibank N.A. | 653704 | 02/26/26 | 0.23% | 1D P TONA | Monthly | (3253) |
|  Nihon Kohden Corp. | Barclays Bank PLC | 1470208 | 08/14/26 | 0.25% | 1D P TONA | Monthly | (57595) |
|  Nippon Shinyaku Co. Ltd. | Barclays Bank PLC | 632896 | 08/14/26 |  | 1D P TONA | Monthly | 4126 |
|  Nissan Chemical Corp. | Citibank N.A. | 1278641 | 02/26/26 | 0.22% | 1D P TONA | Monthly | (39790) |
|  Nissan Motor Co. Ltd. | Barclays Bank PLC | 627309 | 08/14/26 | 0.15% | 1D P TONA | Monthly | (16883) |
|  Nomura Holdings, Inc. | JPMorgan Chase Bank N.A. | 791277 | 02/10/26 | 0.25% | 1D P TONA | Monthly | 220 |
|  Novartis AG, Registered Shares | Barclays Bank PLC | 2284467 | 09/14/26 | 0.26% | SSARON | Monthly | 94233 |
|  NXP Semiconductors NV | Citibank N.A. | 993212 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 8800 |
|  Omnicom Group, Inc. | Citibank N.A. | 1162668 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 109200 |
|  Otis Worldwide Corp. | JPMorgan Chase Bank N.A. | 1450342 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 67396 |
|  Pandora A/S | Merrill Lynch International | 1103338 | 02/15/28 | 0.26% | 1W CIBOR | Monthly | (44284) |
|  Partners Group Holding AG | Merrill Lynch International | 2192827 | 02/15/28 | 0.26% | SSARON | Monthly | (99370) |
|  PayPal Holdings, Inc. | Barclays Bank PLC | 1049040 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (9610) |
|  Pearson PLC | Merrill Lynch International | 1287017 | 02/15/28 | 0.25% | 1D SONIA | Monthly | 19900 |
|  Pfizer, Inc. | Citibank N.A. | 1127476 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 67536 |
|  Philip Morris International, Inc. | Barclays Bank PLC | 907088 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 1232 |
|  Pinnacle West Capital Corp. | Merrill Lynch International | 1617270 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 41440 |
|  Pop Mart International Group Ltd. | Merrill Lynch International | 965182 | 02/15/28 | 0.30% | 1D OBFR01 | Monthly | 28121 |
|  Powszechny Zaklad Ubezpieczen SA | Merrill Lynch International | 1284833 | 02/15/28 | 0.45% | 1D OBFR01 | Monthly | (158696) |
|  Principal Financial Group, Inc. | Citibank N.A. | 1315360 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 11200 |
|  Prudential Financial, Inc. | Merrill Lynch International | 1706426 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | (25838) |
|  Rational AG | Barclays Bank PLC | 1150863 | 09/14/26 | 0.26% | 1D ESTR | Monthly | (4594) |
|  RB Global, Inc. | JPMorgan Chase Bank N.A. | 1095149 | 02/09/26 | 0.20% | COBRO | Monthly | (33676) |
|  Regions Financial Corp. | Barclays Bank PLC | 1180687 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (4585) |
|  Renault SA | Citibank N.A. | 1128300 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 6569 |
|  Rightmove PLC | Barclays Bank PLC | 1254847 | 09/14/26 | 0.25% | 1D SONIA | Monthly | (16232) |
|  Rolls-Royce Holdings PLC | Citibank N.A. | 707743 | 02/26/26 | 0.25% | 1D SONIA | Monthly | 28458 |
|  Sage Group PLC (The) | Merrill Lynch International | 1693546 | 02/15/28 | 0.25% | 1D SONIA | Monthly | 58409 |
|  Salesforce, Inc. | Citibank N.A. | 1594279 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (77479) |
|  Sampo Oyj, A Shares | Barclays Bank PLC | 885540 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 19270 |
|  Sanofi SA | Citibank N.A. | 2345431 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 12447 |
|  Santen Pharmaceutical Co. Ltd. | Merrill Lynch International | 726341 | 03/15/28 | 0.25% | 1D P TONA | Monthly | (3643) |
|  Sanwa Holdings Corp. | JPMorgan Chase Bank N.A. | 1466163 | 02/10/26 | 0.25% | 1D P TONA | Monthly | (176821) |
|  Schneider Electric SE | Barclays Bank PLC | 837098 | 09/14/26 | 0.10% | 1D ESTR | Monthly | 35466 |
|  Schroders PLC | Merrill Lynch International | 1668611 | 02/15/28 | 0.25% | 1D SONIA | Monthly | (2133) |
|  Scout24 SE | Barclays Bank PLC | 1227773 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 26801 |
|  SEEK Ltd. | Merrill Lynch International | 712141 | 02/15/28 | 0.25% | 1D AONIA | Monthly | 9522 |
|  Segro PLC | Citibank N.A. | 1513791 | 02/26/26 | 0.25% | 1D SONIA | Monthly | 47538 |
|  Shenzhou International Group Holdings Ltd. | JPMorgan Chase Bank N.A. | 910510 | 02/10/26 | 0.30% | HONIA | Monthly | 21285 |
|  Shimizu Corp. | Citibank N.A. | 1289689 | 02/26/26 | 0.25% | 1D P TONA | Monthly | (7125) |
|  Siemens Energy AG | JPMorgan Chase Bank N.A. | 546403 | 02/11/26 | 0.16% | 1D ESTR | Monthly | 65009 |
|  Singapore Technologies Engineering Ltd. | JPMorgan Chase Bank N.A. | 1019929 | 02/10/26 | 0.30% | 1D OBFR01 | Monthly | 86538 |
|  Skanska AB, B Shares | JPMorgan Chase Bank N.A. | 951967 | 02/11/26 | 0.26% | TN STIBOR | Monthly | 42143 |
|  Skyworks Solutions, Inc. | Merrill Lynch International | 1132807 | 02/15/28 |  | 1D OBFR01 | Monthly | 60383 |
|  St. James's Place PLC | Merrill Lynch International | 1025801 | 02/15/28 | 0.25% | 1D SONIA | Monthly | 4552 |
|  Sun Life Financial, Inc. | Citibank N.A. | 2979649 | 02/24/28 | 0.20% | 1D CORRA | Monthly | 28799 |
|  Suzuki Motor Corp. | JPMorgan Chase Bank N.A. | 951408 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly | 45875 |
|  Swire Pacific Ltd., Class A | Merrill Lynch International | 849472 | 02/15/28 |  | HONIA | Monthly | (27422) |
|  Swire Properties Ltd. | JPMorgan Chase Bank N.A. | 1266965 | 02/10/26 | 0.26% | HONIA | Monthly | 2974 |
|  Symrise AG | Merrill Lynch International | 1551277 | 02/15/28 | 0.26% | 1D ESTR | Monthly | (98873) |
|  Synchrony Financial | Merrill Lynch International | 999268 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | (68513) |
|  T Rowe Price Group, Inc. | Citibank N.A. | 1326654 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (33390) |
|  Tapestry, Inc. | Barclays Bank PLC | 831324 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (4818) |
|  TE Connectivity PLC | JPMorgan Chase Bank N.A. | 1226433 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 68794 |
|  Techtronic Industries Co. Ltd. | Merrill Lynch International | 621457 | 02/15/28 | 0.30% | HONIA | Monthly | 11312 |
|  Teck Resources Ltd., Class B | Merrill Lynch International | 642593 | 02/15/28 |  | CABROVER | Monthly | 32963 |
|  Teijin Ltd. | Barclays Bank PLC | 1148793 | 08/14/26 |  | 1D P TONA | Monthly | (26194) |
|  Telenor ASA | Barclays Bank PLC | 1238960 | 09/18/26 | 0.26% | NOWA | Monthly | 10530 |
|  Telia Co. AB | Citibank N.A. | 1080049 | 02/26/26 | 0.26% | TN STIBOR | Monthly | 21332 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Textron, Inc. | Barclays Bank PLC | USD | 2329371 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 |
|  Toei Animation Co. Ltd. | Citibank N.A. |  | 699974 | 02/26/26 | 0.25% | 1D P TONA | Monthly | 3903 |
|  TOTO Ltd. | Merrill Lynch International |  | 757951 | 03/15/28 |  | 1D P TONA | Monthly | (26825) |
|  Toyota Motor Corp. | Barclays Bank PLC |  | 1587134 | 08/14/26 | 0.15% | 1D P TONA | Monthly | (35251) |
|  TPG Telecom Ltd. | Merrill Lynch International |  | 2435278 | 02/15/28 | 0.25% | 1D AONIA | Monthly | 89990 |
|  Transmissora Alianca de Energia Eletrica S/A | JPMorgan Chase Bank N.A. |  | 1574439 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly | 54987 |
|  Transurban Group | Merrill Lynch International |  | 2142043 | 02/15/28 | 0.25% | 1D AONIA | Monthly | (106510) |
|  Trip.com Group Ltd. | JPMorgan Chase Bank N.A. |  | 701590 | 02/10/26 | 0.30% | HONIA | Monthly | (3885) |
|  UOL Group Ltd. | JPMorgan Chase Bank N.A. |  | 1229423 | 02/10/26 | 0.30% | 1D OBFR01 | Monthly | 70538 |
|  Valero Energy Corp. | JPMorgan Chase Bank N.A. |  | 991435 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 81203 |
|  Venture Corp. Ltd. | JPMorgan Chase Bank N.A. |  | 1421303 | 02/10/26 | 0.30% | 1D OBFR01 | Monthly | 12784 |
|  Verisk Analytics, Inc. | JPMorgan Chase Bank N.A. |  | 1260991 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 46861 |
|  Verizon Communications, Inc. | Barclays Bank PLC |  | 2606864 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 47716 |
|  Viatris, Inc. | Barclays Bank PLC |  | 1071537 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | 13503 |
|  VICI Properties, Inc. | Citibank N.A. |  | 2363536 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 88736 |
|  Vinci SA | Citibank N.A. |  | 1112172 | 02/26/26 | 0.26% | 1D ESTR | Monthly | 13501 |
|  Vodafone Group PLC | Citibank N.A. |  | 1056622 | 02/26/26 | 0.10% | 1D SONIA | Monthly | 21622 |
|  Volvo AB, B Shares | Citibank N.A. |  | 996805 | 02/26/26 | 0.26% | TN STIBOR | Monthly | (7543) |
|  Volvo Car AB, Class B | Citibank N.A. |  | 650079 | 02/26/26 | 0.26% | TN STIBOR | Monthly | 20750 |
