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 Sustainable 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: (800) 441-7762
 
Date of fiscal year end: 09/30/2025
 
Date of reporting period: 03/31/2025
 
Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.
0000276463falseN-CSRSBlackRock Bond Fund, 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ember2025-03-310000276463blk:C000230844Memberblk:MunicipalBondsCTIMember2025-03-310000276463blk:C000230844Memberblk:CommonStocksCTIMember2025-03-310000276463blk:C000230844Memberblk:InvestmentCompaniesCTIMember2025-03-310000276463blk:C000230844Memberblk:AAAAaaCTIMember2025-03-310000276463blk:C000230844Memberblk:AAAaCTIMember2025-03-310000276463blk:C000230844Memberblk:ACTIMember2025-03-310000276463blk:C000230844Memberblk:BBBBaaCTIMember2025-03-310000276463blk:C000230844Memberblk:BBBaCTIMember2025-03-310000276463blk:C000230844Memberblk:BCTIMember2025-03-310000276463blk:C000230844Memberblk:CCCCaaCTIMember2025-03-310000276463blk:C000230844Memberblk:CCCaCTIMember2025-03-310000276463blk:C000230844Memberblk:NRCTIMember2025-03-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dblk:Holding

BlackRock Sustainable Total Return Fund

Image

Class K Shares BKSTX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class K Shares
$19
0.39%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.56)%
5.02%
(1.53)%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.37)
4.88
(1.26)

The Fund commenced operations on October 18, 2021. 

 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$44,614,954
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
718
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
448%

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

What did the Fund invest in?

(as of March 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
25.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.0
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
62.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
FootnoteDescription
Footnote(a)
Excludes short-term securities, short investments and options, if any.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
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.
Footnote(d)
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.

Additional information

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

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock Sustainable Total Return Fund

Class K Shares BKSTX

Semi-Annual Shareholder Report — March 31, 2025

BKSTX-03/25-SAR

BlackRock Sustainable Total Return Fund

Image

Institutional Shares BISTX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$22
0.44%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.59)%
4.96%
(1.58)%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.37)
4.88
(1.26)

The Fund commenced operations on October 18, 2021. 

 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$44,614,954
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
718
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
448%

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

What did the Fund invest in?

(as of March 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
25.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.0
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
62.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
FootnoteDescription
Footnote(a)
Excludes short-term securities, short investments and options, if any.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
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.
Footnote(d)
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.

Additional information

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

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock Sustainable Total Return Fund

Institutional Shares BISTX

Semi-Annual Shareholder Report — March 31, 2025

BISTX-03/25-SAR

BlackRock Sustainable Total Return Fund

Image

Investor A Shares BASTX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor A Shares
$37
0.75%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.74)%
4.65%
(1.86)%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(4.71)
0.46
(3.02)
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.37)
4.88
(1.26)

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

The Fund commenced operations on October 18, 2021. 

 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$44,614,954
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
718
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
448%

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

What did the Fund invest in?

(as of March 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
25.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.0
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
62.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
FootnoteDescription
Footnote(a)
Excludes short-term securities, short investments and options, if any.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
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.
Footnote(d)
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.

Additional information

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

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock Sustainable Total Return Fund

Investor A Shares BASTX

Semi-Annual Shareholder Report — March 31, 2025

BASTX-03/25-SAR

 (b) Not Applicable
 
Item 2 –            Code of Ethics – Not Applicable to this semi-annual report.
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report.
 
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report.
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(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.

(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
 
              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.
March
31,
2025
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Funds
V
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Bond
Fund,
Inc.
BlackRock
Sustainable
Total
Return
Fund
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedules
of
Investments
.................................................................................................
4
Statements
of
Assets
and
Liabilities
...........................................................................................
32
Statements
of
Operations
.................................................................................................
35
Statements
of
Changes
in
Net
Assets
..........................................................................................
36
Financial
Highlights
.....................................................................................................
37
Notes
to
Financial
Statements
...............................................................................................
43
Additional
Information
....................................................................................................
57
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
59
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Funds
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
Funds
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
Funds’
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 a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Building
Products
0.0%
JELD-WEN
Holding,
Inc.
(a)
...............
2,228
$
13,301‌
Hotels,
Restaurants
&
Leisure
0.1%
Churchill
Downs,
Inc.
..................
362
40,207‌
Life
Sciences
Tools
&
Services
0.1%
Avantor,
Inc.
(a)
.......................
2,500
40,525‌
Total
Common
Stocks
0
.2
%
(Cost:
$
136,478
)
.................................
94,033‌
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
3.2%
(b)
Axon
Enterprise,
Inc.
6.13%
,
03/15/30
...................
USD
57‌
57,526‌
6.25%
,
03/15/33
...................
44‌
44,452‌
Bombardier,
Inc.
8.75%
,
11/15/30
...................
61‌
64,312‌
7.25%
,
07/01/31
...................
47‌
47,160‌
7.00%
,
06/01/32
...................
59‌
58,745‌
Efesto
Bidco
SpA,
Series
XR,
7.50%,
02/15/32
.
206‌
200,869‌
Goat
Holdco
LLC,
6.75%,
02/01/32
........
65‌
63,618‌
TransDigm,
Inc.
6.38%
,
03/01/29
...................
237‌
239,416‌
7.13%
,
12/01/31
...................
43‌
44,240‌
6.63%
,
03/01/32
...................
218‌
220,779‌
6.00%
,
01/15/33
...................
219‌
215,526‌
Triumph
Group,
Inc.,
9.00%,
03/15/28
......
152‌
159,795‌
1,416,438‌
Automobile
Components
2.0%
Aptiv
Swiss
Holdings
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.39%),
6.88%,
12/15/54
(c)
............
200‌
195,780‌
Clarios
Global
LP
(b)
8.50%
,
05/15/27
...................
393‌
393,092‌
6.75%
,
05/15/28
...................
78‌
79,099‌
6.75%
,
02/15/30
...................
90‌
90,858‌
Dana,
Inc.
4.25%
,
09/01/30
...................
11‌
10,152‌
4.50%
,
02/15/32
...................
17‌
15,481‌
Garrett
Motion
Holdings,
Inc.,
7.75%,
05/31/32
(b)
40‌
39,536‌
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%
,
07/15/29
...................
71‌
65,859‌
5.25%
,
04/30/31
...................
2‌
1,804‌
5.63%
,
04/30/33
...................
2‌
1,786‌
893,447‌
Broadline
Retail
0.2%
(b)
ANGI
Group
LLC,
3.88%,
08/15/28
........
36‌
32,668‌
Match
Group
Holdings
II
LLC,
3.63%,
10/01/31
.
75‌
64,637‌
97,305‌
Building
Products
2.2%
(b)
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30
.......................
107‌
107,466‌
Builders
FirstSource,
Inc.,
6.38%,
03/01/34
...
61‌
60,531‌
EMRLD
Borrower
LP
6.63%
,
12/15/30
...................
379‌
379,168‌
6.75%
,
07/15/31
...................
77‌
77,500‌
JELD-WEN,
Inc.,
7.00%,
09/01/32
........
89‌
78,957‌
Standard
Building
Solutions,
Inc.,
6.50%,
08/15/32
.......................
137‌
136,959‌
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
Standard
Industries,
Inc.
4.38%
,
07/15/30
...................
USD
55‌
$
50,752‌
3.38%
,
01/15/31
...................
56‌
48,690‌
Wilsonart
LLC,
11.00%,
08/15/32
.........
73‌
66,981‌
1,007,004‌
Capital
Markets
0.6%
(b)
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
..................
47‌
44,338‌
Focus
Financial
Partners
LLC,
6.75%,
09/15/31
77‌
75,936‌
HAT
Holdings
I
LLC
3.38%
,
06/15/26
...................
106‌
102,817‌
8.00%
,
06/15/27
...................
59‌
61,078‌
284,169‌
Chemicals
2.5%
Avient
Corp.,
6.25%,
11/01/31
(b)
..........
70‌
69,341‌
Chemours
Co.
(The)
5.38%
,
05/15/27
...................
44‌
42,923‌
5.75%
,
11/15/28
(b)
..................
65‌
59,952‌
4.63%
,
11/15/29
(b)
..................
29‌
24,753‌
8.00%
,
01/15/33
(b)
..................
55‌
51,429‌
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
...
219‌
206,199‌
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
....
200‌
179,914‌
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
(9.25%
Cash
or
10.00%
PIK),
11/01/26
(b)
(d)
............
66‌
56,453‌
Olympus
Water
US
Holding
Corp.,
7.25%,
06/15/31
(b)
......................
200‌
196,340‌
WR
Grace
Holdings
LLC
(b)
4.88%
,
06/15/27
...................
24‌
23,180‌
5.63%
,
08/15/29
...................
249‌
214,291‌
1,124,775‌
Commercial
Services
&
Supplies
4.6%
ADT
Security
Corp.
(The)
(b)
4.13%
,
08/01/29
...................
3‌
2,816‌
4.88%
,
07/15/32
...................
53‌
49,475‌
Allied
Universal
Holdco
LLC
(b)
4.63%
,
06/01/28
...................
200‌
189,431‌
6.00%
,
06/01/29
...................
200‌
183,796‌
7.88%
,
02/15/31
...................
348‌
352,437‌
APi
Group
DE,
Inc.
(b)
4.13%
,
07/15/29
...................
19‌
17,604‌
4.75%
,
10/15/29
...................
24‌
22,401‌
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
....
42‌
41,235‌
Garda
World
Security
Corp.
(b)
4.63%
,
02/15/27
...................
53‌
51,587‌
7.75%
,
02/15/28
...................
55‌
56,367‌
6.00%
,
06/01/29
...................
14‌
13,126‌
8.25%
,
08/01/32
...................
83‌
81,003‌
8.38%
,
11/15/32
...................
179‌
175,995‌
GFL
Environmental,
Inc.
(b)
4.00%
,
08/01/28
...................
37‌
35,164‌
3.50%
,
09/01/28
...................
4‌
3,780‌
4.75%
,
06/15/29
...................
98‌
94,309‌
4.38%
,
08/15/29
...................
29‌
27,354‌
6.75%
,
01/15/31
...................
40‌
41,233‌
Madison
IAQ
LLC
(b)
4.13%
,
06/30/28
...................
30‌
28,312‌
5.88%
,
06/30/29
...................
128‌
120,931‌
Raven
Acquisition
Holdings
LLC,
6.88%,
11/15/31
(b)
......................
82‌
79,627‌
Reworld
Holding
Corp.
4.88%
,
12/01/29
(b)
..................
20‌
18,602‌
5.00%
,
09/01/30
...................
40‌
37,052‌
RR
Donnelley
&
Sons
Co.,
9.50%,
08/01/29
(b)
..
111‌
109,946‌
Veritiv
Operating
Co.,
10.50%,
11/30/30
(b)
....
30‌
31,765‌
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Williams
Scotsman,
Inc.
(b)
6.63%
,
06/15/29
...................
USD
21‌
$
21,246‌
6.63%
,
04/15/30
...................
61‌
61,652‌
7.38%
,
10/01/31
...................
72‌
74,147‌
Wrangler
Holdco
Corp.,
6.63%,
04/01/32
(b)
...
19‌
19,345‌
2,041,738‌
Communications
Equipment
0.4%
(b)
CommScope
LLC
4.75%
,
09/01/29
...................
84‌
74,680‌
9.50%
,
12/15/31
...................
92‌
94,760‌
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
......
23‌
21,033‌
190,473‌
Construction
&
Engineering
0.1%
(b)
Dycom
Industries,
Inc.,
4.50%,
04/15/29
.....
31‌
28,982‌
Pike
Corp.,
8.63%,
01/31/31
............
20‌
21,076‌
50,058‌
Consumer
Finance
1.8%
Ally
Financial,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.65%,
01/17/40
(c)
............
10‌
9,676‌
Azorra
Finance
Ltd.,
7.75%,
04/15/30
(b)
.....
44‌
43,383‌
Bread
Financial
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.30%),
8.38%,
06/15/35
(b)
(c)
....
18‌
17,601‌
GGAM
Finance
Ltd.
(b)
7.75%
,
05/15/26
...................
10‌
10,111‌
8.00%
,
02/15/27
...................
24‌
24,588‌
8.00%
,
06/15/28
...................
28‌
29,361‌
6.88%
,
04/15/29
...................
50‌
50,595‌
5.88%
,
03/15/30
...................
45‌
44,466‌
Global
Aircraft
Leasing
Co.
Ltd.,
8.75%,
09/01/27
(b)
......................
51‌
51,701‌
Navient
Corp.,
9.38%,
07/25/30
..........
75‌
79,897‌
OneMain
Finance
Corp.
6.63%
,
01/15/28
...................
2‌
2,015‌
6.63%
,
05/15/29
...................
68‌
68,127‌
7.88%
,
03/15/30
...................
70‌
72,553‌
4.00%
,
09/15/30
...................
150‌
132,143‌
7.50%
,
05/15/31
...................
25‌
25,439‌
7.13%
,
11/15/31
...................
22‌
22,131‌
6.75%
,
03/15/32
...................
58‌
56,926‌
SLM
Corp.
3.13%
,
11/02/26
...................
41‌
39,608‌
6.50%
,
01/31/30
...................
14‌
14,366‌
794,687‌
Consumer
Staples
Distribution
&
Retail
1.0%
Albertsons
Cos.,
Inc.
(b)
4.63%
,
01/15/27
...................
8‌
7,881‌
3.50%
,
03/15/29
...................
45‌
41,414‌
4.88%
,
02/15/30
...................
119‌
113,688‌
6.25%
,
03/15/33
...................
57‌
57,555‌
KeHE
Distributors
LLC,
9.00%,
02/15/29
(b)
....
26‌
26,743‌
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
.
34‌
33,575‌
US
Foods,
Inc.
(b)
4.75%
,
02/15/29
...................
47‌
45,299‌
4.63%
,
06/01/30
...................
3‌
2,849‌
7.25%
,
01/15/32
...................
71‌
73,804‌
Walgreens
Boots
Alliance,
Inc.
8.13%
,
08/15/29
...................
19‌
19,401‌
4.80%
,
11/18/44
...................
11‌
9,959‌
432,168‌
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
2.9%
(b)
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%
,
06/15/27
...................
USD
200‌
$
197,217‌
4.00%
,
09/01/29
...................
200‌
170,305‌
Clydesdale
Acquisition
Holdings,
Inc.
6.63%
,
04/15/29
...................
91‌
91,503‌
6.88%
,
01/15/30
...................
96‌
96,728‌
8.75%
,
04/15/30
...................
92‌
93,301‌
6.75%
,
04/15/32
...................
157‌
158,086‌
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
.......................
27‌
25,406‌
Mauser
Packaging
Solutions
Holding
Co.
7.88%
,
04/15/27
...................
278‌
272,440‌
9.25%
,
04/15/27
...................
22‌
20,753‌
Sealed
Air
Corp.
4.00%
,
12/01/27
...................
78‌
75,080‌
5.00%
,
04/15/29
...................
8‌
7,770‌
7.25%
,
02/15/31
...................
19‌
19,668‌
6.50%
,
07/15/32
...................
72‌
72,875‌
1,301,132‌
Distributors
0.2%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
...............
12‌
11,004‌
Resideo
Funding,
Inc.
4.00%
,
09/01/29
...................
8‌
7,263‌
6.50%
,
07/15/32
...................
83‌
82,802‌
101,069‌
Diversified
Consumer
Services
1.6%
Belron
UK
Finance
plc,
5.75%,
10/15/29
(b)
....
206‌
204,558‌
Service
Corp.
International
3.38%
,
08/15/30
...................
2‌
1,782‌
4.00%
,
05/15/31
...................
39‌
35,323‌
5.75%
,
10/15/32
...................
164‌
161,169‌
Sotheby's,
5.88%,
06/01/29
(b)
............
200‌
175,590‌
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(b)
.....
136‌
139,175‌
717,597‌
Diversified
REITs
0.8%
(b)
Digital
Realty
Trust
LP,
1.88%,
11/15/29
(e)
....
22‌
21,787‌
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
...............
121‌
111,720‌
Uniti
Group
LP,
10.50%,
02/15/28
.........
207‌
219,894‌
353,401‌
Diversified
Telecommunication
Services
6.2%
Altice
Financing
SA,
5.75%,
08/15/29
(b)
......
200‌
146,297‌
CCO
Holdings
LLC
5.38%
,
06/01/29
(b)
..................
9‌
8,708‌
6.38%
,
09/01/29
(b)
..................
151‌
150,549‌
4.75%
,
03/01/30
(b)
..................
57‌
52,864‌
4.25%
,
02/01/31
(b)
..................
82‌
72,663‌
7.38%
,
03/01/31
(b)
..................
112‌
113,789‌
4.75%
,
02/01/32
(b)
..................
25‌
22,198‌
4.50%
,
05/01/32
...................
3‌
2,604‌
4.50%
,
06/01/33
(b)
..................
6‌
5,117‌
4.25%
,
01/15/34
(b)
..................
144‌
118,440‌
Frontier
Communications
Holdings
LLC
5.88%
,
10/15/27
(b)
..................
71‌
70,920‌
5.00%
,
05/01/28
(b)
..................
49‌
48,345‌
5.88%
,
11/01/29
...................
20‌
20,252‌
6.00%
,
01/15/30
(b)
..................
29‌
29,064‌
8.75%
,
05/15/30
(b)
..................
228‌
240,183‌
8.63%
,
03/15/31
(b)
..................
44‌
46,867‌
Iliad
Holding
SASU
(b)
7.00%
,
10/15/28
...................
200‌
202,427‌
7.00%
,
04/15/32
...................
200‌
200,264‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Level
3
Financing,
Inc.
(b)
10.50%
,
04/15/29
..................
USD
153‌
$
168,257‌
4.88%
,
06/15/29
...................
95‌
80,309‌
11.00%
,
11/15/29
..................
186‌
206,969‌
4.50%
,
04/01/30
...................
62‌
49,601‌
10.50%
,
05/15/30
..................
136‌
145,723‌
3.88%
,
10/15/30
...................
5‌
3,774‌
10.75%
,
12/15/30
..................
56‌
62,203‌
Lumen
Technologies,
Inc.
(b)
4.13%
,
04/15/30
...................
25‌
22,918‌
10.00%
,
10/15/32
..................
26‌
26,178‌
Telecom
Italia
Capital
SA,
7.72%,
06/04/38
...
10‌
10,357‌
Windstream
Services
LLC,
8.25%,
10/01/31
(b)
.
268‌
272,853‌
Zayo
Group
Holdings,
Inc.
(b)
4.00%
,
03/01/27
...................
125‌
113,855‌
6.13%
,
03/01/28
...................
70‌
58,222‌
2,772,770‌
Electric
Utilities
3.3%
California
Buyer
Ltd.,
6.38%,
02/15/32
(b)
.....
225‌
218,173‌
ContourGlobal
Power
Holdings
SA,
6.75%,
02/28/30
(b)
......................
200‌
200,880‌
NextEra
Energy
Capital
Holdings,
Inc.
(c)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.75%
,
06/15/54
......................
65‌
66,349‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
6.38%
,
08/15/55
......................
65‌
65,070‌
NRG
Energy,
Inc.
(b)
5.75%
,
07/15/29
...................
80‌
78,497‌
6.00%
,
02/01/33
...................
209‌
203,323‌
6.25%
,
11/01/34
...................
204‌
200,819‌
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
249‌
231,660‌
XPLR
Infrastructure
Operating
Partners
LP,
8.38%,
01/15/31
(b)
.................
215‌
211,428‌
1,476,199‌
Electrical
Equipment
0.1%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
......
54‌
51,406‌
Electronic
Equipment,
Instruments
&
Components
0.5%
(b)
Insight
Enterprises,
Inc.,
6.63%,
05/15/32
....
33‌
33,258‌
Sensata
Technologies,
Inc.
4.38%
,
02/15/30
...................
92‌
84,987‌
3.75%
,
02/15/31
...................
76‌
66,359‌
Zebra
Technologies
Corp.,
6.50%,
06/01/32
...
28‌
28,337‌
212,941‌
Entertainment
0.3%
(b)
Cinemark
USA,
Inc.,
7.00%,
08/01/32
......
23‌
23,217‌
Lions
Gate
Capital
Holdings
1,
Inc.,
5.50%,
04/15/29
.......................
48‌
44,534‌
Live
Nation
Entertainment,
Inc.
4.75%
,
10/15/27
...................
26‌
25,346‌
3.75%
,
01/15/28
...................
10‌
9,515‌
Playtika
Holding
Corp.,
4.25%,
03/15/29
.....
24‌
21,127‌
123,739‌
Financial
Services
3.9%
Block,
Inc.
2.75%
,
06/01/26
...................
58‌
56,255‌
3.50%
,
06/01/31
...................
25‌
21,980‌
6.50%
,
05/15/32
(b)
..................
411‌
415,143‌
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(b)
224‌
233,170‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.,
6.38%,
07/01/34
(b)
.........
69‌
68,199‌
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.50%
,
08/01/29
...................
USD
60‌
$
60,828‌
5.13%
,
12/15/30
...................
18‌
17,954‌
5.75%
,
11/15/31
...................
86‌
85,973‌
7.13%
,
02/01/32
...................
84‌
87,256‌
PennyMac
Financial
Services,
Inc.
(b)
7.88%
,
12/15/29
...................
47‌
48,894‌
7.13%
,
11/15/30
...................
58‌
58,926‌
6.88%
,
02/15/33
...................
69‌
68,569‌
Rocket
Mortgage
LLC
(b)
2.88%
,
10/15/26
...................
71‌
68,049‌
3.88%
,
03/01/31
...................
51‌
45,686‌
4.00%
,
10/15/33
...................
38‌
32,596‌
Shift4
Payments
LLC,
6.75%,
08/15/32
(b)
....
161‌
162,278‌
UWM
Holdings
LLC,
6.63%,
02/01/30
(b)
.....
106‌
105,134‌
Walker
&
Dunlop,
Inc.,
6.63%,
04/01/33
(b)
....
31‌
30,923‌
WEX,
Inc.,
6.50%,
03/15/33
(b)
...........
73‌
72,200‌
1,740,013‌
Food
Products
1.6%
(b)
B&G
Foods,
Inc.,
8.00%,
09/15/28
........
19‌
19,090‌
Chobani
Holdco
II
LLC,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
10/01/29
(d)
..............
221‌
229,604‌
Chobani
LLC
4.63%
,
11/15/28
...................
167‌
160,688‌
7.63%
,
07/01/29
...................
130‌
133,568‌
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
....
117‌
116,291‌
Fiesta
Purchaser,
Inc.
7.88%
,
03/01/31
...................
21‌
21,682‌
9.63%
,
09/15/32
...................
19‌
19,525‌
700,448‌
Gas
Utilities
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
......................
16‌
14,445‌
Ground
Transportation
0.4%
(b)
Clue
Opco
LLC,
9.50%,
10/15/31
.........
31‌
31,009‌
Genesee
&
Wyoming,
Inc.,
6.25%,
04/15/32
..
140‌
139,890‌
170,899‌
Health
Care
Equipment
&
Supplies
1.8%
(b)
Avantor
Funding,
Inc.
4.63%
,
07/15/28
...................
39‌
37,588‌
3.88%
,
11/01/29
...................
24‌
22,157‌
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
.....
271‌
281,162‌
Insulet
Corp.,
6.50%,
04/01/33
...........
37‌
37,609‌
Medline
Borrower
LP
3.88%
,
04/01/29
...................
16‌
14,956‌
6.25%
,
04/01/29
...................
64‌
64,815‌
5.25%
,
10/01/29
...................
248‌
237,974‌
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
..
46‌
48,433‌
Teleflex,
Inc.,
4.25%,
06/01/28
...........
44‌
41,968‌
786,662‌
Health
Care
Providers
&
Services
3.8%
Acadia
Healthcare
Co.,
Inc.,
7.38%,
03/15/33
(b)
.
35‌
34,966‌
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
..
117‌
108,548‌
Community
Health
Systems,
Inc.
(b)
5.63%
,
03/15/27
...................
54‌
51,566‌
6.00%
,
01/15/29
...................
157‌
139,519‌
5.25%
,
05/15/30
...................
129‌
106,431‌
4.75%
,
02/15/31
...................
55‌
43,476‌
10.88%
,
01/15/32
..................
149‌
146,790‌
Concentra
Escrow
Issuer
Corp.,
6.88%,
07/15/32
(b)
......................
68‌
69,190‌
DaVita,
Inc.,
6.88%,
09/01/32
(b)
..........
46‌
46,258‌
Encompass
Health
Corp.,
4.63%,
04/01/31
...
18‌
16,870‌
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
HAH
Group
Holding
Co.
LLC,
9.75%,
10/01/31
(b)
USD
38‌
$
36,596‌
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.......
66‌
61,868‌
LifePoint
Health,
Inc.
(b)
9.88%
,
08/15/30
...................
21‌
22,157‌
11.00%
,
10/15/30
..................
121‌
131,540‌
8.38%
,
02/15/32
...................
90‌
90,617‌
10.00%
,
06/01/32
..................
68‌
64,866‌
Molina
Healthcare,
Inc.
(b)
4.38%
,
06/15/28
...................
5‌
4,762‌
3.88%
,
05/15/32
...................
8‌
7,019‌
6.25%
,
01/15/33
...................
53‌
52,162‌
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
...
56‌
52,248‌
Prime
Healthcare
Services,
Inc.,
9.38%,
09/01/29
(b)
......................
33‌
31,134‌
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
........
124‌
122,221‌
Surgery
Center
Holdings,
Inc.,
7.25%,
04/15/32
(b)
123‌
121,633‌
Tenet
Healthcare
Corp.,
6.75%,
05/15/31
....
132‌
133,886‌
1,696,323‌
Health
Care
REITs
0.4%
MPT
Operating
Partnership
LP,
8.50%,
02/15/32
(b)
......................
167‌
170,122‌
Hotel
&
Resort
REITs
0.1%
Pebblebrook
Hotel
LP,
6.38%,
10/15/29
(b)
....
25‌
24,717‌
Hotels,
Restaurants
&
Leisure
4.5%
1011778
BC
ULC
(b)
4.38%
,
01/15/28
...................
144‌
138,482‌
5.63%
,
09/15/29
...................
52‌
51,477‌
4.00%
,
10/15/30
...................
62‌
56,111‌
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.......
112‌
105,445‌
Caesars
Entertainment,
Inc.
(b)
7.00%
,
02/15/30
...................
118‌
119,617‌
6.50%
,
02/15/32
...................
197‌
196,361‌
6.00%
,
10/15/32
...................
53‌
49,495‌
Churchill
Downs,
Inc.
(b)
4.75%
,
01/15/28
...................
22‌
21,373‌
5.75%
,
04/01/30
...................
68‌
66,513‌
6.75%
,
05/01/31
...................
95‌
95,748‌
Fertitta
Entertainment
LLC
(b)
4.63%
,
01/15/29
...................
32‌
29,472‌
6.75%
,
01/15/30
...................
21‌
18,157‌
Hilton
Domestic
Operating
Co.,
Inc.
4.88%
,
01/15/30
...................
52‌
50,288‌
3.63%
,
02/15/32
(b)
..................
16‌
14,024‌
6.13%
,
04/01/32
(b)
..................
59‌
59,224‌
5.88%
,
03/15/33
(b)
..................
178‌
176,245‌
Light
&
Wonder
International,
Inc.,
7.50%,
09/01/31
(b)
......................
60‌
61,463‌
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
......................
38‌
38,723‌
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
76‌
57,978‌
MGM
Resorts
International,
6.13%,
09/15/29
..
124‌
122,771‌
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
......................
38‌
35,664‌
Rivers
Enterprise
Borrower
LLC,
6.63%,
02/01/33
(b)
......................
36‌
35,398‌
Sabre
GLBL,
Inc.
(b)
8.63%
,
06/01/27
...................
64‌
63,333‌
10.75%
,
11/15/29
..................
66‌
66,480‌
Six
Flags
Entertainment
Corp.
(b)
7.25%
,
05/15/31
...................
55‌
55,212‌
6.63%
,
05/01/32
...................
22‌
22,182‌
Vail
Resorts,
Inc.,
6.50%,
05/15/32