|  Warehouses De Pauw CVA | Merrill Lynch International |  | 1502600 | 02/15/28 | 0.26% | 1D ESTR | Monthly | 11600 |
|  Waters Corp. | Merrill Lynch International |  | 747600 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 1925 |
|  Wells Fargo & Co. | Barclays Bank PLC |  | 1779844 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (28006) |
|  Westinghouse Air Brake Technologies Corp. | Merrill Lynch International |  | 1374882 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 88549 |
|  Westpac Banking Corp. | Merrill Lynch International |  | 976413 | 02/15/28 | 0.25% | 1D AONIA | Monthly | 5228 |
|  WH Group Ltd. | JPMorgan Chase Bank N.A. |  | 986494 | 02/10/26 | 0.30% | HONIA | Monthly | 4406 |
|  Wolters Kluwer NV | Barclays Bank PLC |  | 1159826 | 09/14/26 | 0.26% | 1D ESTR | Monthly | 27723 |
|  Workday, Inc., Class A | Barclays Bank PLC |  | 1063565 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (4353) |
|  Worley Ltd. | Merrill Lynch International |  | 704599 | 02/15/28 | 0.25% | 1D AONIA | Monthly | (5994) |
|  Yamaha Corp. | Citibank N.A. |  | 1035940 | 02/26/26 | 0.15% | 1D P TONA | Monthly | (18741) |
|  Yum China Holdings, Inc. | Merrill Lynch International |  | 1107429 | 02/15/28 | 0.30% | HONIA | Monthly | (4678) |
|  Zimmer Biomet Holdings, Inc. | Barclays Bank PLC |  | 1525430 | 09/14/26 | 0.20% | 1D OBFR01 | Monthly | (47930) |
|  Zoetis, Inc., Class A | JPMorgan Chase Bank N.A. |  | 1167980 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (26684) |
|  Zurich Insurance Group AG | Merrill Lynch International |  | 1359513 | 02/15/28 | 0.26% | 1D OBFR01 | Monthly | (1424) |
|  Total long positions of equity swaps |  |  |  |  |  |  |  | 716625 |
|  Short Contracts<sup>(b)</sup> |  |  |  |  |  |  |  |  |
|  3M Co. | JPMorgan Chase Bank N.A. |  | (1030996) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 6808 |
|  Aeon Co. Ltd. | Barclays Bank PLC |  | (1611671) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | (13641) |
|  AGC, Inc. | Barclays Bank PLC |  | (1333676) | 08/14/26 | (0.17)% | 1D P TONA | Monthly | (6691) |
|  AGC, Inc. | Merrill Lynch International |  | (456290) | 03/15/28 |  | 1D P TONA | Monthly | (6805) |
|  Ageas SA/NV | Merrill Lynch International |  | (2519378) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | 1743 |
|  Airtel Africa PLC | Citibank N.A. |  | (2000540) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (172447) |
|  Ajinomoto Co., Inc. | Barclays Bank PLC |  | (1026940) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 9183 |
|  Akamai Technologies, Inc. | Citibank N.A. |  | (835812) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 10028 |
|  Alexandria Real Estate Equities, Inc. | Merrill Lynch International |  | (1172309) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 30551 |
|  Alfa SAB de CV, Class A | Merrill Lynch International |  | (855259) | 02/15/28 | (0.50)% | TIIEFONDEO | Monthly | 6357 |
|  Align Technology, Inc. | Citibank N.A. |  | (925231) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 36169 |
|  Allegion PLC | Citibank N.A. |  | (1132106) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (2934) |
|  Amadeus IT Group SA | Merrill Lynch International |  | (1724445) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | 7466 |
|  Amcor PLC | Citibank N.A. |  | (1808400) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 15344 |
|  American Express Co. | Merrill Lynch International |  | (1162149) | 02/15/28 |  | 1D OBFR01 | Monthly | 32805 |
|  ANA Holdings, Inc. | Barclays Bank PLC |  | (793874) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | (157) |
|  Anglogold Ashanti PLC | Merrill Lynch International |  | (1008351) | 02/15/28 | (0.35)% | 1D OBFR01 | Monthly | (45991) |
|  Ansell Ltd. | JPMorgan Chase Bank N.A. |  | (1532994) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 106863 |
|  Aozora Bank Ltd. | JPMorgan Chase Bank N.A. |  | (665885) | 02/10/26 | (1.25)% | 1D P TONA | Monthly | (9481) |
|  Arkema SA | Barclays Bank PLC |  | (1817899) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | 42474 |
|  Arthur J. Gallagher & Co. | Merrill Lynch International |  | (1649580) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (115938) |
|  Aspen Pharmacare Holdings Ltd. | Merrill Lynch International |  | (956213) | 02/15/28 | (0.35)% | 1M JIBAR | Monthly | 47998 |
|  Atlantic Union Bankshares Corp. | JPMorgan Chase Bank N.A. |  | (266108) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 1574 |
|  Axon Enterprise, Inc. | Barclays Bank PLC |  | (853512) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 64108 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Baidu, Inc., Class A | JPMorgan Chase Bank N.A. | USD | (687569) | 02/10/26 | (0.30)% | HONIA | Monthly | $(11838) |
|  Bank of Montreal | Citibank N.A. |  | (3244721) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | (39047) |
|  Bank of New York Mellon Corp. (The) | Merrill Lynch International |  | (1306720) | 02/15/28 |  | 1D OBFR01 | Monthly | (800) |
|  Barratt Redrow PLC | Citibank N.A. |  | (2448725) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (131350) |
|  Barry Callebaut AG, Registered Shares | Barclays Bank PLC |  | (1744112) | 09/14/26 | (0.26)% | SSARON | Monthly | (46266) |
|  BASF SE | Barclays Bank PLC |  | (1466967) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (11974) |
|  Baxter International, Inc. | JPMorgan Chase Bank N.A. |  | (1503485) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 68975 |
|  Beazley PLC | Citibank N.A. |  | (1074653) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (85971) |
|  Bechtle AG | Citibank N.A. |  | (1231581) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | (30466) |
|  BeOne Medicines Ltd., Class H | Merrill Lynch International |  | (981448) | 02/15/28 | (0.15)% | HONIA | Monthly | (40518) |
|  Berkshire Hathaway, Inc., Class B | Citibank N.A. |  | (1974840) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (36120) |
|  BioMerieux | Citibank N.A. |  | (1578956) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | (4822) |
|  BIPROGY, Inc. | Merrill Lynch International |  | (837462) | 03/15/28 | (0.15)% | 1D OBFR01 | Monthly | 50101 |
|  BKW AG | Barclays Bank PLC |  | (3505734) | 09/14/26 | (0.26)% | SSARON | Monthly | (118960) |
|  Block, Inc., Class A | JPMorgan Chase Bank N.A. |  | (1506166) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 67993 |
|  BlueScope Steel Ltd. | JPMorgan Chase Bank N.A. |  | (1658041) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 4242 |
|  Brookfield Asset Management Ltd., Class A | Citibank N.A. |  | (1706487) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | 113040 |
|  BT Group PLC | Citibank N.A. |  | (982386) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | 28944 |
|  BXP, Inc. | Citibank N.A. |  | (1165887) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 21051 |
|  Camden Property Trust | Citibank N.A. |  | (1244070) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 16100 |
|  Canadian Pacific Kansas City Ltd. | Citibank N.A. |  | (1495320) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | (9120) |
|  CAR Group Ltd. | JPMorgan Chase Bank N.A. |  | (1109767) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 76134 |
|  Carl Zeiss Meditec AG | Citibank N.A. |  | (867947) | 02/26/26 | (1.00)% | 1D ESTR | Monthly | 54808 |
|  Cencora, Inc. | Barclays Bank PLC |  | (1386192) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (113952) |
|  CH Robinson Worldwide, Inc. | Merrill Lynch International |  | (1652548) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 10788 |
|  Chailease Holding Co. Ltd. | JPMorgan Chase Bank N.A. |  | (610565) | 02/10/26 | (0.50)% | 1D OBFR01 | Monthly | 18121 |
|  China Construction Bank Corp., Class H | Merrill Lynch International |  | (1287691) | 02/15/28 | (0.15)% | HONIA | Monthly | 47489 |
|  China Everbright Bank Co. Ltd., Class H | Merrill Lynch International |  | (723104) | 02/15/28 | (0.30)% | HONIA | Monthly | 49869 |
|  China Life Insurance Co. Ltd., Class H | Merrill Lynch International |  | (862966) | 02/15/28 | (0.15)% | HONIA | Monthly | 33219 |
|  China Merchants Bank Co. Ltd., Class H | JPMorgan Chase Bank N.A. |  | (963805) | 02/10/26 | (0.30)% | HONIA | Monthly | 18179 |
|  Cie Generale des Etablissements Michelin SCA | Barclays Bank PLC |  | (1450888) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (466) |
|  Cigna Group (The) | Barclays Bank PLC |  | (750412) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 962 |
|  City Developments Ltd. | JPMorgan Chase Bank N.A. |  | (1246956) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly | (31866) |