(b)
.......
76‌
76,842‌
Wynn
Resorts
Finance
LLC
(b)
7.13%
,
02/15/31
...................
107‌
110,730‌
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
6.25%
,
03/15/33
...................
USD
42‌
$
40,905‌
2,035,713‌
Household
Durables
0.8%
Ashton
Woods
USA
LLC,
4.63%,
08/01/29
(b)
..
73‌
66,069‌
Beazer
Homes
USA,
Inc.
5.88%
,
10/15/27
...................
7‌
6,864‌
7.50%
,
03/15/31
(b)
..................
9‌
8,719‌
CD&R
Smokey
Buyer,
Inc.,
9.50%,
10/15/29
(b)
.
22‌
20,075‌
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
.
26‌
26,871‌
Empire
Communities
Corp.,
9.75%,
05/01/29
(b)
.
12‌
12,137‌
K.
Hovnanian
Enterprises,
Inc.,
11.75%,
09/30/29
(b)
......................
105‌
112,309‌
LGI
Homes,
Inc.
(b)
8.75%
,
12/15/28
...................
25‌
26,055‌
7.00%
,
11/15/32
...................
42‌
39,719‌
New
Home
Co.,
Inc.
(The),
9.25%,
10/01/29
(b)
.
47‌
48,210‌
367,028‌
Household
Products
0.0%
(b)
Kronos
Acquisition
Holdings,
Inc.,
8.25%,
06/30/31
.......................
13‌
11,529‌
Spectrum
Brands,
Inc.,
3.88%,
03/15/31
.....
2‌
1,704‌
13,233‌
Independent
Power
and
Renewable
Electricity
Producers
0.8%
(b)
Clearway
Energy
Operating
LLC
4.75%
,
03/15/28
...................
240‌
232,637‌
3.75%
,
01/15/32
...................
101‌
86,537‌
XPLR
Infrastructure
LP,
2.50%,
06/15/26
(e)
...
42‌
40,047‌
359,221‌
Insurance
8.5%
(b)
Alliant
Holdings
Intermediate
LLC
4.25%
,
10/15/27
...................
167‌
161,172‌
6.75%
,
10/15/27
...................
154‌
153,387‌
6.75%
,
04/15/28
...................
9‌
9,035‌
5.88%
,
11/01/29
...................
188‌
181,709‌
7.00%
,
01/15/31
...................
113‌
113,345‌
7.38%
,
10/01/32
...................
189‌
189,830‌
AmWINS
Group,
Inc.
6.38%
,
02/15/29
...................
31‌
31,236‌
4.88%
,
06/30/29
...................
33‌
31,110‌
APH
Somerset
Investor
2
LLC,
7.88%,
11/01/29
46‌
45,336‌
Ardonagh
Finco
Ltd.,
7.75%,
02/15/31
......
200‌
203,731‌
Ardonagh
Group
Finance
Ltd.,
8.88%,
02/15/32
400‌
407,207‌
AssuredPartners,
Inc.,
7.50%,
02/15/32
.....
83‌
88,597‌
Howden
UK
Refinance
plc
7.25%
,
02/15/31
...................
172‌
173,589‌
8.13%
,
02/15/32
...................
207‌
209,171‌
HUB
International
Ltd.
7.25%
,
06/15/30
...................
412‌
424,363‌
7.38%
,
01/31/32
...................
569‌
579,346‌
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%
,
03/15/30
...................
118‌
123,962‌
10.50%
,
12/15/30
..................
87‌
93,160‌
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
..
386‌
393,307‌
Ryan
Specialty
LLC,
5.88%,
08/01/32
......
77‌
76,052‌
USI,
Inc.,
7.50%,
01/15/32
.............
99‌
100,997‌
3,789,642‌
Interactive
Media
&
Services
0.4%
Snap,
Inc.,
6.88%,
03/01/33
(b)
...........
188‌
187,986‌
IT
Services
0.5%
Fortress
Intermediate
3,
Inc.,
7.50%,
06/01/31
(b)
122‌
122,988‌
Twilio,
Inc.
3.63%
,
03/15/29
...................
18‌
16,689‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
3.88%
,
03/15/31
...................
USD
95‌
$
85,578‌
225,255‌
Life
Sciences
Tools
&
Services
0.1%
(b)
Charles
River
Laboratories
International,
Inc.,
4.00%,
03/15/31
..................
14‌
12,529‌
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
.....
25‌
22,733‌
35,262‌
Machinery
1.4%
(b)
Amsted
Industries,
Inc.,
6.38%,
03/15/33
....
27‌
26,857‌
Manitowoc
Co.,
Inc.
(The),
9.25%,
10/01/31
...
28‌
28,782‌
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
.
43‌
39,948‌
Terex
Corp.
5.00%
,
05/15/29
...................
64‌
61,076‌
6.25%
,
10/15/32
...................
41‌
39,761‌
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
..
200‌
200,170‌
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
.
200‌
196,252‌
Wabash
National
Corp.,
4.50%,
10/15/28
....
41‌
36,838‌
629,684‌
Media
4.6%
Cable
One,
Inc.
0.00%
,
03/15/26
(e)
(f)
.................
22‌
20,845‌
1.13%
,
03/15/28
(e)
..................
160‌
127,003‌
4.00%
,
11/15/30
(b)
..................
55‌
43,611‌
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
...................
61‌
58,955‌
7.75%
,
04/15/28
...................
28‌
24,067‌
9.00%
,
09/15/28
...................
130‌
133,518‌
7.50%
,
06/01/29
...................
146‌
120,575‌
7.88%
,
04/01/30
...................
168‌
164,715‌
CSC
Holdings
LLC,
11.75%,
01/31/29
(b)
.....
200‌
193,968‌
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
...
151‌
146,326‌
GCI
LLC,
4.75%,
10/15/28
(b)
............
4‌
3,688‌
Gray
Media,
Inc.
(b)
7.00%
,
05/15/27
...................
23‌
22,541‌
10.50%
,
07/15/29
..................
106‌
110,436‌
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
...
72‌
62,471‌
Outfront
Media
Capital
LLC
(b)
5.00%
,
08/15/27
...................
13‌
12,777‌
4.25%
,
01/15/29
...................
18‌
16,693‌
4.63%
,
03/15/30
...................
106‌
96,910‌
7.38%
,
02/15/31
...................
29‌
30,204‌
Radiate
Holdco
LLC,
4.50%,
09/15/26
(b)
.....
43‌
36,791‌
Sinclair
Television
Group,
Inc.,
8.13%,
02/15/33
(b)
150‌
148,018‌
Sirius
XM
Radio
LLC
(b)
3.13%
,
09/01/26
...................
88‌
85,256‌
5.00%
,
08/01/27
...................
54‌
52,760‌
4.00%
,
07/15/28
...................
12‌
11,196‌
Univision
Communications,
Inc.
(b)
6.63%
,
06/01/27
...................
96‌
95,206‌
8.00%
,
08/15/28
...................
152‌
152,475‌
8.50%
,
07/31/31
...................
82‌
80,125‌
2,051,130‌
Metals
&
Mining
4.1%
(b)
Big
River
Steel
LLC,
6.63%,
01/31/29
......
563‌
563,756‌
Constellium
SE
5.63%
,
06/15/28
...................
250‌
242,454‌
3.75%
,
04/15/29
...................
250‌
226,498‌
First
Quantum
Minerals
Ltd.,
9.38%,
03/01/29
.
200‌
210,500‌
Novelis
Corp.
3.25%
,
11/15/26
...................
371‌
358,661‌
4.75%
,
01/30/30
...................
3‌
2,783‌
3.88%
,
08/15/31
...................
110‌
95,635‌
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Novelis,
Inc.,
6.88%,
01/30/30
...........
USD
114‌
$
115,613‌
1,815,900‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.5%
(b)
Blackstone
Mortgage
Trust,
Inc.
3.75%
,
01/15/27
...................
22‌
20,917‌
7.75%
,
12/01/29
...................
21‌
21,615‌
Ladder
Capital
Finance
Holdings
LLLP,
7.00%,
07/15/31
.......................
47‌
48,240‌
Starwood
Property
Trust,
Inc.
7.25%
,
04/01/29
...................
36‌
36,905‌
6.00%
,
04/15/30
...................
18‌
17,589‌
6.50%
,
07/01/30
...................
41‌
41,021‌
6.50%
,
10/15/30
...................
60‌
59,444‌
245,731‌
Oil,
Gas
&
Consumable
Fuels
0.0%
TransMontaigne
Partners
LLC,
8.50%,
06/15/30
(b)
13‌
13,096‌
Paper
&
Forest
Products
0.1%
Magnera
Corp.,
7.25%,
11/15/31
(b)
........
29‌
28,206‌
Passenger
Airlines
0.7%
(b)
American
Airlines,
Inc.,
8.50%,
05/15/29
.....
127‌
128,930‌
JetBlue
Airways
Corp.,
9.88%,
09/20/31
.....
38‌
37,509‌
United
Airlines,
Inc.,
4.63%,
04/15/29
.......
142‌
134,372‌
300,811‌
Personal
Care
Products
0.2%
Perrigo
Finance
Unlimited
Co.,
6.13%,
09/30/32
92‌
90,515‌
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(b)
.....
17‌
15,247‌
105,762‌
Pharmaceuticals
2.4%
1261229
BC
Ltd.,
10.00%,
04/15/32
(b)
......
519‌
515,815‌
1375209
BC
Ltd.,
9.00%,
01/30/28
(b)
.......
31‌
30,976‌
Bausch
Health
Cos.,
Inc.
(b)
5.50%
,
11/01/25
...................
35‌
34,965‌
6.13%
,
02/01/27
...................
114‌
115,596‌
5.75%
,
08/15/27
...................
22‌
21,961‌
11.00%
,
09/30/28
..................
160‌
152,400‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
..................
223‌
215,552‌
1,087,265‌
Professional
Services
0.6%
(b)
CoreLogic,
Inc.,
4.50%,
05/01/28
.........
189‌
175,915‌
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
104‌
104,172‌
280,087‌
Real
Estate
Management
&
Development
0.5%
(b)
Anywhere
Real
Estate
Group
LLC,
7.00%,
04/15/30
.......................
71‌
62,790‌
Cushman
&
Wakefield
US
Borrower
LLC,
8.88%,
09/01/31
.......................
74‌
78,581‌
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
.
62‌
60,158‌
201,529‌
Retail
REITs
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
50‌
47,909‌
Semiconductors
&
Semiconductor
Equipment
0.5%
(b)
Entegris,
Inc.,
4.75%,
04/15/29
..........
158‌
152,317‌
MKS
Instruments,
Inc.,
1.25%,
06/01/30
(e)
....
93‌
83,653‌
235,970‌
Software
8.4%
(b)
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
...
492‌
461,502‌
Camelot
Finance
SA,
4.50%,
11/01/26
......
49‌
48,028‌
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
....
112‌
114,992‌
Central
Parent
LLC,
8.00%,
06/15/29
.......
79‌
69,312‌
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Central
Parent,
Inc.,
7.25%,
06/15/29
.......
USD
42‌
$
36,346‌
Clarivate
Science
Holdings
Corp.
3.88%
,
07/01/28
...................
253‌
234,693‌
4.88%
,
07/01/29
...................
197‌
175,721‌
Cloud
Software
Group,
Inc.
6.50%
,
03/31/29
...................
477‌
463,675‌
9.00%
,
09/30/29
...................
537‌
535,599‌
8.25%
,
06/30/32
...................
434‌
441,261‌
Elastic
NV,
4.13%,
07/15/29
............
102‌
95,115‌
Ellucian
Holdings,
Inc.,
6.50%,
12/01/29
.....
126‌
123,912‌
Fair
Isaac
Corp.,
4.00%,
06/15/28
.........
71‌
67,509‌
Gen
Digital,
Inc.,
6.75%,
09/30/27
.........
43‌
43,528‌
McAfee
Corp.,
7.38%,
02/15/30
..........
94‌
83,197‌
SS&C
Technologies,
Inc.,
6.50%,
06/01/32
...
77‌
77,833‌
UKG,
Inc.,
6.88%,
02/01/31
.............
612‌
620,838‌
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
.
86‌
78,894‌
3,771,955‌
Specialized
REITs
1.0%
Iron
Mountain,
Inc.
(b)
5.25%
,
07/15/30
...................
3‌
2,877‌
5.63%
,
07/15/32
...................
164‌
156,784‌
6.25%
,
01/15/33
...................
155‌
153,506‌
SBA
Communications
Corp.,
3.13%,
02/01/29
.
146‌
133,248‌
446,415‌
Specialty
Retail
1.2%
(b)
Asbury
Automotive
Group,
Inc.,
5.00%,
02/15/32
14‌
12,696‌
Carvana
Co.
(d)
11.00%
,
(
11.00
%
Cash
or
13.00
%
PIK),
06/01/30
......................
96‌
100,505‌
14.00%
,
(
14.00
%
Cash
or
14.00
%
PIK),
06/01/31
......................
170‌
185,857‌
Cougar
JV
Subsidiary
LLC,
8.00%,
05/15/32
..
40‌
41,229‌
Group
1
Automotive,
Inc.,
6.38%,
01/15/30
...
35‌
35,075‌
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
.....
103‌
96,360‌
Staples,
Inc.,
10.75%,
09/01/29
..........
62‌
56,013‌
527,735‌
Technology
Hardware,
Storage
&
Peripherals
0.7%
(b)
Diebold
Nixdorf,
Inc.,
7.75%,
03/31/30
......
34‌
35,243‌
Seagate
HDD
Cayman
8.25%
,
12/15/29
...................
115‌
122,275‌
8.50%
,
07/15/31
...................
129‌
137,006‌
Xerox
Corp.,
10.25%,
10/15/30
..........
33‌
32,670‌
327,194‌
Textiles,
Apparel
&
Luxury
Goods
0.2%
(b)
Crocs,
Inc.
4.25%
,
03/15/29
...................
34‌
31,605‌
4.13%
,
08/15/31
...................
4‌
3,528‌
Hanesbrands,
Inc.,
9.00%,
02/15/31
.......
2‌
2,107‌
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
......
23‌
21,134‌
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.......
54‌
47,512‌
105,886‌
Trading
Companies
&
Distributors
1.8%
(b)
Beacon
Roofing
Supply,
Inc.,
6.50%,
08/01/30
.
37‌
38,922‌
Fortress
Transportation
&
Infrastructure
Investors
LLC
5.50%
,
05/01/28
...................
8‌
7,841‌
7.88%
,
12/01/30
...................
70‌
73,105‌
7.00%
,
05/01/31
...................
215‌
218,445‌
7.00%
,
06/15/32
...................
120‌
121,687‌
5.88%
,
04/15/33
...................
89‌
85,027‌
Herc
Holdings,
Inc.,
6.63%,
06/15/29
.......
53‌
53,171‌
Imola
Merger
Corp.,
4.75%,
05/15/29
.......
25‌
23,741‌
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
United
Rentals
North
America,
Inc.,
6.13%,
03/15/34
.......................
USD
66‌
$
66,041‌
WESCO
Distribution,
Inc.
6.63%
,
03/15/32
...................
44‌
44,634‌
6.38%
,
03/15/33
...................
56‌
56,283‌
788,897‌
Total
Corporate
Bonds
91
.1
%
(Cost:
$
40,835,769
)
...............................
40,770,647‌
Fixed
Rate
Loan
Interests
Media
0.1%
Getty
Images,
Inc.,
1st
Lien
Term
Loan
B1
,
11.25
%
,
02/21/30
(g)
.................
36‌
35,730‌
Total
Fixed
Rate
Loan
Interests
0
.1
%
(Cost:
$
36,000
)
.................................
35,730‌
Floating
Rate
Loan
Interests
Aerospace
&
Defense
0.1%
(c)
Azorra
SOAR
Finance
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80
%
,
10/18/29
.............
21‌
20,934‌
GOAT
Holdco
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32
%
,
01/27/32
...................
39‌
38,708‌
59,642‌
Automobile
Components
0.3%
(c)
Champions
Financing,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.07
%
,
02/06/29
.............
74‌
66,776‌
Clarios
Global
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07
%
,
01/28/32
...................
64‌
62,960‌
129,736‌
Building
Products
0.1%
(c)
Cornerstone
Building
Brands,
Inc.,
1st
Lien
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.82
%
,
05/15/31
........
12‌
9,655‌
Wilsonart
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.55
%
,
08/05/31
...................
56‌
53,244‌
62,899‌
Capital
Markets
0.1%
Ardonagh
Group
Finco
Pty.
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
02/18/31
(c)
(h)
.............
44‌
43,790‌
Chemicals
0.0%
Aruba
Investments
Holdings
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.17
%
,
11/24/28
(c)
..........
12‌
11,386‌
Commercial
Services
&
Supplies
0.1%
(c)
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.17
%
,
05/12/28
.............
29‌
28,734‌
Summer
BC
Bidco
B
LLC,
Facility
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.00%),
9.56
%
,
02/15/29
........
23‌
22,892‌
51,626‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
0.0%
CommScope,
Inc.,
1st
Lien
Term
Loan
,
12/18/29
(c)
(h)
......................
USD
12‌
$
11,465‌
Diversified
Consumer
Services
0.2%
(c)
Ascend
Learning
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32
%
,
12/11/28
..............
10‌
9,418‌
Ascend
Learning
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
10.17
%
,
12/10/29
.............
14‌
13,544‌
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82
%
,
01/30/31
...................
67‌
66,349‌
89,311‌
Diversified
Telecommunication
Services
1.6%
(c)
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57
%
,
02/02/32
.............
35‌
34,185‌
Frontier
Communications
Holdings
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.79
%
,
07/01/31
........
16‌
15,920‌
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.27
%
,
03/22/32
.............
278‌
274,264‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
A
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.00%),
10.32
%
,
06/01/28
.............
8‌
8,071‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.35%),
6.79
%
,
04/16/29
.............
25‌
24,217‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.35%),
6.79
%
,
04/15/30
.............
21‌
20,029‌
Radiate
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.69
%
,
09/25/26
...................
159‌
135,376‌
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.44
%
,
03/09/27
.............
194‌
180,026‌
692,088‌
Entertainment
0.0%
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80
%
,
11/13/29
(c)
.............
10‌
9,609‌
Financial
Services
0.0%
Clover
Holdings
SPV
III
LLC,
1st
Lien
Term
Loan
,
15.00
%
,
12/09/27
(c)
.................
4‌
4,509‌
Food
Products
0.0%
Chobani
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82
%
,
10/25/27
(c)
..................
3‌
2,990‌
Ground
Transportation
0.1%
Genesee
&
Wyoming,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.05
%
,
04/10/31
(c)
............
34‌
33,610‌
Health
Care
Equipment
&
Supplies
0.3%
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan
(c)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.67
%
,
05/10/27
...........
74‌
73,460‌
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.32
%
,
09/29/28
...........
USD
44‌
$
44,131‌
117,591‌
Health
Care
Providers
&
Services
0.3%
(c)
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.82
%
,
05/19/31
...................
35‌
33,483‌
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.05
%
,
05/19/31
.............
39‌
37,725‌
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57
%
,
11/19/31
............
46‌
45,483‌
116,691‌
Health
Care
Technology
0.3%
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32
%
,
02/15/29
(c)
............
146‌
143,850‌
Household
Durables
0.1%
(c)
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.82
%
,
12/19/29
.............
7‌
7,051‌
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A2
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
8.44
%
,
10/06/28
.............
37‌
29,944‌
36,995‌
Insurance
0.1%
AssuredPartners,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.82
%
,
02/14/31
(c)
............
39‌
39,316‌
IT
Services
0.3%
(c)
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.55
%
,
07/06/29
...................
36‌
30,950‌
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07
%
,
06/27/31
.............
23‌
23,268‌
Neon
Maple
US
Debt
Mergersub,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32
%
,
11/17/31
....
19‌
19,008‌
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.39
%
,
04/11/29
..............
53‌
45,769‌
118,995‌
Life
Sciences
Tools
&
Services
0.3%
Star
Parent,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.30
%
,
09/27/30
(c)
..................
137‌
130,382‌
Machinery
0.0%
Vortex
Opco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.66
%
,
12/18/28
(c)
..................
32‌
15,069‌
Media
1.0%
(c)
Altice
France
SA,
1st
Lien
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.80
%
,
08/15/28
.............
184‌
164,356‌
Clear
Channel
Outdoor
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.44
%
,
08/23/28
........
146‌
144,555‌
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
9.00
%
,
04/15/27
...................
USD
5‌
$
4,835‌
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B
,
02/17/31
(h)
.......................
127‌
121,308‌
Gray
Media,
Inc.,
1st
Lien
Term
Loan
D
,
12/01/28
(h)
.......................
23‌
21,245‌
Gray
Television,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.57
%
,
05/23/29
.............
8‌
8,091‌
464,390‌
Multi-Utilities
0.1%
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82
%
,
03/03/32
(c)
...........
56‌
55,045‌
Passenger
Airlines
0.0%
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
9.30
%
,
04/20/28
(c)
............
—‌
(i)
389‌
Pharmaceuticals
0.6%
(c)
1261229
BC
Ltd.,
1st
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.25%),
10.38
%
,
09/25/30
..................
116‌
111,360‌
Bausch
Health
Cos.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.67
%
,
02/01/27
.............
168‌
167,240‌
278,600‌
Professional
Services
0.0%
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94
%
,
06/02/28
(c)
..................
14‌
13,427‌
Software
1.0%
(c)
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.29
%
,
07/30/31
.............
46‌
45,197‌
Boxer
Parent
Co.,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.75%),
10.04
%
,
07/02/32
.............
45‌
43,200‌
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.08
%
,
03/21/31
.............
80‌
78,719‌
Cloud
Software
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.83
%
,
03/30/29
...
95‌
93,804‌
Ellucian
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.07
%
,
11/15/32
..............
138‌
139,840‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.67
%
,
06/30/28
...................
1‌
1,250‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94
%
,
12/17/27
...........
3‌
2,696‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.42
%
,
11/15/29
...........
16‌
15,886‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94
%
,
12/17/27
...........
2‌
1,547‌
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.00%),
10.42
%
,
11/15/29
...........
4‌
3,795‌
425,934‌
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
0.1%
PetSmart
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.17
%
,
02/11/28
(c)
..................
USD
25‌
$
24,891‌
Trading
Companies
&
Distributors
0.2%
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.32
%
,
01/29/31
(c)
...........
92‌
83,465‌
Wireless
Telecommunication
Services
0.1%
Windstream
Services
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.17
%
,
09/25/31
(c)
(g)
...........
25‌
24,938‌
Total
Floating
Rate
Loan
Interests
7
.4
%
(Cost:
$
3,365,856
)
...............................
3,292,629‌
Preferred
Securities
Capital
Trusts
0.6%
Electric
Utilities
0.2%
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(b)
(c)
(j)
.................
103‌
113,404‌
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Vistra
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00
%
(b)
(c)
(j)
.......................
134‌
135,688‌
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
7.50
%
,
03/15/28
(e)
.
1‌
35,231‌
Total
Capital
Trusts
0
.6
%
(Cost:
$
272,195
)
.................................
284,323‌
Shares
Shares
Preferred
Stocks
0.0%
Commercial
Services
&
Supplies
0.0%
(a)
Veritas
Newco
.......................
129
2,963‌
Veritas
Newco,
Series
G-1
...............
89
2,045‌
5,008‌
Total
Preferred
Stocks
0.0
%
(Cost:
$
4,355
)
..................................
5,008‌
Total
Preferred
Securities
0
.6
%
(Cost:
$
276,550
)
.................................
289,331‌
Total
Long-Term
Investments
99.4%
(Cost:
$
44,650,653
)
...............................
44,482,370‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
1.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.22
%
(k)
(l)
....................
666,725
$
666,725‌
Total
Short-Term
Securities
1
.5
%
(Cost:
$
666,725
)
.................................
666,725‌
Total
Investments
100
.9
%
(Cost:
$
45,317,378
)
...............................
45,149,095‌
Liabilities
in
Excess
of
Other
Assets
(
0.9
)
%
.............
(
383,303‌
)
Net
Assets
100.0%
...............................
$
44,765,792‌
(a)
Non-income
producing
security.
(b)
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.
(c)
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.
(d)
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.
(e)
Convertible
security.
(f)
Zero-coupon
bond.
(g)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(h)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(i)
Rounds
to
less
than
1,000.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Affiliate
of
the
Fund.
(l)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
897,178
$
$
(
230,453
)
(a)
$
$
$
666,725
666,725
$
15,015
$
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
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 Schedule
of
Investments
above.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
5-Year
Note
....................................................
5
06/30/25
$
541
$
3,873
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
$
$
$
$
3,873
$
$
3,873
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
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).
For
the
period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
$
$
$
$
(
16,204
)
$
$
(
16,204
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
$
$
$
$
2,475
$
$
2,475
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
long
..................................................................................
$
536,445
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
94,033
$
$
$
94,033
Corporate
Bonds
........................................
40,770,647
40,770,647
Fixed
Rate
Loan
Interests
...................................
35,730
35,730
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
59,642
59,642
Automobile
Components
..................................
129,736
129,736
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
High
Yield
Bond
Fund
14
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Building
Products
.......................................
$
$
62,899
$
$
62,899
Capital
Markets
........................................
43,790
43,790
Chemicals
............................................
11,386
11,386
Commercial
Services
&
Supplies
.............................
51,626
51,626
Communications
Equipment
................................
11,465
11,465
Diversified
Consumer
Services
..............................
89,311
89,311
Diversified
Telecommunication
Services
........................
692,088
692,088
Entertainment
.........................................
9,609
9,609
Financial
Services
......................................
4,509
4,509
Food
Products
.........................................
2,990
2,990
Ground
Transportation
...................................
33,610
33,610
Health
Care
Equipment
&
Supplies
...........................
117,591
117,591
Health
Care
Providers
&
Services
............................
116,691
116,691
Health
Care
Technology
..................................
143,850
143,850
Household
Durables
.....................................
36,995
36,995
Insurance
............................................
39,316
39,316
IT
Services
...........................................
118,995
118,995
Life
Sciences
Tools
&
Services
..............................
130,382
130,382
Machinery
............................................
15,069
15,069
Media
...............................................
464,390
464,390
Multi-Utilities
..........................................
55,045
55,045
Passenger
Airlines
......................................
389
389
Pharmaceuticals
.......................................
278,600
278,600
Professional
Services
....................................
13,427
13,427
Software
.............................................
425,934
425,934
Specialty
Retail
........................................
24,891
24,891
Trading
Companies
&
Distributors
............................
83,465
83,465
Wireless
Telecommunication
Services
.........................
24,938
24,938
Preferred
Securities
Commercial
Services
&
Supplies
.............................
5,008
5,008
Electric
Utilities
........................................
113,404
113,404
Independent
Power
and
Renewable
Electricity
Producers
............
135,688
135,688
Semiconductors
&
Semiconductor
Equipment
....................
35,231
35,231
Short-Term
Securities
Money
Market
Funds
......................................
666,725
666,725
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
28
28
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
(
26
)
(
26
)
$
795,989
$
44,292,440
$
60,668
$
45,149,097
Derivative
Financial
Instruments
(b)
Assets
Interest
rate
contracts
.......................................
$
3,873
$
$
$
3,873
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
5.8%
(a)(b)
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.67%,
10/20/37
.................
USD
250
$
250,173
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
6.36%,
10/27/34
.......
250
249,597
Apidos
CLO
XXXIII,
Series
2020-33A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.71%,
10/24/34
.................
250
249,441
Bridge
Street
CLO
II
Ltd.,
Series
2021-
1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.49%),
5.78%,
07/20/34
............
250
250,252
CIFC
Funding
Ltd.
Series
2015-4A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.62%,
04/20/34
...
250
249,875
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.68%,
10/20/34
...
250
250,384
LCM
36
Ltd.,
Series
36A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.07%),
5.39%,
01/15/34
.
250
249,557
Madison
Park
Funding
XIX
Ltd.,
Series
2015-19A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.89%,
01/22/37
.......
250
250,537
Palmer
Square
CLO
Ltd.,
Series
2021-
3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.71%,
01/15/35
............
250
250,511
Shackleton
2013-IV-R
CLO
Ltd.,
Series
2013-4RA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.55%,
04/13/31
.......
98
98,251
Trimaran
CAVU
Ltd.,
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.81%,
10/25/34
.................
250
249,692
2,598,270
Ireland
0.2%
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.68%,
07/25/51
(a)
(b)
...............
80
80,249
United
States
5.7%
BDS
LLC,
Series
2024-FL13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.89%,
09/19/39
(a)
(b)
100
99,897
Diameter
Capital
CLO
1
Ltd.,
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.69%,
10/15/37
(a)
(b)
....
250
250,368
GoodLeap
Home
Improvement
Solutions
Trust
(a)
Series
2024-1A,
Class
A,
5.35%,
10/20/46
...............
31
31,475
Series
2025-1A,
Class
A,
5.38%,
02/20/49
...............
35
35,791
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Home
Partners
of
America
Trust,
Series
2021-2,
Class
F,
3.80%,
12/17/26
(a)
USD
480
$
459,652
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
(b)
...............
225
205,112
Lendmark
Funding
Trust,
Series
2022-
1A,
Class
A,
5.12%,
07/20/32
(a)
..
100
100,000
Long
Beach
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.79%,
03/25/46
(b)
.....
114
88,505
Mariner
Finance
issuance
Trust,
Series
2024-BA,
Class
A,
4.91%,
11/20/38
(a)
................
100
100,621
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
6.38%,
10/19/38
(a)
(b)
100
100,091
Navient
Private
Education
Loan
Trust,
Series
2015-AA,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.81%),
6.13%,
11/15/30
(a)
(b)
....
26
25,611
Navient
Private
Education
Refi
Loan
Trust,
Series
2024-A,
Class
A,
5.66%,
10/15/72
(a)
...........
80
81,615
Progress
Residential
Trust,
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
(a)
................
439
415,478
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
6.69%,
10/25/39
(a)
(b)
23
22,745
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(a)
(c)
....
76
76,603
Regional
Management
Issuance
Trust
(a)
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
15
14,746
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
100
94,298
Republic
Finance
Issuance
Trust,
Series
2024-B,
Class
A,
5.42%,
11/20/37
(a)
................
100
101,141
Sesac
Finance
LLC,
Series
2019-1,
Class
A2,
5.22%,
07/25/49
(a)
....
47
46,768
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
B,
2.31%,
01/15/53
(a)
................
75
72,680
SoFi
Consumer
Loan
Program
Trust,
Series
2025-1,
Class
A,
4.80%,
02/27/34
(a)
................
100
100,051
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
07/30/54
(a)
...
30
30,362
2,553,610
Total
Asset-Backed
Securities
11.7%
(Cost:
$
5,232,965
)
..............................
5,232,129
Shares
Shares
Common
Stocks
Brazil
0.0%
MercadoLibre,
Inc.
(d)
............
2
3,902
United
States
0.5%
AbbVie,
Inc.
.................
15
3,143
Alphabet,
Inc.
,
Class
C
..........
18
2,812
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Amazon.com,
Inc.
(d)
............
17
$
3,234
ANSYS,
Inc.
(d)
................
10
3,166
Autodesk,
Inc.
(d)
...............
13
3,403
Bank
of
America
Corp.
..........
84
3,505
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
......................
1,198
23,960
Boston
Scientific
Corp.
(d)
.........
36
3,632
Capital
One
Financial
Corp.
.......
20
3,586
Citigroup,
Inc.
................
50
3,549
Costco
Wholesale
Corp.
.........
4
3,783
Eli
Lilly
&
Co.
................
4
3,304
GE
Vernova,
Inc.
..............
13
3,969
Home
Depot,
Inc.
(The)
.........
8
2,932
Howmet
Aerospace,
Inc.
.........
28
3,632
Ingersoll
Rand,
Inc.
............
39
3,121
Intuit,
Inc.
...................
5
3,070
Intuitive
Surgical,
Inc.
(d)
..........
6
2,972
Invitation
Homes,
Inc.
...........
307
10,699
JPMorgan
Chase
&
Co.
.........
132
32,380
Lam
Research
Corp.
...........
45
3,271
Live
Nation
Entertainment,
Inc.
(d)
...
27
3,526
Marsh
&
McLennan
Cos.,
Inc.
.....
14
3,416
Masimo
Corp.
(d)
...............
19
3,165
Mastercard,
Inc.
,
Class
A
.........
6
3,289
McKesson
Corp.
..............
5
3,365
Meta
Platforms,
Inc.
,
Class
A
......
6
3,458
Micron
Technology,
Inc.
..........
38
3,302
Microsoft
Corp.
...............
8
3,003
Netflix,
Inc.
(d)
.................
4
3,730
NVIDIA
Corp.
................
31
3,360
Progressive
Corp.
(The)
.........
12
3,396
S&P
Global,
Inc.
..............
6
3,049
Samsara,
Inc.
,
Class
A
(d)
.........
97
3,718
ServiceNow,
Inc.
(d)
.............
4
3,184
Snowflake,
Inc.
,
Class
A
(d)
........
22
3,215
Stryker
Corp.
................
9
3,350
Take-Two
Interactive
Software,
Inc.
(d)
.
16
3,316
Thermo
Fisher
Scientific,
Inc.
......
6
2,986
T-Mobile
US,
Inc.
..............
13
3,467
Trane
Technologies
plc
..........
10
3,369
TransDigm
Group,
Inc.
..........
2
2,767
Union
Pacific
Corp.
............
12
2,835
Vertiv
Holdings
Co.
,
Class
A
......
43
3,105
Walmart,
Inc.
.................
37
3,248
Wells
Fargo
&
Co.
.............
49
3,518
209,260
Total
Common
Stocks
0.5%
(Cost:
$
208,976
)
................................
213,162
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Belgium
0.2%
KBC
Group
NV
,
(3-mo.
EURIBOR
+
0.72%),
0.38%
,
06/16/27
(b)
(e)
....
EUR
100
105,146
Canada
0.7%
Algonquin
Power
&
Utilities
Corp.
,
5.37%
,
06/15/26
(c)
...........
USD
4
4,023
Enbridge,
Inc.
,
5.70%
,
03/08/33
....
20
20,527
Rogers
Communications,
Inc.
,
5.30%
,
02/15/34
.................
119
116,813
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
South
Bow
USA
Infrastructure
Holdings
LLC
,
4.91%
,
09/01/27
(a)
.......
USD
162
$
162,067
303,430
China
0.1%
NXP
BV
,
5.55%
,
12/01/28
........
50
51,179
France
2.0%
(e)
Banque
Federative
du
Credit
Mutuel
SA
0.10%
,
10/08/27
............
EUR
100
101,199
4.13%
,
09/18/30
............
200
225,689
BNP
Paribas
SA
(b)
(3-mo.
EURIBOR
+
0.80%),
0.38%
,
10/14/27
...............
100
104,247
(3-mo.
EURIBOR
+
1.60%),
4.75%
,
11/13/32
...............
100
114,073
BPCE
SA
,
(3-mo.
EURIBOR
+
1.47%),
4.00%
,
01/20/34
(b)
...........
100
108,030
Engie
SA
,
1.75%
,
03/27/28
.......
100
104,621
Societe
Generale
SA
,
(3-mo.
EURIBOR
+
1.45%),
3.75%
,
07/15/31
(b)
....
100
108,402
866,261
Germany
1.0%
(e)
Commerzbank
AG
,
Series
1061
,
(3-mo.
EURIBOR
+
1.38%),
3.63%
,
01/14/32
(b)
................
100
107,459
E.ON
SE
,
1.00%
,
10/07/25
.......
100
107,346
Eurogrid
GmbH
,
3.92%
,
02/01/34
...
100
108,757
Sartorius
Finance
BV
,
4.50%
,
09/14/32
100
112,922
436,484
Spain
0.5%
(b)(e)
Banco
de
Sabadell
SA
,
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%
,
01/15/30
.................
100
111,274
CaixaBank
SA
,
(3-mo.
EURIBOR
+
0.85%),
0.38%
,
11/18/26
.......
100
106,545
217,819
Switzerland
0.7%
UBS
AG
(e)
0.45%
,
05/19/25
............
100
107,816
0.01%
,
06/29/26
............
200
209,303
317,119
United
Kingdom
0.2%
SSE
plc
,
0.88%
,
09/06/25
(e)
.......
100
107,410
United
States
26.6%
AbbVie,
Inc.
5.05%
,
03/15/34
............
USD
4
4,028
4.70%
,
05/14/45
............
8
7,225
Advanced
Micro
Devices,
Inc.
,
4.39%
,
06/01/52
.................
8
6,794
AEP
Texas,
Inc.
3.95%
,
06/01/28
............
104
101,931
5.25%
,
05/15/52
............
22
19,765
Amazon.com,
Inc.
,
4.10%
,
04/13/62
.
55
43,581
American
Express
Co.
,
(1-day
SOFR
+
0.93%),
5.04%
,
07/26/28
(b)
.....
5
5,063
American
International
Group,
Inc.
,
4.75%
,
04/01/48
............
8
7,072
American
Tower
Corp.
3.80%
,
08/15/29
............
181
173,792
1.88%
,
10/15/30
............
83
70,998
5.65%
,
03/15/33
............
10
10,308
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.55%
,
07/15/33
............
USD
74
$
75,629
Amgen,
Inc.
,
1.65%
,
08/15/28
.....
636
581,239
Apollo
Debt
Solutions
BDC
,
6.70%
,
07/29/31
.................
39
40,238
AppLovin
Corp.
5.13%
,
12/01/29
............
17
17,066
5.95%
,
12/01/54
............
53
52,053
Ares
Strategic
Income
Fund
,
5.70%
,
03/15/28
(a)
................
14
14,000
Arthur
J
Gallagher
&
Co.
,
5.55%
,
02/15/55
.................
13
12,475
AS
Mileage
Plan
IP
Ltd.
,
5.31%
,
10/20/31
(a)
................
236
230,725
AT&T
Reign
II
Multi-Property
Lease-
Backed
Pass-Through
Trust
,
6.09%
,
12/15/44
(a)
................
50
50,955
AT&T,
Inc.
4.75%
,
05/15/46
............
36
31,316
4.50%
,
03/09/48
............
64
53,117
3.50%
,
09/15/53
............
41
27,958
3.80%
,
12/01/57
............
10
7,020
3.65%
,
09/15/59
............
88
59,350
Baltimore
Gas
&
Electric
Co.
3.50%
,
08/15/46
............
14
10,234
5.65%
,
06/01/54
............
3
2,944
Bank
of
America
Corp.
(b)
(1-day
SOFR
+
1.99%),
6.20%
,
11/10/28
...............
251
260,869
(1-day
SOFR
+
1.93%),
2.68%
,
06/19/41
...............
20
14,186
(3-mo.
CME
Term
SOFR
+
3.41%),
4.08%
,
03/20/51
..........
40
31,431
(1-day
SOFR
+
1.56%),
2.97%
,
07/21/52
...............
16
10,258
Berry
Global,
Inc.
,
5.65%
,
01/15/34
..
29
29,422
Blackstone
Private
Credit
Fund
,
6.00%
,
01/29/32
.................
3
2,974
Block,
Inc.
,
3.50%
,
06/01/31
......
4
3,517
Blue
Owl
Capital
Corp.
,
5.95%
,
03/15/29
.................
42
42,109
Blue
Owl
Credit
Income
Corp.
,
6.65%
,
03/15/31
.................
7
7,139
Broadcom,
Inc.
5.20%
,
04/15/32
............
20
20,294
4.30%
,
11/15/32
............
30
28,638
2.60%
,
02/15/33
(a)
...........
26
21,912
3.42%
,
04/15/33
(a)
...........
23
20,478
3.47%
,
04/15/34
(a)
...........
20
17,605
4.80%
,
10/15/34
............
40
39,047
Burlington
Northern
Santa
Fe
LLC
5.40%
,
06/01/41
............
15
14,857
3.30%
,
09/15/51
............
4
2,771
5.20%
,
04/15/54
............
34
32,362
5.50%
,
03/15/55
............
10
9,962
Cameron
LNG
LLC
,
3.30%
,
01/15/35
(a)
223
188,750
Caterpillar,
Inc.
,
3.25%
,
04/09/50
...
35
24,651
CenterPoint
Energy
Houston
Electric
LLC
,
Series
AE
,
2.35%
,
04/01/31
.
5
4,371
Charter
Communications
Operating
LLC
4.80%
,
03/01/50
............
70
52,775
3.90%
,
06/01/52
............
21
13,579
3.95%
,
06/30/62
............
63
38,707
Cheniere
Energy,
Inc.
,
5.65%
,
04/15/34
218
220,526
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Citigroup,
Inc.
(b)
(1-day
SOFR
+
1.18%),
2.52%
,
11/03/32
...............
USD
53
$
45,267
(1-day
SOFR
+
2.09%),
4.91%
,
05/24/33
...............
4
3,922
(1-day
SOFR
+
1.45%),
5.45%
,
06/11/35
...............
47
47,265
(1-day
SOFR
+
1.47%),
5.33%
,
03/27/36
...............
25
24,909
(1-day
SOFR
+
1.75%),
5.61%
,
03/04/56
...............
25
24,420
CNH
Industrial
Capital
LLC
,
3.95%
,
05/23/25
.................
350
349,544
Coca-Cola
Co.
(The)
5.30%
,
05/13/54
............
6
5,875
5.40%
,
05/13/64
............
12
11,727
Comcast
Corp.
4.65%
,
02/15/33
............
106
103,904
2.99%
,
11/01/63
............
25
14,213
CVS
Health
Corp.
,
4.78%
,
03/25/38
.
43
38,582
Deere
&
Co.
,
3.75%
,
04/15/50
.....
6
4,672
Dell
International
LLC
5.40%
,
04/15/34
............
8
8,062
3.38%
,
12/15/41
............
12
8,863
Dominion
Energy,
Inc.
(b)
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.51%),
7.00%
,
06/01/54
...............
51
53,604
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.21%),
6.63%
,
05/15/55
....
8
7,944
DR
Horton,
Inc.
,
5.00%
,
10/15/34
...
163
158,851
Ecolab,
Inc.
,
2.75%
,
08/18/55
.....
26
15,616
Edison
International
5.75%
,
06/15/27
............
58
58,568
5.25%
,
11/15/28
............
30
29,581
6.95%
,
11/15/29
............
46
47,821
6.25%
,
03/15/30
............
10
10,128
5.25%
,
03/15/32
............
15
14,347
Elevance
Health,
Inc.
4.55%
,
03/01/48
............
29
24,283
6.10%
,
10/15/52
............
3
3,067
5.13%
,
02/15/53
............
6
5,383
Eli
Lilly
&
Co.
,
4.88%
,
02/27/53
....
5
4,597
EnLink
Midstream
LLC
,
5.65%
,
09/01/34
.................
51
51,395
Equinix,
Inc.
2.50%
,
05/15/31
............
63
54,991
3.90%
,
04/15/32
............
65
60,601
Eversource
Energy
,
5.45%
,
03/01/28
7
7,153
Extra
Space
Storage
LP
2.35%
,
03/15/32
............
45
37,637
5.40%
,
06/15/35
............
25
24,855
FactSet
Research
Systems,
Inc.
,
3.45%
,
03/01/32
............
13
11,705
FirstEnergy
Transmission
LLC
5.00%
,
01/15/35
............
80
78,417
4.55%
,
04/01/49
(a)
...........
119
101,837
FNB
Corp.
,
(SOFR
Index
+
1.93%),
5.72%
,
12/11/30
(b)
...........
29
28,970
Gartner,
Inc.
(a)
4.50%
,
07/01/28
............
137
134,321
3.63%
,
06/15/29
............
281
264,604
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
General
Motors
Financial
Co.,
Inc.
2.75%
,
06/20/25
............
USD
80
$
79,620
1.25%
,
01/08/26
............
595
578,832
5.60%
,
06/18/31
............
67
67,005
Global
Payments,
Inc.
,
5.95%
,
08/15/52
.................
7
6,773
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
1.51%),
4.39%
,
06/15/27
(b)
..............
362
361,416
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
(b)
..............
51
43,681
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
(b)
..............
56
48,399
(1-day
SOFR
+
1.41%),
3.10%
,
02/24/33
(b)
..............
60
52,881
(1-day
SOFR
+
1.95%),
6.56%
,
10/24/34
(b)
..............
46
50,205
(1-day
SOFR
+
1.55%),
5.85%
,
04/25/35
(b)
..............
51
52,708
(3-mo.
CME
Term
SOFR
+
1.69%),
4.41%
,
04/23/39
(b)
.........
6
5,338
6.25%
,
02/01/41
............
3
3,164
(1-day
SOFR
+
1.51%),
3.21%
,
04/22/42
(b)
..............
6
4,424
(1-day
SOFR
+
1.47%),
2.91%
,
07/21/42
(b)
..............
1
706
(1-day
SOFR
+
1.58%),
5.56%
,
11/19/45
(b)
..............
48
46,772
HCA,
Inc.
5.00%
,
03/01/28
............
10
10,081
3.50%
,
09/01/30
............
283
262,444
5.45%
,
04/01/31
............
104
105,638
Hewlett
Packard
Enterprise
Co.
,
6.35%
,
10/15/45
(c)
................
16
16,424
Home
Depot,
Inc.
(The)
4.95%
,
09/15/52
............
5
4,587
5.30%
,
06/25/54
............
19
18,351
5.40%
,
06/25/64
............
5
4,814
Hps
Corporate
Lending
Fund
,
5.45%
,
01/14/28
.................
10
9,957
Ingersoll
Rand,
Inc.
,
5.31%
,
06/15/31
13
13,300
Intel
Corp.
4.10%
,
05/11/47
............
18
13,299
5.90%
,
02/10/63
............
12
11,246
Jersey
Central
Power
&
Light
Co.
,
5.10%
,
01/15/35
(a)
...........
10
9,886
JPMorgan
Chase
&
Co.
(b)
(1-day
SOFR
+
1.13%),
5.00%
,
07/22/30
...............
155
156,403
(1-day
SOFR
+
0.90%),
5.14%
,
01/24/31
...............
25
25,390
(3-mo.
CME
Term
SOFR
+
3.79%),
4.49%
,
03/24/31
..........
63
62,165
(3-mo.
CME
Term
SOFR
+
1.25%),
2.58%
,
04/22/32
..........
202
177,483
(1-day
SOFR
+
1.49%),
5.77%
,
04/22/35
...............
25
25,983
(1-day
SOFR
+
1.46%),
5.29%
,
07/22/35
...............
63
63,252
(3-mo.
CME
Term
SOFR
+
1.64%),
3.96%
,
11/15/48
..........