|  Coca-Cola Europacific Partners PLC | Barclays Bank PLC |  | (1073069) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (34180) |
|  Commerzbank AG | Barclays Bank PLC |  | (1041758) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (18378) |
|  Community Financial System, Inc. | JPMorgan Chase Bank N.A. |  | (403481) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 10651 |
|  ConocoPhillips | Merrill Lynch International |  | (668076) | 02/15/28 |  | 1D OBFR01 | Monthly | 5946 |
|  Continental AG | Barclays Bank PLC |  | (1262010) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (8185) |
|  CoStar Group, Inc. | Citibank N.A. |  | (716373) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 16102 |
|  CPFL Energia SA | Merrill Lynch International |  | (1663045) | 02/15/28 |  | 1D OBFR01 | Monthly | (36823) |
|  Croda International PLC | Barclays Bank PLC |  | (1636350) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (22162) |
|  CVB Financial Corp. | JPMorgan Chase Bank N.A. |  | (364650) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 23287 |
|  Daito Trust Construction Co. Ltd. | Barclays Bank PLC |  | (166751) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 2192 |
|  Daito Trust Construction Co. Ltd. | Merrill Lynch International |  | (991378) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 4022 |
|  Danone SA | JPMorgan Chase Bank N.A. |  | (1692696) | 02/11/26 | (0.26)% | 1D ESTR | Monthly | 11024 |
|  Davide Campari-Milano NV | Merrill Lynch International |  | (1158694) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | 53338 |
|  DCC PLC | Citibank N.A. |  | (1872445) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (7215) |
|  Demant A/S | Merrill Lynch International |  | (1043414) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly | 100009 |
|  Diamondback Energy, Inc. | Barclays Bank PLC |  | (766308) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (20742) |
|  Disco Corp. | Barclays Bank PLC |  | (612456) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 16729 |
|  Dr Ing hc F Porsche AG, NVS | Barclays Bank PLC |  | (729066) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | 1819 |
|  DWS Group GmbH & Co. KGaA | Merrill Lynch International |  | (278162) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (4457) |
|  Ecolab, Inc. | Citibank N.A. |  | (1362159) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (34527) |
|  Edenred SE | Barclays Bank PLC |  | (1076623) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (9328) |
|  Enbridge, Inc. | Citibank N.A. |  | (1741223) | 02/24/28 | (0.20)% | 1D OBFR01 | Monthly | (54765) |
|  Endesa SA | Merrill Lynch International |  | (1720778) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (29858) |
|  Energisa S/A | Merrill Lynch International |  | (1069716) | 02/15/28 | (0.40)% | 1D OBFR01 | Monthly | (29361) |
|  Engie Brasil Energia SA | Merrill Lynch International |  | (732956) | 02/15/28 | (9.50)% | 1D OBFR01 | Monthly | 540 |
|  Eurofins Scientific SE | Barclays Bank PLC |  | (875714) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | 7890 |
|  Evolution Mining Ltd. | JPMorgan Chase Bank N.A. |  | (648215) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | (133785) |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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**Equity Swap Contracts (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Expand Energy Corp. | Citibank N.A. | USD (1984852) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161196) |
|  Exxon Mobil Corp. | Citibank N.A. | (1691502) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (11023) |
|  Fastenal Co. | Barclays Bank PLC | (937688) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (38208) |
|  FedEx Corp. | Citibank N.A. | (1058552) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (26174) |
|  First Solar, Inc. | Merrill Lynch International | (621000) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (40590) |
|  FirstEnergy Corp. | Barclays Bank PLC | (1797651) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (99297) |
|  Food & Life Cos. Ltd. | Merrill Lynch International | (651725) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | (11287) |
|  Franco-Nevada Corp. | Merrill Lynch International | (1513318) | 02/15/28 |  | CABROVER | Monthly | (67028) |
|  Fresenius SE & Co. KGaA | Citibank N.A. | (1498986) | 02/26/26 | (0.08)% | 1D ESTR | Monthly | (26689) |
|  Fujitsu Ltd. | Merrill Lynch International | (1958243) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 126147 |
|  Genting Singapore Ltd. | Merrill Lynch International | (1724335) | 02/15/28 | (0.30)% | 1D OBFR01 | Monthly | 44764 |
|  Genuine Parts Co. | Citibank N.A. | (2194574) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (9166) |
|  Georg Fischer AG, Registered Shares | Barclays Bank PLC | (1179072) | 09/14/26 | (0.26)% | SSARON | Monthly | (15445) |
|  Great-West Lifeco, Inc. | Citibank N.A. | (737303) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | (25666) |
|  Great-West Lifeco, Inc. | Merrill Lynch International | (886476) | 02/15/28 | (0.20)% | CABROVER | Monthly | (38827) |
|  Grupo Carso SAB de CV | Merrill Lynch International | (329585) | 02/15/28 | (0.50)% | TIIEFONDEO | Monthly | (1479) |
|  H & M Hennes & Mauritz AB, B Shares | Citibank N.A. | (14574) | 02/26/26 | (0.75)% | TN STIBOR | Monthly | (2250) |
|  H & M Hennes & Mauritz AB, B Shares | Merrill Lynch International | (766110) | 02/15/28 | (0.50)% | 1D STIBOR | Monthly | (144273) |
|  Halliburton Co. | Citibank N.A. | (764218) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (67262) |
|  Hankyu Hanshin Holdings, Inc. | Barclays Bank PLC | (1252310) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 10820 |
|  Hannover Rueck SE | Merrill Lynch International | (1164658) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (42378) |
|  Hapvida Participacoes e Investimentos S/A | Merrill Lynch International | (560881) | 02/15/28 | (0.40)% | 1D OBFR01 | Monthly | 49628 |
|  Heiwa Corp. | Barclays Bank PLC | (1159067) | 08/14/26 | (0.39)% | 1D P TONA | Monthly | 32151 |
|  Holmen AB, B Shares | Citibank N.A. | (2414957) | 02/26/26 | (0.26)% | 1D OBFR01 | Monthly | (5264) |
|  HSBC Holdings PLC | Barclays Bank PLC | (1059973) | 09/14/26 | 0.05% | 1D SONIA | Monthly | (18270) |
|  Hua Nan Financial Holdings Co. Ltd. | JPMorgan Chase Bank N.A. | (591827) | 02/10/26 | (0.36)% | 1D OBFR01 | Monthly | (10837) |
|  HUTCHMED China Ltd. | JPMorgan Chase Bank N.A. | (28144) | 02/10/26 | (0.34)% | HONIA | Monthly | 161 |
|  HUTCHMED China Ltd. | Merrill Lynch International | (330917) | 02/15/28 | (0.90)% | HONIA | Monthly | 15763 |
|  IDEXX Laboratories, Inc. | Barclays Bank PLC | (837330) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 6773 |
|  Iluka Resources Ltd. | JPMorgan Chase Bank N.A. | (1122092) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly | (2289) |
|  IMCD NV | Barclays Bank PLC | (1987655) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | 59812 |
|  IMI PLC | Citibank N.A. | (1219717) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (312) |
|  Informa PLC | Barclays Bank PLC | (1440506) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (3737) |
|  InPost SA | Merrill Lynch International | (721210) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (2752) |
|  International Business Machines Corp. | Barclays Bank PLC | (1088247) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (40392) |
|  International Paper Co. | Barclays Bank PLC | (84632) | 09/14/26 | (0.75)% | 1D SONIA | Monthly | 1349 |
|  International Paper Co. | JPMorgan Chase Bank N.A. | (717222) | 02/11/26 | (0.50)% | 1D SONIA | Monthly | 15502 |
|  International Paper Co. | Merrill Lynch International | (2708214) | 02/15/28 |  | 1D OBFR01 | Monthly | (47946) |
|  Investment AB Latour, B Shares | Citibank N.A. | (2340465) | 02/26/26 | (0.26)% | TN STIBOR | Monthly | 39628 |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Citibank N.A. | (10426606) | 02/24/28 | (0.38)% | 1D OBFR01 | Monthly | 16668 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | JPMorgan Chase Bank N.A. | (12769492) | 02/09/26 | (0.59)% | 1D OBFR01 | Monthly | 10302 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | Merrill Lynch International | (9660938) | 02/15/28 | (0.50)% | 1D OBFR01 | Monthly | 76524 |
|  iShares Preferred & Income Securities ETF | Merrill Lynch International | (14011650) | 02/15/28 | (0.50)% | 1D OBFR01 | Monthly | 209520 |
|  Itausa SA, NVS | JPMorgan Chase Bank N.A. | (1057808) | 02/10/26 | (0.40)% | 1D OBFR01 | Monthly | (40978) |
|  J M Smucker Co. (The) | Merrill Lynch International | (1142847) | 02/15/28 |  | 1D OBFR01 | Monthly | (8313) |
|  Jardine Matheson Holdings Ltd. | JPMorgan Chase Bank N.A. | (1764231) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly | (97431) |
|  JD Sports Fashion PLC | Citibank N.A. | (794040) | 02/26/26 | (0.25)% | 1D OBFR01 | Monthly | (77624) |
|  Johnson & Johnson | Merrill Lynch International | (1490160) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (67368) |
|  Johnson Controls International PLC | Barclays Bank PLC | (950323) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (6242) |
|  Kering SA | Barclays Bank PLC | (1804515) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (139050) |
|  KeyCorp | Barclays Bank PLC | (2467296) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 3954 |
|  Kirin Holdings Co. Ltd. | Barclays Bank PLC | (1719623) | 08/14/26 | (0.19)% | 1D P TONA | Monthly | 1045 |
|  Kirin Holdings Co. Ltd. | Merrill Lynch International | (301260) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | (2018) |
|  KKR & Co., Inc. | Citibank N.A. | (2027910) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 234600 |
|  Klabin SA | Merrill Lynch International | (1413623) | 02/15/28 | (0.40)% | 1D OBFR01 | Monthly | 29735 |
|  Kusuri no Aoki Holdings Co. Ltd. | Merrill Lynch International | (837843) | 03/15/28 | (0.15)% | 1D OBFR01 | Monthly | (11974) |
|  Kyowa Kirin Co. Ltd. | Barclays Bank PLC | (990201) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 10045 |
|  Land Securities Group PLC | Barclays Bank PLC | (1392245) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (8227) |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Lennar Corp., Class A | Merrill Lynch International | USD (791184) | 02/15/28 |  | 1D OBFR01 | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736 |
|  Li Auto, Inc., Class A | Merrill Lynch International | (1141037) | 02/15/28 | (0.30)% | HONIA | Monthly | (21425) |
|  Lifco AB, B Shares | Citibank N.A. | (668827) | 02/26/26 | (0.26)% | TN STIBOR | Monthly | 11949 |
|  Lululemon Athletica, Inc. | Barclays Bank PLC | (588974) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 1805 |
|  M3, Inc. | Barclays Bank PLC | (780080) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | (19623) |
|  Marvell Technology, Inc. | JPMorgan Chase Bank N.A. | (627534) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (78654) |
|  MEIJI Holdings Co. Ltd. | Barclays Bank PLC | (163544) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 3882 |
|  MEIJI Holdings Co. Ltd. | Merrill Lynch International | (1034050) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 28385 |
|  Mid-America Apartment Communities, Inc. | Merrill Lynch International | (1110819) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 6952 |
|  MINEBEA MITSUMI, Inc. | Merrill Lynch International | (991731) | 03/15/28 |  | 1D OBFR01 | Monthly | (6059) |
|  Mitsubishi HC Capital, Inc. | Barclays Bank PLC | (1478981) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 20143 |
|  Molson Coors Beverage Co., Class B | Barclays Bank PLC | (1830654) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (6496) |
|  Moncler SpA | Citibank N.A. | (1440735) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | 10599 |
|  Morgan Stanley | Barclays Bank PLC | (2041017) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 22225 |
|  MTR Corp. Ltd. | Merrill Lynch International | (1731759) | 02/15/28 | (0.30)% | HONIA | Monthly | 24920 |
|  MultiChoice Group | JPMorgan Chase Bank N.A. | (1162915) | 02/11/26 | (0.40)% | 1D RAONON | Monthly | (23398) |
|  MultiChoice Group | Merrill Lynch International | (1087252) | 02/15/28 | (0.35)% | 1M JIBAR | Monthly | (7694) |
|  National Bank of Canada | Citibank N.A. | (163775) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | 4441 |
|  National Bank of Canada | Merrill Lynch International | (1428714) | 02/15/28 |  | CABROVER | Monthly | 26575 |
|  NEC Corp. | Merrill Lynch International | (1188937) | 03/15/28 |  | 1D P TONA | Monthly | (27408) |
|  News Corp., Class A, NVS | Merrill Lynch International | (2295552) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (62976) |
|  NIKE, Inc., Class B | Merrill Lynch International | (853439) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 37598 |
|  Nissin Foods Holdings Co. Ltd. | Barclays Bank PLC | (1006463) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 30776 |
|  Nordea Bank Abp | Barclays Bank PLC | (1756963) | 09/14/26 | (0.26)% | 1D STIBOR | Monthly | (35034) |
|  Nordson Corp. | Merrill Lynch International | (1265152) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (5768) |
|  Norfolk Southern Corp. | Merrill Lynch International | (1967836) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (165075) |
|  Northern Star Resources Ltd. | JPMorgan Chase Bank N.A. | (1600983) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | (277540) |
|  Norwegian Cruise Line Holdings Ltd. | Citibank N.A. | (1188816) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 36132 |
|  Novonesis Novozymes B | JPMorgan Chase Bank N.A. | (1699773) | 02/11/26 | (0.26)% | DESTR | Monthly | 44238 |
|  NU Holdings Ltd., Class A | Barclays Bank PLC | (867160) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 15428 |
|  Obic Co. Ltd. | Barclays Bank PLC | (994208) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 39224 |
|  Occidental Petroleum Corp. | Citibank N.A. | (1157728) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (37697) |
|  Ono Pharmaceutical Co. Ltd. | Barclays Bank PLC | (1961522) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 7835 |
|  O'Reilly Automotive, Inc. | Merrill Lynch International | (1692428) | 02/15/28 |  | 1D OBFR01 | Monthly | (21751) |
|  Orlen SA | JPMorgan Chase Bank N.A. | (1149192) | 02/11/26 | (0.50)% | 1D OBFR01 | Monthly | (49300) |
|  Packaging Corp. of America | Citibank N.A. | (1829306) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (44892) |
|  Palo Alto Networks, Inc. | Citibank N.A. | (813308) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (1172) |
|  Pan Pacific International Holdings Corp. | Barclays Bank PLC | (250482) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 3584 |
|  Pan Pacific International Holdings Corp. | Merrill Lynch International | (508737) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 24817 |
|  Parker-Hannifin Corp. | Barclays Bank PLC | (1823880) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 4320 |
|  Paychex, Inc. | Barclays Bank PLC | (1222262) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 18042 |
|  Pentair PLC | Citibank N.A. | (1034846) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (6298) |
|  Pernod Ricard SA | Citibank N.A. | (1835181) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | 63070 |
|  Persimmon PLC | Barclays Bank PLC | (740024) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (39542) |
|  Pool Corp. | Citibank N.A. | (1406753) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 11438 |
|  Postal Savings Bank of China Co. Ltd., Class H | Merrill Lynch International | (1218150) | 02/15/28 | (0.30)% | HONIA | Monthly | 79038 |
|  PPL Corp. | JPMorgan Chase Bank N.A. | (1450955) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (61457) |
|  Procter & Gamble Co. (The) | Barclays Bank PLC | (1362323) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (5162) |
|  Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. | (510256) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 15897 |
|  Quanta Services, Inc. | Barclays Bank PLC | (1148458) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (53360) |
|  Rengo Co. Ltd. | Barclays Bank PLC | (122234) | 08/14/26 | (0.17)% | 1D P TONA | Monthly | 2239 |
|  Restaurant Brands International, Inc. | Citibank N.A. | (2547668) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | 844 |
|  Revvity, Inc. | JPMorgan Chase Bank N.A. | (1388098) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (23067) |
|  Rheinmetall AG | Merrill Lynch International | (695642) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (6109) |
|  ROCKWOOL A/S, B Shares | Merrill Lynch International | (1167150) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly | 22612 |
|  Ryohin Keikaku Co. Ltd. | Merrill Lynch International | (994973) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 59806 |
|  Sandoz Group AG | JPMorgan Chase Bank N.A. | (1624110) | 02/11/26 | (0.26)% | SSARON | Monthly | (10100) |
|  SBA Communications Corp., Class A | Merrill Lynch International | (832219) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 20149 |
|  SBI Holdings, Inc. | Barclays Bank PLC | (1270620) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 16741 |
|  SBI Holdings, Inc. | Merrill Lynch International | (91690) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 261 |