5
3,945
(1-day
SOFR
+
2.44%),
3.11%
,
04/22/51
...............
5
3,329
(1-day
SOFR
+
1.58%),
3.33%
,
04/22/52
...............
135
93,777
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Juniper
Networks,
Inc.
,
3.75%
,
08/15/29
.................
USD
16
$
15,386
Lam
Research
Corp.
,
3.13%
,
06/15/60
8
5,014
Lowe's
Cos.,
Inc.
2.80%
,
09/15/41
............
36
24,912
5.63%
,
04/15/53
............
41
39,578
M&T
Bank
Corp.
,
(1-day
SOFR
+
1.61%),
5.39%
,
01/16/36
(b)
.....
30
29,422
Marriott
International,
Inc.
5.30%
,
05/15/34
............
3
2,994
5.35%
,
03/15/35
............
4
3,962
Marsh
&
McLennan
Cos.,
Inc.
4.90%
,
03/15/49
............
14
12,693
5.45%
,
03/15/53
............
11
10,673
Meta
Platforms,
Inc.
,
5.75%
,
05/15/63
108
109,668
Microsoft
Corp.
,
2.92%
,
03/17/52
...
15
10,059
MidAmerican
Energy
Co.
,
5.85%
,
09/15/54
.................
17
17,464
Moody's
Corp.
,
3.25%
,
01/15/28
....
5
4,853
Morgan
Stanley
(b)
(1-day
SOFR
+
1.29%),
2.94%
,
01/21/33
...............
7
6,140
(1-day
SOFR
+
1.71%),
5.52%
,
11/19/55
...............
197
192,449
Motorola
Solutions,
Inc.
,
5.60%
,
06/01/32
.................
2
2,067
MSCI,
Inc.
,
4.00%
,
11/15/29
(a)
.....
7
6,686
MSD
Netherlands
Capital
BV
,
3.50%
,
05/30/37
.................
EUR
100
105,537
National
Grid
North
America,
Inc.
,
4.67%
,
09/12/33
(e)
...........
100
114,208
Newmont
Corp.
,
2.80%
,
10/01/29
...
USD
21
19,510
NiSource,
Inc.
5.35%
,
04/01/34
............
27
27,088
5.85%
,
04/01/55
............
5
4,970
NNN
REIT,
Inc.
,
3.50%
,
04/15/51
...
8
5,386
Norfolk
Southern
Corp.
,
4.15%
,
02/28/48
.................
23
18,489
NRG
Energy,
Inc.
(a)
4.45%
,
06/15/29
............
83
80,598
3.63%
,
02/15/31
............
193
170,932
6.00%
,
02/01/33
............
67
65,180
7.00%
,
03/15/33
............
212
228,556
NVIDIA
Corp.
,
3.50%
,
04/01/50
....
5
3,793
Ohio
Power
Co.
Series
P
,
2.60%
,
04/01/30
......
5
4,519
Series
Q
,
1.63%
,
01/15/31
.....
20
16,717
5.00%
,
06/01/33
............
13
12,824
Series
R
,
2.90%
,
10/01/51
.....
37
22,947
Omnicom
Group,
Inc.
,
3.60%
,
04/15/26
11
10,892
Oracle
Corp.
4.00%
,
11/15/47
............
4
3,032
3.60%
,
04/01/50
............
78
54,192
5.55%
,
02/06/53
............
12
11,216
4.38%
,
05/15/55
............
34
26,496
6.00%
,
08/03/55
............
42
41,947
5.50%
,
09/27/64
............
17
15,411
6.13%
,
08/03/65
............
135
134,814
Otis
Worldwide
Corp.
,
5.25%
,
08/16/28
15
15,330
Owens
Corning
,
3.95%
,
08/15/29
...
17
16,453
Pacific
Gas
&
Electric
Co.
4.95%
,
07/01/50
............
45
37,577
3.50%
,
08/01/50
............
123
81,758
6.75%
,
01/15/53
............
11
11,487
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.90%
,
10/01/54
............
USD
10
$
9,471
Paramount
Global
4.38%
,
03/15/43
............
19
14,073
5.85%
,
09/01/43
............
9
7,881
5.25%
,
04/01/44
............
5
4,022
4.90%
,
08/15/44
............
3
2,320
4.60%
,
01/15/45
............
2
1,498
PECO
Energy
Co.
3.90%
,
03/01/48
............
7
5,461
2.85%
,
09/15/51
............
29
18,068
4.60%
,
05/15/52
............
26
22,359
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.75%
,
05/19/33
............
3
2,967
5.30%
,
05/19/53
............
28
26,585
PG&E
Corp.
5.25%
,
07/01/30
............
147
141,119
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%
,
03/15/55
(b)
...
64
62,902
Piedmont
Natural
Gas
Co.,
Inc.
,
2.50%
,
03/15/31
.................
11
9,612
Public
Service
Co.
of
New
Hampshire
,
5.15%
,
01/15/53
............
3
2,812
Public
Service
Electric
&
Gas
Co.
,
3.70%
,
05/01/28
............
8
7,849
Republic
Services,
Inc.
,
3.95%
,
05/15/28
.................
16
15,781
RPM
International,
Inc.
,
2.95%
,
01/15/32
.................
7
6,106
Ryder
System,
Inc.
,
4.30%
,
06/15/27
27
26,822
San
Diego
Gas
&
Electric
Co.
4.15%
,
05/15/48
............
6
4,715
5.35%
,
04/01/53
............
8
7,498
5.55%
,
04/15/54
............
2
1,932
Sixth
Street
Lending
Partners
,
6.13%
,
07/15/30
(a)
................
31
31,201
Solventum
Corp.
,
6.00%
,
05/15/64
..
17
16,691
Southern
California
Edison
Co.
5.30%
,
03/01/28
............
95
96,143
5.65%
,
10/01/28
............
10
10,238
2.85%
,
08/01/29
............
18
16,541
2.25%
,
06/01/30
............
54
47,147
5.95%
,
11/01/32
............
75
77,010
Sprint
LLC
,
7.63%
,
03/01/26
......
70
71,098
Synchrony
Financial
(SOFR
Index
+
2.13%),
5.94%
,
08/02/30
(b)
..............
20
20,281
(1-day
SOFR
+
1.68%),
5.45%
,
03/06/31
(b)
..............
45
44,678
2.88%
,
10/28/31
............
87
73,575
7.25%
,
02/02/33
............
103
106,028
System
Energy
Resources,
Inc.
,
5.30%
,
12/15/34
............
2
1,977
Texas
Instruments,
Inc.
4.15%
,
05/15/48
............
7
5,799
5.00%
,
03/14/53
............
12
11,188
T-Mobile
USA,
Inc.
3.50%
,
04/15/25
............
532
531,725
4.75%
,
02/01/28
............
694
693,155
Toyota
Motor
Credit
Corp.
,
4.55%
,
08/09/29
.................
5
5,001
Uber
Technologies,
Inc.
,
5.35%
,
09/15/54
.................
18
16,814
Union
Pacific
Corp.
,
3.55%
,
05/20/61
40
27,172
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
UnitedHealth
Group,
Inc.
4.25%
,
04/15/47
............
USD
48
$
39,562
5.88%
,
02/15/53
............
4
4,057
6.05%
,
02/15/63
............
22
22,664
VeriSign,
Inc.
,
5.25%
,
06/01/32
....
10
10,088
Verizon
Communications,
Inc.
7.75%
,
12/01/30
............
105
120,143
2.55%
,
03/21/31
............
50
44,057
5.25%
,
04/02/35
............
10
10,025
Waste
Management,
Inc.
,
4.15%
,
04/15/32
.................
11
10,615
Wells
Fargo
&
Co.
(1-day
SOFR
+
2.53%),
3.07%
,
04/30/41
(b)
..............
6
4,471
3.90%
,
05/01/45
............
11
8,667
(3-mo.
CME
Term
SOFR
+
4.50%),
5.01%
,
04/04/51
(b)
.........
48
43,205
(1-day
SOFR
+
2.13%),
4.61%
,
04/25/53
(b)
..............
31
26,304
11,850,297
Total
Corporate
Bonds
32.0%
(Cost:
$
14,372,954
)
..............................
14,255,145
Foreign
Agency
Obligations
Italy
0.2%
ACEA
SpA
,
0.00%
,
09/28/25
(e)
.....
EUR
100
106,748
Supranational
0.8%
European
Union
(e)
2.50%
,
10/04/52
............
170
141,325
Series
NGEU
,
3.00%
,
03/04/53
..
229
210,498
351,823
Total
Foreign
Agency
Obligations
1.0%
(Cost:
$
477,877
)
................................
458,571
Foreign
Government
Obligations
Belgium
0.2%
Kingdom
of
Belgium
,
3.30%
,
06/22/54
(a)
(e)
...............
90
86,236
Brazil
0.3%
Federative
Republic
of
Brazil
10.00%
,
01/01/29
...........
BRL
(f)
45,845
10.00%
,
01/01/35
...........
1
69,863
115,708
Germany
0.2%
Bundesrepublik
Deutschland
Bundesanleihe
,
2.50%
,
08/15/54
(e)
EUR
75
72,017
Japan
0.2%
Japan
Government
Bond
,
2.30%
,
12/20/54
.................
JPY
16,600
106,473
Mexico
0.4%
United
Mexican
States
,
2.66%
,
05/24/31
.................
USD
200
168,626
Panama
0.4%
Republic
of
Panama
,
3.88%
,
03/17/28
200
190,250
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Peru
0.1%
Republic
of
Peru
,
3.55%
,
03/10/51
..
USD
35
$
24,054
Philippines
0.4%
Republic
of
Philippines
,
3.00%
,
02/01/28
.................
200
191,460
United
Kingdom
0.4%
U.K.
Treasury
Bonds
,
4.38%
,
07/31/54
(e)
................
GBP
148
165,671
Uruguay
0.0%
Oriental
Republic
of
Uruguay
,
5.10%
,
06/18/50
.................
USD
25
23,162
Total
Foreign
Government
Obligations
2.6%
(Cost:
$
1,260,553
)
..............................
1,143,657
Shares
Shares
Investment
Companies
Financial
Select
Sector
SPDR
Fund
.
450
22,414
Total
Investment
Companies
0.0%
(Cost:
$
22,649
)
................................
22,414
Par
(000)
Pa
r
(
000)
Municipal
Bonds
California
-
0
.3
%
Bay
Area
Toll
Authority
,
Series
2010S-1
,
RB
,
7.04
%
,
04/01/50
.........
20
23,563
Los
Angeles
Community
College
District
,
Series
2010E
,
GO
,
6.60
%
,
08/01/42
............
5
5,428
State
of
California
,
Series
2018
,
GO
,
4.60
%
,
04/01/38
............
70
68,220
University
of
California
,
Series
2012AD
,
RB
,
4.86
%
,
05/15/2112
........
15
12,902
110,113
Illinois
-
0
.1
%
State
of
Illinois
,
Series
2003
,
GO
,
5.10
%
,
06/01/33
............
38
37,516
New
Jersey
-
0.0
%
New
Jersey
Turnpike
Authority
,
Series
2009F
,
RB
,
7.41
%
,
01/01/40
....
8
9,615
New
York
-
0
.1
%
Metropolitan
Transportation
Authority
,
Series
2010A
,
RB
,
6.67
%
,
11/15/39
10
10,940
New
York
City
Municipal
Water
Finance
Authority
,
Series
2010EE
,
RB
,
6.01
%
,
06/15/42
............
5
5,233
Port
Authority
of
New
York
&
New
Jersey
Series
2011-168
,
RB
,
4.93
%
,
10/01/51
..........
15
14,113
Series
2014-181
,
RB
,
4.96
%
,
08/01/46
..........
10
9,519
39,805
Ohio
-
0.0
%
American
Municipal
Power,
Inc.
,
Series
2010A
,
RB
,
8.08
%
,
02/15/50
....
10
12,684
Security
Par
(000)
Par
(000)
Value
Texas
-
0.0
%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A
,
RB
,
5.81
%
,
02/01/41
............
USD
10
$
10,282
State
of
Texas
,
Series
2009A
,
GO
,
5.52
%
,
04/01/39
............
15
15,422
25,704
Total
Municipal
Bonds
0.5%
(Cost:
$
288,300
)
................................
235,437
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
2
.2
%
United
States
2.2%
Alternative
Loan
Trust
(b)
Series
2006-OA6,
Class
1A1A,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.85%,
07/25/46
15
13,375
Series
2006-OC10,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.89%,
11/25/36
185
158,534
Angel
Oak
Mortgage
Trust,
Series
2023-1,
Class
A1,
4.75%,
09/26/67
(a)
(c)
...............
83
81,849
AOMT,
Series
2024-6,
Class
A3,
4.65%,
11/25/67
(a)
(c)
..........
47
45,786
Barclays
Mortgage
Loan
Trust,
Series
2025-NQM1,
Class
A1,
5.66%,
01/25/65
(a)
(c)
...............
99
99,545
CFMT
LLC,
Series
2024-HB15,
Class
M2,
4.00%,
08/25/34
(a)
(b)
.......
100
95,074
CIM
Trust,
Series
2025-I1,
Class
A1,
5.65%,
10/25/69
(a)
(c)
..........
144
145,069
Cross
Mortgage
Trust,
Series
2025-H2,
Class
M1,
6.13%,
03/25/70
(a)
(b)
...
100
100,225
RFMSI
Trust,
Series
2007-SA4,
Class
3A1,
5.85%,
10/25/37
(b)
........
113
68,704
TVC
Mortgage
Trust,
Series
2023-
RTL1,
Class
A1,
8.25%,
11/25/27
(a)
(c)
100
100,184
Verus
Securitization
Trust,
Series
2021-
3,
Class
B1,
3.20%,
06/25/66
(a)
(b)
.
100
73,122
981,467
Commercial
Mortgage-Backed
Securities
6
.2
%
United
States
6.2%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
A1A2,
3.90%,
08/10/35
(a)
...........
250
245,000
2023-MIC
Trust,
Series
2023-MIC,
Class
A,
8.44%,
12/05/38
(a)
(b)
....
10
10,876
ARES
Commercial
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.01%,
07/15/41
(a)
(b)
....
22
21,945
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
10/15/34
(a)
(b)
30
29,925
Atrium
Hotel
Portfolio
Trust,
Series
2024-ATRM,
Class
A,
5.05%,
11/10/29
(a)
(b)
...............
10
9,990
BAHA
Trust
(a)(b)
Series
2024-MAR,
Class
A,
5.57%,
12/10/41
...............
66
66,933
Series
2024-MAR,
Class
B,
6.39%,
12/10/41
...............
11
11,394
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-MAR,
Class
C,
7.01%,
12/10/41
...............
USD
27
$
27,896
BAMLL
Trust
(a)(b)
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.67%,
08/15/39
...
10
10,013
Series
2025-ASHF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.17%,
02/15/42
...
14
13,948
Series
2025-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.57%,
02/15/42
...
12
11,967
BANK,
Series
2022-BNK41,
Class
A4,
3.79%,
04/15/65
(b)
...........
80
74,164
BANK5,
Series
2024-5YR11,
Class
A3,
5.89%,
11/15/57
............
10
10,407
BBCMS
Mortgage
Trust
(a)(b)
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.92%),
5.24%,
03/15/37
...
15
14,214
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.17%),
5.49%,
03/15/37
...
25
22,881
BFLD
Commercial
Mortgage
Trust,
Series
2024-UNIV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
11/15/41
(a)
(b)
....
10
9,988
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
7.71%,
06/15/41
(a)
(b)
10
9,875
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2022-LP2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.01%),
5.33%,
02/15/39
...
37
36,739
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
7.20%,
10/15/41
...
11
11,014
Series
2024-KING,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
05/15/34
...
103
102,392
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
05/15/41
...
80
79,616
Series
2024-PURE,
Class
A,
(CAONREPO
at
1.90%
Floor
+
1.90%),
4.66%,
11/15/41
.....
CAD
3
2,054
BX
Trust
(a)(b)
Series
2021-MFM1,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.31%),
5.63%,
01/15/34
...
USD
10
10,435
Series
2022-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
04/15/37
...
37
37,475
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
07/15/29
...
30
29,850
Series
2024-VLT4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
7.21%,
07/15/29
...
10
9,850
Series
2024-VLT4,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.94%
Floor
+
3.94%),
8.26%,
07/15/29
...
30
29,475
Series
2025-ROIC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.94%
Floor
+
2.94%),
7.26%,
03/15/30
...
24
23,850
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BXP
Trust,
Series
2017-GM,
Class
D,
3.42%,
06/13/39
(a)
(b)
..........
USD
45
$
42,502
Commercial
Mortgage
Trust
(a)(b)
Series
2013-300P,
Class
D,
4.39%,
08/10/30
...............
25
24,062
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.16%,
06/15/41
...
11
10,966
Series
2024-WCL1,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.91%,
06/15/41
...
10
9,856
Series
2024-WCL1,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.49%
Floor
+
4.49%),
8.81%,
06/15/41
...
10
10,002
CONE
Trust
(a)(b)
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
08/15/41
...
150
148,875
Series
2024-DFW1,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
8.21%,
08/15/41
...
22
21,906
CSTL
Commercial
Mortgage
Trust,
Series
2024-GATE,
Class
A,
4.76%,
11/10/41
(a)
(b)
...............
10
9,813
ELM
Trust,
Series
2024-ELM,
Class
E10,
7.27%,
06/10/39
(a)
(b)
......
20
20,186
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(a)
(b)
..........
10
10,053
Fashion
Show
Mall
LLC,
Series
2024-
SHOW,
Class
A,
4.76%,
10/10/41
(a)
(b)
10
10,005
Grace
Trust,
Series
2020-GRCE,
Class
D,
2.68%,
12/10/40
(a)
(b)
........
250
210,094
Great
Wolf
Trust,
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
6.01%,
05/15/41
(a)
(b)
....
100
99,969
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
5.32%,
11/15/36
...
45
44,563
Series
2024-RVR,
Class
E,
6.97%,
08/10/41
...............
10
9,951
HIH
Trust,
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.16%,
10/15/41
(a)
(b)
10
10,044
HILT
Commercial
Mortgage
Trust,
Series
2024-ORL,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.44%
Floor
+
2.44%),
6.76%,
05/15/37
(a)
(b)
....
20
19,950
HLTN
Commercial
Mortgage
Trust,
Series
2024-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
06/15/41
(a)
(b)
....
10
10,000
INV
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.06%,
11/15/41
(a)
(b)
...............
18
17,955
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
2.06%),
6.38%,
04/15/38
...
250
249,375
Series
2024-IGLG,
Class
A,
5.17%,
11/09/39
...............
10
10,044
Series
2024-IGLG,
Class
E,
7.25%,
11/09/39
...............
15
14,974
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-IGLG,
Class
F,
8.22%,
11/09/39
...............
USD
13
$
13,006
Series
2025-BHR5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.99%,
03/15/40
...
24
23,820
JW
Commercial
Mortgage
Trust
(a)(b)
Series
2024-MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.94%,
06/15/39
...
10
9,994
Series
2024-MRCO,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
7.51%,
06/15/39
...
10
10,029
KSL
Commercial
Mortgage
Trust,
Series
2024-HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
12/15/39
(a)
(b)
....
20
19,975
LBA
Trust
(a)(b)
Series
2024-7IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
10/15/41
...
10
9,981
Series
2024-BOLT,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.76%,
06/15/39
...
10
9,941
MCR
Mortgage
Trust
(a)
Series
2024-HTL,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.11%
Floor
+
3.11%),
7.43%,
02/15/37
(b)
..
40
40,398
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
13
13,147
Series
2024-TWA,
Class
E,
8.73%,
06/12/39
...............
10
10,167
Morgan
Stanley
Capital
I
Trust
(a)(b)
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
11.52%,
11/15/34
..
10
9,503
Series
2024-NSTB,
Class
A,
3.90%,
09/24/57
...............
10
9,488
One
New
York
Plaza
Trust
(a)(b)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
5.38%,
01/15/36
...
21
20,119
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.68%,
01/15/36
...
20
18,914
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
12/15/39
(a)
(b)
45
44,972
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.21%,
06/15/39
(a)
(b)
10
9,975
SUMIT
Mortgage
Trust,
Series
2022-
BVUE,
Class
D,
2.89%,
02/12/41
(a)
(b)
40
30,560
TTAN
MHC
(a)(b)
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.83%,
03/15/38
...
38
38,332
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.01%),
7.33%,
03/15/38
...
8
7,666
VEGAS
(a)(b)
Series
2024-GCS,
Class
C,
6.22%,
07/10/36
...............
12
11,721
Series
2024-GCS,
Class
D,
6.22%,
07/10/36
...............
44
41,148
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
(b)
..........
USD
399
$
336,856
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2024-BPRC,
Class
B,
6.22%,
07/15/43
...............
10
10,274
Series
2024-BPRC,
Class
C,
6.43%,
07/15/43
...............
10
10,057
2,749,354
Interest
Only
Commercial
Mortgage-Backed
Securities
0.0
%
United
States
0.0%
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.72%,
06/15/56
(b)
....
198
9,445
MCR
Mortgage
Trust,
Series
2024-
TWA,
Class
XA,
0.92%,
06/12/39
(a)
37
537
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2024-BPRC,
Class
X,
0.09%,
07/15/43
(a)
(b)
..........
78
726
10,708
Total
Non-Agency
Mortgage-Backed
Securities
8.4%
(Cost:
$
3,843,792
)
..............................
3,741,529
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
2.0%
(b)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Series
5513
,
Class
FD
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69
%
,
01/25/55
..
135
135,328
Series
5515
,
Class
FM
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69
%
,
03/25/55
..
20
19,885
Series
5516
,
Class
FC
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.74
%
,
03/25/55
..
321
322,252
Series
5518
,
Class
FC
,
(SOFR
30
day
Average
at
1.32%
Floor
and
6.50%
Cap
+
1.32%),
5.66
%
,
03/25/55
..
131
131,273
Federal
National
Mortgage
Association
Variable
Rate
Notes
Series
2025-12
,
Class
GF
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69
%
,
03/25/55
..
43
42,966
Series
2025-13
,
Class
FB
,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.64
%
,
03/25/55
..
145
144,792
Series
2025-21
,
Class
FB
,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.64
%
,
07/25/53
..
35
34,938
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2025-9
,
Class
FG
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69
%
,
03/25/55
..
USD
44
$
44,676
876,110
Commercial
Mortgage-Backed
Securities
0.1%
(b)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
,
Series
2018-W5FX
,
Class
CFX
,
3.42
%
,
04/25/28
(a)
...........
50
45,564
Federal
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2024-
P015
,
Class
A1
,
4.02
%
,
11/25/32
.
6
5,825
Government
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2023-50
,
Class
AC
,
3.25
%
,
09/16/63
............
3
2,650
54,039
Interest
Only
Collateralized
Mortgage
Obligations
0.1%
Government
National
Mortgage
Association
Series
2021-58
,
Class
IY
,
3.00
%
,
02/20/51
........
62
10,705
Series
2021-78
,
Class
IP
,
3.00
%
,
05/20/51
........
65
10,995
Series
2021-97
,
Class
LI
,
3.00
%
,
08/20/50
........
56
9,523
Series
2022-78
,
Class
D
,
3.00
%
,
08/20/51
........
136
22,985
Series
2022-85
,
Class
IK
,
3.00
%
,
05/20/51
........
72
12,326
Mortgage-Backed
Securities
51.9%
Federal
National
Mortgage
Association
5.81
%
,
06/01/31
..........
13
13,620
3.00
%
,
12/01/50
..........
568
503,725
Government
National
Mortgage
Association
2.00
%
,
08/20/50
-
11/20/50
...
95
78,122
2.50
%
,
10/20/51
-
12/20/51
...
80
68,100
3.00
%
,
03/20/52
..........
255
224,483
3.50
%
,
03/20/52
..........
52
47,537
4.00
%
,
03/20/52
..........
13
11,833
2.00
%
,
04/15/55
(g)
.........
424
346,706
2.50
%
,
04/15/55
(g)
.........
429
365,869
3.00
%
,
04/15/55
(g)
.........
115
101,847
3.50
%
,
04/15/55
-
05/15/55
(g)
..
3,134
2,862,859
4.00
%
,
04/15/55
(g)
.........
196
183,465
4.50
%
,
04/15/55
(g)
.........
211
202,428
5.00
%
,
04/15/55
(g)
.........
240
236,050
5.50
%
,
04/15/55
(g)
.........
254
254,522
6.00
%
,
04/15/55
(g)
.........
167
169,487
6.50
%
,
04/15/55
(g)
.........
98
100,318
Uniform
Mortgage-Backed
Securities
1.50
%
,
04/25/40
(g)
.........
293
257,047
2.00
%
,
04/25/40
-
04/25/55
(g)
..
384
346,228
2.50
%
,
04/25/40
(g)
.........
151
139,680
3.00
%
,
04/25/40
-
04/25/55
(g)
..
189
170,680
3.50
%
,
04/25/40
-
04/25/55
(g)
..
33
31,623
4.00
%
,
04/25/40
-
04/25/55
(g)
..