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

**Equity Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  SCSK Corp. | Barclays Bank PLC | USD (1207398) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34016 |
|  SCSK Corp. | Merrill Lynch International | (475440) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 41409 |
|  Seagate Technology Holdings PLC | JPMorgan Chase Bank N.A. | (756960) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (187280) |
|  Seatrium Ltd. | JPMorgan Chase Bank N.A. | (949938) | 02/10/26 | (1.50)% | 1D OBFR01 | Monthly | (8941) |
|  SEB SA | Merrill Lynch International | (1287597) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (56269) |
|  Seino Holdings Co. Ltd. | Merrill Lynch International | (1023265) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 45299 |
|  Sembcorp Industries Ltd. | Merrill Lynch International | (1957468) | 02/15/28 | (0.30)% | 1D OBFR01 | Monthly | 34390 |
|  ServisFirst Bancshares, Inc. | JPMorgan Chase Bank N.A. | (540351) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 37119 |
|  Seven Bank Ltd. | Barclays Bank PLC | (1452368) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | (17568) |
|  SG Holdings Co. Ltd. | Barclays Bank PLC | (975767) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 39926 |
|  SG Holdings Co. Ltd. | Merrill Lynch International | (222994) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 10208 |
|  SGH Ltd. | JPMorgan Chase Bank N.A. | (2202858) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | (15407) |
|  Sherwin-Williams Co. (The) | Merrill Lynch International | (1071240) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 32460 |
|  Shimadzu Corp. | Barclays Bank PLC | (782763) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | (1501) |
|  Shimadzu Corp. | Merrill Lynch International | (75322) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | (330) |
|  Shopify, Inc., Class A | Merrill Lynch International | (687379) | 02/15/28 | (0.20)% | CABROVER | Monthly | 3973 |
|  Siemens AG, Registered Shares | Barclays Bank PLC | (1359419) | 09/14/26 | 0.15% | 1D ESTR | Monthly | (17469) |
|  Sigma Healthcare Ltd. | JPMorgan Chase Bank N.A. | (929835) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 16077 |
|  Sino Land Co. Ltd. | Merrill Lynch International | (1943975) | 02/15/28 |  | HONIA | Monthly | 39899 |
|  SLC Agricola SA | Merrill Lynch International | (1075536) | 02/15/28 | (0.40)% | 1D OBFR01 | Monthly | 45674 |
|  Smiths Group PLC | Barclays Bank PLC | (766292) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | (26337) |
|  Smurfit WestRock PLC | Citibank N.A. | (1457304) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 18438 |
|  Sofina SA | Merrill Lynch International | (829067) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | 1177 |
|  Sofina SA, Rights | Merrill Lynch International |  | 02/15/28 |  | 1D ESTR | Monthly | (6246) |
|  Sonova Holding AG, Registered Shares | Citibank N.A. | (1574818) | 02/26/26 | (0.26)% | SSARON | Monthly | 93564 |
|  Spirax Group PLC | Barclays Bank PLC | (1130531) | 09/14/26 | (0.25)% | 1D SONIA | Monthly | 25524 |
|  Steadfast Group Ltd. | JPMorgan Chase Bank N.A. | (1366850) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 41852 |
|  Sugi Holdings Co. Ltd. | Barclays Bank PLC | (896673) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 16537 |
|  Super Micro Computer, Inc. | Merrill Lynch International | (662548) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (37376) |
|  Swatch Group AG (The) | Barclays Bank PLC | (744677) | 09/14/26 | (0.26)% | 1D OBFR01 | Monthly | 7585 |
|  Swiss Re AG | JPMorgan Chase Bank N.A. | (1811155) | 02/11/26 | (0.26)% | 1D OBFR01 | Monthly | (83260) |
|  Swisscom AG, Registered Shares | Barclays Bank PLC | (1517824) | 09/14/26 | (0.26)% | SSARON | Monthly | (8561) |
|  Synnex Technology International Corp. | JPMorgan Chase Bank N.A. | (242373) | 02/10/26 | (0.21)% | 1D OBFR01 | Monthly | (8819) |
|  Synopsys, Inc. | Barclays Bank PLC | (1853244) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | 77040 |
|  Taiwan Mobile Co. Ltd. | JPMorgan Chase Bank N.A. | (1096359) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly | (21585) |
|  Target Corp. | Citibank N.A. | (1368430) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (48830) |
|  TechnoPro Holdings, Inc. | Citibank N.A. | (159467) | 02/26/26 | (0.25)% | 1D P TONA | Monthly | (715) |
|  Telecom Italia SpA/Milano | Merrill Lynch International | (790614) | 02/15/28 | (0.26)% | 1D ESTR | Monthly | (31032) |
|  Teledyne Technologies, Inc. | Merrill Lynch International | (2560636) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (135148) |
|  Telstra Group Ltd. | JPMorgan Chase Bank N.A. | (1747113) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | 11498 |
|  TELUS Corp. | Citibank N.A. | (2127675) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | (6521) |
|  Temenos AG, Registered Shares | Barclays Bank PLC | (695735) | 09/14/26 | (0.26)% | SSARON | Monthly | (2750) |
|  Tokyo Electron Ltd. | Barclays Bank PLC | (809413) | 08/14/26 | (0.15)% | 1D P TONA | Monthly | 11711 |
|  Tourmaline Oil Corp. | Citibank N.A. | (1837216) | 02/24/28 | (0.20)% | 1D CORRA | Monthly | 60379 |
|  Toyota Industries Corp. | Barclays Bank PLC | (687609) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 1551 |
|  Truist Financial Corp. | JPMorgan Chase Bank N.A. | (2300500) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 14500 |
|  UDR, Inc. | Barclays Bank PLC | (1083760) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (11684) |
|  UNITE Group PLC (The) | Citibank N.A. | (1125934) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (15929) |
|  UNITE Group PLC (The) | JPMorgan Chase Bank N.A. | (1833688) | 02/11/26 | (0.31)% | 1D SONIA | Monthly | (40363) |
|  United Parcel Service, Inc., Class B | JPMorgan Chase Bank N.A. | (1147012) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 11004 |
|  United Rentals, Inc. | Barclays Bank PLC | (1131918) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (13674) |
|  Vanguard Intermediate-Term Corporate Bond ETF | JPMorgan Chase Bank N.A. | (8631770) | 02/09/26 | (1.34)% | 1D OBFR01 | Monthly | 4103 |
|  Volkswagen AG, Preference Shares, NVS | Barclays Bank PLC | (839393) | 09/14/26 | (0.26)% | 1D ESTR | Monthly | (6047) |
|  W R Berkley Corp. | Barclays Bank PLC | (1725135) | 09/14/26 | (0.15)% | 1D OBFR01 | Monthly | (75435) |
|  Wartsila Oyj Abp | Citibank N.A. | (1231346) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | (13433) |
|  Wesfarmers Ltd. | JPMorgan Chase Bank N.A. | (1342297) | 02/10/26 | (0.25)% | 1D AONIA | Monthly | (2119) |
|  Wharf Holdings Ltd. (The) | Merrill Lynch International | (617195) | 02/15/28 | (0.30)% | HONIA | Monthly | 36520 |
|  Wharf Real Estate Investment Co. Ltd. | Merrill Lynch International | (1330063) | 02/15/28 | (0.30)% | HONIA | Monthly | 69215 |
|  Whitbread PLC | Citibank N.A. | (1451362) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | (45461) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | Payment<br>Frequency | Value/Unrealized<br>Appreciation<br>(Depreciation) |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Whitecap Resources, Inc. | Merrill Lynch International | USD (814975) | 02/15/28 |  | CABROVER | Monthly | $20593 |
|  Willis Towers Watson PLC | Citibank N.A. | (1253745) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (24420) |
|  Wise PLC, Class A | Citibank N.A. | (938610) | 02/26/26 | (0.25)% | 1D SONIA | Monthly | 25520 |
|  WPP PLC | JPMorgan Chase Bank N.A. | (1240117) | 02/11/26 | (0.25)% | 1D OBFR01 | Monthly | 89146 |
|  Xylem, Inc. | Citibank N.A. | (1090904) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (30096) |
|  Yakult Honsha Co. Ltd. | Barclays Bank PLC | (1868972) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 44245 |
|  Yokogawa Electric Corp. | Merrill Lynch International | (736637) | 03/15/28 | (0.15)% | 1D P TONA | Monthly | 24912 |
|  Zalando SE | Citibank N.A. | (680855) | 02/26/26 | (0.26)% | 1D ESTR | Monthly | 5714 |
|  Zensho Holdings Co. Ltd. | Barclays Bank PLC | (1099146) | 08/14/26 | (0.20)% | 1D P TONA | Monthly | 14711 |
|  Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  | (867196) |
|  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 |  |  |  | (150571) |
|  Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (265881) |
|  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 |  |  |  |  | $(416452) |

---

<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* | *Swap/Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $3285085 | $(2541898) | $15328428 | $(4291540) | $— |
|  OTC Swaps | 1091610 | (2389817) | 9991306 | (11812614) |  |
|  Options Written | N/A | (5502301) | 1748869 | (198533) | (3951965) |

---

<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. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $— | $— | $8092947 | $— | $8092947 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 3568629 |  |  | 3568629 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  |  | 1331158 | 345422 |  | 1676580 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> |  | 8259037 |  |  | 3705326 | 3364065 | 15328428 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 1836660 | 9061855 |  | 184401 |  | 11082916 |
|  | $— | $10095697 | $9061855 | $4899787 | $12328096 | $3364065 | $39749500 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $471741 | $— | $3738481 | $— | $4210222 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 4216225 |  |  | 4216225 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  |  | 356727 | 336296 | 3258942 |  | 3951965 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 20083 |  |  | 2364630 | 1906827 | 4291540 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 4724124 | 9478307 |  |  |  | 14202431 |
|  | $— | $4744207 | $10306775 | $4552521 | $9362053 | $1906827 | $30872383 |

---

<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 September 30, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | *Interest*<br> *Rate*<br> *Contracts* | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(26736390) | $— | $(133641596) | $— | $(160377986) |
|  Forward foreign currency exchange contracts |  |  |  | (8408463) |  |  | (8408463) |
|  Options purchased<sup>(a)</sup> |  |  | 1064718 | (13348664) | (1481490) |  | (13765436) |
|  Options written |  |  | 419250 | 12493445 | (3955629) |  | 8957066 |
|  Swaps |  | 9120894 | 3682919 |  | 10570459 |  | 23374272 |
|  | $— | $9120894 | $(21569503) | $(9263682) | $(128508256) | $— | $(150220547) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $89648 | $— | $31682 | $— | $6164278 | $— | $6285608 |
|  Forward foreign currency exchange contracts |  |  |  | 9745043 |  |  | 9745043 |
|  Options purchased<sup>(b)</sup> |  |  |  | (330528) | (18910764) |  | (19241292) |
|  Options written |  |  | 140967 | 993857 | 13755619 |  | 14890443 |
|  Swaps |  | 7852695 | 427774 |  | 17615521 | 1547238 | 27443228 |
|  | $89648 | $7852695 | $600423 | $10408372 | $18624654 | $1547238 | $39123030 |

---

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

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6003034453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 817415440 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | 801224698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | 236381024 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 5136568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1735411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | 4447830994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | 5129154364 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | 224357044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | 595423415 |
|  Equity swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — long | 295675812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — short | 339660591 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 113715157 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | 9608949201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 4095655320 |
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | 173685180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 726320159 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $1253466 | $2166649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3568629 | 4216225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 1676580 <sup>(a)</sup> | 3951965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  | 31710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | 11082916 | 14202431 |
|  Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | $17581591 | $24568980 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (1582138) | (2886701) |
|  Total derivative assets and liabilities subject to an MNA | $15999453 | $21682279 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty | Derivatives<br>Available<br>for Offset<sup>(a)</sup> | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | Cash<br>Collateral<br>Received<sup>(b)</sup> | Net<br>Amount of<br>Derivative<br>Assets<sup>(c)(d)</sup> |
|  Bank of America N.A. | $73094 | $(73094) | $– $|  | $— |
|  Barclays Bank PLC | 1791563 | (1791563) | – |  |  |
|  BNP Paribas S.A. | 207546 | (207546) | – |  |  |
|  Citibank N.A. | 2113669 | (1729001) | – |  | 384668 |
|  Citigroup Global Markets, Inc. | 716397 | (457487) | – | (258910) |  |
|  Commonwealth Bank of Australia | 28308 |  | – |  | 28308 |
|  Deutsche Bank AG | 29233 | (29233) | – |  |  |
|  Goldman Sachs Bank USA | 883390 | (883390) | – |  |  |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to*<br> *an MNA by<br>Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)(d)</sup>* |
|  HSBC Bank PLC | $348835 | $— | $— | $— | $348835 |
|  JPMorgan Chase Bank N.A. | 3235370 | (3235370) |  |  |  |
|  Merrill Lynch International | 3251325 | (3251325) |  |  |  |
|  Morgan Stanley & Co. International PLC | 86285 | (86285) |  |  |  |
|  Royal Bank of Canada | 12394 |  |  |  | 12394 |
|  Societe Generale | 186375 | (5540) |  |  | 180835 |
|  Standard Chartered Bank | 1404085 | (336296) |  | (1067789) |  |
|  Toronto-Dominion Bank | 133176 |  |  |  | 133176 |
|  UBS AG | 1498408 | (1498408) |  |  |  |
|  | $15999453 | $(13584538) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1326699) | $1088216 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | *Derivative<br>Liabilities<br>Subject to*<br> *an MNA by<br>Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | Cash<br>Collateral<br>Pledged<sup>(b)</sup> | *Net*<br> *Amount of<br>Derivative<br>Liabilities<sup>(d)(e)</sup>* |
|  Bank of America N.A. | $1642605 | $(73094) | $— | $(1569511) | $— |
|  Barclays Bank PLC | 2176391 | (1791563) | (384828) |  |  |
|  BNP Paribas S.A. | 317982 | (207546) |  |  | 110436 |
|  Citibank N.A. | 1729001 | (1729001) |  |  |  |
|  Citigroup Global Markets, Inc. | 457487 | (457487) |  |  |  |
|  Deutsche Bank AG | 911694 | (29233) | (371380) |  | 511081 |
|  Goldman Sachs Bank USA | 1772163 | (883390) |  |  | 888773 |
|  Goldman Sachs International | 2444782 |  | (889465) |  | 1555317 |
|  JPMorgan Chase Bank N.A. | 3275409 | (3235370) |  |  | 40039 |
|  Merrill Lynch International | 3285946 | (3251325) |  |  | 34621 |
|  Morgan Stanley & Co. International PLC | 626094 | (86285) | (539809) |  |  |
|  Societe Generale | 5540 | (5540) |  |  |  |
|  Standard Chartered Bank | 336296 | (336296) |  |  |  |
|  UBS AG | 2700889 | (1498408) | (954694) |  | 247787 |
|  | $21682279 | $(13584538) | $(3140176) | $(1569511) | $3388054 |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $1984137086 | $61311112 | $2045448198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense |  |  | 10872523 | 10872523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;9583945 |  |  | 9583945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail |  | 1901381 |  | 1901381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  | 974094 | 200818 | 1174912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 3756946 |  |  | 3756946 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;9034660 |  |  | 9034660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 4011187 | 440218 |  | 4451405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  | 14457798 | 14457798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 2109794 |  |  | 2109794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 10245507 | 57740 |  | 10303247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 6447956 |  |  | 6447956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  | 4084429 |  | 4084429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 8556971 |  |  | 8556971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1091847 |  |  | 1091847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  | 1637571 | 7923508 | 9561079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1469093 |  |  | 1469093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development |  |  | 5975143 | 5975143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 3493510 | 44242 |  | 3537752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5299469031 | 190634979 | 5490104010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests |  |  | 31588083 | 31588083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 77524318 | 175993714 | 253518032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 13233464 |  | 13233464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 548121111 |  | 548121111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 16468115 |  |  | 16468115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 109536301 |  | 109536301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 2508695968 | 58668048 | 2567364016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 74092679 |  | 74092679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 2681924 |  | 80704176 | 83386100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 9901238464 |  | 9901238464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 2688574066 |  | 2688574066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  |  | 1976798 | 1976798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  |  | 54523 | 54523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  |  | 56751 | 56751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  |  | 178085 | 178085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 53629 | 14636 |  | 68265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  |  | 238329 | 238329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines |  | 736 |  | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 5581 |  |  | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 9311 |  | 2426266 | 2435577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 14408 |  | 792503 | 806911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 3182 |  |  | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 184232289 |  |  | 184232289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 1331158 |  | 1331158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 328672 | 16750 |  | 345422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests <sup>(a)</sup> |  |  | 218894 | 218894 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (3489450382) |  | (3489450382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests <sup>(a)</sup> |  | (14) | (79168) | (79182) |
|  | $263598527 | $19725675047 | $644192883 | $20633466457 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $9004087 | $— | $9004087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | 9061855 |  | 9061855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 3568629 |  | 3568629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 8092947 | 3889727 |  | 11982674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | 3364065 |  | 3364065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (2354390) |  | (2354390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (828468) | (9478307) |  | (10306775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (4552521) |  | (4552521) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(3804215) | $(5557838) | $— | $(9362053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | (1906827) |  | (1906827) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;3460264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038480 | $&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;8498744 |

---

<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 year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed*<br> *Securities* | *Common*<br> *Stocks* | *Corporate*<br> *Bonds* | *Fixed Rate*<br> *Loan Interests* | *Floating Rate*<br> *Loan Interests* |
|  **Assets** |  |  |  |  |  |
|  Opening Balance, as of September 30, 2024 | $21539348 | $25467216 | $157472285 | $37276835 | $143248120 |
|  Transfers into Level 3 |  |  | 9876130 |  | 12819727 |
|  Transfers out of Level 3 | (1500000) |  |  |  |  |
|  Accrued discounts/premiums | (20617) |  | 4508766 | 13403 | (6244391) |
|  Net realized gain (loss) | (71323) | (29) | 909481 | 74197 | (5620584) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 699312 | 972830 | 778040 | (350972) | 13363902 |
|  Purchases | 43092169 | 12989773 | 63359470 |  | 64861855 |
|  Sales | (2427777) |  | (46269193) | (5425380) | (46434915) |
|  Closing Balance, as of September 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61311112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39429790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190634979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31588083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175993714 |
|  Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(b)</sup> | $699312 | $972830 | $(4144058) | $(371171) | $(290028) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Non-Agency*<br> *Mortgage-Backed*<br> *Securities* | *Preferred*<br> *Securities* | Warrants | *Unfunded*<br> *Floating Rate*<br> *Loan Interests* | Total |
|  **Assets** |  |  |  |  |  |
|  Opening Balance, as of September 30, 2024 | $53444000 | $56306650 | $4040334 | $60330 | $498855118 |
|  Transfers into Level 3 |  |  | 1976797 |  | 24672654 |
|  Transfers out of Level 3 | (4526) |  | (1) |  | (1504527) |
|  Accrued discounts/premiums | 340535 |  |  |  | (1402304) |
|  Net realized gain (loss) | 27297 |  |  |  | (4680961) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 479670 | 12584794 | (293875) | 158564 | 28392265 |
|  Purchases | 13049593 | 11812732 |  |  | 209165592 |
|  Sales | (8668521) |  |  |  | (109225786) |
|  Closing Balance, as of September 30, 2025 | $58668048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80704176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723255 | $218894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644272051 |
|  Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(b)</sup> | $477873 | $12584794 | $(169834) | $158564 | $9918282 |

---

---

| | |
|:---|:---|
|  | *Unfunded*<br> *Floating Rate*<br> *Loan Interests* |
|  **Liabilities** |  |
|  Opening Balance, as of September 30, 2024 | $(744) |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | (78424) |
|  Purchases |  |
|  Sales |  |
|  Closing Balance, as of September 30, 2025 | $(79168) |
|  Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(b)</sup> | $(78424) |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> September 30, 2025 | **BlackRock Total Return Fund** |

---

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

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 $70,894,688. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value | Valuation Approach | *Unobservable*<br> *Inputs* | *Range of*<br> *Unobservable Inputs*<br> *Utilized<sup>(a)</sup>* | *Weighted Average of*<br> *Unobservable Inputs*<br> *Based on Fair Value* |
|  **Assets** |  |  |  |  |  |
|  Asset Backed Securities | $49253512 | Income | Discount Rate | 7% - 10% | 9% |
|  Non-Agency Mortgage-Backed Securities | 10030198 | Income | Discount Rate | 8% |  |
|  Common Stocks | 39215201 | Market | Volatility | 75% |  |
|  |  |  | Time to Exit | 5.4 years |  |
|  |  |  | Revenue Multiple | 10.00x |  |
|  |  |  | EBITDA Multiple | 9.88x - 27.54x | 20.51x |
|  |  |  | Discount for lack of marketability | 9% - 10% | 10% |
|  |  | Income | Discount Rate | 10% - 15% | 13% |
|  Corporate Bonds<sup>(b)</sup> | 190602359 | Income | Discount Rate | 5% - 21% | 11% |
|  Floating Rate Loan Interests | 168919891 | Income | Discount Rate | 5% - 16% | 9% |
|  |  | Market | EBITDA Multiple | 11.00x |  |
|  Fixed Rate Loan Interests | 29363443 | Income | Discount Rate | 7% |  |
|  Preferred Stock | 80190341 | Income | Discount Rate | 10% - 15% | 13% |
|  |  | Market | Revenue Multiple | 3.25x-30.17x | 17.38x |
|  |  |  | EBITDA Multiple | 7.96x |  |
|  |  |  | Volatility | 48% -80% | 51% |
|  |  |  | Time to Exit | 2.0 - 3.0 years | 2.9 years |
|  Warrants | 5723250 | Market | Revenue Multiple | 1.04x-10.25x | 9.63x |
|  |  |  | Volatility | 30% - 75% | 43% |
|  |  |  | Time to Exit | 3.0 - 9.6 years | 5.3 years |
|  |  |  | Discount for lack of marketability | 9% |  |
|  | $573298195 |  |  |  |  |

---

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

<sup>(b)</sup> For the period end September 30, 2025, the valuation technique for investments classified as Corporate Bonds amounting to $12,685,348 changed to an income approach. The investments were previously valued utilizing a hybrid approach. The change was due to consideration of the information that was available at the time the investments were valued. 