23
22,238
4.50
%
,
04/25/40
-
05/25/55
(g)
..
1,321
1,265,431
4.00
%
,
09/01/47
-
04/01/52
...
959
899,474
4.50
%
,
06/01/50
..........
194
188,928
1.50
%
,
06/01/51
..........
307
232,215
2.00
%
,
10/01/51
-
11/01/51
...
2,469
1,970,827
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
2.50
%
,
11/01/51
-
12/01/51
...
USD
2,638
$
2,215,095
3.00
%
,
11/01/51
..........
241
213,453
3.50
%
,
11/01/51
..........
883
818,842
5.00
%
,
04/01/53
-
10/01/53
...
677
665,462
5.50
%
,
09/01/53
..........
290
289,378
6.00
%
,
09/01/53
..........
265
269,496
6.50
%
,
10/01/53
-
11/01/53
...
221
229,120
5.00
%
,
04/25/55
-
05/25/55
(g)
..
200
196,179
5.50
%
,
04/25/55
(g)
.........
2,952
2,948,076
6.00
%
,
04/25/55
-
06/25/55
(g)
..
2,982
3,028,012
6.50
%
,
04/25/55
-
06/25/55
(g)
..
949
977,970
23,146,425
Total
U.S.
Government
Sponsored
Agency
Securities
54
.1
%
(Cost:
$
25,124,994
)
..............................
24,143,108
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.13
%
,
05/15/40
-
08/15/40
.....
254
159,950
1.38
%
,
11/15/40
-
08/15/50
.....
209
124,315
4.25
%
,
11/15/40
............
109
106,271
1.88
%
,
02/15/41
-
11/15/51
.....
166
107,443
4.75
%
,
02/15/41
-
11/15/43
.....
72
73,490
4.38
%
,
05/15/41
............
24
23,168
1.75
%
,
08/15/41
............
127
86,067
3.00
%
,
05/15/42
-
08/15/52
.....
463
357,803
3.88
%
,
02/15/43
............
238
217,460
2.88
%
,
05/15/43
-
05/15/52
.....
329
245,378
3.63
%
,
08/15/43
-
02/15/53
.....
69
60,197
3.75
%
,
11/15/43
............
68
60,711
4.13
%
,
08/15/44
-
08/15/53
.....
436
408,090
4.63
%
,
11/15/44
-
02/15/55
.....
314
315,573
2.75
%
,
11/15/47
............
180
131,302
3.13
%
,
05/15/48
............
82
63,829
2.25
%
,
08/15/49
-
02/15/52
.....
132
84,194
1.63
%
,
11/15/50
............
100
54,216
2.38
%
,
05/15/51
............
114
74,484
2.00
%
,
08/15/51
............
124
73,550
4.00
%
,
11/15/52
............
1
902
U.S.
Treasury
Notes
4.63
%
,
03/15/26
-
02/15/35
.....
651
666,513
4.88
%
,
04/30/26
-
10/31/30
.....
221
222,758
0.63
%
,
07/31/26
............
271
259,483
3.75
%
,
08/31/26
............
219
218,133
0.88
%
,
09/30/26
............
52
49,690
1.13
%
,
10/31/26
............
38
36,366
4.38
%
,
12/15/26
-
05/15/34
.....
489
495,413
4.00
%
,
01/15/27
-
02/15/34
.....
403
401,186
1.50
%
,
01/31/27
............
4
3,830
4.13
%
,
01/31/27
-
11/15/32
.....
136
136,210
1.88
%
,
02/28/27
-
02/28/29
.....
135
129,886
4.25
%
,
03/15/27
-
11/15/34
.....
442
444,940
0.50
%
,
04/30/27
-
05/31/27
.....
255
237,428
0.38
%
,
09/30/27
............
60
55,027
1.25
%
,
03/31/28
-
09/30/28
.....
384
353,096
3.63
%
,
03/31/28
-
09/30/31
.....
128
125,143
1.75
%
,
01/31/29
............
7
6,465
2.88
%
,
04/30/29
............
29
27,861
3.50
%
,
01/31/30
............
9
8,626
4.50
%
,
12/31/31
............
116
119,221
2.75
%
,
08/15/32
............
287
262,129
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
3.38
%
,
05/15/33
............
USD
6
$
5,683
Total
U.S.
Treasury
Obligations
15.9%
(Cost:
$
7,442,067
)
..............................
7,093,480
Total
Long-Term
Investments
126
.7
%
(Cost:
$
58,275,127
)
..............................
56,538,632
Shares
Shares
Short-Term
Securities
Money
Market
Funds
3.3%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.22
%
(h)
(i)
....
1,483,274
1,483,274
Total
Short-Term
Securities
3
.3
%
(Cost:
$
1,483,274
)
..............................
1,483,274
Total
Options
Purchased
0
.1
%
(Cost:
$
76,164
)
................................
49,280
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
130.1%
(Cost:
$
59,834,565
)
..............................
58,071,186
Total
Options
Written
(0.0)
%
(Premiums
Received
$
(
17,654
)
)
...................
(
2,265
)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
(g)
Government
National
Mortgage
Association
,
3.50
%
,
04/15/55
....
USD
(
1,067
)
$
(
976,227
)
Uniform
Mortgage-Backed
Securities
2.00
%
,
04/25/40
-
04/25/55
.....
(
340
)
(
271,138
)
2.50
%
,
04/25/40
-
04/25/55
.....
(
1,072
)
(
891,663
)
3.00
%
,
04/25/40
-
04/25/55
.....
(
17
)
(
14,890
)
3.50
%
,
04/25/55
............
(
1,989
)
(
1,793,683
)
4.00
%
,
04/25/55
............
(
403
)
(
375,480
)
4.50
%
,
04/25/55
-
06/25/55
.....
(
1,812
)
(
1,732,359
)
5.00
%
,
04/25/55
............
(
3
)
(
3,110
)
6.50
%
,
04/25/55
-
06/25/55
.....
(
1,768
)
(
1,820,893
)
6.00
%
,
06/25/55
............
(
300
)
(
304,060
)
Total
TBA
Sale
Commitments
(
18
.3
)
%
(Proceeds:
$
(
8,171,795
)
)
..........................
(
8,183,503
)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
111
.8
%
(Cost:
$
51,645,116
)
..............................
49,885,418
Liabilities
in
Excess
of
Other
Assets
(
11.8
)
%
...........
(
5,270,464
)
Net
Assets
100.0%
..............................
$
44,614,954
(a)
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.
(b)
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.
(c)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(d)
Non-income
producing
security.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Rounds
to
less
than
1,000.
(g)
Represents
or
includes
a
TBA
transaction.
(h)
Affiliate
of
the
Fund.
(i)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
1,415,929
$
67,345
(a)
$
$
$
$
1,483,274
1,483,274
$
32,504
$
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
..............
345,778
(
338,316
)
(
3,915
)
(
3,547
)
1,424
$
(
3,915
)
$
(
3,547
)
$
1,483,274
$
33,928
$
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
25
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10-Year
Note
...................................................
9
06/18/25
$
1,003
$
6,758
U.S.
Treasury
Long
Bond
.....................................................
6
06/18/25
706
8,020
U.S.
Treasury
Ultra
Bond
.....................................................
3
06/18/25
369
2,095
U.S.
Treasury
2-Year
Note
....................................................
34
06/30/25
7,046
7,682
U.S.
Treasury
5-Year
Note
....................................................
39
06/30/25
4,223
33,751
58,306
Short
Contracts
Euro-Bobl
...............................................................
5
06/06/25
637
4,467
Euro-Bund
..............................................................
5
06/06/25
697
15,974
Euro-Buxl
...............................................................
1
06/06/25
129
(
1,235
)
Euro-Schatz
.............................................................
3
06/06/25
347
95
U.S.
Treasury
10-Year
Ultra
Note
...............................................
7
06/18/25
801
(
5,882
)
Canada
10-Year
Bond
.......................................................
2
06/19/25
173
(
3
)
13,416
$
71,722
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
415,814
USD
70,000
UBS
AG
06/18/25
$
1,677
USD
587,586
EUR
537,700
Deutsche
Bank
AG
06/18/25
3,624
USD
2,440,602
EUR
2,226,000
State
Street
Bank
and
Trust
Co.
06/18/25
23,085
USD
93,394
GBP
72,100
Deutsche
Bank
AG
06/18/25
265
USD
1,297
GBP
1,000
State
Street
Bank
and
Trust
Co.
06/18/25
5
USD
65,543
JPY
9,597,000
Barclays
Bank
plc
06/18/25
1,000
USD
42,975
JPY
6,320,000
State
Street
Bank
and
Trust
Co.
06/18/25
471
30,127
USD
105,628
BRL
627,453
UBS
AG
06/18/25
(
2,530
)
USD
83,839
GBP
65,000
State
Street
Bank
and
Trust
Co.
06/18/25
(
119
)
(
2,649
)
$
27,478
Interest
Rate
Caps
Purchased
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2Y-10Y
CMS
Index
Cap
.....
0
.40
%
Goldman
Sachs
International
08/19/25
USD
9,930
$
7,176
$
6,082
$
1,094
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
AUD
Currency
...........................
BNP
Paribas
SA
04/10/25
USD
0.64
AUD
656
$
250
Put
EUR
Currency
...........................
Goldman
Sachs
International
04/16/25
USD
1.01
EUR
513
10
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
26
OTC
Currency
Options
Purchased
(continued)
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EUR
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
04/16/25
USD
0.99
EUR
513
$
2
12
$
262
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.74%
At
Termination
Citibank
NA
05/16/25
3
.74
%
USD
6,714
$
4,908
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.74%
At
Termination
Goldman
Sachs
International
05/16/25
3
.74
USD
9,002
6,581
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.34%
Annual
Deutsche
Bank
AG
01/13/27
4
.34
USD
80
5,202
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.35%
Annual
Deutsche
Bank
AG
01/13/27
4
.35
USD
80
5,244
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Annual
BNP
Paribas
SA
03/29/27
4
.00
USD
50
2,462
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Annual
Morgan
Stanley
&
Co.
International
plc
03/29/27
3
.93
USD
137
6,332
30,729
Put
10-Year
Interest
Rate
Swap
(a)
4.35%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/13/27
4
.35
USD
80
1,964
10-Year
Interest
Rate
Swap
(a)
4.34%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/13/27
4
.34
USD
80
1,983
10-Year
Interest
Rate
Swap
(a)
4.00%
Annual
1-day
SOFR
Annual
BNP
Paribas
SA
03/29/27
4
.00
USD
50
1,830
10-Year
Interest
Rate
Swap
(a)
3.93%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/29/27
3
.93
USD
137
5,336
11,113
$
41,842
(a)
Forward
settling
swaption.
Interest
Rate
Caps
Sold
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2Y-10Y
CMS
Index
Cap
....
0
.80
%
Goldman
Sachs
International
08/19/25
USD
9,930
$
(
1,459
)
$
(
1,374
)
$
(
85
)
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
AUD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
04/10/25
USD
0.64
AUD
656
$
(
250
)
Put
EUR
Currency
.............................
Goldman
Sachs
International
04/16/25
USD
0.99
EUR
513
(
2
)
EUR
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
04/16/25
USD
1.01
EUR
513
(
10
)
(
12
)
$
(
262
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
27
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
1-Year
Interest
Rate
Swap
(a)
.
2.94%
At
Termination
1-day
SOFR
At
Termination
Goldman
Sachs
International
05/16/25
2
.94
%
USD
9,002
$
(
312
)
1-Year
Interest
Rate
Swap
(a)
.
2.94%
At
Termination
1-day
SOFR
At
Termination
Citibank
NA
05/16/25
2
.94
USD
6,714
(
232
)
$
(
544
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Defa
ul
t
Swaps
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
...........
5
.00
%
Quarterly
06/20/30
B+
USD
1,869
$
99,422
$
108,819
$
(
9,397
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
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
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
At
Termination
3.80%
At
Termination
05/16/25
(a)
05/16/26
USD
795
$
(
539
)
$
$
(
539
)
1-day
SOFR
At
Termination
3.90%
At
Termination
05/16/25
(a)
05/16/26
USD
611
181
181
3.79%
At
Termination
1-day
SOFR
At
Termination
05/16/25
(a)
05/16/26
USD
795
588
588
3.81%
At
Termination
1-day
SOFR
At
Termination
05/16/25
(a)
05/16/26
USD
611
331
440
(
109
)
1.02%
At
Termination
1-day
TONAR
At
Termination
03/12/26
(a)
03/12/27
JPY
131,730
(
184
)
(
184
)
1.00%
At
Termination
1-day
TONAR
At
Termination
03/12/26
(a)
03/12/27
JPY
58,105
(
1
)
(
1
)
1.03%
At
Termination
1-day
TONAR
At
Termination
03/12/26
(a)
03/12/27
JPY
142,194
(
274
)
(
274
)
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/19/54
EUR
90
2,989
2,989
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
90
2,682
2,682
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
126
3,544
3,544
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/01/54
EUR
45
1,269
1,269
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/22/54
EUR
19
767
767
2.54%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
04/22/54
EUR
73
717
(
148
)
865
2.43%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
06/19/54
EUR
19
640
640
2.43%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
06/20/54
EUR
17
571
571
6-mo.
EURIBOR
Semi-Annual
2.44%
Annual
N/A
06/24/54
EUR
11
(
337
)
(
337
)
6-mo.
EURIBOR
Semi-Annual
2.26%
Annual
N/A
10/22/54
EUR
10
(
865
)
(
49
)
(
816
)
6-mo.
EURIBOR
Semi-Annual
2.18%
Annual
N/A
11/07/54
EUR
16
(
1,644
)
(
1,644
)
$
10,435
$
243
$
10,192
(a)
Forward
swap.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
28
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.69%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
107
$
881
$
16
$
865
2.69%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
107
862
13
849
2.83%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
213
208
208
2.84%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
106
97
97
2.84%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
107
95
95
2.87%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/28
USD
213
2.53%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
85
683
(
16
)
699
2.54%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
85
664
(
13
)
677
2.68%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
85
61
61
2.69%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
86
58
58
2.69%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
170
94
94
2.72%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/29
USD
170
$
3,703
$
$
3,703
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.33
%
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.48
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.34
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
109,288
$
(
226
)
$
17,799
$
(
13,301
)
$
Options
Written
...................................................
N/A
N/A
15,474
(
85
)
(
2,265
)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
29
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
$
$
$
$
78,842
$
$
78,842
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
30,127
30,127
Options
purchased
(b)
Investments
at
value
unaffiliated
(c)
............
262
49,018
49,280
Swaps
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
14,096
3,703
17,799
$
$
$
$
30,389
$
141,956
$
3,703
$
176,048
Liabilities
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
$
$
$
$
7,120
$
$
7,120
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
2,649
2,649
Options
written
(b)
Options
written
at
value
.....................
262
2,003
2,265
Swaps
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
9,397
3,904
13,301
$
$
9,397
$
$
2,911
$
13,027
$
$
25,335
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
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).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
$
$
(
4,651
)
$
$
(
317,727
)
$
$
(
322,378
)
Forward
foreign
currency
exchange
contracts
....
130,453
130,453
Options
purchased
(a)
.....................
3,063
(
2,051
)
37,047
38,059
Options
written
........................
1,638
(
39,276
)
(
37,638
)
Swaps
..............................
6,020
(
24,665
)
(
1,849
)
(
20,494
)
$
$
6,020
$
50
$
128,402
$
(344,621)
$
(1,849)
$
(211,998)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
$
$
$
$
85,572
$
$
85,572
Forward
foreign
currency
exchange
contracts
....
51,925
51,925
Options
purchased
(b)
.....................
(
4,496
)
(
44,527
)
1,322
(
47,701
)
Options
written
........................
7,734
36,062
43,796
Swaps
..............................
(
10,209
)
51,141
3,851
44,783
$
$
(10,209)
$
$
55,163
$
128,248
$
5,173
$
178,375
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
unaffiliated.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
30
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
long
..................................................................................
$
13,768,118
Average
notional
value
of
contracts
short
.................................................................................
2,373,343
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
in
USD
....................................................................................
3,562,268
Average
amounts
sold
in
USD
........................................................................................
279,543
Options
Average
value
of
option
contracts
purchased
................................................................................
10,769
Average
value
of
option
contracts
written
...................................................................................
2,736
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
18,026,190
Average
notional
value
of
swaption
contracts
written
...........................................................................
19,236,536
Credit
default
swaps
Average
notional
value
sell
protection
...................................................................................
1,528,056
Interest
rate
swaps
Average
notional
value
pays
fixed
rate
...................................................................................
12,539,652
Average
notional
value
receives
fixed
rate
................................................................................
926,521
Inflation
swaps
Average
notional
value
pays
fixed
rate
...................................................................................
766,500
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
Futures
contracts
....................................................................................
$
10,598
$
Forward
f
oreign
currency
exchange
contracts
.................................................................
30,127
2,649
Options
(a)
(b)
........................................................................................
49,280
2,265
Swaps
centrally
cleared
..............................................................................
1,580
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
91,585
$
4,914
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
12,178
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
79,407
$
4,914
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
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
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Barclays
Bank
plc
................................
$
1,000
$
$
$
$
1,000
BNP
Paribas
SA
.................................
4,542
4,542
Citibank
NA
....................................
4,908
(
232
)
4,676
Deutsche
Bank
AG
...............................
18,282
18,282
Goldman
Sachs
International
........................
13,767
(
1,773
)
11,994
Morgan
Stanley
&
Co.
International
plc
..................
11,670
(
260
)
11,410
State
Street
Bank
and
Trust
Co.
......................
23,561
(
119
)
23,442
UBS
AG
......................................
1,677
(
1,677
)
$
79,407
$
(
4,061
)
$
$
$
75,346
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
31
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
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 Schedule
of
Investments
above.
See
notes
to
financial
statements.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(d)
Citibank
NA
....................................
$
232
$
(
232
)
$
$
$
Goldman
Sachs
International
........................
1,773
(
1,773
)
Morgan
Stanley
&
Co.
International
plc
..................
260
(
260
)
State
Street
Bank
and
Trust
Co.
......................
119
(
119
)
UBS
AG
......................................
2,530
(
1,677
)
853
$
4,914
$
(
4,061
)
$
$
$
853
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
$
5,232,129
$
$
5,232,129
Common
Stocks
.........................................
213,162
213,162
Corporate
Bonds
........................................
14,255,145
14,255,145
Foreign
Agency
Obligations
.................................
458,571
458,571
Foreign
Government
Obligations
..............................
1,143,657
1,143,657
Investment
Companies
....................................
22,414
22,414
Municipal
Bonds
.........................................
235,437
235,437
Non-Agency
Mortgage-Backed
Securities
........................
3,741,529
3,741,529
U.S.
Government
Sponsored
Agency
Securities
....................
24,143,108
24,143,108
U.S.
Treasury
Obligations
...................................
7,093,480
7,093,480
Short-Term
Securities
Money
Market
Funds
......................................
1,483,274
1,483,274
Options
Purchased
Foreign
currency
exchange
contracts
...........................
262
262
Interest
rate
contracts
......................................
49,018
49,018
Liabilities
Investments
TBA
Sale
Commitments
....................................
(
8,183,503
)
(
8,183,503
)
$
1,718,850
$
48,168,833
$
$
49,887,683
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
$
30,127
$
$
30,127
Interest
rate
contracts
.......................................
78,842
14,096
92,938
Other
contracts
...........................................
3,703
3,703
Liabilities
Credit
contracts
...........................................
(
9,397
)
(
9,397
)
Foreign
currency
exchange
contracts
............................
(
2,911
)
(
2,911
)
Interest
rate
contracts
.......................................
(
7,120
)
(
5,907
)
(
13,027
)
$
71,722
$
29,711
$
$
101,433
(a)
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.
Statements
of
Assets
and
Liabilities
(unaudited)