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

------

Consolidated Statement of Assets and Liabilities

September 30, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $23922076723 |
|  Investments, at value — affiliated<sup>(c)</sup> | 200700404 |
|  Cash | 1962244 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 4169524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 48227010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 36413000 |
|  Foreign currency, at value<sup>(d)</sup> | 50021067 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12196330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 3013279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 13027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 31568644 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 3490119048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 48358433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 514453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 145310366 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 701674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1253466 |
|  Swap premiums paid | 1091610 |
|  Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3568629 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 9991306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 218894 |
|  Prepaid expenses | 195666 |
|  Total assets | 28011684797 |
|  **LIABILITIES** |  |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 1928427 |
|  Collateral on securities loaned | 9940216 |
|  Options written, at value<sup>(e)</sup> | 3951965 |
|  TBA sale commitments, at value<sup>(f)</sup> | 3489450382 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6480311118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 28950815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 87103450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 6975423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 5051073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 571910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2851764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 189018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 217915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 311385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2166649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 31710 |
|  Swap premiums received | 2389817 |
|  Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4216225 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 11812614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 79182 |
|  Total liabilities | 10138501058 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $17873183739 |

---

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

------

Consolidated Statement of Assets and Liabilities (continued)

September 30, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $21059224536 |
|  Accumulated loss | (3186040797) |
|  NET ASSETS | $17873183739 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $24410681292 |
|  <sup>(b)</sup> Securities loaned, at value | $9833524 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $200637413 |
|  <sup>(d)</sup> Foreign currency, at cost | $50188649 |
|  <sup>(e)</sup> Premiums received | $5502301 |
|  <sup>(f)</sup> Proceeds from TBA sale commitments | $3490119048 |

---

C O N S O L I D A T E D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 85

------

Consolidated Statement of Assets and Liabilities (continued)

September 30, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9637280364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 960112731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1.6 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Service** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $33547181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3341393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 50 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1227609297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 122248986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 450 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $13568091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1352339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 50 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $26811203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2672043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6866455645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 684127208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $67911958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 6761953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 250 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to consolidated financial statements.* 

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

------

Consolidated Statement of Operations

Year Ended September 30, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Total Return<br> Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $4016138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 23741603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 965442527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 67786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated | 1926818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (48584) |
|  Total investment income | 995146288 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 65874294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 13714227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 3920839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 1492284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 727404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 312171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 92844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 425781 |
|  Total expenses excluding interest expense | 87069844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 120348 |
|  Total expenses | 87190192 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (520146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (3310372) |
|  Total expenses after fees waived and/or reimbursed | 83359674 |
|  Net investment income | 911786614 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | (117124355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (285147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from investment — affiliated | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 8957066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (160377986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (8408463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (23118989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 23374272 |
|  | (276979927) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (94331500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 47269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 14890443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6285608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 9745043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1156462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 27443228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 80126 |
|  | (36996245) |
|  Net realized and unrealized loss | (313976172) |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $597810442 |
|  <sup>(a)</sup> Net of foreign capital gain tax of | $(9787) |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T O F O P E R A T I O N S 87

------

Consolidated Statements of Changes in Net Assets

Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **BlackRock Total Return Fund** | **BlackRock Total Return Fund** |
|  | **Year Ended<br>09/30/25** | **Year Ended<br>09/30/24** |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $911786614 | $874793377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (276979927) | (129930046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36996245) | 1365726336 |
|  Net increase in net assets resulting from operations | 597810442 | 2110589667 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (519452601) | (482984458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (1612875) | (1616783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (57379965) | (54049354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (646399) | (709072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (1178198) | (1413948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (344106110) | (318861885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2905116) | (2863354) |
|  Decrease in net assets resulting from distributions to shareholders | (927281264) | (862498854) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (1924652928) | 1359076595 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (2254123750) | 2607167408 |
|  Beginning of year | 20127307489 | 17520140081 |
|  End of year | $17873183739 | $20127307489 |

---

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

*See notes to consolidated financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 89

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 91

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) | BlackRock Total Return Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Year Ended<br>09/30/25<sup>(a)</sup> | Year Ended<br>09/30/24<sup>(a)</sup> | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  **Net asset value, beginning of year** | $10.18 | $9.50 | $9.76 | $11.95 | $12.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.45 | 0.45 | 0.39 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.15) | 0.67 | (0.27) | (2.13) | (0.08) |
|  Net increase (decrease) from investment operations | 0.30 | 1.12 | 0.12 | (1.89) | 0.13 |
| Distributions<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.45) | (0.44) | (0.36) | (0.23) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.07) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.45) | (0.44) | (0.38) | (0.30) | (0.71) |
|  **Net asset value, end of year** | $10.03 | $10.18 | $9.50 | $9.76 | $11.95 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 3.23% | 12.08 %<sup>(e)</sup> | 1.15% | (16.04)% | 1.02% |
|  **Ratios to Average Net Assets<sup>(f)(g)</sup>** |  |  |  |  |  |
|  Total expenses | 0.64% | 0.68 %<sup>(h)</sup> | 0.71 %<sup>(i)</sup> | 0.70 %<sup>(i)</sup> | 0.68 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.59% | 0.59 %<sup>(h)</sup> | 0.59 %<sup>(i)</sup> | 0.60 %<sup>(i)</sup> | 0.60 %<sup>(i)</sup> |
|  Net investment income | 4.60% | 4.57 %<sup>(h)</sup> | 3.90 %<sup>(i)</sup> | 2.19 %<sup>(i)</sup> | 1.73 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21957 |
|  Portfolio turnover rate<sup>(j)(k)</sup> | 595% | 471% | 380% | 289% | 459% |

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

92 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 93

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

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

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 |
|  Portfolio turnover rate (excluding MDRs)<sup>(j)</sup> | 352% | 292% | 171% | 42% | 161% |

---

*See notes to consolidated financial statements.* 

F I N A N C I A L H I G H L I G H T S 95

------

Notes to Consolidated Financial Statements

*1. ORGANIZATION* 

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor A1, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Class R Shares are sold without a sales charge and 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 | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor A1 Shares | No <sup>(b)</sup> | No <sup>(c)</sup> |  |
|  Investor C Shares | No | Yes <sup>(d)</sup> | To Investor A Shares after approximately 8 years |

---

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

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

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

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

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Master Total Return Portfolio II, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $0, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Master Total Return Portfolio Subsidiary, LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. Taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. The Fund may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $13,729,558, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to the Fund.

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

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt

96 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Consolidated Financial Statements (continued)

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.

**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 September 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of the 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:

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

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.

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

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

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

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

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

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

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

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

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

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

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

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

*4. SECURITIES AND OTHER INVESTMENTS* 

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

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Notes to Consolidated Financial Statements (continued)

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 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.

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Notes to Consolidated Financial Statements (continued)

**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 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 | Commitment<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  CoreWeave Compute Acquisition Co. IV LLC | $4522803 | $4454975 | $4454961 | $(14) |
|  CTP-02 Propco LLC, Term Loan | 4176053 | 4144255 | 4173824 | 29569 |
|  Goodarz Holding Co. S.a.r.l, Term Loan | 2455823 | 2693394 | 2881745 | 188351 |
|  Houston Center Term Loan A | 459606 | 459606 | 434479 | (25127) |
|  HP LQ Investment LP, Term Loan (First Lien) | 1551405 | 1550431 | 1551405 | 974 |
|  Montage Hotels & Resorts LLC, Revolver | 1441085 | 1441085 | 1387044 | (54041) |
|  |  |  |  | $139712 |

---

**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

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Notes to Consolidated Financial Statements (continued)

securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event 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 September 30, 2025, the Fund had outstanding commitments of $17,043,236. These commitments are not included in the net assets of the Fund as of September 30, 2025.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Securities<br>Loaned at Value | Cash<br>Collateral Received<br><sup>(a)</sup> |  | Net<br>Amount |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $1299825 | $(1299825) | $– | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 304536 | (304536) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2124096 | (2095680) | – | 28416 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 5709828 | (5709828) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 395239 | (389494) | – | 5745 <sup>(b)</sup> |
|  | $9833524 | $(9799363) | $– | $34161 |

---

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

<sup>(b)</sup> The market value of the loaned securities is determined as of September 30, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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Notes to Consolidated Financial Statements (continued)

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).

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

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Notes to Consolidated Financial Statements (continued)

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.

• 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.