March
31,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
32
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
ASSETS
Investments,
at
value
unaffiliated
(a)
.........................................................................
$
44,482,370‌
$
56,587,912‌
Investments,
at
value
affiliated
(b)
...........................................................................
666,725‌
1,483,274‌
Cash
..............................................................................................
286,674‌
871‌
Cash
pledged:
Futures
contracts
.....................................................................................
7,000‌
174,000‌
Centrally
cleared
swaps
.................................................................................
—‌
240,000‌
Foreign
currency,
at
value
(c)
................................................................................
—‌
52,879‌
Receivables:
–‌
–‌
Investment
s
sold
.....................................................................................
494,131‌
678,223‌
TBA
sale
commitments
.................................................................................
—‌
8,171,795‌
Dividends
unaffiliated
................................................................................
—‌
668‌
Dividends
affiliated
..................................................................................
2,071‌
4,262‌
Interest
unaffiliated
..................................................................................
696,013‌
317,139‌
From
the
Manager
....................................................................................
10,154‌
22,085‌
Variation
margin
on
futures
contracts
........................................................................
—‌
10,598‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
—‌
1,580‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
—‌
30,127‌
Unfunded
floating
rate
loan
interests
........................................................................
28‌
—‌
Prepaid
e
xpenses
......................................................................................
33,574‌
50,483‌
Total
a
ssets
..........................................................................................
46,678,740‌
67,825,896‌
LIABILITIES
Options
written,
at
value
(d)
.................................................................................
—‌
2,265‌
TBA
sale
commitments,
at
value
(e)
...........................................................................
—‌
8,183,503‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
1,525,874‌
14,711,205‌
Swaps  
...........................................................................................
—‌
1,939‌
Accounting
services
fees
................................................................................
34,973‌
29,598‌
Administration
fees
....................................................................................
12‌
—‌
Capital
shares
redeemed
................................................................................
152‌
1,127‌
Custodian
fees
.......................................................................................
4,134‌
8,184‌
Income
dividend
distributions
.............................................................................
255,062‌
148,058‌
Interest
expense
.....................................................................................
60‌
58‌
Professional
fees
.....................................................................................
32,026‌
34,026‌
Registration
fees
.....................................................................................
1,727‌
—‌
Service
fees
........................................................................................
26‌
28‌
Transfer
agent
fees
...................................................................................
146‌
1,358‌
Other
accrued
expenses
................................................................................
58,436‌
86,944‌
Variation
margin
on
futures
contracts
........................................................................
294‌
—‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
—‌
2,649‌
Unfunded
floating
rate
loan
interests
........................................................................
26‌
—‌
Total
li
abilities
.........................................................................................
1,912,948‌
23,210,942‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
44,765,792‌
$
44,614,954‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2025
33
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
50,258,181‌
$
52,830,187‌
Accumulated
loss
......................................................................................
(
5,492,389‌
)
(
8,215,233‌
)
NET
ASSETS
.........................................................................................
$
44,765,792‌
$
44,614,954‌
(a)
  Investments,
at
cost
unaffiliated
...................................................................
$
44,650,653‌
$
58,351,291‌
(b)
  Investments,
at
cost
affiliated
.....................................................................
$
666,725‌
$
1,483,274‌
(c)
  Foreign
currency,
at
cost
.........................................................................
$
—‌
$
53,630‌
(d)
  Premiums
received
.............................................................................
$
—‌
$
17,654‌
(e)
  Proceeds
received
from
TBA
sale
commitments
...........................................................
$
—‌
$
8,171,795‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
34
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
400,754‌
$
3,229,636‌
Shares
outstanding
...................................................................................
45,114‌
389,912‌
Net
asset
value
.....................................................................................
$
8.88‌
$
8.28‌
Shares
authorized
...................................................................................
Unlimited
500
million
Par
value
.........................................................................................
$
0.001‌
$
0.10‌
Investor
A
Net
assets
.........................................................................................
$
124,644‌
$
137,158‌
Shares
outstanding
...................................................................................
14,033‌
16,558‌
Net
asset
value
.....................................................................................
$
8.88‌
$
8.28‌
Shares
authorized
...................................................................................
Unlimited
300
million
Par
value
.........................................................................................
$
0.001‌
$
0.10‌
Class
K
Net
assets
.........................................................................................
$
44,240,394‌
$
41,248,160‌
Shares
outstanding
...................................................................................
4,980,000‌
4,980,000‌
Net
asset
value
.....................................................................................
$
8.88‌
$
8.28‌
Shares
authorized
...................................................................................
Unlimited
500
million
Par
value
.........................................................................................
$
0.001‌
$
0.10‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2025
35
Statements
of
Operations
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
INVESTMENT
INCOME
Dividends
unaffiliated
................................................................................
$
—‌
$
32‌
Dividends
affiliated
..................................................................................
15,015‌
33,928‌
Interest
unaffiliated
..................................................................................
1,611,648‌
1,004,240‌
Total
investment
income
..................................................................................
1,626,663‌
1,038,200‌
EXPENSES
Investment
advisory
...................................................................................
113,087‌
85,611‌
Professional
........................................................................................
64,011‌
80,746‌
Accounting
services
...................................................................................
49,497‌
29,891‌
Printing
and
postage
..................................................................................
34,910‌
36,485‌
Registration
........................................................................................
28,690‌
41,996‌
Administration
......................................................................................
9,612‌
9,329‌
Custodian
..........................................................................................
4,645‌
9,627‌
Administration
class
specific
...........................................................................
4,523‌
4,390‌
Directors
and
Officer
..................................................................................
826‌
823‌
Transfer
agent
class
specific
...........................................................................
553‌
2,245‌
Service
class
specific
................................................................................
142‌
169‌
Miscellaneous
.......................................................................................
4,792‌
17,444‌
Total
expenses
excluding
interest
expense
......................................................................
315,288‌
318,756‌
Interest
expense
.....................................................................................
68‌
108‌
Total
e
xpenses
........................................................................................
315,356‌
318,864‌
Less:
–‌
–‌
Administration
fees
waived
..............................................................................
(
9,612‌
)
(
9,329‌
)
Administration
fees
waived
by
the
Manager
class
specific
........................................................
(
4,511‌
)
(
4,389‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(
180,428‌
)
(
216,699‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
class
specific
...........................................
(
418‌
)
(
1,457‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
...............................................................
120,387‌
86,990‌
Net
investment
income
...................................................................................
1,506,276‌
951,210‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
1,116,820‌
)
$
(
1,188,176‌
)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
............................................................................
$
86,273‌
$
(
183,513‌
)
Investments
affiliated
..............................................................................
—‌
(
3,915‌
)
Forward
foreign
currency
exchange
contracts
................................................................
—‌
130,453‌
Foreign
currency
transactions
..........................................................................
—‌
(
39,814‌
)
Futures
contracts
...................................................................................
(
16,204‌
)
(
322,378‌
)
Options
written
....................................................................................
—‌
(
37,638‌
)
Swaps  
.........................................................................................
—‌
(
20,494‌
)
70,069‌
(477,299‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
............................................................................
(
1,189,366‌
)
(
931,947‌
)
Investments
affiliated
..............................................................................
—‌
(
3,547‌
)
Forward
foreign
currency
exchange
contracts
................................................................
—‌
51,925‌
Foreign
currency
translations
...........................................................................
—‌
(
1,457‌
)
Futures
contracts
...................................................................................
2,475‌
85,572‌
Options
written
....................................................................................
—‌
43,796‌
Swaps  
.........................................................................................
—‌
44,783‌
Unfunded
floating
rate
loan
interests
......................................................................
2‌
—‌
(1,186,889‌)
(710,875‌)
Net
realized
and
unrealized
loss
.............................................................................
(1,116,820‌)
(1,188,174‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
389,456‌
$
(236,964‌)
Statements
of
Changes
in
Net
Assets

2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
36
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
1,506,276‌
$
2,900,806‌
$
951,210‌
$
1,862,811‌
Net
realized
gain
(loss)
............................................
70,069‌
(
968,821‌
)
(
477,299‌
)
(
357,724‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
1,186,889‌
)
4,338,554‌
(
710,875‌
)
3,381,774‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
389,456‌
6,270,539‌
(236,964‌)
4,886,861‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income:
Institutional
...................................................
(
13,867‌
)
(
18,785‌
)
(
61,003‌
)
(
47,959‌
)
Investor
A
....................................................
(
3,591‌
)
(
6,216‌
)
(
2,720‌
)
(
4,696‌
)
Class
K
......................................................
(
1,478,349‌
)
(
2,900,235‌
)
(
895,393‌
)
(
1,561,149‌
)
Return
of
capital:
Institutional
...................................................
—‌
—‌
—‌
(
7,230‌
)
Investor
A
....................................................
—‌
—‌
—‌
(
708‌
)
Class
K
......................................................
—‌
—‌
—‌
(
235,343‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(1,495,807‌)
(2,925,236‌)
(959,116‌)
(1,857,085‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
21,264‌
169,819‌
633,247‌
2,351,958‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(
1,085,087‌
)
3,515,122‌
(
562,833‌
)
5,381,734‌
Beginning
of
period
................................................
45,850,879‌
42,335,757‌
45,177,787‌
39,796,053‌
End
of
period
....................................................
$
44,765,792‌
$
45,850,879‌
$
44,614,954‌
$
45,177,787‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
37
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Institutional
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................
$
9.10
$
8.44
$
8.18
$
9.94
$
10.00
Net
investment
income
(b)
.................................
0
.30
0
.57
0
.49
0
.37
0
.05
Net
realized
and
unrealized
gain
(loss)
........................
(
0
.23
)
0
.67
0
.27
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
................
0.07
1.24
0.76
(1.35
)
0.00
Distributions
from
net
investment
income
(c)
....................
(0.29
)
(0.58
)
(0.50
)
(0.41
)
(0.06
)
Net
asset
value,
end
of
period
..............................
$
8.88
$
9.10
$
8.44
$
8.18
$
9.94
Total
Return
(d)
Based
on
net
asset
value
..................................
0.83
%
(e)
15.12
%
9.40
%
(13.97
)%
0.01
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................................
1.56
%
(g)
1.40
%
1.56
%
1.75
%
1.32
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.58
%
(g)
0.57
%
0.58
%
0.57
%
0.58
%
(g)
Net
investment
income
...................................
6.62
%
(g)
6.52
%
5.70
%
3.96
%
2.80
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................
$
401
$
419
$
217
$
83
$
99
Portfolio
turnover
rate
.....................................
26
%
66
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.40%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
38
BlackRock
Sustainable
High
Yield
Bond
Fund
Investor
A
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................
$
9.10
$
8.44
$
8.18
$
9.94
$
10.00
Net
investment
income
(b)
.................................
0
.29
0
.55
0
.46
0
.34
0
.05
Net
realized
and
unrealized
gain
(loss)
........................
(
0
.23
)
0
.67
0
.28
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
................
0.06
1.22
0.74
(1.38
)
0.00
Distributions
from
net
investment
income
(c)
....................
(0.28
)
(0.56
)
(0.48
)
(0.38
)
(0.06
)
Net
asset
value,
end
of
period
..............................
$
8.88
$
9.10
$
8.44
$
8.18
$
9.94
Total
Return
(d)
Based
on
net
asset
value
..................................
0.70
%
(e)
14.82
%
9.13
%
(14.18
)%
(0.03
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................................
1.91
%
(g)
1.85
%
1.83
%
2.00
%
1.58
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.83
%
(g)
0.83
%
0.83
%
0.82
%
0.83
%
(g)
Net
investment
income
...................................
6.36
%
(g)
6.27
%
5.39
%
3.71
%
2.55
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................
$
125
$
98
$
101
$
84
$
99
Portfolio
turnover
rate
.....................................
26
%
66
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.65%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
39
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Class
K
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................
$
9.10
$
8.44
$
8.18
$
9.94
$
10.00
Net
investment
income
(b)
.................................
0
.30
0
.58
0
.48
0
.37
0
.05
Net
realized
and
unrealized
gain
(loss)
........................
(
0
.22
)
0
.66
0
.28
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
................
0.08
1.24
0.76
(1.35
)
0.00
Distributions
from
net
investment
income
(c)
....................
(0.30
)
(0.58
)
(0.50
)
(0.41
)
(0.06
)
Net
asset
value,
end
of
period
..............................
$
8.88
$
9.10
$
8.44
$
8.18
$
9.94
Total
Return
(d)
Based
on
net
asset
value
..................................
0.85
%
(e)
15.16
%
9.44
%
(13.93
)%
0.02
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................................
1.39
%
(g)
1.38
%
1.52
%
1.46
%
0.96
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.53
%
(g)
0.53
%
0.53
%
0.53
%
0.53
%
(g)
Net
investment
income
...................................
6.66
%
(g)
6.57
%
5.67
%
4.00
%
2.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................
$
44,240
$
45,334
$
42,017
$
40,755
$
49,509
Portfolio
turnover
rate
.....................................
26
%
66
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.04%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
40
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.61%
and
0.43%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Institutional
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................
$
8.51
$
7.93
$
8.23
$
10.00
Net
investment
income
(b)
...............................................
0
.18
0
.36
0
.30
0
.16
Net
realized
and
unrealized
gain
(loss)
......................................
(
0
.23
)
0
.58
(
0
.18
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
..............................
(0.05
)
0.94
0.12
(1.60
)
Distributions
(c)
From
net
investment
income
............................................
(
0
.18
)
(
0
.31
)
(
0
.42
)
(
0
.17
)
Return
of
capital
.....................................................
(
0
.05
)
Total
distributions
......................................................
(0.18
)
(0.36
)
(0.42
)
(0.17
)
Net
asset
value,
end
of
period
............................................
$
8.28
$
8.51
$
7.93
$
8.23
Total
Return
(d)
Based
on
net
asset
value
................................................
(0.59
)%
(e)
12.08
%
1.33
%
(16.16
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................
1.58
%
(h)
1.59
%
1.80
%
1.58
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................
0.44
%
(h)
0.43
%
0.43
%
0.40
%
(h)
(i)
Net
investment
income
.................................................
4.28
%
(h)
4.35
%
3.64
%
1.80
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................
$
3,230
$
2,665
$
182
$
82
Portfolio
turnover
rate
(j)
..................................................
448
%
832
%
704
%
604
%
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
......................................................
252%
524%
434%
360%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
41
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.84%
and
0.73%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Investor
A
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................
$
8.51
$
7.93
$
8.23
$
10.00
Net
investment
income
(b)
...............................................
0
.16
0
.33
0
.28
0
.13
Net
realized
and
unrealized
gain
(loss)
......................................
(
0
.22
)
0
.58
(
0
.18
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
..............................
(0.06
)
0.91
0.10
(1.63
)
Distributions
(c)
From
net
investment
income
............................................
(
0
.17
)
(
0
.29
)
(
0
.40
)
(
0
.14
)
Return
of
capital
.....................................................
(
0
.04
)
Total
distributions
......................................................
(0.17
)
(0.33
)
(0.40
)
(0.14
)
Net
asset
value,
end
of
period
............................................
$
8.28
$
8.51
$
7.93
$
8.23
Total
Return
(d)
Based
on
net
asset
value
................................................
(0.74
)%
(e)
11.73
%
1.06
%
(16.38
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................
1.83
%
(h)
1.97
%
2.05
%
1.81
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................
0.75
%
(h)
0.75
%
0.71
%
0.70
%
(h)
(i)
Net
investment
income
.................................................
3.98
%
(h)
4.06
%
3.42
%
1.53
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................
$
137
$
140
$
128
$
92
Portfolio
turnover
rate
(j)
..................................................
448
%
832
%
704
%
604
%
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
......................................................
252%
524%
434%
360%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
42
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.33%
and
0.39%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Class
K
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................
$
8.51
$
7.93
$
8.23
$
10.00
Net
investment
income
(b)
...............................................
0
.18
0
.36
0
.31
0
.16
Net
realized
and
unrealized
gain
(loss)
......................................
(
0
.23
)
0
.58
(
0
.19
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
..............................
(0.05
)
0.94
0.12
(1.60
)
Distributions
(c)
From
net
investment
income
............................................
(
0
.18
)
(
0
.31
)
(
0
.42
)
(
0
.17
)
Return
of
capital
.....................................................
(
0
.05
)
Total
distributions
......................................................
(0.18
)
(0.36
)
(0.42
)
(0.17
)
Net
asset
value,
end
of
period
............................................
$
8.28
$
8.51
$
7.93
$
8.23
Total
Return
(d)
Based
on
net
asset
value
................................................
(0.56
)%
(e)
12.12
%
1.37
%
(16.12
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................
1.44
%
(h)
1.58
%
1.68
%
1.30
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................
0.39
%
(h)
0.39
%
0.39
%
0.36
%
(h)
(i)
Net
investment
income
.................................................
4.34
%
(h)
4.41
%
3.68
%
1.84
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................
$
41,248
$
42,373
$
39,486
$
40,982
Portfolio
turnover
rate
(j)
..................................................
448
%
832
%
704
%
604
%
Six
Months
Ended
03/31/25
(unaudited)
Year
Ended
09/30/24
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
......................................................
252%
524%
434%
360%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
43
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
V
(the
“Trust”) and
BlackRock
Bond
Fund,
Inc.
(the
“Corporation”)
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as open-end
management
investment
companies.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
Corporation
is
organized
as
a
Maryland
corporation.
The
following
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each 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
and
Class
K
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares.
Investor
A
Shares
are
generally available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
The
Board
of
Trustees
of
BlackRock
Funds
V
and
Board
of
Directors
of
BlackRock
Bond
Fund,
Inc.
are
collectively
referred
to
throughout
this
report
as
the
“Board”,
and
the
directors/trustees
thereof
are
collectively
referred
to
throughout
this
report
as
“Directors”.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Fixed-Income
Complex.
On
February
27,
2025,
the
Board
approved
a
change
in
the
name
of
BlackRock
Sustainable
High
Yield
Bond
Fund
to
BlackRock
Climate
Aware
High
Yield
Fund
and
certain
changes
to
the
Fund’s
investment
objective,
investment
strategies
and
investment
process.
These
changes
are
expected
to
become
effective
on
or
about
November
28,
2025.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
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
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
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.
Each
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
Funds
are
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.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
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:
Each
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. 
Each
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
Statements
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.
Each
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.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
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
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Registrant
Name
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Funds
V
.....................
BlackRock
Sustainable
High
Yield
Bond
Fund
Sustainable
High
Yield
Bond
Diversified
BlackRock
Bond
Fund,
Inc.
................
BlackRock
Sustainable
Total
Return
Fund
Sustainable
Total
Return
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
and
Class
K
Shares
.....................................
No
No
None
Investor
A
Shares
..............................................
Yes
No
(a)
None
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
44
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.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by the
Board,
the
Directors
who
are
not
“interested
persons”
of
the
Funds,
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
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as Directors
and
Officer
expense
on
the
Statements
of
Operations.
The Directors
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
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. 
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Funds'
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
(“CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
each
Funds
have
a
single
investment
strategy
as
disclosed
in
their
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds'
financial
statements. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
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
of
each
Fund
has
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
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
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
net
asset
value
(“NAV”).
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Interest
rate,
credit
default,
inflation
and
currency
swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
market
data
and discounted
cash
flows.
Total
return
swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
models
that
incorporate
market
trades
and
fair
value
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
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
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
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:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying
investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(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
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(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
a
Fund. Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
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
each
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
46
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
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. 
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
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. 
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
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
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
Statements
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
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the Funds
had
the
following
unfunded
floating
rate
loan
interests: 
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
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 Statements
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 Schedules
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
Funds
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
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Sustainable
High
Yield
Bond
Raven
Acquisition
Holdings
LLC,
Delayed
Draw
1st
Lien
Term
Loan
$
3,253‌
$
3,237‌
$
3,211‌
$
(26‌)
Sustainable
High
Yield
Bond
SWF
Holdings
I
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
......
9,373‌
9,374‌
9,402‌
28‌
$
2‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
48
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. 
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
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
Schedules
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)
.
Futures
contracts
are
exchange-traded agreements
between
the
Funds
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.
Upon
entering
into
a
futures
contract,
the
Funds
are
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
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
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
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
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
Funds
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
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
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
Statements
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
Statements
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
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
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
Statements
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
Statements
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
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
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
Statements
of
Assets
and
Liabilities.
Swaptions
The
Funds
may purchase
and
write options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
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.
Foreign
currency
options - The
Funds
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
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
Funds
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
Statements
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
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
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 Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
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 Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
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
Statements
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
Statements
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
Funds
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
Funds
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
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
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
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
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.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
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
Statements
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
it mitigate its
counterparty
risk, a
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 a
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, a
Fund
may,
under
certain
circumstances,
offset
with
the
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
50
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.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
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(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
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
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
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
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
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
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Corporation
and
the
Trust,
on
behalf
of the
applicable Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds’
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
each
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
and
with
respect
to
Sustainable
Total
Return,
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
each
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
each
Fund
to
the
Manager.
Service
Fees:
The
Corporation
and
the 
Trust
,
on behalf
of the
applicable Funds,
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,
each
Fund
pays
BRIL
ongoing
service 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
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
to
the
Funds.
The
ongoing
service
fee
compensates
BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing
related
services
to
shareholders.
For
the six
months
ended
March
31,
2025,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Investment
Advisory
Fees
Average
Daily
Net
Assets
Sustainable
High
Yield
Bond
Sustainable
Total
Return
First
$1
billion
...........................................................................................
0.500%
0.390%
$1
billion
-
$3
billion
.......................................................................................
0.470
0.370
$3
billion
-
$5
billion
.......................................................................................
0.450
0.350
$5
billion
-
$10
billion
......................................................................................
0.440
0.340
Greater
than
$10
billion
.....................................................................................
0.430
0.330
Share
Class
Service
Fees
Investor
A
..............................................................................................................
0.25‌
%
Fund
Name
Investor
A
Sustainable
High
Yield
Bond
..................................................................................................
$
142‌
Sustainable
Total
Return
.....................................................................................................
169‌
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
Administration:
The
Corporation
and
the
Trust,
on
behalf
of the
applicable
Funds,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
March
31,
2025, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended March
31,
2025,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
March
31,
2025,
each
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
Statements
of
Operations:
For
the
six
months ended
March
31,
2025,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
six
months
 ended 
March
31,
2025
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$24
.
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2026.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
March
31,
2025,
the
amounts
waived
were
as
follows: 
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2026.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
March
31,
2025,
the
Manager
waived
$102
in
investment
advisory
fees
with
respect
to
Sustainable
Total
Return
pursuant
to
these
arrangements.
With
respect
to
each
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 each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
42‌
$
11‌
$
4,470‌
$
4,523‌
Sustainable
Total
Return
......................................................................
283‌
13‌
4,094‌
4,390‌
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
35‌
$
55‌
$
52‌
$
142‌
Sustainable
Total
Return
......................................................................
12‌
25‌
48‌
85‌
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
345‌
$
156‌
$
52‌
$
553‌
Sustainable
Total
Return
......................................................................
1,962‌
95‌
188‌
2,245‌
Fund
Name
Amount
Waived
Sustainable
High
Yield
Bond
.............................................................................................
$
263
Sustainable
Total
Return
................................................................................................
559
Fund
Name
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
0.58‌
%
0.83‌
%
0.53‌
%
Sustainable
Total
Return
.............................................................................
0.44‌
0.75‌
0.39‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
52
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2026,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the six
months
ended
March
31,
2025,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
by
the
Manager
in
the
Statements
of
Operations.
For
the six
months
ended
March
31,
2025,
the
amounts
waived
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
six
months ended
March
31,
2025,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
a
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
each
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and  
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
a
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
July
22,
2028,
the
repayment
arrangement
between
Sustainable
High
Yield
Bond
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under the
Fund’s
contractual
caps
on
net
expenses
will
be
terminated.
Effective
October
19,
2028,
the
repayment
arrangement
between
Sustainable
Total
Return
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
each
Fund's
contractual
caps
on
net
expenses
will
be
terminated.
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Sustainable
High
Yield
Bond
...................................................................................................
$
180,165‌
Sustainable
Total
Return
......................................................................................................
216,038‌
Fund
Name
Administration
Fees
Waived
Sustainable
High
Yield
Bond
...................................................................................................
$
9,612
Sustainable
Total
Return
......................................................................................................
9,329
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
Class
Specific
Sustainable
High
Yield
Bond
Institutional
....................................................................................
$
42‌
$
240‌
Investor
A
.....................................................................................
11‌
127‌
Class
K
......................................................................................
4,458‌
51‌
$
4,511‌
$
418‌
Sustainable
Total
Return
Institutional
....................................................................................
283‌
1,247‌
Investor
A
.....................................................................................
12‌
22‌
Class
K
......................................................................................
4,094‌
188‌
$
4,389‌
$
1,457‌
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
As
of March
31,
2025,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement were
as
follows:  
The
following
fund
level
and
class
specific
waivers
and/or
reimbursements
previously
recorded
by
the
Funds,
which
were
subject
to
recoupment
by
the
Manager,
expired
on
March
31,
2025:  
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund participated
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by each
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
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers:
Certain
directors
and/or
officers
of
the
Corporation
and
the
Trust
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Trust’s
and
the
Corporation’s
Chief
Compliance
Officer,
which
is
included
in
Directors
and
Officer
in
the
Statements
of
Operations.
7.
PURCHASES
AND
SALES 
For
the six
months ended
March
31,
2025,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
March
31,
2025,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
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. 
Each 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
each
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
each
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 Funds
as
of
March
31,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’ financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
Expiring
September
30,
2025
2026
Sustainable
High
Yield
Bond
Fund
Level
......................................................................................
$
409,708‌
$
364,404‌
Institutional
......................................................................................
43‌
10‌
Investor
A
.......................................................................................
41‌
182‌
Class
K
.........................................................................................
8,681‌
8,844‌
Sustainable
Total
Return
Fund
Level
......................................................................................
523,479‌
490,374‌
Institutional
......................................................................................
14‌
1,130‌
Investor
A
.......................................................................................
27‌
76‌
Class
K
.........................................................................................
8,451‌
8,237‌
Sustainable
High
Yield
Bond
Fund
Level
.............................................................................................................
$
189,777‌
Institutional
.............................................................................................................
282‌
Investor
A
..............................................................................................................
138‌
Class
K
...............................................................................................................
4,509‌
Sustainable
Total
Return
Fund
Level
.............................................................................................................
$
225,367‌
Institutional
.............................................................................................................
1,530‌
Investor
A
..............................................................................................................
34‌
Class
K
...............................................................................................................
4,282‌
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Sustainable
High
Yield
Bond
..............................................
$
—‌
$
—‌
$
12,070,147‌
$
11,530,308‌
Sustainable
Total
Return
.................................................
197,041,410‌
192,201,971‌
13,180,175‌
13,975,500‌
Fund
Name
Purchases
Sales
Sustainable
Total
Return
.................................................................................
$
90,289,487‌
$
90,305,676‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
54
judicial
and
administrative
interpretations
thereof
in
effect
as
of
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect
which
may
impact
the
Funds’
NAV.
As
of
September
30,
2024, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
March
31,
2025, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Corporation
and
the
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x) Daily
Simple
SOFR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2025
unless
extended
or
renewed.
Prior
to
April
11,
2024,
the
aggregate
commitment
amount
was
$2.50
billion.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the six
months ended
March
31,
2025,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Market
Risk
:
Each
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
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
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. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
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. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
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 a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests.
A
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.
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Sustainable
High
Yield
Bond
..............................................................................................
$
(5,290,940
)
Sustainable
Total
Return
.................................................................................................
(5,938,365
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Sustainable
High
Yield
Bond
..........................................
$
45,415,538‌
$
610,303‌
$
(872,873‌)
$
(262,570‌)
Sustainable
Total
Return
............................................
59,849,329‌
478,753‌
(
2,149,517‌)
(1,670,764‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
55
Notes
to
Financial
Statements
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
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 a
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 a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
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
Funds
manage
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
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
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,
each
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
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
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, a
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
Funds. 
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
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
The
Funds invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
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
Funds
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
Funds' performance.
The
Funds invest
a
significant
portion
of their
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
Funds
invest. 
Certain
Funds
invest
a
significant
portion
of their
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
Schedules
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
56
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
March
31,
2025,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
Effective
April
10,
2025,
the
credit
agreement
was
extended
until
April
2026
under
substantially
similar
terms.
d
Six
Months
Ended
03/31/25
Year
Ended
09/30/24
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
High
Yield
Bond
Institutional
Shares
sold
..........................................
3,838‌
$
34,477‌
18,995‌
$
168,945‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,217‌
10,921‌
1,469‌
12,995‌
Shares
redeemed
......................................
(5,976‌)
(53,389‌)
(207‌)
(1,822‌)
(921‌)
$
(7,991‌)
20,257‌
$
180,118‌
Investor
A
Shares
sold
..........................................
3,189‌
$
28,716‌
619‌
$
5,483‌
Shares
issued
in
reinvestment
of
distributions
.....................
71‌
639‌
72‌
633‌
Shares
redeemed
......................................
(11‌)
(100‌)
(1,857‌)
(16,415‌)
3,249‌
$
29,255‌
(1,166‌)
$
(10,299‌)
2,328‌
$
21,264‌
19,091‌
$
169,819‌
Sustainable
Total
Return
Institutional
Shares
sold
..........................................
140,413‌
$
1,162,349‌
294,694‌
$
2,385,337‌
Shares
issued
in
reinvestment
of
distributions
.....................
7,183‌
59,225‌
6,226‌
51,613‌
Shares
redeemed
......................................
(70,890‌)
(589,251‌)
(10,635‌)
(86,251‌)
76,706‌
$
632,323‌
290,285‌
$
2,350,699‌
Investor
A
Shares
sold
..........................................
—‌
$
—‌
9‌
$
72‌
Shares
issued
in
reinvestment
of
distributions
.....................
130‌
1,069‌
255‌
2,085‌
Shares
redeemed
......................................
(2‌)
(15‌)
(37‌)
(286‌)
128‌
$
1,054‌
227‌
$
1,871‌
Class
K
Shares
sold
..........................................
1‌
$
15‌
121‌
$
282‌
Shares
issued
in
reinvestment
of
distributions
.....................
—‌
—‌
—‌
2‌
Shares
redeemed
......................................
(17‌)
(145‌)
(105‌)
(896‌)
(16‌)
$
(130‌)
16‌
$
(612‌)
76,818‌
$
633,247‌
290,528‌
$
2,351,958‌
Fund
Name
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
10,000‌
10,000‌
4,980,000‌
Sustainable
Total
Return
.............................................................................
10,000‌
10,000‌
4,980,000‌
Additional
Information
57
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
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Funds.
General
Information 
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Funds
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
Funds
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.
Additional
Information
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
58
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(a)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Sustainable
Total
Return
Fund.
Glossary
of
Terms
Used
in
these
Financial
Statements
59
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
BRL
Brazilian
Real
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
PIK
Payment-In-Kind
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
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
Funds
unless
preceded
or
accompanied
by
the
Funds’
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.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(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.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
(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
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Bond Fund, Inc.
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Bond Fund, Inc.
 
Date: May 22, 2025 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Bond Fund, Inc.
 
Date: May 22, 2025 
 
By:     /s/ Trent Walker                                  
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Bond Fund, Inc.
 
Date: May 22, 2025