• Interest rate caps and floors – Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or "cap." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that the Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

• Foreign currency options – The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

• Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option's expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will

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Notes to Consolidated Financial Statements (continued)

either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

• Currency swaps — Currency swaps are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

• Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

• Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. When the Fund enters into an ISDA Master Agreement and an MRA and/or MSLA with the same counterparty, the agreements may contain a set-off provision allowing the Fund to offset a net amount payable with amounts due to the Fund upon default of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA Master Agreement, such laws may prohibit the Fund from setting off amounts owed to a defaulting counterparty under an ISDA Master Agreement against amounts owed to the Fund by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

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Notes to Consolidated Financial Statements (continued)

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

*6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory:** The Corporation, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, 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:

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| | |
|:---|:---|
| Average Daily Net Assets | Investment<br>Advisory Fees |
|  First $250 million | 0.48% |
|  $250 million — $500 million | 0.43 |
|  $500 million — $750 million | 0.38 |
|  Greater than $750 million | 0.34 |

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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:

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| | | |
|:---|:---|:---|
| Share Class | Service Fees | Distribution Fees |
|  Service | 0.25% | N/A |
|  Investor A | 0.25 | N/A |
|  Investor A1 | 0.10 | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 |

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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 year ended September 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service | Investor A | Investor A1 | Investor C | Class R | Total |
|  Service and distribution — class specific | $89161 | $3168018 | $13819 | $307331 | $342510 | $3920839 |

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**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 year ended September 30, 2025, the Fund paid $491,240 for the Fund's Institutional Shares to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations.

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Notes to Consolidated Financial Statements (continued)

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended September 30, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Class R | Total |
|  Reimbursed amounts | $45825 | $742 | $13137 | $182 | $3554 | $14839 | $2240 | $80519 |

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For the year ended September 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Class R | Total |
|  Transfer agent — class specific | $11632693 | $61276 | $1736492 | $25108 | $42540 | $86436 | $129682 | $13714227 |

---

**Other Fees:** For the year ended September 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $11,438.

For the year ended September 30, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| Share Class | Amounts |
|  Investor A | $39212 |
|  Investor C | 1996 |

---

**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 year ended September 30, 2025, the Manager waived $156,864 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 year ended September 30, 2025, the amount waived was $363,282.

With respect to the Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| Share Class | *Expense* <br> *Limitations*  |
|  Institutional | 0.44% |
|  Service | 0.75 |
|  Investor A | 0.78 |
|  Investor A1 | 0.59 |
|  Investor C | 1.44 |
|  Class K | 0.39 |
|  Class R | 1.03 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 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 year ended September 30, 2025, class specific waivers and/or reimbursements were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Class R | Total |
|  Transfer agent fees waived and/or reimbursed — class specific | $3223045 | $11507 | $38195 | $7463 | $17260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $12875 | $3310372 |

---

**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

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 107

------

Notes to Consolidated Financial Statements (continued)

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 current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the year ended September 30, 2025, the Fund paid BIM $13,828 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**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 year ended September 30, 2025, 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 | $115002012385 | $114786766635 |
|  Other Securities | 12377669709 | 11863125319 |

---

For the year ended September 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
|  Mortgage Dollar Rolls | $51606632671 | $51626888204 |

---

*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 September 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

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Notes to Consolidated Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to net losses derived from the Fund's wholly owned subsidiary were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| Fund Name | Paid-in capital | Accumulated earnings (loss) |
|  BlackRock Total Return Fund | $1010225 | $(1010225) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>09/30/25 | Year Ended<br>09/30/24 |
|  Ordinary income | $927281264 | $862498854 |

---

As of September 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Undistributed<br>Ordinary Income | Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup> | Net Unrealized<br>Gains (Losses)<sup>(b)</sup> | Total |
|  BlackRock Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19762626 | $(2689080044) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516723379) | $(3186040797) |

---

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

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements, timing and recognition of partnership income, amortization methods for premiums on fixed income securities, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the accrual of income on securities in default, classification of investments, tax deferral of losses on straddles and the realization for tax purposes of unrealized gains on constructive sales. 

As of September 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  BlackRock Total Return Fund | $24651672675 | $342275480 | $(858804999) | $(516529519) |

---

*9. PRINCIPAL RISKS* 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate 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

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 109

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Notes to Consolidated Financial Statements (continued)

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.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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Notes to Consolidated Financial Statements (continued)

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 09/30/25 | Year Ended 09/30/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| Share Class | Shares | Amount | Shares | Amount |
|  Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 333920423 | $3290444839 | 481902649 | $4752842030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48089702 | 474567655 | 46490349 | 457662091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (533214523) | (5249989880) | (422542420) | (4150302091) |
|  | (151204398) | $(1484977386) | 105850578 | $1060202030 |
|  Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 796403 | $7854209 | 633782 | $6250232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 161378 | 1592960 | 164508 | 1616783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1401163) | (13824231) | (835989) | (8226413) |
|  | (443382) | $(4377062) | (37699) | $(359398) |
|  Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 43060141 | $425046792 | 35802100 | $353628091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5531684 | 54617364 | 5182565 | 51014846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (55594816) | (546572524) | (41825232) | (410440969) |
|  | (7002991) | $(66908368) | (840567) | $(5798032) |
|  Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 156216 | $1539158 | 153547 | $1511625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 56941 | 561870 | 62442 | 613930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (406541) | (4026580) | (419384) | (4097351) |
|  | (193384) | $(1925552) | (203395) | $(1971796) |
|  Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 361664 | $3570311 | 765030 | $7493953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 113978 | 1124413 | 138687 | 1362957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1352940) | (13326614) | (1827325) | (17860187) |
|  | (877298) | $(8631890) | (923608) | $(9003277) |
|  Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 135054859 | $1330313716 | 202661708 | $2002649570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 32668811 | 322404290 | 30433597 | 299455102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (203808968) | (2007233619) | (203443991) | (1986821082) |
|  | (36085298) | $(354515613) | 29651314 | $315283590 |
|  Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1532548 | $15088994 | 2016157 | $19843367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 293097 | 2894546 | 290020 | 2855542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2167513) | (21300597) | (2231236) | (21975431) |
|  | (341868) | $(3317057) | 74941 | $723478 |
|  | (196148619) | $(1924652928) | 133571564 | $1359076595 |

---

As of September 30, 2025, BlackRock HoldCo 2, Inc., an affiliate of the Fund, owned 264,970 Class K shares of the Fund.

**11.**  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 111

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Total Return Fund and the Board of Directors of BlackRock Bond Fund, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Total Return Fund and subsidiaries of BlackRock Bond Fund, Inc. (the "Fund"), including the consolidated schedule of investments, as of September 30, 2025, the related consolidated statement of operations for the year then ended, consolidated statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). Such financial highlights are consolidated for the two years in the period ended September 30, 2025. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

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Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended September 30, 2025:

---

| | |
|:---|:---|
| Fund Name | Qualified Dividend<br>Income |
|  BlackRock Total Return Fund | $3620052 |

---

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended September 30, 2025:

---

| | |
|:---|:---|
| Fund Name | Qualified Business<br>Income |
|  BlackRock Total Return Fund | $82295 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended September 30, 2025:

---

| | |
|:---|:---|
| Fund Name | Federal Obligation<br>Interest |
|  BlackRock Total Return Fund | $140977719 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended September 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| Fund Name | Dividends-Received<br>Deduction |
|  BlackRock Total Return Fund | 0.28% |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended September 30, 2025:

---

| | |
|:---|:---|
| Fund Name | Interest Dividends |
|  BlackRock Total Return Fund | $889262863 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations, for the fiscal year ended September 30, 2025:

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| | |
|:---|:---|
| Fund Name | Interest-Related<br>Dividends |
|  BlackRock Total Return Fund | $729767211 |

---

I M P O R T A N T T A X I N F O R M A T I O N 113

------

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.

114 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Sub-Advisers** | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | **Legal Counsel** |
| BlackRock (Singapore) Limited | Willkie Farr & Gallagher LLP |
| 079912 Singapore | New York, NY 10019 |
| **Accounting Agent and Transfer Agent** | **Address of the Fund** |
| BNY Mellon Investment Servicing (US) Inc. | 100 Bellevue Parkway |
| Wilmington, DE 19809 | Wilmington, DE 19809 |
| **Custodian** |  |
| The Bank of New York Mellon |  |
| New York, NY 10286 |  |

---

A D D I T I O N A L I N F O R M A T I O N 115

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Bond Fund, Inc. (the "Company") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Company on behalf of BlackRock Total Return Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager and BlackRock International Limited ("BIL"), with respect to the Fund, and (2) the Manager and BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors"), with respect to the Fund. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the "Agreements."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board Members who are not "interested persons" of the Company, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

116 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, the Fund ranked in the third quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S 117

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending, and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and the Company, on behalf of the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements between the Manager and the Sub-Advisors, with respect to the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan Offshore |
| COP | Colombian Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| PEN | Peruvian Sol |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

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#### 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 |
| AKA | Also Known As |
| BBSW | Bank Bill Swap Rate |
| CABROVER | Bank of Canada Overnight Rate Target |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| COBRO | CAD - Overnight Interbank Rate Overnight |
| CORRA | Canadian OvernightRepo Rate Average |
| CPTFEMU | Eurozone Inflation Index |
| CVR | Contingent Value Rights |
| DAC | Designated Activity Co. |
| DESTR | DKK - Denmark Short-Term Rate |
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization |
| 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 |
| NOWA | NOK - Norwegian Overnight Weighted Average |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| PIK | Payment-in-Kind |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| 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 |
| UK RPI | United Kingdom Retail Price Index |

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G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 119

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#### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

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| | |
|:---|:---|
| ![LOGO](g17414g42l24.jpg)  | ![LOGO](g17414g53i55.jpg) |

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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 – See Item 7

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

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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#### 5

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(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](d17414dex99cert.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](d17414dex99906cert.htm)

#### 6

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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.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Bond Fund, Inc. |

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Date: November 21, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Bond Fund, Inc. |

---

Date: November 21, 2025

---

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

---

Date: November 21, 2025

#### 7

## 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: November 21, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Bond Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 21, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Bond Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 21, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Bond Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 21, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Bond Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**